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  • English  (2)
  • Dutch
  • 2000-2004  (2)
  • 1960-1964
  • Budina, Nina  (2)
  • Washington, D.C : The World Bank  (2)
  • Tokyo
  • Debt Markets  (2)
  • Emerging Markets  (2)
  • 1
    Online Resource
    Online Resource
    Determinants of Bulgarian Brady Bond Prices : An Empirical Assessment (2000)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (36 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Budina, Nina Determinants of Bulgarian Brady Bond Prices
    Keywords: Bond ; Bond Issues ; Bond Price ; Bond Prices ; Bonds ; Debt Management ; Debt Markets ; Debt Prices ; Debt Service ; Economic Theory and Research ; Emerging Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Financial Support ; Foreign Debt ; Macroeconomic Stabilization ; Macroeconomic Variables ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Option ; Price Movement ; Private Sector Development ; Savings Bank ; Secondary Market ; Secondary Market Debt ; Secondary Market Price ; Bond ; Bond Issues ; Bond Price ; Bond Prices ; Bonds ; Debt Management ; Debt Markets ; Debt Prices ; Debt Service ; Economic Theory and Research ; Emerging Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Financial Support ; Foreign Debt ; Macroeconomic Stabilization ; Macroeconomic Variables ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Option ; Price Movement ; Private Sector Development ; Savings Bank ; Secondary Market ; Secondary Market Debt ; Secondary Market Price ; Bond ; Bond Issues ; Bond Price ; Bond Prices ; Bonds ; Debt Management ; Debt Markets ; Debt Prices ; Debt Service ; Economic Theory and Research ; Emerging Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Financial Support ; Foreign Debt ; Macroeconomic Stabilization ; Macroeconomic Variables ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Option ; Price Movement ; Private Sector Development ; Savings Bank ; Secondary Market ; Secondary Market Debt ; Secondary Market Price
    Abstract: Macroeconomic variables and changes in foreign reserves affect the secondary market price of Brady bonds in Bulgaria. So do changes in the external environment, including crises in other parts of the world. - To analyze the main determinants of secondary market prices of Bulgarian Brady bonds, Budina and Mantchev investigate to what extent fluctuations in domestic fundamentals affect the bonds' secondary market price. They also assess the extent to which external shocks affect the bonds' prices. They estimate the long-term relationship between domestic fundamentals and market prices of the bonds, using cointegration techniques. In the long run, they find that gross foreign reserves and exports had a positive effect on bond prices and the real exchange rate and Mexico's nominal exchange rate depreciation had a negative effect. In the short run, the Asian crisis had a negative impact, and Bulgaria's change in political regime and introduction of a currency board had a positive impact. Mexico's economic crisis in 1995 had contagion effects. The authors' empirical results confirm the view that the so-called fundamentals approach should be used to supplement the analysis of spillover effects for Bulgarian Brady bonds. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study transition economies. The authors may be contacted at nbudinaworldbank.org or tmantchev@hotmail.com
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Fiscal Deficits, Monetary Reform, and Inflation Stabilization in Romania (2000)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Budina, Nina Fiscal Deficits, Monetary Reform, and Inflation Stabilization in Romania
    Keywords: Banks and Banking Reform ; Budget ; Budget Deficits ; Central Bank ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Defic Exchange ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Expenditure ; Finance and Financial Sector Development ; Fiscal Deficits ; Fiscal Policy ; Government Expenditures ; Inflation ; Macroeconomics and Economic Growth ; Monetary Policy ; Private Sector Development ; Public Debt ; Public Investment ; Public Sector Defic Revenues ; Tax ; Transition Economies ; Transition Economy ; Banks and Banking Reform ; Budget ; Budget Deficits ; Central Bank ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Defic Exchange ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Expenditure ; Finance and Financial Sector Development ; Fiscal Deficits ; Fiscal Policy ; Government Expenditures ; Inflation ; Macroeconomics and Economic Growth ; Monetary Policy ; Private Sector Development ; Public Debt ; Public Investment ; Public Sector Defic Revenues ; Tax ; Transition Economies ; Transition Economy ; Banks and Banking Reform ; Budget ; Budget Deficits ; Central Bank ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Defic Exchange ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Expenditure ; Finance and Financial Sector Development ; Fiscal Deficits ; Fiscal Policy ; Government Expenditures ; Inflation ; Macroeconomics and Economic Growth ; Monetary Policy ; Private Sector Development ; Public Debt ; Public Investment ; Public Sector Defic Revenues ; Tax ; Transition Economies ; Transition Economy
    Abstract: March 2000 - Fiscal problems are a key factor behind the inflation that has persisted in Eastern Europe since 1989. Deficits need to be cut back, but by how much for a given inflation target? A simple framework links debt, the deficit, and inflation to assess the fiscal stance of the Romanian economy. Unsustainable fiscal deficits were the chief reason for the inflation that has persisted in Eastern Europe since 1989. Deficits need to be cut back, but by how much for a given inflation target? Budina and van Wijnbergen develop a simple framework for debt, the deficit, and inflation to study the interactions between fiscal and monetary policy in Romania's economy. This framework can be used to 1) determine the financeable deficit and the required deficit reduction for a given rate of output growth, inflation rate, and target for debt-output ratios, and 2) to find the inflation rate for which no fiscal adjustment is needed. They use this framework to assess consistency between inflation, monetary reform, and fiscal policy in Romania. Many of the issues in Romania are similar to those in other countries. But Romania is an interesting case because of its history of unsuccessful stabilization attempts. The authors' results suggest that fiscal problems during 1992-94 were masked by shifting government expenses to the books of the National Bank of Romania so that the government deficit did not fully reflect public spending. In addition, the effects of delayed fiscal adjustment were mitigated by exchange rate overvaluation and favorable debt dynamics. In the late 1990s, however, debt dynamics worsened and the economy experienced significant real depreciation. That exacerbated the fiscal problems and increased the fiscal adjustment needed to restore consistency. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study transition economies. The authors may be contacted at nbudinaworldbank.org or svw.heas@wxs.nl
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
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