WorldWideScience

Sample records for policy debt deferment

  1. Public debt managers' behaviour interactions with macro policies

    NARCIS (Netherlands)

    Hoogduin, Lex; Öztürk, Bahar; Wierts, Peter

    2011-01-01

    We investigate the evolution of public debt management, the policy behaviour of debt managers, and the interaction of debt management with financial stability and monetary policy. The main focus is on the euro area. Empirical estimations of a debt management reaction function indicate that the share

  2. Public debt managers' behaviour: interactions with macro policies

    NARCIS (Netherlands)

    Hoogduin, L.; Öztürk, B.; Wierts, P.

    2010-01-01

    We investigate the evolution of public debt management, the policy behaviour of debt managers, and the impact of debt management on financial stability and monetary policy.The focus is on the euro area. Empirical estimations of a debt management reaction function indicate that the share of short

  3. Interactions Among Insider Ownership, Dividend Policy, Debt Policy, Investment Decision, and Business Risk

    OpenAIRE

    F., Indri Erkaningrum

    2013-01-01

    The study of interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk is still conducted. This research aims at investigating theinfluencing factors of insider ownership, dividend policy, debt policy, investment decision, business risk, and the interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk. The samples of the research are 137 manufacturing companies listed in the Indonesia Stock Exchan...

  4. INTERACTIONS AMONG INSIDER OWNERSHIP, DIVIDEND POLICY, DEBT POLICY, INVESTMENT DECISION, AND BUSINESS RISK

    OpenAIRE

    F., Indri Erkaningrum

    2015-01-01

    The study of interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk is still conducted. This research aims at investigating theinfluencing factors of insider ownership, dividend policy, debt policy, investment decision, business risk, and the interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk. The samples of the research are 137 manufacturing companies listed in the Indonesia Stock Exchan...

  5. THE EFFECTS OF DIVIDEND POLICY AND OWNERSHIP STRUCTURE TOWARDS DEBT POLICY

    Directory of Open Access Journals (Sweden)

    Marcella Fransisca Santosa

    2014-07-01

    Full Text Available This research used multiple regression methods to examine the relationshipbetween the dividend policy, institutional ownership, and insider ownership withthe debt policy. Hypotheses tests of this researchused 64 manufacturingcompanies which were listed in the Indonesian StockExchange (IDX from theyear of 2007 until 2010 as the samples. The resultsof this research show that thedividend policies and the insider ownership had noeffects towards the debtpolicy, while the institutional ownership had a significant negative effect towardsthe debt policy.

  6. A model of the demand for Islamic banks debt-based financing instrument

    Science.gov (United States)

    Jusoh, Mansor; Khalid, Norlin

    2013-04-01

    This paper presents a theoretical analysis of the demand for debt-based financing instruments of the Islamic banks. Debt-based financing, such as through baibithamanajil and al-murabahah, is by far the most prominent of the Islamic bank financing and yet it has been largely ignored in Islamic economics literature. Most studies instead have been focusing on equity-based financing of al-mudharabah and al-musyarakah. Islamic bank offers debt-based financing through various instruments derived under the principle of exchange (ukud al-mu'awadhat) or more specifically, the contract of deferred sale. Under such arrangement, Islamic debt is created when goods are purchased and the payments are deferred. Thus, unlike debt of the conventional bank which is a form of financial loan contract to facilitate demand for liquid assets, this Islamic debt is created in response to the demand to purchase goods by deferred payment. In this paper we set an analytical framework that is based on an infinitely lived representative agent model (ILRA model) to analyze the demand for goods to be purchased by deferred payment. The resulting demand will then be used to derive the demand for Islamic debt. We also investigate theoretically, factors that may have an impact on the demand for Islamic debt.

  7. Debt Sustainability of Ukraine: Status, Problems and Policy

    Directory of Open Access Journals (Sweden)

    Mytrofanova Anastasiia S.

    2017-03-01

    Full Text Available The aim of the article is a comprehensive analysis of indicators and disclosure of problems of debt sustainability of Ukraine, as well as the formulation of recommendations for its management. There built a system of indicators for debt sustainability analysis consisting of the following elements: indicators of the status, structure and dynamics of the state debt; indicators of the state debt servicing; indicators of the state debt factors; indicators of the debt burden forecast. Based on the calculation and analysis of the indicators, a conclusion is drawn on the deepening of the debt crisis in Ukraine, which is manifested in the excess of normative values of the indicators of status, structure and dynamics of the state debt. The reasons for the aggravation of the debt crisis in Ukraine are revealed and divided into three groups: objective historical, socioeconomic and subjective-institutional ones. Based on the analysis of trends in the sphere of violation of debt sustainability, there defined main problems of debt sustainability management, which form three groups: socio-economic problems; problems in the sphere of public administration; negative impact of related debt factors. In addition, risks and threats of deepening the debt burden are identified. Based on the analysis of these problems, a system of recommendations on the state policy of managing debt sustainability is built, including operational, tactical and strategic measures and reflecting the interrelated action of instruments of fiscal, monetary, investment, foreign trade and other economic policies of the state.

  8. Central bank independence and public debt policy

    NARCIS (Netherlands)

    Beetsma, R.M.W.J.; Bovenberg, A.L.

    1997-01-01

    The various proposals for the institutional design of the European Monetary Union have drawn fresh attention to the link between monetary and public debt policies. This paper explores the strategic interaction between fiscal authorities setting public debt and the central bank controlling monetary

  9. Is the quantity of government debt a constraint for monetary policy?

    OpenAIRE

    Mitra, Srobona

    2015-01-01

    This paper derives an interest rate rule for monetary policy in which the interest rate response of the central bank toward an increase in expected inflation falls as debts increase beyond a certain threshold level. A debt-constrained interest rate rule and the threshold level of debt are jointly estimated for Canada during the first decade of its inflation targeting regime of the 1990s. There are three main findings of this paper. First, a high government debt could constrain monetary policy...

  10. Integrated Management of Migration, Employment, Fiscal Policy and Public Debt

    Directory of Open Access Journals (Sweden)

    Aleksandras Vytautas Rutkauskas

    2013-09-01

    Full Text Available The main idea of the paper states that national migration indicators are closely related with employment opportunities in that country. In addition, the management quality of migration and employment processes is an indicator of the national socio-economic policy competency, while management of these processes is the main purpose of intelligent adjustment of the national fiscal policy and government debt management. The author of the paper selected the formation of the system of quantitative indicators as the main objective of the paper. The system should allow employing government debt possibilities for the selection of proper fiscal policy in order to prevent the transformation of unemployment into the key reason of uncontrolled national inflation. This would be done by revealing the possibilities of fiscal policy to impact on the level and structure of unemployment. Recent globalisation processes and integration possibilities bring a lot of uncertainty to predetermined viability of theoretical assumptions as well as the adequacy of the applied quantitative methods. The paper uses the possibilities of stochastic optimisation and stochastically informed expertise pursuing the possibilities of integrated management of employment, migration processes, fiscal policy and government debt provisions.

  11. Enhanced Debt Management: solving the eurozone crisis by linking debt management with fiscal and monetary policy

    OpenAIRE

    Werner, Richard A.

    2014-01-01

    Unconventional approaches to suit unusual circumstances have become acceptable in monetary policy, a formerly highly conservative discipline. In this paper it is argued that unconventional approaches should also be considered in sovereign debt management, in order to contribute to resolving the eurozone sovereign debt crisis. First, the Troika crisis lending to indebted sovereign borrowers in the eurozone is reviewed and compared with standard IMF post-crisis lending. The main difference and ...

  12. FEATURES OF INFLUENCE OF MACROECONOMIC MEASURES OF TRANSFORMATION ON THE STATE DEBT POLICY

    Directory of Open Access Journals (Sweden)

    Roman Rudyk

    2015-11-01

    Full Text Available The objective is to study the relationship between the debt policy and vector of macroeconomic measures which is reflected in the transformation of structure of budget deficiency payments. Also, the article defines and characterizes three main phases of the government debt policy: pre-stabilization, stabilization and post-stabilization. The author analyzes main aspects of the relationship between dept policy and monetary one. Methodology. The study is based on the works of domestic and foreign scientists engaged in research of the given problem. Theoretical concepts are supported by statistical data of key macroeconomic indicators of Ukraine’s economy. Results of the survey showed that the relationship between the debt policy and measures of macro-regulation during the transformation has the stable and permanent nature, and the use of certain instruments of government debt management is exclusively possible for a definite direction of macro policy on the one hand, and they are the elements in the system of measures for its implementation on the other hand. In the pre-stabilization phase of transformation the debt policy synthesizes the expansive solutions of monetary and fiscal authorities, and a direct link between them mediate the expansion of demand in the public sector and the preservation of soft budget constraints for micro-units; in the stabilization phase the relationship between fiscal, monetary and debt policy becomes more indirect, but are direct in that part of the borrowing purposes, subordinated to the creation of macro-stabilization mechanism of transformation; in the poststabilization period the role of indirect interconnection between the debt measures and fiscal and monetary decisions increases, but the lack of a deep micro-restructuring and deep systemic and structural reforms cause the deterioration in the macro-economic state of the system, due to which the vector of government borrowing again gravitates toward the field

  13. The growth of public debt in Italy: past experience, perspectives and policy problems

    Directory of Open Access Journals (Sweden)

    Lugi Spaventa

    2013-09-01

    Full Text Available The work surveys the Italian experience with reference to growth and public debt. It does not seek to test conflicting views, as the effects of some financial and policy innovations are too recent and some data is of poor quality. Rather, its more limited scope is to draw on past experience and, more importantly, assess future prospects in order to discuss some problems regarding both fiscal and monetary policy. The author examines debt formation with reference to borrowing requirements, their composition and their adjusted measure, before taking into consideration financing policies pursued by the authorities and the changes in the composition, ownership and cost of debt. Finally, possible future developments and some connected policy problems are examined.

  14. INTERNAL MARKET GOVERNMENT SECURITIES IN PROMOTING THE EFFICIENCY OF DEBT POLICY OF UKRAINE

    Directory of Open Access Journals (Sweden)

    K. Kuryshchuk

    2014-01-01

    Full Text Available The article analyzes the effectiveness of debt policy of Ukraine, to its shortcomings and implications for the economy. The evaluation of the domestic government securities market and its impact on the efficiency of debt management.

  15. Judicial Deference Allows European Consensus to Emerge

    DEFF Research Database (Denmark)

    Dothan, Shai

    2018-01-01

    jurisdiction. But the ECHR sometimes defers to countries, even if their policies fall short of the standard accepted by most of the countries in Europe. This deference is accomplished by using the so-called "margin of appreciation" doctrine. Naturally, emerging consensus and margin of appreciation are often......, the paper demonstrates that a correct application of the margin of appreciation doctrine actually helps emerging consensus reach optimal results, by giving countries an incentive to make their policies independently....

  16. BUDGET AND PUBLIC DEBT

    Directory of Open Access Journals (Sweden)

    Morar Ioan Dan

    2014-12-01

    Full Text Available The issue of public budgeting is an important issue for public policy of the state, for the simple reason that no money from the state budget can not promote public policy. Budgetary policy is official government Doctrine vision mirror and also represents a starting point for other public policies, which in turn are financed by the public budget. Fiscal policy instruments at its disposal handles the public sector in its structure, and the private sector. Tools such as grant, budgetary allocation, tax, welfare under various forms, direct investments and not least the state aid is used by the state through their budgetary policies to directly and indirectly infuence sector, and the private. Fiscal policies can be grouped according to the structure of the public sector in these components, namely fiscal policy, budgeting and resource allocation policies for financing the budget deficit. An important issue is the financing of the budget deficit budgetary policies. There are two funding possibilities, namely, the higher taxes or more axles site and enter the second call to public loans. Both options involve extra effort from taxpayers in the current fiscal year when they pay higher taxes or a future period when public loans will be repaid. We know that by virtue of "fiscal pact" structural deficits of the member countries of the EU are limited by the European Commission, according to the macro structural stability and budget of each Member State. This problem tempers to some extent the governments of the Member States budgetary appetite, but does not solve the problem of chronic budget deficits. Another issue addressed in this paper is related to the public debt, the absolute amount of its relative level of public datoriri, about the size of GDP, public debt financing and its repayment sources. Sources of public debt issuance and monetary impact on the budget and monetary stability are variables that must underpin the justification of budgetary

  17. Exchange rate policy and external debt in emerging economies: an empirical analysis

    OpenAIRE

    Cebir, Bilgen

    2012-01-01

    In this thesis, we empirically analyze the e ects of exchange rate policy on external debt accumulation in emerging market economies with a sample of 15 countries over the period 1998-2010. The exchange rate policy is captured by the de facto exchange rate classi cation of Ilzetzki, Reinhart, and Rogo (2008). This classification is based on the actual exchange rate behavior rather than the officially declared regimes. Therefore, it is expected to better reflect the exchange rate policies act...

  18. Student Loan Debt and Economic Outcomes. Current Policy Perspective No. 14-7

    Science.gov (United States)

    Cooper, Daniel; Wang, J. Christina

    2014-01-01

    This policy brief advances the growing literature on how student loan debt affects individuals' other economic decisions. Specifically, it examines the impact of student loan liabilities on individuals' homeownership status and wealth accumulation. The analysis employs a rich set of financial and demographic control variables that are not…

  19. Short and long run macroeconomic effects of trade policy in the presence of debt servicing

    NARCIS (Netherlands)

    S.M. Murshed (Syed)

    2010-01-01

    textabstractThe purpose of this paper is to analyze the macroeconomic effects of trade policy, when the instrument is a voluntary export restraint (VER), on both the home (imposing) country and the foreign (targeted) country. The innovation in the paper is the analysis of trade policy when debt

  20. 7 CFR 1951.213 - Debt settlement.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 14 2010-01-01 2009-01-01 true Debt settlement. 1951.213 Section 1951.213 Agriculture... and Grants § 1951.213 Debt settlement. Subpart C of part 1956 of this chapter prescribes policies and procedures for debt settlement actions for loans covered under this subpart when it is determined that a debt...

  1. Debt Covenant Renegotiation and Investment

    DEFF Research Database (Denmark)

    Arnold, Marc; Westermann, Ramona

    This paper analyzes the impact of debt covenant renegotiation outside corporate distress on firms. We study a structural model of a levered firm that can renegotiate debt both at investment and in corporate distress. Covenant renegotiation at investment reduces the agency cost of debt because...... it induces a firm value maximizing investment financing policy and mitigates the overinvestment problem. Incorporating renegotiation outside corporate distress is crucial to explain empirical occurrence patterns of debt renegotiation, the impact of debt renegotiation on corporate securities, and the relation...

  2. The Impact of Debt Policy on Financial Performance of Romanian Listed Companies

    Directory of Open Access Journals (Sweden)

    Nicoleta BARBUTA-MISU

    2014-08-01

    Full Text Available The purpose of this paper is to study the impact of listed companies’ indebtedness on their financial performance. Theoretical research was relied on the specialty literature concerning the analysis of the capital structure and financial structure of the company based on calculation of the financial structure ratio and financial leverage. This paper focuses on the analysis of debt policy impact on companies’ financial performance using the financial leverage method. The financial leverage method reflects the influence of debt policy on company’s return on equity, as well as the ways it engages loans to finance operating assets so it can get higher return on equity. The main aim of this paper is to investigate and analyze the determinants of leverage effect and financial structure of companies that are operating in Romanian food industry, namely manufacturing of dairy products. The conclusion that emerges in this study is the importance of choosing and establishing funding sources by an enterprise, according to funding costs, in order to obtain the optimal combination between external financing resources and internal funding.

  3. PUBLIC DEBT MANAGEMENT – FUNDAMENTAL COMPONENT OF PUBLIC POLICY

    Directory of Open Access Journals (Sweden)

    Maria Pascal (Andriescu

    2011-12-01

    Full Text Available The global financial crisis has put considerable pressure on public finances, particularly on government debt. Public debt in many countries of the world have increased in recent years to levels that were not registered by the end of the Second World War, facing today with a high risk regarding fiscal sustainability.Debt portfolio is usually the largest financial portfolio of a state, with a complex structure that can generate high risks that may affect public balance and financial stability of the country. Thus, proper management of public debt must become a priority for both the creditor and debtor countries. This paper aims to highlight the importance of effective management of government debt and to make a brief assessment of Romania's public debt structure and dynamic.

  4. 7 CFR 1782.20 - Debt Settlement.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 12 2010-01-01 2010-01-01 false Debt Settlement. 1782.20 Section 1782.20 Agriculture... (CONTINUED) SERVICING OF WATER AND WASTE PROGRAMS § 1782.20 Debt Settlement. Pursuant to 7 U.S.C. 1981, this section prescribes policies for debt settlement of Water and Waste Disposal loans; Watershed loans and...

  5. Fiscal policy and rebalancing in the euro area: A critique of the German debt brake from a post-Keynesian perspective

    Directory of Open Access Journals (Sweden)

    Hein Eckhard

    2014-01-01

    Full Text Available The German debt brake is often regarded as a great success story and has therefore served as a role model for the Euro area and it’s Fiscal Compact. In this paper we fundamentally criticise the debt brake. Firstly, we show that it suffers from serious shortcomings and that its success is far from certain even from a mainstream point of view. Secondly, we show that, from a Post-Keynesian perspective, the debt brake completely neglects the requirements for fiscal policies of member countries in a currency union like the Euro area. It will prevent fiscal policy from contributing to the necessary rebalancing in the Euro area. Thirdly, we show that alternative scenarios, which could avoid the deflationary pressures of the German Debt Brake on domestic demand and contribute to internally rebalancing the Euro area, are extremely unlikely as they would have to rely on unrealistic shifts in the functional income distribution and/or investment and savings behaviour in Germany.

  6. In Sickness and in Debt: Do Mounting Medical Bills Predict Payday Loan Debt?

    Science.gov (United States)

    Bickham, Trey; Lim, Younghee

    2015-01-01

    Cash-strapped families sometimes turn to small, short-term loans with exorbitant fees—payday loans—to cope with mounting medical bills. Given that about three-fourths of payday loan customers are repeat borrowers, consumer advocates and policymakers have increasingly raised voices of concern about the use of payday loans to finance various household expenses, including, among other things, medical bills. The present study hypothesized that increases in medical debt are associated with increases in payday loan debt among a sample of Chapter 7 bankruptcy filers. The results of a multivariate tobit regression analysis showed that medical debt was associated with increased payday loan debt, controlling for various types of debt and other socioeconomic variables. This article concludes with implications of the results for social work policy- and direct-practice.

  7. An Empirical Study on Public Debt's Determinants: Evidence from Romania

    Directory of Open Access Journals (Sweden)

    Marilen Gabriel PIRTEA

    2013-02-01

    Full Text Available The need for coordinating economic and budgetary policies in the Economic and Monetary Union, the awareness that pile of high public debt threatens future generations, increasing tax burden on a globalized market and the impact of population aging process on public finances has led to controversial opinions. Continuously borrowing resources and maintaining them consistently over time means to have a sustainable public debt, an important objective of any state fiscal policy. A sustainable public debt is the result of trade and monetary policy and budgetary decisions. The national debt is at the center of the current crisis of the Peripheral European countries. The objective of the paper is to provide a better understanding of public debt dynamics in Romania in the period 2000 to 2011. We decompose the changes in public debt to GDP ratio into macroeconomic components attributable to primary fiscal deficits, real interest rate, real GDP growth, and to the variations on foreign currency denominated debt. The research findings suggest that the reaction of the public debt to GDP ratio to the real growth rate of the output increased after the financial crisis. The real interest rate on government bonds remained a significant determinant of public debt in the entire sample period. Also, we find little effectiveness of monetary policy as an automatic stabilizer through the entire sample period.

  8. Monetary Policy, Debt and the Cyclical Behavior of Inventories

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    Abdul Ghafar Ismail

    2007-01-01

    Full Text Available An earlier study on the determinants of inventories investment has been proposed by Lovel (1961. However, the study fails to mention the effects of financial variables. The puzzle prevails on account of imperfect capital markets. This implies that interest rate generally affects inventory investment indirectly through the debt channel. For instance, in the period of tight monetary policy, increasing interest rates have a negative impact on the present value of firms’ collateralizable net worth. In addition, they also weaken firms’ balance sheets as interest expenses also rise up. In imperfect capital markets, this fact indicates an increase in the amount of external financing that firms need, a rise in the premium on external financing that they face, and a reduction in their accumulation of assets, their spending and their production. Given the low adjustment cost that characterizes firms, it will be inventories that firms will initially reduce. Therefore, this paper is contributes to the issue of monetary policy transmission in Malaysia. Our specific attention is limited to the channel of monetary policy on a firm’s inventory. Using micro data, we try to take into account the relevance of the firm’s balance sheet conditions in the transmission of monetary policy.

  9. PUBLIC DEBT ANALYSIS BASED ON SUSTAINABILITY INDICATORS

    Directory of Open Access Journals (Sweden)

    Elena DASCALU

    2016-09-01

    Full Text Available This article is an analysis of public debt, in terms of sustainability and vulnerability indicators, under a functioning market economy. The problems encountered regarding the high level of public debt or the potential risks of budgetary pressure converge to the idea that sustainability of public finances should be a major challenge for public policy. Thus, the policy adequate to address public finance sustainability must have as its starting point the overall strategy of the European Union, as well as the economic development of Member States, focusing on the most important performance components, namely, reducing public debt levels, increasing productivity and employment and, last but not the least, reforming social security systems. In order to achieve sustainable levels of public debt, the European Union Member States are required to establish and accomplish medium term strategic budgetary goals to ensure a downward trend in public debt.

  10. PUBLIC DEBT SUSTAINABILITY ANALYSIS: EU CASE

    Directory of Open Access Journals (Sweden)

    Botoc Claudiu

    2011-07-01

    Full Text Available The global crisis has caused a serious fiscal deterioration that leaves the world economy with serious challenges. In many developed markets as well as in a few emerging markets (Emerging markets public finances have already become, or are at least at risk of becoming, unsustainable. Commonly, public debt sustainability is defined as a sovereign's ability to service debt without large adjustments to public revenue and/or expenditure and without ever-increasing public-debt-to-GDP ratios. Hence, this definition refers to both a country's ability and willingness to repay its debt. We also have to add the fact that there isn`t an universal accepted definition of fiscal or debt sustainability. In light of the growing public debt, the issue of debt sustainability has increasingly attracted attention. In this paper we analyse public debt sustainability scenario in EU economies. At least half of the EU countries will have to implement stringent fiscal consolidation programmes over the next few years in order to prevent already high public-debt-to-GDP ratios from a further significant rise, also the case of Romania. However, drastic fiscal policy adjustment may be not feasible in the short term and hence public debt is likely to grow further. In some scenarios the public-debt-to-GDP ratio is predicted to soar to 133% in 2020, from just over 100% in 2010. By contrast, nearly all EM countries, including major economies, appear to be well positioned to stabilise or even outgrow their current debt ratios without drastic fiscal adjustment. Institutional improvements may help European countries to maintain fiscal credibility. In light of the future fiscal challenges, many European governments may introduce new or more effective national debt limits, similar to those put in place in the past with good results by some Emerging markets. Such institutional reforms could help to insulate fiscal policies from political pressure and to anchor financial market

  11. Debt Collection Models and Their Using in Practice

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    Anna Wodyńska

    2007-01-01

    Full Text Available An important element of a companys credit policy is its attitude to collecting due receivables. A company tries to establish the rules of collecting the said amount within the standards that are applied in a company. Depending on the organizational structure of a company, its scope of activity, common practices and, in particular, the credit policy assumed by a company, enterprises use internal, external or mixed debt collection models. Internal debt collection model assumes conducting debt collection activities within the organizational structure of a creditor company. External debt collection consists of ordering debt collection activities at a specialised company that handles debt service (outsourcing, which is connected with acting on behalf and account of the ordering party, but it also consists of receivables trading. The choice of proper debt collection model is not easy, due to, among others, high costs of the process as well as necessary expertise knowledge in the said scope; and the products offered on the market, although they seem similar, do differ substantially among one another. Regardless of the debt collection model, it shall be remembered that debt collection shall be run in a manner that ensures consolidation of entrepreneurs good name and their market position. The debt collection procedure binding in a company shall serve to work out a cooperation model with clients that are based on buyers reliability.

  12. 7 CFR 792.4 - Demand for payment of debts.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 7 2010-01-01 2010-01-01 false Demand for payment of debts. 792.4 Section 792.4... AGRICULTURE PROVISIONS COMMON TO MORE THAN ONE PROGRAM DEBT SETTLEMENT POLICIES AND PROCEDURES § 792.4 Demand for payment of debts. (a) When a debt is due FSA, an initial written demand for payment of such amount...

  13. Student Debt and the Class of 2015. 11th Annual Report

    Science.gov (United States)

    Cochrane, Debbie; Cheng, Diane

    2016-01-01

    Student Debt and the Class of 2015 is the eleventh annual report on the student loan debt of recent graduates from four-year colleges, documenting the rise in student loan debt and variation among states as well as colleges. This report includes policy recommendations to address rising student debt and reduce debt burdens, including collecting…

  14. Public debt, secular stagnation and functional finance

    DEFF Research Database (Denmark)

    Skott, Peter

    2016-01-01

    Fiscal policy and public debt may be required to maintain full employment and avoid secular stagnation. This conclusion emerges from a range of different models, including OLG specifications and stock-flow consistent (post-) Keynesian models. One of the determinants of the required long-run debt ...

  15. 14 CFR 399.44 - Treatment of deferred Federal income taxes for rate purposes.

    Science.gov (United States)

    2010-01-01

    ... TRANSPORTATION (AVIATION PROCEEDINGS) POLICY STATEMENTS STATEMENTS OF GENERAL POLICY Policies Relating to Rates and Tariffs § 399.44 Treatment of deferred Federal income taxes for rate purposes. For rate-making purposes other than the determination of subsidy under section 406(b), it is the policy of the Board that...

  16. On dynamics in a Keynesian model of monetary stabilization policy with debt effect

    Science.gov (United States)

    Asada, Toichiro; Demetrian, Michal; Zimka, Rudolf

    2018-05-01

    In this paper, a four-dimensional model of flexible prices with the central bank's stabilization policy, describing the development of the firms' private debt, the output, the expected rate of inflation and the rate of interest is analyzed. Questions concerning the existence of limit cycles around its normal equilibrium point are investigated. The bifurcation equation is found. The formulae for the calculation of its coefficients are gained. A numerical example is presented by means of numerical simulations.

  17. Small and Exposed: Debt Accumulation in Canada’s Small Provinces

    Directory of Open Access Journals (Sweden)

    Ronald D. Kneebone

    2015-05-01

    Full Text Available It hardly takes a shrewd premier to keep a province from racking up debt when economic times are good, and it does not necessarily take a reckless government to accumulate debt when economic times are tough. What matters more, when assessing a government’s fiscal responsibility, is how policy decisions — as opposed to cyclical effects — influence a province’s debt ratio. With economically small provinces being especially vulnerable to exogenous shocks, the need to avoid chronic deficits and debt accumulation is particularly high, since minimizing deficit and debt at least improves the resilience of these provinces to recover from shocks when they do occur. An analysis of the provincial government finances of Canada’s four smallest provinces— P.E.I., New Brunswick, Nova Scotia and Manitoba — finds that some are better at preparing for inevitable exogenous economic shocks. Taxpayers in Nova Scotia and P.E.I. in particular have legitimate reason to be worried. Taxpayers in New Brunswick and Manitoba can breathe a little easier, but both provincial governments have in recent years begun introducing policies that have reduced their potential for resiliency, too. From 1982–2008, New Brunswick’s governments — both Liberal and Progressive Conservative (PC — were the most successful of the four provinces in keeping its operating account more or less in fiscal balance. However, to best manage future economic shocks the province will have to reverse a six-year string of sizeable policy-induced deficits amassed first under a Liberal government and more recently under a PC government. Currently, New Brunswick’s policies are doing more to increase provincial debt than are cyclical influences, by a factor of more than two. Manitoba also has one of the stronger records of the four provinces but labours under the burden of the consequences of a rapid accumulation of policy-induced debt incurred during the mid-1990s. Unfortunately, during

  18. DEPENDENCE OF COUNTRY RISK COMPARED TO THE FOREIGN DEBT LEVEL

    Directory of Open Access Journals (Sweden)

    Angelica BĂCESCU-CĂRBUNARU

    2012-11-01

    Full Text Available The article presents some of the fundamental aspects of country risk’dependence compared to foreign debt level. Starting from external debt burden we analyze the usage of foreign loans, foreign debt bearing capacity as well as the availability of data regarding the external debt. Country risk represents the exposure to losses which may occur in a business with a foreign partner, caused by specific events that are, at least partially, controlled by the partner country’ government. Macroeconomic analysis of economic and financial component of country risk involves how this risk is influenced by government policy, by the economic role of government, bypricing strategies, investment priorities, financial structures, macroeconomic policy, by the ability to obtain foreign funds, the level of external debt as well as the liquidity and cash flows in that country.

  19. Deferred Tax Assets and Deferred Tax Expense Against Tax Planning Profit Management

    Directory of Open Access Journals (Sweden)

    Warsono

    2017-09-01

    Full Text Available The purpose of this study is to examine the probability of earnings management performed by Property and Real Estate companies listed in Indonesia Stock Exchange (BEI in the period 2011-2015. How to do the management to influence the accounting numbers can be either profit management through deferred tax assets, deferred tax expense and tax planning in the financial statements. This paper examines the effect of deferred tax assets deferred tax burden, and tax planning to earnings management conducted by the company. Data of the research is to use secondary data from company financial statements that were downloaded from the official website of Indonesia Stock Exchange. Using sampling technique is performed by purposive sampling. The study population is the Property and Real Estate companies listed in Indonesia Stock Exchange in the period 2011-2015. The study take sample as many as 34 companies Property and Real Estate in the Stock Exchange in 2011-2015. Hypothesis testing uses multiple regressions with SPSS software version 22. The result shows that the Deferred Tax Assets positive and significant effect on earnings management; while deferred tax expense and tax planning significant negative effect on earnings management.

  20. 7 CFR 1710.126 - Federal debt delinquency.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Federal debt delinquency. 1710.126 Section 1710.126... and Basic Policies § 1710.126 Federal debt delinquency. (a) Prior to approval of a loan or advance of... reasons for the delinquency must be explained, and RUS will take such explanation into consideration in...

  1. Sustainability of Government Debt in Sri Lanka

    Directory of Open Access Journals (Sweden)

    OG Dayaratna-Banda

    2014-07-01

    Full Text Available This paper examines the impact of government budget deficit on debt sustainability in Sri Lanka by using a novel methodological approach. The study used annual time series data from 1960 to 2012 in Sri Lanka for empirical testing. Sustainability of government debt is tested by using face value, market value and discounted market value of government debt as a proportion of GDP. Discounted market value of debt to GDP ratio was calculated using weighted average interest rate. Results of Augmented Dickey Fuller and Phillips-Perron tests indicate that debt ratios are non-stationary implying the existence of an unsustainable debt outlook. Results of the Chow test, employed to test if a structural break can be observed in 1978 as a result of moving away from the command economy to a market-oriented economy, indicate that the policy change has not led to have any fixed change in the mean of debt serials. The results compel us to conclude that public debt in Sri Lankan is not sustainable, so that a switch is required from foreign debt to other sources of financing of fiscal deficit or deficit reduction.

  2. The Greek sovereign debt: Are there really any options?

    OpenAIRE

    Papanikos, Gregory T.

    2014-01-01

    Debt Overhang is a controversial issue in the eurozone countries and is considered as one of the factors which created the current economic crisis. How to deal with sovereign debt has been debated both at the theoretical and policy making level. This paper looks at the Greek debt and four options are discussed: (a) unilateral default (b) unilaterally imposed austerity measures (c) restructuring through negotiating and (d) a tax on wealth to pay for the debt. Optimal options depend on the borr...

  3. The Greek public debt problem

    Directory of Open Access Journals (Sweden)

    Michalis Nikiforos

    2016-12-01

    Full Text Available The present paper examines the issue of the Greek public debt. After providing a historical discussion, we show that the austerity of the last six years has been unsuccessful in stabilizing the debt while, at the same time, it has taken a heavy toll on the economy and society. The recent experience shows that the public debt is unsustainable and therefore a restructuring is needed. An insistence on the current policies is not justifiable either on pragmatic or on moral or any other grounds. The experience of Germany in the early post-WWII period provides some useful hints for the way forward. A solution to the public debt problem is a necessary but not sufficient condition for the solution of the Greek and European crisis. A wider agenda that deals with the malaises of the Greek economy and the structural imbalances of the Eurozone is of vital importance.

  4. Determinants of debt rescheduling in Eastern European countries

    Directory of Open Access Journals (Sweden)

    Laušev Jelena

    2011-01-01

    Full Text Available This study utilizes Panel Logit Models applied to a set of macroeconomic, financial, and political variables to estimate the debt rescheduling probabilities of 15 Eastern European countries during the transition period from 1990-2005. These transition economies became a very attractive region for foreign investment. Specifically, the region became the largest recipient of net non-FDI flows among all emerging market regions in 2005. Therefore, it is relevant for policy makers and institutional and private foreign investors to investigate factors that influence debt rescheduling probabilities, as these may directly affect the size of and return on investments in these countries. Our findings suggest that policy efforts focused on reducing government expenditure, attracting foreign direct investment, increasing export revenues, and keeping a good repayment record result in low debt rescheduling probabilities and, in turn, decrease the cost of debt for these countries. This is a common finding for all countries in the sample, including those that have become EU members.

  5. Joint replenishment and credit policies under two levels of trade credit financing when demand and bad-debt loss depends upon credit period

    Directory of Open Access Journals (Sweden)

    Aggarawal K.K.

    2016-01-01

    Full Text Available In practice, a firm usually receives trade credit financing from its supplier on the purchase of inventory. Similarly, in order to meet competition and generate credit sales over and above cash sales, the firm also gives credit period to their customers. However, the decision of granting credit period may have a disintegrating effect on cash sales apart from generating new credit sales because some of the cash customers may switch to credit purchase. In addition, despite of the best credit granting policies and collection practices, the firm may incurs some amount of bad debt losses because a certain fraction of buyers will undoubtedly be unable to pay off their debt obligations and become bad debt loss to the firm. In this paper, using discounted cash flow (DCF approach, a mathematical model is developed to jointly determine optimal inventory and credit policies under two levels of trade credit financing when demand and bad-debt losses are dependent on credit period. The objective of the model is to maximize the present value of firm’s net profit per unit time by jointly optimizing the replenishment interval and date-terms credit period. Numerical examples and sensitivity analysis are presented to illustrate the effectiveness of the proposed model, and the results are discussed.

  6. Donating is a market (of debt

    Directory of Open Access Journals (Sweden)

    Alain Marie

    2012-06-01

    Full Text Available Starting out from a rereading of Marcel Mauss’s groundbreaking study “The Gift” (1924 and its successive reworkings by Levi-Strauss and Bourdieu, and drawing on fieldwork from Africa, this paper proposes another interpretation of the phenomenon of gift-giving as a central modality for the circulation of goods and wealth in community-based societies. Hitherto, most explanations have retained a theoretical core according to which any “generous” exchange – being subject to the obligation to give, to receive and ultimately to reciprocate the gift – could only be governed by a non-economic logic (or, at least, one that negates its utilitarian dimension: a logic that symbolizes and reproduces social bonds, signs of power and prestige, and the relationship between men and their gods.Here, the analysis picks up the problem by taking a simple observation: community-based societies are mutual funds. The exchange of gift and deferred counter-gift are the functional equivalent of modern systems of insurance, social security and mutual credit schemes. They are thus subject to a logic of debt, which derives its strength from its economic utility and from the constraining power of the moral obligation of reciprocity that binds together creditors and debtors (all of whom are keenly aware of their personal interests!. The community is therefore a debt market, regulated by the constant flow of their transactions.Today, however, rising inequalities are causing that market to dry up. The time has come for the predatory state and its oligarchies to pay their debts toward the poor, whose community-based systems of solidarity can no longer provide them with effective protection.

  7. The Influence of Debt Maturity Structure on Accounting Conservatism

    Institute of Scientific and Technical Information of China (English)

    Zhao Huiqing; Chen Xinguo

    2015-01-01

    According to the related data of A-share listed companies in 2009-2013,through extension model based on Basu's surplus - the stock return rate model ,this paper studies that the debt maturity structure influences on accounting conservatism. The empirical study finds that the amount of debt affects significantly the prudence,that is,the greater the amount of the debt contract con- cluded, the stronger role of accounting conservatism is ; Debt maturity have significant relationship with accounting conservatism. For the shorter debt maturity, the enterprise is easier to choose more prudent accounting policy, and when the period is longer, accounting conservatism is relatively weaker.

  8. Rising public debt profile in Nigeria: risks and sustainablity issues ...

    African Journals Online (AJOL)

    Rising public debt profile in Nigeria: risks and sustainablity issues. ... and state governments has echoed new concerns for policy stakeholders in Nigeria. ... the share of concessional loan in external debt stock and develop Public-Private ...

  9. How does the possibility to defer pension payments affect the labour supply of elderly Danish workers?

    DEFF Research Database (Denmark)

    Amilon, Anna; Nielsen, Torben Heien

    2010-01-01

    This chapter investigates the effects of a recent Danish policy reform on the number of hours worked after age 65. In short, the policy reform involved the option to defer pension payments and a reduction in the official retirement age from 67 to 65. Using a quasi-experimental design, we find tha...... positions that choose to defer their pensions. The results, therefore, indicate that the reform has mainly improved the situation of an already well-off group.......This chapter investigates the effects of a recent Danish policy reform on the number of hours worked after age 65. In short, the policy reform involved the option to defer pension payments and a reduction in the official retirement age from 67 to 65. Using a quasi-experimental design, we find...... that the reform has had a small positive impact on the number of hours worked at age 65. In the longer term (from age 65 to 67) the effect disappears, probably due to the reduction in the official retirement age causing people to retire earlier. It is mainly men, the highly educated and people holding advanced...

  10. Greek Sovereign Debt Crisis: Causes, Fiscal Adjustment Programs and Lessons for Croatia

    Directory of Open Access Journals (Sweden)

    Mislav Brkić

    2016-06-01

    Full Text Available This paper investigates the factors that have led to the Greek sovereign debt crisis in order to derive policy lessons for Croatia and other highly indebted countries. In the first years after euro adoption, it seemed that membership in the monetary union facilitated a catching-up process for Greece, given that it enjoyed high growth rates and a rapid convergence of per capita income. However, the global crisis has revealed that the previous economic expansion was an unsustainable process based on excessive inflow of debt-creating foreign capital. In this paper, it is argued that the government sector contributed the most to the rising vulnerability of the Greek economy. Data are presented showing that extensive government borrowing was the main factor behind the rapid accumulation of Greece's external debt, which made it highly vulnerable to external shocks. Besides the procyclical fiscal policy, some other factors also contributed to the overheating of economic activity in Greece. Hence, this paper reviews the literature that deals with the compression of peripheral countries' sovereign bond yields after the creation of the monetary union, the doubtful suitability of the ECB's expansionary policy stance from the perspective of then booming peripheral states, and the institutional shortcomings of the EMU. The main motivation of this paper is to identify the key roots of the Greek debt crisis in order to derive lessons for policy-makers in Croatia. Since the beginning of the recession in 2008, Croatia has seen a significant deterioration in fiscal fundamentals, with high public debt becoming the main source of macroeconomic vulnerability. Reducing the debt-to-GDP ratio has emerged as a key policy challenge that needs to be addressed in order to reduce the likelihood of a debt crisis.

  11. Public Debt and Its Impact on the Polish Economy and Society

    Directory of Open Access Journals (Sweden)

    Gavin Rae

    2016-03-01

    Full Text Available Purpose: To analyse the issue of public debt in Poland and examine its effect on other areas of socio-economic life as well as government policy.Approach: The question of public debt is placed in its historical context by looking at how it grew during the Communist system and influenced the transition period. The article draws on a range of secondary economic statistics and considers in detail a number of public policy issues, such as the reform of the pension system.Findings: One result of the large debt incurred by the end of the 1970s was that Poland became indebted to creditors in the West. This dependency helped to shape its economic policy at the end of the 1980s. The transition to a market economy placed new burdens on the country’s public services, primarily due to the resulting large deactivation of labour. Furthermore, the creation of a compulsory private pension system at the end of the 1990s diverted significant funds out of the government’s budget and swelled the country’s public debt. Since the outbreak of the economic crisis, Poland has avoided a recession by increasing public investment by utilising available European Union funds. However, due to internal and external limits on the size of its public debt, the government is being pressured to reduce this spending. In order to create more fiscal room, the government has partly dismantled the compulsory private pension system as a short-term solution to the growing debt crisis.Value: In the wake of the global financial crisis and economic turmoil in the European Union, the matter of public debt has taken on increased importance. This paper considers this question from a long-term perspective in a country that has been relatively successful during the international economic downturn. By examining public debt from this broad perspective, we can better understand the economic situation in Poland and the European Union, whilst also shedding light on some of the surrounding

  12. Making Deferred Taxes Relevant

    NARCIS (Netherlands)

    Brouwer, Arjan; Naarding, Ewout

    2018-01-01

    We analyse the conceptual problems in current accounting for deferred taxes and provide solutions derived from the literature in order to make International Financial Reporting Standards (IFRS) deferred tax numbers value-relevant. In our view, the empirical results concerning the value relevance of

  13. Efek Dampak Kebijakan DEBT Switching Terhadap Keuangan negara

    Directory of Open Access Journals (Sweden)

    Eri Hariyanto

    2015-12-01

    Full Text Available As an effect of the economic crisis in 1997-1998, the Government of Indonesia has issued 650.000 billion rupiah of government bonds to restructure banks. These bonds called recapitalization bonds. Problems surface when the maturity date of bonds is in 2004 to 2009. That will burden the state budget (APBN. To overcome that problem, the Government of Indonesia implements the Debt Switching Policy in 2002 and 2003. This article is to discuss effects of the Debt Switching Policy on the state budget (APBN and to comprehend the economy and politic phenomenon informulating that poling.

  14. Public debt management before, during and after the crisis

    Directory of Open Access Journals (Sweden)

    Ana Andabaka Badurina

    2012-03-01

    Full Text Available During the financial and economic crisis, the public debt ratio in the European Union increased significantly, and public debt management had to be carried out in a completely new and unfavorable environment. The authors of this paper explore the changes in public debt management during and after the crisis. They describe the way in which three members of the Union – the Netherlands, Ireland and Hungary – dealt with the challenge of government financing during the crisis. These three countries were chosen because they all had a comparatively welldeveloped public debt management system before the crisis, and also due to the fact that during the crisis those responsible for public debt management pursued a policy of active accommodation to current market circumstances. Therefore, these case studies can illustrate the capacity of public debt management to contribute to the prevention of a sovereign debt crisis. In the conclusion, the authors give an overview of public debt management in Croatia in the period of the crisis and compare it with public debt management in the three countries whose experiences are presented in the paper.

  15. Analysis of domestic debt: implication for economic growth in Nigeria

    African Journals Online (AJOL)

    This paper principally analysed the importance of domestic debt on economic growth of Nigeria. The objective of the study is to investigate the relationship between government domestic debt and economic growth and policy that is likely to improve private sector investment and break growth resistance problem.

  16. Information Use and Attention Deferment in College Student Loan Decisions: Evidence from a Debt Letter Experiment

    Science.gov (United States)

    Darolia, Rajeev; Harper, Casandra

    2018-01-01

    A prominent concern is that college students are harming their long-term economic prospects by making student loan decisions without full information about the implications of their choices. We designed an experiment to examine students' responses to a debt letter, an increasingly popular strategy to provide easily accessible information about…

  17. THE SUSTAINABILITY OF PUBLIC DEFICIT AND DEBTS: SAMPLE OF TURKEY

    Directory of Open Access Journals (Sweden)

    Selim YILDIRIM

    2017-09-01

    Full Text Available The developing countries which include Turkey as well, has been adversely effected in terms of sustainability of fiscal policy due to the 2001 crisis and the global crisis in 2008. These developments, which are important for the sustainability of fiscal policy, have increased the interest of researchers in the subject. Therefore, the purpose of this study is to determine whether Turkey's fiscal policy is sustainable for the period 1976-2016. In this study, which examines the sustainability of public debts in Turkey during the period 1976-2016, Bohn (1989 based econometric model with time-varying parameters was estimated by considering the structural changes experienced by the Turkish economy. In this model, the basic relationship is between the dependent variable ration of primary surplus to GDP (fdoranı and the explanatory variable of ration of public debt to GDP kboran. This relationship was empirically positive and statistically significant. This result provides evidence that public debt is sustainable when Turkey's budget policy is assessed for the period covered.

  18. Fiscal and monetary policies in light of the increasing debt service Las políticas fiscal y monetaria a la luz del creciente servicio de la deuda

    Directory of Open Access Journals (Sweden)

    González Jorge Iván

    1996-06-01

    Full Text Available The progressive increase in the servicing of the debt reflects a weakening of the structure of public finance and an intensification of the policy of monetary stabilization. In the last few years, the external debt has been replaced by internal debt. In an imperfect capital market, such as that which exists in Colombia, this handling of monetary policy distorts the interest rate and turns it into merely the expression of the immediate objectives of monetary policy.El progresivo aumento del servicio de la deuda refleja un debilitamiento en la estructura de las finanzas públicas y en la intensificación de la política de estabilización monetaria. En los últimos años, la deuda externa ha sido sustituida por deuda interna. En un mercado imperfecto de capitales, como el que existe en Colombia, este manejo de política monetaria distorsiona la tasa de interés y la convierte en mera expresión de los objetivos inmediatos de la política monetaria.

  19. Targeting Child Labor in Debt Bondage : Evidence, Theory, and Policy Implications

    OpenAIRE

    Basu, Arnab K.; Chau, Nancy H.

    2003-01-01

    Despite recent multilateral efforts to single out child labor in debt bondage as one of the worst forms of child labor, several important questions have yet to be addressed: How pervasive is the phenomenon? Are there systematic correlations between the incidence of children in debt bondage and the economic, legislative, and financial development indicators of the economy? How does an under...

