WorldWideScience

Sample records for publicly guaranteed debt

  1. Sustainability of public debt: Some theoretical considerations

    OpenAIRE

    Alfred Greiner

    2011-01-01

    This paper elaborates on the relationship between sustainability of public debt and the debt to GDP ratio in case the interest rate on public debt exceeds the growth rate of GDP. When the primary surplus relative to GDP positively reacts to a higher debt to GDP ratio, a bounded debt to GDP ratio guarantees sustainability. Further, an unbounded debt to GDP ratio is not compatible with sustainability, even if the primary surplus relative to GDP strictly rises as the debt to GDP ratio increases....

  2. 12 CFR 370.3 - Debt Guarantee Program.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Debt Guarantee Program. 370.3 Section 370.3 Banks and Banking FEDERAL DEPOSIT INSURANCE CORPORATION REGULATIONS AND STATEMENTS OF GENERAL POLICY TEMPORARY LIQUIDITY GUARANTEE PROGRAM § 370.3 Debt Guarantee Program. (a) Upon the uncured failure of...

  3. Public debt management

    Directory of Open Access Journals (Sweden)

    Stevan Gaber

    2013-07-01

    Full Text Available The paper generally describes the segment of public debt management or especially the structure of public debt. It focuses on different kinds of risks which present potential danger for the public debt explosion. It intends to explain the government goal for borrowing money at lowest rate and sustain the fiscal stability. Also, it explains some practical issues regarding this topic for Republic of Macedonia for the period from 2009-2011. In the process of research were implemented several qualitative methods.

  4. 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

  5. Valuation of Interest Payment Guarantees on Developing Country Debt

    OpenAIRE

    Eduardo Borensztein; George Pennacchi

    1990-01-01

    The cost of interest payment guarantees is difficult to evaluate because guarantees are a contingent obligation that become effective only if a certain condition is met (that is, the debtor fails to make a certain payment). In this paper a technique to value interest payment guarantees on developing country debt is developed and preliminary estimates are presented. Using results from option pricing theory, the market price that an interest payment guarantee would have if it were traded in fin...

  6. 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 averag...

  7. PUBLIC DEBT SUSTAINABILITY ANALYSIS: EU CASE

    National Research Council Canada - National Science Library

    Botoc Claudiu; Pirtea Marilen; Nicolescu Cristina

    2011-01-01

    .... 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...

  8. 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.

  9. Public Debt Policy: Credibility and Institutions

    OpenAIRE

    Petr Pavelek

    2003-01-01

    The paper considers modern frameworks of public debt management from a credibility perspective. It focuses on the institutional and operational arrangements of effective debt management. In particular, the author seeks to shed light upon the contemporary problems of Czech debt manager compared with OECD and EU debt managers. The author calls for a broader public debate of public debt management in the Czech Republic, citing the country?s increasing level of public debt and accession to the EU...

  10. 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.

  11. 12 CFR 370.6 - Assessments under the Debt Guarantee Program.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Assessments under the Debt Guarantee Program. 370.6 Section 370.6 Banks and Banking FEDERAL DEPOSIT INSURANCE CORPORATION REGULATIONS AND STATEMENTS OF GENERAL POLICY TEMPORARY LIQUIDITY GUARANTEE PROGRAM § 370.6 Assessments under the Debt...

  12. 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!

  13. PUBLIC DEBT MANAGEMENT UNDER PRIORITIES OF THE DEBT POLICY OF UKRAINE

    Directory of Open Access Journals (Sweden)

    Y. Kolobov

    2014-01-01

    Full Text Available This paper examines existing methods of public debt management, features of their application, the problem of high levels of public debt and the efficiency of public debt management in Ukraine. Priorities debt policy of Ukraine in the context of the main methods are proposed for public debt management.

  14. 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

  15. Investigating the effects of issuance of bank debt guarantee on profitability of banking industry

    Directory of Open Access Journals (Sweden)

    Reza Pirayesh

    2014-02-01

    Full Text Available This paper presents an empirical investigation to study the relationship between bank debt guarantee and profitability, increase in banks resources and customer retention. The proposed study has been implemented in one of Iranian banks located in city of Zanjan, Iran over the period of 10 years. The study has used Pearson correlation test to examine three hypotheses of the survey. The results indicate that there were positive and meaningful relationship between bank debt guarantee and profitability (r = 0.863, P-value = 0.001, a positive relationship between bank debt guarantee and bank resources (r = 0.708 with P-value = 0.015 and there was a positive and meaningful relationship between bank debt guarantee and customer retention (r = 0.252 with P-value = 0.001.

  16. Public debt and fiscal pressure

    Directory of Open Access Journals (Sweden)

    L. SPAVENTA

    2013-12-01

    Full Text Available It is a unanimously shared opinion that Italy's public debt has reached an unsustainable level. Furthermore, it is a very widespread opinion that the tax burden in Italy must remain constant. The former opinion has almost come to be a cliché, while the latter a political constraint. The article distinguishes the serious arguments on which these opinions are based from those that are spurious. An analysis of the reasons for unsustainability leads the author to argue that it is even greater if the political constraint on raising the tax burden is accepted. Some recommendations are provided regarding the conditions necessary to reduce the growth of debt at a rate that is not higher than the growth of GDP. The author concludes that the choice Italy faces is not simply between the cost of a relatively rapid readjustment and the search for alternatives that are impossible without costs. Rather, the choice is between smaller costs to bear in the shorter term or higher costs if protracted.

  17. 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

  18. 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 ...

  19. Safe Public Debt: Towards an Operational Definition

    Directory of Open Access Journals (Sweden)

    Xavier Debrun

    2015-06-01

    Full Text Available The paper proposes an operational definition of safe public debt levels and discusses various concrete approaches to calculate them. A public debt level is considered safe if it is associated with a low probability of reaching levels likely to generate significant economic costs within a given time frame. Like debt sustainability assessments, implementing such a broad definition requires medium-term projections of the debt-to-GDP ratio. This implies that different sets of plausible assumptions can yield fairly different “safe” debt levels for the same country. However, the proposed framework has the merit to force policymakers and analysts to be explicit about the assumptions underlying their calculations.

  20. A note on the Italian public debt

    Directory of Open Access Journals (Sweden)

    F. GIAVAZZI

    2013-12-01

    Full Text Available The work deals with the current level and growth rate of Italy’s public debt. First, by looking at the evidence available, the author establishes the causes of the rapid growth in public debt, and the extent to which the Italian experience has been shared by other European countries. The issue of dynamic instability is then addressed. Finally, the author attempts to answer the question whether a fiscal contraction now is indeed a reasonable policy option.  

  1. 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.

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

    National Research Council Canada - National Science Library

    Isaac Sanchez-Juarez; Rosa García-Almada

    2016-01-01

    ...: 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...

  3. Public debt managers' behaviour: Interactions with macro policies

    NARCIS (Netherlands)

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

    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

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

    African Journals Online (AJOL)

    kirstam

    assessing the relationship between public debt and economic growth. The analysis is ..... World Bank's World Development Indicators (2013) databases. The IMF ..... A Debt Intolerance Framework Applied to Central America,. Panama and the ...

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

    Directory of Open Access Journals (Sweden)

    Popeanga Vasile

    2011-07-01

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

  6. PUBLIC DEBT IN THE EU COUNTRIES

    Directory of Open Access Journals (Sweden)

    HARALAMBIE GEORGE ALIN

    2015-06-01

    Full Text Available This article made a detailed study on the debt situation of the countries from EU and Romania default. The economic crisis which began in 2007, with major repercussions in social life, led to the inability of governments to implement their goals before the snap. Countries in Europe there were also deadlocked facing substantial budget deficits and public debt increased by default. To cover them, in a first phase, governments have opted for borrowing on domestic and foreign capital, at the expense of adopting austerity measures that aim to reduce spending and increase tax revenues in order to increase the budget purchased, which had aroused discontent among their countries citizens. Populist measures taken had the effect of economies entering a downward spiral, which eventually led to their inability to meet its obligations arising from loans, which resulted in drastic reduction in spending and increase tax burden. In this context, particulary volatile, budgets of EU countries were built by adopting austerity measures which aimed at reducing budgetary allocations. The sovereign debt crisis has led to rethinking strategies to reduce fiscal deficits and reduce arrears.

  7. SUBSTANTIATION OF THE PUBLIC DEBT SUSTAINABILITY USING KALMAN FILTER

    Directory of Open Access Journals (Sweden)

    Bolos Marcel

    2011-12-01

    Full Text Available Global economic conditions have pushed many countries into the delicate situation of contracting foreign loans, leading overnight at alarming volumes of public debt. The need for control and relevant analysis for the sustainability of a country's public debt has led us to use the Kalman filter in predicting future values of the key indicators of public debt. The development of a mathematical model of analysis for public services and the budget deficit was necessary to objectively assess the level of the public debt sustainability.Knowing future values of the public debt or the future evolutions of the revenues for the operational budget, offers the posibility of a better handling of the operational expenditures and finally a better balance for the public budget deficit.Using the mathematical mechanism of Kalman filters implemented in Matlab programming language, we generated the estimated future values of the proposed model proposed and key indicators, the results confirming the fears of a low public debt sustainability for Romania.We predicted the future values for the debt service, the public external debt and the operational public revenues,expenditures and deficit, and compared them, to obtain an image of the future evolution and position of the sustainability of the public debt. The work in this paper is an innovative one for the public science sector, and the results obtained are promising for future researches. The values estimated by the Kalman filter are an orientation for the future public policies, and indicate a rather stable but negative evolution for the public debt service. The sustainability of the public debt depends on the decisions taken for the correction of the estimated values, in changing the negative evolution of the budgetary indicators into a positive one.Taking all this into consideration we will conclude that the mathematical mecanism of the Kalman filters offers valuable informations for Government and future

  8. 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.

  9. 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.

  10. Econometric Models, Methodology and Trends regarding public debt and external debt

    Directory of Open Access Journals (Sweden)

    Gheorghe Săvoiu

    2013-10-01

    Full Text Available Statistically-mathematically describing few econometric models as variables, this article approaches the impact and trends regarding public debt and external debt. Conceptually and practically analyzing the evolution of indicators, there are identified specific trends in the economy of Romania, some characteristic models are being parametrised and tested.

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

    NARCIS (Netherlands)

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

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

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

    NARCIS (Netherlands)

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

    2016-01-01

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

  13. 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.

  14. The Effects of Debt Intolerance and Public Debt Sustainability on Credit Ratings: Evidence From European Economies

    OpenAIRE

    Ata Ozkaya

    2013-01-01

    The question whether a government’s fiscal policy is consistent with an intertemporal budget constraint has been motivated a number of empirical studies. The econometric approach focuses on the circumstances under which a government is able to sustain its budget deficits without defaulting on its debt. In this contribution, by linking the different motives on long-run sustainability of public debt, we develop a compact step-wise test algorithm and apply that to the PIIGS countries and United ...

  15. On Public Debt Stabilizations in an Interdependent World

    OpenAIRE

    Alogoskoufis, George

    1991-01-01

    This paper considers alternative modes of stabilization of world-wide and relative levels of public debt. The analysis is in terms of a model of overlapping, infinitely lived households. Three methods are compared: tax finance, public- consumption finance and monetary finance. We show that a tax-financed world-wide public-debt stabilization results in the highest reduction in consumption and the capital stock; monetary finance has no real effects in the model examined, other than on the compo...

  16. 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.

  17. The Unexplained Part of Public Debt

    OpenAIRE

    2006-01-01

    This paper shows that budget deficits account for a relatively small fraction of debt growth and that stock-flow reconciliation, which is often considered a residual entity, is one of the key determinants of debt dynamics. After having explained the importance of the stock-flow reconciliation, the paper shows that this residual entity can be partly explained by contingent liabilities and balancesheet effects.

  18. 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 .

  19. 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…

  20. GENERAL GOVERNMENT DEFICIT AND PUBLIC DEBT IN EU MEMBER STATES

    OpenAIRE

    2011-01-01

    The aim of this article is the presentation and the attempt to analyse such phenomena as: an excessive general government deficit and public debt in EU Member States over the past 3 years. For the European Union the years 2008-2010 were the time when public finances of most member countries worsened dramatically. The average budget deficit in the EU increased during that period to a value of almost 7% compared to gross domestic product and public debt reached almost 80% of GDP. Referring the ...

  1. Sustainability of public debt, public capital formation, and endogenous growth in an overlapping generations setting

    OpenAIRE

    2008-01-01

    Under the golden rule of public finance for public investment with a constant budget deficit/GDP ratio, we show that for the sustainability of government budget deficits there is a threshold of the initial public debt for a given stock of public capital, and that this threshold level of public debt is increasing in the stock of public capital. If the initial public debt is greater than the threshold, the government can no longer sustain budget deficits, while if it is smaller, the government ...

  2. Valuing guaranteed bank debt: The roles of the strength and size of the bank and the guarantor

    Directory of Open Access Journals (Sweden)

    Arturo Estrellaa

    2015-09-01

    Full Text Available A contingent claims model of the value of sovereign guarantees of bank debt shows that the value decreases with the bank’s own creditworthiness and it increases with that of the sovereign as well as with bank and sovereign size. Using cross-sectional data for 188 large banks world-wide from 2007 to 2013, empirical results are consistent with the model’s implications, suggesting that the implicit support for a bank is higher when the bank is larger, when the bank is weaker, and when the country in which the bank is headquartered is larger or more creditworthy. While bank-specific factors matter as well as those related to the sovereign of the country where the bank is located, the effect on the value of sovereign guarantees of changes in bank strength dominate those in sovereign strength.

  3. 26 CFR 1.166-10 - Reserve for guaranteed debt obligations.

    Science.gov (United States)

    2010-04-01

    ... property in satisfaction of the debt obligations. (3) Real or tangible personal property. Real or tangible... tangible personal property, between the dealer in that property and the customer with respect to that property. The other property may be charged for as a part of, or in addition to, the sales price of the...

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

    Science.gov (United States)

    2011-10-18

    ... Bureau of the Public Debt Senior Executive Service; Public Debt Performance Review Board (PRB) AGENCY... (PRB) for the Bureau of the Public Debt (BPD). The PRB reviews the performance appraisals of career... assigned to the Office of the Commissioner in BPD. The PRB makes recommendations regarding...

  5. 75 FR 59800 - Senior Executive Service; Public Debt Performance Review Board (PRB)

    Science.gov (United States)

    2010-09-28

    ... Bureau of the Public Debt Senior Executive Service; Public Debt Performance Review Board (PRB) AGENCY... (PRB) for the Bureau of the Public Debt (BPD). The PRB reviews the performance appraisals of career... assigned to the Office of the Commissioner in BPD. The PRB makes recommendations regarding...

  6. The structure of public debt and the choice of exchange rate regime

    OpenAIRE

    Michael Bleaney; F Gulcin Ozkan

    2011-01-01

    This paper explores the relationship between the denomination of public debt and the choice of exchange rate regime. Three types of debt (nominal, indexed, and foreign) and two regimes (fixed and flexible) are considered. Indexed debt is insulated against unexpected inflation. The real (domestic-currency) value of foreign debt is subject to valuation effects from real exchange rate shocks. The `fear-of-floating' result, that foreign debt makes pegging more attractive, is shown to hold unambig...

  7. Portuguese public debt and financial business before WWI

    Directory of Open Access Journals (Sweden)

    Maria Eugenia Mata

    2010-10-01

    Full Text Available Government, public finance, and public debt framed the historical background for exceptional financial business opportunities for Henry Burnay as a private banker and a network with Baring Brothers, Comptoir National d'Escompte, Banque de Paris et des Pays Bas, Neuflize et Cie., Crédit Lyonnais, Société Générale, Deutsche Bank, Bank fur Handel& Industrie, Dresdner Bank, M. Jacob H. S. Stern and the Deutsche Effecten & Wechsel Bank from Frankfurt. Nineteenth-century financial markets and public debt emerge as the main players in the game.Credibility and honesty are important values for earning confidence and trust in international financial business, while bilateral-monopoly market situations required a lot of bargaining for joint profit maximization.

  8. Long-Run Implications of Public Debt on Economic Growth

    Directory of Open Access Journals (Sweden)

    Ion Lucian Catrina

    2011-04-01

    Full Text Available Many European countries faced with large fiscal deficits have adopted great plans ofausterity to limit their public debt. In Romania, despite many measures to reduce public sector wagesand some social allowances, in the 2009 and 2010 has been recorded only a small contraction ofgovernmental expenditure but a fast growing public debt. However, the main effects of the austeritymeasures have materialized in a significant reduction in domestic demand and an important reductionof gross domestic product. Also, despite a substantial reduction of supply, the unemployment rate hasnot exceeded 8% in Romania. This paper aims to analyze how much the policies restricting budgetdeficit and public debt in Romania delayed the resumption of economic growth. Even the euroadoption perspective impose a stricter management of Romanian budgetary policies and othernominal convergence criteria, the hard core of economic policies must be the reinventing a new pathto sustainable growth. It is necessary to conclude a new financing agreement with IMF for the nexttwo years? We also intend to test the tolerance degree of the Romanian economy to public debtexpansion (according to Reinhart&Rogoff model, 2010 as reflected in the growth rate of real grossdomestic product.

  9. Should the Public Pay for Higher Education? Equality, Liberty, and Educational Debt

    Science.gov (United States)

    Martin, Christopher

    2017-01-01

    As governments shift costs from the public to students, a higher education has become synonymous with educational debt. Liberal egalitarians have justified educational debt on the grounds that it facilitates socioeconomic equality. On this view, the public should only fund access for those students who are so poorly off that educational debt would…

  10. The sustainability of public debt in Romania in economic and financial crisis

    Directory of Open Access Journals (Sweden)

    Marian Dobranschi

    2010-12-01

    Full Text Available Public finances are key driver in the EU for economic recovery as the debth of the recession and credit constraints require fiscal policy action. This paper emphasis the needed review of public debt and its role in economic development as a particular challenge for emerging economies such as Romania. We explore the most important effects of public debt on economic growth like crowding-out effect, the realtionship between private and public financial transfers, the effect of public debt over GDP growth, inflation and on the sustainability of fiscal policy on the long run. Finnaly we estimate that the composition of public debt can suport debt stabilization and how debt management can stabilize the debt to GDP ratio in face to real returns and outputs growth and thus supports fiscal restraint in ensuring sustainability.

  11. ROMANIA'S PUBLIC DEBT AND GENERAL FRAMEWORK FISCAL-BUDGETARY POLICY

    Directory of Open Access Journals (Sweden)

    CHIRCULESCU MARIA FELICIA

    2014-05-01

    Full Text Available We appreciate that a developing country cannot build a solid democracy, based on a competitive economy and a system of social and economic infrastructure upgraded, rather than calling on foreign funding, generating external debt. At the basis of capitalist economies development credit is widely used at macro-economic level. Its role is to provide the opportunity to spend now and pay in a period to come, when the investment start to bring profit. For Romania, as well, for any State that resort to foreign loans, it is important that they be used for the development and modernization of the economy and infrastructure services and consumption, not only because it creates the potential for achieving sustainable growth, including by stimulating exports, creating the necessary resources as public foreign debt service to be honored.

  12. Governance of the Public Debt Management Agency in Selected OECD Countries

    OpenAIRE

    Grezegorz Golebiowsku; Kamilla Marchewka-Bartkowiak

    2010-01-01

    In most countries public debt management is one of the fastest growing financial activities demanding great attention from the State. Therefore, there is a need for broadening public governance, as well as widening procedural solutions. The authors have analysed the operating principles of auditing and control in public debt management institutions of several OECD countries. Research was conducted based on questionnaires and reports obtained from selected public debt management institutions a...

  13. International Capital Flows and Yields of Public Debt Bonds

    OpenAIRE

    Márcia Saraiva Leon

    2014-01-01

    The paper analyzes nominal yields of five-year fixed-rate Brazilian Domestic Federal Public Debt (DFPD) bonds in response to fluctuations in international net capital flows to Brazil for the period January 2007 to July 2012. The results show that estimation in differences with error correction obtains a long-run relationship between the yield, the foreign participation in the DFPD and the target Selic rate that reproduces previous results. When the ratio of net foreign long-term fixed-income ...

  14. Public debt sustainability in Serbia before and during the global financial crisis

    Directory of Open Access Journals (Sweden)

    Andrić Vladimir

    2016-01-01

    Full Text Available We have analyzed the behaviour of primary fiscal balance and public debt in Serbia before and in the aftermath of the global financial crisis. The results of our analysis are: i public debt to GDP ratioexhibits (near unit root behaviour with an overall upward time trend; ii the response of primary fiscal balance to public debt has been insufficient to mean revert the upward trend in government debt; iii the efforts of the Serbian government to repay the debt principal after the fiscal rule breach have not been persistent, providing empirical support to the fiscal fatigue hypothesis; iv the government budget constraint has deteriorated since the beginning of the global financial crisis; v the response of primary fiscal balance to public debt from the onset of the global financial crisis has dropped more severely in comparison to other European economies.

  15. Assessing public debt sustainability in EU member states:a guide

    OpenAIRE

    Carone, Giuseppe; Berti, Katia

    2014-01-01

    The aim of this paper is to illustrate the methodological approach used by the Commission services (DG ECFIN/C2) to carry out, in a systematic and harmonised way, public debt sustainability analysis (DSA) for EU Member States. Analysing recent and prospective public debt developments and risks to debt sustainability is crucial for EA countries and the EU as a whole to be able to formulate appropriate policy responses. To this aim, the Commission services (DG ECFIN) prepare on a regular bas...

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

    Directory of Open Access Journals (Sweden)

    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.

  17. 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...

  18. Unsustainable Public Debt in a European Fiscal Union?

    Directory of Open Access Journals (Sweden)

    Gábor Kutasi

    2017-03-01

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

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

    Directory of Open Access Journals (Sweden)

    Vladimir Šimić

    2012-12-01

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

  20. PUBLIC DEBT GROWTH DURING POST CRISIS PERIOD AND WAYS OF ITS STABILIZATION

    Directory of Open Access Journals (Sweden)

    M. Borovikova

    2013-07-01

    Full Text Available In this paper the main risks of public debt growth in the post-crisis period in both developed and developing countries are exemined, the main causes and possible negative consequences of this process are identified, as well as a number of measures to stabilize and reduce the national debt are developed.

  1. 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

  2. Testing the sustainability of the Croatian public debt with dynamic models

    Directory of Open Access Journals (Sweden)

    Petar Sopek

    2011-12-01

    Full Text Available Almost all macroeconomic indicators change upon shocks influenced by the global financial crisis that has also spilled over to the public sector, seriously threatening fiscal sustainability. The aim of this paper is to estimate public debt sustainability in the crisis and post-crisis period from 2011 to 2015. For estimation of public debt movements, decomposition of basic flows that lead to its change will be considered, and each one will be separately modeled dynamically. It is shown that in the period up to 2015 the share of public debt in GDP in optimistic scenarios does not exceed the margin of 60%, prescribed by the Maastricht criteria. In baseline scenarios we get two-sided results, so in the first model public debt slightly exceeds the limit of 60% with a share of 62.6% of GDP in 2015, while in all other baseline scenarios public debt stays at the level of 45.8, or 52.5% of GDP. Therefore, we conclude that in the medium-term period up to 2015 there is a real danger of public debt increasing over its acceptable limit and the major threats lie in contingent liabilities and exchange rate shocks, while minor vulnerability can be observed in case of real GDP growth and nominal interest rate shocks.

  3. Is there a second public debt (larger than the first?

    Directory of Open Access Journals (Sweden)

    O. CASTELLINO

    2013-12-01

    Full Text Available The 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.

  4. Coordination of Public Debt Management and Running Monetary Policy in Croatia

    Directory of Open Access Journals (Sweden)

    Zorica Raspudić Golomejić

    2007-06-01

    Full Text Available This paper deals with the issue of the coordination of public debt management and running monetary policy in Croatia, and draws attention to the importance of this kind of coordination for macroeconomic stability. Particular attention is paid to the management of public debt and the running of monetary policy in Croatia as practiced to date, and the problems that have arisen the while. Also given are the most important measures that the Croatian National Bank has taken to make it easier to manage the public debt and achieve better coordination with the Finance Ministry. There is more detailed discussion of the introduction of open market operations, the most important step taken towards better coordination of the running of monetary policy and the management of the public debt. Since the introduction of open market operations, interest rates on the interbank market and on the government bonds market have oscillated far less and have stabilized at a lower level. This should facilitate public debt management and provide for greater predictability in the planning of debt management costs. The final section discusses the importance of the further development of the government bonds market for the improvement of coordination in Croatia. The conclusion makes concrete proposals for the improvement of coordination: the achievement of an at least approximate consensus about the optimum combination of fiscal and monetary policy and the establishment of mechanisms for regular exchanges of information between the Finance Ministry and the Croatian National Bank for the purpose of harmonizing fiscal and monetary policy.

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

    Directory of Open Access Journals (Sweden)

    Doina Dascalu

    2015-12-01

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

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

    Directory of Open Access Journals (Sweden)

    Giovanna Bua

    2014-01-01

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

  7. Public Debt Tipping Point Studies Ingnore How Exchange Rate Changes May Create A Financial Meltdowns

    OpenAIRE

    Pope, Robin; Selten, Reinhard

    2012-01-01

    In studies concluding that public debt may hamper GDP, the debt tipping effects are estimated as if there were a single world currency. This means that such studies ignore the likely biggest cause of changes in growth rates, namely damage from exchange rate liquidity shocks because we do not live in the fairyland of a single world currency. The conclusions of these studies are accordingly invalid. They deflect attention from a prime danger, namely an exchange-rate-precipitated global meltdown...

  8. Do personal characteristics of finance ministers affect the development of public debt?

    OpenAIRE

    Moessinger, Marc-Daniel

    2012-01-01

    Using a unique dataset of personal characteristics of national finance ministers in Europe (1980 - 2010), I show that especially a finance minister's experience affects the development of public debt. Both a finance minister's experience gained in office and his political experience have an impact: The change of the debt to GDP ratio is negative the more experience a finance minister has gained as a minister of finance or in former positions as a national cabinet member. While the former resu...

  9. Public Debt and External Reserve: The Nigerian Experience (1981–2013

    Directory of Open Access Journals (Sweden)

    Victoria Senibi

    2016-01-01

    Full Text Available Nigeria is confronted with the issue of limited capital and has to resort to foreign debt in order to augment domestic savings, balance of payment deficits, and shortfall in revenue which induce continuous raise in the debt stock at an alarming rate. In the light of this, this study assesses the impact of public debt on external reserve in Nigeria. The objectives of this study include the assessment of the trends and relationship between public debt and external reserve in Nigeria, using the Johansen cointegration and FMOLS technique on the secondary data from 1981 to 2013. The result revealed that public debt has a positive and significant effect on external reserve stock in the long run suggesting that the nation’s debt crisis can be attributed to both exogenous and endogenous factors such as the nature of the economy, economic policies, high dependence on oil, and swindling foreign exchange receipt. This study recommends that the federal government should employ more superior method to negotiate for fixed interest payment and varying amortization schemes, as well as seek multiyear rescheduling rather than year by year basis.

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

    Directory of Open Access Journals (Sweden)

    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.

  11. 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.

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

    OpenAIRE

    2016-01-01

    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 ...

