scholarly journals Feeling the Blues. Moral Hazard and Debt Dilution in Eurobonds Before 1914

2014 ◽  
Author(s):  
Rui Esteves ◽  
Ali Coskun Tuncer
Keyword(s):  
Moral Hazard ◽  
Debt Dilution

scholarly journals Eurobonds Past and Present: A Comparative Review on Debt Mutualization in Europe

2016 ◽  
Vol 12 (3) ◽  
Author(s):  
Rui Pedro Esteves ◽  
Ali Coşkun Tunçer
Keyword(s):  
Moral Hazard ◽  
Financial Control ◽  
Current Debate ◽  
Historical Evidence ◽  
Market Participants ◽  
Historical Literature ◽  
Key Characteristics ◽  
Comparative Review ◽  
Short Run ◽  
Debt Dilution

AbstractThis paper reviews the economic and historical literature on debt mutualization in Europe with reference to pre-1914 guaranteed bonds and the current Eurobonds debate. We argue that, notwithstanding the differences in scale and nature, debt mutualization solutions similar to Eurobonds were tried before, and the closest historical examples to the present debate are the pre-1914 guaranteed bonds. We highlight three key characteristics of debt mutualization, which are apparent both in the current debate and in history: moral hazard, debt dilution and conditionality. We show that the fears about short-run dilution and moral hazard were not unknown to pre-1914 market participants. These problems were partly addressed by mechanisms of conditionality such as international financial control. The historical evidence suggests that the dilution of outstanding obligations may be overplayed in the current debate. On the contrary, creditors’ moral hazard (ignored in current debt mutualization proposals) was as problematic as the usual debtor’s moral hazard –especially when the groups of countries guaranteeing the bonds and the creditor nations did not overlap entirely.

scholarly journals Feeling the blues Moral hazard and debt dilution in Eurobonds before 1914

2016 ◽  
Vol 65 ◽  
pp. 46-68 ◽  
Author(s):  
Rui Pedro Esteves ◽  
Ali Coşkun Tunçer
Keyword(s):  
Moral Hazard ◽  
Debt Dilution

AGENCY PROBLEM DALAM PENERAPAN PEMBIAYAAN AKAD MUDHARABAH PADA PERBANKAN SYARIAH

ALQALAM ◽  
2016 ◽  
Vol 33 (1) ◽  
pp. 46
Author(s):  
Aswadi Lubis
Keyword(s):  
High Risk ◽  
Asymmetric Information ◽  
Human Resources ◽  
Moral Hazard ◽  
Adverse Selection ◽  
Agency Problem ◽  
Agency Problems ◽  
Islamic Banking ◽  
The Public

The purpose of writing this article is to describe the agency problems that arise in the application of the financing with mudharabah on Islamic banking. In this article the author describes the use of the theory of financing, asymetri information, agency problems inside of financing. The conclusion of this article is that the financing is asymmetric information problems will arise, both adverse selection and moral hazard. The high risk of prospective managers (mudharib) for their moral hazard and lack of readiness of human resources in Islamic banking is among the factors that make the composition of the distribution of funds to the public more in the form of financing. The limitations that can be done to optimize this financing is among other things; owners of capital supervision (monitoring) and the customers themselves place restrictions on its actions (bonding).

ASPEK ETIK DAN SISTEMIK DALAM EKONOMI DAN BISNIS ISLAM

ALQALAM ◽  
2014 ◽  
Vol 31 (1) ◽  
pp. 187
Author(s):  
Budi Harsanto
Keyword(s):  
Financial Crisis ◽  
Business Ethics ◽  
Moral Hazard ◽  
Global Financial Crisis ◽  
Financial Institution ◽  
Research Question ◽  
Academic Journals ◽  
Lehman Brothers ◽  
The World ◽  
The Global Financial Crisis

The fall of Enron, Lehman Brothers and other major financial institution in the world make researchers conduct various studies about crisis. The research question in this study is, from Islamic economics and business standpoint, why the global financial crisis can happen repeatedly. The purpose is to contribute ideas regarding Islamic viewpoint linked with the global financial crisis. The methodology used is a theoretical-reflective to various article published in academic journals and other intellectual resources with relevant themes. There are lots of analyses on the causes of the crisis. For discussion purposes, the causes divide into two big parts namely ethics and systemic. Ethics contributed to the crisis by greed and moral hazard as a theme that almost always arises in the study of the global financial crisis. Systemic means that the crisis can only be overcome with a major restructuring of the system. Islamic perspective on these two aspect is diametrically different. At ethics side, there is exist direction to obtain blessing in economics and business activities. At systemic side, there is rule of halal and haram and a set of mechanism of economics system such as the concept of ownership that will early prevent the seeds of crisis. Keywords: Islamic economics and business, business ethics, financial crisis 

Moral Hazard and LIBOR

CFA Magazine ◽  
2012 ◽  
Vol 23 (5) ◽  
pp. 20-21
Author(s):  
Osman Ghani
Keyword(s):  
Moral Hazard

Moral Hazard and the Role of Central Banks

2007 ◽  
Vol 24 (1) ◽  
pp. 1-5 ◽  
Author(s):  
Paul McCulley
Keyword(s):  
Moral Hazard ◽  
Central Banks

“Moral Hazard: The Long-Lasting Legacy of Bailouts”: A Comment

2010 ◽  
Vol 66 (2) ◽  
pp. 11-11
Author(s):  
James C. Allen
Keyword(s):  
Moral Hazard

“Moral Hazard: The Long-Lasting Legacy of Bailouts”: Author Response to James Allen

2010 ◽  
Vol 66 (2) ◽  
pp. 11-14
Author(s):  
William Poole
Keyword(s):  
Moral Hazard ◽  
Author Response

HUBUNGAN BOARD DAN KOMITE AUDIT TERHADAP MANAJEMEN LABA

2010 ◽  
Author(s):  
Fivi Anggraini
Keyword(s):  
Corporate Governance ◽  
Moral Hazard ◽  
Earnings Management ◽  
Conflict Of Interest ◽  
Significant Relationship ◽  
Stock Exchange ◽  
Earning Management ◽  
Independent Directors ◽  
Relationship Of ◽  
The Relationship

Earnings management is the moral hazard problem of manager that adses because of the conflict of interest between the manager as agent and the stakeholder and the owner as principal. The behavior of earnings management will immediately influence the reported earning. The aims of this research at examining the relationship of board and audit committe to earnings management. The samples of this research is all of companies member Corporate Governance Perception Index (CGPI) in the years of 2003-2006 which were listed in Jakarta Stock Exchange. The results of this study show that (1) the proportion of independent directors on the board had not significant relationship to earning management, (2) competence of independent directors on the board had not significant relationship to earning management, (3) the size of board had significant relationship to earning management, (4) the proportion of independent directors on the audit committe had not significant relationship to earning management, and (5) competence of members of the audit committe had significant relationship to earning management.

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