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Debt Markets and Analysis
by R. Stafford JohnsonAn accessible guide to the essential elements of debt markets and their analysisDebt Markets and Analysis provides professionals and finance students alike with an exposition on debt that will take them from the basic concepts, strategies, and fundamentals to a more detailed understanding of advanced approaches and models.Strong visual attributes include consistent elements that function as additional learning aids, such as: Key Points, Definitions, Step-by-Step, Do It Yourself, and Bloomberg functionalityOffers a solid foundation in understanding the complexities and subtleties involved in the evaluation, selection, and management of debtProvides insights on taking the ideas covered and applying them to real-world investment decisionsEngaging and informative, Debt Markets and Analysis provides practical guidance to excelling at this difficult endeavor.
Debt Policy at UST, Inc.
by Mark MitchellUST, Inc. is a very profitable smokeless tobacco firm with low debt compared to other firms in the tobacco industry. The setting for the case is UST's recent decision to substantially alter its debt policy by borrowing $1 billion to finance its stock repurchase program.
Debt Reduction and Economic Activity
by Michael P. Dooley David Folkerts-Landau Richard D. Haas Steven A. Symansky Ralph W. TryonA report from the International Monetary Fund.
Debt Reduction and New Loans: A Contracting Perspective
by John A. Carlson Aasim M. Husain Jeffrey A. ZimmermanA report from the International Monetary Fund.
Debt-Related Vulnerabilities and Financial Crises (EPub)
by Brad Setser Jens Nystedt Christoph B. Rosenberg Ioannis Halikias Christian Keller Alexander Pitt Brett E. HouseThe analysis of currency and maturity mismatches in sectoral balance sheets has increasingly become a regular element in the IMF's tool kit for surveillance in emerging market countries. This paper describes this so-called balance sheet approach and shows how it can be applied to detect vulnerabilities and shape policy advice. It also provides a broad-brushed overview of how balance sheet vulnerabilities have evolved over the past decade and cites a number of case studies.
Debt Relief and Beyond: Lessons Learned and Challenges Ahead
by Dörte Dömeland Carlos A. Primo BragaThe history of debt relief goes back several decades. It reveals that a country's accumulation of unsustainable debt stems from such factors as deficiencies in macroeconomic management, adverse terms-of-trade shocks, and poor governance. Debt-relief initiatives have provided debt-burdened countries with the opportunity for a fresh start, but whether the benefits of debt relief can be preserved depends on transformations in a country's policies and institutions. In 1996, the Heavily Indebted Poor Countries (HIPC) Initiative was launched as the first comprehensive, multilateral, debt-relief framework for low-income countries. In 2005, the Multilateral Debt Relief Initiative was established, which increased the level of debt relief provided to HIPCs. As of early 2009, assistance through these two initiatives had been committed to 35 countries and amounted to US$117 billion in nominal terms, or half of the 2007 GDP of these countries. 'Debt Relief and Beyond' assesses the implications of debt relief for low-income countries and how its benefits can be preserved and used to fight poverty. The chapter authors bring unique operational experience to their examination of debt relief, debt sustainability, and debt management. Several key questions are addressed, including, what consequences does debt relief have for poverty-reducing expenditures, growth, and access to finance? Can debt relief guarantee debt sustainability? How can debt management at all levels of government be improved? What lessons can be learned from countries that have experienced debt restructuring? Finally, this book provides sound empirical evidence using current econometric techniques.
Debt Relief for Low-Income Countries
by International Monetary FundA report from the International Monetary Fund.
Debt Relief for Poverty Reduction: The Role of the Enhanced HIPC Initiative
by International Monetary FundA report from the International Monetary Fund.
