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Southwick Social Ventures
by Henry W. McGee Mel Martin Amy KlopfensteinIn 2021, the HBS Impact Investment Fund student team had found a promising impact investment in the co-operative trouser manufacturer, Southwick Social Ventures. Their 100% immigrant workforce sought to pave the road to transforming Lawrence, Massachusetts, a city that was once a manufacturing hub that had recently seen less economic investment than other U.S. cities. The student team was then charged with recommending a set of terms to their investment committee. They needed to determine how exactly to strike the right balance between providing an acceptable return to the fund while providing founder-friendly terms to Southwick Social Ventures.
South—South Regional Financial Arrangements: Collaboration Towards Resilience (International Political Economy Series)
by Kevin P. Gallagher Diana Barrowclough Richard Kozul-Wright William N. KringThis book shows how regional cooperation and integration have increased massively in scale and scope in recent years, as developing countries seek new ways to shield themselves from economic turbulence and to kick-start their economies in the face of stagnant global demand. The trend is partly a defense mechanism against the limitations of the international financial system, but also reflects a wider search for new and different growth paths more appropriate with developing countries’ increasing economic and political voice. As a consequence, the landscape of financial and monetary mechanisms has changed dramatically, especially in the ten years since the economic crisis of 2007–2008.
Souverän in Führung: Strategien und Mindset für erfolgreiches Leadership in Zeiten von New Work
by Christian PolzNichts ist, wie es mal war. Die Herausforderungen der modernen Arbeitswelt erfordern es, Führung neu zu denken, neu zu justieren und neu auszurichten. Der Autor beschreibt in seinem praxisorientierten Ratgeber, wie Führung heute und zukünftig gelingt. Im Fokus steht das Collective Leadership: Jeder im Unternehmen, jeder in der Abteilung und jeder im Team übernimmt Verantwortung. Will, darf und soll Verantwortung übernehmen. "Wir sind alle Leader!", so das Leitmotiv. Wer Collective Leadership etablieren will, durchläuft einen Entwicklungsprozess. Collective Leadership bedeutet Mitarbeiter, die sich selbst führen können und wollen, aber es gibt auch Mitarbeiter und Situationen, in denen die Führungskraft zum Beispiel direktiv oder transaktional agieren muss. Sie muss beides können und darum Führungssouveränität und Führungsstilsouveränität aufbauen. Dazu gehört auch das entsprechende Mindset. Zu diesem Mindset gehört, die Auseinandersetzung mit dem eigenen Menschenbild, den Kompetenzen und Fähigkeiten (Stichwort Selbstreflexion). Christian Polz stellt die Entwicklung zur souveränen Führungspersönlichkeit und zu Collective Leadership in drei Teilen dar: Der Beschreibung des Konzepts des souveränen Führens folgt die Erläuterung des dazu notwendigen Mindsets. Im dritten Teil steht die Umsetzung im Vordergrund. Neben der Darstellung des Konzeptes des souveränen Führens und des Mindsets der souveränen Führungspersönlichkeit bietet dieser Umsetzungsteil ein Highlight. Dort veranschaulicht Christian Polz die wichtigsten Führungsansätze und Führungsstile in einem fiktiven Dialog zwischen einem Coach und einer "lernenden" Führungskraft. Der Autor nutzt seine Erfahrungen und zahlreichen Gespräche mit Unternehmern, Inhabern, Selbstständigen, Vorständen, Geschäftsführern, Managern und Führungskräften, um ein authentisches und realistisches Bild einer neuen Führung zu kreieren. Dazu arbeitet er mit vielen Beispielen aus seinem Erfahrungsschatz, den er als Berater, Coach, Trainer und Supervisor aufgebaut hat.
