scholarly journals TRENDS AND THE IMPLICATIONS OF CHANGE IN PUBLIC DEBT IN LATVIA

2020 ◽  
Vol 1 (12) ◽  
pp. 28
Author(s):  
Aiga Apeināne ◽  
Anda Zvaigzne
Keyword(s):  
National Economy ◽  
Public Debt ◽  
Credit Rating ◽  
Sociological Research ◽  
Government Budget ◽  
Research Results ◽  
The Public ◽  
Graphical Comparison ◽  
The Government ◽  
One Year

An analysis of various research papers reveals that an increase in public debt has helped nations to restart economic growth; therefore, the research on public debt is still urgent and relevant.The aim of the present research is to examine trends and the implications of change in the public debt of Latvia.The research results revealed that over a ten-year period (2009-2018), the government budget of Latvia had a surplus only in one year (2016), which was due to the fact that the growth rate of budgetary revenues exceeded that of the national economy. The research results also revealed that public debt explicitly had more negative than positive implications. The positive implications involve increases in income for the population (interest payments on debt securities) and revenue for the government budget (to cover expenditures). The negative implications of public debt for the national economy mostly involve a potential downgrade of the country’s credit rating, which could lead to difficulties in raising funds during a crisis.The research employed the following methods: monographic, induction and deduction, graphical, comparison, a sociological research method – expert surveying – and statistical analysis.

Von der Finanzkrise zur Schuldenkrise

2011 ◽  
Vol 62 (1) ◽  
Author(s):  
Walter Wittmann
Keyword(s):  
Public Debt ◽  
Credit Rating ◽  
Debt Crisis ◽  
Foreign Debt ◽  
Subprime Crisis ◽  
The Public ◽  
Interbank Markets ◽  
Long Time ◽  
The Government ◽  
To Come

SummaryThis paper reviews the main developments leading to the actual financial and debt crisis. It starts with the expansionary monetary policy experiment in the US in 2002, which led to a bubble in stock markets and real estate markets. When the bubble burst, the latter provoked the subprime crisis. Banks holding subprime assets made substantial losses. Especially investment banks relying on refinancing in the capital market got in trouble. When Lehman Brothers failed the interbank markets collapsed and it was only due to the collective action of central banks and government that the financial system could be stabilized. The government involvement raised the public debt in many countries to unsustainable heights transforming the financial crisis into a public debt crisis. In Europe the weaker Euro member countries, burdened with both high public debt and high foreign debt, experienced steeply rising risk premia. In order to avoid a default of a member country as well as a default of their own banks, the stronger Euro countries made available guaranties, which will, in the longer run, diminish their own credit rating. The paper concludes with the skeptical note, that both the banking crisis and the public debt debt crisis may be with us for a long time to come.

scholarly journals FINANCIAL STABILITY OF THE SOLIDARITY PENSION SYSTEM IN UKRAINE

2019 ◽  
pp. 471-480
Author(s):  
О. Сhebereyako ◽  
◽  
V.. Bykova
Keyword(s):  
Financial Stability ◽  
Social Insurance ◽  
Pension Fund ◽  
Pension System ◽  
The Elderly ◽  
Government Budget ◽  
The Public ◽  
Revenue Collection ◽  
Accumulation System ◽  
The Government

The article is devoted to actual issues of public finance – old-age income support and social security in the twenty-first century. For this reason, government has tried to guarantee old-age’s pension eligibility. In our country pension system is presented with three-level pension system, which join mandatory and voluntary components – solidary system (first level), compulsory accumulation system (not exist now) and private pension system. According to Ukrainian’s pension model, basic and minimum pensions are funded by solidary system or PAYG (“Pay-As-You-Go”) system. As the results, maintains of sufficient financial resources of Pension fund’s budget is very important for financial stability of pension system. The authors show the relationship between sufficient financial support for the elderly in Ukraine and the financial capacity of the solidarity pension system. It was found that in order to form a financially stability pension system, it is necessary to ensure a sufficient amount of own pension fund revenues and avoiding deficit of the Pension Fund’s budget. So, the main indicators of current PAYG system in Ukraine include the public pension expenditures and deficit of the Pension Fund. The article presents dynamics of revenues to the Pension Fund of Ukraine and structure of own pension fund revenues and allocations from the government budged. According to author’s research, the main source of revenue collection of the Pension fund’s budget in Ukraine is the budget’s transfers. О. Чеберяко, В. Бикова ISSN 2078-5860 ФОРМУВАННЯ РИНКОВОЇ ЕКОНОМІКИ В УКРАЇНІ. 2019. Вип. 41 480 The budget expenditures in the structure of income of the pension fund are also analyzed. The total amount of the government budget expenditures that are directed to financing the pension fund are about twenty percent. In our opinion, the key reasons of the “lack of own income” are the shadowing of the economy, the macroeconomic situation, the low minimum wage, the existence of a limit on the maximum amount of wages, which accrues percent of social contribution. As a conclusion, the authors suggest measures for solving the issue of “lack of own income” of the Pension Fund of Ukraine – rising the retirement age, labor market’s reforming, increasing insurance fees and implement compulsory accumulation system. The analytical materials and conclusions can be useful for following researches of finding solutions for achieving the financial stable Pay-You-Go system. Key words: pension system, The Pension fund, social insurance payments, deficit of The Pension fund, government budget.