Debt Relief for the Poorest Countries
by John E. Serieux and Yiagadeesen SamyThe debt problems of poor countries are receiving unprecedented attention. Both federal and non-governmental organizations alike have been campaigning for debt forgiveness for poor countries. The governments of creditor nations responded to that challenge at a meeting sponsored by the G-7, International Monetary Fund, and World Bank, all of which upgraded debt relief as a policy priority. Their initiatives provided for generous interpretations of these nations' abilities to sustain debt, gave them opportunities to qualify for debt relief more rapidly, and linked debt relief to broader policies of poverty reduction. Despite this, the crisis has only deepened in the first years of the new millennium. This brilliant group of contributions assesses why this has occurred. In plain language, it considers why debt relief has been so long in coming for poor countries. It evaluates the cost of a persistent overhang in debt for those countries. It also examines, head on, whether enhanced debt relief initiatives offer a permanent exit from over-indebtedness, or are merely a short-term respite. Above all, this volume for the first time addresses the issues on the ground: that is, the views and opinions about debt relief on the part of leaders in advanced nations, and the probability of further support for the most impoverished lands. In this approach, the editors and contributors have made an explicit and successful attempt to be inclusive and relevant at all stages of the analysis. This volume covers the full range of the poorest countries, with contributions by John Serieux, Lykke Anderson and Osvaldo Nina, Befekadu Degefe, Ligia Maria Castro-Monge, and Peter B. Mijumbi. Collectively, they offer a sobering scenario: unless measures are put in place now, in anticipation of further crises, the future of the very poorest nations will remain bleak and troublesome.
Debt Relief Initiatives: Policy Design and Outcomes (Global Finance)
by Marco Arnone Andrea F. PresbiteroThis book deals with the recent debt crises in developing countries and analyzes the design and implementation of the Heavily Indebted Poor Countries (HIPC) Initiative, by providing background concepts, pointing out the main drawbacks and suggesting a different approach to debt sustainability and debt relief programs. The authors merge academic, operational and institutional expertise, in order to provide an evaluation as complete and balanced as possible on the much-debated effectiveness of debt relief in fostering economic growth, reducing poverty and reaching debt sustainability. Marco Arnone and Andrea F. Presbitero assess the joint evolution of external and domestic public debt and produce original empirical evidence on the potential effects of public debt on investment, economic growth and institution-building in low- and middle-income countries. The book also explores relevant and up-to-date policy issues, such as the loans-grants mix and the development of responsible lending strategies in foreign assistance, the surge of non-concessional and domestic borrowing by low-income countries, and the impact of the 2008-2009 global financial crisis on debt sustainability.
The Debt Resisters' Operations Manual (Common Notions)
by Strike DebtFor debtors everywhere who want to understand how the system really works, this handbook provides practical tools for fighting debt in its most exploitative forms. Over the last 30 years as wages have stagnated across the country, average household debt has more than doubled. Increasingly, people are forced to take on debt to meet their needs; from housing to education and medical care. The results—wrecked lives, devastated communities, and an increasing reliance on credit to maintain basic living standards—reveal an economic system that enriches the few at the expense of the many. Detailed strategies, resources, and insider tips for dealing with some of the most common kinds of debt are covered in this manual, including credit card debt, medical debt, student debt, and housing debt. It also contains tactics for navigating the pitfalls of personal bankruptcy, as well as information on how to be protected from credit reporting agencies, debt collectors, payday lenders, check-cashing outlets, rent-to-own stores, and more. Additional chapters cover tax debt, sovereign debt, the relationship between debt and climate, and an expanded vision for a movement of mass debt resistance.
Debt, Risk and Liquidity in Futures Markets
by Barry GossThe issues of developing country debt crises, increased volatility and risk, and the determination of market liquidity are high on the agendas of policy makers, market participants and researchers in the area of financial markets. These issues are also of major importance to regulators and exchange officials. This book contains a collection of eigh
Debt Sustainability: A Global Perspective (Cambridge Elements in International Economics)
by Ludger SchuknechtThis study presents the facts, arguments and scenarios around public debt from a global perspective. Especially the largest economies feature record debt and fiscal risks, including from population ageing and financial imbalances. Given low interest rates, there is no imminent problem. But at some point, debt will have to come down. There are four possible scenarios how debt could come down. First, governments could economise and reform. Second, governments could default. Third, governments could erode the real value of debt via inflation and negative real interest rates. However, this scenario cannot continue forever. Policy errors can prompt a loss of confidence, destabilisation and crisis. This fourth scenario last included the largest economies in the 1970s. It would become a major global challenge if it were to happen again in today's interconnected world.
The Debt Sustainability Framework for Low-Income Countries
by Bergljot Barkbu Marie-Helene Le Manchec Christian H. BeddiesA report from the International Monetary Fund.
