Schäfer, Stephan Hans · CBS Research Portal (Copenhagen Business School) · 2016
Argentina’s economy has been afflicted by periods of upheaval, hyperinflation, and currency instability. In\n1991, to get hyperinflation under control the Argentine government implemented a quasi-currency board,\nbetter known as the Convertibility Plan. The Convertibility Plan fixed the peso to the U.S. dollar at a\nconstant rate. As a consequence, inflation decreased tremendously in Argentina. After some time of\neconomic prosperity, the current account turned into a large deficit due to spillover effects from other crises,\na high federal budget deficit, and an overvalued exchange rate. As a result, end of 2001 Argentina declared\nits sovereign default and the country experienced one of its worst financial crises. Consequently, the\nConvertibility Plan had to be abandoned and the peso had to be devaluated.\nOn the one hand, after the financial crisis of 2001 and the associated implementation of strict capital\ncontrols, the Argentine economy grew significantly until 2014. On the other hand, recently Argentina\ndefaulted a second time on its debt of 2001 just within 13 years. Thus, this study examines the effectiveness\nof Argentina’s capital controls in terms of how successful they achieved their intended policy objectives until\nthe second default in 2014. Additionally, this study looks at the microeconomic costs associated with the\ncapital controls.\nThe study identifies four main policy objectives that the Argentine government pursued with the\nimplementation of capital controls. These objectives were to maintain a certain degree of monetary and\nexchange rate policy, to prevent international foreign reserves from exhaustion, to reduce fluctuations in\nshort-term capital inflows and to contribute to a stable economy. An extensive macroeconomic analysis is\ncarried out to examine the effectiveness of the capital controls.\nThe preliminary results of the research show that the government did not achieve autonomy of monetary and\nexchange rate policy with the implementation of capital controls. International foreign reserves could not be\nstopped from falling either. However, there is some evidence that capital controls reduced the inflow of\nshort-term speculative investments and that capital controls contributed to economic stability to some extent,\neven though inflation remained high. Given that two policy objectives, including the most important one to\nprevent international reserves from falling, were not achieved, the overall effectiveness of the Argentine\ncapital controls to accomplish their main policy objectives was quite low.\nMoreover, the Argentine capital controls were associated with substantial administrative and microeconomic\ncosts. Taking these costs into consideration, the study concludes that the overall effectiveness of the\nArgentine capital controls to accomplish their intended policy objectives was quite low.
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Михаил Помазанов · ArXiv.org · 2025
The proposed work shows how to determine the Loss Given Default (LGD) after default without preparing a separate model. This requires the following: LGD model before default, the calculation of the average repayment time after default, the values of the volumes and moments of repayments after default, along with the lending rate for each loan, and the recovery rate recorded in the default volume. The LGD(t) variant is proposed, which predicts recovery based on the estimation of the average posterior distribution. An analysis is conducted on recovery portfolios, demonstrating the approximate statistics of the desired quantity. The solution allows you to build an LGD model after default for any default loans, provided that you know the volumes, repayment dates, and interest rates.
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Punctum Books · 2017
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Pica, Noah · CUNY Academic Works (City University of New York) · 2024
“Default” explores the formation and maintenance of normalcy, uniformity, and banality in American life. Noah Pica starts with the visual language of lined paper, prefabricated objects, model-making kits, and blueprints. He reforms these structures through a sculpture practice, investigating how their design inconspicuously implements social norms.
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Bulletin of Miscellaneous Information (Royal Gardens Kew)
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preset rockers · Bulletin of Miscellaneous Information (Royal Gardens Kew)
The Preset Rockers never sleep to bring you the new sound of the synchronized 21st century. Their newest milestone on the way to Absurdistan called “default” hops onto the freight train rattling through your backyard across your childrens playground. 6 stomping tracks kick and lick, leaving mouths open and glass shattered. “We love to play with sharp tools from the garage and sometimes it even tickles.” one of the PresetRockers said when asked for the inspiration concerning their new album. So check it out.
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James Wallert · 2021
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Robert J. Eger, Andrew Haas · 2007
This chapter provides a broad overview of bond default. It includes the definition of a bond default, an explanation of default vs. technical default, bond recovery, private municipal guarantees, and a history of bond defaults.
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National Cancer Institute · Definitions · 2020
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Bulletin of Miscellaneous Information (Royal Gardens Kew)
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2017
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2008
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Edward I. Altman, Brenda Karlin · 2009
In 2008 and 2009, bondholders of ailing companies were affected by a reemergence of an important corporate restructuring strategy, known as a Distressed Exchange. Fourteen companies in 2008 completed this desperate attempt to avoid a formal bankruptcy filing – about twice as many as in any single year in the previous 25, involving twice as much in dollar amount than in the entire prior history (1984-2007). In 2009, forty-six firms completed distressed exchanges, more than three times that of a year earlier. However, the dollar amount exchanged in 2009 was slightly lower than in 2008. The recovery rate to bondholders participating in distressed exchanges over the last 25 years is significantly higher than recoveries on other, more dramatic types of default – namely payment defaults and bankruptcies. Nevertheless, there is no guarantee that a distressed exchange will permanently immunize the firm from further distress, with almost 50 % of all companies completing distressed exchanges prior to 2008 ultimately filing for bankruptcy.
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LANGHER, Viviana, RICCI, Maria Elisabetta · IRIS Research product catalog (Sapienza University of Rome) · 2011
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A Timothy · Oxford University Press eBooks · 2023
Abstract This chapter examines how disputes arise in connection with a default by a party to pay its share of the costs as required by the terms of the joint venture agreement. The obligation of each party to pay its share of costs on time is considered fundamental in any joint venture. Failure of any party to pay its share of costs in a timely manner will put the entire joint venture and the underlying concession at risk. As a result, the JV agreement must ensure that there are strong, effective, and immediate remedies if one of the parties defaults in paying its share of JV costs. This chapter discusses those remedies and whether courts and tribunals have found them valid and effective, especially when some of them can be considered harsh on the defaulting party.
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DİLŞAH BUŞRA KARTAL · Kocaeli Üniversitesi - AVESİS · 2023
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University Press of Kansas eBooks · 2024
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Dilşah Buşra Kartal · 2023
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SpringerReference · 2011
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Sander Weinreb Caltech/jpl · 2001
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