  20. Government Debt Reduction in the USA and Greece: A Comparative VECM Analysis

    Directory of Open Access Journals (Sweden)

    Gisele MAH

    2016-11-01

    Full Text Available The purpose of this paper is to estimate comparative debt reduction models for the USA and Greece using Vector Error Correction Model analysis and Granger causality test. The study provides an empirical framework that could assist in policy formulation for countries with high debt rates as well as those experiencing debt crises. The US model revealed a negative and significant relationship between general government debt and inflation as well as negative significance with primary balance. In Greece, the relationship between general government debts with primary balance is found to be positive and significant while negative and significant with net transfer from abroad. Granger causality is from general government debts to inflation in the USA and from primary balance to general government debts in Greece.

  1. 26 CFR 31.3306(r)(2)-1 - Treatment of amounts deferred under certain nonqualified deferred compensation plans.

    Science.gov (United States)

    2010-04-01

    ... nonqualified deferred compensation plans. 31.3306(r)(2)-1 Section 31.3306(r)(2)-1 Internal Revenue INTERNAL..., Internal Revenue Code of 1954) § 31.3306(r)(2)-1 Treatment of amounts deferred under certain nonqualified deferred compensation plans. (a) In general. Section 3306(r)(2) provides a special timing rule for the tax...

  2. Analysis of the debt burden in Russian economy sectors

    Directory of Open Access Journals (Sweden)

    Svetlana Popova

    2017-12-01

    Full Text Available This paper provides an analysis of the debt burden of Russian companies and raises the issue of debt-level heterogeneity across economic sectors. To identify the causes of this heterogeneity, it estimates a regression model that includes both fundamental explanatory variables of companies and industry fixed effects. The results of the analysis demonstrate that standard variables, such as profitability, company size, asset turnover, and fixed-asset turnover ratio have a strong statistical significance. However, these do not fully explain the variation in the debt levels of companies in different sectors. According to model estimation, there are other industry specific factors that produce an imbalance between fundamental factors and companies’ debt levels. An understanding of the formation process and structure of debt burden in individual industries is extremely important for the financial stability of companies and for an effective monetary policy.

  3. Public Debts Trends in the Current Economic Context, from Both National and International Perspective

    Directory of Open Access Journals (Sweden)

    Doina Dascalu

    2015-12-01

    Full Text Available . The article presents an analysis of the way public debt operates in Romania, in the context of states economies trends, of complex and topical financial environments. In the context of a functional market economy, the issues faced by certain states involving high public debt levels or potential budgetary pressure risks converge towards the idea that public finances sustainability needs to be a major challenge at the level of public policies. Considering this situation, the adequate policies to tackle public finances sustainability need to have, as a launching base, the overall strategy of the European Union, focused on the three component parts, namely abatement of public debt, increasing productivity and employment and last but not least, reforming the pension and healthcare systems. To ensure reasonably sustainable public debt levels, EU member states need to attain medium term strategic budgetary objectives, that would ensure a downward trend of public debt, a condition which can be fulfilled by compliance with budget policies rules, which ground development in the macroeconomic framework.

  4. How to avoid deferred-compensation troubles.

    Science.gov (United States)

    Freeman, Todd I

    2005-06-01

    Executive compensation packages have long included stock options and deferred compensation plans in order to compete for talent. Last year, Congress passed a law in response to the Enron debacle, in which executives were perceived to be protecting their deferred compensation at the expense of employees, creditors, and investors. The new law is designed to protect companies and their shareholders from being raided by the very executives that guided the company to financial ruin. Physicians who are part owners of medical practices need to know about the changes in the law regarding deferred compensation and how to avoid costly tax penalties. This article discusses how the changes affect medical practices as well as steps physician-owned clinics can take to avoid the risk of penalty, such as freezing deferred compensation and creating a new deferred compensation plan.

  5. Debts of Cyprus Households: Lessons from the First Cyprus Survey of Consumer Finances

    OpenAIRE

    Michael Haliassos; Christis Hassapis; Alex Karagrigoriou; George Kyriacou; Michalis C. Michael; George Syrichas

    2003-01-01

    This paper describes participation of Cyprus households in various debts using data from the first (1999) Cyprus Survey of Consumer Finances. It complements our previous paper that described household participation in various types of assets (Haliassos et al., 2001). Debts considered encompass personal unsecured loans, including credit card debt, and loans secured by housing collateral, mainly mortgage debt. Findings are of policy interest, as they show the extent of household participation i...

  6. Investment Timing, Liquidity, and Agency Costs of Debt

    DEFF Research Database (Denmark)

    Hirth, Stefan; Uhrig-Homburg, Marliese

    2010-01-01

    This paper examines the effect of debt and liquidity on corporate investment in a continuous-time framework. We show that stockholder-bondholder agency conflicts cause investment thresholds to be U-shaped in leverage and decreasing in liquidity. In the absence of tax effects, we derive the optimal...... level of liquid funds that eliminates agency costs by implementing the first-best investment policy for a given capital structure. In a second step we generalize the framework by introducing a tax advantage of debt, and we show that an interior solution for liquidity and capital structure optimally...... trades off tax benefits and agency costs of debt....

  7. Who, or What, Is to Blame for the Accumulation of Debt in Ontario and Quebec (and What Will It Take to Stop the Bleeding?

    Directory of Open Access Journals (Sweden)

    Ronald D. Kneebone

    2014-07-01

    Full Text Available What is the main reason for government debt accumulation in Canada? Is the main driver of debt the public policy choices made by governments, or are non-policy factors, like interest rates and the economic environment to blame? Answering this question is the first step for governments burdened by high levels of government debt to introduce policies aimed at getting that debt under control. The effort to curtail debts in the mid-1990s prompted research into the sources of debt accumulation. The goal of this research was to determine whether the cause of debt was a set of poor fiscal policy choices in the form of overly generous social programs and/or insufficient taxation, an overly tight monetary policy driving up interest costs on existing debt and slowing growth, or simply bad luck in the form of unavoidable world events. That research aspired to identify the sources of debt accumulation so those mistakes, once identified, might be avoided in the future. This paper looks at Ontario and Quebec; two provinces with high and growing debt to GDP ratios and representing the two largest provincial economies in Canada. Introducing an original data set describing the finances of these governments over the period 1980-81 to 2011-12 and a new approach for identifying the causes of debt accumulation, this paper finds that the causes are disproportionate policy based. Finally, this paper offers a way out of debt for these governments. The solutions demand difficult policy choices; choices that will require a significantly heavier burden be borne by the citizens and taxpayers of Ontario than those in Quebec.

  8. DO PUBLIC AND PRIVATE DEBT LEVELS AFFECT THE SIZE OF FISCAL MULTIPLIERS?

    Directory of Open Access Journals (Sweden)

    Chairul Adi

    2017-09-01

    Full Text Available This paper investigates the effectiveness of fiscal policies – as measured by the impact and cumulative multipliers – and how they interact with public and private debt. Harnessing the moderated panel regression approach, based on the yearly data set of several economies during the period from 1996 to 2012, the analysis is focused on the impact of spending-and-revenue-based fiscal policies on economic growth and how these fiscal instruments interact with public and private indebtedness. The result of spending stimuli advocates the basic Keynesian theory. An increase in public expenditures contemporaneously generates a positive multiplier, of around 0.29 – 0.44 and around 0.45 – 0.58 during two years. Decomposing the expenditures into their elements, this paper documents a stronger impact from public investment than that from government purchases. On the other hand, the revenue stimuli seem to follow the Ricardian Equivalence Hypothesis (REH, arguing that current tax cuts are inconsequential. The impact and cumulative multipliers for this fiscal instrument have mixed results, ranging from -0.21 to 0.05 and -0.26 to 0.06, respectively. Moreover, no robust evidence is found to support the argument that government debt moderates the effectiveness of fiscal policies. The size of the multipliers for both spending and revenue policies remain constant with the level of public debt. On the other hand, private debt appears to show a statistically significant moderating effect on spending stimuli. Its impact on spending multipliers, however, is economically insignificant. The moderation effect of private debt on the revenue stimuli does not seem to exist. Finally, this paper documents that both public and private debt exhibit a negative and statistically significant estimation for economic output.

  9. Consequences of Debt Capitalization: Property Ownership and Debt/Tax Choice

    OpenAIRE

    Reiner Eichenberger; David Stadelmann

    2009-01-01

    Public debts capitalize into property prices. Therefore, property owners tend to favor tax over debt financing for government spending. In contrast, tenants do not suffer from debt capitalization. Thus, they tend to favor debt over tax financing. Our model of the resulting democratic fight between property owners and tenants over public debts and taxes predicts that the property ownership rate in a jurisdiction negatively effects the debt level. We provide empirical support for this hypothesi...

  10. Growth-Maximizing Public Debt under Changing Demographics

    DEFF Research Database (Denmark)

    Bokan, Nikola; Hougaard Jensen, Svend E.; Hallett, Andrew Hughes

    2016-01-01

    This paper develops an overlapping-generations model to study the growth-maximizing level of public debt under conditions of demograhic change. It is shown that the optimal debt level depends on a positive marginal productivity of public capital. In general, it also depends on the demographic par...... will have to adjust its fiscal plans to accommodate those changes, most likely downward, if growth is to be preserved. An advantage of this model is that it allows us to determine in advance the way in which fiscal policies need to adjust as demographic parameters change....

  11. An Evaluation of the Revenue side as a source of fiscal consolidation in high debt economies

    DEFF Research Database (Denmark)

    Banerjee, Ritwik

    Unsustainable levels of debt in some European economies are causing considerable strain in the Euro area. Successful debt consolidation in high debt economies is one of the most important important objective for the European policy makers. I use a dynamic general equilibrium closed economy model...

  12. Policies and institutions for moderating deep recessions, debt crises and financial instabilities

    Directory of Open Access Journals (Sweden)

    O’Hara Phillip Anthony

    2013-01-01

    Full Text Available This paper outlines a long-term policy and institutional framework for reducing the intensity of recessions, debt crises and financial instabilities, especially for the Core nations and areas that bore the brunt of the anomalies during 2008-2013. We argue that institutional changes need to be systemic, amounting to the construction of a new social structure of accumulation (SSA or mode of regulation (MOR, which we call an SSA of embedded communitarian liberalism. Five institutional spheres are introduced which are in need of systemic change, due to the entrenched contradictions and problems which the current set of institutions generate. These involve firstly institutions within the world-system of finance and production; secondly relating to finance versus industry; thirdly capital versus labor; fourthly state systems of production; and fifthly the interlinking of state, community and ecology.

  13. Capital Structure and International Debt Shifting

    NARCIS (Netherlands)

    Huizinga, H.P.; Laeven, L.; Nicodeme, G.

    2006-01-01

    This paper presents a model that relates a multinational firm's optimal debt policy to taxation and to non-tax factors such as the desire to prevent bankruptcy. The model yields the predictions that a multinational's indebtedness in a country depends on national tax rates and differences between

  14. An Empirical Analysis of the Impact of Debt on the Nigerian Economy

    African Journals Online (AJOL)

    user

    2013-07-07

    Jul 7, 2013 ... relationship between Nigeria's Debt service payment and her Gross ... should make policies that will promote industrialization which will in turn attract foreign direct .... overhang models gave implication that large debt stocks lower growth .... agreement by the creditors of an indebted firm or country to accept.

  15. Creditor Governance and Corporate Policies

    DEFF Research Database (Denmark)

    Arnold, Marc; Westermann, Ramona

    This paper analyzes the impact of debt covenant renegotiations on corporate policies. We develop a structural model of a levered firm that can renegotiate debt both at investment and in corporate distress. Covenant renegotiation at investment disciplines equity holders in their financing...... and investment decisions and, hence, mitigates the agency cost of debt. Our model explains the empirical intensity and patterns of the occurrence of debt renegotiation. We also quantify the role of debt covenant renegotiations as a governance channel on corporate financial policies and on the value of corporate...

  16. Investment Timing, Liquidity, and Agency Costs of Debt

    DEFF Research Database (Denmark)

    Hirth, Stefan; Uhrig-Homburg, Marliese

    This paper examines the effect of debt and liquidity on corporate investment in a continuous-time dynamic framework. We show that due to stockholder-bondholder agency conflicts, investment thresholds are U-shaped in leverage and decreasing in liquidity. While the underinvestment problem dominates...... for low-liquidity firms, there is overinvestment for high-liquidity firms. In the absence of tax effects, we derive the optimal level of liquid funds that eliminates agency costs by implementing the first-best investment policy for some given capital structure. In a second step we generalize the framework...... by introducing a tax advantage of debt, and we show that an interior solution for liquidity and capital structure optimally trades off tax benefits and agency costs of debt....

  17. The effect of education debt on dentists' career decisions.

    Science.gov (United States)

    Nicholson, Sean; Vujicic, Marko; Wanchek, Tanya; Ziebert, Anthony; Menezes, Adriana

    2015-11-01

    The purpose of the study was to determine whether there is an association between the amount of education debt on completing dental school (initial debt) and certain career decisions. The authors surveyed 1,842 practicing dentists who completed dental school between 1996 and 2011 to ascertain their initial education debt, the balance on their debt in 2013, and a variety of specialization and practice decisions made during their careers. Data also included demographic characteristics and parental income and education levels. Dentists with higher initial debt were less likely to specialize and more likely to enter private practice, accept high-paying jobs on graduation, and work longer hours. Choice of employment setting, practice ownership, and whether to provide Medicaid and charity care were associated with dentists' sexes and races but not debt. High debt levels influenced some career decisions, but the magnitude of these effects was small compared with the effects of demographic characteristics, including race and sex, on career choices. Policy makers concerned about the influence of student debt on the professional decisions of dental school graduates should recognize that students' demographic characteristics may be more powerful in driving career choices. Copyright © 2015 American Dental Association. Published by Elsevier Inc. All rights reserved.

  18. Deferred Personal Life Decisions of Women Physicians.

    Science.gov (United States)

    Bering, Jamie; Pflibsen, Lacey; Eno, Cassie; Radhakrishnan, Priya

    2018-05-01

    Inadequate work-life balance can have significant implications regarding individual performance, retention, and on the future of the workforce in medicine. The purpose of this study was to determine whether women physicians defer personal life decisions in pursuit of their medical career. We conducted a survey study of women physicians ages 20-80 from various medical specialties using a combination of social media platforms and women physicians' professional listservs with 801 survey responses collected from May through November 2015. The primary endpoint was whether women physicians deferred personal life decisions in pursuit of their medical career. Secondary outcomes include types of decisions deferred and correlations with age, hours worked per week, specialty, number of children, and career satisfaction. Respondents were categorized into deferred and nondeferred groups. Personal decision deferments were reported by 64% of respondents. Of these, 86% reported waiting to have children and 22% reported waiting to get married. Finally, while 85% of women in the nondeferment group would choose medicine again as a career, only 71% of women in the deferment group would do so (p job satisfaction, and insurance/administrative burden. The results of this survey have significant implications on the future of the workforce in medicine. Overall, our analysis shows that 64% of women physicians defer important life decisions in pursuit of their medical career. With an increase in the number of women physicians entering the workforce, lack of support and deferred personal decisions have a potential negative impact on individual performance and retention. Employers must consider the economic impact and potential workforce shortages that may develop if these issues are not addressed.

  19. Public Debt, Public Investment and Economic Growth in Mexico

    Directory of Open Access Journals (Sweden)

    Isaac Sánchez-Juárez

    2016-03-01

    Full Text Available The primary objective of this article is to answer the following two research questions: has the growing public debt of state governments promoted increased public investment? If the answer is yes, then does any increase in public investment lead to more growth in the Mexican states? Dynamic Models of panel data and the Generalized Method of Moments, with information for 32 states from 1993 to 2012, were used for this purpose. The econometric results confirmed that public debt is positively correlated with public investment and that this in turn generates economic growth. This does not mean that a good economic policy strategy has been followed, since the marginal positive impact of public investment, and therefore the public debt on the production per person, is reduced (1% increase in the interaction between public investment and public debt variable causes a 0.0005% increase in economic growth. This suggests deviations from the debt contracted for purposes other than production, which could lead to a situation of unsustainability of state public finances in the medium term.

  20. From debt crisis to sovereign risk

    NARCIS (Netherlands)

    Lukkezen, Jasper

    2014-01-01

    Recent experience taught us that advanced economies can be subject to debt crises, with tremendous impact on the economy. Such crises are -fortunately- rare events with which policy makers do not have to deal on a daily basis. They do have to incorporate sovereign risk, the probability that such a

  1. Money, Debt, People and Planet

    Directory of Open Access Journals (Sweden)

    Jakob von Uexkull

    2012-10-01

    Full Text Available The widespread failure to understand money creation plays a key role in the current policy impasse. In a world ruled by money, this failure disempowers and prevents serious consideration of alternatives. The key reasons why we are not moving faster in tackling the global crises are, we are told, because it is too expensive, there is not enough money, it is not (yet profitable enough to do etc. Within the current global monetary framework, this is largely true. Therefore, any realistic plan to change course before we are overwhelmed by the inter-linked environmental, social and security threats facing us, is to change this framework to ensure that money becomes our servant again. The current debt crisis offers an opportunity to replace discredited debt-based money created by private banks in their interest with government-created debt-free money benefitting all, which can be used to fund a global emergency programme.“We know now that government by organised money is just as dangerous as government by organised mob.” — President F.D. Roosevelt, 31.10.36“The essence of the contemporary monetary system is creation of money, out of nothing, by private banks’ often foolish lending. Why is such privatisation of a public function right and proper, but action by the central bank to meet pressing public need, a road to catastrophe?” — Martin Wolf, ‘Financial Times’, 9.11.10“The obvious way to reduce our public and private debts is to stop having all our money created as debt.” — James Robertson, ‘Future Money’

  2. PUBLIC DEBT DETERMINANTS IN ALBANIA

    Directory of Open Access Journals (Sweden)

    Edlira Kalaja

    2015-10-01

    Full Text Available State budget is one of the most important instruments where the government reflects its future policies, priorities and commitments. Its reading in recent years clearly shows the increased size of public debt beyond the upper limit of 60% of GDP, in many countries including Albania. This fact constitutes analarming trend signaled even by many international financial institutions. However, the worldwide increasing levels of budget deficits and public debtsare not accidental. Through this article we aim to explore the relationships that exists between different determinants such as governance, social and economic variables that directly affect the size of public debt in Albania, where demographic factors are noted as the main contributors, followed by political systems along with various economic developments that the country has experienced in years.

  3. The dynamic characteristics and influencing factors of debt structure of the public companies in China

    Directory of Open Access Journals (Sweden)

    Zhefan Piao

    2013-09-01

    Full Text Available Design/methodology/approach: Learned from Leary (2009, Konstantinos Voutsinas and Richard A.Werner (2011, this study designs a model of debt maturity structure with an unbalanced panel data set. It consists of 1352 Chinese listed companies with8124 observations during the period of 2003-2011. Hausman test hasbeen used, and the findings support the fixed effects model.Findings: Besidesthe factors that have been confirmed by previous researches, debt maturitystructure is also sensitive to other factors, such as economicexpectations, monetary policy, financial restrictions and changes in tax rates.Research limitations/implications: There are still many cases, which affect the debt maturitystructure, are worth of further exploring, for instance, the impactof lagged monetary policy, the determinants of short-term debt ratio and thecost of operating.Practical implications: From the macro point of view, research in this area enable thegovernment to introduce more suitable policies that direct and promote thedevelopment of the bond market, thus it spurs corporations to choose theproper finance structure. From the micro point of view, firms can learn fromthe research to choose the efficient method and term of financing as well asdebt structure.Originality/value: In some way, conclusions of this papercontribute to the study of dynamic characteristics and factors of debt maturitystructure in Chinese listed companies.

  4. IMPACT OF THE GLOBAL FINANCIAL CRISIS ON SOVEREIGN DEBT IN THE EUROPEAN UNION

    Directory of Open Access Journals (Sweden)

    Condea Bogdan Virgil

    2014-07-01

    Full Text Available At European Union level, the global financial crisis intensified the issue of sovereign debts and member states had to implement a series of fiscal measures in order to reduce the budgetary deficit and public debts, that have peaked in the last decades. These changes were also imposed in the Romanian fiscal system and the effects were felt in particular through increased tax rates or even the introduction of new taxes. 2008 was the year that marked a turning point in the fiscal policy of member states of the European Union from multiple perspectives. The impact of the economic crisis was felt mainly through the drastic decrease in tax revenues for all member states, which led to an accelerated growth of the budgetary deficit and implicitly of the indebtedness degree. In this context, EU member states were forced to adopt measures that would reduce the budgetary deficit (increases in some taxes and reduction of certain public expenditures. In 2010, the sovereign debt crisis in the euro area exposed the weaknesses of the EU economic governance. In response, the so-called "six pack" regulations were introduced in December 2011. Moreover, many countries have intensified their consolidation efforts in an attempt to regain the confidence of financial markets. The new architecture of fiscal policy in the European area has undergone many changes in recent years, market not only by the fiscal harmonization process, but mainly by the temptation of fiscal coordination that aims mainly to achieve fiscal stability and reduce medium and long-term public debt. The excessive growth of countries' indebtedness degree in recent years led to the need to study the sustainability of the indebtedness policy, considering that maintaining the budgetary deficit at a prudent level would also ensure the sustainability of fiscal policy. The study analyzes the effects in budgetary plan of economic recovery measures by highlighting the evolution of public debt in EU member

  5. Risk, opportunities and reasons of the household debt changes: The case of an emerging economy

    Directory of Open Access Journals (Sweden)

    Sisimogang Tracy Seane

    2016-11-01

    Full Text Available In the past decades, household debt in both developed and developing countries have been increasing. With an increase in the standard of living, household debt is also bound to increase. This paper examines the cointergation and causal link among household disposable income, household savings, debt service ratio, lending interest rate, consumer price index and household debt in South Africa. An Autoregressive Distributed Lag and Granger causality techniques was used to analyse data collected from the South African Reserve Bank and Quantec from 1984 to 2014. The results of Autoregressive Distributed Lag test revealed cointegrating relationships between household debt and debt service ratio as well as household debt and lending interest rate. However, there is no long run cointegrating relationship between household disposable income, household savings and consumer price index with household debt. The Granger causality results revealed that household disposable income, household savings, debt service ratio, lending interest rate, consumer price index do Granger cause household debt in South Africa. Policy makers should thus target these variables in order to reduce household debt in South Africa

  6. Policy responses to the European debt crisis treating the “symptoms” or the “disease”?

    Directory of Open Access Journals (Sweden)

    Antzoulatos Angelos A.

    2012-01-01

    Full Text Available The conventional narrative for the European debt crisis stresses three factors, namely, bad policies and profligacy in the afflicted countries - mostly southern ones, flaws in the EMU design, and wise policies in the northern frugal countries. This paper argues that the root causes of the crisis lie in the failure of many “safety valves” of market economies, at many levels of the society, both in the crisis countries and in the more “prudent” EMU countries, in an economic environment where unfettered finance can overwhelm even the biggest and best managed economies. Hence, the policy responses based on the conventional narrative are akin to treating the “symptoms”, not the “disease”. As such, they may be setting the foundations for a bigger crisis in the future by strengthening the always-present perverse incentives of many economic players and by proposing complex and unworkable regulatory and supervisory structures. This, together with the unequal sharing of the burden of adjustment - both across and within countries, bodes ill for the long-term prospects of EMU, despite that the aforementioned failures are not intrinsically related to the euro.

  7. Analysis of debt leveraging in private power projects

    International Nuclear Information System (INIS)

    Kahn, E.P.; Meal, M.; Doerrer, S.; Morse, S.

    1992-08-01

    As private power (non-utility generation) has grown to become a significant part of the electricity system, increasing concern about its financial implications has arisen. In many cases, the source of this concern has been the substantial reliance of these projects on debt financing. This study examines debt leveraging in private power projects. The policy debate on these issues has typically been conducted at a high level of generality. Critics of the private power industry assert that high debt leveraging confers an unfair competitive advantage by lowering the cost of capital, and that this leveraging is only possible because risks are shifted to the utility. Further, debt leveraging is claimed to be a threat to reliability. On the opposite side, it is argued that debt leveraging imposes costs and obligations not home by utilities, and so there is no financial advantage. The private producers also argue that on balance more risk is shifted away from utilities than to them, and that incentives for reliability are strong. In this study we examine the project finance mechanisms used in private power lending in detail, relying on a sample of actual loan documents. This review and its findings should be relevant to the further evolution of this debate. State regulatory commissions are likely to be interested in it, and Federal legislation to amend the Public Utility Holding Company Act (PUHCA) could require states to consider the implications of debt leveraging in relation to their oversight of utility power purchase programs

  8. Analysis of debt leveraging in private power projects

    Energy Technology Data Exchange (ETDEWEB)

    Kahn, E.P. (Lawrence Berkeley Lab., CA (United States)); Meal, M.; Doerrer, S.; Morse, S. (Morse, Richard, Weisenmiller Associates, Inc., Oakland, CA (United States))

    1992-08-01

    As private power has grown to become a significant part of the electricity system, increasing concern about its financial implications has arisen. In many cases, the source of this concern has been the substantial reliance of these projects on debt financing. This study examines debt leveraging in private power projects. The policy debate on these issues has typically been conducted at a high level of generality. Critics of the private power industry assert that high debt leveraging confers an unfair competitive advantage by lowering the cost of capital. This leveraging is only possible because risks are shifted to the utility. Further, debt leveraging is claimed to be a threat to reliability. On the opposite side, it is argued that debt leveraging imposes costs and obligations not borne by utilities, and so there is no financial advantage. The private producers also argue that on balance more risk is shifted away from utilities than to them, and that incentives for reliability are strong. In this study we examine the project finance mechanisms used in private power lending in detail, relying on a sample of actual loan documents. This review and its findings should be relevant to the further evolution of this debate. State regulatory commissions are likely to be interested in it, and Federal legislation to amend the Public Utility Holding Company Act (PUHCA) could require states to consider the implications of debt leveraging in relation to their oversight of utility power purchase programs.

  9. National exchange rate policies and international debt crises: how Brazil did not follow Argentina into a default in 2001-2002

    Directory of Open Access Journals (Sweden)

    Bryan Andrew Kenyon Johnson

    2007-01-01

    Full Text Available This paper examines how exchange rate policies and IMF Stand-By Arrangements affect debt crises using econometrics and a comparison between Argentina and Brazil. It refines an existing diagram outlining crisis development to propose crisis prevention strategies. Flexible exchange rate policies reduce a country's probability of default by over 4%, but Stand-By Arrangements increase it by an inconsequential percentage. Unlike Argentina, Brazil avoided a default via a freely-floating exchange rate system, fiscal deficit reduction, and a cooperative and coordinated relationship with the IMF. The results provide policymakers from developing countries with lessons to manage their countries' default risks more effectively.

  10. Sustainability of the public debt and the financial crisis

    Directory of Open Access Journals (Sweden)

    Aura Gabriela SOCOL

    2013-03-01

    Full Text Available The European Union sovereign-debt crisis brings up again the problem of current account sustainability, the fiscal policy sustainability and the public debt sustainability, as well as the interconditionality between them. On the background of the severe structural problems, the lack of competitiveness has constituted the main factor resulting in the severe deterioration of the European public finances. The external deficits have put additional pressure upon the fiscal deficits. Practically, they entered a vicious circle, to a great extent due to the extremely different economic evolutions of the weak economies opposite to the strongly structurally advanced and solid economies. This study makes a risk analysis of the public debt sustainability in Romania for the period 2010-2015, under the circumstances in which it will enter the Euro zone in the near future.

  11. STATE DEBT: A CONCEPTUAL TREATMENT

    Directory of Open Access Journals (Sweden)

    Ion STURZU

    2014-02-01

    Full Text Available Government debt (also known as public debt and national debt is the debt owed by a central government. (In the U.S. and other federal states, "government debt" may also refer to the debt of a state or provincial government, municipal or local government. By contrast, the annual "government deficit" refers to the difference between government receipts and spending in a single year, that is, the increase of debt over a particular year. Government debt is one method of financing government operations, but it is not the only method. Governments can also create money to monetize their debts, thereby removing the need to pay interest. But this practice simply reduces government interest costs rather than truly canceling government debt, and can result in hyperinflation if used unsparingly. Governments usually borrow by issuing securities, government bonds and bills. Less creditworthy countries sometimes borrow directly from a supranational organization (e.g. the World Bank or international financial institutions. As the government draws its income from much of the population, government debt is an indirect debt of the taxpayers. Government debt can be categorized as internal debt (owed to lenders within the country and external debt (owed to foreign lenders. Sovereign debt usually refers to government debt that has been issued in a foreign currency. Another common division of government debt is by duration until repayment is due. Short term debt is generally considered to be for one year or less, long term is for more than ten years. Medium term debt falls between these two boundaries. A broader definition of government debt may consider all government liabilities, including future pension payments and payments for goods and services the government has contracted but not yet paid.

  12. The Effect of Government Debt and Other Determinants on Economic Growth: The Greek Experience

    Directory of Open Access Journals (Sweden)

    Panagiotis Pegkas

    2018-02-01

    Full Text Available This study empirically investigates the relationship between economic growth and several factors (investment, private and government consumption, trade openness, population growth and government debt in Greece, where imbalances persist several years after the financial crisis. The results reveal a long-run relationship between variables. Investment as private and government consumption and trade openness affect positively growth. On the other hand, there is a negative long-run effect of government debt and population growth on growth. Furthermore, the study addresses the issue of break effects between government debt and economic growth. The results indicate that the relationship between debt and growth depends on the debt breaks. Specifically, at debt levels before 2000, increases in the government debt-to-GDP ratio are associated with insignificant effects on economic growth. However, as government debt rises after 2000, the effect on economic growth diminishes rapidly and the growth impacts become negative. The challenge for policy makers in Greece is to halt the rising of government debt by keeping a sustainable growth path. Fiscal discipline should be combined with the implementation of coherent, consistent and sequential growth-enhancing structural reforms.

  13. La crescita del debito pubblico in Italia: evoluzione, prospettive e problemi di politica economica.(The growth of public debt in Italy: past experience, perspectives and policy problems

    Directory of Open Access Journals (Sweden)

    L. SPAVENTA

    2013-12-01

    Full Text Available Il lavoro esamina l'esperienza italiana , con riferimento alla crescita e debito pubblico. Non cerca di testare opinioni contrastanti , in quanto gli effetti di alcune innovazioni finanziarie e politiche sono troppo recenti e alcuni dati sono di scarsa qualità . Piuttosto , la sua portata più limitata è di attingere alle esperienze passate e , cosa più importante , valutare le prospettive future , al fine di discutere di alcuni problemi per quanto riguarda la politica fiscale e monetaria. L'autore esamina formazione del  debito con riferimento alle necessità di finanziamento , la loro composizione e la loro misura rettificato , prima di prendere in considerazione le politiche di finanziamento perseguite dalle autorità e le variazioni nella composizione , la proprietà e il costo del debito . Infine vengono esaminati i possibili sviluppi futuri e di alcuni problemi di politica connessi  .The work surveys the Italian experience with reference to growth and public debt. It does not seek to test conflicting views, as the effects of some financial and policy innovations are too recent and some data is of poor quality. Rather, its more limited scope is to draw on past experience and, more importantly, assess future prospects in order to discuss some problems regarding both fiscal and monetary policy. The author examines debt formation with reference to borrowing requirements, their composition and their adjusted measure, before taking into consideration financing policies pursued by the authorities  and the changes in the composition, ownership and cost of debt. Finally, possible future developments and some connected policy problems are examined.JEL: H63, E52, E62

  14. BASES OF PUBLIC POLICY FORMATION DIRECTED AT ENSURING BUDGET SECURITY

    Directory of Open Access Journals (Sweden)

    S. Onishchenko

    2015-03-01

    Full Text Available In the article the priorities and public policies that can improve the safety level of the budget of Ukraine have been grounded. Attention on the problems of imbalance and deficiency trends accumulation of public debt has been focused. The detailed analysis of the budget deficit of the European community to further research the main problems of fiscal security has been carried out. The formation of the concept of budget policy should include long-term and medium-term priorities of the state priorities areas have been concluded. Budget policy on public debt must deal with interrelated issues of debt bondage and effective use of public credit, promote economic growth with respect safe level and structure of public debt have been emphasized by author. Debt policy as part of fiscal policy under certain conditions can be a powerful tool to intensify investment and innovation processes in society, promote economic and social development. The reorientation of fiscal policy to address current problems through debt and use it as the basis of investment and innovation development provides an effective public debt management is designed to reduce state budget expenditures on its servicing and repayment, optimizing the scope and structure of debt according to economic growth. The role of debt policy in modern terms increases is clearly subordinate to and consistent with long-term goals and priorities of fiscal policy. There is an urgent development and implementation of effective mechanisms for investing borrowed resources, increasing the efficiency of public investment, including the improvement of organizational, financial, legal and controls. Strategically budget security guarantees only competitive economy, which can be constructed only by recovery and accelerated development of promising sectors of the national economy in the presence of a balanced budget policy. Now there is a tendency to implement only measures to stabilize the political and socio

  15. Iraq's Debt Relief: Procedure and Potential Implications for International Debt Relief

    National Research Council Canada - National Science Library

    Weiss, Martin A

    2009-01-01

    .... Reducing this debt to a sustainable level has been a priority of the U.S. government. Since 2003, debt relief negotiations have taken place in a variety of fora and led to the cancellation of a significant amount of Iraq's external debt...

  16. 17 CFR 256.190 - Accumulated deferred income taxes.

    Science.gov (United States)

    2010-04-01

    .... proprietary capital ... (CONTINUED) UNIFORM SYSTEM OF ACCOUNTS FOR MUTUAL SERVICE COMPANIES AND SUBSIDIARY SERVICE COMPANIES, PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 4. Deferred Debits § 256.190 Accumulated deferred income taxes. (a...

  17. The Transmutation of Deference in Medicine: An Ethico-Legal Perspective.

    Science.gov (United States)

    Devaney, Sarah; Holm, Søren

    2018-05-01

    This article critically considers the question of whether an increase in legal recognition of patient autonomy culminating in the decision of the Supreme Court in Montgomery v Lanarkshire Health Board in 2015 has led to the death of deference to doctors, not only within the courts and healthcare regulatory arenas in England and Wales but also in the consulting room and the health care system more broadly. We argue that deference has not been eradicated, but that the types of deference paid to doctors and to the medical profession have changed. In addition, whilst traditionally deference was extended towards the medical profession, increasing instances of deference being shown to other parties in the healthcare setting can be identified, allowing wider debate or recognition of the complexity of understandings, interests and aims of all those involved. Finally, we note instances in which deference to the medical profession has become more hidden.

  18. 12 CFR 615.5102 - Issuance of debt obligations through the Funding Corporation.

    Science.gov (United States)

    2010-01-01

    ... SYSTEM FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Issuance of Bonds.../liability management policies of the System institutions and the requirements of the market. The guidelines, priorities, and objectives shall be designed to ensure that the debt marketing responsibilities of the...

  19. MODALITIES OF LOCAL DEBT ANALYSIS IN THE NORTH-WEST REGION OF ROMANIA

    Directory of Open Access Journals (Sweden)

    Ioan BĂTRÂNCEA

    2016-12-01

    Full Text Available Public debt is a topic of great interest, problem tracked over the years and has worsened with the outbreak of the second wave of financial crisis around the world, namely the sovereign debt crisis . Among the countries affected by this phenomenon are, along with countries like Greece, Italy, Spain and Portugal, our country whose public debt has doubled in the past four years and will affect future regional development in Romania. In late 2010, the Romanian government debt (according to ESA 95 methodology reached 31.02 % of GDP. Although this indicator falls comfortably within the 60 % of GDP Maastricht Treaty, its growth rate remains worrying. In 2012 there was a level of government debt ( EU methodology - ESC 95 37.8 % of GDP, and for 2013 the estimated level of government debt is below 36.4 % of GDP ( 51 billion euro ranging is below the Maastricht Treaty provided for 60% of GDP, an advantage for Romania , given the new rules on public debt and budget deficit introduced by the new rules of economic governance at the European level , the concept of prudent fiscal policy becomes central . This is a reason for adopting a pro- active stance by continuing fiscal consolidation measures. That is why in this paper the authors present an analysis of public debt based on a correlated system of indicators.

  20. Deferred correction approach on generic transport equation

    International Nuclear Information System (INIS)

    Shah, I.A.; Ali, M.

    2004-01-01

    In this study, a two dimensional Steady Convection-Diffusion was solved, using Deferred correction approach, and results were compared with standard spatial discretization schemes. Numerical investigations were carried out based on the velocity and flow direction, for various diffusivity coefficients covering a range from diffusive to convective flows. The results show that the Deferred Ted Correction Approach gives more accurate and stable results in relation to UDS and CDs discretization of convective terms. Deferred Correction Approach caters for the wiggles for convective flows in case of central difference discretization of the equation and also caters for the dissipative error generated by the first order upwind discretization of convective fluxes. (author)

  1. Financial repression and high public debt in Europe

    NARCIS (Netherlands)

    van Riet, Ad

    2018-01-01

    The sharp rise in public debt-to-GDP ratios in the aftermath of the global financial crisis of 2008 posed serious challenges for fiscal policy in euro area countries. This thesis examines whether and to what extent modern financial repression has been applied in Europe to address these challenges.

  2. Impact of External Debt on Economic Growth: a Case Study of Pakistan

    Directory of Open Access Journals (Sweden)

    Farrukh Shahzad

    2014-12-01

    Full Text Available Since 1980s, the mounting debts and debt payment service of Pakistan due focus and consideration from the Policy makers and economists. This study was additionally done to audit and investigate the effect of external debt overhauling on the development and growth of Pakistan's economy. To hunt the target of research, five variables i.e. Growth, external debt servicing, saving, net export, Foreign Direct Investment were taken to focus their fact association with the GDP or development of the Pakistan's economy. Annual panel data was taken from the source World Bank indicator from the period of 1980 to 2013 and was manipulated through least square multiple regression models. The main variable external debt has significantly negative impact on dependent variable GDP so it’s concluded that Pakistan should go for the option of debt forgiveness and must invite FDI but not much as their overloading may hurt the economy. Adjusting saving (ADS highly significant positive relation with GDP reveals that habit of saving extremely boost up economy growth. Exports is basically good to helping hand for economy so they must be lifted up. The impact of external debt is quite hostile on growth so steps must be taken to abolish it in order to growth of economy.

  3. 76 FR 81019 - Electronic Fund Transfers (Regulation E)

    Science.gov (United States)

    2011-12-27

    ... Requirements for gift cards and gift certificates. Appendix A to Part 1005--Model Disclosure Clauses and Forms... financial institution to a consumer to defer payment of debt, incur debt and defer its payment, or purchase... purchase or sale of a security or commodity, if the security or commodity is: (i) Regulated by the...

  4. The Response of Deferred Executive Compensation to Changes in Tax Rates

    OpenAIRE

    Aspen Gorry; Kevin A. Hassett; R. Glenn Hubbard; Aparna Mathur

    2015-01-01

    Given the increasing use of stock options in executive compensation, we examine how taxes influence the choice of compensation and document that income deferral is an important margin of adjustment in response to tax rate changes. To account for this option in the empirical analysis, we explore deferral by estimating how executives’ choice of compensation between current and deferred income depends on changes in tax policy. Our empirical results suggest a significant impact of taxes on the co...

  5. Fiscal transparency, political parties, and debt in OECD countries

    DEFF Research Database (Denmark)

    Alt, James E.; Lassen, David Dreyer

    2006-01-01

    Many believe and argue that fiscal, or budgetary, transparency has large, positive effects on fiscal performance. However, the evidence linking transparency and fiscal policy outcomes is less compelling. To analyze the effects of fiscal transparency on public debt accumulation, we present a career...

  6. The Impact of Government Debt Issuance on Short-Term interest rates in Indonesia

    Directory of Open Access Journals (Sweden)

    Sri Adiningsih

    2009-08-01

    Full Text Available This paper analyzes whether the expansionary fiscal policy funded by issuing debt instruments in financial markets will increase short-term interest rates. If  the expansionary fiscal policy increases interest rates, which decrease private spending especially investment, crowding out occurs. This is interesting because global economic crisis has encouraged many countries to run large budget deficits to stimulate the economy. Indonesia has also run budget deficit during this crisis and even in years before. The impact of such a policy can be significant because Indonesia’s debt market is still narrow and shallow. Therefore, its capability of absorbing the government debt instruments without influencing the private sector funding is limited. This study tests whether the crowding out occurs in Indonesia using a time series econometric model inspired by Cebula and Cuellar’s model. The Cointegration Regression and Error Correction Model (ECM are used in this study. Monthly data from April 2000 to December 2008 are used for overnight real interbank call money interest rates, real net government bond issues in trading, real narrow money supply, real rate of one-month Certificate of Bank Indonesia, growth of Gross Domestic Product, and real net international capital flows. This empirical study shows that the crowding out problem occurred in Indonesia during the period. This indicates that financing budget deficit in Indonesia by issuing debt instruments in the financial markets has a negative impact on the private sector.

  7. A CRITICAL ANALYSIS OF THE FACTORS LYING BEHIND RECENT PUBLIC DEBT ACCUMULATION IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Irina BILAN

    2014-12-01

    Full Text Available Following Romania’s accession to the EU, its public debt expressed as a share of GDP has seen a steep upward trend. Although this situation has not been unprecedented, as public debt massively increased in many other European countries once the economic crisis emerged, and the current level of Romania’s public debt is still well below the European limit of 60% of GDP, the previous experience of other developing countries tells us that this situation cannot be appreciated as a comfortable one. Against this background, it is important to investigate the factors that led to the recent growth of Romania’s public debt, to see if their action is only temporary or, on the contrary, if they persist over time, and to see if, by the promoted public indebtedness policies, prerequisites have been created to foster economic growth, as a rational support of further debt reduction. Thus, the aim of our paper is to identify and critically evaluate the contribution of different factors underlying the growth of Romania’s public debt in 2007-2013. Our analysis is supported by data (on public debt, public budgetary revenues, expenditures and budget balance, inflation rate, GDP growth rate, etc., collected from the reports of the Ministry of Public Finance of Romania or databases of international institutions (European Commission, International Monetary Fund.The main conclusion of our work is that although, like in other European countries, the economic crisis has contributed, through its effects on the GDP growth rate and budget balance, to the increase of Romania’s public debt, other specific and more persistent factors have also had an important contribution (as the pro-cyclical fiscal policy, the tax evasion, the large volume of arrears to public budgets, especially of public companies, the relatively low tax base, the high expenses on goods and services, salaries or even the interests payments on public debt.

  8. 25 CFR 152.35 - Deferred payment sales.

    Science.gov (United States)

    2010-04-01

    ... desire, a sale may be made or approved on the deferred payment plan. The terms of the sale will be... 25 Indians 1 2010-04-01 2010-04-01 false Deferred payment sales. 152.35 Section 152.35 Indians..., CERTIFICATES OF COMPETENCY, REMOVAL OF RESTRICTIONS, AND SALE OF CERTAIN INDIAN LANDS Mortgages and Deeds of...

  9. Health consequences of the US Deferred Action for Childhood Arrivals (DACA) immigration programme: a quasi-experimental study

    OpenAIRE

    Atheendar S Venkataramani, DrMD; Sachin J Shah, MD; Rourke O'Brien, PhD; Ichiro Kawachi, ProfPhD; Alexander C Tsai, MD

    2017-01-01

    Summary: Background: The effects of changes in immigration policy on health outcomes among undocumented immigrants are not well known. We aimed to examine the physical and mental health effects of the Deferred Action for Childhood Arrivals (DACA) programme, a 2012 US immigration policy that provided renewable work permits and freedom from deportation for a large number of undocumented immigrants. Methods: We did a retrospective, quasi-experimental study using nationally representative, repea...

  10. Reporting Deferred Gifts: CASE-NACUBO Guidelines Ensure Consistency.

    Science.gov (United States)

    Ridenour, James F.; Munger, Peter L.

    1983-01-01

    Three methods for reporting the value of a deferred gift are described: the tax method, net realizable value, and fair market value. Three major categories of deferred gifts are identified: pooled income funds, charitable remainder trusts, and charitable gift annuities. (MLW)

  11. Are groups more likely to defer choice than their members?

    Directory of Open Access Journals (Sweden)

    Chris M. White

    2011-04-01

    Full Text Available When faced with a choice, people can normally select no option, i.e., defer choice. Previous research has investigated when and why individuals defer choice, but has almost never looked at these questions when groups of people make choices. Separate reasons predict that groups may be equally likely, more likely, or less likely than individuals to defer choice. We re-analyzed some previously published data and conducted a new experiment to address this question. We found that small groups of people tended to defer choice more often than their members would. Assuming that the groups used a plurality rule but gave additional weight to individual preferences to defer choice allowed the groups' responses to be predicted quite well. We discuss several possible explanations of these findings.

  12. The balance-of-payments constraint:from balanced trade to sustainable debt

    Directory of Open Access Journals (Sweden)

    Nelson H. Barbosa-Filho

    2001-12-01

    Full Text Available This paper extends the balance-of-payments constraint on growth known as Thirlwall's law to incorporate unbalanced trade and debt accumulation. Assuming that small open economies face a liquidity constraint, the text shows the growth and real-exchange-rate policy rules consistent with a stable ratio of net exports to income. Given such rules, the text shows how the trade balance of a small open economy is residually determined by the ratio of foreign debt to income allowed by international conditions.

  13. Information Technology of Study of the State Foreign Debt in Developing Countries

    Directory of Open Access Journals (Sweden)

    Matvieieva Iuliia M.

    2014-03-01

    Full Text Available Due to expansion of international relations, growth of interest of states in attraction of foreign capital, appearance of excessive debts and problems connected with them, urgency of the issue of the state foreign debt significantly increased. The problem of state foreign debt is especially sharp in developing countries. Taking into account specific features of functioning of economies of these states, it is necessary to develop information approaches with the aim of studying macro-economic processes, which could assist in creation of improved mechanisms of functioning of the debt policy. The goal of the article is building an information technology of study of the state foreign debt, which would allow conduct of a complex analysis of the studied problem. The article offers a three-stage information technology of study of the state foreign debt, which gives a possibility to analyse and assess the study problem. This article also reveals properties, functions and tasks, which are solve by the information technology. It gives a detailed description of each stage and its notional elements. It forms the structured database for a possibility to carry out an experiment. On the basis of the first stage the article builds econometric models, which reflect interrelations between macro-economic factors, which gives an opportunity to forecast, analyse and assess the state foreign debt.