The Debt System: A History of Sovereign Debts and Their Repudiation
by Éric Toussaint“A compelling explanation of the deep-seated mechanisms at work in the international credit system” from the coauthor of Debt, the IMF, and the World Bank (Counterfire).For as long as there have been rich nations and poor nations, debt has been a powerful force for maintaining the unequal relations between them. Treated as sacrosanct, immutable, and eternally binding, it has become the yoke of choice for imperial powers in the post-colonial world to enforce their subservience over the global south. In this ground-breaking history, renowned economist Éric Toussaint argues for a radical reversal of this balance of accounts through the repudiation of sovereign debt.“Since 2008 CADTM has campaigned for ‘a new doctrine of illegitimate, illegal, odious, and unsustainable debt’ cancellation. This doctrine includes considerations of whether the debtor state is democratic, whether it respects human rights, whether the debt is incurred within the framework of ‘structural adjustments’ (enforced austerity), and includes all debts incurred to pay back previous odious debts. On grounds of global social justice, The Debt System makes a strong case for this new doctrine.” —Against the Current“This work has much to commend it; it provides detailed analyses of the impact of indebtedness in several nations . . . The author shows that, contrary to orthodox arguments, debt repudiation can be both justified and successfully carried out. I recommend the book wholeheartedly.” —Counterfire
The Debt Threat: How Debt is Destroying the Developing World . . . and Threatening Us All
by Noreena HertzNoreena Hertz, one of the world's leading experts on economic globalization, looks at the history of third-world debt and its crippling effects on people in developing countries.Drawing from her impressive debt-relief campaign, fact-finding travels, and meetings with top-ranking officials, Hertz offers a probing analysis of the origins of this rampant burden and its evolution through the decades. With clear principles of justice, she uncovers the imbalance of power and misuse of corrupt dictators and reckless lenders.
The Debt Trap: How Student Loans Became a National Catastrophe
by Josh MitchellAN NPR AND NEW YORK POST BEST BOOK OF 2021 From acclaimed Wall Street Journal reporter Josh Mitchell, the &“devastating account&” (The Wall Street Journal) of student debt in America.In 1981, a new executive at Sallie Mae took home the company&’s financial documents to review. &“You&’ve got to be shitting me,&” he later told the company&’s CEO. &“This place is a gold mine.&” Over the next four decades, the student loan industry that Sallie Mae and Congress created blew up into a crisis that would submerge a generation of Americans into $1.5 trillion in student debt. In The Debt Trap, Wall Street Journal reporter Josh Mitchell tells the &“vivid and compelling&” (Chicago Tribune) untold story of the scandals, scams, predatory actors, and government malpractice that have created the behemoth that one of its original architects called a &“monster.&” As he charts the &“jaw-dropping&” (Jeffrey Selingo, New York Times bestselling author of Who Gets in and Why) seventy-year history of student debt in America, Mitchell never loses sight of the countless student victims ensnared by an exploitative system that depends on their debt. Mitchell also draws alarming parallels to the housing crisis in the late 2000s, showing the catastrophic consequences student debt has had on families and the nation&’s future. Mitchell&’s character-driven narrative is &“necessary reading&” (The New York Times) for anyone wanting to understand the central economic issue of our day.
Debt - Updated and Expanded: The First 5,000 Years
by David GraeberNow in paperback, the updated and expanded edition : David Graeber’s “fresh . . . fascinating . . . thought-provoking . . . and exceedingly timely” (Financial Times) history of debt Here anthropologist David Graeber presents a stunning reversal of conventional wisdom: he shows that before there was money, there was debt. For more than 5,000 years, since the beginnings of the first agrarian empires, humans have used elaborate credit systems to buy and sell goods—that is, long before the invention of coins or cash. It is in this era, Graeber argues, that we also first encounter a society divided into debtors and creditors. Graeber shows that arguments about debt and debt forgiveness have been at the center of political debates from Italy to China, as well as sparking innumerable insurrections. He also brilliantly demonstrates that the language of the ancient works of law and religion (words like “guilt,” “sin,” and “redemption”) derive in large part from ancient debates about debt, and shape even our most basic ideas of right and wrong. We are still fighting these battles today without knowing it.
