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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.
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Bench, L. Y., T. A. Koliada, and A. O. Bai. "Functioning of the Domestic Government Borrowing Market in Ukraine." Business Inform 6, no. 509 (2020): 259–66. http://dx.doi.org/10.32983/2222-4459-2020-6-259-266.
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Komkov, Ivan V. "Formal institutional factors’ influence on Russia’s internal debt dynamics." Izvestiya of Saratov University. New Series. Series Economics. Management. Law 21, no. 2 (May 25, 2021): 125–34. http://dx.doi.org/10.18500/1994-2540-2021-21-2-125-134.
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Introduction. The role of domestic government borrowing in Russia’s fiscal policy has become prominent in 2020. The relevance of this topic is related to the budget’s need for additional sources of financing due to COVID-19 pandemic. The effectiveness of the state’s debt policy is influenced by many factors: the political structure of the state, legal institutions, the economic situation in the country, the quality of infrastructure. In this study, the impact of formal institutional factors on the dynamics of domestic debt, the possibility of improving debt policy in modern conditions are analyzed. Theoretical analysis. The article reveals the concept of institutions in the context of domestic debt, the causal dependence of the public borrowing dynamics on the functional characteristics of the formal institutions that form it. Empirical analysis. The analysis of the main formal institutional factors, namely: legal institutions, the economic situation in the country, the infrastructure and the political structure of the state is carried out. Results. In the course of studying the factors of domestic debt growth, the weaknesses of formal institutions that determine the dynamics of state domestic borrowing in modern conditions were identified. Proposals are made for improving the state policy in the sphere of Russia’s state debt.
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Gumus, Inci. "DEBT DENOMINATION AND DEFAULT RISK IN EMERGING MARKETS." Macroeconomic Dynamics 17, no. 5 (April 18, 2012): 1070–95. http://dx.doi.org/10.1017/s1365100512000077.
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This paper develops a two-sector small open economy model to analyze the effects of the currency denomination of debt on default risk and interest rates in emerging market economies. Default risk is determined endogenously and depends on the incentives for repayment. The economy can borrow using tradable-denominated nonindexed bonds or bonds whose return is indexed to the domestic price index, which are used as proxies for foreign currency and domestic currency debt, respectively. The model predicts that foreign currency debt leads to lower default risk for high output levels and domestic currency debt reduces the default risk for low output levels. Although the effect of debt denomination on default risk changes with the output level, the default rate of the economy and average interest rates decline as domestic currency borrowing increases. In addition, domestic currency borrowing is found to reduce the countercyclicality of interest rates and the trade balance.
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Mwakalila, Enock. "Crowding Out of Private Sector in Tanzania: Government Expenditure, Domestic Borrowing, and Lending Rates." Emerging Economy Studies 6, no. 1 (April 3, 2020): 123–35. http://dx.doi.org/10.1177/2394901520913653.
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This study empirically analyzes the impact of government expenditure and domestic borrowing on credit to the private sector in Tanzania by increasing lending rates. Quarterly time series data are collected from 2004 to 2018. Autoregressive distributed lag (ARDL) model estimation with a bound cointegration test is used to establish the short- and long-run relationships, and the results are subjected to diagnostic tests for robustness. The result shows that government expenditure and domestic borrowing crowd out credit to the private sector by increasing the lending rate in the long run. This calls for the Tanzanian government to reduce some of its deficit spending and domestic borrowing, and instead look for another way to increase the tax revenue using loans from external sources to fund its budget deficit. Also, the study recommends that the government should put more effort on improving private sector development by making the country an easy place to do business, which in turn will increase the tax base through corporate tax and income tax from business employees.
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Vasishtha, Garima. "Domestic versus External Borrowing and Fiscal Policy in Emerging Markets." Review of International Economics 18, no. 5 (July 27, 2010): 1058–74. http://dx.doi.org/10.1111/j.1467-9396.2010.00881.x.
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Bilquees, Faiz. "An Analysis of Budget Deficits, Debt Accumulation, and Debt Instability." Pakistan Development Review 42, no. 3 (September 1, 2003): 177–95. http://dx.doi.org/10.30541/v42i3pp.177-195.
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In Pakistan all the macro indicators have been adversely affected by the persistently high deficits and the strategy adopted to finance them in the last two decades. The excessive domestic borrowing at high rates to finance deficits without any attempts at domestic resource mobilisation and controlling of the deficits over extended periods absorbed all available domestic and external resources. The resulting debttrap led to increased external borrowings at high rates with short-term maturity. This, coupled with massive exchange rate depreciation throughout the last two decades, resulted in rapid debt accumulation. The recent fiscal space created in the wake of events of 9/11, resulting in high reserves, follows considerable debt relief and availability of massive funds on very soft terms. However, the decline in budget deficit continues to occur at the expense of development expenditure, along with some increase in tax revenues. This trend in expenditure needs to be reversed if serious progress in debt reduction is the aim.
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DiGiuseppe, Matthew, and Patrick E. Shea. "Sovereign credit and political survival in democracies." Business and Politics 20, no. 3 (March 4, 2018): 360–89. http://dx.doi.org/10.1017/bap.2018.2.
