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

Science.gov (United States)

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

2016-01-01

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

Sleep debt and depression in female college students.

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Regestein, Quentin; Natarajan, Viji; Pavlova, Milena; Kawasaki, Susan; Gleason, Ray; Koff, Elissa

2010-03-30

The objective of the study was to evaluate relationships between sleep habits and depressive symptoms. Pilot study data were collected about sleep schedules, related factors and depression in female college students to find whether their sleep schedules correlate with affective symptoms. In the subsequent main study, similar information was collected under more controlled conditions. Depression was measured using the CES-D (Center for Epidemiologic Studies Depression Scale) and HAM-D-3 (modified Hamilton Depression Rating Scale). Response rates were 31.3% of eligible students for the pilot survey and 71.6% for the main study. Both studies showed that about 20% of students reported weekday sleep debts of greater than 2 h and about 28% reported significantly greater sleep debt and had significantly higher depression scores (Pstudents. Melancholic symptoms indicated by high CES-D scores (>24), were observed in 24% of students. Sleep problems explained 13% of the variance for both the CESD scale and the HAM-D-3 scale. Among female college students, those who report a sleep debt of at least 2 h or significant daytime sleepiness have a higher risk of reporting melancholic symptoms than others. Copyright 2008 Elsevier Ltd. All rights reserved.

Student loan burden and its impact on career decisions in dermatology.

Science.gov (United States)

Nguyen, Jannett; Song, Eingun; Liu, Michael A; Lee, Patrick K; Truong, Sam

2017-12-01

Dermatology departments in the United States face difficulties in recruiting dermatologists to academic positions, raising concerns for the future of dermatology education and research. This preliminary study aimed to explore the impact of student loan burden on career plans in dermatology and to determine if the Public Service Loan Forgiveness (PSLF) program can be used as a recruitment tool for academic positions in dermatology. Results from this electronic survey, which was distributed to dermatology residents and attending physicians, revealed that debt burden may influence career decisions in dermatology. Dermatologists may not be fully educated on loan repayment options. With increased awareness, the PSLF can potentially be used as a recruitment tool for academic positions in dermatology.

Disparities in Debt: Parents' Socioeconomic Resources and Young Adult Student Loan Debt

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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…

Is student debt jeopardizing the short-term financial health of U.S. households?

OpenAIRE

Elliott, William; Nam, IlSung

2013-01-01

In this study, the authors use the Survey of Consumer Finances to determine whether student loans are associated with household net worth. They find that median 2009 net worth ($117,700) for households with no outstanding student loan debt is nearly three times higher than for households with outstanding student loan debt ($42,800). Further, multivariate statistics indicate that households with outstanding student loan debt and a median 2007 net worth of $128,828 incur a loss of about 54 perc...

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

NARCIS (Netherlands)

van Wijnbergen, S.; France, A.

2012-01-01

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

Nursing Student Loan Debt: A Secondary Analysis of the National Student Nurses' Association Annual Survey of New Graduates.

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Feeg, Veronica D; Mancino, Diane J

2014-01-01

The purpose of this study is to describe nursing student loan debt and financial choices from a secondary analysis of the National Student Nurses Association Annual New Graduate Survey. The findings in the secondary analysis show loan debt incurred by nursing students comparable to loan debt reported recently for all new college graduates in general. However, comparing types of programs and types of schools yielded clear variations. More than one-third of new graduates who reported having loans to repay were unemployed; more than one-quarter of those who worked part-time and one-quarter of those who worked full-time to finance their education were unemployed; and almost one-third of students whose parents had paid for their education were unemployed. New graduates from for-profit schools were more likely to report they had accumulated high debt to pay for school than all new graduates combined. Nursing students enter the job market with substantial financial debt that may impact their future. Educators and policymakers need to address these growing concerns to sustain a healthy supply of nurses.

A cross-disciplinary assessment of student loans debt, financial support for study and career preferences upon graduation.

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Webster, Craig S; Ling, Christopher; Barrow, Mark; Poole, Phillippa; Henning, Marcus

2017-07-21

To explore relationships between student loans debt, financial support and career preferences upon graduation for all healthcare disciplines offered at the Faculty of Medical and Health Sciences, University of Auckland. The Faculty Tracking Project is a longitudinal study which invites students to complete a questionnaire at the beginning and end of their educational programmes, including questions on debt, financial support and career preference. Our analysis comprised three phases: (1) a descriptive analysis of data related to debt and financial support; (2) a principal component analysis in order to find related categories of career choice; and (3) logistic regression models to determine how career preference categories could be explained by either levels of student loans debt or financial support. Data from 2,405 participating students were included. Students in health sciences, nursing and pharmacy typically accrue levels of student loans debt of around $15,000 to $29,999, while optometry students accrue debt around $15,000 higher. Medical students show debt distributed around modes of $0 and $90,000 or more. All students typically access three sources of financial support during study. Career preferences at graduation reduced to four categories for all health disciplines. We found five significant effects, involving students in health sciences, medicine and pharmacy, relating the number of sources of financial support to the four categories of career preference. No significant effects were found related to level of student loans debt. Our results suggest that financial support is a more strongly determining factor in career choices than the level of student loans debt. The four-category framework for student career preferences appears to be a useful model for further research.

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

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

2013-01-01

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

A Class to Prepare Students to Manage Educational Debt.

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Popik, Roberta S.; And Others

1986-01-01

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

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

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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.

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

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

1996-10-01

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

An Investigation into Credit Card Debt among College Students

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Williams, Dylan; Waterwall, Brian; Giardelli, Tiffany

2008-01-01

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

Association Between Student Loan Debt on Graduation, Demographic Characteristics and Initial Choice of Practice Setting of Pharmacists

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Akeem A. Yusuf

2011-01-01

Full Text Available Objectives: (1 To examine trends in level of student loan indebtedness for groups of pharmacists that were first licensed between 1980 and 2006; (2 To examine if demographic variables are associated with level of student loan indebtedness; (3 To examine the association between student loan debt and choice of practice setting while controlling for demographic variables. Methods: Data for this study were collected from a national random sample of 3,000 pharmacists using a self administered survey. Descriptive statistics were used to examine trends in level of indebtedness. The relationships between level of indebtedness, demographic variables and practice setting choice were examined using Chi-square statistics. Multinomial logistic regression was used to determine the independent association of student loan debt and choice of practice setting while controlling for demographic variables. Results: The proportion of licensed pharmacists reporting student loan debt after graduation, and the mean amount of debt incurred increased between 1980 and 2006. Non-white pharmacists incurred debt at a higher proportion compared to white, and they also incurred significantly higher levels of debt. A lower level of indebtedness was associated with choosing independent practice over chain practice. Conclusions: Student loan indebtedness has been increasing over time, especially for non-white pharmacy students. Future research should be done to examine other factors that might influence student debt load, work contributions and choice of practice settings. The affordability of pharmacy education for students of color and how salaries may or may not help off-set these costs also should be examined closely.   Type: Original Research

Debt Sustainability of Ukraine: Status, Problems and Policy

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Mytrofanova Anastasiia S.

2017-03-01

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

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

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

2011-07-01

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

Public Debt and Economic Growth in Malaysia

OpenAIRE

Siew-Peng Lee; Yan-Ling Ng

2015-01-01

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

Student Debt Spans Generations: Characteristics of Parents Who Borrow to Pay for Their Children's College Education.

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Walsemann, Katrina M; Ailshire, Jennifer A

2017-10-01

Discussions of student debt often overlook the debt parents take on to pay for their children's education. We identify characteristics of parents with child-related educational debt among the late baby boom cohort. Data come from the National Longitudinal Survey of Youth 1979, a nationally representative sample of individuals born between 1957 and 1964. We restrict our sample to parents who had any children aged ≥17 and answered questions on educational debt during midlife (n = 6,562). Craggit models estimated (a) having any child-related educational debt and (b) the amount of debt owed among debtors. Black parents and parents with more education, higher income, and higher net worth were more likely to report child-related educational debt than White parents and parents with no degree, low-income, or negative net worth. Among debtors, high-income parents had more debt than low-income parents. Our findings suggest concerns about the student debt crisis should extend to aging parents. © The Author 2016. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

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

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Oleson, Mark

2001-01-01

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

The Debt Overhang Hypothesis: Evidence from Pakistan

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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.

Student Loan Debt: Trends Affecting the American Dream

Science.gov (United States)

Greiner, Keith

2007-01-01

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

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

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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…

Do Community Characteristics Relate to Young Adult College Students' Credit Card Debt? The Hypothesized Role of Collective Institutional Efficacy.

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Friedline, Terri; West, Stacia; Rosell, Nehemiah; Serido, Joyce; Shim, Soyeon

2017-03-01

This study examines the extent of emergent, outstanding credit card debt among young adult college students and investigates whether any associations existed between this credit card debt and the characteristics of the communities in which these students grew up or lived. Using data (N = 748) from a longitudinal survey and merging community characteristics measured at the zip code level, we confirmed that a community's unemployment rate, average total debt, average credit score, and number of bank branch offices were associated with a young adult college student's acquisition and accumulation of credit card debt. For example, a community's higher unemployment rate and lower number of bank branches were associated with a young adult college student's greater accumulated debt. Community characteristics had the strongest associations with credit card debt, especially after controlling for individual characteristics (i.e., a young adult college student's race and financial independence) and familial characteristics (i.e., their parents' income and parents' discussions of financial matters while growing up at home). The findings may help to understand the unique roles that communities play in shaping children and young adults' financial capability, and how communities can be better capacitated to support the financial goals of their residents. © Society for Community Research and Action 2017.

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

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Jeanne Scheper

2017-02-01

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

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

Science.gov (United States)

Cooper, Daniel; Wang, J. Christina

2014-01-01

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

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

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

2014-01-01

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

Addressing Student Debt: A New Post Secondary Learning Support System

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Association of Canadian Community Colleges, 2001

2001-01-01

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

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

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Shalendra D. Sharma

2015-03-01

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

Student Debt, Problem-Solving, and Decision-Making of Adult Learners: A Basic Qualitative Study

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Brooks, William J.

2013-01-01

A basic qualitative research study was conducted to develop insights into how adult learners employ problem-solving and decision-making (PSDM), when considering college financing, student loans, and student debt. Using the social media Website Facebook, eight qualified participants were recruited. Participants were interviewed via telephone, and…

Racial and Ethnic Variation in the Relationship Between Student Loan Debt and the Transition to First Birth.

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Min, Stella; Taylor, Miles G

2018-02-01

The present study employs discrete-time hazard regression models to investigate the relationship between student loan debt and the probability of transitioning to either marital or nonmarital first childbirth using the 1997 National Longitudinal Survey of Youth (NLSY97). Accounting for nonrandom selection into student loans using propensity scores, our study reveals that the effect of student loan debt on the transition to motherhood differs among white, black, and Hispanic women. Hispanic women holding student loans experience significant declines in the probability of transitioning to both marital and nonmarital motherhood, whereas black women with student loans are significantly more likely to transition to any first childbirth. Indebted white women experience only a decrease in the probability of a marital first birth. The results from this study suggest that student loans will likely play a key role in shaping future demographic patterns and behaviors.

Rethinking debt sustainability in the context of the Millennium Development Goals

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Jan Kregel

2007-09-01

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

Who will pay the ecological debts

International Nuclear Information System (INIS)

Marcan, P.; Benka, M.

2006-01-01

The ecological ignorance of the past has to be addressed. The question is who will pay the ecological debts. State officials know exactly who should pay. According to them the main part of the burden should be carried by companies - the successors of the former socialist factories and companies that inherited the ecological debts. The companies object to this idea. And their reason is obvious - the estimated cost of the disposal of all high risk tips, old chemical stores and contaminated soil amounts to a prohibitive 100 billions Slovak crowns (2.63 billion EUR). The Ministry of Environment of the Slovak Republic has been working on legislation that would address the ecological debt in a comprehensive way for two years. But the final effect is minimal. The draft legislation presented in 2004 did not pass the commenting process and after pressure from the commercial sector the Ministry finally withdrew its draft. The Ministry then formed a working group with representatives of industries that was supposed to find a solution acceptable for both environmentalists and industries. But no progress has been made so far. 'The original bill was superficial and not supported by expert studies. And was presented too early,' explained Jozef Mikulec, a representative of the Industry Association of Slovakia, and argued that not even the European Union has yet issued a dedicated directive addressing the environmental burden. In his opinion the existing legislation - the Act on Water - is sufficient: and the closed and liquidated petrol stations provide a good enough example. At some old petrol stations the distribution pipes were leaking. The Ministry of Environment wants a new act. In its opinion the Act on Water only addresses the ecological debts on an ad hoc basis but does not offer a comprehensive solution. Enforceability measures are missing. 'We cannot even investigate the locations of ecological burdens as without new legislation we do not have access to production plants

DEPENDENCE OF COUNTRY RISK COMPARED TO THE FOREIGN DEBT LEVEL

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Angelica BĂCESCU-CĂRBUNARU

2012-11-01

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

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

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Darolia, Rajeev; Harper, Casandra

2018-01-01

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

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

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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.

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

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

2015-12-01

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

Debt management and financial planning support for primary care students and residents at Boston University School of Medicine.

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Terrell, C; Hindle, D

1999-01-01

Boston University Medical Center created the Office of Residency Planning and Practice Management as part of The Robert Wood Johnson Foundation's Generalist Physician Initiative. Since 1995, the office has improved the medical center's ability to promote and support the generalist career decisions of its students and residents by removing indebtedness as a disincentive. After a brief review of the relationship between indebtedness and specialty selection, the authors delineate the nature and volume of debt-management assistance provided by the office to students and residents through individual counseling sessions, workshops, and other means between April 1995 and March 1998. A case study shows the progression of these services throughout residency training. The medical center also coordinates its debt-management assistance with counseling from physician-oriented financial planning groups. In conclusion, the authors discuss several characteristics of a successful debt-management program for residents.