  14. Complex stimulation of peripheral nerve regeneration after deferred neurorrhaphy

    Directory of Open Access Journals (Sweden)

    Ivanov A.N.

    2017-09-01

    Full Text Available The aim is to study the complex stimulation effect including skin autotransplantation and electrical stimulation of the sciatic nerve on microcircular, electrophysiological and morphological changes after deferred neurorrhaphy in rats. Material and methods. The experiment was performed in 50 albino rats divided into control, comparative and experimental groups. In the experimental group, on the background of deferred neurorrhaphy, skin autotransplantation and electrical stimulation of the sciatic nerve had been carried out. In the comparative group only deferred neurorrhaphy was performed. Research methods included laser doppler flowmetry, electroneuromyography and morphological analysis of the operated nerve. Results. Complex stimulation including skin autotransplantation and direct action of electrical pulses on the sciatic nerve after its deferred neurorrhaphy causes restoration of bloodstream in the operated limb, promotes intensification of restoration of nerve fibers. Conclusion. Intensification of sciatic nerve regeneration after deferred neurorrhaphy in rats under the influence of complex stimulation including full-thickness skin graft autotransplantation and direct action of electrical pulses substantiates experimentally appropriateness of clinical testing of the given method for treatment of patients with peripheral nerve injuries.

  15. The Determinants of Brazilian Football Clubs’ Debt Ratios

    Directory of Open Access Journals (Sweden)

    Marke Geisy da Silva Dantas

    2017-01-01

    Full Text Available This paper explores the relationship between the debt ratio of Brazilian football clubs and several potential determinants, both financial and sports-related. Our explanatory variables are Current Ratio, Return on Assets, Score Percentage, Size, 12 Biggest Clubs, Access (to specific championships, e.g. Libertadores da América , Division, Title (won at time t and Relegated (at time t . Data was collected from several publicly available channels and our sample was mostly decided according to this availability. The time range adopted was 2010-2013. The model employed was Generalized Estimating Equation. Our results suggest that debt ratios are more associated with their popularity or their participation in the highest division of its main championship rather than titles held, access to different competitions or relegation to lower levels. We believe that our findings may be useful for both practitioners, who might know the impact of their sports-related choices in their clubs’ debts, and policymakers, that could prepare differentiated policies for specific groups (e.g divisions.

  16. Pharmacy Students' Attitudes Toward Debt.

    Science.gov (United States)

    Park, Taehwan; Yusuf, Akeem A; Hadsall, Ronald S

    2015-05-25

    To examine pharmacy students' attitudes toward debt. Two hundred thirteen pharmacy students at the University of Minnesota were surveyed using items designed to assess attitudes toward debt. Factor analysis was performed to identify common themes. Subgroup analysis was performed to examine whether students' debt-tolerant attitudes varied according to their demographic characteristics, past loan experience, monthly income, and workload. Principal component extraction with varimax rotation identified 3 factor themes accounting for 49.0% of the total variance: tolerant attitudes toward debt (23.5%); contemplation and knowledge about loans (14.3%); and fear of debt (11.2%). Tolerant attitudes toward debt were higher if students were white or if they had had past loan experience. These 3 themes in students' attitudes toward debt were consistent with those identified in previous research. Pharmacy schools should consider providing a structured financial education to improve student management of debt.

  17. 18 CFR 367.2550 - Account 255, Accumulated deferred investment tax credits.

    Science.gov (United States)

    2010-04-01

    ..., Accumulated deferred investment tax credits. 367.2550 Section 367.2550 Conservation of Power and Water... 255, Accumulated deferred investment tax credits. This account must be credited with all investment tax credits deferred by companies that have elected to follow deferral accounting, partial or full...

  18. Educational Debt in the Context of Career Planning: A Qualitative Exploration of Medical Student Perceptions.

    Science.gov (United States)

    Phillips, Julie P; Wilbanks, Deana M; Salinas, Diana F; Doberneck, Diane M

    2016-01-01

    Phenomenon: Medical students in the United States face increasing educational debt because medical education costs have risen while public investment in higher education has declined. Contemporary students borrow more money and accumulate debt far surpassing that of previous generations of physicians, and both interest rates and terms of loan repayment have changed significantly in the last decade. As a result, the experiences of medical students differ from the experiences of physician educators. Little is known about how contemporary medical students view their debt in the context of career planning. Understanding contemporary U.S. medical students' lived experiences of educational debt is important, because high debt levels may affect medical students' well-being and professional development. The study's purpose was to explore contemporary students' views of their debt in the context of career planning. In 2012, 2nd-year medical students enrolled in a health policy course at one medical school were invited to write an essay about how debt influences their career choices. The authors analyzed 132 essays using immersion and crystallization and iterative, team-based coding. Code-recode strategies, member checking, and reflexivity ensured validity and rigor. Three themes emerged about the meaning of debt: debt symbolizes lack of social investment, debt reinforces a sense of entitlement, and debt is a collective experience. Four approaches to debt management emerged: anticipation, avoidance, acceptance, and disempowerment. Insights: Medical students' views of debt are more complex than previously reported. Medical educators should recognize that many students experience debt as a stressor, acknowledge students' emotions about debt, and invite discussion about the culture of entitlement in medical education and how this culture affects students' professionalism. At the same time, educators should emphasize that students have many repayment options and that regardless

  19. Do Tax Incentives for Saving in Pension Accounts Cause Debt Accumulation?

    DEFF Research Database (Denmark)

    Yde Andersen, Henrik

    2018-01-01

    This paper applies a quasi-experimental research design on a Danish 2010 policy that reduced tax incentives for saving in annuity pension schemes to show significant substitution of savings from retirement accounts to gross debt repayments. We find that for every 1 Danish currency unit reduction...... in retirement savings 31 cents goes to debt repayments. Taking into account all types of savings, we find full crowding-out. Consistent with previous findings, we document that the effect is driven by a minority, about 23 percent, who actively rebalance their savings....

  20. Deferred tax analysis and impact on firm's economic efficiency ratios

    Directory of Open Access Journals (Sweden)

    Hana Bohušová

    2005-01-01

    Full Text Available Category of deferred income tax is a complex topic including the whole accounting system and the income tax. Calculation method can be time-consuming and demanding a high quality system of analytical evidence and a system of valuation and demanding the high level of accountants' knowledge. The aim in the theoretical level was to analyze process of calculation and recording of deferred tax. Importance of recording of deferred tax and the impact on financial analysis ratios was analyzed. Fourteen business entities were examined. Deferred tax recording is a legal way to reduce retained earnings a to protect of its careless alocation.

  1. Sovereign debt and corporate capital structure: The evidence from selected European countries during the Gglobal Financial and Economic Crisis

    Directory of Open Access Journals (Sweden)

    Natalia Mokhova

    2017-05-01

    Full Text Available The recent Global financial crisis and the following European debt crisis show the significance of country financial stability and its impact on the private sector. Moreover, the sovereign debt as an essential element of government macroeconomic policy influences the financial performances of the companies and their future development and growth. The capital structure and financing decisions represent one of the most significant parts of company’s financial policy and its key to financial strength. There are a lot of external factors influencing the capital structure; however, due to the European debt crisis the aim of this study is to indicate the influence of sovereign debt on capital structure of the private held companies in different European countries. This study examines the evidence from European developed countries and emerging markets for the period 2005–2012, in order to compare the level of its impact on the capital structure according to the countries’ specifics. We find that after Global Financial Crisis the sovereign debt has tendency to increase in all investigated countries. Greece and Italy have the highest level of debt and it exceeds their Gross Domestic Product (GDP. In addition to that, the Czech Republic has the lowest level of sovereign debt to GDP, but at the same time the corporate capital structure exceeds 100%. The sovereign debt levels are strongly and statistically significantly correlated with each other, however, Hungarian debt has weaker relation with other countries. The findings also show the integration and interdependence of European countries. Moreover, Hungarian, Czech and German private sectors are the most depended on the level of sovereign debt.

  2. Cointegration Analysis of the Economic Growth, Military Expenditure, and External Debt: Evidence from Pakistan

    Directory of Open Access Journals (Sweden)

    Khalid Zaman

    2012-06-01

    Full Text Available This paper attempts to examine the relationship between real military spending (RME, level of economic activity (RGNP, and real external debt (RED by using a Johansen multivariate cointegration framework. The analysis is carried out using time series data over 1980-2008 The study investigates the long-run effects and short-run dynamics of the effect of rise in RGNP and RME on RED Pakistan. The quantitative evidence shows that external debt is more elastic with respect to military expenditure in the long run, whereas, there has been insignificant effect in the short-run. In the long-run, 1.00% increase in military expenditure leads to an increase in external debt by almost 3.96%. On the other hand, 1.00% increases in economic growth decreases external debt by 2.13%. In the short run, 1.00% increase in economic growth reduces external debt by 2.90%. The results presented in this study reinforce the importance to government, academic, and policy makers.

  3. Do progressive goverments undertake different debt burdens? partisan vs. electoral cycles

    Directory of Open Access Journals (Sweden)

    Garcia-Sanchez Isabel-Maria I.M

    2011-01-01

    The empirical evidence obtained points to the need to perfect internal and external control mechanisms in order to avoid a breakdown in the stability policy and the risk of debt becoming untenable, thus achieving greater budgetary discipline.

  4. The Determinants of Debt Financing

    OpenAIRE

    Zhao, Chenkai

    2013-01-01

    Debt financing is an important part in capital structure. Over the fifty years, most scholars and researchers focus primarily on the balance between debt financing and equity financing. And only few research involve in types of debt financing, as well as the determinant of debt financing. This study is aim to analyse the determinate of debt financing, which examine that the influence by eight different elements. This dissertation examined by quantitative techniques with 591 UK listed comp...

  5. Debt Maturity: Is Long-Term Debt Optimal?

    OpenAIRE

    Laura Alfaro; Fabio Kanczuk

    2007-01-01

    We model and calibrate the arguments in favor and against short-term and long-term debt. These arguments broadly include: maturity premium, sustainability, and service smoothing. We use a dynamic equilibrium model with tax distortions and government outlays uncertainty, and model maturity as the fraction of debt that needs to be rolled over every period. In the model, the benefits of defaulting are tempered by higher future interest rates. We then calibrate our artificial economy and solve fo...

  6. Analysis of Deferred Taxes in the Business Environment in Serbia

    Directory of Open Access Journals (Sweden)

    Savka VUČKOVIĆ-MILUTINOVIĆ

    2013-06-01

    Full Text Available Flow-through model of income tax reporting in general purpose financial statements had a long history of use in Serbia. It was only in 2004 (and 2003 for banks, when the implementation of deferred taxes model started. It was inevitable, because IAS/IFRS became mandatory basis for preparing financial statements. In this paper we examine quality of deferred taxes disclosures in the financial statements of companies in Serbia. We also documented the most common temporary differences that arise in measuring accounting and taxable income and in that way we identified the major sources of deferred tax. We analyzed the materiality of deferred taxes and their effect on company´s performance in Serbia.

  7. The Effects of Dependency on Debt Financing On Financial Reporting Policy: The Case of Greece

    OpenAIRE

    Athanasios P. Bellas; Christos Tzovas

    2008-01-01

    Financial statements information is supposed to influence the credit decisions of credit institutions. Furthermore, debt agreements include terms based upon accounting numbers. Within this context an accounting choice aiming to minimize tax liability might generate significant non-tax costs for a firm. The significance of these costs is conditioned upon the level of dependency of firm on debt financing. This paper examines the arguments that have been developed regarding the association betwe...

  8. NAMA 80/20 DEFERRED PAYMENT INITIATIVE PARTICIPATION FORM

    OpenAIRE

    2012-01-01

    Brochure detailing the Deferred Payment Initiative key features and information on how to apply for the initiative: "NAMA has launched a Deferred Payment Initiative (the ‘Initiative’) on a pilot basis. The Initiative is aimed at potential owner-occupiers who are interested in purchasing residential property but are concerned at the risk of further price declines."

  9. 12 CFR 5.47 - Subordinated debt as capital.

    Science.gov (United States)

    2010-01-01

    ... compliance concern, or raises a significant legal or policy issue. (ii) Tier 2 and Tier 3 capital. When the... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Subordinated debt as capital. 5.47 Section 5.47... capital. (a) Authority. 12 U.S.C. 93a. (b) Licensing requirements. A national bank does not need prior OCC...

  10. Mental health and debt collection: a story of progress? Exploring changes in debt collectors' attitudes and practices when working with customers with mental health problems, 2010-2016.

    Science.gov (United States)

    Evans, Jamie; Fitch, Christopher; Collard, Sharon; Henderson, Claire

    2018-04-27

    In recent years, the UK debt collection industry has taken steps to improve its policies and practices in relation to customers with mental health problems. Little data, however, have been collected to evidence change. This paper examines whether the reported attitudes and practices of debt collection staff when working with customers with mental health problems have changed between 2010 and 2016. This paper draws on descriptive and regression analyses of two cross-sectional surveys of debt collection staff: one conducted in 2010 and one conducted in 2016. All variables analysed show statistically significant changes between 2010 and 2016 indicative of improved reported attitudes and practices. While results suggest an improvement in attitudes and practice may have occurred between 2010 and 2016, research is required to understand this potential shift, its likely causes, and concrete impact on customers.

  11. The Crisis of the Sovereign Debt - Interdependencies, Responsibilities and Risks

    Directory of Open Access Journals (Sweden)

    Georgeta Dragomir

    2015-05-01

    Full Text Available The increase of government debt continues and maintains the financial crisis as an additional risk factor at national, regional or global level. The causes which lead to the raise of the national debt can be found in the effects of a major crisis but, in turn, this phenomenon feeds imbalances generating economic and financial crisis. The importance of this topic is defined by its magnitude and dynamics, in the long-term effects on the economy, finances, policies and, ultimately, on the completeness of a state. Solutions are available to the national public authorities in the context of regional policy, but they are circumscribed also to the imperatives imposed by the international lenders. Not infrequently, their efficiency was affected by subjective factors, along with the lack of preventive actions or of proper long-term vision. There have been made references to the analysis of international bodies or financial authorities, at authors dedicated to this complex problem. As method of approach we have used the bibliographic study, processing and analysis of data, and previous researches. The results are the analysis and explanation of specific developments of sovereign debt crisis, of interactions, highlighting the effects and solutions. The research is an important basis for specialists, public authorities and academics. As value, the work is a synthesis and a comparative analysis so as to identify trends, responsibilities and solutions.

  12. Myocardial Damage in Patients With Deferred Stenting After STEMI

    DEFF Research Database (Denmark)

    Lønborg, Jacob; Engstrøm, Thomas; Ahtarovski, Kiril Aleksov

    2017-01-01

    BACKGROUND: Although some studies found improved coronary flow and myocardial salvage when stent implantation was deferred, the DANAMI-3-DEFER (Third DANish Study of Optimal Acute Treatment of Patients With ST-elevation Myocardial Infarction) did not show any improvement in clinical outcome in pa...

  13. Arbitrability of Disputes Pertaining to Abusive Debt Collection Practices in the US: Striking a Balance between Efficiency and Fairness

    DEFF Research Database (Denmark)

    Stanescu, Catalin Gabriel

    2017-01-01

    that the “arbitrability” of abusive debt collection practices raises specific concerns. Specifically, the arbitration of such clauses brings into conflict two federal acts—¬the Fair Debt Collection Practices Act (FDCPA) and the Federal Arbitration Act (FAA), which both promote important public policies. Which should...

  14. Essays in Open Economy Monetary Policy

    OpenAIRE

    Castro, Pedro

    2012-01-01

    International economic integration has risen during the last decades and the interdependence between each economy and the rest of the world has become central for policy decisions. My dissertation contributes to the debate about the conduct of monetary policy in a financially integrated world. In the first chapter of the dissertation I discuss the relationship between domestic policies and the currency denomination of foreign debt. Foreign debt is a double-edged sword. It allows countries to ...

  15. Deferred Imitation and Social Communication in Speaking and Nonspeaking Children with Autism

    Science.gov (United States)

    Strid, Karin; Heimann, Mikael; Gillberg, Christopher; Smith, Lars; Tjus, Tomas

    2013-01-01

    Deferred imitation and early social communication skills were compared among speaking and nonspeaking children with autism and children developing typically. Overall, the children with autism showed a lower frequency on measures of deferred imitation and social communication compared with typically developing children. Deferred imitation was…

  16. Determinants of Polish public debt

    Directory of Open Access Journals (Sweden)

    Tomasz Stryjewski

    2011-12-01

    Full Text Available The crisis, which had its beginning in 2007, turned into the debt crisis of the countries. The examples of Greece, Ireland, Iceland or Spain showed the category of public debt in a new light. Poland, at the turn of 2010/2011 also achieved the upper level of public debt acceptable by the law. In the present situation of the European Union countries being in debt, and even insolvent, the situation in Poland becomes riskier. This article attempts at an empirical verification of the determinants of Polish public debt within 95 months (the data link with the period of time from January 2003 to November 2010. The verification of the main factors which cause the formation of public debt takes place by means of an appropriately verified econometric model.

  17. 34 CFR 682.210 - Deferment.

    Science.gov (United States)

    2010-07-01

    ... provide information, including an example, on the impact of capitalization of accrued, unpaid interest on... applicable, the post-deferment grace period expire, a borrower resumes any delinquency status that existed...

  18. International Corporate Debt Market

    OpenAIRE

    Manuela Geranio; Issam Hallak

    2012-01-01

    Research on international debt markets has chiefly investigated sovereign debt markets. We suggest a review of the different types of borrowers and the differences in the instruments. In particular we show that syndicated loans are an essential tool of international debt markets to monitor international markets borrowers. We also show by looking at the details of these instruments the mechanisms behind such tools.

  19. THE ECONOMIC IMPACT OF FOREIGN DEBT IN GREECE

    Directory of Open Access Journals (Sweden)

    Olga Korol

    2015-11-01

    Full Text Available The purpose. The impact of foreign debt growth on the social and economic performance of Greece was shown. The parameters of GDP, consumption, interest rates, unemployment and government spendings were analyzed. Methodology. Data obtained for 2001-2014 was used for regression analysis, vector autoregression and as well as Kalman filter. Results. A multi-faced analysis of the debt for EU-member states and Greece in particular was performed. The events and decisions of Greek authorities leading to the crisis were summarized in structural and logical scheme. The recommendations for the economic policy of Greece, based on the performed analysis were suggested. The practical applications. Establishment of all weaknesses and empirical testing of the necessary indicators in this study was the basis for the justification of measures to stabilize the economic situation in Ukraine and Greece. Value/originality. The Mandel-Fleming model and the model of balance of savings-investments was used for the first time for the theoretical interpretation of the nature of the debt crisis in Greece, that under the influence of capital inflows caused by the deterioration of the current account balance and interest rate cuts. The increase in foreign borrowings has led to an increase in the budget deficit and reduction in savings. Also for the first time performed regression-correlation analysis, in particular the Kalman filter is used to study the effect of debt on macroeconomic performance of the Greek economy.

  20. The Odiousness of Greek Debt in Light of the Findings of the Greek Debt Truth Committee

    OpenAIRE

    Bantekas, I; Vivien, Renaud

    2016-01-01

    Unlike the popular narrative, which suggests that the Greek debt crisis was the result of lavish spending, this article demonstrates that the ‘crisis’ was generated by a transformation of purely private debt into public debt. This finding is supported by the preliminary report of the Greek Parliamentary Committee on the Truth of the Greek Debt, which clearly demonstrated the exponential increase of private debt in Greece risked the collapse of the private financial institutions exposed to it,...

  1. Modelling Monetary and Fiscal Governance in the Wake of the Sovereign Debt Crisis in Europe

    Directory of Open Access Journals (Sweden)

    Bodo Herzog

    2016-05-01

    Full Text Available This paper analyzes different government debt relief programs in the European Monetary Union. I build a model and study different options ranging from debt relief to the European Stability Mechanism (ESM. The analysis reveals the following: First, patient countries repay debt, while impatient countries more likely consume and default. Second, without ESM loans, indebted countries default anyway. Third, if the probability to be an impatient government is high, then the supply of loans is constrained. In general, sustainable and unsustainable governments should be incentivized differently especially in a supranational monetary union. Finally, I develop policy recommendations for the ongoing debate in the Eurozone.

  2. Financial guarantees and public debt in South Africa

    Directory of Open Access Journals (Sweden)

    Ogutu Miruka

    2015-09-01

    Full Text Available A few years since the worst of the Euro sovereign debt crisis, many nations, from Cyprus to Ireland, including South Africa are re-visiting their public debt management to avert or lessen the impact of similar such happenings in the future. There are a number of studies on risk assessments of fiscal sustainability; however, few focus on contingent liabilities and even fewer on financial guarantees. In South Africa, financial guarantees have consistently comprised just above or below 50% of all contingent liabilities since the early days of majoritarian rule. In lieu of this, the paper analyses the risks posed by financial guarantees to fiscal sustainability in South Africa. We estimate the effect of financial guarantees on public debt in South Africa via the Engle Granger and causality model with quarterly time series data obtained from the South African Reserve Bank (SARB as well as the National Treasury. The data covers the April 1997 to December 2011 period. All econometric methods were executed using the statistical software package E-Views 7. We found that no long run relationship exists between national net loan debt and financial guarantees in South Africa. The pass rate of financial guarantees significantly affects its present value. The pass rate of financial guarantees has a predicting ability in determining the present value of national net loan debt. These findings may be contrary to what would be expected in the case of South Africa considering that the country is managing the issuance of financial guarantees prudently and that at present levels, there is no need for a radical policy shift. The study therefore offers a lesson to similar merging economies on the good governance of contingent liabilities.

  3. THE NEED FOR PUBLIC DEBT MANAGEMENT IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT WITHIN THE EUROPEAN UNION

    Directory of Open Access Journals (Sweden)

    Meghisan Madalina Georgeta

    2011-07-01

    Full Text Available Public debt is created when the necessary resources for the socio-economic development of a state are greater than the opportunities that exist at that time. The destination of the necessary resources acquired from foreign markets can be either consumption by raising the standard of living (on short term or investments in order to reduce the discrepancies in relation to the European Union through investments in infrastructure, jobs, human and technical capital development. The scientific research aims to clarify several key objectives, namely: the theoretical concept and its belonging in the governance politics; the dynamics of public debt in Romania and the identification of specific features of the indebtedness decision, the influence of the current global economic crisis on the Romanian economy, the analysis of Romania's public debt sustainability integrated in the European structures, and proposals for action in order to return as soon as possible to a positive economic dynamics with direct impact on people's standard of living. The theme of this research is contemporary in the context of the financial and economical global crisis and the difficulties in overcoming this period. The need to coordination the fiscal and budgetary policies in Romania, the awareness that the accumulation of a large public debt presents a threat to future generations, the increase of the tax pressure over a market that trends towards globalization and the impact that the aging of the population will have on the public finances sparked public controversy, both in the academic environment and in the media. To continuously borrow resources and maintain a stable level for them requires a sustainable public debt, an important objective of any state's tax policy. A sustainable public debt is the result of the market and of the fiscal and budgetary policy decisions. Although the sustainability of public finances and implicitly of public debt has been an issue extensively

  4. 12 CFR 370.6 - Assessments under the Debt Guarantee Program.

    Science.gov (United States)

    2010-01-01

    ... OF GENERAL POLICY TEMPORARY LIQUIDITY GUARANTEE PROGRAM § 370.6 Assessments under the Debt Guarantee... participating entity shall ensure that funds in an amount at least equal to the amount of the assessment are... institution shall provide the necessary funds for payment of its assessments. (3) Failure to take all...

  5. The debt crisis: a re-appraisal

    Directory of Open Access Journals (Sweden)

    Carlos Alberto Cinquetti

    2005-09-01

    Full Text Available The 1980s' debt crisis is a landmark in developing economies' growth and stabilization. According to the most quoted empirical articles, external shocks and vicissitudes gave rise to crisis just because of delays in stabilization policies, engendered by internal conflicts and institutional immaturity. I review some of these papers, and find out some problems - in the measurement of shocks and foreign indebtedness, namely - whose corrections lead to opposite results: external shocks and foreign indebtedness explain that crisis regardless of domestic policies. At the same time, the strong correlation of income distribution to terms of trade changes and foreign indebtedness suggest that inequality may have contributed differently to that crisis: either through an economic channel, or through a political channel based on delays in reforms.

  6. Are Central Banks in CEE Countries Concerned about the Burden of Public Debt?

    Directory of Open Access Journals (Sweden)

    Mackiewicz-Łyziak Joanna

    2017-03-01

    Full Text Available The aim of this study is to analyze the monetary policy rules in the Czech Republic, Hungary and Poland, with public debt as an additional explanatory variable. We estimate linear rules by the GMM estimation and non-linear rules, using the Markov-switching model. Our findings suggest that in the Czech Republic and Poland the monetary authorities respond to growing public debt by lowering interest rates, while in Hungary the opposite may be observed. Moreover, we distinguish between passive and active monetary policy regimes and find that the degree of interest rate smoothing is lower and the response of the central banks to inflation and/or output gap is stronger in an active regime. In the passive regime, the output gap seems to be statistically insignificant.

  7. 49 CFR 22.15 - Delinquency on Federal, State, or Municipality Debt.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 1 2010-10-01 2010-10-01 false Delinquency on Federal, State, or Municipality... PROGRAM (STLP) Policies Applying to STLP Loans § 22.15 Delinquency on Federal, State, or Municipality Debt... appropriate Federal and State databases. (b) If any delinquencies are determined during the application...

  8. Challenges experienced by debt counsellors in Gauteng

    Directory of Open Access Journals (Sweden)

    Kgomotso Masilo

    2015-09-01

    Full Text Available Gauteng, Province of South Africa is experiencing a decreasing number of registered and practising debt counsellors. This paper investigates and assesses the challenges that debt counsellors in Gauteng experiences. Fifteen debt counsellors from three municipalities of Gauteng were interviewed. Data was analysed using ATLAS ti. The paper concluded that though debt counsellors are complying with the regulations in rendering debt counselling service, they still had challenges regarding backlogs in debt review. The paper recommends that debt counsellors should be adequately trained and should restructure their rehabilitation methods on the one hand and the National Credit Regulator should monitor debt counsellors’ practices and assist them with their queries on the other hand.

  9. Assessing debt sustainability in a stochastic environment: 200 years of Dutch debt and deficit management

    NARCIS (Netherlands)

    van Wijnbergen, S.; France, A.

    2012-01-01

    When debt levels approach critical levels, tax payers may revolt against the associated debt service burden. Funding problems may arise in capital markets when lenders anticipate such revolts and refuse to participate in debt auctions. We provide a stochastic framework to assess whether such

  10. 36 CFR 1011.8 - When will the Presidio Trust suspend or terminate debt collection on a debt?

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false When will the Presidio Trust... PRESIDIO TRUST DEBT COLLECTION Procedures To Collect Presidio Trust Debts § 1011.8 When will the Presidio Trust suspend or terminate debt collection on a debt? If, after pursuing all appropriate means of...

  11. Addressing Student Debt: A New Post Secondary Learning Support System

    Science.gov (United States)

    Association of Canadian Community Colleges, 2001

    2001-01-01

    Access and affordability are bountiful concepts and key words used by policy makers in defining the role of post-secondary education and training in Canada. However, these words have not translated into action for many learners due to student debt. Incurred from high tuition fees, costly and complex payback schemes and under-funding, chronic…

  12. ANALYSIS OF FACTORS AFFECTING THE FORMATION OF TAX DEBT AND TAX COLLECTIONS IN THE SUBJECTS OF THE NORTH CAUCASIAN FEDERAL DISTRICT

    Directory of Open Access Journals (Sweden)

    Igor Yu. Pelevin

    2013-01-01

    Full Text Available The article is devoted to estimation of factors, which impact on formation of the tax debt in the regions. Description of the dynamics of the tax debt in the North Caucasus Federal District from 2009 to 2011 is given. Also an analysis of this tax debt was made according to the subjects of the federal district. Proposals to form an active fiscal policy are formulated based on this analysis.

  13. The contagion effect of public debt on monetary policy: the Brazilian experience

    Directory of Open Access Journals (Sweden)

    Fernando de Holanda Barbosa

    2006-06-01

    Full Text Available This paper attempts to explain why the Brazilian inter-bank interest rate is so high compared with rates practiced by other emerging economies. The interplay between the markets for bank reserves and government securities feeds into the inter-bank rate the risk premium of the Brazilian public debt.

  14. 15 CFR 19.8 - When will Commerce entities suspend or terminate debt collection on a Commerce debt?

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false When will Commerce entities suspend or terminate debt collection on a Commerce debt? 19.8 Section 19.8 Commerce and Foreign Trade Office of the Secretary of Commerce COMMERCE DEBT COLLECTION Procedures To Collect Commerce Debts § 19.8 When will...

  15. The Effects of DACAmentation: The Impact of Deferred Action for Childhood Arrivals on Unauthorized Immigrants

    OpenAIRE

    Pope, Nolan G.

    2016-01-01

    As the largest immigration policy in 25 years, Deferred Action for Childhood Arrivals (DACA) made deportation relief and work authorization available to 1.7 million unauthorized immigrants. This paper looks at how DACA affects DACA-eligible immigrants' labor market outcomes. I use a difference-in-differences design for unauthorized immigrants near the criteria cutoffs for DACA eligibility. I find DACA increases the likelihood of working by increasing labor force participation and decreasing t...

  16. The Debt Overhang Hypothesis: Evidence from Pakistan

    Directory of Open Access Journals (Sweden)

    Shah Muhammad Imran

    2016-04-01

    Full Text Available This study investigates the debt overhang hypothesis for Pakistan in the period 1960-2007. The study examines empirically the dynamic behaviour of GDP, debt services, the employed labour force and investment using the time series concepts of unit roots, cointegration, error correlation and causality. Our findings suggest that debt-servicing has a negative impact on the productivity of both labour and capital, and that in turn has adversely affected economic growth. By severely constraining the ability of the country to service debt, this lends support to the debt-overhang hypothesis in Pakistan. The long run relation between debt services and economic growth implies that future increases in output will drain away in form of high debt service payments to lender country as external debt acts like a tax on output. More specifically, foreign creditors will benefit more from the rise in productivity than will domestic producers and labour. This suggests that domestic labour and capital are the ultimate losers from this heavy debt burden.

  17. Concurrent non-deferred reference counting on the Microgrid: first experiences

    NARCIS (Netherlands)

    Herhut, S.; Joslin, C.; Scholz, S.-B.; Poss, R.; Grelck, C.

    2011-01-01

    We present a first evaluation of our novel approach for non- deferred reference counting on the Microgrid many-core architecture. Non-deferred reference counting is a fundamental building block of im- plicit heap management of functional array languages in general and Sin- gle Assignment C in

  18. Long Term Debt and the Political Support for a Monetary Union

    NARCIS (Netherlands)

    Uhlig, H.F.H.V.S.

    1997-01-01

    This paper examines the role of long term debt for the political support of a monetary union or, more generally, an inflation-reduction policy. The central idea is that the decision about membership in the union leads to a redistribution between debtors and creditors, if they are holding long term

  19. Effect of Managerial Ownership, Free Cash Flow and Size Company Policy on Debt (Empirical Study on Industrial Enterprises Basic and Chemicals Listed in Bei)

    OpenAIRE

    Hasan, Mudrika Alamsyah

    2013-01-01

    The purpose of this study was to obtain empirical evidence about the effect of managerial ownership structure, free cash flow and the size of the companys debt policy the Basic Industry and Chemicals companies listed on the Stock Exchange.The population in this research is the basic chemical sector companies listed on the Indonesia Stock Exchange during the last three years, is from the years 2009-2011, amounting to 43 companies, using purposive sampling and the sampling results obtained by 3...

  20. 17 CFR 256.411 - Provision for deferred income taxes-credit.

    Science.gov (United States)

    2010-04-01

    ... taxes-credit. 256.411 Section 256.411 Commodity and Securities Exchanges SECURITIES AND EXCHANGE... deferred income taxes—credit. This account shall be credited and Accumulated Deferred Income Taxes debited with an amount equal to the portion of taxes on income payable for the year which is attributable to a...

  1. Mortgage Debt and Wages

    DEFF Research Database (Denmark)

    Wood, James

    2017-01-01

    Different approaches to mortgage debt may impact wages, how homeowners engage with employers and welfare services, and economic growth.......Different approaches to mortgage debt may impact wages, how homeowners engage with employers and welfare services, and economic growth....

  2. Debt and Equity in Domestic and International Tax Law : A Comparative Policy Analysis

    NARCIS (Netherlands)

    Boer, Martin; Schön, Wolfgang

    2014-01-01

    The demarcation between debt and equity is a long-standing core constituent of company and taxation law the world over. However, its sustainability for national and international taxation regimes is increasingly the subject of doubt. Domestic and international proposals for reform are directed

  3. The Growth Opportunity Channel of Debt Structure

    NARCIS (Netherlands)

    Giambona, E.; Golec, J.

    2013-01-01

    This paper studies the importance of growth opportunities for debt structure decisions. High growth firms use more unsecured debt to preserve financial flexibility (in the form of untapped secured debt capacity) in connection with future growth opportunities: the growth opportunity channel of debt

  4. Analyzing actual risk in malaria-deferred donors through selective serologic testing.

    Science.gov (United States)

    Nguyen, Megan L; Goff, Tami; Gibble, Joan; Steele, Whitney R; Leiby, David A

    2013-08-01

    Approximately 150,000 US blood donors are deferred annually for travel to malaria-endemic areas. However, the majority do not travel to the high-risk areas of Africa associated with transfusion-transmitted malaria (TTM) but visit low-risk areas such as Mexico. This study tests for Plasmodium infection among malaria-deferred donors, particularly those visiting Mexico. Blood donors deferred for malaria risk (travel, residence, or previous infection) provided blood samples and completed a questionnaire. Plasma was tested for Plasmodium antibodies by enzyme immunoassay (EIA); repeat-reactive (RR) samples were considered positive and tested by real-time polymerase chain reaction (PCR). Accepted donors provided background testing data. During 2005 to 2011, a total of 5610 malaria-deferred donors were tested by EIA, including 5412 travel deferrals. Overall, 88 (1.6%) were EIA RR; none were PCR positive. Forty-nine (55.7%) RR donors previously had malaria irrespective of deferral category, including 34 deferred for travel. Among 1121 travelers to Mexico, 90% visited Quintana Roo (no or very low risk), but just 2.2% visited Oaxaca/Chiapas (moderate or high risk). Only two Mexican travelers tested RR; both previously had malaria not acquired in Mexico. Travel to Mexico represents a large percentage of US donors deferred for malaria risk; however, these donors primarily visit no- or very-low-risk areas. No malaria cases acquired in Mexico were identified thereby supporting previous risk estimates. Consideration should be given to allowing blood donations from U.S. donors who travel to Quintana Roo and other low-risk areas in Mexico. A more effective approach to preventing TTM would be to defer all donors with a history of malaria, even if remote. © 2012 American Association of Blood Banks.

  5. Does debt predict growth? An empirical analysis of the relationship between total debt and economic output

    Directory of Open Access Journals (Sweden)

    Willem Vanlaer

    2015-12-01

    Full Text Available Although the recent global financial crisis has stimulated a vast amount of research on the impact of public debt on economic growth and also increasingly on the role of private credit, the total levels of indebtedness of an economy have largely been ignored. This paper studies the impact of the total level of and increases in debt-to-GDP on economic growth for 26 developed countries in the short, medium and longer term. We analyse whether we can predict the future level of growth, simply by looking at the total level of debt, or increases in that debt level. We find that there is a negative correlation between high levels of debt and short term economic growth, but that this effect tapers in the medium and long term. Similarly, we find that rapid debt accumulation is negatively related to economic growth over the short term, the impact is less pronounced over the medium term and is non-existent over the long term.

  6. THE SOVEREIGN DEBT CHALLANGE: AN OVERVIEW

    Directory of Open Access Journals (Sweden)

    Pop Stanca

    2011-07-01

    Full Text Available Recent years have seen profound changes in country risk and its components, in the context of crises multiplication and diversification; the sovereign risk, a main country risk component, has undergone important changes, mainly given by mutations in its determining factors; the economy of "indebtedness" represents a reality of the recent years. In this context, our paper aims to capture new issues related to sovereign risk and its manifestations, and to bring to the fore a number of relevant indicators concerning the indebtedness problems. Currently, the increasing sovereign obligations, the Greece 2010 episode and the real sovereign debt crisis testify the important implications that the national economic policy decisions have on entire nations. In general, the countries with servicing difficulties present a total external or public debt that overcomes the average of the emerging states; however, we can not accurately identify a threshold beyond which we can say that a state is overly indebted. Therefore, questions such as Starting from what point is a state overly indebted? or What is the cause of the excessive debts of a state? are fully justified and the answer or answers deserve being sought. Studies on the relationship between various economic variables and the countries ability to deal with external debt problems are present in the country risk literature since the 1970s; beginning with authors such as Frank and Cline (1971, which gave priority to external debt service indicators such as Exports, Imports / GDP, Imports / Reserves, and continuing with other specialists, among whom we mention Saini and Bates (1978, Abassi and Tafler (1982, Haque, Brewer and Rivoli (1990, North (2001 Bouchet (2003, Meunier (2005, Longueville (2010 and many others, many ratios and indicators were carefully analyzed. In our short study, we also present a number of recent aspects concerning sovereign risk, and we analyze some relevant indicators, using

  7. Deferment cutting in Appalachian hardwoods: the what, whys, and hows

    Science.gov (United States)

    H. Clay Smith; Gary W. Miller

    1991-01-01

    Deferment cutting is a regeneration practice that resembles a seed-tree or shelterwood cutting. The difference is that residual trees are not cut when the reproduction becomes established. Instead, residual trees are left until new reproduction matures to sawtimber size, and another regeneration cut is the silvicultural objective. Hence, with deferment cutting specific...

  8. SOME ASPECTS CONCERNING SOVEREIGN DEBT AND THE RELATIVITY OF INDEBTEDNESS INDICATORS

    Directory of Open Access Journals (Sweden)

    Deceanu Liviu-Daniel

    2015-07-01

    Full Text Available For quite a while, the economic world was concerned more and more about sovereign debt. Taking a brief look at economic history, we see that we are not dealing with anything new. Episodes in which states have entered into default occurred, even centuries ago. Moments like the one where Edward III refused to pay the debt to Italian bankers, the Mexican default of August 1982 or the Argentine one back in 2001, aiming at nearly 100 billion dollars, are well known. The current discussion about sovereign debt started with the so-called sovereign debt crisis, which has in the foreground the problem of the Greek state. In 2010 it became acute, Greece being unable to honor its external obligations. It took a strong intervention, supported internationally mainly by the European Union (and also the IMF, but the situation is not resolved even today. This crisis, which we would put on the account of the governance inconsistency and errors, starting with the unprepared entry in the European Union and hasty adoption of the Euro, and continuing with the serious fiscal disorder in the economy, put in difficulty even the single European currency and the economic and monetary union.Shortly after the start of the Greek crisis, which had as a "catalyst" the violent and pro-cyclical reaction of rating agencies, we found that the problem is much deeper, some other countries (the so-called "PIIGS", for example being affected by massive indebtedness. In this context, the construction of indicators, of alert thresholds and “early warning” mechanisms is an important gain for policy-makers, as well as for the various economic operators. The study of sovereign debt can take many forms; on one hand, using data covering a long period, we may create models containing key indicators: sovereign debt, GDP, inflation, foreign trade, economic growth. Assumptions about the relationship between variables and their testing will be done as a second phase. On the other hand, the

  9. 7 CFR 1951.894 - Debt settlement.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 14 2010-01-01 2009-01-01 true Debt settlement. 1951.894 Section 1951.894 Agriculture... REGULATIONS (CONTINUED) SERVICING AND COLLECTIONS Rural Development Loan Servicing § 1951.894 Debt settlement. Debt settlement of all claims will be handled in accordance with the Federal Claims Collection...

  10. 26 CFR 1.166-1 - Bad debts.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 2 2010-04-01 2010-04-01 false Bad debts. 1.166-1 Section 1.166-1 Internal... TAXES (CONTINUED) Itemized Deductions for Individuals and Corporations § 1.166-1 Bad debts. (a... shall be allowed in respect of bad debts owed to the taxpayer. For this purpose, bad debts shall...

  11. Determinants of Complexity of Sovereign Debt Negotiation

    Directory of Open Access Journals (Sweden)

    Lidia Mesjasz

    2016-07-01

    Full Text Available The situation on all kinds of financial markets is determined by their increasing complexity. Negotiation of sovereign debt is also a complex endeavor. Its complexity results both from structural characteristics - number of actors, problems of coordination, communication, cooperation and conflict and from cognitive limitations. The survey of literature on sovereign debt management shows that no research has been done on complexity of sovereign debt management, and sovereign debt negotiation in particular. The aim of the paper is to provide initial framework concepts of complexity of sovereign debt restructuring negotiation referring to a universal collection of characteristics of negotiation. A model of debt restructuring negotiation is elaborated and a set of its complexity- related characteristics is proposed.

  12. Debt Stabilization and Debt Mutualization in a Monetary Union with Endogenous Risk Premia

    NARCIS (Netherlands)

    Engwerda, Jacob; van Aarle, B.; Weeren, A.J.T.M.

    2015-01-01

    In this paper we analyse debt stabilization in a monetary union that features endogenous risk premia. In particular, we analyse debt stabilization in two diametrically opposed regimes. In the first regime, the “national fiscal discipline regime”, financial markets impose sovereign risk premia based

  13. 26 CFR 1.615-3 - Election to defer pre-1970 exploration expenditures.

    Science.gov (United States)

    2010-04-01

    ... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Natural Resources § 1.615-3 Election to defer pre... section 1231 (except coal or iron ore to which section 631(c) applies), the deferred exploration...

  14. The high price of debt: household financial debt and its impact on mental and physical health.

    Science.gov (United States)

    Sweet, Elizabeth; Nandi, Arijit; Adam, Emma K; McDade, Thomas W

    2013-08-01

    Household financial debt in America has risen dramatically in recent years. While there is evidence that debt is associated with adverse psychological health, its relationship with other health outcomes is relatively unknown. We investigate the associations of multiple indices of financial debt with psychological and general health outcomes among 8400 young adult respondents from the National Longitudinal Study of Adolescent Health (Add Health). Our findings show that reporting high financial debt relative to available assets is associated with higher perceived stress and depression, worse self-reported general health, and higher diastolic blood pressure. These associations remain significant when controlling for prior socioeconomic status, psychological and physical health, and other demographic factors. The results suggest that debt is an important socioeconomic determinant of health that should be explored further in social epidemiology research. Copyright © 2013 Elsevier Ltd. All rights reserved.

  15. Memory and representation in young children with Down syndrome: Exploring deferred imitation and object permanence.

    Science.gov (United States)

    Rast, Mechthild; Meltzoff, Andrew N

    1995-01-01

    Deferred imitation and object permanence (OP) were tested in 48 young children with Down syndrome (DS), ranging from 20 to 43 months of age. Deferred imitation and high-level OP (invisible displacements) have long been held to be synchronous developments during sensory-motor "Stage 6" (18-24 months of age in unimpaired children). The results of the current study demonstrate deferred imitation in young children with DS, showing they can learn novel behaviors from observation and retain multiple models in memory. This is the first demonstration of deferred imitation in young children with DS. The average OP level passed in this sample was A-not-B, a task passed at 8-12 months of age in normally developing infants. Analyses showed that individual children who failed high-level OP (invisible displacements) could still perform deferred imitation. This indicates that deferred imitation and OP invisible displacements are not synchronous developments in children with DS. This asynchrony is compatible with new data from unimpaired children suggesting that deferred imitation and high-level OP entail separate and distinctive kinds of memory and representation.

  16. A nuclear power enterprise debt management system construction Based on Sanmen Nuclear Power Co., LTD, debt risk management case analysis

    International Nuclear Information System (INIS)

    Wu Yan; Liu Shuqing

    2010-01-01

    Building nuclear power enterprises need huge investment , often tens of billions RMB. How to do a good job in corporate debt risk management, becoming powerful large-scale development of nuclear power ,ensuring the supply of funds and existing debt service in the process of large-scale development of nuclear power ,is an important task. In this paper, managing the company's debt is very urgent and necessary through analysis of SMNPC financing and debt structure; through the analysis of SMNPC's debt risk management , the authors would like to explore how to build up the framework of the debt management under the large-scale development of nuclear power construction . Nuclear power enterprises need to strengthen supervision mechanism and internal control,build-up and perfect all-round debt risk manage system, keep watch on debt risk in order to ensure preservation and increment of the value of state assets. (authors)

  17. Addressing Student Debt in the Classroom

    Science.gov (United States)

    Perkins, David; Johnston, Tim; Lytle, Rick

    2016-01-01

    Student debt is a national concern. The authors address debt in the classroom to enhance students' understanding of the consequences of debt and the need for caution when financing their education. However, student feedback indicates this understanding has a delayed effect on borrowing behavior and underscores the importance of making difficult…

  18. 48 CFR 9904.415 - Accounting for the cost of deferred compensation.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Accounting for the cost of deferred compensation. 9904.415 Section 9904.415 Federal Acquisition Regulations System COST ACCOUNTING... AND COST ACCOUNTING STANDARDS COST ACCOUNTING STANDARDS 9904.415 Accounting for the cost of deferred...

  19. Impacts of Government Debt, the Exchange Rate and Other Macroeconomic Variables on Aggregate Output in Croatia

    Directory of Open Access Journals (Sweden)

    Yu Hsing

    2016-09-01

    Full Text Available Applying aggregate demand/aggregate supply analysis and based on a quarterly sample during 2000.Q4–2015.Q4, this paper finds that Croatia’s aggregate output is positively associated with government debt as percent of GDP during 2000.Q4–2008.Q4, real appreciation of the kuna, the real stock price, German real GDP, the real oil price and real wages and negatively influenced by government debt as percent of GDP during 2009.Q1–2015.Q4, the real lending rate and the expected inflation rate. The dynamic relationships between real GDP and government debt as percent of GDP suggest that fiscal discipline needs to be exercised in pursuing expansionary macroeconomic policy in the future.

