Academic literature on the topic 'Domestic borrowing'
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Journal articles on the topic "Domestic borrowing"
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Timseena, Vishnu Prasad. "Effects of Domestic Debt on Interest Rates in Nepal." Interdisciplinary Journal of Management and Social Sciences 2, no. 1 (April 29, 2021): 205–12. http://dx.doi.org/10.3126/ijmss.v2i1.36759.
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Domestic debt has greater implications on macroeconomic stability and growth. Domestic borrowing can lead to crowding out effect, which can lower the economic growth. In this regard, the study of interest rate effect of the domestic borrowing would be useful to the policymakers and other researchers as well. The time series techniques are used to analyze the relationship between the domestic borrowing and interest rate based on annual data for the period 1990-2020. The empirical study reveals that, despite a positive relationship between domestic borrowing and interest rate, the relationship is insignificant and very weak. This implies that increase in domestic borrowings may not result in an increase in interest rates. This is mainly on account of prevailing administered interest rate on long term bond, dominance of fiscal policy in determining the interest rate of auction, lack of investment friendly environment to private sector, high level of liquidity in the economy, information asymmetry problem and many other problems.
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Ali, Kashif, and Mahmood Khalid. "Sources to Finance Fiscal Deficit and Their Impact on Inflation: A Case Study of Pakistan." Pakistan Development Review 58, no. 1 (March 1, 2019): 27–43. http://dx.doi.org/10.30541/v58i1pp.27-43.
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Theoretically, fiscal deficit is inflationary but the sources of financing fiscal deficit may differ in terms of their impact on inflation. Question arises that what should be the least inflation cost source of financing? This study attempts to answer this question and explore the long run relationship among the sources to finance fiscal deficit and inflation. In so doing, the estimations have been done in four stages on the basis of categorisation of the deficit financing heads. In the first stage it has been tested that fiscal deficit along with money supply are inflationary. In the second stage fiscal deficit is bifurcated into two components, domestic borrowing and external borrowing for fiscal deficit. In the third stage, domestic borrowing is further divided into two heads, bank and non-bank borrowing. While in the fourth and last stage, bank borrowing is further categorised into two parts, borrowing from scheduled banks and central bank, and non-bank borrowing which comprises borrowing from National Saving Scheme for budgetary support. The Johansen Cointegration Technique is used for the first stage of estimation, while Auto Regressive Distributed Lag Model is employed for the rest of the three stages. The study finds that there is a long run relationship among sources of financing fiscal deficit and inflation. Inflation is positively affected by domestic borrowing, bank borrowing and borrowing from central bank, while central bank borrowing is more inflationary in nature. Consequently, fiscal deficit should be financed through external sources, non-bank and scheduled bank borrowings. JEL Classification: H62, H74, E31 Keywords: Deficit, State and Local Borrowing, Inflation
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Adi, Lumadya. "KAUSALITAS UTANG LUAR NEGERI, TABUNGAN DOMESTIK, DAN PERTUMBUHAN EKONOMI." Jurnal Riset Ekonomi dan Manajemen 15, no. 1 (August 7, 2015): 1. http://dx.doi.org/10.17970/jrem.15.150101.id.
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ABSTRACTThe purpose of this study was to examine the causality relationship between foreign borrowing with domestic savings; causality relationship between foreign borrowing and economic growth for the three ASEAN member countriesare Indonesia, Malaysia, and Thailand. The analysis tool is used Granger Causality. If there are two variables X and Y then the relationship could happen between them as follows: (1). X cause Y; (2). Y cause X; (3). Both directions Ycause X and X cause Y; and (4). There is no relationship between X and Y. The results of the study as follows: 1. There is no causality between foreign borrowing with domestic savings Indonesian state. 2. There is no causality between foreign borrowing with domestic savings of Malaysia. 3. There is causality in both directions between the foreign borrowingwith domestic savings of Thailand. 4. There is the direction of causality between foreign borrowing to economic growth in Indonesia. 5. There is no causality between foreign borrowing and economic growth of Malaysia. 6. There is no causality between foreign borrowing and economic growth of Thailand. ABSTRAKSIPenelitian ini bertujuan untuk menguji hubungan kausalitas antara utang luar negeri dengan tabungan domestik; hubunganutang luar negeri dengan pertumbuhan ekonomi di tiga negara anggota ASEAN, yaitu Indonesia, Malaysia, dan Thailand.Analisa yang digunakan adalah Kausalitas Granger. Bila terdapat dua variabel X dan Y maka hubungan yang dapat terjadi di antara kedua variabel tersebut adalah sebagai berikut:(1) X berhubungan dengan Y; (2) Y berhubungan dengan X; (3) Keduanya saling berhubungan, yaitu X berhubungan dengan Y dan Y berhubungan dengan X; (4) Tidak ada hubungan di antara keduanya. Hasil penelitian ini menunjukkan bahwa: 1. Tidak ada hubungan antara utang luar negeri dengan tabungan domistik di Indonesia; 2. Tidak ada hubungan antara utang luar negeri dengan tabungan domistik di Malaysia; 3. Terdapat hubungan antara utang luar negeri dengan tabungan domistik di Thailand; 4. Terdapat hubungan antara utang luar negeri dengan pertumbuhan ekonomi di Indonesia; 5. Tidak terdapat hubungan antara utang luar negeri dengan pertumbuhan ekonomi di Malaysia; 6. Tidak terdapat hubungan antara utang luar negeri dengan pertumbuhan ekonomi di Thailand.