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AbstractModels of distributive politics often assume that fixed budgets constrain the efforts of incumbents to retain power. Yet, significant variation exists in politicians' abilities to push distributive costs forward by funding current fiscal policy through sovereign borrowing. This article theorizes how and when variation in sovereign credit access influences the central goal of democratic incumbents: political survival. Credit allows incumbents to reward supporters without immediately extracting domestic revenue. Excessive borrowing, however, risks higher interest rates or possible market exclusion. Considering sovereign borrowing's benefits and costs, we argue that the marginal effect of credit access on political survival is greatest for those incumbents that require other parties to implement fiscal policy. An analysis of incumbent party tenure in seventy-one democracies from 1977–2007 demonstrates that affordable sovereign finance is associated with longer tenures under divided government but has no significant effect on survival under unified governments.
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Mikheeva, Natalia F., and Marina G. Petrova. "On the Role of Loanwords in Modern Russian." Cuadernos de Rusística Española 16 (December 30, 2020): 115–30. http://dx.doi.org/10.30827/cre.v16i0.10225.
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The topic of borrowing in the Russian language remains a favorite object of study for both domestic and foreign linguists. This article presents the ways of penetration of lexical borrowings into Russian from different languages; identifies the areas of Anglicism using in modern Russian; considers loan words from the border areas on the example of Yakutian. Studies have shown that not only Russian has had a considerable impact on the languages of the indigenous peoples of the national republics, enriching them with new words. Also, the lexics of the Russian language itself has been subjected to a particular influence of national languages.
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Thomas Duro, Ayodele, Williams Harley Tega, Afolabi Taofeek Sola, and Adeyanju David Olanrewaju. "An Empirical Analysis of Public Borrowing and Economic Growth in Nigeria." International Journal of Economics and Financial Research, no. 611 (November 7, 2020): 243–48. http://dx.doi.org/10.32861/ijefr.611.243.248.
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This study seeks to evaluate the impact of public borrowing on economic growth in Nigeria using time series data from 1980 to 2018. Specifically, the study seeks to analyze the effect of domestic debt (proxy by Federal Government Bonds-FGB) and external debt (proxy by International Monetary Fund Loan-IMFL) on Nigerian’s Gross Domestic Product (GDP). To achieve this objective, secondary data was collected from the Central Bank of Nigeria Statistical bulleting and the Debt Management Office of Nigeria. A multiple regression model involving the dependent variable (GDP) and the independent variables (FGB and IMFL) was formulated and subjected to econometric analysis. These variables were adjusted with the Jarque-bera test of normality while the correlation result was used to check the possibility of multi-collinearity among the variables. The t-test was used to answer the research questions and test the formulated hypotheses at the 5percent statistical level. Results from the analysis show that a positive relationship exists between IMF Loan and Nigeria’s gross domestic product, while a negative relationship exists between FG Bonds and Nigeria’s gross domestic product, which violates the Keynesian theory of public debt. The study concludes that both domestic and external debt significantly affect economic growth in Nigeria. Therefore, it was recommended that public borrowing should be efficiently used and contracted solely for economic reasons and not for social or political reasons as this will help to avoid accumulation of debt stock over time.
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Duro, Ayodele Thomas, Williams Harley Tega, Afolabi Taofeek Sola, and Adeyanju David Olanrewaju. "An Empirical Analysis of Public Borrowing and Economic Growth in Nigeria." International Journal of Business Management and Finance Research 4, no. 2 (December 29, 2021): 75–81. http://dx.doi.org/10.53935/26415313.v4i2.188.
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This study seeks to evaluate the impact of public borrowing on economic growth in Nigeria using time series data from 1980 to 2018. Specifically, the study seeks to analyze the effect of domestic debt (proxy by Federal Government Bonds- FGB) and external debt (proxy by International Monetary Fund Loan-IMFL) on Nigerian’s Gross Domestic Product (GDP). To achieve this objective, secondary data was collected from the Central Bank of Nigeria Statistical bulleting and the Debt Management Office of Nigeria. A multiple regression model involving the dependent variable (GDP) and the independent variables (FGB and IMFL) was formulated and subjected to econometric analysis. These variables were adjusted with the Jarque-bera test of normality while the correlation result was used to check the possibility of multi- collinearity among the variables. The t-test was used to answer the research questions and test the formulated hypotheses at the 5percent statistical level. Results from the analysis show that a positive relationship exists between IMF Loan and Nigeria’s gross domestic product, while a negative relationship exists between FG Bonds and Nigeria’s gross domestic product, which violates the Keynesian theory of public debt. The study concludes that both domestic and external debt significantly affect economic growth in Nigeria. Therefore, it was recommended that public borrowing should be efficiently used and contracted solely for economic reasons and not for social or political reasons as this will help to avoid accumulation of debt stock overtime.
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Azcona, Nestor. "Self-Fulfilling Currency Crises with Borrowing Constraints and Domestic Currency Debt." Open Economies Review 22, no. 5 (August 17, 2010): 917–33. http://dx.doi.org/10.1007/s11079-010-9181-1.
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Pradhan, Ashis Kumar, and Gourishankar S. Hiremath. "Why do Indian Firms Borrow in Foreign Currency?" Margin: The Journal of Applied Economic Research 14, no. 2 (May 2020): 191–211. http://dx.doi.org/10.1177/0973801020904492.
