Letteratura scientifica selezionata sul tema "Public bond spread"
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Articoli di riviste sul tema "Public bond spread"
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An, Ji Young, e S. Saeyeul Park. "A Study on Determinants of the Cost of Debt in Public Institutions". Korean Journal of Financial Studies 52, n. 1 (28 febbraio 2023): 1–34. http://dx.doi.org/10.26845/kjfs.2023.2.52.1.001.
Testo completoAbstract (sommario):
This study examines the factors affecting the cost of debt in public institutions from the perspective of the risk premium paid to investors when issuing public finance bonds. The results of comparing the sample of public finance bonds for four years and six months with the sample of corporate bonds issued by private companies during the same period are as follows. First, compared with corporate bonds, financial and operating risks have relatively weaker effects on the yield spread in public finance bonds. This is because investors in the bond market underestimate the default risk on public finance bonds because of the positive effects of government guarantees, which is why they consider the issuer's financial risks to be less important. Second, as the term and credit spreads increase, the issuance yield spread of public finance bonds increases. In addition, unlike corporate bonds, only public finance bond samples have significant relationships between supply/demand variables and issuance yield spread. The results demonstrate that the market risk factor is the main factor affecting the cost of debt, rather than the firm-specific risk factor of the issuing agency.
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Dbouk, Wassim, Dawei Jin, Haizhi Wang e Jianrong Wang. "Corporate Social Responsibility and Rule 144A Debt Offerings: Empirical Evidence". International Journal of Financial Studies 6, n. 4 (20 novembre 2018): 94. http://dx.doi.org/10.3390/ijfs6040094.
Testo completoAbstract (sommario):
Rule 144A allows a firm to issue securities without a public registration statement with the Securities and Exchange Commission, and only qualified institutional investors can purchase such securities. In this study, focusing on corporate bonds issued under Rule 144A, we empirically investigate the relationship between the corporate social responsibility (CSR) of issuing firms and the bond yield spread at issuance. We document a significant and positive relation between CSR concerns, whereas CSR strengths seem to play an insignificant role in determining bond yield spread. Our main findings are robust to the instrumental variable approach and simultaneous equation estimation to address the potential endogeneity issues. We further explore the time-series changes in issuing firms’ CSR profiles, and report that institutional investors demand a higher bond yield spread when issuing firms’ exposure to higher social, environmental, and stakeholder concerns. Our analyses reveal that the main sources of such risk exposure are stakeholder conflict and concerns from primary stakeholder groups.
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MBENGUE, Mohamed Lamine. "Does Corruption Increase the risk Premium on the West African Economic Monetary Union (WAEMU) Bond Market?" Information Management and Business Review 5, n. 3 (30 marzo 2013): 129–35. http://dx.doi.org/10.22610/imbr.v5i3.1036.
Testo completoAbstract (sommario):
We study the relationship between corruption and risk premium in West African Economic Monetary Union (WAEMU) market bond. Our sample consists of bonds through a public offering and private placement. For this research data was collected from the stock exchange (Bourse Régionale des Valeurs Mobilières). Number of bonds, average corruption and average spread analysis was used to analyze the data. Most country in WAEMU states has a corruption index below 3.5. The results show that corruption score has negative effects on economic performance indicators and there was a predominance of private placement debt relative to debt through a public offering.
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Korobov, Eugene, Yulia Semernina, Alina Usmanova e Kristina Odinokova. "Robotizing bond portfolio selection on the Russian debt market on the basis of a modified strategy of riding the yield curve". Business Informatics 15, n. 4 (31 dicembre 2021): 7–21. http://dx.doi.org/10.17323/2587-814x.2021.4.7.21.
Testo completoAbstract (sommario):
The modern global debt market features historically low average interest rates, convergence of yields on bonds with different maturities, an increase of yield curve inversion emergence frequency and a large-scale trend to automate financial decision making. The researchers’ attention in these fields is mainly focused on designing models that describe the state of the debt market as whole or its individual instruments in particular, as well as on risk management methods. At the same time, the specialized literature offers very few works concerning the topic of computer algorithms for bond portfolio selection based on traditional or advanced investment strategies. The aim of the present research is to create a modification of the existing algorithm of riding the yield curve strategy application, employing, first, average bond yield over the holding period instead of traditional bond yield to maturity; second, a developed algorithm for calculating the market spread on bonds; and, third, alternative risk evaluation indicators (compensation coefficients), which allow us to measure objectively price risk, liquidity risk, transaction costs risk and a general risk. The modification and the development of the algorithm for calculating the market spread were carried out using the direct measurement of the result technique, which entails application of the strategy to the data on bond issues received through the Moscow Exchange API. The selection of financial instruments was conducted in all sectors of the Russian debt market: public bonds, sub-federal and municipal bonds, corporate bonds. The modified algorithm enabled us to get extra yield for each selected bond issue, thereby proving the high effectiveness of the technique compared to the traditional strategy. Software implementation of the algorithm can be integrated into any robotized or semi-robotized stock exchange trading application.
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Paluszynski, Radoslaw, e Georgios Stefanidis. "Borrowing into debt crises". Quantitative Economics 14, n. 1 (2023): 277–308. http://dx.doi.org/10.3982/qe1797.
Testo completoAbstract (sommario):
Quantitative models of sovereign default predict that governments reduce borrowing during recessions to avoid debt crises. A prominent implication of this behavior is that the resulting interest rate spread volatility is counterfactually low. We propose that governments borrow into debt crises because of frictions in the adjustment of their expenditures. We develop a model of government good production, which uses public employment and intermediate consumption as inputs. The inputs have varying degrees of downward rigidity, which means that it is costly to reduce them. Facing an adverse income shock, the government borrows to smooth out the reduction in public employment, which results in increasing debt and higher spread. We quantify this rigidity using the OECD Government Accounts data and show that it explains about 70% of the missing bond spread volatility.
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Tan, Weiqiang, Albert Tsang, Wenming Wang e Wenlan Zhang. "Corporate Social Responsibility (CSR) Disclosure and the Choice between Bank Debt and Public Debt". Accounting Horizons 34, n. 1 (1 ottobre 2019): 151–73. http://dx.doi.org/10.2308/acch-52631.
Testo completoAbstract (sommario):
SYNOPSIS This study examines whether and how corporate social responsibility (CSR) disclosure plays a role in firms' choices of public versus private debt financing. We find that borrowing firms with higher levels of CSR disclosure tend to rely more on public debt than private debt. Further analyses reveal that the relation between CSR disclosure and firms' reliance on public debt is stronger for borrowing firms with higher financial reporting quality, and with standalone or externally assured CSR reports. In addition, we find that borrowing firms with higher levels of CSR disclosure tend to issue bonds at more favorable terms (i.e., lower bond yield spread and longer maturity). Together, our findings are consistent with the notion that nonfinancial CSR disclosure plays an incrementally important role in a firm's debt placement decisions. JEL Classifications: G32; M14; M21. Data Availability: Data are available from the public sources identified in the paper.