  13. Public debt and growth: evidence from Central, Eastern and Southeastern European countries

    Directory of Open Access Journals (Sweden)

    Anita Čeh Časni

    2014-06-01

    Full Text Available The aim of this paper is to quantify the long run and short run relationship between debt and economic activity in Central, Eastern and Southeastern European countries. In order to investigate the impact of public debt on economic growth, the paper uses pooled mean group estimator (PMG for the period between 2000 and 2011. A battery of panel unit root as well as panel cointegration tests is used prior to performing the dynamic panel analysis based on PMG estimator. According to the empirical results, in the long-run debt significantly influences the GDP growth having a negative sign as expected and pointing out that government gross debt lowers the GDP growth. In the short run, debt has statistically significant negative influence on the GDP growth as well, controlling for other determinants of growth (trade openness, total investment and industry value added. Designing policy frameworks that encourage export, promote industrial development and create better environment for long-term investment should foster sustainable growth. Therefore, we find that a credible fiscal consolidation strategy is needed combined with policies to promote lasting growth in order to reach debt-stabilizing levels.

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

    Directory of Open Access Journals (Sweden)

    Meghisan Madalina Georgeta

    2011-07-01

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

  15. 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.

  16. SPECTS REGARDING PUBLIC DEBT SHARE IN GDP AT THE LEVEL OF EUROPEAN UNION COUNTRIES

    Directory of Open Access Journals (Sweden)

    ANA-PETRINA PĂUN

    2014-12-01

    Full Text Available The way in which the state manages the public debt has always represented and it will continue to represent a subject of real importance, and the discussions regarding the level of budget deficit, the dregree of indebtedness and its implications on the social wellness are very present at national level as also at the European Union level. In this paper it is presented the share of public debt in the Gross Domestic Product in the member countries of European Union, and, respectively, the degree of indeptedness of each member country of the European Union, at the level year of 2013.

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

    OpenAIRE

    2009-01-01

    The basic aim of this article is to consider the effect of the current financial crisis on the 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 mo...

  18. 31 CFR 363.18 - Is Public Debt liable if the electronic transmission of my data is intercepted?

    Science.gov (United States)

    2010-07-01

    ... Securities Held in TreasuryDirect § 363.18 Is Public Debt liable if the electronic transmission of my data is... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Is Public Debt liable if the electronic transmission of my data is intercepted? 363.18 Section 363.18 Money and Finance:...

  19. STATE DEBT: A CONCEPTUAL TREATMENT

    OpenAIRE

    2014-01-01

    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 f...

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

    NARCIS (Netherlands)

    S. Pekarski

    2007-01-01

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

  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 fall in oil prices, the peso devaluation and increasing public debt

    Directory of Open Access Journals (Sweden)

    Daniel Libreros

    2016-05-01

    Full Text Available This article alert from now on the aftermath of the substantial increase in public debt, while deprives the population of social rights and confined to a greater degree of poverty, while preserving the wealth of the elites that have thrown the country into bankruptcy

  3. 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 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.

  4. 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.

  5. An Evaluation of the Sale of Public Assets as Alternative Public Debt Reduction Strategy in European Countries

    Directory of Open Access Journals (Sweden)

    Irina Bilan

    2015-05-01

    Full Text Available Against the backdrop of the recent crisis, many European countries have been confronted to high and unsustainable public debts, the issue of conceiving and implementing debt reduction strategies becoming one of great interest to both the scientific community and public policy-makers. Several options have been put forward, some of them (like fiscal consolidation explored in depth by researchers and already applied in many countries, while others have benefited of less, even minor attention. Thus, our paper aims to evaluate the sale of public (financial and non-financial assets as possible alternative for restoring public debt sustainability in European countries, contributes to existing literature by providing a more thorough analysis of a usually overlooked alternative. The paper is designed as a case study, mixing qualitative and quantitative evidence on the topics of interest with regard to the situation of 20 European countries, selected on criteria of data availability. The general conclusion is that the sale of public assets should, at least in the most indebted countries, be incorporated into public debt reduction strategies, but in addition to other measures (mainly fiscal consolidation ones and always on the basis of realistic and extensive cost-benefit analysis.

  6. 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... BUREAU OF THE PUBLIC DEBT ISSUE AND SALE OF TREASURY BILLS § 309.7 Tenders; submission through Federal Reserve Banks and branches and to the Bureau of the Public Debt. Tenders in response to any such...

  7. ECONOMIC CONSEQUENCES OF PUBLIC DEBT. THE CASE OF CENTRAL AND EASTERN EUROPEAN COUNTRIES

    Directory of Open Access Journals (Sweden)

    Irina BILAN

    2015-10-01

    Full Text Available The paper aims to empirically assess, using panel data estimation techniques, the effects of public indebtedness on economic growth for a group of 11 Central and Eastern European countries and over the period 1994-2013. Our hypothesis is that, although public indebtedness may fuel economic growth, once public debt breaches a certain threshold the effects are reversed and public indebtedness negatively affects GDP growth rates. The results of our study confirm this kind of relationship, with a maximum debt threshold for all countries of about 45-55% of GDP, lower for the less developed (like Romania and Bulgaria and higher for the more developed ones. Also, the threshold for Central and Eastern European countries is found to be lower than the one identified in other empirical studies for developed EU countries, as the former enjoy lower credibility, higher vulnerability to shocks and depend more on external capital transfers.

  8. An analysis of exchange rate risk exposure related to the public debt portfolio of Tunisia: Beyond VaR approach

    Directory of Open Access Journals (Sweden)

    Omrane Samia

    2012-01-01

    Full Text Available The aim of this study is to assess the exchange rate risk associated with the Tunisian public debt portfolio through Value-at-Risk (VaR methodology. We use daily spot exchange rates of the Tunisian dinar against the three main debt currencies, the dollar, the euro and the yen. Our period of interest is from 02/01/2004 to 31/12/2008. Thetas and Marginal VaR analysis reveal that Japanese yen is the most risky currency constituting the Tunisian public debt portfolio. American dollar appears as a source of risk for the Tunisian external debt but remains less risky than the yen, while, the euro constitutes a hedge currency for exchange risk management associated with the Tunisian public debt portfolio.

  9. 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

    OpenAIRE

    2013-01-01

    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...

  10. The effects of public debt management on macroeconomic equilibrium: An analysis of the Brazilian economy

    Directory of Open Access Journals (Sweden)

    Cleomar Gomes da Silva

    2014-05-01

    Full Text Available The aim of this paper is to study the effects of public debt management on yield curve spreads in Brazil, in order to see possible impacts on the country's economic activity. State space models, together with Kalman Filter estimators, are used for the period ranging from June 2002 to February 2012. The results indicate that increases in the issuance of fixed rate linked bonds lead to increases on yield spreads and the longer the maturity, the longer the effect. The opposite occurs when there is an increased issuance of floating rate linked bonds. Therefore, a change in the structure of the Brazilian public debt is not neutral on the yield curve, with possible impacts on the country's macroeconomic balance.

  11. Sustainability of Public Debt and Budget Deficit: Panel cointegration analysis for the European Union Member countries

    OpenAIRE

    2006-01-01

    In this study, we analyse the sustainability of fiscal policy of EU member countries within the panel cointegration and error-correction frameworks. Unlike the previous empirical papers in this area, we apply the test for panel cointegration between the primary budget deficit and the public debt defined in GDP ratios. Based on the cointegration test results, we conclude that the fiscal policy is consistent with the intertemporal budget constraint, i.e., it is sustainable in the panel of fifte...

  12. Currency Allocation of Public External Debt and Synchronization Indicators of Exchange Rate Volatility

    OpenAIRE

    Martin Melecky

    2010-01-01

    This paper uses synchronization indicators of domestic and foreign fundamentals to choose suitable currency allocation of public external debt. The selection of explanatory variables for exchange rate volatility is motivated using a New Keynesian Policy model that predicts that not only traditional optimum currency area (OCA) variables, but also variables considered by the literature on currency preferences, such as money velocity, should be relevant for explaining exchange rate volatility. I...

  13. An Analysis of Exchange Rate Risk Exposure Related to the Public Debt Portfolio of Tunisia: Beyond VaR Approach

    OpenAIRE

    Omrane Samia

    2012-01-01

    The aim of this study is to assess the exchange rate risk associated with the Tunisian public debt portfolio through Value-at-Risk (VaR) methodology. We use daily spot exchange rates of the Tunisian dinar against the three main debt currencies, the dollar, the euro and the yen. Our period of interest is from 02/01/2004 to 31/12/2008. Thetas and Marginal VaR analysis reveal that Japanese yen is the most risky currency constituting the Tunisian public debt portfolio. American dollar appea...

  14. Coordination between the monetary and public debt management policies in Croatia

    Directory of Open Access Journals (Sweden)

    •Zorica Raspudić Golomejić

    2012-06-01

    Full Text Available This paper explains the main characteristics of and prerequisites for coordination between the measures and instruments of monetary and public debt management policies in Croatia and evaluates current practice, particularly over the last two recession years. Attention is drawn to the importance of coordination for achieving macroeconomic stability and to the main problems and challenges obstructing successful coordination. It is assessed that the Croatian National Bank (CNB, with its measures and instruments, has consistently contributed to improving coordination with the public debt management policy, despite the narrowing of its room for manoeuvre due to a complex economic environment and the specific functioning of the transmission mechanism of monetary policy. Notwithstanding some contribution to coordination made by the Government and Ministry of Finance, they must take measures and employ instruments to make more significant adjustments and, together with the CNB, define an optimum fiscal and monetary policy mix for the future that will ensure stable economic growth. This paper gives an overview of major CNB measures aimed at facilitating the public debt management and improving coordination with the Ministry of Finance, and presents a detailed analysis of open market operations. It also points to a certain contribution of the Ministry of Finance to the coordination improvement, indicating major barriers to effective coordination between these important policies.

  15. How to Assess Public Debt Sustainability: Empirical Evidence for the Advanced European Countries

    Directory of Open Access Journals (Sweden)

    Anca Ruxandra CURTAŞU

    2011-12-01

    Full Text Available In the context of a society with limited resources, borrowing seems to be a desirable method that allows governments to finance the required expenditures. But government borrowing is accepted as long as it is consistent with a sound fiscal policy. Since 1923, when the concept of sound finance was brought into discussion for the first time, by J. M. Keynes, many economists have tried to investigate the issue of public debt sustainability. The hereby paper is designed to be an introductory guide in the theory and practice of fiscal sustainability. In this sense, I tried to make a compelling analysis of the evolution of the public debt among the advanced European economies. I have chosen these countries considering that European Union fiscal sustainability is still a much debated and controversial topic and that unsound fiscal policies of individual members could have adverse effects and harm other members’ economies. For the purpose of this study I used annual data, spanned mostly on 1970-2012. The variables for each country have been analyzed through various methods of investigation: unit-root tests, cointegration tests and fiscal reaction function tests. The aim of this paper is therefore to investigate the evolution of the public debt and to establish how governments react to this evolution.

  16. CORRELATION ANALYSIS BETWEEN THE PUBLIC DEBT AND THE BUDGET DEFICIT AND GDP IN ROMANIA COMPARED TO SWEDEN

    OpenAIRE

    2014-01-01

    The modality in which the state manages the public debt has always represented and will continue to represent a subject of real importance, and the discussions regarding the level of budget deficit, the indebtedness degree and its implications on the social wellness are representing a big actuality at national level as also at European Union level. In this paper is presented a comparative analysis between Romania and Sweden in what regards the dependence between public debt and budget deficit...

  17. 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.

  18. Financial Factors and Institutional Characteristics That Relate to the Long-Term Debt of U.S. Four-Year Public Colleges and Universities

    Science.gov (United States)

    Keith, Dana Sims

    2013-01-01

    Debt for public colleges and universities has been increasing while financial resources, which provide the support to repay debt, have been declining. As debt increases in proportion to assets, the risk profile of a college or university increases. This study examined the relationships between financial variables and institutional characteristics…

  19. 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.

  20. 75 FR 3197 - Notice of a Public Meeting on Administration of the Business and Industry Guaranteed Loan Program

    Science.gov (United States)

    2010-01-20

    ... Rural Business-Cooperative Service Notice of a Public Meeting on Administration of the Business and Industry Guaranteed Loan Program AGENCY: Rural Business-Cooperative Service, USDA. ACTION: Notice of public... Development Mission area, will hold a public meeting entitled ``Business and Industry Guaranteed Loan...

  1. 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.

  2. EMU, the changing role of public debt and the revival of sovereign credit risk perception

    OpenAIRE

    Schmid, Kai Daniel; Schmidt, Michael

    2012-01-01

    Using annual data for 21 OECD countries we provide evidence of remarkable mispricing of sovereign bonds for the so-called GIIPS countries before the start of the financial crisis. Our results also qualify the view of pronounced overpricing in the crisis. In detail, we find: (i) Since the 1980s the role of public debt for the pricing of government bonds has changed twice: First-time in the aftermath of the signing of the Maastricht treaty, and again with the wake-up call due to the onset of th...

  3. The structure and economic significance of government guarantees in Croatia and the European Union

    Directory of Open Access Journals (Sweden)

    Marko Primorac

    2016-03-01

    Full Text Available In the aftermath of the financial crisis, when countries are facing difficulties in raising the amounts of revenue needed to cover the expenditure side of the budget, fiscal risks can pose a significant threat to the sustainability of public finance. This became particularly evident in the case of public enterprises and their liabilities, which often increased public debt because of difficulties in meeting their financial obligations. The aim of this paper is to evaluate fiscal risks from government guarantees in Croatia and the European Union in general. Moreover, the paper aims to analyse the dynamics of the value and structure of government guarantees in Croatia in the period from 2009 to first half of 2015. Particular emphasis is placed on the impact of government guarantees on direct public debt in the context of methodological changes in the registration of public debt.

  4. 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.

  5. BUDGET DEFICIT AND PUBLIC DEBT, INDICATORS OF NOMINAL CONVERGENCE OF ROMANIA WITH EUROPEAN UNION

    Directory of Open Access Journals (Sweden)

    Dorel Dumitru Chiriţescu

    2013-06-01

    Full Text Available The budget deficit and public debt represent Romania’s two most important elements of the system of criteria for accession to the euro single currency. Therefore their combined and complex analysis for a longer time period, before the initial target, can put us in a position to obtain some interesting conclusions about the reason why our country has not adopted the single currency in 2013. Such an analysis allows the foundation of a coherent and feasible program to adopt the single currency in the future. As it is normal, this program will be based on the performance, according to standards, of all nominal and real criteria for transition to the single currency, as explained and detailed within the Maastricht Treaty.

  6. Fiscal policy and the business cycle: the impact of government expenditures, public debt, and sovereign risk on macroeconomic fluctuations

    NARCIS (Netherlands)

    Kirchner, M.K.

    2011-01-01

    This thesis studies the role of fiscal policy over the business cycle based on a combination of empirical macroeconometric techniques and macroeconomic theory. The focus of the analysis to be conducted is on the impact of government expenditure policies, public debt, and sovereign default risk on

  7. 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

  8. 论美国政府公共债务的可持续性基于ADL模型的实证研究%Sustainability of US Government Public Debt An Empirical Research Based on ADL Model

    Institute of Scientific and Technical Information of China (English)

    秦卫波; 王立荣; 李成宇

    2016-01-01

    随着世界经济缓慢复苏,不断攀升的政府债务问题正困扰着美国、日本及欧洲多个国家,这其中美国政府债务问题尤为引人关注。以1959—2013年美国基本预算盈余/赤字、公共债务规模等相关数据为基础,构建了自回归分布滞后(ADL)模型,并对美国政府公共债务可持续性问题进行了分析,研究结果表明:政府预算赤字/盈余、公共债务规模、预期通货膨胀、经济波动指标等变量之间存在门限协整关系。美国政府预算充分考虑了债务规模的膨胀及经济周期等因素,这保障了公共债务呈现出向其均衡稳态回归的特征,不存在爆炸性增长的可能,保证了美国公共债务的可持续。%Along with the gradual resuscitation of world economy, the rising government debt has become a major obstacle to such countries as USA,Japan, and many European countries,among which USA stands out.Based on the data of US primary budget surplus/deficit and its public debt scale from 1959 to 2013,the ADL model was built to analyze the sustainability of US government public debt. The results showed that there exists a threshold cointegrating relationship among such variables as government budget surplus/deficit,public debt scale,anticipated inflation,and business cycle indicators.The US government budget takes full consideration of such factors as debt scale inflation and economic cycle so as to make sure that the public debt takes on a balanced and steady returning and avoids possible explosive growth,thus guaranteeing the sustainability of US government public debt.

  9. 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

  10. 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…

  11. 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.…

  12. CORRELATION ANALYSIS BETWEEN THE PUBLIC DEBT AND THE BUDGET DEFICIT AND GDP IN ROMANIA COMPARED TO HOLLAND

    Directory of Open Access Journals (Sweden)

    ANA-PETRINA PĂUN

    2015-10-01

    Full Text Available The modality in which the state manages the public debt has always represented and will continue to represent a subject of real importance, and the discussions regarding the level of budget deficit, the indebtedness degree and its implications on the social wellness are representing an major actuality at national level and also at European Union level. In this paper it is presented a comparative analysis between Romania and Holland in what regards the dependence between public debt and budget deficit and its GDP, as also the real public debt’s variation in time series for Romania and Holland, in tandem with the variation in time of ARX model, highlighting the residuum.

  13. CORRELATION ANALYSIS BETWEEN THE PUBLIC DEBT AND THE BUDGET DEFICIT AND GDP IN ROMANIA COMPARED TO SWEDEN

    Directory of Open Access Journals (Sweden)

    ANA-PETRINA PĂUN

    2014-12-01

    Full Text Available The modality in which the state manages the public debt has always represented and will continue to represent a subject of real importance, and the discussions regarding the level of budget deficit, the indebtedness degree and its implications on the social wellness are representing a big actuality at national level as also at European Union level. In this paper is presented a comparative analysis between Romania and Sweden in what regards the dependence between public debt and budget deficit and its GDP, as also the real public debt’s variation in time series for Romania and Sweden, in tandem with the variation in time of ARX model, highlighting the residuum.

  14. 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.

  15. 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.

  16. The public debt of the Republic of Serbia: The current situation and perspectives

    Directory of Open Access Journals (Sweden)

    Bošnjak Marinko

    2005-01-01

    Full Text Available The paper deals with the internal and external debt situation of the Republic of Serbia based on the data relating to 2000 and 2004, issued by the Ministry of Finance, as well as the basic macroeconomic assumptions for the regular servicing of debts. The general results of this research indicate that the key institutional assumptions for the strengthening of annuity payment ability are consistent reforms and economic policies, and the key economic assumptions for debt repayment are economics growth, stability and reduction in the volume and changing the structure of government consumption. Investment and export growth which provides for growth in gross domestic product and income in foreign currency, which should be sufficient for debts repayment in the next five years, expressed in time periods as well as annuity payments per year, are the key significance for servicing of debts. Increase in economy efficiency, as well as the efficient use of resources obtained by credit facilities, are guaranties of maintaining the balance between volume and repayment capabilities of debts.

  17. 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.

  18. The Impact of Public Guarantees on Bank Risk Taking : Evidence from a Natural Experiment

    NARCIS (Netherlands)

    Gropp, R.; Grundl, C.; Guttler, A.

    2010-01-01

    In 2001, government guarantees for savings banks in Germany were removed following a law suit. We use this natural experiment to examine the effect of government guarantees on bank risk taking, using a large data set of matched bank/borrower information. The results suggest that banks whose governme

  19. Public initiatives to support entrepreneurs: Credit guarantees versus co-funding

    NARCIS (Netherlands)

    Arping, S.; Lóránth, G.; Morrison, A.D.

    2008-01-01

    We analyze state-sponsored credit guarantees in a setting where entrepreneurs are capital-constrained and subject to moral hazard. In our model, guarantees can raise welfare because they reduce the cost of capital faced by entrepreneurs, and so potentially enhance entrepreneurial effort incentives.

  20. St. Lucia; Debt Sustainability Analysis

    OpenAIRE

    International Monetary Fund

    2003-01-01

    This paper presents a debt sustainability analysis for St. Lucia. The medium-term scenario prepared by the IMF staff assumes continued fiscal consolidation and thus is compatible with sustainable debt levels even in the presence of adverse economic shocks. Stress tests show that stabilizing the debt/GDP ratio for the public sector at around the levels prevailing in 2002/03 would allow the absorption of economic shocks without generating unstable debt dynamics. Most temporary shocks would, how...

  1. PECULIARITIES OF LEVY AND TAX REVENUES OF ACTIVE DEBT IN PUBLIC ADMINISTRATION

    OpenAIRE

    Rossi, Gustavo Afonso Santi; Santos, Waldir Jorge Ladeira dos

    2016-01-01

    This work has as main objective to analyze the main actions carried out by the State of Rio de Janeiro in inventory management of outstanding debt in the period 2010 to 2014. It is an approach based on quantitative research. As regards the methods and procedures used the documentary and bibliographical methods. Among the results of the work we observed the existence of moderate sensitivity between the provision of variables and records of stocks of Tax Debt and Tax Not Active, according to st...

  2. 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

  3. RULES OF CONTRACTING DEBT BY TERRITORIAL SELF-GOVERNMENT UNITS

    Directory of Open Access Journals (Sweden)

    Dariusz Reśko

    2012-06-01

    Full Text Available Self-governments are given new tasks without guaranteeing resources for their completion, an example of which is lowering the school obligation age. There are also some savings of the state budget at the expense of territorial selfgovernment. All these and other changes, including those planned in the near future, take place without compensating for the incomes lost by self-governments or additional costs. All this leads to serious tensions in self-government budgets, limiting their ability to finance investment. The Regulation of the Minister of Finance from 23rd December 2010 on detailed ways of classifying debt titles included in state public debt, also treasury debt (Journal of Law from 2010, No 252, position 1692 was issued on the basis of specially changed article 72, section 2 of the Act of 27th August 2009 on Public Finance (Journal of Law No 157, position 1240 with subsequent amendments.

  4. 76 FR 14010 - Public Workshop: Debt Collection 2.0: Protecting Consumers as Technologies Change

    Science.gov (United States)

    2011-03-15

    ..., communication, and payment technologies. Workshop panelists will discuss, among other things, the effects that... communication then available. Technological advances have expanded the tools available to debt collection... since then, such as the increasing popularity of social media networking sites.\\3\\ Facebook, which...

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

    OpenAIRE

    Ndikumana, Léonce; 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...

  6. Exchange Rate Risk Measurement and Management: Issues and Approaches for Public Debt Managers

    OpenAIRE

    Michael G. Papaioannou

    2009-01-01

    This paper presents conventional and alternative exchange-rate risk measures for government bonds, and outlines liability management operations for dealing with currency exposure. These risk measures and liability management operations are analyzed from the perspective of a sovereign debt manager. In particular, we examine the VaR statistic as a prominent measure of exchange rate risk exposure, along with an integrated VaR approach for the simultaneous estimation of a bonded portfolio’s int...

  7. Which is the optimal fiscal rule in a monetary union? Targeting the structural, the global budgetary deficit, or the public debt?

    OpenAIRE

    2014-01-01

    The aim of our paper is to contribute to the debate on optimal fiscal rules in a monetary union: in terms of global budgetary deficit, of structural budgetary deficit, or of public debt. Indeed, these rules seem to be mixed in the framework of the European Economic and Monetary Union, with the new Fiscal Compact. With the help of a simple macroeconomic model, we show that a goal in terms of public debt is the most appropriate in order to decrease the indebtedness levels, but that it could inc...

  8. 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.

  9. 76 FR 17331 - Debt Collection

    Science.gov (United States)

    2011-03-29

    ... RIN 2590-AA15 Debt Collection AGENCY: Federal Housing Finance Agency; Office of Federal Housing... amended by the Debt Collection Act of 1982, Public Law 97-365, 96 Stat. 1749 (1982). \\2\\ Public Law 104... / Tuesday, March 29, 2011 / Rules and Regulations#0;#0; ] FEDERAL HOUSING FINANCE AGENCY 12 CFR Part...

  10. 75 FR 68956 - Debt Collection

    Science.gov (United States)

    2010-11-10

    ... Oversight 12 CFR Part 1704 RIN 2590-AA15 Debt Collection AGENCY: Federal Housing Finance Agency; Office of...\\ Public Law 89-508, 80 Stat. 308 (1966), as amended by the Debt Collection Act of 1982, Public Law 97-365... From the Federal Register Online via the Government Publishing Office FEDERAL HOUSING...

  11. A macro analysis of the united states recoverywith a particular focus on public debt

    Directory of Open Access Journals (Sweden)

    Dr.Sc. Selman Selmanaj

    2012-06-01

    Full Text Available The intention of this paper is to analyze the lingering effects of the 2008 crisis in the United States and the implication they have on the policies undertaken by the Obama administration. A particular focus is given to the debt accumulation and how that relates to the challenges of the long run development of the American economy. The first part of this paper will give a brief overview of some of the elements central to the causes of the crisis, namely the centralization of wealth and its implication for the unsustainable consumption patterns. It will then follow to consider how the previous issues relate to the weak aggregate demand and the expansionary policies used to tackle it. Additionally, an overview of the crisis effect on the already troubled labor market is laid out in the third part. After exploring the interventionist policies used by the US administration in the after-crisis period, we move on to the presing issue of debt and possible scenarios that may arise in case it is not seriously addressed.

  12. The impact of Mexico’s foreign public debt over the country’s private investment: A co-integrating analysis

    Directory of Open Access Journals (Sweden)

    Ramón A. Castillo Ponce

    2007-01-01

    Full Text Available Evidence suggests that the implementation of public policy crowds out private expenditure. It is argued, for example, that public spending inhibits private investment. However, formal evidence indicates that this crowding out effect does not always hold. In particular, it has been shown that it is possible to find a complementary relation between public spending and real variables of the private sector such as consumption and investment in the long run. In this document we analyze the short run and long run stochastic dynamics of private investment and foreign public debt in Mexico, a variable that has been scarcely used as a proxy for public spending. With the estimation of an error correction model we derive results that are consistent with what is found in the literature. That is, we identify that, while foreign public debt exhibits a negative relation with private investment in the short run, the relationship becomes positive for longer horizons.

  13. 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...

  14. 31 CFR 359.67 - Does Public Debt prohibit the issuance of Series I savings bonds in a chain letter scheme?

    Science.gov (United States)

    2010-07-01

    ... § 359.67 Does Public Debt prohibit the issuance of Series I savings bonds in a chain letter scheme? We do not permit bonds to be issued in a chain letter or pyramid scheme. We authorize an issuing agent... issuance of Series I savings bonds in a chain letter scheme? 359.67 Section 359.67 Money and Finance...

  15. 31 CFR 351.82 - Does Public Debt prohibit the issuance of Series EE savings bonds in a chain letter scheme?

    Science.gov (United States)

    2010-07-01

    ... § 351.82 Does Public Debt prohibit the issuance of Series EE savings bonds in a chain letter scheme? We do not permit bonds to be issued in a chain letter or pyramid scheme. We authorize an issuing agent... issuance of Series EE savings bonds in a chain letter scheme? 351.82 Section 351.82 Money and Finance...

