WorldWideScience

Sample records for policy debt deferment

  1. 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

  2. Monetary and fiscal policy interaction and government debt stabilization

    NARCIS (Netherlands)

    van Aarle, B.; Bovenberg, A.L.; Raith, M.

    1995-01-01

    In many developing and developed countries, government debt stabilization is an important policy issue. This paper models the strategic interaction between the monetary authorities who control monetization and the fiscal authorities who control primary fiscal deficits. Government debt dynamics are

  3. 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…

  4. 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...

  5. 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...

  6. 78 FR 48607 - Guidance Regarding Deferred Discharge of Indebtedness Income of Corporations and Deferred...

    Science.gov (United States)

    2013-08-09

    ... Indebtedness Income of Corporations and Deferred Original Issue Discount Deductions; Correction AGENCY... discharge of indebtedness (also known as cancellation of debt (COD)) income (deferred COD income) and the...

  7. 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 ...

  8. 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.

  9. 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.

  10. 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.

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

    OpenAIRE

    Abdul Ghafar Ismail; Zakaria Bahari

    2007-01-01

    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 wor...

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

    Directory of Open Access Journals (Sweden)

    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.

  13. Investigating the Simultaneity of Corporate Hedging and Debt Policies: Empirical Evidence from Indonesia

    Directory of Open Access Journals (Sweden)

    Iman Sofian Suriawinata

    2005-06-01

    Full Text Available The primary objective of this paper is to investigate the simultaneity of corporate hedging and debt policies. Using a pooled sample of Indonesian non-financial listed firms covering the periods of 1996-2001, the present study finds evidence that corporate hedging and debt policies are simultaneously determined. That is, the use of debts motivate firms to hedge; but simultaneously, hedging increases debt capacity and induces firms to borrow more in order to take advantage of the tax benefits arising from additional debt capacity. Another important finding is that financially distressed firms –as indicated by their debt restructuring programs– are less motivated to hedge, because such firms will see that the option values of their equity will increase as their cash-flow volatilities increase. Therefore, financially distressed firms tend not to hedge; or at least, hedge lesser compared to those of firms that do not experience financial distress.

  14. 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.

  15. National Policy Agenda to Reduce the Burden of Student Debt

    Science.gov (United States)

    Institute for College Access & Success, 2014

    2014-01-01

    Since 2005, "The Institute for College Access & Success" (TICAS) and its Project on Student Debt have worked to reduce the risks and burdens of student debt. TICAS helped create and improve income-based repayment plans to keep federal loan payments manageable; strengthen Pell Grants, which reduce the need to borrow; and simplify the…

  16. 7 CFR 3550.252 - Debt settlement policies.

    Science.gov (United States)

    2010-01-01

    .... (g) Offsets. RHS may request offsets as described in § 3550.210 to collect amounts owed. (h) Escrow funds. At liquidation all funds held in escrow or unapplied funds will be applied against the debt. ...

  17. 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.

  18. 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

  19. 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...

  20. 48 CFR 32.606 - Debt collection.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Debt collection. 32.606... REQUIREMENTS CONTRACT FINANCING Contract Debts 32.606 Debt collection. (a) If the contractor has not liquidated the debt within 30 days of the date due or requested installment payments or deferment of collection...

  1. 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…

  2. Public Policy Focus in the Context of a Globalised Economy: Debt ...

    African Journals Online (AJOL)

    Evidently, there appears to be a growing appetite for Nigerian markets on the part of foreign investors seeking opportunities for good returns on investment. As an emerging market, Nigeria must strive to articulate public policy to manage the process of economic integration, especially in the area of public debt management.

  3. Il Rapporto Radcliff: politica monetaria e gestione del debito pubblico. (Radcliffe Report: monetary policy and debt-management reconciled?

    Directory of Open Access Journals (Sweden)

    S.I. KATZ

    2014-07-01

    Full Text Available The article discusses the main conclusions of the Radcliffe Report, the first full-scale study of Britain’s monetary system since 1931. The author is especially concerned with debt management and monetary policy that he sees as the primary concern of the Radcliffe Committee members. The main idea, that debt management has become the fundamental domestic task of the central bank, is considered in light of the US experience and the principal that debt management should be the exclusive responsibility of the Treasury under US legislative arrangements.JEL: E42, E52, E58, E62

  4. 12 CFR 615.5209 - Deferred-tax assets.

    Science.gov (United States)

    2010-01-01

    ... within that year. (4) Financial projections must include the estimated effect of tax-planning strategies.... (5) The deferred tax effects of any unrealized holding gains and losses on available-for-sale debt... purposes of calculating capital ratios under this part, deferred-tax assets are subject to the conditions...

  5. Issues Regarding the Conducting of the Euro Area Monetary Policy During the European Debt Crisis

    Directory of Open Access Journals (Sweden)

    Adina O Criste

    2013-04-01

    Full Text Available This article provides for the identification of the present challenges faced by the monetary policy of the European Central Bank, given that the sovereign debt crisis has complicated the pursuing of its primary objective of the maintaining the price stability. This research is a part of a larger framework, being a continuation of some previous works related to the issue of the sustainable functioning of a currency area. Based on the research of the international monetary institutions documents, we have presented "the route" of the financial shock and also the challenges facing the European Central Bank monetary policy in the current period and in the short-term perspective. The results reveal that the current crisis has been maintained and enhanced by the conflict occurrence between the “no bail out” clause provided in the Maastricht Treaty, and the “too big to fail” principle applied to the sovereign debt of the European countries. This discrepancy has undermined the confidence in the euro project at a level where the conventional channels of the monetary transmission mechanism do not work efficiently. This topical subject could be a reference for the academic research regarding the European monetary integration process and its new challenges.

  6. 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.

  7. 41 CFR 102-74.410 - What is the policy concerning soliciting, vending and debt collection?

    Science.gov (United States)

    2010-07-01

    ... items) or commercial or political donations, vending merchandise of all kinds, displaying or distributing commercial advertising, or collecting private debts, except for— (a) National or local drives for...

  8. PROBLEMS OF DEBT POLICY OF UKRAINE IN THE EXTERNAL BORROWING MARKET AND SOLUTIONS

    Directory of Open Access Journals (Sweden)

    R. Rudyk

    2014-06-01

    Full Text Available Under conditions of formation and functioning of a market economy the role and importance of such component of public finances as public debt enhances. The sustainable economic development of Ukraine is impossible without the use of mechanism of external public borrowings giving rise to the external public debt.

  9. 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....

  10. The debt brake: business cycle and welfare consequences of Germany's new fiscal policy rule

    OpenAIRE

    Mayer, Eric; Stähler, Nikolai

    2009-01-01

    In a New Keynesian DSGE model with non-Ricardian consumers, we show that automatic stabilization according to a countercyclical spending rule following the idea of the debt brake is well suited both to steer the economy and in terms of welfare. In particular, the adjustment account set up to record public deficits and surpluses serves well to keep the level of government debt stable. However, it is essential to design its feedback to government spending correctly, where discretionary lapses s...

  11. Fiscal and Monetary Policy: interaction and the sustainability of public debt

    NARCIS (Netherlands)

    S. Pekarski

    2007-01-01

    textabstractProblems of the utmost concern that are often faced by both developing and developed countries are those of inflation, the budget deficit and the accumulated public debt. It is believed that the main reason for high inflation in most developing countries and countries with transition

  12. 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

  13. 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...

  14. Student loan debt and economic outcomes

    OpenAIRE

    Cooper, Daniel H.; Wang, J. Christina

    2014-01-01

    This policy brief examines the impact of student loan debt on individuals' homeownership status and wealth accumulation, employing a rich set of financial and demographic variables that are not available in many of the existing studies that use credit bureau data. It is important to understand whether and, if so, how student loan debt affects households' economic decisions because student loan debt has now surpassed credit card debt to become the second largest amount of household debt outsta...

  15. Optimal debt maturity and firm investment

    OpenAIRE

    Juggler, Joachim; Schott, Immo

    2016-01-01

    This paper introduces a maturity choice to the standard model of firm financing and investment. Longterm debt renders the optimal firm policy time-inconsistent. Lack of commitment gives rise to debt dilution. This problem becomes more severe during downturns. We show that cyclical debt dilution generates the observed counter-cyclical behavior of default, bond spreads, leverage, and debt maturity. It also generates the pro-cyclical term structure of corporate bond spreads. Debt dilution render...

  16. Demographic analysis of the effect of the population policy of "deferred marriage and reproduction plus interval" in Yicheng county, Shanxi province.

    Science.gov (United States)

    Liang, Z; Tan, K

    1998-01-01

    This study analyzed the effect of population control in Yicheng County, Shanxi Province, China. Data were obtained from the 1982 and 1990 censuses, surveys conducted in 1992 in Yicheng County, and Shanxi Annual Reports on Family Planning. The "deferred marriage and reproduction plus interval" policy was instituted in 1985. It established 24 years as the appropriate age for first birth. Women were encouraged to bear a second child at 30 years of age and to stop at 2 children. The government designated Yicheng as a county to be evaluated by the UN. The county's total population was 282,715 in 1994. During 1982-90, the population growth rate was 8.4%, which was lower than the national average of 12.4%, the provincial average of 13.7%, and the Linfen Prefecture average of 14.5%. In 1989-90, the county's birthrate was 0.9% lower than the national average, 3.2% lower than the province, and 4.2% lower than the prefecture. The total fertility rate (TFR), in 1989, was 2.28 children/woman, which was lower than national, provincial, and prefecture TFR. A comparison of the age-specific fertility curves shows the county with later starting ages and a high narrow peak, which suggests lower childbearing after the age of 30 years. 52.5% of births, in 1989, were single parity. The sex ratio at birth during 1985-90 has been within the normal range, with 1 exception. Unauthorized double parity declined from 48% to 6.7% during 1984-86. The abortion rate declined from 0.90 to 0.20 during 1984-92. The program impact was much greater during 1985-97.

  17. 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.

  18. 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

  19. 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 ...... consumption and the structure of taxation influence the required debt ratio and, paradoxically, austerity policies are counterproductive on their own terms: cuts in government consumption lead to an increase in the required level of debt....

  20. 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.

  1. 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...

  2. 77 FR 31993 - Loan Workouts and Nonaccrual Policy, and Regulatory Reporting of Troubled Debt Restructured Loans

    Science.gov (United States)

    2012-05-31

    ... stated that ``[u]nder this IRPS, TDR loans are as defined in generally accepted accounting principles (GAAP) and the Board does not intend through this policy to change the Financial Accounting Standards..., consistent with industry practice or Federal Financial Institutions Examination Council (FFIEC) requirements...

  3. 77 FR 4927 - Loan Workouts and Nonaccrual Policy, and Regulatory Reporting of Troubled Debt Restructured Loans

    Science.gov (United States)

    2012-02-01

    ... Restructuring'' is as defined in generally accepted accounting principles (GAAP) and means a restructuring in... definition of a TDR under GAAP. In addition, it is important to recognize the Financial Accounting Standards... accepted accounting principles (GAAP) and the Board does not intend through this policy to change the...

  4. 76 FR 44915 - Statement of Policy Regarding Communications in Connection With the Collection of Decedents' Debts

    Science.gov (United States)

    2011-07-27

    ... part of the estate are the proceeds of joint bank accounts, and real property held by joint tenancy. In... ``small estates'' \\16\\ with no real property from probate and administration. These laws provide two.... 45, the Commission issues this final Statement of Policy Regarding Communications in Connection with...

  5. 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.

  6. 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.

  7. 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...

  8. 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.

  9. 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

  10. Creditors and Converts: The Impact of Royal Policy and Corporate Debt on the Collective Identity of Majorcan Conversos after 1391

    Directory of Open Access Journals (Sweden)

    Oeltjen, Natalie

    2013-06-01

    Full Text Available Royal correspondence of the Kingdom of Majorca reveals that “external” economic factors and royal policies forced the first generations of 1391 conversos to remain a distinct social group. Not long after the anti-Jewish violence and mass conversions of 1391, the conversos of Majorca granted a percentage of their assets to King Joan I. At the same time, the conversos and surviving Jews had to repay the creditors of the former aljama, which had been dissolved following the attack against the Jewish quarter. These two collective financial obligations required the conversos to organize themselves as a group, following the precedent of the aljama, with elected leaders who organized an internal tax collection in order to pay these debts, and who lobbied on behalf of the conversos before the king and before their creditors. This administrative structure set the foundation for the converso confraternity of Sant Miquel, founded in 1404.Un examen detallado de la correspondencia real relativa a Mallorca muestra que factores económicos «externos» y directivas políticas reales obligaron a la primera generación de conversos de 1391 a permanecer como grupo social distintivo. Poco después de producirse la violencia anti-judía y las conversiones masivas de 1391, los conversos de Mallorca tuvieron que otorgar un porcentaje de sus propiedades al rey Juan I. Al mismo tiempo, conversos y judíos supervivientes debían seguir pagando los «censalers» de la aljama de judíos que había sido disuelta tras el ataque en 1391 contra la judería. Estas dos obligaciones financieras colectivas obligaron a los conversos a organizarse, siguiendo el precedente de la aljama, como grupo con líderes elegidos que administraron la colección fiscal interna a fin de pagar esas deudas, e interviniendo a favor de los conversos ante el rey y sus acreedores. Esta estructura administrativa puso los fundamentos de la cofradía conversa de Sant Miquel, establecida en 1404.

  11. 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…

  12. 75 FR 49428 - Guidance Regarding Deferred Discharge of Indebtedness Income of Corporations and Deferred...

    Science.gov (United States)

    2010-08-13

    ... Internal Revenue Service 26 CFR Part 1 RIN 1545-BI96 Guidance Regarding Deferred Discharge of Indebtedness... deferred discharge of indebtedness (COD) income (deferred COD income) and deferred original issue discount....108(i)-1 is added to read as follows: Sec. 1.108(i)-1 Deferred discharge of indebtedness income and...

  13. Controlling public debt without forgetting inflation

    OpenAIRE

    Ferrari, Giorgio

    2016-01-01

    Consider the problem of a government that wants to control its debt-to-GDP (gross domestic product) ratio, while taking into consideration the evolution of the inflation rate of the country. The uncontrolled inflation rate follows an Ornstein-Uhlenbeck dynamics and affects the growth rate of the debt ratio. The level of the latter can be reduced by the government through fiscal interventions. The government aims at choosing a debt reduction policy which minimises the total expe...

  14. The Canadian Debt-Strategy Model

    OpenAIRE

    David Jamieson Bolder

    2008-01-01

    In its role as fiscal agent to the government, the Bank of Canada provides analysis and advice on decisions about the government's domestic debt portfolio. Debt-management decisions depend on assumptions about future interest rates, macroeconomic outcomes, and fiscal policy, yet when a debt-strategy decision is taken, none of these factors can be known with certainty. Moreover, the government has various financing options (i.e., treasury bills, nominal bonds, and inflation-linked bonds) to me...

  15. 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.

  16. 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

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

    African Journals Online (AJOL)

    The recent surge in the debt profile of the federal and state governments has echoed new concerns for policy stakeholders in Nigeria. Although debt is important for economic growth, the size of the debt is important for sustainability. Despite the “green light” signal that Nigeria has more fiscal room for accumulating more ...

  18. 78 FR 48606 - Guidance Regarding Deferred Discharge of Indebtedness Income of Corporations and Deferred...

    Science.gov (United States)

    2013-08-09

    ... Internal Revenue Service 26 CFR Part 1 RIN 1545-BI96 Guidance Regarding Deferred Discharge of Indebtedness... guidance regarding the accelerated inclusion of deferred discharge of indebtedness (also known as... Deferred discharge of indebtedness income and deferred original issue discount deductions of C corporations...

  19. 75 FR 55698 - Guidance Regarding Deferred Discharge of Indebtedness Income of Corporations and Deferred...

    Science.gov (United States)

    2010-09-14

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 RIN 1545-BI96 Guidance Regarding Deferred Discharge of Indebtedness... deferred discharge of indebtedness (COD) income (deferred COD income) and deferred original issue discount...

  20. 34 CFR 674.38 - Deferment procedures.

    Science.gov (United States)

    2010-07-01

    ... period. (3) An institution may rely in good faith on the information it receives under paragraph (a)(2... has the option to cancel the deferment and continue to make payments on the loan. (5) In the case of an in school deferment, the institution may grant the deferment based on student enrollment...

  1. Financial Services Authority (OJK Policy on Debt Proportion and Its Impact on the Profitability of DES Listed Companies in Indonesia

    Directory of Open Access Journals (Sweden)

    Aida Nurul Hadiah

    2016-12-01

    Full Text Available The sharia capital market in Indonesia has different principles and criteria from the conventional capital market, and focuses on “ethics and justice”. The desired outcomes of capital market transactions should be in accordance with Islamic ethics and norms as managed in sharia. OJK (Otoritas Jasa Keuangan/ Financial Services Authority is supervisor and manager of financial service activities in the banking sector, the capital market sector, and the IKNB (Industri Keuangan Non-Bank/ Non-Bank Financial Industry sector. The research object is capital structure, leverage, and profit. They are managed by size, liquidity, growth, and active structure of the listed company at sharia stock. The research population is 24 companies excluded from the OJK due to a lack of criteria in their 2013-2015 quarterly financial reports. The data analyses used are descriptive statistics and inferential statistics. This analysis finds the effect of the independent variable, dependent variable and control variable simultaneously and partially. The research result shows that capital structure and leverage do not have significant effect.   Keywords: OJK (Otoritas Jasa Keuangan, Debt Proportion, DES

  2. The Effect of Monetary Policy on Exchange Rates during Currency Crises; The Role of Debt, Institutions and Financial Openness

    NARCIS (Netherlands)

    S.C.W. Eijffinger (Sylvester); B. Goderis

    2007-01-01

    textabstractThis paper examines the effect of monetary policy on the exchange rate during currency crises. Using data for a number of crisis episodes between 1986 and 2004, we find strong evidence that raising the interest rate: (i) has larger adverse balance sheet effects and is therefore less

  3. The Effect of Monetary Policy on Exchange Rates During Currency Crises : The Role of Debt, Institutions and Financial Openness

    NARCIS (Netherlands)

    Eijffinger, S.C.W.; Goderis, B.V.G.

    2007-01-01

    This paper examines the effect of monetary policy on the exchange rate during currency crises. Using data for a number of crisis episodes between 1986 and 2004, we find strong evidence that raising the interest rate: (i) has larger adverse balance sheet effects and is therefore less effective in

  4. 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....

  5. 75 FR 55677 - Guidance Regarding Deferred Discharge of Indebtedness Income of Corporations and Deferred...

    Science.gov (United States)

    2010-09-14

    ... Internal Revenue Service 26 CFR Part 1 RIN 1545-BI97 Guidance Regarding Deferred Discharge of Indebtedness... primarily affect C corporations regarding the acceleration of deferred discharge of indebtedness (COD... discharge of indebtedness income and deferred original issue discount deductions of C corporations...

  6. 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.

  7. 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.

  8. Debt management in Brazil : evaluation of the Real Plan and challenges ahead

    OpenAIRE

    Bevilaqua, Alfonso S.; Garcia, Marcio G. P.

    2000-01-01

    The Brazilian domestic debt has posed two challenges to policy-makers: it has grown very fast and its maturity is extremely short. This has prompted fears that a default or a compulsory lengthening scheme would be imposed. Here, we analyse the domestic public debt management experience in Brazil, searching for policy prescriptions for the next few years. After briefiy reviewing the recent domestic public debt history, we decompose the large rise in federal bonded debt during 1995-2000, sea...

  9. 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.

  10. 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...

  11. Smuggling Humans: A Theory of Debt-Financed Migration

    OpenAIRE

    Friebel, Guido; Guriev, Sergei

    2004-01-01

    We introduce financial constraints in a theoretical analysis of illegal immigration. Intermediaries finance the migration costs of wealth-constrained migrants, who enter temporary servitude contracts to repay the debt. These debt/labor contracts are easier to enforce in the illegal than in the legal sector of the host country. Hence, when moving from the illegal to the legal sector becomes more costly, for instance, because of stricter deportation policies, fewer immigrants default on debt. T...

  12. 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’

  13. 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......). Additionally, they gave information about their real debts. It was observed that self-control was negatively related to debts while compulsive buying was positively related to debts. Detailed analyses revealed that the link between self-control and debts was fully mediated by compulsive buying. Finally......, 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...

  14. 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.

  15. Deference in Korean Language and Farsi

    Directory of Open Access Journals (Sweden)

    Ahmad Saffar Moghadam

    2009-07-01

    Full Text Available The present study attempts to compare the concept of “deference” in Farsi and Korean. Data gathering happened in a two years study in South Korea, and Korean students in Korea and Iran were interviewed.Deference is a culturally-rooted universal concept. However, it appears differently in various languages. Persian and Korean, though from different linguistic families, have both applied signs and elements of deference and this is their common aspect. There are some aspects of historical, religious, and cultural similarities between Iranian and Korean societies which may account for this. Social hierarchy and Confuciusian rituals play an important role in the system of deference in Korean society. Deference construction used to be very complicated in the Korean language, but nowadays it is simple; as a result, the seven-level system of expressions is transformed into a four-level one, emphasizing formality, politeness, intimacy, and simplicity. No sentence in Korean could be expressed unless one of these deference signs are involved. Deference signs are usually verbal suffixes included in all Korean verbs. Furthermore, as in the Persian language, there are some special words in Korean which exclusively express deference.

  16. 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.

  17. 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.

  18. Districts Tackling Meal Debt

    Science.gov (United States)

    Shah, Nirvi

    2012-01-01

    School districts have resorted to hiring debt collectors, employing constables, and swapping out standard meals for scaled-back versions to try to coerce parents to pay off school lunch debt that, in recent years, appears to have surged as the result of a faltering economy and better record-keeping. While the average school lunch costs just about…

  19. Deferred Personal Life Decisions of Women Physicians.

    Science.gov (United States)

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

    2018-03-12

    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 work-life balance, decreasing 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.