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.)

Balancing Passion and Practicality: The Role of Debt and Major on Students' Financial Outcomes. Research Report

Science.gov (United States)

TG (Texas Guaranteed Student Loan Corporation), 2012

2012-01-01

As the importance of a college degree climbs and federal and state grant funding remains inadequate, millions of students in the U.S. continue to take out student loans each year to help pay for their rising education costs. In October 2011, the total amount of outstanding student loan debt in the U.S. exceeded $1 trillion (Chopra, 2012),…

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

Directory of Open Access Journals (Sweden)

Garcia-Sanchez Isabel-Maria I.M

2011-01-01

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

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.

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.

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

OpenAIRE

Zsuzsa Mosolygó

2011-01-01

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

Debt Dilemma

Science.gov (United States)

Stewart, Pearl

2012-01-01

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

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

Directory of Open Access Journals (Sweden)

Jari Eloranta

2011-01-01

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

Engaging Student Borrowers: Results of a Survey of Financial Aid Professionals. Research Report

Science.gov (United States)

Webster, Jeff; Fernandez, Chris; Fletcher, Carla; Klepfer, Kasey

2017-01-01

The rising cost of attending college creates a financial challenge for most students, many of whom must take out student loans to pursue their education goals. Whether or not they earn a degree, these students will leave school with the burden of managing student debt. How well they manage this complex process may shape their personal finances for…

The effect of education debt on dentists' career decisions.

Science.gov (United States)

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

2015-11-01

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

Institutional sponsorship, student debt, and specialty choice in physician assistant education.

Science.gov (United States)

Cawley, James F; Jones, P Eugene

2013-01-01

Physician assistant (PA) educational programs emerged in the mid 1960s in response to health workforce shortages and decreasing access to care and, specifically, the decline of generalist physicians. There is wide diversity in the institutional sponsorship of PA programs, and sponsorship has trended of late to private institutions. We analyzed trends in sponsorship of PA educational programs and found that, in the past 15 years, there were 25 publicly sponsored and 96 privately sponsored programs that gained accreditation, a 3.84:1 private-to-public ratio. Of the 96 privately sponsored programs, only seven (7.3%) were located within institutions reporting membership in the Association of Academic Health Centers, compared to eight of the 25 publicly sponsored programs (32%). In 1978, a large majority (estimated 43 of the 48 then-existing PA programs) received their start-up or continuing funding through the US Public Health Service, Section 747 Title VII program, whereas in 2012 there were far fewer (39 of 173). The finding of a preponderance of private institutions may correlate with the trend of PAs selecting specialty practice (65%) over primary care. Specialty choice of graduating PA students may or may not be related to the disproportionate debt burden associated with attending privately sponsored programs, where the public-to-private tuition difference is significant. Moreover, the waning number of programs participating in the Title VII grant process may also have contributed to the overall rise in tuition rates among PA educational programs due to the loss of supplemental funding.

BUDGET AND PUBLIC DEBT

Directory of Open Access Journals (Sweden)

Morar Ioan Dan

2014-12-01

policy official. Volume and structure of public debt will strike in the future state finances and income citizens who in turn will pay these debts. Regarding payment of public debt in the future, in literature often put morality issue grevarii income of future generations of rulers moment. Another issue addressed in this paper is that of public debt issuance conditions in international financial markets, the international financial institutions or domestic. Substantiating the link between the amount borrowed and realizing their destination in credit is needed to determine the economic and social effects on the budget and on income taxpayers will bear the burden of public debt.

Balancing Passion and Practicality: The Role of Debt and Major on Students' Financial Outcomes. A Report to the 83rd Regular Session of the Texas Legislature

Science.gov (United States)

Neal, Micki; Fletcher, Carla; Shook, Melissa; Webster, Jeff

2012-01-01

As the cost and importance of education continue to rise, more college students across the U.S. begin their postsecondary education by signing a contract to repay an ever-increasing amount of student loan debt. Conventional wisdom maintains that borrowing for college is an investment in the future that should be deemed "good debt". Data…

Thailand's Student Loans Fund: Interest Rate Subsidies and Repayment Burdens

Science.gov (United States)

Chapman, Bruce; Lounkaew, Kiatanantha; Polsiri, Piruna; Sarachitti, Rangsit; Sitthipongpanich, Thitima

2010-01-01

Government student loan schemes typically have implicit interest rate subsidies which, while these are a cost to taxpayers, they have the benefit of diminishing repayment burdens for graduates. Our goal is to illustrate the extent of both interest rate subsidies and repayment burdens with respect to Thailand's Student Loans Fund (SLF), using…

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

Directory of Open Access Journals (Sweden)

I.M. García-Sánchez

2011-06-01

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

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

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Tešić Aleksandra

2014-01-01

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

Does the Student-Loan Burden Weigh into the Decision to Start a Family?

OpenAIRE

Gicheva, Dora

2011-01-01

I examine the relationship between student debt and the timing of marriage. The life-cycle consumption smoothing model implies that student loans should have a very small effect on consumption at any given point in time and should not affect the timing of family formation. I use the Survey of Consumer Finances to show that the amount of student borrowing is negatively related to the probability of marriage, but the strength of this relationship diminishes with age. I use exogenous variations ...

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

Directory of Open Access Journals (Sweden)

Mackiewicz-Łyziak Joanna

2017-03-01

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

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

OpenAIRE

Reiner Eichenberger; David Stadelmann

2009-01-01

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

Parental Discussion about Personal Finances: Does it Make a Difference in the Amount of Debt Incurred?

Directory of Open Access Journals (Sweden)

Nancy C. Deringer

2013-03-01

Full Text Available Higher education costs have increased substantially over the past two decades and, therefore, student loan debt has increased as well. Studies have shown that one earns more money over one’s lifetime if he/she has a four-year college degree. In fact, it is often substantially more depending upon one’s profession. However, for some individuals, the costs of funding higher education may be confusing and often times overwhelming. A study was completed at a university in the pacific northwest (n=778 which asked college students about their financial behaviors, credit card debt, student loan debt, discussions with parents, and in what topics or workshops they would like more information. Based on this data, faculty and graduate students from the school of family and consumer sciences and staff from the student financial aid office are creating workshops and curriculum to assist students in managing their debt and finances.

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

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Ronald D. Kneebone

2014-07-01

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

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

Science.gov (United States)

Harris, Donna L; Chaddock, Harry M

2018-01-01

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

STATE DEBT: A CONCEPTUAL TREATMENT

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Ion STURZU

2014-02-01

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

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

National Research Council Canada - National Science Library

Weiss, Martin A

2009-01-01

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

[Occupational burdens in special educators working with intellectually disabled students].

Science.gov (United States)

Plichta, Piotr

2014-01-01

The article presents the results of psychosocial burdens in special educators (specialists in the field of oligophrenopedagogy) with intellectually disabled students. In theoretical part, specific context of occupational stress in special educators was introduced. Additionally, the need of broader research context regarding occupational stress and the risk of burnout in special educators working with intellectually disabled individuals were included. The results were obtained using Plichta and Pyzalski's Questionnaire of Occupational Burdens in Teaching (QOBT). The presented results are based on a research sample (N = 100) of special educators (female) teaching intellectually disabled students attending special schools in the city of Lódz. The obtained results were compared with the results coming from a large random sample of public school teachers working with non-intellectually disabled children from the Lodi voivodeship (N = 429) and referred to the norms of QOBT. The results show significant percentage of respondents obtaining high level of occupational burdens (conflict situations - 45%, organizational burdens - 31%, lack of work sense - 40%, global score - 40%). Seniority is not related to the level of burdens. Some significant differences concerning the level of occupational burdens between both groups of teachers were found. The study showed e.g. the strong need for supporting special educators in the workplace context and the need of implementing preventive and remedial measures at both individual and organizational levels (especially in terms of improving personal relationships in a workplace). Generally, the results show similarity of the stressors' ranking in special educators and school teachers working with non-intellectually disabled children.

Public Debt and Its Impact on the Polish Economy and Society

Directory of Open Access Journals (Sweden)

Gavin Rae

2016-03-01

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

Occupational burdens in special educators working with intellectually disabled students

Directory of Open Access Journals (Sweden)

Piotr Plichta

2014-04-01

Full Text Available Background: The article presents the results of psychosocial burdens in special educators (specialists in the field of oligophrenopedagogy with intellectually disabled students. In theoretical part, specific context of occupational stress in special educators was introduced. Additionally, the need of broader research context regarding occupational stress and the risk of burnout in special educators working with intellectually disabled individuals were included. Material and Methods: The results were obtained using Plichta and Pyżalski's Questionnaire of Occupational Burdens in Teaching (QOBT. The presented results are based on a research sample (N = 100 of special educators (female teaching intellectually disabled students attending special schools in the city of Łódź. The obtained results were compared with the results coming from a large random sample of public school teachers working with non-intellectually disabled children from the Łodź voivodeship (N = 429 and referred to the norms of QOBT. Results: The results show significant percentage of respondents obtaining high level of occupational burdens (conflict situations - 45%, organizational burdens - 31%, lack of work sense - 40%, global score - 40%. Seniority is not related to the level of burdens. Some significant differences concerning the level of occupational burdens between both groups of teachers were found. Conclusions: The study showed e.g. the strong need for supporting special educators in the workplace context and the need of implementing preventive and remedial measures at both individual and organizational levels (especially in terms of improving personal relationships in a workplace. Generally, the results show similarity of the stressors' ranking in special educators and school teachers working with non-intellectually disabled children. Med Pr 2014;65(2:239–250

Beyond Financial Need: Predictors of Student Loans and Student Loan Attitudes

Science.gov (United States)

Norvilitis, Jill M.; Bat, Meghan J.

2016-01-01

Although public concern about student loan debt has been increasing, little research has examined predictors of debt beyond financial need or demographic factors. The present study explored the role of several psychological and attitudinal variables in student loan debt among 189 college students. Results indicate that loan initiative and loan…

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

International Nuclear Information System (INIS)

JL Fuller; KM Leek

2000-01-01

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

Considering Students' Cost of a Dental Education: Return on Investment and Debt to Income Ratio.

Science.gov (United States)

Formicola, Allan J

2017-08-01

The cost for students of a dental education has become an issue of concern. This article explores the return on investment and the debt to income ratio of studying dentistry. These two measures are monitored to gain perspective on whether the cost of education pays off in earnings. The factors underlying these measures and a discussion of them are included. The purpose of this article is to focus attention on one of the current issues facing dental schools in the United States. This article was written as part of the project "Advancing Dental Education in the 21 st Century."

The Determinants of Debt Financing

OpenAIRE

Zhao, Chenkai

2013-01-01

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

Debt Maturity: Is Long-Term Debt Optimal?

OpenAIRE

Laura Alfaro; Fabio Kanczuk

2007-01-01

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

Teaching the Federal Budget, National Debt, and Budget Deficit: Findings from High School Teachers

Science.gov (United States)

Marri, Anand R.; Ahn, Meesuk; Crocco, Margaret Smith; Grolnick, Maureen; Gaudelli, William; Walker, Erica N.

2011-01-01

The issues surrounding the federal budget, national debt, and budget deficit are complex, but not beyond the reach of young students. This study finds scant treatment of the federal budget, national debt, and budget deficit in high schools today. It is hardly surprising that high school teachers spend so little time discussing these topics in…

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...

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

Science.gov (United States)

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

2014-01-01

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

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

Science.gov (United States)

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

2014-01-01

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

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

Directory of Open Access Journals (Sweden)

Machteld Hoeve

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

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.

The Sovereign Debt Crisis in Europe, Save Banks Not States

Directory of Open Access Journals (Sweden)

Schäfer, Hans-Bernd

2012-08-01

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

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

Science.gov (United States)

Bickham, Trey; Lim, Younghee

2015-01-01

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

Determinants of Polish public debt

Directory of Open Access Journals (Sweden)

Tomasz Stryjewski

2011-12-01

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

International Corporate Debt Market

OpenAIRE

Manuela Geranio; Issam Hallak

2012-01-01

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

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

OpenAIRE

Bantekas, I; Vivien, Renaud

2016-01-01

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

Challenges experienced by debt counsellors in Gauteng

Directory of Open Access Journals (Sweden)

Kgomotso Masilo

2015-09-01

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

7 CFR 1951.213 - Debt settlement.

Science.gov (United States)

2010-01-01

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

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

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

Science.gov (United States)

2010-07-01

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

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

Science.gov (United States)

2010-01-01

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

Are Millennials with Student Loans Upwardly Mobile?

OpenAIRE

Whitaker, Stephan

2015-01-01

Students have been amassing ever growing levels of debt to attend college. The situation has raised concerns about whether the debt is high enough that the benefits of borrowing—in terms of students’ future socioeconomic outcomes—are compromised. This Commentary investigates relationships between student debt, mobility, and upward social mobility. The findings suggest that student debts have not become so burdensome that they undo the advantages of higher skills. However, the advantages enjoy...

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

Directory of Open Access Journals (Sweden)

Ronald D. Kneebone

2015-05-01

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

Digging into Debt: The Financial Burden Associated with the Otolaryngology Match.