  20. Evaluating the underlying factors behind variable rate debt.

    Science.gov (United States)

    McCue, Michael J; Kim, Tae Hyun Tanny

    2007-01-01

    Recent trends show a greater usage of variable rate debt among health care bond issues. In 2004, 63.4% of the total health care bonds issued were variable rate compared with 30.6% in 1995 (Fitch Ratings, 2005). The purpose of this study is to gain a better understanding of the underlying factors, credit spread, issue characteristics, and issuer factors behind why hospitals and health system borrowers select variable rate debt compared with fixed rate debt. From 2000 to 2004, this study sampled 230 newly issued tax-exempt bonds issued by acute care hospitals and health care systems that included both variable and fixed rate debt issues. Using a logistic regression model, hospitals with variable rate debt issues were assigned a value of 1, whereas hospitals with fixed rate debt issues were assigned a value of 0. This study found a positive association between bond insurance and variable rate debt and a negative association between callable feature and variable rate debt. Facilities located in certificate-of-need states that possessed higher case mix acuity, earned higher profit margins, generated higher debt service coverage, and held less debt were more likely to issue variable rate debt. Overall, hospital managers and board members of hospitals possessing a strong financial performance have an interest in utilizing variable rate debt to lower their cost of capital. In addition, this outcome may also reflect that investment bankers are doing a better job in educating senior hospital management about the interest rate savings benefit of variable rate compared with fixed rate debt.

  1. Dynamic Capital Structure with Callable Debt and Debt Renegotiations

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Flor, Christian Riis; Lando, David

    2014-01-01

    We consider a dynamic trade-off model of a firm’s capital structure with debt renegotiation. Debt holders only accept restructuring offers from equity holders backed by threats which are in the equity holders’ own interest to execute. Our model shows that in a complete information model in which...... taxes and bankruptcy costs are the only frictions, violations of the absolute priority rule (APR) are typically optimal. The size of the bankruptcy costs and the equity holders’ bargaining power affect the size of APR violations, but they have only a minor impact on the choice of capital structure....

  2. PUBLIC DEBT IN REPUBLIC OF SRPSKA

    Directory of Open Access Journals (Sweden)

    Ljiljana Jović

    2017-10-01

    Full Text Available The global crisis has led to the requestioning of the justification of economic growth based on borrowing. The issue of public spending and public debt has become particularly important for small and opened economies that are not sufficiently competitive on the world market. If one such country seeks to enter the EU, the rules on the amount of total borrowing and public debt can be a significant obstacle. In recent years, Republic of Srpska has been borrowing rapidly, so in the academic community is already concerned about the possibility and price of servicing those debts. The paper gives a theoretical explanation of the public debt and the needs for borrowing, then to set out the rules on debt level limitation. In the final part, the indicators of indebtedness of Republic of Srpska were presented on the basis of the available information, with the conclusion that this is a medium-indebted country, but also a country that is very vulnerable when it comes to maintaining macroeconomic stability and regular debt servicing

  3. SOVEREIGN DEBT RESTRUCTURING AND “VULTURE FUNDS”

    Directory of Open Access Journals (Sweden)

    Emilia Cornelia STOICA

    2016-06-01

    Full Text Available Defining sovereign debt - debt issued or guaranteed by a public entity: central and / or regional public authorities, central banks, public institutions or enterprises - must include the risks that its management may generate, mainly the risk of default. If an medium period of time - 3-5 years – the macroeconomic growth of a state, and as the result the increase of the public revenues constantly lies below the growth of sovereign debt, these will cause an insolvability risk to cover it, and that state should proceed to restructure its debt. Financial stability of public authorities and sovereign debt occurred since the beginning of the creation of democratic states, and instruments for debt restructuring have been continuously adapted to economic and social conjuncture. Initially, states faced a necessity of funding were borrowed from foreign governments and / or large consortia bank, and when their debts had to be restructured it has been created the international institutional framework to negotiate between debtor countries and public creditors - Paris Club - and to coordinate negotiations between public authorities and major debtor consortia - London Club. In the last decade 'vulture funds' occurred, which are hedge funds acquiring from the secondary financial market debt the securities, including public debt, to a much lower share nominal value. Subsequently, vulture funds claim states issuing debt repayment at values close or equal to the face value - in this way can make a profit of more than 100% of the financial investment they made it on the secondary market. If these countries do not comply, generally being unable to honor their public debt, vultures funds act the countries in international courts, which usually prevails because vultures funds’ action is legal under current conditions.

  4. Taxable and Tax-deferred Investing with the Limited Use of Losses

    DEFF Research Database (Denmark)

    Fischer, Marcel; Gallmeyer, Michael

    2017-01-01

    We study the impact of the different tax treatment of capital gains and losses on the optimal location of assets in taxable and tax-deferred accounts. The classical result of Black (1980) and Tepper (1981) suggests that investors should follow a strict pecking order asset location rule and hold...... those assets that are subject to the highest tax rate preferentially in tax-deferred accounts. We show that with the different tax treatment of realized gains and losses, only tax-efficient equity mutual funds are optimally held in taxable accounts, whereas mutual funds with average tax......-(in)efficiency are preferentially held in tax-deferred accounts....

  5. 42 CFR 413.178 - Bad debts.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 2 2010-10-01 2010-10-01 false Bad debts. 413.178 Section 413.178 Public Health...) Services and Organ Procurement Costs § 413.178 Bad debts. Link to an amendment published at 75 FR 49199, Aug. 12, 2010. (a) CMS will reimburse each facility its allowable Medicare bad debts, as defined in...

  6. Renewable deployment in India: Financing costs and implications for policy

    International Nuclear Information System (INIS)

    Shrimali, Gireesh; Nelson, David; Goel, Shobhit; Konda, Charith; Kumar, Raj

    2013-01-01

    India′s ambitious goals for renewable energy raise many questions regarding the nature of investment required. We conduct financial modeling of actual renewable projects in India; and derive the following insights. First, the high cost of debt is the most pressing problem: higher cost and inferior terms of debt in India may raise the cost of renewable energy by 24–32% compared to the U.S. Second, even if cost of debt goes down, loan terms – including short tenors and variable interest rates – will become significant impediments, given that they add 13–14% to the cost of renewable energy in India compared to the U.S. Finally, due to the high cost of debt, policy lessons from the U.S. and Europe; which focus on finer instruments such as duration of revenue-support, revenue-certainty, investor-risk-perception, and completion/cost-certainty; are not likely to be as effective, with potential impacts on the cost of renewable energy in the 3–11% range. In fact, we find that an interest-rate subsidy, which reduces the cost of debt, reduces the overall subsidy burden by 13–16%. This suggests that Indian policymakers need to prioritize the provision of low-cost, long-term debt and take a closer look at the successful efforts by China and Brazil. -- Highlights: •We examine impact of policy on financing costs of renewables in India. •The high cost of debt – the most pressing problem – adds about 24–32% to the cost. •An interest rate subsidy can actually reduce the overall subsidy burden by 13–16%. •Loan terms – debt tenor and variable rate debt – add about 13–14% to the cost. •Finer policy instruments are not as effective, given that they add 3–11% to the cost

  7. Reactivation of nuclear power plant construction projects. Plant status, policy issues and regulatory options

    International Nuclear Information System (INIS)

    Spangler, M.B.

    1986-07-01

    Prior to the TMI-2 accident on March 28, 1979, four nuclear power plant units that had previously been issued a construction permit were cancelled, principally because of reduced projections of regional power demand. Since that time, an additional 31 units with CPs have been cancelled and eight units deferred. On December 23, 1985 one of the deferred units (Limerick-2) was reactivated and construction resumed. The primary objective of this policy study is to identify the principal issues requiring office-level consideration in the event of reactivation of the construction of one or more of the nuclear power plants falling into two categories: (1) LWR units issued a construction permit whose construction has been cancelled, and (2) LWR units whose construction has been deferred. The study scope is limited to identifying regulatory issues or questions deserving analysis rather than providing, at this time, answers or recommended actions. Five tasks are addressed: a tabulation and discussion of the status of all cancelled and deferred LWR units; and identification of potential safety and environmental issues; an identification of regulatory or policy issues and needed information to determine the desirability of revising certain rules and policies; and identification of regulatory options and decision criteria; and an identification of decision considerations in determining staff requirements and organizational coordination of LWR reactivation policy and implementation efforts. 41 refs

  8. Scale-invariant properties of public-debt growth

    Science.gov (United States)

    Petersen, A. M.; Podobnik, B.; Horvatic, D.; Stanley, H. E.

    2010-05-01

    Public debt is one of the important economic variables that quantitatively describes a nation's economy. Because bankruptcy is a risk faced even by institutions as large as governments (e.g., Iceland), national debt should be strictly controlled with respect to national wealth. Also, the problem of eliminating extreme poverty in the world is closely connected to the study of extremely poor debtor nations. We analyze the time evolution of national public debt and find "convergence": initially less-indebted countries increase their debt more quickly than initially more-indebted countries. We also analyze the public debt-to-GDP ratio {\\cal R} , a proxy for default risk, and approximate the probability density function P({\\cal R}) with a Gamma distribution, which can be used to establish thresholds for sustainable debt. We also observe "convergence" in {\\cal R} : countries with initially small {\\cal R} increase their {\\cal R} more quickly than countries with initially large {\\cal R} . The scaling relationships for debt and {\\cal R} have practical applications, e.g. the Maastricht Treaty requires members of the European Monetary Union to maintain {\\cal R} < 0.6 .

  9. Managerial overconfidence and debt maturity structure of firms Analysis based on China's listed companies

    Institute of Scientific and Technical Information of China (English)

    Jiang Wei; Xiao Min; You Jiaxing

    2011-01-01

    Purpose-The purpose of this paper is to empirically analyze the effects of managerial overconfidence on debt maturity structure decisions in terms of liquidity risk and asset match in Chinese listed companies.Design/methodology/approach-Combining data from CSMAR with some default data collected by hand,this paper selects age,tenure,education,education background and whether the board chair and CEO positions are consolidated in Chinese listed companies as proxies of managerial overconfidence.Thus,the authors acquired needed and credible empirical data.Findings-It was found that,the younger the CEO,the shorter the tenure,the lower the education,having economics or management education and being chairman concurrently,CEOs have stronger managerial overconfidence.Thus,corporate debt maturity structure is more weakly correlated with debt ratio and asset structure.Research limitations/implications-The findings in this study suggest that managerial irrationality,especially overconfidence,does have an effect on the financing decisions of firms.Originality/value-This is the first paper to analyze the effects of managerial overconfidence on debt maturity structure derisions in terms of liquidity risk and asset match.The findings inspire firm risk management policies from managerial overconfidence.

  10. Rasio Utang Memediasi Pengaruh Kemampulabaan Dan Ukuran Aktiva Terhadap Kebijakan Dividen: Studi Empiris Pada Perusahaan Perkebunan Kelapa Sawit Yang Terdaftar Di Bursa Efek Indonesia [Debt Ratio to Mediate Effect of Profitability and Asset Size on Dividend Policy: An Empirical Study on Oil Palm Plantation Companies Listed with the Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Rudolf Lumbantobing

    2017-06-01

    Full Text Available This research explores the influence of the debt policy, profitability, and size of asset toward company's dividend policy on oil palm plantation companies listed with the Indonesia Stock Exchange for the years 2011-2015. The secondary data used in this research were obtained directly from the company website and the Indonesia Stock Exchange (IDX. The data collection was conducted by direct observation upon the research object. The data were analyzed using path analysis and logistical regression model. The result showed that profitability has a significant and negative effect on the debt ratio. Size of asset does not have a significant and positive effect on the debt ratio. Profitability and size of assets have significant and positive effects on dividend policy, which proves that the larger profitability and the size of assets, the greater the probabilty of paying dividends. Debt ratio does not have a significant and positive effect on dividend policy. Debt ratio has a significant positively partial mediating effect toward the influence of profitability on dividend policy. Otherwise, debt ratio does not have a significant negatively mediating effect toward the positive effect of size of asset on dividend policy.  BAHASA INDONESIA ABSTRAK: Penelitian ini mengeksplorasi engaruh kebijakan utang, kemampulabaan dan ukuran aktiva terhadap kebijakan dividen perusahaan perkebunan kelapa sawit yang terdaftar di Bursa Efek Indonesia periode tahun 2011-2015. Data yang digunakan adalah data sekunder yang diperoleh secara langsung dari website perusahaan dan Bursa Efek Indonesia. Pengumpulan data dilakukan dengan observasi tidak langsung terhadap objek penelitian yaitu perusahaan kelapa sawit. Data dianalisis dengan menggunakan path analysis dan model regresi logistik. Temuan penelitian ini menunjukkan bukti bahwa kemampulabaan signifikan berpengaruh negatif terhadap rasio utang. Ukuran aktiva tidak signifikan berpengaruh positif terhadap rasio

  11. Earnings announcement lag and non-mandatory disclosure impact on the cost of debt: Hong Kong empirical evidence

    Directory of Open Access Journals (Sweden)

    Achraf Guidara

    2015-02-01

    Full Text Available This paper examines the association between voluntary disclosure, earnings announcement lag and the cost of debt in Hong Kong. The research sample consists of 20 listed companies in the Hong Kong Stock exchange over the period spanning from 2008 to 2011. A disclosure checklist is used to measure the extent of voluntary disclosure in companies ‘annual reports. Earnings announcement lag is proxied by the difference between the end of fiscal year and the publication date of financial statements. Results of this study confirm that voluntary disclosure and earnings announcements lag reduce the cost of debt in Hong Kong. These findings suggest that voluntary disclosures play an essential role in reducing cost of debt in Hong Kong context, and managers tend to disclose in early manner to reduce the information asymmetry between their firm and creditors. These findings may have policy implications for managers since they demonstrate that the extent of voluntary and timely disclosures affect the cost of debt.

  12. Anticipated debt and financial stress in medical students.

    Science.gov (United States)

    Morra, Dante J; Regehr, Glenn; Ginsburg, Shiphra

    2008-01-01

    While medical student debt is increasing, the effect of debt on student well-being and performance remains unclear. As a part of a larger study examining medical student views of their future profession, data were collected to examine the role that current and anticipated debt has in predicting stress among medical students. A survey was administered to medical students in all four years at the University of Toronto. Of the 804 potential respondents across the four years of training, 549 surveys had sufficient data for inclusion in this analysis, for a response rate of 68%. Through multiple regression analysis, we evaluated the correlation between current and anticipated debt and financial stress. Although perceived financial stress correlates with both current and anticipated debt levels, anticipated debt was able to account for an additional 11.5% of variance in reported stress when compared to current debt levels alone. This study demonstrates a relationship between perceived financial stress and debt levels, and suggests that anticipated debt levels might be a more robust metric to capture financial burden, as it standardizes for year of training and captures future financial liabilities (future tuition and other future expenses).

  13. 26 CFR 1.1275-7 - Inflation-indexed debt instruments.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Inflation-indexed debt instruments. 1.1275-7... Inflation-indexed debt instruments. (a) Overview. This section provides rules for the Federal income tax treatment of an inflation-indexed debt instrument. If a debt instrument is an inflation-indexed debt...

  14. Public Debt and Economic Growth in Malaysia

    OpenAIRE

    Siew-Peng Lee; Yan-Ling Ng

    2015-01-01

    Public debt in the Malaysia increased because of fiscal expansions. This study examines whether public debt contributed to the economic growth in Malaysia over the period 1991 to 2013. It also examines whether other indicators of debt burden, such as budget deficit, budget expenditure, and external debt service and government consumption, have an impact on economic growth. The results of this study are consistent with the existing literature that found a negative association between diet and ...

  15. 48 CFR 31.205-3 - Bad debts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Bad debts. 31.205-3... REQUIREMENTS CONTRACT COST PRINCIPLES AND PROCEDURES Contracts With Commercial Organizations 31.205-3 Bad debts. Bad debts, including actual or estimated losses arising from uncollectible accounts receivable due...

  16. Debt relief and Development: The case of the 2005 debt relief agreement with Nigeria

    NARCIS (Netherlands)

    A.G. Dijkstra (Geske)

    2013-01-01

    textabstractIn 1999 Nigeria became a democracy again after a long period of dictatorship. One of the top priorities for the newly elected President Obasanjo was to clear the huge foreign debt that the country had built up in previous decades. Most of this debt was with bilateral official creditors,

  17. Government debt in Greece: An empirical analysis

    Directory of Open Access Journals (Sweden)

    Gisele Mah

    2014-06-01

    Full Text Available Greek government debt has been increasing above the percentage stated in the growth and stability path from 112.9% in 2008 to 175.6% in 2013. This paper investigates the determinants of the general government debt in Greek by means of Vector Error Correction Model framework, Variance Decomposition and Generalized Impulse Response Function Analysis. The analysis showed a significant negative relationship between general government debt and government deficit, general government debt and inflation. Shocks to general government and inflation will cause general government debt to increase. Government deficit should be increased since there is gross capital formation included in its calculation which could be invested in income generating projects. The current account balance should be reduced by improving the net trade balance.

  18. Debt swaps as an innovative tool for financing renewable energies

    International Nuclear Information System (INIS)

    Gugler, A.

    1999-01-01

    The emergence of a so-called 'secondary market' for Third World debt papers laid the foundations for different types of debt swaps or debt conversions. A debt conversion is a financial transaction in which a 'converter' (or investor) exchanges (swaps) a debt denominated in a hard currency for a domestic debt payable in local currency by the debtor government. This operation is attractive for the investor because it can imply a significant leverage, since the debt paper is purchased at an often substantial discount on the secondary market, whereas the debtor government will redeem it at a rate above the purchase price. Debt swaps can play a role as an additional source of development finance, but their contribution should not be overestimated. Over the last ten years, debt-for-development and debt-for-nature swaps have generated an estimated US$ 1 billion in local currency. In recent years, debt swaps originating with non-governmental organizations have considerably slowed, probably due to rising prices for commercial debt titles. On the other hand, it is expected that there will be an increase of official debt conversions in the future. Since they can be an attractive financing tool, debt swaps could also be used in order to fund investments in or credit facilities for alternative energies. (orig.)

  19. ‘Mortgaged lives’: the biopolitics of debt and housing financialisation

    OpenAIRE

    Garcia Lamarca, Melissa; Kaika, Maria

    2016-01-01

    The paper expands the conceptual framework within which we examine mortgage debt by reconceptualising mortgages as a biotechnology: a technology of power over life that forges an intimate relationship between global financial markets, everyday life and human labour. Taking seriously the materiality of mortgage contracts as a means of forging new embodied practices of financialisation, we urge for the need to move beyond a policy? and macroeconomics?based analysis of housing financialisation. ...

  20. Fiscal Effectiveness and Debt Illusion in a Rational Expectations Model

    OpenAIRE

    Basil A. DALAMAGAS

    1993-01-01

    The question of how substitution of debt for taxes affects private sector wealth and consumption has long been an unresolved macroeconomic theory and policy dispute. The present study attempts to address this problem within a modified fiscal-illusion setting, by utilizing an explicit rational expectations optimizing model of consumer behaviour for a sample of six developed countries. The empirical evidence presented is strongly supportive of the assertion that consumers make their consumption...

  1. Financial Audit: Bureau of the Public Debt's Fiscal Years 2001 and 2000 Schedules of Federal Debt

    National Research Council Canada - National Science Library

    2002-01-01

    The accompanying auditor's report presents the results of our audits of the Schedules of Federal Debt Managed by the Bureau of the Public Debt for the fiscal years ended September 30, 2001 and 2000...

  2. The Little Data Book on External Debt 2009

    OpenAIRE

    World Bank

    2009-01-01

    The little data book on external debt, a pocket edition of Global Development Finance (GDF) 2009, volume two, summary and country tables, contains statistical tables on the external debt of the 128 countries that report public and publicly guaranteed external debt under the debtor reporting system. It also includes tables of selected debt and resource flow statistics for individual reporting ...

  3. The Little Data Book on External Debt 2007

    OpenAIRE

    World Bank

    2007-01-01

    The little data book on external debt, a pocket edition of Global Development Finance (GDF) 2007, volume two, summary and country tables, contains statistical tables on the external debt of the 135 countries that report public and publicly guaranteed debt under the debtor reporting system. It also includes tables of selected debt and resource flow statistics for individual reporting countr...

  4. Executive Compensation and the Cost of Debt

    NARCIS (Netherlands)

    Kabir, Mohammed Rezaul; Li, Hao; Veld-Merkoulova, Yulia V.

    2010-01-01

    We examine how executive compensation affects the cost of debt financing. Analyzing CEO pay data from the UK, we find that debt-like and equity-like pay components have opposite effects on the cost of debt. An increase in defined benefit pensions is associated with lower bond yield spread, while an

  5. 12 CFR 370.3 - Debt Guarantee Program.

    Science.gov (United States)

    2010-01-01

    ... convertible debt to be issued, (C) The mandatory conversion date, (D) The conversion rate (i.e., the total... exchange rate in effect on the date that the debt is funded. (c) Calculation and reporting responsibility... guarantee expires on the earliest of the mandatory conversion date for mandatory convertible debt, the...

  6. Cumulative Student Loan Debt in Minnesota, 2015

    Science.gov (United States)

    Williams-Wyche, Shaun

    2016-01-01

    To better understand student debt in Minnesota, the Minnesota Office of Higher Education (the Office) gathers information on cumulative student loan debt from Minnesota degree-granting institutions. These data detail the number of students with loans by institution, the cumulative student loan debt incurred at that institution, and the percentage…

  7. Quantifying the effects of oil shocks on long-term public debt: A review of empirical data and a scenario analysis of future projections

    Science.gov (United States)

    McMichael, Jillian Taylor

    Various authors have shown that each oil shock in the past 40 years has had statistically significant impacts on subsequent macroeconomic activity in the United States. Through these economic effects, oil shocks affect Federal revenues and expenditures and hence public debt. Published Federal budget scenarios do not currently reflect these impacts of oil shocks. I synthesize, in this paper, literature quantifying the impact of oil price increases on GDP growth and use that information to modify current long-term Federal budget models to present scenarios of how oil shocks are likely to affect long-term Federal debt. I argue that modeling the impact of oil price increases on long-term public debt could inform public policies, particularly those relating to Federal investments in energy conservation. Key Words: crude oil, oil shock, oil price spike, oil shock, Federal debt, debt projections, Congressional Budget Office

  8. A history of medical student debt: observations and implications for the future of medical education.

    Science.gov (United States)

    Greysen, S Ryan; Chen, Candice; Mullan, Fitzhugh

    2011-07-01

    Over the last 50 years, medical student debt has become a problem of national importance, and obtaining medical education in the United States has become a loan-dependent, individual investment. Although this phenomenon must be understood in the general context of U.S. higher education as well as economic and social trends in late-20th-century America, the historical problem of medical student debt requires specific attention for several reasons. First, current mechanisms for students' educational financing may not withstand debt levels above a certain ceiling which is rapidly approaching. Second, there are no standards for costs of medical school attendance, and these can vary dramatically between different schools even within a single city. Third, there is no consensus on the true cost of educating a medical student, which limits accountability to students and society for these costs. Fourth, policy efforts to improve physician workforce diversity and mitigate shortages in the primary care workforce are inhibited by rising levels of medical student indebtedness. Fortunately, the current effort to expand the U.S. physician workforce presents a unique opportunity to confront the unsustainable growth of medical student debt and explore new approaches to the financing of medical students' education.

  9. Precautionary Borrowing and the Credit Card Debt Puzzle

    DEFF Research Database (Denmark)

    Druedahl, Jeppe; Jørgensen, Casper Nordal

    2015-01-01

    This paper addresses the credit card debt puzzle using a generalization of the buffer-stock consumption model with long-term revolving debt contracts. Closely resembling actual US credit card law, we assume that card issuers can always deny their cardholders access to new debt, but that they cannot...... to simultaneously hold positive gross debt and positive gross assets even though the interest rate on the debt is much higher than the return rate on the assets. Including a risk of being excluded from new borrowing which is positively correlated with unemployment, we are able to simultaneously explain...

  10. House Prices and Public Debt

    DEFF Research Database (Denmark)

    Gjedsted Nielsen, Mads; Rzeznik, Aleksandra

    By using the 2002 case of fraud in the Danish municipality Farum by then mayor Peter Brixtofte as an exogenous shock to public debt of 1 billion DKK, I estimate the effect of public debt on house prices. I find that the average home ownership lost about 570,000 DKK or as much as 29% of the average...... house price in the municipality. Furthermore, I document that the aggregate house price loss of 2.1 billion DKK greatly exceeds the increase in public debt of 1 billion DKK. I find that the drop in house prices is sustained 1 year, indicating that the housing market initially overreacts...

  11. A relação entre o mercado de dívida pública e a política monetária no Brasil The relation between the market of public debt and the monetary policy in Brazil

    Directory of Open Access Journals (Sweden)

    Rafael Quevedo do Amaral

    2008-12-01

    Full Text Available O objetivo deste artigo é discutir e analisar a relevância da dívida pública, particularmente de sua duração, como um importante canal de transmissão da política monetária. Procura-se argumentar que a característica do mercado de dívida pública no Brasil, fortemente concentrado em títulos pós-fixados, especialmente em Letras Financeiras do Tesouro, retira parte da eficácia da política monetária. Dado que as LFTs são títulos com valor de face imune a variações na taxa de juros e que aproximadamente metade da dívida pública está indexada a tais títulos, um importante canal de transmissão da política monetária, o efeito riqueza, é interrompido.The objective of this article is to argue and to analyze the relevance of the public debt, particularly of its duration, as an important monetary policy mechanism transmission. It is looked to argue that the characteristic of the public debt market in Brazil, strong concentrated in post-fixed assets, especially in Treasure's Financial Letters, removes part of the monetary policy effectiveness. Considering that the LFTs are assets with face value immune to variations in the interests rate and that approximately half of public debt is index to such assets, an important mechanism of monetary policy transmission, the wealth effect, is interrupted.

  12. Quantification of ecological debt

    International Nuclear Information System (INIS)

    Martinez Alier, Joan

    2005-01-01

    The discussion about ecological debt is important keeping in mind historical foreign trade, where natural resources exploitation and primary production exported didn't assessment the ecological damage or the environmental values of the interchange. This essay shows the debate of ecological debt on greenhouse emission, enterprise environmental debit, unequal international trade, toxic waste export, and b io piracy ; in order to present the necessity of a new ecological and equitable world economy

  13. The Sovereign Debt Crisis in Europe, Save Banks Not States

    Directory of Open Access Journals (Sweden)

    Schäfer, Hans-Bernd

    2012-08-01

    Full Text Available The European central bank is a bank of banks but not a bank of states. This reduces the capabilities of member states to finance deficits. The role of the central bank to cope with the debt crises is institutionally more limited than in most other Western countries. The European Stability Mechanism has not enough financial power to bail out all distressed countries in the Eurozone. Eurobonds could increase lending capacities but would require a change of the European treaty, which is not in sight. They violate the no bail out clause of Art.125 of the Treaty on the Functioning of the European Union. The policy option is therefore debt restructuring of distressed countries and a bailout of financial institutions to avoid conflagration. This option would also shift some of the burden to creditors outside the Eurozone rather than to shift all risk on the people in solvent countries within the Eurozone.

  14. The EMU debt criterion: an interpretation

    Directory of Open Access Journals (Sweden)

    R. BERNDSEN

    1997-12-01

    Full Text Available The convergence criteria specified in the Maastricht Treaty on government deficit and debt, inflation, the exchange rate and the long-term interest rate will play an important, if not decisive, role in determining which countries move on to the third stage of the Economic and Monetary Union (EMU. The aim of this work is to provide a possible interpretation of the EMU debt criterion. The author investigates the government debt criterion which, as Article 104c(2b of the Treaty shows, has a considerable scope for interpretation. Although this subject has been discussed extensively, relatively little work has been done to develop a clear interpretation of the EMU debt criterion. A flexible approach is adopted in which parts of the relevant Treaty text are characterised using two parameters.

  15. Estimating the optimal growth-maximising public debt threshold for ...

    African Journals Online (AJOL)

    This paper attempts to estimate an optimal growth-maximising public debt threshold for Zimbabwe. The public debt threshold is estimated by assessing the relationship between public debt and economic growth. The analysis is undertaken to determine the tipping point beyond which increases in public debt adversely affect ...

  16. Eurozone Public Debt Crisis: ECB Bond Buying and the Setup of European Financial Stability Facility

    Directory of Open Access Journals (Sweden)

    Ionela Bălțătescu

    2010-01-01

    Full Text Available The purpose of the present article is to briefly review two of the most important policy responses of EU authorities to the Eurozone public debt crisis: (1 ECB bond buying; and (2 the setup of European Financial Stability Facility with the special task of issuing Eurobonds. The Securities Markets Programme approved by ECB marks an important change in the ECB policy. According to European treatises, ECB must remain an independent bank, but since the beginning of the debt crisis, in early 2010, the ECB has been pressured by the Eurozone governments that encountered financial problems to purchase Eurozone government bonds. By surrendering to these requests, ECB is being accused that it became a political bank, like its American counterpart, the FED. The Eurobonds represent as well a controversial measure because they allow the already highly indebted countries to access new funds on behalf of other Eurozone countries with a relative better financial and economic situation. Also, another important problem is that both measures curtail incentives for prudence and responsible fiscal policies for countries that already proved lack of prudence and fiscal discipline.

  17. Simulation analysis of alternative strategies for public debt issuance ...

    African Journals Online (AJOL)

    of domestic debt in the public debt portfolio for market development purposes. While the ... objective, it is essential to have an effective public debt portfolio which provides an appropriate benchmarking structure against which the performance of debt managers can ... The cost metric is primarily influenced by the size of the.

  18. Introduction: On the ethics of debt

    Directory of Open Access Journals (Sweden)

    William H. Carter

    2016-10-01

    Full Text Available This special issue stems from a 2015 conference on the ‘Ethics of Debt’, organised by the guest editors and held at Iowa State University. Three themes emerged from the conference and are represented in the articles and documentary film selected for the special issue. The first concerns representations of debt in art and literature. The second theme demonstrates how debt arises and functions in specific contexts. The final theme addresses moral and ethical responses to debt within society.

  19. Credit Card Debt Hardship Letter Samples

    OpenAIRE

    lissa coffey

    2016-01-01

    Having trouble with your credit card debt? Below you will find examples of hardship letters. There are several things to consider when writing a credit card hardship letter. A hardship letter is the first step to letting the credit card company know that things are bad. This free credit card hardship letter sample is only a guide in order to start the negotiation. Credit card debt hardship letter example, hardship letter to credit card. If you are having trouble paying off your debt and need ...

  20. 18 CFR 367.4112 - Account 411.2, Provision for deferred income taxes-Credit, other income and deductions.

    Science.gov (United States)

    2010-04-01

    ..., Provision for deferred income taxes-Credit, other income and deductions. 367.4112 Section 367.4112... deferred taxes and deferrals of taxes, credit, that relate to other income and deductions. ... Accounts Service Company Operating Income § 367.4112 Account 411.2, Provision for deferred income taxes...

  1. GENDER, DEBT, AND DROPPING OUT OF COLLEGE.

    Science.gov (United States)

    Dwyer, Rachel E; Hodson, Randy; McLoud, Laura

    2013-02-01

    For many young Americans, access to credit has become critical to completing a college education and embarking on a successful career path. Young people increasingly face the trade-off of taking on debt to complete college or foregoing college and taking their chances in the labor market without a college degree. These trade-offs are gendered by differences in college preparation and support and by the different labor market opportunities women and men face that affect the value of a college degree and future difficulties they may face in repaying college debt. We examine these new realities by studying gender differences in the role of debt in the pivotal event of graduating from college using the 1997 cohort of the national longitudinal Survey of youth. In this article, we find that women and men both experience slowing and even diminishing probabilities of graduating when carrying high levels of debt, but that men drop out at lower levels of debt than do women. We conclude by theorizing that high levels of debt are one of the mechanisms that sort women and men into different positions in the social stratification system.

  2. Exploring the link between household debt and income inequality

    DEFF Research Database (Denmark)

    Fasianos, Apostolos; Raza, Hamid; Kinsella, Stephen

    2017-01-01

    We investigate the relationship between household debt and income inequality in the USA, allowing for asymmetry, using data over the period 1913–2008. We find evidence of an asymmetric cointegration between household debt and inequality for different regimes. Our results indicate household debt...... only responds to positive changes in income inequality, while there is no evidence of falling inequality significantly affecting household debt. The presence of this asymmetry provides further empirical insights into the emerging literature on household debt and inequality....

  3. The impact of excess choice on deferment of decisions to volunteer

    Directory of Open Access Journals (Sweden)

    Lauren S. Carroll

    2011-10-01

    Full Text Available Excess choice has previously been shown to have detrimental effects on decisions about consumer products. As the number of options increases, people are more likely to put off making an active choice (i.e., defer and show less satisfaction with any purchase actually made. We extend this line of enquiry to choosing a charitable organisation to volunteer for. The issue is important because the number of voluntary organisations is enormous and the impact of such a decision may be greater than for consumer decisions in terms of time commitment and benefits to the volunteer and society. Study 1 asked students to examine a real volunteering website and record how many organisations they considered, decision difficulty and whether or not they would like to sign up for a chosen organisation or prefer to defer a decision. Study 2 presented either a relatively small (10 or large (30 choice set of hypothetical organisations and measured deferment likelihood and decision difficulty. In both studies the more options considered, the greater the likelihood to defer. This effect was mediated by decision difficulty. This research is the first to find that detrimental effects of excess choice extend to volunteering. Implications for volunteer recruitment are discussed.

  4. Managing State Debt of Ukraine: Problems and Directions of Optimisation

    Directory of Open Access Journals (Sweden)

    Syzrantsev Hlib O.

    2013-12-01

    Full Text Available The modern state of the state debt of Ukraine and future forecasts of its increase make look for new methods of debt management. That is why the goal of the article lies in revelation of main problems of state debt management in Ukraine on the basis of the analysis of its modern state and also in scientific justification of conceptual grounds of improvement of the mechanism of state debt management and servicing under modern conditions. Analysing, systemising and generalising scientific works of many scientists, the article considers the state debt as an instrument of macro-economic regulation, provides dynamics of growth of external and internal state debts. In the result of the study the article reveals a number of unsolved problems in the sphere of debt management. Due to this the article offers conceptual measures on management of the state debt of Ukraine. The prospect of further studies is the search for state debt management methods that would allow reduction of the debt load on the state budget and economy of Ukraine.

  5. Debt overhang and the macroeconomics of carry trade

    NARCIS (Netherlands)

    Jakucionyte, E.; van Wijnbergen, S.J.G.

    2016-01-01

    The depreciation of the Hungarian forint in 2009 left Hungarian borrowers with a skyrocketing value of foreign currency debt. The resulting losses worsened debt overhang in to debt-ridden firms and eroded bank capital. Therefore, although Hungarian banks had partially isolated their balance sheets

  6. Mortgaged Minds: Faculty-in-Debt and Redlining Higher Education

    Directory of Open Access Journals (Sweden)

    Jeanne Scheper

    2017-02-01

    Full Text Available While undergraduate student loan debt continues to be “hard to register,” there are other conditions and effects of the student loan debt spiral that remain relatively invisible, unexamined, and certainly receive less attention in news headlines or on the op-ed pages about the fiscal cliff of education debt. These are the effects of this debt spiral on graduate education, faculty composition, and knowledge production itself. This article highlights how the debt load of faculty is part of the current student loan debt spiral, yet its effects on the working conditions of faculty, the learning conditions of students, and, importantly, the production of knowledge in the university remain underexamined.

  7. Sovereign debt threatens the Union: the genesis of a federation

    NARCIS (Netherlands)

    Loubert, A.

    2012-01-01

    Eurozone sovereign debt crisis - Europe's ‘Alexander Hamilton Moment’ - American sovereign debt crisis of 1780s - Articles of Confederation - U.S. Constitution - Assumption of states' debt - Constitutional transformation key factor in enabling Alexander Hamilton's debt restructuring.

  8. Debt Boundaries Matter: Evidence From The Subsidiary Debt

    NARCIS (Netherlands)

    Altieri, M.

    2017-01-01

    I exploit the introduction of an accounting reform in the US to investigate whether the presence of subsidiary debt affects the cost of borrowing of conglomerates. The accounting reform forces some firms to restate from standalone firms (declaring one segment unit) to conglomerates (declaring

  9. Public Debt, Corruption and Sustainable Economic Growth

    Directory of Open Access Journals (Sweden)

    Eunji Kim

    2017-03-01

    Full Text Available There are many studies that look into the relationship between public debt and economic growth. It is hard to find, however, research addressing the role of corruption between these two variables. Noticing this vacancy in current literature, we strive to investigate the effect of corruption on the relationship between public debt and economic growth. For this purpose, the pooled ordinary least squares (OLS, fixed effects models and the dynamic panel generalized method of moments (GMM models (Arellano-Bond, 1991 are estimated with data of 77 countries from 1990 to 2014. The empirical results show that the interaction term between public debt and corruption is statistically significant. This confirms the hypothesis that the effect of public debt on economic growth is a function of corruption. The sign of the marginal effect is negative in corrupt countries, but public debt enhances economic growth within countries that are not corrupt, i.e., highly transparent.

  10. 7 CFR 3.12 - Reporting of consumer debts.

    Science.gov (United States)

    2010-01-01

    ... and Compromise of Claims § 3.12 Reporting of consumer debts. (a) Notice. In demand letters to debtors... the delinquent consumer debt to credit reporting agencies after 60 days; (2) The specific information... credit bureaus. (d) Stay of disclosure. Agencies shall not disclose a delinquent debt to a credit...

  11. TOWARDS NEW MEANINGS OF SOVEREIGN DEBT

    Directory of Open Access Journals (Sweden)

    Deceanu Liviu

    2014-07-01

    Full Text Available In recent years, due in part to the sovereign debt crisis, the public (and scientific interest towards indebtedness increased significantly. Regardless of the level at which we analyze it – micro or macro – it is clear from the outset that this is often unavoidable, for various reasons, and that the indebtedness state is often one of normality (necessary to cover current needs or to ensure growth targets. Of course, when the debtor is the state itself, things seem, at least apparently, more simple. States have borrowed since their beginnings, and continue to do so today. Nothing more natural ... For a long time, being a creditor of a state, especially of a developed country, meant, above all, a very safe situation – not being exposed to any risk. Recent years have shown, however, that such an approach is flawed, and that sovereign risk is omnipresent in the contemporary globalized world. For about seven years, the word „crisis” seems to have become one that is commonly used in the economic analysis. Undoubtedly, in this period there was not only a „common” financial crisis that occured, but a series of crises: finance – economic crisis – sovereign debt issues. In mid-2008, the global financial system crisis (especially in Western countries asked for a sustained intervention from the state. It came sooner or later, with more or less pro-cyclical effects. Among the taken measures, we can evoke a massive support to banks and economic activity in general, in the context of the drastic reduction in global demand. Recovery policies required their toll, however, and in this case we can talk about a significant increase in budget deficits. If the evolution of private borrowing has taken the path of stagnation, public debt, already growing, became more and more significant. In this context, we intend to highlight some new facets of sovereign risk, and to provide some remarks about how this risk should be viewed and approached.

  12. Deferred Tax Assests and Bank Regulatory Capital

    NARCIS (Netherlands)

    Gallemore, J.

    2012-01-01

    Abstract: In this study, I examine three issues: (1) whether the probability of bank failure is increasing in the proportion of regulatory capital composed of deferred tax assets (DTA), (2) whether market participants incorporate the increased failure risk associated with the DTA component of

  13. Empirical Essays on Debt, Equity, and Convertible Securities

    NARCIS (Netherlands)

    P. Verwijmeren (Patrick)

    2008-01-01

    textabstractThis dissertation consists of four empirical studies on firms’ financing decisions. In the first two studies, we investigate the debt-equity choice for a large number of U.S. firms. We find that firms prefer debt financing over equity financing in case a debt issue allows the firm to

  14. 19 CFR 351.508 - Debt forgiveness.

    Science.gov (United States)

    2010-04-01

    ... Duties INTERNATIONAL TRADE ADMINISTRATION, DEPARTMENT OF COMMERCE ANTIDUMPING AND COUNTERVAILING DUTIES Identification and Measurement of Countervailable Subsidies § 351.508 Debt forgiveness. (a) Benefit. In the case of an assumption or forgiveness of a firm's debt obligation, a benefit exists equal to the amount of...

  15. Are Debt Repayment Incentives Undermined by Foreign Aid?

    DEFF Research Database (Denmark)

    Bjørnskov, Christian; Schröder, Philipp

    2013-01-01

    This paper investigates the effects of inflows of foreign aid on the debt repayment behavior of developing countries. The paper first delineates the overall incentives to committing to timely debt repayment in a war of attrition-type model. A set of panel estimates including 93 developing countries...... shows that foreign aid is strongly negatively associated with repayment incentives. The findings pertain to both total debt service and service on publically guaranteed debt. A set of conditional estimates suggest that the main findings generalize to the majority of developing countries...

  16. A Brazilian Debt-Crisis Model

    OpenAIRE

    Assaf Razin; Efraim Sadka

    2002-01-01

    We develop a stylised model of multiple equilibria, with country risk spreads at the focus of the analysis. Fears that the country default on its debt triggers a reversal in the direction of inflows of international financial capital raise interest-rate spreads and thus the cost of servicing the public debt. The analytical framework is standard: creditors observe the output of borrowing only at a cost.

  17. Interactions between Monetary and Fiscal Policy via Open Market Operations

    NARCIS (Netherlands)

    Schabert, A.

    2004-01-01

    We examine interactions of monetary and fiscal policy in a sticky price model where public debt is non-neutral, as it provides transaction services. This property is brought about by a legal restriction on open market operations by which only government bonds are eligible. Debt creation eases access

  18. 26 CFR 1.453-4 - Sale of real property involving deferred periodic payments.

    Science.gov (United States)

    2010-04-01

    ..., for the purpose of determining whether a sale is on the installment plan, be included as a part of the... 26 Internal Revenue 6 2010-04-01 2010-04-01 false Sale of real property involving deferred... Included § 1.453-4 Sale of real property involving deferred periodic payments. (a) In general. Sales of...

  19. State debt dynamics: the methodological aspect

    Directory of Open Access Journals (Sweden)

    Crijanovschi Stela

    2013-02-01

    Full Text Available In this article, it’s presented the methodological aspect of the state debt. The issue of supplementary money in order to cover the state debt is one of the factors that generate inflation, which respectively has a negative impact on the economic development

  20. STATE DEBT DYNAMICS: THE METHODOLOGICAL ASPECT

    Directory of Open Access Journals (Sweden)

    Stela CRIJANOVSCHI

    2013-02-01

    Full Text Available In this article, it’s presented the methodological aspect of the state debt. The issue of supplementary money in order to cover the state debt is one of the factors that generate inflation, which respectively has a negative impact on the economic development.

  1. How Does Corruption Affect Public Debt? An Empirical Analysis

    OpenAIRE

    Arusha Cooray; Friedrich Schneider

    2013-01-01

    This paper examines the relationship between corruption and public debt in 106 countries. Results suggest that corruption leads to an increase in public debt. We also investigate if the effect of corruption on pblic debt is increased by government expenditure, the shadow economy and military expenditure. We find that the effect of corruption on public debt is compounded by increased government expenditure and increased size of the shadow economy.

  2. Debt Out of Control

    DEFF Research Database (Denmark)

    Achtziger, Anja; Hubert, Marco; Kenning, Peter

    2015-01-01

    In a representative sample of the German population (n = 946), we explored the links between self-control, compulsive buying, and debts. Participants completed the self-control scale (Tangney, Boone, & Baumeister, 2004) and the German Addictive Buying Scale (Raab, Neuner, Reisch, & Scherhorn, 2005......, there was a gender effect on compulsive buying: women were more prone to compulsive buying than men. Age also was significantly negatively related to compulsive buying and positively linked to self-control. Household income was not linked to self-control, compulsive buying, and debts. Implications for practice...

  3. Debt, Neoliberalism and Crisis

    DEFF Research Database (Denmark)

    Charbonneau, Mathieu; Hansen, Magnus Paulsen

    2014-01-01

    , he develops a theory of debt suggesting that the power of credit, central to neoliberalism, requires the construction of an indebted subjectivity. Producing a responsible, guilty and thus hindered subject, this condition involves individuals and societies facing an infinite social debt. According...... to Lazzarato, post-Fordism should be understood through the ascending influence of neoliberalism, as the state has retroceded its power of money creation to private creditors. Through this process, the relation between capital and labour has been transcended by the creditor–debtor relationship. In the economy...

  4. 12 CFR 16.6 - Sales of nonconvertible debt.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Sales of nonconvertible debt. 16.6 Section 16.6... RULES § 16.6 Sales of nonconvertible debt. (a) The OCC will deem offers or sales of bank issued... grade; (5) Prior to or simultaneously with the sale of the debt, each purchaser receives an offering...

  5. Application of decision analysis in debt-for-environment swaps

    Energy Technology Data Exchange (ETDEWEB)

    Abu-Taleb, M.F. [Department of Civil Engineering, Applied Science University, PO Box 40, 11831, Amman (Jordan)

    2003-03-01

    Through a mandate by the Government of Jordan, a debt-for-environment swap initiative was designed to mobilize resources for programs that improve the Jordanian environment within a broad spectrum of conservation, water supply, sanitation, resource management, ecological protection, environmental education, and pollution abatement technology. As a debtor country, Jordan faces a severe debt burden (with debt-per-capita levels among the highest in the world), and is facing difficulty obtaining further credit to fill the gaps in hard currency requirements for imports. Debt swap converts outstanding debt obligations into local currency for approved national environmental programs and projects. With creditor countries favoring debt swap over debt forgiveness in general, and debt swap for environmental technology projects in particular, the initiative was launched to ensure both fiscal and environmental quality benefits. With donors requiring that project development and selection procedures be fair, unbiased, and transparent, a mechanism for ultimate selection was developed by the author solely for the initiative based on multiple objective optimization techniques. This paper formulates the necessary decision-analytic principles for the initiative and presents a discrete, defensible, and transparent model for selection of projects. The model ranks the projects in terms of environment and economic objectives and can be used for other generalized applications. (orig.)

