Mario, Cuevas (2007): A Practical Guide to the Assessment of the Vulnerability of the Non-Financial Private Sector. Forthcoming in: Banca & Finanzas: Documentos de Trabajo , Vol. 1, No. 2 (January 2007): pp. 1-18.
Download (112kB) | Preview
The paper proposes a practical guide to the evaluation of the financial and non-financial vulnerability of the private sector (excluding financial entities). It describes step by step the sequence of issues that should be examined to assess the level of vulnerability of the private sector, including factors arising from the financial markets, country-risk, common risk management practices in the corporate sector, and the general environment for corporate restructuring and governance. The paper also provides useful references for those seeking further information on a specific aspect of the vulnerability of the non-financial private sector.
|Item Type:||MPRA Paper|
|Institution:||Centro de Investigaciones Económicas Nacionales|
|Original Title:||A Practical Guide to the Assessment of the Vulnerability of the Non-Financial Private Sector|
|Keywords:||financial vulnerability; financial risk; country risk; corporate restructuring; corporate governance|
|Subjects:||G - Financial Economics > G3 - Corporate Finance and Governance > G30 - General
L - Industrial Organization > L1 - Market Structure, Firm Strategy, and Market Performance > L10 - General
G - Financial Economics > G3 - Corporate Finance and Governance > G34 - Mergers ; Acquisitions ; Restructuring ; Corporate Governance
O - Economic Development, Innovation, Technological Change, and Growth > O5 - Economywide Country Studies > O57 - Comparative Studies of Countries
G - Financial Economics > G3 - Corporate Finance and Governance > G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill
G - Financial Economics > G3 - Corporate Finance and Governance > G38 - Government Policy and Regulation
|Depositing User:||Mario Cuevas|
|Date Deposited:||08. Jan 2007|
|Last Modified:||12. Feb 2013 05:44|
AOKI, MASAHIKO, KIM, HYUNG-KI, Corporate Governance in Transitional Economies: Insider Control and the Role of Banks, The World Bank, 1995. A Guide for Hiring and Managing Advisors for Private Participation in Infrastructure, Public-Private Infrastructure Advisory Facility, The World Bank. BESANT-JONES, JOHN AND TENENBAUM, BERNARD, "Lessons from California's Power Crisis", Finance & Development, Vol. 38 (3), September 2001. BHANDARI, JAGDEEP AND WEISS, LAWRENCE, Corporate Bankruptcy: Economic and Legal Perspectives, Cambridge University Press, 1996. BOONE, AUDRA AND MULHERIN, HAROLD, "Valuing the Process of Corporate Restructuring", Claremont Colleges Working Papers in Economics, May 2001. BORNSTEIN, MORRIS, "Post-Privatization Enterprise Restructuring", Working Paper No. 327, Department of Economics, University of Michigan, July 2000. BOUBAKRI, NARJESS et al, "Post-Privatization Corporate Governance: The Role of Ownership Structure and Investor Protection", Journal of Financial Economics, 76 (369-399), 2005. BROGI, RICCARDO AND SANTELLA, PAOLO, "Two New Measures of Bankruptcy Efficiency", draft presented at the 2003 Annual Conference of the European Association of Law and Economics, September 2003. BUCK, TREVOR AND SHAHRIM, AZURA, "The Translation of Corporate Governance Changes Across National Cultures: The Case of Germany", Journal of International Business Studies, 36 (42-61), 2005. BUCKLEY, ROSS, "Turning Loans into Bonds: Lessons for East Asia From the Latin America Brady Plan", Journal of Restructuring Finance, Vol. 1, No. 1 (185-200), 2004. CASTREN, OLLI AND TAKALO, TUOMAS, "Capital Market Development, Corporate Governance and the Credibility of Exchange Rate Pegs", Working Paper No. 34, European Central Bank, October 2000. COMMITTEE ON THE GLOBAL FINANCIAL SYSTEM, "The Role of Ratings in Structured Finance: Issues and Implications", Bank for International Settlements, January 2005. "Corporate Governance and National Governance Systems: What Do Country Rankings Tell Us?", Deutsche Bank Research, Working Paper No. 16, November 2004. "Corporate Governance", Pacific Islands Forum Secretariat, Economic Ministers Forum Meeting, Republic of Marshall Islands, June 2003. DADO, MARINELA AND KLINGEBIEL, DANIELA, "Decentralized Creditor-Led Corporate Restructuring-Cross Country Experience", Policy Research Working Paper No. 2901, The World Bank, October 2002. "Debt Recoveries from Corporate Bankruptcies", Moody's Investors Service, Special Comment, June 1999. DECLERCQ, EDDY, "The Concept of Public-Private Partnerships", Terra et Aqua No. 75, June 1999 DELOITTE, "Assessing the