1# Library to Find Best eBook for Read
Author : Raffaela Giordano
Release : 2001
Genre : Budget deficits
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis Optimal Debt Maturity Under EMU by : Raffaela Giordano
Download or read book Optimal Debt Maturity Under EMU written by Raffaela Giordano. This book was released on 2001. Available in PDF, EPUB and Kindle. Book excerpt:
Author : R. Giordano
Release : 2001
Genre :
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis Optimal Debt Maturity EMU by : R. Giordano
Download or read book Optimal Debt Maturity EMU written by R. Giordano. This book was released on 2001. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Saki Bigio
Release : 2019
Genre : Bonds
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis A Framework for Debt-Maturity Management by : Saki Bigio
Download or read book A Framework for Debt-Maturity Management written by Saki Bigio. This book was released on 2019. Available in PDF, EPUB and Kindle. Book excerpt: We characterize the optimal debt-maturity management problem of a government in a small open economy. The government issues a continuum of finite-maturity bonds in the presence of liquidity frictions. We find that the solution can be decentralized: the optimal issuance of a bond of a given maturity is proportional to the difference between its market price and its domestic valuation, the latter defined as the price computed using the government’s discount factor. We show how the steady-state debt distribution decreases with maturity. These results hold when extending the model to incorporate aggregate risk or strategic default.
Author : Saki Bigio
Release : 2019
Genre :
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis Debt-Maturity Management with Liquidity Costs by : Saki Bigio
Download or read book Debt-Maturity Management with Liquidity Costs written by Saki Bigio. This book was released on 2019. Available in PDF, EPUB and Kindle. Book excerpt: We characterize the optimal debt-maturity management problem in the presence of liquidity costs. A government issues an arbitrary number of finite-maturity bonds and faces income and interest-rate risk, which can tempt it to default. Optimal issuances are spread out across maturities and are given by the ratio of a value gap over a liquidity coefficient that measures the price impact. The value gap is the proportional difference between the bond prices obtained by discounting with the international interest rates and with the domestic discount factor. This characterization allows us to quantify the contribution of different economic forces--impatience, yield-curve riding, expenditure smoothing, self-insurance, credit risk, and default incentives--in shaping the optimal debt maturity distribution. In an application, we estimate the liquidity coefficients using Spanish debt auction data and exploit the framework to evaluate Spanish debt management practices.
Author : A. Brunila
Release : 2001-09-20
Genre : Business & Economics
Kind : eBook
Book Rating : 261/5 ( reviews)
Book Synopsis The Stability and Growth Pact by : A. Brunila
Download or read book The Stability and Growth Pact written by A. Brunila. This book was released on 2001-09-20. Available in PDF, EPUB and Kindle. Book excerpt: The Stability and Growth Pact (SGP) encompasses the legislative text and political resolutions regulating fiscal policy and public finances in EMU. The contributions in this volume analyse the institutional, legal, theoretical and empirical aspects of the SGP, examine its development and evaluate its main implications. The authors include academic economists, who provide insightful analysis, and policy makers who have contributed to the shaping of the pact and have a direct responsibility for its implementation. This book is the definitive source of reference on the SGP for academics, policy makes and economists.