  6. Can't afford a baby? Debt and young Americans.

    Science.gov (United States)

    Nau, Michael; Dwyer, Rachel E; Hodson, Randy

    2015-12-01

    This article explores the role of personal debt in the transition to parenthood. We analyze data from the National Longitudinal Study of Youth-1997 cohort and find that for the generation coming of age in the 2000s, student loans delay fertility for women, particularly at very high levels of debt. Home mortgages and credit card debt, in contrast, appear to be precursors to parenthood. These results indicate that different forms of debt have different implications for early adulthood transitions: whereas consumer loans or home mortgages immediately increase access to consumption goods, there is often a significant delay between the accrual and realization of benefits for student loans. The double-edged nature of debt as both barrier and facilitator to life transitions highlights the importance of looking at debt both as a monetary issue and also as a carrier of social meanings.

  7. Are Debt Repayment Incentives Undermined by Foreign Aid?

    DEFF Research Database (Denmark)

    Bjørnskov, Christian; Schröder, Philipp J.H.

    This paper investigates the effects of inflows of foreign aid on the debt repayment behaviour of developing countries. The paper first delineates the overall incentives to committing to timely repayment in a war of attrition-type model. A set of panel estimates including 93 developing countries...... shows that foreign aid is strongly negatively associated with repayment incentives. The findings pertain to both total debt service and service on publically guaranteed debt. Only countries that tend to vote predominantly with the US in the UN General Assembly are not significantly discouraged from...... servicing their debt by inflows of foreign aid....

  8. Preschool children's proto-episodic memory assessed by deferred imitation.

    Science.gov (United States)

    Burns, Patrick; Russell, Charlotte; Russell, James

    2015-01-01

    In two experiments, both employing deferred imitation, we studied the developmental origins of episodic memory in two- to three-year-old children by adopting a "minimalist" view of episodic memory based on its What-When-Where ("WWW": spatiotemporal plus semantic) content. We argued that the temporal element within spatiotemporal should be the order/simultaneity of the event elements, but that it is not clear whether the spatial content should be egocentric or allocentric. We also argued that episodic recollection should be configural (tending towards all-or-nothing recall of the WWW elements). Our first deferred imitation experiment, using a two-dimensional (2D) display, produced superior-to-chance performance after 2.5 years but no evidence of configural memory. Moreover, performance did not differ from that on a What-What-What control task. Our second deferred imitation study required the children to reproduce actions on an object in a room, thereby affording layout-based spatial cues. In this case, not only was there superior-to-chance performance after 2.5 years but memory was also configural at both ages. We discuss the importance of allocentric spatial cues in episodic recall in early proto-episodic memory and reflect on the possible role of hippocampal development in this process.

  9. International labor migration and external debt.

    Science.gov (United States)

    Bustamante, J A

    1987-01-01

    The prevailing Mexican and US definitions of undocumented migration are poles apart. The US views it as a criminal problem. Mexicans view the undocumented migrants as actors in an economic game in which the rules are extremely disadvantageous to these migrants. Migrants themselves and their communities view the undocumented as a positive element. It is necessary to move toward a bilateral focus and bilateral negotiation on the issue of migratory workers. This proposal derives from several assumptions: 1) the external debt is a bilateral or multilateral issue, 2) it is important to avoid forcing debtor countries to choose between stimulating economic growth or making payment on their foreign debt, 3) prevailing public opinion in the US favors halting undocumented migration, 4) the US views the migration of undocumented Mexicans as the result of forces endogenous to Mexico and exogenous to the US, 5) the US views both Mexico's ability to make payment on its external debt and to halt emigration as tied to the Mexican government's ability or inability to reconcile political stability with scarce monetary resources, and 6) political instability in Mexico could augment emigration to the US and undermine Mexico's ability to address its foreign debt. The following proposal suggests means to link negotiation on the external debt to that of undocumented migration: 1) The Mexican government could reach an accord with the US to channel a portion of the actual interest on the external debt as a fund to be invested in Mexico to construct a system of labor intensive agroindustrial productive units designed to attract former or potential migratory workers; 2) the total amount of these funds would be deducted from interest payments on the principal of the actual external debt and redefined as an ad hoc loan to Mexico to finance these production units; 3) part of the production from these units would be incorporated into ongoing US food relief and food assistance programs; 4) the

  10. Donating blood for research: a potential method for enhancing customer satisfaction of permanently deferred blood donors.

    Science.gov (United States)

    Waller, Daniel; Thijsen, Amanda; Garradd, Allira; Hayman, Jane; Smith, Geoff

    2017-01-01

    Each year, a large number of individuals in Australia are deferred from donating blood. A deferral may have a negative impact on donor satisfaction and subsequent word-of-mouth communication. The Australian Red Cross Blood Service (the Blood Service) is, therefore, investigating options for managing service interactions with deferred donors to maintain positive relationships. While public research institutes in Australia have established independent research donor registries, other countries provide programmes allowing deferred donors to donate blood for research via blood collection agencies. This study examined attitudes towards donating blood for research use in a sample of permanently deferred Australian donors. Donors permanently deferred because of a risk of variant Creutzfeldt-Jakob disease (n=449) completed a postal survey that examined attitudes towards research donation. The majority of participants were interested in donating blood for research (96%), and joining a registry of research donors (93%). Participants preferred to donate for transfusion or clinical research, and were willing to travel large distances. Results indicated that positive attitudes towards the Blood Service would be extended if the opportunity to donate blood was provided. These findings indicate a desire for continued engagement with the Blood Service despite deferral. Donating blood for research is a potential way of maintaining positive relationships with permanently deferred donors which also benefits the health research community. Through maintaining positive relationships with deferred donors, positive word-of-mouth activity can be stimulated. Further work is needed to determine the feasibility of implementing research donation through the Blood Service in Australia.

  11. Debt management pays off! A Research on the Cost and Benefits of Debt Management in the Netherlands

    NARCIS (Netherlands)

    Marc Anderson; Dr. Nadja Jungmann

    2013-01-01

    The number of applications for debt management services in the Netherlands shows a steady increase of about 10 percent each year, over the last few years. Municipalities, responsible for these services, at the same need to cut back on expenditures. Our research shows that the (social) return on debt

  12. The effects of debt burden on the Nigerian economy | Ogege ...

    African Journals Online (AJOL)

    It employs the ordinary least squares (OLS) to test the relationship between debt burden and the growth in the Nigerian economy. The finding shows that there is a negative relationship between debt stock (internal and external debt) and gross domestic product, meaning that an increase in debt stock will lead to reduction ...

  13. Parallel debt in the Serbian finance law

    Directory of Open Access Journals (Sweden)

    Kuzman Miloš

    2014-01-01

    Full Text Available The purpose of this paper is to present the mechanism of parallel debt in the Serbian financial law. While considering whether the mechanism of parallel debt exists under the Serbian law, the Anglo-Saxon mechanism of trust is represented. Hence it is explained why the mechanism of trust is not allowed under the Serbian law. Further on, the mechanism of parallel debt is introduced as well as a debate on permissibility of its cause in the Serbian law. Comparative legal arguments about this issue are also presented in this paper. In conclusion, the author suggests that on the basis of the conclusions drawn in this paper, the parallel debt mechanism is to be declared admissible if it is ever taken into consideration by the Serbian courts.

  14. 18 CFR 367.4101 - Account 410.1, Provision for deferred income taxes, operating income.

    Science.gov (United States)

    2010-04-01

    ..., FEDERAL POWER ACT AND NATURAL GAS ACT Income Statement Chart of Accounts Service Company Operating Income § 367.4101 Account 410.1, Provision for deferred income taxes, operating income. This account must..., Provision for deferred income taxes, operating income. 367.4101 Section 367.4101 Conservation of Power and...

  15. User Cost of Debt-Financed Capital in Irish Manufacturing Industry: 1985 2011

    OpenAIRE

    KEARNEY, IDE; ZNUDERL, NUSA

    2013-01-01

    PUBLISHED This paper provides estimates of the cost of debt-financed capital to Irish manufacturing industry over the period 1985 to 2011. The estimates are provided for two types of capital assets, machinery and equipment and industrial buildings. They also incorporate policy interventions aimed at influencing investment behaviour of manufacturing firms in Ireland. The results show that large capital gains recorded during the Celtic Tiger period created a downward distortion in the user c...

  16. Does student debt affect dental students' and dentists' stress levels?

    Science.gov (United States)

    Boyles, J D; Ahmed, B

    2017-10-27

    Introduction Many studies have shown financial worries and debt to induce stress in individuals, this combined with the existing stress of being a dentist raises the question of how student debt affects students' and dentists' stress levels.Objectives Determine whether student debt has had any noticeable effect on student stress levels; investigate whether student debt has any effect on dentists' career choice; investigate whether the increase in tuition fees has influenced the number of applicants to study dentistry at the University of Birmingham.Method Anonymous questionnaires were completed by 70 4th year and 38 5th year BDS and 22 Dental Core Trainees (DCTs). Participants circled the response which best fitted their situation regarding statements on their level of stress and future career path. Ethical approval granted. Application figures to study dentistry obtained from head of admissions.Results Forty-two percent of males and 63% of females strongly agreed with the statement that having no debt would reduce their stress levels. Of those with debt >£40,000, 11% strongly agreed and 42% agreed that their total amount of student debt causes them stress. Whereas, those whose debt is stress. Seventy-seven percent of participants who had parental or family financial support reported this reduced their stress levels. Student debt was found to deter females from undertaking further study more than it deters males (P stressed about their total student loan(s) (P stress (P stress; students reporting a higher level of debt also report more stress and concern about paying off their student debt. Having no student debt would reduce stress levels, although to what extent is undetermined. Applications to study dentistry have fallen since the increase in tuition fees.

  17. The dynamic implications of debt relief for low-income countries

    Directory of Open Access Journals (Sweden)

    Alma Lucía Romero-Barrutieta

    2015-06-01

    Full Text Available Debt relief provides low-income countries with an incentive to accumulate debt, boost consumption, and reduce investment over time. We quantify this incentive effect employing a dynamic stochastic general equilibrium model, calibrated to 1982–2006 Ugandan data, and find that long-run debt and consumption-to-GDP ratios are about twice as high with debt relief than without it, while the investment-to-GDP ratio is sixty percent lower. Our simulations show that debt-relief episodes are likely to have only a temporary impact on debt levels but may have a lasting effect over the size of the economy, lowering GDP growth up to twenty percent over time. These results fill a gap in the debt relief literature since, to the best of our knowledge, the quantification of incentive effects is rather scarce. The paper further contributes to the literature by constructing a tractable structural model that is able to replicate the data well and captures key features of low-income countries facing the possibility of debt relief.

  18. Response of Foreign Private Investment to Public Debt in Nigeria

    Directory of Open Access Journals (Sweden)

    Emenike Kalu O.

    2015-06-01

    Full Text Available The study investigates the long-term relationship and dynamic short-term impact of public debt on foreign private investment for a developing country – Nigeria during the period 1962 to 2012. The paper deploys cointegration model to examine long-term relationship between the variables. The study also examines dynamic short-term impact and causality between public debt and foreign private investment using the VECM and Granger causality test. The study further examines the response paths of foreign private investment variable due to public debts shocks using variance decomposition. The results confirm absence of long-term relationship between public debt and foreign private investment in Nigeria. The results also show that external debt has negative impact on foreign private investment in the short-term. Finally, the results show that there is no causality between foreign private investment and public debt. The major economic implication of these findings is for debt management authorities to be conscious of growing external debts as it discourages foreign private investments into Nigeria.

  19. 76 FR 39105 - Notice of Request for Comments on Proposed Deferred Maintenance and Repairs Standards

    Science.gov (United States)

    2011-07-05

    ... FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD Notice of Request for Comments on Proposed Deferred Maintenance and Repairs Standards AGENCY: Federal Accounting Standards Advisory Board. ACTION: Notice. Board... Accounting Standards Advisory Board (FASAB) is requesting comments on the Exposure Draft, Deferred...

  20. External Debt and Economic Growth: Evidence from Nigeria

    Directory of Open Access Journals (Sweden)

    Lawal Isola Adedoyin

    2016-12-01

    Full Text Available The study examined the impact of external debt on economic growth in Nigeria for the period 1981-2014 based on annual data sourced from the Central Bank of Nigeria (CBN Statistical Bulletin (various issues and abstract of National Bureau of Statistics (NBS. The researcher examined the existence of Co-integration among the underlying variables using Auto-regressive Distributed Lag (ARDL model after conducting preliminary statistical test to ascertain the normality of the variables as well as stationary of the data set using descriptive and unit root tests. The result of the ARDL test shows that a significant relationship exists between external debt and economic growth both at the long and short run. The study also examined the causality among the variables using Granger causality test and observed that no causality exist among the variables. The study therefore recommends that government should ensure that loans obtained are used to finance profitable projects that would generate reasonable amount of revenue to service the debts and also adequate record of debt payment obligations should be kept and debt should not be allowed to exceed a maximum limit in order to prevent debt overhang.

  1. Effects of debt mutualization in a monetary union with endogenous risk premia : Can Eurobonds contribute to debt stabilization?

    NARCIS (Netherlands)

    van Aarle, B.; Engwerda, Jacob; Weeren, A.J.T.M.

    2017-01-01

    This paper analyses debt stabilization in a monetary union that features endogenous risk premia. In particular, debt stabilization in two diametrically opposed regimes is compared. In the first regime, the “national fiscal discipline regime”, financial markets impose sovereign risk premia based on

  2. Governance-Default Risk Relationship and the Demand for Intermediated and Non-Intermediated Debt

    Directory of Open Access Journals (Sweden)

    Husam Aldamen

    2012-09-01

    Full Text Available This paper explores the impact of corporate governance on the demand for intermediated debt (asset finance, bank debt, non-bank private debt and non-intermediated debt (public debt in the Australian debt market. Relative to other countries the Australian debt market is characterised by higher proportions of intermediated or private debt with a lower inherent level of information asymmetry in that private lenders have greater access to financial information (Gray, Koh & Tong 2009. Our firm level, cross-sectional evidence suggests that higher corporate governance impacts demand for debt via the mitigation of default risk. However, this relationship is not uniform across all debt types. Intermediated debt such as bank and asset finance debt are more responsive to changes in governance-default risk relationship than non-bank and non-intermediated debt. The implication is that a firm’s demand for different debt types will reflect its governance-default risk profile.

  3. 18 CFR 367.4111 - Account 411.1, Provision for deferred income taxes-Credit, operating income.

    Science.gov (United States)

    2010-04-01

    ..., Provision for deferred income taxes-Credit, operating income. 367.4111 Section 367.4111 Conservation of... Company Operating Income § 367.4111 Account 411.1, Provision for deferred income taxes—Credit, operating... taxes, credit, that relate to service company operating income. ...

  4. 75 FR 62389 - Statement of Policy Regarding Communications in Connection With Collection of a Decedent's Debt

    Science.gov (United States)

    2010-10-08

    ... administration is designed to keep simple wills and intestacies that generate no controversy from becoming... practices, as well as unwarranted invasions of privacy.\\34\\ At the same time, Congress also recognized that... privacy.''). Section 805(b) of the FDCPA, with certain exceptions, prohibits debt collectors from...

  5. Yes, No, Maybe So: College Students' Attitudes Regarding Debt

    Science.gov (United States)

    Zerquera, Desiree D.; McGowan, Brian L.; Ferguson, Tomika L.

    2016-01-01

    We examined college student attitudes regarding debt. Based on focus group interviews with 31 students from 4 different institutions within a Midwestern university system, data analysis yielded a continuum that captures students' debt approaches while enrolled in college. Findings indicate that students avoided debt completely, made intentional…

  6. Debt Stabilization Games in the Presence of Risk Premia

    NARCIS (Netherlands)

    Engwerda, J.C.; van Aarle, B.; Plasmans, J.E.J.; Weeren, A.J.T.M.

    2012-01-01

    Abstract: As a result of the recent financial crisis and the ensuing economic recession, fiscal deficits have soared in many OECD countries. As a consequence, government debt has been on the rise again after a period of stable or declining government debt. In this paper we analyze debt stabilization

  7. Debt counselling services in Gauteng (South Africa: Consumers’ perspective

    Directory of Open Access Journals (Sweden)

    Kgomotso Hilda Masilo

    2014-09-01

    Full Text Available Debt counsellors are receiving a high number of applications from over-indebted consumers on a monthly basis. This paper investigates the effectiveness of debt counselling on consumer financial wellness. Three hundred consumers were surveyed and a response rate of 61% was achieved. Data was analysed using descriptive statistics. There was no evidence that consumers who received debt counselling improved in their financial standing. The article concluded that though debt counselling is important, it does not necessarily improve the financial prosperity of over-indebted consumers. The paper recommends that financial management education be part of the intervention methods that debt counsellors use when they counsel their clients. Consumers should be introduced to personal financial management education at an early age of their life.

  8. DEBT AND AGENCY CONFLICT IN INDONESIAN MANUFACTURING FIRMS

    Directory of Open Access Journals (Sweden)

    Hendra Wijaya

    2017-04-01

    Full Text Available Companies in Indonesia have shareholders who are not dispersed or in other words the ownership is only held by one majority shareholder. This study examined the effects of investment decision on the firm value and the debt moderation on the effects of investment decisions on firm value. Debt moderation was used to test the agency conflict of debt use on investment decision. The company samples in this research were 90 companies.This research was conducted by using panel data regression with moderation. This study found that investment decision had a positive effect on firm value and the use of higher debt could lower the positive effect of investment decision on firm value.

  9. Debt stabilization games in the presence of risk premia

    NARCIS (Netherlands)

    Engwerda, J.C.; van Aarle, B.; Plasmans, J.E.J.; Weeren, A.J.T.M.

    2013-01-01

    As a result of the recent financial crisis and the ensuing economic recession, fiscal deficits have soared in many OECD countries. As a consequence, government debt has been on the rise again after a period of stable or declining government debt. In this paper we analyze debt stabilization in a

  10. Determinants of corporate dividend policy in Indonesia

    Science.gov (United States)

    Lestari, H. S.

    2018-01-01

    This study aims to investigate the determinants factors that effect the dividend policy. The sample used in this research is manufacture companies listed in Indonesia Stock Exchange (IDX) and the period 2011 - 2015. There are independent variables such as earning, cash flow, free cash flow, debt, growth opportunities, investment opportunities, firm size, largest shareholder, firm risk, lagged dividend and dividend policy used as dependent variable. The study examines a total of 32 manufacture companies. After analyzing the data using the program software Eviews 9.0 by multiples regression analysis reveal that earning, cash flow, free cash flow, firm size, and lagged dividend have significant effect on dividend policy, whereas debt, growth opportunities, investment opportunities, largest shareholder, and firm risk have no significant effect on dividend policy. The results of this study are expected to be implemented by the financial managers in improving corporate profits and basic information as return on investment decisions.

  11. Minimum radwaste system to support commercial operation-what equipment can be deferred

    International Nuclear Information System (INIS)

    Marshall, R.W.; Tafazzoli, M.M.

    1984-01-01

    Because of cash flow problems being experienced by utilities as nuclear power stations approach completion, areas of the plant for which the completion of the construction effort could be deferred past commercial operation should be reviewed. The radwaste treatment systems are prime candidates for such a deferral because of the availability, either temporary or permanent, of alternative treatment methods for the waste streams expected to be produced. In order to identify the radwaste equipment, components and associated hardware in the radwaste building which could be deferred past commercial operation, a study was performed by Impell Corporation to evaluate the existing radwaste treatment system and determine the minimum system necessary to support commercial operation of a typical BWR. The study identified the minimum-installed radwaste treatment system which, in combination with portable temporary equipment, would accommodate the waste types and quantities likely to be produced in the first few years of operation. In addition, the minimum-installed system had to be licensable and excessive radiation exposures should not be incurred during the construction of the deferred portions of the system after commercial operation. From this study, it was concluded that a significant quantity of radwaste processing equipment and the associated piping, valves and instrumentation could be deferred. The estimated savings, in construction manhours (excluding field distributables) alone, was over 102,000 M-H

  12. Importance of the Debt-Adjusted Real Exchange Rate in the Eurozone and V4

    Directory of Open Access Journals (Sweden)

    Patrik Abrahámek

    2017-01-01

    Full Text Available The purpose of this paper is to determine a potential overvaluation and undervaluation of currencies of selected eurozone countries and of the Visegrád Four. The DARER (Debt-Adjusted Real Exchange Rate model was used for an empirical analysis of the period between 2010–2014 in individual quarters. The advantage of this model is that it explicitly takes into consideration the development of the current account and the debt of the country in connection with the theory of purchasing power parity. The DARER model appears to be a suitable tool for the empirical analysis because, currently, there are many countries in the eurozone with a high debt. In the analysis, data on the current account, debt service payments, GDP, HICP USA and individual researched countries, the exchange rates EUR/USD and CZK/USD, PLN/USD, HUF/USD were used. According to the average overvaluation and undervaluation of currency in all observed states in the Eurozone, in total the overvaluation of the euro against the US dollar was 19.3 %. The overvaluation in individual countries varied from 6.3 % to 33.38 %. These differences in the overvaluation of states’ currency against the US dollar were caused mainly by different development of the balance of payments of the country and the country’s debt. This can indicate various levels of external imbalances among the states within the monetary union. According to the result of this research, the DARER model was able to identify varying overvaluation and undervaluation of currencies in individual eurozone states and the Visegrád Group, so it can be used by policy makers as one of the indicators of these external imbalances of individual countries in the monetary union.

  13. Debt and growth: A non-parametric approach

    Science.gov (United States)

    Brida, Juan Gabriel; Gómez, David Matesanz; Seijas, Maria Nela

    2017-11-01

    In this study, we explore the dynamic relationship between public debt and economic growth by using a non-parametric approach based on data symbolization and clustering methods. The study uses annual data of general government consolidated gross debt-to-GDP ratio and gross domestic product for sixteen countries between 1977 and 2015. Using symbolic sequences, we introduce a notion of distance between the dynamical paths of different countries. Then, a Minimal Spanning Tree and a Hierarchical Tree are constructed from time series to help detecting the existence of groups of countries sharing similar economic performance. The main finding of the study appears for the period 2008-2016 when several countries surpassed the 90% debt-to-GDP threshold. During this period, three groups (clubs) of countries are obtained: high, mid and low indebted countries, suggesting that the employed debt-to-GDP threshold drives economic dynamics for the selected countries.

  14. 7 CFR 3.21 - Referrals of Debts to Justice.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 1 2010-01-01 2010-01-01 false Referrals of Debts to Justice. 3.21 Section 3.21... and Compromise of Claims § 3.21 Referrals of Debts to Justice. An agency shall promptly refer to Justice for litigation debts on which aggressive collection activity has been taken in accordance with...

  15. 7 CFR 1403.4 - Demand for payment of debts.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 10 2010-01-01 2010-01-01 false Demand for payment of debts. 1403.4 Section 1403.4 Agriculture Regulations of the Department of Agriculture (Continued) COMMODITY CREDIT CORPORATION, DEPARTMENT... Demand for payment of debts. (a) When a debt is due CCC, an initial written demand for payment of such...

  16. Development and foreign debt: The stylized facts 1970-2006

    DEFF Research Database (Denmark)

    Paldam, Martin

    they are in crisis, and the debt grows and generates low growth in the next couple of decades. The analysis concentrates on two relations: (R1) the relation between borrowing and growth, and (R2) the relation between initial debt and growth. Both relations are negative, so essentially the stylized story of debt...

  17. State Authorities’ Powers to Determine the Budget Deficit and Public Debt in the Light of the Articles of the Constitution and the Law of the European Union

    Directory of Open Access Journals (Sweden)

    Andrzej Borodo

    2013-10-01

    Full Text Available The issues of public debt and budget deficit are regulated by constitutions (e.g. of Poland, Germany, Spain as well as by the law of the European Union. The constitutional regulations concerning public debt and deficit are norms primarily directed at governments and parliaments. However, these regulations mainly have a preventive and auxiliary character and cannot by themselves stop the debt level of the state from increasing. Financial aims concerning debt and deficit can be achieved by non-financial methods, i.e. through the appropriate social and economic policies implemented by the authorities enjoying considerable social respect. The EU regulations regarding public debt and deficit can only be implemented with the instruments of the national law. The set of the EU regulations limiting the budgetary powers of member states, including the budgetary powers of governments and national parliaments, are questionable and undermine the authority of the state.

  18. REAL INTEREST RATES AND GOVERNMENT DEBT DURING STABILIZATION

    OpenAIRE

    Velasco, Andres

    1989-01-01

    High real interest rates typically accompany successful disinflations. If government deficits are financed with domestic debt, this behavior of interest rates can be destabilizing. High interest rates increase debt service costs and contribute to the accumulation of debt, threatening the whole anti-inflation effort. The exchange rate regime matters in this context. Under perfectly flexible exchange rates, the real interest rate is invariant to changes in the rate of money creation. By contras...

  19. 76 FR 44915 - Statement of Policy Regarding Communications in Connection With the Collection of Decedents' Debts

    Science.gov (United States)

    2011-07-27

    ... ``a consumer is offered or extended the right to acquire `money, property, insurance, or services... the protections and rights available to the consumer under the Act.''). The proposed statement of the... collectors they hire usually have the right to collect on the person's debts from the assets of his or her...

  20. Medical student debt at the Christchurch School of Medicine. The New Zealand Wellbeing, Intentions, Debt and Experiences (WIDE) survey of medical students pilot study. Results part I.

    Science.gov (United States)

    Gill, D; Palmer, C; Mulder, R; Wilkinson, T

    2001-10-26

    To determine the level and sources of medical student debt at the Christchurch School of Medicine. A questionnaire, The New Zealand Wellbeing, Intentions, Debt, and Experiences (WIDE) Survey of Medical Students, was developed and administered to all 204 medical students at the Christchurch School of Medicine and Health Sciences. Included were questions on student demographics, sources and levels of debt, parental financial support, and student perceptions of their debt. The response rate was 88%. International students, whose debt was with an overseas government, and students with mortgages were excluded from the data analysis. The combined total debt for the remaining 165 students was $7775000 with $6290000 (81%) owed to the Government Students Loans scheme. One quarter of 6th year medical students had a debt over $83250, 50% had a debt over $70000, and 75% had a debt over $50000. Student allowances were inaccessible to 64% of 4th and 5th year students and part-time employment during term-time was common. Lack of funds was reported to impair full participation in the medical course. The majority of medical students at the Christchurch School of Medicine accumulate high levels of debt, mainly dtrough the Government Student Loans scheme, during their medical training.

  1. Impairment of Goodwill and Deferred Taxes under IFRS

    NARCIS (Netherlands)

    Detzen, D.; Stork-Wersborg, T.; Zulch, H.

    2016-01-01

    This article discusses the effect of deferred tax liabilities (DTLs) on an impairment test of goodwill. While IAS 12.66 acknowledges that DTLs arising in a business combination influence the amount of goodwill an entity recognises, International Financial Reporting Standards are silent on the

  2. 48 CFR 32.607-2 - Deferment of collection.

    Science.gov (United States)

    2010-10-01

    ... financially weak contractors, balancing the need for Government security against loss and undue hardship on... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Deferment of collection. 32.607-2 Section 32.607-2 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION...

  3. 48 CFR 2131.205-3 - Bad debts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Bad debts. 2131.205-3 Section 2131.205-3 Federal Acquisition Regulations System OFFICE OF PERSONNEL MANAGEMENT, FEDERAL... PRINCIPLES AND PROCEDURES Contracts With Commercial Organizations 2131.205-3 Bad debts. Erroneous benefit...

  4. Effect of deferred or no treatment with ursodeoxycholic acid in patients with early primary biliary cholangitis.

    Science.gov (United States)

    Tanaka, Atsushi; Hirohara, Junko; Nakano, Toshiaki; Yagi, Minami; Namisaki, Tadashi; Yoshiji, Hitoshi; Nakanuma, Yasuni; Takikawa, Hajime

    2018-02-06

    As primary biliary cholangitis (PBC) is a heterogeneous disease, we hypothesized that there is a population of patients with early PBC who do not require prompt treatment with ursodeoxycholic acid (UDCA). In this study, we analyzed data from a large-scale PBC cohort in Japan, and retrospectively investigated whether outcomes of early PBC patients were affected with prompt or deferred/no UDCA treatment. We defined early PBC as asymptomatic, serum alkaline phosphatase early PBC patients between the treatment regimens; prompt treatment group (UDCA was initiated within 1 year after diagnosis) and deferred/no treatment group (UDCA initiated >1 year after diagnosis or never initiated). Furthermore, we examined the outcomes of early PBC patients alternatively defined only with symptomatology and biochemistry. We identified 562 early PBC patients (prompt: n = 509; deferred/no treatment: n = 53). Incidence rates (per 1000 patient-years) for liver-related mortality or liver transplantation and decompensating events were 0.5 and 5.4, respectively, in the prompt treatment group, and 0 and 8.7, respectively, in the deferred/no treatment group. Multivariate analyses showed that age and bilirubin were significantly associated with developing decompensating events, whereas the prompt and deferred/no treatments were not. We obtained similar results in early PBC patients defined without histological examination. We showed that deferred/no treatment for early PBC patients did not affect the outcomes. This study provides a rationale for a future prospective, randomized study. © 2018 The Japan Society of Hepatology.

  5. Statistical ensembles for money and debt

    Science.gov (United States)

    Viaggiu, Stefano; Lionetto, Andrea; Bargigli, Leonardo; Longo, Michele

    2012-10-01

    We build a statistical ensemble representation of two economic models describing respectively, in simplified terms, a payment system and a credit market. To this purpose we adopt the Boltzmann-Gibbs distribution where the role of the Hamiltonian is taken by the total money supply (i.e. including money created from debt) of a set of interacting economic agents. As a result, we can read the main thermodynamic quantities in terms of monetary ones. In particular, we define for the credit market model a work term which is related to the impact of monetary policy on credit creation. Furthermore, with our formalism we recover and extend some results concerning the temperature of an economic system, previously presented in the literature by considering only the monetary base as a conserved quantity. Finally, we study the statistical ensemble for the Pareto distribution.

  6. 26 CFR 1.1275-4 - Contingent payment debt instruments.

    Science.gov (United States)

    2010-04-01

    ... provides for an option to convert the debt instrument into the stock of the issuer, into the stock or debt... property in an amount equal to the approximate value of such stock or debt. (5) Remote and incidental... price that reflects a spread above a benchmark rate, the comparable yield is the sum of the value of the...

  7. 47 CFR 1.104 - Preserving the right of review; deferred consideration of application for review.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 1 2010-10-01 2010-10-01 false Preserving the right of review; deferred... Actions Taken by the Commission and Pursuant to Delegated Authority; Effective Dates and Finality Dates of Actions § 1.104 Preserving the right of review; deferred consideration of application for review. (a) The...

  8. Digital Debt Management: The Everyday Life of Austerity

    OpenAIRE

    Stanley, Liam; Deville, Joe; Montgomerie, Johnna

    2016-01-01

    The age of austerity has seen large swathes of society adversely affected by ever-harsher austerity measures and protracted economic stagnation. This is compounded by the increasing routinisation of debt default and the everyday management of problematic levels of debt. This paper explores the everyday politics of indebtedness – the multifaceted ways in which household debt is transforming debtors' lives – and the forms of resistance it can give rise to. In particular we focus on the role pla...

  9. Real time uncertainty in fiscal planning and debt accumulation in the euro area

    OpenAIRE

    Paloviita, Maritta

    2012-01-01

    This study explores real time uncertainty in euro area fiscal policies since the late 1990s. Using real time data from the OECD Economic Outlook publications we investigate the impact of real time uncertainty on fiscal planning and debt accumulation separately for two country groups in the euro area: countries in geographical periphery (Greece, Ireland, Italy, Portugal and Spain) and other euro area countries (Austria, Belgium, Finland, France, Germany and the Netherlands). The results indica...

  10. Comics as Research, Comics for Impact: The Case of Higher Fees, Higher Debts

    OpenAIRE

    Ernesto Priego

    2016-01-01

    Researchers have turned to comics as outputs incorporating their research findings. These comics are print and/or online publications that can lead to the wider adoption of research and enhance educational practices, widen public engagement, and improve the possibilities for research to influence public policy.  This article presents an interview with Professor Katy Vigurs about 'Higher Fees, Higher Debts: Greater Expectations of Graduate Futures?', a comic based on a research report produced...

  11. Executive Compensation and the Cost of Debt

    NARCIS (Netherlands)

    Kabir, Rezaul; Liu, Hao; Veld-Merkoulova, Yulia V.

    2013-01-01

    This study examines how different components of executive compensation affect the cost of debt. We find that debt-like and equity-like pay components have differing effects: an increase in defined benefit pensions is associated with lower bond yield spread, while higher share holdings lead to higher

  12. Looking afield: debt collection tips hospitals can borrow from banks.

    Science.gov (United States)

    Klein, Larry; Shelton, Greg

    2015-09-01

    When developing strategies for collecting on patient debt, hospitals can benefit from following the example of the banking industry: Banks take a "do-it-yourself" approach, working delinquent accounts in-house for as long as practical. They embrace technology to give in-house debt collectors optimal opportunity to connect with customers to work out terms for resolving debt. They strategically leverage outside collections agencies based on the makeup of their debt portfolio.

  13. Debt Dilemma

    Science.gov (United States)

    Stewart, Pearl

    2012-01-01

    Recent reports point to soaring student loan debt and high rates of default as impediments to financial security for millions of Americans. A number of colleges and universities have addressed the issue with initiatives ranging from financial fixes to bold new models of higher education. The Institute for College Access and Success (TICAS)…

  14. The dynamics and economic impact of foreign debt in South Africa

    OpenAIRE

    2010-01-01

    D.Comm. Foreign debt affects the economy through three main channels, namely: the debt overhang effect, the liquidity constraint effect and the uncertainty effect. The main aim of this study is to derive an optimal level of foreign debt relative to Gross Domestic Product (GDP) for South Africa by investigating these channels. Incurring foreign debt is like a double edge sword. On the one side the foreign debt is needed for economic development (from a demand perspective) and on the other s...

  15. Debt management and economic growth in Nigeria:performance,challenges and responsibilities

    Directory of Open Access Journals (Sweden)

    Adeyemi Oludare Tolulope

    2010-12-01

    Full Text Available There is no one entity solely responsible for the debt crisis Nigeria found itself in by the early 1980s: not the Nigerian government, the banks, not the creditor governments. The increase in the Nigeria debt crises has been caused by a lot of factors that have forced their way into the country’s administration over the years. The major cause of Nigeria’s debt crises is the change in the economic fortune in the oil sector.One major obstacle for Nigeria’s economic development over the last two decades has been its crippling debt overhang. In April 2006, Nigeria ordered a final debt repayment to rich lending nations, completing Africa’s biggest debt relief deal.How do we assess the debt crisis in which Nigeria found itself? What are the lessons to be learned? Certainly, these are some of the most important questions to be studied as the country embarks with a clean slate with private and bilateral lenders after the long sought-after debt restructuring deal that came in April 2006.This paper analyzes the lessons to be learned from Nigeria’s debt history, looking especially at the phenomenon of oil-led spending and borrowing that occurred during 1986-2006. Its objective is to determine whether Nigeria received a higher credit-rating than its domestic and macroeconomic fundamentals would have otherwise justified due to its oil revenues, and whether the debt-repayment crisis arose because oil windfalls from the early 1980s were not used to retire its debt.

  16. Financial Frictions and Real Implications of Macroprudential Policies

    Czech Academy of Sciences Publication Activity Database

    Derviz, Alexis

    2012-01-01

    Roč. 3, č. 26 (2012), s. 333-368 ISSN 1555-4961 Institutional support: RVO:67985556 Keywords : Debt * Equity * Bank * Default * Macroprudential policy Subject RIV: AH - Economics http://library.utia.cas.cz/separaty/2012/E/Derviz-financial frictions and real implications of macroprudential policies.pdf

  17. Testing for a Debt-Threshold Effect on Output Growth.

    Science.gov (United States)

    Lee, Sokbae; Park, Hyunmin; Seo, Myung Hwan; Shin, Youngki

    2017-12-01

    Using the Reinhart-Rogoff dataset, we find a debt threshold not around 90 per cent but around 30 per cent, above which the median real gross domestic product (GDP) growth falls abruptly. Our work is the first to formally test for threshold effects in the relationship between public debt and median real GDP growth. The null hypothesis of no threshold effect is rejected at the 5 per cent significance level for most cases. While we find no evidence of a threshold around 90 per cent, our findings from the post-war sample suggest that the debt threshold for economic growth may exist around a relatively small debt-to-GDP ratio of 30 per cent. Furthermore, countries with debt-to-GDP ratios above 30 per cent have GDP growth that is 1 percentage point lower at the median.

  18. Long-term memory, forgetting, and deferred imitation in 12-month-old infants

    OpenAIRE

    Klein, Pamela J.; Meltzoff, Andrew N.

    1999-01-01

    Long-term recall memory, as indexed by deferred imitation, was assessed in 12-month-old infants. Independent groups of infants were tested after retention intervals of 3 min, 1 week and 4 weeks. Deferred imitation was assessed using the ‘observation-only’ procedure in which infants were not allowed motor practice on the tasks before the delay was imposed. Thus, the memory could not have been based on re-accessing a motor habit, because none was formed in the first place. After the delay, memo...

  19. 7 CFR 792.18 - Referral of debts to Department of Justice.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 7 2010-01-01 2010-01-01 false Referral of debts to Department of Justice. 792.18... § 792.18 Referral of debts to Department of Justice. (a) Debts that exceed $100,000.00 exclusive of... referred to the Department of Justice before they can be discharged. (b) Debts which cannot be compromised...

  20. About the debt to the Pension Fund

    CERN Multimedia

    Association du personnel

    2006-01-01

    At the Finance Committee meeting on 15 March 2006, the Management tabled a document for the Delegations' attention concerning CERN's debt to the Pension Fund. In view of the interest rates currently on the market, the Management proposes to reimburse this debt by taking out a bank loan.

  1. Book Review: IOU: The debt threat and why we must diffuse it | Iyayi ...

    African Journals Online (AJOL)

    Noreena Hertz's book - I.O.U.: The Debt Threat And Why We Must Defuse It - dedicates itself to the analysis of the huge foreign debt that is owed by. Third World countries. The analysis traces the history of the debt, the processes by which the debt is maintained, the forces that maintain the debt, the consequences of the debt ...

  2. 75 FR 22813 - Guidance for Industry: Requalification Method for Reentry of Blood Donors Deferred Because of...

    Science.gov (United States)

    2010-04-30

    ...] Guidance for Industry: Requalification Method for Reentry of Blood Donors Deferred Because of Reactive Test... availability of a document entitled ``Guidance for Industry: Requalification Method for Reentry of Blood Donors... document entitled ``Guidance for Industry: Requalification Method for Reentry of Blood Donors Deferred...

  3. A Discussion on the European Debt Crisis by Fiscal Sociology

    Directory of Open Access Journals (Sweden)

    Chia-Jen Chang

    2013-10-01

    Full Text Available The purpose of this article is that discuss thereasons of European debt crisis. Every European country adopts austeritypolicy, which cannot solve government debt problems and further lead toeconomic exacerbation and continuous recession, based on the neoclassicaleconomic theory. In order to realize the root of European debt crisis, thisarticle adopts the reaseach method of fiscal sociology. In this study, wethink that the government debt problem is the result of economic profitsconflict based on the Fiscal Sociology. The economic profits conflict ofinvestment, consumption, international business and labor market will haveinfluence on the government’s revenue and expenditure. Furthermore, the root ofthe European debt crisis is the uneven income distribution by financializationand neoliberalism.

  4. 26 CFR 1.616-2 - Election to defer.

    Science.gov (United States)

    2010-04-01

    ... Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Natural Resources § 1.616-2 Election to defer. (a) General rule. In lieu of... exchange of a capital asset or property treated under section 1231 (except coal or iron ore to which...

  5. 13 CFR 120.1717 - Seller's Pool Loan deferments.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Seller's Pool Loan deferments. 120.1717 Section 120.1717 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION BUSINESS LOANS Establishment of SBA Secondary Market Guarantee Program for First Lien Position 504 Loan Pools § 120.1717 Seller...

  6. Government debt management in the euro area - recent theoretical developments and changes in practices

    OpenAIRE

    Guido Wolswijk; Jakob de Haan

    2005-01-01

    This paper reviews recent developments in the management of government debt in the euro area, covering both theoretical and practical aspects. It focuses on key aspects of debt management; the objectives of debt management, its organisation, the maturity of debt, inflation-indexation, currency-denomination, the ownership of debt, and debt issuing and trading practices. Main adjustments include an increase in autonomy of debt management agencies, and a convergence in debt maturities and in deb...

  7. 47 CFR 32.4100 - Net current deferred operating income taxes.

    Science.gov (United States)

    2010-10-01

    ... SERVICES UNIFORM SYSTEM OF ACCOUNTS FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4100 Net current deferred operating income taxes. (a) This account shall include the balance...

  8. Strong Stability Preserving Property of the Deferred Correction Time Discretization

    National Research Council Canada - National Science Library

    Liu, Yuan; Shu, Chi-Wang; Zhang, Mengping

    2007-01-01

    In this paper, we study the strong stability preserving "SSP" property of a class of deferred correction time discretization methods, for solving the method-of-lines schemes approximating hyperbolic...

  9. Debt Financing and Thin-Capitalization: Case Study in Slovenia

    Directory of Open Access Journals (Sweden)

    Lidija Hauptman

    2014-03-01

    Full Text Available Since each form of financing provides a different level of security and risk, companies are often faced with a dilemma, which equity to debt ratio to choose in financial structure. In order to avoid overexploitation of certain types of debt financing, tax legislation defines a thin capitalization rule. In this paper we present, how the relationship between equity and debt financing has changed in the period 1997–2012 and how the thin capitalization rules affected this relationship in the selected parent companies in Slovenia. The analysis reveals that the proportion of debt financing increased before and after the introduction of thin capitalization rules throughout the period.

  10. PIIGS “R” US? The Coming U.S. Debt Crisis and What Can Be Done About It

    Directory of Open Access Journals (Sweden)

    Stephen R. Richardson

    2011-07-01

    Full Text Available The U.S. is beset by weak economic growth, ballooning debt and stubbornly high unemployment but the collapse of the housing bubble that spurred the 2008-2009 global financial crisis was more a consequence than a cause of what is wrong. The real culprit was and remains poor policymaking in the areas of taxation, finance and economics, which helped bring on the crisis by encouraging Americans to engage in counterproductive behaviour. This paper warns that without meaningful fiscal reform, the U.S. risks joining the PIIGS — Portugal, Ireland, Italy, Greece and Spain — on the road to ruin through unsustainable debt, high spending and chronically low growth. The author acknowledges the heated partisan debate over whether the answer is higher taxes or lower spending and explains that neither course alone offers a practical way out. A balanced approach incorporating aspects of both, combined with detailed policy reform as set forth in this paper, is the best solution. U.S. politicians must put aside their differences and replace bad policies with sound ones or the American economy will face disaster.

  11. The biodiversity-dependent ecosystem service debt.

    Science.gov (United States)

    Isbell, Forest; Tilman, David; Polasky, Stephen; Loreau, Michel

    2015-02-01

    Habitat destruction is driving biodiversity loss in remaining ecosystems, and ecosystem functioning and services often directly depend on biodiversity. Thus, biodiversity loss is likely creating an ecosystem service debt: a gradual loss of biodiversity-dependent benefits that people obtain from remaining fragments of natural ecosystems. Here, we develop an approach for quantifying ecosystem service debts, and illustrate its use to estimate how one anthropogenic driver, habitat destruction, could indirectly diminish one ecosystem service, carbon storage, by creating an extinction debt. We estimate that c. 2-21 Pg C could be gradually emitted globally in remaining ecosystem fragments because of plant species loss caused by nearby habitat destruction. The wide range for this estimate reflects substantial uncertainties in how many plant species will be lost, how much species loss will impact ecosystem functioning and whether plant species loss will decrease soil carbon. Our exploratory analysis suggests that biodiversity-dependent ecosystem service debts can be globally substantial, even when locally small, if they occur diffusely across vast areas of remaining ecosystems. There is substantial value in conserving not only the quantity (area), but also the quality (biodiversity) of natural ecosystems for the sustainable provision of ecosystem services. © 2014 John Wiley & Sons Ltd/CNRS.

  12. Carbon debt - Lost in the forest?

    DEFF Research Database (Denmark)

    Bentsen, Niclas Scott

    2014-01-01

    The concept of ‘carbon debt’ and carbon payback time with reference to bioenergy and biofuels was probably launched by anarticle in Science in 2008. The concept is increasingly seen as an indicator of the sustainability of bioenergy supply chains.Particularly for forest bioenergy supply chains...... the time lapse between harvest and regrowth may be a signifi cant factor for themodeled carbon debt. A meta-analysis of more than 250 model scenarios was conducted to evaluate the factors and assumptionsdetermining carbon debts and payback time of forest bioenergy supply chains. Factors such as spatial...... and temporal scale, biome,origin of the wood resource, which fossil fuels are displaced, forest history, baseline scenario, accounting principle, and databackground were included in the analysis. This paper discusses the evolution of the carbon debt concept, how different factorsand assumptions infl uence...

  13. Foreign Debt: Causes and Measures Taken

    Directory of Open Access Journals (Sweden)

    Ion Botescu

    2016-01-01

    Full Text Available In an increasingly globalized world, any crisis, including the ones caused by the foreign debtdefault of a country, may have a negative impact which can be contagious both at regional and atglobal level. Taking into account all the risks to which international creditors were subjectedover time, thestock of foreign debt worldwide has experienced a significant increase in the current millennium,actually demonstrating that international lending is profitable. The causes of default, the measures taken by the concerned countries to get out of this situationand the specific examples were the elements which I have tried to capture in this paper. Last butnot least, I have performed an analysis of the evolution of the foreign debt stock and the repaymentcapacity of small and medium-income countries, respectively the most vulnerable countries interms of debt repayment.

