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1
Raffer, Kunibert. "Risks of Lending and Liability of Lenders." Ethics & International Affairs 21, no. 1 (March 2007): 85–106. http://dx.doi.org/10.1111/j.1747-7093.2007.00062.x.
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Risk and liability change the initially stipulated terms of contracts, overruling their otherwise binding nature. Risk encourages careful assessment of debtors' abilities to service debts. Errors and negligence in assessment, and even external shocks, make creditors suffer losses. Disregarding one's duty of care or professional standards, or engaging in tortious or illegal behavior makes actors liable to compensate for any resulting damage—a necessary systemic element of the framework markets need to function well. Neither mechanism was allowed to work properly in sovereign lending.This essay analyzes why risk and liability are necessary mechanisms of well-functioning markets, and discusses how risk can be handled. In the United States, inappropriate regulatory norms hindered providing against risk in the case of sovereign debt. The absence of liability—a market imperfection—has produced debts no decent legal system would recognize as legitimate domestic debt, thus aggravating the sovereign debt problem, and giving rise to concepts such as criminal, odious, and illegal debts. Discriminating sovereign debtors and disobeying the rule of law caused market distortions, resulting in not only grave damages to debtors, but also losses to creditors that the mechanisms risk and liability would have avoided. Finally, I briefly present proposals to repair these shortcomings in order to avoid the disasters of the past.
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Makin, Anthony J. "Feasible Limits for External Deficits and Debt." Global Economy Journal 5, no. 1 (January 2005): 1850030. http://dx.doi.org/10.2202/1524-5861.1043.
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Large current account deficits and foreign debt levels remain a source of concern for international financial markets and policymakers. Yet, exactly what an “excessive” external deficit or liability position for an advanced economy is at any time has never been adequately defined. This article addresses the question by proposing new methods for assessing the proximity of current account deficits and the associated foreign debt to their upper bounds. It contends that productive investment fundamentally sets the feasible limit for current account deficits, whereas the capital to output ratio ultimately sets the foreign debt to GDP limit. Benchmark estimates for the United States, Australia, New Zealand and the United Kingdom, advanced economies that have borrowed heavily since 1990, reveal external deficits have usually been well within limits, although recent United States experience is an exception.
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Berg, Gerald C. "The effects of the external debts of Mexico, Brazil, Argentina, Venezuela, and the Philippines on the United States." Applied Economics 20, no. 7 (July 1988): 939–56. http://dx.doi.org/10.1080/00036848800000018.
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Nurjanah, Rahma, and Candra Mustika. "The influence of imports, foreign exchange reserves, external debt, and interest rates on the currency exchange rates against the United States Dollar in Southeast Asia Countries." Jurnal Perspektif Pembiayaan dan Pembangunan Daerah 9, no. 4 (October 31, 2021): 365–74. http://dx.doi.org/10.22437/ppd.v9i4.12706.
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This study aims to analyze the effect of imports, foreign exchange reserves, foreign debt, and interest rates on the currency exchange rates against the United States Dollar in Southeast Asia countries. The study results found that from 2010 to 2017, the currency exchange rates against the United States Dollar in Southeast Asian countries tended to weaken (depreciate). The highest growth in the exchange rate against the United States dollar was in Indonesia, while the lowest was in Singapore. Foreign exchange reserves negatively affect foreign debt, and imports positively affect countries' exchange rates in the Southeast Asia region against the United States dollar. On the other hand, interest rates do not show a significant effect.
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Moroz, Ivanna. "Peculiarities of public debt management policy in the United States of America: experience for Ukraine." ScienceRise, no. 4 (August 31, 2021): 58–67. http://dx.doi.org/10.21303/2313-8416.2021.002040.
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The object of research is the policy of public debt management of the United States of America and Ukraine.
The problem solved is the low level of efficiency of the policy of public external and internal debt management of Ukraine in the context of financing economic growth.
The main scientific results: based on the analysis of the policy of public debt management of the United States of America, it has been proved, that the public debt and the US budget deficit should be perceived not as a problem or threat to macroeconomic stability, but as a tool to stimulate economic growth. It is substantiated, that in order to optimize the policy of internal and external public debt management of Ukraine it is expedient to introduce a debt rule, which is based on the program-targeted method of attracting public debt and provides for the use of public borrowing exclusively to finance economic development programs. In this case, Ukraine, following the example of the United States, will be able to achieve sustainable economic growth, because changing the priorities from debt financing of current state budget expenditures to financing capital expenditures will allow the Ukrainian government to develop economic infrastructure, create conditions for high value-added goods and to develop small and medium business, which will ultimately ensure macroeconomic stability and progressive economic development of the state.
The scope of practical use of research results. The results of the study can be used by the Cabinet of Ministers of Ukraine, and in particular by the Ministry of Finance during the formation of the Medium-Term public debt management strategy of Ukraine.
Innovative technological product: The debt rule is based on the program-target method of attraction and use of the state internal and external debt that allows to use effectively the state borrowings for financing of economic growth.
Scope of application of an innovative technological product: Policy of management of the state internal and external debt of Ukraine
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Balyuk, Igor. "Global external debt during COVID-19 pandemic." Obshchestvo i ekonomika, no. 9 (2021): 54. http://dx.doi.org/10.31857/s020736760016809-8.
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The article contains an analysis of the dynamics and structure of the external debt of various countries and groups of countries in the context of the coronavirus pandemic. The authors conclude that at the beginning of 2021, the ratio of external debt to GDP almost reached the level that was noted on the eve of the global financial and economic crisis of 2008-2009. A trigger for a new global crisis may be the exacerbation of problems in one or more segments of the economy of the European Union, Great Britain, the United States, or a number of large developing countries.
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Bobylev, S., and S. Solovyeva. "United Nations: Redefining Goals." World Economy and International Relations 60, no. 5 (2016): 30–39. http://dx.doi.org/10.20542/0131-2227-2016-60-5-30-39.
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One of the main UN Summit 2015 outcomes is the adoption of global Sustainable Development Goals (SDGs) built on achievements of the Millennium Development Goals (MDGs) to guide the path of sustainable development in the world after 2015. World leaders gathered at the United Nations to take responsibility for the implementation of 17 Sustainable Development Goals – a truly universal and transformative global development agenda. The article analyzes main common features and distinctions of SDGs and MDGs. It addresses priorities for the 2030 Agenda on Sustainable Development and primary SDG targets. The SDGs are intended to go beyond the MDGs and apply in general terms to all countries, including developed states, emerging economies and developing countries. At the same time, examining the main achievements of MDGs on national and international levels, the authors stress their importance. SDGs provide a framework for every country to create focused and effective implementation strategies and plans within its own domestic context. The article demonstrates the importance for Russian Federation under its UN obligations to elaborate two documents: Sustainable Development Strategy of the Russian Federation and the 2030 SDGs adapted to national priorities. The authors develop main principles of SDGs adaptation to national priorities, conditionally dividing them into two groups: "internal" (combating poverty, education, health, sustainable production and consumption) – Russia has to realize them drawing on its own potential, and "external" (combating climate change, enhancing a global partnership for sustainable development) – Russia can play an important role in the world coordinating with other countries. The article, while demonstrating the importance of climate change issues for Russia after weather and climatic anomalies caused huge social, economic and ecological damages, discusses possible economic tools, such as carbon taxes, introducing the price of carbon, Stock Exchange for carbon trading. The article investigates two large components of global partnership support in international policy of the Russian Federation: financing the assistance to the international development, and forgiveness of considerable debts to developing countries. Acknowledgements. The article was prepared within the Russian Scientific Foundation Project No. 15-17-30009.
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Salinger, Rober Miller. "First-Order Determinants of Capital Structure among Listed Manufacturing Companies in the United States of America." Journal of Finance and Accounting 6, no. 4 (September 22, 2022): 1–14. http://dx.doi.org/10.53819/81018102t4072.