Science.gov (United States)

Polacco, Marc A; Lally, Jack; Walls, Andrew; Harrold, Linnea R; Malekzadeh, Sonya; Chen, Eunice Y

2017-06-01

Objective To quantify the cost incurred during the match process for otolaryngology applicants, determine sources of expenditures, and highlight potential methods to alleviate financial burden of the match process. Study Design Cross-sectional. Study Setting Online survey. Subjects and Methods An electronic survey was sent via email to those who applied to the otolaryngology residency programs at Dartmouth-Hitchcock Medical Center and MedStar Georgetown University Hospital during the 2016 application cycle. Questions regarding demographics and experiences with the match were multiple choice, and questions regarding cost were open answer. Data were downloaded and analyzed on Excel and Minitab software. Results Twenty-eight percent of the total 370 applicants completed the survey. The mean cost of away rotations was $2500 (95% confidence interval [CI], $2224-$2776). With application fees and the cost of interviewing, the mean total cost of applying for the 2016 otolaryngology match was $6400 (95% CI, $5710-$7090), with a total range of $1200 to $20,000. Twenty-eight percent of students did not have sufficient funds for applying and interviewing despite seeking out additional monetary resources. Conclusion In 2016, otolaryngology applicants spent a mean of $8900 (95% CI, $7935-$9865) on away rotations, applications, and interviewing. Half of the applicants obtained additional funding to cover this cost, while 28% still did not have sufficient funding. Methods of decreasing cost may include instituting a cap on application number, videoconferencing interviews, regionalizing interviews, and adjusting the interview timeline.

Mortgage Debt and Wages

DEFF Research Database (Denmark)

Wood, James

2017-01-01

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

The Growth Opportunity Channel of Debt Structure

NARCIS (Netherlands)

Giambona, E.; Golec, J.

2013-01-01

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

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

Directory of Open Access Journals (Sweden)

Willem Vanlaer

2015-12-01

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

Sustainability of Government Debt in Sri Lanka

Directory of Open Access Journals (Sweden)

OG Dayaratna-Banda

2014-07-01

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

More than a Question of Debt: A Qualitative Study of How Seminarians Think about Money

Science.gov (United States)

Lincoln, Timothy D.

2015-01-01

As the funding environment for higher education and theological education changes, an increasing number of graduate theological students hold student loan debt that will follow them well into their postgraduation working lives (Delisle, 2014). This study reports the attitudes about money voiced by master of divinity students at one mainline…

7 CFR 1951.894 - Debt settlement.

Science.gov (United States)

2010-01-01

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

26 CFR 1.166-1 - Bad debts.

Science.gov (United States)

2010-04-01

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

Determinants of Complexity of Sovereign Debt Negotiation

Directory of Open Access Journals (Sweden)

Lidia Mesjasz

2016-07-01

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

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

NARCIS (Netherlands)

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

2015-01-01

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

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

Science.gov (United States)

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

2013-08-01

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

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

International Nuclear Information System (INIS)

Wu Yan; Liu Shuqing

2010-01-01

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

Evaluating the underlying factors behind variable rate debt.

Science.gov (United States)

McCue, Michael J; Kim, Tae Hyun Tanny

2007-01-01

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

7 CFR 1782.20 - Debt Settlement.

Science.gov (United States)

2010-01-01

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

Dynamic Capital Structure with Callable Debt and Debt Renegotiations

DEFF Research Database (Denmark)

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

2014-01-01

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

PUBLIC DEBT IN REPUBLIC OF SRPSKA

Directory of Open Access Journals (Sweden)

Ljiljana Jović

2017-10-01

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

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.

Occupational burdens in special educators working with intellectually disabled students

OpenAIRE

Piotr Plichta

2014-01-01

Background: The article presents the results of psychosocial burdens in special educators (specialists in the field of oligophrenopedagogy) with intellectually disabled students. In theoretical part, specific context of occupational stress in special educators was introduced. Additionally, the need of broader research context regarding occupational stress and the risk of burnout in special educators working with intellectually disabled individuals were included. Material and Methods: The resu...

42 CFR 413.178 - Bad debts.

Science.gov (United States)

2010-10-01

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

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 .

Public debt managers' behaviour interactions with macro policies

NARCIS (Netherlands)

Hoogduin, Lex; Öztürk, Bahar; Wierts, Peter

2011-01-01

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

Public debt managers' behaviour: interactions with macro policies

NARCIS (Netherlands)

Hoogduin, L.; Öztürk, B.; Wierts, P.

2010-01-01

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

State plans to force companies to eliminate environmental burdens

International Nuclear Information System (INIS)

Marcan, P.

2004-01-01

The Ministry of Environment is preparing legislation aimed at forcing the state and especially private enterprises to map and eliminate tips, refuse from company premises and farmyards, and manure heaps. It is expected that the main burden will fall on private enterprises. The department is still working on the wording of this new Act on environmental burdens and so it is not yet clear whether it will be of assistance in the elimination of environmental burdens. The Ministry is aware that economic aspects must also be taken into account when exercising pressure on the companies. Closing down a company that cannot meet environmental criteria would result in redundancies and so the time schedule for the elimination of environmental burdens will be adjusted to fit the financial situation of the company involved. The ministry plans to first find companies responsible for environmental debts and then set a deadline for the preparation of a project to eliminate the environmental burden. The project would have to contain a description of elimination methods, in addition to a time schedule and cost assessment. If a private company does not report an environmental burden, the competent public authority will have the power to request access to the premises to undertake an inspection. (author)

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

Science.gov (United States)

2010-04-01

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

Debt Collection: More Aggressive Action Needed To Collect Debts Owed by Health Professionals. United States General Accounting Office Report to the Honorable John R. Kasich, House of Representatives.

Science.gov (United States)

General Accounting Office, Washington, DC.

The General Accounting Office (GAO) reviewed and evaluated debt collection activities of five programs of the Health Resources and Services Administration (HRSA) that provide financial assistance to health professions students and medical facilities. The principal findings include: (1) HRSA changes have improved delinquency rates; however, large…

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.

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.

48 CFR 31.205-3 - Bad debts.

Science.gov (United States)

2010-10-01

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

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

NARCIS (Netherlands)

A.G. Dijkstra (Geske)

2013-01-01

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

Government debt in Greece: An empirical analysis

Directory of Open Access Journals (Sweden)

Gisele Mah

2014-06-01

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

Debt swaps as an innovative tool for financing renewable energies

International Nuclear Information System (INIS)

Gugler, A.

1999-01-01

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

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

National Research Council Canada - National Science Library

2002-01-01

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

The Little Data Book on External Debt 2009

OpenAIRE

World Bank

2009-01-01

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

The Little Data Book on External Debt 2007

OpenAIRE

World Bank

2007-01-01

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

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

12 CFR 370.3 - Debt Guarantee Program.

Science.gov (United States)

2010-01-01

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

Assessing Tuition- and Debt-Free Higher Education. NASFAA Task Force Report

Science.gov (United States)

National Association of Student Financial Aid Administrators, 2017

2017-01-01

The Assessing Tuition- and Debt-Free Higher Education Task Force was convened in July 2016. Charged by the National Association of Student Financial Aid Administrators's (NASFAA's) Board of Directors with evaluating the existing landscape of state and local promise programs with a focus on scaling such models to the national level, the task force…

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...

House Prices and Public Debt

DEFF Research Database (Denmark)

Gjedsted Nielsen, Mads; Rzeznik, Aleksandra

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

Quantification of ecological debt

International Nuclear Information System (INIS)

Martinez Alier, Joan

2005-01-01

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

The EMU debt criterion: an interpretation

Directory of Open Access Journals (Sweden)

R. BERNDSEN

1997-12-01

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

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

African Journals Online (AJOL)

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

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.

Understanding Loan Use and Debt Burden among Low-Income and Minority Students at a Large Urban Community College

Science.gov (United States)

Luna-Torres, Maria; McKinney, Lyle; Horn, Catherine; Jones, Sara

2018-01-01

This study examined a sample of community college students from a diverse, large urban community college system in Texas. To gain a deeper understanding about the effects of background characteristics on student borrowing behaviors and enrollment outcomes, the study employed descriptive statistics and regression techniques to examine two separate…

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

African Journals Online (AJOL)

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

Introduction: On the ethics of debt

Directory of Open Access Journals (Sweden)

William H. Carter

2016-10-01

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

Credit Card Debt Hardship Letter Samples

OpenAIRE

lissa coffey

2016-01-01

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

GENDER, DEBT, AND DROPPING OUT OF COLLEGE.

Science.gov (United States)

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

2013-02-01

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

Exploring the link between household debt and income inequality

DEFF Research Database (Denmark)

Fasianos, Apostolos; Raza, Hamid; Kinsella, Stephen

2017-01-01

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

PUBLIC DEBT ANALYSIS BASED ON SUSTAINABILITY INDICATORS

Directory of Open Access Journals (Sweden)

Elena DASCALU

2016-09-01

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

Canadian dental students' perceptions of stress.

Science.gov (United States)

Muirhead, Vanessa; Locker, David

2007-05-01

In this paper, we report the results of a survey on dental student stress carried out in April 2005. A questionnaire was used to collect data from 171 students (62% response rate). Identified stressors were academic, clinic-related, social and financial. "Examination and grades" produced the most academic stress, and inconsistent feedback from instructors created the most clinic-related stress. Students found that having a dual role--wife or husband and dental student--was the most burdensome social stressor. Approximately 60% of students reported marital problems and stress associated with "relations with members of the opposite sex." Survey results showed that students who expected a high graduating debt had higher total and academic stress scores. Total stress was not related to age, gender or marital status. Students living with parents during term time had significantly higher total stress scores than students living in other arrangements. Students residing with parents also had significantly higher debts on entry to dental school. Students with more predental education had (non-significantly) lower stress scores but also had higher student debts. Undergraduate subject major (biological science or non-science) had no bearing on reported stress. This study highlights the negative effects of student debt, the necessity for staff training and the need for further studies exploring relations among stress, psychological well-being and academic performance.

Managing State Debt of Ukraine: Problems and Directions of Optimisation

Directory of Open Access Journals (Sweden)

Syzrantsev Hlib O.

2013-12-01

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

Debt overhang and the macroeconomics of carry trade

NARCIS (Netherlands)

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

2016-01-01

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

7 CFR 792.4 - Demand for payment of debts.

Science.gov (United States)

2010-01-01

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

Sovereign debt threatens the Union: the genesis of a federation

NARCIS (Netherlands)

Loubert, A.

2012-01-01

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

Debt Boundaries Matter: Evidence From The Subsidiary Debt

NARCIS (Netherlands)

Altieri, M.

2017-01-01

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

Public Debt, Corruption and Sustainable Economic Growth

Directory of Open Access Journals (Sweden)

Eunji Kim

2017-03-01

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

7 CFR 3.12 - Reporting of consumer debts.

Science.gov (United States)

2010-01-01

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

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

19 CFR 351.508 - Debt forgiveness.

Science.gov (United States)

2010-04-01

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

Are Debt Repayment Incentives Undermined by Foreign Aid?

DEFF Research Database (Denmark)

Bjørnskov, Christian; Schröder, Philipp

2013-01-01

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

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.

A Brazilian Debt-Crisis Model

OpenAIRE

Assaf Razin; Efraim Sadka

2002-01-01

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

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

STATE DEBT DYNAMICS: THE METHODOLOGICAL ASPECT

Directory of Open Access Journals (Sweden)

Stela CRIJANOVSCHI

2013-02-01

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

How Does Corruption Affect Public Debt? An Empirical Analysis

OpenAIRE

Arusha Cooray; Friedrich Schneider

2013-01-01

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

Debt Out of Control

DEFF Research Database (Denmark)

Achtziger, Anja; Hubert, Marco; Kenning, Peter

2015-01-01

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

Debt, Neoliberalism and Crisis

DEFF Research Database (Denmark)

Charbonneau, Mathieu; Hansen, Magnus Paulsen

2014-01-01

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

12 CFR 16.6 - Sales of nonconvertible debt.

Science.gov (United States)

2010-01-01

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

Are Debt Repayment Incentives Undermined by Foreign Aid?

DEFF Research Database (Denmark)

Bjørnskov, Christian; Schröder, Philipp J.H.

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

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.

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

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

NARCIS (Netherlands)

Marc Anderson; Dr. Nadja Jungmann

2013-01-01

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

Teaching the Fair Debt Collection Practices Act to Legal and Ethical Environment of Business Undergraduate Students through a Role-Play Experiential Learning Exercise

Science.gov (United States)

Lee, Konrad S.; Thue, Matthew I.

2017-01-01

This article begins with a description of a role-play exercise for teaching the Fair Debt Collection Practices Act (FDCPA) to an introductory Legal and Ethical Environment of Business Law (Business Law) undergraduate class. It goes on to provide the context for consumer debt in the United States. Next, the problems of debt collection are…

Parallel debt in the Serbian finance law

Directory of Open Access Journals (Sweden)

Kuzman Miloš

2014-01-01

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

Model for Calculating the Maximum Permissible Tax Burden in Amur Region in the Context of the Implementation of Largest Investment Projects

OpenAIRE

Viktor Vladimirovich Ivanov; Maria Olegovna Kakaulina; Oleg Anatolievich Tsepelev

2018-01-01

According to the Government of the Amur region, tax collection from the implementation of investment projects was tightly controlled from 2016, because of the region’s high debt load. This situation requires assessing the acceptability of the level of regional tax burden for business entities. The purpose of this paper is to develop a model for assessing the level of regional tax burden, taking into account the implementation of the largest investment projects in the territory. The m...