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Zhu, Miao, Xiyi Li, Xingyue Zhang e Xiaoyu Dong. "Research on Early Warning of Transmission of Tuberculosis Infectious Diseases from the Perspective of Social Factors". Journal of Advanced Computational Intelligence and Intelligent Informatics 28, n. 3 (20 maggio 2024): 739–45. http://dx.doi.org/10.20965/jaciii.2024.p0739.
Testo completoAbstract (sommario):
In this study, the infiltration model was established to study the early warning of pulmonary tuberculosis data in Xiamen public hospitals. Based on the gender characteristics of residents in Xiamen, a percolation model was established to analyze the transmission rates of diseases under different contact types. In addition, the calculation method of the percolation threshold is discussed, and the model is verified by a simulation experiment. The results show that the model can predict the spread of epidemic situations well. The early warning value and relevant preventive measures were obtained by simulating the spread of tuberculosis under different exposure numbers. Bond percolation analysis was used to predict the proportion of the eventually infected population, this threshold of percolation was the basic regeneration number of tuberculosis, and the tuberculosis infection situation was effectively predicted.
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Romashkina, Gulnara, Kirill Andrianov, Djamilia Skripnuk e Yulia Yukhtanova. "Interconnectedness of financial markets in crises in the case of the enlarged BRICS". Journal of Infrastructure, Policy and Development 8, n. 12 (4 novembre 2024): 8536. http://dx.doi.org/10.24294/jipd.v8i12.8536.
Testo completoAbstract (sommario):
The article presents a study of the connectivity and integration of sovereign bond and stock markets in 10 BRICS+ countries in the context of crisis instabilities in 2019−2024. Financial markets are becoming more integrated, and an increasing share of public investments are carried out across borders, which increases not only the opportunities for participants, but also the risks of a new crisis. The work used data on central bank rates of the considered countries, yield indices of 10-year government bonds, gold and Brent oil prices. The methods include the analysis of exchange rate dynamics, connectivity estimates based on the multivariate concordance coefficient and two-factor Friedman rank variance analysis, VAR models, Granger predictability and cointegration. The objective of this study is to analyze the interrelationship and cointegration between the sovereign bond and equity markets of selected BRICS+ countries during crisis periods. Our findings indicate that market interrelationship intensifies during crises, which in turn amplifies volatility. Additionally, we observed that none of the economies within the BRICS+ group can be classified as fully integrated or entirely isolated markets. The disruption of the interrelationship in the sovereign bond markets of the group is primarily reflected in the inconsistency of dynamic changes between Russia, China, and India. During the global shock of 2019–2020, the crisis spread from China, followed by Indonesia, and later to the other countries of the group. The financial and debt markets of the sampled countries were able to quickly cope with the severe shocks of the COVID-2019 period. The 2022–2024 crisis, which lasted significantly longer, began in Russia before spreading to countries across Asia and Africa. By 2024, Russia’s sovereign bond yields showed a marked decline. The increased market volatility following 2022 disrupted the integration and interrelationship of the stock and debt markets within the BRICS+ countries.
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Sharma, Nitin, Liza Gupta e Vikas Kumar. "Corona Outbreak: Mental Health Implications of Lockdown and Quarantine due to Coronavirus spread". CGC International Journal of Contemporary Technology and Research 3, n. 1 (26 dicembre 2020): 139–43. http://dx.doi.org/10.46860/cgcijctr.2020.12.26.139.
Testo completoAbstract (sommario):
Life, as all know, is not the same as before as coronavirus.This deadly disease has affected everything around the world. This pandemic is not only affecting people with pre-medical problems, but is also affecting healthy people. Mental health is an important asset which should be considered equally to physical health.Coronavirus has a significant impact on people's well-being and mental health. The shutdown and quarantine due to coronavirus has triggered worldwide terror, anxiety and depression. Loneliness, isolation and self-destructive behavior due to lack of support by close ones, increase in unemployment, low economy and many financial problems are specific reasons due to which mental problems are prevailing. Medical professionals around the world are involved in helping all the patients affected. Number of hospitals where insufficient facilities are available to resist the virus are at enormous mental stress. Many of the frontline staff who adhere to the government's directives and policies often suffer from emotional fatigue, while the public opposes certain laws. Besides all the ups and downs due to Coronavirus one must stand strong and cope with all the difficulties and fight this outbreak.Connecting with friends and loved ones, whether using high-tech or simple phone calls, can help keep our bond in stressful days and give strength to weather this tough journey.
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Heath, Sebastian E., e Max Champion. "Human Health Concerns from Pet Ownership After a Tornado". Prehospital and Disaster Medicine 11, n. 1 (marzo 1996): 67–70. http://dx.doi.org/10.1017/s1049023x00042382.
Testo completoAbstract (sommario):
AbstractIntroduction:Although 50% to 60% of North American households own pets and many of these pets are considered family members, there is little information on the impact pet ownership on pet-owning families affected by disasters.Methods:This case report describes some of the effects of a tornado on 17 families whose dwellings were destroyed. The setting was a typical urban trailer park.Results:After a tornado at the Sagamore Village Trailer Park in north central Indiana, 104 families were evacuated. Seventeen (16.3%) of these families owned pets. For 14 families (13.5%), pet ownership had an important impact on the families' recovery from the tornado. Public- and mental-health concerns that arose from pet ownership included failure to evacuate a dangerous site, attempts to re-enter a dangerous site, separation anxiety leading to psychosomatic disturbances, and the need for additional animal care.Conclusions:In urban disasters, the behaviors of families with a human-animal bond are likely to pose a significant risk to their own and others' health and safety in urban disasters. In this small study of families affected by a tornado, the most prominent public-health concerns were failure to evacuate because of a pet and attempts of re-entry to save a pet; the most common mental-health concerns resulted from separation anxiety from a pet and refusal to accept medical treatment until a pet's well-being can be assured. These are thought to be typical issues that will arise out of the human-animal bond in urban disaster situations and differ considerably from traditional public-health concerns over dog bites, spread of zoonotic diseases, and human food contamination. Medical disaster preparedness planning should consider the substantial effects that the human-animal bond is likely to have on human recovery from large-scale urban disasters.
Tesi sul tema "Public bond spread"
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Meneghetti, Costanza. "Managerial Incentives and the Choice between Public and Private Debt". Digital Archive @ GSU, 2008. http://digitalarchive.gsu.edu/finance_diss/14.