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Capital structure plays a critical role which enables manufacturing firms address the dilemma of whether or not an optimal capital structure can be achieved. The total capital of a firm is composed of both debt and equity which makes up firm’s capital structure. The capital structure of manufacturing firms is made up of a combination of internal financing and external financing of the firm. Internal financing composed of equity, preference share capital and shareholder's funds and external financing composed of long term debt and short term debt of the firm. Internal financing using profits as a source of capital for new investment rather than obtaining capital elsewhere distributed as dividends to firm's owners or other investors. External financing is the phrase used to describe funds that firms obtain from outside of the firm. The decade since the onset of the global financial crisis has brought about significant structural changes in the manufacturing sector in USA. This study thus sought to assess the first-order determinants of capital structure among listed manufacturing companies in the United States of America through literature based study methodology. The study found that the manufacturing industry in USA is an industry that dominates companies listed on the New York Stock Exchange, it can be seen from the number of companies listed on NYSE increasing every period. The companies not only required to produce products, but also must be able to manage their capital structure. The study established that the first order determinants of capital structure for listed manufacturing firms in USA consist of financial situation, growth opportunities, size of the firm, product uniqueness, business risk, tax shields, dividend Policy. Furthermore, the first order determinants of capital structure consist of firm size, tangibility, growth opportunities, the non-debt tax shield, the bankruptcy risk, profitability and risk. The study concludes that listed manufacturing firms with the highest asset liquidity may increase debt capacity only when the bond covenants impose restrictions on the disposition of assets. The fact that a company possesses fixed assets to a large extent can be considered by its creditors as a guarantee that will allow them to recover their funds in the case of financial distress experienced by the borrower corporation. If a high-risk company is experiencing a decline in sales, the resulting profit will decrease due to the amount of the fixed costs. Because there is a decrease in profits, the company is not available enough funds to pay off the debt and interest so that it threatens the occurrence of bankruptcy. Keywords: First order determinants, capital structure, listed manufacturing companies, USA.
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Weinbaum, Marvin G. "Dependent Development and U.S. Economic Aid to Egypt." International Journal of Middle East Studies 18, no. 2 (May 1986): 119–34. http://dx.doi.org/10.1017/s0020743800029755.
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Egypt was firmly ensconced by the early 1980s in the ranks of the Third World's more dependent, financially troubled economies. The country's total foreign debt, under $3 billion in 1973, had grown to 16 billion by 1979. In 1982–83, the external debt was estimated at $20 billion, with the servicing of medium and long-term obligations absorbing more than one-third of export earnings. The terms of trade were also moving against Egypt as its major exports lost value. A trade deficit, registered largely with EEC countries and the United States, stood at the equivalent of $4.7 billion in 1982–83.
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Nasution, Anwar. "Global Savings–Investment Imbalances: What Role for East Asia?" Asian Economic Papers 6, no. 2 (May 2007): 1–13. http://dx.doi.org/10.1162/asep.2007.6.2.1.
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This paper examines the current path of global imbalances and the role of East Asia in addressing these issues. The roots of the problem are the exploding budget deficit and soaring current account deficit of the United States. The twin deficits are being financed by foreign savings including the placement of the massive foreign exchange reserves of East Asia in U.S. dollar–denominated debt, such as U.S. Treasury notes. Solving the imbalances will require corrections of internal and external imbalances by both the United States and its trading partners. How East Asia deploys its reserves could set off a tsunami of sales of dollar-based assets that could disrupt the U.S. and global economy. Sharp exchange rate adjustments (particularly a large fall in the U.S. dollar), and a protectionist backlash against the U.S. current account deficit, are in no one's interest as they could trigger global shocks.
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Carneiro, Gabriel Santos. "Poder e Autonomia: As Assimetrias do Sistema Financeiro e Monetário Internacional." ÎANDÉ : Ciências e Humanidades 2, no. 1 (July 21, 2018): 104–23. http://dx.doi.org/10.36942/iande.v2i1.49.
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Este artigo tem por objetivo explicitar a natureza assimétrica das relações financeiras e monetárias entre os Estados desde 1945 até o presente. Destaca-se que as decisões tomadas acerca das questão financeiras internacionais foram marcadas pelo unilateralismo dos Estados Unidos, de forma que o poder, tratado em termos de autonomia, se mostrou fator decisivo e explicativo das mudanças financeiras internacionais. Assim, o sistema financeiro internacional é caracterizado por uma discrepante autonomia norte-americana em relação aos demais países, de maneira que esse sistema é moldado fundamentalmente a partir dos interesses dos Estados Unidos, enquanto que aos demais Estados restam as consequências, em larga medida desfavoráveis, das opções escolhidas. O artigo, com o objetivo de casar a teoria com a história, focará em dois eventos específicos: a crise da libra esterlina de 1947 e a crise da dívida dos países latino-americanos da década de 1980, buscando sempre mostrar como que as ações norte-americanas acabam por prejudicar e afetar negativamente os demais Estados que carecem de autonomia para resistirem às influências externas.
This article aims to explain the asymmetric nature of financial and monetary relations between States since 1945 until nowadays. It is highlighted that the decisions made on the international financial matters are characterized by the unilateralism of the United States, in a way that power, seen here as autonomy, has proven to be a decisive and explanatory element of the international financial changes. Thus, the international financial system is characterized by a discrepant North-American autonomy compared to other countries, so that this system is fundamentally forged under the interests of the United States, whereas the consequences from the chosen choices, which are mainly negative, are left for the other countries. The article, intending to match theory with history, will focus in two specific events: the 1947’s sterling crisis and the 1980s external debt crisis of the Latin-American countries, looking forward to demonstrate how the North-American actions impaired and undermined the other countries that lack autonomy to resist external influences.
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Francis, Jere R., Inder K. Khurana, and Raynolde Pereira. "Disclosure Incentives and Effects on Cost of Capital around the World." Accounting Review 80, no. 4 (October 1, 2005): 1125–62. http://dx.doi.org/10.2308/accr.2005.80.4.1125.
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Prior research predicts that firms reliant on external financing are more likely to undertake a higher level of disclosure, and a higher disclosure level should, in turn, lead to a lower cost of external financing. This paper tests these predictions outside the United States where alternative legal and financial systems could mitigate the effectiveness of such disclosures and, comprehensively, examines both disclosure incentives and disclosure consequences on cost of capital for a common set of firms. Using a sample from 34 countries, we find that firms in industries with greater external financing needs have higher voluntary disclosure levels, and that an expanded disclosure policy for these firms leads to a lower cost of both debt and equity capital. Crosscountry differences in legal and financial systems affect observed disclosure levels in predicted ways. However, a surprising result in the study is that voluntary disclosure incentives appear to operate independently of country-level factors, which suggests the effectiveness of voluntary disclosure in gaining access to lower cost external financing around the world.
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Ari, Ibrahim, and Muammer Koc. "Sustainable Financing for Sustainable Development: Understanding the Interrelations between Public Investment and Sovereign Debt." Sustainability 10, no. 11 (October 26, 2018): 3901. http://dx.doi.org/10.3390/su10113901.
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This study investigates the causal relationship between public investment and sovereign debt (i.e., external and domestic public debt) with respect to the limits of public-debt sustainability for four countries with the highest GDP (i.e., the United States, China, Japan, Germany) during the period of 2000–2015. In summary, this study establishes quantitative evidence based on empirical findings to support the claim that sovereign debt is harmful to the financing of public infrastructure if it breaches certain thresholds, as proposed in this study, and according to the literature. By this approach, the findings enable us to make recommendations about the need for mobilizing domestic resources and innovating new financial models to promote sustainable development within the limits of sustainable public debt. In short, this paper concludes that performing a project for sustainable development by implementing unsustainable financing models will always end up with unsustainable economic outcomes.
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Santarcángelo, Juan E., and Juan Manuel Padín. "Reshaping the Economic Structure in Argentina: The Role of External Debt during the Macri Administration (2015–2019)." Review of Radical Political Economics 53, no. 2 (March 20, 2021): 237–49. http://dx.doi.org/10.1177/0486613420976429.