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We investigate why firms in emerging economies such as India borrow in foreign currency. The results of a dynamic panel regression approach suggest that both firm-specific factors and macroeconomic factors are significant in explaining the corporate sector dollarization. Export revenue and tangible assets are primary drivers of the external commercial borrowings (ECBs) of non-financial firms, whereas the ECBs of financial firms are sensitive to interest rates in global markets. The policy measures to relax restrictions on firm borrowing in foreign currency facilitate the denomination of corporate debt in foreign currency, but such exposure was adversely affected by the global financial crisis. The findings of the study suggest the vital need to develop the domestic bond market to reduce firms’ dependency on external finance. The results also call for competitive interest rates in the domestic fixed income segment through monetary policy intervention. JEL Classification: G300, G320, F310
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Nabidullin, А. S., and Ch K. Ordabaev. "INFLUENCE OF ENGLISH BORROWINGS ON THE CULTURE AND SPEECH OF KAZAKHSTANI YOUTH." BULLETIN Series of Philological Sciences 76, no. 2 (June 15, 2021): 29–37. http://dx.doi.org/10.51889/2021-2.1728-7804.04.
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Being a living structure, the language is constantly evolving, including with the help of borrowings. It is impossible to stop this process. It is easier for young people to express their thoughts and feelings in a foreign language, rather than using fixed expressions in their native language. All this is happening as a result of increased information flows, the emergence of the global computer network – “the Internet”, the development of the world economic market, international tourism, and cultural ties. Today, the study of borrowings as manifestations of the interaction of different languages with each other is not the last among the problems of modern linguistics, and therefore, the attention of domestic and foreign researchers is directed to this issue. English plays a big role in the life of young people of Kazakhstan, who actively use foreign words in everyday life. In their opinion, it sounds beautiful and fashionable.The borrowing and use of words of foreign origin is a consequence of linguistic contacts influenced not only by historical and cultural factors, but also by the growing influence of the mass media.This article is dedicated to finding the peculiarities of the influence of English borrowings on the culture and speech of Kazakhstani youth.Being a living structure, the language is constantly evolving, including with the help of borrowings. It is impossible to stop this process. It is easier for young people to express their thoughts and feelings in a foreign language, rather than using fixed expressions in their native language. All this is happening as a result of increased information flows, the emergence of the global computer network – “the Internet”, the development of the world economic market, international tourism, and cultural ties. Today, the study of borrowings as manifestations of the interaction of different languages with each other is not the last among the problems of modern linguistics, and therefore, the attention of domestic and foreign researchers is directed to this issue. English plays a big role in the life of young people of Kazakhstan, who actively use foreign words in everyday life. In their opinion, it sounds beautiful and fashionable.The borrowing and use of words of foreign origin is a consequence of linguistic contacts influenced not only by historical and cultural factors, but also by the growing influence of the mass media.This article is dedicated to finding the peculiarities of the influence of English borrowings on the culture and speech of Kazakhstani youth.
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Aimola, Akingbade Urungbodi, and Nicholas M. Odhiambo. "The Dynamics of Public and Private Debt in Ghana." Studia Universitatis „Vasile Goldis” Arad – Economics Series 28, no. 4 (December 1, 2018): 24–44. http://dx.doi.org/10.2478/sues-2018-0018.
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Abstract This paper explores the dynamics of public and private debt in Ghana for the past 32 years. Ghana’s total public debt stock to Gross Domestic Product (GDP) ratio has remained above the 60.0% sustainability threshold recommended by the West Africa Monetary Zone (WAMZ) since 2013. Implemented bank reforms in the country show an upward trend for domestic credit to private sector by banks as a percentage of GDP. Using exploratory review approach, the paper identified fiscal dominance, cost of borrowing, deterioration in export earnings, ineffective fiscal, monetary and debt management policies coordination as factors responsible for changes in total public debt stock. On the other hand, increased domestic borrowings by government from the banks, and Deposit Money Banks’ (DMBs)’ adverse selection in private sector credit allocation affect changes in domestic credit to the private sector by banks. Of these causes, fiscal dominance is the major determinant of public and private debt in Ghana. The study, therefore, recommends that government should pursue fiscal operations that are necessary to put public debt on a declining path. In addition, effective coordination of fiscal, monetary and debt management policies need to be strengthened together with the autonomy of the Bank of Ghana in the use of its monetary policy instruments.
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Brauzman, O. A. "COMPARATIVE LEGAL ANALYSIS OF THE PROCEDURE FOR ESTABLISHING A COMPANY WITH A LIMITED LIABILITY UNDER THE LEGISLATION OF THE RUSSIAN FEDERATION AND THE FEDERAL REPUBLIC OF GERMANY." EurasianUnionScientists 5, no. 3(72) (April 15, 2020): 39–43. http://dx.doi.org/10.31618/esu.2413-9335.2020.5.72.648.
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The article considers the possibility of borrowing the provisions of the legislation of the Federal Republic of Germany in relation to the institution of a limited liability company in the legislation of the Russian Federation. The author has considered all the legislatively established stages of the establishment of a company in comparison with domestic legislation and concluded that it is advisable to improve Russian legislation by borrowing the considered provisions on the establishment of a company under the laws of the Federal Republic of Germany.
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Lotto, Josephat, and Catherine T. Mmari. "Domestic Debt and Economic Growth in Tanzania." Journal of Economics and Management Sciences 1, no. 1 (June 26, 2018): p207. http://dx.doi.org/10.30560/jems.v1n1p207.