Souverän in Transformation: Den Weg zur transformationalen Unternehmenskultur aktiv und kreativ gestalten
by Christian PolzDas Buch beschreibt anhand eines praxisbewährten, umsetzungsorientierten Fünf-Schritte-Plans, wie die kulturelle Transformation in Unternehmen souverän gelingt. Der Autor erklärt zunächst die Analyse der Ist-Situation, der Unternehmenskultur und der Ausprägung der Kompetenzen der Führungskräfte und Mitarbeitenden mithilfe bewährter Erklärungsmodelle. Danach fokussiert er sich auf die kulturelle Transformation mit der Umsetzungsformel Kultur = Haltung x Verhalten. Das Kernstück der Transformation besteht aus drei Journeys: kulturelle Transformation auf der Individualebene, auf der Team- und Unternehmensebene sowie auf der organisatorischen Ebene. Christian Polz wählt mit der Dialogform eine innovative Darstellungsform und nimmt Sie mit auf eine Entdeckungsreise hin zu einer gelingenden transformationalen Unternehmenskultur. Profitieren Sie von den Erfahrungen des Autors und denen der zahlreichen Unternehmen, die er bereits auf dem transformationalen Weg begleiten durfte. So gelingt es Ihnen, von Anfang an souverän mit motivierten und eigenverantwortlichen Mitarbeitenden zu interagieren, die die Transformation aktiv mittragen, unterstützen und mit Begeisterung verwirklichen.
Souverän präsentieren - Die erste Botschaft bist Du: Wie Sie Körpersprache authentisch und wirkungsvoll einsetzen
by Dominik Umberto SchottDieses Buch liefert Ihnen hilfreiche Tipps, mit denen Sie Ihre Wirkung beim Präsentieren verbessern.Wenn Präsentationen gelingen, liegt es meist nicht nur am Inhalt, sondern auch am authentischen Vortragsstil und einer natürlichen Körpersprache des Redners. Viele haben jedoch Schwierigkeiten, ihr Lampenfieber bei Präsentationen am Rednerpult zu überwinden und Kontakt mit dem Publikum aufzunehmen. Dabei ist gerade in der mündlichen Kommunikation die Person entscheidend. Wie souveränes Präsentieren gelingt, vermittelt Ihnen Dominik Umberto Schott Schritt für Schritt in diesem Buch. Er stellt Ihnen die wichtigsten Stellschrauben vor, die Ihren Worten mehr Wirkung verleihen, und zeigt an konkreten Beispielen, wie Sie die Dramaturgie eines Redeaufbaus nutzen. Zudem lernen Sie, wie Sie Ihre Körpersprache und Storytelling natürlich einsetzen, um einen glaubhaften Auftritt hinzulegen. Die 2. Auflage wurde um zahlreiche Tipps für noch mehr Wirkung bei virtuellen Meetings sowie Videos mit zahlreichen Präsentationsbeispielen ergänzt. Schott vermittelt Ihnen umfangreiche Kompetenzen.Der Autor klärt in seinem Buch „Souverän präsentieren“ zunächst grundlegende Fragen wie:Was ist eine Präsentation?Woraus besteht sie?Wie wirken Inhalt, Struktur und Vortragsweise zusammen?Anschließend widmet er sich dem großen Themenkomplex der Authentizität. Erfahren Sie, wie Sie Ihre Außenwirkung verbessern und erarbeiten Sie sich mit diesem Buch die folgenden Kernkompetenzen des Präsentierens:Die Formel für WirkungDie vier Erfolgsfaktoren einer guten PräsentationKörpersprache für FortgeschritteneVorbereitung: StoryboardingDramaturgie: Von den Griechen lernenInspirieren: KognitionspsychologieShowtime: Umgang mit Folien & CoNervosität: Das alte Alarmsystem und Strategien gegen den BlackoutVerbindung: Zuhören und InklusivspracheEine mitreißende Mischung aus Humor und jahrelanger Erfahrung.Abschließend erläutert Schott die Vorteile und Risiken von Fragerunden und gibt Ihnen praktische Tipps zur Erweiterung Ihrer Komfortzone. Dieses Buch ist eine Art Rhetorik-Training to go, das alle Phasen des souveränen Präsentierens genauestens beleuchtet – von der Vorbereitung bis hin zur Umsetzung. Ein unverzichtbarer Ratgeber voller Witz und Expertenwissen aus drei Jahrzehnten Praxis für:a) Einsteiger, die an Ihrem Auftreten feilen möchtenb) Erfahrene Redner, die sich noch weiterbildenc) All diejenigen, die überzeugen sowie inspirieren wollen
Souverän präsentieren – Die erste Botschaft bist Du
by Dominik Umberto SchottWenn Präsentationen gelingen, liegt es meist nicht nur am Inhalt, sondern auch am authentischen Vortragsstil und einer natürlichen Körpersprache des Redners. Viele haben jedoch Schwierigkeiten, ihr Lampenfieber bei Präsentationen am Rednerpult zu überwinden und Kontakt mit dem Publikum aufzunehmen. Dabei ist gerade in der mündlichen Kommunikation die Person entscheidend. Wie souveränes Präsentieren gelingt, vermittelt Ihnen Dominik Umberto Schott Schritt für Schritt in diesem Buch. Er stellt Ihnen die wichtigsten Stellschrauben vor, die Ihren Worten mehr Wirkung verleihen, und zeigt an konkreten Beispielen, wie Sie die Dramaturgie eines Redeaufbaus nutzen. Zudem lernen Sie, wie Sie Ihre Körpersprache und Storytelling natürlich einsetzen, um einen glaubhaften Auftritt hinzulegen.