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Argentina’s right-wing shift in the 2015 presidential election concluded twelve years of center-left rule. The elected president, Mauricio Macri, claimed that the economy would experience normalization of existing imbalances and recover its strength in a “new political era.” However, the new administration quickly restored the dominance of neoliberal economic policies through a comprehensive set of initiatives, which centrally included the return to international financial debt and equity markets and submission to the International Monetary Fund’s (IMF) rules. This article analyzes Argentina’s external-debt-growth process and discusses its objectives and long-term effects. This paper posits that the indebtedness process carried out by the Macri administration—and its modality—not only increased the relevance of financial capital in the Argentine economy but also structurally conditioned any future nonorthodox alternative path of development. This outcome cannot be understood without taking into account the deliberate role of the United States, the IMF, and the top companies that operate in Argentina, as well as the complicity of many political sectors. JEL Classification: H63, F34, F63
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Joyce, Philip G., and Aichiro Suryo Prabowo. "Government responses to the coronavirus in the United States: immediate remedial actions, rising debt levels and budgetary hangovers." Journal of Public Budgeting, Accounting & Financial Management 32, no. 5 (September 18, 2020): 745–58. http://dx.doi.org/10.1108/jpbafm-07-2020-0111.
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PurposeThis paper reviews the response of both the national and state governments in the United States to the coronavirus pandemic and discusses budgetary challenges that are likely to be faced by the country over the next several years.Design/methodology/approachThe paper uses government sources, analysis by internal and external think tanks and contemporaneous media accounts to describe both the problem and the governmental responses.FindingsSince the first cases appeared in the US in early 2020, and particularly as the numbers started to expand substantially by March of that year, governments at all levels have worked to both respond to the immediate public health crisis and mitigate the economic effects of the pandemic. This included some immediate actions by the Federal Reserve to introduce more liquidity and four separate pieces of legislation passed in March and April 2020. The effect of this legislation has been to add $2.5 tr to 2020 and 2021 deficits. State and local governments, meanwhile, face years of budget shortfalls, which will require them ultimately to raise taxes and cut spending and may also require additional fiscal stimulus from the federal government. The magnitude of the fiscal effects will be driven by whether there is a second wave, how long the recession lasts, and what additional responses will be necessary in order to get the pandemic under control and deal with its aftermath.Originality/valueThe paper is likely the first to summarize the information about the federal and state responses, and the likely future impacts, in a single place.
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Ma, Jiameng. "Determinants of Small Business Owner Loan." Journal of Finance Research 3, no. 2 (October 29, 2019): 8. http://dx.doi.org/10.26549/jfr.v3i2.2174.
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Shareholders and debtholders have diverging objectives. Shareholders are residual claimants whereas debtholders are fxed claimants to frm’s assets. In leveraged frms, shareholders may increase the value of their claims at the expense of debtholders. The presence of shareholders being debtholders is a smart interest alignment, providing a solution to shareholder-debtholder conflicts. This paper focuses on small businesses, which play an important role in the United States economy but are generally neglected by academia. Utilizing National Survey of Small Business Finance (NSSBF) data, this paper shows that frms with higher agency cost of debt are more likely to issue owner loan. The incidence of small business owner loan is positively associated with external lending diffculty, low shareholder agency cost and frm valuation diffculty.
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Suter, Christian, and Hanspeter Stamm. "Coping with Global Debt Crises: Debt Settlements, 1820 to 1986." Comparative Studies in Society and History 34, no. 4 (October 1992): 645–78. http://dx.doi.org/10.1017/s001041750001803x.
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The settlement of the external debt of insolvent sovereign borrowers has become one of the most important issues in relations between the north and south since the outbreak of the global debt crisis in the early 1980s. For the past eight years representatives of governments and international organizations, bankers, and scientists have suggested several proposals and plans to solve the present debt crisis. The most prominent schemes in this respect are the Baker Plan of 1985, which suggested massive new credits for the most highly indebted developing countries, and the recently adopted Brady Plan, which proposes partial debt discounts and reductions in interest rates. Both of these debt settlement proposals were initiated by the United States and are supported by the other principal creditor countries. However, despite the ten years of crisis management, world leaders have not yet agreed upon a longterm solution to the current debt problems. In the history of the capitalist world economy, the current problems of coping with a global debt crisis do not represent a unique event. Rather, recent empirical studies demonstrate that sovereign borrowers have experienced many instances of debt-servicing difficulties during the past 150 years (Eichengreen and Portes 1986; White 1986; Eichengreen and Lindert 1989; Marichal 1989; Suter 1989).
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Sekacheva, A. B. "Crisis Phenomena in the European Union Economy at the Present Stage of its Development." World of new economy 15, no. 1 (March 25, 2021): 91–99. http://dx.doi.org/10.26794/2220-6469-2021-15-1-91-99.
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The article reveals the main problems related to the EU economy’s state and the prospects for its further development. This topic is extremely important for Russia since the European Union is its leading foreign trade partner. The article states that the EU is the largest integration grouping globally in terms of its economic potential. Simultaneously, the lack of significant reserves of natural resources and dependence on their external supplies does not allow the EU to realize its economic opportunities fully. At the same time, the export-oriented model of the economies of its leading member countries makes them sensitive to flctuations in the conjuncture of foreign markets, and the growing public debt contributes to the development of disintegration processes. Besides, the growth of migration flws, the increase in socio-economic tensions, especially during the coronavirus period, also do not allow the EU to solve the accumulated problems. Simultaneously, excessive dependence on the United States in geopolitical and geo-economic relations hinders the development of mutually benefiial economic ties with Russia and other countries. The article presents various opinions about the future of the EU and notes that many authoritative political fiures and experts consider that due to these reasons, it cannot be preserved as a whole.
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Tovsultanova, Malika S., Rustam A. Tovsultanov, and Lilia N. Galimova. "Turkey’s political crisis of the 1970s and the military coup on September 12, 1980." Samara Journal of Science 9, no. 3 (November 20, 2020): 234–38. http://dx.doi.org/10.17816/snv202093210.
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In the 1970s, Turkey was in a state of political turbulence. Weak coalition governments changed frequently and could not bring order to the country. The city streets turned into an arena of battles for various armed radical groups of nationalist, communist, Islamist and separatist persuasions. For 9 years from 1971 to 1980, 10 governments changed in Turkey. The political crisis was accompanied by an economic downturn, expressed in hyperinflation and an increase in external debt. Chaos and anarchy caused discontent among Turkish financial circles and generals with the situation in the country and led to the idea of a military coup, already the third in the republican history of Turkey. The US State Department was extremely concerned about the situation in Turkey, hoping to find a reliable cover against further exports of communism and Islamism to the Middle East, approving the possibility of a coup. The coup was led by the chief of the General Staff K. Evren. Political events of the second half of the 1970s allow us to conclude that, despite the interest of the financial and military circles of the United States in it, the military coup on September 12, 1980 had mainly domestic political reasons.
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Alonge, Funmilayo Bukola, and Clement Olatunji Olaoye. "The Effects of Public Debt Financing: A Multi-state Perspective." Archives of Business Research 10, no. 9 (September 21, 2022): 112–18. http://dx.doi.org/10.14738/abr.109.12851.
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This paper investigates the relation between public debt financing and government expenditure. Using year and states fixed effect estimation, we find that the amount owed by federating states propels government spending. While external debts have a significant and positive association with public expenditure, domestic debts have positive effect, though not significantly different from zero, on government expenditure. The study recommends that policymakers in the public sector should widen external debts than domestic debts because its influence governments’ recurrent and capital expenditure.
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Moroke, Ntebogang Dinah. "A pairwise unit-root-test based approach to investigating convergence of household debts in South Africa and the United States." Journal of Governance and Regulation 4, no. 2 (2015): 141–47. http://dx.doi.org/10.22495/jgr_v4_i2_c1_p7.