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’

The dynamic implications of debt relief for low-income countries

Directory of Open Access Journals (Sweden)

Alma Lucía Romero-Barrutieta

2015-06-01

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

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.

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.

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

NARCIS (Netherlands)

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

2017-01-01

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

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.

Adjustment Difficulties and Caregiving Burdens Faced by College Students with a Parent with Bipolar or Depressive Disorders

Science.gov (United States)

Crandall, Erin K.; Ruggero, Camilo J.; Bain, Kathleen; Kilmer, Jared

2014-01-01

College campuses often host students who come from families where one or more parent has been affected by a bipolar or depressive disorder. The present study sought to determine whether these students face unique challenges in college, including increased adjustment difficulties as well as greater caregiving burden associated with their…

The Greek sovereign debt: Are there really any options?

OpenAIRE

Papanikos, Gregory T.

2014-01-01

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

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

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

Directory of Open Access Journals (Sweden)

Kgomotso Hilda Masilo

2014-09-01

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

DEBT AND AGENCY CONFLICT IN INDONESIAN MANUFACTURING FIRMS

Directory of Open Access Journals (Sweden)

Hendra Wijaya

2017-04-01

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

Debt stabilization games in the presence of risk premia

NARCIS (Netherlands)

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

2013-01-01

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

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

Debt and growth: A non-parametric approach

Science.gov (United States)

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

2017-11-01

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

7 CFR 3.21 - Referrals of Debts to Justice.

Science.gov (United States)

2010-01-01

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

7 CFR 1403.4 - Demand for payment of debts.

Science.gov (United States)

2010-01-01

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

Development and foreign debt: The stylized facts 1970-2006

DEFF Research Database (Denmark)

Paldam, Martin

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

REAL INTEREST RATES AND GOVERNMENT DEBT DURING STABILIZATION

OpenAIRE

Velasco, Andres

1989-01-01

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

48 CFR 2131.205-3 - Bad debts.

Science.gov (United States)

2010-10-01

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

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 ...

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

OpenAIRE

Werner, Richard A.

2014-01-01

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

26 CFR 1.1275-4 - Contingent payment debt instruments.

Science.gov (United States)

2010-04-01

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

Digital Debt Management: The Everyday Life of Austerity

OpenAIRE

Stanley, Liam; Deville, Joe; Montgomerie, Johnna

2016-01-01

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

Executive Compensation and the Cost of Debt

NARCIS (Netherlands)

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

2013-01-01

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

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

Science.gov (United States)

Klein, Larry; Shelton, Greg

2015-09-01

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

The dynamics and economic impact of foreign debt in South Africa

OpenAIRE

2010-01-01

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

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

Directory of Open Access Journals (Sweden)

Adeyemi Oludare Tolulope

2010-12-01

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

Testing for a Debt-Threshold Effect on Output Growth.

Science.gov (United States)

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

2017-12-01

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

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

Science.gov (United States)

2010-01-01

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

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.

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

African Journals Online (AJOL)

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

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.

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

OpenAIRE

Guido Wolswijk; Jakob de Haan

2005-01-01

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

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.

34 CFR 682.201 - Eligible borrowers.

Science.gov (United States)

2010-07-01

... the financial aid administrator determines and documents in the school's file, after review of the family financial information provided by the student and consideration of the student's debt burden, that... FFEL loan, other than a Federal Consolidation Loan, within three years of the date that any previous...

7 CFR 1710.126 - Federal debt delinquency.

Science.gov (United States)

2010-01-01

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

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

Directory of Open Access Journals (Sweden)

Gisele MAH

2016-11-01

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

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.

Analysis of debt leveraging in private power projects

International Nuclear Information System (INIS)

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

1992-08-01

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

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.

Carbon debt - Lost in the forest?

DEFF Research Database (Denmark)

Bentsen, Niclas Scott

2014-01-01

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

Foreign Debt: Causes and Measures Taken

Directory of Open Access Journals (Sweden)

Ion Botescu

2016-01-01

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

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

Science.gov (United States)

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

2005-01-01

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

Brief history of US debt limits before 1939.

Science.gov (United States)

Hall, George J; Sargent, Thomas J

2018-03-20

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

The Distinctive Role of Foreign Debt in Foreign Exchange Risk Management

DEFF Research Database (Denmark)

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

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

Prefrontal system dysfunction and credit card debt.

Science.gov (United States)

Spinella, Marcello; Yang, Bijou; Lester, David

2004-10-01

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

Extinction debt: a challenge for biodiversity conservation.

Science.gov (United States)

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

2009-10-01

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

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.

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

Science.gov (United States)

2010-10-01

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

The Effect of Household Debt on Consumption in Thailand

OpenAIRE

Thitima Chucherd

2006-01-01

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

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

Science.gov (United States)

2010-04-01

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

THE DETERMINANTS OF HOUSEHOLD DEBT DEFAULT

OpenAIRE

ALFARO, RODRIGO; GALLARDO, NATALIA

2012-01-01

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

Tuition reduction is the key factor determining tax burden of graduate students under the Tax Cuts and Job Act.

Science.gov (United States)

Lawston, Patricia M; Parker, Michael T

2017-01-01

Background : The proposed Tax Cuts and Jobs Act (H.R.1) has stirred significant public debate on the future of American economics.  While supporters of the plan have championed it as a necessity for economic revitalization, detractors have pointed out areas of serious concern, particularly for low- and middle-income Americans.  One particularly alarming facet of the plan is the radical change to education finance programs and taxation of students in higher education.  Methods :  By analyzing actual income and tuition of a public and a private university student, as well as the 'average' graduate student, we investigated the effect of both the House and Senate versions of H.R. 1 on taxation of students of various family structures.  Results :  Our findings indicate that taxable tuition would be the greatest contributor to graduate student tax burden across all four categories of filing status.  However, when tuition reduction is upheld or a student is on sustaining fees rather than full tuition, graduate students would realize decreases in taxation. Conclusions :  Overall, we conclude that removal of tuition reduction would result in enormous tax burdens for graduate students and their families and that these effects are dependent not only on the status of the student in their degree program but also on their tuition and stipend, and therefore the institution they attend.

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

Science.gov (United States)

Zhao, Bo; Wang, Wen

2017-01-01

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

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.

Government guarantees and public debt in Croatia

Directory of Open Access Journals (Sweden)

Anto Bajo

2011-09-01

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

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.

Fiscal adjustment and deficit financing during the debt crisis

OpenAIRE

Easterly, William R.

1989-01-01

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

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

OpenAIRE

Pene Kalulumia

2000-01-01

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

Public Debt, Public Investment and Economic Growth in Mexico

Directory of Open Access Journals (Sweden)

Isaac Sánchez-Juárez

2016-03-01

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

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.

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

DEFF Research Database (Denmark)

Aabo, Tom

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

48 CFR 1631.205-71 - FEHBP bad debts.

Science.gov (United States)

2010-10-01

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

Determinants of debt rescheduling in Eastern European countries

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Laušev Jelena

2011-01-01

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

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

OpenAIRE

Mitra, Srobona

2015-01-01

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

Strategic debt in vertical relations : Evidence from Franchising

NARCIS (Netherlands)

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

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

Subordinate debt, deposit insurance and market oriented monitoring of banks

Directory of Open Access Journals (Sweden)

Gaurav S. Chauhan

2016-09-01

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

Investment Timing, Liquidity, and Agency Costs of Debt

DEFF Research Database (Denmark)

Hirth, Stefan; Uhrig-Homburg, Marliese

2010-01-01

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

Government bond yields and foreign ownership of debt

NARCIS (Netherlands)

Broos, Menno; de Haan, Jakob

2012-01-01

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

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

Science.gov (United States)

2012-10-25

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

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

Directory of Open Access Journals (Sweden)

Rodica HINCU

2010-12-01

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

The Greek Public Debt Path: From Zero to Infinity

OpenAIRE

Sardelis, Dimitris

2012-01-01

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

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

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Popeanga Vasile

2011-07-01

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

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

Science.gov (United States)

2010-01-01

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

The governance of federal debt in the United States of America

Directory of Open Access Journals (Sweden)

Gisele Mah

2017-02-01

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

Government Debt and Long-Term Interest Rates

OpenAIRE

Noriaki Kinoshita

2006-01-01

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

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

Science.gov (United States)

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

2016-10-01

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

Risk of Debt-Based Financing in Indonesian Islamic Banking

Directory of Open Access Journals (Sweden)

Kharisya Ayu Effendi

2017-05-01

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

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.

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

NARCIS (Netherlands)

Blok, J.H.; Krul, Julia

2017-01-01

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

SE debt restructuring plan

International Nuclear Information System (INIS)

Janoska, J.

2003-01-01

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

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

Directory of Open Access Journals (Sweden)

Bernardin Senadza

2018-01-01

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

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

Science.gov (United States)

Jusoh, Mansor; Khalid, Norlin

2013-04-01

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

College Student Credit Card Usage and Debt.

Science.gov (United States)

Rybka, Kathryn M.

2001-01-01

Provides an overview of the concerns related to credit card usage by college students. Offers information student affairs professionals can use to help college students make responsible choices. (Contains 26 references.) (GCP)

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

Directory of Open Access Journals (Sweden)

Bruno Funchal

2008-07-01

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

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

Directory of Open Access Journals (Sweden)

Sisimogang Tracy Seane

2016-11-01

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

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

Science.gov (United States)

2010-04-01

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

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

Science.gov (United States)

2010-04-01

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

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

OpenAIRE

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

2018-01-01

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

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

Directory of Open Access Journals (Sweden)

Francesco Carlucci

2012-08-01

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

Еffect of debt on financial flows of dairy plants

Directory of Open Access Journals (Sweden)

N.L. Vylchynska

2017-03-01

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

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

African Journals Online (AJOL)

kirstam

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

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

Science.gov (United States)

2011-10-18

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

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

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Ioan BĂTRÂNCEA

2016-12-01

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

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

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Vincent R. Manzerolle

2010-08-01

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

Principles of land debt as a kind of real collateral

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Pavićević Aleksandra

2014-01-01

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

Investment Timing, Liquidity, and Agency Costs of Debt

DEFF Research Database (Denmark)

Hirth, Stefan; Uhrig-Homburg, Marliese

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

75 FR 68956 - Debt Collection

Science.gov (United States)

2010-11-10

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

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

African Journals Online (AJOL)

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

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

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Giovanna Bua

2014-01-01

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

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

Science.gov (United States)

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

2017-01-01

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

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

African Journals Online (AJOL)

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

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

African Journals Online (AJOL)

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

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

African Journals Online (AJOL)

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

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...

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

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Panagiotis Pegkas

2018-02-01

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

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

African Journals Online (AJOL)

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

26 CFR 1.1275-5 - Variable rate debt instruments.

Science.gov (United States)

2010-04-01

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

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

Science.gov (United States)

2010-07-01

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

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

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Farrukh Shahzad

2014-12-01

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

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

Science.gov (United States)

2010-01-01

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

Local government and utility firms’ debts

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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.

Leasing as a Source of Finance by the Major US Airlines: Hidden Debt and its Changes Over Time

Science.gov (United States)

Gritta, Richard D.; Lippman, Ellen J.

2003-01-01

This paper updates prior research on aircraft leasing and contrasts the findings of current data with prior results. Usage of leases by air carriers is a means to lessen the impact of financial obligations from fleet purchases. The study revisits two previous studies, one in 1969 and one in 1991, which is analyzed the incidence of leases by major air carriers. The current study updates these past studies to consider air carriers current usage of leases. Additionally, since operating leases are not reflected in the balance sheets of airlines, operating lease information was capitalized using a present value of future operating lease payments. Then, financial debt burden ratios were computed to determine the impact from the capitalization of lease information. The usage of operating leases increased, significantly from the first study to the 1991 study, and this trend continues. The incidence of leasing, the classification of leases as operating, and the percentage of operating leases to total fleet have all increased for the majority of the airlines reviewed. When operating lease data were capitalized, debt ratios weakened, providing further evidence of deterioration in the financial health of air carriers.

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

African Journals Online (AJOL)

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

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

OpenAIRE

Bernardini, Marco; Peersman, Gert

2015-01-01

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

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

OpenAIRE

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

2003-01-01

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

26 CFR 1.166-4 - Reserve for bad debts.

Science.gov (United States)

2010-04-01

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

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

DEFF Research Database (Denmark)

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

2017-01-01

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

The influence of public debt on the performance of the economy

Directory of Open Access Journals (Sweden)

Mareček Jan

2017-01-01

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

PUBLIC DEBT DETERMINANTS IN ALBANIA

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Edlira Kalaja

2015-10-01

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

Exploring the Socio-Politics of the Greek Debt Crisis in a Primary Art Classroom: A Political Cartooning Project

Science.gov (United States)

Christopoulou, Martha

2013-01-01

This article reports on an event-driven case study which took the form of a curriculum intervention in order to examine how a class of fifth-graders understood, interpreted and commented visually on the Greek debt crisis. Considering art education as a safe place where students can critically investigate through relevant visual culture genres…

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

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Khalid ZAMAN

2012-06-01

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

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

Science.gov (United States)

2010-07-01

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

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?

Trends in gender, employment, salary, and debt of graduates of US veterinary medical schools and colleges.