Testo completoAbstract (sommario):
This paper proposes that managerial incentive compensation affects the firm choice between public and bank debt. To motivate the case I analyze a simple model with complete and perfect information that implies a positive relation between managers’ incentive compensation and preference toward bank debt. Using firm-level data over the period 1992-2005, I empirically examine the relation between managerial incentives and financing decisions. Specifically, I examine whether managers whose compensation is tied to firm performance choose bank over public debt as a commitment mechanism to reduce the cost of debt. Consistent with a monitoring role of banks, I find that the probability of choosing bank over public debt is positively related to the level of incentive compensation. Further, I find that public lenders price the incentive alignment between manager and shareholders by increasing the cost of debt, while the overall cost of bank loan does not depend on the manager’s incentive compensation. Finally, I find that banks are more likely to include a collateral provision in the debt contract if the manager’s compensation is tied to firm performance.
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Ba, Amadou Samba. "Le marché international de la dette souveraine et son impact sur les risques financiers dans les pays émergents : analyse dynamique sur la période pre et post crise des subprimes". Electronic Thesis or Diss., Université Côte d'Azur, 2024. http://www.theses.fr/2024COAZ0027.
Testo completoAbstract (sommario):
Le plan Brady de restructuration de la dette dans les pays d'Amérique latine et d'Asie du Sud pendant les années 80 a marqué un tournant pour l'émergence d'un marché actif de la dette dans les pays émergents. Les vagues de libéralisation financière et les réformes structurelles entreprises dans le cadre de ce plan Brady ont accru l'ouverture de ces économies émergentes aux flux de capitaux internationaux. Par la suite, dans les économies émergentes, les obligations sont devenues la source de capital la plus importante pour ces pays. En 2007, les économies émergentes ont émis des obligations d'environ 350 milliards de dollars US, comparativement à 1,2 trillion de dollars US en 2023 (600 milliards de dollars US hors Chine) selon le FMI. Cette vague de flux de capitaux vers les marchés émergents est rapidement devenue une préoccupation majeure dans les cercles politiques et académiques, entrainant de nombreuses controverses sur les déterminants macroéconomiques sous-jacents de ce niveau de flux de capitaux sans précédent, ainsi que sur les variations des spreads ( primes de risques) et des rendements financiers sur les marchés émergents. La recherche vise à mieux comprendre les principaux déterminants domestiques et mondiaux qui influencent les spreads obligataires, en spécifiant statistiquement le rôle pivot des flux de dette obligataire à travers un modèle de régression simple (moindres carrés ordinaires) et à partir d'un modèle vectoriel autorégressif. Dans un premier temps, nous nous sommes demandés quelle proportion de la variation des spreads obligataires sur les marchés de la dette émergente est expliquée par les variations des flux de dette, les fondamentaux et les conditions mondiales, et dans quelle mesure leurs chocs affectent mutuellement les marchés de la dette, la performance économique et l'environnement mondial. Enfin, des lignes directrices ont été proposées pour concevoir des politiques durables de gestion de la dette souveraine dans les économies émergentes.La crise des subprimes, qui s'est déclenchée aux États-Unis en 2007 a conduit à une forte hausse des défauts de paiement hypothécaires des américains, a ensuite entrainé un ralentissement économique important dans les pays développés, les amenant à mettre en place des plans de sauvetage et de renflouement : ce qui a encouragé une dette publique excessive dans les pays développés. Cette crise financière internationale de 2007 a eu des conséquences négatives bien plus importantes dans les pays avancés que dans les pays émergents, dont l'impact a été relativement limité et modulé selon la situation spécifique de chaque pays émergent.Au milieu des années 2000, les institutions de Bretton Woods ont formulé des recommandations sur une gestion optimale de la dette publique, que les pays émergents ont parfois appliquées comme condition pour obtenir des programmes de soutien du FMI et de la Banque mondiale, dans le but de promouvoir la croissance à long terme et la stabilité macroéconomique.Cette recherche a également permis de comprendre la trajectoire et la dynamique accélérée de la transformation des économies émergentes, ainsi que le poids économique et politique croissant des BRICS (élargi au groupe BRICS+ en 2023) dans l'économie mondiale. Ce changement de paradigme appelle à une profonde modification des règles de gouvernance des institutions financières internationales, en promouvant un meilleur rééquilibrage des forces dans une économie mondialisée en constante transformationThe Brady Plan of debt restructuring in Latin American and South Asian countries during 80s was a turning point for the emergence of an active debt market in emerging countries. The waves of financial liberalization and the structural reforms undertaken and associated with this Brady Plan in emerging economies has increased their openness to international capital flows. Then emerging economies were recorded, and bonds became the most important source of capital for emerging countries. Emerging economies issued bonds roughly US dollars 350 billion during 2007 compared to dollars 1,2 Trillion US (US dollars 600 billion excluding China) IMF . This wave of capital flow in emerging markets has quickly become a main concern in policymaking and academic circles and has generated considerable controversies over the underlying macroeconomic determinants of this unprecedented flow, the change of bond spreads and yields in emerging markets.The research aims to a better understanding of the key domestic and global determinants that drive bond spreads and by specifying statistically the pivotal role of debt flows through a regression model and later from a vector autoregressive model. First, we ask what proportion of the change in market bond spreads in emerging debt markets is explained by changes in debt flows, fundamentals, and global condition and in what percentage their shocks affect mutually debt markets, economic performance, and global environment. Finally, some guidelines have been given to design sustainable strategic policies of management of sovereign debt in emerging economies.The subprime crisis that broke out in the United States in 2007, leading to a sharp rise in mortgage defaults by Americans, subsequently triggered a deep economic slowdown in developed countries that led them to request rescue and bail out plans. These government-initiated plans systematically encouraged excessive public debt in developed countries. The emerging countries, on the other hand, had relatively healthier intrinsic macroeconomic situations, with relatively more resilient fundamentals, thus allowing a relative mitigation of the risks and tensions on their economic growth, their level of public debt and external accounts. This international financial crisis of 2007 had by far greater negative consequences in the advanced countries than in the emerging countries, whose impact was relatively limited and modulated according to the specific situation of the emerging countries.In the mid-2000s, the Bretton Woods institutions formulated recommendations on optimal public debt management, which emerging countries sometimes applied as a condition for obtaining support programmes from the IMF and the World Bank, with a view to promoting long-term growth and macroeconomic stability. The financial crisis has shown that these recommendations on public debt management could also be applied to developed countries that suffered from excessive public debt during the subprime crisis.This research has also enabled us to understand the trajectory and accelerated dynamics of the transformation of emerging economies, the increasing economic weight and political power of the BRICS (enlarged to BRICS + group in 2023) in the world economy. This paradigm shift calls for a profound change in the rules of governance of international financial institutions, through the promotion of a better rebalancing of forces in a globalized economy which is undergoing constant transformation
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Wilkinson, Carter J. "Do Public Pensions Affect City Borrowing Costs? The Impact of Local Government Pension Contributions on Municipal Debt Yield Spreads". Scholarship @ Claremont, 2014. http://scholarship.claremont.edu/cmc_theses/973.
