Global Corporate Stress Tests Impact Of The Covid 19 Pandemic And Policy Responses PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Global Corporate Stress Tests Impact Of The Covid 19 Pandemic And Policy Responses PDF full book. Access full book title Global Corporate Stress Tests Impact Of The Covid 19 Pandemic And Policy Responses.
| Author | : Mr. Thierry Tressel |
| Publisher | : International Monetary Fund |
| Total Pages | : 54 |
| Release | : 2021-08-06 |
| Genre | : Business & Economics |
| ISBN | : 1513590820 |
Download Global Corporate Stress Tests—Impact of the COVID-19 Pandemic and Policy Responses Book in PDF, ePub and Kindle
Corporate sector vulnerabilities have been a central policy topic since the outset of the COVID-19 pandemic. In this paper, we analyze some 17,000 publicly listed firms in a sample of 24 countries, and assess their ability to withstand shocks induced by the pandemic to their liquidity, viability and solvency. For this purpose, we develop novel multi-factor sensitivity analysis and dynamic scenario-based stress test techniques to assess the impact of shocks on firm’s ability to service their debt, and on their liquidity and solvency positions. Applying the October 2020 WEO baseline and adverse scenarios, we find that a large share of publicly-listed firms become vulnerable as a result of the pandemic shock and additional borrowing needs to overcome cash shortfalls are large, while firm behavioral responses and policies substantially help overcome the impact of the shock in the near term. Looking forward, while interest coverage ratios tend to improve over time after the initial shock as earnings recover in line with projected macroeconomic conditions, liquidity needs remain substantial in many firms across countries and across industries, while insolvencies rise over time in specific industries. To inform policy debates, we offer an approach to a triage between viable and unviable firms, and find that the needs for liquidity support of viable firms remain important beyond 2020, and that medium-term debt restructuring needs and liquidations of firms may be substantial in the medium-term.
| Author | : Mr.Christian H Ebeke |
| Publisher | : International Monetary Fund |
| Total Pages | : 48 |
| Release | : 2021-03-02 |
| Genre | : Business & Economics |
| ISBN | : 1513570919 |
Download Corporate Liquidity and Solvency in Europe during COVID-19: The Role of Policies Book in PDF, ePub and Kindle
The spread of COVID-19, containment measures, and general uncertainty led to a sharp reduction in activity in the first half of 2020. Europe was hit particularly hard—the economic contraction in 2020 is estimated to have been among the largest in the world—with potentially severe repercussions on its nonfinancial corporations. A wave of corporate bankruptcies would generate mass unemployment, and a loss of productive capacity and firm-specific human capital. With many SMEs in Europe relying primarily on the banking sector for external finance, stress in the corporate sector could easily translate into pressures in the banking system (Aiyar et al., forthcoming).
| Author | : Sharjil M. Haque |
| Publisher | : International Monetary Fund |
| Total Pages | : 51 |
| Release | : 2021-11-05 |
| Genre | : Business & Economics |
| ISBN | : 1589064127 |
Download The COVID-19 Impact on Corporate Leverage and Financial Fragility Book in PDF, ePub and Kindle
We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is stronger for firms exposed to significant rollover risk, while firms whose businesses were most vulnerable to social distancing did not reduce leverage. We rationalize our evidence through a structural model of firm value that shows lower expected growth rate and higher volatility of cash flows following COVID-19 reduced optimal levels of corporate leverage. Model-implied optimal leverage indicates firms which did not de-lever became over-leveraged. We find default probability deteriorates most in large, over-leveraged firms and those that were stressed pre-COVID. Additional stress tests predict value of these firms will be less than one standard deviation away from default if cash flows decline by 20 percent.
| Author | : Lucyna Gornicka |
| Publisher | : International Monetary Fund |
| Total Pages | : 31 |
| Release | : 2021-11-19 |
| Genre | : Business & Economics |
| ISBN | : 1589065875 |
Download Corporate Sector Resilience in India in the Wake of the COVID-19 Shock Book in PDF, ePub and Kindle
To assess the resilience of India’s corporate sector against COVID-19-related shocks, we conducted a series of stress tests using firm-level corporate balance sheet data. The results reveal a differential impact across sectors, with the most severe impact on contact-intensive services, construction, and manufacturing sectors, and micro, small, and medium enterprises. On policy impact, the results highlight that temporary policy measures have been particularly effective in supporting firm liquidity, but the impact on solvency is less pronounced. On financial sector balance sheets, we found that public sector banks are more vulnerable to stress in the corporate sector, partly due to their weaker starting capital positions. When considering forward-looking multiperiod growth scenarios, we find that the overall corporate performance will depend on the speed of recovery. A slower pace of recovery could lead to persistently high levels of debt at risk, especially in some services and industrial sectors.
| Author | : Mark P. Taylor |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2012 |
| Genre | : Financial crises |
| ISBN | : 9780415657921 |
Download The Global Financial Crisis Book in PDF, ePub and Kindle
The global financial crisis has sent shockwaves through the world’s economies, and its effects have been deep and wide-reaching. This book brings together a range of applied studies, covering a range of international and regional experience in the area of finance in the context of the global downturn. The volume includes an exploration of the impact of the crisis on capital markets, and how corporate stakeholders need to be more aware of the decision-making processes followed by corporate executives, as well as an analysis of the policy changes instituted by the Fed and their effects. Other issues covered include research into the approach of solvent banks to toxic assets, the determinants of US interest rate swap spreads during the crisis, a new approach for estimating Value-at-Risk, how distress and lack of active trading can result in systemic panic attacks, and the dynamic interactions between real house prices, consumption expenditure and output. Highlighting the global reach of the crisis, there is also coverage of recent changes in the cross-currency correlation structure, the costs attached to global banking financial integration, the interrelationships among global stock markets, inter-temporal interactions between stock return differential relative to the US and real exchange rate in the two most recent financial crises, and research into the recent slowdown in workers’ remittances. This book was published as a special issue of Applied Financial Economics.