Science.gov (United States)

Chieffo, Carla; Kelly, Alan M; Ferguson, James

2008-09-15

To characterize trends in gender, employment, starting salaries, and educational debt of graduates of US veterinary medical schools and colleges from 1988 to 2007. Meta-analysis. Sample Population-Veterinary medical graduates from 26 or 27 of 27 US veterinary schools and colleges from 1988 through 2007. Data were obtained from surveys published in the JAVMA. A chi2 test for trend was used to analyze trends in choices of employment and educational indebtedness for the veterinary graduate populations over time. The greatest changes in employment occurred in predominantly large animal practice, which attracted 10.7% of new graduates in 1989 but only 2.2% in 2007, and in advanced study, which attracted 15.2% of new graduates in 1989 and 36.8% in 2007. In 2007, 75% of graduates were women, but this gender shift was not associated with the decline in the percentage of graduates entering rural practice. From 1989 through 2007, starting salaries in private practice increased at a rate of 4.60%/y. During the same period, educational debt increased at an annual rate of 7.36%, or 60% higher than the rate of increases for starting salaries. As a result, debt at graduation increased from 1.1 times the starting salary in 1989 to 2.0 times the starting salary in 2007. Veterinary students are now more in debt than they have ever been. This trend together with a substantial increase in the rate of interest charged for government-backed education loans create conditions for new graduates that appear unsustainable.

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

Science.gov (United States)

Katircioglu, Salih; Celebi, Aysem

2018-03-01

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

Growth-Maximizing Public Debt under Changing Demographics

DEFF Research Database (Denmark)

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

2016-01-01

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

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

Directory of Open Access Journals (Sweden)

Zbigniew Gołaś

2011-01-01

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

Debt as a Criminal Risk Factor in Denmark

DEFF Research Database (Denmark)

Olesen, Annette

2016-01-01

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

Exchange-traded funds of the eurozone sovereign debt

Directory of Open Access Journals (Sweden)

Drenovak Mikica

2010-01-01

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

Debt as a Criminal Risk Factor in Denmark

DEFF Research Database (Denmark)

Olesen, Annette

2016-01-01

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

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

Directory of Open Access Journals (Sweden)

Matvieieva Iuliia M.

2014-03-01

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

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…

Debt security market in lithuania: changes and tendencies

OpenAIRE

Zumaraitė, Birutė

2007-01-01

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

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

Science.gov (United States)

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

2018-04-01

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

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.

Identifying Architectural Technical Debt in Android Applications through Compliance Checking

NARCIS (Netherlands)

Verdecchia, R.

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

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

Directory of Open Access Journals (Sweden)

Arsić Sonja

2015-01-01

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

Optimal taxation and debt with uninsurable risks to human capital accumulation

OpenAIRE

Gottardi, Piero; Kajii, Atsushi; Nakajima, Tomoyuki

2015-01-01

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

Analysis of domestic debt: implication for economic growth in Nigeria

African Journals Online (AJOL)

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

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

Financial guarantees and public debt in South Africa

Directory of Open Access Journals (Sweden)

Ogutu Miruka

2015-09-01

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

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.

Dam debt in Tasmania

International Nuclear Information System (INIS)

Blakers, A.

1994-01-01

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

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

Science.gov (United States)

Chen, Youhua; Peng, Shushi

2017-03-01

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

12 CFR 560.40 - Commercial paper and corporate debt securities.

Science.gov (United States)

2010-01-01

... may invest in, sell, or hold commercial paper and corporate debt securities subject to the provisions... categories as to the portion of the security in which the association is investing by a nationally recognized... part. (4) Investments in corporate debt securities convertible into stock are subject to the following...

Collateral and the limits of debt capacity: theory and evidence

NARCIS (Netherlands)

Giambona, E.; Mello, A.S.; Riddiough, T.

2012-01-01

This paper considers how collateral is used to finance a going concern, and demonstrates with theory and evidence that there are effective limits to debt capacity and the kinds of claims that are issued to deploy that debt capacity. The theory shows that firms with (unobservably) better quality

ASPECTS OF ECONOMIC CRISIS IN THE ADMINISTRATION OF GOVERNMENT DEBT

Directory of Open Access Journals (Sweden)

UDRIŞTIOIU ANCA ROXANA

2012-06-01

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

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

Science.gov (United States)

2010-04-01

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

Determinants of External Debt: The Case of Malaysia

OpenAIRE

Rafik, Rabiatul Adawiyah Mohamed

2015-01-01

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

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

Science.gov (United States)

Ferreira, Paulo

2018-01-01

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

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

National Research Council Canada - National Science Library

Engel, Gary

2000-01-01

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

Sustainability of the public debt and the financial crisis

Directory of Open Access Journals (Sweden)

Aura Gabriela SOCOL

2013-03-01

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

The contribution of fiscal/financial decentralization to the debt expansion of the local financing platform

Science.gov (United States)

Huayang, Yin; Di, Zhou; Bing, Cui

2018-02-01

Using soft budget theory to explore the formation mechanism and the deep institutional incentive of the local financing platform debt expansion from the perspective of fiscal / financial decentralization, construct theoretical framework which explain the expansion of local debt financing platform and conduct an empirical test, the results showed that the higher the degree of fiscal decentralization, fiscal autonomy as a soft constraint body of local government the stronger, local financing platform debt scale is greater; the higher the degree of financial decentralization, local government and financial institutions have the higher autonomy with respect to the central, local financing platform debt scale is bigger; financial synergy degree is stronger, local government financial mutual supervision prompted the local government debt more transparency, local debt financing platform size is smaller.

31 CFR 29.518 - Reporting delinquent debts to credit bureaus.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Reporting delinquent debts to credit... Collection Collection of Overpayments § 29.518 Reporting delinquent debts to credit bureaus. (a) Notice. If a debtor's response to the demand letter does not result in payment in full, payment by offset, or payment...

26 CFR 1.1275-6 - Integration of qualifying debt instruments.

Science.gov (United States)

2010-04-01

... § 1.483-4 or § 1.1275-4(c) (certain contingent payment debt instruments issued for nonpublicly traded... the qualifying debt instrument. A financial instrument that hedges currency risk is not a § 1.1275-6... denominated in pounds, the swap hedges only interest rate risk, not currency risk. Therefore, the transaction...

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

OpenAIRE

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

2014-01-01

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

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!

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

Science.gov (United States)

2010-04-01

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

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

Science.gov (United States)

Wozniak, Jason Thomas

2017-01-01

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

SOME ASPECTS CONCERNING SOVEREIGN DEBT AND THE RELATIVITY OF INDEBTEDNESS INDICATORS

Directory of Open Access Journals (Sweden)

Deceanu Liviu-Daniel

2015-07-01

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

MANAGERIAL OPTIMISM AND DEBT FINANCING: CASE STUDY ON INDONESIA MANUFACTURING LISTED FIRMS

Directory of Open Access Journals (Sweden)

Gesti Memarista

2016-10-01

Full Text Available Managerial’s psychology can affect financial decision in the company. This paper analyzes the influence of managerial optimism on the debt financing by using regression analysis. The dependent variable in this paper is debt financing. The independent variable is managerial optimism and the control variable are firm value, firm size, and firm performance that are occurred in the previous period. The sample used in this study is manufacturing companies that listed in Indonesian stock exchange during 2010-2014. The result on this study shows that managerial optimism, firm value, and firm size that are occurred in the previous period have positive significantly impact on debt financing, whereas firm performance in the previous period has negative significantly impact on debt financing.

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

Directory of Open Access Journals (Sweden)

Catrina Ion-Lucian

2017-08-01

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

Working up a Debt: Students as Vulnerable Consumers

Science.gov (United States)

Robson, Julie; Farquhar, Jillian Dawes; Hindle, Christopher

2017-01-01

Students are recognized as vulnerable consumers where financial matters are concerned, particularly with reference to indebtedness. This study examines student indebtedness in order to initiate wider debate about student vulnerability. We consider vulnerability as dynamic and temporal, linked to an event that renders the consumer susceptible to…

Debt as an Urban Chronotrope in Mongolia

DEFF Research Database (Denmark)

Pedersen, Morten Axel

2017-01-01

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

Are College Costs Worth It? How Individual Ability, Major Choice, and Debt Affect Optimal Schooling Decisions

OpenAIRE

Webber, Douglas A.

2015-01-01

This paper examines the financial value over the course of a lifetime of pursuing a college degree under a variety of different settings (e.g. major, student loan debt, individual ability). Using a lifecycle simulation approach, I account for ability/selection bias and the substantial probability that entering college freshmen will not eventually graduate, two critically important factors when evaluating the value of pursuing a college degree. I find that financial proposition of attending co...

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

Directory of Open Access Journals (Sweden)

Jens Körner

2011-01-01

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

THE ECONOMIC IMPACT OF FOREIGN DEBT IN GREECE

Directory of Open Access Journals (Sweden)

Olga Korol

2015-11-01

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

Concerns about Debt Hover over a Small College in Iowa

Science.gov (United States)

Blumenstyk, Goldie

2009-01-01

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

Ontario electricity industry restructuring : preliminary asset valuation and calculation of stranded debt

International Nuclear Information System (INIS)

1998-01-01

The rationale for restructuring Ontario's electricity industry was restated. Financial elements of the Government's White Paper on the electrical industry included the following: (1) establishing a level playing field on taxes and regulation, (2) restructuring Ontario Hydro into new companies with clear business mandates, and (3) taking action to put the new companies on solid financial ground. To achieve these objectives requires valuation of the new companies as a key part in the restructuring process. This Ministry of Finance document contains preliminary estimates of the total debt and liabilities of Ontario Hydro ($ 39.1 billion), the value of the new generation and service companies ($ 15.8 billion), and the stranded debt ($ 23.3 billion, less the value of dedicated revenue streams of $ 15.4 billion, equal to the residual stranded debt of $ 7.9 billion). The method by which the stranded debt was calculated is also described. It is stressed that the overriding principles governing the financial restructuring plan are to achieve restructuring without increasing electricity rates, to retain maximum value in the electricity sector until stranded debt is retired, and to recover stranded debt from the electricity sector and not from taxpayers. Ministry advisors indicate that these preliminary valuations would allow the new companies to operate as commercial companies in a competitive market and receive investment grade credit ratings. 44 figs

THE IMPACT OF INFLATION ON LEVEL OF DEBT OF BRAZILIAN FINANCIAL INSTITUTIONS

Directory of Open Access Journals (Sweden)

Carlos André Marinho Vieira

2016-03-01

Full Text Available Financial institutions are naturally leveraged companies that use their debt to aim for profit in their operations. The role of financial intermediary gives these institutions the context needed to use financial leverage for profit. Among the several variables used in debt levels of these institutions, Hortlund (2005 highlights inflation as having a central role in this phenomenon. This study aimed to find out how inflation influences the debt of Brazilian financial institutions. To achieve this goal, data of brazilian banks from 1996 to 2013 were analyzed, being related to other variables in order to allocate more consistency of the model used. Through balanced and unbalanced panel data regressions, results indicate that different from the hypothesis defended by Hortlund (2005, inflation has a negative impact on debt earned by financial institutions during the period. Other findings of the study indicate that the representative variables of increased operations of these institutions, such as GDP growth, growth of assets and loans/assets positively impact the leverage of financial institutions, indicating that these are more likely to go into debt when they can apply this capital in productive operations. Finally, it was found out that the guidelines contained in the Capital Accords Basel II and Basel III, which were required by the national financial system, influenced negatively the levels of debt of financial institutions, making them less leveraged.

45 CFR 2506.11 - Will the Corporation refer debts to the Department of Justice?

Science.gov (United States)

2010-10-01

... 45 Public Welfare 4 2010-10-01 2010-10-01 false Will the Corporation refer debts to the Department of Justice? 2506.11 Section 2506.11 Public Welfare Regulations Relating to Public Welfare (Continued... Corporation refer debts to the Department of Justice? The Corporation will refer to DOJ for litigation debts...

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

OpenAIRE

F., Indri Erkaningrum

2013-01-01

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

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

OpenAIRE

Hager, S. B.

2015-01-01

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

2015 American Academy of Clinical Neuropsychology (AACN) student affairs committee survey of neuropsychology trainees.

Science.gov (United States)

Whiteside, Douglas M; Guidotti Breting, Leslie M; Butts, Alissa M; Hahn-Ketter, Amanda E; Osborn, Katie; Towns, Stephanie J; Barisa, Mark; Santos, Octavio A; Smith, Daniel

2016-07-01

Surveys of practicing neuropsychologists have been conducted for years; however, there have been no comprehensive surveys of neuropsychology trainees, which may result in important issues being overlooked by the profession. This survey assessed trainees' experiences in areas such as student debt, professional development, and training satisfaction. Survey items were written by a task force of the AACN Student Affairs Committee (SAC), and neuropsychology trainees were recruited via neuropsychology-focused listservs. In total, 344 trainees completed the survey (75% female) and included participants from every region of the US and Canada. Based on the survey questions, nearly half of all trainees (47%) indicated financial factors were the greatest limitation in their training. Student debt had a bimodal distribution; 32.7% had minimal debt, but 45% had debt >$100,000. In contrast, expected starting salaries were modest, but consistent with findings ($80-100,000). While almost all trainees intended to pursue board certification (97% through ABPP), many were 'not at all' or only 'somewhat' familiar with the process. Results indicated additional critical concerns beyond those related to debt and lack of familiarity with board certification procedures. The results will inform SAC conference programming and the profession on the current 'state of the trainees' in neuropsychology.

Ecology: The Tropical Deforestation Debt.

Science.gov (United States)

Norris, Ken

2016-08-22

Tropical deforestation is a significant cause of global carbon emissions and biodiversity loss. A new study shows that deforestation today leaves a carbon and biodiversity debt to be paid over subsequent years. This has potentially profound implications for forest conservation. Copyright © 2016 Elsevier Ltd. All rights reserved.