  14. Survey of emergency medicine resident debt status and financial planning preparedness.

    Science.gov (United States)

    Glaspy, Jeffrey N; Ma, O John; Steele, Mark T; Hall, Jacqueline

    2005-01-01

    Most resident physicians accrue significant financial debt throughout their medical and graduate medical education. The objective of this study was to analyze emergency medicine resident debt status, financial planning actions, and educational experiences for financial planning and debt management. A 22-item questionnaire was sent to all 123 Accreditation Council on Graduate Medical Education-accredited emergency medicine residency programs in July 2001. Two follow-up mailings were made to increase the response rate. The survey addressed four areas of resident debt and financial planning: 1) accrued debt, 2) moonlighting activity, 3) financial planning/debt management education, and 4) financial planning actions. Descriptive statistics were used to analyze the data. Survey responses were obtained from 67.4% (1,707/2,532) of emergency medicine residents in 89 of 123 (72.4%) residency programs. Nearly one half (768/1,707) of respondents have accrued more than 100,000 dollars of debt. Fifty-eight percent (990/1,707) of all residents reported that moonlighting would be necessary to meet their financial needs, and more than 33% (640/1,707) presently moonlight to supplement their income. Nearly one half (832/1,707) of residents actively invested money, of which online trading was the most common method (23.3%). Most residents reported that they received no debt management education during residency (82.1%) or medical school (63.7%). Furthermore, 79.1% (1,351/1,707) of residents reported that they received no financial planning lectures during residency, although 84.2% (1,438/1,707) reported that debt management and financial planning education should be available during residency. Most emergency medicine residency programs do not provide their residents with financial planning education. Most residents have accrued significant debt and believe that more financial planning and debt management education is needed during residency.

  15. Brief history of US debt limits before 1939.

    Science.gov (United States)

    Hall, George J; Sargent, Thomas J

    2018-03-20

    Between 1776 and 1920, the US Congress designed more than 200 distinct securities and stated the maximum amount of each that the Treasury could sell. Between 1917 and 1939, Congress gradually delegated all decisions about designing US debt instruments to the Treasury. In 1939, Congress began imposing a limit on the par value of total federal debt outstanding. By summing Congressional borrowing authorizations outstanding each year for each bond, we construct a time series of implied federal debt limits before 1939. Copyright © 2018 the Author(s). Published by PNAS.

  16. The Distinctive Role of Foreign Debt in Foreign Exchange Risk Management

    DEFF Research Database (Denmark)

    Aabo, Tom; Hansen, Marianna Andryeyeva; Muradoglu, Yaz Gulnur

    Finance theory suggests that a positive (long) foreign exchange exposure can be offset by debt denominated in foreign currency (“foreign debt”) and empirical studies confirm that foreign debt is used for hedging purposes. We use detailed exposure information on a sample of medium-sized nonfinancial...... firms and show that in its practical hedging application, foreign debt is used distinctively different from derivatives (e.g. forward contracts). While the use of derivatives is associated with flow measures (foreign sales revenue), the use of foreign debt is solely associated with stock measures...... level which makes it possible to go deeper than previous studies in detecting the drivers behind foreign debt usage. The empirical results are important in order to understand the factors driving the use of foreign debt in non-financial firms....

  17. Prefrontal system dysfunction and credit card debt.

    Science.gov (United States)

    Spinella, Marcello; Yang, Bijou; Lester, David

    2004-10-01

    Credit card use often involves a disadvantageous allocation of finances because they allow for spending beyond means and buying on impulse. Accordingly they are associated with increased bankruptcy, anxiety, stress, and health problems. Mounting evidence from functional neuroimaging and clinical studies implicates prefrontal-subcortical systems in processing financial information. This study examined the relationship of credit card debt and executive functions using the Frontal System Behavior Scale (FRSBE). After removing the influences of demographic variables (age, sex, education, and income), credit card debt was associated with the Executive Dysfunction scale, but not the Apathy or Disinhibition scales. This suggests that processes of conceptualizing and organizing finances are most relevant to credit card debt, and implicates dorsolateral prefrontal dysfunction.

  18. Extinction debt: a challenge for biodiversity conservation.

    Science.gov (United States)

    Kuussaari, Mikko; Bommarco, Riccardo; Heikkinen, Risto K; Helm, Aveliina; Krauss, Jochen; Lindborg, Regina; Ockinger, Erik; Pärtel, Meelis; Pino, Joan; Rodà, Ferran; Stefanescu, Constantí; Teder, Tiit; Zobel, Martin; Steffan-Dewenter, Ingolf

    2009-10-01

    Local extinction of species can occur with a substantial delay following habitat loss or degradation. Accumulating evidence suggests that such extinction debts pose a significant but often unrecognized challenge for biodiversity conservation across a wide range of taxa and ecosystems. Species with long generation times and populations near their extinction threshold are most likely to have an extinction debt. However, as long as a species that is predicted to become extinct still persists, there is time for conservation measures such as habitat restoration and landscape management. Standardized long-term monitoring, more high-quality empirical studies on different taxa and ecosystems and further development of analytical methods will help to better quantify extinction debt and protect biodiversity.

  19. Medical student debt and major life choices other than specialty

    Directory of Open Access Journals (Sweden)

    James Rohlfing

    2014-11-01

    Full Text Available Background: Median indebtedness at graduation is now more than $170,000 for graduates of US Medical Schools. Debate still exists as to whether higher debt levels influence students to choose high paying non-primary care specialties. Notably, no previous research on the topic has taken into account cost of attendance when constructing a debt model, nor has any research examined the non-career major life decisions that medical students face. Methods: Medical students were surveyed using an anonymous electronic instrument developed for this study. The survey was delivered through a link included in a study email and students were recruited from school wide listservs and through snowball sampling (students were encouraged to share a link to the survey with other medical students. No incentives were offered for survey completion. Results: Responses were recorded from 102 US Allopathic medical schools (n=3,032, with 22 institutions (11 public, 11 private meeting inclusion criteria of 10% student body response proportion (n=1,846. Students with higher debt relative to their peers at their home institution reported higher frequencies of feeling callous towards others, were more likely to choose a specialty with a higher average annual income, were less likely to plan to practice in underserved locations, and were less likely to choose primary care specialties. Students with higher aggregate amounts of medical student loan debt were more likely to report high levels of stress from their educational debt, to delay getting married and to report disagreement that they would choose to become a physician again, if given the opportunity to revisit that choice. Increases in both aggregate and relative debt were associated with delaying having children, delaying buying a house, concerns about managing and paying back educational debt, and worrying that educational debt will influence one's specialty choice. Conclusions: Medical student debt and particularly debt

  20. Medical student debt and major life choices other than specialty.

    Science.gov (United States)

    Rohlfing, James; Navarro, Ryan; Maniya, Omar Z; Hughes, Byron D; Rogalsky, Derek K

    2014-01-01

    Median indebtedness at graduation is now more than $170,000 for graduates of US Medical Schools. Debate still exists as to whether higher debt levels influence students to choose high paying non-primary care specialties. Notably, no previous research on the topic has taken into account cost of attendance when constructing a debt model, nor has any research examined the non-career major life decisions that medical students face. Medical students were surveyed using an anonymous electronic instrument developed for this study. The survey was delivered through a link included in a study email and students were recruited from school wide listservs and through snowball sampling (students were encouraged to share a link to the survey with other medical students). No incentives were offered for survey completion. Responses were recorded from 102 US Allopathic medical schools (n=3,032), with 22 institutions (11 public, 11 private) meeting inclusion criteria of 10% student body response proportion (n=1,846). Students with higher debt relative to their peers at their home institution reported higher frequencies of feeling callous towards others, were more likely to choose a specialty with a higher average annual income, were less likely to plan to practice in underserved locations, and were less likely to choose primary care specialties. Students with higher aggregate amounts of medical student loan debt were more likely to report high levels of stress from their educational debt, to delay getting married and to report disagreement that they would choose to become a physician again, if given the opportunity to revisit that choice. Increases in both aggregate and relative debt were associated with delaying having children, delaying buying a house, concerns about managing and paying back educational debt, and worrying that educational debt will influence one's specialty choice. Medical student debt and particularly debt relative to peers at the same institution appears to

  1. Monetary and Fiscal Policy Interactions and Limitations: The Need ...

    African Journals Online (AJOL)

    Lwati: A Journal of Contemporary Research ... This 'divorce' of monetary and debt management functions calls for the need for effective coordination of monetary and fiscal policy if overall economic ... Therefore an appropriate combination of monetary and fiscal policy mix is crucial for macroeconomic management.

  2. Cascades in multiplex financial networks with debts of different seniority

    Science.gov (United States)

    Brummitt, Charles D.; Kobayashi, Teruyoshi

    2015-06-01

    The seniority of debt, which determines the order in which a bankrupt institution repays its debts, is an important and sometimes contentious feature of financial crises, yet its impact on systemwide stability is not well understood. We capture seniority of debt in a multiplex network, a graph of nodes connected by multiple types of edges. Here an edge between banks denotes a debt contract of a certain level of seniority. Next we study cascading default. There exist multiple kinds of bankruptcy, indexed by the highest level of seniority at which a bank cannot repay all its debts. Self-interested banks would prefer that all their loans be made at the most senior level. However, mixing debts of different seniority levels makes the system more stable in that it shrinks the set of network densities for which bankruptcies spread widely. We compute the optimal ratio of senior to junior debts, which we call the optimal seniority ratio, for two uncorrelated Erdős-Rényi networks. If institutions erode their buffer against insolvency, then this optimal seniority ratio rises; in other words, if default thresholds fall, then more loans should be senior. We generalize the analytical results to arbitrarily many levels of seniority and to heavy-tailed degree distributions.

  3. 42 CFR 413.89 - Bad debts, charity, and courtesy allowances.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 2 2010-10-01 2010-10-01 false Bad debts, charity, and courtesy allowances. 413.89... Categories of Costs § 413.89 Bad debts, charity, and courtesy allowances. Link to an amendment published at 75 FR 49198, Aug. 12, 2010. (a) Principle. Bad debts, charity, and courtesy allowances are deductions...

  4. The Effect of Household Debt on Consumption in Thailand

    OpenAIRE

    Thitima Chucherd

    2006-01-01

    This paper describes the quantitative influence of household debt and wealth on total consumption in Thailand during the recession and recovery periods after the 1997 financial crisis. The analysis of the consumption function was based on the Life-Cycle and Permanent Income Hypotheses and used household survey data in Thailand. This empirical study found that debt positively influences consumption similar to wealth effect with greater impact of the latter. Moreover, positive debt effect can b...

  5. 26 CFR 1.271-1 - Debts owed by political parties.

    Science.gov (United States)

    2010-04-01

    ... has been active in the party no bad debt deduction will be allowed with respect to the loan. (b...), no deduction shall be allowed under section 166 (relating to bad debts) or section 165(g) (relating... appears that the bad debt was incurred to or purchased by, or the worthless security was acquired by, the...

  6. THE DETERMINANTS OF HOUSEHOLD DEBT DEFAULT

    OpenAIRE

    ALFARO, RODRIGO; GALLARDO, NATALIA

    2012-01-01

    In this paper, we study household debt default behavior in Chile using survey data. Previous research in this area suggests financial and personal variables help estimate individual and group probabilities of default. We study mortgage and consumer default separately, as the default decisions and overall borrower behavior are different for each type of debt. Our study finds that income and income-related variables are the only significant and robust variables that explain default for both typ...

  7. Different supplents for finishing of Nellore cattle on deferred Brachiaria decumbens pasture during the dry season

    Directory of Open Access Journals (Sweden)

    Antonio Tadeu de Andrade

    2015-07-01

    Full Text Available This study evaluated the effect of four types of supplement on the finishing of Nellore cattle on deferred Brachiaria decumbens pasture during the dry season. Sixty-four castrated Nellore males with an age of approximately 34 months and initial body weight (BW ranging from 360 to 380 kg were divided into 16 animals per treatment in a completely randomized design. The treatments consisted of four types of pasture supplement: deferred Brachiaria decumbens pasture + energy protein mineral salt (SuEPM used as control; deferred Brachiaria decumbens pasture + urea + cottonseed meal (28% CP + ground corn grain (SuCo; deferred Brachiaria decumbens pasture + urea + cottonseed meal (28% CP + citrus pulp (SuCPu; deferred Brachiaria decumbens pasture + urea + cottonseed meal (28% CP + soy hull (SuSH. The pasture was deferred for 170 days and provided 3,482 kg DM/ha of forage, permitting a stocking rate of 1.56 AU/ha (DM intake of 2.25% BW and 50% pasture efficiency. The animals received the supplement ad libitum in the SuEPM treatment and as % BW in the other treatments from July to October. The animals were slaughtered at a minimum BW of 457 kg. The following variables were evaluated: final weight, weight gain during the period (WG, average daily gain (ADG, hot carcass weight (HCW, and hot carcass yield (HCY. With respect to final weight, the supplement in the SuCo, SuCPu and SuSH treatments permitted a greater supply of nutrients and the animals therefore exhibited better performance (P<0.05 compared to the SuEPM treatment (mean of 478.68 vs 412.62 kg. The same effect was observed for the other parameters studied. Analysis of WG and ADG showed that SuSH was superior to the SuCo and SuCPu treatments (P<0.05 due to the increased offer of concentrate and SuEPM was inferior to the other treatments. Higher HCW (260.05 kg and HCY (53.92% were obtained with treatment SuSH as a result of greater performance. Supplementation of cattle during the dry period on

  8. Groups, Pricing, and Cost of Debt: Evidence from Turkey

    Directory of Open Access Journals (Sweden)

    A. Melih Küllü

    2018-03-01

    Full Text Available The paper examines the impact of business group affiliation on cost of loans in an emerging market setting. It focuses on operational strategy, organizational structure and internationalization policies of business group firms and their impact on borrowing cost of affiliated firms. Bank loans are a dominant source of corporate funding in emerging markets, in which business groups exist as leading economic entities. Yet, the impact of belonging to a group on the firm’s cost of debt has not been studied in depth. Our results reveal that the extent of group affiliation, government ownership, and diversification increase the cost of loans. However, a group bank is advantageous in terms of borrowing, and decreases the cost of loans. While foreign ownership is beneficial in terms of pricing, being affiliated with a foreign group is not. Being a financial firm and being cross-listed are not significantly associated with bank loan terms. Borrowing costs are thus influenced in various ways by organizational structure, operational strategies, and global policies of business groups and affiliates. Therefore, business groups may benefit from strategically implementing policies and selecting loan applicant firms.

  9. 18 CFR 367.4102 - Account 410.2, Provision for deferred income taxes, other income and deductions.

    Science.gov (United States)

    2010-04-01

    ... COMPANY ACT OF 2005, FEDERAL POWER ACT AND NATURAL GAS ACT Income Statement Chart of Accounts Service Company Operating Income § 367.4102 Account 410.2, Provision for deferred income taxes, other income and..., Provision for deferred income taxes, other income and deductions. 367.4102 Section 367.4102 Conservation of...

  10. Transparency in State Debt Disclosure. Working Papers. No. 17-10

    Science.gov (United States)

    Zhao, Bo; Wang, Wen

    2017-01-01

    We develop a new measure of relative debt transparency by comparing the amount of state debt reported in the annual Census survey and the amount reported in the statistical section of the state Comprehensive Annual Financial Report (CAFR). GASB 44 requires states to start reporting their total debt in the CAFR statistical section in FY 2006.…

  11. A Form 990 Schedule H conundrum: how much of your bad debt might be charity?

    Science.gov (United States)

    Bailey, Shari; Franklin, David; Hearle, Keith

    2010-04-01

    IRS Form 990 Schedule H requires hospitals to estimate the amount of bad debt expense attributable to patients eligible for charity under the hospital's charity care policy. Responses to Schedule H, Part III.A.3 open up the entire patient collection process to examination by the IRS, state officials, and the public. Using predictive analytics can help hospitals efficiently identify charity-eligible patients when answering Part III.A.3.

  12. The Domestic Origins of Sudan's External Debt Crisis

    Directory of Open Access Journals (Sweden)

    Abdel Rahman Ahmed Abdel Rahman

    1995-12-01

    Full Text Available Domestic factors played a significant role in Sudan's external debt crisis which emerged in the early 1980's. Personal rule and related political survival considerations undermined on-going economic adjustment programmes and prompted heavy external borrowing. Borrowing from abroad went unchecked because of the absence of an effective debt management system. It was also fuelled by economic corruption and the decline of cotton, Sudan's principal export crop. The absence of an effective debt management mechanism and economic corruption were a product of the lack of political and fiscal accountability in the context of personal rule.

  13. A discussion on the development strategy of the Chinese debt market (Chinese version)

    OpenAIRE

    Zhouying Gang; Chen Shiyuan

    2012-01-01

    This paper will review the development process of China\\\\\\'s government bond market, analyze the current situation and problems as well as the status of economic reform in China and for And make policy recommendations on the development of the government bond market in China from a strategic height, including the issuance of special treasury bonds to the implementation of the national economy Third of debt restructuring, further play the role of the government bond market in the interest rate...

  14. China’s Debt Woes: Not Yet a “Lehman Moment”

    Directory of Open Access Journals (Sweden)

    Shalendra D. Sharma

    2015-03-01

    Full Text Available What explains the sharp increase in the Chinese economy's indebtedness, in particular the China's onshore corporate debt? Has the overall debt burden reached a threshold where it poses a systemic risk, thereby making the economy vulnerable to a "Lehman Moment" - with disorderly unwinding of the private sector and sovereign debt? What are the short and longer term implications of China's growing debt problems on domestic economic growth and the broader global political economy? What has Beijing done to ameliorate the problem, how effective were its efforts, and what must it do to deal with this problem?

  15. Government guarantees and public debt in Croatia

    Directory of Open Access Journals (Sweden)

    Anto Bajo

    2011-09-01

    Full Text Available Government fi nancial and performance guarantees have been issued in Croatia since 1996, to support funding and ensure favourable borrowing conditions in the fi nancial market for companies in majority state ownership. However, government guarantees have rarely been part of defi ned strategies and goals of public debt and risk management. Despite their steady growth, the structure of active guarantees and their infl uence on Croatian public debt are still unknown. This paper analyses the amount and structure of state guarantees, their maturities and the authority and accountability for their management, and it compares the structure of guarantees in terms of economic sectors. The main objective of the paper is to determine the infl uence of government guarantees on the public debt growth.

  16. Democracy, Political Competition and Public Debt

    Directory of Open Access Journals (Sweden)

    Lucian CROITORU

    2015-06-01

    Full Text Available There are two major preferences shaping political choices: one, regarding who should play the leading role in running the economy (mar-kets or politicians and the other, concerning social spending. According to reputation, leftist parties assign the leading role to politicians (i.e. the state, whereas rightist parties entrust mar-kets with the central role in running the econo-my. Right-wing parties’ reputation of not favoring social spending is not backed by facts. Since both the left and the right display similar behav-iors vis-à-vis social spending, it is preferable that markets play the central role in running the econ-omy. Flexible markets help economic growth and employment, reducing the need for high social spending. The freedom of property and freedom from corruption indexes show that, in Romania, the market has never played the central role in running the economy. People’s prevailing con-cern over their wellbeing ‘now’ rather than ‘to-morrow’ generates competition among political right and left for higher social spending, leading to high public debt. Neither left, nor right can guarantee sustainable limits for social benef ts and public debt. Capping the share of public debt in GDP by means of the Constitution provides no guarantee for public debt sustainability, but is worth a try.

  17. Intergenerational aspects of government policy under changing demographic and economic conditions.

    Science.gov (United States)

    Boskin, M J

    1987-07-01

    Changing demographic and economic conditions in the US require that attention be given to some of the intergenerational equity features of government policy. In particular, social insurance programs and public debt leave public liabilities to future generations. Taken in the aggregate, the effects of rapidly rising public debt and especially social insurance programs are transferring substantial amounts of resources from younger working generations to the expanding generation of retirees. The most crucial element in evaluating the desirability of intergenerational wealth distribution in the long run is the rate of economic growth. A society's monetary, fiscal, tax, and regulatory policies can be more or less conducive to the generation of capital formation, technical change, and economic growth. Policies that influence growth and interest rates will combine with the national deficit to determine how rapidly the debt grows or shrinks. Present accounting procedures are insufficient to provide quantitative answers to the question of what is the impact of a given program on the age-specific distributions of resources. It is important to reconsider the desirability and efficiency of intergenerational redistributions of wealth in the US. It is likely that current policies are not in line with the principles of efficiency, equity, target effectiveness, and cost effectiveness.

  18. Fiscal adjustment and deficit financing during the debt crisis

    OpenAIRE

    Easterly, William R.

    1989-01-01

    To study the adjustment to the debt crisis, this paper compares the experience of seven"crisis"debtor countries with those of five"noncrisis"debtor countries. In response to a sharp reduction in external capital flows, the crisis countries rescheduled their debt during 1982-87. The noncrisis group avoided debt resheduling during that period and maintained access to external capital. The paper finds that highly indebted countries are probably better off raising conventional taxes and cutting c...

  19. GOVERNMENT DEBT, INTEREST RATES AND INTERNATIONAL CAPITAL FLOWS: EVIDENCE FROM COINTEGRATION

    OpenAIRE

    Pene Kalulumia

    2000-01-01

    This paper examines the impact of government debt on interest rates in the United States, Germany, the United Kingdom and Canada. It builds on the general portfolio balance framework which allows for both direct and indirect tests of the link between public debt and interest rates, and uses the Johansen-Juselius multivariate cointegration techniques to perform these tests. Indirect tests in this model consist of investigating the debt impact on interest rates through the effects of debt on th...

  20. DEBTS (PUBLIC AND EXTERNAL AND GROWTH – LINK OR NO LINK?

    Directory of Open Access Journals (Sweden)

    Vladimir Šimić

    2012-12-01

    Full Text Available Throughout history the world has been faced by high debts, with the recent global financial crisis intensifying the issue of increasing indebtedness (with respect to both public and external debts, especially in the light of sovereign debt crisis that some countries have been subject to recently. This paper explores the debt levels in Central, East and Southeast Europe and investigates their relation with growth. We use annual data on debts and growth from the WIIW database (The Vienna Institute for International Economic Studies and World Development Indicators (World Bank on 18 countries. By employing econometric analysis in the form of dynamic panel data analysis our investigation contributes to the literature by covering the recently very hot issue of the dangers of high indebtedness in the region of Central, East and Southeast Europe. Our findings send a strong warning about the need to keep the debts under control.

  1. The Behavioral Bias of Foreign Debt Usage in Foreign Exchange Risk Management

    DEFF Research Database (Denmark)

    Aabo, Tom

    We investigate the behavioral bias in the use of debt denominated in foreign currency (foreign debt) in managing foreign exchange risks. From a strictly financial (rational) point of view foreign debt and derivates are close substitutes. Whether e.g. a European firm sells forward US dollars against...... foreign exchange risk management in medium-sized, non-financial firms in Denmark and find a behavioral bias in the use of foreign debt. Among the firms that are internationally involved (operating revenues, costs and/or assets in foreign currency), on average a quarter of the financial debt is denominated...... in foreign currency. The use / non-use of foreign debt is positively related to a number of internationality measures but most significantly to the existence of subsidiaries abroad whereas the degree of usage is particularly related to the magnitude of foreign operating assets. The use of foreign debt...

  2. 48 CFR 1631.205-71 - FEHBP bad debts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true FEHBP bad debts. 1631.205-71 Section 1631.205-71 Federal Acquisition Regulations System OFFICE OF PERSONNEL MANAGEMENT FEDERAL... AND PROCEDURES Contracts With Commercial Organizations 1631.205-71 FEHBP bad debts. Erroneous benefit...

  3. 5 CFR 847.907 - How is the monthly annuity rate used to compute the present value of the deferred annuity without...

    Science.gov (United States)

    2010-01-01

    ... compute the present value of the deferred annuity without credit for NAFI service determined? 847.907... the present value of the deferred annuity without credit for NAFI service determined? (a) The monthly annuity rate used to compute the present value of the deferred annuity under § 847.906 of this subpart for...

  4. SUSTAINABILITY OF FISCAL POLICY. CASE OF ROMANIA*

    OpenAIRE

    Ionuţ-Cătălin Croitoru

    2012-01-01

    The Sustainability of fiscal policy is one of the key concerns of each state, especially in periods of macroeconomic imbalance. This study aims to explore the concept of sustainability of Romanian’s fiscal policy. The analysis starts from the definition of sustainability of fiscal policy and its assessment methods. The work is based on the idea that a sustainable fiscal policy ensure sufficient financial resources for long-term to reduce public debt to GDP weighting and provide permits for gr...

  5. Strategic debt in vertical relations : Evidence from Franchising

    NARCIS (Netherlands)

    de Jong, Abe; Jiang, Tao; Verwijmeren, Patrick

    In this paper, we examine the strategic use of debt in franchise organizations. We focus on both the franchisee's and the franchisor's capital structures. The primary goal of this study is to examine whether franchisors impose limits on franchisees' debt levels to be able to increase their own

  6. A burn center paradigm to fulfill deferred consent public disclosure and community consultation requirements for emergency care research.

    Science.gov (United States)

    Blackford, Martha G; Falletta, Lynn; Andrews, David A; Reed, Michael D

    2012-09-01

    To fulfill Food and Drug Administration and Department of Health and Human Services emergency care research informed consent requirements, our burn center planned and executed a deferred consent strategy gaining Institutional Review Board (IRB) approval to proceed with the clinical study. These federal regulations dictate public disclosure and community consultation unique to acute care research. Our regional burn center developed and implemented a deferred consent public notification and community consultation paradigm appropriate for a burn study. Published accounts of deferred consent strategies focus on acute care resuscitation practices. We adapted those strategies to design and conduct a comprehensive public notification/community consultation plan to satisfy deferred consent requirements for burn center research. To implement a robust media campaign we engaged the hospital's public relations department, distributed media materials, recruited hospital staff for speaking engagements, enlisted community volunteers, and developed initiatives to inform "hard-to-reach" populations. The hospital's IRB determined we fulfilled our obligation to notify the defined community. Our communication strategy should provide a paradigm other burn centers may appropriate and adapt when planning and executing a deferred consent initiative. Copyright © 2012 Elsevier Ltd and ISBI. All rights reserved.

  7. Undocumented students pursuing medical education: The implications of deferred action for childhood arrivals (DACA).

    Science.gov (United States)

    Balderas-Medina Anaya, Yohualli; del Rosario, Mithi; Doyle, Lawrence Hy; Hayes-Bautista, David E

    2014-12-01

    There are about 1.8 million young immigrants in the United States who came or were brought to the country without documentation before the age of 16. These youth have been raised and educated in the United States and have aspirations and educational achievements similar to those of their native-born peers. However, their undocumented status has hindered their pursuit of higher education, especially in medical and other graduate health sciences. Under a new discretionary policy, Deferred Action for Childhood Arrivals (DACA), many of these young immigrants are eligible to receive permission to reside and work in the United States. DACA defers deportation of eligible, undocumented youth and grants lawful presence in the United States, work permits, Social Security numbers, and, in most states, driver's licenses. These privileges have diminished the barriers undocumented students traditionally have faced in obtaining higher education, specifically in pursuing medicine. With the advent of DACA, students are slowly matriculating into U.S. medical schools and residencies. However, this applicant pool remains largely untapped. In the face of a physician shortage and the implementation of the Affordable Care Act, an increase in matriculation of qualified undocumented students would be greatly beneficial. This Perspective is intended to begin discussion within the academic medicine community of the implications of DACA in reducing barriers for the selection and matriculation of undocumented medical students and residents. Moreover, this Perspective is a call to peers in the medical community to support undocumented students seeking access to medical school, residency, and other health professions.

  8. Subordinate debt, deposit insurance and market oriented monitoring of banks

    Directory of Open Access Journals (Sweden)

    Gaurav S. Chauhan

    2016-09-01

    Full Text Available We present a model of a bank with endogenous risk choices, where delegated monitoring by an active market in subordinate debt helps in containing the bank's risk shifting in the presence of deposit insurance. In comparison to static ex ante contracting, an active market enables continuous monitoring by subordinate debt to penalise the bank's risk shifting. The model is instrumental in deriving optimal level of subordinate debt required to achieve equilibrium where banks choose risk levels consistent with the first best as envisaged by a social planner. The optimal quantity of subordinate debt further eliminates any risk shifting associated even with risk insensitive premiums.

  9. Survival after primary and deferred cystectomy for stage T1 transitional cell carcinoma of the bladder

    Directory of Open Access Journals (Sweden)

    Bedeir Ali-El-Dein

    2011-01-01

    Conclusions: Cancer-specific survival is statistically comparable for primary and deferred cystectomy in T1 bladder cancer, although there is a non-significant difference in favor of primary cystectomy. In the deferred cystectomy group, the number of TURBTs beyond three is associated with lower survival. Conservative treatment should be adopted for most cases in this category.

  10. Government bond yields and foreign ownership of debt

    NARCIS (Netherlands)

    Broos, Menno; de Haan, Jakob

    2012-01-01

    We analyse the government bond yield spread vis-a-vis Germany for 10 countries in the euro area for the period 1991 to 2009. Our results suggest a positive relationship between the marginal impact of government debt on the spread and foreign ownership of the government debt of the country concerned

  11. 77 FR 65248 - Senior Executive Service; Public Debt Performance Review Board

    Science.gov (United States)

    2012-10-25

    ... Performance Review Board AGENCY: Bureau of the Public Debt, Treasury. ACTION: Notice. SUMMARY: This notice announces the appointment of the members of the Public Debt Performance Review Board (PRB) for the Bureau of the Public Debt (BPD). The PRB reviews the performance appraisals of career senior executives who are...

  12. New England's Disadvantaged Populations Struggle the Most with Student Debt Repayment

    Science.gov (United States)

    Saas, Darcy Rollins

    2016-01-01

    Regularly reported statistics about high and growing student-loan debt levels, combined with increased rates of delinquency and default, have prompted calls to address the student-debt "crisis." For New England, with its highly educated population and large higher education industry, student-loan debt is an important economic policy…

  13. State Debt of the Republic of Moldova as Essential Factor of the Country Risk

    Directory of Open Access Journals (Sweden)

    Rodica HINCU

    2010-12-01

    Full Text Available State Debt of the Republic of Moldova as Essential Factor of the Country Risk Abstract: This paper discusses issues concerning of the state debt risk related to the Republic of Moldova and the determinants of the state debt in the context of the country risk. Special attention is devoted to analyzing the dynamics and structure of Moldova's foreign debt by currency and sector, in terms of the components parts of the foreign debt risk of Moldova - refinancing risk, currency risk and interest rate risk. It is analyzed the external state debt, publicly guaranteed, and non-guaranteed private external debt.

  14. The Greek Public Debt Path: From Zero to Infinity

    OpenAIRE

    Sardelis, Dimitris

    2012-01-01

    The aim of the present article is to treat the Greek public debt issue strictly as a curve fitting problem. Thus, based on Eurostat data and using the Mathematica technical computing software, an exponential function that best fits the data is determined modelling how the Greek public debt expands with time. Exploring the main features of this best fit model, it is concluded that the Greek public debt cannot possibly be serviced in the long run unless a radical growth is implemented and/or pa...

  15. 47 CFR 32.4341 - Net deferred tax liability adjustments.

    Science.gov (United States)

    2010-10-01

    ... income tax charges and credits pertaining to Account 32.4361, Deferred tax regulatory adjustments—net. (b... be recorded in Account 4361 as required by paragraph (a) of this section. (3) The tax effects of... UNIFORM SYSTEM OF ACCOUNTS FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32...

  16. THE USE OF COMPUTER APPLICATIONS IN THE STUDY OF ROMANIA'S PUBLIC DEBT

    Directory of Open Access Journals (Sweden)

    Popeanga Vasile

    2011-07-01

    Full Text Available Total public debt represents all monetary obligations of the state (government, public institutions, financial, administrative-territorial units at a time, resulting from internal and external loans (in lei and foreign currencies contracted on short, medium and long term, and the state treasury and its own obligations for the amounts advanced temporarily to cover the budget deficit. Loans may be contracted by the state through the Ministry of Finance, in his own name or guaranteed by it. Public debt is expressed in local currency or foreign currency, depending on where the contracts and loan conditions. In order to evaluate Romania's public debt, obligations denominated in another currency than the national currency is calculated using the exchange rate of National Bank of Romania. Also, total public debt of a country can be expressed in absolute values (to know the load on that country's economy which is subject to its creditors, the relative values as a percentage of GDP (to allow comparison over time and between countries and the average size per capita (to allow comparisons and analysis in time and space. Total public debt is calculated and separately manages its two forms, namely domestic public debt and external public debt. Ministry of Finance shall prepare and submit annually to the Government for approval and to Parliament for information, report on public debt, which contains information on government debt portfolio, debt service, public indebtedness indicators and information about primary and secondary market securities state and how to implement the medium-term strategy in managing government debt for the previous year. In order to make comparisons quick and effective on public debt dynamics in Romania, Excel 2010 has new features such as charts and sparkline slicers features which can help discover trends and statistics in accordance with existing data. The aim of this article is accurate assessment of Romania's public debt and its

  17. Is justice deferred, justice denied? Not necessarily

    OpenAIRE

    Ryder, N.; Palmer, A.

    2016-01-01

    At long last, the Serious Fraud Office has received a major boost in its prosecution of bribery. Serious Fraud Office v Standard Bank PLC is a landmark case because it is not only the first case where the SFO has looked to prosecute a commercial organisation for failure to prevent bribery under Bribery Act 2010, but the first occasion where it has sought to enter a Deferred Prosecution Agreement under Crime and Courts Act 2013.

  18. IS THERE ANY CORRELATION BETWEEN THE CHRONIC BALANCE OF TRADE DEFICIT AND THE ROMANIA'S INCREASING EXTERNAL DEBT?

    Directory of Open Access Journals (Sweden)

    Giurgiu Adriana

    2011-12-01

    Full Text Available According to the data provided by the Romanian National Institute of Statistics and Eurostat, the balance-of-payments current account registered a permanent and increasing deficit since 1990, while the domestic production was accelerated decreasing and the FDI inflows were far from being enough to cover the internal consumption needs. These being the facts, the present paper aims to underline the fact there is a direct correlation between the increasing external debt of Romania in the last years, and the balance of trade increasing deficit, which is due mainly to the lack of domestic capital, as well as to the decreasing productivity. The research methodology is based on a theoretical model of external debt sustainability, using time series data for Romania and using a multi-equation model. The results show that the relationship between external debt and the balance of trade deficit should be analysed with a simultaneous equation model, because there is a two-way relationship between debt service and deficit growth: the higher the imports, the higher the external debt, and as a consequence, the higher the balance of trade deficit, if the productivity is low. This result is consistent with the Romanian experience, and its implications are very large and will multiply over the years, if there will be no adequate policies meant to revival the private sector, mainly the SMEs. In this respect, the paper concludes that the Romanian government should immediately take the necessary measures to facilitate the easy access to capital for the private investors, which will further stimulate the internal production, with a direct impact onto the increase of exports, which will determine on the one hand, the reduction of the balance of trade deficit and simultaneous, the increasing of the necessary budgetary revenues to pay back the external debt. Otherwise, all costs will be supported by the next generations, with no return, if the probability for declaring

  19. 7 CFR 1403.17 - Referral of debts to Department of Justice.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 10 2010-01-01 2010-01-01 false Referral of debts to Department of Justice. 1403.17... PROCEDURES § 1403.17 Referral of debts to Department of Justice. Debts which cannot be collected in accordance with these regulations may be referred to the Department of Justice for collection action. ...

  20. The governance of federal debt in the United States of America

    Directory of Open Access Journals (Sweden)

    Gisele Mah

    2017-02-01

    Full Text Available The United State of America has been experiencing high debt to GDP ratio of more than 100% and these Public debts are detrimental. The main purpose of this study was to examine the shocks of the variables on others in the USA economy by using quarterly data. The variance decomposition and the Generalised Impulse Response Function techniques were employed to analyse the data. The result revealed that high variation of shocks in real federal debt is explained by their own innovations in the short run, by CPI followed by real federal debt its self. In the long run, this leads to CPI and real government spending. The GIRF reveals that in the short run, real federal debt responds negatively to shocks from CPI, real federal interest payment and real federal government tax receipts and positively to real federal debt and real government spending. In medium term, only real federal government tax receipts are negative while the others are positive. In the long run, the response are all positive to shock from the independent variables. The results lead to the recommendation that the US government should focus on real federal debt in the short run. In the medium term, US government should focus on increasing real government spending and reducing only real federal government tax receipts. In the long run the target should real be federal debt, CPI, real federal interest payment, real government spending and real federal government tax receipts

  1. Government Debt and Long-Term Interest Rates

    OpenAIRE

    Noriaki Kinoshita

    2006-01-01

    This paper examines the relationship between government debt and long-term interest rates. A dynamic general equilibrium model that incorporates debt nonneutrality is specified and solved, and numerical simulations using the model are undertaken. In addition, empirical evidence using panel data for 19 industrial countries is examined. The estimation provides some evidence supporting the theoretical predictions: the paper finds that the simulated and estimated interest rate effects of governme...

  2. Effect of Educational Debt on Emergency Medicine Residents: A Qualitative Study Using Individual Interviews.

    Science.gov (United States)

    Young, Timothy P; Brown, Madison M; Reibling, Ellen T; Ghassemzadeh, Sassan; Gordon, Dawn M; Phan, Tammy H; Thomas, Tamara L; Brown, Lance

    2016-10-01

    In 2001, less than 20% of emergency medicine residents had more than $150,000 of educational debt. Our emergency medicine residents anecdotally reported much larger debt loads. Surveys have reported that debt affects career and life choices. Qualitative approaches are well suited to explore how and why such complex phenomena occur. We aim to gain a better understanding of how our emergency medicine residents experience debt. We conducted individual semistructured interviews with emergency medicine residents. We collected self-reported data related to educational debt and asked open-ended questions about debt influence on career choices, personal life, future plans, and financial decisions. We undertook a structured thematic analysis using a qualitative approach based in the grounded theory method. Median educational debt was $212,000. Six themes emerged from our analysis: (1) debt influenced career and life decisions by altering priorities; (2) residents experienced debt as a persistent source of background stress and felt powerless to change it; (3) residents made use of various techniques to negotiate debt in order to focus on day-to-day work; (4) personal debt philosophy, based on individual values and obtained from family, shaped how debt affected each individual; (5) debt had a normative effect and was acculturated in residency; and (6) residents reported a wide range of financial knowledge, but recognized its importance to career success. Our emergency medicine residents' debt experience is complex and involves multiple dimensions. Given our current understanding, simple solutions are unlikely to be effective in adequately addressing this issue. Copyright © 2016 American College of Emergency Physicians. Published by Elsevier Inc. All rights reserved.

  3. Risk of Debt-Based Financing in Indonesian Islamic Banking

    Directory of Open Access Journals (Sweden)

    Kharisya Ayu Effendi

    2017-05-01

    Full Text Available The purpose of this study is to know the risk of debt-based financing in Islamic banking in Indonesia by using an accounting based calculation, those are NPF analysis, Credit risk Z-score and Altman Z-score. This study is telling about the risk of debt-based finacing on Indonesian Islamic banking using an accounting based measurement, those are NPF analysis, Credit Risk Z-score analysis and Altman Z-score analysis. The data was obtained from 2011 to 2015 from the website of each bank. The result is a risk on debt-based financing on Indonesian Islamic banking is low. The measurement using 3 accounting based measurement tool gives a consistent result, that is Indonesian Islamic banking use a debt-based financing have a high financial stability and a low risk.DOI: 10.15408/aiq.v9i2.4821

  4. Sovereign public debt crisis in Europe. A network analysis

    Science.gov (United States)

    Matesanz, David; Ortega, Guillermo J.

    2015-10-01

    In this paper we analyse the evolving network structure of the quarterly public debt-to-GDP ratio from 2000 to 2014. By applying tools and concepts coming from complex systems we study the effects of the global financial crisis over public debt network connections and communities. Two main results arise from this analysis: firstly, countries public debts tend to synchronize their evolution, increasing global connectivity in the network and dramatically decreasing the number of communities. Secondly, a disruption in previous structure is observed at the time of the shock, emerging a more centralized and less diversify network topological organization which might be more prone to suffer contagion effects. This last fact is evidenced by an increasing tendency in countries of similar level of public debt to be connected between them, which we have quantified by the network assortativity.

  5. Debt and its aftermath : The Near Eastern background to Solon's seisachtheia

    NARCIS (Netherlands)

    Blok, J.H.; Krul, Julia

    2017-01-01

    Debts were a structural factor in the lives of small peasants in the entire ancient world. In Archaic Greece, Solon of Athens took the unique measure to cancel all debts, to abolish debt-slavery and to bring back those who had been sold abroad. For this innovation, he drew on the tradition of

  6. SE debt restructuring plan

    International Nuclear Information System (INIS)

    Janoska, J.

    2003-01-01

    Slovenske elektrarne, a.s. (SE) plans to restructure one's own debts in 2003-2005. Debt restructuring plan is following: 2003: Collection of pre-payment on electricity - 60 million Euro (2.5 billion Slovak crowns), consumer unknown. Own promissory notes in total value of 100 million US$ (3.5 billion Slovak crowns) - in process. Sale of claims worth 2.4 billion Slovak crowns (57.21 million Euro) - negotiations in process. 2003/2004: Restructuring of loans payable IV. quarter 2003 and at the beginning of 2004 in value of 200 million Euro (8.3 billion Slovak crowns). Aim of SE is a new credit payable within 7 years, with instalments payable in the last two to three without any state subsidies. 2005: Loans worth 460 million Euro (189 billion Slovak crowns) will still remain. SE want to negotiate them with banks without state support

  7. 17 CFR 256.255 - Accumulated deferred investment tax credits.

    Science.gov (United States)

    2010-04-01

    ... investment tax credits. 256.255 Section 256.255 Commodity and Securities Exchanges SECURITIES AND EXCHANGE... investment tax credits. (a) This account shall be credited and account 411.5, Investment tax credit, debited with investment tax credits deferred by companies which do not apply such credits as a reduction of the...

  8. 26 CFR 1.174-4 - Treatment as deferred expenses.

    Science.gov (United States)

    2010-04-01

    ... which are not chargeable to property of a character subject to an allowance for depreciation or... taxpayer first realizes benefits from the expenditures. The length of the period shall be selected by the... showing to the contrary, the taxpayer will be deemed to have begun to realize benefits from the deferred...

  9. Deferred versus conventional stent implantation in patients with ST-segment elevation myocardial infarction (DANAMI 3-DEFER)

    DEFF Research Database (Denmark)

    Kelbæk, Henning; Høfsten, Dan Eik; Køber, Lars

    2016-01-01

    to assess the clinical outcomes of deferred stent implantation versus standard PCI in patients with STEMI. METHODS: We did this open-label, randomised controlled trial at four primary PCI centres in Denmark. Eligible patients (aged >18 years) had acute onset symptoms lasting 12 h or less, and ST......-segment elevation of 0·1 mV or more in at least two or more contiguous electrocardiographic leads or newly developed left bundle branch block. Patients were randomly assigned (1:1), via an electronic web-based system with permuted block sizes of two to six, to receive either standard primary PCI with immediate...

  10. The Effect of External Debt on Economic Growth in Sub-Saharan Africa

    Directory of Open Access Journals (Sweden)

    Bernardin Senadza

    2018-01-01

    Full Text Available Purpose: This paper examines the effect of external debt on economic growth in Sub-Saharan Africa (SSA in view of an upsurge in the level of external debt in many countries on the continent. Design/methodology/approach: The paper uses annual data for 39 SSA countries from 1990 to 2013 and employs the System Generalised Methods of Moments (GMM estimation technique. Findings: The paper finds that external debt negatively affects economic growth in SSA. Categorization of countries based on per capita income however does not affect the external debt-growth nexus, neither does there exist a non-linear relationship between external debt and economic growth. Research limitations/implications: The finding of a negative relationship between external debt and growth does not necessarily imply that SSA countries should cut back on foreign borrowing in other to boost growth. Rather, given the huge savings gaps in some of the countries, what governments in SSA must do is to ensure that the foreign loans are invested in projects that would eventually generate enough returns to amortize the debt. Originality/value: Not only does the present paper extend to more recent data but we also apply one of the frontier econometric techniques - the system GMM approach - to unravel the external debt-economic growth dynamics in SSA.

  11. Analyzing Content about the Federal Budget, National Debt, and Budget Deficit in High School and College-Level Economics Textbooks

    Science.gov (United States)

    Marri, Anand R.; Gaudelli, William; Cohen, Aviv; Siegel, Brad; Wylie, Scott; Crocco, Margaret S.; Grolnick, Maureen

    2012-01-01

    This study sought to identify content on the federal budget, national debt, and budget deficit in the 12 most commonly used high school and college-level economics textbooks. Our systematic review of these sources leads to two key findings: (1) Textbooks are similar in how they represent fiscal policy yet treat the federal budget, deficit, and…

  12. Interactions between Corporate Governance, Bankruptcy Law and Firms Debt Financing: the Brazilian Case

    Directory of Open Access Journals (Sweden)

    Bruno Funchal

    2008-07-01

    Full Text Available This paper examines the relationship between corporate governance level and the bankruptcy law for such debt variables as firms’ cost of debt and amount (and variation of debt. Our empirical results are consistent with the model's prediction. First, we find that the better the corporate governance, the lower the cost of debt. Second, we find that better corporate governance arrangements relate to firms with higher amounts of debt. Finally we find that better governance and harsher bankruptcy laws have a positive effect on debt. Moreover, this effect is stronger for firms with worse corporate governance, which indicates that the law works as a substitute for governance practices to protect creditors' interests.

  13. Monetary and Fiscal Policies for a Finite Planet

    Directory of Open Access Journals (Sweden)

    Adam Scanlan

    2013-06-01

    Full Text Available Current macroeconomic policy promotes continuous economic growth. Unemployment, poverty and debt are associated with insufficient growth. Economic activity depends upon the transformation of natural materials, ultimately returning to the environment as waste. Current levels of economic throughput exceed the planet’s carrying capacity. As a result of poorly constructed economic institutions, society faces the unacceptable choice between ecological catastrophe and human misery. A transition to a steady-state economy is required, characterized by a rate of throughput compatible with planetary boundaries. This paper contributes to the development of a steady-state economy by addressing US monetary and fiscal policies. A steady-state monetary policy would support counter-cyclical, debt-free vertical money creation through the public sector, in ways that contribute to sustainable well-being. The implication for a steady-state fiscal policy is that any lending or spending requires a careful balance of recovery of money, not as a means of revenue, but as an economic imperative to meet monetary policy goals. A steady-state fiscal policy would prioritize targeted public goods investments, taxation of ecological “bads” and economic rent and implementation of progressive tax structures. Institutional innovations are considered, including common asset trusts, to regulate throughput, and a public monetary trust, to strictly regulate money supply.