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Boyko, S., O. Dragan, and K. Tkachenko. "Current trends in debt policy of city councils and directions of its improvement." Ekonomìka ta upravlìnnâ APK, no. 1 (155) (May 21, 2020): 56–67. http://dx.doi.org/10.33245/2310-9262-2020-155-1-56-67.
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The need to rethink the role of urban debt policy in accordance with the growing needs of urban communities and their sustainable socio-economic development is identified. In Ukraine, the legal preconditions for the formation of cities' own debt policy and the implementation of borrowing in both domestic and foreign nancial markets. The current state of local budgets and decentralization processes only highlight the need for cities to develop debt policy. The formation of the institution of local borrowings in Ukraine is analyzed and an in-depth analysis of borrowings of city councils in 2014-2019 is carried out with the definition of three periods: 2014-2015 - increase in borrowed funds, but such borrowings were formed mainly due to debt activity of Kyiv City Council domestic local bonds; 2016–2017 - decrease in the amount of borrowed funds, which occurred under the inÀuence of macroeconomic, political and fiscal instability; 2018-2019 - resumption of debt activity of city councils that had experience of borrowing in the previous, relatively analyzed, period and diversification of forms of local borrowing. Based on the cluster analysis, the main characteristics of the modern debt policy of city councils of Ukraine, which is based on the di൵erentiation of city councils-borrowers, are determined. The main borrower remains the Kyiv City Council (the share was about 67%), the activity of borrowings was noted in the following city councils: Zaporizhia, Dnipro, Lviv, Odessa, Ivano-Frankivsk. It is established that the debt policy of city councils is based on raising funds from NEFCO, state-owned banks and the Ministry of Finance of Ukraine. Improving the debt policy of city councils of Ukraine should be based on the synergy of actions of central government agencies: (Ministry of Finance of Ukraine, Debt Agency of Ukraine, NBU, National securities and stock market commission (NSSMC)Financial Control Ofice, etc.) and city councils. Vectors for improving the debt policy of city councils should be an integral part of the Strategy for the Development of the Financial Sector of Ukraine until 2025 and meet its key strategic goals and directions. Key words: debt policy, local debt, local borrowings, domestic local government bonds, external local government bonds, fiscal decentralization.
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Khan, Hanana, Maran Marimuthu, and Fong-Woon Lai. "Fiscal Deficit and Its Less Inflationary Sources of Borrowing with the Moderating Role of Political Instability: Evidence from Malaysia." Sustainability 12, no. 1 (January 2, 2020): 366. http://dx.doi.org/10.3390/su12010366.
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Theoretically, fiscal deficit may be inflationary, but its sources of financing can bring change in significance and impact. Malaysia is facing a high tendency of fiscal deficit from the last decade. To finance the fiscal deficit, which sources are less inflationary in the country? To answer this question, the study aims to analyze the quarterly financial time-series data covering the period from 2000 Q1 to 2018 Q4 of Malaysia using recent econometric techniques. The analysis is carried out in three stages. In the first stage, it is tested that the fiscal deficit is inflationary along with the money supply. In the second stage, it is determined that political instability moderates the link between inflation and the fiscal deficit and the external sources of borrowing in the short-run, while the domestic sources of borrowing in the long run are found inflationary. In the third stage, the central bank borrowing and Bank institutions borrowing from the domestic sources and the short-term borrowing from the external sources are found less inflationary. The findings suggest that borrowing through the central bank and bank institutions (domestic sources) is less inflationary in the long term; while for a short-term policy, from external sources, only short-term borrowing is less inflationary; medium- and long-term borrowing are much more sensitive to inflation.
