WorldWideScience

Sample records for public debt series

  1. 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

  2. Determinants of Polish public debt

    Directory of Open Access Journals (Sweden)

    Tomasz Stryjewski

    2011-12-01

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

  3. House Prices and Public Debt

    DEFF Research Database (Denmark)

    Gjedsted Nielsen, Mads; Rzeznik, Aleksandra

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

  4. 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.

  5. 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!

  6. 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.

  7. Public Debt and Economic Growth in Malaysia

    OpenAIRE

    Siew-Peng Lee; Yan-Ling Ng

    2015-01-01

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

  8. 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

  9. PUBLIC DEBT ANALYSIS BASED ON SUSTAINABILITY INDICATORS

    Directory of Open Access Journals (Sweden)

    Elena DASCALU

    2016-09-01

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

  10. Central bank independence and public debt policy

    NARCIS (Netherlands)

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

    1997-01-01

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

  11. 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.

  12. 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 ...

  13. 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 ...

  14. PUBLIC DEBT IN REPUBLIC OF SRPSKA

    Directory of Open Access Journals (Sweden)

    Ljiljana Jović

    2017-10-01

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

  15. 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.

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

    African Journals Online (AJOL)

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

  17. 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.

  18. 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...

  19. Public debt managers' behaviour interactions with macro policies

    NARCIS (Netherlands)

    Hoogduin, Lex; Öztürk, Bahar; Wierts, Peter

    2011-01-01

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

  20. 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

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

    African Journals Online (AJOL)

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

  3. 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.

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

    Directory of Open Access Journals (Sweden)

    Isaac Sánchez-Juárez

    2016-03-01

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

  5. Public Debt Spiral and Domestic Investment in Nigeria

    Directory of Open Access Journals (Sweden)

    Emmanuel Chinanuife

    2018-03-01

    Full Text Available The nature of Nigeria economy is such that borrowing has become the business of every government in power. Most often, in order to finance the deficit in the budget, the government would resolve to borrowing. However, there is growing concern on how long it would take Nigeria government to reduce the rate of borrowing. Some theorist argued that borrowing is not bad if borrowed fund is used productively. It is to this assertion that this study sorts to investigate public debt spiral and the level of public investment in Nigeria. Using quarterly time series data ranging from 1981 to 2016 and the ARDL methodology. The result showed that public debt has negative and statistical significant impact on public investment in Nigeria. That is, public debt crowds out public investment in Nigeria. The study therefore recommends among others that greater percent of public borrowing should be invested in order to reduce future borrowing in Nigeria. Also, the government should embark on internal borrowing instead of external to overcome exchange rate fluctuation problem.

  6. 31 CFR 359.70 - May Public Debt waive any provision in this part?

    Science.gov (United States)

    2010-07-01

    ... UNITED STATES SAVINGS BONDS, SERIES I Miscellaneous Provisions § 359.70 May Public Debt waive any... unnecessary hardship: (a) If such action would not be inconsistent with law or equity; (b) If it does not...

  7. 31 CFR 351.85 - May Public Debt waive any provision in this part?

    Science.gov (United States)

    2010-07-01

    ... UNITED STATES SAVINGS BONDS, SERIES EE Miscellaneous Provisions § 351.85 May Public Debt waive any... unnecessary hardship: (a) If such action would not be inconsistent with law or equity; (b) If it does not...

  8. 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.

  9. 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.

  10. 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.

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

    Directory of Open Access Journals (Sweden)

    Emenike Kalu O.

    2015-06-01

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

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

    OpenAIRE

    Sardelis, Dimitris

    2012-01-01

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

  13. A Critical Review of the Proposed Palestinian Public Debt Law

    International Development Research Centre (IDRC) Digital Library (Canada)

    JIHAD

    borrow from external or domestic resources to finance the gap between revenues and ... the Bir Zeit University Institute of Law, who evaluated the study. I would ... service its public debt is shaped by the capital market constraints it faces,.

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

    Science.gov (United States)

    Matesanz, David; Ortega, Guillermo J.

    2015-10-01

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

  15. Scale-invariant properties of public-debt growth

    Science.gov (United States)

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

    2010-05-01

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

  16. 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…

  17. 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.

  18. Sustainability of the public debt and the financial crisis

    Directory of Open Access Journals (Sweden)

    Aura Gabriela SOCOL

    2013-03-01

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

  19. Growth-Maximizing Public Debt under Changing Demographics

    DEFF Research Database (Denmark)

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

    2016-01-01

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

  20. Financial repression and high public debt in Europe

    NARCIS (Netherlands)

    van Riet, Ad

    2018-01-01

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

  1. 77 FR 65248 - Senior Executive Service; Public Debt Performance Review Board

    Science.gov (United States)

    2012-10-25

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

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

    DEFF Research Database (Denmark)

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

    2017-01-01

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

  3. 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...

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

    Directory of Open Access Journals (Sweden)

    Selim YILDIRIM

    2017-09-01

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

  5. Corporate ownership of the public debt: mapping the new aristocracy of finance

    OpenAIRE

    Hager, S. B.

    2015-01-01

    In various writings Karl Marx made references to an ‘aristocracy of finance’ in Western Europe and the United States that dominated ownership of the public debt. Drawing on original research, this article offers the first comprehensive analysis of public debt ownership within the US corporate sector. The research shows that over the past three decades, and especially in the context of the current crisis, a new aristocracy of finance has emerged, as holdings of the public debt have become rapi...

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

    Directory of Open Access Journals (Sweden)

    Tešić Aleksandra

    2014-01-01

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

  7. The determinants of the composition of public debt in developing and emerging market countries

    Directory of Open Access Journals (Sweden)

    Kristine Forslund

    2011-07-01

    Full Text Available This paper uses a new dataset on the composition of public debt in developing and emerging market countries to look at the correlation between country characteristics and domestic debt share. While the paper finds that most variables have the expected sign, it also finds that country characteristics cannot explain regional differences in the composition of public debt. Moreover, the paper finds a weak correlation between inflationary history and the composition of public debt. The paper explores the determinants of this finding and shows that the results are driven by the presence of capital controls.

  8. THE IMPACT OF PUBLIC DEBT ON ECONOMIC GROWTH WITHIN EU

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    Meral (IBRAIM KAGITCI

    2014-06-01

    Full Text Available The main idea of this paper consists in offering a general view regarding a comparative analysis between different EU countries on public debt and economic growth. In the meantime, this is the evidence that the annual shift of the public dues ratio and the budget deficit to GDP ratio are seen in a bad way and linearly associated with per-capita GDP increase. The conduits term through government`s obligation (level or change is expected to have a big impact over the economical increased rate as: i secret saving; ii social investments; iii all the productivity factors; iv unlimited long-term nominal and real interest rate. From a political point of view, the results will bring basically arguments for dues reduction to support long-term increase prospect.

  9. Implications of Public External Debt for Social Spending: A Case Study of Selected Asian Developing Countries

    OpenAIRE

    Sadia Shabbir; Hafiz M. Yasin

    2015-01-01

    For developing countries with budgetary and balance-of-payments gaps to meet, maintaining large stakes of external debt is not free of cost. Highly indebted countries have to set aside a sizeable fraction of their scarce resources to service their debt, which naturally affects their development spending in general and allocations for the social sector in particular. This study examines the behavior of seven developing Asian countries and analyzes the impact of public external debt on social s...

  10. Unsustainable Public Debt in a European Fiscal Union?

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    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.

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

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    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.

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

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    Vladimir Šimić

    2012-12-01

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

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

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    Popeanga Vasile

    2011-07-01

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

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

    African Journals Online (AJOL)

    kirstam

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

  15. Political shocks and public debt: The case for a conservative central bank revisited

    NARCIS (Netherlands)

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

    2006-01-01

    We explore the dynamics of public debt and optimal institutions in the presence of political shocks arising from electoral uncertainty. Under commitment, optimal stabilization is established by combining an inflation target with a debt target. The inflation target should be contingent on the

  16. On the long-term trends of public debt. Implications of the government’s Ponzi game and ageing

    OpenAIRE

    Zsuzsa Mosolygó

    2011-01-01

    This paper sets out to analyse the impact of global ageing on the financeability of states. It covers issues regarding the sustainability of public debt and theories addressing the repayability of debt. It presents the possibilities of a fiscal Ponzi game, which would allow the financing of the debt burden from borrowings and enable succeeding generations to roll over public debt. Sustainability depends greatly on the relationship between interest rates and economic growth, and if the growth ...

  17. A study on the Impact of Public Debt on the Finances of Kerala

    OpenAIRE

    Dr. V Johnson

    2018-01-01

    The Public Debt of Kerala has been on the rise ever since her attainment of statehood in 1956, instigated by budgetary imbalances culminating into huge yearly deficits. As future projections for Public Debt shows that it is likely to touch the colossal figure of Rs250000 crores in 2020 as against Rs210789 crores in 2017-18. The deficit debt fiasco originates from the revenue expenditure mismatch as reflected by the fiscal indicators is the fountain of the deteriorating financial position of t...

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

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    Francesco Carlucci

    2012-08-01

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

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

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    Arsić Sonja

    2015-01-01

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

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

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    Mareček Jan

    2017-01-01

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

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

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    Doina Dascalu

    2015-12-01

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

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

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    Giovanna Bua

    2014-01-01

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

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

    African Journals Online (AJOL)

    kirstam

    Dr N. Mupunga is at the Reserve Bank of Zimbabwe, and Prof. P. le Roux is in the Department of Economics, Nelson ..... negative correlation between debt and growth. Moreover the estimated endogenous ..... GDP ratio calibrated by the IMF and World Bank (2012: 25) for low-income countries rated weak in terms of country ...

  4. How to stop the snowball growth? A way for sustaining public debt over generations

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    Catrina Ion-Lucian

    2017-08-01

    Full Text Available Why public debts are growing so fast in most developing countries, like a dangerous snowball which is growing and growing and no one can stop it? It is only a negative relation between high debt and real growth of economy? How can we definitively remove the Ricardian anxiety which called debt a “terrible scourge”? These are only few questions asked in the last century in relation with debt “overhang” not only by scholars, but by governments as well. This paper aims to answer to other questions like: Why debt’s rate grows faster than GDP? Why governments borrow? For current spending or for public investments? Who should benefits current loans? Who should pay for them and when? How should be the taxation along the economic cycle: neutral or countercyclical? Need we a model to sustain the public debt over generations, or it is good enough to maintain a good ration between real GDP growth and debt and that’s it?

  5. RUVIVAL Publication Series Volume 3

    OpenAIRE

    Behrendt, Joachim; Fröndhoff, Dario; Munoz Ardila, Andrea; Orlina, Maria Monina; Rueda Morales, Máryeluz; Schaldach, Ruth; Schaldach, Ruth; Otterpohl, Ralf

    2018-01-01

    RUVIVAL Publication Series is a compilation of literature reviews on topics concerned with the revitalisation of rural areas. RUVIVAL Publication Series is part of the e-learning project RUVIVAL and each of the three contributions in this publication is connected to further interactive multimedia material, which can be reached under www.ruvival.de. The first literature review is concerned with urine utilisation as a fertiliser in agriculture. Urine contains four important nutrients for pla...

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

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    Jari Eloranta

    2011-01-01

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

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

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    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.

  8. Budget Deficit And Public Debt - The Great Challenges For The Eu Member States

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    Lupu, Iulia

    2010-12-01

    Full Text Available The financial crises had a strong impact on the public finance sectors from European countries. Even if in 2007 they started from relative good fiscal positions, the public debt and the budgetary deficits considerably deteriorated and registered historic values in European Union. With all measures taken to stimulate the economy, is a very favourable scenario to return at the taxes level from 2007. The aggregate numbers regarding the deficit and public debt incline to disguise the different evolutions of the European Union member states. The strong deterioration of fiscal indicators is caused by the automat effect of the economic productivity and also by measures taken by the governments of the member states. The past experiences can help to evaluate the fiscal measures that must be adopted in order to reduce the public debt and the deficit, without having an universal solution for all countries. Very important is the existing context for the implementation of adopted measures.

  9. THE GROWTH RATE OF PUBLIC DEBT IN ROMANIA - DETERMINANT OF A REAL STRATEGY MANAGEMENT

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    DOBROT;ăGABRIELA

    2017-12-01

    Full Text Available Contracting public debt is an omnipresent process in Member emerging. Low development of production capacities compared to consumption and investment, the existence of a reduced volume of savings internally, major imbalances in external plan or fluctuations in major capital are just some elements that determine the the orientation towards borrowings, and in particular to external funding. The growth rate in recent years emphasized, representing an issue of major importance for authorities, especially considering the sustainability of government debt. This may be evidenced at least by analysis of the level registered, of cost of financing and repayment period. In the paper is performed a descriptive statistical analysis on the evolution of growth in public debt and its structure by types of currencies, being presented and the factors affecting the maintenance of public debt to a sustainable level. The conclusion of the analysis carried out highlights a rapidly growing of the public debt in Romania after 2008, which requires the application of a clear strategy for its management so as to avoid the generated risks by high levels and inadequate structure.

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

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    Gavin Rae

    2016-03-01

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

  11. Indirect Taxes and Public Debt in the 'World of Islam' before 1800

    NARCIS (Netherlands)

    Fritschy, W.; S. Cavaciocchi,

    2008-01-01

    Indirect taxes and public debt in the ‘world of Islam’ before 1800. A comparison of Western and Islamic public finance. Wantje Fritschy – Vrije Universiteit Amsterdam – June 2007 The ‘world of islam’ and ‘the West’ before 1800 seem to have displayed different ‘fiscal values’: not only was it

  12. 'Three centuries of urban and provincial public debt: Amsterdam and Holland'

    NARCIS (Netherlands)

    Fritschy, W.; M.Boone en C.A. Davids,

    2003-01-01

    An analysis of the development of Amsterdam's and Holland's public debt between 1500 and 1800 led to the following conclusion. If public finance is the nerve of any state-system, it is quite adequate to describe the Dutch Republic as a league of seven 'province-republics', much less so, however, to

  13. Euro crisis or public debt crisis? With a remedy for the latter case

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    Mario Sarcinelli

    2012-09-01

    Full Text Available The European crisis did not originate with the Euro but with the excessive public debt of peripheral Eurozone countries. The ‘great moderation’ that had kept the euro sheltered from the storms proved a boon, because it granted the currency the status of a sound asset, but it was also a bane because it had led euro holders to believe that the euro area had implicitly reached such a degree of cohesion as to make a Greek or Italian government security almost as sound as a German one. If awareness of reality had dawned sooner, interest rates on the peripheral countries’ public debt would have been considerably higher and government leaders might have woken up sooner from the dream of governing a country that could outlast any storm thanks to its ample private wealth, despite its massive public debt.

  14. THE PUBLIC DEBT OF DEVELOPED COUNTRIES AS A FACTOR OF STRENGTHENING OF MACROECONOMIC IMBALANCES AND GLOBAL INSTABILITY

    Directory of Open Access Journals (Sweden)

    Y. V. lyasnikova

    2016-01-01

    Full Text Available The article defines the concept of public debt, consider its characteristics, the analysis of the level of public debt in developed and developing countries, considered the change of the OECD countries, the structure of government debt by instrument, an analysis of the measures taken by the governments of developed countries to prevent its further growth. It is necessary to identify the relationship of the budget deficit and public debt: the growth of the budget deficit leads to an increase in public debt. However, the absolute value of the ratio of the budget deficit and, consequently, public debt, there is little informative for economic analysis. It is necessary to identify the processes affecting the maintenance of the budget deficit. It is also necessary to find the tools for measuring changes in public debt relative to GDP dynamics.In the context of the existing market relations is difficult to achieve fiscal balance. The conditions of a deficit or surplus. It is shown that to cover the state budget deficit uses various types of financial loans, which constitute public debt, consisting of internal and external debt.

  15. Public Debt, Financial Markets and Economy in XVIIth Century Castile

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    Alberto Marcos Martín

    2013-04-01

    Full Text Available This essay deals with the negative consequences brought by the expansion of the consolidated debt since the XVIth century through the massive issues of long term annuities (juros on the Castilian economy. The article analyses the reasons which reduced the appeal of these financial assets among private investors. This prompted the Royal Treasury to follow an alternative course and, trying to expand its credit base, the Crown resorted to the financial systems of the Castilian cities, which became closely subordinated to the needs of the Royal Treasury.

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

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    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.

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

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    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

  18. The impact of public debt on the twin imbalances in Europe: A threshold model

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    Šuliková Veronika

    2017-01-01

    Full Text Available Recent empirical research rejecting twin deficits in indebted countries and current account imbalances adjustment in Europe led to the idea to test the twin imbalances at different public debt-to-GDP intervals. The analysis covers 14 EU countries over the time period 1995-2012. A panel data threshold model with fixed effects estimates two debt-to-GDP thresholds (40.2% and 96.6%, which determine three debt-to-GDP intervals in the twin relationship. If public debtto-GDP is less than 40.2%, the model determines a negative relationship (twin divergence between budget balance and current account. Twin deficits (surpluses are confirmed exclusively if debt-to-GDP is in the interval between 40.2% and 96.6%. A twin divergence is also confirmed if public debt-to-GDP is more than 96.6% (e.g., as in Greece and Italy. The results confirm that increased indebtedness in European countries contributed to their current account imbalance adjustment.

  19. The effect of the behavior of an average consumer on the public debt dynamics

    Science.gov (United States)

    De Luca, Roberto; Di Mauro, Marco; Falzarano, Angelo; Naddeo, Adele

    2017-09-01

    An important issue within the present economic crisis is understanding the dynamics of the public debt of a given country, and how the behavior of average consumers and tax payers in that country affects it. Starting from a model of the average consumer behavior introduced earlier by the authors, we propose a simple model to quantitatively address this issue. The model is then studied and analytically solved under some reasonable simplifying assumptions. In this way we obtain a condition under which the public debt steadily decreases.

  20. Development and External Debt: Friend or Foe? Academy for Educational Development 25th Anniversary Seminar Series.

    Science.gov (United States)

    Hope, Nicholas C.

    Arguing that the benefits from borrowing abroad exceed the costs recently imposed on countries through debt-servicing difficulties, this paper defines debt as an engine of growth, forcing the borrower to produce goods efficiently, export them, and function competitively in the international market. Debt-servicing difficulties of developing nations…

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

    Directory of Open Access Journals (Sweden)

    Fernando de Holanda Barbosa

    2006-06-01

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

  2. 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.

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

    OpenAIRE

    T.K. Jayaraman; Chee-Keong Choong

    2006-01-01

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

  4. The Effect of the Global Financial Crisis and the Sovereign Debt Crisis on Public Sector Accounting: A Contextual Analysis

    OpenAIRE

    Emmanuel Igbawase Abanyam; Paul Aondona Angahar

    2015-01-01

    This paper examines the effect of global financial crisis and the sovereign debt crisis on public sector accounting. The global financial crisis and sovereign debt crisis were contextually analysed bringing out clearly its effect on public sector accounting which include accounting issues related to public sector intervention, accounting for recapitalization of investment, accounting for fiscal support, accounting for financial guarantees. The paper found out that, the unresolved fiscal and d...