Sovereign Assets And Liabilities Management
by Marcel CassardThe papers contained in this publication were presented at an International Monetary Fund organised conference held in Hong Kong in 1996. The conference focused on a wide range of issues confronting policy makers in managing their sovereign assets and liabilities in a world of mobile capital and integrated capital markets. These issues included: the strategy of public debt management; the management of central bank reserves; the technical and quantitative aspects of risk management; and credit costs and borrowing capacity in debt organisation. The papers also describe the experience of various countries in managing their own sovereign assets and liabilities. These experiences are drawn from policy makers and private sector participants who have been actively involved in formulating and implementing national debt and reserves policies.
Sovereign Credit Rating: Questionable Methodologies (Routledge Studies in Corporate Governance)
by Ahmed NaciriThe current degradation of sovereign balance sheets raises very real concerns about how sovereign creditworthiness is measured by credit rating agencies. Given the disastrous economic and social effects of any downgrade, the book offers an alternative and calls for more transparency about the quantitative measures used in calibrating the rating process and how sovereign ratings are validated. It argues that oversight is required and procedures improved, including subjecting methodologies of assessing default to more standardization and monitoring. Sovereign Credit Rating explains the process of sovereign creditworthiness assessment and explores the consequences of possible inaccuracies in the process. Developing an innovative new methodology to assess ratings accuracy, it shows that the announcement of each rating action by the major credit rating agencies show alarming inconsistencies. Written by an internationally recognized author and professor, this unique book will be of interest to researchers and advanced students in corporate governance, accounting, public finance and regulation.
Sovereign Debt
by Mauro MeglianiThis book provides a thorough legal analysis of sovereign indebtedness, examining four typologies of sovereign debt - bilateral debt, multilateral debt, syndicated debt and bonded debt - in relation to three crucial contexts: genesis, restructuring and litigation. Its treatise-style approach makes it possible to capture in a systematic manner a phenomenon characterized by high complexity and unclear boundaries. Though the analysis is mainly conducted on the basis of international law, the breadth of this topical subject has made it necessary to include other sources, such as private international law, domestic law and financial practice; moreover, references are made to international financial relations and international financial history so as to provide a more complete understanding. Although it follows the structure of a continental tractatus, the work strikes a balance between consideration of doctrinal and jurisprudential sources, making it a valuable reference work for scholars and practitioners alike.
Sovereign Debt Crises and Negotiations in Brazil and Mexico, 1888-1914: Governments Versus Bankers
by Leonardo WellerThis book analyzes the relative balance of bargaining power between governments and the banks in charge of underwriting their debt during the first financial globalization. Brazil and Mexico, both indebted countries that underwent major changes in reputation and negotiating power as they faced financial crises, provide valuable case studies of government strategies for obtaining the best possible outcomes. Previous literature has focused on bankers’ perspectives and emphasized that debtors were submissive during negotiations, but Weller finds that governments’ negotiating power varied over time. He presents a new analytical framework that interprets when and why officials were likely to negotiate loans more or less effectively, with newly uncovered primary sources from debtors’ and creditors’ archives suggesting key causes of variation: fiscal accounts, political stability, and creditors’ exposure and reputation.
Sovereign Debt Crises: What Have We Learned?
by Juan Pablo Bohoslavsky Kunibert RafferThere is an obvious need to learn more about why some countries succeed and others fail when dealing with debt crises. Why do some sovereign debtors overcome economic problems very quickly and at minor human rights costs for their people, while others remain trapped by debts for years struggling with overwhelming debt burdens and exacerbating economic problems and human suffering? This book analyzes fourteen unique or singular country cases of sovereign debt problems that differ characteristically from the 'ordinary' debtor countries, and have not yet received enough or proper attention - some regarded as successful, some as unsuccessful in dealing with debt crises. The aim is to contribute to a better understanding of the policy options available to countries struggling with debt problems, or how to resolve a debt overhang while protecting human rights, the Rule of Law and the debtor's economic recovery.