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.…

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

Science.gov (United States)

2010-01-01

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

Comparative analysis of government debt in the European Union's member states, 2000-2013

Directory of Open Access Journals (Sweden)

Talpoş Ioan

2014-01-01

Full Text Available The paper presents a detailed comparative analysis of the evolution of government debt stocks in the E.U. Member States at the end of the period 31.12.2000-31.12.2013 from the point of view of the share of these debts in the GDP, with a focus on six groups of the E.U. Member States (E.U.-28 countries, E.U.-27 countries, Euro area-18 countries, Euro area-17 countries, Non Euro area-10 countries, Non Euro area-11 countries, on the E.U. Member States with a government debt stock share above or below 60% of the GDP at 31.12.2013, on the Member States which recorded very large deviations of the government debt stocks and of those stocks' shares in PIB in the analyzed period or which recorded a decrease in government debt stock shares in PIB - and, separately, on Romania as well.

Debt financing structure within the state-owned corporations in Kenya

Directory of Open Access Journals (Sweden)

Micah Odhiambo Nyamita

2015-05-01

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

Student Loan Default and Repayment in Kentucky

Science.gov (United States)

Kentucky Council on Postsecondary Education, 2016

2016-01-01

As college costs continue to rise, student loan default and repayment are issues of increasing concern to students and families, colleges and universities, and state and federal governments. Helping students borrow responsibly and manage their debt are vitally important to maintaining college access and affordability and increasing the education…

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

OpenAIRE

F., Indri Erkaningrum

2015-01-01

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

The DEBT Project: Early Intervention for Handicapped Children and Their Parents.

Science.gov (United States)

Macy, Daniel J.; And Others

Project DEBT (Developmental Education Birth through Two), an early identification and intervention program for handicapped and at risk children and their parents, is described. The Koontz Child Developmental Program, the core curriculum for instructional planning and intervention in DEBT, is reviewed, and new data are presented. It is explained…

13 CFR 107.815 - Financings in the form of Debt Securities.

Science.gov (United States)

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Financings in the form of Debt... BUSINESS INVESTMENT COMPANIES Financing of Small Businesses by Licensees Structuring Licensee's Financing of Eligible Small Businesses: Types of Financing § 107.815 Financings in the form of Debt Securities...

31 CFR 285.12 - Transfer of debts to Treasury for collection.

Science.gov (United States)

2010-07-01

... impact the date of delinquency of a debt for other purposes such as for purposes of accruing interest and... agreement or instrument (including a post-delinquency payment agreement) unless other satisfactory payment... of delinquency through internal offset. A debt is being collected by internal offset if the creditor...

The Determinants of Brazilian Football Clubs’ Debt Ratios

Directory of Open Access Journals (Sweden)

Marke Geisy da Silva Dantas

2017-01-01

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

Public Debt Spiral and Domestic Investment in Nigeria

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Emmanuel Chinanuife

2018-03-01

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

Leverage, debt maturity and firm investment: An empirical analysis

OpenAIRE

Dang, Viet A.

2011-01-01

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

Tuition reduction is the key factor determining tax burden of graduate students under the Tax Cuts and Job Act [version 2; referees: 2 approved

Directory of Open Access Journals (Sweden)

Patricia M. Lawston

2018-02-01

Full Text Available Background: The proposed Tax Cuts and Jobs Act (H.R.1 has stirred significant public debate on the future of American economics.  While supporters of the plan have championed it as a necessity for economic revitalization, detractors have pointed out areas of serious concern, particularly for low- and middle-income Americans.  One particularly alarming facet of the plan is the radical change to education finance programs and taxation of students in higher education.  Methods:  By analyzing actual income and tuition of a public and a private university student, as well as the ‘average’ graduate student, we investigated the effect of both the House and Senate versions of H.R. 1 on taxation of students of various family structures.  Results:  Our findings indicate that taxable tuition would be the greatest contributor to graduate student tax burden across all four categories of filing status.  However, when tuition reduction is upheld or a student is on sustaining fees rather than full tuition, graduate students would realize decreases in taxation. Conclusions:  Overall, we conclude that removal of tuition reduction would result in enormous tax burdens for graduate students and their families and that these effects are dependent not only on the status of the student in their degree program but also on their tuition and stipend, and therefore the institution they attend.

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.

13 CFR 120.922 - Pre-existing debt on the Project Property.

Science.gov (United States)

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Pre-existing debt on the Project Property. 120.922 Section 120.922 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION BUSINESS LOANS Development Company Loan Program (504) Third Party Loans § 120.922 Pre-existing debt on the...

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

Directory of Open Access Journals (Sweden)

Kristine Forslund

2011-07-01

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

Management and sustainability of external debt: A focus on the emerging economies of Africa

Directory of Open Access Journals (Sweden)

Stella Muhanji

2011-07-01

Full Text Available African countries have had the notoriety of being characterized by unsustainable external debt. Despite several announced intents by world development agencies to reverse this trend, there appears to be only minimal progress. This paper points to failure to determine appropriate levels of sustainable external debt, inadequate effective governance infrastructure, and ineffective management of external shocks, as important reasons why Africa's external debt problems have persisted. We derive African-relevant thresholds for sustainable external debt, and highlight quantifiable improvements African countries can experience if they were to adopt better governance infrastructures and effective management of external shocks.

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.

The Impact of External Debt on Economic Growth in Ghana: A ...

African Journals Online (AJOL)

A plethora of both cross-country and country-specific studies have been undertaken to estimate the impact of external debt on growth in developing countries. Their general findings though revealing need to be confirmed in Ghana. This paper estimates empirically the impact of external debt on economic growth in Ghana to ...

Growth, Debt and Sovereignty: Prolegomena to the Greek Crisis

OpenAIRE

Stavros B. Thomadakis

2015-01-01

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

Medical students, money, and career selection: students' perception of financial factors and remuneration in family medicine.

Science.gov (United States)

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

2009-02-01

Medical students have had a declining interest in family medicine as a career. Some studies have shown a small inverse relationship between debt levels and primary care, but it is unclear how students perceive remuneration in different specialties and how these perceptions might influence career choice. Medical students at one school were surveyed to understand their perceptions of physician remuneration and to gain insight into how these perceptions might affect career selection. Response rate was 72% (560/781 students). Students' estimates of physician income were accurate throughout training, with the overall estimate for family medicine being lower than the actual income by only $10,656. The vast majority of students agreed with the statement that family physicians get paid too little (85%-89% of each class). The importance of payment as a factor in career decision making increased with higher debt and with advancing training. Students are able to accurately predict income by specialty from an early stage of training and have a negative perception of income in family medicine. The perception that family physicians make too little money could be an important driver--or at least a modifier--in the lack of interest in family medicine.

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

OpenAIRE

Perveen, Asma; Munir, Kashif

2017-01-01

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

Bond Indenture Consent Solicitations as a Debt Management Tool

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Jamie A. Anderson-Parson

2015-07-01

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

Measuring the default risk of sovereign debt from the perspective of network

Science.gov (United States)

Chuang, Hongwei; Ho, Hwai-Chung

2013-05-01

Recently, there has been a growing interest in network research, especially in the fields of biology, computer science, and sociology. It is natural to address complex financial issues such as the European sovereign debt crisis from the perspective of network. In this article, we construct a network model according to the debt-credit relations instead of using the conventional methodology to measure the default risk. Based on the model, a risk index is examined using the quarterly report of consolidated foreign claims from the Bank for International Settlements (BIS) and debt/GDP ratios among these reporting countries. The empirical results show that this index can help the regulators and practitioners not only to determine the status of interconnectivity but also to point out the degree of the sovereign debt default risk. Our approach sheds new light on the investigation of quantifying the systemic risk.

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

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Riccardo Pariboni

2016-09-01

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

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

Science.gov (United States)

2010-07-01

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

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

Science.gov (United States)

2011-11-23

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

Borrowing to cope with adverse health events: liquidity constraints, insurance coverage, and unsecured debt.

Science.gov (United States)

Babiarz, Patryk; Widdows, Richard; Yilmazer, Tansel

2013-10-01

This article uses data from the Health and Retirement Study for 1998-2010 to investigate whether households respond to the financial stress caused by health problems by increasing their unsecured debt. Results show both the probability of having unsecured debt and the amount of debt increase after an adverse health event among households with low financial assets, who are uninsured, or who have less generous health insurance. The effect of health problems on borrowing is caused by both medical expenditures and disruptions to the income stream. Unsecured debt seems to remain on some households' balance sheets for an extended period. Copyright © 2012 John Wiley & Sons, Ltd.

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

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Irina BILAN

2014-12-01

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

THE CORRELATION BETWEEN THE INHERITED DEBT AND THE RIGHT OF OPTION ON SUCCESSION

Directory of Open Access Journals (Sweden)

Ana-Maria GHERGHINA (VASILE

2015-07-01

Full Text Available A natural person’s patrimony consists, apart from rights (assets of the succession, of a liabilities side as well related to obligations that the patrimony’s holder bequeaths onto the heirs following his/her death. The succession implies that there are two parties, i.e. the assets of the succession and the inherited debt. The inherited debt is mainly made up of the inheritance duties and liabilities. The main components of the inherited debt are the debts the deceased has left, following that the duties shall be the obligations arising out after the succession will be opened. However, without defining the inherited debt concept in the specialized literature, successional liabilities have been considered to mean those patrimonial obligations of the deceased toward a third party or the inheritors existing in the successional patrimony on the opening of succession, regardless of their origin (contractual, tortious or legal. Inheritance duties refer to those obligations which did not exist in the de cujus patrimony, but come into existence devolving upon the heirs on the date of succession’s opening or subsequently after that time, either in consequence of the deceased’s desire, or independently of it. The main characteristic of the option on succession is that the right of option belongs exclusively to the presumptive heirs. From this point of view, the option on succession seems to have nothing in common with the inherited debt. Nevertheless, I intend to analyse the correlation between the two institutions from the perspective of the place inheritance creditors hold in the totality of rights of option. Their presence is only justified when there is an inherited debt.

Parental Discussion about Personal Finances: Does it Make a Difference in the Amount of Debt Incurred?

OpenAIRE

Nancy C. Deringer

2013-01-01

Higher education costs have increased substantially over the past two decades and, therefore, student loan debt has increased as well. Studies have shown that one earns more money over one’s lifetime if he/she has a four-year college degree. In fact, it is often substantially more depending upon one’s profession. However, for some individuals, the costs of funding higher education may be confusing and often times overwhelming. A study was completed at a university in the pacific northwest (n=...

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

NARCIS (Netherlands)

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

2016-01-01

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

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

NARCIS (Netherlands)

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

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

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

Science.gov (United States)

2010-01-01

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

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

OpenAIRE

Dr. V Johnson

2018-01-01

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

Financing investment in environmentally sound technologies: Foreign direct investment versus foreign debt finance

International Nuclear Information System (INIS)

Anyangah, Joshua Okeyo

2010-01-01

This paper develops a screening model to examine the relationship between alternative sources of private capital and investment in environmentally sound technologies (ESTs). In the model, a polluter (agent) must secure investment funds from the international financial markets in order to upgrade its production and abatement technology. The requisite capital can be obtained via either market loans (debt finance) or foreign direct investment (FDI). Under debt finance, the foreign financier supplies only capital and the relationship between the two parties is more 'arms-length'. By contrast, under FDI, the investor delivers both capital and managerial skills. We use the model to derive the implications of debt finance for optimal investment decisions and compare them to those obtained under FDI. Investment incentives are more pronounced under debt finance. (author)

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

Directory of Open Access Journals (Sweden)

Khalid Zaman

2012-06-01

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

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

Directory of Open Access Journals (Sweden)

Šuliková Veronika

2017-01-01

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

The Life Cycle of the Firm with Debt and Capital Income Taxes

NARCIS (Netherlands)

Brys, B.; Bovenberg, A.L.

2006-01-01

This paper analyses the impact of capital income taxes on financial and investment decisions of corporations.Extending Sinn's (1991) nucleus theory of the firm with debt finance, the model determines the optimal sources of finance (debt, newly issued equity or retained earnings), the optimal use of

78 FR 65430 - Notice of Rate To Be Used for Federal Debt Collection, and Discount and Rebate Evaluation

Science.gov (United States)

2013-10-31

... assessing interest charges for outstanding debts owed to the Government (The Debt Collection Act of 1982, as... DEPARTMENT OF THE TREASURY Fiscal Service Notice of Rate To Be Used for Federal Debt Collection... rate to be used for Federal debt collection, and discount and rebate evaluation. SUMMARY: The Secretary...

The pricing of bank debt guarantees

NARCIS (Netherlands)

Arping, S.

2009-01-01

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

Factors Affecting The Cost of Debt in Companies Listed within Kompas 100

Directory of Open Access Journals (Sweden)

Muhamad Septian

2016-05-01

Full Text Available This study aims to determine the effect of Good Corporate Governance (GCG which is proxied through the proportion of independent commissioners, managerial ownership, institutional ownership, quality audits, and family ownership on the cost of debt. The objects of this study are companies listed in Kompas 100 from the period of August 2013-January 2014. The method used to take samples of the study using purposive sampling method. Data analysis methods used are descriptive statistics, the classical assumption test, and hypotheses test. Based on the results of hypothesis testing that performed by using multiple regression analysis at the 0.05 significant level, the results of this study prove that the proportion of independent commissioners has a significant negative effect on the cost of debt. Also, managerial ownership has a significant positive effect on the cost of debt. On the other hand, institutional ownership, quality audits, and family ownership have no significant effect the cost of debt.