Testo completoAbstract (sommario):
This paper utilizes a sample of 6,185 locally-issued, general obligation municipal bonds to examine the relationship between a city’s cumulative pension contributions and its cost of borrowing. Following the Great Recession unfunded public pension liabilities have soared to record highs, which, in theory, represent additional credit risks and may hinder local governments’ ability to service their outstanding debt. After controlling for bond characteristics, bond ratings, and issuer characteristics, the empirical analysis finds a statistically significant correlation between pension costs and borrowing costs, defined as the spread between the effective offering yield on municipal debt and the yield on a maturity-matched treasury on the municipal bond’s date of issuance. The results suggest that a 1% increase in cumulative city pension costs as a percent of city revenue is associated with an increase in yield spreads ranging from 1.2 to 3.5 basis points. These findings indicate that municipal bond investors do in fact consider pension expenses when pricing municipal bonds and suggest that addressing unfunded pension liabilities by mandating higher annual contributions will lead to higher borrowing costs for local governments.
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Sawadogo, Pegdéwendé Nestor. "Fiscal policy and financing for development in developing countries". Thesis, Université Clermont Auvergne (2017-2020), 2020. http://www.theses.fr/2020CLFAD007.
Testo completoAbstract (sommario):
Cette thèse se pose la question de savoir comment la politique budgétaire pourrait être utilisée à des fins de financement du développement. Elle identifie et explore les canaux par lesquels les pays en développement peuvent efficacement mobiliser les ressources (internes et externes) pour le financement du développement. Pour cela, nous conduisons des recherches axées sur les politiques économiques (en utilisant des outils statistiques et économétriques appropriés) et nous formulons des recommandations de politiques économiques aux pays en développement. La première partie de cette thèse s’intéresse à la question de la mobilisation des ressources externes dans les pays en développement (Chapitre 1 et Chapitre 2). Dans le Chapitre 1, nous analysons les effets des dépenses publiques sur les spreads de taux dans les pays émergents. Nous montrons que les pays en développement pourraient avoir un meilleur accès aux marchés financiers internationaux en augmentant leurs investissements publics et en réduisant leurs dépenses courantes. Plus précisément, les dépenses en capital humain (éducation et santé) et autres infrastructures publiques réduisent considérablement les spreads de taux. Ils devraient également améliorer la qualité de la gouvernance puisque les marchés financiers récompensent les pays bien gouvernés à travers de meilleures conditions d'emprunt. Nous examinons, dans le Chapitre 2, la force des règles de politiques budgétaires en termes d’amélioration de l’accès des marchés financiers internationaux par les pays en développement. Nous trouvons que l’adoption de règles budgétaires réduit les taux d’intérêts sur la détention des obligations d’Etat souverains et par conséquent améliore l’accès aux marchés financiers. Nous expliquons ce résultat par le canal de la crédibilité de la politique budgétaire : les gouvernements crédibles sont récompensés sur les marchés financiers internationaux par de faibles taux d’intérêt et des notations élevées des dettes souveraines. Nos résultats prouvent que l’adoption et la bonne mise en œuvre des règles de politiques budgétaires constitue un moyen substantiel pour les décideurs publics d’améliorer l’accès des pays en développement aux marchés financiers internationaux. La deuxième partie de cette thèse se focalise sur ce que les pays en développement pourraient faire pour améliorer la mobilisation des ressources internes (Chapitre 3 et Chapitre 4). En effet, nous explorons la relation entre l’adoption des règles budgétaires et la réduction des inégalités de revenus (Chapitre 3) et nous trouvons que l’adoption des règles budgétaires réduit les inégalités de revenus. Ces pays pourront financer leur développement de façon soutenable (à travers la réduction des inégalités) en adoptant des règles budgétaires. En outre, nous évaluons les effets de la lutte contre les flux financiers illicites sur la mobilisation de recettes fiscales (Chapitre 4). Nous révélons que les pays qui respectent les Recommandations du Groupe d’Action Financière (GAFI) en matière de lutte contre le blanchiment d’argent et le financement du terrorisme (pays coopératifs) enregistrent des montants de recettes fiscales plus élevés comparativement aux pays qui ne respectent pas ces Recommandations (pays non coopératifs). Par conséquent, les pays en développement pourront mobiliser plus de recettes fiscales en mettant en œuvre des politiques visant à empêcher les flux financiers illicites. Par ailleurs, ils doivent mettre en place de bonnes institutionsThe central question of this thesis is how fiscal policy could be used for development finance purposes. Indeed, we identify and investigate pathways through which developing states can mobilize resources to improve sustainable development. For this purpose, we conduct policy-oriented researches (using suitable statistical and econometrical tools) and provide advices for developing countries. The first part of the dissertation addresses the issue of external resources mobilization in developing countries (Chapter 1 and Chapter 2). In Chapter 1, we investigate the effects of public expenditures on sovereign bond spreads in emerging market countries. We show that developing countries could have a better access to international financial market by supporting public investment and reducing current spending. Specifically, spending on human capital (education and health) and other public infrastructures significantly reduce bond spreads. They should also improve the quality of governance since financial markets award well-governed countries with better borrowing conditions. We examine, in Chapter 2, the strength of fiscal rules in terms of improving financial markets access for developing countries. We find that the adoption of fiscal rules reduces sovereign bond spreads and consequently improve financial market access. Indeed, this result is explained by the credibility of fiscal policy channel: more credible governments are rewarded in the international financial markets with low sovereign bond spreads and high sovereign debt ratings. Our findings confirm that the adoption and sound implementation of fiscal rules is an instrument for policy makers to improve developing countries’ financial market access. The second part of the dissertation focuses on what developing countries could do to improve internal resources mobilization (Chapter 3 and Chapter 4). As a matter of fact, we explore the relationship between fiscal rules and inequality (Chapter 3) and find that fiscal rules adoption contributes to reduce inequality in developing countries. The policy implication is that developing countries could finance their development in a sustainable way (via the reduction of inequalities) by adopting fiscal rules. Moreover, we assess the effects of combating illicit financial flows on domestic tax revenue mobilization in developing countries (Chapter 4). We highlight that countries which cooperate with international standards for anti-money laundering and combating the financing of terrorism (AML/CFT) are more able to mobilize tax revenue than countries which do not cooperate. Consequently, developing countries could mobilize more domestic tax revenue by implementing policies to curtail illicit financial flows. They should establish sound institutions
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Ісаєва, Олена Володимирівна, Елена Владимировна Исаева e Olena Volodymyrivna Isaieva. "Оцінка діяльності держави на фінансовому ринку України". Thesis, Українська академія банківської справи Національного банку України, 2015. http://essuir.sumdu.edu.ua/handle/123456789/51123.
