The Potential Role For Securitizing Public Sector Revenue Flows
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The Potential Role For Securitizing Public Sector Revenue Flows
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Author : Nigel Andrew Chalk
language : en
Publisher: International Monetary Fund
Release Date : 2002-06
The Potential Role For Securitizing Public Sector Revenue Flows written by Nigel Andrew Chalk and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-06 with Business & Economics categories.
Since the mid-1980s, the securitization of future flow receivables has grown in importance as a financing alternative for the public sector. In a world of perfect capital markets, there appears to be little rationale-in terms of reducing the average cost of public sector financing-to resort to secured borrowing. However, for many developing countries, financial markets are far from perfect. In particular, there may be an important role for secured financing where increased uncertainty or financial market volatility leads to credit rationing driven by information asymmetries. Secured financing, however, does not provide a free lunch. Such arrangements subordinate existing and future creditors and, as a result, may raise the cost of future borrowing. In addition, high transaction costs, the thin market in secured instruments, the risk of legal challenges, and reduced budget and debt management flexibility may offset the cost advantage of public sector securitization.
The Potential Role For Securitizing Public Sector Revenue Flows An Application To The Phillipines
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Author : Nigel Andrew Chalk
language : en
Publisher: International Monetary Fund
Release Date : 2002
The Potential Role For Securitizing Public Sector Revenue Flows An Application To The Phillipines written by Nigel Andrew Chalk and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
The Potential Role For Securitizing Public Sector Revenue Flows An Application To The Philippines
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Author : Nigel Chalk
language : en
Publisher:
Release Date : 2006
The Potential Role For Securitizing Public Sector Revenue Flows An Application To The Philippines written by Nigel Chalk and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Since the mid-1980s, the securitization of future flow receivables has grown in importance as a financing alternative for the public sector. In a world of perfect capital markets, there appears to be little rationale in terms of reducing the average cost of public sector financing to resort to secured borrowing. However, for many developing countries, financial markets are far from perfect. In particular, there may be an important role for secured financing where increased uncertainty or financial market volatility leads to credit rationing driven by information asymmetries. Secured financing, however, does not provide a free lunch. Such arrangements subordinate existing and future creditors and, as a result, may raise the cost of future borrowing. In addition, high transaction costs, the thin market in secured instruments, the risk of legal challenges, and reduced budget and debt management flexibility may offset the cost advantage of public sector securitization.
Assessing Public Sector Borrowing Collateralized On Future Flow Receivables
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2003-11-06
Assessing Public Sector Borrowing Collateralized On Future Flow Receivables written by International Monetary Fund. Fiscal Affairs Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-11-06 with Business & Economics categories.
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The New Public Finance
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Author : Inge Kaul
language : en
Publisher: Oxford University Press
Release Date : 2006-02-23
The New Public Finance written by Inge Kaul and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-02-23 with Business & Economics categories.
The world's agenda of international cooperation has changed. The conventional concerns of foreign affairs, international trade, and development assistance, are increasingly sharing the political center stage with a new set of issues. These include trans-border concerns such as global financial stability and market efficiency, risk of global climate change, bio-diversity conservation, control of resurgent and new communicable diseases, food safety, cyber crime and e-commerce, control of drug trafficking, and international terrorism and weapons of mass destruction. Globalization and increasing porosity of national borders have been key driving forces that have led to growing interdependence and interlocking of the public domains--and therefore, public policy concerns--of countries, governments, private businesses, civil society, and people at large. Thus, new and different issues are now occupying top places on national policy agendas, and consequently, on the agendas of international negotiating forums. The policy approaches to global challenges are also changing. A proliferation and diversification of international cooperation efforts include focus on financing arrangements. Financing of international cooperation in most instances is a haphazard and non-transparent process and often seems to run parallel to international negotiations. There are many unfunded mandates and many-non-mandatory funds. To agree on and to achieve international economic goals, we need to understand how financing of international cooperation efforts actually works. Our understanding is hampered by two gaps: 1) lack of an integrated and cohesive theoretical framework; 2) lack of consolidated empirical and operational knowledge in the form of a comprehensive inventory of past, current and possible future (i.e. currently deliberated) financing mechanisms. This book reduces these two gaps and provides a guide to improve our ability to finance international cooperation.