  20. Debt collection project report

    Energy Technology Data Exchange (ETDEWEB)

    1980-05-01

    In October 1979 the Office of Management and Budget initiated a review of debt collection within the Federal Government. A DOE Debt Collection Project Team was established, and seven activites were selected for review. These were Albuquerque Operations Office; Bonneville Power Administration; Chicago Operations and Regional Office; Naval Petroleum Reserves, California; Oak Ridge Operations Office; Washington Financial Services Division; and Western Area Power Administration. The team visited each of these activities to collect data on the size, age, and types of receivables managed and procedures for billing, aging, and handling overdue accounts. Various deficiencies were found to exist at several of the DOE entities that are not consistent with good management practices in the performance of their debt collection functions. Also, the Debt Collection Project Team identified a wide variation in the procedures followed by DOE activities in the management of accounts receivable, and a wide variation in the effectiveness of the debt management functions. 1 figure, 17 tables. (RWR)

  1. The economic consequences of rising US government debt: privileges at risk

    OpenAIRE

    Bohn, Henning

    2010-01-01

    The rapidly growing federal government debt has become a concern for policy makers and the public. Yet the U.S. government has seemingly unbounded access to credit at low interest rates. Historically, Treasury yields have been below the growth rate of the economy. The paper examines the ramifications of debt financing at low interest rates. Given the short maturity of U.S. public debt - over $2.5 trillion maturing in 2010 - investor expectations are critical. Excessive debts justify reasonabl...

  2. 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

  3. 75 FR 57163 - Guidance Regarding Deferred Discharge of Indebtedness Income of Corporations and Deferred...

    Science.gov (United States)

    2010-09-20

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Parts 1 and 602 RIN 1545-BI97 Guidance Regarding Deferred Discharge of Indebtedness Income of Corporations and Deferred Original Issue Discount Deductions Correction In rule document...

  4. 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.

  5. 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.

  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. 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

  8. 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...

  9. 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.

  10. 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

  11. The Costs and Benefits of Deferred Giving.

    Science.gov (United States)

    Fink, Norman S.; Metzler, Howard C.

    It is argued in this book that while there can be a significant payoff for deferred giving programs, it is important to determine their cost effectiveness. Modern business methods of cost accounting, benefits analysis, and actuarial and econometric forecasting are applied to the Pomona College plan, whose study was supported by Lilly Endowment,…

  12. 34 CFR 682.210 - Deferment.

    Science.gov (United States)

    2010-07-01

    ... loan principal, and on the total amount of interest to be paid over the life of the loan. (4) As a... them in eliminating poverty and poverty-related human, social, and environmental conditions; (iii) Does..., clothes, car, medical and dental care, and payment of college costs. (t) Military service deferments. (1...

  13. 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...

  14. The Role of Educational Debt in Consumers' Total Debt Structure.

    Science.gov (United States)

    Purdue Univ., Lafayette, IN. Credit Research Center.

    The extent to which an individual's total debt capacity is absorbed at the point of college graduation is examined, along with the graduate's self-imposed debt limits and the debt limits established by the marketplace. The findings are based on the a survey of creditors and the consumers who had student loans. Attention is also directed to data…

  15. 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.

  16. Tough Policies, Incredible Policies?

    OpenAIRE

    Andres Velasco; Alejandro Neut

    2003-01-01

    We revisit the question of what determines the credibility of macroeconomic policies here, of promises to repay public debt. Almost all thinking on the issue has focused on governments' strategic decision to default (or erode the value of outstanding debt via inflation/devaluation). But sometimes governments default not because they want to, but because they cannot avoid it: adverse shocks leave them no option. We build a model in which default/devaluation can occur deliberately (for strategi...

  17. 76 FR 17331 - Debt Collection

    Science.gov (United States)

    2011-03-29

    ... RIN 2590-AA15 Debt Collection AGENCY: Federal Housing Finance Agency; Office of Federal Housing... Federal Government. The final rule implements the requirements of the Federal Claims Collection Act and the Debt Collection Improvement Act of 1996, and includes procedures for collection of debts through...

  18. 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.

  19. 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

  20. External Debt and Economic Growth in Tunisia

    OpenAIRE

    Nasfi Fkili Wahiba

    2014-01-01

    The objective of this study is to identify the effect of external debt on economic growth; we used the debt service as percentage of exports and debt indicators in the first and second degree. The econometric estimation showed that the sign of the coefficient of debt is positive and the debt squared is negative, and beyond a certain stock, the impact of debt on growth becomes negative and Tunisia must control its debts as additional increases will have adverse impac...

  1. 78 FR 39984 - Guidance Regarding Deferred Discharge of Indebtedness Income of Corporations and Deferred...

    Science.gov (United States)

    2013-07-03

    ... certain circumstances, including the death of the taxpayer, the liquidation or sale of substantially all... bankruptcy proceedings. Section 108(i)(5)(D) provides, in relevant part, that in the case of the liquidation..., includes an acquisition of the debt instrument for cash or other property, the exchange of the debt...

  2. 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

  3. 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

  4. WHAT INFLUENCE CREDIT CARD DEBTS IN YOUNG CONSUMERS IN MALAYSIA

    Directory of Open Access Journals (Sweden)

    Syed Shah ALAM

    2014-12-01

    Full Text Available This paper examines empirically antecedents of the credit card debts in young consumers in Malaysia. We examine whether easy access to credit card, credit card related knowledge, aggressive promotion by credit card industry, low minimum payment requirement and attitude towards credit cards influence credit card debts in the younger generation. Regression model was used to meet the objectives. These findings based on a sample of 240 young credit card holders, show that the factors that affect credit card debts are credit card related knowledge, aggressive promotion by credit card industry and low minimum payment requirements. These findings also provide insights for both bank management and policy-makers to improve the bank performance in terms of credit card debts.

  5. 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

  6. 26 CFR 1.101-7 - Mortality table used to determine exclusion for deferred payments of life insurance proceeds.

    Science.gov (United States)

    2010-04-01

    ... deferred payments of life insurance proceeds. 1.101-7 Section 1.101-7 Internal Revenue INTERNAL REVENUE... payments of life insurance proceeds. (a) Mortality table. Notwithstanding any provision of § 1.101-4 that... principles of this section may be illustrated by the following examples: Example 1. A life insurance policy...

  7. 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.

  8. 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.

  9. 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...

  10. The Economic Consequences of Rising U.S. Government Debt: Privileges at Risk

    OpenAIRE

    Henning Bohn

    2010-01-01

    The rapidly growing federal government debt has become a concern for policy makers and the public. Yet the U.S. government has seemingly unbounded access to credit at low interest rates. Historically, Treasury yields have been below the growth rate of the economy. The paper examines the ramifications of debt financing at low interest rates. Given the short maturity of U.S. public debt – over $2.5 trillion maturing in 2010 – investor expectations are critical. Excessive debts justify reaso...

  11. 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...

  12. Empirical Analysis on Impact of External Debt on Economic Growth in Nigeria.

    Directory of Open Access Journals (Sweden)

    Taiwo Adewale Muritala

    2012-12-01

    Full Text Available This paper analyzes relationship between external debt and economic growth. Data collections are mainly secondary over the period of 1980 to 2010. The study hypothesized negative relationship between external debt; debt servicing and economic growth. Collected data were regressed using OLS technique and Augmented Dickey Fuller to test for the stationarity of the variables. Findings indicate a negative relationship between external debt and economic growth while that of debt servicing conforms with the apriori expectation of positive relationship. Hence, it is therefore recommended that Nigeria has to narrow down its international trade in order to save its balance of payment (BOP to meet debt servicing needs of the country. The policy makers should also create credibility including political will in order to spur investor confidence for both local and foreign investments.

  13. 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...

  14. 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...

  15. Influence of period of deferment before stocking spring-burnt ...

    African Journals Online (AJOL)

    Spring-burnt sourveld was stocked with Merino lambs after three different periods of deferment from the time of start of growth in spring. Using veld from which grazing was excluded by means of exclosure cages as a control, the residual effects of the deferred grazing treatments on yields of grasses classified as palatable, ...

  16. 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

  17. 75 FR 42662 - Debt Collection

    Science.gov (United States)

    2010-07-22

    ... certified payment vouchers, or other similar forms, to a disbursing official for disbursement. The payment... of an employee's pay under 5 U.S.C. 5705. Moreover, certain PBGC efforts to obtain payment of debts... intended collection action to be taken, how a debtor may pay the debt or make alternate payment...

  18. 75 FR 68203 - Debt Collection

    Science.gov (United States)

    2010-11-05

    ... Federal agency that transmits payment requests in the form of certified payment vouchers, or other similar... U.S.C. 5705. Moreover, certain PBGC efforts to obtain payment of debts arising out of activities..., how a debtor may pay the debt or make alternate payment arrangements, how a debtor could review...

  19. 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...

  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. 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.

  3. 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.

  4. 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

  5. Debt Shifting and Ownership Structure

    OpenAIRE

    Dirk Schindler; Guttorm Schjelderup

    2011-01-01

    Previous theoretical studies on the debt shifting behavior of multinationals have assumed affiliates of multinationals to be wholly owned. We develop a model that allows a multinational firm to determine both the leverage and ownership structure in affiliates endogenously. A main finding is that affiliates with minority owners have less debt than wholly owned affiliates and therefore a less tax efficient financing structure. This is due to an externality that arises endogenously in our model,...

  6. 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....

  7. 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...

  8. 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.

  9. 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.

  10. "Responsibilizing" a healthy Britain: personal debt, employment, and welfare.

    Science.gov (United States)

    Walker, Carl

    2011-01-01

    Growing evidence suggests that experiences of financial strain and over-indebtedness can contribute to problems of physical and mental health. This article contends that there is a need to carefully examine recent neoliberally informed symbolic and material transformations in the practices and experiences of employment, welfare, and subjectivity in order to provide an appropriately sophisticated analysis of experiences of debt and mental health. An illusion of economic growth has been based on increasing levels of often traumatic personal debt and a low-wage labor force compelled into increasingly problematic practices of employment. In recent years, a concerted neoliberal assault on subjectivity, modes of employment, minimum incomes, and practices of welfare governance has effectively constituted new forms of poverty and personal sustenance through deregulated sub-prime credit markets. The variable and multifunctional nature of personal debt has provided a substrate for neoliberal public policy by systematically reinforcing the development of a low-wage labor market and by representing a means through which to transfer collective risk into private responsibility. This article suggests that traditional ways of knowing and acting upon the mental and physical health difficulties associated with problems of debt and material deprivation fail to adequately acknowledge the political and economic role of personal debt growth.

  11. 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.

  12. 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.

  13. Romanians’ Public Debts Saga

    Directory of Open Access Journals (Sweden)

    Monica SUSANU

    2010-12-01

    Full Text Available By the end of 2009, a very cold breath of austerity was blowing from the European financial and banking system and thoroughly was touching every Member State’s economy, but only for some of them perspective of this severe situation is called bankruptcy frequently. By the spring of this year (2010 – author’s note, Greece’s financial problems set all the Europeans governments on fire and, according on the most worrying news alerts, Germany was terribly angry and eager to treat this country as an undisciplined schoolchild. Many and heavy financial disasters are forecast for other countries as well, and it seems that Spain’s, Portugal’s or Italy’s Mediterranean structure and behaviour would be the reason, since these countries are in pretty identical trouble just like Greece. The ex-communist recently EU Member States, that are united into the so-called platoon of the emergent economies, rapidly detected their own vulnerabilities and their well-known resources leakages. Then, in the old-time verified and practiced tradition of “cuts and poverty under oppression” which communism taught them well, they were abruptly compelled to conform and to adopt dreadful austerity measures. Although among them, Romania is again a special case, taking into account but the heavy burden of the 80’s unbelievable sacrifices and privations, which the population endured because of the totalitarian decision of paying its whole debt. The paper reveals and analyses that, despite the actual context and the political circumstances which are totally different, Romania applied an unprecedentedly severe plan of cuts and privations, installing a general and bitter sensation of déjà-vu, instead of living and feeling the European membership status!

  14. 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.

  15. Debt Literacy and Social Work

    Directory of Open Access Journals (Sweden)

    Vernon Loke

    2013-08-01

    Full Text Available In the United States today, more than 56% of individuals are in debt (Foster,Meijer, Schuh, & Zabek, 2011.  Debt literacy may be defined as the ability to correctly assess debt contracts andcompound interest when making financial decisions about loans, credit cards,interest rates and fees. Often, low-income individuals are vulnerable toexperiencing debt and social workers are uniquely placed to assist them.  However, little is known about the debtliteracy levels of Master of Social Work (MSW students who are about to becomesocial workers.  This study attempts tofill this gap.  Data were collected from 48MSW students, and analyzed using Chi-Square goodness-of-fit tests, Chi-Square testsof independence, and Fishers’ Exact Test where appropriate. Resultsindicate that social work studentsscored low on all debt literacy measures, but were statistically similar to thegeneral population and to service providers in the asset building field. Inaddition, students with higher self-assessed financial knowledge, or who comefrom households with higher incomes or network, tend to have higher debtliteracy levels. Implications for social work practice and education are discussed.

  16. Personal bankruptcy after traumatic brain or spinal cord injury: the role of medical debt.

    Science.gov (United States)

    Relyea-Chew, Annemarie; Hollingworth, William; Chan, Leighton; Comstock, Bryan A; Overstreet, Karen A; Jarvik, Jeffrey G

    2009-03-01

    To estimate the prevalence of medical debt among traumatic brain injury (TBI) and spinal cord injury (SCI) patients who discharged their debts through bankruptcy. A cross-sectional comparison of bankruptcy filings of injured versus randomly selected bankruptcy petitioners. Patients hospitalized with SCI or TBI (1996-2002) and personal bankruptcy petitioners (2001-2004) in western Washington State. Subjects (N=186) who filed for bankruptcy, comprised of 93 patients with previous SCI or TBI and 93 randomly selected bankruptcy petitioners. Not applicable. Medical and nonmedical debt, assets, income, expenses, and employment recorded in the bankruptcy petition. Five percent of randomly selected petitioners and 26% of petitioners with TBI or SCI had substantial medical debt (debt that accounted for more than 20% of all unsecured debts). SCI and TBI petitioners had fewer assets and were more likely to be receiving government income assistance at the time of bankruptcy than controls. SCI and TBI patients with a higher blood alcohol content at injury were more likely to have substantial medical debts (odds ratio=2.70; 95% confidence interval, 1.04-7.00). Medical debt plays an important role in some bankruptcies after TBI or SCI. We discuss policy options for reducing financial distress after serious injury.

  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. 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.

  19. 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...... to compute the dynamic Laffer Curves for Portugal, Ireland, Greece and Spain for different class of taxes. The general equilibrium effects of the interaction of labor tax, consumption tax and capital tax is demonstrated. Location of each economy on its Laffer curve suggests that there exists a scope...

  20. 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.

  1. 76 FR 1063 - Modifications of Debt Instruments

    Science.gov (United States)

    2011-01-07

    ... Modifications of Debt Instruments AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Final regulation. SUMMARY: This document contains final regulations relating to the modification of debt instruments. The... into account to determine whether a modified debt instrument will be recharacterized as an instrument...

  2. 75 FR 31736 - Modifications of Debt Instruments

    Science.gov (United States)

    2010-06-04

    ... Modifications of Debt Instruments AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed... modification of debt instruments. The regulations clarify the extent to which the deterioration in the financial condition of the issuer is taken into account to determine whether a modified debt instrument will...

  3. Latin American Debt: Opportunities for Universities.

    Science.gov (United States)

    Garg, Ramesh C.

    The debt crisis of the lesser developed countries (LDCs) may provide opportunities for educational institutions. Through debt-for-education programs, a part of the huge debt load can be channelled into financing various educational programs sponsored by U.S. higher education institutions. Private commercial banks and multinational corporations are…

  4. 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…

  5. 187 AGRICULTURAL GROWTH AND EXTERNAL DEBT ...

    African Journals Online (AJOL)

    Agricultural revenue has not been able to sustain the external debt in. Nigeria despite the effort ... increasing external debt volume while real private investment expenditure decreases with .... results. Ehirim, N. C. Agricultural growth and External debt management in developing nations: Evidence from Nigeria (1960-. 2005) ...

  6. Debt-for-Diploma System

    Science.gov (United States)

    Draut, Tamara

    2009-01-01

    Over the past several decades, college tuition has nearly tripled, adjusting for inflation, and federal student aid has shifted from a predominantly grant-based system to one dominated by loan aid. These two factors have conspired to create a debt-for-diploma system, affecting young adults' choices about college, including where they enroll and…

  7. 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.

  8. 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.

  9. 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.

  10. Intergenerational Aspects of Public Transfers, Borrowing and Debt

    OpenAIRE

    Lindbeck, Assar; Weibull, Jörgen W.

    1984-01-01

    The paper analyzes intergeneration distributional effects of taxes, transfer payments, public borrowing and debt. A two-period life-cucle model with overlapping generations is constructed. The model has two specific features: private wealth in both periods enter as arguments in the preference function, and the individuals (inelastically) supply labor in both periods. It turns out that some fiscal policy actions favor both of the currently lliving generations, possibly at the expense of future...

  11. 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...

  12. 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...

  13. 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.

  14. 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…

  15. 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.

  16. 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

  17. Deferred endoscopic urethral realignment: Role in management of ...

    African Journals Online (AJOL)

    M.A. Elgammal

    Abstract. Objectives: The aim of our study is to assess the value of deferred endoscopic urethral realignment after traumatic posterior urethral disruption. Patients and methods: Between June 2001 and August 2011, we evaluated 28 patients who presented 3–6 weeks (mean 27 ± 6 days) after experiencing traumatic ...

  18. 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

  19. 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...

  20. 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...

  1. 26 CFR 1.174-4 - Treatment as deferred expenses.

    Science.gov (United States)

    2010-04-01

    ... period. Application for permission to change to a different method of treating research or experimental... (CONTINUED) INCOME TAXES Itemized Deductions for Individuals and Corporations (continued) § 1.174-4 Treatment as deferred expenses. (a) In general. (1) If a taxpayer has not adopted the method provided in...

  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. Incentive-Compatible Sovereign Debt

    DEFF Research Database (Denmark)

    Bersem, Mario R. C.

    This paper presents a theory of sovereign borrowing and lending when there is no court to enforce repayment obligations. Specifically, I extend the costly state verification approach in financial contracting to include an ex-post repayment decision in which the borrower repays creditors to avoid...... defaults occur even under the optimal loan contract; (iii) why such defaults are neither marginal nor total repudiation; and (iv) how repudiation costs mitigate sovereign risk and determine debt capacity in the absence of enforcement....

  4. EVOLUTION OF INTERNAL PUBLIC DEBT IN ROMANIA DURING THE LAST DECADE

    Directory of Open Access Journals (Sweden)

    DORAN DALIAN

    2017-12-01

    Full Text Available The need to finance the public sector in different stages of economic and financial development of a state generates the need for additional funds to current or primary income which justifies public financial policies based on the accumulation of internal or external public debt at central, regional or local government level, or national currency or foreign currency. Besides the notion of public debt and how it is managed, it is also important to study its structure. The article emphasizes the presentation of theoretical concepts and the exposition of the legislative and institutional framework regarding the internal public debt and its evolution in Romania during the last decade, including the period of the global economic crisis that was declared at the beginning of 2008. The study shows that in the last ten years, domestic public debt has been steadily rising, especially in the period 2008-2012, amid the need for a loan favored by the global economic crisis.

  5. How to Avoid a Darkening Debt Storm in the Caribbean

    DEFF Research Database (Denmark)

    Hallett, Andrew Hughes; Hougaard Jensen, Svend E.

    Using the euro area and the Eastern Caribbean Currency Union as case studies, this chapter argues that a comprehensive policy framework should comprise not only a rule for fiscal policy but also, and equally important, a broader set of strategies designed to improve competitiveness and economic...... growth. Specifically, we stress the need to prevent a build-up of debt, public and private, by introducing a mechanism to ensure that public and private borrowing is consistent with an overall macroeconomic strategy. This introduces elements of a banking union framework, tied into Europe‟s notion...

  6. 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.

  7. 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......The article examines whether the U.S. Supreme Court’s recent rulings favoring arbitration is compatible with public policies that protect consumers from abusive debt-collection practices. In addition to policy issues raised by the “arbitrability” of consumer protection clauses, this paper argues...... prevail? By analyzing the “clash of policies” in a consumer-debtor protection context, the author contends that public interest should prevail over private interests. The article concludes with recommendations calling for a complete ban of arbitration in consumer disputes concerning abusive debt...

  8. 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...

  9. 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.

  10. Debt, cohabitation, and marriage in young adulthood.

    Science.gov (United States)

    Addo, Fenaba R

    2014-10-01

    Despite growing evidence that debt influences pivotal life events in early and young adulthood, the role of debt in the familial lives of young adults has received relatively little attention. Using data from the NLSY 1997 cohort (N = 6,749) and a discrete-time competing risks hazard model framework, I test whether the transition to first union is influenced by a young adult's credit card and education loan debt above and beyond traditional educational and labor market characteristics. I find that credit card debt is positively associated with cohabitation for men and women, and that women with education loan debt are more likely than women without such debt to delay marriage and transition into cohabitation. Single life may be difficult to afford, but marital life is un-affordable as well. Cohabitation presents an alternative to single life, but not necessarily a marital substitute for these young adults.

  11. 5 CFR 847.906 - How is the present value of a deferred annuity without credit for NAFI service computed?

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 2 2010-01-01 2010-01-01 false How is the present value of a deferred... § 847.906 How is the present value of a deferred annuity without credit for NAFI service computed? (a) The present value of a deferred annuity equals the present value of the deferred annuity without...

  12. 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.

  13. DebtRank-transparency: Controlling systemic risk in financial networks

    Science.gov (United States)

    Thurner, Stefan; Poledna, Sebastian

    2013-05-01

    Nodes in a financial network, such as banks, cannot assess the true risks associated with lending to other nodes in the network, unless they have full information on the riskiness of all other nodes. These risks can be estimated by using network metrics (as DebtRank) of the interbank liability network. With a simple agent based model we show that systemic risk in financial networks can be drastically reduced by increasing transparency, i.e. making the DebtRank of individual banks visible to others, and by imposing a rule, that reduces interbank borrowing from systemically risky nodes. This scheme does not reduce the efficiency of the financial network, but fosters a more homogeneous risk-distribution within the system in a self-organized critical way. The reduction of systemic risk is due to a massive reduction of cascading failures in the transparent system. A regulation-policy implementation of the proposed scheme is discussed.

