This paper explores the link between the cyclical patterns of macroeconomic and policy variables and the currency composition of domestic sovereign debt in emerging market countries. The empirical analysis is anchored in an equilibrium model, in which the dollarization of sovereign debt arises as a result of the optimal portfolio choices by risk-averse investors, and of a sovereign debt manager who takes fiscal policy as given. The model predicts that in countries where the exchange rate is countercyclical (i.e., the exchange rate depreciates during recessions), a more procyclical fiscal policy (i.e., expansionary in good times and contractionary in bad times) would lead, on average, to a more dollarized domestic sovereign debt. The empirical analysis using the Jeanne-Guscina EM Debt database (2006) on the currency structure of the central government debt in 22 emerging market countries over 1980 - 2005, supports these predictions.
This paper provides an overview of the strategic and operational issues as well as institutional challenges, related to the implementation of the Sovereign Asset and Liability Management (SALM) approach. Application of an SALM framework allows the authorities to identify and monitor sovereign exposure mismatches; increase resilience to foreign currency and interest rate risks; and thus, strengthen financial stability; and implement more cost-effective management of the public-sector debt. The analysis is based on emerging market (EM) countries and illustrated by the experience of Uruguay, using data as of end-2017.
The recent global financial turmoil raised questions about the stability of foreign banks' financing to emerging market countries. While foreign banks' lending growth to most emerging market regions contracted sharply, lending to Latin America and the Caribbean (LAC) was significantly more resilient. Analyzing detailed BIS data on global banks' lending to LAC countries-whether extended directly by their headquarters abroad or by their local affiliates in host countries-we show that the propagation of the global credit crunch was significantly more muted in countries where most of foreign banks' lending was channeled in domestic currency. We also show that foreign banks' involvement in LAC has differed in fundamental ways from that in other regions, with most of their lending to LAC conducted by their local subsidiaries, denominated in domestic currency and funded from a domestic deposit base. These characteristics help explain why LAC has not been struck as hard as other emerging markets by the global deleveraging and pullback in foreign banks' lending.
Using a unique dataset with information on the currency composition of firms' assets and liabilities in six Latin-American countries, I investigate how the choice of exchange rate regime affects firms' foreign currency borrowing decisions and the associated currency mismatches in their balance sheets. I find that after countries switch from pegged to floating exchange rate regimes, firms reduce their levels of foreign currency exposures, in two ways. First, they reduce the share of debt contracted in foreign currency. Second, firms match more systematically their foreign currency liabilities with assets denominated in foreign currency and export revenues--effectively reducing their vulnerability to exchange rate shocks. More broadly, the study provides novel evidence on the impact of exchange rate regimes on the level of un-hedged foreign currency debt in the corporate sector and thus on aggregate financial stability.
Easy global liquidity conditions, stronger risk appetite and a retrenchment in cross-border bank lending led to a surge in emerging market firms’ bond issuance in international markets (what we term “The Bon(d)anza”). Using firm-level data for five large Latin American economies, we provide evidence of a significant change in companies’ external funding strategies and liability structures after 2010, as well as in the balance sheet risks that firms face. We find that stepped up bond issuance was mostly aimed at re-financing rather than funding investment projects, as firms extended the average duration of their debt while securing lower fixed-rates, reducing roll-over and interest rate risks. The shift towards safer maturity structures has come at the expense of a leveraging-up in foreign-currency-denominated financial debt in several countries— reversing a de-dollarization trend seen during the last decade. We also provide evidence that a substantial part of these bonds were issued through offshore vehicles, suggesting regulatory and tax arbitrage strategies. For some corporations, rising dollar debt and high leverage will be particularly taxing in an environment of US dollar strengthening, less buoyant commodity prices and slowing domestic activity.
This paper examines the transmission of changes in the U.S. monetary policy to localcurrency sovereign bond yields of Brazil and Mexico. Using vector error-correction models, we find that the U.S. 10-year bond yield was a key driver of long-term yields in these countries, and that Brazilian yields were more sensitive to U.S. shocks than Mexican yields during 2010–13. Remarkably, the propagation of shocks from U.S. long-term yields was amplified by changes in the policy rate in Brazil, but not in Mexico. Our counterfactual analysis suggests that yields in both countries temporarily overshot the values predicted by the model in the aftermath of the Fed’s “tapering” announcement in May 2013. This study suggests that emerging markets will need to contend with potential spillovers from shifts in monetary policy expectations in the U.S., which often lead to higher government bond interest rates and bouts of volatility.
