The Risks of Russia's Debt Policy against the Background of the Global Debt Crisis

2012 ◽  
pp. 80-97
Author(s):  
B. Kheifets
Keyword(s):  
Debt Crisis ◽  
Strong Dependence ◽  
Domestic Debt ◽  
Debt Market ◽  
State Paternalism ◽  
High Level ◽  
External Borrowing ◽  
Pension Liabilities ◽  
Policy Problems ◽  
Debt Policy

The paper discusses the debt component of the current global crisis, which becomes stronger in 2011—2012. The Russian economy is analyzed in terms of its debt stability: a thorough analysis shows that it is not quite adequate. This paper presents the main problems that could be exacerbated by the global debt crisis (strong dependence of the budget on the volatility of oil prices, deterioration of conditions for external borrowing and overheat of the domestic debt market, too high public pension liabilities, substantial corporate debt and high level of state paternalism in regard to big business). Some measures to address Russian debt policy problems are proposed.

The Sovereign-Bank Nexus and the Case for European Safe Bonds

2018 ◽  
Author(s):  
Marco Pagano
Keyword(s):  
Sovereign Debt ◽  
Debt Crisis ◽  
Bank Lending ◽  
Banking Regulation ◽  
Regulatory Change ◽  
Domestic Debt ◽  
European Banking ◽  
Debt Market ◽  
Regulatory Incentives

During the Euro debt crisis, banks’ holdings of domestic sovereign debt amplified the transmission of sovereign stress to bank lending and solvency risk in stressed countries. Yet, current proposals to reform European banking regulation of bank sovereign exposures meet with obstacles, some structural—namely, the scarcity and asymmetric provision of safe assets—and others transitional—chiefly the danger that regulatory change may trigger instability in the sovereign debt market. But both types of obstacles can be overcome by introducing a synthetic security resulting from the securitization of Eurozone sovereign debt—European Safe Bonds, or ESBies—and by providing regulatory incentives for banks to replace domestic debt holdings with this security.

STUDY OF THE DYNAMICS AND STRUCTURE OF THE STATE DEBT OF UKRAINE, METHODS OF ITS OPTIMIZATION

2018 ◽  
Author(s):  
Stepan Paranchuk ◽  
◽  
Roksolana Skip ◽  
Keyword(s):  
Public Debt ◽  
Financial Stability ◽  
The State ◽  
State Budget ◽  
Government Bonds ◽  
Advantages And Disadvantages ◽  
Safe Level ◽  
Domestic Debt ◽  
The Government ◽  
External Borrowing

One of the leading problems of Ukraine's economy at the present stage of its development is the issue of public debt, the constant increase in its size, irrational structure, which creates the preconditions for the dollarization of the national economy. Public debt is an important element of a market economy. As of today, there is no state that would not use borrowed funds. Borrowing by the state is due to the lack of own financial resources needed to finance the state budget and state functions. If used effectively, borrowed funds can be a positive factor in economic growth, but otherwise the increase in debt leads to economic dependence, deteriorating financial stability, as well as the financial crisis. The article reveals the issue of public debt of Ukraine, analyzes the dynamics of its value from 2009 to 2021 and identifies the reasons for the growth and / or reduction of this indicator. A study of the structure of debt obligations on the basis of the creditor, analyzed the advantages and disadvantages of internal and external borrowing. The article also provides a detailed description of the structure of internal and external creditors, the main tools used by the Government of Ukraine to attract domestic loans. Particular attention is paid to the analysis of domestic debt in terms of the structure of domestic government bonds. The ratio of public debt to gross domestic product and its comparison with the marginal and safe level are considered. A forecast was made for the amount of public debt for the future.