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

    Directory of Open Access Journals (Sweden)

    Mackiewicz-Łyziak Joanna

    2017-03-01

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

  6. Excess control rights: a study about its reflex on the cost of debt of publicly traded Brazilian companies

    Directory of Open Access Journals (Sweden)

    Jonatan Marlon Konraht

    2016-08-01

    Full Text Available This study analyzes the effect of excess control on the cost of debt in publicly traded Brazilian companies. Its objective is to determine whether a higher misalignment between voting rights and cash flow rights held by controlling shareholder causes an increase in agency cost of debt. For the analysis of the research problem, it was used panel data regression with random effects, in which was compared the level of excess control and the firms cost of debt. The results indicate that there is a positive and statistically significant association between excess control and the cost of debt. This suggests that creditors interpret this misalignment as a control entrenchment, which increases the credit risk, and thereby, increases the cost of debt. From the scientific point of view, the contribution to the literature provided by this study is the finding that ownership structure bears an impact in the creditor perceptions of risk, and thus, the cost of debt. These results can assist in developing actions to reduce the cost of debt, which implies the maximization of the economic performance of firms that have third-party capital in its capital structure. Its social contribution is the distinction of the firms exposed to a higher level of cost of debt, identifying ways to maximize resources, that is a relevant aspect especially in times of crisis whose effects can be very varied, such as bankruptcies, massive layoffs and default.

  7. To What Extent Should Public Corporations Be Consolidated? Considering the Effects on Public Deficit and Debt in Spanish Municipalities

    Directory of Open Access Journals (Sweden)

    Marta de VICENTE LAMA

    2018-02-01

    Full Text Available The consolidation perimeter of the public sector is the most important line between the micro and macro systems of government accounting. This paper focuses on the public sector boundary and assesses the potential impact on key reported figures – such as the ‘Maastricht’ deficit and debt ratios – that would result from moving public corporations inside the perimeter of the consolidated general government sector, public corporations that currently lie outside the general government sector. After examining 90 Spanish local governments with populations of over 50,000 during the 2010-2012 period, our results show that including public corporations within the general government sector perimeter leads to substantial differences in deficit and debt ratios, and that these differences significantly increase the number of municipalities in violation of fiscal limits imposed by the government. We also find that municipalities’ pre- and post-consolidation debt ratios are significantly different depending on the ruling party’s political ideology.   

  8. Is there an alternative strategy for reducing public debt by 2032?

    Directory of Open Access Journals (Sweden)

    Blot Christophe

    2014-01-01

    Full Text Available EMU countries have engaged in fiscal consolidation since 2011. This strategy has proven to be costly in terms of GDP. This cost has been amplified by the fact that fiscal multipliers are high in time of crisis, as recently stressed by the literature. Within this context, we wonder whether there is an alternative strategy aiming at bringing back the debt ratio to 60% of GDP in 2032, meanwhile lowering output losses. To this end, we report simulations realized from a simple model describing the Eurozone and the timing for consolidation. Based on a pragmatic view of the fiscal compact, we find an alternative path for consolidation which achieves a 60% threshold for public debt over the next 20 years in most euro area countries.

  9. ANALYSIS OF PUBLIC COURT-ORDERED-DEBT DISCLOSURE: INFLUENCE OF LEGISLATION AND FUNDAMENTALS OF ACCOUNTING THEORY

    Directory of Open Access Journals (Sweden)

    Lucas Oliveira Gomes Ferreira

    2012-03-01

    Full Text Available The purpose of the present study is to analyze the accounting disclosure of judicial payments warrants (precatórios, issued when governmental entities are found liable for pecuniary awards in lawsuits according to accounting theory, and to verify if the current legislation interferes in the accounting treatment of these instruments. In this sense, we performed a documental and literature review about the legal framework and accounting procedures adopted, as well gathered data from the National Treasury Secretariat Data Collection System (SISTN in the period 2004-2009 and consulted a study carried out by the Supreme Court (STF in 2004. The study’s justification is based on the perception that over than a half of judicial payment warrants are not registered in the public accounts. Consequently, whereas these warrants (i vested rights of the plaintiffs and (ii debts of the public entity, the lack of accounting disclosure jeopardizes both the beneficiary, whose right is not reflected in the public accounts, thus casting doubt on the expectation to receive payment, and government managers and society, who do not have reliable information that allows effective management. The innovation of this paper consists of discussing identification of the appropriate moment of the generating event of the underlying debts and the proposal of disclosure considering the risk classification. In conclusion, the influence of the current legislation and the failure to observe accounting fundamentals are among the likely factors that have affected the proper accounting of judicial payment warrants within the Brazilian public administration.

  10. 31 CFR 309.7 - Tenders; submission through Federal Reserve Banks and branches and to the Bureau of the Public Debt.

    Science.gov (United States)

    2010-07-01

    ... Reserve Banks and branches and to the Bureau of the Public Debt. 309.7 Section 309.7 Money and Finance... Reserve Banks and branches and to the Bureau of the Public Debt. Tenders in response to any such public notice will be received at the Federal Reserve Banks, or Branches thereof and at the Bureau of the Public...

  11. Sustainability of Government Debt in Sri Lanka

    Directory of Open Access Journals (Sweden)

    OG Dayaratna-Banda

    2014-07-01

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

  12. Current state of Japanese government deficits and the sustainability of the public debt; Zaisei akaji no genjo to seifu saimu no jizoku kanosei

    Energy Technology Data Exchange (ETDEWEB)

    Kato, H. [Central Research Institute of Electric Power Industry, Tokyo (Japan)

    1997-06-01

    The purpose of this paper is to describe the current state of Japanese government deficits and public debt and to offer the materials that support the necessity of financial improvement. The public debt was defined to be sustainable when it is completely repaid in infinite future. In other words, this means that the government balances the expenditure and revenue in infinite future. In this definition, the method based on the conventional time series analysis was modified and improved to investigate whether the financial operation of the Japanese Government after the war satisfies the sustainability. The conclusion that the financial operation of the Japanese Government cannot satisfy the sustainability was reached when this method was applied. The debt that cannot be repaid even in infinite future is left. In conclusion, the financial structure accompanied by the reduction in expenditure must be improved even in the standard that requires a smoother balance than when the financial income is balanced in a finite period. 20 refs., 12 figs., 7 tabs.

  13. 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.

  14. Terminological and Definitional Problems of Deficit and Debt in the Polish and EU Law of Public Finance

    Directory of Open Access Journals (Sweden)

    Ewa Lotko

    2016-06-01

    Full Text Available In the Polish and the EU public finances law there are serious terminological difficulties concerning the deficit and the debt. They arise first from the terminological chaos in this field and second from the parallel application of the EU and the Polish methodology of calculating of deficit and debt. Thus, the paper aims to explain the terminological and definitional problems of deficit and debt in the public finances law using unobtrusive research consisting of the detailed analysis of the Polish and EU legislation. Although there is no doubt that it would be desirable to order the applied terms, in the current legal situation, it would be extremely difficult, as it would require the changes to the Constitution, laws, and modification of translations of UE acts. The solution to the problem, presenting additional advantages, could consist of full transition to the EU methodology by the renouncement from the Polish methodology.

  15. 31 CFR 363.28 - Does Public Debt reserve the right to require that any TreasuryDirect ® transaction be conducted...

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Does Public Debt reserve the right to... Provisions Governing Securities Held in TreasuryDirect § 363.28 Does Public Debt reserve the right to require that any TreasuryDirect ® transaction be conducted in paper form? We reserve the right to require any...

  16. 31 CFR 370.46 - Are there any situations in which the Bureau of the Public Debt may waive these regulations?

    Science.gov (United States)

    2010-07-01

    ... or class of cases. We may do so if such action is not inconsistent with law and will not subject the... Bureau of the Public Debt may waive these regulations? 370.46 Section 370.46 Money and Finance: Treasury... Provisions § 370.46 Are there any situations in which the Bureau of the Public Debt may waive these...

  17. Public Debt, Economic Growth and the Real Interest Rate : A Panel VAR Approach to EU and OECD Countries

    NARCIS (Netherlands)

    Sterken, Elmer; Ogawa, Kazuo; Tokutsu, Ichiro

    2016-01-01

    We investigate the causal relationship between the public debt to GDP ratio and economic growth for 31 EU and OECD countries from 1995 to 2013. A number of studies have tackled this problem, but very few make the transmission mechanism explicit in their analysis. We estimate a panel VAR model that

  18. 76 FR 12398 - Privacy Act of 1974, as Amended; Computer Matching Program (SSA/Bureau of the Public Debt (BPD...

    Science.gov (United States)

    2011-03-07

    ... SOCIAL SECURITY ADMINISTRATION [Docket No. SSA 2010-0034] Privacy Act of 1974, as Amended; Computer Matching Program (SSA/ Bureau of the Public Debt (BPD))--Match Number 1304 AGENCY: Social Security... as shown above. SUPPLEMENTARY INFORMATION: A. General The Computer Matching and Privacy Protection...

  19. 76 FR 12397 - Privacy Act of 1974, as Amended; Computer Matching Program (SSA/Bureau of the Public Debt (BPD...

    Science.gov (United States)

    2011-03-07

    ...; Computer Matching Program (SSA/ Bureau of the Public Debt (BPD))--Match Number 1038 AGENCY: Social Security... as shown above. SUPPLEMENTARY INFORMATION: A. General The Computer Matching and Privacy Protection... containing SSNs extracted from the Supplemental Security Record database. Exchanges for this computer...

  20. 76 FR 14010 - Public Workshop: Debt Collection 2.0: Protecting Consumers as Technologies Change

    Science.gov (United States)

    2011-03-15

    ....html ; Global Debt Registry Recognized As Visa PCI DSS Validated Service Provider, Business Wire (Jan... benefit consumers and debt collectors alike by streamlining the payment process and, in some cases... being unable to interact with each other? 7. What is the prevalence and feasibility of outsourcing the...

  1. External Debt and Public Investment in Education in Sub-Saharan Africa.

    Science.gov (United States)

    Tilak, Jandhyala B. G.

    1990-01-01

    Worsening economic conditions, reflected in mounting external debt, debt service, and structural adjustment processes have forced governments to reveal their expenditure priorities, which are largely against human capital investment activities like education. This paper examines this phenomenon, using cross-country data for Sub-Saharan Africa.…

  2. Assessing the Debt: George W. Bush's Legacy and the Future of Public Education under Barack Obama

    Science.gov (United States)

    Means, Alex; Taylor, Kendall

    2010-01-01

    This article utilizes Gloria Ladson-Billings' notion of educational debt in order to explore the historical, economic, and cultural politics of education reform under George W. Bush and Barack Obama. It tracks the No Child Left Behind Act across a number of fields in order to claim that Bush's expansion of the educational debt should be understood…

  3. 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

  4. 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.

  5. 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.

  6. Managing public debt, money supply and foreign assets: some indeterminacy results

    Directory of Open Access Journals (Sweden)

    Alexandre B. Cunha

    2005-09-01

    Full Text Available We provide in this paper three indeterminacy results concerning competitive equilibrium in an open economy monetary model. First, we show that if Friedman's prescription of zero nominal interest rate is implemented, then the path of the nominal balances is not uniquely determined. Second, we show that the maturity of the public debt is undetermined in a competitive equilibrium. Finally, we show that any competitive equilibrium allocation and prices can be decentralized by distinct exchange-rate regimes.Apresentam-se neste artigo três resultados de indeterminação do equilíbrio competitivo em um modelo do tipo pequena economia aberta com moeda. Inicialmente, mostra-se que se a famosa prescrição de Friedman de taxa nominal de juros zero for implementada, então a trajetória do estoque nominal de moeda é indeterminada. Em seguida, demonstra-se que a maturidade da dívida pública é indeterminada em um equilíbrio competitivo. Finalmente, mostra-se que qualquer alocação e preços de equilíbrio competitivo podem ser descentralizados por distintos regimes cambiais.

  7. 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

  8. The efect of the financial crisis on Croatia ’s primary budget deficit and public debt

    Directory of Open Access Journals (Sweden)

    Petar Sopek

    2009-09-01

    Full Text Available movements and sustainability of the public debt in the period up to 2013. It is shown that changes in the public debt come from the effect of the primary deficit created, stockflow adjustment, the real growth of the GDP and real interest rates. On the basis of results of the European Communities (2009 a statistical estimate is given of the trends in the primary deficit for EU-12, after which the model is adjusted to Croatian figures. The projection of stock-flow adjustment is undertaken from a projection of the primary deficit, due to the relatively strong negative correlation between those two variables in the past, whilst the projection of the real growth rate of the GDP and real interest rates is significantly simplified. The main hypothesis tested is that the ratio of the public debt in the GDP up to 2013 does not exceed the margin of sustainability prescribed in the Maastricht criterion of 60%, which is finally confirmed by this analysis.

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

    OpenAIRE

    Reiner Eichenberger; David Stadelmann

    2009-01-01

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

  10. 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.

  11. La deuda pública y sus implicaciones. Un modelo The implications of public debt. a model

    Directory of Open Access Journals (Sweden)

    Salas Gustavo

    1997-06-01

    Full Text Available La crisis de la deuda pública es generalmente un reflejo de una crisis fiscal, como lo muestra el modelo que se propone este artículo en el que el endeudamiento externo ha sido suscrito por el gobierno. Al interrumpirse el financiamiento externo, los gobiernos no pudieron reducir los déficits con tanta rapidez y tuvieron que recurrir a fuentes internas. El modelo muestra que si la economía no está creciendo, la financiación con deuda constituye un factor adicional de perturbación a la estabilidad macroeconómica.The crisis of the public debt generally is the reflect of a fiscal
    crisis. As in the model, where the external debt belongs to the
    government. when the external financing stops, the governments can not reduce its deficits at the same speed so they have to look out for internal financing. The model shows that if the economy is not growing, the financing with debt constítutes and additional factor of perturbation to the macroeconomic stability

  12. Public Debts and Private Assets: Explaining Capital Flight from Sub-Saharan African Countries

    OpenAIRE

    Léonce Ndikumana; James K. Boyce

    2002-01-01

    We investigate the determinants of capital flight from 30 sub-Saharan African countries, including 24 countries classified as severely indebted low-income countries, for the period 1970-1996. The econometric analysis reveals that external borrowing is positively and significantly related to capital flight, suggesting that to a large extent capital flight is debt-fueled. We estimate that for every dollar of external borrowing in the region, roughly 80 cents flowed back as capital flight in the...

  13. A National Blessing: Debt and Public Credit in the Atlantic Foundation of the United States of America

    Directory of Open Access Journals (Sweden)

    Matteo Battistini

    2013-07-01

    Full Text Available In the premises, the author analyses how the different historiographical trends concerning the Atlantic world have reduced the centrality of the State, and recent researches which focused on the processes of State-building and on the financial revolutions between the Seventeenth and the Nineteenth centuries. Within this frame, the essay outlines an Atlantic history of the foundation of the U.S. through a reading of the Report on Public Credit (1782 of Robert Morris, Superintendent of Finances, and some writings of Alexander Hamilton, Secretary of the Treasury. The author argues that the institution of public debt and the foundation of the national bank constituted an adequate response not only to the need of State which characterized European history, but also to the capitalistic practices which marked European economies. The author underlines the continuity between the processes of State-building and the transition to capitalism in Europe and America in the age of the democratic revolutions.

  14. 42 CFR 413.178 - Bad debts.

    Science.gov (United States)

    2010-10-01

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

  15. 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.

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

    OpenAIRE

    Bantekas, I; Vivien, Renaud

    2016-01-01

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

  17. The Little Data Book on External Debt 2009

    OpenAIRE

    World Bank

    2009-01-01

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

  18. The Little Data Book on External Debt 2007

    OpenAIRE

    World Bank

    2007-01-01

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

  19. Jobs in Public Service. Job Family Series.

    Science.gov (United States)

    Science Research Associates, Inc., Chicago, IL.

    The booklet describes jobs in public service. The introductory chapter provides a definition and overview of public service work. Following chapters describe various levels of public service including: (1) neighborhood workers--letter carriers and postal employees, fire fighters, police officers, service repair workers, and bus drivers; (2) city…

  20. Public invited to Appalachian Studies Film Series

    OpenAIRE

    Elliott, Jean

    2004-01-01

    The Appalachian Studies Program at Virginia Tech is hosting a series of notable artistic and documentary films. The films deal with themes or issues covered in Appalachian Studies courses and are organized historically, touching upon issues common to all Appalachians.

  1. Debt Dilemma

    Science.gov (United States)

    Stewart, Pearl

    2012-01-01

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

  2. 36 CFR 1011.8 - When will the Presidio Trust suspend or terminate debt collection on a debt?

    Science.gov (United States)

    2010-07-01

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

  3. 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.

  4. 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

  5. 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.

  6. Debt burden of the Kingdom of Yugoslavia at times of great depression

    Directory of Open Access Journals (Sweden)

    Gnjatović Dragana

    2016-01-01

    Full Text Available It is customary to look for the causes of widespread problems of public debt service at times of the Great Depression on the side of a sharp drop of foreign exchange earnings of the debtor country, in conditions of severe contraction of international trade and the introduction of a series of foreign trade restrictions. In the case of the Kingdom of Yugoslavia, in addition to these causes, which were generated by the Great Depression, there were some specific reasons on the side of public expenditures that were not related to the crisis, which led the country to sovereign debt default in 1932. Analysing these reasons is the subject matter of this paper. The aim of this paper is to indicate, on the basis of relevant macroeconomic indicators and economic-historical facts, how much the Kingdom of Yugoslavia was indebted and why it was not possible to avoid the accumulation of public debt in the years of Great Depression.

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

    Directory of Open Access Journals (Sweden)

    Mytrofanova Anastasiia S.

    2017-03-01

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

  8. TOWARDS NEW MEANINGS OF SOVEREIGN DEBT

    Directory of Open Access Journals (Sweden)

    Deceanu Liviu

    2014-07-01

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

  9. 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....

  10. International Corporate Debt Market

    OpenAIRE

    Manuela Geranio; Issam Hallak

    2012-01-01

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

  11. 36 CFR 1011.14 - How will the Presidio Trust report debts to credit bureaus?

    Science.gov (United States)

    2010-07-01

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

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

    Directory of Open Access Journals (Sweden)

    Rodica HINCU

    2010-12-01

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

  14. 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...

  15. A Brazilian Debt-Crisis Model

    OpenAIRE

    Assaf Razin; Efraim Sadka

    2002-01-01

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

  16. Publication Ethics: A Case Series with Recommendations According to Committee on Publication Ethics (COPE).

    Science.gov (United States)

    Fazly Bazzaz, Bibi Seddigheh; Sadeghi, Ramin

    2012-09-01

    Ethical misconduct is not a new issue in the history of science and literature. However, ethical misconducts in science have grown considerably in the modern era which is due to emphasis on the scientific proliferation in research institutes and gauging scientists according to their publications. In the current case series, several misconducts occurring over the previous years in Mashhad University of Medical Sciences (Mashhad, Iran) either for Journals or Faculty members were gathered and specific recommendations were provided to avoid similar events in the future. All recommendations are according to Committee on Publication Ethics (COPE).

  17. 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.

  18. 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....

  19. 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...

  20. The Determinants of Debt Financing

    OpenAIRE

    Zhao, Chenkai

    2013-01-01

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

  1. 31 CFR 351.68 - Are taxpayer identification numbers (TINs) required for registration of book-entry Series EE...