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The purpose of this paper was to test convergence of household debts in the United States and South Africa taking a pairwise unit root tests based approaches into account. Substantial number of studies dealt with convergence of several macroeconomic variables but to my knowledge no study considered this subject with respect to household debts of the identified countries. Quarterly data on household debts consisting of 88 observations in the South Africa and United States spanning the period 1990 to 2013 was collected from the South African and St. Louis Federal Reserve Banks. Focused on the absolute value of household debts, this study proved that South Africa is far from catching-up with the United States in terms of overcoming household debts for the selected period. The findings of this study can be used by relevant authorities to help improve ways and means of dealing with household debts South Africa.
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Haddou, Yacob, Rebecca Mancy, Jason Matthiopoulos, Sofie Spatharis, and Davide M. Dominoni. "Widespread extinction debts and colonization credits in United States breeding bird communities." Nature Ecology & Evolution 6, no. 3 (February 10, 2022): 324–31. http://dx.doi.org/10.1038/s41559-021-01653-3.
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AbstractSpecies extinctions and colonizations in response to land cover change often occur with time lags rather than instantaneously, leading to extinction debts and colonization credits. These debts and credits can lead to erroneous predictions of future biodiversity. Recent attempts to measure debts and credits have been limited to small geographical areas and have not considered multiple land cover types, or the directionality of land cover change. Here we quantify the relative contribution of past and current landscapes on the current effective number of species of 2,880 US bird communities, explicitly measuring the response of biodiversity to increases and decreases in five land cover types. We find that the current effective number of species is still largely explained by the past landscape composition (legacy effect), depending on the type, magnitude and directionality of recent land cover change. This legacy effect leads to widespread extinction debts and colonization credits. Specifically, we reveal debts across 52% of the United States, particularly in recently urbanized areas, and colonization credits in the remaining 48%, which are primarily associated with grassland decrease. We conclude that biodiversity policy targets risk becoming rapidly obsolete unless past landscapes are considered and debts and credits accounted for.
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BLAGUN, Ivan. "PRICE RELATIONSHIPS BETWEEN BOND MARKETS." WORLD OF FINANCE, no. 1(58) (2019): 28–42. http://dx.doi.org/10.35774/sf2019.01.028.
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Introduction. The strengthening of globalization processes leads to a greater integration of the domestic financial market into the global financial market, especially bond market. Ukraine is under significant influence of world economic processes. In this context the impact that has on the state of the domestic market of Ukraine our financial market, as well as the actions of American financial regulators. On the background of the formation of excessive debt structure of the global financial market, including the US market, the financial market of Ukraine in recent time, there is also the nature of the debt market which is a key financial instrument is bonds, i.e. government bonds. Not less important and of the dual influence of the two basic segments of the financial market between market shares and bonds that affects the efficiencyof capital investors. The purposeis the research of the relationships that are formed between the markets of shares and bonds on the example of financial markets of the USA and Ukraine. Results. The price relationship between the bond markets of countries with different levels of development has been considered. For the basic indicators, characterizing the main parameters of the bond market the analysis of the influence of the US bond market to the domestic market, determined correlations between the rates of return on ten-year bonds. It has been established that the time series of the rate on ten-year bonds have signs of nonstationarity. Based on the identified nonstationarity time series were analyzed for cointegration. It is determined that the modeling-level rate bonds in Ukraine can be improved by applying advanced Sapsan the value of the rate of the bonds in the United States. Conclusions. The results do not indicate the manifestation of a dependence between the value of the rates of ten-year bonds in the United States and Ukraine. Also there is no dependence between the current growth rate of bonds. A more detailed analysis also showed the absence of long-term balance between the rates of these bonds. The analysis of the interaction between equity markets and bond between them showed that the existing dual influence should be viewed through the prism of external factors that can lead to very different behavior of these markets, on the one hand they are competitors, in terms of raising capital, on the other in some periods, they are characterized by complementarity.
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Hashim, Norayati, and Mohd Fahmy Abdullah. "Technical Efficiency (TE) in Malaysia Electric and Electronic Manufacturing Industry: A Stochastic Frontier Analysis (SFA) Approach." 12th GLOBAL CONFERENCE ON BUSINESS AND SOCIAL SCIENCES 12, no. 1 (October 8, 2021): 98. http://dx.doi.org/10.35609/gcbssproceeding.2021.12(98).
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The Electric and Electronic (E&E) manufacturing industry is becoming more important for Malaysia economy that contributes to the Gross Domestic Product (GDP) and provide huge in job creation. Hence, real GDP grew at an average rate of 6.1% per year over 1970 to 2018 period, higher than the average growth of the advanced countries (OECD Economic Surveys: Malaysia 2019, 2019). Furthermore, Malaysia is a major player in the fast-expanding E&E market, of which major export destinations include Singapore, Hong Kong, the USA, PRC, Japan and Europe. In 2019, 37.8% of Malaysia total exports were from E&E industry, which accounted for RM372.67 billion worth of exports or 44.7 per cent of all manufacturing goods exported (MITI, 2019). However, the E&E manufacturing industry is fluctuating and was inconsistent in Malaysia (MITI, 2014). Furthermore, the external environment continued to be affected by global economic uncertainty in 2012, dampening demand for the E&E manufacturing industry exports to decrease by 2.5 percent to RM231.2 billion and had an impact on the labour market with total retrenchments increased by 35.2 percent to 7616, due mainly to higher layoffs in the manufacturing industry (MITI, 2012). This effect is due to the sovereign debt crisis in Europe, the United States (US) economic recovery was modest, dampened by both domestic and external weaknesses and the stagnant economy in Japan had an impact on the export performance. In addition that growing competition from manufacturers in developing economies such as China and ASEAN member countries, particularly in higher value-added assembly (Bank Negara Malaysia, 2012). Hence, Malaysia economic landscape year 2012 became more challenging to uncertainty affected by an increasingly competitive global environment. Keywords: Technical Efficiency, Electric and Electronics, Stochastic Frontier Analysis (SFA), Translog, Panel Data.
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Bindewald, Leander. "Inconsistent Definitions of Money and Currency in Financial Legislation as a Threat to Innovation and Sustainability." Journal of Risk and Financial Management 14, no. 2 (January 27, 2021): 55. http://dx.doi.org/10.3390/jrfm14020055.
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External shocks, like the climate catastrophe or the COVID-19 pandemic, as well as intrinsic fallacies like the securitization of bad debt leading up to the financial crisis in 2008, point to the need for updating our monetary and financial systems. Ensuring their adequacy and resilience is an important factor for sustainability at large. This paper examines the definitions of “money” and “currency” in financial legislation as a foundational factor in achieving systemic resilience by allowing or hampering monetary innovation and diversity. From the unencumbered vantage point that the practice of complementary currencies offers, definitions of the terms “money” and “currency” are here traced through the laws and regulations of the United States of America, from the beginnings of modern banking to the recent rulings on crypto-currencies. They are both found to be used and defined in contradictory ways that are inapt even in regard to conventional modern banking practices, let alone when applied to novelty in payment, issuance and valuation. Consequently, this paper argues that basic legal definitions need to be reviewed and consolidated to enable the innovation and diversification in monetary systems needed for long term macro-economic stability. With this in mind, a terminology that is consistent with monetary practice—current, past and future—as well as the procedural difficulties of reforming laws and regulations is proposed.
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Fishman, Joshua A. "Toward Multilingualism as an International Desideratum in Government, Business, and the Professions." Annual Review of Applied Linguistics 6 (March 1985): 1–9. http://dx.doi.org/10.1017/s0267190500003019.
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The term “multilingualism,” or any of its partial synonyms and correlates (such as “bilingualism” or “bilingual education”), refers to so complex a field of phenomena that it should really be no surprise that it is defined or clarified in much the same way as are the constituent items of a projective test: more in accord with the latent internal dynamics of whatever “moves” the definer than in accord with the manifest external characteristics of the defined. Not only is this true if we move from culture to culture and seek to discover the dominant views about “multilingualism” in a variety of ethnocultural traditions, but it is also true if we focus on any one context, particularly one that is highly exposed to the assets and debits of rapid social change, such as the one we are in presently in the United States, and we seek to discover the dominant view about “multilingualism” from one period of time to another. Under both types of contrastive circumstances we quickly discover that “multilingualism is a sometime thing”; i.e., it is a variable rather than a constant. It is interpreted and reinterpreted, by all segments of society, in accord with larger issues, more pressing priorities that shape these segments, that move them, worry them, force them to alter their priorities. Yes, “multilingualism is a Zeitgeist thing” and “the times, they are a-changing,” particularly in the U.S.A. and the rest of the Western Democratic world.