Testo completoAbstract (sommario):
Дисертаційне дослідження присвячене розробці методичного підґрунтя оцінювання діяльності держави на фінансовому ринку України в якості продавця і покупця ресурсів, регулятора та фінансового посередника. В дисертації обґрунтовано сутність, форми та інструментарій фінансового посередництва держави на фінансового ринку; розроблено дворівневий підхід до оцінювання якості державного регулювання фінансового ринку України та оцінено його вплив на стійкість розвитку окремих сегментів фінансового ринку; розроблено методичні засади оцінювання спреду доходності державних облігацій України та оптимізації структури їх утримувачів з урахуванням загроз боргової безпеки (як характеристик діяльності держави як покупця на фінансовому ринку); обґрунтовано найбільш релевантні фактори впливу на результативність діяльності держави на фінансовому ринку як продавця фінансових ресурсів, зокрема – при реалізації проектів державно-приватного партнерства.
Dissertation is devoted to the development of methodological basis of the evaluation of state at the Ukrainian financial market as a seller and buyer resources, regulatory and financial intermediary. The essence, forms and tools of fi-nancial intermediation in state financial market are discovered; a two-tiered approach to the evaluation of the quality of regulation Ukrainian financial market is developed and its impact on the stability of individual segments financial mar-ket is assessed; methodical bases of spread assessment yield government bonds of Ukraine is developed and structure of debt security holders according to their threats (as the characteristics of the state as a buyer for financial market) is opti-mized; the most relevant factors influencing performance of the state in financial market as seller of financial resources, in particular – in the implementation of public-private partnerships, is proved.
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Balima, Weneyam Hippolyte. "Essays on economic policies and economy of financial markets in developing and emerging countries". Thesis, Université Clermont Auvergne (2017-2020), 2017. http://www.theses.fr/2017CLFAD024/document.
Testo completoAbstract (sommario):
Cette thèse s'intéresse aux questions d'accès aux marchés financiers dans les économies émergentes et en développement. La première partie donne un aperçu général des conséquences macroéconomiques de l'un des régimes de politique monétaire le plus favorable au marché - le ciblage d'inflation - en utilisant le cadre d'analyse de la méta-analyse. La deuxième partie analyse le risque et la stabilité des marchés obligataires des États. La troisième et dernière partie examine les effets disciplinaires résultant de la participation aux marchés obligataires souverains. Plusieurs résultats émergent. Au chapitre 1, les résultats indiquent que la littérature sur les effets macroéconomiques du ciblage d'inflation est sujette à des biais de publication. Après avoir purgé ces biais, le véritable effet du ciblage d'inflation reste statistiquement et économiquement significatif à la fois sur le niveau de l'inflation et la volatilité de la croissance économique, mais ne l’est pas sur la volatilité de l'inflation ou le taux de croissance économique réel. Aussi, les caractéristiques des études déterminent l’hétérogénéité des résultats de l'impact du ciblage d’inflation dans les études primaires. Le chapitre 2 montre que l'adoption d'un régime de ciblage d'inflation réduit le risque souverain dans les pays émergents. Cependant, cet effet varie systématiquement en fonction du cycle économique, de la politique budgétaire suivie, du niveau de développement et de la durée dans le ciblage. Le chapitre 3 montre que les envois de fonds des migrants, contrairement aux flux d'aide au développement, permettent de réduire le risque souverain. Cette réduction est plus marquée dans un pays avec un système financier moins développé, un degré d'ouverture commerciale élevé, un espace budgétaire faible et sans effet dans les pays dépendants des envois de fonds. Le chapitre 4 montre que les pays ayant des contrats d’échange sur risque de crédit sur leurs dettes sont plus sujets à des crises de dette. Il constate également que cet effet reste sensible aux caractéristiques structurelles des pays. Le chapitre 5 montre que la participation aux marchés obligataires de long terme (domestiques et internationaux) encourage les gouvernements des pays en développement à accroître leurs recettes fiscales intérieures. Il révèle également que l'effet favorable dépend du niveau des recettes de seigneuriage, d’endettement, du régime de change, du niveau de développement économique, du degré d’ouverture financière, et du développement financier. Le chapitre 6 montre que la présence de marchés obligataires domestiques, de long terme et liquides réduit considérablement le degré de dollarisation financière dans les pays en développement. Cet effet est plus important dans les pays avec un régime monétaire de ciblage d’inflation ou de change flottant, et à règles budgétaires. Enfin, il constate que la présence de marchés obligataires domestiques réduit la dollarisation financière à travers la baisse du niveau et de la variabilité de l'inflation, de la variabilité du taux de change nominal, et des revenus de seigneuriageThis thesis focuses on some critical issues of the access to international financial markets in developing and emerging market economies. The first part provides a general overview of the macroeconomic consequences of one of the most market-friendly monetary policy regime—inflation targeting—using a meta-regression analysis framework. The second part analyses government bond market risk and stability. The last part investigates the disciplining effects of government bond market participation—bond vigilantes. In Chapter 1, the results indicate that the literature of the macroeconomic effects of inflation targeting adoption is subject to publication bias. After purging the publication bias, the true effect of inflation targeting appears to be statistically and economically meaningful both on the level of inflation and the volatility of economic growth, but not statistically significant on inflation volatility or real GDP growth. Third, differences in the impact of inflation targeting found in primary studies can be explained by differences in studies characteristics including the sample characteristics, the empirical identification strategies, the choice of the control variables, inflation targeting implementation parameters, as well as the study period and some parameters related to the publication process. Chapter 2 shows that the adoption of inflation targeting regime reduces sovereign debt risk in emerging countries. However, this relative advantage of inflation targeting—compared to money or exchange rate targeting—varies systematically depending on the business cycle, the fiscal policy stance, the level of development, and the duration of countries’ experience with inflation targeting. Chapter 3 shows that remittances inflows significantly reduce bond spreads, whereas development aid does not. It also highlights that the effect of remittances on spreads arises in a regimes of lower developed financial system, higher degree of trade openness, lower fiscal space, and exclusively in non-remittances dependent regimes. Chapter 4 indicates that countries with credit default swaps contracts on their debts have a higher probability of experiencing a debt crisis, compared to countries without credit default swaps contracts. It also finds that the impact of credit default swaps initiation is sensitive to several structural characteristics including the level of economic development, the country creditworthiness at the timing of credit default swaps introduction, the public sector transparency, the central bank independence; and to the duration of countries’ experiences with credit default swaps transactions. Chapter 5 shows that bond markets participation encourages government in developing countries to increase their domestic tax revenue mobilization. Finally, it finds that bond markets participation improves the mobilization of internal taxes, compared to tax on international trade, and reduces their instability. Chapter 6 shows that the presence of domestic bond markets significantly reduces financial dollarization in domestic bond markets countries. This effect is larger for inflation targeting countries compared to non-inflation targeting countries, is apparent exclusively in a non-pegged exchange rate regime, and is larger when there is a fiscal rule that constrains the conduct of fiscal policy. Finally, it finds that the induced drop in inflation rate and its variability, nominal exchange rate variability, and seigniorage revenue are potential transmission mechanisms through which the presence of domestic bond markets reduces financial dollarization in domestic bond markets countries
Libri sul tema "Public bond spread"
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Eichengreen, Barry J. What explains changing spreads on emerging-market debt: Fundamentals or market sentiment? Cambridge, MA: National Bureau of Economic Research, 1998.