Debtor Nation: The History of America in Red Ink (Politics and Society in Modern America #87)
by Louis HymanThe story of personal debt in modern AmericaBefore the twentieth century, personal debt resided on the fringes of the American economy, the province of small-time criminals and struggling merchants. By the end of the century, however, the most profitable corporations and banks in the country lent money to millions of American debtors. How did this happen? The first book to follow the history of personal debt in modern America, Debtor Nation traces the evolution of debt over the course of the twentieth century, following its transformation from fringe to mainstream—thanks to federal policy, financial innovation, and retail competition.How did banks begin making personal loans to consumers during the Great Depression? Why did the government invent mortgage-backed securities? Why was all consumer credit, not just mortgages, tax deductible until 1986? Who invented the credit card? Examining the intersection of government and business in everyday life, Louis Hyman takes the reader behind the scenes of the institutions that made modern lending possible: the halls of Congress, the boardrooms of multinationals, and the back rooms of loan sharks. America's newfound indebtedness resulted not from a culture in decline, but from changes in the larger structure of American capitalism that were created, in part, by the choices of the powerful—choices that made lending money to facilitate consumption more profitable than lending to invest in expanded production.From the origins of car financing to the creation of subprime lending, Debtor Nation presents a nuanced history of consumer credit practices in the United States and shows how little loans became big business.
Debtors' Prison
by Robert KuttnerOne of our foremost economic thinkers challenges a cherished tenet of today's financial orthodoxy: that spending less, refusing to forgive debt, and shrinking government--"austerity"--is the solution to a persisting economic crisis like ours or Europe's, now in its fifth year. Since the collapse of September 2008, the conversation about economic recovery has centered on the question of debt: whether we have too much of it, whose debt to forgive, and how to cut the deficit. These questions dominated the sound bites of the 2012 U.S. presidential election, the fiscal-cliff debates, and the perverse policies of the European Union. Robert Kuttner makes the most powerful argument to date that these are the wrong questions and that austerity is the wrong answer. Blending economics with historical contrasts of effective debt relief and punitive debt enforcement, he makes clear that universal belt-tightening, as a prescription for recession, defies economic logic. And while the public debt gets most of the attention, it is private debts that crashed the economy and are sandbagging the recovery--mortgages, student loans, consumer borrowing to make up for lagging wages, speculative shortfalls incurred by banks. As Kuttner observes, corporations get to use bankruptcy to walk away from debts. Homeowners and small nations don't. Thus, we need more public borrowing and investment to revive a depressed economy, and more forgiveness and reform of the overhang of past debts. In making his case, Kuttner uncovers the double standards in the politics of debt, from Robinson Crusoe author Daniel Defoe's campaign for debt forgiveness in the seventeenth century to the two world wars and Bretton Woods. Just as debtors' prisons once prevented individuals from surmounting their debts and resuming productive life, austerity measures shackle, rather than restore, economic growth--as the weight of past debt crushes the economy's future potential. Above all, Kuttner shows how austerity serves only the interest of creditors--the very bankers and financial elites whose actions precipitated the collapse. Lucid, authoritative, provocative--a book that will shape the economic conversation and the search for new solutions. From the Hardcover edition.
Debtors to their Profession: A History of the Institute of Bankers 1879-1979 (Routledge Library Editions: Banking & Finance)
by Edwin GreenThis volume examines the first hundred years of the Institute of Banking’s development within the banking business as a whole, with a particular emphasis upon changes in the staffing requirements of the banks and the importance of professional qualifications in the careers of their employees. The survey includes a description of early attempts to form a professional institute for bankers between the 1840s and the 1870s. By examining the objectives, growth of membership and the extension of the Institute’s activities, this volume throws light upon the changing work and qualifications of bank personnel and offers a case study in the development of a large and important professional group.