Central America
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2006-05-09
Central America written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-05-09 with Business & Economics categories.
Intraregional financial activity in Central America has grown substantially in the past decade, contributing to efficiency and economic development. At the same time, the expansion of activities by regional conglomerates has increased the challenges to supervisory authorities of containing the risks of contagion. Prepared as part of the Central America Financial Sector Regional Project by an IMF and World Bank staff team, this book outlines trends in the region's financial sector integration, supervisory responses, development of the insurance sector, payment and securities settlement arrangements, and worker remittances. It addresses the many common policy challenges facing Central American countries--Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama--in financial sector reform. The book offers key policy recommendations.
Sovereign Debt Structure For Crisis Prevention
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2004-02-07
Sovereign Debt Structure For Crisis Prevention written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-02-07 with Business & Economics categories.
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Development Financing During A Crisis
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Author : Suhas Laxman Ketkar
language : en
Publisher:
Release Date : 2016
Development Financing During A Crisis written by Suhas Laxman Ketkar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Sovereign Debt Structure For Crisis Prevention
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Author : Mr.Eduardo Borensztein
language : en
Publisher: International Monetary Fund
Release Date : 2005-01-26
Sovereign Debt Structure For Crisis Prevention written by Mr.Eduardo Borensztein and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-01-26 with Business & Economics categories.
The debate on government debt in the context of possible reforms of the international financial architecture has thus far focused on crisis resolution. This paper seeks to broaden this debate. It asks how government debt could be structured to pursue other objectives, including crisis prevention, international risk-sharing, and facilitating the adjustment of fiscal variables to changes in domestic economic conditions. To that end, the paper considers recently developed analytical approaches to improving sovereign debt structure using existing instruments, and reviews a number of proposals--including the introduction of explicit seniority and GDP-linked instruments--in the sovereign context.
Public Private Partnerships Government Guarantees And Fiscal Risk
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Author : Mr.Barry Anderson
language : en
Publisher: International Monetary Fund
Release Date : 2006-04-28
Public Private Partnerships Government Guarantees And Fiscal Risk written by Mr.Barry Anderson and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-04-28 with Business & Economics categories.
Public-private partnerships (PPPs) refer to arrangements under which the private sector supplies infrastructure assets and infrastructure-based services that traditionally have been provided by the government. PPPs are used for a wide range of economic and social infrastructure projects, but they are used mainly to build and operate roads, bridges and tunnels, light rail networks, airports and air traffic control systems, prisons, water and sanitation plants, hospitals, schools, and public buildings. PPPs offer benefits similar to those offered by privatization, which is the sale of government-owned enterprises or assets. By the late 1990s, when privatization was losing much of its earlier momentum, PPPs began to be widely seen as a means of obtaining private sector capital and management expertise for infrastructure investment. After a modest start, a wave of PPPs is now beginning to sweep the world. This Special Issue paper provides an overview of some of the issues raised by PPPs, with a particular focus on their fiscal consequences. It also looks at government guarantees, which are used fairly widely to shield the private sector from risk and are a common feature of PPPs. And it examines the consequences of PPPs and guarantees for debt sustainability. The paper concludes with a list of measures that can maximize the benefits and minimize the fiscal risks associated with the use of PPPs. Various appendices augment the discussion by examining country experiences with PPPs, summarizing the statistical reporting framework used to discuss fiscal accounting and reporting, explaining accounting for risk transfer, examining how guarantees are modeled and estimated in Chile, and summarizing international accounting and reporting standards for contingent liabilities.