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Zoli, Edda. Italian Sovereign Spreads: Their Determinants and Pass-Through to Bank Funding Costs and Lending Conditions. International Monetary Fund, 2013.
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Zoli, Edda. Italian Sovereign Spreads: Their Determinants and Pass-Through to Bank Funding Costs and Lending Conditions. International Monetary Fund, 2013.
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Zoli, Edda. Italian Sovereign Spreads: Their Determinants and Pass-Through to Bank Funding Costs and Lending Conditions. International Monetary Fund, 2013.
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Zhang, Luxia, e Haiyan Wang. Chronic kidney disease in developing countries. A cura di David J. Goldsmith. Oxford University Press, 2018. http://dx.doi.org/10.1093/med/9780199592548.003.0096_update_001.
Testo completoAbstract (sommario):
The spread of non-communicable diseases (NCDs) is a barrier to the development of goals including reduction of poverty, health equity, economic stability, and human security. NCDs accounted for 61% of the estimated 58 million deaths and 46% of the global burden of diseases worldwide in 2005. Among NCDs, chronic kidney disease (CKD) is of particular significance. It is recognized that the burden of CKD is not only limited to its impact on demands for renal replacement therapy but has equally major impacts on the health of the overall population. For example, it is now well established that among the general population as well as in the diabetic or hypertensive population, the prognosis, especially the mortality and acceleration of cardiovascular events, depends on kidney involvement. Also, CKD is associated with other major serious consequences including increased risk of acute kidney injury, increased risk of mineral and bone disease, adverse metabolic and nutritional consequences, infections, and reduced cognitive function. As a consequence of these amplifying effects, the financial expenditure and medical resources consumed for the management of CKD patients is much higher than expected. The burden of CKD is likely to have profound socioeconomic and public health consequences in developing countries.
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Alexander, D. J., N. Phin e M. Zuckerman. Influenza. A cura di I. H. Brown. Oxford University Press, 2011. http://dx.doi.org/10.1093/med/9780198570028.003.0037.
Testo completoAbstract (sommario):
Influenza is a highly infectious, acute illness which has affected humans and animals since ancient times. Influenza viruses form the Orthomyxoviridae family and are grouped into types A, B, and C on the basis of the antigenic nature of the internal nucleocapsid or the matrix protein. Infl uenza A viruses infect a large variety of animal species, including humans, pigs, horses, sea mammals, and birds, occasionally producing devastating pandemics in humans, such as in 1918 when it has been estimated that between 50–100 million deaths occurred worldwide.There are two important viral surface glycoproteins, the haemagglutinin (HA) and neuraminidase (NA). The HA binds to sialic acid receptors on the membrane of host cells and is the primary antigen against which a host’s antibody response is targeted. The NA cleaves the sialic acid bond attaching new viral particles to the cell membrane of host cells allowing their release. The NA is also the target of the neuraminidase inhibitor class of antiviral agents that include oseltamivir and zanamivir and newer agents such as peramivir. Both these glycoproteins are important antigens for inducing protective immunity in the host and therefore show the greatest variation.Influenza A viruses are classified into 16 antigenically distinct HA (H1–16) and 9 NA subtypes (N1–9). Although viruses of relatively few subtype combinations have been isolated from mammalian species, all subtypes, in most combinations, have been isolated from birds. Each virus possesses one HA and one NA subtype.Last century, the sudden emergence of antigenically different strains in humans, termed antigenic shift, occurred on three occasions, 1918 (H1N1), 1957 (H2N2) and 1968 (H3N2), resulting in pandemics. The frequent epidemics that occur between the pandemics are as a result of gradual antigenic change in the prevalent virus, termed antigenic drift. Epidemics throughout the world occur in the human population due to infection with influenza A viruses, such as H1N1 and H3N2 subtypes, or with influenza B virus. Phylogenetic studies have led to the suggestion that aquatic birds that show no signs of disease could be the source of many influenza A viruses in other species. The 1918 H1N1 pandemic strain is thought to have arisen as a result of spontaneous mutations within an avian H1N1 virus. However, most pandemic strains, such as the 1957 H2N2, 1968 H3N2 and 2009 pandemic H1N1, are considered to have emerged by genetic re-assortment of the segmented RNA genome of the virus, with the avian and human influenza A viruses infecting the same host.Influenza viruses do not pass readily between humans and birds but transmission between humans and other animals has been demonstrated. This has led to the suggestion that the proposed reassortment of human and avian influenza viruses takes place in an intermediate animal with subsequent infection of the human population. Pigs have been considered the leading contender for the role of intermediary because they may serve as hosts for productive infections of both avian and human viruses, and there is good evidence that they have been involved in interspecies transmission of influenza viruses; particularly the spread of H1N1 viruses to humans. Apart from public health measures related to the rapid identification of cases and isolation. The main control measures for influenza virus infections in human populations involves immunization and antiviral prophylaxis or treatment.
Capitoli di libri sul tema "Public bond spread"
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Hofmann, Roland. "Fiscal Federalism and Sub-national Bond Yield Spreads: The Swiss Case". In Global Encyclopedia of Public Administration, Public Policy, and Governance, 1–13. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-319-31816-5_3927-1.
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Hofmann, Roland. "Fiscal Federalism and Sub-national Bond Yield Spreads: The Swiss Case". In Global Encyclopedia of Public Administration, Public Policy, and Governance, 4914–26. Cham: Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-030-66252-3_3927.
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Caterini, Adele Emilia. "Worldwide Welfare Society". In Handbook of Research on Healthcare Standards, Policies, and Reform, 34–51. IGI Global, 2022. http://dx.doi.org/10.4018/978-1-7998-8868-0.ch003.