I’d like to take you on a journey along the road to better health and a more fulfilling life with Six Pillar Tips for Health Management. We’ll begin with a bit about its creation and a review of its content. Remember as you read this, that it is intended only as a beginning to a new life style plan and it will be up to you to continue gaining knowledge and discipline by expanding your knowledge of health management planning with other literature.
Still the Best Guide for Getting Published If you want to get published, read this book! Comprehensive index lists dozens of subjects and categories to help you find the perfect publisher or agent. Jeff Herman’s Guide unmasks nonsense, clears confusion, and unlocks secret doorways to success for new and veteran writers! This highly respected resource is used by publishing insiders everywhere and has been read by millions all over the world. Jeff Herman’s Guide is the writer’s best friend. It reveals the names, interests, and contact information of thousands of agents and editors. It presents invaluable information about more than 350 publishers and imprints (including Canadian and university presses), lists independent book editors who can help you make your work more publisher-friendly, and helps you spot scams. Jeff Herman’s Guide unseals the truth about how to outsmart the gatekeepers, break through the barriers, and decipher the hidden codes to getting your book published. Countless writers have achieved their highest aspirations by following Herman’s outside-the-box strategies. If you want to reach the top of your game and transform rejections into contracts, you need this book!
Most of the papers contained in this volume are based on pres entations made at the symposium on Catalytic Conversions of Synthesis Gas and Alcohols to Chemicals, which was held at the 17th Middle At lantic Regional Meeting of the American Chemical Society, April 6-8, 1983, in the setting of the Pocono Hershey Resort, White Haven, PA. I thank Dr. Ned D. Heindel, General Chairman, and Dr. Natalie Foster, Program Chairman, both of Lehigh University, for the invitation to organize the symposium. Financial support was received from Air Products and Chemicals, Inc. for the organization of the symposium, and acknowledgement is made to Air Products and Chemicals, Inc. and to the Donors of the Petroleum Research Fund, administered by the American Chemical Society, for partial support of the conduct of the symposium. The theme of this volume is the recent progress made in devel oping and understanding viable catalytic syntheses of chemicals di rectly from synthesis gas (CO + H2) or indirectly via alcohols. An aim of the symposium and of this volume is to provide a meaningful blend of applied and basic science and of the chemistry and engineer ing of processes that are, or hold promise to be, economically and industrially feasible. The topics demonstrate the increasing impor tance of synthesis gas as a versatile feedstock and emphasize the central role that alcohols, such as methanol, can playas chemical intermediates.
Writer's Guide to Book Editors, Publishers, and Literary Agents gets you past the slush piles and into the hands of the right people. This one-of-a-kind reference gives you the names, addresses, and phone numbers of hundreds of top editors and agents and includes essays by savvy "insiders" who reveal the secrets to winning them over. More comprehensive than ever before, this year's edition gives you everything you need to know to get published, from writing the knockout book proposal to turning initial rejection into ultimate success. This deluxe edition includes a CD-ROM that contains the entire database of agents and publishers along with systems for tracking submissions, expenses, titles, and copyrights. In addition, direct links to Web sites mentioned in the book and an additional 50 links to writing-related sites give writers immediate access to the people they need to know. Includes over 15 utilities for writers such as Grammar Slammer, the Thinking Man's Thesaurus, and WriteExpress Rhymer! About the Author Jeff Herman is the owner of the Jeff Herman Literary Agency, one of New York's leading agencies for writers. Among his clients are the bestselling authors of the "Chicken Soup for the Soul series. He frequently speaks to writer's groups and conferences on the topic of getting published and can be reached at /www.jeffherman.com.
No other book gives aspiring authors the inside scoop on the names and specialties of acquisitions editors. This vital information makes all the difference when submitting a book proposal or manuscript by keeping writers of all genres on top of the rapidly changing world of publishing. Who's moved where, who's new to the scene, who's gone for good--it's all here in one big volume.