  16. Debt Contagion

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    The European debt crisis will not badly hit China’s economy Despite Europe’s economic woes, China faces no real risks from the sovereign debt crisis. China’s flourishing domestic market has offset part of Chinese exporters’losses. Also, European companies may ramp up their investment in China because of sluggish demand back home. All this will help alleviate the impact of Europe’s crisis on Sino-EU business ties.

  17. Public initiatives to support entrepreneurs: Credit guarantees versus co-funding

    NARCIS (Netherlands)

    Arping, S.; Lóránth, G.; Morrison, A.D.

    2010-01-01

    We analyze financial support for the entrepreneurial sector. State support can raise welfare by relaxing financial constraints, but it can also reduce lending standards if entrepreneurs substitute public sources of collateral for their own assets, if it encourages excessive entrepreneurial entry, or

  18. An Analysis of the Relationship between Monetary-Exchange Rate Policies and the Public Debt and Theirs Effects on Inflation and Economic Growth in Iran

    Directory of Open Access Journals (Sweden)

    Sara Ghobadi

    2011-01-01

    Full Text Available Governments attempt to achieve the goals of low inflation rate and sustainable economic growth rate. The objective of this study is to analyze the roles of determinants such as the liquidity of money, weighted average of interest (profit rate on banking deposits, exchange rate and the public debt on inflation and economic growth in Iran, using the quarterly data during the period of 1989-2008. This study is based on the theoretical works of the Sargent and Wallace (1981 by focusing on the ‘Fiscal Theory of Price Level (FTPL’ approach. In this study, through relying on the structural relationship between variables and economic shocks, while applying the required constraints, the constructed models are estimated by VECM and SVEM methods. Findings of the study are consistent with both the quantity theory of money as it was interpreted with Sargent and Wallace (1981 and the FTPL. More specifically, the inflation rate is largely affected by monetary–exchange rate policies as well as by fiscal policy. Although, the weighted average of interest sate does not play a significant role in the long–run relationship, a rise in public debt through increasing the liquidity of money plays a significant role in rising price level. But, a significant long sun relationship between the changes in the liquidity of money, interest rate, the public debt and the change in output level does not exist. The economic growth does respond mainly to the technological shocks and factors productivity improvements. In general, we conclude that the inappropriate monetary and exchange rate policies and the rise in public debt through fiscal policy are the main determinants of the inflation rate in the Iranian economy.

  19. 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.

  20. 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.

  1. An Analysis of the Relationship between Monetary-Exchange Rate Policies and the Public Debt and Theirs Effects on Inflation and Economic Growth in Iran

    OpenAIRE

    Sara Ghobadi; Akbar Komijani

    2011-01-01

    Governments attempt to achieve the goals of low inflation rate and sustainable economic growth rate. The objective of this study is to analyze the roles of determinants such as the liquidity of money, weighted average of interest (profit) rate on banking deposits, exchange rate and the public debt on inflation and economic growth in Iran, using the quarterly data during the period of 1989-2008. This study is based on the theoretical works of the Sargent and Wallace (1981) by focusing on the ‘...

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

    Science.gov (United States)

    2013-10-28

    full implications of a default or restructuring, particularly if it triggers contagion , for the U.S. financial system. Policy Options for Congress...also called public debt or government debt, refers to debt incurred by governments. Since the global financial crisis of 2008-2009, public debt in...advanced economies has increased substantially. A number of factors related to the financial crisis have fueled the increase, including fiscal

  3. EXTERNAL DEBTS SUSTAINABILITY, IMF POLICIES EFFECT AND TURKEY SAMPLE

    Directory of Open Access Journals (Sweden)

    Faik A EL K

    2008-10-01

    Full Text Available It is generally recognized that developing countries need substantial amounts of net transfer of resources at early stages of development in order to close their savings and foreign exchange gaps. External3 borrowing is a core element in nearly all developing countries’ development strategies. Foreign loans can be used to finance public spending aimed at increasing growth, development, and security. Debt sustainability and holding the debt burden at a reasonable level are the two main cornerstones of achieving macroeconomic stability. Solvency is derived from the intertemporal budget constraint which shows sustainability of current policies. Generally, when the expected value of the future resources devoted to debt service equals the current debt stock, solvency condition is satisfied. Developing countries\\' debt is external debt incurred by Third World countries, generally in quantities beyond that country\\'s ability to repay. Unpayable debt is a term used to describe external debt where the interest on the debt exceeds the amount that the country produces, thus preventing the debt ever being repaid. IMF’ policies through to the World Economy have been changed in the globalization processes. Those policies have been applied in different countries When Turkish economy is taken into consideration it is seen that; it has high debt stocks, the need of external debt continues to increase and the external debt indicators give rise to the anxieties about the issue of external debt sustainability. This paper responds to take forward on external debt-related vulnerabilities and balance sheet risks.

  4. The demand of public debt in Castile during the Early Modern Age: the «juros» issued on Murcia’s «alcabalas»

    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.

  5. On Dynamic Effects of China's Public Debt on the Three Industrial Growths%我国公共债务对三次产业增长的动态影响研究

    Institute of Scientific and Technical Information of China (English)

    齐红倩; 庄晓季; 席旭文

    2015-01-01

    Issuing public debt is an important and effective way to implement expansionary fiscal policy and stimulate the three industrial and economic growths. Based on theoretical analysis, this paper uses the time series data from 1981 to 2013, and builds variable parameter state space models to study the dynamic effects of China's public debts on the real economy and the three industrial and economic growths. The empirical results indicate public debt flows and stocks have increasingly positive impact on China's real economy and the three industrial and economic growths. Besides, public debt stocks promote industrial growth better than debt flows. Debt flows have the most significant positive effect on the second industry while debt stocks give a greater boost to the third industry. Therefore, on the premise that we can keep the total debt under control, we should promote industrial structure adjustment and balanced development to achieve sustainable economic growth by reorienting?public debt investment.%发行公共债务是实施扩张性财政政策,进而刺激三次产业和经济增长的重要途径和有效手段。在理论分析的基础上,利用1981-2013年时间序列数据,建立可变参数状态空间模型,研究我国公共债务对实体经济及三次产业的动态影响特征。实证结果表明,公共债务流量和存量对我国实体经济及三次产业增长均具有正向的促进作用,其影响程度呈不断增强的态势,并且债务存量的产业增长效应强于债务流量;债务流量对第二产业的促进作用最为明显,而债务存量更能促进第三产业的增长。因此,在保持债务总量可控的前提下,应通过合理调整公共债务投资方向,促进产业结构调整和均衡发展,实现经济持续平稳增长。

  6. Does monetary unification lead to excessive debt accumulation

    NARCIS (Netherlands)

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

    1995-01-01

    If discretionary monetary policy implies an inflation bias, monetary unification boosts the accumulation of public debt. The additional debt accumulation is welfare reducing only if governments are sufficiently myopic. In the presence of myopic governments, debt ceilings play a useful role in

  7. Does monetary unification lead to excessive debt accumulation

    NARCIS (Netherlands)

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

    1995-01-01

    If discretionary monetary policy implies an inflation bias, monetary unification boosts the accumulation of public debt. The additional debt accumulation is welfare reducing only if governments are sufficiently myopic. In the presence of myopic governments, debt ceilings play a useful role in avoidi

  8. 促进经济增长的中国政府最优债务率测算%Measure of China's Optimal Public Debt Ratio of Promoting Economic Growth

    Institute of Scientific and Technical Information of China (English)

    干伟明; 张涤新

    2016-01-01

    This article builds a cross period model to discuss the relationship between a nation's debt and its economic growth .Results of the theoretical analysis show that there is an inverted U-shaped relationship between a nation's debt and its economic growth, that is, under specific conditions, when a nation's debt ratio is below the optimal threshold , the debt in-crease has a promoting influence on the economic growth; on the contrary , when the debt ratio exceeds that threshold , the debt increase will just put constraints on the economic growth .Based on China's time series data, this article builds a regres-sion model to validate the inverted U-shaped relationship between public debt and economic growth , which finds that China's optimal public debt ratio of recent years is about 47%.The policy implication of the paper is that China's public debt is still within the optimal threshold , although in the long run China's public debt increasing space is limited , in the short run China's public debt definitely has increasing capacity for financial policy to bolster China 's slowing down economy .%通过构建跨期模型来探讨一国债务与经济增长的关系。理论分析表明,一国债务与经济增长之间存在倒U形关系,即在一定条件下,当一国的债务低于最优值时,提高债务对经济增长具有促进作用,而当债务超过这一最优值时,增加债务则对经济增长具有副作用。在理论分析的基础上,构建了线性时间序列模型,基于中国样本数据证实了中国政府债务与中国经济增长之间倒U形关系的存在,并测算出现阶段中国政府最优债务率约为47%。这一结论表明:中国政府债务目前尚处于合理范围,虽然长期来看中国政府债务的提升空间已不大,但短期内进一步提升的空间犹存,这为中国政府充分运用财政政策提升尚处于探底阶段的中国经济预留了政策空间。

  9. 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

  10. 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’

  11. Debt Out of Control

    DEFF Research Database (Denmark)

    Achtziger, Anja; Hubert, Marco; Kenning, Peter

    2015-01-01

    In a representative sample of the German population (n = 946), we explored the links between self-control, compulsive buying, and debts. Participants completed the self-control scale (Tangney, Boone, & Baumeister, 2004) and the German Addictive Buying Scale (Raab, Neuner, Reisch, & Scherhorn, 2005......). Additionally, they gave information about their real debts. It was observed that self-control was negatively related to debts while compulsive buying was positively related to debts. Detailed analyses revealed that the link between self-control and debts was fully mediated by compulsive buying. Finally......, there was a gender effect on compulsive buying: women were more prone to compulsive buying than men. Age also was significantly negatively related to compulsive buying and positively linked to self-control. Household income was not linked to self-control, compulsive buying, and debts. Implications for practice...

  12. Debt Out of Control

    DEFF Research Database (Denmark)

    Achtziger, Anja; Hubert, Marco; Kenning, Peter

    2015-01-01

    In a representative sample of the German population (n = 946), we explored the links between self-control, compulsive buying, and debts. Participants completed the self-control scale (Tangney, Boone, & Baumeister, 2004) and the German Addictive Buying Scale (Raab, Neuner, Reisch, & Scherhorn, 2005......). Additionally, they gave information about their real debts. It was observed that self-control was negatively related to debts while compulsive buying was positively related to debts. Detailed analyses revealed that the link between self-control and debts was fully mediated by compulsive buying. Finally......, there was a gender effect on compulsive buying: women were more prone to compulsive buying than men. Age also was significantly negatively related to compulsive buying and positively linked to self-control. Household income was not linked to self-control, compulsive buying, and debts. Implications for practice...

  13. A multi-institutional survey of newer surgery faculty on the impacts of education debt and debt repayment strategies.

    Science.gov (United States)

    Swanson, Jennifer A; Melin, M Mark; D'Cunha, Jonathan; Radosevich, David M; Farley, David R; Schmitz, Constance C

    2013-01-01

    The cost associated with becoming a physician is significant, and studies have shown that surgeons, in particular, accrue higher debts than matched controls from other specialties, and the public. These findings, along with the current era of economic turmoil, prompted our investigation into the effects of educational debt on the career, family and lifestyle choices of recently graduated surgeons. Our goal was to query young surgical faculty about the education debt carried, the burden it presents as they embark on a career, and the financial management strategies employed to pay down their debt. This study is a one-time, cross-sectional survey of regular and adjunct faculty from the University of Minnesota and the Mayo Clinic-Rochester. Participation was voluntary and responses were collected anonymously via SurveyMonkey. Respondents were sorted into two groups: those with and without education debt at the time of residency graduation. We compared these groups on a number of variables. Of the 111 respondents (111/152, 73% response rate), 69 (62.2%) carried debt at the time of graduation from residency. The median educational debt at graduation was $100,000, and surgeons with educational debt carried a significantly higher burden of consumer and total debt than those without educational debt at graduation (p revenue sources (faculty, clinical), debt repayment strategies, and overall training on financial matters early in their residency. Copyright © 2012 Association of Program Directors in Surgery. Published by Elsevier Inc. All rights reserved.

  14. DETERMINATION OF THE STAGE OF INVOLVEMENT OF UKRAINE INTO A DEBT TRAP

    OpenAIRE

    GLUSHCHENKO OLGA VIKTORIVNA

    2015-01-01

    The author’s understanding of the concept of a “debt trap” is offered. Criteria of assessment of the stage of involvement of public finance into a debt trap are allocated. It is established that the stage of involvement of public finance of Ukraine reached the critical level at which getting into a debt trap is rather possible.

  15. 7 CFR 3565.6 - Inclusion of tax-exempt debt.

    Science.gov (United States)

    2010-01-01

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

  16. From Liquidity Crisis to Sovereign Debt Crisis

    Directory of Open Access Journals (Sweden)

    Simona VINEREAN

    2013-12-01

    Full Text Available This paper summarizes the results of empirical research on European Union s evolution in terms of macroeconomic stability in a period in which member countries crossed from a liquidity crisis to a sovereign debt crisis. So, the evolution of the EU member countries is analyzed as the sovereign debt crisis has worsened and has become increasingly dangerous for the stability of the European economy. The research that is the subject of this paper aims to segment the EU member countries according to the degree of macroeconomic stability. Also, this segmentation process is performed according to two indicators that are highly important for macroeconomic stability, namely the sovereign debt, expressed as public debt to GDP, and fiscal and budgetary discipline, expressed by the ratio of budget balance to GDP.

  17. Debt Accumulation and Financing of Local Development

    Directory of Open Access Journals (Sweden)

    Branimir Marković

    2009-12-01

    Full Text Available Te paper is dealing with the notion and signifcance of economic development on the regional level and, in connection with it, the public sector consistency in the local development fnancing. Te subject of research is habitual forms opposed to the contemporary ones of external debt accumulation of the regional units on the example of Osijek-Baranja County. Te paper is trying to research what kind of public debt structure can ensure an unobstructed and expectedly fast economic and regional development taking into consideration the former fnancing models. Te potential of debt accumulation is rather abundant and therefore unused. Tus, few are those who use these fnancing sources. Te contribution explains why the public sector in Cro- atia needs to start introducing the appropriate fnancing forms of public investments that will be based on the long-term cooperation and integration of economic subjects in the budget fows of local units.

  18. A Political Economy Theory of Government Debt and Social Security

    OpenAIRE

    2011-01-01

    This paper analyzes the determinants of government debt and social security for the old in a closed-economy, overlapping-generation model. Under the probabilistic voting, the model presents (i) an intergenerational link of resource allocation via debt and social security; (ii) multiple political equilibria; and (iii) a negative cor- relation between tax and debt. These three results are robust to the introduction of public goods as an alternative government expenditure or to the introduction ...

  19. Debts and Downgrades

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    An analysis of the context of the U.S. debt ceiling debate helps put the crisis into perspective The months-long debt ceiling debate in the United States has affected the global financial market,and its impact may further spread to the real economy and even change

  20. Waiting time guarantee - an update

    DEFF Research Database (Denmark)

    Socha, Karolina; Bech, Mickael

    2008-01-01

    The rule of extended free choice of hospital, in force since 2002, provides patients with an option to choose a private hospital if the public system is unable to provide a treatment within the guaranteed waiting time of one month. In June 2008 the Government declared in their yearly budget agree...

  1. 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. After BREXIT the EU must urgently adopt uniform tax measures to prevent a new crisis of sovereign debt in countries like Greece, Italy, Spain, Portugal, and for the meeting the Maastricht criteria on public debt. UE countries have to adopting a pro - active stance by continuing fiscal consolidation measures. That is why in this paper the authors present an analysis of local public debt based on a correlated system of indicators.

  2. Debt and Foregone Medical Care

    Science.gov (United States)

    Kalousova, Lucie; Burgard, Sarah A.

    2013-01-01

    Most American households carry debt, yet we have little understanding of how debt influences health behavior, especially health care seeking. We examined associations between foregone medical care and debt using a population-based sample of 914 southeastern Michigan residents surveyed in the wake of the late-2000s recession. Overall debt and…

  3. Debt and Foregone Medical Care

    Science.gov (United States)

    Kalousova, Lucie; Burgard, Sarah A.

    2013-01-01

    Most American households carry debt, yet we have little understanding of how debt influences health behavior, especially health care seeking. We examined associations between foregone medical care and debt using a population-based sample of 914 southeastern Michigan residents surveyed in the wake of the late-2000s recession. Overall debt and…

  4. 18 CFR 367.1810 - Account 181, Unamortized debt expense.

    Science.gov (United States)

    2010-04-01

    ... GAS ACT Balance Sheet Chart of Accounts Deferred Debits § 367.1810 Account 181, Unamortized debt..., Unamortized debt expense. 367.1810 Section 367.1810 Conservation of Power and Water Resources FEDERAL ENERGY REGULATORY COMMISSION, DEPARTMENT OF ENERGY REGULATIONS UNDER THE PUBLIC UTILITY HOLDING COMPANY ACT OF...

  5. Protecting Your District's Ability to Sell Bonds or Other Debt

    Science.gov (United States)

    Warden, Dan; Palsma, Abigail Stokes

    2012-01-01

    If a school district has more than $10 million in tax-exempt debt, inclusive of all outstanding bonds, certificates of participation, and other public debt issues with durations of more than nine months, it must comply with the contractual requirements entered into under Securities and Exchange Commission (SEC) rules. District administrators and…

  6. 36 CFR 1011.14 - How will the Presidio Trust report debts to credit bureaus?

    Science.gov (United States)

    2010-07-01

    ... delinquent debt to a consumer reporting agency, the Presidio Trust will send notice to the debtor in... 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...

  7. 18 CFR 367.2240 - Account 224, Other long-term debt.

    Science.gov (United States)

    2010-04-01

    ... GAS ACT Balance Sheet Chart of Accounts Long-Term Debt § 367.2240 Account 224, Other long-term debt...-term debt. 367.2240 Section 367.2240 Conservation of Power and Water Resources FEDERAL ENERGY REGULATORY COMMISSION, DEPARTMENT OF ENERGY REGULATIONS UNDER THE PUBLIC UTILITY HOLDING COMPANY ACT OF...

  8. 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.

    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.

  9. Local Debt Scare

    Institute of Scientific and Technical Information of China (English)

    HU YUE

    2010-01-01

    @@ Control over local governments' financing vehicles will be tightened to fend off what some economistswarn could turn into a mountain of hidden debts,the State Council vowed at an executive meeting on May 26.

  10. Growing Sovereign Debt Fears

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    The Greek debt crisis poses a major obstacle for the world economy to overcome before global markets can begin to rally. Greece’s GDP currently stands at 240 billion euros, but the financially weak European

  11. Reducing Developing Country Debt Reducing Developing Country Debt

    Directory of Open Access Journals (Sweden)

    Paul Krugman

    1989-03-01

    Full Text Available This paper offers a brief primer on the economics of debt reduction for developing countries. It begins by considering the case of unilateral debt forgiveness; such forgiveness is only in the mutual interest of creditors and debtors if the country is on the wrong side of fhe "debt Laffer curve". Current empirical estimafes suggest that problem debtors are in a very flat region of the debt Laffer curve where large changes in face value of debf have only small effcts in expected payments. The paper then considers a variety of market-based debt reduction schemes. It shows that the widespread belief that the markt offers a cheap way to reduce debt is incorrect; unless new market instruments can be made credibly senior to existing debt, debt reductions that impose only small costs to creditors would be very expensive if achieved through buy back. Reducing Developing Country Debt

  12. 地方政府公共投资融资困境、债务风险与对策%Difficulties, Debt Risks and Counter-Measures of Public Investment and Financing of Local Government

    Institute of Scientific and Technical Information of China (English)

    刘晓斌

    2014-01-01

    In China, public investment plays an important role in the process of economic and social development. However, local government’s debt risks in relevant investment are becoming a big issue of the world. On the one hand, public investment made in the past has resulted in substantial government debt, and on the other hand, it should still be essential for the government to maintain a large-scale public investment for the economic and social development. Thus it is urgent to solve the problems of difficulties in financing and debt risks. To address these problems, the government needs to transform the economic development, regulate the investment and financing, and integrate resources so as to put the risks under systematic control.%在我国经济社会发展过程中,公共投资发挥了重要的作用,但投资带来的地方政府债务风险也引起了世界的关注。一方面,我国过去的公共投资领域累积了大量的政府债务,另一方面,未来我国的经济社会发展仍需保持较大规模的公共投资。而融资困难多、债务风险大是地方政府公共投资急需解决的问题。转变经济发展方式、规范投融资行为、整合资源、分类控制,从而缓解地方政府公共投资融资困境、系统控制政府债务风险。

  13. Debt intolerance: Executive summary

    OpenAIRE

    Reinhart, Carmen

    2004-01-01

    Speaking before the IDB Board of Directors, Carmen Reinhart discussed the syndrome of “debt intolerance,” whereby countries with weak institutional structures and problematic political systems borrow in order to avoid difficult fiscal decisions but subsequently find themselves unwilling or unable to repay. Debt intolerance, it should be noted, is by no means a recent phenomenon: the historical record shows repeated defaults by several European countries before 1900 and, in some instances, w...

  14. 公共部门养老保险隐性债务:国际比较%Implicit debt in public -sector pension plans: An international comparison

    Institute of Scientific and Technical Information of China (English)

    旁氏; 斯文利森; 叶尔默; 荣四才(编译)

    2012-01-01

    Most countries have separate pension plans for public-sector employees. The future fiscal burden of these plans can be substantial as the government usually is the largest employer, pension promises in the public sector tend to be relatively generous, and future payments have to be paid out directly from government revenues (pay-as-you-go) or by funded plans (pension funds) which tend to be underfunded. The valuation and disclosure of these promises in some countries lacks transparency, which may hide potentially hugefiscal liabilities to be passed on to future generations of workers. In order to arrive at a fair comparison between countries regarding the fiscal burden of their public-sector pension plans, this article recommends that unfunded pension liabilities should be measured and reported according to a standard approach for reasons of fiscal transparency and better policy- making. From a sample of Member countries of the Organisation for Economic Co-operation and Development, the size of the net unfunded liabilities as of the end of 2008 is estimated in fair value terms. This fiscal burden can also be interpreted as the implicit pension debt in fair value terms.%大多数国家针对公共部门工作人员设有单独的养老保险。这些保险未来的财政负担可能相当繁重,因为政府通常是雇用工作人员最多的部门,公共部门的养老待遇相对来讲也更加丰厚,而未来养老金待遇需要直接从国家财政(现收现付制)或积累不足的养老基金(基金积累制)中支付。一些国家有关养老金水平的论证和信息不透明,可能隐舍巨额财政债务,将会转移到后代人身上。为了让各国之间就公共部门养老保险财政负担进行公平比较,本文建议根据统一标准对非积累制养老保险的债务进行测评和报告,以提高财政透明度,帮助决策。文章从经济合作与发展组织选取了一些

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

    Directory of Open Access Journals (Sweden)

    R. Rudyk

    2014-06-01

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

  16. Debt and Fiscal Responsibility in a Federal Structure: The Case of Pakistan Nadia TAHIR, Pervez TAHIR

    Directory of Open Access Journals (Sweden)

    Nadia Tahir

    2012-12-01

    Full Text Available A recent amendment in Pakistan’s federal constitution allows provinces to borrow domestically and abroad. There is a concern that it may generate unsustainable debt burden, considering the country’s delinquent monetary policy and a historical deficit bias. The objective of this paper is to assess sustainability of public debt. First, we use Cecchetti, et al. (2010 methodology to regress public debt on indicators of fiscal stance i.e. primary deficit and structural deficit at federal level for the period 1976-2011. We conclude that fiscal stance remained opportunistically expansionary. Next, we look at debt sustainability and its implications for macroeconomic management at provincial level by separating the effects of growth and inflation on provincial public debt, interest payments, and primary balance by using the framework of Liu, et al. (2009. Our findings suggest declining debt sustainability at provincial level, which calls for a strong regulatory framework and coordination between federal and provincial debt strategies.

  17. Sudan; Article IV Consultation: Staff Report; Debt Sustainability Analysis; Staff Statement; Public Information Notice on the Executive Board Discussion; Statement by the Executive Director

    OpenAIRE

    International Monetary Fund

    2010-01-01

    Sudan has been adversely affected by the global crisis through a sharp decline in oil receipts. Executive Directors welcomed the Staff-Monitored Program (SMP), which aimed to reduce the fiscal deficit, tighten monetary stance, and increase exchange rate flexibility. Directors urged the authorities to maintain prudent macroeconomic policies and to accelerate fiscal and financial sectors as well as structural reforms. Directors agreed that progress on debt relief under HIPC for Sudan is essenti...

  18. Debt Financing: Academia's Funding Alternative.

    Science.gov (United States)

    Baum, Rudy M.

    1981-01-01

    Discusses debt financing as a way to help universities alleviate the problems of obsolete scientific equipment and facilities for research. Reviews several forms of tax-exempt financing and takes note of some of the advantages of debt financing. (CS)

  19. Growing Sovereign Debt Fears

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    @@ The Greek debt crisis poses a major obstacle for the world economy to overcome before global markets can begin to rally.Greece's GDP currently stands at 240 billion euros,but the financially weak European country will have to pay as much as 53.2 billion euros for its matured debts later this year.The possible insolvency of Greece has raised concerns among countries worldwide,causing them to live within their means.Tao Dong,Chief Economist of the Asia-Pacific regions for Credit Suisse First Boston,warned of a sovereign debt crisis against the backdrop of rampant government spending in many countries in Capital Week magazine.Edited excerpts follow:

  20. The Right to Minority Language Public School Education as a Function of the Equality Guarantee: A Reanalysis of the "Gosselin" Supreme Court of Canada Charter Case

    Science.gov (United States)

    Grover, Sonja

    2006-01-01

    This paper concerns a recent Supreme Court of Canada decision dealing ostensibly with the protection of language minority rights. The case, in fact, however, concerns the Court imposing statutory limits on constitutionally guaranteed equality and liberty rights. The Court in the instant case held as constitutional Quebec legislation permitting…

  1. Calming Local Debt Fears

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    Local governments in China, barred from directly selling bonds and taking out bank loans, have set up thousands of financing vehicles to raise money to fund infrastructure projects. A first-ever audit found that these local government financing vehicles have accumulated a record breaking debt of 10.7 trillion yuan ($1.7 trillion).But there’s no need to panic over this debt, said Xu Lin, Director of the Department of Fiscal and Financial Affairs of the National Development and Reform Commission (NDRC), in a question-andanswer statement posted on the NDRC’s website on August 29.Edited excerpts follow:

  2. Calming Local Debt Fears

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    Local governments in China,barred from directly selling bonds and taking out bank loans,have set up thousands of financing vehicles to raise money to fund infrastructure projects.A first-ever audit found that these local government financing vehicles have accumulated a record breaking debt of 10.7 trillion yuan ($1.7 trillion).But there's no need to panic over this debt,said Xu Lin,Director of the Department of Fiscal and Financial Affairs of the National Development and Reform Commission (NDRC),in a question-and-answer statement posted on the NDRC's website on August 29.