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Zhiltsov, S. S. "West’s role in the development of Ukraine." Post-Soviet Issues 7, no. 3 (November 24, 2020): 266–75. http://dx.doi.org/10.24975/2313-8920-2020-7-3-266-275.
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The collapse of the USSR pushed Ukraine for pursuing a policy aimed at expanding cooperation with Western countries. Ukraine placed great emphasis on economic cooperation with the EU and United States, as well as financial assistance from Western countries and international financial organizations, primarily the International Monetary Fund (IMF). Such interest in collaborating with the IMF was driven by the needs of the Ukrainian economy to solve current social and economic problems, maintain the political stability for the elites in power. The increased focus of the Ukrainian side on external financial assistance related to the Ukraine failure to address economic challenges, appeared after the collapse of the USSR, and initiate a new foreign economic policy. The inefficiency of the economy was aggravated by clear-cut governmental policy deficiency. At the same time, Ukraine continued to open up the country to Western capital. This weakened Ukraine’s position on world markets, negatively affected its economic potential. Hence, Ukraine went in for cooperation with the IMF to gain financial assistance and tackle its economic problems. On the other hand, the IMF showed great attention to Ukraine, granting funds to Ukraine as a part of cooperation programs but setting economic conditions and political demands. The ongoing borrowing policy has led to Ukraine foreign debt increase, triggering the dependence of the Ukrainian authorities on the IMF. In recent years, under the new President of Ukraine V. Zelensky, Ukraine has proceeded with the policy of cooperation with the IMF.
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Kirichenko, Elina. "Consolidated Debts of the U.S. non-financial sector: Post-pandemic Estimates." Russia and America in the 21st Century, no. 6 (2022): 0. http://dx.doi.org/10.18254/s207054760023472-6.
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The purpose of the article is to study the trends, problems and risks of consolidated domestic debts of the US non-financial sector at the present stage. The problems of budgets of different levels are considered: the federal budget, state budgets, the influence of the “pandemic” crisis on their income and expenses. In the framework of the analysis of the debts of the US non-financial sector the national (sovereign) debt of the United States, the aggregated debts of states and municipalities are singled out, and the heterogeneity of their financial situation is studied. The debt problems of the US non-financial business, primarily corporate debts, are touched upon. Particular attention is paid to the debts of American households.
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Лариса Ивановна, Волова. "THE PECULIARITY OF THE LEGAL NATURE OF INTERNATIONAL DEBT LAW." NORTH CAUCASUS LEGAL VESTNIK 1, no. 1 (March 2022): 100–106. http://dx.doi.org/10.22394/2074-7306-2022-1-1-100-106.
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In this article, the author examines important problematic issues of international debt law as an institution of international financial law: he determines the trends of development now and in the future of international legal norms, rules, standards. Leadership in the field under consideration. The article provides an assessment of acceptable ways to solve the debt problem at the universal level. The author suggests ways to more effectively restructure the external debts of states, taking into account their legislation and contractual practice. The evaluation of documents related to the management of external debts of States is given.
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Zhiltsov, S. S. "Coronavirus hits former-Soviet countries." Post-Soviet Issues 7, no. 1 (April 15, 2020): 8–17. http://dx.doi.org/10.24975/2313-8920-2020-7-1-8-17.
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The year of 2020 started a new chapter in the development of former-Soviet countries. The coronavirus epidemic, which began in the Chinese city of Wuhan, has spread to affect all countries throughout the world, including the countries of the former Soviet Union. Its influence has already affected the economic and social development of the countries in the post-Soviet space. Closing borders, stopping tourism, and imposing severe restrictions on transport services were the first measures that contributed to reducing the incidence rates. At the same time, these measures affected bilateral and multilateral trade and economic relations among the countries of the post-Soviet space.All countries of the post-Soviet space have taken steps to allocate additional funds to combat coronavirus. Ad hoc funds were formed, the review of budget expenditures and revenues began. However, in fact in the first few months the countries faced economic distress, the overcoming of which could take considerable time.The coronavirus epidemic is taking place against the backdrop of global economic crisis and a sharp drop in oil prices. Economic development models based on increasing consumption without economic growth, increasing the level of external and internal debt have shown their insolvency. In these conditions, the countries of the post-Soviet space, which are highly dependent on the external factor, have also experienced significant economic hardships.Finally, the «price warfare» in the oil market has a strong influence. The United States and Saudi Arabia’s attempts to achieve dominance in the oil market, by displacing Russia from it, as well, have had a destabilizing impact on the world oil market. This factor has had a direct impact on those former-Soviet countries that produce and export hydrocarbon resources.In general, the coronavirus epidemic, taking place against the backdrop of global economic challenges and oil competition, will have a negative impact on the economic and political development of former-Soviet countries. The impact of the epidemic, its consequences, will affect the former-Soviet countries for many years to come.
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Batondo, Musumba, and Josine Uwilingiye. "Comovement across BRICS and the US Stock Markets: A Multitime Scale Wavelet Analysis." International Journal of Financial Studies 10, no. 2 (April 12, 2022): 27. http://dx.doi.org/10.3390/ijfs10020027.
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During the past two decades, financial markets across the globe have experienced sporadic waves of crashes. Such waves raise concerns about the vulnerability of global financial markets and the transmission mechanisms of shocks beyond borders. The current study examines the co-movement of stock markets in BRICS (Brazil, Russia, India, China and South Africa) countries and the United States of America (US). It unfolds their exposure to contagion effects during the major financial crises, which have flared up since 2000. Daily close price indices of selected stock markets were used in this endeavour. These data spanned from 5 January 2000 to 10 March 2021. A wavelet decomposition on stock return series was performed on these data to determine the multihorizon nature of comovement (pure contagion or interdependence) and the dynamics of market integration. It emerges that before the 2006-US-housing-bubble and after the 2011/13-EU-sovereign-debt crises, some shocks caused pure contagion. Such transmission generated short-term shocks. Most of the earlier shocks, particularly the US subprime and the EU Sovereign Debt crises, were spread via interdependence. Trade linkages and economic integration improvements enhanced such interdependence. In addition, when analysing the episodes of market integration, it arises that, in general, the short- and long-term integration strengthened and deepened comovement among equity markets. From the portfolio diversification and risk management perspectives, these results indicate that the market in China provided lucrative grounds for short-run investors from the other countries covered in the current study. These results can be helpful for investors interested in portfolio diversification in the BRICS region. They might also help policymakers in the region mitigate the exposure to external shocks of markets.
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Okhrimenko, Igor Viktorovich. "On the impact of socioeconomic policy upon national security (based on the example of Turkish currency and debt crisis of 2018)." Национальная безопасность / nota bene, no. 3 (March 2020): 119–27. http://dx.doi.org/10.7256/2454-0668.2020.3.32850.
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This article is dedicated to examination of the impact of social factors upon the state of national economic security, which is a vital segment within the overall system of national security. Insurance of national economic security implies activities aimed at elimination of factors that negatively affect the development and independence of the national economy. Such factors, of internal or external origin, are views as threats to national economic security. The subject of this research is internal threats that emerged as a result of unfavorable socioeconomic policy of the state. The author describes the impact of Turkish socioeconomic policy upon the state of its economic security by means of establishing a causal connection between certain manifestations of the unfavorable socioeconomic policy of the country and the emergence of threats to national economic security. The scientific novelty consists in definition of socioeconomic policy of the state as a factor affecting both, economic and national security. This hypothesis is substantiated by the following conclusions: 1) Effectiveness of socioeconomic policy of the state depends on differentiation of the distribution of benefits in the course of its realization; serving the interests of particular population group results in destabilization of the society and risks of civil confrontation, which leads to negative consequences for the national economy and adversely affects the state of national economic security. 2) Excessive burden on state budget with social and economic expenditures may negatively affect the state of national economy in the conditions of upcoming macroeconomic cataclysms. This is what happened in Turkey, when a substantial part of state budget dragged national economy to the bottom in terms of the United States economic sanctions and subsequent crisis of 2018.
