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Inelastic Demand Meets Optimal Supply of Risky Sovereign Bonds
We present evidence of inelastic demand for risky sovereign bonds and explore its implications for optimal government debt policies. Using monthly changes in the composition of a major international bond index, we identify flow shocks unrelated to fundamentals that shift the available bond supply. From these shocks, we estimate an inverse demand elasticity of -0.30 and show that it increases with countries’ default risk. We formulate a sovereign debt model with endogenous default and inelastic investors, calibrated to our empirical estimates. By penalizing additional borrowing, an inelastic demand acts as a disciplining device that reduces default risk and bond spreads.
The New Geography of Jobs
Makes correlations between success and geography, explaining how such rising centers of innovation as San Francisco and Austin are likely to offer influential opportunities and shape the national and global economies in positive or detrimental ways.
Advances in the Practice of Public Investment Management
This book covers the latest advances in the theory and practice of public investment management. It includes the most up-to-date developments in the implementation of public asset management – including multiple contributions on portfolio allocation in varying interest-rate and credit-risk environments. Other highlights include implementation, performance attribution and governance issues surrounding reserves management, portfolio construction techniques appropriate for public investors and an in-depth discussion of the challenges to achieving international diversification.
Latin America and the Rising South
The world economy is not what it used to be twenty years ago. For most of the 20th century, the world economy was characterized by developed (North) countries acting as 'center' to a 'periphery' of developing (South) countries. However, the recent rise of developing economies suggests the need to go beyond this North-South dichotomy. This tectonic re-configuration of the global landscape has brought about significant changes to countries in the Latin America and Caribean (LAC) region. The time is ripe for an in-depth analysis of the dynamics and nature of LAC's external connections.This latest volume in the World Bank Latin American and Caribbean Studies series will focus on the implications of these trends for the economic development of LAC countries. In particular, trade, financial, macroeconomic, and sectoral shifts, as well as labor-market aspects will be systematically analyzed.
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Global Financial Development Report 2015/2016
Global Financial Development Report 2015/2016 focuses on the ability of financial systems to sustainably extend the maturity of financial contracts for private agents. The challenges of extending the maturity structure of finance are often considered to be at the core of effective, sustainable financial development. Sustainably extending long-term finance may contribute to the objectives of higher growth and welfare, shared prosperity and stability in two ways: by reducing rollover risks for borrowers, thereby lengthening the horizon of investments; and by increasing the availability of long-term financial instruments, thereby allowing households to address their lifecycle challenges. The ai...
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La Conadep fue creada por el Poder Ejecutivo Nacional en diciembre de 1983 con el objetivo de intervenir activamente en el esclarecimiento de los hechos relacionados con la desaparición de personas, ocurridos en el país. El Nunca más es un claro testimonio de la necesidad de nuestra sociedad de conservar vigente el doloroso recuerdo de la época más oscura que ha conocido la historia nacional; es una demostración de que a lo largo de los años que nos separan de aquel trágico período, la comunidad argentina no ha querido distanciarse de su historia, por mucho que sea el horror que despierte su recuerdo. Es necesario más que nunca reafirmar la consigna que el pueblo argentino hizo suya a partir del título de este libro.
Index Medicus
Vols. for 1963- include as pt. 2 of the Jan. issue: Medical subject headings.
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