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Cui, Xiaoyong, and Liutang Gong. "Foreign aid, domestic capital accumulation, and foreign borrowing." Journal of Macroeconomics 30, no. 3 (September 2008): 1269–84. http://dx.doi.org/10.1016/j.jmacro.2007.08.002.
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Vatamanyuk-Zelinska, Uliana, and Olena Ohirko. "The role of public credit in the economic development of Ukraine." INNOVATIVE ECONOMY, no. 1-2 (2021): 28–33. http://dx.doi.org/10.37332/2309-1533.2021.1-2.4.
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Purpose. The main aim of the article is defining the essence of public credit, as well as analysis of the role of public credit in the economic development of Ukraine. Methodology of research. A set of general scientific research methods is used to achieve the defined goal and objectives, thanks to which the scientific literature on the topic of scientific research is generalized. Thus, generalization methods are used to substantiate the concept of “public credit”. The system approach allowed to investigate the essence of the concept of the sign and features of the concept of “public credit”. Methods of analysis and synthesis are used to determine the dynamics of government borrowing, including domestic government bonds, as well as to assess the positive and negative significance of public credit for the economies of Ukraine. Findings. Peculiarities and essence of state credit are investigated. Based on the fact that the modern financial policy of Ukraine determines the objective need to use government borrowing, in a market economy, the institution of public credit is becoming increasingly important in the financial system of the country. The dynamics of government borrowing volumes, in particular, the dynamics of domestic government bond volumes are analysed. It is established that during the period under study in this form of raising funds were the largest, which is due to large-scale renewal of the banking system of Ukraine; the vast majority of government borrowings were short-term and carried out for a period of one to three years. The reduction of government borrowing in foreign currency was facilitated by the deterioration of the investment climate in the country due to the spread of the coronavirus pandemic. The expediency of using a state loan and the negative impact of this on the economy of Ukraine are outlined. Originality. Recommendations for the rational use of public credit resources for their most effective use are developed in the article. Practical value. The results of the study can be used to develop a program of optimal and rational use of government borrowing with maximum benefit. Key words: state credit, borrowing, domestic government bonds, yield.
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M., Olaolu, and Ibrahim M. "IMPACT OF DOMESTIC DEBT ON PRIVATE SECTOR INVESTMENT AND ECONOMIC GROWTH IN NIGERIA (2000-2019)." International Journal of Innovative Research in Social Sciences & Strategic Management Techniques 8, no. 1 (January 5, 2021): 83–91. http://dx.doi.org/10.48028/iiprds/ijirsssmt.v8.i1.07.
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This study examined the impact of domestic debt on private sector investment and economic growth in Nigeria, covering the period 2000-2019. The causal research design was employed. Unit root and cointegrated tests were carried out and the unit root test results showed that the variables were non-stationary at level but became stationary after first differencing. Cointegration test results revealed that the variables are cointegrated meaning that they have long-run equilibrium relationship. Using the ordinary least squares (OLS) method to estimate the specified multiple regression models, findings showed that domestic debt and interest on domestic debt negatively and significantly impacted on private sector investment and economic growth in Nigeria during the period under consideration. The negative impact of domestic debt on private sector investment indicates that government domestic borrowing crowd-out private sector investment. In lieu of the fact that government borrowing (especially domestic borrowing) stifles (crowd-out) private sector investment and retards economic growth in Nigeria, it is recommended that since government borrowing especially through the money market is exerting adverse effects on private sector investment and economic growth, government should endeavor to borrow domestically through the capital market by further developing the Nigerian equity and bond markets in order to enable these markets have the capacity to provide the needed funds. Also, to avoid stunt economic growth and crowding-out effect of government borrowing, government should endeavor to put in place fiscal prudent measures that would favor the private investor by discouraging high government spending in areas that don’t have direct positive impact on private sector investment growth and economic growth.
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Lyutyy, Igor, Nataliia Plieshakova, and Kateryna Zhuk. "DOMESTIC GOVERNMENT BORROWINGS IN THE FINANCIAL SYSTEM OF UKRAINE." Scientific Notes of Ostroh Academy National University, "Economics" Series 1, no. 23(51) (December 23, 2021): 74–80. http://dx.doi.org/10.25264/2311-5149-2021-23(51)-74-80.
