Titlebook: ;

Paleontology

搏斗

物质

厌食症

Concluding Remarks,DP-linked security is that it enables him/her to express a view on growth prospects. Spontaneous emergence of these assets is not likely, however, since any single-country pioneer has to confront the likely existence of a novelty premium as well as a lack of competition in keeping premia low.

贸易

Introduction,definition a fixed return. It defines a GDP-linked security as any instrument that pays a rate of return that depends upon GDP or its growth rate. The remainder of the chapter is devoted to outlining the chapters that follow.

反复无常

History and Precedents,nt. Some years later Eduardo Borensztein and Paolo Mauro proposed a different version of GDP-linked securities (dubbed BM), and during a meeting in the UN in 2005 Daniel Schydlowsky made yet another proposal (dubbed DS). The chapter recalls the academic debate about these proposals. Meanwhile the fi

MAIM

The Variants of GDP-Linked Securities,like a conventional bond; the . varies positively with the increase in GDP. In a DS-variant the charge to the debtor is as in a BM-variant, but the part paid over to the creditor is as in a plain vanilla loan; the balance is capitalized. It looks as though BM changes more than RS in response to a qu

cornucopia

The Benefits of GDP-Linked Securities,k is shifted to lenders; a reduction in the danger of default; certain growth-linked securities have valuable anti-cyclical fiscal properties; it expands fiscal space; GDP-linked securities have a particular attraction for countries that have entered a monetary union; finally, it may ease the task o

污点

Derogate

Topics in the Demand for GDP-Linked Securities,lims. Islamic law prescribes four characteristics for financial assets before they can be deemed to earn the adjective “Islamic.” The most famous is that they should avoid .. Many Islamic scholars argue that elimination of . implies avoidance of any and all interest payments. This explains why those