Modeling Extremal Events: A Case Study of the Kenyan Public Debt

The paper addresses an estimation of public debt-to-GDP threshold ratio in the developing economy encountered with an excessive public debt impact on macro dynamics. An active field of the study focuses on the internal public debt due to a recent tendency of external share substitution in the developing economies. Among a lot of publications dedicated to the public debt, the study object usually focuses on an array of countries using the same method to evaluate the threshold ratio. Analyzing behavior specifics concerning economy in crises and thereafter, there is a need to carry out the public debt study for the particular economy as well. The research suggests an algorithm for determining internal public debt-to-GDP threshold ratio by applying a scenario modeling tool. Taking into account a growing burden of public debt in Ukraine, the authors have elaborated an econometric macro model operated through fiscal-monetary interaction. The model was used to evaluate the internal public debt-to-GDP threshold ratio in Ukraine. The threshold ratio proves to be 40% of GDP, while the similar result for the total amount of public borrowings is about twice as high. Although the given ratio remained below the estimated threshold as of the mid-term of 2017, a space degree is small and going to collapse soon. Considering sluggish economic recovery following the last recession took place in 2014–2015, Ukraine will face the challenge of reopening the agenda of growing debt burden in a near future.

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FRBM Act- One Size Fit All: Not an Optimum Strategy A Case Study of Haryana and Punjab

Drishtikon A Management Journal ◽

10.21863/drishtikon/2016.7.2.016 ◽

2016 ◽

Vol 7 (2) ◽

Author(s):

N. K. Bishnoi ◽

Tanu

Keyword(s):

Public Debt ◽

Fiscal Crisis ◽

Economic Factors ◽

State Governments ◽

Budget Management ◽

Indian States ◽

Fiscal Responsibility ◽

Fiscal Management ◽

Act One

The fiscal crisis in the late 1990s caused rise in public debt in most of the Indian states forcing states to go for new borrowings even to finance revenue deficit (RD). To control this situation s Fiscal responsibility and budget management (FRBM) Act was enacted. The FRBM Act does not allow variation in underlying economic factors of the states. In the present paper an endeavor is made to evaluate the usefulness of various constraints on state governments fiscal management. Evidences from Haryana and Punjab show less rigid FRBM Act framework giving flexibility to states would be better option than the existing one.

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Una montagna di debiti. L'Italia e la gestione del debito pubblico tra le due guerre

Studi e saggi - I mille volti del regime ◽

10.36253/978-88-5518-202-7.10 ◽

2020 ◽

pp. 191-214

Author(s):

Marianna Astore

Keyword(s):

Great Depression ◽

Public Debt ◽

Policy Issue ◽

Interesting Case ◽

Significant Part ◽

The Great Depression ◽

The Us ◽

History Of ◽

Fiscal Austerity

The surge in public debt during the recent pandemic crisis has made high debt a prominent policy issue. Italy is an interesting case study since it has experienced high levels of debt for a significant part of its history. This article revisits the history of Italian public debts in the inter-war period. Italy emerged from WWI with public debt that peaked around 160 percent of GDP. In the mid-1920s a significant reduction of public debt occurred, in concomitance with a regime of fiscal austerity and two restructuring agreements that wiped more than 80 percent of Italian foreign debts. By the early 1930s, the US reaction to the Great Depression that opposed any form of international cooperation, led to an Italian default on war debts in 1934 and a move toward autarky.

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Relationship Between Public Debt and Key Economic Variables: A Case Study of Pakistan

Business & Economic Review ◽

10.22547/ber/3.1.4 ◽

2011 ◽

Vol 3 (1) ◽

pp. 54-63

Author(s):

Muhammad Rafiq ◽

Rafi ullah ◽

Muhammad Atiq ◽

Adnan Javed

Keyword(s):

Public Debt ◽

Economic Variables

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The Impact of Public Debt in Economic Growth

Academic Journal of Interdisciplinary Studies ◽

10.36941/ajis-2020-0072 ◽

2020 ◽

Vol 9 (4) ◽

pp. 177

Author(s):

Ariana Xhemajli Selimaj ◽

Bedri Statovci ◽

Alma Shehu Lokaj ◽

Ermira Beqiri

Keyword(s):

Economic Growth ◽

Economic Development ◽

Public Debt ◽

Financial Stability ◽

Positive Impact ◽

Debt Management ◽

Public Expenditures ◽

Economic Growth Rate ◽

The Impact

Different countries around the world, in addition to collecting public revenues as sources to cover public expenditures, also need other sources of funding, because frequently, most countries cannot generate sufficient budgetary revenue to afford all the budget expenditures. This is one of the reasons why public debt is created. There is always debate among economists as to what the optimal percentage of public debt should be so as not to impede the economic development of a country. To avoid impediments to economic development, then public debt management needs to be done properly so that it is earmarked for adequate projects that will contribute to economic growth and development. In this paper, we will analyse the impact of public debt on economic growth. Kosovo serves as our case study for the period 2009-2016, where remittances, exports, increase of average payments and subsidies were considered as other influencing factors. The prudent use of public debt, such as in various investments, job creation, and productivity growth, can all contribute to economic growth and financial stability. Otherwise, misuse of public debt will inadvertently affect the country’s destabilization, create an inflationary situation, and will only continue to increase liabilities to lenders – essentially, it will have no positive impact on the country. Reckless use of public debt will have a direct effect on lowering the economic growth rate.