scholarly journals PUBLIC DEBT AS A SOURCE OF FINANCING FOR GOVERNMENT EXPENDITURES IN THE PERSPECTIVE OF ISLAMIC SCHOLARS

2019 ◽  
Vol 7 (4) ◽  
pp. 285-290
Author(s):  
Imron Mawardi ◽  
Tika Widiastuti ◽  
Debrina Farrah Anova ◽  
Muhammad Ubaidillah Al Mustofa ◽  
Dewie Saktia Ardiantono ◽  
...  
Keyword(s):  
Public Debt ◽  
Foreign Debt ◽  
General Knowledge ◽  
The Public ◽  
Islamic Perspective ◽  
External Sources ◽  
Internal Sources ◽  
The Government ◽  
State Projects ◽  
Conceptual Research

Purpose of the study: This study aims to examine foreign debt as a source of financing for economic development. This research is expected to provide (1) an overview of debt as a source of funding for state projects, (2) investigate its impacts and (3) offer additional knowledge of its Islamic perspective. Methodology: This research is a qualitative study using the study literature approach. This research is conducted by analysing books, literature, journals, and magazines with themes related to the focus of the discussion on this study. It is expected that the method used can provide insight, general knowledge, and develop the view of Islam in relation to foreign debt. Main Findings: The government has to ensure that the state has the ability to pay off its obligations in the future; guarantee that loans have to be free from interest; prioritize taking loans from internal sources rather than external sources. In Addition, debts are not intended for deferred needs and not taking loans that exceed their needs. Applications of this study: basically the results of this study can be applied to any country that considers the use of public debt, like other Islamic systems. Novelty/Originality of this study: This research is conceptual research in an Islamic perspective. This study successfully examined comprehensively related to the public debt with the Islamic approach.

scholarly journals In the Labirinth. State, Governments, and the Growth of the Public Debt in Italy in the Middle of 1980s

2016 ◽  
Vol 1 (2) ◽  
Author(s):  
Prof. Leonida Tedoldi
Keyword(s):  
Public Debt ◽  
The Political ◽  
Sociological Research ◽  
State Governments ◽  
The Public ◽  
Critical Comparison ◽  
Institutional System

<p>The ambition of this work is to rethink and present a possible path of historical-institutional investigation in relation to and with a critical comparison of now solid economic, political and sociological research into the political causes of the public debt and its instrumentalization by governments for the purposes of consensus, in a blocked political-institutional system. The reason for the decision to concentrate the analysis on a reduced portion of that decade – and therefore chronologically not going past 1988, the year of a passage to a different phase for many aspects – responds to the intention of further concentrating the analysis and delving into the sources. </p>

scholarly journals Trend and Impact of Public Debt in Nepalese Economy

2015 ◽  
Vol 4 ◽  
pp. 85-89
Author(s):  
Yadab Raj Sharma
Keyword(s):  
Economic Growth ◽  
Public Debt ◽  
The Public ◽  
The Government

The public debt or public borrowing in Nepal is considered to be an important source of income of the government. Public debt helps to achieve targeted economic growth and to narrow down the gap between expenditure and revenue. However, the country is falling into debt trap in the form of interest and principal payment. In this article an attempt has been made to find out the situation, trend and impact of public debt on Nepalese economy.DOI: http://dx.doi.org/10.3126/av.v4i0.12363Academic Voices Vol.4 2014: 85-89

HDZ leader could supplant Croatia's non-party premier

2016 ◽  
Keyword(s):  
Decision Making ◽  
Public Debt ◽  
Social Situation ◽  
Content Type ◽  
Reform Agenda ◽  
The Public ◽  
Nationalist Party ◽  
Ethnic Tensions ◽  
The Government ◽  
Uncertain Outcomes

Significance The package could be the government's swan song. One coalition party, the centre-right Bridge (Croatian: Most) of Independent Lists, strongly supported a reform agenda from the beginning, but Croatia's main nationalist party, the Croatian Democratic Union (HDZ), did not. This, in addition to key appointments, has become a major point of dispute between them, blocking decision-making. HDZ leader Tomislav Karamarko has been frustrated in his ambition to control the government and especially the security apparatus. Impacts Political instability could cause further political and ethnic tensions, with uncertain outcomes. Persistent deadlock will worsen Croatia's parlous economic and social situation. Instability could frustrate consolidating Croatia's exit from its six-year recession in 2015 and reducing the public debt from 87% of GDP.

