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Corporate Funding and the COVID-19 Crisis
Deghi, Andrea; Seneviratne, Dulani; Tsuruga, Tomohiro; … - 2022
This paper assesses whether corporate liquidity needs in the G7 economies were met during the containment phase of the COVID-19 pandemic (February-June 2020) using various approaches to identify credit supply shocks. The pandemic crisis adversely affected nonfinancial corporate sector cash...
Persistent link: https://www.econbiz.de/10013302781
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Green Bond Pricing and Greenwashing Under Asymmetric Information
Schmittmann, Jochen; Gao, Yun - 2023
simple adverse selection model. Firms can use green bonds to signal their green credentials to investors. Transition risk … stems from uncertainty over the introduction of carbon pricing. We show that green bonds have a price premium over … conventional bonds when there are information asymmetry, transition risk, and it is costly to engage in greenwashing, that is …
Persistent link: https://www.econbiz.de/10014258404
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Sovereign Asset and Liability Management in Emerging Market Countries : The Case of Uruguay
Amante, Andre - 2020
This paper provides an overview of the strategic and operational issues as well as institutional challenges, related to the implementation of the Sovereign Asset and Liability Management (SALM) approach. Application of an SALM framework allows the authorities to identify and monitor sovereign...
Persistent link: https://www.econbiz.de/10012843498
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The Present Value of Corporate Profits : A Forecasters' Survey Perspective
Andrle, Michal - 2019
This paper presents and discusses the estimates of the present value of corporate profits in the United States from 1984 to 2018. To value the expected income stream, it uses the long-range forecasts of professional forecasters for pre-tax corporate earnings and long-term Treasury note yields,...
Persistent link: https://www.econbiz.de/10012892904
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A Primer on Managing Sovereign Debt-Portfolio Risks
Jonasson, Thordur - 2018
This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and...
Persistent link: https://www.econbiz.de/10012918566
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German Bond Yields and Debt Supply : Is There a 'Bund Premium'?
Paret, Anne-Charlotte - 2019
sovereign safe assets and German government bonds adjusted for sovereign credit risk, liquidity and swap market frictions. A … higher premium suggests less substitutability of sovereign bonds. We document a rise in the 'Bund premium' in the post …-crisis period. We show that there is a negative relationship of the premium with the relative supply of German sovereign bonds …
Persistent link: https://www.econbiz.de/10012858387
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Financial Development and Inclusion in the Caribbean
Li, Chuan - 2018
Many Caribbean financial systems are relatively well developed for their size but benefits are concentrated in a small part of the population. In several large countries, the financial development levels are below what is warranted by that country's own macroeconomic fundamentals. SMEs, in...
Persistent link: https://www.econbiz.de/10012922629
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Bank Profitability and Financial Stability
Xu, TengTeng - 2019
We analyze how bank profitability impacts financial stability from both theoretical and empirical perspectives. We first develop a theoretical model of the relationship between bank profitability and financial stability by exploring the role of non-interest income and retail-oriented business...
Persistent link: https://www.econbiz.de/10012892910
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Effective Macroprudential Policy : Cross-Sector Substitution from Price and Quantity Measures
Cizel, Janko - 2016
Macroprudential policy is increasingly being implemented worldwide. Its effectiveness in influencing bank credit and its substitution effects beyond banking have been a key subject of discussion. Our empirical analysis confirms the expected effects of macroprudential policies on bank credit,...
Persistent link: https://www.econbiz.de/10012977746
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Financial and Business Cycles in Brazil
Krznar, Ivo - 2017
This paper explores the nexus between the financial cycle and business cycle in Brazil. Cycles are estimated using a variety of commonly-used statistical methods and with a small, semistructural model of the Brazilian economy. An advantage of using the model-based approach is that financial and...
Persistent link: https://www.econbiz.de/10012962153