No other book gives aspiring authors the inside scoop on the names and interest areas of acquisition editors. This vital information makes all the difference when submitting a book proposal. Fully revised to keep on top of the rapidly changing publishing world, this guide includes information on the book acquisition process, literary agents, submission, ghost writing, and more.
This book contains the names and addresses of acquisitions editors at top publishing houses, as well as their area of expertise and information on top literary agents. First time and experienced authors will find the information they need to get their big break in the writing business instead of having their manuscripts end up in the slush pile.
A real find for the aspiring writer."--"The Associated Press "In-depth information."--"The Writer Who are they? What do they want? How do you win them over? Find the answers to these questions and more in the 1998-1999 edition of the "Writer's Guide to Book Editors, Publishers, and Literary Agents by Jeff Herman. Filled with "the information authors and aspiring authors need in order to avoid having a manuscript end up in the "slush pile," this comprehensive listing is organized in an easy-to-use format. It includes in-depth information about publishing houses and literary agents in the United States and Canada. The specifics include the names and addresses of editors and agents, what they're looking for, comission rates, and other key information. In addition, readers will discover the most common mistakes people make while attempting to solicit an agent (and how to avoid them) as well as numerous suggestions designed to increase the chances of getting representation. "Writer's Guide to Book Editors, Publishers, and Literary Agents also includes dozens of valuable essays giving readers insight and guidance into such topics as: - How to Write the Perfect Query Letter - The Knockout Nonfiction Book Proposal - How to Thrive After Signing a Publishing Contract - Mastering Ghostwriting and Collaboration - Free Versus Fee: The Issue of Literary Agency Fees About the Author "Jeff Herman is the founder of The Jeff Herman Literary Agency, a leading New York agency. He has sold hundreds of titles and represents dozens of top authors. Herman frequently speaks to writer's groups and at conferences on the topic of getting published.
Over the years, "Writer's Guide to Book Editors, Publishers, and Literary Agents has helped thousands of writers just like you get their books published. With the best and most up-to-date listings of key book publishing insiders, "Writer's Guide gets you past the reject piles and into the hands of the right people. Nowhere else will you find the detail, the insight, the depth. Nowhere else will you find the solid inside information. "Writer's Guide is your key to book publishing success. It gets you inside. It gets you noticed. Your talent will do the rest. "Beats the pants off "Writer's Market." --Michael Werner, coauthor of "Databases for Businesses and "Using Lotus 1-2-3 "This guide started my book publishing career." --Marcos McPeek Villatoro, author of "A Fire in the Earth, They Say That I Am Two, and "Walking to La Milpa "The finest lead source that I've ever seen. A must buy for every writer, published or not!" --Derek Savage, author of "The Second Coming and "The Dancer "Invaluable information, from query letter to book proposal. This book has made my dreams come true." --Eileen Oster, author of "The Healing Mind "This book got my foot in the door." --Wynn Goldsmith, writer "A masterpiece. I have never found so much practical information in this type of book before." --Walter Lambert, author of "Healing the Trauma of Divorce "As a writer and literary agent, this book has been invaluable." --Mary N. Oluonye, O-Squared Literary Agency "Jeff Herman has crammed a generous helping of information and advice into this invaluable book." --Paul Nathan, "Publishers Weekly ""Writer's Guide haseclipsed both "Literary Market Place and "Writer's Market as a source of projects for our agency. At least a third of our sales last year came as a result of this book." --Michael Snell, Michael Snell Literary Agency About the Author /Jeff Herman is founder of The Jeff Herman Literary Agency, one of New York's leading agencies for writers. He has sold hundreds of titles and represents dozens of top authors.
Now updated for 2008, this annual edition of the classic bestselling directory provides everything working writers need to find the most receptive publishers, editors, and agents for their work.
Now in its third edition, this insider's reference has been fully revised to keep up with the rapidly changing publishing world. Includes detailed information on book acquisitions, literary agents, unsolicited submissions, ghostwriting and collaboration, and more. Index/appendices.
This paper provides an overview of the strategic and operational issues as well as institutional challenges, related to the implementation of the Sovereign Asset and Liability Management (SALM) approach. Application of an SALM framework allows the authorities to identify and monitor sovereign exposure mismatches; increase resilience to foreign currency and interest rate risks; and thus, strengthen financial stability; and implement more cost-effective management of the public-sector debt. The analysis is based on emerging market (EM) countries and illustrated by the experience of Uruguay, using data as of end-2017.
