Chapter 6 Long-run aspects of fiscal policy and
... government debt were like a given bank loan of size Dt with a variable rate of interest. We should not forget, however, that given the quantity, qt ; of the bonds, the value, Dt , of the government debt at the issue date depends negatively on it : Anyway, the total nominal government expenditure in ...
... government debt were like a given bank loan of size Dt with a variable rate of interest. We should not forget, however, that given the quantity, qt ; of the bonds, the value, Dt , of the government debt at the issue date depends negatively on it : Anyway, the total nominal government expenditure in ...
The Political Economy of Public Debt in Brazil
... This paper studies the behavior of public debt management in Brazil since the early eighties. Our focus is on the political economy aspects and the conflict of interest among the players directly or indirectly engaged in public debt policy in this country. Apart from introduction and concluding rema ...
... This paper studies the behavior of public debt management in Brazil since the early eighties. Our focus is on the political economy aspects and the conflict of interest among the players directly or indirectly engaged in public debt policy in this country. Apart from introduction and concluding rema ...
Strategic Considerations for First-Time Sovereign Bond
... 1. Characteristics of Selected Debut EM and LIC Issues ..........................................................6 2. Trends in Concessional and Non-Concessional Financing in Sub-Saharan Countries..........8 3. Recent Debut Issues and Risk Appetite ................................................... ...
... 1. Characteristics of Selected Debut EM and LIC Issues ..........................................................6 2. Trends in Concessional and Non-Concessional Financing in Sub-Saharan Countries..........8 3. Recent Debut Issues and Risk Appetite ................................................... ...
The Main Agency Problems and Their Consequences
... (Moyer – McGuigan – Kretlow, 1992, p. 517). They argue that agency costs are the costs which arise from the conflicts of interest among shareholders, bondholders, and managers. They may be defined as the costs of resolving these conflicts. They include the costs of providing managers with an incenti ...
... (Moyer – McGuigan – Kretlow, 1992, p. 517). They argue that agency costs are the costs which arise from the conflicts of interest among shareholders, bondholders, and managers. They may be defined as the costs of resolving these conflicts. They include the costs of providing managers with an incenti ...
CONTROL_ACCOUNT
... purchases ledger and the sales ledger. 20X9 March 1 Purchases ledger balances March 1 Sales ledger balances Totals for March: Sales daybook Purchases daybook Cheques and cash paid to suppliers Discounts received Discounts allowed Sales ledger balances set-off against purchases ledger balances Return ...
... purchases ledger and the sales ledger. 20X9 March 1 Purchases ledger balances March 1 Sales ledger balances Totals for March: Sales daybook Purchases daybook Cheques and cash paid to suppliers Discounts received Discounts allowed Sales ledger balances set-off against purchases ledger balances Return ...
The Debt-Overhang Hypothesis and the Effects on Low/High Income
... can see a debt overhang tendency arise in the developed part of the world economy. Relatively little is known about the effect of debt on developed countries which makes it difficult to predict the effects of current policies undertaken by creditors and debtors associated with the developed part of ...
... can see a debt overhang tendency arise in the developed part of the world economy. Relatively little is known about the effect of debt on developed countries which makes it difficult to predict the effects of current policies undertaken by creditors and debtors associated with the developed part of ...
Rating Sovereign Governments
... Analysts look at the government’s primary balance (the difference between revenue and non-debt expenditures) as an indicator of fiscal flexibility – the part of the budget the government has control over. The overall fiscal balance (including interest charges) better reflects the potential financing ...
... Analysts look at the government’s primary balance (the difference between revenue and non-debt expenditures) as an indicator of fiscal flexibility – the part of the budget the government has control over. The overall fiscal balance (including interest charges) better reflects the potential financing ...
Accounting for Receivables
... Uncollectible accounts receivable are _____________. This estimate is treated as an expense and is matched against ________ in the same accounting period in which the sales occurred. Estimated uncollectibles are ___________to Bad Debts Expense and ___________ to Allowance for Doubtful Accounts throu ...