  14. Life Cycle Asset Allocation in the Presence of Housing and Tax-Deferred Investing

    DEFF Research Database (Denmark)

    Marekwica, Marcel; Schaefer, Alexander; Sebastian, Steffen

    2013-01-01

    , investors can deduct mortgage interest payments from taxable income, while simultaneously earning interest in tax-deferred accounts tax-free. Matching empirical evidence, our model predicts that investors with higher retirement savings choose higher loan-to-value ratios to exploit this tax arbitrage......We study the dynamic consumption-portfolio problem over the life cycle, with respect to tax-deferred investing for investors who acquire housing services by either renting or owning a home. The joint existence of these two investment vehicles creates potential for tax arbitrage. Specifically...... opportunity. However, many households could benefit from more effectively taking advantage of tax arbitrage....

  15. 26 CFR 1.593-5 - Addition to reserves for bad debts.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Addition to reserves for bad debts. 1.593-5... bad debts. (a) Amount of addition. As an alternative to a deduction from gross income under section... a deduction under section 166(c) for a reasonable addition to a reserve for bad debts. In the case...

  16. 26 CFR 1.593-7 - Establishment and treatment of reserves for bad debts.

    Science.gov (United States)

    2010-04-01

    ....593-10. (2) Bad debt losses. Any bad debt in respect of a nonqualifying loan shall be charged against the reserve for losses on nonqualifying loans, and any bad debt in respect of a qualifying real... option of the taxpayer, however, any bad debt in respect of either class of loans may be charged in whole...

  17. Pulsed feedback defers cellular differentiation.

    Directory of Open Access Journals (Sweden)

    Joe H Levine

    2012-01-01

    Full Text Available Environmental signals induce diverse cellular differentiation programs. In certain systems, cells defer differentiation for extended time periods after the signal appears, proliferating through multiple rounds of cell division before committing to a new fate. How can cells set a deferral time much longer than the cell cycle? Here we study Bacillus subtilis cells that respond to sudden nutrient limitation with multiple rounds of growth and division before differentiating into spores. A well-characterized genetic circuit controls the concentration and phosphorylation of the master regulator Spo0A, which rises to a critical concentration to initiate sporulation. However, it remains unclear how this circuit enables cells to defer sporulation for multiple cell cycles. Using quantitative time-lapse fluorescence microscopy of Spo0A dynamics in individual cells, we observed pulses of Spo0A phosphorylation at a characteristic cell cycle phase. Pulse amplitudes grew systematically and cell-autonomously over multiple cell cycles leading up to sporulation. This pulse growth required a key positive feedback loop involving the sporulation kinases, without which the deferral of sporulation became ultrasensitive to kinase expression. Thus, deferral is controlled by a pulsed positive feedback loop in which kinase expression is activated by pulses of Spo0A phosphorylation. This pulsed positive feedback architecture provides a more robust mechanism for setting deferral times than constitutive kinase expression. Finally, using mathematical modeling, we show how pulsing and time delays together enable "polyphasic" positive feedback, in which different parts of a feedback loop are active at different times. Polyphasic feedback can enable more accurate tuning of long deferral times. Together, these results suggest that Bacillus subtilis uses a pulsed positive feedback loop to implement a "timer" that operates over timescales much longer than a cell cycle.

  18. Rethinking debt sustainability in the context of the Millennium Development Goals

    Directory of Open Access Journals (Sweden)

    Jan Kregel

    2007-09-01

    Full Text Available The 2005 World Summit Outcome (United Nations, General Assembly 2005b, pp. 7-8 noted that debt relief can be an important source of capital for development. Since debt relief for developing countries is currently determined by assessments of what is considered a sustainable external debt burden, it underlined the importance of debt sustainability to the efforts to achieve national development goals, including the Millennium Development Goals (MDGs. It also called for the preparation and implementation in 2006 of national development strategies (NDS to achieve the internationally agreed development goals and objectives, including the Millennium Development Goals

  19. Money circulation and debt circulation: A restatement of quantity theory of money

    OpenAIRE

    Xing, Xiaoyun; Xiong, Wanting; Chen, Liujun; Chen, Jiawei; Wang, Yougui; Stanley, H. Eugene

    2018-01-01

    Both money and debt are products of credit creation of banks. Money is always circulating among traders by facilitating commodity transactions. In contrast, debt is created by borrowing and annihilated by repayment as it is matured. However, when this creation- annihilation process is mediated by banks which are constrained by a credit capacity, there exists continuous transfer of debt among debtors, which can be defined as debt circulation. This paper presents a multi-agent model in which in...

  20. Sul rientro dal debito pubblico. (On the Reduction of Public Debt

    Directory of Open Access Journals (Sweden)

    Francesco Carlucci

    2012-08-01

    Full Text Available A theoretical model is developed for the ratio primary-surplus/GDP that a Country has to attain over a given number of years, to lower its public debt from the present value to one a-priori fixed. Such a ratio depends on the average interest rate paid on the outstanding stock of debt as well as inflation and real growth rates. The ratio primary-surplus/GDP is then determined for Germany, Greece and Italy, supposing that 20 years are necessary for lowering the debt to 60% of GDP, as indicated in the Budget Pact approved by 25 EU member States. Results are reported in graphs and show how the German debt can be easily diminished, whilst debts in Greece and Italy can be reduced with a greater difficulty.  JEL: E63, H62, C65 

  1. Еffect of debt on financial flows of dairy plants

    Directory of Open Access Journals (Sweden)

    N.L. Vylchynska

    2017-03-01

    Full Text Available The article examines the need in analytical support and management of accounts payable as forming factors of liquidity. It deals with the state and tendencies in formation of types of debt by the example of milk processing enterprises. The comparative analysis of the debt ratios at the company is carried out. It includes the settlements with debtors and creditors related to incoming and outgoing financial flows. The status of such calculations significantly affect the financial results of the company and its development. Therefore, the research of types of debt as the important factor in increasing the efficiency of the enterprise is of particular relevance. Economic relations between economic entities create the conditions where they can act both as sellers and buyers causing the objective of various types of debt. The presence of debt types is caused by various reasons, for instance, the incompliance of finished goods shipment, performance of works or services, receipt of commodity-material values, accrual payments to the moment of payment. Accounts receivable have a significant share in the composition of current assets. Therefore, the important place is given to the analysis of receivables when the company analyzes the turnover of its working capital. The source of the analysis is an enterprise balance sheet, the data of analytical accounting are used for the internal analysis. The detailed analysis of accounts receivable is carried out in order to take current management decisions on their reduction, and use timely actions for recovering doubtful receivables. In managing receivables and payables one should regularly monitor their ratio level, turnover rates and the period of maturity. In addition to these quantitative indicators one should also calculate quality indicators, in particular, to identify the groups of products, which account for the largest share in debt. The imbalance between the types of debt leads to uncontrolled growth in

  2. PUBLIC DEBT AND ECONOMIC GROWTH IN THE SOUTH PACIFIC ISLANDS: A CASE STUDY OF FIJI

    OpenAIRE

    T.K. Jayaraman; Chee-Keong Choong

    2006-01-01

    Growing public debt of Fiji has been causing concerns all around. As part of countercyclical measures, the Government stepped up public expenditure from 2001 in response to the adverse consequences of the 2000 civilian coup, which witnessed a decline in investor confidence, resulting in a steep fall in private sector investment. Expansionary fiscal policy measures in the annual budgets of 2001 to 2004 as well as unforeseen natural disaster management expenditures have pushed the ratio of outs...

  3. Estimating the optimal growth-maximising public debt threshold for ...

    African Journals Online (AJOL)

    kirstam

    Dr N. Mupunga is at the Reserve Bank of Zimbabwe, and Prof. P. le Roux is .... The debt overhang has also led to a huge credit risk premium for both ..... includes gross government debt-to-GDP and economic growth ratios, including almost all ...

  4. 76 FR 64429 - Senior Executive Service; Public Debt Performance Review Board (PRB)

    Science.gov (United States)

    2011-10-18

    ... DEPARTMENT OF THE TREASURY Bureau of the Public Debt Senior Executive Service; Public Debt Performance Review Board (PRB) AGENCY: Bureau of the Public Debt, Treasury. ACTION: Notice of Members of... reviews the performance appraisals of career senior executives who are below the level of Assistant...

  5. NPL deletion policy for RCRA-regulated TSD facilities finalized

    International Nuclear Information System (INIS)

    Anon.

    1995-01-01

    Under a new policy published by EPA on March 20, 1995, certain sites may be deleted from the National Priorities List (NPL) and deferred to RCRA corrective action. To be deleted from the NPL, a site must (1) be regulated under RCRA as a treatment, storage, or disposal (TSD) facility and (2) meet the four criteria specified by EPA. The new NPL deletion policy, which does not pertain to federal TSD facilities, became effective on April 19, 1995. 1 tab

  6. The Virtual Debt Factory: Towards an Analysis of Debt and Abstraction in the American Credit Crisis

    Directory of Open Access Journals (Sweden)

    Vincent R. Manzerolle

    2010-08-01

    Full Text Available Emanating from the United States, the ongoing global credit crisis has provided important insights into a shady new area of capitalist exploitation: the consumer debt factory. In an effort to speed up and quantifiably increase the circulation of consumer credit to match the consumption needs of post-Fordist accumulation, this industry—comprising financial institutions, consumer database companies, and credit rating agencies—has created a highly detailed body of information to stand-in for the corporeal self. This paper therefore examines this industry’s conceptualization of the self as a disembodied mechanism for mass-producing debt, creating a highly volatile informational commodity divorced from all material constraints. In using the credit crisis as a focal point, this paper considers how the far-reaching credit apparatus at the heart of the debt factory gives rise to the fatal abstractions that support, and ultimately undermine, contemporary capitalist economies. By substituting data for flesh, the credit industry has created an antagonism between the material and informational forms of the self, resulting in the construction of a virtual debtors prison. The ensuing analysis will highlight both the exploitative nature of this bifurcation as well as its profound contradictions.

  7. Principles of land debt as a kind of real collateral

    Directory of Open Access Journals (Sweden)

    Pavićević Aleksandra

    2014-01-01

    Full Text Available The issue of the work is an analysis of characteristics of land debt, known as non-accessory real right securing claims in German and Swiss law. Using the method of comparative analysis of the characteristics of this property right, author determines the similarities and differences of land debt in relation to similar types of rights, in particular in relation to a mortgage, as most similar security right, from the group of liens. Since the Draft Code of ownership and other property real rights in Serbia in 2006. proposed the introduction of real debt in Serbian law, the author of the paper examines the advantages and disadvantages of this concept in order to evaluate this assessment.. As an essential difference to the lien, the author defines the non-accessory character of land debt and multifunctional purpose. The author advocates the introduction of institute of land debt in future Serbian law, as the original non-accessory real security right (sui generis that represents functional addittion to accessory mortgage.

  8. The Effect of Management Compensation and Debt Requirements on Earnings Management Concerning The Impairment of Assets

    Directory of Open Access Journals (Sweden)

    Lloyd Kevin Co Abrigo

    2016-03-01

    Full Text Available This study determines the relationship between the impairment decision, as well as its magnitude, and two earnings management motivations, namely increasing management compensation, and meeting debt requirements. The computation of value in use in the impairment loss is subject to management’s estimate of future cash flows and choice of discount rate, which tolerates earnings management. Certain indicators and financial ratios were used to depict the effect of the two motives on impairment. In addition to this, the effect of firm size on impairment was also analyzed. The data were obtained from the OSIRIS database and the SEC form 17-A of the respective companies, as well as from telephone interviews and surveys. Probit regression was used to analyze the effect of the different motives to the impairment decision while multiple linear regression was used for the impairment magnitude. The findings show that publicly listed companies in the Philippines are engaging in “income smoothing” and “big bath” accounting with the use of impairment. Results also indicate that most “big bath” happens during periods where changes in the company’s executive officers occur. Lastly, there is also evidence that financially strong companies are deferring their impairment recognition to obtain a lower cost of financing.

  9. Extending RTA/Linux with fixed-priority scheduling with deferred preemption

    NARCIS (Netherlands)

    Bergsma, M.; Holenderski, M.J.; Bril, R.J.; Lukkien, J.J.; Petters, S.M.; Zijlstra, P.

    2009-01-01

    Fixed-Priority Scheduling with Deferred Preemption (FPDS) is a middle ground between Fixed-Priority Pre-emptive Scheduling and Fixed-Priority Non-preemptive Scheduling, and offers advantages with respect to context switch overhead and resource access control. In this paper we present our work on

  10. 75 FR 68956 - Debt Collection

    Science.gov (United States)

    2010-11-10

    ... and procedure, Debt collection. Authority and Issuance 0 Accordingly, for the reasons stated in the..., divorce, death, or disability. (2) The request for special review must include an alternative proposed...

  11. Mixed-Precision Spectral Deferred Correction: Preprint

    Energy Technology Data Exchange (ETDEWEB)

    Grout, Ray W. S.

    2015-09-02

    Convergence of spectral deferred correction (SDC), where low-order time integration methods are used to construct higher-order methods through iterative refinement, can be accelerated in terms of computational effort by using mixed-precision methods. Using ideas from multi-level SDC (in turn based on FAS multigrid ideas), some of the SDC correction sweeps can use function values computed in reduced precision without adversely impacting the accuracy of the final solution. This is particularly beneficial for the performance of combustion solvers such as S3D [6] which require double precision accuracy but are performance limited by the cost of data motion.

  12. Leverage, monetary policy, and firm investment

    OpenAIRE

    Charles X. Hu

    1999-01-01

    In this paper, I investigate whether the effects of monetary policy on firm investment can be transmitted through leverage. I find that monetary contractions reduce the growth of investment more for highly leveraged firms than for less leveraged firms. The results suggest that the board credit channel for monetary policy exists, and that it can operate through leverage, as adverse monetary shocks aggravate real debt burdens and raise the effective costs of investment.

  13. Political frictions and public policy outcomes

    OpenAIRE

    Grechyna, Daryna

    2016-01-01

    We study the role of political frictions in public policy outcomes. We propose a simple model of fiscal policy that combines a lack of commitment by the government, political turnover, and another political friction that can be interpreted either as political polarization or as public rent-seeking. We show that political turnover increases public debt levels, while political polarization or public rent-seeking leads to higher public spending. We evaluate the importance of different political ...

  14. A Simple Model of Monetary Policy and Currency Crises

    OpenAIRE

    Philippe AGHION; Philippe BACCHETTA; Abhijit BANERJEE

    1999-01-01

    This paper analyzes the optimal interest rate policy in currency crises. Firms are credit constrained and have debt in domestic and foreign currency, a situation that may easily lead to a currency crisis. An interest rate increase has an ambiguous effect on firms since it both makes more difficult to borrow and may decrease the foreign currency debt burden. In some cases it is actually best to decrease the interest rate. We also show how these issues are related to development of the financia...

  15. Analysis of the Impact of External Debt on Economic Growth in an ...

    African Journals Online (AJOL)

    Analysis of the Impact of External Debt on Economic Growth in an Emerging Economy: Evidence from Nigeria. ... African Research Review ... Findings reveal that debt service payment has negative and insignificant impact on Nigeria's economic growth while external debt stock has positive and significant effect on Nigeria's ...

  16. Domestic public debt in Low-Income Countries: Trends and structure

    Directory of Open Access Journals (Sweden)

    Giovanna Bua

    2014-01-01

    Full Text Available This paper introduces a new dataset on the stock and structure of domestic debt in 36 Low-Income Countries over the period 1971–2011. We characterize the recent trends regarding LICs domestic public debt and explore the relevance of different arguments put forward on the benefits and costs of government borrowing in local public debt markets. The main stylized fact emerging from the data is the increase in domestic government debt since 1996. We also observe that poor countries have been able to increase the share of long-term instruments over time and that the maturity lengthening went together with a decrease in borrowing costs. However, the concentration of the investor base, mainly dominated by commercial banks and the Central Bank, may crowd out lending to the private sector.

  17. Poverty Levels and Debt Indicators among Low-Income Households before and after the Great Recession

    Science.gov (United States)

    Kim, Kyoung Tae; Wilmarth, Melissa J.; Henager, Robin

    2017-01-01

    This study analyzed the debt profile of low-income households before and after the Great Recession using the 2007, 2010, and 2013 Survey of Consumer Finances (SCF). We used Heckman selection models to investigate three debt characteristics: (a) the amount of debt, (b) debt-to-income ratio, and (c) debt delinquency. Before and after the Great…

  18. Empirical Investigation of External Debt-Growth Nexus in Sub ...

    African Journals Online (AJOL)

    Empirical Investigation of External Debt-Growth Nexus in Sub-Saharan Africa. ... distributed lag (PARDL) model and panel non-linear autoregressive distributed lag (PNARDL) model to examine the relationship between external debt and economic growth using a panel dataset of 22 countries from 1985 to 2015. Its results ...

  19. Debt servicing and economic growth in Nigeria: an empirical ...

    African Journals Online (AJOL)

    In this study we reviewed and analyse the effect of external debt service payment practices on sustainable economic growth and development with particular emphasis on Nigeria. To achieve the objective of this research, we use debt payment to Multilateral Financial creditors, Paris club creditors, London club creditors, ...

  20. Debt servicing and economic growth in Nigeria: An empirical ...

    African Journals Online (AJOL)

    In this study we reviewed and analyse the effect of external debt service payment practices on sustainable economic growth and development with particular emphasis on Nigeria. To achieve the objective of this research, we use debt payment to Multilateral Financial creditors, Paris club creditors, London club creditors ...

  1. 7 CFR 3565.6 - Inclusion of tax-exempt debt.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Inclusion of tax-exempt debt. 3565.6 Section 3565.6 Agriculture Regulations of the Department of Agriculture (Continued) RURAL HOUSING SERVICE, DEPARTMENT OF AGRICULTURE GUARANTEED RURAL RENTAL HOUSING PROGRAM General Provisions § 3565.6 Inclusion of tax-exempt debt...

  2. Debt crisis ahead for Irish medical students.

    Science.gov (United States)

    Haugh, C; Doyle, B; O'Flynn, S

    2014-06-01

    Internationally medical student debt is a cause of concern. A survey of medical students in UCC (response rate of 191 representing 35% of the EU student cohort) reveals that 34 (26%) of direct entry medicine (DEM) students and 36 (61%) graduate entrants (GEM) have a loan with an anticipated average debt of Euro17,300 and Euro80,000 on graduation respectively. Fifty-three (90%) graduate entrants and 75 (57%) direct entrants revealed that they often worry about their current financial situation. Fifty-three (28%) of students have a part-time job and many were concerned about the degree to which this conflicted with their academic workload. 118 (89%) of school leavers and 48 (81%) graduates received financial assistance from their families to fund their college expenses. Student responses recommended the introduction of a government supported low interest rate loan and other incentives to help service high levels of debt associated with medical education.

  3. 26 CFR 1.1275-5 - Variable rate debt instruments.

    Science.gov (United States)

    2010-04-01

    ... nonpublicly traded property. A debt instrument (other than a tax-exempt obligation) that would otherwise... variations in the cost of newly borrowed funds in the currency in which the debt instrument is denominated... on the yield of actively traded personal property (within the meaning of section 1092(d)(1)). (ii...

  4. 36 CFR 1011.14 - How will the Presidio Trust report debts to credit bureaus?

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false How will the Presidio Trust... TRUST DEBT COLLECTION Procedures To Collect Presidio Trust Debts § 1011.14 How will the Presidio Trust report debts to credit bureaus? The Presidio Trust will report delinquent debts to credit bureaus in...

  5. The effects of public debt on foreign direct investment in South Africa (1983-2013: An empirical analysis

    Directory of Open Access Journals (Sweden)

    Mary Oyemowo Oche

    2016-12-01

    Full Text Available The political move in South Africa occurred against a setting of high government deficits. Efforts have been made over the years by the government to reduce fiscal deficit and inflation, liberalize the capital account and the financial system as well as reduce tariffs. The main objective of this study, therefore, is to empirically investigate the effect of public debt on foreign direct investment in South African for the period 1983 – 2013. The study employs a Vector Error Correction Model, which provides both the long run and short run relationships among the variables. The long run results indicate that the relationship between public debt and foreign direct investment, as well as interest rate and foreign direct investment, is positive and statistically significant, while there is an insignificant negative relationship between exchange rate and foreign direct investment. Based on the long run results, the study, thus, recommend that the level of public debt and interest rate should increase so that the level of foreign direct investment can increase in the country. However, the policy of depreciation of rand is considered inappropriate for the economy if the desire is to increase the level of foreign direct investment in the country

  6. Mozambique's Debt and the International Monetary Fund's Influence on Poverty, Education, and Health.

    Science.gov (United States)

    Beste, Jason; Pfeiffer, James

    2016-01-01

    For nearly 30 years, Mozambique has been facing austerity measures regulated by the IMF. These austerity measures, grounded in macroeconomic policies, were supposed to lift Mozambique out of poverty, and improve its healthcare and education systems. By taking an in-depth look at the major etiologies of Mozambique's debt and the conditions which forced the country to accept austerity measures-despite their protests-prior to receiving IMF funding, this paper examines how IMF policies over the past 30 years have affected poverty, health, and the education system. The results of these policies have contributed to Mozambique's enduring classification as one of the poorest countries in the world. Aside from economic outcomes, Mozambique also has abysmal health and education systems, with one of the lowest life expectancies in Sub-Saharan Africa. It is time to re-evaluate how the current IMF macroeconomic policies negatively affect, health, education and the socioeconomic status of those who live in abject poverty. As short term macroeconomic policies of PARPA have been ineffective at reducing poverty, promoting education and improving health, the IMF should consider using longer term macroeconomic policies which invest in-rather than limit-public services such as health and education. © The Author(s) 2016.

  7. 15 CFR 19.7 - When will Commerce entities compromise a Commerce debt?

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false When will Commerce entities compromise a Commerce debt? 19.7 Section 19.7 Commerce and Foreign Trade Office of the Secretary of Commerce COMMERCE DEBT COLLECTION Procedures To Collect Commerce Debts § 19.7 When will Commerce entities compromise...

  8. Local government and utility firms’ debts

    Directory of Open Access Journals (Sweden)

    Marko Primorac

    2011-12-01

    Full Text Available The global financial crisis has affected the Croatian local public sector. In such circumstances, local government units’ debts and borrowing should be approached with caution. The highly interwoven financial operations of local government units and their utilities indicate the need for analysis of consolidated financial statements of local governments and utility companies in order to gain an insight into the real financial “health” of local units. Accordingly, the main aim of this paper is to analyze the size and the structure of the consolidated (local government and utility companies local public debt in Croatia. Accordingly, the paper presents the financial position of local government units supplemented with information on the financial operations of utility companies, with particular emphasis on the size and structure of their liabilities and gross and net debt. Although the current Budget Law does not require formal preparation of consolidated financial statements by local governments and their utility firms, consolidation is stipulated by International Public Sector Accounting Standards (IPSAS. The application of IPSAS regulations would be helpful in determining overall direct and indirect exposure of local government units arising from the financial operations of their utilities.

  9. Impact of Debt Capital on Outreach and Efficiency Of Microfinance ...

    African Journals Online (AJOL)

    Impact of Debt Capital on Outreach and Efficiency Of Microfinance ... donation or government grants should be sustained in a long term to enable MFIs reach the poor who cannot afford high interest rates charged by debt financed MFIs.

  10. Healthy public policy in poor countries: tackling macro-economic policies.

    Science.gov (United States)

    Mohindra, K S

    2007-06-01

    Large segments of the population in poor countries continue to suffer from a high level of unmet health needs, requiring macro-level, broad-based interventions. Healthy public policy, a key health promotion strategy, aims to put health on the agenda of policy makers across sectors and levels of government. Macro-economic policy in developing countries has thus far not adequately captured the attention of health promotion researchers. This paper argues that healthy public policy should not only be an objective in rich countries, but also in poor countries. This paper takes up this issue by reviewing the main macro-economic aid programs offered by international financial institutions as a response to economic crises and unmanageable debt burdens. Although health promotion researchers were largely absent during a key debate on structural adjustment programs and health during the 1980s and 1990s, the international macro-economic policy tool currently in play offers a new opportunity to participate in assessing these policies, ensuring new forms of macro-economic policy interventions do not simply reproduce patterns of (neoliberal) economics-dominated development policy.

  11. Private Debt Overhang and the Government Spending Multiplier: Evidence for the United States

    OpenAIRE

    Bernardini, Marco; Peersman, Gert

    2015-01-01

    Using state-dependent local projection methods and historical U.S. data, we find that government spending multipliers are considerably larger in periods of private debt overhang. In particular, we find significant crowding-out of personal consumption and investment in low-debt states, resulting in multipliers that are significantly below one. Conversely, in periods of private debt overhang, there is a strong crowding-in effect, while multipliers are much larger than one. In high-debt states, ...

  12. 26 CFR 1.166-4 - Reserve for bad debts.

    Science.gov (United States)

    2010-04-01

    ... the bad debts reserves of certain mutual savings banks, domestic building and loan associations, and... 26 Internal Revenue 2 2010-04-01 2010-04-01 false Reserve for bad debts. 1.166-4 Section 1.166-4...) INCOME TAXES (CONTINUED) Itemized Deductions for Individuals and Corporations § 1.166-4 Reserve for bad...

  13. Increasing public debt collection with nudging: Results of two natural field experiments

    DEFF Research Database (Denmark)

    Jensen, Niels Holm; Nielsen, Lisbeth Fyhn; Rasmussen, Stephan

    2017-01-01

    Using two natural field experiments, we tested whether nudging could contribute as a cost-free instrument to increase voluntary public debt collection. We manipulated standard reminder notices sent to two samples (N = 396 and N = 549) with public debt in a municipality in Denmark, a country...... that nudging may contribute to public debt collection....

  14. The influence of public debt on the performance of the economy

    Directory of Open Access Journals (Sweden)

    Mareček Jan

    2017-01-01

    Full Text Available Thanks to public debt, nations maintain a stable tax rate and at the same time raise expenses for suppressing budget crises. Public debt is considered risk-free and is issued by the national government. However, extensive public debt raises interest rates, extrudes private investments, worsens fixed balance, widens short-term fluctuation and has a negative impact on economic growth. The performance of the economy can be measured mostly by GDP, which is expressed as the monetary value of all finished products and services produced in a certain time period in one country. The aim of this paper is to explore the relationship, or rather identify the mutual correlation of public debt of one country and its performance (GDP. The research includes countries of the European Union, which have an identifiable timeline of public debt and GDP. The source of this data is the database of the World Bank. The information is from the period of years from 1995 through 2015. The correlation of the whole file of countries and then individual countries is ascertained. On the basis of the results, we can state that in the explored sample of countries, high dependence between public debt and GDP has been proven.

  15. An Empirical Investigation of External Debt - Military Expenditure Nexus in Bangladesh

    Directory of Open Access Journals (Sweden)

    Khalid ZAMAN

    2012-06-01

    Full Text Available The objective of this paper is to empirically investigate a two-way statistical relationship between the real external debt and real military expenditure in the context of Bangladesh. A time series co-integration and Granger causality tests have been employed from 1980 - 2009 for analysis. The empirical results support the bi-directional causality between the external debt and economic growth, while unidirectional causality runs from military spending to external debt.

  16. 36 CFR 1011.7 - When will the Presidio Trust compromise a debt?

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false When will the Presidio Trust... Procedures To Collect Presidio Trust Debts § 1011.7 When will the Presidio Trust compromise a debt? (a... debt owed to the Presidio Trust that is not recovered as the result of a compromise will be reported to...

  17. THE PUZZLE OF SIMULTANEOUS SAVINGS AND DEBTS

    Directory of Open Access Journals (Sweden)

    RODICA IANOLE

    2012-05-01

    Full Text Available „Neither a borrower nor a lender be” recommends Shakespeare in Hamlet. The advice seems particularly interesting in nowadays society where a person can be easily found in both approximate situations, in the same time. It goes without saying that saving and borrowing do not describe mutually exclusive strategies of financial management and thus many people retain savings or carry on saving at the same time as having debts. We add to this fact a more pragmatically wisdom, the one of the economist Robert Solow -“We (economists think of wealth as fungible; we think a dollar is a dollar. Why don't they (the others do so?” (Solow, 1987 – and we naturally ask ourselves if the mechanism of having simultaneous savings and debts is a rational one, according to traditional economics.Making appeal to the emerging body of behavioral economics literature we reach to the mental accounting theory to see if it can explain savings inclination versus debt inclination. The main research question we want to explore is the following: if mental accounting prevents people from spending money from one „mental account” on goods belonging to another one, will people – after using all their money from a given account – be willing to go into debt to buy goods belonging to this account in a situation when they still have money in other accounts?

  18. The Analysis of the Impact of Depreciation on External Debt in Long Run: Evidence From Croatia

    Directory of Open Access Journals (Sweden)

    Irena Palić

    2018-03-01

    Full Text Available The impact of exchange rate changes in small open economies has been a widely researched topic for decades. According to economic theory and relevant research, depreciation can have a positive impact on the economy through an increase in exports, and a negative effect through decrease in an individual consumption. The aim of this artcle is to assess the impact of exchange rate depreciation on external debt in Croatia in the long-run. The long-run impact of depreciation on external debt in Croatia is assessed using Johansen cointegration approach. The results point to the existence of one cointegration relation. The long-run impact of exchange rate depreciation on external debt in Croatia is statistically significant and positive, what is in line with previous research and economic theory. The conducted analysis outlines the possible negative impact of depreciation on Croatian economy through the increase of external indebtedness, what could consequently decrease the wealth of all sectors indebted in foreign currency. Since Croatia is a highly euroised small open economy with high external indebtedness in foreign currency, this research provides captivating results for monetary and fiscal policy-making in Croatia. Therefore, as a result of the conducted empirical analysis, the exchange rate depreciation in Croatia is not recommended as the instrument of increasing export competitiveness due to current high external indebtedness in foreign currency.

  19. Testing the role of external debt in environmental degradation: empirical evidence from Turkey.

    Science.gov (United States)

    Katircioglu, Salih; Celebi, Aysem

    2018-03-01

    This study investigates the role of external debt stock in Turkey, which has suffered from heavy (external and domestic) debt stock for many years. Annual data from 1960 to 2013 was analyzed using time series analysis in order to study this. The results confirm the validity of the conventional environmental Kuznets curve (EKC) in the case of Turkey. However, this study also found that Turkey's external debt stock did not influence the Turkish economy's long-term EKC behavior. Fortunately, the results suggest that there are important interactions among external debt stock, CO 2 emissions, energy consumption, and real income; that is, changes in external debt volume precede changes in these aggregates' volumes.

  20. Classification of European Union countries according to a household debt level and structure

    Directory of Open Access Journals (Sweden)

    Zbigniew Gołaś

    2011-01-01

    Full Text Available In the article were shown the results of cross-sectional and dynamic analysis of diversification of the level and structure of household debt and the problems with its repayment in the EU countries over the period 2005-2009. In the article the multidimen-sional methods of data analysis (cluster analysis – k-means method which enabled to classify the households in the EU according to the characteristics that were used describe its debt. Moreover, in order to determine the quantitative relationships between the level of household debt, and between the frequency of occurring the problem with debt repayment, the tools of correlation and regression analysis were used. In the article were shown the results of cross-sectional and dynamic analysis of diversification of the level and structure of household debt and the problems with its repayment in the EU countries over the period 2005-2009. In the article the multidimen-sional methods of data analysis (cluster analysis – k-means method which enabled to classify the households in the EU according to the characteristics that were used describe its debt. Moreover, in order to determine the quantitative relationships between the level of household debt, and between the frequency of occurring the problem with debt repayment, the tools of correlation and regression analysis were used.

  1. Debt as a Criminal Risk Factor in Denmark

    DEFF Research Database (Denmark)

    Olesen, Annette

    2016-01-01

    due to the ex-prisoners’ debt. Those convicted in Denmark are personally liable for their own legal costs. Thus, we must regard most ex-prisoners as being highly indebted to the state. The debt of ex-prisoners was generally understood as being the cause of financial problems, but legal regulation......Existing studies of crime preventive factors have illustrated that ex-prisoners who began a course of education, obtained employment and/or had permanent housing were less likely to relapse into crime. However, this study shows that the aforementioned crime preventing factors became less effective...... and informal punishment, as unintended consequences of indebtedness, were still poorly explored. This research indicates that legal regulation and informal punishment based on indebtedness may serve as an argument for considering debt as a criminal risk factor which has made the preventive factors less...

  2. Exchange-traded funds of the eurozone sovereign debt

    Directory of Open Access Journals (Sweden)

    Drenovak Mikica

    2010-01-01

    Full Text Available Periods of high uncertainty bring liquidity concerns to the forefront for sovereign bond investors. Arguably the most liquid and cost-effective way for retail and small institutional investors to gain diversified sovereign bond exposure is through an exchange traded fund (ETF. In this paper we study the performance, country exposure, and replicating characteristics of a sample of 31 European index ETFs with exposure to eurozone sovereign debt. The obtained results are presented in the context of underlying index selection rules, types of replication, and movements in sovereign debt interest rates and sovereign CDS spreads. It is demonstrated that the ETFs focused on accurately track corresponding bond indices. This is consistent with earlier findings for equity index ETFs. Our results may be of interest for institutional investors, regulators, and everyone interested in sovereign debt investments.

  3. Debt as a Criminal Risk Factor in Denmark

    DEFF Research Database (Denmark)

    Olesen, Annette

    2016-01-01

    and informal punishment, as unintended consequences of indebtedness, were still poorly explored. This research indicates that legal regulation and informal punishment based on indebtedness may serve as an argument for considering debt as a criminal risk factor which has made the preventive factors less......Existing studies of crime preventive factors have illustrated that ex-prisoners who began a course of education, obtained employment and/or had permanent housing were less likely to relapse into crime. However, this study shows that the aforementioned crime preventing factors became less effective...... due to the ex-prisoners’ debt. Those convicted in Denmark are personally liable for their own legal costs. Thus, we must regard most ex-prisoners as being highly indebted to the state. The debt of ex-prisoners was generally understood as being the cause of financial problems, but legal regulation...

  4. Regulation of the Debt Sustainability of the Russian Economy

    Science.gov (United States)

    Seleznev, Alexander Z.; Chapluk, Vladimir Z.; Sayrenko, Tatiana N.; Sorokina, Larisa N.; Pertovskaya, Maria V.; Alekseenko, Elena A.

    2016-01-01

    The relevance of the investigating problem is caused by the need to reduce the total aggregated amount of debt in Russian economy in conditions of crisis and the strengthening of external anti-Russian sanctions. In this context, the purpose of this article is to identify measures aimed to regulate debt sustainability of the Russian economy using…

  5. California; Bay Area Air Quality Management District; Determination To Defer Sanctions

    Science.gov (United States)

    EPA is making an interim final determination to defer imposition of sanctions based on a proposed determination that CARB submitted rules on behalf of BAAQMD that satisfy part D of the Clean Air Act for areas under the jurisdiction of the BAAQMD.

  6. Debt security market in lithuania: changes and tendencies

    OpenAIRE

    Zumaraitė, Birutė

    2007-01-01

    Security market in economically strong countries has deep developing traditions and acts strong role in financial system. Debt securities market helps to allocate the financial recourses between separate institutions. Also the strong role in financial system plays debts securities market, especially government bonds that help to form the lending resources effectively. Interest rate of government bonds is the main point, which turns rates of lending and borrowing. The incomes, which are gained...

  7. An Application of Robust Method in Multiple Linear Regression Model toward Credit Card Debt

    Science.gov (United States)

    Amira Azmi, Nur; Saifullah Rusiman, Mohd; Khalid, Kamil; Roslan, Rozaini; Sufahani, Suliadi; Mohamad, Mahathir; Salleh, Rohayu Mohd; Hamzah, Nur Shamsidah Amir

    2018-04-01

    Credit card is a convenient alternative replaced cash or cheque, and it is essential component for electronic and internet commerce. In this study, the researchers attempt to determine the relationship and significance variables between credit card debt and demographic variables such as age, household income, education level, years with current employer, years at current address, debt to income ratio and other debt. The provided data covers 850 customers information. There are three methods that applied to the credit card debt data which are multiple linear regression (MLR) models, MLR models with least quartile difference (LQD) method and MLR models with mean absolute deviation method. After comparing among three methods, it is found that MLR model with LQD method became the best model with the lowest value of mean square error (MSE). According to the final model, it shows that the years with current employer, years at current address, household income in thousands and debt to income ratio are positively associated with the amount of credit debt. Meanwhile variables for age, level of education and other debt are negatively associated with amount of credit debt. This study may serve as a reference for the bank company by using robust methods, so that they could better understand their options and choice that is best aligned with their goals for inference regarding to the credit card debt.

  8. EFFECTS OF CHANGES IN FOREIGN DEBT INDICATORS IN BOSNIA AND HERZEGOVINA

    Directory of Open Access Journals (Sweden)

    Almir Alihodžić

    2016-06-01

    Full Text Available Foreign trade indicators change in response to the global financial crisis and ultimately have a major impact on fiscal sustainability. Likewise, the increase in the budget deficit and public debt affects the growth of long-term and short-term interest rates, and the overall fiscal stability. The main objective of this paper is to review the impact of the global financial crisis on the tendency of the public debt in Bosnia and Herzegovina and various Western Balkans countries. Specifically, as the Maastricht criteria established a 60% of GDP debt limit, the paper will analyse the given limit, and the interdependence of imports in Bosnia and Herzegovina and the public debt of the general government sector by a simple regression analysis for the period 2008–2012. Thus, the regression model will be used to assess the dependence of the public debt of the Government of Bosnia and Herzegovina due to the increase of imports and exports of goods, as well as well as conditionality of export of goods and income.

  9. Identifying Architectural Technical Debt in Android Applications through Compliance Checking

    NARCIS (Netherlands)

    Verdecchia, R.

    By considering the fast pace at which mobile applications need to evolve, Architectural Technical Debt results to be a crucial yet implicit factor of success. In this research we present an approach to automatically identify Architectural Technical Debt in Android applications. The approach takes

  10. A Systematic Review of Financial Debt in Adolescents and Young Adults: Prevalence, Correlates and Associations with Crime

    Science.gov (United States)

    Hoeve, Machteld; Stams, Geert Jan J. M.; van der Zouwen, Marion; Vergeer, Margaretha; Jurrius, Kitty; Asscher, Jessica J.

    2014-01-01

    Financial debt in young people has increased in recent years. Because debt may have severe consequences, and it may enhance criminal behavior, insight into the prevalence and determinants of debt and its association with crime is important. We conducted a systematic review and meta-analysis of 36 manuscripts to examine the prevalence of financial debt (k = 23), correlates and risk factors of debt (k = 16), and associations between debt and criminal behavior in adolescents and young adults (k = 8). Findings revealed that the prevalence of debt is substantial among young people; on average, 49% reported to have at least some debt, 22% had financial problems. Older participants and ethnic minorities were found to have higher levels of debt than younger and indigenous counterparts. Females had more financial problems and higher student loans. Low self-esteem, a pro-debt attitude (of young people and their parents), lack of perceived control towards financial management, poor social functioning, financial stress and external locus of control were found to have the strongest associations with debt. Studies reported strong associations between debt and crime. Particularly, strong associations were found between serious and persistent crime in young people and later (young adult) debt or financial problems. PMID:25136797

  11. A systematic review of financial debt in adolescents and young adults: prevalence, correlates and associations with crime.

    Science.gov (United States)

    Hoeve, Machteld; Stams, Geert Jan J M; van der Zouwen, Marion; Vergeer, Margaretha; Jurrius, Kitty; Asscher, Jessica J

    2014-01-01

    Financial debt in young people has increased in recent years. Because debt may have severe consequences, and it may enhance criminal behavior, insight into the prevalence and determinants of debt and its association with crime is important. We conducted a systematic review and meta-analysis of 36 manuscripts to examine the prevalence of financial debt (k = 23), correlates and risk factors of debt (k = 16), and associations between debt and criminal behavior in adolescents and young adults (k = 8). Findings revealed that the prevalence of debt is substantial among young people; on average, 49% reported to have at least some debt, 22% had financial problems. Older participants and ethnic minorities were found to have higher levels of debt than younger and indigenous counterparts. Females had more financial problems and higher student loans. Low self-esteem, a pro-debt attitude (of young people and their parents), lack of perceived control towards financial management, poor social functioning, financial stress and external locus of control were found to have the strongest associations with debt. Studies reported strong associations between debt and crime. Particularly, strong associations were found between serious and persistent crime in young people and later (young adult) debt or financial problems.

  12. A systematic review of financial debt in adolescents and young adults: prevalence, correlates and associations with crime.

    Directory of Open Access Journals (Sweden)

    Machteld Hoeve

    Full Text Available Financial debt in young people has increased in recent years. Because debt may have severe consequences, and it may enhance criminal behavior, insight into the prevalence and determinants of debt and its association with crime is important. We conducted a systematic review and meta-analysis of 36 manuscripts to examine the prevalence of financial debt (k = 23, correlates and risk factors of debt (k = 16, and associations between debt and criminal behavior in adolescents and young adults (k = 8. Findings revealed that the prevalence of debt is substantial among young people; on average, 49% reported to have at least some debt, 22% had financial problems. Older participants and ethnic minorities were found to have higher levels of debt than younger and indigenous counterparts. Females had more financial problems and higher student loans. Low self-esteem, a pro-debt attitude (of young people and their parents, lack of perceived control towards financial management, poor social functioning, financial stress and external locus of control were found to have the strongest associations with debt. Studies reported strong associations between debt and crime. Particularly, strong associations were found between serious and persistent crime in young people and later (young adult debt or financial problems.

  13. Etiology of anemia of blood donor candidates deferred by hematologic screening

    Directory of Open Access Journals (Sweden)

    Michel Alves da Silva

    2012-01-01

    Full Text Available OBJECTIVE: Iron deficiency is the most common cause of anemia and one of the main factors in the clinical deferral of blood donors. This fact prompted the current study that aimed to determine the prevalence and etiology of anemia in blood donor candidates and to evaluate the hematological screening technique used for the exclusion of these donors. METHODS: This was a prospective study that compared two groups (Anemic and Non-anemic. Initially screening for anemia was performed by manually measuring hemoglobin (Bioclin® Kit; the results were subsequently compared with an automated screening method (Coulter T-890. The etiology was investigated by hemoglobin electrophoresis in alkaline and acid pH, Hb A2 dosage and measurement of the ferritin concentration by immunoagglutination. Differences and associations of interest were analyzed using the Yates and McNemar's Chi-square tests and the Fisher, Mann-Whitney, Wilcoxon and Kruskal-Wallis tests. RESULTS: The deferral rate due to anemia was 4.2%; iron deficiency was identified in 37.5% and beta thalassemia in 9.3% of the excluded candidates. There was a significant discrepancy between the two techniques used to measure hemoglobin with 38.1% of initially deferred donors presenting normal hemoglobin levels by the automated method. CONCLUSION: The results show a high rate of blood donors being deferred for anemia and confirm that iron deficiency is the most prevalent cause. The discrepancies found by comparing screening methods suggest that hemoglobin and hematocrit levels should be confirmed before deferring a donor due to anemia; this may increase supplies in blood banks.

  14. Deferred endoscopic urethral realignment: Role in management of traumatic posterior urethral disruption

    Directory of Open Access Journals (Sweden)

    M.A. Elgammal

    2014-06-01

    Conclusion: When early realignment is postponed for any reason, deferred endoscopic realignment is considered an adequate substitute because urethral continuity can be achieved in a group of patients without increase incidence of impotence and incontinence.

  15. An analysis of public debt levels in both developed and developing countries

    Directory of Open Access Journals (Sweden)

    Arsić Sonja

    2015-01-01

    Full Text Available The main objective of this paper is pointing out the importance of high public debt problem as well as the underlying causes that have led to rise in public debt in selected countries. The following methods were used in this research: historical method, deduction, generalization methods and statistical methods. By observing data on ten year trend of public debt in selected countries, we have concluded that there is a trend of increase in public debt, as a percentage of the gross domestic product of a country. Each of the analyzed countries (Canada, United Kingdom, Greece, Argentina and Serbia has specific causes that have led to rise in public debt, but the main cause that is common to all countries is the excessive consumption of state organs and reduction of tax revenues that has arisen as a result of reduced economic activity due to the global economic crisis in recent years. By analyzing the data on the trend of public debt in the observed countries in the period from 2003. to 2014., we have concluded that the problem can be solved by increasing gross domestic product, or reducing government spending.

  16. Consequences of fiscal deficit and public debt in financing the public sector

    Directory of Open Access Journals (Sweden)

    Tešić Aleksandra

    2014-01-01

    Full Text Available The aim of this paper is to highlight the important issues of the budget deficit and public debt and their impact on economic growth. This paper considers the twin deficit hypothesis, which argues that there is a strong correlation between the current account deficit for an economy and government budget deficits. In the last ten years, Serbia is faced with a situation of simultaneous fiscal deficit and current account deficit. However, the growth of gross domestic product and the maturity of the debt obligation indicate that the debt burden increases, the weak development of the economy and the debt, and the power of the state and threatened to open debt crisis, the emergence of foreign insolvency. To explore the effects of budget deficits and public debt in macroeconomic relations and aggregates applied the methods of descriptive statistics, and used the official data of the relevant national and international institutions. The main results of the analysis indicate a crisis of public finances, which are accumulated for many years, with a growing budget deficit and the dominant external financing of the budget deficit.

  17. Optimal taxation and debt with uninsurable risks to human capital accumulation

    OpenAIRE

    Gottardi, Piero; Kajii, Atsushi; Nakajima, Tomoyuki

    2015-01-01

    We consider an economy where individuals face uninsurable risks to their human capital accumulation, and analyze the optimal level of linear taxes on capital and labor income together with the optimal path of government debt. We show that in the presence of such risks it is beneficial to tax both labor and capital and to issue public debt. We also assess the quantitative importance of these findings, and show that the benefits of government debt and capital taxes both increase with the magnit...

  18. AN ECONOMIC FORECAST AND POLICY PROSPECTS

    OpenAIRE

    Brinner, Roger E.

    1992-01-01

    The economy is stagnating today because everyone is waiting for someone else to restart the recovery. Consumers are deferring major purchases until job prospects are rosier. Businesses are pushing down their inventories and payrolls until their order books surge. In essence the economic fundamentals are sound, but at this point, we need a new catalyst for recovery. It is time to implement policies that directly stimulate investment including a self-financing equipment tax credit for productiv...