    Science.gov (United States)

    2010-07-01

    ... (TINs) required for registration of book-entry Series EE savings bonds? 351.68 Section 351.68 Money and... TREASURY BUREAU OF THE PUBLIC DEBT OFFERING OF UNITED STATES SAVINGS BONDS, SERIES EE Book-Entry Series EE Savings Bonds § 351.68 Are taxpayer identification numbers (TINs) required for registration of book-entry...

  2. 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

  3. The Public Schools Contracts Law. Focus on School Law Series.

    Science.gov (United States)

    Dabreu, O. Lisa

    New Jersey's Public Schools Contracts Law, enacted on June 2, 1977, places limits on the authority of local and regional boards of education to make purchases and to enter into contracts, agreements, or leases for supplies or services. This publication is designed to provide information and guidance that will assist boards of education in meeting…

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

    Directory of Open Access Journals (Sweden)

    Condea Bogdan Virgil

    2014-07-01

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

  5. Inflation: Causes and Cures. Series on Public Issues No. 9.

    Science.gov (United States)

    Saving, Thomas R.

    This booklet, one of a series intended to apply economic principles to major social and political issues of the day, focuses on the relationship between growth of the money supply, growth of productivity, and inflation. Provided first is a definition of inflation along with discussions of price indexes, the value of money, and the concept of…

  6. The Overpopulation Myth. Series on Public Issues No. 4.

    Science.gov (United States)

    Saving, Thomas R.

    In this booklet, one of a series intended to apply economic principles to major social and political issues of the day, it is argued that although doomsayers claim that world population growth is threatening the ability of the world to feed itself and that drastic measures should be taken to curb population growth, the world population situation…

  7. 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.

  8. 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…

  9. 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...

  10. 36 CFR 1011.15 - How will the Presidio Trust refer debts to private collection contractors?

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false How will the Presidio Trust... Property PRESIDIO TRUST DEBT COLLECTION Procedures To Collect Presidio Trust Debts § 1011.15 How will the Presidio Trust refer debts to private collection contractors? The Presidio Trust will transfer delinquent...

  11. 36 CFR 1011.7 - When will the Presidio Trust compromise a debt?

    Science.gov (United States)

    2010-07-01

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

  12. 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.

  13. ASPECTS OF ECONOMIC CRISIS IN THE ADMINISTRATION OF GOVERNMENT DEBT

    Directory of Open Access Journals (Sweden)

    UDRIŞTIOIU ANCA ROXANA

    2012-06-01

    Full Text Available The recent years have been characterized by the general influence of the crisis on the economic growth of the states, thus triggering the significant rise in the level of budget deficit and public debt. Under these circumstances, it is highly important that we know the real causes of the rise in public debt, its effects, and also the management strategy of the government public debt. What we aim to do is to take a glimpse into the real economic situation of the country, and in order to understand the crisis impact on it, we will review the economic facts of the last 10 years.

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

    OpenAIRE

    Pene Kalulumia

    2000-01-01

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

  15. C'è un secondo debito pubblico (più grande del primo?. (Is there a second public debt (larger than the first?

    Directory of Open Access Journals (Sweden)

    O. CASTELLINO

    2013-12-01

    Full Text Available L'articolo riguarda la definizione di una sicurezza sociale di debito nascosto che possono derivare dalle passività non finanziate dei sistemi pensionistici pay -as- you-go . Si distingue il diritto legale di prestazioni pensionistiche dei pensionati attuali da quelli attualmente impiegati. E poi si concentra in particolare sulla storia recente e la sicurezza sociale di debito del sistema pensionistico italianoThe article deals with the definition of a social security hidden debt that may arise from the unfunded liabilities of pay-as-you-go pension systems. It distinguishes the legal entitlement to pension benefits of the current pensioners from those currently employed.  It then focuses in particular on the recent history and social security debt of the Italian pension system.JEL: H63, H55

  16. Homelessness in America: What Should We Do? Public Talk Series.

    Science.gov (United States)

    Niedergang, Mark; McCoy, Martha, Ed.

    This program guide provides a forum for discussing the different beliefs that influence public policy about homelessness as well as policy goals. The central question is addressed in two parts: (1) what society ought to do for homeless people; and (2) laying out a range of possible answers for part 1. Four possible answers are discussed: help only…

  17. Taxation in Public Education. Analysis and Bibliography Series, No. 12.

    Science.gov (United States)

    Ross, Larry L.

    Intended for both researchers and practitioners, this analysis and bibliography cites approximately 100 publications on educational taxation, including general texts and reports, statistical reports, taxation guidelines, and alternative proposals for taxation. Topics covered in the analysis section include State and Federal aid, urban and suburban…

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

    Science.gov (United States)

    Katircioglu, Salih; Celebi, Aysem

    2018-03-01

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

  19. Pharmacy Students' Attitudes Toward Debt.

    Science.gov (United States)

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

    2015-05-25

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

  20. 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.

  1. Debt Out of Control

    DEFF Research Database (Denmark)

    Achtziger, Anja; Hubert, Marco; Kenning, Peter

    2015-01-01

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

  2. Debt, Neoliberalism and Crisis

    DEFF Research Database (Denmark)

    Charbonneau, Mathieu; Hansen, Magnus Paulsen

    2014-01-01

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

  3. 36 CFR 1011.19 - Will the Presidio Trust issue a refund if money is erroneously collected on a debt?

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false Will the Presidio Trust issue... Public Property PRESIDIO TRUST DEBT COLLECTION Procedures To Collect Presidio Trust Debts § 1011.19 Will the Presidio Trust issue a refund if money is erroneously collected on a debt? The Presidio Trust will...

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

    African Journals Online (AJOL)

    Nneka Umera-Okeke

    11 (3), S/NO 47, JULY, 2017. 142. Copyright © International .... public spending or distortionary taxation, with adverse influences on growth. In the ..... fatigue, fiscal space and debt sustainability in advanced economies. Econ. J. 123. (566) ...

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

    Science.gov (United States)

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

    2017-12-01

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

  6. Brief history of US debt limits before 1939.

    Science.gov (United States)

    Hall, George J; Sargent, Thomas J

    2018-03-20

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

  7. Kenya National Academy of Sciences, Public Lecture Series

    International Nuclear Information System (INIS)

    Wandinga, S.O

    2001-01-01

    The monograph is subdivided into eight chapters each devoted to specific theme focusing on environmental aspects. The first four chapters are devoted to water management and how it enhances the life, the character of water resources, relevant legal and equity related to the obligation to share, maintenance of water quality and standards and especially the consequences of polluting water. The second part of the publication is devoted to the problems of drought and desertification. The issues discussed include the limitation of the deserts in social-economic development. The interactions of desertification and climate and human activities is given emphases. In addressing the status of drought in Kenya, the presenters recognizes the significations of agriculture, meteorology and geology as methods of predicting drought

  8. 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...

  9. International labor migration and external debt.

    Science.gov (United States)

    Bustamante, J A

    1987-01-01

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

  10. 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

  11. Corporate debt pricing I.

    OpenAIRE

    Ilya, Gikhman

    2007-01-01

    In this article we discuss fundamentals of the debt securities pricing. We begin with a generalization of the present value concept. Though the present value is the base valuation method in the modern finance we will illustrate that this concept does not sufficiently accurate in producing instrument pricing. The incompleteness of the unique present value approach stems from variability of the interest rates. Admitting variability of the interest rates we define two present values one for buye...

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

    Directory of Open Access Journals (Sweden)

    Khalid ZAMAN

    2012-06-01

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

  13. Impact of Total, Internal and External Government Debt on Interest Rate in Pakistan

    OpenAIRE

    Perveen, Asma; Munir, Kashif

    2017-01-01

    The objective of the study is to examine impact of total, internal and external government debt on nominal interest rate in Pakistan. To attain these objectives, the study used annual time series data from 1973 to 2016. The study used loanable fund theory as theoretical model and ARDL bound testing approach for cointegration and Granger causality test to estimate the results. The results of the study found negative relation between total government debt, external debt and nominal interest rat...

  14. 36 CFR 1011.11 - How will the Presidio Trust use tax refund offset to collect a debt?

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false How will the Presidio Trust... PRESIDIO TRUST DEBT COLLECTION Procedures To Collect Presidio Trust Debts § 1011.11 How will the Presidio... Trust will refer to the Treasury Offset Program any delinquent, legally enforceable debt for collection...

  15. 36 CFR 1011.16 - When will the Presidio Trust refer debts to the Department of Justice?

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false When will the Presidio Trust... PRESIDIO TRUST DEBT COLLECTION Procedures To Collect Presidio Trust Debts § 1011.16 When will the Presidio... collection activity. The Presidio Trust will refer debts having a principal balance over $100,000, or such...

  16. Debt bondage and the tricks of capital

    OpenAIRE

    Guérin, Isabelle; Venkatasubramanian, G.; Kumar, S.

    2015-01-01

    Migrant labourers, free from rural bondage, are now bonded to other sources of debt, contracted from the agro-industry or construction sectors. The flows of migration in the brick-making and sugar cane sectors in Tamil Nadu, where bondage coexists with many public welfare schemes, illustrate the persistence and renewal of this phenomenon. The welfare schemes play the role of a safety net, but also contribute to low wages, and impunity on the part of employers. Alliances between capital and th...

  17. 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.

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

    Science.gov (United States)

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

    2016-01-01

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

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

    NARCIS (Netherlands)

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

    2013-01-01

    Exploring the period since the inception of the euro, we show that secondary-market yields on Italian public debt increase in anticipation of auctions of new issues and decrease after the auction, while no or a smaller such effect is present for German public debt. However, these yield movements on

  20. The Omitted Factor in Risk Management: Corporate Foreign Debt as an Alternative to Currency Derivatives

    DEFF Research Database (Denmark)

    Aabo, Tom

    Empirical surveys on exchange rate risk management in non-financial companies focus on the use of currency derivatives while omitting the use of corporate debt denominated in foreign currency ("foreign debt") even though the latter in risk management terms is identical to one or a series of forward...

  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. 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.

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

    OpenAIRE

    Gottardi, Piero; Kajii, Atsushi; Nakajima, Tomoyuki

    2015-01-01

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

  4. The demand of public debt in Castile during the Early Modern Age: the «juros» issued on Murcia’s «alcabalas» La demanda de juros en castilla durante la edad moderna: los juros de alcabalas de murcia

    Directory of Open Access Journals (Sweden)

    Carlos ÁLVAREZ NOGAL

    2011-07-01

    Full Text Available The Spanish Crown not only made short term loans frommajor international bankers, it also borrowed by issuing long term bonds called «juros», which were bought by Spanish and foreign investors. The issue of such public debt instruments was particularly intense in the 16th and 17th centuries in order to finance the Spanish Crown’s ambitious foreign policy. This paper studies the «juros» issued on Murcia’s «alcabalas » using a data base with all their bonds issued on this tax and city. Theresearch tries to obtain a picture as clear as possible of the supply and demand of «juros» during that period. We were able to observe a growth in the number of «juros», changes in the average value of their annual rents and the decline of the interest rates paid over time. It shows the development of a market for public debt in Castile.La Corona española no pidió prestado solamente a cortoplazo a los grandes banqueros internacionales, también lo hizo a largo plazo emitiendo títulos de deuda (juros, que compraron tanto inversores extranjeros como españoles. El recurso a este tipo de financiación fue particularmente intenso en los siglos XVI y XVII y permitió a la Corona española financiar su ambiciosa política exterior. Este trabajo estudia los juros emitidos sobre las alcabalas de Murcia utilizando una serie con todos los juros emitidos sobre ese impuesto y esa ciudad. La investigación intenta aclarar distintos aspectos de la oferta y demandade deuda pública en Castilla. A través de estas páginas podemos observar el crecimiento en el número de juros, los cambios en el valor medio de sus rentas anuales y el progresivo descenso de los tipos de interés. Este trabajo pone de manifiesto el desarrollo de un mercado secundario dedeuda pública en Castilla.

  5. 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

  6. Analysis of debt leveraging in private power projects

    Energy Technology Data Exchange (ETDEWEB)

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

    1992-08-01

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

  7. The Growth Opportunity Channel of Debt Structure

    NARCIS (Netherlands)

    Giambona, E.; Golec, J.

    2013-01-01

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

  8. 7 CFR 1951.213 - Debt settlement.

    Science.gov (United States)

    2010-01-01

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

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

    OpenAIRE

    Laura Alfaro; Fabio Kanczuk

    2007-01-01

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

  10. 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 ...

  11. 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

  12. 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

  13. Principles of Public School Accounting. State Educational Records and Reports Series: Handbook II-B.

    Science.gov (United States)

    Adams, Bert K.; And Others

    This handbook discusses the following primary aspects of school accounting: Definitions and principles; opening the general ledger; recording the approved budget; a sample month of transactions; the balance sheet, monthly, and annual reports; subsidiary journals; payroll procedures; cafeteria fund accounting; debt service accounting; construction…

  14. 75 FR 68956 - Debt Collection

    Science.gov (United States)

    2010-11-10

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

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

    Directory of Open Access Journals (Sweden)

    Ioan BĂTRÂNCEA

    2016-12-01

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

  16. 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

  17. Dynamic Capital Structure with Callable Debt and Debt Renegotiations

    DEFF Research Database (Denmark)

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

    2014-01-01

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

  18. 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.

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

    DEFF Research Database (Denmark)

    Alt, James E.; Lassen, David Dreyer

    2006-01-01

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

  20. 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

  1. Growth, Debt and Sovereignty: Prolegomena to the Greek Crisis

    OpenAIRE

    Stavros B. Thomadakis

    2015-01-01

    The paper reflects a basic premise: Greek participation in the Euro-zone marked a definitive institutional break in the process of contracting and managing public debt. Instead of internal debt, used extensively in earlier decades, euro-denominated sovereign issues were now placed in the international market. Thus, the Greek state became a net ‘exporter’ of financial claims to an extent unprecedented in its recent history. In assessing the prolegomena to crisis, I offer a review of the post-j...

  2. 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.

  3. Debt Boundaries Matter: Evidence From The Subsidiary Debt

    NARCIS (Netherlands)

    Altieri, M.

    2017-01-01

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

  4. 7 CFR 1782.20 - Debt Settlement.

    Science.gov (United States)

    2010-01-01

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

  5. 7 CFR 1951.894 - Debt settlement.

    Science.gov (United States)

    2010-01-01

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

  6. Executive Compensation and the Cost of Debt

    NARCIS (Netherlands)

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

    2010-01-01

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

  7. Addressing Student Debt in the Classroom

    Science.gov (United States)

    Perkins, David; Johnston, Tim; Lytle, Rick

    2016-01-01

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

  8. 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…

  9. 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.

  10. Historical aspects of meetings, publication series, and digital resources dedicated to echinoderms

    Directory of Open Access Journals (Sweden)

    Alexander Ziegler

    2014-03-01

    Full Text Available Half a century after the first scientific meeting dedicated to marine spiny-skinned animals (Deuterostomia: Echinodermata was held in Washington, DC, we take this opportunity to provide information on a number of historical aspects related to the echinoderm scientific community. Apart from shedding light on the historical origins of modern echinoderm conferences, the present contribution presents photographs taken during the first meeting of echinoderm researchers in 1963 as well as during the first installments of the International Echinoderm Conference and the European Conference on Echinoderms. Furthermore, we provide background information on publication series dedicated solely to the Echinodermata as well as descriptions of selected digital resources that focus on echinoderms. Finally, we present a number of echinoderm conference logos and flyers in addition to selected information about specific echinoderm meetings.

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

    Directory of Open Access Journals (Sweden)

    Gisele Mah

    2017-02-01

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

  12. Macroeconomic Reasons of Debts in Polish Health Service

    Directory of Open Access Journals (Sweden)

    Kamila Szymańska

    2008-04-01

    Full Text Available The article deals with the problem of debts in polish health service. Author analyzes the macroeconomic reasons of this situation. As a main reasons are indicated: a specificity of the health service market, which leads to a inefficient allocation of health services, lack of reliable data on health care system, too low level of public expenditure on a health care, inappropriate allocation of public capital and a monopolistic position of the payer.

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

    DEFF Research Database (Denmark)

    Stanescu, Catalin Gabriel

    2017-01-01

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

  14. 36 CFR 1011.12 - How will the Presidio Trust offset a Federal employee's salary to collect a debt?

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false How will the Presidio Trust... Property PRESIDIO TRUST DEBT COLLECTION Procedures To Collect Presidio Trust Debts § 1011.12 How will the... through the Treasury Offset Program. As described in § 1011.9(a) of this part, the Presidio Trust will...

  15. 36 CFR 1011.9 - When will the Presidio Trust transfer a debt to the Financial Management Service for collection?

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false When will the Presidio Trust transfer a debt to the Financial Management Service for collection? 1011.9 Section 1011.9 Parks, Forests... When will the Presidio Trust transfer a debt to the Financial Management Service for collection? (a...

  16. 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.

  17. Health care issues in Croatian elections 2005-2010: series of public opinion surveys.

    Science.gov (United States)

    Radin, Dagmar; Dzakula, Aleksandar; Benkovic, Vanesa

    2011-10-15

    To compare the results of a series of public opinion surveys on experiences with the health care sector in Croatia conducted in the time of elections and to analyze whether political party affiliation had any influence on issues of priority ranking. The surveys were conducted during 2005, 2007, and 2009. They were administered through a Computer Assisted Telephone Interviewing method to representative samples of Croatian population and were statistically weighted according to sex, age, level of education, and political party affiliation. The random sampling of the person within the household was done using the table of random numbers. Health and health care system was the most important issue (58%) during the 2007 parliamentary election and the second most important issue during the 2005 and 2009 elections (46% and 28%). In the 2007 election, health care was viewed as most important by women, respondents with lower education levels, and respondents with lower income. In 2005, the most important health care issues were corruption and lack of funding (45% and 43%, respectively), in 2007 poor organization and lack of funding (43% and 42%, respectively), and in 2009 lack of funding and corruption (51% and 45%, respectively). Health and health care system were consistently among the top two issues in all elections from 2005 to 2009. The top three most important health care sector issues were corruption, poor organization, and lack of funding. This indicates that political parties should include solutions to these issues in their health care policymaking.

  18. Health care issues in Croatian elections 2005-2009: series of public opinion surveys

    Science.gov (United States)

    Radin, Dagmar; Džakula, Aleksandar; Benković, Vanesa

    2011-01-01

    Aim To compare the results of a series of public opinion surveys on experiences with the health care sector in Croatia conducted in the time of elections and to analyze whether political party affiliation had any influence on issues of priority ranking. Methods The surveys were conducted during 2005, 2007, and 2009. They were administered through a Computer Assisted Telephone Interviewing method to representative samples of Croatian population and were statistically weighted according to sex, age, level of education, and political party affiliation. The random sampling of the person within the household was done using the table of random numbers. Results Health and health care system was the most important issue (58%) during the 2007 parliamentary election and the second most important issue during the 2005 and 2009 elections (46% and 28%). In the 2007 election, health care was viewed as most important by women, respondents with lower education levels, and respondents with lower income. In 2005, the most important health care issues were corruption and lack of funding (45% and 43%, respectively), in 2007 poor organization and lack of funding (43% and 42%, respectively), and in 2009 lack of funding and corruption (51% and 45%, respectively). Conclusion Health and health care system were consistently among the top two issues in all elections from 2005 to 2009. The top three most important health care sector issues were corruption, poor organization, and lack of funding. This indicates that political parties should include solutions to these issues in their health care policymaking. PMID:21990075

  19. 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.