Testo completoAbstract (sommario):
In the face of healthcare emergency and the linked problems, the purpose of the work is to identify an economic and organizational tool for the improvement of the person's health condition and, consequently, for the prevention of the spread of future contingent pandemics. Due to the lack of public resources, this system would contemplate private investments balancing social and speculative objectives. It analysed the social impact bond (SIB), the typical form of impact investing that provides for public and private partnership. After examining the structure with its positive and negative aspects, the disintermediation through blockchain technology and smart contracts is prospected. According to the horizontal subsidiarity, stated in the article 118, paragraph 4, Cost., the suggested intervention would represent an operation aimed at realizing the right to health through a negotial tool (the SIB agreement) subject to the control of merit.
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Ho, Thomas S. Y., e Sang Bin Lee. "Investment Grade Corporate Bonds: Option Adjusted Spreads". In The Oxford Guide To Financial Modeling, 259–97. Oxford University PressNew York, NY, 2004. http://dx.doi.org/10.1093/oso/9780195169621.003.0008.
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Abstract Corporations borrow money by issuing bonds, which are debts. They can be bank loans or short-term funding, including commercial paper. Or they can be medium term notes or private placements in which debts are issued to a restricted group of lenders. However, in this book, corporate bonds refer to public bond issues, available for any investor to buy and sell. This chapter will keep the discussion on credit risk to a minimum. The impact of the firm’s likelihood of default on the bond’s value will be discussed at greater length in chapter 9.
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Nielsen, Lars Tyge. "Yield Spreads and Optimal Public Debt Management under the Single Currency". In European Capital Markets with a Single Currency, 107–33. Oxford University PressOxford, 1999. http://dx.doi.org/10.1093/oso/9780198295396.003.0004.
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Abstract This chapter examines issues of optimal debt management and the determinants of default risk on government bonds issued by member countries of the future European Monetary Union. In the context of a theoretical model of public finance, optimal default, and optimal debt management, we discuss how inflation and taxation, default probabilities, and the optimal currency composition of the public debt are affected by EMU.
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Davis, Nancy E. "New York to Charleston". In The Chinese Lady, 127–68. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780190645236.003.0007.
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To accompany Afong Moy’s presentation of salable goods in New York City in 1834, the Carneses opened an adjoining public exhibition displaying ancient Chinese artifacts—the first such completely public presentation of Chinese objects in America. In the accompanying exhibition catalogue they featured an image of Afong Moy which greatly differed from that of the Risso and Browne lithograph. This exotic personification would follow her on her trips to Philadelphia, the President’s House in Washington, DC, Baltimore, and finally to Charleston where her bound feet were exposed to the public. Afong Moy’s fame quickly spread across the country. Those who could not see her in person learned of her through articles in children’s magazines, read about her in poems, or saw her image in the local newspaper.
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Wang, Guiguo. "Globalization and Post–COVID-19 Public Health Order". In The Global Community Yearbook of International Law and Jurisprudence 2020, 297–322. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780197618721.003.0013.
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The outburst and rapid worldwide spread of the COVID-19 pandemic have become the single greatest challenges to humankind today. The adverse impact of the pandemic on the world economy and social order raises the question of whether the existing international public health order is capable of meeting the needs of humankind facing serious infectious diseases like the COVID-19 pandemic. The WHO-led international public health order was formulated at the end of the Second World War and reflected the culture, tradition, and perception of security of Western countries. Stimulated by the process of globalization, national states’ perception of sovereignty, human rights, and interdependence has undergone profound changes. By the very nature of public health, it is closely related to trade and intellectual property, which encouraged and enabled the World Health Organization, the World Trade Organization, and the World Intellectual Property Organization to cooperate closely. Hand in hand with the ever deepening of globalization, public health has become a genuine and important international issue drawing collaboration of many international organizations and ad hoc bodies such as the G20. “There are sure to be bad years following the movement of great armies.” The current international public health order has revealed certain weaknesses and shortcomings that require actions. The system is bound to be reviewed and reformed, which must take into account the interests, cultures, and traditions of the developing countries in the context of global collaboration.
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Albur, Maha, Alasdair MacGowan e Roger G. Finch. "Antimicrobial chemotherapy". In Oxford Textbook of Medicine, a cura di Christopher P. Conlon, 684–705. Oxford University Press, 2020. http://dx.doi.org/10.1093/med/9780198746690.003.0073.
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The practice of medicine changed dramatically with the availability of effective antimicrobial agents. Often fatal diseases, such as infective endocarditis, became treatable; much minor community infectious morbidity became readily controlled; for example, urinary tract infection; many surgical procedures became much safer, and developments in solid organ and bone marrow transplantation became possible. However, the very success of antimicrobial chemotherapy has led to anti-infective overuse and misuse. In some countries, antibiotics are freely available to the public for purchase ‘over the counter’, with few controls or guidance to ensure their safe and effective use. In many others there are poorly developed antimicrobial stewardship programmes. The emergence and spread of antimicrobial resistance worldwide and the decline in development and licensing of new antimicrobials over the last 30 years has threatened the future successful treatment of bacterial infections.
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Hanhimäki, Jussi M. "2020—Going Viral". In Pax Transatlantica, 123–56. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780190922160.003.0006.
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The rapid spread of Covid-19 transformed lives all across the world, causing restrictions on individual liberties and cross-border movements. Transatlantic travel came to a virtual halt in the spring of 2020. The coronavirus caused a severe and rapid economic contraction. Its politicization exacerbated existing divides within societies and polities. Yet, in some ways the most surprising effect of the pandemic may turn out to be the limited impact it had on the structural bonds between America and Europe. Talk about NATO’s demise took a back seat and the momentum for increased transatlantic cooperation in science and innovation picked up. In November 2020, Donald Trump’s defeat in the US presidential elections—perhaps the most closely observed political event of all time—signaled a possible return to less divisive public discourse. Even when infected by a virus, Pax Transatlantica endured.
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Hankins, Michael W. "“The Lord’s Work”". In Flying Camelot, 96–121. Cornell University Press, 2021. http://dx.doi.org/10.7591/cornell/9781501760655.003.0006.