... Uncollectible accounts receivable are _____________. This estimate is treated as an expense and is matched against ________ in the same accounting period in which the sales occurred. Estimated uncollectibles are ___________to Bad Debts Expense and ___________ to Allowance for Doubtful Accounts throu ...
How to do a Debt Sustainability Analysis for Low
... Debt-servicing problems in low-income countries are likely to arise when: • official creditors, such as international organizations or governments, and donors do not to provide sufficient new financing in terms of loans or grants for financing a country’s primary deficit.3 • when the costs of servic ...
... Debt-servicing problems in low-income countries are likely to arise when: • official creditors, such as international organizations or governments, and donors do not to provide sufficient new financing in terms of loans or grants for financing a country’s primary deficit.3 • when the costs of servic ...
Moody`s Report - December 5, 2013
... of the global financial meltdown, real GDP fell for three consecutive years from 2008 through 2010, declining by 3.2% a year on average. For 2013 and 2014 we expect continued modest recovery at a pace of 1.5% per annum. The main industries, off-shore financial services and tourism, are very well est ...
... of the global financial meltdown, real GDP fell for three consecutive years from 2008 through 2010, declining by 3.2% a year on average. For 2013 and 2014 we expect continued modest recovery at a pace of 1.5% per annum. The main industries, off-shore financial services and tourism, are very well est ...
05. The Impact of Expense Shocks on the Financial Distress of
... extract equity-financing more easily from their homes, and this market has expanded to the secondary market of cash-out refinancing at high interest rates. In the same vein, car purchasers have a greater number of finance choices than they did in the past, such as leasing or borrowing through instal ...
... extract equity-financing more easily from their homes, and this market has expanded to the secondary market of cash-out refinancing at high interest rates. In the same vein, car purchasers have a greater number of finance choices than they did in the past, such as leasing or borrowing through instal ...
The rise in US household debt: assessing its
... the cross-section of the population. We also introduce an old-age borrowing constraint, which provides an alternative explanation for why older people choose not to borrow to finance owner-occupation towards the ends of their lives, even though this would allow them to consume more. The debt to inco ...
... the cross-section of the population. We also introduce an old-age borrowing constraint, which provides an alternative explanation for why older people choose not to borrow to finance owner-occupation towards the ends of their lives, even though this would allow them to consume more. The debt to inco ...
LDC Debt Policy
... Although it arguably should not have, the Mexican payments crisis of August 1982 took the U.S. government completely by surprise. Federal Reserve staffers had prepared a report in April warning of potential debt-service difficulties, but this report did not receive high-level attention. The U.S. gov ...
... Although it arguably should not have, the Mexican payments crisis of August 1982 took the U.S. government completely by surprise. Federal Reserve staffers had prepared a report in April warning of potential debt-service difficulties, but this report did not receive high-level attention. The U.S. gov ...
Belief Regimes and Sovereign Debt Crises
... An important question is whether debt crises are associated with domestic fundamentals. Table 2 reports a generally negative correlation between the change in spreads and output. However, this statistic masks surprising heterogeneity across crisis episodes. Figure 1 depicts the density of GDP growth ...
... An important question is whether debt crises are associated with domestic fundamentals. Table 2 reports a generally negative correlation between the change in spreads and output. However, this statistic masks surprising heterogeneity across crisis episodes. Figure 1 depicts the density of GDP growth ...
Fiscal Responsibility Panel
... facing a serious demographic challenge, actions are also needed to address rising health costs and the underfunding of pension schemes that will cause increasing problems over the long term. These latter actions would involve early steps to adjust some of the terms and features of government pension ...
... facing a serious demographic challenge, actions are also needed to address rising health costs and the underfunding of pension schemes that will cause increasing problems over the long term. These latter actions would involve early steps to adjust some of the terms and features of government pension ...
report of the annual national debt sustainability analysis
... contingent liabilities by governments, is a direct consequence of poor public finance management. In order to avoid future build-up of contingent liabilities, there is the need for all tiers of governments to recognize and settle such liabilities as at when due through their relevant Ministries, Dep ...