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Drezner, Daniel W. "Bad Debts: Assessing China's Financial Influence in Great Power Politics." International Security 34, no. 2 (October 2009): 7–45. http://dx.doi.org/10.1162/isec.2009.34.2.7.
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Commentators and policymakers have articulated growing concerns about U.S. dependence on China and other authoritarian capitalist states as a source of credit to fund the United States' trade and budget deficits. What are the security implications of China's creditor status? If Beijing or another sovereign creditor were to flex its financial muscles, would Washington buckle? The answer can be drawn from the existing literature on economic statecraft. An appraisal of the ability of creditor states to convert their financial power into political power suggests that the power of credit has been moderately exaggerated in policy circles. To use the argot of security studies, China's financial power increases its deterrent capabilities, but it has little effect on its compellence capabilities. China can use its financial power to resist U.S. entreaties, but it cannot coerce the United States into changing its policies. Financial power works best when a concert of creditors (or debtors) can be maintained. Two case studies—the contestation over regulating sovereign wealth funds and the protection of Chinese financial investments in the United States—demonstrate the constraints on China's financial power.
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Lubetsky, Michael H. "Interest Relief on Income Tax Debts: Canada Versus the United States." Canadian Tax Journal/Revue fiscale canadienne 68, no. 4 (January 2021): 931–86. http://dx.doi.org/10.32721/ctj.2020.68.4.lubetsky.
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Subsection 220(3.1) of the Income Tax Act authorizes the minister of national revenue to waive or cancel interest on income tax debts. This power is typically exercised in four circumstances: where interest has accumulated owing to circumstances beyond a taxpayer's control; where the interest has accumulated owing to error or delay by the Canada Revenue Agency; where the accumulated interest causes hardship; or in the context of a voluntary disclosure. South of the border, section 6404 of the Internal Revenue Code authorizes the secretary of the Treasury to "abate" interest on tax debts. As a practical matter, discretionary interest relief under section 6404 is available only in very limited circumstances. The restrictive approach to discretionary interest relief is, however, offset by a greater array of interest-relieving provisions, as well as by the power of the secretary to "compromise" tax liabilities on various grounds, some of which overlap with grounds for interest relief recognized in Canada. This article compares the Canadian and US interest relief regimes, with a view to identifying aspects of the US regime that may merit further consideration in Canada. The differences in the US approach that are of particular interest include • a wider, and arguably more coherent, range of relieving provisions applicable to interest, particularly with regard to interest netting and carrybacks; • the jurisdiction of the United States Tax Court to review refusals to abate interest and/or to accept an offer in compromise; • dealing with situations of hardship and extraordinary circumstances under the aegis of the offer-in-compromise regime, which allows for consideration of the underlying tax liability in addition to the interest, and which also allows for relief to be made conditional on the taxpayer's future compliance with filing and payment obligations; • in certain older cases, a willingness to use interest relief to settle longstanding and complex tax disputes; and • the absence of statutory time limits on the power of the secretary to abate or compromise interest. The comparative study also reveals how Canada and the United States place different weight on policy rationales that underlie interest relief. Canada focuses mainly on ensuring that the consequences of non-compliance for individual taxpayers are fair and equitable. The United States, on the other hand, focuses more on rehabilitating non-compliant taxpayers in the long term, as well as ensuring that interest reflects fair compensation for such taxpayers' use of the public treasury's money—both of which could be given greater attention on this side of the border.
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Barrett, Tristam. "“Your debts are our problem”." Focaal 2020, no. 87 (June 1, 2020): 1–15. http://dx.doi.org/10.3167/fcl.2020.012801.
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AbstractUnlike in other countries with debt-saddled populations, the issue of consumer debt has been weakly politicized in Azerbaijan. There have been no social movements of the kind that occurred around the financial crises in the United States, the European periphery, or even in Ukraine's post-revolution attempt at a “financial Maidan.” The lack of a public politics of debt left banks to act as predators, using a weak court system to intimidate people and obtain repayment of debts. Yet the constraints to the public sphere within which a contentious politics might unfold does not mean no such politicization exists. Using the example of Antikollektor, a successful anti-debt-collection agency in Baku, this article demonstrates the usefulness of building an understanding of civil society outside of the reductivist frames that shape recent debates over the authoritarian backlash against foreign-funded organized civil society in the former Eastern Bloc.
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Vasiliev, V. S. "Federal debt pyramid and record budget deficits as a threat to national security of the USA." Mezhdunarodnaja jekonomika (The World Economics), no. 11 (November 18, 2022): 804–18. http://dx.doi.org/10.33920/vne-04-2211-04.
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The article analyzes the transformation of the problem of federal debt and budget defi cits in the United States from a sphere that has a purely economic dimension to the most acute task of ensuring the US national security. It is emphasized that the main demarcation line that predetermined the distinction between the purely economic dimension of the problem of debts and defi cits and national economic security was the ratio of federal debt to GDP, equal to 119 %, recorded in the mid-1940s after the end of World War II. This indicator was considered a benchmark for the historical strength and stability of the entire US federal fi nance system. Before the start of the fi nancial and economic crisis of 2020–2021, provoked by COVID-19 pandemic, the United States believed that they had about 10–15 years during which they could solve the problem of debts and defi cits relatively painlessly, but already in 2020 as a result "Super-aggressive" fi scal policy aimed at keeping the American economy afl oat, the United States has come close to the debt-to-GDP ratio of 130 %. Forecasts by federal government offi cials indicate that the debtto- GDP ratio will not fall below this level over the next 30 years, leaving the federal fi nance system highly vulnerable to shocks and economic blows that could potentially lead to a sudden collapse of the accumulated debt pyramid. The rapid transformation of the situation with debts and defi cits into the most acute problem of national economic security has already led to an almost complete paralysis of fiscal policy, which, in the context of the recession of 2022, turned out to be almost completely devoid of a countercyclical orientation. In addition, the US Federal Reserve took the path of using inflation to reduce the debt burden on the US economy, which predetermined the formation of a "toxic" inflationary environment both in the US and in the global economy in the near foreseeable future. The debt trap that the United States fell into at the beginning of the third decade of the 21st century predetermined the extremely aggressive forms of US behavior in the system of international economic relations, including the unleashing of economic wars, with the ultimate goal of demonstrating to the world community that the United States will never, under any circumstances, pay off their accumulated public debt, as well as the debts of other sectors of the US economy.
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Lester, V. Markham. "The Effect of Southern State Bond Repudiation and British Debt Collection Efforts on Anglo-American Relations, 1840–1940." Journal of British Studies 52, no. 2 (April 2013): 415–40. http://dx.doi.org/10.1017/jbr.2013.58.
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AbstractBritish officials' largely negative impression of the United States caused by America's intransigence in allowing renegotiation of Britain's First World War debts must be viewed against a backdrop of a longstanding debtor-creditor relationship between the two nations. Since the mid-nineteenth century, British creditors, largely through the efforts of the London-based Corporation of Foreign Bondholders, vigorously yet unsuccessfully attempted to collect large debts on repudiated American state bonds. This article provides greater understanding of this history and shows that the nineteenth-century debt controversy might well have been avoided to the economic benefit of the British and particularly the American South.
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SYLLA, RICHARD. "The transition to a monetary union in the United States, 1787–1795." Financial History Review 13, no. 1 (March 31, 2006): 73–95. http://dx.doi.org/10.1017/s0968565006000060.
