scholarly journals Eurobonds: A Quantitative Approach

2016 ◽  
Vol 12 (3) ◽  
Author(s):  
Angelo Baglioni ◽  
Umberto Cherubini
Keyword(s):  
Euro Area ◽  
Public Debt ◽  
Marginal Cost ◽  
Structural Model ◽  
Cash Transfer ◽  
Cost Of Debt ◽  
The Public ◽  
Sovereign Credit Risk ◽  
The Cost ◽  
The Impact

AbstractThe structural model of sovereign credit risk introduced in an earlier paper by the authors is applied here to measure the impact of introducing Eurobonds. Tranching (i. e. splitting the public debt into a senior and a junior tranche) is coupled with a cross-guarantee among eurozone countries and with a cash transfer. We show that Eurobonds can reduce the overall cost of servicing the public debt for some (high debt) countries in the euro area without increasing the cost for other countries. Moreover, they are likely to give governments an incentive to curb their deficits, due to the higher marginal cost of debt.

scholarly journals Evolution of Public Debt in Albania during 1990-2017 and its impact on the Economic Growth

2020 ◽  
Vol 4 (1) ◽  
pp. 59
Author(s):  
Amarda Cano
Keyword(s):  
Economic Growth ◽  
Public Debt ◽  
Cost Of Debt ◽  
Specific Level ◽  
The Public ◽  
Macroeconomic Indicators ◽  
Level Of Economic Development ◽  
Second Tier ◽  
The Cost ◽  
The Empirical Analysis

Public debt is one of the most important macroeconomic indicators due to its impact on the economy of each country. Literature suggests that the effect varies in each country depending on the level of economic development and situation. Public debt will have a direct impact on a country's economic growth, but there are contrasting opinions amongst economists regarding the use of public debt, particularly in situations of distress and in developing countries. Albania is a country that would be in need of a decrease of the debt/GDP ratio. This can be done through a stimulation of the economy rather than a decrease of the public debt. The empirical analysis shows that the increase on real public debt can negatively influence the GDP, yet, we do not observe a specific level above which the effects worsened. Instead, we notie that whenever the public debt was increasing, the cost of debt would sometimes decrease because the governments substitutes the debt borrowed from second tier banks with debt borrowed from the IMF.

scholarly journals Of Deficits And Debt Service

2011 ◽  
Vol 1 (1) ◽  
pp. 36
Author(s):  
Thomas J. Pierce
Keyword(s):  
Public Debt ◽  
Reagan Administration ◽  
Cost Of Debt ◽  
The Public ◽  
Budgetary Policy ◽  
Deficit Reduction ◽  
Significant Deficit ◽  
The Impact ◽  
Spending Cuts ◽  
Interest Payments

In this paper the impact of federal government budgetary policy on deficits, the public debt and net interest payments during the Reagan Administration is examined. Large deficits are shown to inflate the public debt and increase the annual cost of debt servicing. This rapidly rising net interest burden, combined with political aversion to legislated tax increases and spending cuts, minimizes the possibility of significant deficit reduction and increases the probability that some form of balanced budget rule eventually will be adopted.

IMPACT OF GOVERNMENT DEBT ON FINANCIAL SECURITY OF UKRAINE

2017 ◽  
Author(s):  
Olena Pikaliuk ◽  
◽  
Dmitry Kovalenko ◽  
Keyword(s):  
Economic Development ◽  
Public Debt ◽  
Positive Impact ◽  
The State ◽  
Financial Security ◽  
State Budget ◽  
The Public ◽  
Debt Security ◽  
The Stability ◽  
The Impact