  3. Financial debt of orthopedic residents.

    Science.gov (United States)

    Hwang, John S; Beebe, Kathleen S; Benevenia, Joseph; Karanfilian, Briette; Berberian, Wayne S

    2012-04-01

    Many orthopedic residents accrue considerable debt by residency graduation. These debts for graduating medical students continue to increase due to the yearly increase of medical school tuition. The purpose of this study was to examine the causes of financial debt, as well the effects of debt on orthopedic residents.Orthopedic residents from postgraduate years 1 to 5 (N=27) completed an anonymous, optional financial survey. The survey asked questions regarding the characteristics of the residents' debt and their concern caused by their debt. All residents from our institute (N=27) voluntarily participated in the survey. The residents consisted of 4 (15%) women and 23 (85%) men, with 14 (56%) single residents and 12 (44%) married residents. No statistically significant difference existed in total debt >$100,000 between single and married residents or men and women. Forty-eight percent (n=13) of the residents had medical educational debt >$100,000, whereas 45% (n=12) had total debt >$200,000. Residents with total debt >$100,000 were concerned about their debt, whereas 1 of 4 residents with orthopedic residents financially and may cause stress and hinder their medical training. Appropriate measures should be taken to help residents properly manage their debt and to provide supplemental assistance with their financial struggles.

  4. Pilot Study of Debt Elasticity

    Science.gov (United States)

    Greiner, Keith; Girardi, Tony

    2006-01-01

    This report examines the relationship between student loan debt and the manner in which that debt is described. It focuses on three forms of description: (1) monthly payments, (2) total debt, and (3) income after graduation. The authors used the term elasticity to describe the relationship between consumers' college choices and the retention…

  5. Tax debt: analysis concepts and impact on the socio-economic relations

    Directory of Open Access Journals (Sweden)

    O. I. Yurieva

    2016-03-01

    Full Text Available This article reviews the tax debt in the context of actual problems of governance. It was determined that the tax debt is a nationwide problem, as the shortfall of budget revenues in the planned volumes of the causes of tax debt directly affects the stability of the financial system and to finance state programs of socio-economic development. Article reviews the characteristics and essence of the concept tax debt and investigates of the origin of the definition of «tax debt». The article contains the analysis and generalization of scientific studies regarding the definition and validation of the essence of the concept of the tax debt. As the results of the analysis the author’s point of view regarding the definition of the tax debt offered in article. The impact of the tax debt on the socio-economic relations in the country defined and asked to examine the contents of the tax debt in the legal, moral and socio-economic aspects. The article concludes that the tax debt is the result of errors committed in the state of socio-economic policies and evidence of differences in tax relations that have developed between taxpayers and the state. The interpretation of the nature and content of the tax debt has not only theoretical but also significant practical importance in view of the definition of objectives, priorities and strategy of public administration of the tax debt.

  6. Debt-Ridding Options

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    @@ The sovereign debt crisis hovering over Greece and some eurozone countries has sparked concerns of a recession on continental Europe.Han Zhiguo,head of the Beijing Banghe Fortune Research Institute,analyzed four possible ways of dealing with the crisis in an article published in the Economic Information Daily.Edited excerpts follow.

  7. The Walking Debt Crisis

    DEFF Research Database (Denmark)

    Basse, Tobias; Kruse, Robinson; Wegener, Christoph

    stability of Greece, Ireland, Italy, Portugal and Spain during the European debt crisis. First, we find compelling evidence for bubbles in the Dow Jones Equity Real Estate Investment Trust (REITs) index which serves as a weekly measure of economic activity in the North American real estate sector. Second...

  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. 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...... (at least for strategic reasons) tend to have higher deficits than left-wing governments, and that increasing political polarization increases debt accumulation. To test the predictions of the model, we construct a replicable index of fiscal transparency on 19-country OECD data. Simultaneous estimates...... of debt and transparency strongly confirm that a higher degree of fiscal transparency is associated with lower public debt and deficits, independent of controls for explanatory variables from other approaches...

  11. Debt trajectories and mental health.

    Science.gov (United States)

    Hojman, Daniel A; Miranda, Álvaro; Ruiz-Tagle, Jaime

    2016-10-01

    In the last few decades, there was a marked increase in consumer debt in the United States, Latin America and other emerging countries, spurring a debate about the real costs and benefits of household credit. Using a unique longitudinal dataset with detailed health and balance sheet information from a large sample of 10,900 Chilean households we study the relationship between debt trajectories in a three-year time window and mental health. We find that depressive symptoms are higher for those who have been persistently over-indebted, followed by those who transit from moderate to high debt levels. We also find that those who transition from over-indebtedness to moderate debt levels have no additional depressive symptoms compared to those with trajectories of moderate debt throughout (never over-indebted). This suggests that the debt-related contribution to depressive symptoms vanishes as debt levels fall. The association between debt and depressive symptoms seems to be driven by non-mortgage debt -primarily consumer credit- or late mortgage payments; secured debt (secured by collateral) per se is not associated with depressive symptoms. Policy interventions to reduce the negative association of over-indebtedness on mental health are discussed.

  12. Expansion in ifxed assets and debt ifnancing analysis of county public hospital in Shandong province%山东省县级公立医院固定资产扩张与债务融资分析

    Institute of Scientific and Technical Information of China (English)

    韦杰; 周金玲

    2015-01-01

    Objective:To understand expansion in fixed assets and debt financing of county public hospital from 2006 to 2010 in Shandong province. Methods:Qualitative and quantitative,descriptive analysis and comparison analysis were used. Results:During 2006-2012,expansion of fixed assets had good economic returns,but there had been rapid growth in inspection fees. It was also found that government funding was relatively lower in the financing expansion while bank borrowings were higher and long-term solvency decreased year by year. Conclusion:It is suggested to refine responsibility of government investment,strengthen awareness of the county's public hospital debt management as well as adjust the configuration and use of large-scale medical equipment.%目的:了解2006—2012年山东省县级公立医院固定资产扩张以及债务融资情况。方法:定性与定量、描述分析与对比分析等方法。结果:2006—2012年县级公立医院扩张的固定资产经济效益良好,但也出现了检查费用过快增长,同时发现扩张的筹资中政府投入较低,银行借款较高,且长期偿债能力逐年降低。结论:细化政府的投资责任;加强县级公立医院债务管理的意识;调节大型医用设备的配置及使用规范。

  13. Dealing With Debt

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    As the number of people who are insolvent because of excessive consumption grows so does the call for individual bankruptcy legislation Chen Jie recently gained admission to a university to study for a master's degree after two years of a difficult life in Beijing. During that time, he earned a living through hard work while continuing to study. But he also received a court ruling requiring him to repay the debts he incurred in obtaining his bache-

  14. 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...

  15. 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.

  16. Rely-Guarantee Protocols

    Science.gov (United States)

    2014-05-01

    Universidade Nova de Lisboa, Caparica, Portugal. This document is a companion technical report of the paper, “Rely-Guarantee Protocols”, to appear in the...Yemini. Typestate: A programming language concept for enhancing software reliability. IEEE Trans. Software Eng., 1986. [29] K. Svendsen, L. Birkedal, and

  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...

  18. Incentive-Compatible Sovereign Debt

    DEFF Research Database (Denmark)

    Bersem, Mario R. C.

    repudiation costs. I derive the optimal loan contract, which I call “repudiation-proof debt,” and show how it saves on costly verification and avoids repudiation. Repudiation-proof debt can explain several key facts of sovereign borrowing: (i) why governments issue bonds in the first place; (ii) why strategic...

  19. The Guarantees of Freedom

    OpenAIRE

    Porta, Rafael La; Lopez-de-Silane, Florencio; Pop-Eleches, Cristian; Shleifer, Andrei

    2002-01-01

    Hayek (1960) distinguishes the institutions of English freedom, which guarantee the independence of judges from political interference in the administration of justice, from those of American freedom, which allow judges to restrain law-making powers of the sovereign through constitutional review. We create a data base of constitutional rules in 71 countries that reflect these institutions of English and American freedom, and ask whether these rules predict economic and political freedom in a ...

  20. An Initial Econometric Consideration of Supply and Demand in the Guaranteed Student Loan Program.

    Science.gov (United States)

    Bayus, Barry; Kendis, Kurt

    1982-01-01

    In this econometric model of the Guaranteed Student Loan Program (GSLP), supply is related to banks' liquidity and yield curves, all lenders' economic costs and returns, and Student Loan Marketing Association activity. GSLP demand is based on loan costs, family debt position, and net student need for financial aid. (RW)

  1. An Initial Econometric Consideration of Supply and Demand in the Guaranteed Student Loan Program.

    Science.gov (United States)

    Bayus, Barry; Kendis, Kurt

    1982-01-01

    In this econometric model of the Guaranteed Student Loan Program (GSLP), supply is related to banks' liquidity and yield curves, all lenders' economic costs and returns, and Student Loan Marketing Association activity. GSLP demand is based on loan costs, family debt position, and net student need for financial aid. (RW)

  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. Analysis of debt leveraging in private power projects. Revision

    Energy Technology Data Exchange (ETDEWEB)

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

    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.

  4. 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.

  5. 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 and Associates, Inc., Oakland, CA (United States))

    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. CONSIDERATIONS CONCERNING GUARANTEE SCHEMES

    Directory of Open Access Journals (Sweden)

    EMILIA CLIPICI

    2013-05-01

    Full Text Available When a large withdrawal from banks occurs, customers withdraw their deposits, so banks are likely to go bankrupt because of liquidity problems. There are several mechanisms that allow the banking system to avoid the phenomenon of massive withdrawals from banks. The most effective one is the deposit insurance. The deposit insurance is seen primarily as a means of protecting depositors of credit institutions, and secondly as a means of ensuring the stability of the banking system. This article described deposit guarantee scheme in Romania and other country.

  7. 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

  8. External Debt and Economic Growth in Tunisia

    Directory of Open Access Journals (Sweden)

    Nasfi Fkili Wahiba

    2014-12-01

    Full Text Available The objective of this study is to identify the effect of external debt on economic growth; we used the debt service as percentage of exports and debt indicators in the first and second degree. The econometric estimation showed that the sign of the coefficient of debt is positive and the debt squared is negative, and beyond a certain stock, the impact of debt on growth becomes negative and Tunisia must control its debts as additional increases will have adverse impacts on the economic performance of the country. Therefore, the borrowing should remain a necessity in cases of extreme emergency, not a solution to all economic problems experienced by the country.

  9. Sleep debt and obesity.

    Science.gov (United States)

    Bayon, Virginie; Leger, Damien; Gomez-Merino, Danielle; Vecchierini, Marie-Françoise; Chennaoui, Mounir

    2014-08-01

    Short sleep duration has been shown to be associated with elevated body mass index (BMI) in many epidemiological studies. Several pathways could link sleep deprivation to weight gain and obesity, including increased food intake, decreased energy expenditure, and changes in levels of appetite-regulating hormones, such as leptin and ghrelin. A relatively new factor that is contributing to sleep deprivation is the use of multimedia (e.g. television viewing, computer, and internet), which may aggravate sedentary behavior and increase caloric intake. In addition, shift-work, long working hours, and increased time commuting to and from work have also been hypothesized to favor weight gain and obesity-related metabolic disorders, because of their strong link to shorter sleep times. This article reviews the epidemiological, biological, and behavioral evidence linking sleep debt and obesity.

  10. Estimating the efficiency gains of debt restructuring

    OpenAIRE

    Bulow, Jeremy; Rogoff, Kenneth; Ning S. Zhu; DEC; a descri; Buyback arrangements

    1994-01-01

    One rationale for debt reduction operations under the Brady Plan has been, by alleviating the debt overhang, to improve investment efficiency. Brady-type debt and debt-service reduction (within a strong policy framework, where there is a track record of economic adjustment) has been shown to affect development significantly. The principle benefit of eliminating the debt overhang is to improve investment incentives for private investors - direct liquidity relief is secondary. So, evaluating a ...

  11. [Can court injunctions guarantee access to medicines in the public sector? The experience in the State of Rio de Janeiro, Brazil].

    Science.gov (United States)

    Messeder, Ana Márcia; Osorio-de-Castro, Claudia Garcia Serpa; Luiza, Vera Lucia

    2005-01-01

    There are increasing numbers of legal suits concerning access to medicines brought against the Rio de Janeiro State Health Department. The situation indicated the need for a study to clarify the underlying issues. A sample of 389 court suits from January 1991 to December 2001 (stratified by year) was used. A cross-sectional design was used to describe and analyze the legal suits in relation to the responsibilities defined under the Unified National Health System (SUS). Results suggest major delays in court decisions. Most suits are filed by the Public Defender's Office for users of the National Health System. The most frequent cases involve medicines for the cardiovascular and nervous systems, many of which involve continuous use. Prescribing practices are institutionalized through the inclusion of the most frequently prescribed drugs in public financing lists, which makes rational drug use difficult to achieve. Municipalities are not fulfilling their responsibility to supply medicines to users, and the State is thus encumbered with these responsibilities. However, the State does not adequately supply medicines to the municipalities. The apparent lack of awareness among both lawyers and clients generates stress between the Executive and Judiciary branches and limits the resources for collective pharmaceutical services.

  12. Debt Limits and Endogenous Growth

    OpenAIRE

    Blas Pérez, Beatriz de

    2000-01-01

    Sustainability of fiscal policies is one of the major issues in macroeconomics. Recently, in the United States, both Congress and Administration have proposed budgets designed to reduce the deficit and reach a zero debt target by the years 2002 and 2015, respectively. At the same time, European Monetary Union (EMU) countries are trying to meet the fiscal constraints imposed by the Maastricht Treaty in 1991. Mainly, this Treaty required a slow-downing trend in debt and deficit flows with a max...

  13. Debt Shifting and Ownership Structure

    OpenAIRE

    Dirk Schindler; Guttorm Schjelderup

    2011-01-01

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

  14. CHALLENGES, VULNERABILITIES AND WAYS OF APPROACH IN ROMANIA'S EXTERNAL DEBT SUSTAINABILITY

    Directory of Open Access Journals (Sweden)

    Zaman Gheorghe

    2011-07-01

    Full Text Available The notion of a country's external debt, measured by a complex system of static and dynamic indicators, knows a lot of approaches and opinions in the literature, more or less convergent, complementary and advanced in terms of factors. Indicators of the external public and private debt on short, medium and long term provide a snapshot of indebtedness of the country and are the most researched domain in the literature, including national and international financial bodies, which adopt a series of classification criteria of countries in terms of size and dynamics of external debt. In this study, we intend to make an analysis of the volume, dynamics and structure of the current Romania's foreign debt, showing the challenges for national economic policies, present and perspective, the internal and external vulnerabilities and ways of approaching the external debt sustainability. According to the definition given by UNCTAD, a sustainable foreign debt is that level of debt which: ? allows the indebted country to pay all current and future debt service without resorting to restructuring or rescheduling; ? prevents accumulation of arrears and defaults; ? in parallel provides an acceptable level of growth in the lending country. Until recently, Romania was considered a country with a low external debt. Currently, the situation has changed, meaning that this debt, somewhat neglected in the early transition period has become a serious threat to present and future sustainability of economic development in Romania. In general, external debt concerns financial and economic interests of all parties especially creditors and debtors, by the formula "win-win", so that, currently, some countries have surplus of balance of payments, usually the most developed and economically healthy, while others have deficits that, in extreme situations, can lead to inability to pay the debt, which means tough measures and policies, especially for the living standards of many

  15. 网民舆论监督权的法治保障探讨%On Legal Guarantee Against the Supervisory Right of Network Public Opinions

    Institute of Scientific and Technical Information of China (English)

    陈堂发

    2011-01-01

    基于政治民主、权利本位的本质要求,网民对于公权话题的批评监督言论面对刑事指控时,必须阻止地方权力意志支配的刑事惩处行为。以刑事惩治行政化、私人化、利益化为主要表现形式的偏刑主义地方政策,将直接影响到以知情权、参与权、表达权、监督权为核心内容的网民舆论监督权的实现。从适度倾斜保护公民政治表达权考虑,应严格刑事侵犯行为所致后果的认证与证明程序,强化相对人举证指控内容的法定责任,完善刑事诉讼程序,优化刑事制裁体系,明细刑事实体法条款,多途径遏制地方公权机构滥用刑事政策,最大限度收缩刑事制裁范围,力戒权力造罪。%In accordance with political democracy and standard of right,penal penalty administered by local authorities must be avoided when net citizen's expression of criticism over public issues is confronted with penal charge.The criminal-law-inclined local policy represented by administrative,personal,and profit influence will directly affect the realization of the supervisory right of network public opinions represented by the right to know,participate,express and supervise.Out of consideration for the protection of citizens' political expression,the recognition and verification of the consequences caused by penal offense must be standardized,and the legal responsibilities of the accuser must be strengthened.And the legal proceedings must be improved,the penal penalty system optimized,the legal provisions specified,in order to prevent the abuse of administrative power on the criminal law system and avoid any forms of power-make-guilt.

  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. Risk Control of Local Debt Financing --An Analysis from the Land Public Finance Perspective%地方政府债务融资的风险控制——基于土地财政视角的分析

    Institute of Scientific and Technical Information of China (English)

    何杨; 满燕云

    2012-01-01

    地方政府的债务融资对发展中国家的城市化进程具有非常重大的意义,但是在债务融资的过程中必须控制地方政府的债务风险。我国地方政府高度依赖土地出让收入偿债使得土地财政的风险与地方债务的风险交织在一起,增加了地方政府债务风险控制的难度。本文对地方政府债务融资的运行情况和地方政府依靠土地经营城市的发展模式进行了分析,发现以土地为杠杆借债融资的模式可能由于国内外经济形势的变化暴露出显性风险,而在完善地方政府债务融资的法律和监管机制的同时需要启动相应的财政和税收体制改革,使地方政府的融资行为走上更加理性和规范的道路。%Although the debt finance of local governments has significant meanings for the urbanization of developing countries, the risk control during this process is fundamentally important. The highly rely on land transfer revenue to pay for the debt mixes the risks in public finance with risks in local debt and makes it even harder to control local debt risk. This paper analyzes the performance of local debt finance and the land-based urbanization. It points out the significant risk under this mechanism because of the changing domestic and international economic situation. The path to regulate the local debt finance should combine with the public finance and tax reform.

  18. 17 CFR 256.181 - Unamortized debt expense.

    Science.gov (United States)

    2010-04-01

    ...) UNIFORM SYSTEM OF ACCOUNTS FOR MUTUAL SERVICE COMPANIES AND SUBSIDIARY SERVICE COMPANIES, PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 4. Deferred Debits § 256.181 Unamortized debt expense. This account shall... amount equitably over the life of the security. The amortization shall be on a monthly basis, and...

  19. Carbon disclosure, emission levels, and the cost of debt

    NARCIS (Netherlands)

    Kleimeier, S.; Viehs, P.M.

    2016-01-01

    In this paper, we investigate the effect of voluntary carbon emissions disclosure on the cost of debt of publicly listed firms. Using a unique and comprehensive database on carbon emissions from CDP (formerly ‘The Carbon Disclosure Project’), we study whether firms which choose to voluntarily

  20. 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.

  1. 18 CFR 367.2250 - Account 225, Unamortized premium on long-term debt.

    Science.gov (United States)

    2010-04-01

    ... POWER ACT AND NATURAL GAS ACT Balance Sheet Chart of Accounts Long-Term Debt § 367.2250 Account 225... FEDERAL ENERGY REGULATORY COMMISSION, DEPARTMENT OF ENERGY REGULATIONS UNDER THE PUBLIC UTILITY...

  2. 18 CFR 367.2260 - Account 226, Unamortized discount on long-term debt-Debit.

    Science.gov (United States)

    2010-04-01

    ..., FEDERAL POWER ACT AND NATURAL GAS ACT Balance Sheet Chart of Accounts Long-Term Debt § 367.2260 Account... Resources FEDERAL ENERGY REGULATORY COMMISSION, DEPARTMENT OF ENERGY REGULATIONS UNDER THE PUBLIC...

  3. Debt Literacy and Social Work

    Directory of Open Access Journals (Sweden)

    Vernon Loke

    2013-08-01

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

  4. The Accumulation of the Foreign Debt of Ukraine: Hope for Economy Growth, or Decline (Empirical Aspects

    Directory of Open Access Journals (Sweden)

    Bazhenova Olena V.

    2017-03-01

    Full Text Available The article is concerned with influence of the external public debt of Ukraine on the country’s basic macroeconomic indicators. An analysis was carried out using the impulse response of the specified indicators and the external public debt on the basis of building the vector autoregressive models (VAR. A comparison of the results obtained with the results of the computer simulations of the dynamic stochastic general equilibrium model of effect of the external public debt has been done. It has been determined that a positive shock of the external public debt can affect the growth of public expenditures. It has been proven that the most significant is the interference of the external public debt, volume of foreign investment, and the total consumption expenditures. However, interdependence between the external public debt, inflation and the rate of the national currency is insignificant. This is confirmed by the real trends in the Ukrainian economy in recent years, when both the significant inflation and the devaluation of the national currency in any way do not reduce demand of the State on external borrowings. These results correspond with the findings obtained on the basis of building a dynamical stochastic general equilibrium model.

  5. Empirical Evaluation On External Debt Of Malaysia

    OpenAIRE

    Nor’Aznin Abu Bakar; Sallahuddin Hassan

    2011-01-01

    This study analyzes the effects of external debts on economic growth in Malaysia. The analysis is conducted both at aggregate and disaggregate levels. The empirical results are based on VAR estimates using GDP, external debts, capital accumulation, labor force and human capital. Estimation results at the aggregate level indicate that total external debts affect economic growth positively. In particular, one percentage point increase in total external debts generates 1.29 percentage point of e...

  6. 动态CGE框架下中国公共债务的情景预测与风险分析——兼论“营改增”对公共债务的影响%Scenario Prediction and Risk Analysis of China's Public Debt in a DCGE Framework: The Effect of VAT Reform on Public Debt

    Institute of Scientific and Technical Information of China (English)

    张晓娣

    2015-01-01

    文章首先在考虑地方政府债务的情境下,运用主权债务门槛(Sovereign Debt Threshold)模型测算出中国公共债务警戒值约为GDP的72%;其次,基于未来10年的考虑,运用DSA模型与动态CGE模型相结合的方法模拟出中国的债务与GDP之比将由2014年的40.07%提高到2025年的65.53%;再次,若全面实施增值税扩围改革,则GDP与公共债务之比将呈现先小幅下降后加速增长再增长放缓的趋势,而税收收入与公共债务之比则呈现先小幅提高后加速下降再小幅反弹的趋势,随着GDP和税收总量的增加,2025年的公共债务率将下降至48.68%;最后,引入宏观经济风险因素,运用蒙特卡洛(Monte Carlo)模拟描绘出预测期各年公共债务概率分布,结果显示:增长、利率和汇率冲击可能导致债务水平波动并且其超过警戒值的概率最高可提升至1o%,而营改增则能使债务水平在整个预测区间内保持在警戒值以下.

  7. A Lifetime of Student Debt? Not Likely

    Science.gov (United States)

    Wilson, Robin

    2009-01-01

    In this article, the author examines the issue of student debt. Despite tales of gargantuan student debt burdens for some college graduates, studies show that most students borrow sensibly, pay it back, and are better off for having gone to college. But for a vocal minority of borrowers, problems with student-loan debt are very real. About 8…

  8. Take a Strategic Direction with Debt.

    Science.gov (United States)

    Augustine, John H.

    2002-01-01

    Offers advice to higher education institutions about financing decisions on their debt portfolios. Addresses developing a debt management framework, factors affecting strategy, interest rate management, establishing a debt management benchmark, and adopting a prospective approach. Sidebars discuss the trade-offs of credit offerings, and…

  9. 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

  10. 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.

  11. The Research on Optimizing SME Credit Guarantee System in the Perspective of Public Finance%财政视角下优化中小企业信用担保体系研究

    Institute of Scientific and Technical Information of China (English)

    刘育红

    2013-01-01

    The thesis based on the research background of government vigorously supported the SMEs credit development which was included in the financial main tasks in 2012 ,analyzed present situation ,the main existing problems and the reasons causing during a large number of preferential policies in resolving the SMEs“financing difficult”to promote the development of the SMEs credit guarantee systeem from the per-spective of public finance .Then ,it showed non-system policy support ,inadequate financial support and non-matching supporting mechanism construction were three key factors to influence the SMEs credit de-velopment ,and put forward optimizing corresponding countermeasures according to these influence fac-tors ,from perfecting the mechanism regulations ,increasing the investment of public finance ,etc .%基于我国2012年将大力扶持中小企业信用发展纳入财政工作主要任务的研究背景,文章从财政视角对大量优惠政策在化解中小企业“融资难”,推动中小企业信用担保发展过程中的现状、存在的主要问题及成因进行了分析,指出制度政策保障不系统,财政资金支持不充分,配套机制建设不到位是影响其发展的三大关键因素。优化我国中小企业信用担保体系应从优化制度政策,加大财政资金投入力度,配套措施的跟进等方面着手。

  12. LIFECYCLE SAFETY GUARANTEE OF STRUCTURES

    Institute of Scientific and Technical Information of China (English)

    Guo Wanlin; Zhang Bin; Feng Qian; Li Chun

    2005-01-01

    The principles for lifecycle safety guarantee of engineering structures are proposed, and theconception is developed for developing the safety guarantee system by integrating the monitoringsystem, analysis system and maintenance system together on the basis of multi-sensor, distribu-tion-measurement, data fusion and digital-signal-processor (DSP) technologies as well asthree-dimensional (3D) fatigue fracture unified theory. As all the systems should work in situs and inreal-time, micromation and integration are important. Damage detectability is introduced to clarify therelationship of life prediction and healthy monitoring or faulty diagnosis. The research work to realizethe lifecycle safety guarantee system is summarized and perspectives for future efforts are outlined.

  13. 75 FR 42662 - Debt Collection

    Science.gov (United States)

    2010-07-22

    ... Collection Standards and other legal requirements applicable to the collection of non-tax debts owed to PBGC... Standards, 31 CFR chapter IX (parts 900 through 904), and other laws applicable to the collection of non-tax... with regulations issued by the Department of Justice and the General Accountability Office. In...

  14. Debt-for-Diploma System

    Science.gov (United States)

    Draut, Tamara

    2009-01-01

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

  15. 中国公债风险预警机制的构建——基于公债运行的风险研究%On the Establishment of Risk Warning Mechanism of Chinese Bonds——A Study Based on the Operational Risks of Public Debt

    Institute of Scientific and Technical Information of China (English)

    包学雄; 刘世荣

    2012-01-01

      The continuous operation of public debt plays a very important role in promoting investment and economic growth. Based on the analysis of the overall condition of the operation system of public debt and various specific links, the study finds that in the operation of public debt there exist such problems as improper scale and distribution, low efficiency and difficult circulation, which increase financial risks and brings great negative influences to the stable operation of the national economy. Therefore, it is necessary to establish a risk warning system of loan, including risk identifying, evaluating, reporting, and supervising mechanism, to realize the combination of the supervision of macroscopic and microscopic index. Measures can be taken to moderately control the size and expansion speed of public debt, to reduce the cost, to improve efficiency, to enhance the ability to repay, and to prevent the potential risks in the process of public financial operation.%  中国公债的持续运行在拉动投资、促进经济快速增长中发挥了重要作用。然而,通过公债运行系统总况分析和对其各环节的具体剖析,公债运行存在着发行规模结构不当,公债使用效益低下,公债流通困难,最终导致财政偿还风险增加,这给国民经济稳定运行带来巨大的负面影响。因此,有必要建立公债风险预警系统,从风险识别、评估、报告到监督,实现宏观的监督与微观的指标双管齐下,适度控制公债发行规模扩张速度,减少公债发行成本,提高公债使用效率,增强还债能力,防范潜在的公共财政运行风险。

  16. 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?...