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The lack of a unified concept of debt policy in Ukraine has become a catalyst for exacerbating the contradictions in the stability of the financial system of the state. The situation in recent years, caused by significant budget deficits, pandemics, military conflict in the eastern Ukraine, dependence on energy imports, the need to increase foreign exchange reserves to ensure the stability of the national currency, the need for technical re-equipment and restructuring of the national economy which led to a significant increase in pressure on the state budget and a decrease in its investment component. Involving citizens in the capitalization of their money savings, through investments in government securities, not only activates the financial system of the state, but also increases the status of the state, creates conditions for consensus between government and citizens on the strategy of socio-economic development of Ukraine. Thus, the growing role of domestic government borrowing in financing the state budget deficit will reduce risks, as well as create economic preconditions for optimizing public debt. The balance of legal, institutional and economic components of the borrowing mechanism in the domestic market allows to combine the economic interests of all sides in this process while ensuring the dominant role of the state as the initiator and organizer of the domestic borrowing market. Systematic functioning of the domestic borrowing market is the main condition for the balance of the state budget and the stability of the financial system as a whole.
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Tirole, Jean. "Inefficient Foreign Borrowing: A Dual- and Common-Agency Perspective." American Economic Review 93, no. 5 (November 1, 2003): 1678–702. http://dx.doi.org/10.1257/000282803322655491.
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Studying the implications of uncoordinated borrowing, the paper first looks at whether and when countries borrow too much in the aggregate. It then revisits the “original sin” debate, analyzing whether and when equity portfolio investment, international portfolio diversification, domestic currency denomination and longer maturities enhance borrowing countries’ access to international lending. The paper thereby relates a country’s level and quality of access to international capital markets to a variety of institutional features such as the level of domestic savings, their location, the extent of control rights held by political authorities, and the interests of dominant domestic political forces.
Dissertations / Theses on the topic "Domestic borrowing"
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Cooper, Amy Nicole. "Borrowing Culture: British Music Circulating Libraries and Domestic Musical Practice, 1853-1910." Thesis, University of North Texas, 2020. https://digital.library.unt.edu/ark:/67531/metadc1707295/.
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In Victorian Britain, music circulating libraries libraries operated by music publishers Novello & Co. and Augener & Co. supported upper- and upper-middle-class patrons in their pursuit of cultural capital that would help them perform their socioeconomic status. Studying these libraries in the context of domestic music-making reveals the economic and social impact of these libraries in the lives of amateur musicians and in the music publishing industry. An analysis of the account books in the Novello Business Archives demonstrates that the direct income that Novello & Co., Ltd.'s Universal Circulating Musical Library generated was negligible at best. Yet the fact that the library continued to be part of the business for over forty years indicates that Novello & Co., Ltd. found it to be profitable in some way. In this case, the library could have helped the publisher to attract customers through branding and advertising, in addition to informing publishing decisions by tracking demand. Catalogs for music circulating libraries, as well as for the publishers who owned them, contain lists of library and publisher inventory and pricing. Studying changes in these catalogs reveals how patrons' tastes changed over time. A case study of violin-piano duets in multiple catalogs confirms a continued preference for continental composers over British composers, and another case study of violin-piano duets by Felix Mendelssohn shows a growing taste for arrangements of pieces originally composed for large ensemble. Changing tastes had an effect not only on what music Victorians performed, but also on what pieces publishers offered, and, ultimately, on works' places in the canon.
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Павловська, Є. О. "Складові внутрішніх та зовнішніх запозичень України." Thesis, Гельветика, 2013. http://essuir.sumdu.edu.ua/handle/123456789/59394.
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На сьогодні, проблема пошуку оптимальної структури державного боргу та його класифікації, особливо в сучасних умовах, є однією з основних у сфері бюджетно-фінансових відносин. Однак до сьогодні спеціальних досліджень структури державного боргу, його змісту тощо не здійснювалося.Today, the problem of finding the optimal structure of public debt and its classification, especially in modern terms, is a major in the field of fiscal relations. However, to this day special studies state debt structure, contents, etc. are not performed.
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Ahmed, Akhter, and edu au jillj@deakin edu au mikewood@deakin edu au wildol@deakin edu au kimg@deakin. "THE MACROECONOMIC IMPACT OF FOREIGN AID TO DEVELOPING COUNTRIES." Deakin University. School of Economics, 1996. http://tux.lib.deakin.edu.au./adt-VDU/public/adt-VDU20040907.174003.
