FYR Macedonia Policy-Based Guarantee : Supporting the Development Agenda and Strengthening Access to Capital Markets
The ongoing global economic turmoil is seriously impeding client countries access to capital markets, with relatively little regard for the fundamentals of the countries involved. Growing risk aversion among investors has triggered a flight-to-qu...
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| Format: | Brief |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2013/01/17480627/macedonia-former-yugoslav-republic-policy-based-guarantee-supporting-development-agenda-strengthening-access-capital-markets http://hdl.handle.net/10986/17044 |
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okr-10986-170442021-04-23T14:03:33Z FYR Macedonia Policy-Based Guarantee : Supporting the Development Agenda and Strengthening Access to Capital Markets Najdov, Evgenij ACCESS TO CAPITAL ACCESS TO CAPITAL MARKETS ACCESS TO MARKET ACCESS TO MARKETS ASSETS BALANCE SHEETS BANK FINANCING BANK LOAN BASIS POINTS BOND MARKET BONDS BORROWER BORROWING STRATEGY CADASTRE CAPITAL FLOWS CAPITAL MARKETS CENTRAL BANK CLIENT COUNTRIES COMMERCIAL BORROWING COMMERCIAL FUNDING COMMERCIAL LOAN CONTRACT RIGHTS CREDIT RISK CREDITOR DEBT LEVELS DEBT MATURITY DEBT SERVICE DEBT SERVICE PAYMENTS DEBT SERVICING DEBT SERVICING COSTS DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPING ECONOMY DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET EMERGING MARKET EUROBOND EXCHANGE RATE EXPOSURE EXTERNAL FINANCING EXTERNAL FUNDING FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL SECTOR FINANCIAL SERVICE FINANCIAL STABILITY FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FOREIGN BANKS FOREIGN DIRECT INVESTMENTS FUTURE GROWTH GLOBAL INVESTORS GUARANTEE FEE GUARANTEE FEES HUMAN RESOURCES INCOME INFORMATION SYSTEM INSTRUMENT INSURANCE INTEREST EXPENDITURES INTEREST RATE INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL MONEY MARKETS INVESTMENT CLIMATE INVESTOR BASE ISSUANCES JUDICIARY LABOR MARKET LABOR MARKETS LENDERS LEVERAGE LOAN LOAN MARKET MACROECONOMIC MANAGEMENT MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARKET ACCESS MARKET BORROWING MARKET CONDITIONS MARKET ENVIRONMENT MIGRATION MONETARY AUTHORITY MONETARY POLICY OUTPUT PORTFOLIO PRESENT VALUE PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PRIVATE INVESTORS PRIVATE LENDERS PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC FINANCES REFORM PROGRAM RISK AVERSION RISK FACTORS SAFETY NET SAVINGS SECURITIES SOCIAL PROTECTION SOCIAL SAFETY NET SPREAD SWAP TELECOMMUNICATIONS TRACK RECORD TRANSACTION TREASURY TREASURY BILLS The ongoing global economic turmoil is seriously impeding client countries access to capital markets, with relatively little regard for the fundamentals of the countries involved. Growing risk aversion among investors has triggered a flight-to-quality that is affecting all but the safest assets (AAA-rated). Small, open, and developing economies in Europe and Central Asia, including FYR Macedonia, are being exceptionally hurt. Despite its history of prudent macroeconomic policies and progress on structural reforms, FYR Macedonia s access to capital markets has been virtually closed or available only on very unfavorable terms. Policy-Based Guarantees (PBG) help well-performing clients with a track record of macro stability and structural reforms mitigate market access risks while advancing a country s development policy dialogue. PBGs also have the added benefit of catalyzing private capital flows by alleviating critical risks. The PBG extended by the World Bank to FYR Macedonia ensured the country s access to markets in a virtually closed market environment and at highly competitive terms. 2014-02-12T19:51:51Z 2014-02-12T19:51:51Z 2013-01 http://documents.worldbank.org/curated/en/2013/01/17480627/macedonia-former-yugoslav-republic-policy-based-guarantee-supporting-development-agenda-strengthening-access-capital-markets http://hdl.handle.net/10986/17044 English en_US Europe and Central Asia knowledge brief;issue no. 60 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Brief Publications & Research Europe and Central Asia Macedonia, former Yugoslav Republic of North Macedonia (Formerly the Former Yugoslav Republic of Macedonia) |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCESS TO CAPITAL ACCESS TO CAPITAL MARKETS ACCESS TO MARKET ACCESS TO MARKETS ASSETS BALANCE SHEETS BANK FINANCING BANK LOAN BASIS POINTS BOND MARKET BONDS BORROWER BORROWING STRATEGY CADASTRE CAPITAL FLOWS CAPITAL MARKETS CENTRAL BANK CLIENT COUNTRIES COMMERCIAL BORROWING COMMERCIAL FUNDING COMMERCIAL LOAN CONTRACT RIGHTS CREDIT RISK CREDITOR DEBT LEVELS DEBT MATURITY DEBT SERVICE DEBT SERVICE PAYMENTS DEBT SERVICING DEBT SERVICING COSTS DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPING ECONOMY DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET EMERGING MARKET EUROBOND EXCHANGE RATE EXPOSURE EXTERNAL FINANCING EXTERNAL FUNDING FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL SECTOR FINANCIAL SERVICE FINANCIAL STABILITY FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FOREIGN BANKS FOREIGN DIRECT INVESTMENTS FUTURE GROWTH GLOBAL INVESTORS GUARANTEE FEE GUARANTEE FEES HUMAN RESOURCES INCOME INFORMATION