  20. The Impact of The Sovereign Debt Crisis on The Eurozone Countries

    OpenAIRE

    Trabelsi, Mohamed Ali

    2012-01-01

    The turmoil affecting capital markets since summer 2007 and its intensification since mid-September 2008 inflicted noticeable blows to world economy. These last years the euro-zone’s financial institutions seem to be seriously hit by aggravating tensions. In 2010, this crisis intensified with the Greek debt crisis. It dated back to autumn 2010 with the Irish public debt. In this paper, we analyse the recent developments in the eurozone, mainly the PIIGS (Portugal, Ireland, Italy, Greece and S...

  1. Inclusive human development in pre-crisis times of globalisation-driven debts

    OpenAIRE

    Asongu, Simplice; EFOBI, Uchenna; BEECROFT, Ibukun

    2014-01-01

    The paper verifies the Azzimonti et al. (2014) conclusions on a sample of 53 African countries for the period 1996-2008. Authors of the underlying study have established theoretical underpinnings for a negative nexus between rising public debt and inequality in OECD nations. We assess the effects of four debt dynamics on inequality adjusted human development. Instrumental variable and interactive regressions were employed as empirical strategies. Two main findings were established which depen...

  2. Debt swapping as a tool for economic and social stabilization in Russia's closed nuclear cities (briefing paper)

    Energy Technology Data Exchange (ETDEWEB)

    JL Fuller; KM Leek

    2000-03-08

    The next great issue on the Russian landscape will be management of its foreign debt. In the near future the United States will be called upon to lead an international program of debt restructuring to assist Russia in overcoming the burden of its debt trap. With debt service obligations equal to 50{percent} of 1999 revenues, Russia has virtually no chance of sustaining a program of economic recovery without debt relief (Hardt, 1999). With some form of debt restructuring a foregone conclusion, Russia, the United States, and world community have a vital stake in searching for creative ways to transform the inevitability of debt restructuring into something of value and constructive to Russia and the problems it faces. This was the rationale behind debt-for-nature swaps which emerged in the early 1980s in Latin American and Eastern Europe as a means of relieving developing nations of their crippling foreign debt. Debt-for-nature swaps served both domestic and international needs by converting a portion of foreign debt, often at steep discounts, into local currency that was then used to fund programs to preserve the environment. The debt swap mechanism provides the prospect of getting something of real value where nothing is expected. The Pacific Northwest National Laboratory (PNNL) has proposed to use the same model to synergistically capitalize defense threat reduction activities and environmental remediation within Russia's closed nuclear cities. Preventing the emigration of nuclear technology, expertise, and hardware from these cities to subnational groups and countries of proliferation concern is one of the world's foremost pressing problems. It is in the best national security interest of the United states to assist Russia in overcoming the legacy of the Cold War by helping to address the catastrophic environmental and public health effects of nuclear production that negatively impact economic stabilization.

  3. Debt swapping as a tool for economic and social stabilization in Russia's closed nuclear cities (briefing paper)

    International Nuclear Information System (INIS)

    JL Fuller; KM Leek

    2000-01-01

    The next great issue on the Russian landscape will be management of its foreign debt. In the near future the United States will be called upon to lead an international program of debt restructuring to assist Russia in overcoming the burden of its debt trap. With debt service obligations equal to 50% of 1999 revenues, Russia has virtually no chance of sustaining a program of economic recovery without debt relief (Hardt, 1999). With some form of debt restructuring a foregone conclusion, Russia, the United States, and world community have a vital stake in searching for creative ways to transform the inevitability of debt restructuring into something of value and constructive to Russia and the problems it faces. This was the rationale behind debt-for-nature swaps which emerged in the early 1980s in Latin American and Eastern Europe as a means of relieving developing nations of their crippling foreign debt. Debt-for-nature swaps served both domestic and international needs by converting a portion of foreign debt, often at steep discounts, into local currency that was then used to fund programs to preserve the environment. The debt swap mechanism provides the prospect of getting something of real value where nothing is expected. The Pacific Northwest National Laboratory (PNNL) has proposed to use the same model to synergistically capitalize defense threat reduction activities and environmental remediation within Russia's closed nuclear cities. Preventing the emigration of nuclear technology, expertise, and hardware from these cities to subnational groups and countries of proliferation concern is one of the world's foremost pressing problems. It is in the best national security interest of the United states to assist Russia in overcoming the legacy of the Cold War by helping to address the catastrophic environmental and public health effects of nuclear production that negatively impact economic stabilization

  4. 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...

  5. 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

  6. Ownership and Determinants Capital Structure of Public Listed Companies in Indonesia: a Panel Data Analysis

    Directory of Open Access Journals (Sweden)

    Arief Tri Hardiyanto

    2013-04-01

    Full Text Available Capital structure is a mix of debts and equities used by a company to finance its investment. Debt offers benefit of tax shield from interest expenses that can be deducted in calculating company income tax. Unfortunately, company can not use debts in unlimited amount because it will lead to risk of bankcrupt. Therefore, company needs to establish a target (unobserved capital structure which will optimize the value of the firm. The purpose of this study is to investigate the determinant of capital structure and ownership in public listed companies in Indonesia Stock Exchange using Time-Series Cross-Section Regression (TSCSREG and supported with a balanced panel data. Data used are financial statements of 228 public listed companies from group of eight industry sectors. Research finding confirms that tax shield and fixed financial burden are significantly influence the capital structure and state ownership also significantly influence the capital structure of the state owned enterprises.

  7. Ownership and Determinants Capital Structure of Public Listed Companies in Indonesia: a Panel Data Analysis

    Directory of Open Access Journals (Sweden)

    Arief Tri Hardiyanto

    2013-04-01

    Full Text Available Capital structure is a mix of debts and equities used by a company to finance its investment. Debt offers benefit of tax shield from interest expenses that can be deducted in calculating company income tax. Unfortunately, company can not use debts in unlimited amount because it will lead to risk of bankcrupt. Therefore, company needs to establish a target (unobserved capital structure which will optimize the value of the firm. The purpose of this study is to investigate the determinant of capital structure and ownership in public listed companies in Indonesia Stock Exchange using Time-Series CrossSection Regression (TSCSREG and supported with a balanced panel data. Data used are financial statements of 228 public listed companies from group of eight industry sectors. Research finding confirms that tax shield and fixed financial burden are significantly influence the capital structure and state ownership also significantly influence the capital structure of the state owned enterprises.

  8. Efficiency or speculation? A time-varying analysis of European sovereign debt

    Science.gov (United States)

    Ferreira, Paulo

    2018-01-01

    The outbreak of the Greek debt crisis caused turmoil in European markets and drew attention to the problem of public debt and its consequences. The increase in the return rates of sovereign debts was one of these consequences. However, like any other asset, sovereign debt returns are expected to have a memoryless behaviour. Analysing a total of 15 European countries (Eurozone and non-Eurozone), and applying a time-varying analysis of the Hurst exponent, we found evidence of long-range memory in sovereign bonds. When analysing the spreads between each bond and the German one, it is possible to conclude that Eurozone countries' spreads show more evidence of long-range dependence. Considering the Eurozone countries most affected by the Eurozone crisis, that long-range dependence is more evident, but started before the crisis, which could be interpreted as possible speculation by investors.

  9. Executive Compensation and the Cost of Debt

    NARCIS (Netherlands)

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

    2013-01-01

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

  10. 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.

  11. 19 CFR 351.508 - Debt forgiveness.

    Science.gov (United States)

    2010-04-01

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

  12. 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

  13. STATE DEBT DYNAMICS: THE METHODOLOGICAL ASPECT

    Directory of Open Access Journals (Sweden)

    Stela CRIJANOVSCHI

    2013-02-01

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

  14. Government debt in Greece: An empirical analysis

    Directory of Open Access Journals (Sweden)

    Gisele Mah

    2014-06-01

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

  15. 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.

  16. The Euro Zone Sovereign Debt Crisis and Potential Solutions

    Directory of Open Access Journals (Sweden)

    Simona Moagăr-Poladian

    2011-07-01

    Full Text Available The debt sustainability is a challenging problem to some Eurozone countries, being a reflection of a high rate of unbalanced financial sector. The public debt crisis has already delayed the economic growth of certain countries and will cause unpleasant effects in the near future. Programmes of fiscal consolidation have been applied in each of Eurozone countries, focussed primarily on the banking system in order to prevent banks from bankruptcy. The main objective of the European Commission is to strengthen the trust in the European banking system. The proposals have been oriented toward increasing banking capital on future in concordance to Basel III agreement. By creating of a new governance framework and a new Single Regulatory Act for the whole European banking system it would stimulate the consolidation of the whole banking system from EU.

  17. Hyman Minsky's financial instability hypothesis and the Greek debt crisis

    Directory of Open Access Journals (Sweden)

    Sergey Beshenov

    2015-12-01

    Full Text Available This article attempts to analyze the current debt crisis in Greece based on the financial instability hypothesis developed by Hyman Minsky. This article shows that the hypothesis provides an understanding of how an economy endogenously becomes “financially fragile” and thus prone to crises. The authors analyze how public and private sector behavior in the Greek economy led to the country's debt crisis. In particular, based on a sample of 36 Greek companies, the authors show that between 2001 and 2014, the majority of those companies had switched to fragile financial structures. Special attention is devoted to the negative consequences of applying the neoclassical doctrine of “austerity measures” in Greece as the principal “anti-crisis” concept of mainstream economic science.

  18. PENGARUH KEPEMILIKAN MANAJERIAL, INVESTMENT OPPORTUNITY SET (IOS, DAN DEBT COVENANT TERHADAP KONSERVATISME AKUNTANSI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI

    Directory of Open Access Journals (Sweden)

    Ryan Saptono

    2014-12-01

    Full Text Available The purpose of this research is to see the influence of managerial ownership, Investment opportunity Set and Debt Covenant on Accounting Conservatism of manufacturing industry in Indonesian Stock Exchange. There are 27 manufacturing companies listed in Indonesian Stock Exchange used as samples for this research. This research used time series data from 2009 until 2011. The estimation result showed that managerial ownership, Investment opportunity Set and Debt Covenant had simultaneosly impact on Accounting Conservatism in manufacturing industry. The result also showed that managerial ownership had significant impact on Accounting Conservatism, but Investment opportunity Set and Debt Covenant had not significant impact.

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

    Directory of Open Access Journals (Sweden)

    Almir Alihodžić

    2016-06-01

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

  20. 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.

  1. 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...

  2. 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.

  3. 7 CFR 1956.147 - Debt settlement under the Federal Claims Collection Act.

    Science.gov (United States)

    2010-01-01

    ... prospects. (E) Why acceptance of the debt settlement offer is in the best interest of the Government. (4) If... will be submitted to the National Office on Form FmHA or its successor agency under Public Law 103-354... FmHA or its successor agency under Public Law 103-354 1956-1 will be distributed in accordance with...

  4. Messengers of Bad News or Bad Apples? Student Debt and College Accountability

    Science.gov (United States)

    Darolia, Rajeev

    2015-01-01

    Student loan debt and defaults have been steadily rising, igniting public worry about the associated public and private risks. This has led to controversial regulatory attempts to curb defaults by holding colleges, particularly those in the for-profit sector, increasingly accountable for the student loan repayment behavior of their students. Such…

  5. Is debt restructuring needed to make the Stability and Growth Pact (more credible?

    Directory of Open Access Journals (Sweden)

    Jens Körner

    2011-01-01

    Full Text Available The emergence of the so-called PIIGS crisis which in 2009 became acute due to strongly diverging risk premiums, marked the beginning of a new phase for the European Monetary Union. Whilst the run-up to EMU had been characterized by an encouraging convergence of macroeconomic fundamentals of its member countries, it is now facing a serious threat in particular due to excessive levels of public debt. In 1997, the Stability and Growth Pact introduced a mechanism designed to prevent excessive public debt of the type currently observed; the fact of the matter, however, seems to be that levels of public debt has continuously grown from one economic cycle to the next. But the SGP apparently not only failed to fulfil its aim to keep the deficit and the debt level within its limits but also suffered from a severe loss of credibility; unless some profound action is taken it may further diminish, severely hampering the loose structure of the European Monetary Union. In order to regain some credibility, mitigate financial market’s concerns and, hence, lower borrowing cost, a consolidation path is needed to returns to acceptable levels of debt in the foreseeable future. This process has already started and measures have been taken by several eurozone countries to speed up fiscal consolidation. The aim of the paper is to analyze whether or not the group of the PIIGS countries are likely to return to debt levels in accordance with the SGP criteria or if it might be necessary to undergo a process of debt restructuring or default. By analysing different scenarios where nominal interest rates on debt (r and nominal growth rates (n as well as gaps thereof (r-n, herein called the automatic debt dynamics, are varied, this paper comes to the conclusion, that debt restructuring or default is a likely outcome for some of the PIIGS; arithmetics is in particular playing against Greece. As disillusioning and disappointing this outcome might be for some observers, it

  6. 26 CFR 1.166-1 - Bad debts.

    Science.gov (United States)

    2010-04-01

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

  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. 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 ...

  9. Credit Card Debt Hardship Letter Samples

    OpenAIRE

    lissa coffey

    2016-01-01

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

  10. Introduction: On the ethics of debt

    Directory of Open Access Journals (Sweden)

    William H. Carter

    2016-10-01

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

  11. The Revolution in Banking and the Financial Services Industry. Series on Public Issues No. 11.

    Science.gov (United States)

    Fraser, Donald R.

    It is the premise of this booklet, one of a series intended to apply economic principles to major social and political issues of the day, that a revolution in the banking and financial services industry is altering not only the fundamental nature of the services offered but the character of the organizations themselves. The purpose of the essay is…

  12. The Budget Deficit--The "Crisis" of the 80's. Series on Public Issues No. 13.

    Science.gov (United States)

    Greenhut, Melvin L.; Smithson, Charles W.

    In this booklet, one of a series intended to apply economic principles to major social and political issues of the day, an analogy is drawn between the dire predictions once made about the energy crisis and those now being made about a budget crisis. Concerns about the deficit have centered on inflation, interest rates, and growth of the economy.…

  13. Japan: The Modernization of an Ancient Culture. Series on Public Issues No. 3.

    Science.gov (United States)

    Wolken, Lawrence C.

    This booklet, one of a series of booklets intended to apply economic principles to major social and political issues of the day, traces the modernization of the ancient culture of Japan. Four major areas are covered: (1) "An Ancient Culture" covers the period from the first settling of Japan through the Heian period, the medieval ages,…

  14. Karl Marx in One Lesson (1818-1883). Series on Public Issues No. 6.

    Science.gov (United States)

    Pejovich, Steve

    This booklet, one of a series intended to apply economic principles to major social and political issues of the day, starts from the premise that Marxism is a threat to our way of life and offers a critique of fundamental components of the social movement Marx created. The first of six subsections focuses on sources of influence on Karl Marx…

  15. Journey to Planet Earth: The Urban Explosion. The Public Television Series. [Videotape].

    Science.gov (United States)

    1999

    This videotape attempts to show students how the uncontrolled development of the world's major cities has led to a series of problems such as air pollution, water pollution, limited room for waste disposal, housing shortages, and loss of farmland. The videotape profiles four mega-cities: Mexico City, Shanghai, Istanbul, and New York City. Students…

  16. Minimum Wage Laws: Who Benefits, Who Loses? Series on Public Issues No. 2.

    Science.gov (United States)

    Hobson, Margaret Jane; Maurice, S. Charles

    It is the thesis of this booklet, one of a series intended to apply economic principles to major social and political issues of the day, that minimum wage laws actually hurt those whom such laws are designed to help. From this point of departure, separate subsections examine economic implications of minimum wage laws, including discussion of what…

  17. 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.

  18. 76 FR 62496 - Motor Carrier Safety Advisory Committee Series of Public Subcommittee Meetings

    Science.gov (United States)

    2011-10-07

    ... Carrier Safety Admin., No. 10-2340 (7th Cir. 2011).] The Agency will not appeal the court's decision and... effective public participation before the comment period deadline, FMCSA encourages use of the Web site...

  19. 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...

  20. Exploring the link between household debt and income inequality

    DEFF Research Database (Denmark)

    Fasianos, Apostolos; Raza, Hamid; Kinsella, Stephen

    2017-01-01

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

  1. A retrospective analysis of the relationship between medical student debt and primary care practice in the United States.

    Science.gov (United States)

    Phillips, Julie P; Petterson, Stephen M; Bazemore, Andrew W; Phillips, Robert L

    2014-01-01

    We undertook a study to reexamine the relationship between educational debt and primary care practice, accounting for the potentially confounding effect of medical student socioeconomic status. We performed retrospective multivariate analyses of data from 136,232 physicians who graduated from allopathic US medical schools between 1988 and 2000, obtained from the American Association of Medical Colleges Graduate Questionnaire, the American Medical Association Physician Masterfile, and other sources. Need-based loans were used as markers for socioeconomic status of physicians' families of origin. We examined 2 outcomes: primary care practice and family medicine practice in 2010. Physicians who graduated from public schools were most likely to practice primary care and family medicine at graduating educational debt levels of $50,000 to $100,000 (2010 dollars; P practice persisted when physicians from different socioeconomic status groups, as approximated by loan type, were examined separately. At higher debt, graduates' odds of practicing primary care or family medicine declined. In contrast, private school graduates were not less likely to practice primary care or family medicine as debt levels increased. High educational debt deters graduates of public medical schools from choosing primary care, but does not appear to influence private school graduates in the same way. Students from relatively lower income families are more strongly influenced by debt. Reducing debt of selected medical students may be effective in promoting a larger primary care physician workforce. © 2014 Annals of Family Medicine, Inc.

  2. Parallel debt in the Serbian finance law

    Directory of Open Access Journals (Sweden)

    Kuzman Miloš

    2014-01-01

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

  3. The EMU debt criterion: an interpretation

    Directory of Open Access Journals (Sweden)

    R. BERNDSEN

    1997-12-01

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

  4. 36 CFR 1011.13 - How will the Presidio Trust use administrative wage garnishment to collect a debt from a debtor's...

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false How will the Presidio Trust... Debts § 1011.13 How will the Presidio Trust use administrative wage garnishment to collect a debt from a... 30 days prior to initiating an administrative wage garnishment, the Presidio Trust will send notice...

  5. THE DETERMINANTS OF HOUSEHOLD DEBT DEFAULT

    OpenAIRE

    ALFARO, RODRIGO; GALLARDO, NATALIA

    2012-01-01

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

  6. 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.

  7. Debt financing structure within the state-owned corporations in Kenya

    Directory of Open Access Journals (Sweden)

    Micah Odhiambo Nyamita

    2015-05-01

    Full Text Available The current public sector financial management reforms agenda within the state-owned corporations in Kenya aimed at integrating and aligning their performance to vision 2030, has not yet achieved the traction required. This study, therefore, examined the different types of debt financing strategies applied by the various state-owned corporations in Kenya, in comparison to those applied by state-owned corporations from developed and developing economies. The study specifically revealed that private debt financing, through bank loans and payables is commonly used amongst Kenyan state-owned corporations. While, most state-owned corporations from developed and developing economies, such as in America, Europe, Asia and South Africa, use public debt financing, through financial securities, traded in both domestic and international capital markets.