... contingent liabilities by governments, is a direct consequence of poor public finance management. In order to avoid future build-up of contingent liabilities, there is the need for all tiers of governments to recognize and settle such liabilities as at when due through their relevant Ministries, Dep ...
Chapter 5 M F L
... of India and various other special securities, compensation and other bonds and other Rupee securities. External debt represents the loans received from foreign governments and bodies. The other liabilities of the government arise more in its capacity as a banker or a trustee rather than a borrower ...
... of India and various other special securities, compensation and other bonds and other Rupee securities. External debt represents the loans received from foreign governments and bodies. The other liabilities of the government arise more in its capacity as a banker or a trustee rather than a borrower ...
Multiple Discriminant Analysis
... © 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. ...
... © 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. ...
NBER WORKING PAPER SERIES FINANCIAL DISTRESS IN THE GREAT DEPRESSION Sonali Hazarika
... 1920s, which suggests that the effects of debt might be particularly noticeable during the 1930s. Bernanke (1995) develops an interesting hypothesis about the negative effects of debt during the Depression. During a deflationary period, the real obligation of fixed debt payments becomes larger in re ...
... 1920s, which suggests that the effects of debt might be particularly noticeable during the 1930s. Bernanke (1995) develops an interesting hypothesis about the negative effects of debt during the Depression. During a deflationary period, the real obligation of fixed debt payments becomes larger in re ...
Liabilities
... 10. When the interest payment dates of a bond are May 1 and November 1 and the bond issue is sold on June 1, the amount of cash received by the issuer will be a. decreased by accrued interest from June 1 to November 1 b. decreased by accrued interest from May 1 to June 1 c. increased by accrued int ...
... 10. When the interest payment dates of a bond are May 1 and November 1 and the bond issue is sold on June 1, the amount of cash received by the issuer will be a. decreased by accrued interest from June 1 to November 1 b. decreased by accrued interest from May 1 to June 1 c. increased by accrued int ...
Lowering risk and saving money
... and income statement Economic exposure: Economic currency exposure more generally, which includes the risks previously noted. It also includes threats to otherwise purely domestic firms that compete with firms that produce goods and/or services in another currency ...
... and income statement Economic exposure: Economic currency exposure more generally, which includes the risks previously noted. It also includes threats to otherwise purely domestic firms that compete with firms that produce goods and/or services in another currency ...
NBER WORKING PAPER SERIES DEBT MATURITY: IS LONG-TERM DEBT OPTIMAL? Laura Alfaro
... because, in principle, governments can default on both short- and long-term debt. However, this can be understood within the context of our modeling framework if one considers that the stochastic process that underlies the “type” of government (or constraints a government faces) might display some ...
... because, in principle, governments can default on both short- and long-term debt. However, this can be understood within the context of our modeling framework if one considers that the stochastic process that underlies the “type” of government (or constraints a government faces) might display some ...
Long-term Government Bond Yields
... Government bonds are used to fund a government’s expenses including repaying ...
... Government bonds are used to fund a government’s expenses including repaying ...
Summary - A review of the surplus target
... How does a changed surplus target relate to other parts of the framework? An effective fiscal policy framework requires that both framework components and the framework as a whole function well. The surplus target, the expenditure ceiling and the balanced budget requirement for local governments ar ...
... How does a changed surplus target relate to other parts of the framework? An effective fiscal policy framework requires that both framework components and the framework as a whole function well. The surplus target, the expenditure ceiling and the balanced budget requirement for local governments ar ...
Delay in the Expansion from 2.5G to 3G Wireless Networks
... more than 70 acquisitions in two decades. Among the biggest, were MFS Communications (the deal made WorldCom a major Internet player), and MCI, the second –largest telecommunications company in the U.S. after AT&T. The traffic growth myth: WorldCom executives kept referring to the myth of 100-day do ...
... more than 70 acquisitions in two decades. Among the biggest, were MFS Communications (the deal made WorldCom a major Internet player), and MCI, the second –largest telecommunications company in the U.S. after AT&T. The traffic growth myth: WorldCom executives kept referring to the myth of 100-day do ...