Chile spending commitments may hamper fiscal prudence

2018 ◽  
Keyword(s):  
Government Spending ◽  
Credit Rating ◽  
Gdp Growth ◽  
Credit Rating Agencies ◽  
Government Budget ◽  
Content Type ◽  
Rating Agencies ◽  
The Government ◽  
Fiscal Prudence

Subject The draft 2019 budget. Significance The government budget for 2019, announced by President Sebastian Pinera on September 29, is the most austere in almost a decade. It aims to restore Chile’s long-standing reputation for exemplary fiscal conduct, which in recent years has been undermined by increases in government spending that outstrip GDP growth, and the resulting increase in borrowing. Impacts Credit rating agencies have indicated that the draft budget is in line with their concerns about Chile’s rising borrowing requirement. The ongoing decline in fiscal revenues from copper underlines Chile’s need to diversify its economy. The government will be hard-pressed to meet its fiscal goals if, as current forecasts suggest, GDP growth weakens through to 2020.

IMF will worry about Cairo's debt burden later

2017 ◽  
Keyword(s):  
Interest Rate ◽  
Public Debt ◽  
Government Expenditure ◽  
Fiscal Year ◽  
Indirect Taxation ◽  
Content Type ◽  
The Public ◽  
Debt Burden ◽  
The Government ◽  
Domestic Interest Rate

Significance The review will take into account the effects of measures taken thus far, in particular the flotation of the Egyptian pound, and will assess the government’s budget for the 2017-18 (July-June) fiscal year. Impacts The government will struggle to reduce the deficit because of the scale of public debt and the record high domestic interest rate. Government expenditure on wages will rise at a much lower rate than inflation. The public will also face further rises in indirect taxation, revenue from which is projected to rise by 40%. The IMF is unlikely to raise any serious objections to the government’s plans.

scholarly journals Government Deficits And The Public Debt: The Endless Controversy

2011 ◽  
Vol 1 (1) ◽  
pp. 22
Author(s):  
Frank J. Bonello
Keyword(s):  
Interest Rates ◽  
Federal Government ◽  
Public Debt ◽  
Relative Size ◽  
American People ◽  
Budget Deficits ◽  
Government Budget ◽  
The Public ◽  
Government Deficits ◽  
The One

No economic topic has attracted more attention during the 1980s than the size of Federal government budget deficits and the corresponding rapid rise in the public debt. Crowding out news regarding Third World debt problems, U.S. foreign trade deficits, and the break up of American Telephone and Telegraph, Federal government budget deficits have been blamed for everything from high interest rates to the deterioration in the moral fiber of the American people. Deficits and debt have also caused political reversal: historically free spending Democrats blaming Reagan deficits for a variety of economic ills while the conservative Republican president treats the deficit with benign neglect.The purpose of this paper is not to answer all of the questions that have been raised regarding the causes and consequences of government deficits and debt. The initial concern is instead with the facts and figures on the absolute and relative size of the Federal governments recent deficits and debt. Next certain measurement issues are addressed for there is a continuing debate regarding appropriate procedures for expressing the governments budgetary outcomes. The third and final section of the paper reviews some of the arguments, theoretical and empirical, on the relation between deficits and debt on the one hand and interest rates on the other. In each section the intent is to survey rather than to present new theoretical arguments or new empirical evidence.

scholarly journals Welfare State and Epistemic Communities of Fiscal Austerity in Brazil: from Lula da Silva to Jair Bolsonaro (2003-2020)

2021 ◽  
Vol 36 (1) ◽  
pp. 195-216
Author(s):  
Carlos Eduardo Santos Pinho
Keyword(s):  
Welfare State ◽  
Conceptual Framework ◽  
Public Debt ◽  
Epistemic Communities ◽  
Policy Makers ◽  
The Public ◽  
Accelerated Growth ◽  
Fiscal Austerity ◽  
The Government ◽  
The Welfare State

Abstract This article is based on a theoretical-conceptual framework and empirically grounded research to analyze the construction of discourse and institutional insertion of ideas from epistemic communities of fiscal austerity in Brazil, given the recent upsurge in liberal-orthodox policies and their repercussions for the welfare state. The study explores who these actors and institutions are, how they act, how they are organized, and who trains or finances them. The main objective is to unveil how the ideas in defense of fiscal constriction were formulated and disseminated, starting after the first term (2003-2006) of President Lula da Siva’s government (2003-2010), when developmentalist policies replaced the neoliberal convention. The ideas of fiscal constriction were intensified during the government of President Dilma Rousseff (2011-2016), and gained characteristics of a unified proposal, materialized in the austerity program Uma Ponte para o Futuro (2015) (a bridge to the future). After President Rousseff’s impeachment in 2016, policy-makers in the government President Michel Temer and his successor Jair Bolsonaro rapidly put forward the austerity program. The epistemic communities of fiscal austerity argue that the public policies outlined in the 1988 Brazilian Constitution are the main cause of the increase in spending on welfare, the accelerated growth of public debt, and the probable insolvency of the country.

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