  17. Debt Relief of Natural Persons and the Rate of Satisfaction of Their Creditors in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Marie Pasekova

    2015-06-01

    Full Text Available The purpose of this contribution is to ascertain the rate of creditors’ satisfaction in debt relief. The aim of the paper is to set an approximation functions which guarantee a value of 100% of satisfaction of creditors’ receivables for a zero rate of debt and asymptotically nears a level of 30% with an increasing rate of debt. There are two methods used in this paper. Method of analysis was used to analyse of collected data on the course of debt relief of natural person. The method of the ordinary least squares method was used for setting the approximation functions. On the basis of a survey, it was found that individual creditors are satisfied to 50% of their ascertained receivables.

  18. 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.

  19. Watchdogs Prod Debt Repayment

    Institute of Scientific and Technical Information of China (English)

    REN WEI

    2006-01-01

    @@ As of the end of September, 102 publicly traded firms on the Shanghai and Shenzhen stock exchanges were still owed a total of 25.4 billion yuan (US$3.2 billion) by their parents or affiliates, even though the securities watchdogs have been pushing for the payback since June. On June 1, the two bourses made public the names of listed firms whose funds were misused by their shareholders and affiliates. At that time,a combined 33.6 billion yuan (US$4.2 billion)worth of funds were misused by major share owners or affiliated firms.

  20. Decentramento e mercato del debito pubblico locale (Fiscal Decentralization and the Market for Local Governments' Debt

    Directory of Open Access Journals (Sweden)

    Luciano Greco

    2012-04-01

    Full Text Available New opportunities and risks arise from the growing role of Italian local governments as public debt issuers on credit and financial markets. The paper analyzes the present institutional framework, and characterizes a reform implementing a stable and efficient "market" for the Italian local governments' debt (based on three pillars: bonds, bank loans and loans by the Cassa Depositi e Prestiti compatible with the ongoing fiscal decentralization process.  JEL Codes: H74, H77, R51Keywords: Debt

  1. Book Review Buckley, R. (2011 Debt-for-Development Exchanges: History and New Applications

    Directory of Open Access Journals (Sweden)

    Lee C. Moerman

    2011-12-01

    Full Text Available Books and articles highlighting intractable debt, poverty and development abound in both the academic and popular literature. This addition to the debate is both timely and interesting as it subsumes the economic debate to the broader social, political, environmental and institutional context of debt in developing countries.Debt-for-Development Exchanges: History and New Applications is intended for a wide audience including: academics from a range of disciplines (including accounting and finance; non-Government organisations (NGOs; civil society groups; and, both debtor and creditor governments and public sector organisations.

  2. The Correction Effects and Guarantee Mechanism of Public Participation in Environmental Supervision%论公众参与环境监管的补正功效与保障机制

    Institute of Scientific and Technical Information of China (English)

    赵美珍; 戈琳; 李鹏

    2015-01-01

    Environmental supervision is the most important aspect of environmental protection,as well as the re-quirement of ecological civilization construction to strengthen environmental supervision.Environmental protection is the legal responsibility of the government.In the environmental supervision system,all local governments are in the dominant position through the environmental regulation to protect the environment and to improve the environmental quality within their respective jurisdictions,but environmental supervision is difficult to reach the designated posi-tion due to the concomitant limitations of interests and value choice.Public participation in environmental supervi-sion will help local governments to avoid poor regulation or lack of power in environmental supervision,which is necessary to develop environmental rule of law.In order to improve the effectiveness of environmental supervision, the guarantee mechanism of public environmental decision -making,environmental law enforcement and environ-mental accountability should be established in order for local governments to play a leading role,for the public to participate orderly,to promote harmony between human and nature,human and society,and to facilitate economic and social sustainable development.%环境监管是环境保护最重要、最关键的环节,加强环境监管是生态文明建设的迫切需求。法律赋予了政府保护环境的职责,地方政府通过环境监管保护环境,改善辖区内的环境质量,在环境监管体系中居于主导地位,但由于与利益追求和价值选择相伴生的局限性导致监管难以到位。公众参与环境监管有助于弥补地方政府环境监管不力、乏力,是环境法治发展的必然。为了提高环境监管的有效性,应当建立公众参与环境决策、环境执法、环境问责等保障机制,充分发挥地方政府主导、公众有序参与的作用,促进人与自然、人与社会和谐,以

  3. 基于防控债务危机的重庆公租房供应可持续发展研究%Study on the Sustainable Development of Chongqing Public Low Rent Housing Supply Based on the Prevention and Control of Debt Crisis

    Institute of Scientific and Technical Information of China (English)

    杨小梅

    2014-01-01

    Currently, under the background of the aggravating of China ’ s local governmental debt, there is problem in debt payback sources because financial expenditure for public low rent housing construction is big and 82 because governmental debt is huge. Although it can temporarily solve the problem for Chongqing to hope to ensure debt payback sources by selling public low rent housing, it is not helpful to the sustainability of public low rent housing supply. The bottleneck of the sustainable development for the construction and management of Chongqing public low rent housing emanates from governmental independently holding huge financial pressure and potential debt risk pressure. In order to realize long-run sustainable development of Chongqing public low rent housing supply, Chongqing municipal government should need to adjust its role position and to effectively integrate social resources in public low rent housing construction, change the mode for municipal government to be only investment main body for public low rent housing, attract social agencies to participate in the housing construction, increase the capital source channels for the housing construction, reduce the capital investment in newly-building public low rent housing, and consolidate its management in order to realize the maximization of the housing exploitation.%目前,在我国地方债务风险加剧的背景下,公租房建设财政支出大、政府举债多,使其还款来源存在问题。重庆寄希望于通过出售公租房来保证还款来源的做法虽然能够解一时之急,但并不利于公租房供应的可持续性。重庆公租房建设与运营可持续发展的瓶颈在于政府独自承担巨大的财政压力和债务风险潜在压力。为了实现重庆公租房供应的长期可持续发展,政府需要调整其在公租房建设中的角色定位和有效整合社会资源,应改变政府为公租房唯一投资主体的模式,吸引社会机构参与

  4. Decentramento e mercato del debito pubblico locale (Fiscal Decentralization and the Market for Local Governments' Debt

    Directory of Open Access Journals (Sweden)

    Luciano Greco

    2004-12-01

    Full Text Available New opportunities and risks arise from the growing role of Italian local governments as public debt issuers on credit and financial markets. The paper analyzes the present institutional framework, and characterizes a reform implementing a stable and efficient "market" for the Italian local governments' debt (based on three pillars: bonds, bank loans and loans by the Cassa Depositi e Prestiti compatible with the ongoing fiscal decentralization process.

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

    DEFF Research Database (Denmark)

    Paldam, Martin

    The paper uses the data from the incomplete debt cycle for the LDC world from 1970 onwards to tell the typical story of debt. Two debt stories are contrasted: A good debt story: Here countries borrow and invest wisely, so that they grow more. A bad debt story: Here countries borrow when they are ......The paper uses the data from the incomplete debt cycle for the LDC world from 1970 onwards to tell the typical story of debt. Two debt stories are contrasted: A good debt story: Here countries borrow and invest wisely, so that they grow more. A bad debt story: Here countries borrow when...... 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...

  6. 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.

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

    DEFF Research Database (Denmark)

    Paldam, Martin

    The paper uses the data from the incomplete debt cycle for the LDC world from 1970 onwards to tell the typical story of debt. Two debt stories are contrasted: A good debt story: Here countries borrow and invest wisely, so that they grow more. A bad debt story: Here countries borrow when they are ...

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

    Science.gov (United States)

    Addo, Fenaba R

    2014-10-01

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

  9. 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.

  10. Debt Policy in Ukraine: Realities and Prospects

    Directory of Open Access Journals (Sweden)

    Bench Liliia Ya.

    2014-02-01

    Full Text Available The article speaks about specific features of debt policy of Ukraine in the post-crisis period. It focuses on a necessity of stabilisation of the debt situation in countries with different levels of socio-economic development. It marks out reasons and analyses measures realised by governments for strengthening the country’s solvency and ensuring the budget space required for economic development. It analyses individual risks of the debt portfolio of Ukraine that are of top importance in the process of the state debt management. These risks include the risk of high share of debt in the debt structure, risk of the level of development of internal market of borrowings, etc. Taking into account the world progressive technologies of realisation of the debt policy the article offers directions of improvement of the state debt management in Ukraine. This would allow use of the potential of debt finances as an efficient tool of ensuring macro-financial stability and sustainable economic growth.

  11. Guaranteed-Quality Triangular Meshes

    Science.gov (United States)

    1989-04-01

    Defense Ad, : ed Research P: jects Pgency or the U.S- Gower ment° iI Guaranteed-Quality Triangular Meshes DTIC ELECTE L. Paul Chew* JUL 1419891 TR 89-983 S... Wittchen , M. S. Shephard, K. R. Grice, and M. A. Yerry, Robust, geometrically based, automatic two-dimensional mesh generation, International Journal for

  12. Infrastructure Franchising and Government Guarantees Infrastructure Franchising and Government Guarantees

    Directory of Open Access Journals (Sweden)

    Alexander Galetovic

    1998-03-01

    Full Text Available Government guarantees for private infrastructure projects reduce the incentives of firms to perform efficiently, weaken the incentives to screen projects for white elephants, and shift government obligations to future periods. Thus the use of guarantees needs to be limited, and they need to be carefully designed. Franchising schemes should in principle assign risks to the parties best able to manage and control them. The mechanisms by which contracts are awarded should be simple, so that possibilities for evaluator subjectivity are reduced, the award process remains as transparent as possible, and the likelihood of having to renegotiate is minimized. Infrastructure franchises have usually been awarded on a fixed-term basis. Such contracts expose franchise holders to considerable demand risk, which investors are often unwilling to assume without government guarantees. These contracts are also inflexible, since it is difficult to determine a fair level of compensation to the franchise holder if the contract is terminated early or modified. Under an alternative mechanism, the franchise is awarded to the firm that asks for the least present value of user fee revenue for a given tariff structure, and the franchise ends when the present value of user fee revenues is equal to the franchise holder's bid. Such contracts reduce the demand risk borne by the franchise holder (and the concomitant demand for government guarantees. They also make fair compensation of franchise holders in the event of early termination straightforward, since the level of fair compensation is equal to the revenue remaining to be collected. Government guarantees for private infrastructure projects reduce the incentives of firms to perform efficiently, weaken the incentives to screen projects for white elephants, and shift government obligations to future periods. Thus the use of guarantees needs to be limited, and they need to be carefully designed. Franchising schemes should in

  13. Current rules of the deposit guarantee system in Poland

    Directory of Open Access Journals (Sweden)

    Patrycja Zawadzka

    2011-06-01

    Full Text Available The article considers the matter of the deposit guarantee system in Poland, which is coordinated by the Bank Guarantee Fund (BFG. Presented in the first part are the organization of the BFG and its tasks, such as guaranteeing, aiding, controlling and analyzing the banking sector. Discussed in the publication are changes in Polish law, especially in the reaction to the global crisis on the financial market in the late 2000s. Finally, the future outlook for EU regulation is presented, along with a number of conclusions on the potential legislative changes in the Act on the BFG. The main goal of the article is to characterize details of the Polish implementation of Directives 94/19/EC and 2009/14/EC, as well as the actual form of the deposit guarantee system, and to answer the question of whether the Act on the BFG corresponds to the EU directives.

  14. 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.

  15. ED Strengthens Credit Management and Debt Collection.

    Science.gov (United States)

    Olmo, Ralph J.

    1982-01-01

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

  16. 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

  17. Executive Compensation and the Cost of Debt

    NARCIS (Netherlands)

    Kabir, Mohammed Rezaul; Li, H.; Veld-Merkoulova, Y.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

  18. 7 CFR 1782.20 - Debt Settlement.

    Science.gov (United States)

    2010-01-01

    ... center, or that will be disposed of under an asset sales program, is exempt from transfer to the.../adjustment, charge-off, or cancellation. Any debt remaining after the security has been liquidated, by sale... debtor is unable to pay any part of the debt, and has no reasonable prospect of being able to do so;...

  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. The foreign debt problem of Africa

    Directory of Open Access Journals (Sweden)

    P. Decoodt

    1987-01-01

    Full Text Available The foreign debt problem of Sub-Saharan Africa (SSA, although an important obstacle against economic growth, is not the region's major economic problem. The creditors are less concerned about the relative small debt figures of SSA because of the lower risks for the equilibrium of the financial system. But from the debtors' viewpoint, the debt situation is possibly even more critical in low-income Africa than in the richer major debtor countries. SSA has a predominance of official creditors with the best obtainable credit terms. Notwithstanding these good terms, SSA is so poor that it has difficulties with fulfilling its debt service. There is no single solution for the African debt crisis. Anyway the official creditors have to adopt a more flexible attitude. The debtor countries have also to accept their own responsibility in the solutions of the problem.

  1. PUBLIC EXPENDITURES POLITICS ON A NATIONAL LEVEL

    Directory of Open Access Journals (Sweden)

    ANA-PETRINA PĂUN

    2013-10-01

    Full Text Available The development level of a society is closely related to the development state of its individuals. Ensuring a high level of welfare for individuals is done through public politics. In this work, the definition of public politics is presented through the synthesis of several authors` points of view. Starting from these visions, we have presented at a national level the public politics of public expenditures and those of public debt respectively. In regard to public debt politics, we have presented the „Public debt management (Management of government public debt and the authorisation and supervision of local public debt” politic along with its aim and objectives. Towards the final part of the document we have emphasised the objectives of the strategy regarding government public debt management on medium term for 2012-2014 (Strategy.

  2. 7 CFR 1720.14 - Nature of guarantee; acceleration of guaranteed bonds.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Nature of guarantee; acceleration of guaranteed bonds. 1720.14 Section 1720.14 Agriculture Regulations of the Department of Agriculture (Continued) RURAL... TELEPHONE PURPOSES § 1720.14 Nature of guarantee; acceleration of guaranteed bonds. (a) Any guarantee...

  3. 36 CFR 1201.7 - Why does NARA have to collect debts?

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false Why does NARA have to collect debts? 1201.7 Section 1201.7 Parks, Forests, and Public Property NATIONAL ARCHIVES AND RECORDS ADMINISTRATION GENERAL RULES COLLECTION OF CLAIMS Introduction § 1201.7 Why does NARA have to collect...

  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. How to Avoid a Darkening Debt Storm in the Caribbean

    DEFF Research Database (Denmark)

    Hallett, Andrew Hughes; Hougaard Jensen, Svend E.

    2015-01-01

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

  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. On the Law Guarantee of Non-public Economic Development---Taking Nanjing Non-public Economic Development as an Example%论非公有制经济发展的法治保障--以南京市非公有制经济发展为例

    Institute of Scientific and Technical Information of China (English)

    朱未易; 孔祥林

    2014-01-01

    在我国现有的市场经济法治体系中,非公有制经济与公有制经济的法治保障是两个不同的体系。我国非公有制经济发展所依据的法律法规是很有限的,而层次较多且复杂的政策制度供给,其规制和激励的功能远不如法律法规那样具有很强的约束力,其调整的不稳定性、非长期性、非规范性、弱约束性以及无归责性往往导致具体政策缺乏约束力而无法落地实施。就我国现状看,完善非公有制经济发展的法治保障体系应该从增强法治意识、营造法治环境、完善法治规则、规范法治行为等方面去进行系统性构建。%In the current law system of market economy,the law guarantee for the non-public economy and public economy exists two different systems.Laws and regulations on the basis of the development of non-public ownership economy in our country are limited.As a result of the more levels and complex policy system,regulation mode and incentive function are inferior to the laws and regulations themselves.The characteristics of instability,non-permanent,non-normative,weak restriction,no imputation often lead to specific policies lack of effect binding and can not be implemented.From the view of current status,law guarantee for promoting the development of non-public economy should start to systematically construct with raising law awareness,creating legal environment,perfecting the rules of law and regulating the behavior of the rules of law.

  8. 77 FR 5759 - Guarantee Fee Rates for Guaranteed Loans for Fiscal Year 2012; Maximum Portion of Guarantee...

    Science.gov (United States)

    2012-02-06

    ... experiencing fundamental structural changes in its economic base. For guaranteed loans exceeding 80 percent... requirements of 7 CFR 4279.119(b)). Not more than 12 percent of the Agency's quarterly apportioned B&I guarantee authority will be reserved for loan requests with a reduced guarantee fee, and not more than 15...

  9. 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...

  10. Job Guarantee: a Structuralist Perspective

    OpenAIRE

    Antoine Godin

    2014-01-01

    This paper aims at formalising and assessing the validity of the critiques of the Job Guarantee (JG) policy proposed by Minsky (1965). In order to do so, we develop a multisectoral Post-Keynesian Stock-Flow Consistent (PK-SFC) model. Our paper is a step, following Missaglia (2011), towards the creation of a structuralist/ SFC model. We introduce several new features in an PK-SFC model: (i) a more disaggregated households sector than usual, (ii) three production sectors and the possibility of ...

  11. 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...

  12. Extinction debt on oceanic islands

    DEFF Research Database (Denmark)

    Triantis, Kostas A.; Borges, Paulo A. V.; Ladle, Richard J.

    2010-01-01

    Habitat destruction is the leading cause of species extinctions. However, there is typically a time-lag between the reduction in habitat area and the eventual disappearance of the remnant populations. These "surviving but ultimately doomed" species represent an extinction debt. Calculating...... the magnitude of such future extinction events has been hampered by potentially inaccurate assumptions about the slope of species-area relationships, which are habitat- and taxon-specific. We overcome this challenge by applying a method that uses the historical sequence of deforestation in the Azorean Islands...... in the last 45 yr, despite the extensive sampling effort, offer support to the predictions made. We argue that immediate action to restore and expand native forest habitat is required to avert the loss of numerous endemic species in the near future...

  13. 31 CFR 5.8 - When will Treasury entities suspend or terminate debt collection on a Treasury debt?

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false When will Treasury entities suspend or terminate debt collection on a Treasury debt? 5.8 Section 5.8 Money and Finance: Treasury Office of the Secretary of the Treasury TREASURY DEBT COLLECTION Procedures To Collect Treasury Debts §...

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

    Science.gov (United States)

    2010-01-01

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

  15. Dante’s Debts in their Documentary Context

    Directory of Open Access Journals (Sweden)

    Franek Sznura

    2014-11-01

    Full Text Available This article considers Dante’s so-called “debts”, the most sizeable of which were guaranteed by his relatives and friends. Out of these loans, those contracted for the highest amounts remained unsettled even decades after the agreed repayment date. The salient features of the Florentine notarial contracts stipulated ex causa mutui during the age of Dante will be discussed. Particular attention will be given to the difference between the sum of money which was actually given in loan and the sum declared in the document, the duration of the contract, the personal guarantees requested and the relationship between notarial records and private account books. The different uses of the notarial instrumentum mutui will be illustrated, from its implementation on the debtor’s estate to the transfer of the negotiable instrument to third parties. In certain instances, fictive debts (ad defensionem were contracted with the aid of trusted friends and other individuals who acted as figureheads (in order to defend the assets of the bankrupt, thus damaging the mass of creditors, for example or else constructed in such a way as to define a priority of mortgages on the assets of the debtors. Even in this latter case, possible or feared actions undertaken by third parties, which could compromise the debtor’s assets, were immediately deflected in order to avoid repercussions.

  16. 78 FR 26485 - Community Programs Guaranteed Loans

    Science.gov (United States)

    2013-05-07

    ... Part 3575 RIN 0575-AC92 Community Programs Guaranteed Loans AGENCY: Rural Housing Service, USDA. ACTION... Community Facilities Guaranteed Loan Program in two separate sections, in order to clarify the types of projects that are eligible for a Community Facilities Guaranteed Loan. The intended effect of this...

  17. Local Debts on a National Scale

    Institute of Scientific and Technical Information of China (English)

    LAN XINZHEN

    2010-01-01

    @@ Recently proposed Ministry of Finance measures to supervise the financing platforms of local governments and to regulate and avert risks in managing local debts have met with protests from many of the local authorities.

  18. Managing technical debt in software architecture

    NARCIS (Netherlands)

    Li, Zengyang

    2015-01-01

    Architectural technical debt (ATD) is mainly incurred by architecture decisions that intentionally or unintentionally compromise system-wide quality attributes, particularly maintainability and evolvability. ATD needs to be systematically managed in an appropriate manner, in order to improve the

  19. Local Debts on a National Scale

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    Local governments’ reliance on borrowed money to spur economic development ignites worries Recently proposed Ministry of Finance measures to supervise the financing platforms of local governments and to regulate and avert risks in managing local debts have met with protests

  20. CENTRAL BANK POLICIES AND THE DEBT TRAP

    National Research Council Canada - National Science Library

    Athanasios Orphanides

    2017-01-01

    ...) and their respective effects on the United States, Japan, Germany, and Italy. Monetary policy and fiscal dynamics are inexorably linked but not only through the potential for debt monetization...

  1. Financial guarantees for the wastes storage installations; Garanties financieres pour les installations de stockage de dechets

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1999-04-01

    The law of the 19 july 1976 specifies that the implementing of wastes storage installations, which present a risk for the public health or for the soils contamination, is submitted to financial guarantees settlement. These guarantees are devoted to provide the survey of the site and the safety control of the installation (accidents and rehabilitation). This paper presents the new rules of the financial guarantees calculation and specifies the application field. Example of cost and calculation are included. (A.L.B.)

  2. Private Debt with Pervasive Default Risk

    OpenAIRE

    Gao, Xiang

    2009-01-01

    This paper studies the effects of private debts on risk sharing and welfare, in which I assume individual residents have access to both international and domestic capital markets. Like Jeske (2006), I make the assumption that domestic residents cannot commit to repay their debts across border. The previous literature assumes contracts are perfectly enforceable within border, and hence the marginal rate of substitution must be equal among all residents in any one country. The novel feature in ...

  3. 78 FR 75215 - Qualified Mortgage Definition for HUD Insured and Guaranteed Single Family Mortgages

    Science.gov (United States)

    2013-12-11

    ... certain clarifications and exceptions HUD is making in response to public comments. As proposed by HUD in... of exempted transactions Title II insured mortgages made by housing finance agencies and certain... relating to ratios of total monthly debt to total monthly income; (vii) the total points and fees...

  4. OSIRIS Large Guaranteed Time Programs

    Science.gov (United States)

    Cepa, J.; Bongiovanni, A.; Ramón-Pérez, M.; Pérez García, A. M.; Alfaro, E. J.; Castaneda, H. O.; Cervino, M.; Gallego, J.; González, J. J.; González-Serrano, J. I.; Lara-López, M. A.; Pérez-Martínez, R.; Pintos-Castro, I.; Sánchez-Portal, M.; Bland-Hawthorn, J.; Jones, D. H.

    2017-03-01

    The status of OTELO and Lockman SpReSO surveys, the two large guaranteed time programs currently under way using OSIRIS at the 10.4m GTC is presented. The OTELO project, designed to detect the main optical emission lines from Hα to Lyα at redshifts from 0.4 through 7, is the deepest emission line survey to date, with unprecedented sensitivity in the detection of small equivalent widths. Lockman SpReSO is aimed to obtaining optical spectra, up to 24.5 AB magnitudes, in the central 24×24 square arcminutes of the Lockman Hole field, which has been observed with ROSAT and XMM–Newton at the highest depth. Lockman SpReSO mainly targets Far Infrared sources detected with the Herschel Space Observatory.

  5. 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.

  6. 76 FR 18375 - Small Business Jobs Act: Eligible Loans for 504 Loan Program Debt Refinancing

    Science.gov (United States)

    2011-04-04

    ... ADMINISTRATION 13 CFR Part 120 Small Business Jobs Act: Eligible Loans for 504 Loan Program Debt Refinancing... Small Business Jobs Act. DATES: Effective Date: This document is effective April 4, 2011. FOR FURTHER... the Small Business Jobs Act (Jobs Act), Public Law 111-240, 124 Stat. 2504, only loans that...

  7. 18 CFR 367.4290 - Account 429, Amortization of premium on debt-Credit.

    Science.gov (United States)

    2010-04-01

    ..., Amortization of premium on debt-Credit. 367.4290 Section 367.4290 Conservation of Power and Water Resources... COMPANY ACT OF 2005, FEDERAL POWER ACT AND NATURAL GAS ACT UNIFORM SYSTEM OF ACCOUNTS FOR CENTRALIZED SERVICE COMPANIES SUBJECT TO THE PROVISIONS OF THE PUBLIC UTILITY HOLDING COMPANY ACT OF 2005,...

  8. 17 CFR 256.226 - Unamortized discount on long-term debt-debit.

    Science.gov (United States)

    2010-04-01

    ... COMMISSION (CONTINUED) UNIFORM SYSTEM OF ACCOUNTS FOR MUTUAL SERVICE COMPANIES AND SUBSIDIARY SERVICE COMPANIES, PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 6. Long-Term Debt § 256.226 Unamortized discount on.... The amortization shall be on a monthly basis, with the amounts thereof charged to account...

  9. 18 CFR 367.4280 - Account 428, Amortization of debt discount and expense.

    Science.gov (United States)

    2010-04-01

    ..., Amortization of debt discount and expense. 367.4280 Section 367.4280 Conservation of Power and Water Resources... COMPANY ACT OF 2005, FEDERAL POWER ACT AND NATURAL GAS ACT UNIFORM SYSTEM OF ACCOUNTS FOR CENTRALIZED SERVICE COMPANIES SUBJECT TO THE PROVISIONS OF THE PUBLIC UTILITY HOLDING COMPANY ACT OF 2005,...

  10. 17 CFR 256.225 - Unamortized premium on long-term debt.

    Science.gov (United States)

    2010-04-01

    ... COMMISSION (CONTINUED) UNIFORM SYSTEM OF ACCOUNTS FOR MUTUAL SERVICE COMPANIES AND SUBSIDIARY SERVICE COMPANIES, PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 6. Long-Term Debt § 256.225 Unamortized premium on... distribute the amount equitably over the life of the security. The amortization shall be on a monthly...

  11. The Effects of the Federal Work-Study Program on Student Persistence and Accrued Loan Debt

    Science.gov (United States)

    Carter, Ronatta Daphne

    2012-01-01

    This study examined the impact of participation and non-participation in a federal work-study (FWS) program on student persistence and accrued student debt for undergraduate students enrolled in a small, public, four-year, liberal arts college in the South. Sanford's (1967) theory of Challenge and Support and Tinto's (1986) Integration Model were…

  12. 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…

  13. 76 FR 72498 - Rate for Use in Federal Debt Collection and Discount and Rebate Evaluation

    Science.gov (United States)

    2011-11-23

    ... with Federal Cash Management systems and is based on investment rates set for purposes of Public Law 95...-72499] [FR Doc No: 2011-30160] DEPARTMENT OF THE TREASURY Fiscal Service Rate for Use in Federal Debt.... 3717), the Secretary of the Treasury is responsible for computing and publishing the percentage rate...