One of the main criteria for economic development is the size of the public debt and its dynamics. The article considers the impact of public debt on the financial security of Ukraine. The views of scientists on the essence of public debt and financial security of the state are substantiated. An analysis of the dynamics and structure of public debt of Ukraine for 2014-2019. It is proved that one of the main criteria for economic development is the size of public debt and its dynamics. State budget deficit, attracting and using loans to cover it have led to the formation and significant growth of public debt in Ukraine. The volume of public debt indicates an increase in the debt security of the state, which is a component of financial security. Therefore, the issue of the impact of public debt on the financial security of Ukraine is becoming increasingly relevant. The constant growth and large amounts of debt make it necessary to study it, which will have a positive impact on economic processes that will ensure the stability of the financial system and enhance its security.

scholarly journals The Impact Of Macroeconomic Factors In Economic Growth

2016 ◽  
Vol 12 (7) ◽  
pp. 331 ◽  
Author(s):  
Alush Kryeziu
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Public Debt ◽  
Budget Deficit ◽  
Econometric Model ◽  
Macroeconomic Factors ◽  
The Public ◽  
Time Period ◽  
Macroeconomic Indicators ◽  
The Impact

In this paper will be discussed the main concepts and trends of the macro-fiscal indicators in economic growth, as well as their importance in the economic development of different countries, with special emphasis in Kosovo. One of the aims of this paper is to define and explain the connection between macroeconomic indicators with specific emphasis: the public debt, budget deficit and inflation on economic growth. In order to analyze this impact of variables in economic growth, the targeted time period of research is the period from 2004 to 2014. While the data taken regarding Kosovo were obtained from the year 2005, due to the fact that earlier the data have been limited because of the developments in which Kosovo went through. The model that best represents the link between macro-fiscal indicators on economic growth is the linear regression as an econometric model. We will have the opportunity to see and interpret these data. The overall results have emerged in accordance with theoretical discussions presented, but this relationship has not turned out to be very strong because the coefficients acquired did not have great explanatory skills for economic phenomena.

scholarly journals Marginal cost of contextualizing stigma of zoonotic diseases

2021 ◽  
Author(s):  
Zhiwen Hu ◽  
Zhangqiu Huang
Keyword(s):  
Marginal Cost ◽  
Proper Names ◽  
Zoonotic Diseases ◽  
The Public ◽  
Wrong Side ◽  
The Cost ◽  
Leading Journals ◽  
The Way

In the scientific sphere, understanding the way naming rules strengthen the integrity and quality of naming zoonotic diseases and viruses remains nominal rather than substantial. Arguably, the looming worry is that the public is susceptible to the stigmatized proper names like German measles in the leading journals. Our survey indicates that some stigmatizing names have always come at the cost of unintentional sociocultural impacts, despite their seemingly harmless origins. This study first unveils that terminological evolution of German measles is on the wrong side of history.

Does opening high-speed railways affect the cost of debt financing? A quasi-natural experiment

2020 ◽  
Vol 10 (4) ◽  
pp. 473-496
Author(s):  
Hongling Guo ◽  
Keping Wu
Keyword(s):  
High Speed ◽  
Geographical Location ◽  
Debt Financing ◽  
Cost Of Debt ◽  
High Speed Railway ◽  
Content Type ◽  
Financing Cost ◽  
Debt Market ◽  
The Cost ◽  
The Impact

PurposeThis study aims to investigate how opening high-speed railways affects the cost of debt financing based on China's background.Design/methodology/approachUsing panel data on Chinese listed firms from 2008 to 2017, this study constructs a quasi-natural experiment and adopts a difference-in-difference model with multiple time periods to empirically examine the relation between the high-speed railway openings and debt financing cost.FindingsOur results show that opening high-speed railways reduces the cost of debt financing, and this negative correlation is more significant in non-state firms, firms with weaker internal control, and firms that hire non-Big Four auditors. Besides, we explore the impact mechanisms and find that opening high-speed railways improves analyst attention, institutional investor participation, and information disclosure quality, which in turn lowers the cost of debt financing.Research limitations/implicationsThe results imply that the opening of high-speed railways helps to alleviate the information asymmetry and adverse selection between firms and creditors and ultimately reduces the cost of corporate debt financing.Practical implicationsThis paper can inform firms and stakeholders about the impact of opening high-speed railways on debt financing cost: it improves the information environment, reduces the geographical location restrictions of debt financing, ensures the reasonable pricing of corporate debt, and thus promotes the healthy and sound development of the debt market.Originality/valueThis paper provides theoretical support and empirical evidence for the impact of infrastructure construction on the information environment of the debt market in China, which enriches the research on the “high-speed railway economy.” In addition, as an exogenous event, the opening of high-speed railways instantly shortens the time distance between firms and external stakeholders, which gives us a natural environment to conduct empirical research, thus providing a new perspective for financial research on firms' geographical location.