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The thesis looks at the macroeconomic impact of foreign aid. It is specially concerned with aid's impact on the public sector of less developed countries < LDCs> . Since the overwhelming majority of aid is directed to the public sector of LDCs, one can only understand the broader macroeconomic impact of aid if one first understands its impact on this sector. To this end, the thesis econometrically estimates " fiscal response" models of aid. These models, in essence, attempt to shed light on public sector fiscal behaviour in the presence of aid inflows, being specially concerned with the way aid is used to finance various categories of expenditures. The underlaying concern is to extent to which aid is " fungible" -that is, whether it finances consumption expenditure and reductions in taxation revenue in LDCs. A number of alternative models are derived from a utility maximisation framework. These alternatives reflect different assumptions regarding the behaviour of LDC public sectors and relate to the endogeniety Books on the topic "Domestic borrowing"
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Mark, Gertler. Developing country borrowing and domestic wealth. Cambridge, MA: National Bureau of Economic Research, 1989.
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Md, Abul Bashar. Crowding in or out? an analysis of the effects of public borrowings from domestic sources in Bangladesh. Dhaka: Bangladesh Institute of Development Studies, 2014.
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Bunte, Jonas B. Raise the Debt. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780190866167.001.0001.
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Governments frequently borrow money. It is often assumed that it is creditors, and creditors alone, who determine what loans developing countries obtain. Yet this is only partially true: the data show that countries with the same credit rating, income levels, and degree of democracy exhibit a remarkable diversity in the types of creditors used. Some borrow from China, while others turn to the United States; some borrow from private investors, while others rely on multilateral institutions. Apparently, developing countries have some choice. Developing countries are not merely passive recipients gobbling up whatever loans they can get, but active agents. This book systematically explains how governments choose among competing loan offers. The argument focuses on societal interest groups in recipient countries and the distributional consequences of external loans. For example, China and the International Monetary Fund might both offer the same loan volume, but the strings attached to the loans differ. As a result, domestic interest groups would benefit from one loan but not the other. Governments then cater to whichever domestic interest group coalition dominates by borrowing from that coalition’s preferred creditor. Interviews with decision-makers in Ecuador, Peru, and Colombia provide strong evidence that domestic politics shape borrowing decisions. A Statistical analyses confirms that borrowing portfolios around the world reflect the relative strength of societal interest groups. Understanding why certain loans are chosen is critical for gaining insights into the effects these loans might have on growth and democracy.
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McFarlane, Ben, Nicholas Hopkins, and Sarah Nield. 29. Protection of the borrower. Oxford University Press, 2015. http://dx.doi.org/10.1093/he/9780198722847.003.0029.
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All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing able students with a stand-alone resource. This chapter reviews the loan contract and the controls that the law has imposed to protect the borrower. The level of protection differs according to the nature of the borrower and the type of security transaction. Market regulation of the residential mortgage market has increased protection for domestic borrowers. Vitiation factors, particularly undue influence, have impacted upon the creation of collateral mortgages of the family home to secure commercial borrowing. Equitable protection has been provided by controls against penalties, and oppressive and unconscionable terms, as well as by protection of the borrower's equity of redemption. Statutory consumer protection now offers more effective protection to domestic borrowers. The common law, equitable, and statutory control mechanisms are then described and applied to demonstrate the protection they afford against particular mortgage term for instance to control rates of interest and other costs associated with borrowing.
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Akyüz, Yilmaz. Crisis Management and Resolution. Oxford University Press, 2017. http://dx.doi.org/10.1093/oso/9780198797173.003.0005.
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This chapter argues that the conventional approach to the management and resolution of external financial crises in emerging economies is inefficient and inequitable and needs to be reformed. Such reforms need to account for increased complexities arising from deepened integration, notably the difficulties in differentiating between external and domestic debt in terms of their holders, currency denomination, and governing laws. Effective debt resolution mechanisms would be needed to bail-in creditors whether the crisis is one of liquidity or solvency, or due to private or sovereign debt, or locally or internationally issued external debt, particularly since crises caused by excessive private borrowing lead to large increases in public debt. Debt workouts should include temporary standstills, protection against creditor litigation, lending into arrears and debt restructuring and combine statutory and voluntary elements, including collective action clauses, duly reformed to avoid the kind of predicaments encountered during the Argentinian restructuring.
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Datz, Giselle. Sovereign Debt Default. Oxford University Press, 2017. http://dx.doi.org/10.1093/acrefore/9780190846626.013.299.