  14. 77 FR 68886 - Rate for Use in Federal Debt Collection and Discount and Rebate Evaluation

    Science.gov (United States)

    2012-11-16

    ... this rate by agencies as a comparison point in evaluating the cost-effectiveness of a cash discount. In... with Federal Cash Management systems and is based on investment rates set for purposes of Public Law 95... Fiscal Service Rate for Use in Federal Debt Collection and Discount and Rebate Evaluation...

  15. Filipino women demand freedom from debt.

    Science.gov (United States)

    Taguiwalo, J

    1993-10-01

    Filipino women suffer from the dual burden of unpaid reproductive work and underpaid labor in the work force. They are also paying heavily for the huge foreign debt assumed by their country. The fact that economic development has stagnated in the Philippines is directly related to a government policy which provides for automatic debt repayment regardless of the economic status of the country. The strategy of honoring debt obligations and removing governmental market controls was intended to lead to economic development in the Philippines but has instead increased the burden of women who must cope with reductions in income, reductions in social and community services, increases in taxes, and higher prices for essentials. Increased work and less food have had an adverse impact on the women's health, and the emphasis on exports has resulted in an increased number of women migrating overseas to find jobs. Thus, even highly trained women must resort to performing domestic work overseas to earn a living. Cash-crop production has reduced women's role in food production and threatened food security while creating a pool of cheap labor among the newly displaced peasant families. Violence against women is increasing because of stress related to poverty, and women working abroad are subject to rape and sexual abuse. These conditions have led to the creation of women's groups such as the Freedom from Debt Coalition which is developing a comprehensive alternative development strategy which includes measures to reduce the burden of foreign debt.

  16. Debt Issues and Earnings Management

    Directory of Open Access Journals (Sweden)

    Bianca Piloto Sincerre

    2016-01-01

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

  17. 78 FR 76593 - Guarantee Fee Rates for Guaranteed Loans for Fiscal Year 2014; Maximum Portion of Guarantee...

    Science.gov (United States)

    2013-12-18

    ... disaster, or are experiencing fundamental structural changes in its economic base. For guaranteed loans exceeding 80 percent, such projects must qualify as a high-priority project (a requirement of 7 CFR 4279.119... the Agency's quarterly apportioned B&I guarantee authority will be reserved for loan requests with a...

  18. It’s the Debt-Growth Nexus Again – Evidence from a Long Panel of Regional-Government Liabilities

    DEFF Research Database (Denmark)

    Mitze, Timo; Matz, Florian

    at a non-linear inverted U-shape relationship between changes in the public debt intensity and economic growth in the short-run, we get strong statistical evidence for linear negative relationship between regional public depth and per capita GDP in the long-run. By means of a simple though experiment, we...... show that these negative long-run effects are not negligible for the size of interregional differences in per capita GDP levels and are in line with most international evidence on the detrimental growth effects of high public debt levels. Finally, these results also underline the need for effective...

  19. Monetary and fiscal policy interaction and government debt stabilization

    NARCIS (Netherlands)

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

    1995-01-01

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

  20. 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.

  1. 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.

  2. 22 CFR 231.04 - Guarantee eligibility.

    Science.gov (United States)

    2010-04-01

    ... Foreign Relations AGENCY FOR INTERNATIONAL DEVELOPMENT ARAB REPUBLIC OF EGYPT LOAN GUARANTEES ISSUED UNDER... authentication manually executed by a Fiscal Agent whose appointment by the Borrower is consented to by USAID in... representative of USAID or (ii) The delivery by USAID to the Fiscal Agent of a guarantee...

  3. 22 CFR 231.03 - The Guarantee.

    Science.gov (United States)

    2010-04-01

    ... 22 Foreign Relations 1 2010-04-01 2010-04-01 false The Guarantee. 231.03 Section 231.03 Foreign Relations AGENCY FOR INTERNATIONAL DEVELOPMENT ARAB REPUBLIC OF EGYPT LOAN GUARANTEES ISSUED UNDER THE... maintained by the Fiscal Agent....

  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. Marketing service guarantees for health care.

    Science.gov (United States)

    Levy, J S

    1999-01-01

    The author introduces the concept of service guarantees for application in health care and differentiates between explicit, implicit, and conditional vs. unconditional types of guarantees. An example of an unconditional guarantee of satisfaction is provided by the hospitality industry. Firms conveying an implicit guarantee are those with outstanding reputations for products such as luxury automobiles, or ultimate customer service, like Nordstrom. Federal Express and Domino's Pizza offer explicit guarantees of on-time delivery. Taking this concept into efforts to improve health care delivery involves a number of caveats. Customers invited to use exceptional service cards may use these to record either satisfaction or dissatisfaction. The cards need to provide enough specific information about issues so that "immediate action could be taken to improve processes." Front-line employees should be empowered to respond to complaints in a meaningful way to resolve the problem before the client leaves the premises.

  6. 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.

  7. 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 kee

  8. 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...

  9. 7 CFR 3.12 - Reporting of consumer debts.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 1 2010-01-01 2010-01-01 false Reporting of consumer debts. 3.12 Section 3.12... and Compromise of Claims § 3.12 Reporting of consumer debts. (a) Notice. In demand letters to debtors... the delinquent consumer debt to credit reporting agencies after 60 days; (2) The specific...

  10. 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...

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

    Science.gov (United States)

    Kalousova, Lucie; Burgard, Sarah A.

    2014-01-01

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

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

    Science.gov (United States)

    Kalousova, Lucie; Burgard, Sarah A.

    2014-01-01

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

  13. 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…

  14. 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

  15. 45 CFR 2506.10 - Will the Corporation use its cross-servicing agreement with Treasury to collect its debts?

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 4 2010-10-01 2010-10-01 false Will the Corporation use its cross-servicing agreement with Treasury to collect its debts? 2506.10 Section 2506.10 Public Welfare Regulations Relating to... Provisions. § 2506.10 Will the Corporation use its cross-servicing agreement with Treasury to collect...

  16. It’s the Debt-Growth Nexus Again – Evidence from a Long Panel of Regional-Government Liabilities

    DEFF Research Database (Denmark)

    Mitze, Timo; Matz, Florian

    show that these negative long-run effects are not negligible for the size of interregional differences in per capita GDP levels and are in line with most international evidence on the detrimental growth effects of high public debt levels. Finally, these results also underline the need for effective...... the large literature on the debt-growth nexus based on heterogeneous cross-country samples. We estimate a dynamic error correction model that accounts for slope heterogeneity among cross-sections and the presence of unobserved common factors. While – in line with the Keynesian view – our findings hint...... at a non-linear inverted U-shape relationship between changes in the public debt intensity and economic growth in the short-run, we get strong statistical evidence for linear negative relationship between regional public depth and per capita GDP in the long-run. By means of a simple though experiment, we...

  17. 42 CFR 409.68 - Guarantee of payment for inpatient hospital or inpatient CAH services furnished before...

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 2 2010-10-01 2010-10-01 false Guarantee of payment for inpatient hospital or inpatient CAH services furnished before notification of exhaustion of benefits. 409.68 Section 409.68 Public... HOSPITAL INSURANCE BENEFITS Scope of Hospital Insurance Benefits § 409.68 Guarantee of payment...

  18. 31 CFR 309.6 - Public notice of offering.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Public notice of offering. 309.6... SERVICE, DEPARTMENT OF THE TREASURY BUREAU OF THE PUBLIC DEBT ISSUE AND SALE OF TREASURY BILLS § 309.6... Reserve Banks and branches and at the Bureau of the Public Debt, Washington, DC 20226, and the date...

  19. International Labor Migration and External Debt.

    Science.gov (United States)

    Bustamante, Jorge A.

    1987-01-01

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

  20. A stochastic indicator for sovereign debt sustainability

    NARCIS (Netherlands)

    Lukkezen, J.H.J.; Rojas-Romagosa, Hugo

    2016-01-01

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

  1. Student Debt Attitudes at Sweet Briar College.

    Science.gov (United States)

    Bodfish, Scott; Cheyfitz, Caryn

    1989-01-01

    A mail survey was conducted of alumnae or students who left Sweet Briar between 1979 and 1986. The study was to solicit information about attitudes toward educational loan debt which could be used in counseling current and prospective students, evaluating award packaging policies, and responding to legislation affecting student loans. (MLW)

  2. College Student Debt and Anticipated Repayment Difficulty

    Science.gov (United States)

    Fox, Jonathan J.; Bartholomae, Suzanne; Letkiewicz, Jodi C.; Montalto, Catherine P.

    This study analyzes factors associated with anticipated difficulty with repayment of debt accumulated during college using a basic model of credit risk that includes socialization processes influencing college student financial decisions. The empirical analysis uses data from the 2010 Ohio Student Financial Wellness Study. Results provide evidence…

  3. Patient debt management and student academic progress.

    Science.gov (United States)

    Cameron, C A; Olswang, S G

    1989-10-01

    A survey of the patient debt management policies of all U.S.-accredited dental and dental hygiene educational programs was taken to assess institutional patient debt management procedures and their relationship to student academic progress. The policies were evaluated to determine the level of compliance with existing standards and to analyze them in light of their legal implications relative to student rights. The results illustrated a vast breadth of policies for both dental and dental hygiene programs, ranging from no relationship between debt management and student progress, to an unspecified relationship, to a formal relationship whereby academic progress is conditional on collection of patient fees. The question of the legal validity of conditioning academic progress on third party payments for services was then examined. It is the opinion of the authors that the translation of a student's successful performance in a clinic setting to an academic failure or incomplete based on a patient's failure to pay for services is likely not legally defendable. Thus, it is essential that policies on fee collection and patient debt management not be tied to issues of student academic progress.

  4. 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 c

  5. 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...

  6. Easing Student Debt Burden: One Institution's Response.

    Science.gov (United States)

    Flink, Judith Nemerovski; Baron, Claudia A.

    1990-01-01

    In response to sharply rising student debt, the University of Illinois at Chicago, in conjunction with Wheaton College and the University of Chicago, has helped design microcomputer-driven software to teach students about loan programs, assist in personal financial goal analysis, define expectations, and integrate budgeting and financial planning…

  7. 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?

  8. 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.

  9. 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 nat

  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. 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...

  12. 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.

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

    Science.gov (United States)

    Kaddar, M; Furrer, E

    2008-11-01

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

  14. Guarantee of Criminal Policy as Limited to Criminal Decisionism

    Directory of Open Access Journals (Sweden)

    María Belén Bonilla Albán

    2016-06-01

    Full Text Available The essay explains how the inclusion of the security of public policy in the 2008 Constitution of Ecuador as part of the constitutional state of law and justice or “guarantor state” can become a substantial limit for criminal decisionism, which is usually behind the penal policy in Latin America. Thus, the function of this collateral is to eliminate the huge space of discretion in the management of the most sensitive policy of modern state penal policy. However, the guarantee of public policy is not clear in determining the limits of punitive power; therefore, this paper seeks to explore some of the international human rights.

  15. OPTIMAL GUARANTEED SERVICES TIMED TOKEN (OGSTT ...

    African Journals Online (AJOL)

    eobe

    , OWERRI, NIGERIA. E-mails addresses: 1 ... time performance guarantees to multimedia applications and hard and soft real ..... In principle, OGSTT operates like a heavily loaded ..... Controlled Token Passing Protocols”, International.

  16. Understanding consumer response to service guarantees

    Energy Technology Data Exchange (ETDEWEB)

    Taylor, E.L.; Cole, J.M.

    1999-10-01

    Whether the goal is customer loyalty to a competitive energy service provider or customer satisfaction with monopoly distribution services, service guarantees must be seen as one way a company can communicate with its customers about the relationship it has (or wants) with them. In short, service guarantees must be evaluated as part of a company's overall brand management strategy. To do this, a conceptual framework within which to develop and link models of service delivery and brand management is needed. This means seeing both as examples of inference management. In this article the authors first interpret findings from their research on utility service guarantees in light of the model of service delivery proposed by Smith, Bolton, and Wagner. The authors then situate this model within their own model of utility brand management. The resulting approach can be used by a utility to evaluate whether and how to adopt service guarantees as part of its overall branding strategy.

  17. CREDIT SYSTEM AND CREDIT GUARANTEE PROGRAMS

    OpenAIRE

    Turgay GECER

    2012-01-01

    Credit system is an integrated architecture consisted of financial information, credit rating, credit risk management, receivables and credit insurance systems, credit derivative markets and credit guarantee programs. The main purpose of the credit system is to provide the functioning of all credit channels and to make it easy to access of credit sources demanded by all of real and legal persons in any economic system. Credit guarantee program, the one of prominent elements of the credit syst...

  18. CREDIT SYSTEM AND CREDIT GUARANTEE PROGRAMS

    OpenAIRE

    Turgay GECER

    2012-01-01

    Credit system is an integrated architecture consisted of financial information, credit rating, credit risk management, receivables and credit insurance systems, credit derivative markets and credit guarantee programs. The main purpose of the credit system is to provide the functioning of all credit channels and to make it easy to access of credit sources demanded by all of real and legal persons in any economic system. Credit guarantee program, the one of prominent elements of the credit syst...

  19. Guaranteed cost control for networked control systems

    Institute of Scientific and Technical Information of China (English)

    Linbo XIE; Huajing FANG; Ying ZHENG

    2004-01-01

    The guaranteed cost control problem for networked control systems (NCSs) is addressed under communication constraints and varying sampling rate. First of all, a simple information-scheduling scheme is presented to describe the scheduling approach of system signals in NCSs. Then, based on such a scheme and given sampling method, the design procedure in dynamic output feedback manner is also derived which renders the closed loop system to be asymptotically stable and guarantees an upper bound of the LQ performance cost function.

  20. Security Guarantees and Nuclear Non-Proliferation

    Energy Technology Data Exchange (ETDEWEB)

    Bruno Tertrais

    2011-07-01

    The purpose of this paper is to discuss the value of 'security guarantees', that is, positive security assurances that include a formal or informal defense commitment, in preventing nuclear proliferation. It demonstrates that such guarantees have proven to be a very effective instrument in preventing States from going nuclear. It would thus seem logical to reinforce or extend them. However, this path is fraught with obstacles and dilemmas

  1. Japanese SMEs and the credit guarantee system after the global financial crisis

    Directory of Open Access Journals (Sweden)

    Nobuyoshi Yamori

    2015-12-01

    Full Text Available This paper provides a brief explanation of the Japanese public credit guarantee system and analyzes what role it played during the global financial crisis. The author conducted a questionnaire survey of small and medium-sized enterprises (SMEs in Aichi Prefecture, the prefecture most seriously hit by the crisis, in collaboration with the Aichi-ken Credit Guarantee Corporation. Using the survey, which provides valuable information about the usage of the credit guarantee program, this paper finds that the credit guarantee system was effective in protecting the economy from collapsing. The system was so generous that now almost all SMEs want it to remain unchanged. However, as the generous system brings heavy financial burdens on the Japanese government and, more seriously, discourages firms and banks from improving their efficiencies, the author insists that reforms, such as limiting the target and the guarantee coverage, are inevitable.

  2. IMPROVING THE PROVISION OF STATE GUARANTEES UNDER CREDITS OR BONDED LOANS RAISED FOR INVESTMENT PROJECTS IMPLEMENTATION

    Directory of Open Access Journals (Sweden)

    Lola D. Sanginova

    2015-01-01

    Full Text Available Importance: Under current conditions, the Russian economy needs investment resources to ensure sustainable social and economic development. One of instruments of state-financing backing that can be used to support capital intensive, economically viable, financially and socially efficient investment projects that create "growing points" are state guarantees of theRussian Federation.Objective: The objective of this study is to identify possible ways to improve the requirements and procedures of providing state guarantees of theRussian Federationwhich contribute to the increase in the quantity and quality of investment projects of high social importance. Methods: Through the use of general scientific methods, analysis and synthesis, induction and deduction the possibility of creating a more attractive environment for principals is analyzed, measures to reduce the risk for public legal entities in providing state guarantees of theRussian Federationunder credits or bonded loans raised for investment projects implementation.Results: Principles of state guarantee support that ensure the interests of both the principals and the guarantor are defined. The basic directions for improving the mechanism how state guarantees of theRussian Federationsupport investment projects are justified. These directions include increasing availability of obtaining state guarantee support by lowering the cost of investment projects for which the state guarantees may be provided; reducing time of decision making on granting a state guarantee; increasing the creditors’ responsibility for a qualitative assessment of the creditworthiness of principals and investment projects; changing the methodology for assessing the social efficiency of investment projects; increasing the information transparency of provided state guarantees of the Russian Federation.Conclusions: The main result of this study is that under current conditions of economic turbulence state guarantees of the

  3. IMPACT ON GLOBALIZATION TREND OF MOVEMENT OF EXTERNAL DEBT IN THE WESTERN BALKANS

    Directory of Open Access Journals (Sweden)

    JELENA TOSKOVIC

    2016-12-01

    Full Text Available Globalization is seen as a process of transformation of regional phenomena into global and represents the interdependence of world society with the operation of the remote locations. It is considered the main vehicle for the implementation of neo-liberal concept of economy that is in the Western Balkans, its implementation began in the early nineties of the XX century. The Western Balkans is its geographical position was the boundaries between cultures, religions, nations and states. Throughout history, the political turmoil in this region has been a major conflicts, which affected the economic policies of the countries and the region. In this way, the region lost balance as reflected in the decrease in the volume of trade and increased borrowing mainly from international financial institutions. The growth of debt resulted in the increase in external debt (public and private sectors, which led to an imbalance in economic development and macroeconomic stability in the society. The aim of the paper is to determine to what extent the process of globalization has led to an increase / influence on increasing trend of foreign debt in the countries of the Western Balkans (Albania, Bosnia and Herzegovina, FYR Macedonia, Montenegro and Serbia in the period 2004-2014. years. The work is in addition to the introduction consists of three parts. The first analyzes the problem of growth of external debt, the second analyzes the trend of the external debt of the private and public sector, while the third analyzes the current account balance and economic growth in the Western Balkans. In addition, at the end of the data concluding observations.

  4. 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.

  5. Household Debt and Foreign Capital Flows

    OpenAIRE

    Giorgio Primiceri; Andrea Tambalotti; Alejandro Justiniano

    2013-01-01

    We analyze the macroeconomic effects of variations in household leverage in an open economy using a quantitative general equilibrium model. The framework features debt by borrowers limited to a fraction of the market value of their real estate holdings, which serve as collateral. Domestic and foreign savers supply funds through a domestic intermediation sector. The main objective of the study is to characterize the interaction between changes in the supply of foreign capital (the internationa...

  6. 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?

  7. DEBT COLLECTION PREVENTION MANAGEMENT OF RECEIVABLES/DEBTS IN A COMPANY

    Directory of Open Access Journals (Sweden)

    Dariusz Stach

    2014-08-01

    Full Text Available The maintenance of financial liquidity, stability, profitability and the value and investment capabilities of a company as well as the avoidance of financial bottlenecks are the most vital objectives of people in charge of ac ompany, especially in times of crisis. This paper presents the receivables/debts management system known as Debt Collection Prevention, which is understood as a method of achieving the above mentioned goals. With the help of analysis and differentiation, the author argues that all individual management activities are short of effectiveness and efficiency unless a systemic approach is applied. To highlight this point, the author has indicated substantial differences in the management of financial risk and in shaping managerial decisions with- and without the application of the Debt Collection Prevention system, which can be characterized as a systemic approach with regard to praxeology.

  8. FINANCIAL RENT, DEBT AND CRISIS

    Directory of Open Access Journals (Sweden)

    Atilla Ahmet UĞUR

    2011-12-01

    Full Text Available Financial crises have some common features even if they come into being in different areas and countries with different income level. Especially due to the financial liberalization and entegration of world economies, they affect many countries with a domino effect. Internationalization of capital stregthens particularly financial markets in developed countries and leads to speculative opportunities and possibilities of very high profit rates. Ambition for higher profit, from time to time, gives rise to fictitious structures, eliminating rational market behaviors. Problems of higher indebtedness and current account deficit in large economies such as the US lead to speculative bubles supported by financial derivatives, making nonproductive short term portfolio investments profitable. Before crisis, it is observed that this type of financial structures become common and real estate prices rise. And following crisis it is observed that public finance discipline deteriorate.

  9. "I Fully Expect to Die with This Debt"

    Science.gov (United States)

    Patton, Stacey

    2013-01-01

    Student-loan debt is not just a problem for young, recent college graduates searching for their first jobs. Growing numbers of adults nearing the ends of their careers are accumulating such big debt, too, and they don't have a lifetime to pay it back. In fact, student-loan debt is growing fastest among adults ages 60 and older, with more than two…

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

    OpenAIRE

    Abdel Rahman Ahmed Abdel Rahman

    1995-01-01

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

  11. 76 FR 39068 - Guarantee Fee Rates for Guaranteed Loans for Fiscal Year 2011; Maximum Portion of Guarantee...

    Science.gov (United States)

    2011-07-05

    ... as a result of natural disaster, or are experiencing fundamental structural changes in its economic... accordance with 7 CFR 4279.155 (and meet the other requirements of 7 CFR 4279.119(b)). Not more than 12 percent of the Agency's quarterly apportioned B&I guarantee authority will be reserved for loan requests...

  12. 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.

  13. 77 FR 8179 - Disclosure to Investors in System-wide and Consolidated Bank Debt Obligations of the Farm Credit...

    Science.gov (United States)

    2012-02-14

    ... investors in, the System. In 2006, we issued a final rulemaking on the governance of System institutions.\\3...: public and corporate finance, financial reporting and disclosure, or accounting procedures.'' The 2006... in fact and perception to investors in System-wide debt securities. We considered these views in...

  14. Probabilistic Recovery Guarantees for Sparsely Corrupted Signals

    CERN Document Server

    Pope, Graeme; Studer, Christoph

    2012-01-01

    We consider the recovery of sparse signals subject to sparse interference, as introduced in Studer et al., IEEE Trans. IT, 2012. We present novel probabilistic recovery guarantees for this framework, covering varying degrees of knowledge of the signal and interference support, which are relevant for a large number of practical applications. Our results assume that the sparsifying dictionaries are solely characterized by coherence parameters and we require randomness only in the signal and/or interference. The obtained recovery guarantees show that one can recover sparsely corrupted signals with overwhelming probability, even if the sparsity of both the signal and interference scale (near) linearly with the number of measurements.

  15. Probabilistic double guarantee kidnapping detection in SLAM.

    Science.gov (United States)

    Tian, Yang; Ma, Shugen

    2016-01-01

    For determining whether kidnapping has happened and which type of kidnapping it is while a robot performs autonomous tasks in an unknown environment, a double guarantee kidnapping detection (DGKD) method has been proposed. The good performance of DGKD in a relative small environment is shown. However, a limitation of DGKD is found in a large-scale environment by our recent work. In order to increase the adaptability of DGKD in a large-scale environment, an improved method called probabilistic double guarantee kidnapping detection is proposed in this paper to combine probability of features' positions and the robot's posture. Simulation results demonstrate the validity and accuracy of the proposed method.

  16. The Risk Management of Minimum Return Guarantees

    Directory of Open Access Journals (Sweden)

    Antje Mahayni

    2008-05-01

    Full Text Available Contracts paying a guaranteed minimum rate of return and a fraction of a positive excess rate, which is specified relative to a benchmark portfolio, are closely related to unit-linked life-insurance products and can be considered as alternatives to direct investment in the underlying benchmark. They contain an embedded power option, and the key issue is the tractable and realistic hedging of this option, in order to rigorously justify valuation by arbitrage arguments and prevent the guarantees from becoming uncontrollable liabilities to the issuer. We show how to determine the contract parameters conservatively and implement robust risk-management strategies.

  17. The Minimum Price Guarantee Policy before and after Real Plan

    Directory of Open Access Journals (Sweden)

    Jackelline Favro

    2014-12-01

    Full Text Available This study aims to analyze the performance of the Minimum Price Guarantee Policy - MPGPin Brazil for the main agricultural products, during the 1980s and 1990s, and especially the post-Real Plan period. The research has a bibliographic and descriptive nature. The main results showed that the MPGP remains an important tool for ensuring income to farmers and the supply of selected crops in the analyzed period, but there was a reduction of public action for the new MPGP and new private instruments has revealed efficiency

  18. 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.

  19. External debt in developing economies: assessment and policy issues

    Directory of Open Access Journals (Sweden)

    Márcio Holland

    2007-01-01

    Full Text Available More than one decade after the external debt restructuring (the Brady Plan, a great amount of literature has been published concerning the balance sheet factors in developing countries. The staff of international multilateral institutions joined with reputable academics in this great controversy. The external debt problem of the developing countries is back and once more reflections on its cause and on policy recommendations are analytically distinct. Our main task is to reflect on the recent external debt dynamics and assess how this debt has evolved. Our findings indicate that the susceptibility of some developing countries to default is associated with global imbalance, that is, the way they borrow.

  20. 44 CFR 15.10 - Soliciting, vending, and debt collection.

    Science.gov (United States)

    2010-10-01

    ..., DEPARTMENT OF HOMELAND SECURITY GENERAL CONDUCT AT THE MT. WEATHER EMERGENCY ASSISTANCE CENTER AND AT THE... distributing commercial advertising, or collecting private debts unless the Assistant Administrator for...

  1. 45 CFR 2506.4 - What types of debts are excluded from these regulations?

    Science.gov (United States)

    2010-10-01

    ...) CORPORATION FOR NATIONAL AND COMMUNITY SERVICE COLLECTION OF DEBTS Introduction § 2506.4 What types of debts...) Any debt based in whole or in part on conduct in violation of the antitrust laws or involving fraud...

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

    DEFF Research Database (Denmark)

    Cassimon, Danny; Prowse, Martin; Essers, Dennis

    2011-01-01

    of the mechanism by China and India, the complex project cycle, and the lack of convincing baselines, little attention has been paid to the financing of CDM projects. In this paper we assess the extent to which CDM projects with public bodies should utilise debt swaps as a form of finance. The paper does......As one of Kyoto’s three flexibility mechanisms for reducing the cost of compliance, the Clean Development Mechanism (CDM) allows the issuance of Certified Emission Reduction (CER) credits from offset projects in non-Annex I countries. Whilst much attention has focused on the widespread use...... this through analysing the use of a debt swap between Uruguay and Spain within a CDM wind farm project in Uruguay. The paper assesses this transaction according to a simple framework by which debt swaps can be evaluated: whether it delivers additional resources to the debtor country and/or debtor government...

  3. Large-Scale Similarity Joins With Guarantees

    DEFF Research Database (Denmark)

    Pagh, Rasmus

    2015-01-01

    The ability to handle noisy or imprecise data is becoming increasingly important in computing. In the database community the notion of similarity join has been studied extensively, yet existing solutions have offered weak performance guarantees. Either they are based on deterministic filtering te...

  4. 40 CFR 280.96 - Guarantee.

    Science.gov (United States)

    2010-07-01

    ... operator; or, (2) A firm engaged in a substantial business relationship with the owner or operator and issuing the guarantee as an act incident to that business relationship. (b) Within 120 days of the close... instructions from the , shall fund a standby trust fund in accordance with the provisions of 40 CFR 280.108, in...

  5. Large-Scale Similarity Joins With Guarantees

    DEFF Research Database (Denmark)

    Pagh, Rasmus

    2015-01-01

    The ability to handle noisy or imprecise data is becoming increasingly important in computing. In the database community the notion of similarity join has been studied extensively, yet existing solutions have offered weak performance guarantees. Either they are based on deterministic filtering te...