A volume integral approach for the modelling and design of HTS coils

2019 ◽  
Vol 38 (4) ◽  
pp. 1133-1140 ◽  
Author(s):  
Yazid Statra ◽  
Hocine Menana ◽  
Lamia Belguerras ◽  
Bruno Douine
Keyword(s):  
Power Law ◽  
Strong Dependence ◽  
Superconducting Devices ◽  
Electromagnetic Properties ◽  
Integral Approach ◽  
Volume Integral ◽  
Content Type ◽  
High Level ◽  
Modelling Approach

Purpose The purpose of this paper is to develop a rapid and realistic modelling approach for the design and characterization of high temperature superconducting (HTS) coils and windings carrying DC currents. Indeed, the strong dependence of the electromagnetic properties of such materials on the magnetic field makes the design and characterization of HTS systems a delicate operation where local quantities have to be evaluated. Design/methodology/approach A volume integral modelling approach has been developed taking into account the electric nonlinearity of the HTS material which is represented by power law. The variations of the characteristic quantities of the HTS (critical current density and power law exponent) with the magnetic flux density are also taken into account by using Kim’s law. The volume integral modelling allows to model only the active parts of the system and thus to overcome the difficulties linked to the multiscale dimensions. Findings The model has been tested in a case study in which simulation results were compared to measurements and to finite element analysis. A good agreement was found which validates the model as a rapid and efficient tool for HTS coils and windings design and modelling. Practical implications HTS coils are important elements of emerging superconducting devices which require a high level of reliability, such as generators or motors. The proposed approach is interesting to speed up the design and optimization procedures of such systems. Originality/value Advanced structures of the basic elements have been used in the volume integral modelling, which results in a considerable gain in computation time and in memory-space saving while keeping a high level of precision and realism of the modelling, which has been verified experimentally.

Central European local investors will hold on to bonds

2017 ◽  
Keyword(s):  
Emerging Market ◽  
Bond Markets ◽  
Content Type ◽  
Developed Economies ◽  
Local Currency ◽  
Domestic Debt ◽  
The Us ◽  
Debt Market ◽  
Us Presidential Election ◽  
To Come

Significance The lira’s collapse is fuelling outflows from Turkey’s local currency government debt market, as foreign investors reduce their purchases of emerging market (EM) domestic debt amid a sharp sell-off in bond markets following Donald Trump’s upset victory in the US presidential election. Both Hungary and Poland -- hitherto two of the most resilient EMs -- suffered net outflows last year and are likely to come under further pressure as the ECB starts to scale back, or ‘taper’, its programme of quantitative easing (QE) in April. Impacts The dollar’s rise against a basket of other currencies since the US election will put severe strain on EM assets. The surging price of Brent crude is improving the inflation and growth outlook. Higher international oil prices will also reduce the scope for further easing of monetary policy in developing and developed economies.

Getting Ahead through Our Own Efforts: Public Attitudes towards the Deservingness of the Rich in New Zealand

2014 ◽  
Vol 44 (1) ◽  
pp. 147-169 ◽  
Author(s):  
PETER SKILLING ◽  
JESSICA McLAY
Keyword(s):  
New Zealand ◽  
Public Attitudes ◽  
Welfare Recipients ◽  
Future Research ◽  
The Poor ◽  
Scant Attention ◽  
The Rich ◽  
High Level ◽  
Policy Problems

AbstractThe high level of academic, public and policy attention paid to the deservingness of the poor and (especially) of welfare recipients contrasts with the scant attention paid to the deservingness – or otherwise – of the rich. This discrepancy reflects socially dominant – but contestable – ideas about equality of opportunity and the role of individual merit within market systems. In this journal, Karen Rowlingson, Stewart Connor and Michael Orton have noted that wealth and riches have remained invisible as policy ‘problems’. This invisibility is socially important, in that policy efforts to address current, socially damaging, levels of economic inequality require attention to the deservingness of the rich, as well as of the poor. This article draws on recent survey data from New Zealand to provide new insights into public attitudes to the rich. It finds that the New Zealand public view the rich as more individually deserving of their outcomes than the poor are deserving of social assistance, and that attitudes towards the rich are related to redistributive sentiments at least as strongly as attitudes towards the poor. In concluding, the article reflects on the limitations of existing data sources and makes suggestions for future research.