This paper explores the link between the cyclical patterns of macroeconomic and policy variables and the currency composition of domestic sovereign debt in emerging market countries. The empirical analysis is anchored in an equilibrium model, in which the dollarization of sovereign debt arises as a result of the optimal portfolio choices by risk-averse investors, and of a sovereign debt manager who takes fiscal policy as given. The model predicts that in countries where the exchange rate is countercyclical (i.e., the exchange rate depreciates during recessions), a more procyclical fiscal policy (i.e., expansionary in good times and contractionary in bad times) would lead, on average, to a more dollarized domestic sovereign debt. The empirical analysis using the Jeanne-Guscina EM Debt database (2006) on the currency structure of the central government debt in 22 emerging market countries over 1980 - 2005, supports these predictions.
This paper examines the transmission of changes in the U.S. monetary policy to localcurrency sovereign bond yields of Brazil and Mexico. Using vector error-correction models, we find that the U.S. 10-year bond yield was a key driver of long-term yields in these countries, and that Brazilian yields were more sensitive to U.S. shocks than Mexican yields during 2010–13. Remarkably, the propagation of shocks from U.S. long-term yields was amplified by changes in the policy rate in Brazil, but not in Mexico. Our counterfactual analysis suggests that yields in both countries temporarily overshot the values predicted by the model in the aftermath of the Fed’s “tapering” announcement in May 2013. This study suggests that emerging markets will need to contend with potential spillovers from shifts in monetary policy expectations in the U.S., which often lead to higher government bond interest rates and bouts of volatility.
Easy global liquidity conditions, stronger risk appetite and a retrenchment in cross-border bank lending led to a surge in emerging market firms’ bond issuance in international markets (what we term “The Bon(d)anza”). Using firm-level data for five large Latin American economies, we provide evidence of a significant change in companies’ external funding strategies and liability structures after 2010, as well as in the balance sheet risks that firms face. We find that stepped up bond issuance was mostly aimed at re-financing rather than funding investment projects, as firms extended the average duration of their debt while securing lower fixed-rates, reducing roll-over and interest rate risks. The shift towards safer maturity structures has come at the expense of a leveraging-up in foreign-currency-denominated financial debt in several countries— reversing a de-dollarization trend seen during the last decade. We also provide evidence that a substantial part of these bonds were issued through offshore vehicles, suggesting regulatory and tax arbitrage strategies. For some corporations, rising dollar debt and high leverage will be particularly taxing in an environment of US dollar strengthening, less buoyant commodity prices and slowing domestic activity.
Using a unique dataset with information on the currency composition of firms' assets and liabilities in six Latin-American countries, I investigate how the choice of exchange rate regime affects firms' foreign currency borrowing decisions and the associated currency mismatches in their balance sheets. I find that after countries switch from pegged to floating exchange rate regimes, firms reduce their levels of foreign currency exposures, in two ways. First, they reduce the share of debt contracted in foreign currency. Second, firms match more systematically their foreign currency liabilities with assets denominated in foreign currency and export revenues--effectively reducing their vulnerability to exchange rate shocks. More broadly, the study provides novel evidence on the impact of exchange rate regimes on the level of un-hedged foreign currency debt in the corporate sector and thus on aggregate financial stability.
The recent global financial turmoil raised questions about the stability of foreign banks' financing to emerging market countries. While foreign banks' lending growth to most emerging market regions contracted sharply, lending to Latin America and the Caribbean (LAC) was significantly more resilient. Analyzing detailed BIS data on global banks' lending to LAC countries-whether extended directly by their headquarters abroad or by their local affiliates in host countries-we show that the propagation of the global credit crunch was significantly more muted in countries where most of foreign banks' lending was channeled in domestic currency. We also show that foreign banks' involvement in LAC has differed in fundamental ways from that in other regions, with most of their lending to LAC conducted by their local subsidiaries, denominated in domestic currency and funded from a domestic deposit base. These characteristics help explain why LAC has not been struck as hard as other emerging markets by the global deleveraging and pullback in foreign banks' lending.
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