  6. 7 CFR 762.160 - Assignment of guarantee.

    Science.gov (United States)

    2010-01-01

    ... of the loan. The holder must assign the guaranteed portion back to the original lender if requested... AGRICULTURE SPECIAL PROGRAMS GUARANTEED FARM LOANS § 762.160 Assignment of guarantee. (a) The following general requirements apply to assigning guaranteed loans: (1) Subject to Agency concurrence, the...

  7. Improvement and alienation of public real estate

    Directory of Open Access Journals (Sweden)

    Ferruccio Favaron

    2012-04-01

    Full Text Available Most of the Italian cities have been in crisis through the last decades, not being able anymore to guarantee the needs and expectations of their inhabitants, due to the lack of fundamental services, mobility, places of aggregation and attraction. The housing growth since Second World War, answering almost only to the needs of speculation and revaluation of landed revenue, produced anonymous and degraded suburbs, contributing to cancel a fundamental part of our communities’ history and culture. The crisis of the cities has clashed with the architectural one. Through sustainable regeneration, identified by the Italian architects as the greatest opportunity for revitalizing the cities and develop the country, we need to sustain interventions based on high architectural quality, besides innovative energetic, environmental and social requalification standards. It is now as never fundamental to extend the city effect from the centre to the far end suburbs, upgrading the public element, integrating the services and proposing new polarities able to interact in a synergic and propaedeutic way with the city centre. Within these settings, involving public agencies and resources with private companies and capitals, the new conversion, development and alienation of the public real estate (valued more than 400 billions €, represent a unique chance to redefine and regenerate the cities, apart from being an extraordinary opportunity to drop the debt and rationalize the local government expenses. To provide powerful infrastructures, aimed cultural policies, sustainable and environmental developments plans, are the biggest challenges to make our cities the most important investment on our future.

  8. 75 FR 8274 - Collection of Administrative Debts; Collection of Debts Arising From Enforcement and...

    Science.gov (United States)

    2010-02-24

    ... or agency regulations apply, and in certain cases involving bankruptcy. The FCCS clarifies and... provision of goods or services by contractors or vendors doing business with the Commission. The proposed... attempt to collect the debt. D. Proposed 11 CFR 8.4--Bankruptcy Claims Proposed 11 CFR 8.4 recognizes that...

  9. 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…

  10. 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.

  11. 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.

  12. The infernal link: democratic conditionality and State debt to International Organisms

    Directory of Open Access Journals (Sweden)

    Matthieu Fau-Nougaret

    2008-12-01

    Full Text Available Developing States have contracted many debts, especially since the early 1980s, with creditors. These can be either States or international financial institutions. However, whoever the public debtor is, the latter will intervene more or less directly, increasingly becoming an interlocutor in any attempt to renegotiate or even totally pay the debt itself. This ubiquity arises many questions about its purpose and nature. This is particularly true of the political regimes of indebted states. Indeed, the democratization of these states has become both a means and an end for financial institutions, as the Initiative for Heavily Indebted Poor Countries. Therefore, the question is whether the payment is possible or an illusion.

  13. Strategic debt in vertical relations : Evidence from Franchising

    NARCIS (Netherlands)

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

    2011-01-01

    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 lever

  14. 40 CFR 13.20 - Administrative offset of general debts.

    Science.gov (United States)

    2010-07-01

    ... deterrent value; (v) Offset does not substantially impair or defeat program objectives; and (vi) Offset is best suited to further and protect the Government's interest. (2) The Administrator may, in determining...) Multiple debts. Where moneys are available for offset against multiple debts of a debtor, it will...

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

    NARCIS (Netherlands)

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

    1996-01-01

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

  16. Colleges' Debt Is Fed by Rising Bond Rates

    Science.gov (United States)

    Wolverton, Brad

    2008-01-01

    Dozens of colleges and universities, including some of the country's wealthiest institutions, are facing a sharp rise in interest payments on a whopping mound of debt. About a third of the nearly 300 private institutions rated by Moody's Investors Service are financing more than half their debt with variable-rate bonds, some of whose rates have…

  17. 77 FR 54808 - Integrated Hedging Transactions of Qualifying Debt

    Science.gov (United States)

    2012-09-06

    ... floating dollar interest rate swap. The effect of matching the currency swap with the foreign currency... taxpayer will have effectively converted the fixed rate foreign currency denominated debt instrument into a... relative to the foreign currency in which the debt instrument is denominated, the taxpayer disposes of...

  18. 12 CFR 5.47 - Subordinated debt as capital.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Subordinated debt as capital. 5.47 Section 5.47... capital. (a) Authority. 12 U.S.C. 93a. (b) Licensing requirements. A national bank does not need prior OCC... Tier 2 or Tier 3 capital. However, a bank issuing subordinated debt shall notify the OCC after...

  19. 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...

  20. 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...

  1. 26 CFR 1.166-4 - Reserve for bad debts.

    Science.gov (United States)

    2010-04-01

    ... 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 debts. (a) Allowance of deduction. A taxpayer who has established the reserve method of treating...

  2. 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.)

  3. 12 CFR 615.5502 - Issuance of global debt securities.

    Science.gov (United States)

    2010-01-01

    ... securities on behalf of the Farm Credit banks through a global agent or agents by negotiation, offer, bid, or... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Issuance of global debt securities. 615.5502... AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Global Debt Securities § 615.5502 Issuance...

  4. Monetary and fiscal policy interaction and government debt stabilization

    NARCIS (Netherlands)

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

    1995-01-01

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

  5. The Federal Government Debt: Its Size and Economic Significance

    Science.gov (United States)

    2010-02-03

    Bahrain; Iran; Iraq; Kuwait; Oman; Qatar; Saudi Arabia; the United Arab Emirates; Algeria; Gabon; Libya; and Nigeria . . The Federal Government Debt: Its...for the budget deficit and the interest payment to rise in tandem , which is not surprising since the deficits represents additional debt which

  6. 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…

  7. 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.

  8. '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.

  9. Financially At-Risk College Students: An Exploratory Investigation of Student Loan Debt and Prioritization of Debt Repayment

    Science.gov (United States)

    Pinto, Mary Beth; Mansfield, Phylis M.

    2006-01-01

    College students today face heavy student loan debt that is intensified by the amount of credit card debt they carry. This study provides a profile of financially at-risk students based on their credit card usage behavior. When compared to the non-financially at-risk students, those in the financially at-risk group were found to have higher…

  10. Developing Countries Debt Relief Initiative for Poor Countries Faces Challenges Debt Relief Initiative for Poor Countries Faces Challenges

    Science.gov (United States)

    2000-06-01

    This report responds to your request that we (1) assess whether the enhanced Heavily Indebted Poor Countries Initiative is likely to free up...resources for poverty reduction and achieve the goal of debt sustainability, (2) describe the strategy to strengthen the link between debt relief and poverty

  11. Tracking error with minimum guarantee constraints

    OpenAIRE

    Diana Barro; Elio Canestrelli

    2008-01-01

    In recent years the popularity of indexing has greatly increased in financial markets and many different families of products have been introduced. Often these products also have a minimum guarantee in the form of a minimum rate of return at specified dates or a minimum level of wealth at the end of the horizon. Period of declining stock market returns together with low interest rate levels on Treasury bonds make it more difficult to meet these liabilities. We formulate a dynamic asset alloca...

  12. Deficits, public debt dynamics, and tax and spending multipliers

    OpenAIRE

    Denes, Matthew; Eggertsson, Gauti B.; Gilbukh, Sophia

    2012-01-01

    Cutting government spending on goods and services increases the budget defi cit if the nominal interest rate is close to zero. This is the message of a simple but standard New Keynesian DSGE model calibrated with Bayesian methods. The cut in spending reduces output and thus - holding rates for labor and sales taxes constant - reduces revenues by even more than what is saved by the spending cut. Similarly, increasing sales taxes can increase the budget defi cit rather than reduce it. Both resu...

  13. Growth-Maximizing Public Debt under Changing Demographics

    DEFF Research Database (Denmark)

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

    2016-01-01

    parameters, but not if the government is not allowed to borrow to cover revenue shortfalls for current age-related spending. In that context, balanced budget rules are not an approriate form of fiscal rule. The implication is that a government facing demograhic change or demands for more welfare spending...... 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....

  14. 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.

  15. ANÁLISE DA RELAÇÃO ENTRE DÉFICIT PÚBLICO E INFLAÇÃO NA ECONOMIA BRASILEIRA A PARTIR DA DÉCADA DE 1980/ANALYSIS OF THE RELATIONSHIP BETWEEN PUBLIC DEBT AND INFLATION RATES IN THE BRAZILIAN ECONOMY FROM THE DECADE OF 1980

    Directory of Open Access Journals (Sweden)

    Camila Albornoz Brufao

    2012-08-01

    Full Text Available O presente trabalho tem por objetivo analisar a trajetória da dívida pública e da taxa de inflação na economia brasileira a partir da década de 1980, bem como verificar a existência de uma relação de causalidade entre as variáveis. Para verificar a existência dessa relação, foram realizados testes de causalidade de Granger. Para tanto, foram considerados diferentes períodos. No primeiro, foi analisado o período em sua totalidade (1981-2009; no segundo, o período anterior ao plano Real (1981-1994; e, no terceiro, operíodo posterior ao plano Real (1995-2009. Os resultados obtidos diferem de período para período. Para o período como um todo, a relação encontrada indica que a inflação apresentou relação de precedência ao déficit público. Para o período anterior ao Plano Real, não foi encontrada qualquer relação causal entreas variáveis, enquanto que, para o período posterior ao plano, a relação de causalidade encontrada foi no sentido do déficit público para a inflação./ The study aimed to analyze the trajectory of public debt and inflation rates in the Brazilian economy from the 1980s, as well as verify the existence of a causal relationship between variables. To verify the existence of the relationship Tests of Granger causality were conducted. For this, were considered different periods. At first, it was analyzed the entire period (1981-2009, the second, the period before the Real plan (1981-1994 and third, the period after the peal Plan (1995-2009. The results obtained differ from period to period. For the period as a whole, the relationship found indicates that inflation presented to the precedence relation budget deficit. For the period before the Real plan, there was no causal relationship between variables, while for the period after the plan, the causal relationship was found in the sense that the budget deficit to inflation.

  16. 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.

  17. The Race to Refinance Debt: Market Offers Opportunities to Reduce Interest Costs.

    Science.gov (United States)

    DuPont, Lorrie A.

    1992-01-01

    In this interest market, colleges and universities could benefit from careful evaluation of debt portfolios. Refinancing debt is an opportunity to lower debt service costs, ease cash flow, change security pledges, eliminate debt service reserves, update bond documents. Timing is important. Existing and new bonds can also be combined…

  18. 12 CFR 313.163 - Notification of debts of 180 days or less.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Notification of debts of 180 days or less. 313... Notification of debts of 180 days or less. The Director, in his discretion, may also notify the Secretary of the Treasury of debts that have been delinquent for 180 days or less, including debts the FDIC...

  19. 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.

  20. 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.

  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. 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.

  3. 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.

  4. 国家风险与重新安排债务的概率--亚洲5国的实证研究%Country Risks and Possibility of Debt Rearrangement:the Experimental Analysis of 5 Asian Countries

    Institute of Scientific and Technical Information of China (English)

    连秀花; 张金水

    2005-01-01

    Using probit analyses, this paper identifies those risk factors that have an influence on the occurrence of debt rescheduling for five Asian countries that were badly hit by the Asian financial crisis of 1997 ~1998. Our results indicate that the real growth of GDP,the ratio of public debt to GDP, the amortization rate and changes in the real exchange rate were among the important factors that characterize the probability of debt rescheduling in Indonesia, Malaysia, the Philippines, South Korea, and Thailand for 1980~2001. Our investigation also reveals the limitations of using probit analyses to study country risk.

  5. 75 FR 13329 - Implications of Financial Accounting System (FAS) 166 on SBA Guaranteed Loan Programs

    Science.gov (United States)

    2010-03-19

    ... ADMINISTRATION Implications of Financial Accounting System (FAS) 166 on SBA Guaranteed Loan Programs AGENCY... Administration (SBA) is soliciting information and views from the public on: (1) The effect that the accounting changes mandated by the Financial Accounting Standards Board (FASB) in Financial Accounting Standard (FAS...

  6. 45 CFR 146.150 - Guaranteed availability of coverage for employers in the small group market.

    Science.gov (United States)

    2010-10-01

    ... employers in the small group market in the State consistent with applicable State law and without regard to... 45 Public Welfare 1 2010-10-01 2010-10-01 false Guaranteed availability of coverage for employers... employers in the small group market. (a) Issuance of coverage in the small group market. Subject to...

  7. 13 CFR 120.348 - Amount of guarantee.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Amount of guarantee. 120.348 Section 120.348 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION BUSINESS LOANS Special Purpose Loans International Trade Loans § 120.348 Amount of guarantee. SBA can guarantee up to...

  8. 12 CFR 370.4 - Transaction Account Guarantee Program.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Transaction Account Guarantee Program. 370.4 Section 370.4 Banks and Banking FEDERAL DEPOSIT INSURANCE CORPORATION REGULATIONS AND STATEMENTS OF GENERAL POLICY TEMPORARY LIQUIDITY GUARANTEE PROGRAM § 370.4 Transaction Account Guarantee Program. (a)...

  9. 12 CFR 370.12 - Payment on the guarantee.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Payment on the guarantee. 370.12 Section 370.12 Banks and Banking FEDERAL DEPOSIT INSURANCE CORPORATION REGULATIONS AND STATEMENTS OF GENERAL POLICY TEMPORARY LIQUIDITY GUARANTEE PROGRAM § 370.12 Payment on the guarantee. (a) Claims for Deposits...

  10. 16 CFR 239.5 - Performance of warranties or guarantees.

    Science.gov (United States)

    2010-01-01

    ... 16 Commercial Practices 1 2010-01-01 2010-01-01 false Performance of warranties or guarantees. 239.5 Section 239.5 Commercial Practices FEDERAL TRADE COMMISSION GUIDES AND TRADE PRACTICE RULES GUIDES FOR THE ADVERTISING OF WARRANTIES AND GUARANTEES § 239.5 Performance of warranties or guarantees....

  11. 7 CFR 1940.591 - Community Program Guaranteed loans.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 13 2010-01-01 2009-01-01 true Community Program Guaranteed loans. 1940.591 Section... Loan and Grant Program Funds § 1940.591 Community Program Guaranteed loans. (a) Amount available for... transition formula for Community Program Guaranteed loans is not used. (e) Base allocation. See §...

  12. 29 CFR 4022.62 - Estimated guaranteed benefit.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 9 2010-07-01 2010-07-01 false Estimated guaranteed benefit. 4022.62 Section 4022.62 Labor... PAYABLE IN TERMINATED SINGLE-EMPLOYER PLANS Benefit Reductions in Terminating Plans § 4022.62 Estimated guaranteed benefit. (a) General. The estimated guaranteed benefit payable with respect to each...

  13. Student Loan Guarantee Agencies and Their Financing. A Working Paper.

    Science.gov (United States)

    Hansen, Janet S.; Wolfe, Mark L.

    Guarantee agencies and their financing are discussed in order to increase awareness of their role and to provide information for policy decisions. Information is provided on: the history of the Guaranteed Student Loan (GSL) program, sources and uses of funds by state guarantee agencies for fiscal years (FY) 1982 and 1984, federal advances repaid…

  14. 76 FR 57940 - CCC Export Credit Guarantee (GSM-102) Program

    Science.gov (United States)

    2011-09-19

    ... Guarantee (GSM-102) Program AGENCY: Foreign Agricultural Service and Commodity Credit Corporation, USDA... administer the Export Credit Guarantee (GSM-102) Program. Changes in this proposed rule incorporate program...: Background On July 27, 2011, CCC published a proposed rule titled ``CCC Export Credit Guarantee...

  15. 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

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

    NARCIS (Netherlands)

    Gelderblom, O.C.; Jonker, J.P.B.

    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 c

  17. Looking for new measures of local government debt. Case study of an example of repayment period of communes of Kujawsko-Pomorskie voivodeship in the years 2002–2015

    Directory of Open Access Journals (Sweden)

    Daniel Jurewicz

    2017-03-01

    Full Text Available The debt of local government units is, to a large extent, the sum of repayment of commitments contracted to carry out investment projects. It is not surprising that in the literature of the subject local government debt is presented mainly as good, profitable or constructive. Commitment to repayment obligations is always associated with the possibility of an occurrence of negative effects which often appear to be underestimated. In numerous scientific and public publications, the indebtedness of the Polish self-governments is assessed first of all by the prism of its relation to earned incomes. However, it is imperative to look for metrics and data sources to look at this debt from new perspectives. The purpose of this study is to present the results of research conducted in the communes of the Kujawsko-Pomorskie voivodeship using new measures of their debt.

  18. 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...... 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.......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...

  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 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 Historical Origin of African Debt Crisis | Geda | Eastern Africa ...

    African Journals Online (AJOL)

    Eastern Africa Social Science Research Review ... and a rise in real world interest rate are usually mentioned as major factors. ... The conclusion that emerges from such analysis is that the African debt problem is essentially a trade problem.

  1. 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.

  2. CREDIT CARD OWNERSHIP AND DEBT STATUS IN MALAYSIA

    OpenAIRE

    YIING JIA LOKE; Yen, Steven T; Andrew K.G. Tan

    2013-01-01

    This paper examines the role of socio-demographic and credit consumption tendencies in affecting credit card ownership and debt status. Based on a sample of 938 individuals from three major cities in Malaysia, card holders' debt status is measured in relation to credit card expenditure, which in turn is categorized into convenience users, low-risk credit revolvers and high-risk credit revolvers. While socio-demographic factors play significant roles in determining card ownership, card holders...

  3. Time-Consistent Fiscal Policy in a Debt Crisis

    OpenAIRE

    Balke, Neele L.; Ravn, Morten O.

    2015-01-01

    The financial crisis led to severe crises in much of Southern Europe that generated deep economic problems that still have not been resolved. Many of these economies (Greece, Italy, Spain and Portugal) witnessed not only large drops in aggregate activity but also rising levels of debt and falling debt prices which made financing of deficits very costly and triggered concerns about sovereign defaults. A large literature has considered environments in which large negative shocks can generate ri...

  4. The Domestic Market for Short-term Debt Securities

    OpenAIRE

    Matthew Boge; Ian Wilson

    2011-01-01

    The market for short-term debt is dominated by the issuance of bank securities. Yields on these securities act as an important reference rate within the financial system. The turmoil in global markets during recent years has led to significant changes in the short-term debt market as the funding profiles of banks and other issuers of short-term securities has altered.

  5. Debt defeasance : an income tax loophole or a pointless pursuit

    OpenAIRE

    2012-01-01

    LL.M. The concept of a debt defeasance transaction has recently come under scrutiny in the South African financial market. In the financial arena lower lending rates and efficient tax planning are of paramount consideration to corporate entities seeking to raise finance and to properly structure their affairs. Debt defeasance transactions recognise the time value of money. Companies with long-term borrowings obtain financial advantages if those borrowings can be retired early as the presen...

  6. "Are Housing Prices, Household Debt, and Growth Sustainable?"

    OpenAIRE

    Papadimitriou, Dimitri B.; Edward Chilcote; Gennaro Zezza

    2006-01-01

    Rising home prices and low interest rates have fueled the recent surge in mortgage borrowing and enabled consumers to spend at high rates relative to their income. Low interest rates have counterbalanced the growth in debt and acted to dampen the growth in household debt-service burdens. As past Levy Institute strategic analyses have pointed out, these trends are not sustainable: Household spending relative to income cannot grow indefinitely.

  7. Market sentiments and the sovereign debt crisis in the Eurozone

    OpenAIRE

    De Grauwe, Paul; Ji, Yuemei

    2015-01-01

    In this paper we test two theories of the determination of the government bond spreads in a monetary union. The first one is based on the efficient market theory. According to this theory, the surging spreads observed from 2010 to the middle of 2012 were the result of deteriorating fundamentals (e.g. domestic government debt, external debt, competitiveness, etc.). The second theory recognizes that collective movements of fear and panic can have dramatic effects on spreads. These movements can...

  8. Second Episode of the Global Crisis: 2011European Debt Crisis

    Directory of Open Access Journals (Sweden)

    Zafer SEZGİN

    2012-06-01

    Full Text Available Measures for 2008 Global Economic Crisis cause a new crisis at 2011. Irreducible budget deficit, decreasing economy, great debt stock cause concern about sustainability of debt for some European economies. For ceasing ecomomic crisis, ECB takes some monetary policy measures; EFSF and monetary expansion are in place. This article aims to explain existing and oncoming conditions of European economies. Methodology is setting representative and containing suitable period data set from primary resources.

  9. 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.

  10. Primary surplus and debt projections based on estimated fiscal reaction functions for euro area countries

    OpenAIRE

    2014-01-01

    We project the path of the public debt and primary surpluses for a number of countries in the euro area under a fiscal rule based on a set of estimated fiscal policy reaction functions. Our fiscal rule represents a fiscal analogue to a well-known monetary policy rule, and it is calibrated using country-specific as well as euro area-wide parameter estimates. We then forecast the dynamics of the fiscal aggregates under different convergence, growth, and interest rate scenarios and investigate t...

  11. Primary balance and debt projections based on estimated fiscal reaction functions for euro area countries

    OpenAIRE

    2014-01-01

    We project the path of the public debt and primary balances for a number of countries in the euro area under a fiscal rule based on a set of estimated fiscal policy reaction functions. Our fiscal rule represents a fiscal analogue to a well-known monetary policy rule, and it is calibrated using country-specific as well as euro area-wide parameter estimates. We then forecast the dynamics of the fiscal aggregates under different convergence, growth, and interest rate scenarios and investigate th...

  12. Guaranteeing CERN’s excellence: consolidate experience

    CERN Multimedia

    Staff Association

    2014-01-01

    For its missions CERN requires staff with solid experience in all its domains of activity The Organization has several missions: fundamental research, technical developments and innovation, training the several hundreds of associates, fellows and students, while at the same time taking care of more than 10000 users. In order to guarantee excellence in all of these areas, CERN has to put in place an efficient personnel policy. Such a policy must allow the Organization to recruit collaborators with the highest competence from all Member States, and to keep and motivate them during their entire professional career. But, more importantly, the Organization has to be able to count on a stable workforce. It needs staff with experience gained over a long period in the fields of accelerators, detectors, and operating procedures, if it is to fulfil successfully its important mission of training and knowledge transfer, which is very much appreciated by our Member states, since it highlights a visible return on invest...

  13. Framework for analysis of guaranteed QOS systems

    Science.gov (United States)

    Chaudhry, Shailender; Choudhary, Alok

    1997-01-01

    Multimedia data is isochronous in nature and entails managing and delivering high volumes of data. Multiprocessors with their large processing power, vast memory, and fast interconnects, are an ideal candidate for the implementation of multimedia applications. Initially, multiprocessors were designed to execute scientific programs and thus their architecture was optimized to provide low message latency and efficiently support regular communication patterns. Hence, they have a regular network topology and most use wormhole routing. The design offers the benefits of a simple router, small buffer size, and network latency that is almost independent of path length. Among the various multimedia applications, video on demand (VOD) server is well-suited for implementation using parallel multiprocessors. Logical models for VOD servers are presently mapped onto multiprocessors. Our paper provides a framework for calculating bounds on utilization of system resources with which QoS parameters for each isochronous stream can be guaranteed. Effects of the architecture of multiprocessors, and efficiency of various local models and mapping on particular architectures can be investigated within our framework. Our framework is based on rigorous proofs and provides tight bounds. The results obtained may be used as the basis for admission control tests. To illustrate the versatility of our framework, we provide bounds on utilization for various logical models applied to mesh connected architectures for a video on demand server. Our results show that worm hole routing can lead to packets waiting for transmission of other packets that apparently share no common resources. This situation is analogous to head-of-the-line blocking. We find that the provision of multiple VCs per link and multiple flit buffers improves utilization (even under guaranteed QoS parameters). This analogous to parallel iterative matching.

  14. 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.

  15. Community oral health literacy: improving use of oral-health care guarantee in children aged 6.

    Directory of Open Access Journals (Sweden)

    Marco Cornejo-Ovalle

    2013-08-01

    Full Text Available The assessment of comprehensive oral health care for children aged 6 (GES-6years showed low utilization of this guarantee, with lower use for children from municipal public schools. The empowerment and health literacy of parents improve their role as oral-health promoters for their children. Objective: To implement and to assess a strategy of empowerment and health literacy of the community about their guaranteed health rights to increase the use of GES-6years. Methods: A mixed design. Using qualitative methodology we will design a communication tool, culturally and socially appropriate to be sent to the beneficiary community of this guarantee. Using a nonrandomized community trial, this instrument designed to empower and improve oral health literacy on GES-6 guarantee, will be sent as personalized letter (intervention signed by the mayor of the municipality with a message aimed to children beneficiaries for GES -6years and another addressed to their parents/guardians. Schools would be selected from clusters (communes of the two regions selected for convenience. Communes will be randomly selected amog those whose authorities agree to participate, and will be selected as for intervention or control. Data analysis will assess the differences in the prevalence of use of this guarantee among children from municipal schools belonging to the intervention or control arm.

  16. Essence and classification of legal guarantees of creditors’ rights

    Directory of Open Access Journals (Sweden)

    Aleksandra M. Sil’chenko

    2014-01-01

    Full Text Available Objective to conduct a comprehensive study of the concept of legal guarantees of creditorsrsquo rights and to identify some features of guarantees on the basis of the presented classification. Methods general scientific deduction comparative and system analysis formal logical method and special comparative legal and structuralfunctional methods. Results basing on the evaluation of different scientistsrsquo opinions the definition of the notion laquolegal guarantees of creditorsrsquo rightsraquo is given. Four classifications of legal guarantees of creditorsrsquo rights are proposed. Scientific novelty author39s definition of the notion laquolegal guarantees of creditorsrsquo rightsraquo is given. The essence of legal guarantees in general and legal rights of creditors in particular is defined. Classifications of legal guarantees of creditorsrsquo rights are given by the content and methods of implementation of creditorsrsquo rights guarantees by forms of providing guarantees to creditors general and special guarantees by the form of termination of legal personrsquos activity. The classifications are described in detail through examples. Practical value the results of this research can be used in scientificresearch activity. Theoretical conclusions formulated in the work can be used in the process of improving of the existing legislation and practice of its application.

  17. Population ageing and public finance targets

    OpenAIRE

    Heikki Oksanen

    2003-01-01

    The paper incorporates intergenerational fairness into a framework to analyse long-term sustainability of public finances under population ageing. It establishes a link between ageing-related public expenditure projections and public finance targets, thereby clarifying the connection between pension reforms and general government budget balance and debt targets.

