International credit funds

In this chapter, the learning objectives are: Examine the use of international debt markets as a source of funding, describe the role of euromarkets and US capital markets, distinguish between eurocurrency, euronote and eurobond markets, consider US debt markets and securities, explain the role of credit rating agencies.

45p nanhankhuoctai2 25-05-2020 12 0   Download

This paper analyzes the firm level determinants of the financing sources composition of working capital and fixed asset investments of Turkish SMEs with a system of equations approach. Using the cross-sectional data set of 1,278 SMEs for year 2013, we find that larger firms and firms that have an internationally recognized quality certification finance a lower proportion of their working capital with internal funds. The proportion of working capital that is financed with bank loans is higher for these firms.

12p trinhthamhodang2 21-01-2020 82 0   Download

Chapter 11 - International debt markets. In this chapter, the learning objectives are: Examine the use of international debt markets as a source of funding, describe the role of euromarkets and US capital markets, distinguish between eurocurrency, euronote and eurobond markets, consider US debt markets and securities, explain the role of credit rating agencies.

44p shiwo_ding8 29-06-2019 22 1   Download

Chapter 11 - International debt. This chapter examine the use of international debt markets as a source of funding; focus on the role of euromarkets and US capital markets; distinguish between eurocurrency, euronote and eurobond markets; consider US debt markets and securities, explain the role of credit rating agencies.

58p tangtuy10 04-05-2016 64 5   Download

Although the banks show excess liquidity they are unwilling to extend long-term equipment loans. The leasing companies have the opposite problem; they provide long-term financing on equipment, but lack sufficient capital to meet the market demands. An intervention by the DCA becomes viable for leasing only when an outside source of funds (private sector or an internationally strategic investor) is willing to make a capital investment (debt/equity). One of the most widely used sources of financing for leasing is credit lines.

11p loginnhanh 22-04-2013 38 3   Download

A new approach for stimulating long-term credit could be combined with developing the capital market. This concept uses, “on-lending”, (with strict international guidelines followed and best practices of long-term equipment financing implemented by an experienced lender), but introduces the market mechanism of securitizing the loans generated (a pool or portfolio) and the selling them in the capital market. This concept would allow Georgia to develop what is known as a secondary market for loans (financial instruments).

19p loginnhanh 22-04-2013 47 3   Download

This course investigates theory and practice of financial management from a corporate perspective. Topics cover financial management objectives, principles of capital investment, project evaluation techniques, capital structure decisions, financing techniques, dividend policy, working capital management and elements of risk management.

13p nhacchovina 25-02-2013 59 1   Download

In modern nancial systems, an intricate web of claims and obligations links the balance sheets of a wide variety of intermediaries, such as banks and hedge funds, into a network structure. The advent of sophisticated nancial products, such as credit default swaps and collateralised debt obligations, has heightened the complexity of these balance sheet connections still further.

132p mebachano 01-02-2013 47 3   Download

Nonfinancial and nonbank financial businesses raise funds in the money market primarily by issuing commercial paper, which is a short-term unsecured promissory note. In recent years an increasing number of firms have gained access to this market, and commercial paper has grown at a rapid pace. Business enterprises—generally those involved in international trade—also raise funds in the money market through bankers acceptances. A bankers acceptance is a time draft drawn on and accepted by a bank (after which the draft becomes an unconditional liability of the bank).

57p taisaovanchuavo 23-01-2013 62 4   Download

However, a number of member jurisdictions’ national laws implementing the investment rules of the current Solvency I Directives15 do refer to, or place reliance on, ratings in order to determine whether a certain asset is authorised or eligible to cover technical provisions. Moreover, in a number of member jurisdictions, (re)insurance undertakings are required, as part of their internal reinsurance policy, to pay special attention to the financial strength of their reinsurers, using ratings as a proxy.

46p enterroi 01-02-2013 58 6   Download

Rapid expansion in international credit bears watching because, in many boom-bust credit cycles in the past, such credit tended to grow faster than overall credit during the boom.5 We illustrate this broad finding with data from several European countries that have suffered credit booms and busts since 2000. Then, we draw a parallel with countries that were caught up in the Asian financial crisis of the late 1990s. By international credit, we refer to three components of total bank credit, the first two of which are types of cross-border credit.

5p enter1cai 12-01-2013 40 1   Download

We need an international agreement on liquidity standards for banks and large investment banks. Much of this crisis has been about liquidity. If you look over the past several decades, you see that large banks in some G-7 countries have reduced significantly the share of narrow liquid assets, like treasuries, in their total assets. This trend has been exacerbated recently by off–balance sheet vehicles; they get their liquidity on the liability side by very short-term borrowing.

10p enter1cai 12-01-2013 60 1   Download

Over time, social funds have proven that they effectively can coordinate among entities, channel resources, develop social infrastructure, pro- mote the participation of local authorities and the community, and inte- grate the private sector and civil society in their programs. Their trans- parency in operations is widely acknowledged and has resulted in financial and technical support from international entities. Impacts of social funds are commensurate with the budgets that are allocated to them.

49p thangbienthai 22-11-2012 65 7   Download

This consensus on the achievements and weaknesses of social funds was based, among other things, on the differences between social funds that are created and operate within an emer- gency context and those that are governed by developmental objectives. Regional and cultural contexts also account for the diverse challenges, constraints, and opportunities that each pro- gram faces. Recognition of diversity was assumed as the basis for the collective agreement on future directions.

41p thangbienthai 22-11-2012 45 3   Download

The United States and other industrialized countries have committed to financial assistance for environmental initiatives through several multilateral agreements (e.g., the Montreal Protocol (1987), the United Nations Framework Convention on Climate Change (1992), United Nations Convention to Combat Desertification (1994), and the Copenhagen Accord (2009)).

19p quaivatdo 18-11-2012 65 4   Download

This paper studies the responses of residential property and equity prices, inflation and economic activity to monetary policy shocks in 17 countries, using data spanning 1986-2006. We estimate VARs for individual economies and panel VARs in which we distinguish between groups of countries on the basis of the characteristics of their financial systems. The results suggest that using monetary policy to offset asset price movements in order to guard against financial instability may have large effects on economic activity.

35p thuytinh_den 11-07-2010 317 17   Download