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Problematik internationaler staatlicher Verschuldung und die Gestaltung von Umschuldungsprozessen in Schwellenländern am Beispiel von Argentinien

Problematik internationaler staatlicher Verschuldung und die Gestaltung von Umschuldungsprozessen in Schwellenländern am Beispiel von Argentinien

          
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About the Book

Diplomarbeit aus dem Jahr 2009 im Fachbereich VWL - Finanzwissenschaft, Note: 2,3, Universität zu Köln (Institut fuer Wirtschaftspolitik), Sprache: Deutsch, Abstract: Aufgrund ihrer großen Wachstumspotentiale sind Schwellenländer ein wichtiger Bestandteil im internationalen Portfoliomanagement geworden. Eine große Gefahr bei Investitionen in Schwellenländern resultiert dabei aber aus den Rahmenbedingungen, welche durch politische Instabilität, starke Währungsturbulenzen sowie einer sehr hohen Auslandsverschuldung gekennzeichnet sind. Im Falle der Zahlungsunfähigkeit eines Staates und somit der Einstellung des Auslandsschuldendienstes belasten zwar kurzfristig die Zins- und Tilgungszahlungen den Staatshaushalt nicht, schwerwiegend sind aber der Ausschluss vom internationalen Kapitalmarkt, die Störung des Außenhandels sowie immense Produktions- und Wachstumseinbußen . Die Besonderheit an der Situation der Auslandsverschuldung ist, dass die Rechtsdurchsetzung internationaler Schuldverträge kompliziert und ein Mangel an Sicherheiten charakteristisch ist. Die Häufigkeit von Schuldenkrisen im letzten Jahrzehnt (Asien 1997, Russland 1998, Brasilien 1999, Ecuador 1999, Argentinien 2002 und Island 2008) zeigt, dass eine Vielzahl von Ländern nicht in der Lage war und ist, ihre öffentlichen und privaten Schulden vollständig zu tilgen. Umschuldungsverfahren sind im Vergleich zu Schuldenrestrukturierungen in den 80er Jahren deutlich erschwert worden. Die Struktur der Finanzflüsse und Kredite, die in Schwellenländer fließen, hat sich verändert, denn öffentliche Kredite bzw. traditionelle Bankkredite wurden weitgehend durch Obligationen und ausländische Direkt- und Portfolioinvestitionen abgelöst. Die Vielfalt von Derivaten, Hedge-Fonds und Vulture-Fonds gestaltet die Gläubigersituation völlig unübersichtlich. Die Vielzahl der Privatanleger bildet zudem eine vollkommen uneinheitliche Gruppe. Die Analyse von Instrumenten und Strategien für eine geregelte, schnelle und kosteng


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Product Details
  • ISBN-13: 9783640358335
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 4 mm
  • Width: 210 mm
  • ISBN-10: 3640358333
  • Publisher Date: 26 Jun 2009
  • Height: 297 mm
  • No of Pages: 80
  • Series Title: German
  • Weight: 213 gr


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Problematik internationaler staatlicher Verschuldung und die Gestaltung von Umschuldungsprozessen in Schwellenländern am Beispiel von Argentinien
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Problematik internationaler staatlicher Verschuldung und die Gestaltung von Umschuldungsprozessen in Schwellenländern am Beispiel von Argentinien
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