Sovereign Debt Crisis
by Dimitris N. ChorafasRestructuring the balance sheets of Western governments, banks and households is an important issue in the recovery after the recent crisis. Chorafas' latest book focuses on sovereign debt, sovereign risk and the developing economic and financial business climate and explains why the year of the big crisis may fall in the middle of this decade.
Sovereign Debt Restructuring and Debt Sustainability
by Harald FingerRestoring a country's debt to a sustainable path after a sovereign debt restructuring is key to ensuring a credible and durable exit from the crisis. In recent years, a number of countries have restructured their sovereign liabilities, either following a default, or preemptively, to avoid a default. This Occasional Paper takes stock of the experiences of some of these countries--Argentina, the Dominican Republic, Ecuador, Moldova, Pakistan, Russia, Ukraine, and Uruguay--with debt-restructuring operations, with a view to assessing the outcomes and whether debt sustainability has been restored. the emphasis of the study is on sovereign debt owed to private creditors.
Sovereign Debt Structure for Crisis Prevention
by Marcos Chamon Olivier Jeanne Paolo Mauro Eduardo Borensztein Jeromin ZettelmeyerThe debate on government debt in the context of possible reforms of the international financial architecture has thus far focused on crisis resolution. This paper seeks to broaden this debate. It asks how government debt could be structured to pursue other objectives, including crisis prevention, international risk-sharing, and facilitating the adjustment of fiscal variables to changes in domestic economic conditions. to that end, the paper considers recently developed analytical approaches to improving sovereign debt structure using existing instruments, and reviews a number of proposals--including the introduction of explicit seniority and GDP-linked instruments--in the sovereign context.
Sovereign Debt Sustainability: Multilateral Debt Treatment and the Credit Rating Impasse (Routledge International Studies in Money and Banking)
by Daniel CashIn 2020, the G20 proposed a solution for the debt-related issues affecting the world’s poorest countries due to the COVID-19 pandemic. However, their initiatives have failed to meet their objectives. The author argues that the reason for this failure is the inability to bring sovereign countries to the table to re-negotiate their debt agreements with private creditors as they fear credit rating agencies and the prospect of a downgrade. The author refers to this as the ‘credit rating impasse’. This book proposes a novel solution. The author asserts that there is a need in the literature to unpick the dynamic that exists and creates that impasse, namely the pressures that exist between sovereign states, private creditors, credit rating agencies, and the geo-political backdrop that is massively influential in the dynamic, that is, the adversarial relationship between China and the US. This book addresses the recent history of debt treatment for poorer countries and related successes and failures: COVID-19-related issues and the development of the Debt Service Suspension Initiative and the Common Framework for Debt Treatment. This book examines the reasons for their failure by analysing the positions of the sovereign states, the division between private and official creditors and between multilateral institutions such as the IMF and the World Bank, credit rating agencies, and the competing political entities of China and the US. It presents a wider picture of the systemic underpinnings to such debt-related issues and, when examined through a geo-political perspective, the subsequent chances of future debt treatment-related successes. Licence line: The Open Access version of this book, available at www.taylorfrancis.com, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license.
Sovereign Debt and Credit Rating Bias
by David F. Tennant Marlon R. TraceySovereign Debt and Credit Rating Bias.
Sovereign Debt and International Financial Control: The Middle East and the Balkans, 1870-1914
by Ali Coşkun TunçerSovereign Debt and International Financial Control.
Sovereign Debt and International Financial Control: The Middle East and the Balkans, 1870–1914 (Palgrave Studies in the History of Finance)
by Ali Co?kun TunçerThis book revisits an important chapter of financial history in the Middle East and the Balkans from 1870 1914. During this period, capital flows in the form of sovereign debt increased rapidly throughout the region. The spiral of heavy government borrowing eventually culminated in defaults on foreign obligations in the Ottoman Empire (1875), Egypt (1876), Greece (1893) and Serbia (1895). In all four cases, introducing international financial control over the finances of the debtor states became the prevalent form of dealing with defaults. The different cases of international financial control became increasingly refined and they marked important milestones in the evolution of the global governance of sovereign debt before 1914. For the defaulting states however, the immediate impact of international financial control was infringement of sovereignty. The extent of international financial control and the borrowing capacity of debtor states varied in each case as well as the degree of resistance towards it. This book documents the characteristics of international financial control in a comparative perspective. It relates sovereign debt, default and international financial control to political and fiscal systems, and raises questions about the tension between national sovereignty and global capital. It sheds light on the impact of international financial control on the long-term credibility and fiscal capacity of the debtor states in question. The author demonstrates that the governments' decisions to borrow internationally, and their attitudes towards international financial control, were heavily influenced by domestic political and fiscal factors.