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This chapter discusses how Lieutenant Colonel John Boyd, Pierre Sprey, and their associates viewed the F-15 Eagle as too big, too sophisticated, and too expensive. The group, which saw themselves as guerrilla fighters against the US government, advocated for an entirely new aircraft that culminated in the F-16 Fighting Falcon. On July 18, 1968, Sprey had written a memo to General James Ferguson, commander of AFSC, outlining the problems with the F-X, proposing large-scale changes to bring down the weight and size, remove most or all the avionics, and increase its maneuverability. But Ferguson took no action, prompting Sprey to carry the debate into public. The chapter also explores the activities of the Fighter Mafia, an underground group, initially consisting of Boyd, Sprey, Chuck Myers, and Thomas Christie. Other key members were Harry Hillaker, the chief of General Dynamics' preliminary design division in Fort Worth, Texas, and test pilot Colonel Everest Riccioni who had flown P-38 and P-51 fighters in World War II. It was Riccioni who floated the idea of the group calling themselves the “Fighter Mafia,” with himself as their “Godfather.” This “mafia” tried to hide their activities, fearing that they might be overheard. Any reference to work on the F-XX was called “the Lord's work,” a coded term. Along the way, the Fighter Mafia's extremism also began to alienate their former allies.
Rapporti di organizzazioni sul tema "Public bond spread"
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Ardanaz, Martín, Carolina Ulloa-Suarez e Oscar Valencia. Why Don't We Follow the Rules? Drivers of Compliance with Fiscal Policy Rules in Emerging Markets. Inter-American Development Bank, settembre 2023. http://dx.doi.org/10.18235/0005165.
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Under what conditions do countries comply with their fiscal policy rules? We tackle this question in the context of emerging countries, with a specific focus on Latin America and the Caribbean, a region where fiscal rules have become increasingly common in recent decades. Based on an original dataset of compliance behavior across 14 countries observed between 2000 and 2020, we first document that complying with fiscal rules makes a difference: countries that comply with their fiscal rules show, on average, lower sovereign bond spreads, higher credit ratings, and lower probability of public debt acceleration episodes than countries that do not comply with their rules. We then show that compliance is affected by the broader macroeconomic and politico-institutional environment. First, we find an asymmetrical response of compliance to macroeco-nomic conditions: while compliance decreases during bad times, it does not improve during good times. Second, optimistic macroeconomic forecasts undermine compliance during the budget preparation phase: the probability of complying ex-post with the fiscal rule is lower when policymakers overestimate GDP growth ex-ante. Finally, a solid institutional environment supporting commitment to fiscal discipline is a strong predictor of fiscal rule compliance across emerging countries. Our findings contribute to the literature on fiscal rule effectiveness by showing the relevant pre-conditions that may foster or inhibit the successful implementation of rules-based fiscal frameworks.
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Financial Stability Report - September 2015. Banco de la República, agosto 2021. http://dx.doi.org/10.32468/rept-estab-fin.sem2.eng-2015.
Testo completoAbstract (sommario):
From this edition, the Financial Stability Report will have fewer pages with some changes in its structure. The purpose of this change is to present the most relevant facts of the financial system and their implications on the financial stability. This allows displaying the analysis more concisely and clearly, as it will focus on describing the evolution of the variables that have the greatest impact on the performance of the financial system, for estimating then the effect of a possible materialization of these risks on the financial health of the institutions. The changing dynamics of the risks faced by the financial system implies that the content of the Report adopts this new structure; therefore, some analyses and series that were regularly included will not necessarily be in each issue. However, the statistical annex that accompanies the publication of the Report will continue to present the series that were traditionally included, regardless of whether or not they are part of the content of the Report. In this way we expect to contribute in a more comprehensive way to the study and analysis of the stability of the Colombian financial system. Executive Summary During the first half of 2015, the main advanced economies showed a slow recovery on their growth, while emerging economies continued with their slowdown trend. Domestic demand in the United States allowed for stabilization on its average growth for the first half of the year, while other developed economies such as the United Kingdom, the euro zone, and Japan showed a more gradual recovery. On the other hand, the Chinese economy exhibited the lowest growth rate in five years, which has resulted in lower global dynamism. This has led to a fall in prices of the main export goods of some Latin American economies, especially oil, whose price has also responded to a larger global supply. The decrease in the terms of trade of the Latin American economies has had an impact on national income, domestic demand, and growth. This scenario has been reflected in increases in sovereign risk spreads, devaluations of stock indices, and depreciation of the exchange rates of most countries in the region. For Colombia, the fall in oil prices has also led to a decline in the terms of trade, resulting in pressure on the dynamics of national income. Additionally, the lower demand for exports helped to widen the current account deficit. This affected the prospects and economic growth of the country during the first half of 2015. This economic context could have an impact on the payment capacity of debtors and on the valuation of investments, affecting the soundness of the financial system. However, the results of the analysis featured in this edition of the Report show that, facing an adverse scenario, the vulnerability of the financial system in terms of solvency and liquidity is low. The analysis of the current situation of credit institutions (CI) shows that growth of the gross loan portfolio remained relatively stable, as well as the loan portfolio quality indicators, except for microcredit, which showed a decrease in these indicators. Regarding liabilities, traditional sources of funding have lost market share versus non-traditional ones (bonds, money market operations and in the interbank market), but still represent more than 70%. Moreover, the solvency indicator remained relatively stable. As for non-banking financial institutions (NBFI), the slowdown observed during the first six months of 2015 in the real annual growth of the assets total, both in the proprietary and third party position, stands out. The analysis of the main debtors of the financial system shows that indebtedness of the private corporate sector has increased in the last year, mostly driven by an increase in the debt balance with domestic and foreign financial institutions. However, the increase in this latter source of funding has been influenced by the depreciation of the Colombian peso vis-à-vis the US dollar since mid-2014. The financial indicators reflected a favorable behavior with respect to the historical average, except for the profitability indicators; although they were below the average, they have shown improvement in the last year. By economic sector, it is noted that the firms focused on farming, mining and transportation activities recorded the highest levels of risk perception by credit institutions, and the largest increases in default levels with respect to those observed in December 2014. Meanwhile, households have shown an increase in the financial burden, mainly due to growth in the consumer loan portfolio, in which the modalities of credit card, payroll deductible loan, revolving and vehicle loan are those that have reported greater increases in risk indicators. On the side of investments that could be affected by the devaluation in the portfolio of credit institutions and non-banking financial institutions (NBFI), the largest share of public debt securities, variable-yield securities and domestic private debt securities is highlighted. The value of these portfolios fell between February and August 2015, driven by the devaluation in the market of these investments throughout the year. Furthermore, the analysis of the liquidity risk indicator (LRI) shows that all intermediaries showed adequate levels and exhibit a stable behavior. Likewise, the fragility analysis of the financial system associated with the increase in the use of non-traditional funding sources does not evidence a greater exposure to liquidity risk. Stress tests assess the impact of the possible joint materialization of credit and market risks, and reveal that neither the aggregate solvency indicator, nor the liquidity risk indicator (LRI) of the system would be below the established legal limits. The entities that result more individually affected have a low share in the total assets of the credit institutions; therefore, a risk to the financial system as a whole is not observed. José Darío Uribe Governor