  14. 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.

  15. Debt as an Urban Chronotrope in Mongolia

    DEFF Research Database (Denmark)

    Pedersen, Morten Axel

    2017-01-01

    Based on fieldwork in Ulaanbaatar, this article explores the spatio-temporal properties of debt relations in urban Mongolia. During socialism, relations of debt were mostly restricted to closed circuits of friends, whose exchange of objects and favours often stretched over a long time. With the t......Based on fieldwork in Ulaanbaatar, this article explores the spatio-temporal properties of debt relations in urban Mongolia. During socialism, relations of debt were mostly restricted to closed circuits of friends, whose exchange of objects and favours often stretched over a long time...

  16. Public debt and changing inflation targets

    OpenAIRE

    Krause, Michael U.; Moyen, Stéphane

    2013-01-01

    What are the effects of a higher central bank inflation target on the burden of real public debt? Several recent proposals have suggested that even a moderate increase in the inflation target can have a pronounced effect on real public debt. We consider this question in a New Keynesian model with a maturity structure of public debt and an imperfectly observed inflation target. We find that moderate changes in the inflation target only have significant effects on real public debt if they are e...

  17. 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

  18. 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...

  19. 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.

  20. Debt Deflation Worries: a Restatement.

    OpenAIRE

    Sau, Lino

    2014-01-01

    There here has recently been a marked increase in concern of debt deflation worries particularly in the euro zone. This is the second time in the past recent years that widespread interest about this relevant economic phenomenon has come to the fore, the first being during and in the aftermath of the Asian crisis and Japan great stagnation, and the second being after the current financial turmoil stemmed from the US and propagating later in Europe. After an overview of the relevant insights b...

  1. Spectral Deferred Corrections for Parabolic Partial Differential Equations

    Science.gov (United States)

    2015-06-08

    time, and therefore, requires an implicit method for its solution. Spectral Deferred Correction ( SDC ) methods use repeated iterations of a low-order...method (e.g. im- plicit Euler method) to generate a high-order scheme. As a result, SDC methods of arbitrary order can be constructed with the desired...stability properties necessary for the solution of stiff differential equations. Furthermore, for large-scale systems, SDC methods are more

  2. 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.

  3. 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.

  4. ED Strengthens Credit Management and Debt Collection.

    Science.gov (United States)

    Olmo, Ralph J.

    1982-01-01

    This interview with the comptroller for the U.S. Department of Education focuses on efforts to improve credit management and debt collection. Topics discussed are the credit management initiative, the extent of the problem, improvements, the Housing and Facilities Loan Program, and the significance of the Debt Collection Act of 1982. (JOW)

  5. Strategic Management of Architectural Technical Debt

    Science.gov (United States)

    2012-05-22

    SEI Agile Research Forum Twitter #SEIAgile © 2012 Carnegie Mellon University Strategic Management of Architectural Technical Debt Ipek Ozkaya...AND SUBTITLE Strategic Management of Architectural Technical Debt 5a. CONTRACT NUMBER 5b. GRANT NUMBER 5c. PROGRAM ELEMENT NUMBER 6. AUTHOR(S

  6. 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

  7. 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.

  8. 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.

  9. Correlation between reforms and foreign debt in transition countries

    Directory of Open Access Journals (Sweden)

    Filipović Sanja

    2015-01-01

    Full Text Available After the global economic crisis escalated, transition countries indicated growth in their external debt. The aim of the paper is to determine the existence of a correlation between the transition reforms and the level of external debt. The research is based on applied Mann-Whitney U Test on a sample of 27 transition countries. Transition countries are divided into two groups depending on whether their value of the average transition indicator in 2012 is greater or less than 3.4. The research has shown a positive and statistically significant correlation between the observed variables, i.e. that countries with higher average transition indicator have a greater external indebtedness. The regression analysis has found a positive and statistically significant correlation between the observed variables in the case of Serbia that enters the zone of high indebtedness. The research findings indicate the need to review the efficiency of existing economic policies as well as to define new direction of development that would provide the impetus to the economic growth of transition countries without additional external debt.

  10. 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.

  11. 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

    BACKGROUND: Despite successful treatment of the culprit artery lesion by primary percutaneous coronary intervention (PCI) with stent implantation, thrombotic embolisation occurs in some cases, which impairs the prognosis of patients with ST-segment elevation myocardial infarction (STEMI). We aimed...... stent implantation or deferred stent implantation 48 h after the index procedure if a stabilised flow could be obtained in the infarct-related artery. The primary endpoint was a composite of all-cause mortality, hospital admission for heart failure, recurrent infarction, and any unplanned...... implantation group, with no significant differences between groups. INTERPRETATION: In patients with STEMI, routine deferred stent implantation did not reduce the occurrence of death, heart failure, myocardial infarction, or repeat revascularisation compared with conventional PCI. Results from ongoing...

  12. 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.

  13. The impact of deferring retirement age on retirement income adequacy.

    Science.gov (United States)

    VanDerhei, Jack; Copeland, Craig

    2011-06-01

    UPDATE OF RSPM-POST-65 RETIREMENT AGES: The EBRI Retirement Security Projection Model (RSPM) was developed in 2003 to provide an assessment of national retirement income prospects. The 2011 version of RSPM adds a new feature that allows households to defer retirement age past age 65 in an attempt to determine whether retirement age deferral is indeed sufficiently valuable to mitigate retirement income adequacy problems for most households (assuming the worker is physically able to continue working and that there continues to be a suitable demand for his or her skills). The answer, unfortunately, is not always "yes," even if retirement age is deferred into the 80s. LOWEST-INCOME LEVELS, 50-50 CHANCE OF ADEQUACY: RSPM baseline results indicate that the lowest preretirement income quartile would need to defer retirement age to 84 before 90 percent of the households would have a 50 percent probability of success. Although a significant portion of the improvement takes place in the first four years after age 65, the improvement tends to level off in the early 70s before picking up in the late 70s and early 80s. Households in higher preretirement income quartiles start at a much higher level, and therefore have less improvement in terms of additional households reaching a 50 percent success rate as retirement age is deferred for these households. LOWEST-INCOME LEVELS, HIGHER CHANCES OF ADEQUACY: If the success rate is moved to a threshold of 70 percent, only 2 out of 5 households in the lowest-income quartile will attain retirement income adequacy even if they defer retirement age to 84. Increasing the threshold to 80 percent reduces the number of lowest preretirement income quartile households that can satisfy this standard at a retirement age of 84 to approximately 1 out of 7. IMPORTANCE OF DEFINED CONTRIBUTION RETIREMENT PLANS: One of the factors that makes a major difference in the percentage of households satisfying the retirement income adequacy thresholds at any

  14. Debt of households in the banking sector in Poland

    Directory of Open Access Journals (Sweden)

    Anna Bieniasz

    2010-01-01

    Full Text Available The value of the debt concerning both home and consumer loans is described. The quality of the credit portfolio of households and the indicator of burdening their profits with credit are also presented. During the discussed period a certain acceleration in the lending growth, as for as households are concerned, is observed. The increased borrowing burden ratio falling on households’ income at disposal is a worrying phenomenon. This fact alongside with the negative economic effects in the period of the present global financial crisis may contribute to tightening the lending policies of banks, as well as limit the households’ access to credits in order to finance their needs.

  15. Debt, Structural Adjustment and Deforestation: A Cross-National Study

    Directory of Open Access Journals (Sweden)

    John M. Shandra

    2015-08-01

    Full Text Available We present cross-national models that examine the determinants of deforestation from 1990 to 2005 for a sample of sixty-two poor nations. We test dependency theory hypotheses that both debt and structural adjustment affect forests. We find substantial support for this theoretical perspective. The results indicate that both factors increase deforestation. We also find support for world polity theory that international non-governmental organization density decreases deforestation. We conclude with a brief discussion of the findings, policy implications, and possible directions for future research.

  16. 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

  17. The Impact of the Debt Crisis on Education in Latin America. Implications for Educational Planning.

    Science.gov (United States)

    Reimers, Fernando

    1990-01-01

    Examines the impact of external debt in Latin America on education in Latin America. Discusses areas of educational policy that require reform to cope with the adjustment process. Urges planned reform to preserve efficiency and equity in providing education. Argues that Latin American governments must promote partnership and responsibility among…

  18. 26 CFR 1.1275-4 - Contingent payment debt instruments.

    Science.gov (United States)

    2010-04-01

    ...) An inflation-indexed debt instrument (as defined in § 1.1275-7); or (viii) A debt instrument issued... interest that accrues in each accrual period is the product of the comparable yield of the debt instrument..., 1998 (the product of the debt instrument's adjusted issue price on July 1, 1998 ($1,162) and the...

  19. 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 ...

  20. THE PROBLEM OF EXTERNAL DEBT OF DEVELOPING COUNTRIES

    African Journals Online (AJOL)

    Administrateur

    of restructuring debt is that there is a tendency for constant improvement of debtors' conditions. In spite of that tendency, restructuring debt proved to be insufficient for solving the problem of global debt. Debt on a global scale is the result of uncurbed expansion of international finance system. As time went by, creditor coun-.

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

    African Journals Online (AJOL)

    The results show a trade-off between a debt strategy that largely depends on more external concessional borrowing and a debt strategy aimed at increasing the share of domestic debt in the public debt portfolio for market development purposes. While the strategy that maximises recourse to external concessional borrowing ...

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

    African Journals Online (AJOL)

    the government to exchange rate, interest rate and commodity price shocks. The results show a trade-off between a debt strategy that largely depends on more external concessional borrowing and a debt strategy aimed at increasing the share of domestic debt in the public debt portfolio for market development purposes.

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

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Variable rate debt instruments. 1.1275-5 Section... Variable rate debt instruments. (a) Applicability—(1) In general. This section provides rules for variable rate debt instruments. Except as provided in paragraph (a)(6) of this section, a variable rate debt...

  4. 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 ...

  5. Savings and Debts in Agriculture

    Directory of Open Access Journals (Sweden)

    Marina Luminita Sarbovan

    2012-05-01

    Full Text Available The savings and debts problematic bring us in front the Keynesian principles of supporting the global demand, so spectacular immortalized inside his “General Theory of Money. The architects of the European Union consider that production in agriculture and other economic branches is “ab initio” grounded on the credit mechanism administrated by banks: the present day approach of the agricultural process configured it as costly, owing a relatively medium to long term duration, and risky, making important the banking institution for mitigating such constrains. Romania fights for the ambitious goal of entering in the euro zone, and this target became even more challenging after the new EU Regulation No 1176/2011 on the prevention and correction of macroeconomic imbalances, which stipulates a safer surveillance for the member states. In fact, our country has to meet the exigencies of nominal and real convergence criteria, measured by the European scoreboard and relevant index.

  6. Constant Proportion Debt Obligations (CPDOs)

    DEFF Research Database (Denmark)

    Cont, Rama; Jessen, Cathrine

    2012-01-01

    be made arbitrarily small—and thus the credit rating arbitrarily high—by increasing leverage, but the ratings obtained strongly depend on assumptions on the credit environment (high spread or low spread). More importantly, CPDO loss distributions are found to exhibit a wide range of tail risk measures......Constant Proportion Debt Obligations (CPDOs) are structured credit derivatives that generate high coupon payments by dynamically leveraging a position in an underlying portfolio of investment-grade index default swaps. CPDO coupons and principal notes received high initial credit ratings from...... the major rating agencies, based on complex models for the joint transition of ratings and spreads for all names in the underlying portfolio. We propose a parsimonious model for analysing the performance of CPDO strategies using a top-down approach that captures the essential risk factors of the CPDO. Our...

  7. 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...

  8. 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

  9. Economic Order Quantity Model with Two Levels of Delayed Payment and Bad Debt

    OpenAIRE

    Qin Juanjuan

    2012-01-01

    The purpose of this study is to determine the optimal retailer’s replenishment policies considering the customers’ bad debt and delayed payment in the three-stage supply chain with the dominant retailer. The effect of bad debt is analyzed on the interest earned and interest charged to build the models of the retailer’s decision in two cases. By analyzing the model, the retailer’s optimal replenishment time and the optimal order quantity are obtained. Furthermore, analyze the effect of paramet...

  10. 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 ...

  11. Sovereign debt and bank fragility in Spain

    OpenAIRE

    van der Kwaak, C.; van Wijnbergen, S.

    2017-01-01

    In May 2012 the Spanish government announced a debt-financed recapitalization of the undercapitalized Spanish banking system. Although there was a wide consensus among economists and policymakers that this was key to solving Spain’s economic troubles, both bank CDS and sovereign CDS further increased in the days following the announcement while lower bank CDS spreads were expected. Higher sovereign debt discounts deteriorated the fiscal position of the Spanish government. We propose a mechani...

  12. Predicting extinction debt from community patterns.

    Science.gov (United States)

    Kitzes, Justin; Harte, John

    2015-08-01

    A significant challenge in both measuring and predicting species extinction rates at global and local scales is the possibility of extinction debt, time-delayed extinctions that occur gradually following an initial impact. Here we examine how relative abundance distributions and spatial aggregation combine to influence the likely magnitude of future extinction debt following habitat loss or climate-driven range contraction. Our analysis is based on several fundamental premises regarding abundance distributions, most importantly that species abundances immediately following habitat loss are a sample from an initial relative abundance distribution and that the long-term, steady-state form of the species abundance distribution is a property of the biology of a community and not of area. Under these two hypotheses, the results show that communities following canonical lognormal and broken-stick abundance distributions are prone to exhibit extinction debt, especially when species exhibit low spatial aggregation. Conversely, communities following a logseries distribution with a constant Fisher's α parameter never demonstrate extinction debt and often show an "immigration credit," in which species richness rises in the long term following an initial decrease. An illustration of these findings in 25 biodiversity hotspots suggests a negligible immediate extinction rate for bird communities and eventual extinction debts of 30-50% of initial species richness, whereas plant communities are predicted to immediately lose 5-15% of species without subsequent extinction debt. These results shed light on the basic determinants of extinction debt and provide initial indications of the magnitude of likely debts in landscapes where few empirical data are available.

  13. Technical Debt: Towards a Crisper Definition. Report on the 4th International Workshop on Managing Technical Debt

    Science.gov (United States)

    2013-09-01

    Technical Debt: Towards a Crisper Definition Report on the 4th International Workshop on Managing Technical Debt Philippe Kruchten Electrical...technical debt and not, and areas of further investigation, and the technical debt landscape became even crisper during a subsequent workshop held in...slowly converge to a better, crisper definition of technical debt that does not include all software development ills, and as we better understand the

  14. 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.

  15. 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.

  16. 47 CFR 32.4340 - Net noncurrent deferred operating income taxes.

    Science.gov (United States)

    2010-10-01

    ... book income or for the tax effect of revenues and expenses from regulated operations which have been... 47 Telecommunication 2 2010-10-01 2010-10-01 false Net noncurrent deferred operating income taxes... Sheet Accounts § 32.4340 Net noncurrent deferred operating income taxes. (a) This account shall include...

  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. 77 FR 42462 - Reporting and Notice Requirements for Deferred Vested Benefits Under Section 6057; Correction

    Science.gov (United States)

    2012-07-19

    ... Participants With Deferred Vested Benefits,'' to the list of forms that are covered by the Income Tax... Deferred Vested Benefits Under Section 6057; Correction AGENCY: Internal Revenue Service (IRS), Treasury...'', line four of the column, the language ``Employee Benefit Returns,''and file the'' is corrected to read...

  19. The per-protocol effect of immediate vs. deferred ART initiation in the START randomized trial

    DEFF Research Database (Denmark)

    Lodi, Sara; Sharma, Shweta; Lundgren, Jens D

    2016-01-01

    OBJECTIVE: The START trial found a lower risk of a composite clinical outcome in HIV-positive individuals assigned to immediate initiation of antiretroviral therapy (ART) compared with those assigned to deferred initiation. However, 30% of those assigned to deferred initiation started ART earlier...

  20. 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...

  1. 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...

  2. 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.

  3. 20 CFR 422.122 - Information on deferred vested pension benefits.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Information on deferred vested pension... PROCEDURES General Procedures § 422.122 Information on deferred vested pension benefits. (a) Claimants for... electronic pension benefit record. This record contains information received from IRS on individuals for whom...

  4. 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...

  5. 47 CFR 32.4350 - Net noncurrent deferred nonoperating income taxes.

    Science.gov (United States)

    2010-10-01

    ... to the inclusion in the determination of taxable income. (c) As other assets or liabilities which generated the prepaid income tax or deferred income tax are reclassified from long-term or non-current status to current status, the appropriate deferred income tax shall be reclassified from this account to...

  6. Achieving algorithmic resilience for temporal integration through spectral deferred corrections

    Energy Technology Data Exchange (ETDEWEB)

    Grout, Ray; Kolla, Hemanth; Minion, Michael; Bell, John

    2017-01-01

    Spectral deferred corrections (SDC) is an iterative approach for constructing higher-order-accurate numerical approximations of ordinary differential equations. SDC starts with an initial approximation of the solution defined at a set of Gaussian or spectral collocation nodes over a time interval and uses an iterative application of lower-order time discretizations applied to a correction equation to improve the solution at these nodes. Each deferred correction sweep increases the formal order of accuracy of the method up to the limit inherent in the accuracy defined by the collocation points. In this paper, we demonstrate that SDC is well suited to recovering from soft (transient) hardware faults in the data. A strategy where extra correction iterations are used to recover from soft errors and provide algorithmic resilience is proposed. Specifically, in this approach the iteration is continued until the residual (a measure of the error in the approximation) is small relative to the residual of the first correction iteration and changes slowly between successive iterations. We demonstrate the effectiveness of this strategy for both canonical test problems and a comprehensive situation involving a mature scientific application code that solves the reacting Navier-Stokes equations for combustion research.

  7. Achieving algorithmic resilience for temporal integration through spectral deferred corrections

    Energy Technology Data Exchange (ETDEWEB)

    Grout, Ray; Kolla, Hemanth; Minion, Michael; Bell, John

    2017-01-01

    Spectral deferred corrections (SDC) is an iterative approach for constructing higher- order accurate numerical approximations of ordinary differential equations. SDC starts with an initial approximation of the solution defined at a set of Gaussian or spectral collocation nodes over a time interval and uses an iterative application of lower-order time discretizations applied to a correction equation to improve the solution at these nodes. Each deferred correction sweep increases the formal order of accuracy of the method up to the limit inherent in the accuracy defined by the collocation points. In this paper, we demonstrate that SDC is well suited to recovering from soft (transient) hardware faults in the data. A strategy where extra correction iterations are used to recover from soft errors and provide algorithmic resilience is proposed. Specifically, in this approach the iteration is continued until the residual (a measure of the error in the approximation) is small relative to the residual on the first correction iteration and changes slowly between successive iterations. We demonstrate the effectiveness of this strategy for both canonical test problems and a comprehen- sive situation involving a mature scientific application code that solves the reacting Navier-Stokes equations for combustion research.

  8. For Working-Age Cancer Survivors, Medical Debt And Bankruptcy Create Financial Hardships.

    Science.gov (United States)

    Banegas, Matthew P; Guy, Gery P; de Moor, Janet S; Ekwueme, Donatus U; Virgo, Katherine S; Kent, Erin E; Nutt, Stephanie; Zheng, Zhiyuan; Rechis, Ruth; Yabroff, K Robin

    2016-01-01

    The rising medical costs associated with cancer have led to considerable financial hardship for patients and their families in the United States. Using data from the LIVESTRONG 2012 survey of 4,719 cancer survivors ages 18-64, we examined the proportions of survivors who reported going into debt or filing for bankruptcy as a result of cancer, as well as the amount of debt incurred. Approximately one-third of the survivors had gone into debt, and 3 percent had filed for bankruptcy. Of those who had gone into debt, 55 percent incurred obligations of $10,000 or more. Cancer survivors who were younger, had lower incomes, and had public health insurance were more likely to go into debt or file for bankruptcy, compared to those who were older, had higher incomes, and had private insurance, respectively. Future longitudinal population-based studies are needed to improve understanding of financial hardship among US working-age cancer survivors throughout the cancer care trajectory and, ultimately, to help stakeholders develop evidence-based interventions and policies to reduce the financial hardship of cancer. Project HOPE—The People-to-People Health Foundation, Inc.

  9. 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.)

  10. 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

  11. Debt Profiles of Model Students: The Projected Debt of Highly Productive Students and Its Economic Impact

    Science.gov (United States)

    Fincher, Mark E.

    2017-01-01

    A common misperception suggests that a high-achieving student can easily complete a degree with very limited debt, and that students with high levels of debt are thus underachievers. This assumption is supported by memories of previous decades when it was realistically possible for most students to work their way through college. This view,…

  12. 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.

  13. 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

  14. Using inflation to erode the US public debt

    OpenAIRE

    Aizenman, Joshua; Marion, Nancy

    2009-01-01

    As a share of GDP, the U.S. Federal debt held by the public exceeds 50 percent in FY2009, the highest debt ratio since 1955. Projections indicate the debt ratio may be in the 70-100 percent range within ten years. In many respects, the temptation to inflate away some of this debt burden is similar to that at the end of World War II. In 1946, the debt ratio was 108.6 percent. Inflation reduced this ratio about 40 percent within a decade. Yet there are some important differences -shorter debt m...

  15. 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

  16. Sustainable Economy: Do Not Use The Debt Widely

    Directory of Open Access Journals (Sweden)

    Vladimir Zuev

    2017-12-01

    Full Text Available In this article we consider the issue of debt, which became a global concern, within another global concept – in the context of sustainable development and economic growth. More and more attention is paid to this concept due to urgent necessity for coordination of policies at both national and global levels. The predominant theoretical thinking tends to underestimate the risks. Although a lot have been made towards improving global financial stability after the recent crisis, the risks remain high as new threats and challenges emerge, and the global financial system is still unable to respond to them adequately. Having considered the banking regulation innovations from the perspective of financial security and inclusiveness, we come to conclusion that the global financial reforms are being conducted in the right direction, and the system became more secure, however, not yet sufficiently sustainable. The other idea we come up with is that implementation of financial transaction tax as a tool to discourage excessive speculation without impeding other economic activities, which is the argument opponents of the tax appeal to, seems to be socially responsible measure working for financial stability at the same time. Finally, we also assume that steadily increasing nonfinancial sector debt of the leading economies presents a serious challenge to global financial stability and to sustainable growth. Estimates of the threats to the world economy from unprecedented debt at all levels of economic system are largely inadequate. Effective and inclusive measures to reduce it have not been yet developed. Therefore, the issue of increasing indebtedness should be tackled accordingly. Otherwise, the world economic system appears to become very fragile and unsustainable under the burden of financial imbalances and emerging risks.