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Sovereign borrowing and debt default have long been a part of a nation’s existence. Sovereign debt defaults (that is, the suspension of interest or principal payment on due debt) were common from the sixteenth century, when Edward III declared a default after military defeat in 1340, to the nineteenth century, when Latin American countries defaulted on some of their debts. Early loans were made in the form of repayable taxes until the system evolved to allow for sovereign loans, transparent enough that secondary markets for these debts were soon developed. A government may default on its debt due to unwillingness or inability to pay. In both cases, default is a difficult political decision whose real costs remain somewhat ambiguous from a theoretical standpoint. The costs of default are often contingent on the type of debt restructuring deal reached between the debtor and the creditor. The scholarly literature on sovereign debt crises is substantial, particularly with respect to the economic, legal, and political costs of default. More recent theoretical work has focused on the trend toward increased domestic debt, which is expected to help reduce the probability of a debt crisis. However, domestically issued sovereign debt can lead to other types of risk. While relying on domestic institutional investors in local economies can help smooth cycles of liquidity shortages, over-reliance on those investors (particularly pension funds) can undermine the solvency of domestic banks and social security arrangements.
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Frisken, Amanda. Graphic News. University of Illinois Press, 2020. http://dx.doi.org/10.5622/illinois/9780252042980.001.0001.
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This book explores sensationalism as it took hold of U.S. media between 1870 and 1900. During this period, print news publishers became adept at translating stories about sex, crime, and violence into emotion-based pictures. Analysis of significant episodes in media history shows how a range of news media producers engaged with the sensational style. As they pioneered the art of visual journalism, news publishers conveyed racial, class, and gender anxieties in a complex dialogue with audiences that established precedents for modern media. Prominent cases – obscenity litigation, anti-Chinese violence, the Ghost Dance, Jim Crow-era lynching, and domestic violence – demonstrate how efforts to maximize the dramatic power of the news transformed everyday reporting and established standards for visual journalism. Commercial newspaper editors exploited sensationalism’ economic benefits, while marginalized groups and social activists experimented with its power to challenge negative stereotyping and mobilize their own constituencies. By the 1890s, a wide range of publications had come to embrace, adapt, and expand the sensational style through news illustration – albeit in different ways for different audiences. The patterns prevalent in entertainment publications infiltrated the commercial dailies, and even low-budget political news sheets: few publications could afford to resist borrowing from the sensational toolkit. As sensationalism increasingly pervaded visual journalism, the very nature of the news changed.
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Cukierman, Alex. Central Banks. Oxford University Press, 2018. http://dx.doi.org/10.1093/acrefore/9780190228637.013.64.
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The first CBs were private institutions that were given a monopoly over the issuance of currency by government in return for help in financing the budget and adherence to the rules of the gold standard. Under this standard the price of gold in terms of currency was fixed and the CB could issue or retire domestic currency only in line with gold inflows or outflows. Due to the scarcity of gold this system assured price stability as long as it functioned. Wars and depressions led to the replacement of the gold standard by the more flexible gold exchange standard. Along with restrictions on international capital flows this standard became a major pillar of the post–WWII Bretton Woods system. Under this system the U.S. dollar (USD) was pegged to gold, and other countries’ exchange rates were pegged to the USD. In many developing economies CBs functioned as governmental development banks.Following the world inflation of the 1970s and the collapse of the Bretton Woods system in 1971, eradication of inflation gradually became the explicit number one priority of CBs. The hyperinflationary experiences of the first half of the 20th century, which were mainly caused by over-utilization of the printing press to finance budgetary expenditures, convinced policymakers in developed economies, following Germany’s lead, that the conduct of monetary policy should be delegated to instrument independent CBs, that governments should be prohibited from borrowing from them, and that the main goal of the CB should be price stability. During the late 1980s and the 1990s numerous CBs obtained instrument independence and started to operate on inflation targeting systems. Under this system the CB is expected to use interest rate policy to deliver a low inflation rate in the long run and to stabilize fluctuations in economic activity in the short and medium terms. In parallel the fixed exchange rates of the Bretton Woods system were replaced by flexible rates or dirty floats. The conjunction of more flexible rates and IT effectively moved the control over exchange rates from governments to CBs.The global financial crisis reminded policymakers that, of all public institutions, the CB has a comparative advantage in swiftly preventing the crisis from becoming a generalized panic that would seriously cripple the financial system. The crisis precipitated the financial stability motive into the forefront of CBs’ policy concerns and revived the explicit recognition of the lender of last resort function of the CB in the face of shocks to the financial system. Although the financial stability objective appeared in CBs’ charters, along with the price stability objective, also prior to the crisis, the crisis highlighted the critical importance of the supervisory and regulatory functions of CBs and other regulators. An important lesson from the crisis was that micro-prudential supervision and regulation should be supplemented with macro-prudential regulation and that the CB is the choice institution to perform this function. The crisis led CBs of major developed economies to reduce their policy rates to zero (and even to negative values in some cases) and to engage in large-scale asset purchases that bloat their balance sheets to this day. It also induced CBs of small open economies to supplement their interest rate policies with occasional foreign exchange interventions.