  8. Practical Public Relations: Effective PR Techniques for School Library/Media Specialists. Monograph Series No. 5.

    Science.gov (United States)

    Behm, Mary W., Ed.

    This handbook of publicity ideas suggests activities and themes to highlight services and resources of school media centers, including approaches to students, faculty, administration, and the community at large. A 14-item annotated bibliography and six mailing list addresses are provided as additional sources for ideas. Clip art illustrations…

  9. Annual Progress Report, 1976. Southern Rural Development Center, Mississippi State University. SRDC Series Publication No. 15.

    Science.gov (United States)

    Southern Rural Development Center, State College, MS.

    Covering the 1976 activities of the Southern Rural Development Center (SRDC), this third annual report describes SRDC's: history; organization; regional workshops; functional networks; network bibliographies and other publications; Title V reports; grant received for training in rural development; orientation visits; consultants; information…

  10. Public Marketing: An Alternative Policy Decision-Making Idea for Small Cities. Community Development Research Series.

    Science.gov (United States)

    Meyers, James; And Others

    The concept of public marketing presents a strategy for the systems approach to community development that would facilitate the community decision making process via improved communication. Basic aspects of the social marketing process include: (1) product policy; (2) channels of distribution; (3) pricing (perceived price vs quality and quantity…

  11. The Impact of Internet Subsidies in Public Schools. NBER Working Paper Series.

    Science.gov (United States)

    Goolsbee, Austan; Guryan, Jonathan

    As part of the Telecommunications Act of 1996, the U.S. government began subsidizing Internet and telecommunications access in classrooms and libraries through a tax on long-distance services (the E-Rate Program). This paper analyzes the impact of this program on public schools' technology adoption during 1996-2000, examining data on technology…

  12. The New Right and American Education: A Bibliography. Public Administration Series Bibliography P-1508.

    Science.gov (United States)

    Quay, Richard H.

    A bibliography of approximately 88 materials on the new right and education in the United States is presented. Although some of the publications are from the 1970s, most cover the 1980-1983 period. Specific topics include the following: school politics and the influence of interest groups and social movements; secular humanism and the schools;…

  13. EAP: Employee Assistance Programs in the Public Schools. Reference & Resource Series.

    Science.gov (United States)

    Hacker, Carol

    Employee assistance programs (EAP's) have been set up by many businesses and organizations to help employees resolve their personal problems so they can maintain or resume an acceptable job performance level. So far, only a few public school districts have considered or implemented such programs. This monograph examines EAP's in general and…

  14. Debt Development in Ireland and Spain: the Same or Different? Pre- and Post-crisis Analysis

    Directory of Open Access Journals (Sweden)

    Piotr Ptak

    2016-12-01

    Full Text Available The aim of this paper is to present the development of general government debt in two Eurozone countries: Ireland and Spain that suffered from serious imbalance in public finance during the last crisis. Prior to the crisis, both economies were developing well against the background of the whole Eurozone and had a relatively good situation in public finance. The genesis of the crisis was also quite similar in these two countries. The similarity of factors influencing the crisis and the pre-crisis high development of both economies were among the reasons for selection of these two countries to be compared. Thus, the article focuses on the outbreak of the crisis and the fiscal consolidation period of 2008-2015, however the pre-crisis analysis is also provided. The debt sustainability analysis carried out in the article shows the possibility of growing out of debt in both countries depending on the macroeconomic circumstances. Both Ireland and Spain have been aiming to achieve a primary surplus. Besides the similarity of pre-crisis conditions, in this respect, the progress was highly noticeable, especially in Ireland, where it resulted from a fiscal consolidation but also a high real GDP dynamics that supported the process. Due to this, Ireland has already managed to lower the debt-to- -GDP ratio and put it on a downward path. Spain, on the contrary, has recorded a high debt-to-GDP ratio which is still on the upward path and is forecasted to continue until 2016.

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

    Directory of Open Access Journals (Sweden)

    Khalid Zaman

    2012-06-01

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

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

    NARCIS (Netherlands)

    A.G. Dijkstra (Geske)

    2013-01-01

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

  17. 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

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

    International Nuclear Information System (INIS)

    Gugler, A.

    1999-01-01

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

  19. Participatory public health systems research: value of community involvement in a study series in mental health emergency preparedness.

    Science.gov (United States)

    McCabe, O Lee; Marum, Felicity; Semon, Natalie; Mosley, Adrian; Gwon, Howard; Perry, Charlene; Moore, Suzanne Straub; Links, Jonathan M

    2012-01-01

    Concerns have arisen over recent years about the absence of empirically derived evidence on which to base policy and practice in the public health system, in general, and to meet the challenge of public health emergency preparedness, in particular. Related issues include the challenge of disaster-caused, behavioral health surge, and the frequent exclusion of populations from studies that the research is meant to aid. To characterize the contributions of nonacademic collaborators to a series of projects validating a set of interventions to enhance capacity and competency of public mental health preparedness planning and response. Urban, suburban, and rural communities of the state of Maryland and rural communities of the state of Iowa. Study partners and participants (both of this project and the studies examined) were representatives of academic health centers (AHCs), local health departments (LHDs), and faith-based organizations (FBOs) and their communities. A multiple-project, case study analysis was conducted, that is, four research projects implemented by the authors from 2005 through 2011 to determine the types and impact of contributions made by nonacademic collaborators to those projects. The analysis involved reviewing research records, conceptualizing contributions (and providing examples) for government, faith, and (nonacademic) institutional collaborators. Ten areas were identified where partners made valuable contributions to the study series; these "value-areas" were as follows: 1) leadership and management of the projects; 2) formulation and refinement of research topics, aims, etc; 3) recruitment and retention of participants; 4) design and enhancement of interventions; 5) delivery of interventions; 6) collection, analysis, and interpretation of data; 7) dissemination of findings; 8) ensuring sustainability of faith/government preparedness planning relationships; 9) optimizing scalability and portability of the model; and 10) facilitating

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

    Directory of Open Access Journals (Sweden)

    Ronald D. Kneebone

    2014-07-01

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

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

    Science.gov (United States)

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

    2013-08-01

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

  2. 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.

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

    Directory of Open Access Journals (Sweden)

    Mislav Brkić

    2016-06-01

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

  4. Options in Education: Program No. 88. Sex and Sexism in Education, Part II. Transcripts of a Weekly Series Broadcast by Member Stations of National Public Radio.

    Science.gov (United States)

    National Public Radio, Washington, DC.

    This booklet is a transcription of a program from the radio series, "Options in Education." It is part 2 of a two-part series dealing with sexism in education. It deals with sex discrimination in various aspects of public education, including textbooks, teacher promotion, sports programs and children's literature. There is also a…

  5. Federal Debt and Interests Costs

    Science.gov (United States)

    1993-05-01

    refunding, , state or lo- by clearing easy profits. To bar this abuse-- cal government sells bonds whose proceeds which is known as tax arbitrage --federal...rate. violating the arbitrage ban. SLGs carry a maximum interest rate of one-eighth of a per- Foreign Series. Foreign series securities, is- centage...or costs are unpredictable and vestors devote to nonproductive hedging focus instead on any of several economic bene- and increase the willingness of

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

    OpenAIRE

    Ernesto Priego

    2016-01-01

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

  7. The Impact of Debt Limitations and Referenda Requirements on the Cost of School District Bond Issues

    Science.gov (United States)

    Harris, Mary H.; Munley, Vincent G.

    2011-01-01

    One distinction between the markets for corporate and municipal bonds involves institutional constraints that apply to some municipal bond issues. This research focuses on how public finance institutions, in particular explicit debt limits and referenda requirements, affect the borrowing cost of individual school district bond issues. The…

  8. Health system outcomes and determinants amenable to public health in industrialized countries: a pooled, cross-sectional time series analysis

    Directory of Open Access Journals (Sweden)

    Westert Gert P

    2005-08-01

    Full Text Available Abstract Background Few studies have tried to assess the combined cross-sectional and temporal contributions of a more comprehensive set of amenable factors to population health outcomes for wealthy countries during the last 30 years of the 20th century. We assessed the overall ecological associations between mortality and factors amenable to public health. These amenable factors included addictive and nutritional lifestyle, air quality, public health spending, healthcare coverage, and immunizations. Methods We used a pooled cross-sectional, time series analysis with corrected fixed effects regression models in an ecological design involving eighteen member countries of the Organisation for Economic Cooperation and Development during the period 1970 to 1999. Results Alcohol, tobacco, and fat consumption, and sometimes, air pollution were significantly associated with higher all-cause mortality and premature death. Immunizations, health care coverage, fruit/vegetable and protein consumption, and collective health expenditure had negative effects on mortality and premature death, even after controlling for the elderly, density of practicing physicians, doctor visits and per capita GDP. However, tobacco, air pollution, and fruit/vegetable intake were sometimes sensitive to adjustments. Conclusion Mortality and premature deaths could be improved by focusing on factors that are amenable to public health policies. Tackling these issues should be reflected in the ongoing assessments of health system performance.

  9. Impact of Changes in Accounting Standards in Debt Ratios of Firms: Evidence in Brazil

    Directory of Open Access Journals (Sweden)

    André Aroldo Freitas de Moura

    2016-01-01

    Full Text Available ABSTRACT This research investigates the impact of changes in debt ratios of Brazilian firms due to the IFRS adoption. We make a comparison between the forecast of the time-series of debt ratios accounted until 2007 for the span from 2008 to the first quarter of 2015 with those effectively accounted from 2008 to the first quarter of 2015 derived from the new accounting standard. The research utilizes SARIMAX model and Chow’s (1960 structural break forecast test, controlling for changes originating from the macroeconomic environment as well. We find evidence of significant changes in the debt ratio towards both higher and lower debt with predominance of greater ratios. This result is consistent with past literature in Europe, Australia and New Zealand. Nevertheless, we do not find evidence of a structural break in the Financial Dependency ratio. Moreover, there is no evidence of any distinct effects across different industries. The research provides new evidence confirming the informational effects of IFRS by utilizing a robust time-series model with macroeconomic controls in an innovative approach towards the accounting environment.

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

    OpenAIRE

    Guido Wolswijk; Jakob de Haan

    2005-01-01

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

  11. Extinction debt: a challenge for biodiversity conservation.

    Science.gov (United States)

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

    2009-10-01

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

  12. 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.

  13. Carbon debt - Lost in the forest?

    DEFF Research Database (Denmark)

    Bentsen, Niclas Scott

    2014-01-01

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

  14. Debt crisis ahead for Irish medical students.

    Science.gov (United States)

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

    2014-06-01

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

  15. Foreign Debt: Causes and Measures Taken

    Directory of Open Access Journals (Sweden)

    Ion Botescu

    2016-01-01

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

  16. On rising medical student debt: in for a penny, in for a pound.

    Science.gov (United States)

    Kassebaum, D G; Szenas, P L; Schuchert, M K

    1996-10-01

    Using national databases of the Association of American Medical Colleges, the authors have examined reasons for the rising indebtedness of U.S. medical students, looking across the past decade at the influence of tuition and fees (tuition-fees) alone and the total costs of attending school, the effects of the changing demographics of medical school enrollments and lengthened graduation times, the relationship between the availability of school-funded scholarships and the amount of student loan disbursements, the pattern of student financial aid, and the reliance on borrowing to cover the costs of medical education. In constant dollars, the average indebtedness of students graduating from public schools increased 59.2% between 1985 and 1995, and that for graduates of private schools increased 64.2%. The fraction of graduates bringing debt with them when they entered medical school declined from 42.1% in 1985 to 33.6% in 1995. Premedical debt as a fraction of total debt declined at public schools from 9% in 1985 to 7% in 1995, and at private schools from 7.8% in 1985 to 5.9% in 1995. For public schools, tuition-fees increased 60.1% between 1985 and 1995, and average medical school debt increased 60.9%; for private schools, tuition-fees increased 30.1% over that period, while average medical school debt increased 66.2%. On average, public school graduates accrued debt greater than their four-year tuition-fee payments, while the average debt accrued by private school graduates was less than tuition-fee amounts. In 1995, graduates of public schools had debt accumulations representing 62% of the average total cost of attendance (tuition, fees, books, supplies, equipment, and living expenses), and the indebtedness of private school graduates was 55% of the average total cost, findings suggesting that total costs were the stronger driver of the amounts borrowed. On a national scale, the influences on medical school debt of longer graduation times, the growing number of

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

    African Journals Online (AJOL)

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

  18. 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.

  19. Debt as an Urban Chronotrope in Mongolia

    DEFF Research Database (Denmark)

    Pedersen, Morten Axel

    2017-01-01

    . With the transition to capitalism in the 1990s, both the number of debt obligations and the size of loans expanded dramatically, without being subject to similar curtailment or other formalization. The result is that ‘no one pays back what they owe’, as people complain. Departing from the seemingly peculiar fact...... that people nonetheless keep on lending others money – including debtors they hardly know or with a bad reputation – I argue that debt has acquired a gift-like nature in Ulaanbaatar, and show how the temporality of such ‘generalized debt’ is inseparable from the neo-liberal deregulation of residential spaces...

  20. 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 ...

  1. 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.

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

    OpenAIRE

    Papanikos, Gregory T.

    2014-01-01

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

  3. Deriving Biomonitoring Equivalents for selected E- and P-series glycol ethers for public health risk assessment.

    Science.gov (United States)

    Poet, Torka; Ball, Nicholas; Hays, Sean M

    2016-01-01

    Glycol ethers are a widely used class of solvents that may lead to both workplace and general population exposures. Biomonitoring studies are available that have quantified glycol ethers or their metabolites in blood and/or urine amongst exposed populations. These biomonitoring levels indicate exposures to the glycol ethers, but do not by themselves indicate a health hazard risk. Biomonitoring Equivalents (BEs) have been created to provide the ability to interpret human biomonitoring data in a public health risk context. The BE is defined as the concentration of a chemical or metabolite in a biological fluid (blood or urine) that is consistent with exposures at a regulatory derived safe exposure limit, such as a tolerable daily intake (TDI). In this exercise, we derived BEs for general population exposures for selected E- and P-series glycol ethers based on their respective derived no effect levels (DNELs). Selected DNELs have been derived as part of respective Registration, Evaluation, Authorisation and Regulation of Chemicals (REACh) regulation dossiers in the EU. The BEs derived here are unique in the sense that they are the first BEs derived for urinary excretion of compounds following inhalation exposures. The urinary mass excretion fractions (Fue) of the acetic acid metabolites for the E-series GEs range from approximately 0.2 to 0.7. The Fues for the excretion of the parent P-series GEs range from approximately 0.1 to 0.2, with the exception of propylene glycol methyl ether and its acetate (Fue = 0.004). Despite the narrow range of Fues, the BEs exhibit a larger range, resulting from the larger range in DNELs across GEs. The BEs derived here can be used to interpret human biomonitoring data for inhalation exposures to GEs amongst the general population. Copyright © 2015 Elsevier GmbH. All rights reserved.

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

    International Nuclear Information System (INIS)

    Wu Yan; Liu Shuqing

    2010-01-01

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

  5. Debt Stabilization Games in the Presence of Risk Premia

    NARCIS (Netherlands)

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

    2012-01-01

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

  6. 12 CFR 370.3 - Debt Guarantee Program.

    Science.gov (United States)

    2010-01-01

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

  7. 26 CFR 1.1275-4 - Contingent payment debt instruments.

    Science.gov (United States)

    2010-04-01

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

  8. Debt overhang and the macroeconomics of carry trade

    NARCIS (Netherlands)

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

    2016-01-01

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

  9. 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...

  10. 48 CFR 31.205-3 - Bad debts.

    Science.gov (United States)

    2010-10-01

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

  11. Debt stabilization games in the presence of risk premia

    NARCIS (Netherlands)

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

    2013-01-01

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

  12. 7 CFR 3.12 - Reporting of consumer debts.

    Science.gov (United States)

    2010-01-01

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

  13. 7 CFR 1403.4 - Demand for payment of debts.

    Science.gov (United States)

    2010-01-01

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

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

    Science.gov (United States)

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

    2016-01-01

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

  15. 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...

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

    NARCIS (Netherlands)

    P. Verwijmeren (Patrick)

    2008-01-01

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

  17. 12 CFR 16.6 - Sales of nonconvertible debt.

    Science.gov (United States)

    2010-01-01

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

  18. The impact of public transportation strikes on use of a bicycle share program in London: interrupted time series design.

    Science.gov (United States)

    Fuller, Daniel; Sahlqvist, Shannon; Cummins, Steven; Ogilvie, David

    2012-01-01

    To investigate the immediate and sustained effects of two London Underground strikes on use of a public bicycle share program. An interrupted time series design was used to examine the impact of two 24 hour strikes on the total number of trips per day and mean trip duration per day on the London public bicycle share program. The strikes occurred on September 6th and October 4th 2010 and limited service on the London Underground. The mean total number of trips per day over the whole study period was 14,699 (SD=5390) while the mean trip duration was 18.5 minutes (SD=3.7). Significant increases in daily trip count were observed following strike 1 (3864: 95% CI 125 to 7604) and strike 2 (11,293: 95% CI 5169 to 17,416). Events that greatly constrain the primary motorised mode of transportation for a population may have unintended short-term effects on travel behaviour. These findings suggest that limiting transportation options may have the potential to increase population levels of physical activity by promoting the use of cycling. Copyright © 2011 Elsevier Inc. All rights reserved.

  19. THE PUZZLE OF SIMULTANEOUS SAVINGS AND DEBTS

    Directory of Open Access Journals (Sweden)

    RODICA IANOLE

    2012-05-01

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

  20. 20 CFR 340.16 - Debt collection.

    Science.gov (United States)

    2010-04-01

    ... RECOVERY OF BENEFITS § 340.16 Debt collection. (a) The Associate Executive Director for Unemployment and... person paying remuneration for time lost or any sum or damages for personal injury to remit the amount of reimbursement due the Board, if any, within 30 days of the date of the payment of remuneration or damages to an...

  1. 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

  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. 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

  5. From debt crisis to sovereign risk

    NARCIS (Netherlands)

    Lukkezen, Jasper

    2014-01-01

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

  6. 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 ...

  7. 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...

  8. The Influence of Debt Maturity Structure on Accounting Conservatism

    Institute of Scientific and Technical Information of China (English)

    Zhao Huiqing; Chen Xinguo

    2015-01-01

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

  9. Security Clearances: Additional Mechanisms May Aid Federal Tax-Debt Detection

    Science.gov (United States)

    2015-03-18

    it is requesting disclosure , and, as such, the agency may not obtain the complete tax -debt history of the individual nor would it be of use during...BagdoyanS@gao.gov. Contact points for our Offices of Congressional Relations and Public Affairs may be found on the last page of this statement...Connect with GAO To Report Fraud, Waste, and Abuse in Federal Programs Congressional Relations Public Affairs Please Print on Recycled Paper.

