tailieunhanh - Diaspora Bonds as a New Funding Vehicle for Developing Countries

Without a workable EU remedy for the sovereign debt problems, countries like Portugal, Spain and Italy are being treated by the market, which so far has ignored the European rescue fund and related efforts to calm the crisis, as potential defaulters. This could lead to some countries being forced by financial markets to “restructure” their debt (under the circumstances this would be effectively defaulting on their outstanding obligations) with potentially catastrophic consequences for those countries as well as for the future of the Euro and the EU | Diaspora Bonds as a New Funding Vehicle for Developing Countries Suhas L. Ketkar and Dilip Ratha Suhas L. Ketkar is Professor of Economics and Director of the Graduate Program in Economic Development at Vanderbilt University and a consultant at the World Bank and Dilip Ratha is Senior Economist at the World Bank. The research was funded by the World Bank. The views expressed in the paper are those of the authors and not necessarily of the World Bank or other institutions of our current or previous associations. Discussions with David Beers of Standard and Poors Pratima Das of the State Bank of India V. Gopinathan of SBICAP Securities Deepak Mohanty of the International Monetary Fund Jonathan Schiffer of Moody s Shirley Strifler of Israel s Ministry of Finance and Tamar Roth-Drach from its Economic Mission to the United Nations and Sanket Mohapatra of the World Bank are gratefully acknowledged. Comments on this draft are welcome and may be sent to or dratha@. 1 Abstract A diaspora bond is a debt instrument issued by a country - or potentially a sub-sovereign entity or a private corporation - to raise financing from its overseas diaspora. Israel and India have raised 35-40 billion using these bonds. Drawing on their experiences this paper discusses the rationale methodology and factors affecting the issuance of diaspora bonds for raising external development finance. The rationale behind the Government of Israel s issuance of diaspora bonds has been different from that of the Government of India s. The Government of Israel has offered a flexible menu of diaspora bonds since 1951 to keep the Jewish diaspora engaged. The Indian authorities in contrast have used this instrument for balance of payments support to raise financing during times when they had difficulty in accessing international capital markets. Diaspora bonds are often sold at a premium to the diaspora members thus fetching a patriotic discount in borrowing costs. .

• Ngân hàng - Tín dụng
• Identification Rules
• Multiple Property
• Papillomavirus Infection
• Croatian Men
• Prevalence
• HPV Type Distribution