Book chapters on the topic "Domestic borrowing"
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Hardie, Iain. "Domestic Commercial Banks." In Financialization and Government Borrowing Capacity in Emerging Markets, 35–58. London: Palgrave Macmillan UK, 2012. http://dx.doi.org/10.1057/9780230370265_2.
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Hardie, Iain. "Domestic Individual Investors." In Financialization and Government Borrowing Capacity in Emerging Markets, 59–74. London: Palgrave Macmillan UK, 2012. http://dx.doi.org/10.1057/9780230370265_3.
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Hardie, Iain. "Domestic Institutional Investors." In Financialization and Government Borrowing Capacity in Emerging Markets, 75–105. London: Palgrave Macmillan UK, 2012. http://dx.doi.org/10.1057/9780230370265_4.
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Heim, John J. "Alternatives to Financing Stimulus Programs with Domestic Borrowing." In Crowding Out Fiscal Stimulus, 209–14. Cham: Springer International Publishing, 2016. http://dx.doi.org/10.1007/978-3-319-45967-7_12.
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Martins, Pedro M. G. "The Impact of Foreign Aid on Government Spending, Revenue and Domestic Borrowing in Ethiopia." In Economic Alternatives for Growth, Employment and Poverty Reduction, 100–136. London: Palgrave Macmillan UK, 2009. http://dx.doi.org/10.1057/9780230250635_7.
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Marat, Uraimov. "China’s Emerging Political and Economic Dominance in the OSCE Region." In Between Peace and Conflict in the East and the West, 95–116. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-77489-9_5.
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AbstractThe presence of China in the OSCE region is becoming resilient, particularly after Beijing began providing infrastructural loans to OSCE states. The size of the issued infrastructural loans in less developed economies is disproportionate to national economies, resulting in the borrowing countries becoming incapable of paying back the loans. In this chapter, I argue that China’s practices of infrastructural loans and China’s overall standing on minority issues and democratization contradicts the OSCE core principles and undermines OSCE integrity. To illustrate this, I use, first, the example of the promotion of non-democratic practices through non-transparent procurement, surveillance of civilians, and supply of police hardware for suppression and control of political dissidents (based on evidence from Eastern and Central Europe, and Central Asia) and, for the second example, I illustrate the violation of minority rights in re-education camps in the Xinjiang region (based on political and civic reaction from Central Asia), which Chinese authorities call “Vocational Education and Training Centers.” The first example helps to analyze how Chinese foreign loans contradict the democratic commitments of the borrowing countries. Chinese infrastructural loans promote non-democratic practices in borrowing countries through unfair, non-transparent procurement in infrastructural development projects. The Chinese side also provides surveillance systems and anti-protest police vehicles and ammunition which help to undermine individual rights and freedoms. The second example helps to analyze the reaction of Central Asian Muslim countries toward China’s treatment of kin-groups, namely the lack of critical reaction of CA states despite their OSCE-membership and commitment toward promotion of individual rights and freedoms (including freedom of faith). China has been providing infrastructural loans to most OSCE member states over the past two decades; and these member states have not officially responded to Chinese treatment of their own kin-groups, such as Kazakh, Kyrgyz, and Uyghur minorities—according to the OSCE core principles on minority rights. The OSCE core principles are categorized under the “human dimension” to ensure OSCE states’ “respect for individual rights and fundamental freedoms” and their commitment to “abide by the rule of law; promote principles of democracy; strengthen and protect democratic institutions” Yamamoto (2015). Most likely if there were no infrastructural loans from China, the OSCE countries under analysis would respond to Chinese domestic policy toward ethnic minorities critically. Most likely, by providing surveillance and police machinery, China tends to support the existing political regimes in borrowing countries and, by its non-transparent procurement, it does not encourage enforcement of laws.
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Dixon, Rosalind, and David Landau. "Introduction." In Abusive Constitutional Borrowing, 1–22. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780192893765.003.0001.