  10. THE GENESIS OF THE FUNCTIONS OF GOVERNMENT DEBT SECURITIES

    Directory of Open Access Journals (Sweden)

    V. Osetskyi

    2015-06-01

    Full Text Available Government borrowings appear at a certain stage of development the economic system. Governments used loans many centuries ago because there are often occurred situations when borrowings were the only way to attract additional financial resources. The preconditions for government loans from the position of creditors are also important. These, in particular, include: the availability of subjects that have the temporarily available funds; investor confidence in the state, that stimulating their interest in buying government debt securities; state’s ability to repay its obligations and so on. Thus, the article deals with the basic prerequisites of the government securities market and its function at different stages of develop-ment of economic relations. So, it was found, that the main functions of local borrowing in XIV-XX centuries include the following: fiscal, public debt management, improved economic situation in some areas and repayment of previously issued loans. In modern conditions the functions of government securities have expanded and include: regulation of the money market and stock market, smoothing unevenness of funds flow to the budget, funding various pro-grams, support the liquidity of financial institutions. The author also highlights that objective necessity of using government borrowing associated with the presence of contradictions between the existing needs of society and the state’s capacity to satisfy them within existing financial re-sources. And in such situations government securities are a means of mobilizing additional financial resources to the state budget.

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

    Directory of Open Access Journals (Sweden)

    Sri Adiningsih

    2009-08-01

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

  12. Impact of STROBE statement publication on quality of observational study reporting: interrupted time series versus before-after analysis.

    Directory of Open Access Journals (Sweden)

    Sylvie Bastuji-Garin

    Full Text Available In uncontrolled before-after studies, CONSORT was shown to improve the reporting of randomised trials. Before-after studies ignore underlying secular trends and may overestimate the impact of interventions. Our aim was to assess the impact of the 2007 STROBE statement publication on the quality of observational study reporting, using both uncontrolled before-after analyses and interrupted time series.For this quasi-experimental study, original articles reporting cohort, case-control, and cross-sectional studies published between 2004 and 2010 in the four dermatological journals having the highest 5-year impact factors (≥ 4 were selected. We compared the proportions of STROBE items (STROBE score adequately reported in each article during three periods, two pre STROBE period (2004-2005 and 2006-2007 and one post STROBE period (2008-2010. Segmented regression analysis of interrupted time series was also performed.Of the 456 included articles, 187 (41% reported cohort studies, 166 (36.4% cross-sectional studies, and 103 (22.6% case-control studies. The median STROBE score was 57% (range, 18%-98%. Before-after analysis evidenced significant STROBE score increases between the two pre-STROBE periods and between the earliest pre-STROBE period and the post-STROBE period (median score2004-05 48% versus median score2008-10 58%, p<0.001 but not between the immediate pre-STROBE period and the post-STROBE period (median score2006-07 58% versus median score2008-10 58%, p = 0.42. In the pre STROBE period, the six-monthly mean STROBE score increased significantly, by 1.19% per six-month period (absolute increase 95%CI, 0.26% to 2.11%, p = 0.016. By segmented analysis, no significant changes in STROBE score trends occurred (-0.40%; 95%CI, -2.20 to 1.41; p = 0.64 in the post STROBE statement publication.The quality of reports increased over time but was not affected by STROBE. Our findings raise concerns about the relevance of uncontrolled before

  13. Triple therapy in chronic hepatitis C: initial series in a public health program in the South of Brazil.

    Science.gov (United States)

    Almeida, Paulo R L; Fonseca, Carla Bortolin; Koch, Vivian W; Souza, Amanda M; Feltrin, Alberi A; Tovo, Cristiane Valle

    2015-01-01

    Chronic hepatitis C has great impact on world's health. Current therapy for genotype 1 hepatitis C virus includes protease inhibitors boceprevir and telaprevir, associated to standard therapy - peginterferon alfa + ribavirin. There are no published data in Brazil on the results of this new therapy, and it is interesting an evaluation of what was accomplished up to this moment. Objectives To evaluate virologic response to triple therapy, as well as the safety profile and tolerability. This study is a clinical series of patients receiving triple therapy for C hepatitis in a single center of a Public Health System of South Brasil. Out of the 121 patients that initiated the triple therapy, the first patients that finished the treatment and evaluated the sustained virological response (24 weeks after the end of treatment) were included. Twenty four genotype 1 chronic hepatitis C monoinfected patients were included. Nineteen (79.2%) patients had been previously treated. Thirteen (54.2%) patients were cirrhotic. Nineteen (79.2%) patients completed the planned therapy. By the end of the treatment, 14 (58.3%) out of 24 patients had undetectable viral load. Sustained virologic response occurred in 12 (50.0%) out of 24 patients, 07 (58.3%) in telaprevir group and 05 (41.7%) in boceprevir group. Out of 24 patients under triple therapy, 58% (n=14) presented anemia. In conclusion, despite the small number of patients treated with triple therapy evaluated in the current study, it possibly reflects the population under this therapy in real-life.

  14. Increasing household debts and its relation to GDP, interest rate and house price: Malaysia’s perspective

    OpenAIRE

    Rahman, Sharezan; Masih, Mansur

    2014-01-01

    The increase in household debts in Malaysia which has escalated to about 86% of total GDP is deemed to be at worrying stage as it may in turn trigger another financial crisis. Thus, the aim of this study is to examine the increase in household debts and its relation to GDP, interest rate and house price via time series techniques. Data collected from Datastream and monthly statistical bulletin span from 1999 to 2014 on quarterly basis. The results show that there is a cointegrating long run r...

  15. Debt Collection Models and Their Using in Practice

    Directory of Open Access Journals (Sweden)

    Anna Wodyńska

    2007-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Syzrantsev Hlib O.

    2013-12-01

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

  17. Evaluating the underlying factors behind variable rate debt.

    Science.gov (United States)

    McCue, Michael J; Kim, Tae Hyun Tanny

    2007-01-01

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

  18. 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

  19. 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 ...

  20. Household consumer debt, endogenous money and growth: A supermultiplier-based analysis

    Directory of Open Access Journals (Sweden)

    Riccardo Pariboni

    2016-09-01

    Full Text Available The paper provides a simple theoretical framework to assess the macroeconomic implications of debt-fuelled consumption. In particular, the analysis is conducted through an extended super-multiplier model with endogenous credit money, which highlights the role of the autonomous components of demand, and in particular autonomous consumption, as the main drivers of economic growth. The author sketches a comparison with alternative heterodox formulations. He argues that, unlike the neo-Kaleckian models, in the model proposed here output growth adjusts to the path of debt-financed consumption. Having treated investment as fully induced, it follows that also the rate of capital accumulation adjusts to the rate of growth, which is itself determined by the evolution of autonomous demand. Finally, it is shown that the stability of the ratio of debt to debtors’ income is affected, among other things, by the growth differential between workers’ autonomous consumption (and debt and the other autonomous components of demand, i.e. public expenditure and capitalists’ autonomous consumption. JEL Classification: E11, E12, E44, G01

  1. 77 FR 33634 - U.S. Treasury Securities-State and Local Government Series

    Science.gov (United States)

    2012-06-07

    ... available for purchase by issuers of tax-exempt securities. Current financial market conditions have... Commissioner for Public Debt Accounting, Bureau of the Public Debt, at (304) 480-5101 or [email protected] the SLGS rate table. Interest is accrued and added to the principal daily. Interest is computed on the...

  2. 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…

  3. 26 CFR 1.1275-7 - Inflation-indexed debt instruments.

    Science.gov (United States)

    2010-04-01

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

  4. 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…

  5. Reducing waiting time and raising outpatient satisfaction in a Chinese public tertiary general hospital-an interrupted time series study

    Directory of Open Access Journals (Sweden)

    Jing Sun

    2017-08-01

    Full Text Available Abstract Background It is globally agreed that a well-designed health system deliver timely and convenient access to health services for all patients. Many interventions aiming to reduce waiting times have been implemented in Chinese public tertiary hospitals to improve patients’ satisfaction. However, few were well-documented, and the effects were rarely measured with robust methods. Methods We conducted a longitudinal study of the length of waiting times in a public tertiary hospital in Southern China which developed comprehensive data collection systems. Around an average of 60,000 outpatients and 70,000 prescribed outpatients per month were targeted for the study during Oct 2014-February 2017. We analyzed longitudinal time series data using a segmented linear regression model to assess changes in levels and trends of waiting times before and after the introduction of waiting time reduction interventions. Pearson correlation analysis was conducted to indicate the strength of association between waiting times and patient satisfactions. The statistical significance level was set at 0.05. Results The monthly average length of waiting time decreased 3.49 min (P = 0.003 for consultations and 8.70 min (P = 0.02 for filling prescriptions in the corresponding month when respective interventions were introduced. The trend shifted from baseline slight increasing to afterwards significant decreasing for filling prescriptions (P =0.003. There was a significant negative correlation between waiting time of filling prescriptions and outpatient satisfaction towards pharmacy services (r = −0.71, P = 0.004. Conclusions The interventions aimed at reducing waiting time and raising patient satisfaction in Fujian Provincial Hospital are effective. A long-lasting reduction effect on waiting time for filling prescriptions was observed because of carefully designed continuous efforts, rather than a one-time campaign, and with appropriate incentives

  6. Reducing waiting time and raising outpatient satisfaction in a Chinese public tertiary general hospital-an interrupted time series study.

    Science.gov (United States)

    Sun, Jing; Lin, Qian; Zhao, Pengyu; Zhang, Qiongyao; Xu, Kai; Chen, Huiying; Hu, Cecile Jia; Stuntz, Mark; Li, Hong; Liu, Yuanli

    2017-08-22

    It is globally agreed that a well-designed health system deliver timely and convenient access to health services for all patients. Many interventions aiming to reduce waiting times have been implemented in Chinese public tertiary hospitals to improve patients' satisfaction. However, few were well-documented, and the effects were rarely measured with robust methods. We conducted a longitudinal study of the length of waiting times in a public tertiary hospital in Southern China which developed comprehensive data collection systems. Around an average of 60,000 outpatients and 70,000 prescribed outpatients per month were targeted for the study during Oct 2014-February 2017. We analyzed longitudinal time series data using a segmented linear regression model to assess changes in levels and trends of waiting times before and after the introduction of waiting time reduction interventions. Pearson correlation analysis was conducted to indicate the strength of association between waiting times and patient satisfactions. The statistical significance level was set at 0.05. The monthly average length of waiting time decreased 3.49 min (P = 0.003) for consultations and 8.70 min (P = 0.02) for filling prescriptions in the corresponding month when respective interventions were introduced. The trend shifted from baseline slight increasing to afterwards significant decreasing for filling prescriptions (P =0.003). There was a significant negative correlation between waiting time of filling prescriptions and outpatient satisfaction towards pharmacy services (r = -0.71, P = 0.004). The interventions aimed at reducing waiting time and raising patient satisfaction in Fujian Provincial Hospital are effective. A long-lasting reduction effect on waiting time for filling prescriptions was observed because of carefully designed continuous efforts, rather than a one-time campaign, and with appropriate incentives implemented by a taskforce authorized by the hospital managers. This

  7. 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.

  8. 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.

  9. Digital Debt Management: The Everyday Life of Austerity

    OpenAIRE

    Stanley, Liam; Deville, Joe; Montgomerie, Johnna

    2016-01-01

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

  10. REAL INTEREST RATES AND GOVERNMENT DEBT DURING STABILIZATION

    OpenAIRE

    Velasco, Andres

    1989-01-01

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

  11. Fiscal adjustment and deficit financing during the debt crisis

    OpenAIRE

    Easterly, William R.

    1989-01-01

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

  12. The Effect of Household Debt on Consumption in Thailand

    OpenAIRE

    Thitima Chucherd

    2006-01-01

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

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

    Science.gov (United States)

    Boyles, J D; Ahmed, B

    2017-10-27

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

  14. Sustainability of Italian budgetary policies: a time series analysis (1862-2013

    Directory of Open Access Journals (Sweden)

    Gordon L. Brady

    2017-12-01

    Full Text Available In this paper, we analyze the sustainability of Italian public finances using a unique database covering the period 1862-2013. This paper focuses on empirical tests for the sustainability and solvency of fiscal policies. A necessary but not sufficient condition implies that the growth rate of public debt should in the limit be smaller than the asymptotic rate of interest. In addition, the debt-to-GDP ratio must eventually stabilize at a steady-state level. The results of unit root and stationarity tests show that the variables are non-stationary at levels, but stationary in first-differences form, or I(1. However, some breaks in the series emerge, given internal and external crises (wars, oil shocks, regime changes, institutional reforms. Therefore, the empirical analysis is conducted for the entire period, as well as two sub‐periods (1862‐1913 and 1947‐2013. Moreover, anecdotal evidence and visual inspection of the series confirm our results. Furthermore, we conduct tests on cointegration, which evidence that a long-run relationship between public expenditure and revenues is found only for the first sub-period (1862-1913. In essence, the paper’s results reveal that Italy have sustainability problems in the Republican age.

  15. Anticipated debt and financial stress in medical students.

    Science.gov (United States)

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

    2008-01-01

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

  16. 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.

  17. 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.

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

    Science.gov (United States)

    Bailey, Shari; Franklin, David; Hearle, Keith

    2010-04-01

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

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

    OpenAIRE

    Paloviita, Maritta

    2012-01-01

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

  20. The exchange rate arrangements-government finance relationship and the impact on debt management

    Directory of Open Access Journals (Sweden)

    Silvia Trifonova

    2016-06-01

    Full Text Available The choice of exchange rate regime can have a significant impact on the development of the national economy, which affects the main economic indicators. Traditionally, researchers consider the effects of certain types of exchange rate regimes on economic indicators such as gross domestic product, inflation, current account, real exchange rate and investments, but is it possible that the exchange rate regime can also reflect the country's government finance and thus influence the management of public debt?

  1. Credit card debt, stress and key health risk behaviors among college students.

    Science.gov (United States)

    Nelson, Melissa C; Lust, Katherine; Story, Mary; Ehlinger, Ed

    2008-01-01

    To examine cross-sectional associations between credit card debt, stress, and health risk behaviors among college students, focusing particularly on weight-related behaviors. Random-sample, mailed survey. Undergraduate and graduate students (n = 3206) attending a large public university. Self-reported health indicators (e.g., weight, height, physical activity, diet, weight control, stress, credit card debt). More than 23% of students reported credit card debt > or = $1000. Using Poisson regression to predict relative risks (RR) of health behaviors, debt of at least $1000 was associated with nearly every risk indicator tested, including overweight/obesity, insufficient physical activity, excess television viewing, infrequent breakfast consumption, fast food consumption, unhealthy weight control, body dissatisfaction, binge drinking, substance use, and violence. For example, adjusted RR [ARR] ranged from 1.09 (95% Confidence interval [CI]: 1.02-1.17) for insufficient vigorous activity to 2.17 (CI: 0.68-2.82) for using drugs other than marijuana in the past 30 days. Poor stress management was also a robust indicator of health risk. University student lifestyles may be characterized by a variety of coexisting risk factors. These findings indicate that both debt and stress were associated with wide-ranging adverse health indicators. Intervention strategies targeting at-risk student populations need to be tailored to work within the context of the many challenges of college life, which may serve as barriers to healthy lifestyles. Increased health promotion efforts targeting stress, financial management, and weight-related health behaviors may be needed to enhance wellness among young adults.

  2. 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

  3. 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…

  4. 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,…

  5. 36 CFR 1011.17 - Will a debtor who owes a debt be ineligible for Presidio Trust licenses, permits, leases...

    Science.gov (United States)

    2010-07-01

    ..., permits, leases, privileges or services? Unless prohibited by law, the Presidio Trust may terminate... be ineligible for Presidio Trust licenses, permits, leases, privileges or services? 1011.17 Section 1011.17 Parks, Forests, and Public Property PRESIDIO TRUST DEBT COLLECTION Procedures To Collect...

  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. 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....

  8. 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...

  9. Reception of the Interpersonal Relations Series of the Continuing Education Project for Public Health Workers in North Carolina.

    Science.gov (United States)

    Dutton, Donnie

    Research was conducted on reactions of North Carolina public health workers to the telecasts, study manuals, and group discussion sessions used for seven programs (Introduction, Group Discussion, Communication, Cooperation, Culture and Public Health, Our Public Image, and Questions and Answers, respectively) in the interpersonal relations series…

  10. 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, ...

  11. 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 ...

  12. 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.

  13. 26 CFR 1.1275-5 - Variable rate debt instruments.

    Science.gov (United States)

    2010-04-01

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

  14. 48 CFR 2131.205-3 - Bad debts.

    Science.gov (United States)

    2010-10-01

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

  15. 48 CFR 1631.205-71 - FEHBP bad debts.

    Science.gov (United States)

    2010-10-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2003-03-01

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

  17. 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…

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

    NARCIS (Netherlands)

    Verdecchia, R.

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

  19. 26 CFR 1.166-4 - Reserve for bad debts.

    Science.gov (United States)

    2010-04-01

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

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

    African Journals Online (AJOL)

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

  1. 7 CFR 1710.126 - Federal debt delinquency.

    Science.gov (United States)

    2010-01-01

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

  2. Concerns about Debt Hover over a Small College in Iowa

    Science.gov (United States)

    Blumenstyk, Goldie

    2009-01-01

    By just about every objective measure, the $88-million in debt that Wartburg College has carried since late 2005 poses a risk. The college's debt load--twice the amount that it takes in annually from tuition and other revenue--has raised red flags with its accreditor, alarmed some faculty members, and left Wartburg with a credit rating just one…

  3. 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

  4. 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

  5. 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

  6. '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.

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

    Directory of Open Access Journals (Sweden)

    Kgomotso Hilda Masilo

    2014-09-01

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

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

    Directory of Open Access Journals (Sweden)

    Angelica BĂCESCU-CĂRBUNARU

    2012-11-01

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

  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. A Discussion on the European Debt Crisis by Fiscal Sociology

    Directory of Open Access Journals (Sweden)

    Chia-Jen Chang

    2013-10-01

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

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

    Directory of Open Access Journals (Sweden)

    Giurgiu Adriana

    2011-12-01

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

  12. Effects of Family Ownership, Debt and Board Composition on Mexican Firms Performance

    Directory of Open Access Journals (Sweden)

    Juan Manuel San Martin-Reyna

    2015-03-01

    Full Text Available This study examines the relationship between ownership structure and performance of public firms in Mexico, considering debt and the structure of the board of directors as contextual and institutional factors. This research seeks to explain the mixed results about the relationship of ownership and performance presented by other relevant studies in family and non-family businesses, mainly in emerging countries. The results confirm the positive association between family ownership concentration and performance, calculated by Tobin’s Q, showing how the participation of inside shareholders on the board and a low debt level contribute to higher performance. However, the association of these variables with performance shows a contrasting effect in the case of family as compared to non-family businesses. The particular corporate legal context in Mexico could be highlighted as one of the main reasons for these results.

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

    NARCIS (Netherlands)

    Marc Anderson; Dr. Nadja Jungmann

    2013-01-01

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

  14. 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

  15. Restructuring Public Higher Education Governance to Succeed in a Highly Competitive Environment. Research & Occasional Paper Series: CSHE.6.15

    Science.gov (United States)

    Hyatt, James A.

    2015-01-01

    Given diminished governmental support, competition from private counterparts, and public demands for access to services, public universities need to respond in an effective manner to take advantage of opportunities and meet the challenges of today's highly competitive environment. A critical factor in meeting these challenges is the manner in…

  16. 31 CFR 351.20 - What is the investment yield (interest) during the original maturity period of Series EE savings...

    Science.gov (United States)

    2010-07-01

    ... email at [email protected], or by writing us at the following address: Bureau of the Public Debt... prior to 5 years from issue date at our website at www.savingsbonds.gov, by contacting us by email at [email protected], or writing to the following address: Bureau of the Public Debt, Parkersburg, West...