A catalytic moment: The Greek crisis in the German financial press

2014 ◽  
Vol 25 (4) ◽  
pp. 446-466 ◽  
Author(s):  
Amelie Kutter
Keyword(s):  
Critical Discourse Analysis ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Discursive Construction ◽  
The European Union ◽  
Greek Crisis ◽  
Political Studies ◽  
Catalytic Role ◽  
High Level ◽  
Financial Press

The Greek crisis has attracted more public-political attention than any other sovereign debt crisis within the European Union. This article investigates the argument that this is due to the symbolic-catalytic role that the Greek crisis played in forging a specific approach to state rescue and the reform of the European Economic and Monetary Union (EMU). Drawing on assumptions of interpretive-narrative political studies about the discursive construction of crisis and a Critical Discourse Analysis of editorials from the financial press, the study shows how this approach was ‘catalyzed’ by a specific construction of the ‘Greek case’. Reference to the ‘Greek case’, in particular the high level of government debt, rendered austerity a plausible option of crisis management. Reference to the contagion potential of the Greek crisis justified the application of austerity across the Eurozone. The Greek crisis was also seen to reveal the systemic flaws of the EMU and suggest deepened economic integration.

scholarly journals Pengaruh Profitabilitas, Kebijakan Utang, dan Kebijakan Dividen Terhadap Nilai Perusahaan

2019 ◽  
Vol 28 (3) ◽  
pp. 1783
Author(s):  
I Gede Eka Kurniawan ◽  
I Nyoman Wijana Asmara Putra
Keyword(s):  
Firm Value ◽  
Dividend Policy ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Dividend Payments ◽  
Company Value ◽  
Analysis Technique ◽  
High Level ◽  
Debt Policy ◽  
Positive Effect

The purpose of this study is to examine the effect of profitability, debt policy, and dividend policy on firm valueThe sampling method used was purposive sampling with the number of samples obtained was 14 companies. The data analysis technique used in this study is multiple linear regression analysis. Based on the results of the analysis it was found that profitability had a positive effect on firm value. This shows that the higher the profitability, the higher the value of the company. Debt policy does not affect the value of the company. This shows that the high level of debt to equity ratio does not have implications for the high and low value of the company. Dividend policy has a positive effect on company value. This shows that increasing dividend payments will increase the value of the company. Keywords : Profitability, debt policy, dividend policy, company value.

External Financing, Gap Models of Growth, and the Macroeconomics of Relying on Foreign Resources

2020 ◽  
pp. 198-219
Author(s):  
Giovanni Andrea Cornia
Keyword(s):  
Developing Countries ◽  
Foreign Aid ◽  
Debt Crisis ◽  
Strong Dependence ◽  
Capital Inflows ◽  
External Financing ◽  
Foreign Loans ◽  
Financing Gap ◽  
Gap Models

Chapter 10 reviews the factors responsible for the strong dependence of developing countries on foreign capital and foreign aid, as well as the cyclical capital inflows and long-term development problems entailed by such a situation. It then discusses a family of models, some of which were developed after the debt crisis and recession of the 1980s and 1990s. These models aim to determine the amount of foreign loans and grants required to reach a preset rate of growth of GDP. It finally assesses the macroeconomic and growth impact of high dependence on foreign finance and foreign aid.

scholarly journals The eurozone target-system from the perspective of Portugal

2018 ◽  
Vol 68 (3) ◽  
pp. 353-376 ◽  
Author(s):  
Raquel R. da Costa ◽  
Sérgio Lagoa
Keyword(s):  
Financial Stability ◽  
Sovereign Debt ◽  
Fixed Effects ◽  
Debt Crisis ◽  
Country Risk ◽  
Target System ◽  
Explanatory Variables ◽  
Treasury Bond ◽  
European Banking ◽  
High Level

Payment systems make a significant contribution to the flow of transactions and financial stability. In this paper, we start by applying the principles of the gravity model to explain the TARGET flows of banking transactions between Portugal and other eurozone countries. The main explanatory variables tested are a composite indicator of economic and financial activities, distance, membership of the Eurozone (EZ), and country risk measured by treasury bond yields. The results indicate that Portugal has a high level of integration in the European banking market as distance is not statistically significant, and that the membership of the EZ facilitates the financing of the economy. The economic size of the partner country becomes non-significant after controlling for country fixed effects. The increase in the Portuguese country risk during the European sovereign debt crisis led to a marked decline in external financing, indicating that this is an important channel of transmission of crises.

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