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Agricultural Knowledge, Local Environment, and the Experts: Silkworm Production in Nineteenth-Century Bursa

Turkish Historical Review ◽

10.1163/18775462-bja10011 ◽

2020 ◽

Vol 11 (1) ◽

pp. 66-100

Author(s):

Zeynep Akçakaya

Keyword(s):

Nineteenth Century ◽

Scientific Knowledge ◽

Public Debt ◽

Local Environment ◽

Agricultural Knowledge ◽

Hybrid Knowledge ◽

The Government ◽

And Control ◽

The Relationship

Abstract This article is a case study of silkworm production in Bursa in the nineteenth century. This case was chosen mainly to discuss the relationship between scientific agricultural knowledge and peasants’ knowledge. The article argues that neither type of knowledge was static and that hybrid knowledge was the product of the interaction between scientific and peasants’ knowledge. Furthermore, it analyses how scientific knowledge turned from a cure for pebrine, a disease of silkworms, into a means of standardisation and control of the peasants’ production by the government and the Ottoman Public Debt Administration so that they could increase their revenue from sericulture. In this framework, the article also discusses how peasants’ knowledge changed partly by embracing scientific knowledge and partly by resisting it.

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The Impact of Public Expenditure and Public Debt on Taxes: A Case Study of Jordan

Accounting and Finance Research ◽

10.5430/afr.v6n3p10 ◽

2017 ◽

Vol 6 (3) ◽

pp. 10

Author(s):

Ateyah Alawneh

Keyword(s):

Public Debt ◽

Positive Impact ◽

Capital Expenditure ◽

Linear Regression Method ◽

The Public ◽

Finance Capital ◽

Internal Sources ◽

The Government ◽

The Impact

The study aimed to estimate the impact of capital expenditure, current expenditure and external and internal public debt on taxes in Jordan during the period 2001–2014. It adopted the multiple linear regression method by E-views program to study the impact of the independent variables (represented by capital expenditure, current expenditure, external and internal public debit) on the dependent variable (taxes). The statistical analysis showed a statistically significant, positive impact of both the capital expenditure and the current expenditure on taxes. The study also found a statistically significant, positive relationship between external and internal public debt on taxes in Jordan. The study presented a number of recommendations, most importantly for the public sector, taking into account the capital expenditure, the current expenditure and the external and internal public debt, which directly affect the tax increases in Jordan. There is a need to use non-traditional alternatives to finance capital expenditures instead of external public debt and internal sources, such as Sukuk Murabaha Islamic participation, to finance capital expenditure for the Government to build schools, hospitals and other government services. The Government should take into account the current expenditure of tax revenues, while capital expenditure should be covered by non-traditional means.

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Profit and Patrimony: Property, Markets, and Public Debt in Late Medieval Genoa

The Business History Review ◽

10.1017/s0007680519001211 ◽

2020 ◽

Vol 94 (1) ◽

pp. 73-94

Author(s):

Jeffrey Miner

Keyword(s):

Early Modern ◽

Public Debt ◽

Late Medieval ◽

Financial Speculation ◽

Property Markets ◽

Previous Scholarship ◽

Public Debts

Scholars have long linked medieval and early modern public debts to the rise of capitalism. This article considers one prominent case study in the development of permanent public debt: late medieval Genoa. Previous scholarship has focused on financial speculation and markets for shares as central to how public debts functioned. However, by considering complementary types of sources, this article demonstrates that inheritance strategies and patrimonial considerations operated in dialogue with markets in the development of urban public debts, both in Genoa and elsewhere in Europe.

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Are treasury debt instruments still attractive to foreign investors? Poland – a case study based on ATM and ATR indicators

Ekonomia Międzynarodowa ◽

10.18778/2082-4440.30.02 ◽

2020 ◽

pp. 94-106

Author(s):

Tomasz Uryszek ◽

Agnieszka Kłysik-Uryszek

Keyword(s):

Public Debt ◽

Sovereign Debt ◽

Research Method ◽

Management Strategy ◽

Debt Management ◽

Policy Implications ◽

Foreign Investors ◽

The Public ◽

Public Debt Management

The article’s primary goal is to investigate foreign investors’ activity on the Polish primary debt instruments market in light of the public debt management strategy. We wanted to check the scale of investors’ response to the authorities’ policy in the sovereign debt area. The article consists of five parts. We started with the introduction, followed by a literature review. We then described the research method and data, as well as the empirical discussion.We based our study mostly on the average time to maturity (ATM) and average time to refixing (ATR) indexes. The most important findings, concluding remarks, and policy implications are presented in the last part of the paper. The study’s general outcomes show that despite the deterioration of the State Treasury debt instruments’ overall characteristics targeted to foreign investors, Polish sovereign debt papers remained attractive to buy. It was mostly due to the still relatively low refinancing and interest rate risks for debt denominated in foreign currencies.

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