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The main objective of this paper was to examine the impact of domestic debt on economic growth in Tanzania for the period 1990 to 2015 using Ordinary Least Square (OLS) regression method to estimate the effects. The study finds that there is an inverse but insignificant relationship between domestic debt and the economic growth of Tanzania as measured by GDP annual growth. The inverse relationship between domestic debt and GDP may be caused by different factors such as; increased trend in domestic borrowing, government lenders’ profile dominated by commercial banks and non-bank financial institutions which promotes the “crowding out” effect; the nature of the instruments used by the government ; the improper use of the domestic borrowed funds which may include funding budgetary deficits, paying up principal and matured obligations on debt, developing financial markets as well as fund other government operations.
Other control variables relate with the GDP as predicted. For example, Inflation (INF) has a negative effect on the GDP growth rate, but the relationship is not statistically significant, while gross capital formation (GCF) has a positive statistically significant effect on GDP growth rate. Furthermore, foreign direct investment (FDI) showed a positive effect on the GDP growth rate and export (X) has a positive effect on GDP growth rate, and the relationship is statistically significant explaining that if a country applied an export-led growth economic strategy it enjoys the gains of participating in the world market. This means that an increase in export stimulates demand for goods which leads to increase in output, and as a country’s output increases, the economic performance also takes a similar trend. Finally, government expenditure (GE) had a negative effect on the GDP growth rate which may be explained by the increased government expenditures which are funded by either tax or borrowing.
Therefore, what is required for countries like Tanzania is to have better debt management strategies as well as prudential financial management while maintaining to remain within the internationally acceptable debt level of 45% of GDP and maintain a GDP growth rate of not less than 5%. It is important for the country to realize from where to borrow from, the tenure, the risks involved and limitations to borrowing and thus set the right balance of combination of both kinds of debt. Another requirement is to properly utilize the borrowed funds. The central government’s objective should be to use the funds in more development-oriented projects that bring positive returns to the economic development. The government should not only create a right environment and policies for investment to attract investment from domestic and foreign sources but also be cautious about the kind of investments that the foreign investors make.
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Barmeier, Henry. "Reciprocal Cross-school Attraction in Domestic Educational Policy Borrowing: An Initial Conceptualization." Research in Comparative and International Education 7, no. 2 (January 2012): 192–208. http://dx.doi.org/10.2304/rcie.2012.7.2.192.
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Forni, L., and M. Pisani. "SOVEREIGN RESTRUCTURING VS. FISCAL ADJUSTMENT IN A MONETARY UNION: MACROECONOMIC EFFECTS FROM MODEL-BASED SIMULATIONS." Macroeconomic Dynamics 22, no. 2 (March 2018): 470–500. http://dx.doi.org/10.1017/s1365100516000286.
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We assess the macroeconomic effects of a sovereign restructuring in a small economy belonging to a monetary union by simulating a dynamic general equilibrium model. We compare the macroeconomic outcome of restructuring with scenarios where the debt reduction is achieved via fiscal adjustment. In line with the empirical evidence, we assume that the sovereign debt is held by domestic agents and by agents in the rest of the monetary union; after the restructuring the sovereign borrowing rate increases and the increase is fully transmitted to the domestic households' borrowing rate; and the government cannot discriminate between domestic and foreign agents when restructuring. We also assume that the small economy does not exit from the monetary union after the restructuring and that the restructuring does not have systemic effects on the rest of the union. Our results suggest that the restructuring can imply persistent and large reduction of output, especially if the share of public debt held domestically is large, the private foreign debt is high, and the spread paid by the government and the households does increases.
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Mamyachenkov, V. N., E. A. Ivanov, and V. V. Shvedov. "The 1957 Domestic Loan and the Completion of the Era of “Voluntary-Obligatory Loans” (Middle Ural)." Nauchnyi dialog, no. 5 (May 30, 2020): 435–49. http://dx.doi.org/10.24224/2227-1295-2020-5-435-449.
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The purpose of this article is to investigate events related to a significant fact in the economic history of the USSR - the actual refusal by the state of its obligations on previously placed domestic loans in 1957. The relevance of the study is due to the interest shown in researching the experience of overcoming the financial crisis. The scientific novelty of the study is seen in the fact that archival materials not previously published are introduced into the scientific circulation. It is stated that from the point of view of the modern economy, government borrowing is an indispensable and mandatory attribute of public finances. It is stated that the reason for the need for such borrowing lies in the property of a loan to reduce the time of realization of personal and social needs. It focuses on the fact that the culmination and final moment of the era of permanent state internal borrowing was the factual default of the state declared in the spring of 1957. A review of the statements of citizens characterizing their attitude to this event is carried out. It is proved that the default did not have a significant impact on the state of the family budgets of citizens of the country. It is concluded that in the history of the Soviet Union the mentioned event will remain an event of the passive-palliative type.
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Rotimi, Comfort Omolayo, Naphtali John, Mathew Ekundayo Rotimi, and Mishelle Doorasamy. "Assessment of the Impact of Government Revenue Mobilisation on Economic Growth in Nigeria." Journal of Economics, Business, & Accountancy Ventura 24, no. 2 (November 30, 2021): 314. http://dx.doi.org/10.14414/jebav.v24i2.2716.
