Assessment of Corporate Sector Value and Vulnerability
Assessment of Corporate Sector Value and Vulnerability

Author: Dale F. Gray

Publisher: World Bank Publications

Published: 1999-01-01

Total Pages: 58

ISBN-13: 9780821346037

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"Once equity has fallen below a certain threshold for a significant period of time, it triggers a suspension of debt payments and distorts incentives for equity holds and managers. But what is a significant period of time? You or I could pay a $10 million annual mortgage payment for a day or two but not two or three months. Similarly, owners and managers can withstand short periods of illiquidity or negative equity but not longer ones. At some point in time, the inability to meet obligations and perception of continued difficulties creates a system-wide breakdown in debt payments." The relationship between the corporate sector and a country's macroeconomy is receiving increased attention from policymakers and investors, especially those affected by the Asian crisis. Recent crises have pointed out the importance of improving our understanding of the links between the corporate sector, the financial sector, and the macroeconomy in a world of volatile capital flows. Assessing the vulnerability of the corporate sector and its links to financial and exchange rate crisis is important for both improved surveillance and in the design of policies in crisis countries. However, the analytical and operational tools available to policymakers and investors to analyze this problem have been limited. This Technical Paper was prepared as part of an initiative to develop new frameworks which can integrate state-of-the art corporate finance principles, macroeconomic, and financial sector analysis. An innovative yet practical framework is provided which has numerous applications for assessing corporate sector vulnerability, design of corporate restructuring strategies, as well as financial sector and macroeconomic policies. It will be of interest to bankers, economic policymakers, corporate finance specialists, and macroeconomists.

Local Governments’ Financial Vulnerability
Local Governments’ Financial Vulnerability

Author: Emanuele Padovani

Publisher: Routledge

Published: 2022-02-20

Total Pages: 108

ISBN-13: 1000581659

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Local Governments’ Financial Vulnerability presents a conceptual framework developed to examine how vulnerable local finances were before and in the immediate aftermath of the COVID-19 pandemic crisis by mapping and systematising its dimensions and sources. The model is then applied to eight countries with different administrative models and traditions: Australia, Austria, Bosnia and Herzegovina, Germany, Italy, Portugal, Spain, and the United States. Comparative results reveal not only that COVID-19 impacts and policy tools had a lot of similarities across countries, but also that financial vulnerability has an inherently contingent nature in time and space and can lead to paradoxical outcomes. The book shows that the impact of the crisis on local governments’ finances has been postponed and that financial vulnerability is expected to increase dramatically for a few years following the pandemic, especially in larger and richer municipalities which are traditionally more autonomous and less financially vulnerable. The authors provide timely insights and analytical tools that can be useful for both academic and public policy purposes, to further appreciate local governments’ financial vulnerability, especially during crises. This book is a valuable resource for practitioners and academics, as well as students of public policy, public management, financial management, and public accounting. Local governments can use the framework to better appreciate and manage their financial vulnerability, while oversight authorities can use it to help local governments become less financially vulnerable or, at least, more aware of their financial vulnerability. Financial institutions, advisors, and rating agencies may use this publication to refine or revise their models of credit risk assessment.

A Generalized Framework for the Assessment of Household Financial Vulnerability
A Generalized Framework for the Assessment of Household Financial Vulnerability

Author: Mindaugas Leika

Publisher: International Monetary Fund

Published: 2017-11-07

Total Pages: 56

ISBN-13: 1484326792

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Household financial fragility has received considerable attention following the global financial crisis, but substantial gaps remain in the analytical underpinnings of household financial vulnerability assessment, as well as in data availability. This paper aims at integrating the contributions in the literature in a coherent fashion. The study proposes also analytical and estimation extensions aimed at improving the quality of estimates and allowing the assessment of household financial vulnerability in presence of data limitations. The result of this effort is a comprehensive framework, that has wide applicability to both advanced and developing economies. For illustrative purposes the paper includes a detailed application to one developing country (Namibia).

Design and Appraisal of Rural Transport Infrastructure
Design and Appraisal of Rural Transport Infrastructure

Author: Jerry Lebo

Publisher: World Bank Publications

Published: 2001-01-01

Total Pages: 112

ISBN-13: 9780821349199

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Printed on Demand. Limited stock is held for this title. If you would like to order 30 copies or more please contact [email protected] Contact [email protected], if currently unavailable. This paper is part of a four-volume series of publications on rural transport promoted by the World Bank's Rural Transport Thematic Group under the aegis of its knowledge management activities. The four volumes are Options for Managing and Financing Rural Transport Infrastructure, Improving Rural Mobility, Developing Rural Transport Policies and Strategies, and this paper on Design and Appraisal of Rural Transport Infrastructure.