Debt's Dominion: A History of Bankruptcy Law in America
by David A. SkeelBankruptcy in America, in stark contrast to its status in most other countries, typically signifies not a debtor's last gasp but an opportunity to catch one's breath and recoup. Why has the nation's legal system evolved to allow both corporate and individual debtors greater control over their fate than imaginable elsewhere? Masterfully probing the political dynamics behind this question, David Skeel here provides the first complete account of the remarkable journey American bankruptcy law has taken from its beginnings in 1800, when Congress lifted the country's first bankruptcy code right out of English law, to the present day. Skeel shows that the confluence of three forces that emerged over many years--an organized creditor lobby, pro-debtor ideological currents, and an increasingly powerful bankruptcy bar--explains the distinctive contours of American bankruptcy law. Their interplay, he argues in clear, inviting prose, has seen efforts to legislate bankruptcy become a compelling battle royale between bankers and lawyers--one in which the bankers recently seem to have gained the upper hand. Skeel demonstrates, for example, that a fiercely divided bankruptcy commission and the 1994 Republican takeover of Congress have yielded the recent, ideologically charged battles over consumer bankruptcy. The uniqueness of American bankruptcy has often been noted, but it has never been explained. As different as twenty-first century America is from the horse-and-buggy era origins of our bankruptcy laws, Skeel shows that the same political factors continue to shape our unique response to financial distress.
Debugging Teams: Better Productivity through Collaboration
by Brian W. Fitzpatrick Ben Collins-SussmanIn the course of their 20+-year engineering careers, authors Brian Fitzpatrick and Ben Collins-Sussman have picked up a treasure trove of wisdom and anecdotes about how successful teams work together. Their conclusion? Even among people who have spent decades learning the technical side of their jobs, most haven’t really focused on the human component. Learning to collaborate is just as important to success. If you invest in the "soft skills" of your job, you can have a much greater impact for the same amount of effort. The authors share their insights on how to lead a team effectively, navigate an organization, and build a healthy relationship with the users of your software. This is valuable information from two respected software engineers whose popular series of talks—including "Working with Poisonous People"—has attracted hundreds of thousands of followers.
Debunkery
by Kenneth L. Fisher Lara HoffmansLegendary money manager Ken Fisher outlines the most common--and costly--mistakes investors make.Small cap stocks are best for all time. Bunk!A trade deficit is bad for markets. Bunk!Stocks can't rise on high unemployment. Bunk!Many investors think they are safest following widely accepted Wall Street wisdom--but much of Wall Street wisdom isn't so wise. In fact, it can be costly bunk.In Debunkery: Learn It, Do It, and Profit From It--Seeing Through Wall Street's Money-Killing Myths, Ken Fisher--named one of the 30 most influential individuals of the last three decades by Investment Advisor magazine--details why so many investors fail to get the long-term results they desire. The short answer is many investors fail to question if what they believe is true--and are therefore blinded by tradition, biases, ideology, or any number of cognitive errors.Your goal as an investor shouldn't be to be error-free--that's impossible. Rather, to be more successful, you should aim to lower your error rate. Debunkery gets you started by debunking 50 common myths--but that's just the beginning. It also gives you the tools you need to continue to do your own debunkery for the rest of your investing career.
Débuter une entreprise de nettoyage résidentiel
by Amber Richards Avinash MayaramAvez-vous déjà pensé à débuter votre propre entreprise de nettoyage résidentiel ? Avez-vous souhaité un calendrier flexible, de devenir votre propre patron et gagner un bon revenu en même temps ? Dans Débuter une entreprise de nettoyage résidentiel, l’auteur Amber Richards a été propriétaire et a géré une entreprise de nettoyage résidentiel pendant trois ans. Elle révèle des astuces et conseils qu’elle aurait aimé savoir avant de démarrer l’entreprise. Avec de la transparence par rapport aux erreurs et aux réussites, ce livre est rempli d’informations et de stratégies d’une initiée qui a vraiment travaillé dans le domaine. L’accent n’est pas mis sur les astuces pratiques de nettoyage, même s’il y a un chapitre concernant d’excellents produits en général. Les services de nettoyage sont en grande demande à cause de la vie mouvementée d’aujourd’hui, et peuvent être très profitables. Vous n’avez pas à effectuer le nettoyage physique vous-même, si ce n’est pas ce que vous voulez. Une option viable est de créer un service de nettoyage et d’embaucher des employés pour effectuer le travail physique. C’est parfait pour une personne envisageant de débuter un service de nettoyage résidentiel, ou qui est simplement curieuse, et pour une personne déjà établie, mais qui souhaite agrandir son entreprise. Ce livre offre de nombreuses idées créatives pour déterminer exactement la direction que vous souhaitez prendre dans votre entreprise, des idées de marketing, et offre des sessions de réflexion originale pour vous aider à faire prospérer l’entreprise de nettoyage résidentiel de vos rêves.