  17. 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.

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

    Science.gov (United States)

    Brummitt, Charles D.; Kobayashi, Teruyoshi

    2015-06-01

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

  19. 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.

  20. Land Clearing and the Biofuel Carbon Debt

    Science.gov (United States)

    Fargione, Joseph; Hill, Jason; Tilman, David; Polasky, Stephen; Hawthorne, Peter

    2008-02-01

    Increasing energy use, climate change, and carbon dioxide (CO2) emissions from fossil fuels make switching to low-carbon fuels a high priority. Biofuels are a potential low-carbon energy source, but whether biofuels offer carbon savings depends on how they are produced. Converting rainforests, peatlands, savannas, or grasslands to produce food crop based biofuels in Brazil, Southeast Asia, and the United States creates a “biofuel carbon debt” by releasing 17 to 420 times more CO2 than the annual greenhouse gas (GHG) reductions that these biofuels would provide by displacing fossil fuels. In contrast, biofuels made from waste biomass or from biomass grown on degraded and abandoned agricultural lands planted with perennials incur little or no carbon debt and can offer immediate and sustained GHG advantages.

  1. 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.

  2. 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...

  3. 26 CFR 1.593-7 - Establishment and treatment of reserves for bad debts.

    Science.gov (United States)

    2010-04-01

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

  4. 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.

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

    DEFF Research Database (Denmark)

    Hirth, Stefan; Uhrig-Homburg, Marliese

    2010-01-01

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

  6. Training and Educating the Work Force in the Nineties: The Rationale for Public/Private Collaboration. Public/Private Ventures. Information Series No. 331.

    Science.gov (United States)

    Smith, Thomas J.; Trist, Carolyn

    The need for partnerships among deliverers of training in the public and private sectors has reached a critical point if U.S. businesses are to remain competitive. The work force and workplace are being transformed by demographic trends, economic and employment trends, a growing skills mismatch, and concerns over educational effectiveness. Two…

  7. The competitiveness of Eurozone periphery countries’ economies and their debt problems

    Directory of Open Access Journals (Sweden)

    Dementiev N. P.

    2016-03-01

    Full Text Available The article describes that after the periphery PIGS countries (Portugal, Ireland, Greece and Spain joined the Eurozone, several factors previously improving PIGS' export competitiveness (undervalued national currency, protective customs duty, low compensation of employees no longer work. It is revealed that in the pre-crisis years the rapid GDP growth in PIGS took place considerably by means of foreign loans. Moreover, external debt bubbles grew: high rates of economic growth facilitated the inflow of new foreign money used for both reinvestment and current external debt service. Besides, the share of «tradable» goods (that can be moved between countries and internationally traded decreased in the GDP structures of PIGS. During the crisis, the PIGS' economic situation got worse (growth of external and public debts, decline in the GDP and in the investments, high unemployment. Conclusion: the Eurozone should either strengthen the integration (to increase the unification of laws in the economic and social spheres, to tighten control by the Eurozone central authorities, or get rid of the troubled countries. Otherwise, the current crisis, repeatedly flaring and fading, will persist for a long time.

  8. THE COMPETITIVENESS OF EUROZONE PERIPHERY COUNTRIES’ ECONOMIES AND THEIR DEBT PROBLEMS

    Directory of Open Access Journals (Sweden)

    Dementiev N. P.

    2016-03-01

    Full Text Available The article describes that after the periphery PIGS countries (Portugal, Ireland, Greece and Spain joined the Eurozone, several factors previously improving PIGS' export competitiveness (undervalued national currency, protective customs duty, low compensation of employees no longer work. It is revealed that in the pre-crisis years the rapid GDP growth in PIGS took place considerably by means of foreign loans. Moreover, external debt bubbles grew: high rates of economic growth facilitated the inflow of new foreign money used for both reinvestment and current external debt service. Besides, the share of «tradable» goods (that can be moved between countries and internationally traded decreased in the GDP structures of PIGS. During the crisis, the PIGS' economic situation got worse (growth of external and public debts, decline in the GDP and in the investments, high unemployment. Conclusion: the Eurozone should either strengthen the integration (to increase the unification of laws in the economic and social spheres, to tighten control by the Eurozone central authorities, or get rid of the troubled countries. Otherwise, the current crisis, repeatedly flaring and fading, will persist for a long time.

  9. External debt and capital flight in Nigeria: Is there a revolving door?

    Directory of Open Access Journals (Sweden)

    OT Ajilore

    2014-10-01

    Full Text Available Using the residual method of capital flight estimation, this paper estimates Nigerian capital flight over the period 1970 - 2001 and finds a close correlation between external debt and capital flight flows. This phenomenon suggests a paradoxical revolving door of a bi-directional flow of capital, i.e. where capital enters the country in the guise of external borrowing and simultaneously slips out of the country as private capital flight. The research question addressed by this paper is whether such a financial revolving door relationship exists in Nigeria, just as previous empirical researches had established in a number of countries. The paper utilises a simultaneous equation model and three stage least square estimation technique (3SLS, in addition to two-way Granger causality tests, to obtain statistical evidence that confirms the existence of a financial revolving door relationship between the two endogenous variables. In addition, existence of stronger causality from debt to capital flight is instrumental in showing that growing public deficit and the resulting increase in external debt is being used as a transfer mechanism for capital flight.

  10. Seeking Sustainable Public Universities: The Legacy of the Great Recession. Research & Occasional Paper Series: CSHE.10.11

    Science.gov (United States)

    Lyall, Katharine

    2011-01-01

    The business models under which most public universities in the U.S. operate have become unsustainable. They were put in place when state economies were stronger and there were fewer programs making competing claims on state funds. The current Great Recession has made things worse, but the unsustainability of current business models derives from…

  11. America's New War on Poverty: A Reader for Action. Companion to the Public Television Series "America's War on Poverty."

    Science.gov (United States)

    Lavelle, Robert, Comp.

    Companion to a five-part public television documentary, this book describes efforts across the United States to fight poverty, and also prescribes that we all take responsibility for a fight against economic inequality. The book's goal is to contribute to a meaningful discussion about poverty in America, a topic that cannot be broached today…

  12. The Role of Higher Education in Promoting Lifelong Learning. UIL Publication Series on Lifelong Learning Policies and Strategies: No. 3

    Science.gov (United States)

    Yang, Jin, Ed.; Schneller, Chripa, Ed.; Roche, Stephen, Ed.

    2015-01-01

    There is no doubt that universities have a vital role to play in promoting lifelong learning. This publication presents possible ways of expanding and transforming higher education to facilitate lifelong learning in different socio-economic contexts. Nine articles address the various dimensions of the role of higher education in promoting lifelong…

  13. Predicting High School Outcomes in the Baltimore City Public Schools. The Senior Urban Education Research Fellowship Series. Volume VII

    Science.gov (United States)

    Mac Iver, Martha Abele; Messel, Matthew

    2012-01-01

    This study of high school outcomes in the Baltimore City Public Schools builds on substantial prior research on the early warning indicators of dropping out. It sought to investigate whether the same variables that predicted a non-graduation outcome in other urban districts--attendance, behavior problems, and course failure--were also significant…

  14. Publicity.

    Science.gov (United States)

    Chisholm, Joan

    Publicity for preschool cooperatives is described. Publicity helps produce financial support for preschool cooperatives. It may take the form of posters, brochures, newsletters, open house, newspaper coverage, and radio and television. Word of mouth and general good will in the community are the best avenues of publicity that a cooperative nursery…

  15. 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...

  16. Causes and Results of the Greek Debt Crisis: An Analysis with Artificial Neural Networks

    Directory of Open Access Journals (Sweden)

    Armağan TÜRK

    2016-12-01

    Full Text Available Starting in the United States in July 2007 as a subprime mortgage crisis, the financial crisis has become global in 2009 after spreading to Eurozone member countries, particularly Greece. In the 1950s, Greece was the poorest country among the EU-15 countries, while it has become a middle-income country among the EU-27 countries in the 2000s. Greece had three important breakpoints during this period. From the 1950s until the late 1970s, Greece was tested by the oil shocks like the rest of the world, but it was one of the best performers in the OECD and the best one in Europe in terms of economic growth rate. This strong growth came to an end in 1981 and low and negative growth rates continued until 1990. As a result of strong efforts in the 1990-93 periods, significant growth rates restarted in 1995. However, the government that came to power following the 2004 election, opposed to reforms implemented between 1990 and 1993 and public spending radically increased from this date. The deterioration of public finances that led to unsustainable high budget deficits and public debt stocks increased the vulnerability of the Greek economy to external shocks. This constitutes the main reason behind the financial crisis that broke out in 2009 in Greece. This study aims to empirically analyze the causes and consequences of the Greek debt crisis. The econometric approach used in this study is "artificial neural networks". According to estimation results, the basic determinants of the Greek crisis are high budget deficits, increasing public sector debt, insufficient per capita savings rates, and low economic growth.

  17. DEBT AND AGENCY CONFLICT IN INDONESIAN MANUFACTURING FIRMS

    Directory of Open Access Journals (Sweden)

    Hendra Wijaya

    2017-04-01

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

  18. 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...

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

    Directory of Open Access Journals (Sweden)

    Kharisya Ayu Effendi

    2017-05-01

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

  20. THE PROBLEM OF EXTERNAL DEBT OF DEVELOPING COUNTRIES

    African Journals Online (AJOL)

    Administrateur

    accompanied by the excessive subsidizing of prices of some commodities (also from the ... The skillful manipulation with interest rate should not only cause the .... 10 The share of a debt of changing interest rates in the global interest rates of.

  1. A Class to Prepare Students to Manage Educational Debt.

    Science.gov (United States)

    Popik, Roberta S.; And Others

    1986-01-01

    A counseling program prepared for Georgetown University School of Dentistry is described. It trains students in concepts associated with short- and long-term financial planning, banking relationships, credit, business planning and structuring debt into an individual student's lifestyle. (MLW)

  2. MANAGEMENTUL DATORIEI PUBLICE ÎN PERIOADA 2008-2010

    Directory of Open Access Journals (Sweden)

    Carmen Cretu

    2008-05-01

    Full Text Available Public debt management is a process closely linked and dependent on monetary policy andbudget. In this context, analysis of government debt portfolio should be made taking into account themacroeconomic developments and projections (economic growth, inflation rates, monetary policy, budgetaryrevenues and the budget deficit, structural reforms - reform of pensions and efficient domestic capital market,and the evolution of the economy worldwide. An important component of government debt management is a riskassociated with debt portfolio, which involve activities identification, assessment and insurance against variouscategories of risk.

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

    OpenAIRE

    Syed Shah ALAM; Ruzita Abdul RAHIM; Ridhwanul HAQ; Atiqur Rahman KHAN

    2014-01-01

    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 ...

  4. Determinants of External Debt: The Case of Malaysia

    OpenAIRE

    Rafik, Rabiatul Adawiyah Mohamed

    2015-01-01

    Over the past 30 years, Malaysia‘s external debt has been on an increase, with the increase closely linked to a number of economic factors. The changing quantities and qualities of external debt have become a national concern. Data related to the changes in dependent and independent variables between 1970 and 2013 was used in the study. The model was tested for unit root tests, cointegration test, vector error correction model, and Granger causality test. The cointegration test indicates ther...

  5. Government Debt and Long-Term Interest Rates

    OpenAIRE

    Noriaki Kinoshita

    2006-01-01

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

  6. Leverage, debt maturity and firm investment: An empirical analysis

    OpenAIRE

    Dang, Viet A.

    2011-01-01

    In this paper, we examine the potential interactions of corporate financing and investment decisions in the presence of incentive problems. We develop a system-based approach to investigate the effects of growth opportunities on leverage and debt maturity as well as the effects of these financing decisions on firm investment. Using a panel of UK firms between 1996 and 2003, we find that high-growth firms control underinvestment incentives by reducing leverage but not by shortening debt maturi...

  7. 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...

  8. 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.

  9. 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.

  10. 31 CFR 351.66 - What book-entry Series EE savings bonds are included in the computation?

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false What book-entry Series EE savings... DEBT OFFERING OF UNITED STATES SAVINGS BONDS, SERIES EE Book-Entry Series EE Savings Bonds § 351.66 What book-entry Series EE savings bonds are included in the computation? (a) We include all bonds that...

  11. FINANCING POLICIES OF CROATIAN PUBLICLY LISTED FIRMS

    Directory of Open Access Journals (Sweden)

    Mihaela Grubisic Seba

    2013-06-01

    Full Text Available Croatia is a typical bank-based transition economy whose capital market has been primarily used for secondary trading purposes since its re-establishment in 1990s. Except for a couple of exceptions, public offers of shares and corporate bonds have been rather rate. Private offerings of shares and short-term debt have been more frequent. However, due to secondary debt market illiquidity, the debt issues are signed up and either held until maturity or renewal, or they are traded exclusively between the institutional investors.This paper provides evidence from the field on financing preferences of Croatian public companies regarding seasoned equity and corporate debt issuance. It questiones why public offerings of corporate securities in non-financial sector after initial, mostly mandatory shares’ listing have been rare and whether making decisions on securities’ offers depend on other financial instruments’ sufficiency, costs of issunace or previous experience of companies in collecting funds in the capital market.

  12. The impact of harm reduction programs and police interventions on the number of syringes collected from public spaces. A time series analysis in Barcelona, 2004-2014.

    Science.gov (United States)

    Espelt, A; Villalbí, J R; Bosque-Prous, M; Parés-Badell, O; Mari-Dell'Olmo, M; Brugal, M T

    2017-12-01

    To estimate the effect of opening two services for people who use drugs and three police interventions on the number of discarded syringes collected from public spaces in Barcelona between 2004 and 2014. We conducted an interrupted time-series analysis of the monthly number of syringes collected from public spaces during this period. The dependent variable was the number of syringes collected per month. The main independent variables were month and five dummy variables (the opening of two facilities with safe consumption rooms, and three police interventions). To examine which interventions affected the number of syringes collected, we performed an interrupted time-series analysis using a quasi-Poisson regression model, obtaining relative risks (RR) and 95% confidence intervals (CIs). The number of syringes collected per month in Barcelona decreased from 13,800 in 2004 to 1655 in 2014 after several interventions. For example, following the closure of an open drug scene in District A of the city, we observed a decreasing trend in the number of syringes collected [RR=0.88 (95% CI: 0.82-0.95)], but an increasing trend in the remaining districts [RR=1.11 (95% CI: 1.05-1.17) and 1.08 (95% CI: 0.99-1.18) for districts B and C, respectively]. Following the opening of a harm reduction facility in District C, we observed an initial increase in the number collected in this district [RR=2.72 (95% CI: 1.57-4.71)] and stabilization of the trend thereafter [RR=0.97 (95% CI: 0.91-1.03)]. The overall number of discarded syringes collected from public spaces has decreased consistently in parallel with a combination of police interventions and the opening of harm reduction facilities. Copyright © 2017 Elsevier B.V. All rights reserved.

  13. Effects of Air Pollution on Public and Private Health Expenditures in Iran: A Time Series Study (1972-2014).

    Science.gov (United States)

    Raeissi, Pouran; Harati-Khalilabad, Touraj; Rezapour, Aziz; Hashemi, Seyed Yaser; Mousavi, Abdoreza; Khodabakhshzadeh, Saeed

    2018-05-01

    Environmental pollution is a negative consequence of the development process, and many countries are grappling with this phenomenon. As a developing country, Iran is not exempt from this rule, and Iran pays huge expenditures for the consequences of pollution. The aim of this study was to analyze the long- and short-run impact of air pollution, along with other health indicators, on private and public health expenditures. This study was an applied and developmental study. Autoregressive distributed lag estimating models were used for the period of 1972 to 2014. In order to determine the co-integration between health expenditures and the infant mortality rate, fertility rate, per capita income, and pollution, we used the Wald test in Microfit version 4.1. We then used Eviews version 8 to evaluate the stationarity of the variables and to estimate the long- and short-run relationships. Long-run air pollution had a positive and significant effect on health expenditures, so that a 1.00% increase in the index of carbon dioxide led to an increase of 3.32% and 1.16% in public and private health expenditures, respectively. Air pollution also had a greater impact on health expenditures in the long term than in the short term. The findings of this study indicate that among the factors affecting health expenditures, environmental quality and contaminants played the most important role. Therefore, in order to reduce the financial burden of health expenditures in Iran, it is essential to reduce air pollution by enacting and implementing laws that protect the environment.

  14. Lung function, asthma symptoms, and quality of life for children in public housing in Boston: a case-series analysis

    Directory of Open Access Journals (Sweden)

    Steinbach Suzanne

    2004-12-01

    Full Text Available Abstract Background Children in urban public housing are at high risk for asthma, given elevated environmental and social exposures and suboptimal medical care. For a multifactorial disease like asthma, design of intervention studies can be influenced by the relative prevalence of key risk factors. To better understand risk factors for asthma morbidity in the context of an environmental intervention study, we conducted a detailed baseline evaluation of 78 children (aged 4–17 years from three public housing developments in Boston. Methods Asthmatic children and their caregivers were recruited between April 2002 and January 2003. We conducted intake interviews that captured a detailed family and medical history, including questions regarding asthma symptom severity, access to health care, medication usage, and psychological stress. Quality of life was evaluated for both the child and caregiver with an asthma-specific scale. Pulmonary function was measured with a portable spirometer, and allergy testing for common indoor and outdoor allergens was conducted with skin testing using the prick puncture method. Exploratory linear and logistic regression models evaluating predictors of respiratory symptoms, quality of life, and pulmonary function were conducted using SAS. Results We found high rates of obesity (56% and allergies to indoor contaminants such as cockroaches (59% and dust mites (59%. Only 36% of children with persistent asthma reported being prescribed any daily controller medication, and most did not have an asthma action plan or a peak flow meter. One-time lung function measures were poorly correlated with respiratory symptoms or quality of life, which were significantly correlated with each other. In multivariate regression models, household size, body mass index, and environmental tobacco smoke exposure were positively associated with respiratory symptom severity (p Conclusion Given the elevated prevalence of multiple risk factors

  15. Systematic literature reviews and meta-analyses: part 6 of a series on evaluation of scientific publications.

    Science.gov (United States)

    Ressing, Meike; Blettner, Maria; Klug, Stefanie J

    2009-07-01

    Because of the rising number of scientific publications, it is important to have a means of jointly summarizing and assessing different studies on a single topic. Systematic literature reviews, meta-analyses of published data, and meta-analyses of individual data (pooled reanalyses) are now being published with increasing frequency. We here describe the essential features of these methods and discuss their strengths and weaknesses. This article is based on a selective literature search. The different types of review and meta-analysis are described, the methods used in each are outlined so that they can be evaluated, and a checklist is given for the assessment of reviews and meta-analyses of scientific articles. Systematic literature reviews provide an overview of the state of research on a given topic and enable an assessment of the quality of individual studies. They also allow the results of different studies to be evaluated together when these are inconsistent. Meta-analyses additionally allow calculation of pooled estimates of an effect. The different types of review and meta-analysis are discussed with examples from the literature on one particular topic. Systematic literature reviews and meta-analyses enable the research findings and treatment effects obtained in different individual studies to be summed up and evaluated.

  16. Costs and benefits with public and investor-owned electric systems

    International Nuclear Information System (INIS)

    Bronner, K.M.