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Inadequate revenue generation impedes economic growth. The issue has lacked attention from academics. Therefore, this study focuses on the relationship between revenue generation and economic growth in Nigeria. It employed time series data sourced from the Central Bank of Nigeria (CBN) and the National Bureau of Statistics (NBS) from 1981-2018. The study used multiple regression to estimate the impact of government revenue mobilization on economic growth in Nigeria. Findings revealed that domestic debts and non-oil revenue positively and significantly impact economic growth, while external debts and oil revenue were otherwise. The study concluded that government revenue impacts economic growth. Consequently, the study recommends economic diversification through strategic programs to enhance growth rather than remaining a mono-economy. Furthermore, it recommends that the government review the existing revenue mobilization strategy– especially the diverse non-oil revenue bases to ensure improved revenue remittances. The study also recommended formulating policies that will guarantee better utilization of domestic and foreign loans to increase productivity and enhance revenue mobilization. It is also recommended that borrowing be considered a last resort to fund government projects, and where it is unavoidable, such borrowing should be limited to domestic debt.
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Huang, Li, Yong Biao Yang, Ben Ren Pan, Hui Gao, Dong Wang, and Xiao Yu Jiang. "Study on Charging Business Operation Model of Electric Vehicle." Advanced Materials Research 1070-1072 (December 2014): 1637–41. http://dx.doi.org/10.4028/www.scientific.net/amr.1070-1072.1637.
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For the bottleneck of electric vehicle short range and energy supply inconvenience to restrain the fast development of electric vehicle, from the perspective of the electric vehicle power charging model, through analyzing the current situation and developing trend of electric vehicle charging facilities, consulting the existing electric vehicle charging model of advice, and borrowing from the mature business operation model of other domestic industry, one kind of proposal of suitable for the domestic electric vehicle current situation of power supply mode is analyzed. The proposal can provide reference for domestic electric vehicle scale and rapid development.
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Brada, Josef C., Ali M. Kutan, and Goran Vukšić. "Capital Flight in the Presence of Domestic Borrowing: Evidence from Eastern European Economies." World Development 51 (November 2013): 32–46. http://dx.doi.org/10.1016/j.worlddev.2013.05.007.
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Sur, Abhisek, Partha Ray, and Amarendu Nandy. "India’s external commercial borrowing: Pulled by domestic fundamentals or pushed by global conditions?" Journal of Asian Economics 61 (April 2019): 65–77. http://dx.doi.org/10.1016/j.asieco.2019.02.004.
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Akanbi, Abiodun. "Government Domestic Borrowing and Private Sector Credit Crowding out: Empirical Evidence from Nigeria." Journal of Investment and Management 9, no. 4 (2020): 100. http://dx.doi.org/10.11648/j.jim.20200904.12.
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Andersen, Gisle, and Anne-Line Graedler. "Morphological borrowing from English to Norwegian: The enigmatic non-possessive -s." Nordic Journal of Linguistics 43, no. 1 (March 26, 2020): 3–31. http://dx.doi.org/10.1017/s0332586520000037.
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AbstractWith increased lexical influence and general English competence among Norwegian language users, the association of the suffix -s with the category of plural appears to be expanding. This article explores the occurrence and productivity of non-possessive -s in contemporary Norwegian, a feature which incorporates several phenomena. Our aim is to chart the lexico-grammatical categories instantiated by this morpho-phonological segment in light of the previous literature on Anglicisms in Norwegian and on the basis of empirical evidence from present-day language use. The article presents a corpus-based survey of categories where non-possessive -s occurs (i) as the plural marker of Anglicisms, e.g. drinks; (ii) in colloquialisms such as dritings ‘dead drunk’ – a combination of a domestic noun and English (or Norwegian) -ing + non-possessive -s reanalysed into an adjectival stem; (iii) in nouns like en caps ‘a (baseball) cap’, where it has lost its plurality marking function and become part of the lexical stem; and (iv) sporadically as a plurality marker of domestic or non-English words, e.g. temas. The variability in presence vs. absence of -s is further explored in four case studies dedicated to different stages of borrowing.
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SUKHANOV, E. A. "THE RESEARCH CENTRE AND DEVELOPMENT OF DOMESTIC CIVIL STUDIES." Civil Law Review 22, no. 1 (May 5, 2022): 30–44. http://dx.doi.org/10.24031/1992-2043-2022-22-1-30-44.
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The main results of the 30-year work of the Private Law Research Centre and the main directions of the forthcoming scientific work are highlighted. The negative features of the concept of economic analysis of law, which are proposed to be gradually replaced by legal analysis of the economy, as well as the negative aspects of excessive enthusiasm for the legal registration of business relations and borrowing foreign experience in legal development, are noted. The necessity of developing a general theory of civil law is proved, and the groundlessness of the search and reinforcement of theoretical structures directly in law enforcement (judicial) practice is pointed out.
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Demieva, A. G. "MODERN TERMS IN CIVIL LAW: METHODOLOGICAL-CATEGORIAL ASPECT." METODOLOGICAL PROBLEMS OF THE CIVIL LAW RESEARCHES 3, no. 3 (January 1, 2021): 319–31. http://dx.doi.org/10.33397/2619-0559-2021-3-3-319-331.