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A convertible US-dollar monetary union was the least controversial component of the US financial revolution of the early 1790s. Although the fiat paper currencies of the colonies before 1776 sometimes worked reasonably well, the founders had good reasons for the constitutional ban on their continuance by US states. The ban, a surrender of states' sovereignty over money, at the time proved to be relatively uncontroversial for two reasons. One is that the financial revolution lightened the fiscal burdens of states by assuming their debts and making them part of the national debt. The other is that states quickly learned that chartering banks could accomplish virtually all of the legitimate purposes of state fiat money issues, and possessed additional economic and political advantages.
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Isaev, K. A. "Economic diplomacy of Russia towards Venezuela: From H. Chaves to N. Maduro." Moscow University Bulletin of World Politics 14, no. 2 (October 18, 2022): 173–208. http://dx.doi.org/10.48015/2076-7404-2022-14-2-173-208.
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The Bolivarian Republic of Venezuela faces a deep political and economic crisis that is exacerbated by severe restrictive measures imposed against it by the United States and their allies. In these circumstances, the availability of external economic support becomes particularly important. In recent years, Russia has become one of the key donors for Venezuela with a wide range of economic diplomacy tools at its disposal. Drawing upon official data, as well as recent findings of Russian and foreign researchers, the present paper examines the evolution of Russian economic diplomacy towards Venezuela during the presidency of H. Chavez (1999–2013) and N. Maduro (2013 — present). The author emphasizes that bilateral economic cooperation was already institutionalized under H. Chavez. The most intense interaction took place in the energy and military-technical fields. The mechanisms of Russian economic diplomacy included primarily public and private loans, investments, and payments for the permission to develop Venezuelan oil deposits. The election N. Maduro was accompanied by a dramatic deterioration of political and economic situation in the country. The crisis was further aggravated by economic sanctions imposed by the US. The latter also affected Russian projects in the republic. However, Russia continued to provide significant support to Venezuela, both through already proven mechanisms of economic diplomacy and a number of new ones, including sovereign debt restructuring and advance delivery of goods. At the same time, the author notes that this assistance remains rather isolated and limited, it affects only specific areas, mainly oil and gas and military-technical cooperation, and its volume is insufficient to effectively address the economic crisis in Venezuela. In this context, the domestic economic policy of the Venezuelan government is of particular importance. Indeed, liberal economic reforms carried out since 2018 were helpful for recovery from the economic crisis. In this connection, the author provides a list of measures and mechanisms Russia could implement in the framework of economic diplomacy to ensure this positive trend.
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Miller, K. M. "Measurements of External Radiation in United States Dwellings." Radiation Protection Dosimetry 45, no. 1-4 (December 1, 1992): 535–39. http://dx.doi.org/10.1093/oxfordjournals.rpd.a081598.
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Miller, K. M. "Measurements of External Radiation in United States Dwellings." Radiation Protection Dosimetry 45, no. 1-4 (December 1, 1992): 535–39. http://dx.doi.org/10.1093/rpd/45.1-4.535.
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Ihsane Bouberima and Hamza Chaker. "The Buildup of Global Debt and the Emergence of a New Global Financial Crisis." مجلة إسرا الدولية للمالية الإسلامية 12, no. 2 (December 15, 2021): 137–60. http://dx.doi.org/10.55188/ijifarabic.v12i2.74.
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Many economic researchers and economic policy-makers are discussing an upcoming global financial crisis that will result in a long-term economic recession due to the accumulation of global debt that has reached record levels. However, the truth is that the crisis is still far from our economic reality because the debt crisis has been addressed in a number of countries since the crisis of the 1980s by the rescheduling and write-offs of debts, international cooperation, and other measures. Also, the United States is still able to manage its debts as long as the dollar is the global reserve currency, and it cannot easily be abandoned as such. In addition, the International Monetary Fund is prepared to manage debts and financial crises while at the same time monitoring economic indicators. It provides the necessary international liquidity to achieve global monetary and economic stability.
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Wang, Sophia I.-Ling. "Bank External Financing and Early Adoption of SFAS 133." Review of Pacific Basin Financial Markets and Policies 21, no. 03 (September 2018): 1850015. http://dx.doi.org/10.1142/s0219091518500157.
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This study examines whether and how US bank holding companies that early adopted Statement of Financial Accounting Standards (SFAS) 133, “Accounting for Derivative Instruments and Hedging Activities,” experience changes in their external financing activities relative to banks that did not early adopt the standard. Consistent with predictions, the study shows that early adopters hold higher and experience greater changes in their leverage compared with nonearly adopters. In addition, early adopters experience greater shifts in weights of liabilities other than insured deposits in banks’ funding mix. This finding is consistent with banking literature which states that banks have shifted towards nondeposit debts to finance their balance sheet growth.
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Killick, Evan. "The Debts that Bind Us: A Comparison of Amazonian Debt-Peonage and U.S. Mortgage Practices." Comparative Studies in Society and History 53, no. 2 (March 29, 2011): 344–70. http://dx.doi.org/10.1017/s0010417511000089.
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Three years after the global financial crisis started academic and popular publications assessing its origins, consequences and wider implications are starting to emerge. The origins of the crisis are generally explained as stemming from the rapid increase in subprime mortgage lending in the United States and the credit default swaps banks and other financial institutions traded amongst themselves based on these loans. As homeowners found it increasingly difficult to make their repayments and housing prices in the United States started to drop, a downward spiral ensued. In this cycle ever-growing numbers of homeowners defaulted on their mortgages, unable to meet interest payments or to re-mortgage, and banks foreclosed on the houses even as their own assets and investments were exposed to the losses stemming from defaulted mortgages. With the foreclosures devaluing house prices further and the exposure of banks making them less willing and able to refinance mortgages, the situation quickly spiraled downwards. The complex global trade in credit default swaps and other derivatives meant that the problems were amplified and spread beyond the United States until ultimately many national governments decided to intervene with financial assistance mainly aimed at the financial institutions.
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Ishikawa, Tomoko. "Extraterritorial Discovery in Aid of Execution and State Immunity: Case Comment on Republic of Argentina v. NML Capital, Ltd., 573 U.S. ___ (2014)." Accounting, Economics and Law - A Convivium 5, no. 2 (July 1, 2015): 173–92. http://dx.doi.org/10.1515/ael-2014-0016.
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AbstractOn 16 June 2014, the Supreme Court of the United States rejected the petition for a writ of certiorari stemming from the dispute over the meaning of the pari passu clause in the Argentine sovereign bonds. This decision had a dramatic impact on Argentina’s sovereign debt restructurings (SDR) – indeed, it arguably led to Argentina’s second default in 13 years on 30 July 2014. On the same day that the petition for certiorari was rejected, the Supreme Court rendered a judgment on the issue of the relationship between discovery in aid of execution against the debtor state’s extraterritorial assets and the law of state immunity. In Republic of Argentina v. NML Capital, Ltd., judgment of 16 June 2014, the Supreme Court affirmed the Second Circuit’s conclusion that the extraterritorial assets discovery against two non-party banks in aid of executing the judgments stemming from Argentina’s default of its external debt did not offend Argentina’s sovereign immunity. This comment addresses this judgment on extraterritorial discovery which, although less headline grabbing than the decisions on the pari passu clause, also marks a victory for holdout creditors. It first provides a summary of the background of the case and the judgment, and then considers its implications on the future SDR. Regarding the implications of the case on the future SDR, this comment also describes the developments of law concerning the relationship between the law on foreign investment and SDR (in investment arbitration) and the relationship between investment arbitration awards and sovereign immunity (in US courts). First, it examines the recent decisions in ICSID arbitration concerning the disputes arising from the Argentina’s default and subsequent SDR (Abaclat v. Argentina (decision on jurisdiction and admissibility of 4 August 2011) and Ambiente v. Argentina (decision on jurisdiction and admissibility of 8 February 2013)). In essence, these decisions opened the door to investment treaty arbitration for holdout creditors of international sovereign bonds, for the first time in the history of investment arbitration. It then describes the Second Circuit’s recent decision in Blue Ridge v. Argentina (judgment of 19 August 2013) in which the court concluded that the defendant state in an ICSID arbitration was considered to have waived its jurisdictional immunity under the Foreign State Immunity Act of 1976 (FSIA). It argues that the combination of: (a) Argentina v. NML, (b) Blue Ridge v. Argentina, and (c) the openness of ICSID arbitration to disputes arising from SDR will have potentially serious consequences for future SDR.