Sovereign Debt and Rating Agency Bias
by D. Tennant M. TraceySovereign Debt and Credit Rating Bias rejects the notion that credit rating agencies' rigorous and transparent determination of ratings leaves no room for bias, and debunks the myth that the value CRAs place on their reputational capital precludes prolonged biases. To determine the extent of CRAs' biased actions, Tennant and Tracey apply a rigorous methodology to a well-established economic model of the determinants of sovereign debt quality. They present strong evidence of bias against poor countries and demonstrate how biased rating changes could disadvantage such countries and the companies operating therein as they seek access to international capital markets. They discuss plausible explanations for the bias and suggest remedial measures that would help ensure balance in credit rating changes. This book fills an important gap by rigorously examining a long-standing but often ignored concern about the rating practices of credit rating agencies.
Sovereign Debt and the Financial Crisis
by Carlos A. Primo Braga Gallina A. VinceletteIn the wake of the financial crisis of 2008, governments worldwide undertook massive fiscal interventions to stave off what otherwise would have likely been a system-wide financial and economic meltdown. The policy responses engendered significant shifts in growth trajectories and debt sustainability outlooks of both mature and developing economies. The magnitude of public liabilities incurred and the uncertainty surrounding the exit from unprecedented discretionary fiscal stimulus have become a major source of concern about a future crisis. Will the current stringent financial conditions lead to a wave of sovereign debt problems around the world? Or will countries, given their stronger fundamentals compared with previous crises' episodes, successfully muddle through the crisis? The book presents and discusses policy-relevant research on the current debt challenges which developing, emerging market, and developed economies face. Its value added lies in the integrated approach of drawing on theoretical research and evidence from practitioners' experience in developing, emerging market, and developed countries.
Sovereign Debt: From Safety to Default (Robert W. Kolb Series #605)
by Robert W. KolbAn intelligent analysis of the dangers, opportunities, and consequences of global sovereign debt Sovereign debt is growing internationally at a terrifying rate, as nations seek to prop up their collapsing economies. One only needs to look at the sovereign risk pressures faced by Greece, Spain, and Ireland to get an idea of how big this problem has become. Understanding this dilemma is now more important than ever, that's why Robert Kolb has compiled Sovereign Debt. With this book as your guide, you'll gain a better perspective on the essential issues surrounding sovereign debt and default through discussions of national defaults, systemic risk, associated costs, and much more. Historical studies are also included to provide a realistic framework of reference. Contains up-to-date research and analysis on sovereign debt from today's leading practitioners and academics Details the dangers of defaults and their associated systemic risks Explores the past, present, and future of sovereign debt The repercussions of a national default are all-encompassing as global markets are intricately interwoven in the modern world. Sovereign Debt examines what it will take to overcome the challenges of this market and how you can deal with the uncertainty surrounding it.
Sovereign Default, Private Sector Creditors and the IFIs
by Emine BozA report from the International Monetary Fund.
Sovereign Defaults before International Courts and Tribunals
by Michael WaibelInternational law on sovereign defaults is underdeveloped because States have largely refrained from adjudicating disputes arising out of public debt. The looming new wave of sovereign defaults is likely to shift dispute resolution away from national courts to international tribunals and transform the current regime for restructuring sovereign debt. Michael Waibel assesses how international tribunals balance creditor claims and sovereign capacity to pay across time. The history of adjudicating sovereign defaults internationally over the last 150 years offers a rich repository of experience for future cases: US state defaults, quasi-receiverships in the Dominican Republic and Ottoman Empire, the Venezuela Preferential Case, the Soviet repudiation in 1917, the League of Nations, the World War Foreign Debt Commission, Germany's 30-year restructuring after 1918 and ICSID arbitration on Argentina's default in 2001. The remarkable continuity in international practice and jurisprudence suggests avenues for building durable institutions capable of resolving future sovereign defaults.