Value of Enterprise Risk Management", 2004. DEUTSCHE BANK RESEARCH, "Corporate Practices and National Governance Systems: What Do Country Rankings Tell Us?”, Working Paper Series No. 16, November 2004. DOIDGE, CRAIG et al, "Why Do Countries Matter so Much for Corporate Governance?", NBER Working Paper Series No. 10726, August 2004. EHRHARDT, DAVID AND IRWIN, TIMOTHY, "Avoiding Customer and Taxpayer Bailouts in Private Infrastructure Projects", World Bank Policy Research Working Paper 3274, April 2004. ENGEL, EDUARDO et al, El Programa Chileno de Concesiones de Infraestructura: Evaluación, Experiencias y Perspectivas, Chapter 6, La Transformación Económica de Chile, Centro de Estudios Públicos 2001 ENGERMAN, STANLEY, SOKOLOFF, KENNETH, "Digging the Dirt at Public Expense-Governance in the Building of the Erie Canal and Other Public Works", NBER Working Paper Series No. 10965, December 2004. ERB, CLAUDE et al, "Political Risk, Economic Risk, and Financial Risk", Financial Analysts Journal, 52, Nov. - Dec. 1996. ESTACHE, ANTONIO, RODRIGUEZ-PARDINA, MARTIN, "Light and Lightening at the End of the Public Tunnel: The Reform of the Electricity Sector in the Southern Cone", World Bank Working Paper 2074, March 1999. FITCH RATINGS, "Public-Private Partnerships: the Next Generation of Infrastructure Finance", Special Report, August 2004. FITCH RATINGS, "Structured Finance and Partial Credit Guarantees in Latin America's Domestic Markets", presentation June 2004. FREMOND, OLIVIER, CAPAUL, MIERTA, "The State of Corporate Governance - Experience From Country Assessments", Policy Research Working Paper No. 2858, The World Bank, June 2002. GRAY, PHILIP, "Colombia's Gradualist Approach to Private Participation in Infrastructure", Public Policy for the Private Sector No. 113, The World Bank, May 1997. GRAY, PHILIP, IRWIN, TIMOTHY, "Exchange Rate Risk - Reviewing the Record for Private Infrastructure Contracts", Public Policy for the Private Sector No. 262, The World Bank, June 2003. GRAY, PHILIP, IRWIN, TIMOTHY, "Exchange Rate Risk - Allocating Exchange Rate Risk in Private Infrastructure Projects", Public Policy for the Private Sector No. 266, The World Bank, June 2003. GUGLER, KLAUS et al, "The Impact of Corporate Governance on Investment Returns in Developed and Developing Countries", The Economic Journal, 113 (511-539), November 2003. "Guidelines for Successful Public-Private Partnerships", European Commission, March 2003. HANSMANN, HENRY, KRAAKMAN, REINIER, "The End of History for Corporate Law", The Center for Law, Economics and History, Harvard Law School Discussion Paper No. 280, March 2000. HENISZ, WITHOLD, ZELNER, BENNET, "Managing to Keep the Lights On (and the Profits Flowing) - Political Risk Identification, Mitigation and Analysis in Electricity Generation", presented in the Fifth Annual Conference of the International Society for New Institutional Economics, September 2001. HOPT, KLAUS et al, Comparative Corporate Governance-The State of the Art and Emerging Research, Oxford University Press, 1998. IRWIN, TIMOTHY, "Public Money for Private Infrastructure-Deciding When to Offer Guarantees, Output-Based Subsidies, and Other Fiscal Support", World Bank Working Paper No. 10, July 2003. IRWIN, TIMOTHY, YAMAMOTO, CHIAKI, "Some Options for Improving the Governance of State-Owned Electricity Utilities", Energy and Mining Sector Board Working Paper No. 11, The World Bank, February 2004. IZAGUIRRE, KARINA, "Private Infrastructure: A Review of Projects with Private Participation, 1990-2001", Public Policy for the Private Sector No. 250, The World Bank, 2002. IZAGUIRRE, KARINA, "Private Power Projects - Annual Investment Flows Grew by 44 Percent in 2003", Public Policy for the Private Sector No. 281, The World Bank, December 2004. KAHN, ALFRED, The Economics of Regulation: Principles and Institutions, The MIT Press, 1995. KAREKEZI, STEPHEN, MAJORO, LUGARD, "Improving Modern Energy Service for Africa's Urban Poor", Energy Policy, 30 (1015-1028), 2002. KERF, MICHEL et al, "Concessions for Infrastructure: A Guide to Their Design and Award", World Bank Technical Paper No. 399, 1998. KESSIDES, IOANNIS, "Reforming Infrastructure: Privatization, Regulation, and Competition", World Bank Policy Research Report, World Bank, Washington, D.C., January 2004. KISHI, MASUMI, "Foreign Direct Investment by Japanese Firms and Corporate Governance in Relation to the Monetary Policies of China, Korea and Japan", Journal of Asian Economics, 13 (741-748), 2003. KLEIN, MICHAEL, "Transactions Costs in Private Infrastructure Projects-Are They Too High?", Public Policy for the Private Sector