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Book
Ou est le mal ?
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Year: 1929 Publisher: Bruxelles Librairie évangélique

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Book
How Important Is Sovereign Risk in Determining Corporate Default Premia? The Case of South Africa
Authors: ---
ISBN: 1462318541 1452714843 1282558145 1451907729 9786613822291 Year: 2005 Publisher: Washington, D.C. : International Monetary Fund,

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The paper analyzes and quantifies the importance of sovereign risk in determining corporate default premia (yield spreads). It also investigates the extent to which the practice by rating agencies and banks of not rating companies higher than their sovereign ("country or sovereign ceiling") is reflected in the yields of South African local-currency-denominated corporate bonds. The main findings are: (i) sovereign risk appears to be the single most important determinant of corporate default premia in South Africa; (ii) the sovereign ceiling (in local-currency terms) does not apply in the spreads of the industrial multinational companies in the sample; and (iii) consistent with rating agency policy, however, the sovereign ceiling appears to apply in the spreads of most financial companies in the sample.


Article
The Currency Premium and Local-Currency Denominated Debt Costs in South Africa
Authors: --- ---
Year: 2003 Publisher: Paris : OECD Publishing,

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One of the priorities set out in the Capital Flows Initiative of the NEPAD is to increase private capital flows to Africa, whereby providing African economies with longterm affordable and sustainable resources to finance their development. In this respect, lower debt costs may be of utmost importance in boosting investment and future output growth on the continent. This paper aims at identifying the determinants of South African currency premia — such premia usually form an important element of debt cost in developing countries — in order to assess the scope of South African economic policies for narrowing the spread on local-currency denominated debt. South Africa is one among very few emerging economies able to borrow long-term domestically and abroad in its own currency, the rand, and one of the few to have developed its domestic bond market fairly well. However, the rand nominal exchange rate has proved increasingly unstable and volatile over the last years. As a result ...

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Development --- South Africa


Book
Borrowing in foreign currency: Austrian households as carry traders
Authors: --- ---
Year: 2008 Publisher: Zurich SNB

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Article
The Currency Premium and Local-Currency Denominated Debt Costs in South Africa
Authors: --- ---
Year: 2003 Publisher: Paris : OECD Publishing,

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Abstract

One of the priorities set out in the Capital Flows Initiative of the NEPAD is to increase private capital flows to Africa, whereby providing African economies with longterm affordable and sustainable resources to finance their development. In this respect, lower debt costs may be of utmost importance in boosting investment and future output growth on the continent. This paper aims at identifying the determinants of South African currency premia — such premia usually form an important element of debt cost in developing countries — in order to assess the scope of South African economic policies for narrowing the spread on local-currency denominated debt. South Africa is one among very few emerging economies able to borrow long-term domestically and abroad in its own currency, the rand, and one of the few to have developed its domestic bond market fairly well. However, the rand nominal exchange rate has proved increasingly unstable and volatile over the last years. As a result ...

Keywords

Development --- South Africa


Dissertation
Hereditary spastic paraparesis : clinical, neurophysiological and genetic aspects
Authors: ---
Year: 1995 Publisher: Dordrecht ICG publications

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Book
Implementing Inflation Targeting : Institutional Arrangements, Target Design, and Communications
Authors: --- --- ---
ISBN: 1451865384 1462386113 1451909918 9786613828439 1452715823 1283515989 Year: 2006 Publisher: Washington, D.C. : International Monetary Fund,

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Transparency is a central element in most aspects of the design and operation of inflation targeting regimes. This paper focuses on three elements of inflation targeting most closely associated with transparency: (i) the institutional arrangements supporting inflation targeting; (ii) the specification of the inflation target; and (iii) the central bank's policy communications. The paper is primarily aimed at providing practical advice to countries planning to develop an inflation targeting framework, but many of the issues are relevant for any credible, independent monetary policy.


Dissertation
Rechtsbescherming in het bestuursstrafrecht
Authors: ---
Year: 1998 Publisher: Arnhem : Gouda Quint,

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Dissertation
Rechtsbescherming in het bestuursstrafrecht
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Year: 1998 Publisher: Arnhem Gouda Quint

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Book
De wet Mulder in perspectief : van strafrecht naar administratief recht
Authors: --- ---
ISBN: 9060007514 Year: 1990 Publisher: Arnhem Gouda Quint

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