| Author | : Mr. Philip Barrett |
| Publisher | : International Monetary Fund |
| Total Pages | : 23 |
| Release | : 2021-07-30 |
| Genre | : Business & Economics |
| ISBN | : 1513587900 |
Download After-Effects of the COVID-19 Pandemic: Prospects for Medium-Term Economic Damage Book in PDF, ePub and Kindle
The COVID-19 pandemic has led to a severe global recession with differential impacts within and across countries. This paper examines the possible persistent effects (scarring) of the pandemic on the economy and the channels through which they may occur. History suggests that deep recessions often leave long-lived scars, particularly to productivity. Importantly, financial instabilities—typically associated with worse scarring—have been largely avoided in the current crisis so far. While medium-term output losses are anticipated to be lower than after the global financial crisis, they are still expected to be substantial. The degree of expected scarring varies across countries, depending on the structure of economies and the size of the policy response. Emerging market and developing economies are expected to suffer more scarring than advanced economies.
| Author | : Office for Budget Responsibility |
| Publisher | : The Stationery Office |
| Total Pages | : 164 |
| Release | : 2010-11-29 |
| Genre | : Business & Economics |
| ISBN | : 9780101797924 |
Download Economic and fiscal outlook Book in PDF, ePub and Kindle
The Office for Budget Responsibility was established to provide independent and authoritative analysis of the UK's public finances. Part of this role includes producing the official economic and fiscal forecasts. This report sets out forecasts for the period to 2015-16. The report also assesses whether the Government is on course to meet the medium-term fiscal objectives and presents preliminary observations on the long-run sustainability of the public finances. Since the June forecast, the UK economy has recovered more strongly than initially expected. The GDP growth was greater than expected in both the 2nd and 3rd quarters, but that unemployment levels have risen to levels that the June forecast did not anticipate until the middle of 2012. In general the world economy has also grown more strongly. CPI inflation has remained slightly higher than expected in June, whilst public finances have performed as forecast. The interest rates on UK debt are lower than in June. The OBR forecasts that the economy will continue to recover from the recession, but at a slower pace than the recoveries of the 1970s, 1980s and 1990s. The publication is divided into 5 chapters with two annexes.
| Author | : International Monetary Fund. Secretary's Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 74 |
| Release | : 2021-10-04 |
| Genre | : Business & Economics |
| ISBN | : 1513568817 |
Download International Monetary Fund Annual Report 2021 Book in PDF, ePub and Kindle
A recovery is underway, but the economic fallout from the global pandemic could be with us for years to come. With the crisis exacerbating prepandemic vulnerabilities, country prospects are diverging. Nearly half of emerging market and developing economies and some middle-income countries are now at risk of falling further behind, undoing much of the progress made toward achieving the UN Sustainable Development Goals.
| Author | : Scott L Greer |
| Publisher | : University of Michigan Press |
| Total Pages | : 416 |
| Release | : 2021-04-19 |
| Genre | : Political Science |
| ISBN | : 0472902466 |
Download Coronavirus Politics Book in PDF, ePub and Kindle
COVID-19 is the most significant global crisis of any of our lifetimes. The numbers have been stupefying, whether of infection and mortality, the scale of public health measures, or the economic consequences of shutdown. Coronavirus Politics identifies key threads in the global comparative discussion that continue to shed light on COVID-19 and shape debates about what it means for scholarship in health and comparative politics. Editors Scott L. Greer, Elizabeth J. King, Elize Massard da Fonseca, and André Peralta-Santos bring together over 30 authors versed in politics and the health issues in order to understand the health policy decisions, the public health interventions, the social policy decisions, their interactions, and the reasons. The book’s coverage is global, with a wide range of key and exemplary countries, and contains a mixture of comparative, thematic, and templated country studies. All go beyond reporting and monitoring to develop explanations that draw on the authors' expertise while engaging in structured conversations across the book.
| Author | : National Academies Of Sciences Engineeri |
| Publisher | : National Academies Press |
| Total Pages | : |
| Release | : 2021-12-09 |
| Genre | : Political Science |
| ISBN | : 9780309268370 |
Download Impact of Covid-19 on the Careers of Women in Academic Sciences, Engineering, and Medicine Book in PDF, ePub and Kindle
The spring of 2020 marked a change in how almost everyone conducted their personal and professional lives, both within science, technology, engineering, mathematics, and medicine (STEMM) and beyond. The COVID-19 pandemic disrupted global scientific conferences and individual laboratories and required people to find space in their homes from which to work. It blurred the boundaries between work and non-work, infusing ambiguity into everyday activities. While adaptations that allowed people to connect became more common, the evidence available at the end of 2020 suggests that the disruptions caused by the COVID-19 pandemic endangered the engagement, experience, and retention of women in academic STEMM, and may roll back some of the achievement gains made by women in the academy to date. Impact of COVID-19 on the Careers of Women in Academic STEMM identifies, names, and documents how the COVID-19 pandemic disrupted the careers of women in academic STEMM during the initial 9-month period since March 2020 and considers how these disruptions - both positive and negative - might shape future progress for women. This publication builds on the 2020 report Promising Practices for Addressing the Underrepresentation of Women in Science, Engineering, and Medicine to develop a comprehensive understanding of the nuanced ways these disruptions have manifested. Impact of COVID-19 on the Careers of Women in Academic STEMM will inform the academic community as it emerges from the pandemic to mitigate any long-term negative consequences for the continued advancement of women in the academic STEMM workforce and build on the adaptations and opportunities that have emerged.
