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Emerging market corporations have significantly increased their borrowing in international markets since 2008. This paper shows that this increase was driven by large-denomination bond issuances, most of them with face value of USD 500 million. Large issuances are eligible for inclusion in international market indexes, which attract institutional investors. Emerging market firms were able to cut their cost of funds by roughly 100 basis points by issuing large-denomination bonds. Firms face a tradeoff: issue large, index-eligible bonds to borrow at a lower cost (about 100 basis points) but pay the expense of hoarding cash. Because of the "size yield discount," many companies issued index-eligible bonds, increasing their cash holdings. The willingness to issue large bonds and hoard cash was greater for firms in countries with high carry trade opportunities. These post-2008 behaviors reflected a search for yield by institutional investors into higher-risk securities and are not apparent in developed economies.

Benchmark Index --- Bond Issue --- Capital Markets and Capital Flows --- Corporate Bonds --- Corporate Debt --- Corporate Finance --- Debt Markets --- Emerging Market Economies --- Emerging Markets --- Finance and Financial Sector Development --- Institutional Investor --- Mutual Funds --- Private Sector Development --- Private Sector Economics

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"One of the nation's foremost urban historians traces the history of cooperative housing in New York City from the 1920s through the 1970sAs World War II ended and Americans turned their attention to problems at home, union leaders and other prominent New Yorkers came to believe that cooperative housing would solve the city's century-old problem of providing decent housing at a reasonable cost for working-class families. Working-Class Utopias tells the story of this ambitious movement from the construction of the Amalgamated Houses after World War I to the building of Co-op City, the world's largest housing cooperative, four decades later.Robert Fogelson brings to life a tumultuous era in the life of New York, drawing on a wealth of archival materials such as community newspapers, legal records, and personal and institutional papers. In the early 1950s, a consortium of labor unions founded the United Housing Foundation under the visionary leadership of Abraham E. Kazan, who was supported by Nelson A. Rockefeller, Robert F. Wagner Jr., and Robert Moses. With the help of the state, which provided below-market-rate mortgages, and the city, which granted tax abatements, Kazan's group built large-scale cooperatives in every borough except Staten Island. Then came Co-op City, built in the Bronx in the 1960s as a model for other cities but plagued by unforeseen fiscal problems, culminating in the longest and costliest rent strike in American history. Co-op City survived, but the United Housing Foundation did not, and neither did the cooperative housing movement.Working-Class Utopias is essential reading for anyone seeking to understand the housing problem that continues to plague New York and cities across the nation"-- "As opposed to the co-ops and condominiums that we might think of today-buildings built by speculative developers, sold to well-to-do Americans, and conceived of as an integral part of the capitalist market-the country's first cooperative housing was conceived of as an effective way to address the problem of housing low- and moderate-income Americans. Built in the 1960s, Co-op City in the Bronx, New York, remains the one of the largest housing cooperatives in the world. Created by the United Housing Foundation, which for more than a decade had built and managed smaller cooperative housing around New York City, this "city" was designed to accommodate between 55,000 and 60,000 people, an extraordinary population. Working Class Utopias tells the story of Co-op City and the larger cooperative housing movement in New York City from the 1920s to the 1970s, when financial struggles between the UHF and Co-op residents proved to be the beginning of the end of non-profit cooperative housing not only in New York, but elsewhere in the United States. While Co-op City and other non-profit cooperatives still served tens of thousands of people, they were no longer viewed as a solution to the problem of housing working-class Americans. In examining this history, Robert Fogelson allows us to better understand the rise and fall of a once-promising idea-providing insight into the intractability of the housing problem still faced by cities around the country"--

