Collateral, Risk Management, and the Distribution of Debt Capacity
نویسندگان
چکیده
منابع مشابه
Collateral Constraints, Debt Management and Investment Incentives
This paper analyses the hedging decisions of an emerging economy which is exposed to market risks and whose debt contract is subject to collateral constraints. Within a sovereign debt model with default risk and endogenous collateral, we study the optimal choice of hedging instruments when both futures and non-linear derivatives are available. We examine in which way the hedging policy is affec...
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پس از بررسی هر کدام از فاکتورهای نوع صنعت, نوع ضمانت نامه, نرخ بهره , نرخ تورم, ریسک اعتباری کشورها, کارمزد, ریکاوری, gdp, پوشش و وثیقه بر ریسک اعتباری صندوق ضمانت صادرات ایران مشخص گردید که همه فاکتورها به استثنای ریسک اعتباری کشورها و کارمزد بقیه فاکتورها رابطه معناداری با ریسک اعتباری دارند در ضمن نرخ بهره , نرخ تورم, ریکاوری, و نوع صنعت و ریسک کشورها اثر عکس روی ریسک اعتباری داردو پوشش, وثی...
15 صفحه اولRisk and the role of collateral in debt renegotiation
In his basic model of debt renegotiation, BESTER [1994] argues that collateral is more effective if high risk projects are financed. This result, however, crucially depends on the definition of risk. Using the second-order stochastic dominance criterion introduced by ROTHSCHILD AND STIGLITZ [1970], we show that it is not a project’s high risk, induced by a high probability of default, that make...
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We study the sustainability of public debt in a closed production economy where a benevolent government chooses fiscal policies, including haircuts on its outstanding debt, in a discretionary manner. Government bonds are held by domestic agents to smooth consumption over time and because they provide collateral and liquidity services. We characterize a recursive equilibrium where public debt am...
متن کاملConclusion of the collateral contracts based on the cause of debt
Collateral contracts which are concluded to guarantee and facilitate the collection of debts, as subordinate contracts, are always based on a basic relationship and debt. The Conclusion of the collateral contracts, including transition and guaranteed collateral contract, about a debt that has been fully formed and proven to be on the debtor's obligation, undoubtedly is correct and valid. About ...
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ژورنال
عنوان ژورنال: The Journal of Finance
سال: 2010
ISSN: 0022-1082
DOI: 10.1111/j.1540-6261.2010.01616.x