This paper examines two prominent approaches to design efficient mechanisms for debt renegotiation with dispersed bondholders: debt exchange offers that promise enhanced liquidation rights to a restricted number of tendering bondholders (favored under U.S. law), and collective action clauses...

Lending to corporates in foreign currencies can expose banks to substantial currency risk. Using global syndicated loan data, we find that a one-standard-deviation increase in exchange rate volatility increases loan spreads by approximately 20 basis points for loans made in a currency different...

Fiscal vulnerabilities depend on both the level and composition of government debt. This study examines the role of debt thresholds and debt composition in driving the non-linear behavior of long-term interest rates through a novel approach, a panel smooth transition regression with a general...

International economic relation and trade are occurred in different currency system. The currency of one country may not be tendered in another country. So, the natural person or organization requires buying the currency of target country. In fact it is the process of converting one currency...

Traditionally GPU and multi-core CPUs are used for task parallelism. In recent years the use of FPGA for Monte Carlo simulation had been researched. The strength of FPGA lies in the pipeline parallelism which can be beneficial not only for Monte Carlo simulations. In this paper we demonstrate...