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Rainero, Christian, Alessandro Migliavacca, and Sara Reano. "Overheads as a Performance Indicator in the Local Public Sector Organizations." International Journal of Business and Management 15, no. 8 (June 29, 2020): 1. http://dx.doi.org/10.5539/ijbm.v15n8p1.
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If we consider business forms from the point of view of satisfying needs, public companies are consumer companies that satisfy collective needs with the aim of redistributing income. They differ from production companies in that they do not have direct access to the market, so that the sources of financing derive from the taxes imposed by law, while the uses concern management costs, capital investments and debt repayments. Maintaining this interpretation, another category belonging to consumer companies is that of non-profit companies, which can be equated partially to public companies precisely because of the absence of a real market of reference and the finding of sources of funding for the performance of the activity mainly from external contributions without consideration. The only difference is inherent in the fact that such contributions cannot be imposed by law and are aimed at assisting and providing services and benefits to the community of reference, in the absence of profit and capital distribution. Therefore, if in the public sector performance is mainly and historically linked to the management of financial resources and public debt, in the field of nonprofit there is a different literature focused more on the control of economic aspects (and in particular the costs of the activity) as performance indicators of the company's activity. At the international level, and in particular in the United States, the use of the incidence of overheads is an element of examination to assess the performance of the non-profit sector. In this article, the subject of analysis is the possibility of using the overhead level to assess the performance of a public body. The analysis is carried out by comparing the incidence of overheads on the revenues of Italian municipalities in the years 2015-2017 with the performance indicators given by the deficit parameters established by current administrative legislation. From this analysis, it is possible to identify the presence of a correlation between the performance indicators and the incidence of overheads, in which the likelihood of the presence of “good”, “excellent” or “excellent” indicators is given by levels of overhead in the region of 10% of the total revenue assessed, with a margin of tolerance of 3% in positive for smaller entities (up to 5,000 inhabitants), and 3% in negative for larger entities.
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Jae Young, Lim. "How the Budget Process Works in the U.S. House Appropriations Committee and Its Implications for the Korean Government." Korean Journal of Policy Studies 32, no. 2 (August 31, 2017): 1–21. http://dx.doi.org/10.52372/kjps32201.
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The recent recession and subsequent rescue efforts along with snowballing annual deficits and national debts in the United States have made it urgent for scholars to examine national budget processes across countries. The House Appropriations Committee is a key cog in the annual appropriations process in the United States and understanding how it behaves offers a clue for what to do with central government deficits. I offer a comprehensive review of scholarly contributions on the behavior of House Appropriation Committee since Fenno`s seminal works in 1962 and 1966. Then, I note potential lessons that these studies and U.S experiences can offer for the Korean government.
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Khan, B. Zorina. "Married Women's Property Laws and Female Commercial Activity: Evidence from United States Patent Records, 1790–1895." Journal of Economic History 56, no. 2 (June 1996): 356–88. http://dx.doi.org/10.1017/s002205070001648x.
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Nineteenth-century laws granted wives previously withheld rights to their own property and earnings as well as liability for debts and contracts. I use 4,198 women's patents to assess whether these laws encouraged greater female commercial activity. Patentees were motivated by potential profits and were responsive to market incentives. Women's patenting jumped significantly in states with legal reforms and was lowest in states without such laws. Much of the subsequent increase occurred in metropolitan centers where property rights were of greater concern. Thus, by reducing transactions costs and increasing expected benefits, legal reforms arguably stimulated women's investments in patenting and commercial activities.
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Holtfreter, Robert E., and Adrian Harrington. "Data breach trends in the United States." Journal of Financial Crime 22, no. 2 (May 5, 2015): 242–60. http://dx.doi.org/10.1108/jfc-09-2013-0055.
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Purpose – The main purpose of this paper is to analyze the trends of various types of data breaches and their compromised records in the USA using a new model recently developed by the authors. Design/methodology/approach – The 2,280 data breaches and over 512 million related compromised records tracked by the Privacy Rights Clearinghouse from 2005 through 2010 were analyzed and classified into four external, five internal and one non-traceable data breach categories, after which trends were determined for each. Findings – The findings indicate that although the trends for the annual number of data breaches and each of the internal and external categories and their related compromised records have increased over the six-year period, the changes have not been consistent from year to year. Practical implications – By classifying data breaches into internal and external categories with the use of this new data breach model provides an excellent methodological framework for organizations to use to develop more workable strategies for safeguarding personal information of consumers, clients, employees and other entities. Originality/value – The topic of data breaches remains salient to profit and nonprofit organizations, researchers, legislators, as well as criminal justice practitioners and consumer advocate groups.
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Flissak, Kostyantyn, and Darya Glukhova. "THE POSITION OF THE FINANCIAL COMPONENT IN THE PARADIGM OF MODERN ECONOMIC DIPLOMACY." Baltic Journal of Economic Studies 7, no. 3 (June 25, 2021): 186–94. http://dx.doi.org/10.30525/2256-0742/2021-7-3-186-194.
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At the beginning of the 21st century, most subjects of international economic relations announced a course to liberalize the world economy both as a whole and as its individual components. At the same time, under the influence of geopolitical and geo-economic aspirations, state instruments of a protectionist nature were increasingly used. Global economic development has become a hostage to such processes. In such circumstances, the efficiency of individual business entities has begun to decline. Innovative tools were needed to prevent this. One of them was economic diplomacy, which has acquired a special role in providing the promotion of the interests of both national economies as a whole and their individual subjects. At the same time, economic diplomacy itself covers different areas of economic activity and not all of them are investigated to the same extent. The purpose of the article is to study and analyze the financial component of economic diplomacy in modern conditions, the specifics of its formation and development, aimed at improving the national system of promoting national interests both within the state and abroad. To achieve this goal, the research is focused on the following tasks: to consider and analyze the theoretical basis of the financial component of economic diplomacy, to highlight its manifestations in various forms of international economic relations, to determine the main imperatives of state support for international investment partnership. Special attention is paid to the issues of external borrowing and the movement of public debt funds from the point of view of the influence of economic diplomacy on them. Based on the results of this review, a whole number of theoretical conclusions were made, which at the same time establish the basis for further research of the considered problem. Methodology. In the process of preparing the article, methods of scientific abstraction, observation, analysis and synthesis, generalization, as well as statistical and economic methods were used to assess a number of financial and economic indicators of state development in order to identify the weaknesses and prospects for the impact of economic diplomacy tools on them. The information and analytical base for the study are materials and analytical reports of international organizations dealing with the issues under consideration (UNCTAD, IMF, World Bank), regulatory and statistical data of state authorities of Ukraine and the United States, the results of scientific research of modern scientists from different countries. The results of the study show that providing the proper efficiency of foreign economic activity requires the use of a set of tools to promote and support its subjects. Economic diplomacy plays a significant role in this sphere. The development level of international economic relations actualizes the justification of the modern paradigm of the financial component, mechanisms for applying the tools of economic diplomacy in financial issues. All this requires a clear delineation and structuring of object-by-object areas and directions of efforts. Only on this basis, an effective mechanism for implementing the financial component of economic diplomacy can be formed. The practical implications of the scientific research are to find out the current state of economic diplomacy mechanisms in the financial sphere, trends in their development, and potential consequences for other states (including Ukraine). Value/originality. The studied mechanisms and practice of using economic diplomacy in the sphere of the financial component, in particular in issues of interstate investment partnership, external government borrowing, and work with public debt deserve attention from the relevant state structures of Ukraine on the implementation of tools and standards of economic diplomacy in this area. In addition, this study can serve as a basis for further research, since the considered problem contains the significant potential for further investigations in subsequent scientific publications.