SYSTEM INSTRUMENT INSURANCE INTEREST EXPENDITURES INTEREST RATE INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL MONEY MARKETS INVESTMENT CLIMATE INVESTOR BASE ISSUANCES JUDICIARY LABOR MARKET LABOR MARKETS LENDERS LEVERAGE LOAN LOAN MARKET MACROECONOMIC MANAGEMENT MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARKET ACCESS MARKET BORROWING MARKET CONDITIONS MARKET ENVIRONMENT MIGRATION MONETARY AUTHORITY MONETARY POLICY OUTPUT PORTFOLIO PRESENT VALUE PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PRIVATE INVESTORS PRIVATE LENDERS PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC FINANCES REFORM PROGRAM RISK AVERSION RISK FACTORS SAFETY NET SAVINGS SECURITIES SOCIAL PROTECTION SOCIAL SAFETY NET SPREAD SWAP TELECOMMUNICATIONS TRACK RECORD TRANSACTION TREASURY TREASURY BILLS |
| spellingShingle |
ACCESS TO CAPITAL ACCESS TO CAPITAL MARKETS ACCESS TO MARKET ACCESS TO MARKETS ASSETS BALANCE SHEETS BANK FINANCING BANK LOAN BASIS POINTS BOND MARKET BONDS BORROWER BORROWING STRATEGY CADASTRE CAPITAL FLOWS CAPITAL MARKETS CENTRAL BANK CLIENT COUNTRIES COMMERCIAL BORROWING COMMERCIAL FUNDING COMMERCIAL LOAN CONTRACT RIGHTS CREDIT RISK CREDITOR DEBT LEVELS DEBT MATURITY DEBT SERVICE DEBT SERVICE PAYMENTS DEBT SERVICING DEBT SERVICING COSTS DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPING ECONOMY DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET EMERGING MARKET EUROBOND EXCHANGE RATE EXPOSURE EXTERNAL FINANCING EXTERNAL FUNDING FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL SECTOR FINANCIAL SERVICE FINANCIAL STABILITY FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FOREIGN BANKS FOREIGN DIRECT INVESTMENTS FUTURE GROWTH GLOBAL INVESTORS GUARANTEE FEE GUARANTEE FEES HUMAN RESOURCES INCOME INFORMATION SYSTEM INSTRUMENT INSURANCE INTEREST EXPENDITURES INTEREST RATE INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL MONEY MARKETS INVESTMENT CLIMATE INVESTOR BASE ISSUANCES JUDICIARY LABOR MARKET LABOR MARKETS LENDERS LEVERAGE LOAN LOAN MARKET MACROECONOMIC MANAGEMENT MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARKET ACCESS MARKET BORROWING MARKET CONDITIONS MARKET ENVIRONMENT MIGRATION MONETARY AUTHORITY MONETARY POLICY OUTPUT PORTFOLIO PRESENT VALUE PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PRIVATE INVESTORS PRIVATE LENDERS PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC FINANCES REFORM PROGRAM RISK AVERSION RISK FACTORS SAFETY NET SAVINGS SECURITIES SOCIAL PROTECTION SOCIAL SAFETY NET SPREAD SWAP TELECOMMUNICATIONS TRACK RECORD TRANSACTION TREASURY TREASURY BILLS Najdov, Evgenij FYR Macedonia Policy-Based Guarantee : Supporting the Development Agenda and Strengthening Access to Capital Markets |
| geographic_facet |
Europe and Central Asia Macedonia, former Yugoslav Republic of North Macedonia (Formerly the Former Yugoslav Republic of Macedonia) |
| relation |
Europe and Central Asia knowledge brief;issue no. 60 |
| description |
The ongoing global economic turmoil is
seriously impeding client countries access to capital
markets, with relatively little regard for the fundamentals
of the countries involved. Growing risk aversion among
investors has triggered a flight-to-quality that is
affecting all but the safest assets (AAA-rated). Small,
open, and developing economies in Europe and Central Asia,
including FYR Macedonia, are being exceptionally hurt.
Despite its history of prudent macroeconomic policies and
progress on structural reforms, FYR Macedonia s access to
capital markets has been virtually closed or available only
on very unfavorable terms. Policy-Based Guarantees (PBG)
help well-performing clients with a track record of macro
stability and structural reforms mitigate market access
risks while advancing a country s development policy
dialogue. PBGs also have the added benefit of catalyzing
private capital flows by alleviating critical risks. The PBG
extended by the World Bank to FYR Macedonia ensured the
country s access to markets in a virtually closed market
environment and at highly competitive terms. |
| format |
Publications & Research :: Brief |
| author |
Najdov, Evgenij |
| author_facet |
Najdov, Evgenij |
| author_sort |
Najdov, Evgenij |
| title |
FYR Macedonia Policy-Based Guarantee : Supporting the Development Agenda and Strengthening Access to Capital Markets |
| title_short |
FYR Macedonia Policy-Based Guarantee : Supporting the Development Agenda and Strengthening Access to Capital Markets |
| title_full |
FYR Macedonia Policy-Based Guarantee : Supporting the Development Agenda and Strengthening Access to Capital Markets |
| title_fullStr |
FYR Macedonia Policy-Based Guarantee : Supporting the Development Agenda and Strengthening Access to Capital Markets |
| title_full_unstemmed |
FYR Macedonia Policy-Based Guarantee : Supporting the Development Agenda and Strengthening Access to Capital Markets |
| title_sort |
fyr macedonia policy-based guarantee : supporting the development agenda and strengthening access to capital markets |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2013/01/17480627/macedonia-former-yugoslav-republic-policy-based-guarantee-supporting-development-agenda-strengthening-access-capital-markets http://hdl.handle.net/10986/17044 |
| _version_ |
1764435235716464640 |