    1990-01-01

    This article discusses the analysis of the costs and benefits associated with public ownership of major utility projects and systems as opposed to private ownership. The topics discussed include the alleged benefits of public power systems, principles of cost benefit analysis, tax-exempt debt, state and local taxes and federal income taxes, benefit of 100 percent debt financing

  17. Public Finance and Economic Growth. The Case of Holland in the Seventeenth Century

    NARCIS (Netherlands)

    Gelderblom, O.C.|info:eu-repo/dai/nl/19265473X; Jonker, J.P.B.|info:eu-repo/dai/nl/075034638

    2011-01-01

    The debate over the institutions that link economic growth to public finance tends to disregard the need for savings to finance growing public debt. In seventeenth-century Holland the structure, size, and issuing rates of the debt were determined by investors’ preferences, wealth accumulation, and

  18. 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.

  19. 36 CFR 1011.20 - Will the Presidio Trust's failure to comply with these regulations be a defense to a debt?

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false Will the Presidio Trust's....20 Will the Presidio Trust's failure to comply with these regulations be a defense to a debt? No, the... procedures of the Presidio Trust will not be available to any debtor as a defense. ...

  20. Book-entry bonds as a variety of the debt securities

    Directory of Open Access Journals (Sweden)

    М. М. Кулик

    2015-10-01

    Full Text Available Problem Setting. The article is devoted to the allocation of the features of the legal order and legal nature of the book-entry bonds as a variety of the debt securities. Analysis of the recent researches and publications. The book-entry securities and their place among other objects of the civil legal relations from the moment of their appearance on the securities market have been devoted many scientific works and publications both Ukrainian scientists and scientists of other countries, in particular, E. Dyomushkina, L. Dobrynina, V. A. Barulin, D. Stepanov, E. Reshetin, V. L. Yarotsky, G. N. Shevchenko, O. V. Vygovsky, S. Ya. Vavzhenchuk and others. Paper objective. With regard of definitions of the bond as the debt security of the documentary form of issue which has been proposed by the scientists specialized on civil law problems  at different times of the development of the teaching on securities and specific features of the book–entry securities as certain rights, it is necessary to allocate  peculiarities of   the legal order and legal nature of the book-entry bonds as a variety of the debt securities. Paper main body. In the article the different approaches to the definition of the bond have been given. It is specified that the documentary bond as the debt security mediates or establishes   relations of   the loan between the issuer of the bond and its owner and  obligates the issuer to return a certain cash equivalent within a specified period and to pay a certain percentage (profit. On the base of the comparative analysis of the documentary and book-entry securities the content of which includes the certain rights, the features of the book-entry bond as the debt security have been allocated: 1 the content of the right, embodied in the decision on the issue of the securities and in the securities emission prospectus, includes property ( obligation right of the requirement by its owner to return their nominal value and the

  1. Alcohol intoxication in the context of major public holidays, sporting and social events: a time-series analysis in Melbourne, Australia, 2000-2009.

    Science.gov (United States)

    Lloyd, Belinda; Matthews, Sharon; Livingston, Michael; Jayasekara, Harindra; Smith, Karen

    2013-04-01

    To assess the relationship between ambulance attendances, emergency department (ED) presentations and hospital admissions for acute alcohol intoxication and the timing of public holidays, sporting and social events. Time-series analysis was used to explore trends in intoxication in the context of major events. Population of Melbourne, Victoria, Australia between 2000 and 2009. All patients attended by ambulance, presenting to hospital EDs, or admitted to hospital who were classified as acutely alcohol intoxicated. Analysis of daily numbers of presentations for acute alcohol intoxication associated with major events were undertaken, including lead and lag effects. Analyses controlled for day of week and month of year to address temporal and seasonal variations. Alcohol intoxication presentations were significantly elevated the day before all public holidays, with intoxication cases on the day of public holidays only higher on New Year's Day (ambulance 6.57, 95% confidence intervals (CI): 3.4-9.74; ED 3.34, 95% CI: 1.28-5.4) and ANZAC Day (ambulance 3.71, 95% CI: 0.68-6.75). The Australian Football League (AFL) Grand Final (ED 2.37, 95% CI: 0.55-4.19), Commonwealth Games (ED 2.45, 95% CI: 0.6-4.3) and Melbourne Cup Day (ambulance 6.14, 95% CI: 2.42-9.85) represented the sporting events with significant elevations in acute intoxication requiring medical attention. The last working day before Christmas was the only social event where a significant increase in acute intoxication occurred (ambulance 8.98, 95% CI: 6.8-11.15). Acute alcohol intoxication cases requiring ambulance, emergency department and hospital in-patient treatment increase substantially on the day preceding public holidays and other major social events. © 2012 The Authors, Addiction © 2012 Society for the Study of Addiction.

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

    OpenAIRE

    Hoeve, M.; Stams, G.J.J.M.; van der Zouwen, M.; Vergeer, M.; Jurrius, K.; Asscher, J.J.

    2014-01-01

    Financial debt in young people has increased in recent years. Because debt may have severe consequences, and it may enhance criminal behavior, insight into the prevalence and determinants of debt and its association with crime is important. We conducted a systematic review and meta-analysis of 36 manuscripts to examine the prevalence of financial debt (k = 23), correlates and risk factors of debt (k = 16), and associations between debt and criminal behavior in adolescents and young adults (k ...

  3. Communicating with the public following radiological terrorism: results from a series of focus groups and national surveys in Britain and Germany.

    Science.gov (United States)

    Pearce, Julia M; Rubin, G James; Selke, Piet; Amlôt, Richard; Mowbray, Fiona; Rogers, M Brooke

    2013-04-01

    Incidents involving the exposure of large numbers of people to radiological material can have serious consequences for those affected, their community and wider society. In many instances, the psychological effects of these incidents have the greatest impact. People fear radiation and even incidents which result in little or no actual exposure have the potential to cause widespread anxiety and behavior change. The aim of this study was to assess public intentions, beliefs and information needs in the UK and Germany in response to a hidden radiological exposure device. By assessing how the public is likely to react to such events, strategies for more effective crisis and risk communication can be developed and designed to address any knowledge gaps, misperceptions and behavioral responses that are contrary to public health advice. This study had three stages. The first stage consisted of focus groups which identified perceptions of and reactions to a covert radiological device. The incident was introduced to participants using a series of mock newspaper and broadcast injects to convey the evolving scenario. The outcomes of these focus groups were used to inform national telephone surveys, which quantified intended behaviors and assessed what perceptions were correlated with these behaviors. Focus group and survey results were used to develop video and leaflet communication interventions, which were then evaluated in a second round of focus groups. In the first two stages, misperceptions about the likelihood and routes of exposure were associated with higher levels of worry and greater likelihood of engaging in behaviors that might be detrimental to ongoing public health efforts. The final focus groups demonstrated that both types of misunderstanding are amenable to change following targeted communication. Should terrorists succeed in placing a hidden radiological device in a public location, then health agencies may find that it is easier to communicate effectively

  4. 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.

  5. Debt as a Criminal Risk Factor in Denmark

    DEFF Research Database (Denmark)

    Olesen, Annette

    2016-01-01

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

  6. Debt as a Criminal Risk Factor in Denmark

    DEFF Research Database (Denmark)

    Olesen, Annette

    2016-01-01

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

  7. Bond Indenture Consent Solicitations as a Debt Management Tool

    Directory of Open Access Journals (Sweden)

    Jamie A. Anderson-Parson

    2015-07-01

    Full Text Available Many companies in recent years are seeking new ways to manage their debt liabilities. Companies with outstanding debt securities can engage in a variety of transactions with bond holders. Choices will depend to some extent on whether or not the company has access to cash and is able to purchase in the open market or through cash tender offer, or if without cash, by making an exchange offer of new securities for existing securities. Often in either case, there is a bond indenture consent solicitation needed to waive or amend existing bond terms, the announcement of which signals management’s intent to the market. Given the increasing prevalence of this practice as a debt management tool, this study seeks to determine whether it is truly perceived to be value enhancing by stockholders. Using an event study of 50 companies announcing bond indenture consent solicitations, we find that shareholders do benefit, and companies appear well served by this practice.

  8. The Challenge of "Fixing the Debt": Recommendations from the Summit.

    Science.gov (United States)

    Harris, Donna L; Chaddock, Harry M

    2018-01-01

    With education debt repayment taking up a significant amount of veterinarians' salaries, for a significant time into the working years, concern has been building that the current debt to starting salary ratio in the veterinary profession is not sustainable. The current ratio is 1.99:1, but it can be significantly higher for students who attend schools as an out-of-state resident. In April, 180 people concerned about this issue gathered at Michigan State University's College of Veterinary Medicine for a Fix the Debt Summit, which focused on actions that would reduce this ratio to a more sustainable level. Attendees were students; new graduates; those working in veterinary academia; employers of veterinarians; and those affiliated with the profession, such as professional associations. As solutions were proposed, participants also committed to taking action within their field of influence.

  9. 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....

  10. 76 FR 5070 - Offset of Tax Refund Payments To Collect Delinquent State Unemployment Compensation Debts

    Science.gov (United States)

    2011-01-28

    ... Payments To Collect Delinquent State Unemployment Compensation Debts AGENCY: Financial Management Service... (referred to as ``tax refund offset'') to collect delinquent State unemployment compensation debts. The Department of the Treasury (Treasury) will incorporate the procedures necessary to collect State unemployment...

  11. 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)

  12. Debt Collection Treasury Faces Challenges in Implementing Its Cross- Servicing Initiative

    National Research Council Canada - National Science Library

    Engel, Gary

    2000-01-01

    .... For example, our analysis of debts referred since the inception of the program though May 1999 showed that almost one half of the dollar value of the debts referred were over 4 years delinquent at the time of referral...

  13. 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.

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

    Directory of Open Access Journals (Sweden)

    S. Onishchenko

    2015-03-01

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

  15. Efek Dampak Kebijakan DEBT Switching Terhadap Keuangan negara

    Directory of Open Access Journals (Sweden)

    Eri Hariyanto

    2015-12-01

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

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

    Science.gov (United States)

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

    2001-10-26

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

  17. 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...

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

    OpenAIRE

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

    2003-01-01

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

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

    OpenAIRE

    Bernardini, Marco; Peersman, Gert

    2015-01-01

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

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

    OpenAIRE

    Mitra, Srobona

    2015-01-01

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

  1. Waterloo: a Godsend for French Public Finances?

    OpenAIRE

    Oosterlinck, Kim; Ureche-Rangau, Loredana; Vaslin, Jacques-Marie

    2013-01-01

    Following Waterloo, managing French public finances represented a daunting task. Defeated France had lost a substantial part of its population and territory. The country was partially occupied and France was to pay huge amounts as reparations to the victors. Furthermore, France’s reputation had been tarnished by several defaults on its debt in the preceding decades. Despite all these elements, in the ten years between 1815 and 1825, not only did France manage to place a huge amount of debt on...

  2. Kondratiev type cyclicality of the Romanian economy, grounded in three key statistical indicators: GDP, CPI or CLI and debt

    Directory of Open Access Journals (Sweden)

    Gheorghe Săvoiu

    2014-03-01

    Full Text Available The evolution of the economies is certainly cyclical, and the “K” type waves, or type Kondratiev cycles, represent a perennial piece of evidence of this. Relatively criticized by many economic theories, with the ignorance typical of all those who try to disprove forecasts and projections in the field of business, and at the same time highly appreciated by those who prove a validated predictive power (which is the case of the Austrian school of economics, Kondratiev cycles, currently in their fifth stage, are the main target of the presnet paper. The introductory section is a reflection, simultaneously critical and appreciative, on cyclicality, while the arguments have a strong technological emphasis. To be credible and pragmatic, the applied method section has recourse to three favourite tools: gross domestic product (GDP price consumer index (PCI or cost of living index (CLI, and debt (public or external, paying due tribute to the constructors and international harmonizers, in point of statistics and instruments (from Nicholas Georgescu Roengen to Victor Axenciuc, who initiated and, respectively, completed a genuine epistemological process of the long cycle in modern Romanian economy, which this article presents, recognizing the quality of a supercycle to the Kondratiev cycle. The logic and useful nature of cyclical thinking, and its major importance today, conferred by the contribution of the Austrian school of economics, are included at the end of this article, generating a series of concluding remarks in a double perspective: that of an essay or statistical description, and and no less a ritical analysis of the Kondratiev type cyclicity of the national economy.

  3. Towards a Rhythmanalysis of Debt Dressage: Education as Rhythmic Resistance in Everyday Indebted Life

    Science.gov (United States)

    Wozniak, Jason Thomas

    2017-01-01

    Debt shapes subjectivity by rhythmically training indebted subjects. Stated slightly differently, there exists a debt dressage that produces indebted subjectivity. One of the principle aims of this article is to introduce rhythm into the debt analysis debates. Building on Henri Lefebvre's book "Rhythmanalysis: Space, Time and Everyday…

  4. 20 CFR 422.305 - Report of overdue program overpayment debts to consumer reporting agencies.

    Science.gov (United States)

    2010-04-01

    ... debts to consumer reporting agencies. (a) Debts we will report. We will report to consumer reporting... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Report of overdue program overpayment debts to consumer reporting agencies. 422.305 Section 422.305 Employees' Benefits SOCIAL SECURITY...

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

    NARCIS (Netherlands)

    Blok, J.H.; Krul, Julia

    2017-01-01

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

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

    Science.gov (United States)

    Zhao, Bo; Wang, Wen

    2017-01-01

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

  7. 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. ...

  8. 26 CFR 1.593-5 - Addition to reserves for bad debts.

    Science.gov (United States)

    2010-04-01

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

  9. 26 CFR 1.585-5 - Denial of bad debt reserves for large banks.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Denial of bad debt reserves for large banks. 1...) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Banking Institutions § 1.585-5 Denial of bad debt... other section for an addition to a reserve for bad debts. However, for these years, except as provided...

  10. 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...

  11. 76 FR 72498 - Rate for Use in Federal Debt Collection and Discount and Rebate Evaluation

    Science.gov (United States)

    2011-11-23

    ... interest charges for outstanding debts owed to the Government. Treasury's Cash Management Requirements (TFM... DEPARTMENT OF THE TREASURY Fiscal Service Rate for Use in Federal Debt Collection and Discount and...: Pursuant to Section 11 of the Debt Collection Act of 1982, as amended, (31 U.S.C. 3717), the Secretary of...

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

    Science.gov (United States)

    Saas, Darcy Rollins

    2016-01-01

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

  13. 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 ...

  14. 26 CFR 1.271-1 - Debts owed by political parties.

    Science.gov (United States)

    2010-04-01

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

  15. 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...

  16. 15 CFR 19.14 - How will Commerce entities report Commerce debts to credit bureaus?

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false How will Commerce entities report Commerce debts to credit bureaus? 19.14 Section 19.14 Commerce and Foreign Trade Office of the Secretary of Commerce COMMERCE DEBT COLLECTION Procedures To Collect Commerce Debts § 19.14 How will Commerce entities...

  17. 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...

  18. 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 ...

  19. THE ECONOMIC IMPACT OF FOREIGN DEBT IN GREECE

    Directory of Open Access Journals (Sweden)

    Olga Korol

    2015-11-01

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

  20. Architectural Debt Management in Value-oriented Architecting

    NARCIS (Netherlands)

    Li, Z.; Liang, P.; Avgeriou, P.

    2014-01-01

    Architectural technical debt (ATD) may be incurred when making architecture decisions. In most cases, ATD is not effectively managed in the architecting process: It is not made explicit, and architecture decision making does not consider the ATD incurred by the different design options. This chapter

  1. 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,

  2. 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.

  3. 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…

  4. 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…

  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. 32 CFR 234.13 - Soliciting, vending, and debt collection.

    Science.gov (United States)

    2010-07-01

    ... advertising, collecting private debts or soliciting alms upon the Pentagon Reservation is prohibited. This..., advertising to sell or rent property of Pentagon Reservation employees or their immediate families. (c... or for the benefit of welfare funds for their members, after compliance with the requirements of...

  7. 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.

  8. Sovereign Debt in Advanced Economies: Overview and Issues for Congress

    Science.gov (United States)

    2013-10-28

    been fruitful .7 (...continued) revenue in a particular year. If spending is less than...support. Several emerging markets also restructured their debt in the late 1990s and 2000s, including Russia, Ukraine, Pakistan, Ecuador , Argentina...be denominated in foreign currencies, such as U.S. dollars and euros, and tends to have shorter maturities .18 This made emerging markets vulnerable

  9. 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 ...

  10. Reply to Keller and Springborn: No doubt about invasion debt

    Czech Academy of Sciences Publication Activity Database

    Essl, F.; Dullinger, S.; Rabitsch, W.; Hulme, P. E.; Hülber, K.; Jarošík, Vojtěch; Kleinbauer, I.; Krausmann, F.; Kühn, I.; Nentwig, W.; Vila, M.; Genovesi, P.; Gherardi, F.; Desprez-Loustau, M.-L.; Roques, A.; Pyšek, Petr

    2011-01-01

    Roč. 108, č. 25 (2011), s. 221-221 ISSN 0027-8424 Institutional research plan: CEZ:AV0Z60050516 Keywords : biological invasions * invasion debt * economics Subject RIV: EF - Botanics Impact factor: 9.681, year: 2011

  11. 77 FR 54808 - Integrated Hedging Transactions of Qualifying Debt

    Science.gov (United States)

    2012-09-06

    ..., futures contract, forward contract, option contract, notional principal contract, currency swap contract... rate nonfunctional currency denominated debt instrument that it has issued with two swaps--a nonfunctional currency/dollar currency swap and a fixed for floating dollar interest rate swap. The effect of...

  12. 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.

  13. 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

  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. Long term government debt, financial fragility, and sovereign default risk

    NARCIS (Netherlands)

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

    2013-01-01

    We analyze the interaction between bank rescues, financial fragility and sovereign debt discounts. To that end we set up a model that contains balance sheet constrained financial intermediaries financing both capital expenditure of intermediate goods producers and government deficits. The financial

  16. 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 ...

  17. Determinants of sovereign debt yield spreads under EMU: Pairwise approach

    NARCIS (Netherlands)

    Fazlioglu, S.

    2013-01-01

    This study aims at providing an empirical analysis of long-term determinants of sovereign debt yield spreads under European EMU (Economic and Monetary Union) through pairwise approach within panel framework. Panel gravity models are increasingly used in the cross-market correlation literature while

  18. 32 CFR 1903.17 - Soliciting, vending, and debt collection.

    Science.gov (United States)

    2010-07-01

    ... INTELLIGENCE AGENCY CONDUCT ON AGENCY INSTALLATIONS § 1903.17 Soliciting, vending, and debt collection. Commercial or political soliciting, vending of all kinds, displaying or distributing commercial advertising... 5 CFR parts 110 and 950 as amended and sponsored or approved by the Director of Central Intelligence...

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

    Science.gov (United States)

    Association of Canadian Community Colleges, 2001

    2001-01-01

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

  20. Unemployment Insurance Fund Insolvency and Debt in Michigan.

    Science.gov (United States)

    Blaustein, Saul J.

    Without changes in Michigan's unemployment insurance law, the state's unemployment insurance debt will probably reach $3.8 billion by the end of 1985. Currently, Michigan's employers pay unemployment insurance tax rates that vary from 1 to 9 percent, depending upon the amount of benefits charged against their accounts. Beginning with the federal…