DEUDA, PAPELES Y COMPROMISOS EN LA CONSTRUCCIÓN DEL CRÉDITO PÚBLICO. LA CAJA NACIONAL DE FONDOS DE SUD AMÉRICA (BUENOS AIRES, 1818–1821)

2020 ◽  
pp. 1-34
Author(s):  
Martín L. E. Wasserman
Keyword(s):  
Public Debt ◽  
Buenos Aires ◽  
Financial Innovation ◽  
South American ◽  
The South ◽  
Public Finances ◽  
The Public ◽  
Public Credit

ABSTRACT The South American Funds National Exchequer was established in 1818 to contribute to the consolidation of the public debt of Buenos Aires. It was the first financial innovation since the revolutionary outbreak in Buenos Aires, and its failure allowed the authorities to understand the limits of the fiscal and financial commitment they proposed by means of that institution. Its suppression, in 1821, offered an antecedent to develop a deep reform of the financial institutional matrix of Buenos Aires, based on the Public Credit office, the Amortization Exchequer and the Bank of Buenos Aires. The South American Funds National Exchequer was, thus, the first movement in the negotiation on the terms of the financial commitment assumed by the nascent State. This paper analyzes the 973 accounting entries of the institution, providing an interpretation of that failure and its importance for the course of public finances in Buenos Aires.

‘The folly of particulars’: the political economy of the South Sea Bubble

2012 ◽  
Vol 19 (2) ◽  
pp. 175-197 ◽  
Author(s):  
Richard Kleer
Keyword(s):  
Political Economy ◽  
Public Debt ◽  
Alternative Explanation ◽  
Banking Industry ◽  
Market Price ◽  
The Political ◽  
The South ◽  
The Public ◽  
Conversion Operation ◽  
South Sea

In 1720 Britain embarked on a project to convert a large part of the public debt into shares in the South Sea Company. Most narratives assume the Company stood to profit from an anticipated increase in the market price of its shares. Though some have noted that this assumption is incorrect, no one has yet tried to find an alternative explanation for the Company's motivation for entering into the project. In this article I argue that the Company had no need to profit directly from the conversion operation and instead saw it as an opportunity to establish dominance in the British banking industry.

scholarly journals THE CRISIS OF 2008 AND THE RISE OF THE SLOVENIAN CONSOLIDATION STATE

2021 ◽  
pp. 305-321
Author(s):  
Marko Hočevar
Keyword(s):  
Public Debt ◽  
Banking System ◽  
Public Finances ◽  
Rating Agencies ◽  
The Public ◽  
Capitalist State ◽  
The Creation ◽  
The Eu

Abstract. The purpose of the article is to explain the creation of the Slovenian debt state and its transformation into a consolidation state after the crisis of 2008. When the crisis struck Slovenia in 2009, the banking system was near collapse. Through the recapitalisations of the banking system the public debt began to grow. After a couple of years and under the structural pressures of rating agencies and pressures from the EU, the Slovenian state had to adopt austerity measures to consolidate its public finances, while limiting the scope of democracy. The main finding of the article is that the crisis of 2008 fundamentally changed the Slovenian state. Keywords: capitalist state, consolidation state, debt, Slovenia, democracy

scholarly journals Deuda pública en México: dinámica e implicaciones de política

2021 ◽  
Vol 39 (71) ◽  
pp. 22-43
Author(s):  
Oshiel Martínez Chapa ◽  
Jorge Eduardo Salazar Castillo ◽  
Saul Roberto Quispe Aruquipa
Keyword(s):  
Public Debt ◽  
Research Question ◽  
Social Spending ◽  
World Population ◽  
The Public ◽  
Oil Resources ◽  
Public Credit ◽  
Public Resources ◽  
The Cost

The purpose of this paper is to analyze the factors that have driven the public debt in Mexico and its consequences on the economy. The hypothesis proposed is that the increase in debt is related to factors such as discretion in the management of public resources, the guarantee of oil resources, the cost of financial bailouts and the growing social spending exercised. The research question is: How has public debt evolved in the medium and long term, and what are the consequences? The methodology used is qualitative in that it analyzes the facts and documents, and the second is quantitative in that it uses a regression model in which a growth rate of the variable in question is used. The data come from institutions such as the Bank of Mexico, the World Bank, the Ministry of Finance and Public Credit (SHCP), as well as World Population Review. The paper concludes by highlighting the need for governments to adopt responsible policies in order to influence growth and economic development, and not that austerity policies cause low investment and unemployment in the country.

The case of the undying debt

2010 ◽  
Vol 17 (2) ◽  
pp. 185-209 ◽  
Author(s):  
François R. Velde
Keyword(s):  
Eighteenth Century ◽  
French Revolution ◽  
Public Debt ◽  
Public Finances ◽  
The Public ◽  
French Government ◽  
Debt Contract ◽  
The French Revolution

The French government currently honors a very unusual debt contract: an annuity that was issued in 1738 and currently yields €1.20 per year, payable to the descendants of its original recipient. I tell the story of this unique debt, which serves as an anecdotal but symbolic summary of French public finances since the eighteenth century. Created by a powerful nobleman for one of his servants, it survived the turmoil of the French Revolution, became part of the public debt and has been scrupulously honored to this day, even though its value has been eroded away by decades of inflation.

Implizite Staatsverschuldung, Strukturreformen und Europäischer Stabilitäts- und Wachstumspakt

2006 ◽  
Vol 55 (3) ◽  
Author(s):  
Clemens Fuest
Keyword(s):  
Social Security ◽  
Member State ◽  
Public Debt ◽  
Social Insurance ◽  
Stability And Growth Pact ◽  
Public Finances ◽  
The Public ◽  
Growth Pact ◽  
Social Security Reforms ◽  
Special Rules

AbstractThe public debt rules of the European Stability and Growth Pact limit explicit debt but neglect the implicit debt embodied in pay as you go social insurance systems. This does not only imply that the pact fails to take into account the consequences of implicit debt for the sustainability of public finances. It is also possible that a member state violates the pact by transforming implicit into explicit debt in the context of social security reforms, without changing the overall sustainability of its public finances. The pact does include special rules for taking into account reforms of social insurance systems. But these rules are only partly appropriate.

scholarly journals System finansowania programów operacyjnych w Polsce – implikacje dla stanu finansów publicznych

2012 ◽  
pp. 47-76
Author(s):  
Agnieszka Kłos
Keyword(s):  
European Union ◽  
Public Debt ◽  
Budget Deficit ◽  
The State ◽  
The European Union ◽  
Public Finances ◽  
The Public ◽  
Structural Funds ◽  
Eu Structural Funds ◽  
The Way

The article is devoted to the issue of financing of operational programs implemented in Poland in the European Union’s financial perspectives 2000–2006 and 2007–2013. Polish membership in the European Union gives the opportunity to obtain additional funds but the possibility of absorption involves costs which Poland has to bear. The author attempts to assess the way in which Poland’s adopted systems for operational programs implemented with the participation of EU structural funds influenced the state of the public finances. System solutions used in Poland have implications for two key measures of the state of public fi nances such that is public debt and budget deficit.

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