  17. Debt Issues and Earnings Management

    Directory of Open Access Journals (Sweden)

    Bianca Piloto Sincerre

    2016-01-01

    Full Text Available ABSTRACT The aim of this paper is to analyze earnings management (EM surrounding debenture issues of companies listed on the BM&FBOVESPA. EM is an intentional intervention in external financial reports in order to obtain some private gain. This practice is especially important at the time of issuing debentures because if earnings are inflated, investors may pay an artificially high price. To measure earnings management, current discretionary accruals were used as a proxy, based on the Modified Jones and Modified Jones with ROA econometric models. All of the regressions considered the fixed effects of the companies and the time series effects of the analyses. Evidence was found that companies inflate their financial results in the issuing period in order to positively influence their investors. The results suggest that there is EM in the quarter preceding the issue (t = - 1, indicating the influence that investors may have been under when making the decision to invest in debentures from these companies. In addition, it was verified that companies with higher debt, profitability, and sales growth ratios have higher levels of earnings management. The reputation of the auditor was not statistically significant regarding reductions in the level of management. The results also show that companies listed on Level II and New Market had higher levels of management when considering the Modified Jones with ROA model. Therefore, it can be concluded that there is a greater level of earnings management in companies that issue debentures in the period preceding the event. Finally, the variable that is directly related to the level of earnings management is sales growth.

  18. Debt and its use among Puerto Rican undergraduate students

    Directory of Open Access Journals (Sweden)

    Alice Abboud Chalhoub

    2015-11-01

    Full Text Available Student debt in the United States has been quickly increasing during the past decade. As to the first quarter of 2014, the student loan debt surpassed credit cards debt and auto loans. Puerto Rico ranks #17 by total debt among the United States and territories. Nonetheless, students in Puerto Rico have an average of $18,000 of student debt, positioning it at the lowest rank by average debt. This paper explores the debt phenomena among Puerto Rican undergraduate students. Specifically, we want to determine if students have debt, and if so, what type and how they spend it. A sample of 194 undergraduate students from a School of Business at a public higher education institution of Puerto Rico was surveyed. Results indicate that 28% of business students have debt. Female students were more susceptible to have debt. Furthermore, top expenses covered by debt are food, education, car expenses, clothing, and entertainment. The results reveal that 90 percent is not receiving counseling about debt management from the financial aid office. From those receiving the financial advising (10 percent, only 2 percent perceive it as useful. These results provide an exploratory look into the debt and its use among Puerto Rican undergraduate students.

  19. Techniques Applied for Accounting of Revenues with Deferred Payments

    Directory of Open Access Journals (Sweden)

    Traian Cristin Nicolae

    2016-01-01

    Full Text Available In accounting of the entities it is not always clear difference between income and gains. Gainsarising from transactions that are associated with the operations that are not ordinary and thatcan sometimes be significant. For example, the headquarters of a company in wich it operates canbe sold later to realize a profit from the sale. An investment company can own because they cangenerate revenue through sales. When properties are sold, the resulting gain will be included in thetotal turnover. Such a society will include properties held in current assets category. Normally,other business records and property and property held any gain from their sale will be reflected inan account that is not part of the turnover. The paper describes specific aspects of accounting ofrevenues from sales with deferred payments.

  20. 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.

  1. Safe enclosure of nuclear facilities during deferred dismantling

    International Nuclear Information System (INIS)

    2002-01-01

    The objective of this Safety Report is to provide information to Member States to help ensure that a nuclear installation that will be or has been placed in a safe enclosure mode is maintained in a safe state until the final dismantling is performed and the facility or site released from regulatory control. This period of time may be referred to as the deferred dismantling, safe enclosure or long term storage period. During this safe enclosure period, control of the radioactive material and any other hazardous material must be maintained and the safety of the general public and the environment ensured. This Safety Report applies to the safe enclosure of large nuclear facilities such as nuclear power plants, research reactors, large research facilities, large manufacturing facilities and some fuel cycle facilities. Safe enclosure is not normally applicable to smaller industrial and medical installations owing to the small amount of radioactive material present and the nature of that material. This Safety Report would not normally be applicable to facilities that contain long lived radionuclides, as there is little benefit in placing them into safe enclosure. For these facilities, immediate dismantling is normally the preferred option. This publication describes the activities and concerns that are considered from the time when the initial decision is taken to defer dismantling activities, to the point when final dismantling commences or resumes. It is an expansion of the guidance provided in three IAEA Safety Guides. This Safety Report discusses methods that can be used to meet safety requirements, describes good practices and gives practical examples. The IAEA has published a Technical Report that provides technical details relating to the safe enclosure strategy

  2. 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.

  3. 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.

  4. 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 ...

  5. 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.

  6. 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.

  7. Influence of the national debt on economic security of Ukraine

    OpenAIRE

    Tkalenko, S.

    2010-01-01

    We investigate essence of the category «economic security», market of internal and external debt of Ukraine. Examined of safety in the field of national debt as component part of economic security of the country, indicators settle accounts in the field of national debt, determined of the threats economic security. Offered of the ways and mechanism of diminishing of indexes of the safety in the field of debt.

  8. Debt renegotiation with incomplete contract

    Directory of Open Access Journals (Sweden)

    Paulo de Melo Jorge Neto

    2005-09-01

    Full Text Available A debt contract usually does not include a provision about renegotiation. The right to seize the borrower’s asset and the rules of this process are usually stipulated in the contract. Such a promise not to renegotiate is not credible since renegotiation can mitigate the dead-weight loss of liquidating insolvent borrowers. Once the initial contract may not consider the renegotiation procedure and renegotiation may occur, this paper investigates why a complete contract is not offered. It shows that the lender does not need to stipulate the renegotiation procedure on the initial contract because he is indifferent about committing or not to the terms of a contract. This indicates that a complete contract gives the lender the same expected return as an incomplete contract, in which the renegotiation process is determined after the occurrence of default.Um contrato de débito geralmente não inclui uma cláusula sobre renegociação. O direito de liquidar os ativos do tomador e as regras do processo são habitualmente estipuladas no contrato. Tal promessa de não renegociar não é crível, já que a renegociação pode mitigar a perda bruta de se liquidar tomadores insolventes. Uma vez que o contrato inicial pode não considerar os procedimentos de renegociação, e esta pode, de fato, vir a ocorrer, este artigo investiga a razão de um contrato completo não ser ofertado. Mostra-se que o emprestador não precisa estipular os procedimentos de renegociação no contrato inicial porque ele é indiferente entre se comprometer ou não aos termos do contrato. Isto indica que um contrato completo dá ao emprestador o mesmo retorno esperado de um contrato incompleto, no qual os procedimentos de renegociação são determinados após a declaração de default.

  9. Debt Change and Marital Satisfaction Change in Recently Married Couples

    Science.gov (United States)

    Dew, Jeffrey

    2008-01-01

    Although recently married couples report debt as one of their top concerns, research has not measured how debt changes relate to changes in their marital satisfaction. Further, the mechanisms that link debt and marital satisfaction are unknown. Findings using the National Survey of Families and Households (N = 1,078 couples) demonstrated that…

  10. 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...

  11. Tough Choices in Tough Times: Debt and Medication Nonadherence

    Science.gov (United States)

    Kalousova, Lucie; Burgard, Sarah A.

    2014-01-01

    Debt is a ubiquitous component of households' financial portfolios. Yet we have scant understanding of how household debt constrains spending on needed health care. Diverse types of debt have different financial properties and recent work has shown that they may have varying implications for spending on needed health care. In this article, we…

  12. 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...

  13. 7 CFR 3.12 - Reporting of consumer debts.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 1 2010-01-01 2010-01-01 false Reporting of consumer debts. 3.12 Section 3.12... 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...

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

    African Journals Online (AJOL)

    Nneka Umera-Okeke

    questions: what is the long-run relationship between external debt and economic growth? Does this link differ ... In endogenous growth models, public debt has an adverse effect on long-run economic growth (Barro,. 1990; Saint-Paul, 1992). Put differently, debt must be settled through future decline in public spending or ...

  15. 78 FR 37719 - Interim Final Determination To Defer Sanctions; California; South Coast Air Quality Management...

    Science.gov (United States)

    2013-06-24

    ... Determination To Defer Sanctions; California; South Coast Air Quality Management District AGENCY: Environmental... Quality Management District's (SCAQMD) portion of the California State Implementation Plan (SIP) published... California submitted the ``South Coast Air Quality Management District Proposed Contingency Measures for the...

  16. 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.

  17. 10 CFR 140.21 - Licensee guarantees of payment of deferred premiums.

    Science.gov (United States)

    2010-01-01

    ... Agencies and Nonprofit Educational Institutions § 140.21 Licensee guarantees of payment of deferred... million for each reactor he is licensed to operate: (a) Surety bond, (b) Letter of credit, (c) Revolving...

  18. The impact of deferred tax on company valuations in the case of mergers

    Directory of Open Access Journals (Sweden)

    Viola Sebestikova

    2017-09-01

    Full Text Available The impact of deferred tax on company valuations in the case of mergers The aim of the paper is to fill the gap in the literature related to the disclosure of relevant deferred tax value in accounting under a merger in relation to the valuation of the participating companies. Apart from a description, methods of analysis, synthesis, and comparison are used in this paper as well. The model example shows possible methods of accounting solutions and their influence on the value of assets with a different approach to this solution. Non-disclosure of deferred tax in the opening balance sheet could have a negative impact on the economic decision-making of the acquiring company. The aim of this paper is also to raise the debate at the international level about the extent to which deferred tax should be reflected in the expert valuation of companies or whether it is a purely accounting problem.

  19. 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

  20. The pricing of bank debt guarantees

    NARCIS (Netherlands)

    Arping, S.

    2009-01-01

    We analyze the optimal pricing of government-sponsored bank debt guarantees within the context of an asset substitution framework. We show that the desirability of fair pricing of guarantees depends on the degree of transparency of the banking sector: in relatively opaque banking systems, fair

  1. 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.

  2. Sovereign debt and bank fragility in Spain

    NARCIS (Netherlands)

    van der Kwaak, C.; van Wijnbergen, S.

    In May 2012 the Spanish government announced a debt-financed recapitalization of the undercapitalized Spanish banking system. Although there was a wide consensus among economists and policymakers that this was key to solving Spain’s economic troubles, both bank CDS and sovereign CDS further

  3. 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.

  4. Carbon debt - Lost in the forest?

    DEFF Research Database (Denmark)

    Bentsen, Niclas Scott

    2014-01-01

    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...

  5. Deeper in Debt: Women and Student Loans

    Science.gov (United States)

    Miller, Kevin

    2017-01-01

    Over the course of the past few decades student loans have become an increasingly common means of paying for a college education. Most students who complete a college program now take on student loans, and the amount of student debt that students assume has increased along with the price of attending college. At this time about 44 million…

  6. A stochastic indicator for sovereign debt sustainability

    NARCIS (Netherlands)

    Lukkezen, J.H.J.|info:eu-repo/dai/nl/358211875; Rojas-Romagosa, Hugo

    2016-01-01

    We propose a stochastic indicator to assess government debt sustainability. This indicator combines the effect of economic uncertainty –represented by stochastic simulations of interest and growth rates– with the expected fiscal response that provides information on the long-term country specific

  7. International Labor Migration and External Debt.

    Science.gov (United States)

    Bustamante, Jorge A.

    1987-01-01

    Mexico and the United States have different perspectives on undocumented migrant workers. Possible solutions to this dilemma are (1) deciding on a common definition; (2) bilateral negotiations on the status of migrant workers; (3) addressing Mexico's external debt and scarce money resources; and (4) addressing the ways the American economy…

  8. Private Placement Debt Financing for Public Entities

    Science.gov (United States)

    Holman, Lance S.

    2010-01-01

    Private placement financing is a debt or capital lease obligation arranged between a municipality or a 501(c) (3) not-for-profit organization and a single sophisticated institutional investor. The investor can be a bank, insurance company, finance company, hedge fund, or high-net worth individual. Private placement financing is similar to…

  9. Debt and Graduation from American Universities

    Science.gov (United States)

    Dwyer, Rachel E.; McCloud, Laura; Hodson, Randy

    2012-01-01

    The goal of "college-for-all" in the United States has been pursued in an environment of rising tuition, stagnant grant aid and already strapped family budgets with the gap filled by college loans. College students are thus facing increasing levels of debt as they seek to develop their human capital and improve their career options. Debt…

  10. Bank and sovereign debt risk

    OpenAIRE

    Darracq Paries, Matthieu; Faia, Ester; Rodriguez-Palenzuela, Diego

    2013-01-01

    Euro area data show a positive connection between sovereign and bank risk, which increases with banks' and sovereign long run fragility. We build a macro model with banks subject to incentive problems and liquidity risk (in the form of liquidity based banks' runs) which provides a link between endogenous bank capital and macro and policy risk. Our banks also invest in risky government bonds used as capital buffer to self-insure against liquidity risk. The model can replicate the positive conn...

  11. Self-Fulfilling Debt Crises in Theory and Practice

    OpenAIRE

    Daniel Cohen; Sébastien Villemot

    2006-01-01

    This paper analyzes econometrically how a country`s post-crisis debt ratio could be forecast, in the aftermath of a debt crisis, from the previous debt-to-GDP ratio. A critical parameter is simply the debt-to-PPP-GDP ratio, where PPP-GDP is, in current international dollars, the Summers-Heston value. In this formulation, this paper shows that the Latin American paradox disappears. This then leads to a simple conclusion: debt crises are more frequent in Latin American countries because they ha...

  12. Using Inflation to Erode the U.S. Public Debt

    OpenAIRE

    Aizenman, Joshua; Marion, Nancy

    2009-01-01

    As a share of GDP, the U.S. Federal debt held by the public exceeds 50 percent in FY2009, the highest debt ratio since 1955. Projections indicate the debt ratio may be in the 70- 100 percent range within ten years. In many respects, the temptation to inflate away some of this debt burden is similar to that at the end of World War II. In 1946, the debt ratio was 108.6 percent. Inflation reduced this ratio about 40 percent within a decade. Yet there are some important differences –short...

  13. 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...

  14. 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.

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

    OpenAIRE

    Priego, Ernesto

    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...

  16. 'Mortgaged lives': the biopolitics of debt and housing financialisation.

    Science.gov (United States)

    García-Lamarca, Melissa; Kaika, Maria

    2016-07-01

    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. We argue that more attention needs to be paid to how funnelling land-related capital flows goes hand in hand with signing off significant parts of future labour, decisionmaking capacity and well-being to mortgage debt repayments. The paper offers two key insights. First, it exemplifies how macroeconomic and policy changes could not have led to the financialisation of housing markets without a parallel biopolitical process that mobilised mortgage contracts to integrate the social reproduction of the workforce into speculative global real-estate practices. Second, it expands the framework of analysis of emerging literature on financialisation and subjectification. Focusing on the mortgage defaults and evictions crisis in Spain, we document how during Spain's 1997-2007 real-estate boom the promise of mortgages as a means to optimise income and wealth enrolled livelihoods into cycles of global financial and real-estate speculation, as home security and future wealth became directly dependent on the fluctuations of financial products, interest rates and capital accumulation strategies rooted in the built environment. When, after 2008 unemployment escalated and housing prices collapsed, mortgages became a punitive technology that led to at least 500 000 foreclosures and over 250 000 evictions in Spain.

  17. 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…

  18. 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.

  19. 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

  20. 77 FR 52721 - Appraisal Subcommittee; Proposed Policy Statements

    Science.gov (United States)

    2012-08-30

    ... Appraisal Reports) and replaces Policy Statement 7 (Prohibition Against Discrimination). Policy Statement 1... preserve essential language concerning independence and ethical standards with deference given to State... Statements discussion on prohibiting discrimination to reflect the Dodd-Frank Act provision that allows...

  1. Deferred imitation and declarative memory in domestic dogs.

    Science.gov (United States)

    Fugazza, Claudia; Miklósi, Adám

    2014-03-01

    This study demonstrates for the first time deferred imitation of novel actions in dogs (Canis familiaris) with retention intervals of 1.5 min and memory of familiar actions with intervals ranging from 0.40 to 10 min. Eight dogs were trained using the 'Do as I do' method to match their own behaviour to actions displayed by a human demonstrator. They were then trained to wait for a short interval to elapse before they were allowed to show the previously demonstrated action. The dogs were then tested for memory of the demonstrated behaviour in various conditions, also with the so-called two-action procedure and in a control condition without demonstration. Dogs were typically able to reproduce familiar actions after intervals as long as 10 min, even if distracted by different activities during the retention interval and were able to match their behaviour to the demonstration of a novel action after a delay of 1 min. In the two-action procedure, dogs were typically able to imitate the novel demonstrated behaviour after retention intervals of 1.5 min. The ability to encode and recall an action after a delay implies that facilitative processes cannot exhaustively explain the observed behavioural similarity and that dogs' imitative abilities are rather based on an enduring mental representation of the demonstration. Furthermore, the ability to imitate a novel action after a delay without previous practice suggests presence of declarative memory in dogs.

  2. Deferring the Decision Point: Treatment Assertions in Neurology Outpatient Consultations.

    Science.gov (United States)

    Toerien, Merran

    2017-08-23

    Recommendations can be implied by asserting some generalisation about a treatment's benefit without overtly directing the patient to take it. Focusing on a collection of assertions in UK neurology consultations, this paper shows that these are overwhelmingly receipted as "merely" doing informing and argues that this is made possible by their ambiguous design: their relatively depersonalised formats convey that the neurologist is simply telling the patient what's available, but the link made between the treatment and the patient's condition implies that it will be of benefit. Thus, assertions, while stopping short of telling the patient what to do, are hearable as recommendation relevant. This delicates balance leaves it up to the patient to respond either to the implied or on-record action (recommending vs. informing). When treated as "merely" doing informing, assertions defer the decision point until the neurologist has done something more. Three main interactional functions of this are identified as follows: (i) indicating the existence of a solution to a concern, without making a decision relevant next; (ii) orienting to the patient's right to choose; and (iii) making "cautious" recommendations.

  3. 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

  4. Financing the clean development mechanism through debt-for-efficiency swaps? Case study evidence from a Uruguayan wind farm project

    DEFF Research Database (Denmark)

    Cassimon, Danny; Prowse, Martin; Essers, Dennis

    2011-01-01

    of the mechanism by China and India, the complex project cycle, and the lack of convincing baselines, little attention has been paid to the financing of CDM projects. In this paper we assess the extent to which CDM projects with public bodies should utilise debt swaps as a form of finance. The paper does...... budget; whether it delivers more resources for climate purposes; whether it has a sizeable effect on overall debt burdens (thereby creating ‘indirect’ benefits); and whether it adheres to the principles of alignment with government policy and systems (key elements within the new aid approach)....

  5. 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.

  6. Budget deficits and public debt

    Directory of Open Access Journals (Sweden)

    Ph. D. Student Ionut Constantin

    2009-05-01

    Full Text Available In the recent decades, the budget deficit has become one of the characteristics of national economies. Furthermore, it finds its dimensions amplification. Despite this, more and more are the economists who dispute the need to balance the budget, arguing the need even the deficit and systematic use of in order to achieve economic equilibrium. Such guidance is substantiated by the need to promote an economic policy which ensures full use of resources and non-inflation economic growth.In these circumstances, balancing the budgest is clearly of secondary importance. In this context, it supported the need to increase expenditure at a pace faster than income growth and, implicitly , to keep budget deficits.

  7. 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.

  8. Rising levels of New Zealand medical student debt.

    Science.gov (United States)

    Verstappen, Antonia; Poole, Phillippa

    2017-06-16

    There is little recent data on the debt levels accrued by New Zealand medical graduates. We aimed to quantify the level of student loan debt accrued by medical graduates upon completion of their medical degree, and to investigate the association of New Zealand Government Student Loan (GSL) debt with gender and age. At graduation each year from 2006-2015, students from one New Zealand medical programme were invited to complete a career intention survey that included information on levels of GSL debt and the number of income sources used. The overall response rate was 83.8%. On average, 92% of domestic students reported having some student loan debt, with 28% a debt of $90,000 or more. The proportion of students reporting a student loan debt of $90,000 or more increased over the period of the study (Pstudents were more likely to have a larger student loan debt than younger students, there was no difference in debt levels by gender. Students with larger student loans were more likely to rely on a larger number of financial sources to fund their studies. New Zealand medical students are carrying higher levels of student loan debt year on year. The effect of this on the future medical workforce is not certain; however, this could be negative if graduates choose to enter careers that are more highly paid over areas of high need. The full impact of large loans on individuals and the health system will take years to determine.

  9. Are current debt relief initiatives an option for scaling up health financing in beneficiary countries?

    Science.gov (United States)

    Kaddar, M; Furrer, E

    2008-11-01

    One central goal of the enhanced Heavily Indebted Poor Countries (HIPC) Initiative and the more recent Multilateral Debt Relief Initiative (MDRI) is to free up additional resources for public spending on poverty reduction. The health sector was expected to benefit from a considerable share of these funds. The volume of released resources is important enough in certain countries to make a difference for priority programmes that have been underfunded so far. However, the relevance of these initiatives in terms of boosting health expenditure depends essentially, at the global level, on the compliance of donors with their aid commitments and, at the domestic level, on the success of health officials in advocating for an adequate share of the additional fiscal space. Advocacy efforts are often limited by a state of asymmetric information whereby some ministries are not well aware of the economic consequences of debt relief on public finances and of the management systems in place to deal with savings from debt relief. A thorough comprehension of these issues seems essential for health advocates to increase their bargaining power and for a wider public to readjust expectations of what debt relief can realistically achieve and of what can be measured. This paper intends to narrow the information gap by classifying debt relief savings management systems observed in practice. We illustrate some of the major advantages and stated drawbacks and outline the policy implications for health officials operating in the countries concerned. There should be careful monitoring of fungibility (i.e. where untraceable funds risk substitution) and additionality (i.e. the extent to which new inputs add to existing inputs at national and international level).