  18. Challenges of guarantee-time bias.

    Science.gov (United States)

    Giobbie-Hurder, Anita; Gelber, Richard D; Regan, Meredith M

    2013-08-10

    The potential for guarantee-time bias (GTB), also known as immortal time bias, exists whenever an analysis that is timed from enrollment or random assignment, such as disease-free or overall survival, is compared across groups defined by a classifying event occurring sometime during follow-up. The types of events associated with GTB are varied and may include the occurrence of objective disease response, onset of toxicity, or seroconversion. However, comparative analyses using these types of events as predictors are different from analyses using baseline characteristics that are specified completely before the occurrence of any outcome event. Recognizing the potential for GTB is not always straightforward, and it can be challenging to know when GTB is influencing the results of an analysis. This article defines GTB, provides examples of GTB from several published articles, and discusses three analytic techniques that can be used to remove the bias: conditional landmark analysis, extended Cox model, and inverse probability weighting. The strengths and limitations of each technique are presented. As an example, we explore the effect of bisphosphonate use on disease-free survival (DFS) using data from the BIG (Breast International Group) 1-98 randomized clinical trial. An analysis using a naive approach showed substantial benefit for patients who received bisphosphonate therapy. In contrast, analyses using the three methods known to remove GTB showed no statistical evidence of a reduction in risk of a DFS event with bisphosphonate therapy.

  19. Linear control design for guaranteed stability of uncertain linear systems

    Science.gov (United States)

    Yedavalli, R. K.

    1986-01-01

    In this paper, a linear control design algorithm based on the elemental perturbation bounds developed recently is presented for a simple second order linear uncertain system satisfying matching conditions. The proposed method is compared with Guaranteed Cost Control (GCC), Multistep Guaranteed Cost Control (MGCC) and the Matching Condition (MC) methods and is shown to give guaranteed stability with lesser values for the control gains than some of the existing methods for the example considered.

  20. Financial Innovation and Risk Management: The Cross-Guarantee Solution

    OpenAIRE

    Bert Ely

    1998-01-01

    The cross-guarantee concept, which is summarized below, will eliminate the regulatory moral hazard that electronic technology has greatly exacerbated in recent years. The paper concludes by outlining the many benefits cross-guarantees will bring to the financial system as well as the structural and international implications of using cross-guarantees to bring market-driven regulation to the financial services sector of the American economy.

  1. Debt-maturity structures should match risk preferences.

    Science.gov (United States)

    Gapenski, L C

    1999-12-01

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

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

    Science.gov (United States)

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

    2014-09-01

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

  3. 村级债务化解中的政府角色定位%Government Role Positioning for Solving Debt at Village-Level

    Institute of Scientific and Technical Information of China (English)

    徐金菊

    2016-01-01

    村级组织作为我国农村最基层群众性自治组织,在农村发展中承担了很多公共管理及服务职能,长期未受公共财政覆盖,由于历史原因产生了不同于政府债务的村级债务,村级债务沉重严重制约农村发展的活力,影响社会稳定。政府解决村级债务问题需要国家财政适当投入,采取合理有效的措施化解村级债务,进一步发展农村公共事业,丰富农村公共资源,提升农村公共服务水平。%Village level organization as the most basic mass autonomous organization in rural areas of China,Many public management and service functions have been undertaken in the rural development.Not covered by the public finance for a long time,Due to historical reasons,the village debt is different from the government debt.Village level debt seriously restricts the development of rural areas,the impact of social stability.The village to solve the village level debt problem requires the appropriate input of the state finance,Take reasonable and effective measures to resolve the village level debt,Further development of rural public utilities,Rich rural public resources,improving the level of rural public service.

  4. 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.

  5. Croatian future based on the debt doctrine – cause-effect connection of consumption and foreign debt

    Directory of Open Access Journals (Sweden)

    Zoran Aralica

    2006-05-01

    Full Text Available The article is based on analysis of debt economy functioning in conditions of non-conceptual economic environment in Croatia. The debt doctrine economy as a subject of culture and civilization has emerged and functions in the period of deconstruction of the world of states and construction of the world of global interests. Concurrently, the influence of supranational types of political and socio-economic system has been increasing on all levels of management ( from local to national and supranational. The basic hypothesis is that external debt in Croatia is a consequence of irrational governance, managing resources and organizing life, no matter whether it is a state or an individual. The paper has two main objectives. The first one is to conduct research into basic elements of psychology of debt economy prevalent in Croatia, and the other one is to investigate – by applying the Granger’s test - the connection between macroeconomic aggregates (personal and state costs and investments and external debts.

  6. Ecological constraints increase the climatic debt in forests

    Science.gov (United States)

    Bertrand, Romain; Riofrío-Dillon, Gabriela; Lenoir, Jonathan; Drapier, Jacques; de Ruffray, Patrice; Gégout, Jean-Claude; Loreau, Michel

    2016-01-01

    Biodiversity changes are lagging behind current climate warming. The underlying determinants of this climatic debt are unknown and yet critical to understand the impacts of climate change on the present biota and improve forecasts of biodiversity changes. Here we assess determinants of climatic debt accumulated in French forest herbaceous plant communities between 1987 and 2008 (that is, a 1.05 °C mean difference between the observed and bioindicated temperatures). We show that warmer baseline conditions predispose plant communities to larger climatic debts, and that climate warming exacerbates this response. Forest plant communities, however, are absorbing part of the temperature increase mainly through the species' ability to tolerate changing climate. As climate warming is expected to accelerate during the twenty-first century, plant migration and tolerance to climatic stresses probably will be insufficient to absorb this impact posing threats to the sustainability of forest plant communities. PMID:27561410

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

    DEFF Research Database (Denmark)

    Hirth, Stefan; Uhrig-Homburg, Marliese

    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......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...... 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....

  8. Ecological constraints increase the climatic debt in forests

    Science.gov (United States)

    Bertrand, Romain; Riofrío-Dillon, Gabriela; Lenoir, Jonathan; Drapier, Jacques; de Ruffray, Patrice; Gégout, Jean-Claude; Loreau, Michel

    2016-08-01

    Biodiversity changes are lagging behind current climate warming. The underlying determinants of this climatic debt are unknown and yet critical to understand the impacts of climate change on the present biota and improve forecasts of biodiversity changes. Here we assess determinants of climatic debt accumulated in French forest herbaceous plant communities between 1987 and 2008 (that is, a 1.05 °C mean difference between the observed and bioindicated temperatures). We show that warmer baseline conditions predispose plant communities to larger climatic debts, and that climate warming exacerbates this response. Forest plant communities, however, are absorbing part of the temperature increase mainly through the species' ability to tolerate changing climate. As climate warming is expected to accelerate during the twenty-first century, plant migration and tolerance to climatic stresses probably will be insufficient to absorb this impact posing threats to the sustainability of forest plant communities.

  9. How are interbank and sovereign debt markets linked? Evidence from 14 OECD countries, the Euro area and Russia

    Directory of Open Access Journals (Sweden)

    Stolbov Mikhail

    2014-01-01

    Full Text Available The paper explores causal linkages between interbank and sovereign bond markets in 14 OECD countries, the Euro area and Russia during the 2008-2009 crisis and post-crisis period. The analysis has been carried out for individual countries and in a multivariate framework. It enables to identify systemically important countries in both markets. The USA, Switzerland, Australia, South Korea and Russia are of particular significance in the interbank lending market. Switzerland, the UK, Poland, Australia and Canada play a pivotal role in the public debt market. The analysis under the multivariate framework reveals substantial heterogeneity in the network structure of both markets. Only 12% of causal relationships coincide, which may fuel financial contagion. Volatility spillovers underlie the causal linkages. They are estimated by means of dynamic volatility indices based on rolling correlation matrices and help identify the transformation of the international banking turmoil into the sovereign debt crisis.

  10. Accounting Quality and Debt Concentration: Evidence from Internal Control Weakness Disclosures

    OpenAIRE

    Lou , Yun; Otto , Clemens

    2014-01-01

    This paper examines the effect of accounting quality on the degree of debt concentration (i.e., the tendency to rely predominantly on only a few types of debt) in corporate capital structures. Building on theoretical and empirical studies arguing that asymmetric information increases the renegotiation and bankruptcy costs associated with relying on multiple types of debt, the authors predict that lower quality accounting numbers induce firms to choose more concentrated debt structures. Measur...

  11. External public indebtedness in Mexico: recent history and future oil-bounded optimal growth

    Energy Technology Data Exchange (ETDEWEB)

    Zedillo Ponce De Leon, E.

    1981-01-01

    The Phenomenon of the growth of the external public debt in Mexico since 1954 is studied. Chapter 1 provides a review of a few preliminary topics such as the history of the debt prior to 1954 and the evoluton of the Mexican economy and the total inflow of foreign capital since 1954. Chapter 2 provides a detailed description of the growth of the foreign public debt during 1954-1979, paying attention to a number of debt-management aspects. At this point it is clear that the external debt began to grow well over its historic trend in 1973. An analysis of the short-run direct macroeconomic impacts of the net flow of the debt from the mid-fifties to the mid-seventies is presented in Chapter 3. Through the specification and estimation of a small econometric model, the direct impact of such variable on different components of the aggregate demand is estimated. In Chapter 4, the causes of the growth of the debt during 1973-1977 are studied. An analytical framework that distinguishes between external and internal debt-inducing factors is presented. Its application reveals that, unlike the case of other LDC's, the growth of the debt during such period was more the result of internal than external phenomena. In the final chapter, Mexico's indebtedness outlook for the 1980's is considered. The analysis focuses on the interaction that should exist between oil exports and indebtedness.

  12. Earnings Management of Firms Reporting Long Term Debt: An Alternative Method

    Directory of Open Access Journals (Sweden)

    Yulius Jogi Christiawan

    2014-01-01

    Full Text Available This study aims to apply an alternative detection model to prove that the earnings management will be occured when a company has long-term debts as well as the pressure of operating income. Generally, the literature study of earnings management indicates that the detection of earnings management can be grouped into two objectives, 1] to find variables for detecting earnings management (accruals, real activity and classification shifting and 2] to use some advanced statistical or mathematical models to detect earnings management. This study applies a quantitative approach using secondary data of financial statements. The study was conducted on 50 companies with the largest market capitalization, 50 of the most active companies based on trading volume, 50 of the most active companies based on the value of trade and 50 of the most active companies by frequency trading. All of them are 200  public company (listed in the Indonesia Stock Exchange-ID based on IDX statistical report 2013. The results of this study are expected to provide a new method to detect earnings management and its application in the context of positive accounting theory (PAT. The results of the study proves that the model is able to detect earnings management by utilizing foreign exchange transaction losses and use these models to support PAT (particularly on debt covenant hypothesis. These results contribute that earnings management can be done by using the foreign exchange gain / loss. However, the limitation of this study is the model has not been able to capture the phenomenon of earnings management if a company does not report any long-term debt nor foreign exchange gain/ loss.

  13. Debt and Taxes: Evidence from bank-financed unlisted firms

    DEFF Research Database (Denmark)

    Bartholdy, Jan; Mateus, Cesário

    This paper analyzes the capital structure decision of non-listed bank-financed firms using a rich and unique new data set of Portuguese firms. These firms are rarely studied in capital structure contexts and differ from large listed firms in terms of agency and asymmetric information problems...... it easier for small firms to exploit tax advantages of debt. The empirical analysis shows that debt tax shields and provisions for tax loss carry-forwards have an important impact on the capital structure of small firms. It is also found that the balance sheet variables used for large listed firms...

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

    DEFF Research Database (Denmark)

    Hirth, Stefan; Uhrig-Homburg, Marliese

    2010-01-01

    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......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...

  15. Debt as a Criminal Risk Factor in Denmark

    DEFF Research Database (Denmark)

    Olesen, Annette

    2016-01-01

    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...

  16. Debt sustainability of state finances of Uttar Pradesh government

    OpenAIRE

    Maurya, Nagendra Kumar

    2014-01-01

    Serious deterioration in government fiscal finances in the late 1990s and early 2000s asked for prudent fiscal management. The fiscal deterioration of 1990s and 2000s led to elevated levels of debt liabilities at both the national and sub-national level. Uttar Pradesh (UP) fiscal position during 1990s and 2000s was one of the most vulnerable. Fiscal and revenue deficit and debt levels were appallingly high creating unmanageable pressure on fiscal finances. The UP government has enacted its FR...

  17. 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.

  18. Export Heads toward Growth despite EU Debt Woes

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    In the Jan.-Apr. 2010 period,China’s textile and garment total exports amounted to $55.3 billion,up 15.76 percent y/y.Although Chinese textile industry continues to improve,here we highlight the necessity for Chinese texstile businesses to keep a watchful eye on Europe’s debt crisis.Europe’s debt crisis and the consequent sovereign credit risk of developed economies and a new round of global financial market turmoil have limited direct impact on China,but indirect effects can not be ignored.

  19. Firms' debt-equity decisions when the static tradeoff theory and the pecking order theory disagree

    NARCIS (Netherlands)

    de Jong, A.; Verbeek, M.; Verwijmeren, P.

    2011-01-01

    This paper tests the static tradeoff theory against the pecking order theory. We focus on an important difference in prediction: the static tradeoff theory argues that a firm increases leverage until it reaches its target debt ratio, while the pecking order yields debt issuance until the debt capaci

  20. 31 CFR 5.7 - When will Treasury entities compromise a Treasury debt?

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false When will Treasury entities compromise a Treasury debt? 5.7 Section 5.7 Money and Finance: Treasury Office of the Secretary of the Treasury TREASURY DEBT COLLECTION Procedures To Collect Treasury Debts § 5.7 When will Treasury...

  1. 31 CFR 5.15 - How will Treasury entities refer Treasury debts to private collection agencies?

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false How will Treasury entities refer Treasury debts to private collection agencies? 5.15 Section 5.15 Money and Finance: Treasury Office of the Secretary of the Treasury TREASURY DEBT COLLECTION Procedures To Collect Treasury Debts § 5.15 How...

  2. 31 CFR 5.14 - How will Treasury entities report Treasury debts to credit bureaus?

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false How will Treasury entities report Treasury debts to credit bureaus? 5.14 Section 5.14 Money and Finance: Treasury Office of the Secretary of the Treasury TREASURY DEBT COLLECTION Procedures To Collect Treasury Debts § 5.14 How will...

  3. Out of the Nest and into the Red: Three Essays on Debt in Young Adulthood

    Science.gov (United States)

    Houle, Jason N.

    2011-01-01

    The Great Recession of 2008 and rising costs of college have stoked popular and scholarly concern about young adult debt. Debt plays an important role in the lives of young people as they make the transition to adulthood, but little research has been conducted on the topic. This dissertation sheds light on the role of debt in the lives of young…

  4. 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...

  5. Firms' debt-equity decisions when the static tradeoff theory and the pecking order theory disagree

    NARCIS (Netherlands)

    de Jong, A.; Verbeek, M.; Verwijmeren, P.

    This paper tests the static tradeoff theory against the pecking order theory. We focus on an important difference in prediction: the static tradeoff theory argues that a firm increases leverage until it reaches its target debt ratio, while the pecking order yields debt issuance until the debt

  6. 42 CFR 413.89 - Bad debts, charity, and courtesy allowances.

    Science.gov (United States)

    2010-10-01

    ... under the program. (b) Definitions—(1) Bad debts. Bad debts are amounts considered to be uncollectible... the definition of a “full-benefit dual eligible individual” at § 423.772 of this chapter. (i) Exception. Bad debts arising from covered services paid under a reasonable charge-based methodology or a...

  7. 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...

  8. 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...

  9. 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...

  10. 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...

  11. 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...

  12. 26 CFR 1.593-1 - Additions to reserve for bad debts.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Additions to reserve for bad debts. 1.593-1... bad debts. (a) In general. A mutual savings bank not having capital stock represented by shares, a... reserve for bad debts in the manner and under the circumstances prescribed in this section and §...

  13. Page 1 Impact of external debt on economic growth in ghana ...

    African Journals Online (AJOL)

    long-term component of the external debt stock represented 87.8 percent, 4.7 percent short-term debt and 7.5 percent accounts for medium-term debt. This has ..... opment: Essays in memory of Carlos Diaz-. Alejandro. Oxford: Basil Blackwell.

  14. Exploring the link between household debt and income inequality: an asymmetric approach

    DEFF Research Database (Denmark)

    Raza, Hamid; Fasianos, Apostolos; Kinsella, Stephen

    2016-01-01

    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...

  15. 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…

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

    Science.gov (United States)

    2010-01-01

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

  17. 7 CFR 792.18 - Referral of debts to Department of Justice.

    Science.gov (United States)

    2010-01-01

    ... Justice for collection action. Claims of less than $600.00 exclusive of interest, penalties, and... 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...

  18. 34 CFR 682.503 - The guarantee agreement.

    Science.gov (United States)

    2010-07-01

    ... 34 Education 3 2010-07-01 2010-07-01 false The guarantee agreement. 682.503 Section 682.503 Education Regulations of the Offices of the Department of Education (Continued) OFFICE OF POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION FEDERAL FAMILY EDUCATION LOAN (FFEL) PROGRAM Federal Guaranteed...

  19. 13 CFR 115.63 - Allotment of guarantee authority.

    Science.gov (United States)

    2010-01-01

    ...'s allotment for an amount equal to the guarantee percentage of the estimated penal sum of the Final... allotment for an amount equal to the guarantee percentage of the penal sum of the Final Bond. SBA will debit... penal sum of the bond. In that event, the Surety must notify SBA as soon as possible, but in no...

  20. 48 CFR 52.247-60 - Guaranteed Shipping Characteristics.

    Science.gov (United States)

    2010-10-01

    ... Characteristics. 52.247-60 Section 52.247-60 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION....247-60 Guaranteed Shipping Characteristics. As prescribed in 47.305-16(b)(1), insert the following clause: Guaranteed Shipping Characteristics (DEC 1989) (a) The offeror is requested to...

  1. 29 CFR 541.604 - Minimum guarantee plus extras.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 3 2010-07-01 2010-07-01 false Minimum guarantee plus extras. 541.604 Section 541.604 Labor Regulations Relating to Labor (Continued) WAGE AND HOUR DIVISION, DEPARTMENT OF LABOR REGULATIONS... SALES EMPLOYEES Salary Requirements § 541.604 Minimum guarantee plus extras. (a) An employer may...

  2. 17 CFR 1.56 - Prohibition of guarantees against loss.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Prohibition of guarantees against loss. 1.56 Section 1.56 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT Miscellaneous § 1.56 Prohibition of guarantees...

  3. 77 FR 40785 - Single Family Housing Guaranteed Loan Program

    Science.gov (United States)

    2012-07-11

    ... subsidy neutral when used in conjunction with the one- time up-front guarantee fee, thus eliminating the... affect only Agency determination of program benefits for guarantees of loans made to individuals. Changes... activities on the basis of race, color, national origin, age, disability, and where applicable, sex,...

  4. The guaranteed failure of the road map

    NARCIS (Netherlands)

    Reinhart, T.

    2006-01-01

    Every few months, a "peace plan" is pulled out of the drawers of the white house and keeps the public discourse busy for a few weeks. Although this ritual has a fixed pattern and predetermined end, it is curious that many in Israel are still tempted to believe that this time it is different. The Ro

  5. Pricing Microfinance Loans and Loan Guarantees using Biased Loan Write-off Data

    OpenAIRE

    Chowdhry, Bhagwan; Cassell, David; Gamett, James B; Milkwick, Gary J; Nielsen, Chad D; Sederstrom, Jon D

    2005-01-01

    We present a simple, easy to implement methodology for pricing microfinance loans and loan guarantees using publicly available data on loan write-offs by Micro Finance Institutions (MFIs). Our methodology takes into account the selection bias inherent in available data in that MFIs that do not report loan write-off data are less likely to be better performers. Our quantitative analysis is consistent with pricing seen in a recent securitization deal. Our analysis suggests how securitization a...

  6. 未来25年全球政府债务展望:对经济和公共政策的影响%The Global Outlook for Government Debt over the Next 25 Years: Implications for the Economy and Public Policy

    Institute of Scientific and Technical Information of China (English)

    约瑟夫·加侬; 马克·因特希韦格; 詹蓓(译)

    2012-01-01

    This article explores the long-run fiscal outlook for key economies and the world overall. If there are no changes in current tax rates or government benefit programs in retirement and health care, the government debt will grow to dangerous and unsustainable levels in most advanced and many emerging economies over the next 25 years. For the major economies and the world more broadly, in the absence of any large and unexpected negative shoek to economic growth, the danger zone is likely to be relatively far into the future, about 10 to 25 years ahead. However, if government debt is allowed to grow continually, interest rates eventually will rise, crowding out productive investments and slowing down the rate of economic growth. A serious economic downturn in the future could quickly push government debt levels more rapidly into the danger zone and greatly increase the chances of a crisis. So, policymakers should begin the process now of planning for an adjustment to a sustainable path for government debt. Accordingly, we propose that budget cuts currently being planned should be implemented in 2013 - 15 and that additional budget cuts should begin in 2016. In addition, reaching agreement to curb retirement and medical costs should be made as soon as possible, so as to deal with a problem that threatens to grow more serious in the next two or three decades.%文章探讨了主要经济体以及全世界的长期财政前景。文章认为,如果当前的税率或政府的退休和卫生保健惠民工程没有发生变化,未来25年政府债务规模将在大多数发达经济体和许多新兴经济体中增长到危险和不可持续的水平。虽然对于主要的经济体来说,在经济增长不出现任何大的、出乎意料的负面震荡的情况下,危险区很可能还比较远,大约会发生在今后10~25年时间内,但如果允许政府债务继续增长,利率最终将上升,从而挤出生产性投资,降低经济增长率。严

  7. Economic valuation of a toll road concession with traffic guarantees and the abandonment option

    Directory of Open Access Journals (Sweden)

    Frances Fischberg Blank

    2016-03-01

    Full Text Available Abstract Governments worldwide have been encouraging private participation in transportation infrastructure. To increase the feasibility of a project, public-private partnership (PPP may include guarantees or other support to reduce the risks for private investors. It is necessary to value these opportunities under a real options framework and thereby analyze the project's economic feasibility and risk allocation. However, within this structure, sponsors have an implicit option to abandon the project that should be simultaneously valued. Thus, this article proposes a hypothetical toll road concession in Brazil with a minimum traffic guarantee, a maximum traffic ceiling, and an implicit abandonment option. Different combinations of the minimum and maximum levels are presented, resulting in very high or even negative value added to the net present value (NPV. The abandonment option impacts the level of guarantee to be given. Governments should calibrate an optimal level of guarantees to avoid unnecessarily high costs, protect the returns of the sponsor, and lower the probability of abandonment.

  8. Guaranteed Student Loans. Better Criteria Needed for Financing Guarantee Agencies. United States General Accounting Office Report to the Congress.

    Science.gov (United States)

    Comptroller General of the U.S., Washington, DC.

    The financing of guarantee agencies under the U.S. Department of Education's Guaranteed Student Loan Program was reviewed to determine whether, in the aggregate, the agencies are accumulating, retaining, and using reserve funds in accordance with legislative requirements and federal regulations. It was found that reserves exceed the risks…

  9. Execution of Fiduciary Guarantee Under Law No. 42 of 1999 on Fiduciary Guarantee (A Socio-Juridical Analysis to Anticipate Its Effectiveness

    Directory of Open Access Journals (Sweden)

    Arie Sukanti

    2013-09-01

    Full Text Available Fiduciary Guarantee (Fiduciary Law which approved by the House of Representatives of the Republic of Indonesia (DPR RI on September 9, 1999 has accommodate the public needs to help business activities and to provide legal certainty to the interested parties. With the increase in the development activities and the needs for funding, a majority of funds are needed to meet the lending and borrowing activities that require protection for the lender and the borrower through a guarantee institution that can provide legal certainty and protection to the lender or the borrower. Viewed from the current lending practices, there is a difficulty on the part of the Fiduciary Guarantee to conduct the fiduciary execution if the Fiduciary Grantor defaults since in fact the goods being a fiduciary object are still in the possession of the Fiduciary Grantor or Debtor, then in line with the provisions of article 1977 of the Indonesian Civil Code, known as the principle of bezit geldt als volkomen titel.

  10. 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.

  11. 26 CFR 1.1275-5 - Variable rate debt instruments.

    Science.gov (United States)

    2010-04-01

    ... percentage change in a general inflation index (e.g., the Consumer Price Index, U.S. City Average, All Items... treatment of a variable rate debt instrument and a hedge. (2) Principal payments. The issue price of the... objective rate only if it is a qualified inverse floating rate or a qualified inflation rate. A rate is a...

  12. 7 CFR 1956.109 - General requirements for debt settlement.

    Science.gov (United States)

    2010-01-01

    ... expected, taking into consideration such items as the security, costs of administration, allowances of... charged off under § 1956.136 of this subpart. (b) Disposition of security. Ordinarily, all security will... necessary to abandon security through the debt settlement process. For example, a community may be...

  13. Understanding the Determinants of Debt Burden among College Graduates

    Science.gov (United States)

    Chen, Rong; Wiederspan, Mark

    2014-01-01

    This article examines debt burden among college graduates and contributes to previous research by incorporating institutional and state characteristics. Utilizing a combination of national datasets and zero-one inflated beta regression, we find several major themes. First, family income and college experiences are strongly associated with the…

  14. The Basics of Long-Term Debt Issuance and Management

    Science.gov (United States)

    Van Meter, Christine M.

    2011-01-01

    Issuing long-term debt can be a complex, multifaceted process. Although the process varies by stare, typically the school business official and the district solicitor work with the financing ream, which includes a financial adviser, bond counsel, underwriter, raring agency, and possibly a bond insurance agent, paying agent, and architect.…

  15. 76 FR 34385 - Program Integrity: Gainful Employment-Debt Measures

    Science.gov (United States)

    2011-06-13

    ... June 13, 2011 Part III Department of Education 34 CFR Part 668 Program Integrity: Gainful Employment...: Gainful Employment--Debt Measures AGENCY: Office of Postsecondary Education, Department of Education... institution of higher education are gainful employment programs; Updated the definition of the term...

  16. 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

  17. Quantifying historical carbon and climate debts among nations

    Science.gov (United States)

    Matthews, H. Damon

    2016-01-01

    Contributions to historical climate change have varied substantially among nations. These differences reflect underlying inequalities in wealth and development, and pose a fundamental challenge to the implementation of a globally equitable climate mitigation strategy. This Letter presents a new way to quantify historical inequalities among nations using carbon and climate debts, defined as the amount by which national climate contributions have exceeded a hypothetical equal per-capita share over time. Considering only national CO2 emissions from fossil fuel combustion, accumulated carbon debts across all nations from 1990 to 2013 total 250 billion tonnes of CO2, representing 40% of cumulative world emissions since 1990. Expanding this to reflect the temperature response to a range of emissions, historical climate debts accrued between 1990 and 2010 total 0.11 °C, close to a third of observed warming over that period. Large fractions of this debt are carried by industrialized countries, but also by countries with high levels of deforestation and agriculture. These calculations could contribute to discussions of climate responsibility by providing a tangible way to quantify historical inequalities, which could then inform the funding of mitigation, adaptation and the costs of loss and damages in those countries that have contributed less to historical warming.

  18. 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.

  19. 26 CFR 1.1001-3 - Modifications of debt instruments.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Modifications of debt instruments. 1.1001-3 Section 1.1001-3 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Determination of Amount of and Recognition of Gain Or Loss §...

  20. The Short Term Effect of Educational Debt on Job Decisions

    Science.gov (United States)

    Minicozzi, A.

    2005-01-01

    This paper studies the effect of educational debt on a college attendee's future wage and wage growth. I hypothesize that those who took larger loans to pay for college are subject to higher borrowing interest rates and thus prefer income profiles with higher initial earnings, sacrificing future income growth, relative to those who did not take on…