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Western Hemisphere > Argentina

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Financial Economics x
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Cover IMF Working Papers
The Scalability of Credit-Enhanced EM Climate Debt: What Role Can Guarantees, Collateralization, Securitizations, and Investment Funds Play?
Peter Lindner
,
Ananthakrishnan Prasad
, and
Jean-Marie Masse
This paper reviews the main types of credit enhancement approaches used to support climate debt issuances by EMDE borrowers. Fragmentation on the part of the providers of credit enhancements was identified as a major factor impeding scalability of credit-enhanced debt. The acceptance of credit-enhanced debt is also hampered by the structural characteristics of the capital markets, especially the fragmentation of the investor base. To place significant amounts of credit-enhanced climate debt with private sector investors, MDBs, DFIs, and other stakeholders should focus on simple and replicable debt structures. Securitizations and investment funds could help fund private sector climate investments in EMDEs.
Keywords:
Credit enhancements; blended finance; debt-for-climate swaps; climate mitigation; climate adaptation; climate finance; guarantees; securitization.; climate debt; B. credit enhancement; EMDE investor base; enhancement approach; replicable debt structure; capital market consideration; Bonds; Loans; Credit; Securities; Global
Cover IMF Working Papers
Accounting for Output Drops in Latin America
Mr. Ruy Lama
This paper evaluates what type of models can account for the recent episodes of output drops in Latin America. I develop an open economy version of the business cycle accounting methodology (Chari, Kehoe, and McGrattan, 2007) in which output fluctuations are decomposed into four sources: total factor productivity (TFP), a labor wedge, a capital wedge, and a bond wedge. The paper shows that the most promising models are the ones that induce fluctuations of TFP and the labor wedge. On the other hand, models of fnancial frictions that translate into a bond or capital wedge are not successful in explaining output drops in Latin America. The paper also discusses the implications of these results for policy analysis using alternative DSGE models.
Keywords:
WP; open economy; labor wedge; working capital