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| Registros recuperados: 11 | |
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| O'Toole, Conor M.; Newman, Carol F.; Hennessy, Thia C.. |
| This paper uses a fundamental Q model of investment to consider the role played by financing frictions in agricultural investment decisions, controlling econometrically for censoring, heterogeneity and errors-in-variables. Our findings suggest that farmer's investment decisions are not driven by market fundamentals. We find some evidence that debt overhang restricts investment but investment is not dependent on liquidity or internal funds. The role of financing frictions in determining investment decisions changes in the post-financial crisis period when debt overhang becomes a significant impediment to farm investment. The evidence suggests that farmers increasingly rely on internal liquidity to drive investment. Finally, we find no evidence that farmers... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Credit Constraints; Firm Level Investment; Tobin's Q; Debt; Agricultural Finance; G31; G32; F34. |
| Ano: 2011 |
URL: http://purl.umn.edu/114568 |
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| Guinnane, Timothy W.. |
| The 1953 London Debt Agreement settled Germanys debts from the period between the two world wars, and allowed the country to re-establish its role in international capital markets. The Agreement wrote-down the overall debt by about 50 percent and gave the debtors a much longer period to repay. One interesting clause in the Agreement allowed Germany to postpone some payments until such time as re-unification. The Agreement reflects a subtle and responsible understanding of the problems associated with the reparations and debt crises of the 1920s and 1930s, as well as fears about the moral hazard problems that would arise with making any part of the Agreement contingent on events Germany could influence. Recent advocates of third-world debt relief have held... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Germany; London Debt Agreement; Sovereign debt; Debt overhang; HIPC initiative; Financial Economics; N24; F34. |
| Ano: 2004 |
URL: http://purl.umn.edu/28387 |
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| Faulk, Dagney; Giugale, Marcelo M.. |
| The paper reports on an analytical comparison between the foreign debt build-up that preceded the 1982 debt crisis in Latin America and the current debt accumulation process taking place in Eastern Europe. In the whole, Eastern Europe's debt position seems more sustainable than Latin America's in the early 1980s. While the former is equally indebted and shows higher country concentration (around Russia), greater potential for fiscal impact, and no superior macroeconomic environment, its debts are less globally significant, have better repayment terms, are supported by better repayment capacities (in turn due to larger trade openness and virtually no capital flights), and are accumulating at a slower pace in a much more favorable international economic... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Financial Economics; F34; G15. |
| Ano: 1997 |
URL: http://purl.umn.edu/18428 |
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| Michaelowa, Katharina. |
| Only three years after its initial endorsement by the World Bank and the IMF in 1996, the Heavily Indebted Poor Country (HIPC) - Initiative was considerably altered and enhanced. How did this change come about? Neither developments in economic theory, nor empirical evidence of changed beneficiary behavior can explain the usefulness of this policy shift. The merits of a shift from ex-ante conditionality to process conditionality implied by the link of HIPC debt relief to the elaboration of Poverty Reduction Strategy Papers (PRSP) remain equally unclear. However, the change from the initial to the Enhanced HIPC. Initiative can easily be explained as a result of utility maximization behavior by national and international bureaucrats, politicians and NGO. A... |
| Tipo: Working or Discussion Paper |
Palavras-chave: HIPC-Initiative; Political economy of aid; International decision making processes; Political Economy; F34. |
| Ano: 2002 |
URL: http://purl.umn.edu/26208 |
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| Shams, Rasul. |
| The World Bank is a prestigious and large international financial institution. Since its foundation it has widened the scope and the size of its activities. One interpretation of what the World Bank is doing is the provision of public goods. If we take this interpretation seriously the comprehensiveness of the Bank's activity suggests that the Bank is assuming more and more the functions of a world government in the making. An alternative interpretation would look at the World Bank as a huge bureaucratic organization, acting on its own behalf. This interpretation can not be endorsed fully by the available information, but only in the sense of bureau-shaping. The Bank itself is proud of being a knowledge bank. But its actual activity is the popularization... |
| Tipo: Working or Discussion Paper |
Palavras-chave: International lending; Economic development; Public goods; Interest groups; Financial Economics; F33; F34; G21; O1. |
| Ano: 2004 |
URL: http://purl.umn.edu/26380 |
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| Menzies, Gordon Douglas. |
| A creditor can balance debt recovery and humanitarian goals within an optimal contract framework. The approach ties together two strands of literature that assume either creditor self-interest (Krugman 1988) or benevolence (Addison and Murshed 2003). A reservation utility for the debtor serves as a metric for creditor benevolence. The optimal hyper-incentive contract recognizes that the attainment of health, education, peace and the appeasement of foreign creditors may be conflicting goals. Forgiving debt to motivate paying creditors may therefore have the unintended effect of reducing effort devoted to winning a civil war. For a given reservation utility for the debtor, aid directly targeted towards ending a civil war is a substitute for debt forgiveness. |
| Tipo: Journal Article |
Palavras-chave: Debt overhang; Debt forgiveness; Optimal contracts; Civil war; Exports; Financial Economics; F34; F35. |
| Ano: 2006 |
URL: http://purl.umn.edu/50148 |
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| Charpentier, Silvia; Quijandria, Alvaro. |
| El tema de la deuda externa peruana ha sido una de las preocupaciones centrales de economistas, funcionarios gubernamentales y políticos desde hace más de una década. En la actualidad ha cobrado una renovada importancia, particularmente debido al reinicio de las negociaciones con la banca comercial en el marco de un Plan Brady. Silvia Charpentier y Alvaro Quijandría, consultores de GRADE, examinan en este trabajo los antecedentes y la situación actual de la deuda peruana, con el fin de sugerir lineamientos estratégicos para las negociaciones del gobierno peruano con los acreedores extranjeros. Además de hacer planteamientos sobre una estrategia integral para negociar la deuda externa peruana, los autores examinan en detalle las opciones que tiene el Perú... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Deuda externa; Gestion de la deuda; Peru; External debt; Debt management; Financial Economics; H63; F34. |
| Ano: 1995 |
URL: http://purl.umn.edu/42239 |
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| Dreher, Axel. |
| The paper presents a detailed description of IMF and World Bank conditionality and tries to explain changes in this conditionality over time as well as differences between the two institutions. Using panel data it is shown that the number of Fund conditions seem to be influenced by contemporaneous World Bank activity. Moreover, the paper tries to explain compliance with World Bank conditionality as well as interruptions of IMF programs in the recipient countries. Compliance with World Bank conditionality is lower in election years and pre-election years. Breakdowns of IMF programs are less likely in election years. However, no other political factors seem to influence interruptions and compliance systematically. The paper describes the institutions'... |
| Tipo: Working or Discussion Paper |
Palavras-chave: IMF; World Bank; Conditionality; Compliance; Program Interruption; Financial Economics; D72; F33; F34. |
| Ano: 2002 |
URL: http://purl.umn.edu/26352 |
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| Registros recuperados: 11 | |
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