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Sovereign ESG Bond Issuance: A Guidance Note for Sovereign Debt Managers

Lindner, Peter - 2023

to provide issuers and other stakeholders with a comprehensive view of the ESG bond marketplace …

Persistent link: https://www.econbiz.de/10015059620

Green Bond Pricing and Greenwashing under Asymmetric Information

Schmittmann, Jochen M. - 2022

We analyze the corporate green bond market under a rational framework without an innate green preference, using a …, false or exaggerated claims of being green. The extent of greenwashing in the market is a function of the green bond premium …. A swift and gradual implementation of carbon pricing generates a small green bond premium and a low level of …

Persistent link: https://www.econbiz.de/10015059920

Sovereign Green Bonds: A Catalyst for Sustainable Debt Market Development?

Cheng, Gong - 2024

In traditional bond markets, sovereign bonds provide benchmarks and serve as catalysts for the corporate bond market … development. Contrary to the usual sequence of bond market development, sovereign issuers are latecomers to sustainable bond … markets. Yet, our empirical study finds that sovereign green bond issuance can have quantitative and qualitative benefits for …

Persistent link: https://www.econbiz.de/10015080326

The Contingent Claims Approach to Corporate Vulnerability Analysis; Estimating Default Risk and Economy-Wide Risk Transfer

Xiao, Yingbin; Gray, Dale F.; Lim, Cheng Hoon; Gapen, … - International Monetary Fund (IMF) - 2004

In this paper, we examine the ability of the contingent claims approach (CCA) to identify corporate sector and economy-wide vulnerabilities. We apply the Moody's MfRisk model, which uses aggregated CCA principles, to assess vulnerabilities retroactively in two historical country cases. The...

Persistent link: https://www.econbiz.de/10005599251

International Investment Patterns

Lane, Philip R.; Milesi-Ferretti, Gian-Maria - International Monetary Fund (IMF) - 2004

The paper provides a systematic analysis of bilateral, source and host factors driving portfolio equity investment across countries, using newly-released data on international equity holdings at the end of 2001. It develops a model that links bilateral equity holdings to bilateral trade in goods...

Persistent link: https://www.econbiz.de/10005599398

Is Systematic Default Risk Priced in Equity Returns? A Cross-Sectional Analysis Using Credit Derivatives Prices

Chan-Lau, Jorge A. - International Monetary Fund (IMF) - 2006

This paper finds that systematic default risk, or the event of widespread defaults in the corporate sector, is an important determinant of equity returns. Moreover, the market price of systematic default risk is one order of magnitude higher than the market price of other risk factors. In...

Persistent link: https://www.econbiz.de/10005605000

From Crisis to Recovery in Korea; Strategy, Achievements, and Lessons

Kang, Kenneth; Liang, Hong; Ma, Henry; Richards, Anthony J. - International Monetary Fund (IMF) - 2001

This paper reviews and draws lessons from the stabilization and reform program that Korea implemented in response to the 1997-98 crisis. The economy recovered quickly from the deep recession in 1998 and its vulnerability to a balance of payments crisis has been reduced sharply. Significant...

Persistent link: https://www.econbiz.de/10005825786

Malaysian Capital Controls; Macroeconomics and Institutions

Tamirisa, Natalia T.; Johnson, Simon; Kochhar, Kalpana; … - International Monetary Fund (IMF) - 2006

We analyze the capital controls imposed in Malaysia in September 1998. In macroeconomic terms, these controls neither yielded major benefits nor were costly. At the same time, the stock market interpreted the capital controls (and associated events) as favoring firms with stronger political...

Persistent link: https://www.econbiz.de/10005263746

Macro-Financial Implications of Corporate (De)Leveraging in the Euro Area Periphery

Goretti, Manuela - 2013

High corporate indebtedness can pose an important threat to the adjustment processes in some of the Euro area periphery countries, through its drag on investment as well as the possible migration of private sector losses to the sovereign balance sheet. This paper examines the macroeconomic...

Persistent link: https://www.econbiz.de/10014409437

Leverage? : what leverage? ; a deep dive into the U.S. flow of funds in search of clues to the global crisis

Bhatia, Ashok Vir; Bayoumi, Tamim A. - 2012

This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset of the crisis nor of its ferocity. Instead it shows, first, that the use of ill-suited collateral...

Persistent link: https://www.econbiz.de/10009618519