  10. Institutions, public debt and growth in Europe

    Directory of Open Access Journals (Sweden)

    Klaus Masuch

    2017-06-01

    Full Text Available This paper provides empirical evidence that supports the view that the quality of institutions is an important determinant of long-term growth in European countries. It shows that an initial high government debt level coupled with institutional quality below the EU average tends to be associated with particularly poor longterm real growth performance. Interestingly, the detrimental effect of high debt levels on long-term growth seems cushioned by the presence of very sound institutions. The paper offers some evidence that sound institutions may be particularly important for long-term growth in countries in which the exchange rate tool is no longer available and less so in countries with flexible exchange rate regimes. The empirical findings on the importance of institutions are robust to various measures of output growth, different measures of institutional indicators, different sample sizes, different country groupings and to the inclusions of additional control variables.

  11. 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

  12. Brazil's state debt crisis: lessons learned

    OpenAIRE

    Dillinger, William

    1998-01-01

    This note summarizes the chronology of the state debt crisis and the efforts by the Brazilian government to resolve it. It also describes the World Banks efforts to assist in this process through state level adjustment loans. It concludes with lessons. A technical appendix, detailing the loan conditionahty and disbursement mechanism used in the adjustment loans, is attached. Instituto de Investigaciones Económicas

  13. GENDER, DEBT, AND DROPPING OUT OF COLLEGE

    OpenAIRE

    DWYER, RACHEL E.; HODSON, RANDY; MCLOUD, LAURA

    2012-01-01

    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 ...

  14. 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.

  15. 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…

  16. Corporate insurance and debt capacity: Empirical evidence from Italy

    Directory of Open Access Journals (Sweden)

    Fabrizio Santoboni

    2012-11-01

    Full Text Available In banks/enterprises relationships a key role is played by Basel II Framework, which accurately correlates banks’ capital requirement to risks, by stimulating a more precise creditworthiness assessment. As known, the containment of risks inherent in bank financing can be carried out ex ante, through an adequate screening, which allows the proper assessment of enterprises’ economic and financial situation and a sound composition of the total loan portfolio, and ex post, through guarantees, which allow benefiting from a loss reduction only after insolvency has occurred. From this perspective, Basel II Framework brings important changes, since life insurance and surety policy are “eligible” guarantees for Credit Risk Mitigation. Nevertheless, banks could offer a better pricing to borrowers not because they are less risky, but because the whole operation would need a lower capital requirement. Therefore, corporate risks reduction – which would allow, in the absence of credit rationing, a more profitable debt capacity – is necessarily achieved through an appropriate “umbrella insurance”, able to cope with both direct and indirect loss. This work aims at investigating the existence of a “virtuous” relationship among corporate insurance purchases, credit risk and debt capacity. Such aim has been pursued through different steps: review of literature, to identify the reasons of corporate demand for insurance; analysis of Italian enterprises’ corporate insurance purchases; drafting of a questionnaire, to submit to a sample of the main insurance companies working in Italy, intended to identify what kind of role they play in the relation with enterprises and which insurance products they offer; drafting of a questionnaire, to submit to a sample of the main banks working in Italy, intended to investigate whether and how the possession of corporate insurance is taken into consideration in the determination of enterprises

  17. Fiscal Policy and Debt Dynamic: Evidence from Tanzania ...

    African Journals Online (AJOL)

    The PDF file you selected should load here if your Web browser has a PDF reader plug-in installed (for example, a recent version of Adobe Acrobat Reader). If you would like more information about how to print, save, and work with PDFs, Highwire Press provides a helpful Frequently Asked Questions about PDFs.

  18. 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.

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

    Science.gov (United States)

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

    2016-01-01

    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. PMID:28090131

  20. 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.

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

    OpenAIRE

    Abdel Rahman Ahmed Abdel Rahman

    1995-01-01

    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 man...

  2. 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.

  3. 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 student debt causes them 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 Students with a higher level of debt were more likely to worry about their total student loan(s) (P students with a higher level of debt were more likely to be stressed about their total student loan(s) (P student expenses reduces student stress (P Student debt has had an impact on student 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

  4. 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.

  5. 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...

  6. 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....

  7. 76 FR 5070 - Offset of Tax Refund Payments To Collect Delinquent State Unemployment Compensation Debts

    Science.gov (United States)

    2011-01-28

    ... Unemployment Compensation Debts AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Interim...'') to collect delinquent State unemployment compensation debts. The Department of the Treasury (Treasury) will incorporate the procedures necessary to collect State unemployment compensation debts as part of...

  8. 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...

  9. 18 CFR 367.4112 - Account 411.2, Provision for deferred income taxes-Credit, other income and deductions.

    Science.gov (United States)

    2010-04-01

    ... UTILITY HOLDING COMPANY ACT OF 2005, FEDERAL POWER ACT AND NATURAL GAS ACT Income Statement Chart of Accounts Service Company Operating Income § 367.4112 Account 411.2, Provision for deferred income taxes..., Provision for deferred income taxes-Credit, other income and deductions. 367.4112 Section 367.4112...

  10. 18 CFR 367.4111 - Account 411.1, Provision for deferred income taxes-Credit, operating income.

    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 § 367.4111 Account 411.1, Provision for deferred income taxes—Credit, operating..., Provision for deferred income taxes-Credit, operating income. 367.4111 Section 367.4111 Conservation of...

  11. 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...

  12. 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

  13. 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…

  14. 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,…

  15. The Substitutability of Debt and Non-debt Tax Shields and their ...

    African Journals Online (AJOL)

    The influence of taxes on financial decisions has been a focus of an enormous body of corporate finance research for decades. There is no doubt that the deductibility of interest paid on debt by a company, shields that company, shields that company from part of the tax burden. This is probably one of the major reasons for ...

  16. 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.

  17. Debt and taxes for private firms

    DEFF Research Database (Denmark)

    Bartholdy, Jan; Mateus, Cèsario

    2011-01-01

    This paper tests for "pecking order" financing of small and medium size firms. The main sources and "pecking order" of financing for SMEs are equity (internally generated cash), trade credit paid on time, credit provided by institutions such as banks and leasing companies, other sources of debt...... and delayed payment on trade credit. The "pecking order" of financing is driven by the costs of asymmetric information (cost of gathering and analysing information) and financial distress costs. Empirical tests do not confirm that SMEs follow a pecking order....

  18. Making a Voluntary Greek Debt Exchange Work

    OpenAIRE

    Gulati, Mitu; Zettelmeyer, Jeromin

    2012-01-01

    Within the next few months, the Greek government, is supposed to persuade private creditors holding about EUR 200bn in its bonds to voluntarily exchange their existing bonds for new bonds that pay roughly 50 percent less. This may work with large creditors whose failure to participate in a debt exchange could trigger a Greek default, but may not persuade smaller creditors, who will be told that their claims will continue to be fully serviced if they do not participate in the exchange. This pa...

  19. 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...

  20. Intergenerational risk-sharing through funded pensions and public debt

    NARCIS (Netherlands)

    Chen, D.H.J.; Beetsma, R.M.W.J.; Ponds, E.H.M.; Romp, W.E.

    2016-01-01

    We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt. We use a multi-period overlapping generation model with a pay-as-you-go pension pillar, a funded pension pillar and a government. Shocks are smoothed via the public debt and

  1. Intergenerational risk-sharing through funded pensions and public debt

    NARCIS (Netherlands)

    Chen, D.H.J.; Beetsma, R.M.W.J.; Ponds, E.H.M.; Romp, W.E.

    We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt. We use a multi-period overlapping generation model with a pay-as-you-go pension pillar, a funded pension pillar and a government. Shocks are smoothed via the public debt and

  2. 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 ...

  3. Money, Fiscal Defecits and Government Debt in a Monetary Union

    NARCIS (Netherlands)

    van Aarle, B.; Bovenberg, A.L.; Raith, M.

    1996-01-01

    The replacement of national currencies by a common currency in the EMU causes a monetary externality if the European Central Bank is inclined to monetize part of outstanding government debt in the community.High government debt in one part of the EU then increases the common inflation rate.We model

  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. 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, ...

  6. Agricultural growth and external debt management in developing ...

    African Journals Online (AJOL)

    Agricultural revenue has not been able to sustain the external debt in Nigeria despite the effort made by the government in facilitating its projects using the external funds. This study adopted external debt elasticity indices as well as an ordinary least square analysis and error correction mechanism to isolate the effect of ...

  7. 12 CFR 16.6 - Sales of nonconvertible debt.

    Science.gov (United States)

    2010-01-01

    ... that provides the OCC the information specified in Commission Rule 12g3-2(b) need not incorporate that... offered and sold only to accredited investors; (3) The debt is sold in minimum denominations of $250,000... nonconvertible debt issued by a federal branch or agency of a foreign bank need not need comply with the...

  8. Sovereign Debt Crises in Latin America : A Market Pressure Approach

    NARCIS (Netherlands)

    Boonman, Tjeerd M.; Jacobs, Jan P. A. M.; Kuper, Gerard H.

    2015-01-01

    We construct a continuous sovereign debt crisis index for four large Latin American countries for the period 1870-2012. To obtain the optimal set of indicators and the optimal value of the threshold for dating crises we apply the receiver operating characteristic (ROC) curve. Our sovereign debt

  9. Sovereign debt crises in Latin America : A market pressure approach

    NARCIS (Netherlands)

    Boonman, T.M.; Jacobs, J.P.A.M.; Kuper, G.H.

    2013-01-01

    We construct a continuous sovereign debt crisis index for four large Latin American countries for the period 1870-2012. Our sovereign debt crisis index is similar to the Exchange Market Pressure Index for currency crises, and the Money Market Pressure Index for banking crises. To obtain the optimal

  10. 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…

  11. 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 ...

  12. Effects of agricultural production on external debt management in ...

    African Journals Online (AJOL)

    This study evaluated the effects of agricultural production on external debt management in Nigeria's for the period (1970-2003). Secondary data were ... The coefficient of multiple determination (R2) is 0.99 thus showing that 99% of the variations in external debt were explained by the independent variables. In relation to ...

  13. Capital flight and external debt relationships in Tanzania before the ...

    African Journals Online (AJOL)

    Capital flight and external debt relationships in Tanzania before the enhanced HIPC debt initiative. Hamisi H Mwinyimvua, Wilhelm M Ngasamiaku. Abstract. No Abstract. African Journal of Finance and Management Vol. 14(2) 2006: 19-42. Full Text: EMAIL FULL TEXT EMAIL FULL TEXT · DOWNLOAD FULL TEXT ...

  14. 77 FR 54808 - Integrated Hedging Transactions of Qualifying Debt

    Science.gov (United States)

    2012-09-06

    ... percent of the remaining currency flow with respect to the qualifying debt instrument that was part of the... remaining currency flow with respect to the qualifying debt instrument that was part of the qualified...), the pound borrowing and currency swap cannot be part of a qualified hedging transaction for any period...

  15. 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

  16. 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

  17. 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.

  18. 'Strange money': risk, finance and socialized debt.

    Science.gov (United States)

    Dodd, Nigel

    2011-03-01

    This paper explores an essential but neglected aspect of recent discussions of the banking and financial system, namely money itself. Specifically, I take up a distinction drawn by Susan Strange which has never been fully elaborated: between a financial system that is global, and an international monetary system that remains largely territorial. I propose a sociological elaboration of this distinction by examining each category, 'finance' and 'money', in terms of its distinctive orientation to risk and debt. Money is distinguished by its high degree of liquidity and low degree of risk, corresponding to expectations that derive from its status as a 'claim upon society'- a form of socialized debt. But as Strange argued, these features of money are being undermined by the proliferation of sophisticated instruments of financial risk management -'strange money'- that, as monetary substitutes, both weaken states' capacity to manage money, and more broadly, contribute to 'overbanking'. The ultimate danger, according to Strange, is the 'death of money'. The paper concludes by exploring the implications of the distinction for sociological arguments about the changing nature of money. © London School of Economics and Political Science 2011.

  19. The African Union at Ten Years Old: A Dream Deferred! | Mbeki ...

    African Journals Online (AJOL)

    In his famous poem, 'Harlem', first published in 1951, the eminent African American poet, writer, thinker and activist, Langston Hughes, asked challenging questions when he wrote: What happens to a dream deferred? Does it dry up like a raisin in the sun? Or fester like a sore – And then run? Does it stink like rotten meat?

  20. 34 CFR 674.34 - Deferment of repayment-Federal Perkins loans, NDSLs and Defense loans.

    Science.gov (United States)

    2010-07-01

    ... may defer making a scheduled installment repayment on a Federal Perkins loan, an NDSL, or a Defense loan, regardless of contrary provisions of the borrower's promissory note and regardless of the date... money, gifts, loans, housing, food, clothes, car, medical and dental care, and payment of college costs...

  1. 75 FR 25856 - Release of Exposure Draft on Definitional Changes Related to Deferred Maintenance and Repairs...

    Science.gov (United States)

    2010-05-10

    ... Property, Plant, and Equipment. The proposed Exposure Draft represents a first step toward improving... Related to Deferred Maintenance and Repairs: Amending SFFAS 6, Accounting for Property, Plant, and Equipment AGENCY: Federal Accounting Standards Advisory Board. ACTION: Notice. Board Action: Pursuant to 31...

  2. 27 CFR 26.104 - Deferred payment of tax-release of beer.

    Science.gov (United States)

    2010-04-01

    ...-release of beer. 26.104 Section 26.104 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND... ISLANDS Taxpayment of Liquors and Articles in Puerto Rico Beer § 26.104 Deferred payment of tax—release of beer. (a) Action by brewer. Where the brewer has furnished bond on Form 2898, and payment of the tax is...

  3. 26 CFR 1.453-4 - Sale of real property involving deferred periodic payments.

    Science.gov (United States)

    2010-04-01

    ... selling price has been paid, and (2) sales in which there is an immediate transfer of title, the vendor... purchaser) do not exceed 30 percent of the selling price, or (2) Deferred-payment sales of real property in... during the taxable year in which the sale is made exceed 30 percent of the selling price. (c...

  4. Applying a Stochastic Financial Planning System to an Individual: Immediate or Deferred Life Annuities?

    DEFF Research Database (Denmark)

    Konicz, Agnieszka Karolina; Mulvey, John M.

    2013-01-01

    Individuals are often faced with financial decisions that have long-term implications for themselves and their families, but they have few sources of unbiased assistance. The authors suggest that a stochastic financial planning system, properly constructed and calibrated, can be applied to a number...... deferred life annuities, and who might most benefit from such a purchase....

  5. 75 FR 22813 - Guidance for Industry: Requalification Method for Reentry of Blood Donors Deferred Because of...

    Science.gov (United States)

    2010-04-30

    ... blood components intended for transfusion, with recommendations for a requalification method or process...] 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...

  6. 78 FR 10554 - Interim Final Determination To Stay and Defer Sanctions, Sacramento Metropolitan Air Quality...

    Science.gov (United States)

    2013-02-14

    ... ENVIRONMENTAL PROTECTION AGENCY 40 CFR Part 52 [EPA-R09-OAR-2013-0064; FRL-9777-8] Interim Final Determination To Stay and Defer Sanctions, Sacramento Metropolitan Air Quality Management District AGENCY... on a proposed approval of a revision to the Sacramento Metropolitan Air Quality Management District...

  7. 27 CFR 26.95 - Deferred payment of tax-release of wine.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Deferred payment of tax-release of wine. 26.95 Section 26.95 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF THE TREASURY LIQUORS LIQUORS AND ARTICLES FROM PUERTO RICO AND THE VIRGIN ISLANDS Taxpayment of Liquors and Articles in...

  8. Deferred and Income-Contingent Tuition Fees: An Empirical Assessment Using Belgian, German and UK Data

    Science.gov (United States)

    Vandenberghe, V.; Debande, O.

    2007-01-01

    This paper is a numerical exploration of the following. Assume, in the European Union context, that decision-makers want to spend more on higher education via higher tuition fees, but also want payments to be deferred and income-contingent. There are several possible ways to achieve this. First, ask graduates to repay a fixed amount each year if…

  9. 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

    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...

  10. 78 FR 50119 - Submission for Review: Application for Deferred or Postponed Retirement; Federal Employees...

    Science.gov (United States)

    2013-08-16

    ... written comments on the proposed information collection to the U.S. Office of Personnel Management.... Office of Personnel Management. Elaine Kaplan, Acting Director. BILLING CODE 6325-38-P ... MANAGEMENT Submission for Review: Application for Deferred or Postponed Retirement; Federal Employees...

  11. 76 FR 76046 - Interim Final Determination To Defer Sanctions, San Joaquin Valley Unified Air Pollution Control...

    Science.gov (United States)

    2011-12-06

    ... approval of revisions to the San Joaquin Valley Unified Air Pollution Control District (SJVUAPCD or... Valley Unified Air Pollution Control District (``SJVUAPCD'' or ``District'') Rules 2020 (Exemptions) and... AGENCY 40 CFR Part 52 Interim Final Determination To Defer Sanctions, San Joaquin Valley Unified Air...

  12. 76 FR 45199 - Interim Final Determination To Defer Sanctions, San Joaquin Valley Unified Air Pollution Control...

    Science.gov (United States)

    2011-07-28

    ... of revisions to the San Joaquin Valley Unified Air Pollution Control District (SJVUAPCD) portion of... Subjects in 40 CFR Part 52 Environmental protection, Air pollution control, Incorporation by reference... AGENCY 40 CFR Part 52 Interim Final Determination To Defer Sanctions, San Joaquin Valley Unified Air...

  13. 34 CFR 535.55 - What is the length of the deferment of repayment?

    Science.gov (United States)

    2010-07-01

    ... 34 Education 3 2010-07-01 2010-07-01 false What is the length of the deferment of repayment? 535.55 Section 535.55 Education Regulations of the Offices of the Department of Education (Continued) OFFICE OF BILINGUAL EDUCATION AND MINORITY LANGUAGES AFFAIRS, DEPARTMENT OF EDUCATION BILINGUAL EDUCATION...

  14. 34 CFR 535.54 - Under what circumstances is repayment deferred?

    Science.gov (United States)

    2010-07-01

    ... 34 Education 3 2010-07-01 2010-07-01 false Under what circumstances is repayment deferred? 535.54 Section 535.54 Education Regulations of the Offices of the Department of Education (Continued) OFFICE OF BILINGUAL EDUCATION AND MINORITY LANGUAGES AFFAIRS, DEPARTMENT OF EDUCATION BILINGUAL EDUCATION: GRADUATE...

  15. 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.

  16. Pension Accounting and Reporting with Other Comprehensive Income and Deferred Taxes: A Worksheet Approach

    Science.gov (United States)

    Jackson, Robert E.; Sneathen, L. Dwight, Jr.; Veal, Timothy R.

    2012-01-01

    This instructional tool presents pension accounting using a worksheet approach where debits equal credits for both the employer and for the plan. Transactions associated with the initiation of the plan through the end of the second year of the plan are presented, including their impact on accumulated other comprehensive income and deferred taxes.…

  17. A feasibility study of immediate versus deferred antiretroviral therapy in children with HIV infection

    Directory of Open Access Journals (Sweden)

    Ubolyam Sasiwimol

    2008-10-01

    Full Text Available Abstract Objective To evaluate the feasibility of a large immediate versus deferred antiretroviral therapy (ART study in children. Methods We conducted an open-label pilot randomized clinical trial study in 43 Thai children with CD4 15 to 24% of starting generic AZT/3TC/NVP immediately (Arm 1 or deferring until CD4 Results Recruitment took 15 months. Twenty-six of 69 (37.7% were not eligible due mainly to low CD4%. Twenty four and 19 were randomized to arms 1 and 2 respectively. All accepted the randomized arm; however, 3 in arm 1 stopped ART and 1 in arm 2 refused to start ART. Ten/19 (53% in arm 2 started ART. At baseline, median age was 4.8 yrs, CDC A:B were 36:7, median CD4 was 19% and viral load was 4.8 log. All in arm 1 and 17/19 in arm 2 completed the study (median of 134 weeks. No one had AIDS or death. Four in immediate arm had tuberculosis. Once started on ART, deferred arm children achieved similar CD4 and viral load response as the immediate arm. Adverse events were similar between arms. The deferred arm had a 26% ART saving. Conclusion Almost 40% of children were not eligible due mainly to low CD4% but adherence to randomized treatment and retention in trial were excellent. A larger study to evaluate when to start ART is feasible.

  18. 48 CFR 252.227-7027 - Deferred ordering of technical data or computer software.

    Science.gov (United States)

    2010-10-01

    ... technical data or computer software. 252.227-7027 Section 252.227-7027 Federal Acquisition Regulations... data or computer software. As prescribed at 227.7103-8(b), use the following clause: Deferred Ordering of Technical Data or Computer Software (APR 1988) In addition to technical data or computer software...

  19. 48 CFR 252.227-7026 - Deferred delivery of technical data or computer software.

    Science.gov (United States)

    2010-10-01

    ... technical data or computer software. 252.227-7026 Section 252.227-7026 Federal Acquisition Regulations... data or computer software. As prescribed at 227.7103-8(a), use the following clause: Deferred Delivery of Technical Data or Computer Software (APR 1988) The Government shall have the right to require, at...