Utility Pricing and the Poor
Utility Pricing and the Poor

Author: Julian A. Lampietti

Publisher: World Bank Publications

Published: 2001-01-01

Total Pages: 56

ISBN-13: 9780821349229

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'Utility Pricing and the Poor' evaluates the 1999 electricity tariff increase and the potential for improved water-sector cost recovery, with a particular focus on service accessibility and affordability for the poor. A two-stage approach is recommended. In the first stage, revenues should be increased by ensuring payment from households that have reliable service but are not paying their bills. After collection capacity is strengthened, the utility should implement a program of tariff adjustment, based on improved service and meter-based billing.

Governance Impact on Private Investment
Governance Impact on Private Investment

Author: Nina Bubnova

Publisher: World Bank Publications

Published: 2000

Total Pages: 100

ISBN-13: 9780821348185

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During the last decade, infrastructure finance and provision graduated from traditional means to more innovative ones, primarily initiated by private companies and supported through their equity and debt. Capital markets increasingly became the main funding source for infrastructure projects worldwide, including investments in developing and transition countries where infrastructure penetration still falls considerably short of needs. Infrastructure bonds served as the most popular method of oil, gas, electricity, telecommunications, and transport project financing in these countries throughout 1990-99, thereby substituting government funding. Using an innovative methodological approach, 'Governance Impact on Private Investment' provides a thorough examination of the effect that governance frameworks, both political and regulatory, have on investors' risk perceptions and on associated costs for infrastructure financing. It identifies those political and regulatory risks that most concern investors. It offers a unique comparative analysis of developed and emerging infrastructure bond markets. The analysis demonstrates how the factors that drive infrastructure finance in the two country groups differ, which helps to identify the policy implications of these factors.

Telecommunications Legislation in Transitional and Developing Economies
Telecommunications Legislation in Transitional and Developing Economies

Author: Tim Schwarz

Publisher: World Bank Publications

Published: 2000

Total Pages: 92

ISBN-13: 9780821348239

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This paper examines the design of telecommunications legislation in countries with transitional and developing economies (TDCs) engaged in liberalising and privatising their telecommunications sectors. It attempts to synthesise good practice and is intended to be used as a tool for legislative drafting. The main purpose of the paper is to highlight some of the issues which policy makers and legislators in TDCs may wish to bear in mind. The paper has three components. The first section outlines the scope and underlying principles of telecommunications legislation; the second section outlines the regulatory imperatives of telecommunications legislation and the third part, the annex, contains framework telecommunications legislation.

Financial Markets, Credit Constraints, and Investment in Rural Romania
Financial Markets, Credit Constraints, and Investment in Rural Romania

Author: Rodrigo Chaves

Publisher: World Bank Publications

Published: 2001

Total Pages: 140

ISBN-13: 9780821349281

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This study evaluates the performance of financial markets in rural areas of Romania based on the 1998 rural household, rural enterprise, and financial intermediary surveys, along with other official statistical data for 1997. It presents empirical evidence indicating that constrained access to credit markets negatively influences the investment behavior of households and enterprises. The report recommends a detailed government strategy to correct the observed shortcomings of rural financial markets and identifies new challenges that are likely to appear.

Natural Resource Management Strategy
Natural Resource Management Strategy

Author:

Publisher: World Bank Publications

Published: 2000-01-01

Total Pages: 166

ISBN-13: 9780821348109

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Arable land, deserts, mountains, forests, rivers, and coastal zones characterize the diverse regions in Eastern Europe and Central Asia (ECA). As varied as the geography is so are the policy directions taken by the region's governments concerning natural resource management. A lack of conservation measures, misuse, and poor management have impaired many of the natural resources now available in these countries. Although the pressure on natural resources in ECA is less than in other regions and the area has more abundant resources, the accessibility and utility of those resources belie the figures. Where there is arable land, the growing season is short. Where there are immense forests, the climate is harsh.To assist the Bank's client countries in ECA with sustainable use of natural resources, this volume identifies the various challenges, provides a history of the Bank's regional natural resource strategy, outlines a strategic framework, and proposes new strategies and policy instruments to implement them. Natural resources in this publication refer to "non-mineral" resources, such as, forests, rivers, and land.