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Ascetisme --- Ascetisme --- Godsdienst --- Egypt --- 248.121 " 19 " (041.2)
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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.
Corporations -- Finance. --- Country risk -- South Africa. --- Electronic books. -- local. --- South Africa -- Economic conditions. --- Exports and Imports --- Finance: General --- Investments: Bonds --- General Financial Markets: General (includes Measurement and Data) --- International Lending and Debt Problems --- Investment & securities --- International economics --- Finance --- Corporate bonds --- Bonds --- Debt default --- Sovereign bonds --- Emerging and frontier financial markets --- Debts, External --- Financial services industry --- South Africa
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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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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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Spastic Paraplegia, Hereditary --- Spinal Cord --- Spastic Paraplegia, Hereditary --- Genes, Dominant --- Genetic Linkage --- Chromosome Mapping --- physiopathology --- physiopathology --- genetics
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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.
Anti-inflationary policies. --- Electronic books. -- local. --- Inflation (Finance). --- Monetary policy. --- Finance --- Business & Economics --- Money --- Inflation (Finance) --- Monetary management --- Antiinflationary policies --- Government policy --- Economic policy --- Currency boards --- Money supply --- Natural rate of unemployment --- Price regulation --- Banks and Banking --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Monetary Policy --- Price Level --- Deflation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Taxation, Subsidies, and Revenue: General --- Monetary economics --- Banking --- Public finance & taxation --- Inflation targeting --- Communications in revenue administration --- Price stabilization --- Monetary policy --- Banks and banking --- Prices --- Revenue --- New Zealand
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