  20. Deference, Denial, and Beyond: A Repertoire Approach to Mass Media and Schooling

    Science.gov (United States)

    Rymes, Betsy

    2011-01-01

    In this article, the author outlines two general research approaches, within the education world, to these mass-mediated formations: "Deference" and "Denial." Researchers who recognize the social practices that give local meaning to mass media formations and ways of speaking do not attempt to recontextualize youth media in their own social…

  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. Technical Debt at the Crossroads of Research and Practice: Report on the Fifth International Workshop on Managing Technical Debt

    Science.gov (United States)

    2014-03-01

    crisper by highlighting the following considerations. Technical debt [6]  reifies an abstract concept  is not simply bad quality  can be...6 (2012), 18-21. [6] P. Kruchten, R. L. Nord, I. Ozkaya, and D. Falessi. Technical debt: towards a crisper definition; report on the 4th

  3. Unsustainable Public Debt in a European Fiscal Union?

    Directory of Open Access Journals (Sweden)

    Gábor Kutasi

    2017-03-01

    Full Text Available Some EU members faced years of crisis in the first half of the 2010s with an excessive initial public debt, but several others had broad room for fiscal timulus. However, the prolonged duration of the European economic depression expended public budgets, while exhausting stimulus policies and sovereign solvency. Meanwhile, one of the ways out of depression is a proposed centralization of the EU through fiscal union. Are the eurozone countries readyto participate in a risk pool in public finances? The study seeks to answer this question. The article presents the hypothesis that the sustainability of public finances deteriorated during the global and euro crisis in the majority of the eurozone member countries and in the EU, and this phenomenon is discouragingthe core countries from seeking the fiscal union. The analysis uses the Blanchard indicators of fiscal sustainability and the sovereign risk rating of the EURO-18 and EU-28 countries. The analysis presents as results a theoretical summary of fiscal sustainability, the development of fiscal sustainability in the EU member states, indicators of convergence or divergence of fiscal sustainability in the Community, and conclusions based on the indicators of the likelihood of a fiscal union.

  4. THE CONTAGION EFFECT AND THE RESPONSE OF THE EUROZONE TO THE SOVEREIGN DEBT PROBLEM

    Directory of Open Access Journals (Sweden)

    Claudiu Peptine

    2013-09-01

    Full Text Available This paper addresses a number of phenomena that characterize the euro area, one of them being the contagion effect. This is one of the mechanisms by which financial instability becomes so widespread that the crisis reached global dimensions. The following lines argue that contagion plays a crucial role in exacerbating the sovereign debt problems in the Eurozone. Consequently, the management of the crisis by the competent authorities should focus on policy measures that are able to mitigate the contagion. Therefore, many of the European Central Bank interventions (ECB in the European Union were motivated by the need for understanding and mitigating the contagion phenomenon.

  5. 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.

  6. The potential benefits and drawbacks of deferring the decommissioning of nuclear facilities

    International Nuclear Information System (INIS)

    Nash, R.; Pomfret, D.G.

    2000-01-01

    The need to decommission redundant plants or sites at the end of operations is accepted throughout the industry, by the timing of such work requires careful consideration. In a world where political issues dominate, safety and business drivers are often only two of the inputs, and it is therefore imperative that industry is clear in its understanding of the different drivers that affect this issue. Issues are; 1. The formal positions adopted by governments and regulators are often directed at specifically to water reactors. Should other types of facilities be constrained by the same policies? 2. Political drivers can be dominated by short to medium term considerations. Can we encourage long term strategic planning, and ? 3. The failings of the industry (especially accidents) and fear of nuclear weapons can often dominate public perception. Can industry counter these adverse associations? The key benefits relate to better risk management (especially if the radiological inventory was minimised at plant closure). Extending the decommissioning programme does allow dose reductions to take place, especially if short-lived isotopes are involved. Other benefits include more time is allowed for optioneering and planning of the decommissioning processes. This time frame also gives opportunity to develop new or better technologies. With proper control, political strategies can be developed and financial planning can take place. The concern of 'Will there be enough money to fund decommissioning' can become 'A little funding set aside early, and properly managed, can pay for decommissioning in the future'. Savings in dose, impact on the environment, and money can be achieved through a well-managed deferred programme. An extended programme of decommissioning demands the political will and the infrastructure to remain in place over a long period. Tied in to this is the need to keep money available for a long time, and to be able to retain and recover the relevant knowledge

  7. The Student Debt Dilemma: Debt Aversion as a Barrier to College Access

    OpenAIRE

    Burdman, Pamela

    2005-01-01

    Though the rise in college student debt often has been blamed on rising tuition, a radical shift in student financial aid--from a system relying primarily on need-based grants to one dominated by loans--has been equally important. Numerous reports have highlighted the burdens faced by students who borrow large sums, but less is known about students who are averse to borrowing. For these students, the increasing prominence of loans could actually narrow their options and decrease their chances...

  8. 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.

  9. 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.

  10. International employment policies: employment and stabilisation in Mexico.

    OpenAIRE

    Mertens L

    1986-01-01

    ILO pub-WEP pub. Working paper on the impact of stabilization and adjustment policies (economic policy) on employment, Mexico, prospects for the 1980s - examines the transition from import substitution industrialization to an economic model based on export oriented industry, structural changes and subsequent financial collapse (financial policy), economic growth performance, 1978-1981, the external debt crisis, etc. Bibliography, statistical tables.

  11. STATE BUDGET AND FISCAL POLICY INSTRUMENTS TO ACHIEVE ITS

    Directory of Open Access Journals (Sweden)

    Haralambie George Alin

    2010-12-01

    Full Text Available This paper presents the tools for carrying out the fiscal budget in Romania. An effective fiscal policy involves increasing budget revenues and reduce their costs of collection. Public expenditure, taxes and debt are tools of fiscal policy to achieve economic stability budget. They are also presented the inter dependencies between fiscal policy and budget.

  12. 18 CFR 367.4280 - Account 428, Amortization of debt discount and expense.

    Science.gov (United States)

    2010-04-01

    ..., Amortization of debt discount and expense. 367.4280 Section 367.4280 Conservation of Power and Water Resources....4280 Account 428, Amortization of debt discount and expense. (a) This account must include the amortization of unamortized debt discount and expense on outstanding long-term debt. Amounts charged to this...

  13. 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...

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

    African Journals Online (AJOL)

    user

    2013-07-07

    Jul 7, 2013 ... According to Debt Management Office (DMO, 2006), Nigeria spent over $32 billion for debt services between 1985 and 2001. Apparently, greater revenue of the country was devoted in servicing her debt thus playing down investment capital and economic growth in the country. However, Nigeria had a debt ...

  15. Habitat destruction and the extinction debt revisited

    Energy Technology Data Exchange (ETDEWEB)

    Loehle, C.

    1996-02-01

    A very important analysis of the problem of habitat destruction concluded that such destruction may lead to an extinction debt, which is the irreversible loss of species following a prolonged transient or delay. An error in interpretation of this model led the authors to apply the results to all types of habitat destruction, but in fact the model applies only to an across-the-board decrease in fecundity, not to disturbances. For repeated, spatially random disturbance, a different model applies. For habitat destruction on regional scales (reduction in ecosystem area without disturbance in remnant areas), one must, in contrast, apply species-area relations based on the distribution of different habitat types (e.g., elevational and rainfall gradients, physiographic and edaphic variability). The error in interpretation of the basic model is presented, followed by clarification of model usage and development of a new model that applies to disturbance events.

  16. Brief history of US debt limits before 1939.

    Science.gov (United States)

    Hall, George J; Sargent, Thomas J

    2018-03-05

    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.

  17. 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.

  18. Cyclical Demand and the Choice of Debt Maturity.

    OpenAIRE

    Emery, Gary W

    2001-01-01

    This study provides a model in which a supplier's use of short- and long-term debt depends on the demand for its product. The model predicts that suppliers use short-term debt to match their assets' and liabilities' maturities and that their incentive to do so is stronger, the larger the term premium. The model also predicts that the use of short-term debt increases the amplitudes of the supplier's investment, production, and sales cycles. These changes occur because the use of short-term deb...

  19. 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.

  20. 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...

  1. 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...

  2. 29 CFR 100.603 - Debts that are covered.

    Science.gov (United States)

    2010-07-01

    ... whole or in part on conduct in violation of the antitrust laws; (4) A debt under the Internal Revenue... fraud, false claims, misrepresentation, or which violate antitrust laws will be promptly referred to the...

  3. 76 FR 34385 - Program Integrity: Gainful Employment-Debt Measures

    Science.gov (United States)

    2011-06-13

    ... place on provisional certification an institution that has one or more of its programs determined to be... improving their performance, graduate programs, and medical and dental programs); (4) Measuring debt burdens...

  4. 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.

  5. 4 CFR 25.9 - Soliciting, vending, and debt collection.

    Science.gov (United States)

    2010-01-01

    ... alms, commercial or political soliciting, and vending of all kinds, displaying or distributing commercial advertising, or collecting private debts in the GAO Building is prohibited. This rule does not...

  6. 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 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

  7. 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

  8. 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

  9. 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

    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 relative to peers

  10. 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...

  11. Validation of a spectrophotometer-based method for estimating daily sperm production and deferent duct transit.

    Science.gov (United States)

    Froman, D P; Rhoads, D D

    2012-10-01

    The objectives of the present work were 3-fold. First, a new method for estimating daily sperm production was validated. This method, in turn, was used to evaluate testis output as well as deferent duct throughput. Next, this analytical approach was evaluated in 2 experiments. The first experiment compared left and right reproductive tracts within roosters. The second experiment compared reproductive tract throughput in roosters from low and high sperm mobility lines. Standard curves were constructed from which unknown concentrations of sperm cells and sperm nuclei could be predicted from observed absorbance. In each case, the independent variable was based upon hemacytometer counts, and absorbance was a linear function of concentration. Reproductive tracts were excised, semen recovered from each duct, and the extragonadal sperm reserve determined by multiplying volume by sperm cell concentration. Testicular sperm nuclei were procured by homogenization of a whole testis, overlaying a 20-mL volume of homogenate upon 15% (wt/vol) Accudenz (Accurate Chemical and Scientific Corporation, Westbury, NY), and then washing nuclei by centrifugation through the Accudenz layer. Daily sperm production was determined by dividing the predicted number of sperm nuclei within the homogenate by 4.5 d (i.e., the time sperm with elongated nuclei spend within the testis). Sperm transit through the deferent duct was estimated by dividing the extragonadal reserve by daily sperm production. Neither the efficiency of sperm production (sperm per gram of testicular parenchyma per day) nor deferent duct transit differed between left and right reproductive tracts (P > 0.05). Whereas efficiency of sperm production did not differ (P > 0.05) between low and high sperm mobility lines, deferent duct transit differed between lines (P < 0.001). On average, this process required 2.2 and 1.0 d for low and high lines, respectively. In summary, we developed and then tested a method for quantifying male

  12. Overstory cohort survival in an Appalachian hardwood deferment cutting: 35-year results

    Science.gov (United States)

    John P. Brown; Melissa A. Thomas-Van Gundy; Thomas M. Schuler

    2018-01-01

    Deferment cutting is a two-aged regeneration method in which the majority of the stand is harvested and a dispersed component of overstory trees—approximately 15–20% of the basal area – is retained for at least onehalf rotation and up one full rotation for reasons other than regeneration. Careful consideration of residual trees, in both characteristics and harvesting,...

  13. 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.

  14. A Study of Pediatricians' Debt Repayment a Decade After Completing Residency.

    Science.gov (United States)

    Cull, William L; Katakam, Shesha K; Starmer, Amy Jost; Gottschlich, Elizabeth A; Miller, Ashley A; Frintner, Mary Pat

    2017-11-01

    Pediatricians' education debt has been increasing. Less is known about the pace of their debt repayment. The authors examined patterns of debt repayment for pediatricians who completed residency from 2002-2004. The authors analyzed weighted 2013 survey data from the American Academy of Pediatrics Pediatrician Life and Career Experience Study. They categorized participants based on education debt level at residency completion ($0; $1-$49,999; $50,000-$99,999; $100,000-$149,999; ≥ $150,000) and explored debt repayment and well-being by starting debt group using multivariable logistic regression. Of 830 pediatricians surveyed, 266 (32%) had no starting debt and 166 (20%) had ≥ $150,000 in starting debt. A decade after residency, the percentage of participants who completely repaid their debt varied from 76% (68/89) of those with $1-$49,999 of starting debt to 15% (25/164) of those with ≥ $150,000 of starting debt. The percentage of participants concerned about their debt increased with starting debt level, with over half of those in the highest group concerned. Starting debt was associated with all examined measures of debt repayment and with recent financial difficulties among those in the two highest debt groups ($100,000-$149,999: adjusted odds ratio = 3.82, confidence interval = 1.17-12.43; ≥ $150,000: adjusted odds ratio = 4.55, confidence interval = 1.47-14.14). A decade after completing residency, pediatricians had made progress repaying their debt, yet many still expressed concern, especially those with the greatest amount of starting debt. As debt levels continue to increase, these issues could worsen.

  15. Statistical deferred weighted [Formula: see text]-summability and its applications to associated approximation theorems.

    Science.gov (United States)

    Pradhan, T; Paikray, S K; Jena, B B; Dutta, H

    2018-01-01

    The notion of statistical weighted [Formula: see text]-summability was introduced very recently (Kadak et al. in Appl. Math. Comput. 302:80-96, 2017). In the paper, we study the concept of statistical deferred weighted [Formula: see text]-summability and deferred weighted [Formula: see text]-statistical convergence and then establish an inclusion relation between them. In particular, based on our proposed methods, we establish a new Korovkin-type approximation theorem for the functions of two variables defined on a Banach space [Formula: see text] and then present an illustrative example to show that our result is a non-trivial extension of some traditional and statistical versions of Korovkin-type approximation theorems which were demonstrated in the earlier works. Furthermore, we establish another result for the rate of deferred weighted [Formula: see text]-statistical convergence for the same set of functions via modulus of continuity. Finally, we consider a number of interesting special cases and illustrative examples in support of our findings of this paper.

  16. 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

  17. Bad debt is (not a bad friend

    Directory of Open Access Journals (Sweden)

    Zavišić Aleksandar

    2016-01-01

    Full Text Available Investing in distressed debt is a less known investment strategy of astute investors. Bonds with uncertain cash flow are the subject of their focus, especially in the Anglo-Saxon financial systems. The range of realized rates of return is very wide and retail investors are out of the game. One aspect of this strategy are investments in non-performing loans, that is the purchase of distressed loans at a discount. It does not take a genius to see that one of the reasons of insolvency in the Serbian economy is the long-standing low economic growth in Serbia, in the region and in Europe. High systemic risk coupled with the inefficient bankruptcy process and out-of-court restructuring are the context in which the problem of non-performing loans is to be solved. A series of other factors related to banks, real estate market, tax considerations, as well as the lack of supportive actions to prevent the increase of non-performing loans act as additional constraints. In mid-2015, a strategy was adopted in Serbia, which recognized this silent and prolonged crisis that has been accumulating within the banking system.

  18. Prognosis of deferred non-culprit lesions according to fractional flow reserve in patients with acute coronary syndrome.

    Science.gov (United States)

    Lee, Joo Myung; Choi, Ki Hong; Koo, Bon-Kwon; Shin, Eun-Seok; Nam, Chang-Wook; Doh, Joon-Hyung; Hwang, Doyeon; Park, Jonghanne; Zhang, Jinlong; Lim, Hong-Seok; Yoon, Myeong-Ho; Tahk, Seung-Jea

    2017-10-13

    There are limited data on the prognosis of deferred non-culprit lesions in patients with acute coronary syndrome (ACS) based on fractional flow reserve (FFR). We aimed to investigate the prognosis of deferred non-culprit lesions in ACS patients, compared with deferred lesions in patients with stable coronary artery disease (SCAD), on the basis of FFR. The clinical outcomes of 449 non-culprit lesions (301 patients with ACS) were compared with 2,484 lesions (1,295 patients with SCAD) in which revascularisation was deferred on the basis of a high FFR (>0.80). The primary outcome was major adverse cardiac events (MACE), a composite of cardiac death, target vessel-related myocardial infarction (MI) and ischaemia-driven revascularisation. Among the ACS population, 65.8% presented with unstable angina and 34.2% with non-ST-segment elevation MI. Mean angiographic percent diameter stenosis and FFR of the deferred lesions were 39.3±15.0% and 0.92±0.06, respectively. During the median follow-up duration of 722.0 days, the deferred non-culprit lesions of ACS patients showed a significantly higher rate of MACE (3.8% vs. 1.6%, HRadj 2.97, 95% CI: 1.23-7.17, p=0.016), mainly driven by the higher rate of ischaemia-driven revascularisation (2.8% vs. 1.1%, HRadj 3.39, 95% CI: 1.29-8.92, p=0.013) than the deferred lesions in SCAD patients. Regardless of the range of FFR in the deferred lesions (0.81-0.85, 0.86-0.90, 0.91-0.95, and 0.95-1.00), non-culprit lesions of ACS showed a more than twofold higher rate of MACE than that of SCAD. In a multivariable marginal Cox model, ACS was the most powerful independent predictor of MACE (HRadj 2.74, 95% CI: 1.13-6.64, p=0.026). Compared to the deferred lesions of SCAD patients, deferred non-culprit lesions of ACS on the basis of FFR showed a higher rate of clinical events, regardless of FFR range.

  19. 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.

  20. 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.

  1. Prize level and debt size: impact on gambling behaviour.

    Science.gov (United States)

    Crewe-Brown, Courtney; Blaszczynski, Alex; Russell, Alex

    2014-09-01

    No studies to date have specifically determined the relationship between prize levels, debt size, and impulsivity on reported gambling behaviour on Electronic Gaming Machines (EGM). The present study reports the findings of a pilot study designed to investigate whether or not the likelihood of increasing the size of a bet was related to the level of prize offered and personal debt. The sample consisted of 171 first year psychology students (61 males and 120 females). Participants completed a series of gambling vignettes designed to elicit data on reported bet size according to different prize levels and debt sizes; the Eysenck Impulsivity Scale (Eysenck and Eysenck 1977); the Canadian Problem Gambling Index; and an author-constructed questionnaire eliciting data on demographic and gambling behaviours. Results indicated that as prize levels increase the odds (relative risk) of an individual placing a bet on an EGM and the amount of money reportedly bet tends to increase. A negative relationship between debt size and reported gambling behaviour moderated by prize level was found. No differences were found in the odds of placing a bet according to impulsivity. It was concluded that prize and debt sizes do influence propensities to gamble and level of bets. The findings have implications for restricting jackpot and general prize levels as a responsible gambling strategy designed to reduce motivations to gamble.

  2. Debt-maturity structures should match risk preferences.

    Science.gov (United States)

    Gapenski, L C

    1999-12-01

    Key to any debt-maturity matching strategy is financing assets with the appropriate debt structure. Financial managers need to establish an optimal capital structure and then choose the best maturity-matching structure for their debt. Two maturity-matching strategies that are available to healthcare financial managers are the accounting approach and the finance approach. The accounting approach, which defines asset maturities as current or fixed, is a riskier financing strategy than the finance approach, which defines asset maturities as permanent or temporary. The added risk occurs because of the accounting approach's heavy reliance on short-term debt. The accounting approach offers the potential for lower costs at the expense of higher risk. Healthcare financial managers who believe the financing function should support the organization's operations without adding undue risk should use the finance approach to maturity matching. Asset maturities in those organizations then should be considered permanent or temporary rather than current or fixed, and the debt-maturity structure should reflect this.

  3. Economic policy reform : Measurement, causes and consequences

    NARCIS (Netherlands)

    Wiese, Rasmus Holland Thomsen

    2016-01-01

    In the aftermath of the Great Recession it has become clear that significant problems with government debt exist in developed economies. To restore sustainability of fiscal policy governments need to implement (successful) economic reforms. This thesis investigates under which economic and political

  4. 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

  5. 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.

  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. It is out of my hands: how deferring control to God can decrease quality of life for breast cancer patients.

    Science.gov (United States)

    McLaughlin, Bryan; Yoo, Woohyun; D'Angelo, Jonathan; Tsang, Stephanie; Shaw, Bret; Shah, Dhavan; Baker, Timothy; Gustafson, David

    2013-12-01

    This paper seeks to contribute to the understanding of how and why religion affects psychosocial health outcomes. We propose a theoretical model predicting that when women with breast cancer defer control to God they will experience fewer breast cancer related concerns. Deferring control to God, however, should also reduce the likelihood that they take a proactive coping approach, which will be exacerbated by lowered breast cancer concerns. We therefore predict that this passive coping style will ultimately result in lower levels of quality of life. Data were collected as part of a randomized clinical trial funded by the National Cancer Institute. A total of 192 women with breast cancer participated in a computer-mediated social support group. Deferring control to God statements were captured by using computer-aided content analysis of discussion posts. Psychosocial outcomes were measured using longitudinal survey data. Analysis was performed using structural equation modeling. The results of our analysis largely confirm our mediation model for which we find significant model fit. As predicted, deferring control to God leads to lower levels of breast cancer concerns but also to more passive coping styles. Ultimately, deferring control to God can lead to lower levels of quality of life. Our study demonstrates how and why religious coping can lead to both positive and negative psychosocial health outcomes. Health care practitioners should encourage patients who are relying on religion to keep their end of the bargain and maintain an active coping style. Copyright © 2013 John Wiley & Sons, Ltd.

  8. 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.

  9. Student Credit Card Debt in the 21st Century: Options for Financial Aid Administrators.

    Science.gov (United States)

    Oleson, Mark

    2001-01-01

    Provides multiple workable solutions financial aid offices can offer students throughout their college experience to deal with debt: preventive solutions for avoiding problems with credit card debt, holistic solutions for other related problems, and remedial solutions for existing problems. (EV)

  10. Developing Countries: Switching Some Multilateral Loans to Grants Lessens Poor Country Debt Burdens

    National Research Council Canada - National Science Library

    2002-01-01

    ... replace up to 50 percent of future lending. This proposal was motivated, in part, by concerns regarding poor countries long-term debt burdens and the adequacy of recent initiatives to provide debt relief for the world s poorest countries...

  11. 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.

  12. Great apes can defer exchange: a replication with different results suggesting future oriented behaviour

    Directory of Open Access Journals (Sweden)

    Mathias eOsvath

    2013-10-01

    Full Text Available The topic of cognitive foresight in non-human animals has received considerable attention in the last decade. The main questions concern whether the animals can prepare for upcoming situations which are, to various degrees, contextually or sensorially detached from the situation in which the preparations are made. Studies on great apes have focused on tool-related tasks, e.g. the ability to select a tool which is functional only in the future. Dufour and Sterck (2008, however, investigated whether chimpanzees were also able to prepare for a future exchange with a human: an object exchanged for a food item. The study included extensive training on the exchangeable item, which is traditionally not compatible with methods for studying planning abilities, as associative learning cannot be precluded. Nevertheless, despite this training, the chimpanzees could not solve the deferred exchange task. Given that great apes can plan for tool use, these results are puzzling. In addition, claims that great ape foresight is highly limited has been based on this study (Suddendorf and Corballis, 2010. Here we partly replicated Dufour and Sterck’s study to discern whether temporally deferred and spatially displaced exchange tasks are beyond the capabilities of great apes. In addition to chimpanzees we tested orangutans. One condition followed the one used by Dufour and Sterck, in which the exchange items, functional only in the future, are placed at a location that freely allows for selections by the subjects. In order to test the possibility that the choice set-up could explain the negative results in Dufour and Sterck’s study, our second condition followed a method used in the planning study by Osvath and Osvath (2008, where the subjects make a forced one-item-choice from a tray. We found that it is within the capabilities of chimpanzees and orangutans to perform deferred exchange in both conditions.