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Introduction: the article is devoted to the study of modern terms in domestic Russian civil law. Purpose: to show the reasons for the appearance of new terms in civil law and to identify the problems associated with their content, which are faced by scientists and practicing lawyers. Methods: theoretical methods of formal and dialectical logic; comparative legal method, empirical methods of comparison, description. Results: an analysis of some modern terms of civil law indicates the following reasons for their appearance. Firstly, internal growth and development of domestic civil legislation. Secondly, the emergence of new technologies. Thirdly, an erroneous and false understanding of the meaning of some concepts. Conclusions: the identified reasons of the appearance of new and borrowed terms in civil law require a differentiated scientific approach to their study in order to avoid erroneous and false understanding of their meaning. In order to become an element of the scientific terminological apparatus, current legislation and legal practice, any terminological borrowing must be systemic. Borrowing of new terms and concepts is necessary: firstly, in the absence of a similar lexical unit in domestic law, secondly, when there is a need for a unified approach to determining the content of a legal phenomenon.
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İkiz, Ahmet Salih. "Testing the Ricardian Equivalence Theorem: Time Series Evidence from Turkey." Economies 8, no. 3 (August 21, 2020): 69. http://dx.doi.org/10.3390/economies8030069.
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Two of the most common measures adopted by the government to stimulate the economy are increasing government borrowings and implementing tax cuts. These tax cuts are financed through increased debt. According to the Ricardian equivalence theory, the consumers will not change their current spending when they anticipate a tax increase in the future. In order to pay high taxes in the future, the government should increase its present savings. However, the extent of applicability of Ricardian equivalence could vary across nations. In this context, the present study explores the long-running relationship between domestic borrowing and private savings in Turkey. For this purpose, the researcher collected the data for key variables, gross domestic savings, and government debt, for the period of 1980–2017. The researcher used unit root, cointegration, VECM, and the Granger causality test to examine the relationships among the variables. Apart from this, ARDL regression was used in order to examine the long-term relationships among the variables. The empirical results indicate that there is presence of bidirectional causality, indicating that Ricardian equivalence is applicable in the economy. Households display a rational behavior by increasing their savings during the periods in which high government expenditure is incurred.
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Chinedu Anthony Umeh, Chinedu Daniel Ochuba, and Ugochukwu Remigius Ihezie. "Impact of government budget deficits on public health sector output in Nigeria." World Journal of Advanced Research and Reviews 11, no. 2 (August 30, 2021): 350–64. http://dx.doi.org/10.30574/wjarr.2021.11.2.0403.
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The study examined the impact of government budget deficits on the public health sector output in Nigeria over a period of 1980 to 2018. The specifically study sought to: investigate the impact of government budget deficits affect the public health sector output in Nigeria, ascertain the impact of external borrowing on the public health sector output in Nigeria and evaluate the impact of domestic borrowing budget deficits financing on the public health sector output in Nigeria. The methods of data analysis range from argument dickey fuller unit root test, Johansen co-integration test and finally error correction method. The following results were the basic findings of the study: (1) government budget deficits have positive insignificant impact on public health sector output in Nigeria (t – statistics (0.5663) < t0.05 (1.684); (2) external borrowing of financing budget deficits has negative insignificant impact on Health sector output in Nigeria (t – statistics (-1.2746) < t0.05 (1.684) and (3) domestic borrowing of financing budget deficits has positive significant impact on Health sector output in Nigeria (t – statistics (2.1711) > t0.05 (1.684). This study concludes that the budget deficits of government have positive insignificant impact on Health sector output in Nigeria because more budget allocations are put in health recurrent government expenditure than health capital expenditure whereas health capital expenditure is the engine of growth in health sector output. The study recommended that the Federal Government should commence and continue to execute the National Health Act. Allocation’s map-out for the Basic Health Care Provision Fund (BHCPF) should be drawn directly from the National Health Act, which is not less than 1% of the Consolidated Revenue (CRF) Fund of the Federation and is to flow from the FG's share of revenue.
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Byla, A. B. "Financially-legal regulation of basic public debt management in the conditions of coronavirus pandemic." Courier of Kutafin Moscow State Law University (MSAL)), no. 9 (December 24, 2021): 71–81. http://dx.doi.org/10.17803/2311-5998.2021.85.9.071-081.
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This article is devoted to the consideration of some issues related to the legal regulation of the main methods of public debt management in Russia in the context of the coronavirus pandemic. In the course of the study, the features of the external and internal debt of the Russian Federation are highlighted, various approaches to the definition of this category are considered, and some aspects of legal regulation in this area are analyzed. It is determined that the norms of financial law regulate a whole and diverse set of public relations related to the implementation of borrowing both in the domestic and foreign markets, and it is necessary to comprehensively regulate this institution. In conclusion, it is concluded that the coronavirus pandemic has greatly affected all aspects of financial activity, the state had to resort to additional borrowing on the domestic market to eliminate the consequences of the pandemic. Based on this, we need a well-thought-out strategy for the development of legislation in this area at all levels of the budget system of the Russian Federation.
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Shevchenko, Volodymyr, and Liliia Lutsenko. "PECULIARITIES OF DEBT FINANCING OF THE UKRAINIAN ECONOMY." THEORETICAL AND APPLIED ISSUES OF ECONOMICS, no. 39 (2019): 16–24. http://dx.doi.org/10.17721/tppe.2019.39.2.