Indebitamento internazionale degli HIPC: da problema economico a problema politico (HIPC's International Debt: From Economic to Political Problem

Directory of Open Access Journals (Sweden)

Paolo Palazzi

2012-04-01

Full Text Available This paper analyzes the dynamic of the international debt of Heavily Indebted Poor Countries (HIPC, along with the socio-economic development. The structure of the paper is the following: a the first part of the paper analyzes the dynamic of the structure of debt and socio-economic development (using 14 variables of 34 HIPC during the period 198797, using a multi statistical analysis; b the second part analyzes the relation between economic development and the structure of debt (period 1971-1998 for three benchmark countries (Niger, Bolivia and Tanzania; c in the final part, employing a cross section analysis, the paper verifies the relation between one social indicator (life expectancy and the international debt structure for the 34 HIPC. The main finding of the paper is that social and economic development is positively related to the debt stock, and it has a negative relation with the interest export ratio. Thus for the HIPC a reduction in debt service would be a better strategy than reducing the debt stock.     JEL Codes: F34, O19Keywords: Debt, Development, International Debt

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...

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

OpenAIRE

Basu, Arnab K.; Chau, Nancy H.

2003-01-01

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

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

African Journals Online (AJOL)

user

2013-07-07

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

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

African Journals Online (AJOL)

Nneka Umera-Okeke

The control variables: external reserve and exchange rate have positive and ... country's inability to meet its debt obligation compounded by the lack of information .... system. There are two schools of thought with different standpoints on the issue. One .... loans, poor documentation and deficient external debt accounting and ...

Carbon debt of Conservation Reserve Program (CRP) grasslands converted to bioenergy production.

Science.gov (United States)

Gelfand, Ilya; Zenone, Terenzio; Jasrotia, Poonam; Chen, Jiquan; Hamilton, Stephen K; Robertson, G Philip

2011-08-16

Over 13 million ha of former cropland are enrolled in the US Conservation Reserve Program (CRP), providing well-recognized biodiversity, water quality, and carbon (C) sequestration benefits that could be lost on conversion back to agricultural production. Here we provide measurements of the greenhouse gas consequences of converting CRP land to continuous corn, corn-soybean, or perennial grass for biofuel production. No-till soybeans preceded the annual crops and created an initial carbon debt of 10.6 Mg CO(2) equivalents (CO(2)e)·ha(-1) that included agronomic inputs, changes in C stocks, altered N(2)O and CH(4) fluxes, and foregone C sequestration less a fossil fuel offset credit. Total debt, which includes future debt created by additional changes in soil C stocks and the loss of substantial future soil C sequestration, can be constrained to 68 Mg CO(2)e·ha(-1) if subsequent crops are under permanent no-till management. If tilled, however, total debt triples to 222 Mg CO(2)e·ha(-1) on account of further soil C loss. Projected C debt repayment periods under no-till management range from 29 to 40 y for corn-soybean and continuous corn, respectively. Under conventional tillage repayment periods are three times longer, from 89 to 123 y, respectively. Alternatively, the direct use of existing CRP grasslands for cellulosic feedstock production would avoid C debt entirely and provide modest climate change mitigation immediately. Incentives for permanent no till and especially permission to harvest CRP biomass for cellulosic biofuel would help to blunt the climate impact of future CRP conversion.

36 CFR 1011.4 - What notice will the Presidio Trust send to a debtor when collecting a debt?

Science.gov (United States)

2010-07-01

... PRESIDIO TRUST DEBT COLLECTION Procedures To Collect Presidio Trust Debts § 1011.4 What notice will the Presidio Trust send to a debtor when collecting a debt? (a) Notice requirements. The Presidio Trust will aggressively collect debts. The Presidio Trust will send at least one written notice to a debtor informing the...

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.

The Effect of Conservative Accounting on the Bondholder-Shareholder Conflict and Cost of Debt

OpenAIRE

Nordlind, Felix; Lucki Racana, Samuel

2013-01-01

Prior research on conservative accounting and bondholder-shareholder conflict show that firms with higher degree of conservatism experience less austere conflict and lower cost of debt. However, since the implementation of IFRS in 2005, conservatism has been widely reduced in favor of fair value principles. This study sets out to examine if accounting conservatism still mitigates the conflict and reduces cost of debt. We regress two measures of conservatism on three conflict proxies and debt ...

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

Corporate debt pricing I.

OpenAIRE

Ilya, Gikhman

2007-01-01

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

26 CFR 1.1274-1 - Debt instruments to which section 1274 applies.

Science.gov (United States)

2010-04-01

... includes debt instruments and investment units, but does not include money, services, or the right to use... nonfunctional currency is treated as money rather than as property. (b) Exceptions—(1) Debt instrument with....1273-2. (3) Other exceptions to section 1274—(i) Holders of certain below-market instruments. Section...

WHAT INFLUENCE CREDIT CARD DEBTS IN YOUNG CONSUMERS IN MALAYSIA

OpenAIRE

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

2014-01-01

This paper examines empirically antecedents of the credit card debts in young consumers in Malaysia. We examine whether easy access to credit card, credit card related knowledge, aggressive promotion by credit card industry, low minimum payment requirement and attitude towards credit cards influence credit card debts in the younger generation. Regression model was used to meet the objectives. These findings based on a sample of 240 young credit card holders, show that the factors that affect ...

Guilt about being born and debt concerning the gift of life.

Science.gov (United States)

Lotterman, Andrew C

2003-01-01

A very powerful form of preoedipal guilt stems from a sense of having damaged the life-giving parent with one's most basic needs. A related phenomenon is the child's sense that another subjectivity has deliberately chosen to give and sustain the child's life. This experience gives rise to a compelling mixture of awe, reverence, and obligation, a sense of guilt about being born, of debt concerning the gift of life. This sense of guilt and debt are part of every child's development. Depending on how conflicts surrounding them are negotiated, the child can come to feel either an appetite for living or a crushing sense of selfishness and unworthiness. Such forms of guilt and debt may lead not only to masochism generally, but to a particularly pernicious form of negative therapeutic reaction that can sabotage psychoanalytic work. A patient may feel, for instance, that a successful psychoanalysis is a selfish indulgence and an immoral betrayal of a sacred duty to rescue his or her parents from their misery. Guilt about being born and the sense of debt concerning the gift of life are linked to various developmental, psychodynamic, interpersonal, and cultural phenomena.

Debt Contagion in Europe: A Panel-Vector Autoregressive (VAR Analysis

Directory of Open Access Journals (Sweden)

Florence Bouvet

2013-12-01

Full Text Available The European sovereign-debt crisis began in Greece when the government announced in December, 2009, that its debt reached 121% of GDP (or 300 billion euros and its 2009 budget deficit was 12.7% of GDP, four times the level allowed by the Maastricht Treaty. The Greek crisis soon spread to other Economic and Monetary Union (EMU countries, notably Ireland, Portugal, Spain and Italy. Using quarterly data for the 2000–2011 period, we implement a panel-vector autoregressive (PVAR model for 11 EMU countries to examine the extent to which a rise in a country’s bond-yield spread or debt-to-GDP ratio affects another EMU countries’ fiscal and macroeconomic outcomes. To distinguish between interdependence and contagion among EMU countries, we compare results obtained for the pre-crisis period (2000–2007 with the crisis period (2008–2011 and control for global risk aversion.

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

Science.gov (United States)

Hope, Nicholas C.

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

Determinants of Debt-Equity Choice – Evidence from Poland

Directory of Open Access Journals (Sweden)

Bogna Kazmierska-Jozwiak

2015-11-01

Full Text Available The question of debt-equity choice has so far been widely discussed in literature. The aim of the paper is to analyse the determinants of capital structure of Polish enterprises. We analysed factors that may impact the indebtedness. This analysis fills in the gap in worldwide studies with the case of a country representing the group of „emerging markets”. The paper examines capital structure determinants of non-financial companies listed on the Warsaw Stock Exchange. We used five independent variables compatible with the up-to-date achievements in the field. The results indicate that there is an evidence of a significant negative relationship between the size of a company, its growth rate, profitability, tangibility and the level of total debt. The study shows positive relationship between growth prospects of the company and the debt level. The results of the study indicate that the pecking order theory better explains the changes in indebtedness of analysed companies than other capital structure theories. Obtained results are mostly consistent with earlier studies conducted in the Poland and with studies in Western economies.

The association of debt financing with not-for-profit hospitals' provision of uncompensated care.

Science.gov (United States)

Magnus, Stephen A; Smith, Dean G; Wheeler, John R C

2004-01-01

Not-for-profit hospitals undertook unprecedented amounts of debt in the mid to late 1990s. Corporate finance theory and the literature on hospital financing suggest that debt may constrain hospitals' capacity to deliver uncompensated care. Using data from audited financial statements for a sample of hospitals, this article explores whether debt financing is associated with hospitals' provision of uncompensated care, an output central to many hospitals' service missions. Contrary to expectations, our analysis finds that higher debt is associated with higher levels of uncompensated care. However, the results may reflect the unusual economic and stock-market conditions prevailing in the mid 1990s, and they are consistent with the views of hospital financial managers and other practitioners whom we interviewed.

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.

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.

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

Directory of Open Access Journals (Sweden)

DOBROT;ăGABRIELA

2017-12-01

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

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

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

Science.gov (United States)

2010-07-01

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

15 CFR 19.16 - When will Commerce entities refer Commerce debts to the Department of Justice?

Science.gov (United States)

2010-01-01

... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false When will Commerce entities refer Commerce debts to the Department of Justice? 19.16 Section 19.16 Commerce and Foreign Trade Office of the Secretary of Commerce COMMERCE DEBT COLLECTION Procedures To Collect Commerce Debts § 19.16 When will...

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

Directory of Open Access Journals (Sweden)

Chairul Adi

2017-09-01

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

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

The Check is In the Mail: An Analysis of the Antecedents of Consumer Debt

Directory of Open Access Journals (Sweden)

Rebeca Formiga Figueira

2014-11-01

Full Text Available Studies in the field of marketing and society that address consumer debt are relevant for helping the consumer to preserve his/her financial health. This manuscript analyzed the antecedents of consumer debt by means of attitude towards money, attitude towards credit card, self-control, compulsive buyings, impulsive buyings, and debt propensity. Data analysis included descriptive statistics and structural equations modeling. The sample consisted of 301 respondents that provided their perceptions through a Google Docs online form. The direct influence of the attitude towards credit card on debt propensity was accepted. Some hypotheses were not confirmed, which can be explained by the specific characteristics of Brazilian consumers. Findings suggest that marketing should pay attention to the actual practices and the legislation about credit card use. 

Interest rate risk and other determinants of post WWII U.S. government debt/GDP dynamics

OpenAIRE

George J. Hall; Thomas J. Sargent

2010-01-01

This paper uses the sequence of government budget constraints to motivate estimates of interest payments on the U.S. Federal government debt. We explain why our estimates differ conceptually and quantitatively from those reported by the U.S. government. We use our estimates to account for contributions to the evolution of the debt to GDP ratio made by inflation, growth, and nominal returns paid on debts of different maturities.

College Student Performance and Credit Card Usage.

Science.gov (United States)

Pinto, Mary Beth; Parente, Diane H.; Palmer, Todd Starr

2001-01-01

Examines the relationship between credit card usage, employment, and academic performance among a group of college students with credit cards. Results reveal that the students differed significantly in the level of anxiety felt from carrying debt, perceived need to work, and perceived impact of employment on academic performance. (Contains 57…

How Private Creditors Fared in Emerging Debt Markets, 1970-2000

OpenAIRE

Klingen, Christoph; Weder di Mauro, Beatrice; Zettelmeyer, Jeromin

2004-01-01

We estimate ex post returns to emerging market debt by combining secondary-market prices with observed flows based on World Bank data. From 1970-2000, returns averaged 9 percent per annum, about the same as returns on a ten-year U.S. treasury bond. This reflects the combined effect of the 1980s debt crisis and much higher returns during 1989-2000. Annual returns since 1986 have been less volatile than emerging market equity returns but more volatile than returns on U.S. corporate or high-yiel...

An Analysis of the Effect of External Debt on Crowding-Out of Private ...

African Journals Online (AJOL)

Also, the huge debt and debt service raised future tax expectation and discouraged the private sector from undertaking investment projects. While the accelerator effect was present, the cost of investment goods negatively influenced private investment demand. Availability of credit seemed to have influenced the level of ...

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

NARCIS (Netherlands)

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

2014-01-01

Financial debt in young people has increased in recent years. Because debt may have severe consequences, and it may enhance criminal behavior, insight into the prevalence and determinants of debt and its association with crime is important. We conducted a systematic review and meta-analysis of 36

High-Risk Health and Credit Behavior among 18- to 25-Year-Old College Students

Science.gov (United States)

Adams, Troy; Moore, Monique

2007-01-01

The number of students accumulating credit card debt--and the amount of debt itself--on college campuses is increasing. If high-risk credit and health behavior are associated, health behavior interventions might apply to high-risk credit behavior. Objective: The authors' purpose was to examine these possible associations. Participants and Methods:…

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

OpenAIRE

Asongu, Simplice; EFOBI, Uchenna; BEECROFT, Ibukun

2014-01-01

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

34 CFR 30.35 - What procedures does the Secretary follow to report debts to consumer reporting agencies?

Science.gov (United States)

2010-07-01

... Debts to Consumer Reporting Agencies § 30.35 What procedures does the Secretary follow to report debts to consumer reporting agencies? (a)(1) The Secretary reports information regarding debts arising... 34 Education 1 2010-07-01 2010-07-01 false What procedures does the Secretary follow to report...