  13. Corporate debts ad credit performance under the new mechanism of reorganization of the Russian banks

    Directory of Open Access Journals (Sweden)

    Sergey A. Andryushin

    2017-09-01

    credit activity in the banking sector were investigated as well as and the possibility to regulate the liquidity of Russian enterprises under the conditions of a new mechanism of the Russian banksrsquo reorganization. Practical significance the main provisions and conclusions of the article can be used to modernize and clarify the target mandates instruments channels and mechanisms of the Bank of Russia monetary policy which enable to increase the Russian banksrsquo credit activity and to reduce the corporate debts of enterprises to the maximum permissible level.

  14. International government debt denominated in local currency: recent developments in Latin America

    OpenAIRE

    Camilo E Tovar

    2005-01-01

    Governments in Latin America have traditionally faced significant difficulties in issuing debt denominated in local currency in international markets. However, three countries in the region have recently issued this type of debt, perhaps signalling a permanent change in the manner in which Latin American borrowers tap international bond markets. Nonetheless, the degree to which issuing international debt in local currency complements the development of domestic debt markets remains to be seen.

  15. Indebtedness and the household financial health: An examination of the Canadian debt service ratio distribution

    OpenAIRE

    Faruqui, Umar

    2008-01-01

    The household debt-to-disposable income ratio in Canada increased from 110 per cent in 1999 to 127 per cent in 2007. This increase has raised questions about the ability of households to service their increased debt if faced with a negative economic or socio-economic shock. The debt service ratio (DSR) measures the proportion of disposable income that households must devote to servicing their debt obligations. The aggregate DSR for Canada, as reported in the Bank of Canada's Financial System ...

  16. 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...

  17. 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.

  18. 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

  19. 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 ...

  20. 15 CFR 19.14 - How will Commerce entities report Commerce debts to credit bureaus?

    Science.gov (United States)

    2010-01-01

    ... reporting a delinquent Commerce debt to a consumer reporting agency, Commerce entities will send notice to... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false How will Commerce entities report... Commerce COMMERCE DEBT COLLECTION Procedures To Collect Commerce Debts § 19.14 How will Commerce entities...

  1. 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…

  2. 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...

  3. 15 CFR 19.15 - How will Commerce entities refer Commerce debts to private collection agencies?

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false How will Commerce entities refer Commerce debts to private collection agencies? 19.15 Section 19.15 Commerce and Foreign Trade Office of the Secretary of Commerce COMMERCE DEBT COLLECTION Procedures To Collect Commerce Debts § 19.15 How will...

  4. Price effects of sovereign debt auctions in the Euro-zone : The role of the crisis

    NARCIS (Netherlands)

    Beetsma, R.M.W.J.; Giuliodori, M.; de Jong, F.C.J.M.; Widijanto, D.

    We show that new public debt issues cause an auction cycle for Italian secondary-market debt, but not for German debt. The cycle is mainly observed for the crisis period since mid-2007 and is larger when the crisis, as measured by yield volatility and CDS spreads of primary dealers, is more intense.

  5. Price effects of sovereign debt auctions in the euro-zone: the role of the crisis

    NARCIS (Netherlands)

    Beetsma, R.; Giuliodori, M.; de Jong, F.; Widijanto, D.

    2016-01-01

    We show that new public debt issues cause an auction cycle for Italian secondary-market debt, but not for German debt. The cycle is mainly observed for the crisis period since mid-2007 and is larger when the crisis, as measured by yield volatility and CDS spreads of primary dealers, is more intense.

  6. Student Loan Debt Literacy: A Comparison of First-Generation and Continuing-Generation College Students

    Science.gov (United States)

    Lee, Jason; Mueller, John A.

    2014-01-01

    While much has been written about the increasing debt burden that college students incur, little research examines student's perceptions of debt. This study sought to determine if student loan debt literacy differs by generation status (first-generation and continuing-generation). The data for this study was collected from a sample of 156…

  7. 29 CFR 102.167 - Prior provision of rights with respect to debt.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 2 2010-07-01 2010-07-01 false Prior provision of rights with respect to debt. 102.167 Section 102.167 Labor Regulations Relating to Labor NATIONAL LABOR RELATIONS BOARD RULES AND REGULATIONS... respect to debt. To the extent that the rights of the debtor in relation to the same debt have been...

  8. 29 CFR 102.176 - Prior provision of rights with respect to debt.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 2 2010-07-01 2010-07-01 false Prior provision of rights with respect to debt. 102.176 Section 102.176 Labor Regulations Relating to Labor NATIONAL LABOR RELATIONS BOARD RULES AND REGULATIONS... rights with respect to debt. To the extent that the rights of the debtor in relation to the same debt...

  9. 26 CFR 1.271-1 - Debts owed by political parties.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 3 2010-04-01 2010-04-01 false Debts owed by political parties. 1.271-1 Section... (CONTINUED) INCOME TAXES Items Not Deductible § 1.271-1 Debts owed by political parties. (a) General rule. In... arose, owed by a political party. For example, it is immaterial that the debt may have arisen as a...

  10. 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. ...

  11. 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...

  12. Relationships between College Students' Credit Card Debt, Undesirable Academic Behaviors and Cognitions, and Academic Performance

    Science.gov (United States)

    Hogan, Eileen A.; Bryant, Sarah K.; Overymyer-Day, Leslie E.

    2013-01-01

    The acquisition of credit card debt by college students has long been a topic of concern. This study explores relationships among debt, undesirable academic behaviors and cognitions, and academic performance, through surveys of 338 students in a public university, replicating two past measures of credit card debt and creating new measures of…

  13. 12 CFR 221.124 - Purchase of debt securities to finance corporate takeovers.

    Science.gov (United States)

    2010-01-01

    ... finance the tender offer, the shell corporation would issue debt securities which, by their terms, would... restricted while the credit remains outstanding. The purchasers of the debt securities issued by a shell... this part and Company C would issue debt securities that would not be directly secured by any margin...

  14. 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...

  15. 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...

  16. 22 CFR 213.34 - Debts that have been discharged in bankruptcy.

    Science.gov (United States)

    2010-04-01

    ... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Debts that have been discharged in bankruptcy... Suspension or Termination of Collection Action § 213.34 Debts that have been discharged in bankruptcy. USAID generally terminates collection activity on a debt that has been discharged in bankruptcy regardless of the...

  17. 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

  18. 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...

  19. ACCOUNTING – TAXATION REPORT IN TERMS OF DEFERRED TAXES ON ASSETS REVALUATION

    Directory of Open Access Journals (Sweden)

    PALIU – POPA LUCIA

    2014-12-01

    Full Text Available There has always been and will be a relationship between accounting and taxation, and the ongoing discussions are related to intensity, interrelation and generation of reciprocal effects. Profit is the "wealth" achieved by the economic entity, the share of shareholders after paying the income tax, where applicable, which makes the profit have a major influence on the method of determination and thus of the accounting treatment incurred by the income tax depending on the accounting cultures in dispute for supremacy, namely the European accounting culture and the Anglo-Saxon accounting culture. As the users of information in the financial statements seek to assess the performance and profitability of the company in general and, academically, the income tax is the only element raising debates on the relationship between accounting and taxation, we deemed it useful to conduct a study on the accounting – taxation report in terms of deferred taxes related to assets revaluation. The record of deferred tax amount for each type of temporary difference results in elimination of tax effects from accounting, with the aim of revealing the real earnings of the economic entity and not its fiscal side, all of which is a step in disconnecting the taxation accounting

  20. Immune control of HIV-1 infection after therapy interruption: immediate versus deferred antiretroviral therapy

    Directory of Open Access Journals (Sweden)

    Bernaschi Massimo

    2009-10-01

    Full Text Available Abstract Background The optimal stage for initiating antiretroviral therapies in HIV-1 bearing patients is still a matter of debate. Methods We present computer simulations of HIV-1 infection aimed at identifying the pro et contra of immediate as compared to deferred Highly Active Antiretroviral Therapy (HAART. Results Our simulations highlight that a prompt specific CD8+ cytotoxic T lymphocytes response is detected when therapy is delayed. Compared to very early initiation of HAART, in deferred treated patients CD8+ T cells manage to mediate the decline of viremia in a shorter time and, at interruption of therapy, the virus experiences a stronger immune pressure. We also observe, however, that the immunological effects of the therapy fade with time in both therapeutic regimens. Thus, within one year from discontinuation, viral burden recovers to the value at which it would level off in the absence of therapy. In summary, simulations show that immediate therapy does not prolong the disease-free period and does not confer a survival benefit when compared to treatment started during the chronic infection phase. Conclusion Our conclusion is that, since there is no therapy to date that guarantees life-long protection, deferral of therapy should be preferred in order to minimize the risk of adverse effects, the occurrence of drug resistances and the costs of treatment.

  1. STRUCTURE AND NUTRITIVE VALUE OF DEFERRED PASTURE OF BRACHIARIA DECUMBENS CV. BASILISK DURING THE GRAZING PERIOD

    Directory of Open Access Journals (Sweden)

    Manoel Eduardo Rozalino Santos

    2011-07-01

    Full Text Available The experiment aimed to understand the effect of grazing period on morphology and nutritive value of deferred Brachiaria decumbens cv. Basilisk pasture and on hand-plucking sample with cattle. Subdivided plots were used according to a randomized block design with two replicates. Four grazing periods (1, 31, 57 and 88 days and two forage samples (available in pasture (AP and obtained by hand-plucking (HP were studied. The live leaf laminae (LLL, potentially digestible neutral detergent fiber (PDNDF, potentially digestible dry matter (PDDM and crude protein (CP levels were higher and dead leaf laminae (DLL, and dead stem (DS, neutral detergent fiber (NDF and indigestible NDF percentages were lower in sample of HP in relation to forage AP. The grazing period decreased linearly the LLL, PDNDF, PDDM percentages, as well as increased linearly DS and indigestible NDF levels in forages. The potential selectivity indexes (PSI of LLL and indigestible NDF increased linearly with grazing period. The PSI of live stem was smaller and the PSI of CP was higher in interim periods of grazing. The reduction in deferring period results in B. decumbens with better morphological composition and nutritional value, which favors the animal selectivity.

  2. 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)

  3. Why birds with deferred sexual maturity are sedentary on islands: a systematic review.

    Directory of Open Access Journals (Sweden)

    Miguel Ferrer

    Full Text Available BACKGROUND: Island faunas have played central roles in the development of evolutionary biology and ecology. Birds are among the most studied organisms on islands, in part because of their dispersal powers linked to migration. Even so, we lack of information about differences in the movement ecology of island versus mainland populations of birds. METHODOLOGY/PRINCIPAL FINDINGS: Here we present a new general pattern indicating that large birds with deferred sexual maturity are sedentary on islands, and that they become so even when they are migratory on the mainland. Density-dependent variation in the age at first breeding affects the survivorship of insular populations and this, in turn, affects the movement ecology of large birds. Because density-dependent variation in the age of first breeding is critical to the long-term survival of small isolated populations of long-lived species, migratory forms can successfully colonize islands only if they become sedentary once there. Analyses of the movement ecology of continental and insular populations of 314 species of raptors, 113 species of Ciconiiformes and 136 species of passerines, along with individual-based population simulations confirm this prediction. CONCLUSIONS: This finding has several consequences for speciation, colonization and survival of small isolated population of species with deferred sexual maturity.

  4. Affiliation of the beneficiaries of a deferred pension to the CERN Health Insurance Scheme

    CERN Multimedia

    2003-01-01

    Subsequent to the modifications to the Rules and Regulations of the Pension Fund allowing members of the personnel having five years of affiliation to the Fund to opt for a deferred retirement pension, the Organization wishes to recall the rules relating to the affiliation of those beneficiaries to the CERN Health Insurance Scheme (CHIS). In accordance with Articles III 2.02 and VIII 4.02 of the CHIS Rules, beneficiaries of a deferred retirement pension can only be Members of the CHIS as CERN pensioners if they applied to remain Members of the Scheme upon termination of their compulsory membership as a member of the personnel and if their membership has been uninterrupted up to the moment they become CERN pensioners. The applicable contribution for this intermediate period is indicated in Articles III 5.03 and X 1.02 of the CHIS Rules. The amount is revised annually, and is set at 936 CHF/ month for 2003. Human Resources Division Tel. 73635

  5. 76 FR 8370 - Notice of Interest Rate on Overdue Debts

    Science.gov (United States)

    2011-02-14

    ... HUMAN SERVICES Office of the Secretary Notice of Interest Rate on Overdue Debts Section 30.18 of the... Secretary shall charge an annual rate of interest, which is determined and fixed by the Secretary of the Treasury after considering private consumer rates of interest on the date that the Department of Health and...

  6. 75 FR 48690 - Notice of Interest Rate on Overdue Debts

    Science.gov (United States)

    2010-08-11

    ... HUMAN SERVICES Office of the Secretary Notice of Interest Rate on Overdue Debts Section 30.18 of the... Secretary shall charge an annual rate of interest, which is determined and fixed by the Secretary of the Treasury after considering private consumer rates of interest on the date that the Department of Health and...

  7. 78 FR 23936 - Notice of Interest Rate on Overdue Debts

    Science.gov (United States)

    2013-04-23

    ... HUMAN SERVICES Office of the Secretary Notice of Interest Rate on Overdue Debts Section 30.18 of the... Secretary shall charge an annual rate of interest, which is determined and fixed by the Secretary of the Treasury after considering private consumer rates of interest on the date that the Department of Health and...

  8. 78 FR 44124 - Notice of Interest Rate on Overdue Debts

    Science.gov (United States)

    2013-07-23

    ... HUMAN SERVICES Office of the Secretary Notice of Interest Rate on Overdue Debts Section 30.18 of the... Secretary shall charge an annual rate of interest, which is determined and fixed by the Secretary of the Treasury after considering private consumer rates of interest on the date that the Department of Health and...

  9. 76 FR 30721 - Notice of Interest Rate on Overdue Debts

    Science.gov (United States)

    2011-05-26

    ... HUMAN SERVICES Office of the Secretary Notice of Interest Rate on Overdue Debts Section 30.18 of the... Secretary shall charge an annual rate of interest, which is determined and fixed by the Secretary of the Treasury after considering private consumer rates of interest on the date that the Department of Health and...

  10. 75 FR 80055 - Notice of Interest Rate on Overdue Debts

    Science.gov (United States)

    2010-12-21

    ... HUMAN SERVICES Office of the Secretary Notice of Interest Rate on Overdue Debts Section 30.18 of the... Secretary shall charge an annual rate of interest, which is determined and fixed by the Secretary of the Treasury after considering private consumer rates of interest on the date that the Department of Health and...

  11. 75 FR 22136 - Notice of Interest Rate on Overdue Debts

    Science.gov (United States)

    2010-04-27

    ... HUMAN SERVICES Office of the Secretary Notice of Interest Rate on Overdue Debts Section 30.18 of the... Secretary shall charge an annual rate of interest, which is determined and fixed by the Secretary of the Treasury after considering private consumer rates of interest on the date that the Department of Health and...

  12. 77 FR 20399 - Notice of Interest Rate on Overdue Debts

    Science.gov (United States)

    2012-04-04

    ... HUMAN SERVICES Office of the Secretary Notice of Interest Rate on Overdue Debts Section 30.18 of the... Secretary shall charge an annual rate of interest, which is determined and fixed by the Secretary of the Treasury after considering private consumer rates of interest on the date that the Department of Health and...

  13. 78 FR 67364 - Notice of Interest Rate on Overdue Debts

    Science.gov (United States)

    2013-11-12

    ... HUMAN SERVICES Office of the Secretary Notice of Interest Rate on Overdue Debts Section 30.18 of the... Secretary shall charge an annual rate of interest, which is determined and fixed by the Secretary of the Treasury after considering private consumer rates of interest on the date that the Department of Health and...

  14. 77 FR 35681 - Notice of Interest Rate on Overdue Debts

    Science.gov (United States)

    2012-06-14

    ... HUMAN SERVICES Office of the Secretary Notice of Interest Rate on Overdue Debts Section 30.18 of the... Secretary shall charge an annual rate of interest, which is determined and fixed by the Secretary of the Treasury after considering private consumer rates of interest on the date that the Department of Health and...

  15. 77 FR 60438 - Notice of Interest Rate on Overdue Debts

    Science.gov (United States)

    2012-10-03

    ... HUMAN SERVICES Office of the Secretary Notice of Interest Rate on Overdue Debts Section 30.18 of the... Secretary shall charge an annual rate of interest, which is determined and fixed by the Secretary of the Treasury after considering private consumer rates of interest on the date that the Department of Health and...

  16. Debt maturity and relationship lending: An analysis of European SMEs

    NARCIS (Netherlands)

    Hernandez-Canovas, G.; Koeter-Kant, J.

    2008-01-01

    This article examines the association between bank debt maturity and relationship lending using a unique survey sample of 3366 SMEs from 19 European countries. The knowledge of how the institutional environment shapes relationship lending helps us to understand how current institutional changes,

  17. 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...

  18. Arts Students in Debt: Concerns, Consequences, and Interventions

    Science.gov (United States)

    White, Jason C.

    2016-01-01

    While there are many educational and experiential benefits to attending professional higher arts education programs, students who incur excessive student loan debt during their studies may experience unanticipated or poor professional outcomes either over the course of their artistic careers, shortly after the expiration of a loan grace period, or…

  19. 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...... effective and has driven ex-prisoners farther from legitimate socio-economic advantaged affiliations and invited criminal behaviour....

  20. The consequences of Nigeria's debt burden on a new international ...

    African Journals Online (AJOL)

    The consequences of Nigeria's debt burden on a new international economic order. Goke Lalude. Abstract. No Abstract. The Nigerian Journal of Economic History Vol. 3 2000: 74-83. Full Text: EMAIL FULL TEXT EMAIL FULL TEXT · DOWNLOAD FULL TEXT DOWNLOAD FULL TEXT · AJOL African Journals Online.

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

    DEFF Research Database (Denmark)

    Alt, James E.; Lassen, David Dreyer

    2006-01-01

    (at least for strategic reasons) tend to have higher deficits than left-wing governments, and that increasing political polarization increases debt accumulation. To test the predictions of the model, we construct a replicable index of fiscal transparency on 19-country OECD data. Simultaneous estimates...

  2. CERN debt to the Pension Fund (Bank loan)

    CERN Document Server

    2006-01-01

    The Finance Committee is invited to recommend the Council and the Council is invited to approve the taking out of a loan with FORTIS BANK with the purpose of the repayment of the Organization's debt to the Pension Fund, in accordance with the conditions set out in the Annex 2, thereby authorising the CERN Management to sign the Agreement on 23 June 2006.

  3. Debt rescheduling: the economics of entrapment under globalization ...

    African Journals Online (AJOL)

    Being, by definition, the alteration of the terms of repayment of a loan with respect to the grace period permissible, the interest rates chargeable, and the overall maturity period, its adoption and application by Nigeria has not only proved dysfunctional, but also instrumental to debt perpetuation and entrapment. The paper is a ...

  4. Student Loan Debt: How Are the Funds Spent?

    Science.gov (United States)

    Wilbert, Janet M.; Haddad, Mahmoud

    2014-01-01

    The purpose for this research is to investigate the spending patterns of undergraduate and graduate students in a Tennessee, four-year, public institution. The cost of attending a college or university is often cited as the source for student loan debt spiraling out of control. Not to marginalize the impact that increasing tuition, fees, and books…

  5. Student Loan Debt: Trends Affecting the American Dream

    Science.gov (United States)

    Greiner, Keith

    2007-01-01

    In recent years, there has been a growing interest in college access and with it, a growing concern about the debt incurred by students. Analysts on all sides suggest a variety of causes and solutions to this very complex problem. This paper presents a collection of informational items that can be seen as both disparate and connected. We can see…

  6. An Investigation into Credit Card Debt among College Students

    Science.gov (United States)

    Williams, Dylan; Waterwall, Brian; Giardelli, Tiffany

    2008-01-01

    It is no surprise that the amount of credit card debt and outstanding loan balances of college students is increasing every year. College students are heavily targeted by credit companies through the use of e-mail, campus booths, and standard mail. The reason for these solicitations is because of the soaring expense levels of college students and…

  7. Extending Entropy Stability Measure To External Debt Structure ...

    African Journals Online (AJOL)

    This study focuses on the measure of stability of external debt using entropy. This is achieved by modifying the conglomerate of Shannon and Boltzmann entropy. This modification rectifies the limitations of these models. Practical illustration of the modified model is also given to justify its use. Journal of Science ...

  8. Effects of external debt on national savings in Botswana | Oageng ...

    African Journals Online (AJOL)

    The main objective of the study was to investigate the effects of external debt on national savings in Botswana using time series economic tools for the period 1980-2014. Annual data for Savings as percentage of GDP, GDP per capita, Exports as percentage of GDP, Exchange rates, Gross Fixed Capital Formation as ...

  9. Testing the causality between Export Diversification, External Debt ...

    African Journals Online (AJOL)

    This study aims at evaluating the links between export diversification, external debts, labour productivity, domestic investment and economic growth in Cameroon between 1980 and 2014 under the precondition that current data predict future events more than previous data. This work is therefore motivated on the ground ...

  10. Debt, the Migrant, and the Refugee: "Lampedusa" on Stage

    Science.gov (United States)

    Hemelryk Donald, Stephanie

    2018-01-01

    This article discusses Anders Lustgarten's play, "Lampedusa." The play is ostensibly about refugees and the Mediterranean crossing, as well as addressing EU migration, debt, and austerity. The article develops the idea of the debtor in neo-liberal economics suggesting that the refugee is required to become a debtor on settlement. While…

  11. 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...