No. 95, October 1996. KLEIN, MICHAEL, "Bidding for Concessions - The Impact of Contract Design", Public Policy for the Private Sector No. 158, November 1998. KREPS, DAVID, A Course in Microeconomic Theory, Harvester Wheatsheaf, 1990. "Legislative Guide on Insolvency Law", UNCITRAL, June 2004. LEWIS, CHRISTOPHER, MODY, ASHOKA, "The Management of Contingent Liabilities-A Risk Management Framework for National Governments", Chapter 6 in Dealing With Public Risk in Private Infrastructure, The World Bank, 1997. LYNCH, DAVID, "Financing Private Infrastructure Projects-Australian Investment Bank's Experience", Briefing Paper for the APEC Financiers Meeting, Tokyo, Japan, February 1996. MARRISON, CHRIS, The Fundamentals of Risk Measurement, McGraw-Hill, 2002. MEYERMAN, GERALD et al, "Corporate Restructuring and Governance in East Asia", Finance & Development, Vol. 36 (1), March 1999. MEYERMAN, GERALD, "The London Approach and Corporate Debt Restructuring in East Asia", Chapter 10 in Managing Financial and Corporate Distress: Lessons from Asia, Brookings Institution Press, 2000. MOODY'S INVESTORS SERVICE, Project & Infrastructure Finance Sourcebook, December 2003. NEWBERY, DAVID, Privatization, Restructuring and Regulation of Network Utilities, MIT Press, 1999. NIKOMBORIRAK, DEUNDEN, "Private Sector Participation in Infrastructure-The Case of Thailand", Institute Discussion Paper No. 19, ADB, December 2004. PAREDES, RICARDO, "Redistributive Impact of Privatization and the Regulation of Utilities in Chile", World Institute for Development Economics Research, Discussion Paper No. 2001/19, June 2001. RECTOR, JEFF, "The IPP Investment Experience in Malaysia", Working Paper No. 46, Program on Energy and Sustainable Development, Stanford University, August 2005. RIVAS, RITA, "A Formula for Infrastructure Financing Success", based in part on a Roundtable for Innovative Financing for Infrastructure, Interamerican Development Bank, October 1995. SADER, FRANK, "Attracting Foreign Direct Investment Into Infrastructure - Why Is It So Difficult?", Foreign Investment Advisory Service, Occasional Paper 12, 2000. SHAW, M. N., International Law, Cambridge University Press, Third Edition, 1995. SINGH, AJIT, "Competition, Corporate Governance and Selection in Emerging Markets", The Economic Journal, 113 (443-464), November 2003. STANDARD & POOR'S “Project & Infrastructure Finance Review" October 2001. STILPON, NESTOR, "Insolvency Systems and Corporate Governance: Some General Remarks", presented at the Third Meeting of Latin American Corporate Governance Roundtable, Mexico City, April 2002. STRONG, JOHN et al, "Managing Risks of Infrastructure Investment in Latin America -Lessons, Issues and Prescriptions", Working Paper, Interamerican Development Bank. "Study on Investment and Private Sector Participation in Power Distribution in the Latin American and Caribbean Region", Energy Sector Management Assistance Program, The World Bank, April 2005 (draft). TEICHMAN, JUDITH, "Private Sector Power and Market Reform: Exploring the Domestic Origin of Argentina's Meltdown and Mexico's Policy Failure", Third World Quarterly, Vol. 23, No. 3 (491-512), 2002. "The OECD Principles of Corporate Governance", OECD Policy Brief, August 2004. "The OECD Principles of Corporate Governance", OECD, 2004. The Professional Risk Managers' Handbook - A Comprehensive Guide to Current Theory and Best Practices, Professional Risk Managers International Association, 2004. TIROLE, JEAN, The Theory of Industrial Organization, The MIT Press, 1992. TURKSON, JOHN, WOHLGEMUTH, NORBERT, "Power Sector Reform and Distributed Generation in Sub-Saharan Africa", Energy Policy, 29 (135-145), 2001. UYEMURA, DENNIS, VAN DEVENTER, DONALD, Financial Risk Management in Banking - The Theory and Application of Asset & Liability Management, McGraw-Hill, 1993. VISCUSI, KIP et al, Economics of Regulation and Antitrust, The MIT Press, 1996. WORLD DEVELOPMENT REPORT, Entering the 21st Century, The World Bank, 1999. WORLD DEVELOPMENT REPORT, Sustainable Development in a Dynamic World: Transforming Institutions, Growth and Quality of Life, The World Bank, 2003. WOODHOUSE, ERIK, "The Experience of Independent Power Producers in Developing Countries", Seminar Draft, Program on Energy and Sustainable Development, Stanford University, June 2005. WORENKLEIN, JACOB, "The Global Crises in Power and Infrastructure-Lessons Learned and New Directions", Journal of Structured and Project Finance, Vol. 9, Issue 1, Spring 2003. ZIEGEL, JACOB, Current Developments in International and Comparative Corporate Insolvency Law, Oxford University Press, 1994.