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This introduction frames the two trends that are at the core of this book: the triumph of liberal democratic constitutional discourse and the erosion of democracy. Liberal democratic designs, doctrines, and concepts have diffused easily around the world. These norms are promoted by a thick network of actors, and link to other thriving communities such as international human rights. But the rhetorical triumph of liberal democracy has not resulted in a steady increase in democracy—instead, recent years have seen stagnation and backsliding. This seeming paradox is explained by the ease with which liberal democratic ideas can be repurposed to serve anti-democratic ends. Reliance on liberal democratic institutions for anti-democratic moves may conceal their true purpose and make both domestic and international audiences less willing or able to formulate a critique. Furthermore, many liberal democratic norms are double-edged swords that can readily be used to attack rather than protect democracy.
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"Evolution of Domestic Borrowing in the Ottoman Empire." In East Meets West - Banking, Commerce and Investment in the Ottoman Empire, 21–30. Routledge, 2016. http://dx.doi.org/10.4324/9781315257150-8.
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Bunte, Jonas B. "Evaluating Alternative Explanations." In Raise the Debt, 208–29. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780190866167.003.0010.
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This chapter evaluates alternative explanations for differences in borrowing portfolios across developing countries. The analysis suggests that borrowing portfolios result from the interaction of supply- and demand-side factors, through their relative importance differs across creditors. Loans from private creditors are more heavily shaped by creditors’ preferences, while recipient preferences strongly affect borrowing from public creditors. The analysis finds no evidence that recognizing Taiwan negatively affects the loan volume obtained from China. Recipient governments do not appear to decide among creditors based on the interest rate of loans offered. Borrowing portfolios do not depend on the use to which the loan is put as differences in borrowing portfolios across coalitions remain irrespective of infrastructure needs, humanitarian emergencies, and debt crises. This suggests that recipients do not use particular creditors for specific projects. Lastly, domestic political considerations appear more important in determining governments’ borrowing decisions than their ideological alignment with creditor governments.
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Bunte, Jonas B. "Measuring Borrowing Portfolios and Group Strength." In Raise the Debt, 156–79. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780190866167.003.0008.
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This chapter describes how data for the statistical analysis were obtained. First, the dependent variable captures countries’ borrowing portfolios, that is, the share of loans obtained from a particular type of creditor. The main difficulty lies in obtaining reliable data on loan inflows from emerging creditors, such as China. In contrast to existing approaches focused on loan outflows from China, this book instead collects information on the loan inflows as recorded in the budgets of recipient countries. Second, the key independent variable is the type of societal coalition. The relative political strength of Labor, Industry, and Finance determines which type of coalition is present. However, their relative political influence cannot be observed directly. The chapter describes how proxies were derived by combining information about the groups’ ability to overcome collective action problems with their importance to the domestic economy.
Conference papers on the topic "Domestic borrowing"
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Tengiz, Yusuf Ziya, Emine Şule Aydeniz, and Ali Göksenli. "Effects of Financial Risks in Turkish and Eurasian Economies on Real Economic Growth and Public Sector Borrowing: 2000-2013." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.01083.
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The effects of global and economical crisis on Turkey and Eurasian countries depend strongly on countries’ dependence ratio of foreign trade, on integrations and economic structure. Real economic growth of Russian and Belarus economies is affected by Euro and US-dollar rate of exchange (RoE), Kazakhstan’s economy by Euro RoE, Turkmenistan’s by Euro exchange and interest and Turkish economy by Euro RoE and consumer price index (CPI). The effect of public borrowings ratio on gross domestic product is affected in Russian economy by Euro RoE, CPI and interests 1 and 2, in Kazakhstan economy by US dollar RoE and interest, in Belarus economy by US dollar RoE, interest and CPI, in Turkmenistan’s by Euro RoE and interest and Turkish economy by interest and CPI. Russia must regulate improving economy politics in Euro exchange, interest and CPI indicators to increase real economical growth and decrease ratio of public borrowings on gross domestic product. Kazakhstan must focus on Euro RoE, US dollar RoE, interest and CPI indicators. The same situation is valid for Belarus. Turkmenistan must give importance to Euro exchange and interests in its politics of economy. Turkey must take Euro exchange, CPI and interests into consideration. Thereby real economy growth will increase and ratio of public borrowings on gross domestic product will decrease. To decrease shocks against fragility, to develop global competition strength and decrease of foreign-source dependency, Turkey and Eurasian countries must develop new strategies and constitute and develop economy politics for global competition capacity.
Reports on the topic "Domestic borrowing"
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Gertler, Mark, and Kenneth Rogoff. Developing Country Borrowing and Domestic Wealth. Cambridge, MA: National Bureau of Economic Research, March 1989. http://dx.doi.org/10.3386/w2887.
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