Developing countries have recently proved reluctant to participate in sovereign debt moratoria and debt relief initiatives. We argue that debtors' (non-)participation decisions can be understood through the lens of real options. Eligible countries compare the net benefits of participating in a debt relief initiative now with the value of waiting to potentially execute their participation option later, when they may have more information on the benefits and costs. We corroborate the real option framing with anecdotal evidence and through a survival analysis that exploits cross-country and time variation in the requests to participate in the Debt Service Suspension Initiative (DSSI), which provided temporary debt moratoria during the COVID-19 pandemic. Structured along the policy levers suggested by the real option framework, we discuss a number of ways in which participation in debt relief initiatives can be made more attractive to debtor countries.
?Things I Have Saw and Did??the title derived from a grammatically challenged sports officiating friend?is a compilation of some 250 stories gleaned from Danny Andrews?s diverse life experiences. He has been a journalist, including 39 years of column, news, feature and sports writing for The Plainview, Texas, Daily Herald; sports broadcaster, sports official and basketball magazine publisher; involved in a variety of community organizations; an active Christian layman; and, for the past eight years, the alumni director at his alma mater, Wayland Baptist University. The stories include his family; growing-up years in Plainview; longtime friends and chance encounters with celebrities; experiences in school and Wayland; playing, officiating, reporting on, and broadcasting sports; interesting Herald and Hearst newspaper colleagues and experiences; faith, church and mission ventures; and a collection of miscellaneous tales. Andrews says he?s been ?Thinking Out Loud? (the title of his Herald column for 28 years and his musings for the Wayland alumni magazine) since his formal journalism career began almost 50 years ago. He brings his subjects to life with vivid detail, humor and pathos, hoping to foster in readers memories of their own similar experiences, to take them vicariously to meet with presidents in the White House, confront cantankerous newspaper readers, share humorous glimpses of sports officiating and broadcasting, relate tales that prove this is a small world after all and, perhaps, encourage their own faith journey.
Developing countries have recently proved reluctant to participate in sovereign debt moratoria and debt relief initiatives. We argue that debtors' (non-)participation decisions can be understood through the lens of real options. Eligible countries compare the net benefits of participating in a debt relief initiative now with the value of waiting to potentially execute their participation option later, when they may have more information on the benefits and costs. We corroborate the real option framing with anecdotal evidence and through a survival analysis that exploits cross-country and time variation in the requests to participate in the Debt Service Suspension Initiative (DSSI), which provided temporary debt moratoria during the COVID-19 pandemic. Structured along the policy levers suggested by the real option framework, we discuss a number of ways in which participation in debt relief initiatives can be made more attractive to debtor countries.
The late Danny Thomas recounts his fantastic life and career in this touching memoir. From his poverty-stricken boyhood to his incredible rise to fame, from his friendships with the giants of the entertainment world to his unselfish work for the St. Jude's Children's Research Hospital, here is a warmhearted look at one of the world's great storytellers.--Associated Press. 16 pages of photographs.
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