  19. HOLLOW VICTORY? BRITAIN’S PUBLIC DEBT AND THE SEVEN YEARS’ WAR

    Directory of Open Access Journals (Sweden)

    Jari Eloranta

    2011-01-01

    Full Text Available This article addresses the implications of the cost of warfare and the debt burdens that typically arise from conflicts. It examines how much Britain’s public debt rose during and after the Seven Years’ War and the implications of this growth. While it considers the various reasons for the dramatic rise, the primary focus is military spending. The addition of the North American continent as a major theater of war created the need for higher spending and helped double the national debt from the pre-war total. As with modern economic issues, contemporary discussion of the debt crisis became a normal talking point in letters and political debates. Ultimately, this article supports the argument that the Seven Years’ War contributed to the American Revolution via the unexpected fiscal pressures on Great Britain.

  20. Collateralized debt obligations (CDOs

    Directory of Open Access Journals (Sweden)

    Dragosavac Miloš

    2012-01-01

    Full Text Available Collateralized debt obligations (CDOs were issued in 1987 by bankers at Drexel Burnham Lambert Inc. A decade later, CDOs became the leading power on the credit derivative markets, on which the value of derivative assets was derived from the value of other assets. However, unlike options and credit swamps, CDOs are not real, which means that they are constructed, and sometimes even the construction of their construction. CDOs were made to satisfy different types of investors, at one end, there is low-risk with low-income, and at the other, high-risk with high-income. By 2007, following the bubble burst on the US real estate market, losses on the CDO market started to expand. By 2008, the crisis on the CDO market turned into what we call today 'the global financial crisis.' CDOs are 'in the heart' of the crisis, and even wider. Our attempt is to reveal the mechanism of collateralized debt obligations (CDOs and the way in which CDOs expanded the negative effects of the present global financial crisis.

  1. Dam debt in Tasmania

    International Nuclear Information System (INIS)

    Blakers, A.

    1994-01-01

    In 1983 the Australian government blocked the construction of the Gordon-below-Franklin hydroelectric scheme in the western Tasmanian wilderness. The Hydroelectric Commission of Tasmania (HECT) then began the construction of two new hydro schemes, the King scheme and the Anthony scheme. In addition to being environmentally destructive these two new schemes have turned out to be financial disasters. They cost a total of $A1,200 million to construct and with no return from energy sales. The main problem is that the HECT overestimated demand growth and has built three new schemes too many. The need to service a large debt is a disincentive to conserve electricity. Not only is its bargaining position with large users of electricity weak but Tasmania has an unnecessary debt and three rivers (King, Anthony and Pieman) have been needlessly drowned. The growth of the Tasmanian electricity supply industry over the past decade is compared with the alternatives like wind energy and the low risk development on demand options that wind energy offers. 2 figs., 9 refs

  2. Evidence and mapping of extinction debts for global forest-dwelling reptiles, amphibians and mammals

    Science.gov (United States)

    Chen, Youhua; Peng, Shushi

    2017-03-01

    Evidence of extinction debts for the global distributions of forest-dwelling reptiles, mammals and amphibians was tested and the debt magnitude was estimated and mapped. By using different correlation tests and variable importance analysis, the results showed that spatial richness patterns for the three forest-dwelling terrestrial vertebrate groups had significant and stronger correlations with past forest cover area and other variables in the 1500 s, implying the evidence for extinction debts. Moreover, it was likely that the extinction debts have been partially paid, given that their global richness patterns were also significantly correlated with contemporary forest variables in the 2000 s (but the absolute magnitudes of the correlation coefficients were usually smaller than those calculated for historical forest variables). By utilizing species-area relationships, spatial extinction-debt magnitudes for the three vertebrate groups at the global scale were estimated and the hotspots of extinction debts were identified. These high-debt hotspots were generally situated in areas that did not spatially overlap with hotspots of species richness or high extinction-risk areas based on IUCN threatened status to a large extent. This spatial mismatch pattern suggested that necessary conservation efforts should be directed toward high-debt areas that are still overlooked.

  3. 12 CFR 560.40 - Commercial paper and corporate debt securities.

    Science.gov (United States)

    2010-01-01

    ... may invest in, sell, or hold commercial paper and corporate debt securities subject to the provisions... categories as to the portion of the security in which the association is investing by a nationally recognized... part. (4) Investments in corporate debt securities convertible into stock are subject to the following...

  4. Collateral and the limits of debt capacity: theory and evidence

    NARCIS (Netherlands)

    Giambona, E.; Mello, A.S.; Riddiough, T.

    2012-01-01

    This paper considers how collateral is used to finance a going concern, and demonstrates with theory and evidence that there are effective limits to debt capacity and the kinds of claims that are issued to deploy that debt capacity. The theory shows that firms with (unobservably) better quality

  5. Essays on globalization, monetary policy and financial crisis'

    NARCIS (Netherlands)

    Qian, Z.

    2012-01-01

    This thesis focuses on three interlinked topics. Chapter 2 studies the determinants of sovereign CDS spreads in Greece, Ireland, Italy, Portugal and Spain during the recent global financial crisis and European debt crisis. Chapter 3 introduces a model on the interactions between monetary policy

  6. ASPECTS OF ECONOMIC CRISIS IN THE ADMINISTRATION OF GOVERNMENT DEBT

    Directory of Open Access Journals (Sweden)

    UDRIŞTIOIU ANCA ROXANA

    2012-06-01

    Full Text Available The recent years have been characterized by the general influence of the crisis on the economic growth of the states, thus triggering the significant rise in the level of budget deficit and public debt. Under these circumstances, it is highly important that we know the real causes of the rise in public debt, its effects, and also the management strategy of the government public debt. What we aim to do is to take a glimpse into the real economic situation of the country, and in order to understand the crisis impact on it, we will review the economic facts of the last 10 years.

  7. 25 CFR 513.7 - What is the Commission's policy on revoking a debtor's ability to engage in Indian gaming for...

    Science.gov (United States)

    2010-04-01

    ... ability to engage in Indian gaming for failure to pay a debt? 513.7 Section 513.7 Indians NATIONAL INDIAN GAMING COMMISSION, DEPARTMENT OF THE INTERIOR GENERAL PROVISIONS DEBT COLLECTION General Provisions § 513.7 What is the Commission's policy on revoking a debtor's ability to engage in Indian gaming for...

  8. 26 CFR 1.585-5 - Denial of bad debt reserves for large banks.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Denial of bad debt reserves for large banks. 1...) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Banking Institutions § 1.585-5 Denial of bad debt... other section for an addition to a reserve for bad debts. However, for these years, except as provided...

  9. Determinants of External Debt: The Case of Malaysia

    OpenAIRE

    Rafik, Rabiatul Adawiyah Mohamed

    2015-01-01

    Over the past 30 years, Malaysia‘s external debt has been on an increase, with the increase closely linked to a number of economic factors. The changing quantities and qualities of external debt have become a national concern. Data related to the changes in dependent and independent variables between 1970 and 2013 was used in the study. The model was tested for unit root tests, cointegration test, vector error correction model, and Granger causality test. The cointegration test indicates ther...

  10. The American Jobs Creation Act and its impact on deferred compensation: reassessment from a business perspective.

    Science.gov (United States)

    Johnson, David G

    2005-01-01

    The American Jobs Creation Act (AJCA), which was signed into law in October 2004, will have an impact on almost every deferred compensation program in the United States. This article argues that as companies continue to evaluate the transition alternatives under AJCA and contemplate the necessary changes to the plan program, companies also should consider simultaneously addressing broader issues surrounding nonqualified deferred compensation arrangements. These include ongoing business purpose, financial planning considerations, education of participants, corporate governance considerations and the potential implications to international assignees.

  11. Efficiency or speculation? A time-varying analysis of European sovereign debt

    Science.gov (United States)

    Ferreira, Paulo

    2018-01-01

    The outbreak of the Greek debt crisis caused turmoil in European markets and drew attention to the problem of public debt and its consequences. The increase in the return rates of sovereign debts was one of these consequences. However, like any other asset, sovereign debt returns are expected to have a memoryless behaviour. Analysing a total of 15 European countries (Eurozone and non-Eurozone), and applying a time-varying analysis of the Hurst exponent, we found evidence of long-range memory in sovereign bonds. When analysing the spreads between each bond and the German one, it is possible to conclude that Eurozone countries' spreads show more evidence of long-range dependence. Considering the Eurozone countries most affected by the Eurozone crisis, that long-range dependence is more evident, but started before the crisis, which could be interpreted as possible speculation by investors.

  12. Debt Collection Treasury Faces Challenges in Implementing Its Cross- Servicing Initiative

    National Research Council Canada - National Science Library

    Engel, Gary

    2000-01-01

    .... For example, our analysis of debts referred since the inception of the program though May 1999 showed that almost one half of the dollar value of the debts referred were over 4 years delinquent at the time of referral...

  13. The contribution of fiscal/financial decentralization to the debt expansion of the local financing platform

    Science.gov (United States)

    Huayang, Yin; Di, Zhou; Bing, Cui

    2018-02-01

    Using soft budget theory to explore the formation mechanism and the deep institutional incentive of the local financing platform debt expansion from the perspective of fiscal / financial decentralization, construct theoretical framework which explain the expansion of local debt financing platform and conduct an empirical test, the results showed that the higher the degree of fiscal decentralization, fiscal autonomy as a soft constraint body of local government the stronger, local financing platform debt scale is greater; the higher the degree of financial decentralization, local government and financial institutions have the higher autonomy with respect to the central, local financing platform debt scale is bigger; financial synergy degree is stronger, local government financial mutual supervision prompted the local government debt more transparency, local debt financing platform size is smaller.

  14. 31 CFR 29.518 - Reporting delinquent debts to credit bureaus.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Reporting delinquent debts to credit... Collection Collection of Overpayments § 29.518 Reporting delinquent debts to credit bureaus. (a) Notice. If a debtor's response to the demand letter does not result in payment in full, payment by offset, or payment...

  15. 26 CFR 1.1275-6 - Integration of qualifying debt instruments.

    Science.gov (United States)

    2010-04-01

    ... § 1.483-4 or § 1.1275-4(c) (certain contingent payment debt instruments issued for nonpublicly traded... the qualifying debt instrument. A financial instrument that hedges currency risk is not a § 1.1275-6... denominated in pounds, the swap hedges only interest rate risk, not currency risk. Therefore, the transaction...

  16. Disparities in Debt: Parents' Socioeconomic Resources and Young Adult Student Loan Debt

    Science.gov (United States)

    Houle, Jason N.

    2014-01-01

    In an era of rising college costs and stagnant grant-based student aid, many young adults rely on their parents' resources and student loans to pay for their postsecondary education. In this study I ask how parents' income and education are linked to young adults' student loan debt. I develop and test two perspectives regarding the…

  17. A systematic review of financial debt in adolescents and young adults: Prevalence, correlates and associations with crime

    OpenAIRE

    Hoeve, M.; Stams, G.J.J.M.; van der Zouwen, M.; Vergeer, M.; Jurrius, K.; Asscher, J.J.

    2014-01-01

    Financial debt in young people has increased in recent years. Because debt may have severe consequences, and it may enhance criminal behavior, insight into the prevalence and determinants of debt and its association with crime is important. We conducted a systematic review and meta-analysis of 36 manuscripts to examine the prevalence of financial debt (k = 23), correlates and risk factors of debt (k = 16), and associations between debt and criminal behavior in adolescents and young adults (k ...

  18. MOTIVES FOR ASSET REVALUATION POLICY CHOICE IN CROATIA

    Directory of Open Access Journals (Sweden)

    Željana Aljinović Barać

    2011-02-01

    Full Text Available The aim of this paper is to research managers’ motives of accounting policy choice for long-term nonfinancial assets. International Financial Reporting Standards (IFRS allow managers to choose between cost and revaluation model for measurement after recognition. The assumption is that manager’s decision is opportunistic so they use the revaluation model as a device to improve perceptive borrowing capacity of a company, and consequently, to reduce debt cost. Prior studies were mainly conducted in developed, marketoriented economies, unlike Croatia. The contribution of this paper is the research of motives and determinants of asset revaluation policy choice in bank-oriented economies with inactive markets. Furthermore, multivariate logistic regression was not used as a research method in this field of accounting in transition and emerging economies till now. Empirical evidence is provided through the sample of Croatian listed companies and the results show that large, profitable companies with low liquidity ratio, low cash flow ratio and increasing debt are more likely to perform upward revaluation.

  19. How parents and practitioners experience research without prior consent (deferred consent) for emergency research involving children with life threatening conditions: a mixed method study

    Science.gov (United States)

    Woolfall, Kerry; Frith, Lucy; Gamble, Carrol; Gilbert, Ruth; Mok, Quen; Young, Bridget

    2015-01-01

    Objective Alternatives to prospective informed consent to enable children with life-threatening conditions to be entered into trials of emergency treatments are needed. Across Europe, a process called deferred consent has been developed as an alternative. Little is known about the views and experiences of those with first-hand experience of this controversial consent process. To inform how consent is sought for future paediatric critical care trials, we explored the views and experiences of parents and practitioners involved in the CATheter infections in CHildren (CATCH) trial, which allowed for deferred consent in certain circumstances. Design Mixed method survey, interview and focus group study. Participants 275 parents completed a questionnaire; 20 families participated in an interview (18 mothers, 5 fathers). 17 CATCH practitioners participated in one of four focus groups (10 nurses, 3 doctors and 4 clinical trial unit staff). Setting 12 UK children's hospitals. Results Some parents were momentarily shocked or angered to discover that their child had or could have been entered into CATCH without their prior consent. Although these feelings resolved after the reasons why consent needed to be deferred were explained and that the CATCH interventions were already used in clinical care. Prior to seeking deferred consent for the first few times, CATCH practitioners were apprehensive, although their feelings abated with experience of talking to parents about CATCH. Parents reported that their decisions about their child's participation in the trial had been voluntary. However, mistiming the deferred consent discussion had caused distress for some. Practitioners and parents supported the use of deferred consent in CATCH and in future trials of interventions already used in clinical care. Conclusions Our study provides evidence to support the use of deferred consent in paediatric emergency medicine; it also indicates the crucial importance of practitioner communication

  20. Student Debt Spans Generations: Characteristics of Parents Who Borrow to Pay for Their Children's College Education.

    Science.gov (United States)

    Walsemann, Katrina M; Ailshire, Jennifer A

    2017-10-01

    Discussions of student debt often overlook the debt parents take on to pay for their children's education. We identify characteristics of parents with child-related educational debt among the late baby boom cohort. Data come from the National Longitudinal Survey of Youth 1979, a nationally representative sample of individuals born between 1957 and 1964. We restrict our sample to parents who had any children aged ≥17 and answered questions on educational debt during midlife (n = 6,562). Craggit models estimated (a) having any child-related educational debt and (b) the amount of debt owed among debtors. Black parents and parents with more education, higher income, and higher net worth were more likely to report child-related educational debt than White parents and parents with no degree, low-income, or negative net worth. Among debtors, high-income parents had more debt than low-income parents. Our findings suggest concerns about the student debt crisis should extend to aging parents. © The Author 2016. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

  1. 20 CFR 422.305 - Report of overdue program overpayment debts to consumer reporting agencies.

    Science.gov (United States)

    2010-04-01

    ... debts to consumer reporting agencies. (a) Debts we will report. We will report to consumer reporting... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Report of overdue program overpayment debts to consumer reporting agencies. 422.305 Section 422.305 Employees' Benefits SOCIAL SECURITY...

  2. Towards a Rhythmanalysis of Debt Dressage: Education as Rhythmic Resistance in Everyday Indebted Life

    Science.gov (United States)

    Wozniak, Jason Thomas

    2017-01-01

    Debt shapes subjectivity by rhythmically training indebted subjects. Stated slightly differently, there exists a debt dressage that produces indebted subjectivity. One of the principle aims of this article is to introduce rhythm into the debt analysis debates. Building on Henri Lefebvre's book "Rhythmanalysis: Space, Time and Everyday…

  3. MANAGERIAL OPTIMISM AND DEBT FINANCING: CASE STUDY ON INDONESIA MANUFACTURING LISTED FIRMS

    Directory of Open Access Journals (Sweden)

    Gesti Memarista

    2016-10-01

    Full Text Available Managerial’s psychology can affect financial decision in the company. This paper analyzes the influence of managerial optimism on the debt financing by using regression analysis. The dependent variable in this paper is debt financing. The independent variable is managerial optimism and the control variable are firm value, firm size, and firm performance that are occurred in the previous period. The sample used in this study is manufacturing companies that listed in Indonesian stock exchange during 2010-2014. The result on this study shows that managerial optimism, firm value, and firm size that are occurred in the previous period have positive significantly impact on debt financing, whereas firm performance in the previous period has negative significantly impact on debt financing.

  4. How to stop the snowball growth? A way for sustaining public debt over generations

    Directory of Open Access Journals (Sweden)

    Catrina Ion-Lucian

    2017-08-01

    Full Text Available Why public debts are growing so fast in most developing countries, like a dangerous snowball which is growing and growing and no one can stop it? It is only a negative relation between high debt and real growth of economy? How can we definitively remove the Ricardian anxiety which called debt a “terrible scourge”? These are only few questions asked in the last century in relation with debt “overhang” not only by scholars, but by governments as well. This paper aims to answer to other questions like: Why debt’s rate grows faster than GDP? Why governments borrow? For current spending or for public investments? Who should benefits current loans? Who should pay for them and when? How should be the taxation along the economic cycle: neutral or countercyclical? Need we a model to sustain the public debt over generations, or it is good enough to maintain a good ration between real GDP growth and debt and that’s it?

  5. Debt as an Urban Chronotrope in Mongolia

    DEFF Research Database (Denmark)

    Pedersen, Morten Axel

    2017-01-01

    . With the transition to capitalism in the 1990s, both the number of debt obligations and the size of loans expanded dramatically, without being subject to similar curtailment or other formalization. The result is that ‘no one pays back what they owe’, as people complain. Departing from the seemingly peculiar fact...... that people nonetheless keep on lending others money – including debtors they hardly know or with a bad reputation – I argue that debt has acquired a gift-like nature in Ulaanbaatar, and show how the temporality of such ‘generalized debt’ is inseparable from the neo-liberal deregulation of residential spaces...

  6. Is debt restructuring needed to make the Stability and Growth Pact (more credible?

    Directory of Open Access Journals (Sweden)

    Jens Körner

    2011-01-01

    Full Text Available The emergence of the so-called PIIGS crisis which in 2009 became acute due to strongly diverging risk premiums, marked the beginning of a new phase for the European Monetary Union. Whilst the run-up to EMU had been characterized by an encouraging convergence of macroeconomic fundamentals of its member countries, it is now facing a serious threat in particular due to excessive levels of public debt. In 1997, the Stability and Growth Pact introduced a mechanism designed to prevent excessive public debt of the type currently observed; the fact of the matter, however, seems to be that levels of public debt has continuously grown from one economic cycle to the next. But the SGP apparently not only failed to fulfil its aim to keep the deficit and the debt level within its limits but also suffered from a severe loss of credibility; unless some profound action is taken it may further diminish, severely hampering the loose structure of the European Monetary Union. In order to regain some credibility, mitigate financial market’s concerns and, hence, lower borrowing cost, a consolidation path is needed to returns to acceptable levels of debt in the foreseeable future. This process has already started and measures have been taken by several eurozone countries to speed up fiscal consolidation. The aim of the paper is to analyze whether or not the group of the PIIGS countries are likely to return to debt levels in accordance with the SGP criteria or if it might be necessary to undergo a process of debt restructuring or default. By analysing different scenarios where nominal interest rates on debt (r and nominal growth rates (n as well as gaps thereof (r-n, herein called the automatic debt dynamics, are varied, this paper comes to the conclusion, that debt restructuring or default is a likely outcome for some of the PIIGS; arithmetics is in particular playing against Greece. As disillusioning and disappointing this outcome might be for some observers, it

  7. Who will pay the ecological debts

    International Nuclear Information System (INIS)

    Marcan, P.; Benka, M.

    2006-01-01

    The ecological ignorance of the past has to be addressed. The question is who will pay the ecological debts. State officials know exactly who should pay. According to them the main part of the burden should be carried by companies - the successors of the former socialist factories and companies that inherited the ecological debts. The companies object to this idea. And their reason is obvious - the estimated cost of the disposal of all high risk tips, old chemical stores and contaminated soil amounts to a prohibitive 100 billions Slovak crowns (2.63 billion EUR). The Ministry of Environment of the Slovak Republic has been working on legislation that would address the ecological debt in a comprehensive way for two years. But the final effect is minimal. The draft legislation presented in 2004 did not pass the commenting process and after pressure from the commercial sector the Ministry finally withdrew its draft. The Ministry then formed a working group with representatives of industries that was supposed to find a solution acceptable for both environmentalists and industries. But no progress has been made so far. 'The original bill was superficial and not supported by expert studies. And was presented too early,' explained Jozef Mikulec, a representative of the Industry Association of Slovakia, and argued that not even the European Union has yet issued a dedicated directive addressing the environmental burden. In his opinion the existing legislation - the Act on Water - is sufficient: and the closed and liquidated petrol stations provide a good enough example. At some old petrol stations the distribution pipes were leaking. The Ministry of Environment wants a new act. In its opinion the Act on Water only addresses the ecological debts on an ad hoc basis but does not offer a comprehensive solution. Enforceability measures are missing. 'We cannot even investigate the locations of ecological burdens as without new legislation we do not have access to production plants

  8. Concerns about Debt Hover over a Small College in Iowa

    Science.gov (United States)

    Blumenstyk, Goldie

    2009-01-01

    By just about every objective measure, the $88-million in debt that Wartburg College has carried since late 2005 poses a risk. The college's debt load--twice the amount that it takes in annually from tuition and other revenue--has raised red flags with its accreditor, alarmed some faculty members, and left Wartburg with a credit rating just one…

  9. Ontario electricity industry restructuring : preliminary asset valuation and calculation of stranded debt

    International Nuclear Information System (INIS)

    1998-01-01

    The rationale for restructuring Ontario's electricity industry was restated. Financial elements of the Government's White Paper on the electrical industry included the following: (1) establishing a level playing field on taxes and regulation, (2) restructuring Ontario Hydro into new companies with clear business mandates, and (3) taking action to put the new companies on solid financial ground. To achieve these objectives requires valuation of the new companies as a key part in the restructuring process. This Ministry of Finance document contains preliminary estimates of the total debt and liabilities of Ontario Hydro ($ 39.1 billion), the value of the new generation and service companies ($ 15.8 billion), and the stranded debt ($ 23.3 billion, less the value of dedicated revenue streams of $ 15.4 billion, equal to the residual stranded debt of $ 7.9 billion). The method by which the stranded debt was calculated is also described. It is stressed that the overriding principles governing the financial restructuring plan are to achieve restructuring without increasing electricity rates, to retain maximum value in the electricity sector until stranded debt is retired, and to recover stranded debt from the electricity sector and not from taxpayers. Ministry advisors indicate that these preliminary valuations would allow the new companies to operate as commercial companies in a competitive market and receive investment grade credit ratings. 44 figs

  10. THE IMPACT OF INFLATION ON LEVEL OF DEBT OF BRAZILIAN FINANCIAL INSTITUTIONS

    Directory of Open Access Journals (Sweden)

    Carlos André Marinho Vieira

    2016-03-01

    Full Text Available Financial institutions are naturally leveraged companies that use their debt to aim for profit in their operations. The role of financial intermediary gives these institutions the context needed to use financial leverage for profit. Among the several variables used in debt levels of these institutions, Hortlund (2005 highlights inflation as having a central role in this phenomenon. This study aimed to find out how inflation influences the debt of Brazilian financial institutions. To achieve this goal, data of brazilian banks from 1996 to 2013 were analyzed, being related to other variables in order to allocate more consistency of the model used. Through balanced and unbalanced panel data regressions, results indicate that different from the hypothesis defended by Hortlund (2005, inflation has a negative impact on debt earned by financial institutions during the period. Other findings of the study indicate that the representative variables of increased operations of these institutions, such as GDP growth, growth of assets and loans/assets positively impact the leverage of financial institutions, indicating that these are more likely to go into debt when they can apply this capital in productive operations. Finally, it was found out that the guidelines contained in the Capital Accords Basel II and Basel III, which were required by the national financial system, influenced negatively the levels of debt of financial institutions, making them less leveraged.

  11. Pulmonary effects of immediate versus deferred antiretroviral therapy in HIV-positive individuals

    DEFF Research Database (Denmark)

    Kunisaki, Ken M; Niewoehner, Dennis E; Collins, Gary

    2016-01-01

    BACKGROUND: Observational data have been conflicted regarding the potential role of HIV antiretroviral therapy (ART) as a causative factor for, or protective factor against, COPD. We therefore aimed to investigate the effect of immediate versus deferred ART on decline in lung function in HIV...... Services guidelines) either immediately, or deferred until CD4 T-cell counts decreased to 350 per μL or AIDS developed. The randomisation was determined by participation in the parent START study, and was not specific to the substudy. Because of the nature of our study, site investigators and participants...... were not masked to the treatment group assignment; however, the assessors who reviewed the outcomes were masked to the treatment group. The primary outcome was the annual rate of decline in lung function, expressed as the FEV1 slope in mL/year; spirometry was done annually during follow-up for up to 5...

  12. 45 CFR 2506.11 - Will the Corporation refer debts to the Department of Justice?

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 4 2010-10-01 2010-10-01 false Will the Corporation refer debts to the Department of Justice? 2506.11 Section 2506.11 Public Welfare Regulations Relating to Public Welfare (Continued... Corporation refer debts to the Department of Justice? The Corporation will refer to DOJ for litigation debts...

  13. Corporate ownership of the public debt: mapping the new aristocracy of finance

    OpenAIRE

    Hager, S. B.

    2015-01-01

    In various writings Karl Marx made references to an ‘aristocracy of finance’ in Western Europe and the United States that dominated ownership of the public debt. Drawing on original research, this article offers the first comprehensive analysis of public debt ownership within the US corporate sector. The research shows that over the past three decades, and especially in the context of the current crisis, a new aristocracy of finance has emerged, as holdings of the public debt have become rapi...

  14. Ecology: The Tropical Deforestation Debt.

    Science.gov (United States)

    Norris, Ken

    2016-08-22

    Tropical deforestation is a significant cause of global carbon emissions and biodiversity loss. A new study shows that deforestation today leaves a carbon and biodiversity debt to be paid over subsequent years. This has potentially profound implications for forest conservation. Copyright © 2016 Elsevier Ltd. All rights reserved.

  15. Estrutura do capim-braquiária durante o diferimento da pastagem = Signalgrass structure during pasture deferment

    Directory of Open Access Journals (Sweden)

    Manoel Eduardo Rozalino Santos

    2010-04-01

    Full Text Available O experimento foi realizado para avaliar o número de perfilhos, a massa de forragem e de seus componentes morfológicos em pastos de Brachiaria decumbens cv. Basilisk durante o diferimento da pastagem. Os tratamentos foram quatro períodos de diferimento (18, 46, 74 e 121dias, a partir de 8/3/2004. O delineamento foi em blocos casualizados com duas repetições. Foram determinados os números de perfilhos vegetativos (PV, reprodutivos (PR e mortos (PM, bem como as massas de lâmina foliar verde (MLV, colmo verde (MCV e forragemmorta (MFM. Durante o período de diferimento houve redução no número de PV (de 1.491 para 944 perfilhos m-2. Os números de PR e PM não foram influenciados pelo período de diferimento e suas médias foram 211 e 456 perfilhos m-2, respectivamente. O período de diferimento causou incremento nas MCV (de 2.965 para 4.877 kg ha-1 de massa seca e MFM (2.324 para 4.823 kg ha-1 de massa seca, porém não influenciou a MLV (em média, 2.047 kg ha-1 de massa seca. Em Viçosa, Estado de Minas Gerais, o pasto de B. decumbens, adubado com nitrogênio e diferido no início de março, pode permanecer diferido por cerca de 70 dias para conciliar produção de forragem em quantidade com boa composição morfológica. This experiment was performed aiming to evaluate tiller population density, forage mass and its morphological components on pastures of Brachiaria decumbens cv. Basilisk. during deferment. The treatments encompassed four deferred grazing periods (18, 46, 74 and 121 days. Arandomized block design with two replications was used. The numbers of vegetative tillers (VT, reproductive tillers (RT and dead tillers (DT in the pasture were determined. The masses of green leaf blade (GLBM, dead stem (DSM and dead forage (DFM were alsodetermined. There was a reduction in the number of VT (from 1,491 to 944 tiller m-2 during the deferment period. RT and DT numbers were not influenced by the deferment periods. Their averages were

  16. External Debt and Public Investment in Education in Sub-Saharan Africa.

    Science.gov (United States)

    Tilak, Jandhyala B. G.

    1990-01-01

    Worsening economic conditions, reflected in mounting external debt, debt service, and structural adjustment processes have forced governments to reveal their expenditure priorities, which are largely against human capital investment activities like education. This paper examines this phenomenon, using cross-country data for Sub-Saharan Africa.…

  17. 15 CFR 19.14 - How will Commerce entities report Commerce debts to credit bureaus?

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false How will Commerce entities report Commerce debts to credit bureaus? 19.14 Section 19.14 Commerce and Foreign Trade Office of the Secretary of Commerce COMMERCE DEBT COLLECTION Procedures To Collect Commerce Debts § 19.14 How will Commerce entities...

  18. Policy Advice from Seneca and Machiavelli on the Greek Crisis

    Directory of Open Access Journals (Sweden)

    Tom Lynch

    2012-12-01

    Full Text Available Since 2008 economic crisis has dominated global economic policy discussions, no more so than in Greece. In Greece, the imposition of austerity policies has caused immense social and political upheaval. I suggest that policy thinking about the current Greek debt crisis requires a broader engagement with global civic virtue. Specifically, I present a case for revisiting the political thought of Seneca and Machiavelli. Both discuss the virtue of mercy and its role in good governance policy. I argue that policy solutions for the economic crisis facing Greece and Europe need to be informed by their thinking.

  19. Non-Standard Monetary Policies Implemented By The European Central Bank After The Financial Crisis

    Directory of Open Access Journals (Sweden)

    Meryem Filiz Baştürk

    2017-07-01

    Full Text Available The financial crisis which began in the U.S. in 2007 influenced all economies on a global scale followingthe collapse of Lehman Brothers in September 2008. As a response to the crisis, central banksstarted to implement non-standard monetary policy tools as well as short-term interest rates alsoknown as standard policy tools in order to help monetary policy transmission channels work effectively.The European Central Bank (ECB implemented non-standard monetary policies as in additionto the standard policy tools during this period. The non-standard monetary policies introducedby the ECB were different from those implemented by other central banks (Fed, Bank of England interms of implementation and results. Firstly, the policies of the ECB were not specific to one singlecountry. Secondly, the banking system was the major source of finance in Europe, which had an impacton the policies. In this regard, the ECB introduced a policy of enhanced credit support consistingof five main elements in order to maintain price stability over the medium term following the crisis.By 2010, public debt in some member countries of the European Union reached high levels, requiringthem to take additional measures. The Securities Markets Programme was introduced to that end.Initially focusing on the debt securities of Greece, Ireland, and Portugal, the Securities Markets Programmewas expanded in August 2011 to cover the debt securities of Italy and Spain. In addition, twoLong-term Refinancing Operations (LTROs were introduced. This article presents a descriptive analysisof the non-standard monetary policy tools introduced by the ECB following the financial crisis.However, the monetary policy implemented in the Euro zone is not specific to one single country, andevery country has a different financial structure, both of which limit the effectiveness of the policiesimplemented. The changing structure of the monetary policy implemented in the aftermath of the crisisaims to

  20. Fewer Resources, More Debt: Loan Debt Burdens Students at Historically Black Colleges and Universities

    Science.gov (United States)

    Saunders, Katherine M.; Williams, Krystal L.; Smith, Cheryl L.

    2016-01-01

    Student loans have become an increasingly important way for students and their families to pay for college, but for students at historically black colleges and universities (HBCUs), student loan debt is a substantial burden. Students who attend these institutions--many of whom are low-income and first-generation--must borrow at higher rates and,…

  1. Comparative analysis of government debt in the European Union's member states, 2000-2013

    Directory of Open Access Journals (Sweden)

    Talpoş Ioan

    2014-01-01

    Full Text Available The paper presents a detailed comparative analysis of the evolution of government debt stocks in the E.U. Member States at the end of the period 31.12.2000-31.12.2013 from the point of view of the share of these debts in the GDP, with a focus on six groups of the E.U. Member States (E.U.-28 countries, E.U.-27 countries, Euro area-18 countries, Euro area-17 countries, Non Euro area-10 countries, Non Euro area-11 countries, on the E.U. Member States with a government debt stock share above or below 60% of the GDP at 31.12.2013, on the Member States which recorded very large deviations of the government debt stocks and of those stocks' shares in PIB in the analyzed period or which recorded a decrease in government debt stock shares in PIB - and, separately, on Romania as well.

  2. Debt financing structure within the state-owned corporations in Kenya

    Directory of Open Access Journals (Sweden)

    Micah Odhiambo Nyamita

    2015-05-01

    Full Text Available The current public sector financial management reforms agenda within the state-owned corporations in Kenya aimed at integrating and aligning their performance to vision 2030, has not yet achieved the traction required. This study, therefore, examined the different types of debt financing strategies applied by the various state-owned corporations in Kenya, in comparison to those applied by state-owned corporations from developed and developing economies. The study specifically revealed that private debt financing, through bank loans and payables is commonly used amongst Kenyan state-owned corporations. While, most state-owned corporations from developed and developing economies, such as in America, Europe, Asia and South Africa, use public debt financing, through financial securities, traded in both domestic and international capital markets.

  3. Value-based Q(s,S) policy for joint replenishments

    DEFF Research Database (Denmark)

    Johansen, Søren Glud; Thorstenson, Anders

    replenishment order is issued, if the expected cost of ordering immediately according to the (s, S) policy is less than the expected cost of deferring the order until the next demand or until the level Q is reached. We use simulation to evaluate our policy. Applying the value-based Q(s, S) policy to a standard...... set of 12-item numerical examples from the literature, the long-run average cost of the best known solution is reduced by approximately 1%. Further examples are also investigated and in some cases for which the cost structure implies a high service level, the cost reduction exceeds 10% of the cost...

  4. Proton Spectroscopy in a Cross-Section of HIV-Positive Asymptomatic Patients Receiving Immediate Compared with Deferred Zidovudine (Concorde Study).

    Science.gov (United States)

    Hall-Craggs, M A; Williams, I G; Wilkinson, I D; Paley, M; Chinn, R J; Chong, W K; Kendall, B E; Harrison, M J; Baldeweg, T; Pugh, K; Riccio, M; Catalan, J; Weller, I V

    1997-01-01

    The purpose of this study was to examine by proton spectroscopy for any difference in cerebral metabolites in patients taking part in the Concorde study (comparing the efficacy of immediate versus deferred treatment with zidovudine on asymptomatic HIV infected individuals). Forty seven HIV positive male patients [29 immediate, 18 deferred zidovudine] were examined in the last 9 months of the therapeutic trial. Magnetic resonance imaging and proton spectroscopy were performed at 1.5 Tesla using a single voxel placed in the parieto-occipital white matter. No significant difference was found in metabolite ratios comparing immediate versus deferred zidovudine (NA/NA+Cho+Cr 0.52 vs. 0.52). High quality spectra were acquired in relatively large numbers of patients and logistically spectroscopy may be applied to clinical therapeutic studies.

  5. The DEBT Project: Early Intervention for Handicapped Children and Their Parents.

    Science.gov (United States)

    Macy, Daniel J.; And Others

    Project DEBT (Developmental Education Birth through Two), an early identification and intervention program for handicapped and at risk children and their parents, is described. The Koontz Child Developmental Program, the core curriculum for instructional planning and intervention in DEBT, is reviewed, and new data are presented. It is explained…

  6. 13 CFR 107.815 - Financings in the form of Debt Securities.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Financings in the form of Debt... BUSINESS INVESTMENT COMPANIES Financing of Small Businesses by Licensees Structuring Licensee's Financing of Eligible Small Businesses: Types of Financing § 107.815 Financings in the form of Debt Securities...

  7. 31 CFR 285.12 - Transfer of debts to Treasury for collection.

    Science.gov (United States)

    2010-07-01

    ... impact the date of delinquency of a debt for other purposes such as for purposes of accruing interest and... agreement or instrument (including a post-delinquency payment agreement) unless other satisfactory payment... of delinquency through internal offset. A debt is being collected by internal offset if the creditor...

  8. Public Debt Spiral and Domestic Investment in Nigeria

    Directory of Open Access Journals (Sweden)

    Emmanuel Chinanuife

    2018-03-01

    Full Text Available The nature of Nigeria economy is such that borrowing has become the business of every government in power. Most often, in order to finance the deficit in the budget, the government would resolve to borrowing. However, there is growing concern on how long it would take Nigeria government to reduce the rate of borrowing. Some theorist argued that borrowing is not bad if borrowed fund is used productively. It is to this assertion that this study sorts to investigate public debt spiral and the level of public investment in Nigeria. Using quarterly time series data ranging from 1981 to 2016 and the ARDL methodology. The result showed that public debt has negative and statistical significant impact on public investment in Nigeria. That is, public debt crowds out public investment in Nigeria. The study therefore recommends among others that greater percent of public borrowing should be invested in order to reduce future borrowing in Nigeria. Also, the government should embark on internal borrowing instead of external to overcome exchange rate fluctuation problem.

  9. 27 CFR 26.95 - Deferred payment of tax-release of wine.

    Science.gov (United States)

    2010-04-01

    ...-release of wine. 26.95 Section 26.95 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND... ISLANDS Taxpayment of Liquors and Articles in Puerto Rico Wine § 26.95 Deferred payment of tax—release of wine. (a) Action by proprietor. Where the proprietor has furnished bond, on Form 2897, and payment of...

  10. Leverage, debt maturity and firm investment: An empirical analysis

    OpenAIRE

    Dang, Viet A.

    2011-01-01

    In this paper, we examine the potential interactions of corporate financing and investment decisions in the presence of incentive problems. We develop a system-based approach to investigate the effects of growth opportunities on leverage and debt maturity as well as the effects of these financing decisions on firm investment. Using a panel of UK firms between 1996 and 2003, we find that high-growth firms control underinvestment incentives by reducing leverage but not by shortening debt maturi...

  11. Fiscal Challenge: An Experiential Exercise in Policy Making

    Science.gov (United States)

    Aguilar, Mike; Soques, Daniel

    2015-01-01

    In this article, the authors introduce a pedagogical innovation that is designed to enhance students' understanding of fiscal policy in general, and the national debt and deficit in particular. The innovation leverages the educational advantages offered through a competitive environment by pitting teams of students against one another with the…

  12. Fiscal deficits, financial fragility, and the effectiveness of government policies

    NARCIS (Netherlands)

    Kirchner, M.; van Wijnbergen, S.

    2012-01-01

    Recent macro developments in the euro area have highlighted the interactions between fiscal policy, sovereign debt, and financial fragility. We take a structural macroeconomic model with frictions in the financial intermediation process, in line with recent research, but introduce asset choice and

  13. Conservative multi-implicit integral deferred correction methods with adaptive mesh refinement

    International Nuclear Information System (INIS)

    Layton, A.T.

    2004-01-01

    In most models of reacting gas dynamics, the characteristic time scales of chemical reactions are much shorter than the hydrodynamic and diffusive time scales, rendering the reaction part of the model equations stiff. Moreover, nonlinear forcings may introduce into the solutions sharp gradients or shocks, the robust behavior and correct propagation of which require the use of specialized spatial discretization procedures. This study presents high-order conservative methods for the temporal integration of model equations of reacting flows. By means of a method of lines discretization on the flux difference form of the equations, these methods compute approximations to the cell-averaged or finite-volume solution. The temporal discretization is based on a multi-implicit generalization of integral deferred correction methods. The advection term is integrated explicitly, and the diffusion and reaction terms are treated implicitly but independently, with the splitting errors present in traditional operator splitting methods reduced via the integral deferred correction procedure. To reduce computational cost, time steps used to integrate processes with widely-differing time scales may differ in size. (author)

  14. Revisionist integral deferred correction with adaptive step-size control

    KAUST Repository

    Christlieb, Andrew

    2015-03-27

    © 2015 Mathematical Sciences Publishers. Adaptive step-size control is a critical feature for the robust and efficient numerical solution of initial-value problems in ordinary differential equations. In this paper, we show that adaptive step-size control can be incorporated within a family of parallel time integrators known as revisionist integral deferred correction (RIDC) methods. The RIDC framework allows for various strategies to implement stepsize control, and we report results from exploring a few of them.

  15. DEFERRED TAXES GENERATED BY THE CAPITALIZED INTERESTS IN THE AMOUNT

    Directory of Open Access Journals (Sweden)

    PALIU – POPA LUCIA

    2015-08-01

    Full Text Available According to the General Framework for preparing and presenting the financial statements elaborated by IASB, the utility of information is provided by attributes (qualitative features, such as: intelligibility, relevance, credibility and comparability. For being credible, the financial information shall be erroneous, shall not be biased or deforming the patrimony, and one of the elements representing and defining the information credibility is the prudency. Thus, the prudential accounting treatments affect, on the one hand, the accounting information relevance and credibility, and on the other hand, equally, both the producers as well as the users of the financial information, due to the economic consequences which are generated. From this perspective and considering that the implied economic agents are not neutral in terms of their option concerning the neutral accounting practices, prudent or aggressive, we opined that it is useful to conduct a study aiming the relevance of the accounting information related to the deferred taxes generated by the capitalized interests in the amount of the fix assets, recognizing the value of these taxes having as result the compliance with the principle of prudency within the accountancy. In this context, compared to the dominant accounting systems, respectively the continental system and the Anglo- Saxon system, within which the accounting information is characterized as legal, respectively addressed to the external users, especially to the investors, the conducted study aimed the following directions: the main differences between the provisions of the national, European, Anglo-Saxon accounting regulations and those of the international referential related to the prudency; the occurrence and evolution of the deferred taxes generated by the capitalized interests in the amount of the fix assets; informational benefits of the accounting prudency concerning the reflection of the deferred taxes established by the

  16. Findings concerning testis, vas deference, and epididymis in adult cases with nonpalpable testes

    Directory of Open Access Journals (Sweden)

    Coskun Sahin

    2011-12-01

    Full Text Available In this study, we aimed to state the relationship between testis, epididymis and vas deference, in adult cases with nonpalpable testis. Between January 1996 and December 2009, we evaluated 154 adult cases with nonpalpable testes. Mean age was 23 years (20-27 years. Explorations were performed by open inguinal incision, laparoscopy, and by inguinal incision and laparoscopy together on 22, 131 and 1 patient, respectively. Of all the unilateral cases, 32 were accepted as vanishing testis. In five of these cases, vas deference was ending inside the abdomen, and in the others, it was ending inside the scrotum. In the remaining 99 unilateral and 22 bilateral cases, 143 testes were found in total. Testes were found in the inguinal canal as atrophic in one case, at the right renal pedicle level with dysmorphic testis in one case, and anterior to the internal ring between the bladder and the common iliac vessels at a smaller than normal size in 119 cases. One (0.69% case did not have epididymis. While epididymis was attached to the testis only at the head and tail locations in 88 (61.53% cases, it was totally attached to the testis in 54 (37.76% cases. There is an obviously high incidence rate of testis and vas deference anomalies, where epididymis is the most frequent one. In cases with abdominal testes, this rate is highest for high localised abdominal testes.

  17. Macroeconomic effects of fiscal policy in the European Union, with particular reference to transition countries

    Directory of Open Access Journals (Sweden)

    Rilind Kabashi

    2017-03-01

    Full Text Available This study empirically investigates the short- to medium-term effects of fiscal policy on output and other macroeconomic variables in European Union countries between 1995 and 2012, with particular reference to transition countries. It applies Panel Vector Auto Regression with recursive identification of government spending shocks as the most appropriate method for the aim of the study and the sample used. The main results indicate that expansionary spending shocks have a positive, but a relatively low effect on output, with the fiscal multiplier around one in the year of the shock and the following year, and lower thereinafter. There are indications that this result is driven by the recent crisis, as multipliers are considerably lower in the pre-crisis period. Effects of fiscal policy are strongly dependent on country structural characteristics. Fiscal multipliers are higher in new European Union member states, in countries with low public debt and low trade openness. Further, spending shocks are followed by rising debt levels in old member states, which could be related well to the recent European debt crisis. Finally, the analysis of the transmission mechanism of fiscal policy yields results that are consistent with both extended Real Business Cycle models and extended New Keynesian models.

  18. 13 CFR 120.922 - Pre-existing debt on the Project Property.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Pre-existing debt on the Project Property. 120.922 Section 120.922 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION BUSINESS LOANS Development Company Loan Program (504) Third Party Loans § 120.922 Pre-existing debt on the...

  19. The determinants of the composition of public debt in developing and emerging market countries

    Directory of Open Access Journals (Sweden)

    Kristine Forslund

    2011-07-01

    Full Text Available This paper uses a new dataset on the composition of public debt in developing and emerging market countries to look at the correlation between country characteristics and domestic debt share. While the paper finds that most variables have the expected sign, it also finds that country characteristics cannot explain regional differences in the composition of public debt. Moreover, the paper finds a weak correlation between inflationary history and the composition of public debt. The paper explores the determinants of this finding and shows that the results are driven by the presence of capital controls.

  20. Management and sustainability of external debt: A focus on the emerging economies of Africa

    Directory of Open Access Journals (Sweden)

    Stella Muhanji

    2011-07-01

    Full Text Available African countries have had the notoriety of being characterized by unsustainable external debt. Despite several announced intents by world development agencies to reverse this trend, there appears to be only minimal progress. This paper points to failure to determine appropriate levels of sustainable external debt, inadequate effective governance infrastructure, and ineffective management of external shocks, as important reasons why Africa's external debt problems have persisted. We derive African-relevant thresholds for sustainable external debt, and highlight quantifiable improvements African countries can experience if they were to adopt better governance infrastructures and effective management of external shocks.