  12. analysis of domestic debt: implication for economic growth in nigeria

    African Journals Online (AJOL)

    PROF EKWUEME

    This paper principally analysed the importance of domestic debt on economic growth of Nigeria. The objective of the study is to investigate the ... defined in terms of price fluctuation and single- commodity economy as a result of non- ... and endogenous growth models {Smith, et al. (2003) and Turnovsky, (2000)}. Therefore ...

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

    Directory of Open Access Journals (Sweden)

    Chia-Jen Chang

    2016-01-01

    Sociology. The economic profits conflict of investment, consumption, international business and labor market will have influence on the government’s revenue and expenditure. Furthermore, the root of the European debt crisis is the uneven income distribution by financialization and neoliberalism.

  14. A comparison of debt and primary-deficit constraints

    NARCIS (Netherlands)

    Ribeiro, M.P.; Beetsma, R.; Schabert, A.

    2008-01-01

    This paper compares constraints on the public debt with constraints on the primary deficit. The analysis takes into account how an optimizing government reacts to the different constraints when deciding on a spending and borrowing plan. We find that the economy behaves similarly under both

  15. The debt crisis, the global economy and the challenges of ...

    African Journals Online (AJOL)

    The debt crisis, the global economy and the challenges of development: sub Saharan Africa at the crossroads. ... democratization, striving towards gender parity, stemming conditions that precipitate incessant conflicts, reversing the region's crumbling environmental conditions, and fighting the HIV/AIDS pandemic. Journal of ...

  16. Collateral, Renegotiation and the Value of Diffusely Held Debt

    NARCIS (Netherlands)

    Hege, U.; Mella-Barral, P.

    1999-01-01

    Debt with many creditors is analyzed in a continuous-time pricing model of the levered firm. We specifically allow for debtor opportunism vis-a-vis a non-coordinated group of creditors, in form of repeated strategic renegotiation offers and default threats. We show that the creditors' initial

  17. Should Students Have to Borrow? Autonomy, Wellbeing and Student Debt

    Science.gov (United States)

    Martin, Christopher

    2016-01-01

    The orthodox view on higher education financing is that students should bear some of the costs of attending and, where necessary, meet that cost through debt financing. New economic realities, including protracted economic slowdown and increasing austerity of the state with respect to the public funding of goods and services has meant that the…

  18. Sink or Swim? Debt Review's Ambivalent "Lifeline" ____A Second ...

    African Journals Online (AJOL)

    Full title: Sink or Swim? Debt Review's Ambivalent "Lifeline" ---- A Second Sequel To "… A Tale of Two Judgments" Nedbank V Andrews (240/2011) 2011 Zaecpehc 29 (10 May 2011); Firstrand Bank Ltd V Evans 2011 4 SA 597 (KZD) And Firstrand Bank Ltd V Janse Van Rensburg 2012 2 All SA 186 (ECP). The interface ...

  19. Cash debt buybacks and the insurance value of reserves

    NARCIS (Netherlands)

    van Wijnbergen, S.

    Absence of terms-of-trade contingent instruments in international capital markets, combined with differences in risk aversion between commercial creditors and LDC borrowers, has important consequences for the welfare effects of cash/debt buy-backs. In such circumstances, secondary market prices fail

  20. Effects of external debt burden on LDC's investments: empirical ...

    African Journals Online (AJOL)

    Effects of external debt burden on LDC's investments: empirical evidence from Nigeria. Michael I Moughalu, Chinedu B Ezirim. Abstract. No Abstract. African Journal of Finance and Management Vol. 14(2) 2006: 3-18. Full Text: EMAIL FULL TEXT EMAIL FULL TEXT · DOWNLOAD FULL TEXT DOWNLOAD FULL TEXT.

  1. A secular carbon debt from atmospheric high temperature combustion of stem wood?

    DEFF Research Database (Denmark)

    Czeskleba-Dupont, Rolf

    2012-01-01

    overall consequences with due attention given to biosphere processes, including the complex productivity of whole ecosystems. Analytically, a time dependent variable of carbon neutralization can be traced by a simple carbon neutrality or CN factor. Using the forgotten Marland approach, project managers...... should document, how a pay-back of the whole carbon debt incurred by their projects proceeds over time. As recommended by the European Parliament in May 2011, this methodology should be applied consistently in climate and energy policies when revising the failures of the 'instant carbon neutrality......Basically, combustion of woody biomass in high temperature processes that react with atmospheric air results in a long lasting addition of carbon dioxide to the atmosphere. When harvesting large extra amounts of stem tree for energetic use, a global as well as secular time frame is needed to assess...

  2. German Economic Expansion under the Conditions of the European Debt Crisis and Military-Political Conflict in Ukraine

    Directory of Open Access Journals (Sweden)

    Михаил Михайлович Кухтин

    2014-12-01

    Full Text Available The German economic expansion in the EU is examined in the article. Berlin is using the European debt crisis and the political instability in Ukraine to strengthen its positions in the world. Interests of weak countries of the Eurozone are being ignored. Chancellor A. Merkel is striving for a gradual revision of European legislation in Germany’s favor. Today’s Berlin is supporting Ukrainian nationalists, hoping to hinder the growth of Russian influence in Eastern Europe with their help. The aggravation of international competition does not allow Germany to pursue a different European policy.

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

    Science.gov (United States)

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

    2017-04-01

    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. We did a retrospective, quasi-experimental study using nationally representative, repeated cross-sectional data from the US National Health Interview Survey (NHIS) for the period January, 2008, to December, 2015. We included non-citizen, Hispanic adults aged 19-50 years in our analyses. We used a difference-in-differences strategy to compare changes in health outcomes among individuals who met key DACA eligibility criteria (based on age at immigration and at the time of policy implementation) before and after programme implementation versus changes in outcomes for individuals who did not meet these criteria. We additionally restricted the sample to individuals who had lived in the USA for at least 5 years and had completed high school or its equivalent, in order to hold fixed two other DACA eligibility criteria. Our primary outcomes were self-reported overall health (measured on a 5 point Likert scale) and psychological distress (Kessler 6 [K6] scale), the latter was administered to a random subset of NHIS respondents. Our final sample contained 14 973 respondents for the self-reported health outcome and 5035 respondents for the K6 outcome. Of these individuals, 3972 in the self-reported health analysis and 1138 in the K6 analysis met the DACA eligibility criteria. Compared with people ineligible for DACA, the introduction of DACA was associated with no significant change among DACA-eligible individuals in terms of self-reported overall health (b=0·056, 95% CI -0·024 to 0·14, p=0·17) or the likelihood of reporting poor or fair health (adjusted odds ratio [aOR] 0·98, 95% CI 0·66-1·44

  4. 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.

  5. Associations Between Pharmacy Students' Attitudes Toward Debt, Stress, and Student Loans.

    Science.gov (United States)

    Chisholm-Burns, Marie A; Spivey, Christina A; Jaeger, Melanie C; Williams, Jennifer

    2017-09-01

    Objective. To assess graduating pharmacy students' attitudes toward debt and determine associations with stress, student loan debt, financial need, current employment, post-graduation plans, and expected length of time to repay loans. Methods. Survey was conducted using an attitudes-toward-debt scale (sub-scales: tolerant attitudes toward debt; contemplation and knowledge about loans; fear of debt), Perceived Stress Scale, and questions concerning current employment, estimated total student loan debt, post-graduation plans, and expected length of time to repay loans. Federal loan data were collected using financial aid records. Independent samples t -test, ANOVA, and Pearson's r correlations were conducted. Results. There were 147 students (96.7%) who participated. The majority were female (59.2%), white (69.4%), and had federal student loans (90.5%). Mean total loan amount was $153,276 (SD $59,810), which included federal students loans accumulated before and during pharmacy school. No significant differences were noted on attitudes toward debt or stress based on whether respondents had federal student loans. Greater "fear of debt" was correlated with increased stress, estimated total student loan debt, total federal loan debt, and pharmacy school loan debt. Greater "contemplation and knowledge about loans" was correlated with lower estimated total student loan debt, total federal loan amount, and pharmacy school loan amount. Students with higher "contemplation and knowledge" scores expected to repay loans within a shorter time frame than students with lower scores. Conclusion. Increased fear of debt was related to greater perceived stress and higher student loan amounts borrowed, while increased contemplation and knowledge about loans was associated with lower amounts borrowed. Educational programming concerning loans, debt, and personal financial management may help reduce stress and amount borrowed.

  6. Changes in inflammatory and coagulation biomarkers: a randomized comparison of immediate versus deferred antiretroviral therapy in patients with HIV infection

    DEFF Research Database (Denmark)

    Baker, Jason V; Neuhaus, Jacqueline; Duprez, Daniel

    2011-01-01

    Among a subgroup of participants in the Strategies for Management of Antiretroviral Therapy (SMART) Trial that were naïve to antiretroviral therapy (ART) or off ART (6 months or longer) at study entry, risk of AIDS and serious non-AIDS events were increased for participants who deferred ART compa...

  7. Assisted reproduction technique outcomes for fresh versus deferred cryopreserved day-2 embryo transfer: a retrospective matched cohort study.

    Science.gov (United States)

    Bourdon, Mathilde; Santulli, Pietro; Gayet, Vanessa; Maignien, Chloé; Marcellin, Louis; Pocate-Cheriet, Khaled; Chapron, Charles

    2017-03-01

    Ovarian stimulation could adversely affect endometrial receptivity and consequently embryo implantation. One emerging strategy is the 'freeze-all' approach. Most studies have focused on blastocyst transfers, with limited research on day-2 deferred cryopreserved embryo transfers. In this large retrospective cohort study, outcomes were compared between day-2 fresh versus deferred cryopreserved embryo transfers. After matching by age and number of previous cycles, 325 cycles were included in the fresh group and 325 in the deferred cryopreserved embryo transfers group: no significant differences were found between groups in implantation (0.20 ± 0.33 versus 0.17 ± 0.31, respectively) and ongoing pregnancy rates (21.85% versus 18.46%). Independent predictors for ongoing pregnancy after a multiple logistic regression analysis were the women's age (OR = 0.92; 95% CI 0.88 to 0.97), body mass index (OR = 0.94; 95% CI 0.89 to 0.99), the number of two pronuclei embryos (OR = 1.19; 95% CI 1.04 to 1.40) and at least one grade 1 embryo transferred (OR = 1.97; 95% CI 1.26 to 3.05). In the case of a day-2 embryo transfer, outcomes after treatment with assisted reproduction techniques are similar for fresh versus deferred cryopreserved embryo transfers when pre-transfer progesterone exposures are similar in the two groups. Copyright © 2016 Reproductive Healthcare Ltd. Published by Elsevier Ltd. All rights reserved.

  8. 34 CFR 611.44 - Under what circumstances may the Secretary defer a scholarship recipient's service obligation?

    Science.gov (United States)

    2010-07-01

    ... a scholarship recipient's service obligation? (a) Upon written request, the Secretary may defer a service obligation for a scholarship recipient who— (1) Has not begun teaching in a high-need school of a... scholarship recipient's service obligation? 611.44 Section 611.44 Education Regulations of the Offices of the...

  9. Participation in Black Lives Matter and Deferred Action for Childhood Arrivals: Modern Activism among Black and Latino College Students

    Science.gov (United States)

    Hope, Elan C.; Keels, Micere; Durkee, Myles I.

    2016-01-01

    Political activism is one way racially/ethnically marginalized youth can combat institutional discrimination and seek legislative change toward equality and justice. In the current study, we examine participation in #BlackLivesMatter (BLM) and advocacy for Deferred Action for Childhood Arrivals (DACA) as political activism popular among youth.…

  10. 77 FR 24857 - Interim Final Determination To Stay and Defer Sanctions, San Joaquin Valley Unified Air Pollution...

    Science.gov (United States)

    2012-04-26

    ... Determination To Stay and Defer Sanctions, San Joaquin Valley Unified Air Pollution Control District AGENCY... on a proposed approval of revisions to the San Joaquin Valley Unified Air Pollution Control District... Subjects in 40 CFR Part 52 Environmental protection, Air pollution control, Intergovernmental regulations...

  11. 76 FR 59254 - Interim Final Determination To Stay and Defer Sanctions, San Joaquin Valley Unified Air Pollution...

    Science.gov (United States)

    2011-09-26

    ... Determination To Stay and Defer Sanctions, San Joaquin Valley Unified Air Pollution Control District AGENCY... on a proposed approval of revisions to the San Joaquin Valley Unified Air Pollution Control District...)(2)). List of Subjects in 40 CFR Part 52 Environmental protection, Air pollution control...

  12. 76 FR 56116 - Interim Final Determination To Stay and Defer Sanctions, San Joaquin Valley Unified Air Pollution...

    Science.gov (United States)

    2011-09-12

    ... Determination To Stay and Defer Sanctions, San Joaquin Valley Unified Air Pollution Control District AGENCY... on a proposed approval of revisions to the San Joaquin Valley Unified Air Pollution Control District... Part 52 Environmental protection, Air pollution control, Incorporation by reference, Intergovernmental...

  13. 76 FR 56114 - Interim Final Determination to Stay and Defer Sanctions, San Joaquin Valley Unified Air Pollution...

    Science.gov (United States)

    2011-09-12

    ... Determination to Stay and Defer Sanctions, San Joaquin Valley Unified Air Pollution Control District AGENCY... on a proposed approval of revisions to the San Joaquin Valley Unified Air Pollution Control District... Part 52 Environmental protection, Air pollution control, Incorporation by reference, Intergovernmental...

  14. 26 CFR 19.3-1 - Interest on certain deferred payments; interest rate for use in determining whether there is...

    Science.gov (United States)

    2010-04-01

    ... Percent Per Annum Simple Interest) Number of months deferred At least But less than Present value of $1 at..., over (2) The sum of the present values of such payments and the present values of any interest payments... present value of a payment shall be determined, as of the date of the sale or exchange, by discounting...

  15. Impact of a deferred recruitment model in a randomised controlled trial in primary care (CREAM study).

    Science.gov (United States)

    Shepherd, Victoria; Thomas-Jones, Emma; Ridd, Matthew J; Hood, Kerenza; Addison, Katy; Francis, Nick A

    2017-11-10

    Recruitment of participants is particularly challenging in primary care, with less than a third of randomised controlled trials (RCT) achieving their target within the original time frame. Participant identification, consent, randomisation and data collection can all be time-consuming. Trials recruiting an incident, as opposed to a prevalent, population may be particularly affected. This paper describes the impact of a deferred recruitment model in a RCT of antibiotics for children with infected eczema in primary care, which required the recruitment of cases presenting acutely. Eligible children were identified by participating general practitioners (GPs) and referred to a study research nurse, who then visited them at home. This allowed the consent and recruitment processes to take place outside the general practice setting. Information was recorded about patients who were referred and recruited, or if not, the reasons for non-recruitment. Data on recruitment challenges were collected through semi-structured interviews and questionnaires with a sample of participating GPs. Data were thematically analysed to identify key themes. Of the children referred to the study 34% (58/171) were not recruited - 48% (28/58) because of difficulties arranging a baseline visit within the defined time frame, 31% (18/58) did not meet the study inclusion criteria at the time of nurse assessment, and 21% (12/58) declined participation. GPs had positive views about the recruitment process, reporting that parents valued and benefitted from additional contact with a nurse. GPs felt that the deferred recruitment model did not negatively impact on the study. GPs and parents recognised the benefits of deferred recruitment, but these did not translate into enhanced recruitment of participants. The model resulted in the loss of a third of children who were identified by the GP as eligible, but not subsequently recruited to the study. If the potential for improving outcomes in primary care

  16. Do progressive goverments undertake different debt burdens? Partisan vs. electoral cycles

    Directory of Open Access Journals (Sweden)

    I.M. García-Sánchez

    2011-06-01

    Full Text Available Public debt has traditionally been explained mainly by two political factors: a progressive ideology and the electoral cycle. The aim of this paper is to demonstrate how these two factors influence the behavior of Spanish local governments as regards indebtedness, and also how indebtedness is influenced by the interaction of ideology and the electoral cycle.Different dependence models were estimated using panel data methodology based on a sample comprised of Spanish provincial capitals and towns with populations over 50,000, for a total of 148 town councils. The time frame corresponds to the fiscal years 1988 to 2008, inclusive. The results show that in an electoral year all politicians behave opportunistically, giving rise to an important increase in public debt in relation to municipal revenue, although progressive incumbents incur three times more debt than those of the opposite ideology. Moreover, the presence of conservative parties in government has tended to significantly attenuate this behavior in years prior to elections, whereas progressive or left-wing parties have not. It must also be noted that partisan and electoral business cycles have been mitigated since 2002, when the Budgetary Stability Law came into effect, imposing limits on the debt of subnational administrations.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.RESUMENEl nivel de endeudamiento público ha sido explicado mediante dos factores políticos, principalmente, la ideología progresista y el ciclo electoral. El objetivo de este trabajo es evidenciar como influyen ambos factores en el comportamiento de los municipios españoles en relación con la deuda que estos asumen dada su capacidad, y como este esfuerzo se ve influenciado por la interacción entre los ciclos partidista y

  17. Safety of deferring review after uneventful cataract surgery until 2 weeks postoperatively

    DEFF Research Database (Denmark)

    Kessel, Line; Andresen, Jens; Erngaard, Ditte

    2015-01-01

    studies comprised 886 patients. The risk for postoperative complications was lower when review was deferred 2 weeks because of early transient pressure spikes. There was no difference in the number of unscheduled visits during the first 2 weeks postoperatively or the visual acuity at follow-up. No safety...... was gained by reviewing patients on the first postoperative day, and we recommend that routine early postoperative control can be omitted in nonglaucomatous patients after uneventful surgery if symptomatic patients are seen by an ophthalmologist as needed. FINANCIAL DISCLOSURE: No author has a financial......UNLABELLED: We conducted a systematic review and metaanalysis to provide evidence-based recommendations on the value of early postoperative review. We identified 3 randomized controlled trials (RCTs) that compared patients seen on the first postoperative day with those reviewed at 2 weeks; the 3...

  18. Eat now, pay later? Evidence of deferred food-processing costs in diving seals.

    Science.gov (United States)

    Sparling, Carol E; Fedak, Mike A; Thompson, Dave

    2007-02-22

    Seals may delay costly physiological processes (e.g. digestion) that are incompatible with the physiological adjustments to diving until after periods of active foraging. We present unusual profiles of metabolic rate (MR) in grey seals measured during long-term simulation of foraging trips (4-5 days) that provide evidence for this. We measured extremely high MRs (up to almost seven times the baseline levels) and high heart rates during extended surface intervals, where the seals were motionless at the surface. These occurred most often during the night and occurred frequently many hours after the end of feeding bouts. The duration and amount of oxygen consumed above baseline levels during these events was correlated with the amount of food eaten, confirming that these metabolic peaks were related to the processing of food eaten during foraging periods earlier in the day. We suggest that these periods of high MR represent a payback of costs deferred during foraging.

  19. Nitrogen fertilization strategies, morphogenetic and structural features in Brachiaria decumbens deferred for 95 days

    Directory of Open Access Journals (Sweden)

    Fábio Andrade Teixeira

    2014-02-01

    Full Text Available The aim this work was to evaluate the morphogenic and structural characteristics of Brachiaria decumbens pastures to determine the most suitable nitrogen fertilization strategies, for pastures deferred for a period of 95 days. Four strategies of fertilization at the beginning and end of the summer (0-0, 100- 0, 50-50, 0-100 kg ha-1 N were studied, respectively, with four replications. The strategy of 100 kg ha-1 N applied at the end of the summer (0-100, followed the parceling strategy at the beginning and end of the summer (50-50 favored higher rates of leaf appearance and lower values of phyllochron. Greater rate of leaf elongation was observed for 0-100 strategy, resulting in 40% increase compared to pastures that were not fertilized. However, there was no effect of fertilization strategies on stem elongation rate, registering an average of 0.28 cm.dia-1. There was a higher blade:stem ratio for the stratum A (40 cm above the soil in all treatments, observing higher blade:stem ratio for strategies 0-100 and 50-50, at this stratum. There was no effect for the total number of leaves and final leaf length. However, greater stem lengths were observed in pastures with 0-100 fertilizer strategy, followed by the 50-50 strategy. The strategy of applying 100 kg ha-1 at the end of summer, followed by the strategy of 50 kg ha-1 nitrogen divided at the beginning and end of summer, promote greater influence on the morphogenic and structural traits, in pastures deferred for 95 days.

  20. Associations Between Pharmacy Students’ Attitudes Toward Debt, Stress, and Student Loans

    Science.gov (United States)

    Spivey, Christina A.; Jaeger, Melanie C.; Williams, Jennifer

    2017-01-01

    Objective. To assess graduating pharmacy students’ attitudes toward debt and determine associations with stress, student loan debt, financial need, current employment, post-graduation plans, and expected length of time to repay loans. Methods. Survey was conducted using an attitudes-toward-debt scale (sub-scales: tolerant attitudes toward debt; contemplation and knowledge about loans; fear of debt), Perceived Stress Scale, and questions concerning current employment, estimated total student loan debt, post-graduation plans, and expected length of time to repay loans. Federal loan data were collected using financial aid records. Independent samples t-test, ANOVA, and Pearson’s r correlations were conducted. Results. There were 147 students (96.7%) who participated. The majority were female (59.2%), white (69.4%), and had federal student loans (90.5%). Mean total loan amount was $153,276 (SD $59,810), which included federal students loans accumulated before and during pharmacy school. No significant differences were noted on attitudes toward debt or stress based on whether respondents had federal student loans. Greater “fear of debt” was correlated with increased stress, estimated total student loan debt, total federal loan debt, and pharmacy school loan debt. Greater “contemplation and knowledge about loans” was correlated with lower estimated total student loan debt, total federal loan amount, and pharmacy school loan amount. Students with higher “contemplation and knowledge” scores expected to repay loans within a shorter time frame than students with lower scores. Conclusion. Increased fear of debt was related to greater perceived stress and higher student loan amounts borrowed, while increased contemplation and knowledge about loans was associated with lower amounts borrowed. Educational programming concerning loans, debt, and personal financial management may help reduce stress and amount borrowed. PMID:29109558