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The article examines the impact of capital attracted through domestic state bond on a recipient economy. It investigates the features of global borrowing, major reasons for debt growth and proves the importance of internal borrowing on the example of Ukraine. Further, the article overlooks the structure of debt capital and changes in the main groups of bond loans over the last years. It explains the reasons for changing dynamics of debt capital engaged by Ukraine through external and domestic borrowing. The research substantiates functional purpose of state bonds and their crucial role in balancing budget deficit andpost-crisis recovery of the national economy. With regard to the global cut of the interest rates, the perspective directions of further research of debt capital can be a feasibility of its cost, volatility of investors’ demand and reliability of debt attraction due to the country risk of a borrower. The growth of public debt in developing countries requires clarifying the structure of debt capital and clarifying the directions for using public debt. In a view of the above analysis, it is appropriate to conclude that the functional appropriation of OVDP funds is only in financing the budget deficit and the trade balance. Strategically important areas of debt capital use in Ukraine include restoring the liquidity of the banking sector, maintaining the functioning of key government institutions, ensuring Ukraine's defense capability and the creditworthiness of the national economy.
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Njarara, AnnBeatrice. "Budget Deficits in Kenya: The Impact of Foreign aid on Sovereignty." Strathmore Law Review 2, no. 1 (January 1, 2017): 123–48. http://dx.doi.org/10.52907/slr.v2i1.97.
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A national budget needs funding with the sources being either domestic or foreign. Foreign sources of funding seem to dominate the Kenyan context. This paper argues that a country with a national budget dependent on foreign aid can be held hostage by the holders of the purse strings. Further, that this dependency has a negative impact on Kenya’s economic sovereignty. It is this impact that is of relevance to this paper. In this spirit the paper critically analyses Kenya’s borrowing trend with a special focus on foreign aid, defines by use of a working definition the importance of economic sovereignty, explores how this borrowing trend affects Kenya’s economic sovereignty and offers solutions on regaining of Kenya’s economic sovereignty.
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Mora, Nada, Simon Neaime, and Sebouh Aintablian. "Foreign currency borrowing by small firms in emerging markets: When domestic banks intermediate dollars." Journal of Banking & Finance 37, no. 3 (March 2013): 1093–107. http://dx.doi.org/10.1016/j.jbankfin.2012.11.012.
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Connell, Brendan J. "Electoral Rules, Interest Group Pressures, and the Price of Democratic Default." International Studies Quarterly 63, no. 4 (August 26, 2019): 987–1000. http://dx.doi.org/10.1093/isq/sqz067.
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Abstract Conventional wisdom dictates that democracies are reliable in upholding their international commitments. However, this assertion is at odds with democratic behavior in sovereign borrowing where democracies have sometimes imposed considerable losses on foreign creditors. Why do some democracies choose to renege on extremely large portions of their sovereign debt during economic crisis? This article argues that costs incurred by creditors are dependent on how the borrowing state's electoral system aggregates competing domestic economic interests. Internationally oriented economic interests prefer to minimize creditor losses since sizeable debt reductions are more likely to compromise access to foreign credit. Conversely, workers and domestic-oriented economic interests prefer to maximize losses faced by foreign creditors in order to ease the costs of austerity at home. By shaping the political incentives of policymakers, I argue that democracies with candidate-centric electoral systems should be associated with sovereign defaults that are less costly for foreign creditors. Under these electoral systems, governments hold incentives to cater primarily to internationally oriented economic interests that are best able to overcome the costs of collective action. Statistical evidence from 53 sovereign debt restructurings between 1978 and 2012 supports the main argument.
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Buryk, Zoriana, Vitalii Bashtannyk, and Faig Ragimov. "Economic growth: macroeconomic effects of Public Borrowings at the global level." Problems and Perspectives in Management 17, no. 3 (August 20, 2019): 169–83. http://dx.doi.org/10.21511/ppm.17(3).2019.14.
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The study examines the peculiarities of the impact of public debt on the economic growth of states. The aim of the study was to analyze and identify the determinants of the impact of government borrowing on economic growth. The following research methods have been applied: analysis and synthesis of data and theoretical work, comparative analysis, statistical, correlation, cluster and discriminant analysis. According to the results of the survey, it is established that the growth of government borrowing can have both a negative and a positive effect on the economy, provided that it implements as the share of government debt to GDP, does not exceed 60% and is implemented in the form of financial investments (golden rule of public finance). The state’s deficit is allowed provided that state assets grow; current income from investment fully covers current expenses. The results of clusterization allowed to allocate 3 groups of states: states that demonstrated the economic downturn; states characterized by slow economic growth; states that were characterized by high level of economic growth. The first group of states (the countries with economic downturn) observed a negative high level of government debt and GDP. The results showed the low level of domestic borrowing development in low and middle income countries, which in developed countries allows governments to finance the investment projects on the basis of local loans (municipal bonds, infrastructure bonds, mainly medium and long-term), increase the debt burden in terms of economic recession.
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Magdenko, Alexandr D., and Alexandr Yu Tomilov. "Correlation of International and Domestic Law: Procedural and Legal Problems." Pravosudie / Justice 3, no. 3 (September 28, 2021): 189–205. http://dx.doi.org/10.37399/2686-9241.2021.3.189-205.
