We use a hedonic pricing model to analyse in a risk-return framework the determinants of the pricing of a sample of over 5,000 syndicated credits granted to developing country borrowers between 1993 and 2001. We conclude that syndicated loans with riskier characteristics or granted to riskier...

This paper finds that the term structure of credit spreads in project finance is hump-shaped. This contrasts with other types of debt, where credit risk is shown instead to increase monotonically with maturity ceteris paribus. We emphasize a number of peculiar features of project finance...

This paper provides a historical perspective on the development of the global syndicated loan market, where $2.6 trillion worth of funds were raised in 2004. The emergence of the Eurodollar market in the 1960s, the balance of payments problems of non-oil-exporting emerging countries in the...

We examine the effect of information asymmetries among syndicate members on loan prices. To this end we focus on the previous number of borrowing/lending relationships between individual borrowers and lenders and the duration of these interactions. Using this new, direct and explicit measure on...

This book examines the development of the international syndicated credits market over the past three decades. Bringing together views of practitioners and academics it provides original answers to unexplored research questions. With extensive coverage and thought-provoking insights, the book is...

Challenges facing central bankers are expertly examined and analyzed. The book explores monetary policy and financial crisis as well as insolvency, collective action clauses, international mediation, and management of central banks. The author has worked as an economist at the Monetary and...

As the global organisation of central banks, the Bank for International Settlements (BIS) has played a significant role in the momentous changes the international monetary and financial system has undergone over the past half century. This book offers a key contribution to understanding these...