Housing policy. --- Housing, Cooperative. --- Housing policy --- Co-op City (New York, N.Y.) --- History --- 1973 oil crisis. --- A Good School. --- Abraham Beame. --- Aftermath of World War II. --- Amalgamated Clothing Workers of America. --- American Veterans Committee. --- Andrew Stein. --- Apartment. --- Architectural Forum. --- Arthur Levitt. --- Bear Stearns. --- Bond (finance). --- Borough president. --- Chairman. --- Charles Abrams. --- Co-op City, Bronx. --- Committee. --- Consolidated Edison. --- Cooperative. --- David Dubinsky. --- Debt limit. --- Demagogue. --- Dilapidation. --- District Council 37. --- Economics. --- Ed Koch. --- Eugene V. Debs. --- Eviction. --- Expense. --- Extended family. --- Fair Deal. --- Family income. --- Federal Housing Administration. --- Finance. --- Fiorello H. La Guardia. --- Foreclosure. --- George W. Bush. --- Gimbels. --- Grandparent. --- Great Society. --- Harry P. Cain. --- Harry Van Arsdale, Jr. --- Head of Household. --- Herman Badillo. --- Herman Jessor. --- House law. --- Housing Act of 1937. --- Housing authority. --- Housing cooperative. --- Housing development. --- Housing. --- How the Other Half Lives. --- Income. --- Institutional investor. --- Jack Newfield. --- Jacob Riis. --- Jimmy Carter. --- John F. Kennedy. --- John N. Mitchell. --- John W. Bricker. --- Late fee. --- Layoff. --- Lehman Brothers. --- Lewis F. Powell Jr. --- Lower East Side. --- MTA Bridges and Tunnels. --- Mortgage loan. --- Municipal Art Society. --- National Labor Relations Act. --- New York Bus Service. --- Percival Goodman. --- Political machine. --- Property tax. --- Public housing. --- Rent control in New York. --- Rent strike. --- Robert F. Wagner Jr. --- Robert Moses. --- Securities Act of 1933. --- Shortage. --- Slum. --- Slumlord. --- Socialist Party of America. --- State housing. --- Sweatshop. --- Tax. --- Tenement. --- The New York Times. --- The Price of Admission. --- Thomas E. Dewey. --- Trade union. --- Unemployment. --- United Workers Association. --- Urban renewal. --- Watergate scandal. --- Westbrook Pegler. --- William Jennings Bryan. --- William Zeckendorf. --- Window Dressing. --- Zionism.

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Fiscal crises and sovereign default repeatedly threaten the stability and growth of economies around the world. Mark Aguiar and Manuel Amador provide a unified and tractable theoretical framework that elucidates the key economics behind sovereign debt markets, shedding light on the frictions and inefficiencies that prevent the smooth functioning of these markets, and proposing sensible approaches to sovereign debt management. 'The Economics of Sovereign Debt and Default' looks at the core friction unique to sovereign debt - the lack of strong legal enforcement - and goes on to examine additional frictions such as deadweight costs of default, vulnerability to runs, the incentive to 'dilute' existing creditors, and sovereign debt's distortion of investment and growth.

BUSINESS & ECONOMICS / Economics / Macroeconomics. --- Debts, External. --- Debts, Foreign --- Debts, International --- External debts --- Foreign debts --- International debts --- Debt --- International finance --- Investments, Foreign --- Debts, Public. --- Default (Finance) --- Finance --- Finance, Public --- Repudiation --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Bonds --- Deficit financing --- 1997 Asian financial crisis. --- Auction. --- Balance of trade. --- Bank rate. --- Bond (finance). --- Bond market. --- Capital market. --- Capitalism. --- Central bank. --- Competition (economics). --- Consumer price index. --- Consumption (economics). --- Convergence (economics). --- Coordination failure (economics). --- Cost of capital. --- Credit (finance). --- Credit default swap. --- Credit risk. --- Creditor. --- Currency. --- Debt Issue. --- Debt crisis. --- Debt limit. --- Debt overhang. --- Debt ratio. --- Debt. --- Default (finance). --- Economic equilibrium. --- Economic liberalization. --- Economic planning. --- Economic policy. --- Economics. --- Economy. --- Equity Market. --- Equity ratio. --- European debt crisis. --- Eurozone. --- Exchange rate. --- External debt. --- Finance. --- Financial Account. --- Financial Times. --- Financial crisis of 2007–08. --- Financial crisis. --- Financial engineering. --- Financial fragility. --- Fiscal policy. --- Foreign Exchange Reserves. --- Foreign direct investment. --- Government bond. --- Government budget balance. --- Government budget. --- Government debt. --- Haircut (finance). --- Hedge (finance). --- Hedge fund. --- High-yield debt. --- Incremental capital-output ratio. --- Inflation. --- Institutional investor. --- Insurance. --- Interest rate. --- International Monetary Fund. --- Investment goods. --- Investment. --- Macroeconomics. --- Market economy. --- Market liquidity. --- Market mechanism. --- Market price. --- Market value. --- Money management. --- Money market. --- Neoclassical economics. --- Net capital outflow. --- Net foreign assets. --- Payment. --- Political economy. --- Price Change. --- Probability of default. --- Profit (economics). --- Public finance. --- Real interest rate. --- Repayment. --- Return on capital. --- Revaluation of fixed assets. --- Risk premium. --- Risk-Return Tradeoff. --- Securitization. --- Stock market index. --- Stock market. --- Supply (economics). --- Swap (finance). --- Tax revenue. --- Trade credit. --- Trader (finance). --- Trading nation. --- United States Treasury security. --- World Bank. --- World economy.