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Introduction. Despite the multiplicity of works on the relationship between international and domestic law, this problem remains relevant, since due to changes in public relations, the understanding of the functioning of the rules of law changes. This concerns the problem of the influence of international law on the process of changes in civil procedure legislation. This issue also complicates the active phenomena of the globalisation of public relations, and the requirement of unification of legal relations, both in the public and private legal spheres. National communities have an interest in this. At the same time, the processes of borrowing and unification under the influence of international law in the civil procedure sphere have their own distinctive feature. They always give priority to national legal systems, which does not exclude, (due to the intensive convergence of different communities), the manifestation of elements of borrowing from the norms of international law. Theoretical BasIs. Methods. The main research methods are comparative legal and historical. The study analyses the relationship between international and national law in the framework of civil procedure relations, taking into account the effect of globalisation. Results. An analysis of the current nature of the relationship between international and domestic law allows us to conclude that the globalisation processes contribute to the convergence of these two legal systems. The modern interpretation of the Constitution in the light of the legal positions of the Constitutional Court marked a departure from the traditional Russian dualistic understanding of the problem of the relationship between international and domestic law in the direction of moderate monism. Discussion and Conclusion. The analysis of the impact of globalisation processes on the mechanism of implementation of international law in the field of civil procedure legislation is carried out. The obtained results and conclusions allow us to determine the features and nature of the current relationship between international law and national law in the framework of civil procedure relations.
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Edjigu, Habtamu Tesfaye, and Nicholas Sim. "Does the Presence of Foreign Firms Reduce Domestic Firms’ Financial Constraints in Sub-Saharan Africa?†." Journal of African Economies 28, no. 4 (February 26, 2019): 343–70. http://dx.doi.org/10.1093/jae/ejz001.
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Abstract Firms in the SSAs (sub-Saharan African countries for short) face severe financial constraints. Because financial markets in the SSAs are underdeveloped, policymakers have sought after the establishment of foreign-owned firms in their countries to help, among others, alleviate the financial constraints faced by domestic firms. However, there is no empirical evidence that speaks to the association between foreign firm presence and domestic firms’ financial constraint. Using firm-level data spanning across 36 SSAs from the World Bank Enterprise Survey, we show that the increase in foreign firm presence can ease the financial constraints of domestic firms in the SSAs. One reason is that foreign-owned firms are not only less financially constrained, they are also less likely to apply for bank loans. Therefore, an increase in foreign firm presence may reduce the competition for loans and ease the financial constraints of domestic firms by improving their borrowing success.
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Reinhart, Carmen M., and Kenneth S. Rogoff. "From Financial Crash to Debt Crisis." American Economic Review 101, no. 5 (August 1, 2011): 1676–706. http://dx.doi.org/10.1257/aer.101.5.1676.
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Newly developed historical time series on public debt, along with data on external debts, allow a deeper analysis of the debt cycles underlying serial debt and banking crises. We test three related hypotheses at both “world” aggregate levels and on an individual country basis. First, external debt surges are an antecedent to banking crises. Second, banking crises (domestic and those in financial centers) often precede or accompany sovereign debt crises; we find they help predict them. Third, public borrowing surges ahead of external sovereign default, as governments have “hidden domestic debts” that exceed the better documented levels of external debt. (JEL E44, F34, F44, G01, H63, N20)
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Kondrat, Iryna, Olena Pozniakova, and Oksana Chervinska. "The Impact of Public Debt on Economic Growth in Ukraine." Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia 53, no. 4 (December 31, 2019): 91. http://dx.doi.org/10.17951/h.2019.53.4.91-100.
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<p><strong>Theoretical background:</strong> The growth in government borrowing, carried out in connection with the banks’ capitalisation, significantly increased the state budget expenditures aimed at servicing the capitalisation domestic public debt, which reinforces the general tendency regarding the exacerbation of the budget risk in the debt sphere in Ukraine. A weighty debt-creating factor was the budget deficit, which was covered by borrowing. Proceeding ahead of the rate of increase in debt volumes in comparison with gross domestic product (GDP) growth rates under the influence of internal and external destabilising factors contributed to the excess of the debt levels security indicators and increased the insolvency risk of the state. The increase of the obligations share denominated in foreign currency or linked to the exchange rate in the overall debt structure as an important indicator of the financial system’s vulnerability to exchange rate fluctuations creates additional threats to debt sustainability regarding the increasing currency risk and the national currency devaluation.</p><p><strong>Purpose of the article:</strong> The article is focused on studying the dynamics and structure of Ukraine’s public debt, its ratio to GDP, and an empirical analysis of the relationship between public debt (external and domestic) and economic growth in Ukraine.</p><p><strong>Research methods:</strong> To empirically test the relationship between public debt and economic growth in Ukraine over the 1992 to 2018 period, multiple regression models were conducted. A real GDP per capita was used as an indicator for economic growth and the debt-to-GDP ratio was used as an index of public debt. Research hypotheses were the following: H1: The public external debt-to-GDP ratio and GDP per capita have a strong negative and statistically relevant correlation; H2: The public domestic debt-to-GDP ratio and GDP per capita have a strong negative and statistically relevant correlation.</p><p><strong>Main findings:</strong> Examining the dynamics and structure of Ukraine’s public debt by borrowing market (external and domestic), it is concluded that there is no strong negative or positive statistically relevant correlation between the public debt-to-GDP ratio and GDP per capita for Ukraine. The impact of this factor is so insignificant that it encourages further research to verify that low GDP growth rate causes the increase in Ukraine’s public debt.</p>
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Chuba, Mathias A. "Crowding-Out and Crowding-In Effects of Public Borrowing on Private Domestic Investment in Nigeria." International Journal of Research and Innovation in Social Science 05, no. 11 (2021): 439–48. http://dx.doi.org/10.47772/ijriss.2021.51125.
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