78 FR 54568 - Debt That Is a Position in Personal Property That Is Part of a Straddle

Science.gov (United States)

2013-09-05

... regarding when an issuer's obligation under a debt instrument may be a position in actively traded personal... actively traded.'' A debt or obligation generally is not property of the debtor or obligor. Nevertheless... is denominated in a nonfunctional currency, the obligor's position under the debt obligation is a...

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

Science.gov (United States)

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

2018-04-27

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

Concern regarding the "debt" created by rule 14.10.9 of the ...

African Journals Online (AJOL)

This paper highlights the prejudicial effect of the rule within the rules of the Government Employees Pension Fund (GEPF), which allows this fund to create a "divorce debt" for its member when the court has ordered that part of such a member's pension interest be paid over to his or her spouse. I argue that this debt is in fact ...

Indebitamento internazionale degli HIPC: da problema economico a problema politico (HIPC's International Debt: From Economic to Political Problem

Directory of Open Access Journals (Sweden)

Paolo Palazzi

2002-06-01

Full Text Available This paper analyzes the dynamic of the international debt of Heavily Indebted Poor Countries (HIPC, along with the socio-economic development. The structure of the paper is the following: a the first part of the paper analyzes the dynamic of the structure of debt and socio-economic development (using 14 variables of 34 HIPC during the period 198797, using a multi statistical analysis; b the second part analyzes the relation between economic development and the structure of debt (period 1971-1998 for three benchmark countries (Niger, Bolivia and Tanzania; c in the final part, employing a cross section analysis, the paper verifies the relation between one social indicator (life expectancy and the international debt structure for the 34 HIPC. The main finding of the paper is that social and economic development is positively related to the debt stock, and it has a negative relation with the interest export ratio. Thus for the HIPC a reduction in debt service would be a better strategy than reducing the debt stock.

INVESTORS REACTIONS TO CHANGING FIRMS’ DEBT LEVEL AND ITS EFFECT TO STOCK RETURNS

Directory of Open Access Journals (Sweden)

AYŞE GÜL YILGÖR

2013-06-01

Full Text Available This paper investigates whether stock retuns are influenced by changing firms’ debt level and what the investors’ reactions to the announcement of this change are. We examine if the firms which have more debt comparing with prior year, could obtain cumulative abnormal return(CAR, then we test if the firms which leverage ratios are below the industry average could obtain more CAR than firms that the ratios are above the industry average. We find investors react changing firms’ debt level(with significantly positive or negative CAR. However the reactions are not related with if the leverage ratios are below or above industry average.

Institutions, public debt and growth in Europe

Directory of Open Access Journals (Sweden)

Klaus Masuch

2017-06-01

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

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

Science.gov (United States)

2010-07-01

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

11 CFR 116.7 - Debt settlement plans filed by terminating committees; Commission review.

Science.gov (United States)

2010-01-01

... description of the terms under which the creditor has extended credit to nonpolitical debtors of similar risk... settlement plan after the creditors included in the debt settlement plan have agreed to the settlement or... payments to the creditors included in the debt settlement plan until completion of Commission review. The...

20 CFR 340.16 - Debt collection.

Science.gov (United States)

2010-04-01

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

THE EFFECTS OF DIVIDEND POLICY AND OWNERSHIP STRUCTURE TOWARDS DEBT POLICY

Directory of Open Access Journals (Sweden)

Marcella Fransisca Santosa

2014-07-01

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

The Impact of The Sovereign Debt Crisis on The Eurozone Countries

OpenAIRE

Trabelsi, Mohamed Ali

2012-01-01

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

Sovereign debt and bank fragility in Spain

NARCIS (Netherlands)

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

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

Architectural Debt Management in Value-oriented Architecting

NARCIS (Netherlands)

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

2014-01-01

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

15 CFR 19.11 - How will Commerce entities use tax refund offset to collect a Commerce debt?

Science.gov (United States)

2010-01-01

... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false How will Commerce entities use tax refund offset to collect a Commerce debt? 19.11 Section 19.11 Commerce and Foreign Trade Office of the Secretary of Commerce COMMERCE DEBT COLLECTION Procedures To Collect Commerce Debts § 19.11 How will...

29 CFR 100.603 - Debts that are covered.

Science.gov (United States)

2010-07-01

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

THE SUSTAINABILITY OF PUBLIC DEFICIT AND DEBTS: SAMPLE OF TURKEY

Directory of Open Access Journals (Sweden)

Selim YILDIRIM

2017-09-01

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

75 FR 32343 - Debt Collection and Administrative Offset for Monies Due the Federal Government

Science.gov (United States)

2010-06-08

... administrative collection of nontax debt with Treasury's Financial Management Service. This centralization allows... DEPARTMENT OF THE INTERIOR Minerals Management Service 30 CFR Part 218 [Docket No. MMS-2009-MRM-0005] RIN 1010-AD36 Debt Collection and Administrative Offset for Monies Due the Federal Government...

75 FR 4100 - Enterprise Income Verification (EIV) System-Debts Owed to PHAs and Terminations

Science.gov (United States)

2010-01-26

... DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR-5376-N-04] Enterprise Income Verification (EIV) System-Debts Owed to PHAs and Terminations AGENCY: Office of the Chief Information Officer... Following Information Title of Proposal: Enterprise Income Verification (EIV) System- Debts Owed to PHAs and...

Trade misinvoicing, external debt and sustainable development: A Nigerian example

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Collins C. Ngwakwe

2015-06-01

Full Text Available This paper evaluated how trade misinvoicing orchestrates external debt in Nigeria and its obstructive tendencies on Nigeria’s sustainable economic development. The paper is pertinent, given that Nigeria is among the top ten developing countries in the world who are victims of substantial illicit trade misinvoicing outflows. The methodological approach is a mix of descriptive analysis (using tables and graphs and a t-test of difference in means between trade misinvoicing outflow from Nigeria, external debt and official development assistance (OD in Nigeria for the period 2003 – 2012. Findings indicate that as trade misinvoicing outflow increased during the period 2003 -2012, Nigeria’s external debt increased yearly. Results from the statistical t-test showed that the mean difference in trade misinvoicing outflow is significantly greater than the mean differences in external debt and official development assistance received into Nigeria. This finding attests to the huge internal financial resources that Nigeria lost during the period 2003 - 2012 through illicit trade misinvoicing outflow. The analysis further disclosed that trade misinvoicing outflow has hampered Nigeria’s stride to sustainable economic development given the record increases in unemployment, poverty, lack of access to sanitation facilities, low percentage of qualified health staff to child birth and a widening income inequality as measured by GINI index. The paper concludes that the drainage of Nigeria’s internal financial resources through illicit trade misinvoicing has denied Nigeria the needed finance to enhance the actualisation of sustainable economic development. Recommendations are proffered to assist in halting trade misinvoicing outflow from Nigeria.

DEBT MATURITY STRUCTURE IN PROJECT FINANCING%项目融资中的负债期限结构

Institute of Scientific and Technical Information of China (English)

黄福广

2001-01-01

在债券平均到期期限的基础上，提出现金流的弹性概念，并据此探讨了项目融资结构中负债期限结构问题．研究结果表明，在项目融资结构中，负债期限结构与负债容量密切相关．项目负债比率低，应倾向于长期负债；相反，应倾向于短期负债．%Based on the concept of debt duration,this paper proposes the elasticity of cash flow.Then,the debt maturity structure in project financing is discussed.The results show that in the project financing structure,the debt maturity structure is closely related with debt capacity.Higher debt ratio requires short-term debt,and vise versa.

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

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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

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

Science.gov (United States)

2011-03-15

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

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

Directory of Open Access Journals (Sweden)

Natalia Mokhova

2017-05-01

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

Educational debt: does it have an influence on initial job location and specialty choice?

Science.gov (United States)

Snyder, Jennifer; Nehrenz, Guy; Danielsen, Randy; Pedersen, Donald

2014-01-01

This study applied a quantitative design and analyzed the impact of educational debt on initial specialty and location choices for physician assistant (PA) graduates in Indiana. PAs who graduated between January 1, 2000, and December 31, 2010, and actively practice in Indiana were surveyed. Descriptive statistics and chi-square analyses were performed to determine whether any significant relationships existed among practice specialty, location, and gender. 157 participants (33%) responded to the survey and were considered in the final analysis. Males were more likely than females to be influenced by debt in choosing their specialty and the location of their initial job. A majority of PAs would have reconsidered rural practice if they had received federal and or state loan forgiveness for educational debt. This study provides evidence that debt may influence practice specialty and location choice. Further studies are needed to determine how gender might account for decisions to practice in certain specialties and location.

Sustainable bioenergy production with little carbon debt in the Loess Plateau of China.

Science.gov (United States)

Liu, Wei; Peng, Cheng; Chen, Zhifen; Liu, Yue; Yan, Juan; Li, Jianqiang; Sang, Tao

2016-01-01

As a key strategy for mitigating global climate change, bioenergy production by reducing CO2 emissions plays an important role in ensuring sustainable development. However, land-use change by converting natural ecosystems into energy crop field could create a carbon debt at the beginning. Thus, the potential carbon debt calculation is necessary for determining a promising bioenergy crop production, especially in the region rich of marginal land. Here, we used high-resolution historical land-use data to identify the marginal land available and to evaluate the carbon debt of planting Miscanthus in the Loess Plateau, China. We found that there were 27.6 Mha for energy production and 9.7 Mha for ecological restoration, with total annual production of 0.41 billion tons of biomass. We also found that soil carbon sequestration and total CO2 mitigation were 9.3 Mt C year(-1) and 542 Mt year(-1), respectively. More importantly, the result showed that planting Miscanthus on marginal land in the Loess Plateau only took 0.97 years on average to repay the carbon debt. Our study demonstrated that Miscanthus production in suitable marginal land in the Loess Plateau can offer considerable renewable energy and mitigate climate change with little carbon debt. These results suggested that bioenergy production in the similar arid and semiarid region worldwide would contribute to carbon sequestration in the context of rapid climate change.

The relationship between debt-for-nature swaps and protected area tourism: a plausible strategy for developing countries

Science.gov (United States)

Brijesh Thapa

2000-01-01

There is a positive correlation between the debt crisis of countries. To combat the crisis, Lovejoy (1984) introduced the debt-for-nature swap process that involves a mechanism of exchange in which a certain amount of the debtor’s foreign debt is cancelled or forgiven, in return for local currency from the debtor government to be invested in domestic environmental...

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

Directory of Open Access Journals (Sweden)

Jonatan Marlon Konraht

2016-08-01

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

38 CFR 1.990 - Written agreement to repay debt as alternative to salary offset.

Science.gov (United States)

2010-07-01

... repay debt as alternative to salary offset. 1.990 Section 1.990 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS GENERAL PROVISIONS Salary Offset Provisions § 1.990 Written agreement to repay debt as alternative to salary offset. (a) Notification by employee. The employee may propose, in...

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

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Nelson H. Barbosa-Filho

2001-12-01

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

Adjustment of the WACC with Subsidized Debt in the Presence of Corporate Taxes: The N-Period Case

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Ignacio Vélez-Pareja

2005-10-01

Full Text Available In the Weighted Average Cost of Capital (WACC applied to the free cash flow (FCF, we assume that the cost of debt is the market, unsubsidized rate. With debt at the market rate and perfect capital markets, debt only creates value in the presence of taxes through the tax shield. In some cases, the firm may be able to obtain a loan at a rate that is below the market rate. With subsidized debt and taxes, there would be a benefit to debt financing, and the unleveraged and leveraged values of the cash flows would be unequal. The benefit of lower tax savings are offset by the benefit of the subsidy. These two benefits have to be introduced explicitly. In this paper we present the adjustments to the WACC with subsidized debt and taxes and the cost of leveraged equity for multiple periods. We demonstrate the analysis for both the WACC applied to the FCF and the WACC applied to the capital cash flow (CCF. We use the calculation of the Adjusted Present Value, APV, to consider both, the tax savings and the subsidy. We show how all the methods match.

ANALISIS DEBT FINANCING PADA PERUSAHAAN INTERNASIONAL DAN PERUSAHAAN DOMESTIK YANG TERDAFTAR DI BURSA EFEK INDONESIA

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Nilmawati Nilmawati

2017-03-01

Full Text Available The purpose of the research was to analyze and find empirical evidence of theeffect of categories of companies (international and domestic on the level of debt using in thelisted companies in Indonesian Stock Exchange by controlling variables such as: risk, profitability,size, tangible fixed asset, growth, and agency problem. Multiple linier regression and chowtest were used for instrument analysis. The results showed that firm category did not effect thelevel of debt using, and there were only 2 control variables (profitability and agency affectingthe level of debt using.

Capital raising of aerospace companies: equities or debts?

Science.gov (United States)

Hui-Shan, L.; Taw-Onn, Y.; Wai-Mun, H.

2016-10-01

Aerospace products enhance national and economic activities, thus maintaining the sustainability of aerospace industry is crucial. One of the perspectives in ensuring sustainability of aerospace companies is expansion of firms by raising funds for research and development in order to provide a reasonable profitability to the firms. This study comprises a sample of 47 aerospace companies from 2009 to 2015 to analyze the impact of raising fund by equities or debts to the profitability of the firms. The result indicates that capital raising through equities is preferable than debts. Moreover, the study also identifies that the profit of aerospace industry is volatile and there is cyclical reduction of the net income in the first quarter of the year. The management needs to make wise decisions in raising fund to ensure a healthy growth of the aerospace company.

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.

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

OpenAIRE

Sadia Shabbir; Hafiz M. Yasin

2015-01-01