scholarly journals Maximizing the impact of the Canada Child Benefit: Implications for clinicians and researchers

2020 ◽  
Author(s):  
Maximilian Pentland ◽  
Eyal Cohen ◽  
Astrid Guttmann ◽  
Claire de Oliveira
Keyword(s):  
Child Poverty ◽  
Cash Transfer ◽  
Transfer Program ◽  
Application Process ◽  
Persistent Problem ◽  
Transfer Programs ◽  
Previous Child ◽  
The Cost ◽  
The Impact ◽  
Child Benefit

Abstract Child poverty remains a persistent problem in Canada and is well known to lead to poor health outcomes. The Canada Child Benefit (CCB) is a cash transfer program in effect since 2016, which increased both the benefit amount and number of families eligible for the previous child benefit. While the CCB has decreased child poverty rates, not all eligible families have participated. Clinicians can play an important role in screening for uptake of the program and helping families navigate the application process through several free resources. While prior research on past programs has shown benefit of similar cash transfer programs to both child and parental outcomes (both health and social), the CCB has not yet been extensively studied. Research would be valuable in both assessing the cost effectiveness of the program, especially across different income groups, and improving implementation in hard-to-reach populations.

The Public Debt of French Local Government

1985 ◽  
Vol 5 (3) ◽  
pp. 387-399 ◽  
Author(s):  
Pierre-Henri Derycke ◽  
Guy Gilbert
Keyword(s):  
Local Government ◽  
Interest Rates ◽  
Public Debt ◽  
Local Governments ◽  
Central Government ◽  
Tight Control ◽  
The Public ◽  
Policy Measures ◽  
The Impact

ABSTRACTAfter a sharp increase, the public debt of French local communities has been stabilized in real terms: its amount reached 54 per cent of total public debt in 1980. In the French institutional framework, local government borrowing policy is under the tight control of central agencies. An econometric model of the borrowing behaviour of local governments since 1965 is presented; it emphasizes the role of internal determinants of local debt (needs for investment, self-financing ability of governments), external constraints (e.g. interest rates and the financial resources of lenders, such as households savings), and finally the impact of macroeconomic policy measures from the central government.

Analysis of Carbon Emissions Trading Costs Influencing Factors in Power Industry

2014 ◽  
Vol 651-653 ◽  
pp. 1410-1414
Author(s):  
Wen Yan Liu ◽  
Xiao Bao Yu ◽  
Pu Yu He ◽  
Yan Li Huang ◽  
Bing Bing Zhou ◽  
...  
Keyword(s):  
Influencing Factors ◽  
Carbon Emissions ◽  
Emissions Trading ◽  
Structural Model ◽  
Trading Costs ◽  
Carbon Emissions Trading ◽  
Transport Chain ◽  
The Cost ◽  
Accuracy Of Prediction ◽  
The Impact

The uncertain factors that impact of carbon emissions trading costs are so many, the impact of various factors interact to form a complex system. To improve the accuracy of prediction, it is necessary to deepen the study of these influencing factors. Through investigation identified 21 main factors that affecting the cost of carbon emissions trading, processing and analysis explained by structural model was constructed of carbon emissions trading cost factors and the impact of transport chain hierarchy, based on this model to find the factors that most affect carbon emissions trading costs.

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