2) Managing external debt using sustainability indicators
External debt management involves balancing resource mobilization and deployment as well as orderly repayment of future obligations. For sustainable debt management, policy makers need to project accurate debt dynamics that are sensitive to the way the current account deficits are being financed. If borrowed resources are not used produ
the part of the total debt in a country that is owed to creditors outside the country
money owed to private commercial banks, other governments, or international financial institutions such as the IMF and World Bank
Foreign debt management
1) Risk management
currency and interest rate movements
frequent commodity price fluctuations
The debt crises of the early 1980’s
oil price hikes
(2) 지방채의 특성
① 지방채는 재원조달을 목적으로 한다. 이점에서 재원조달을 직접목적으로 하지 않는 채무 부담행위와 구별된다.
② 특정사업을 수행하는데 필요한 경비를 충당하려는 특정재원이다.
③ 2년 이상에 걸쳐 장기 분할상환되는 채무로서, 당해연도의 수입으로 상환되는 일시차입
debt obligations; the higher the ratio, the more liquid the company is. Current ratio is equal to current assets divided by current liabilities. Digital Cube's figure is higher than Cowan's in 2006. But, Digital cube's current ratio decreases -33.6% [=variation:(2007ratio-2006ratio)/2006ratio)] in 2007. And Cowan's current ratio increases 35.63% in 2007 although in first time it is lower than Dig
debt financing
※Financing effect : Effect of using debt financing
However, APV method needs information about the size of debt financing.
For now, we will use given Market ratio for calculation.
Market ratio : 34.4% of debt, 65.6% of equity
First, the beta. Which beta should we use?
Since the 60 month data and 21 month data is highly skewed due to the eve