scholarly journals Determing the Role of Debt in the Economy and a New Approach for Solving Sovereign Debt Crises

2013 ◽  
Author(s):  
Munawar Iqbal
Keyword(s):  
Sovereign Debt ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Policy Makers ◽  
New Approach ◽  
The Past ◽  
History Of ◽  
Debt Crises

This paper aims to begin a dialogue on how to seek a longer term solution to the sovereign debt problems in general and those of EU in particular. Although the history of debt crises is quite old, none of the several solutions proposed and tried in the past have been successful to curb recurring debt crisis. This issue has assumed critical importance as the Eurozone debt crisis, which followed after the 2007-09 global financial crisis. Several governments have been outvoted in Europe due to this crisis and the cohesion of Eurozone is at stake. A rethinking on debt creation and its macroeconomic effects are being seriously studied. It seems that traditional options available to policy makers have lost much of their luster. It is high time that unconventional measures may have to be offered for consideration to provide longer term solution. This paper is a brief on the Islamic approach to the role of debt, and has potential to limit debt creation in the long term. We present some basic tenets of that approach referring in particular to the current developed nation sovereign debt crisis.  

Debt Crisis and Learning – Replying to Two Stimulating Reviews

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
Juan Pablo Bohoslavsky ◽  
Kunibert Raffer
Keyword(s):  
Human Rights ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Equal Treatment ◽  
Human Rights Law ◽  
Policy Space ◽  
Debt Crises

AbstractThis piece tackles Barrio Arleo and Lienau’s comments on Sovereign Debt Crises: What Have We Learned? while tries to further develop some ideas and discussions proposed in the book. This piece deals with existing alternatives to overcome debt crises, the link between sovereign policy space and the principle of creditors’ equal treatment, who the target of the book is (and should be), whether “learning is enough”, and the potential policy and legal role of human rights law in debt restructurings.

scholarly journals Mnemonic Populism: The Polish Holocaust Law and its Afterlife

2020 ◽  
pp. 1-13 ◽  
Author(s):  
Kornelia Kończal
Keyword(s):  
Significant Other ◽  
The Past ◽  
Cultural Foundations ◽  
The Holocaust ◽  
Heated Debate ◽  
History Of ◽  
The Law ◽  
The Relationship

In early 2018, the Polish parliament adopted controversial legislation criminalising assertions regarding the complicity of the ‘Polish Nation’ and the ‘Polish State’ in the Holocaust. The so-called Polish Holocaust Law provoked not only a heated debate in Poland, but also serious international tensions. As a result, it was amended only five months after its adoption. The reason why it is worth taking a closer look at the socio-cultural foundations and political functions of the short-lived legislation is twofold. Empirically, the short history of the Law reveals a great deal about the long-term role of Jews in the Polish collective memory as an unmatched Significant Other. Conceptually, the short life of the Law, along with its afterlife, helps capture poll-driven, manifestly moralistic and anti-pluralist imaginings of the past, which I refer to as ‘mnemonic populism’. By exploring the relationship between popular and political images of the past in contemporary Poland, this article argues for joining memory and populism studies in order to better understand what can happen to history in illiberal surroundings.

Capital Shortfall: A New Approach to Ranking and Regulating Systemic Risks

2012 ◽  
Vol 102 (3) ◽  
pp. 59-64 ◽  
Author(s):  
Viral Acharya ◽  
Robert Engle ◽  
Matthew Richardson
Keyword(s):  
Financial Crisis ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Stress Tests ◽  
New Approach ◽  
The Past ◽  
Systemic Risks ◽  
Reliable Interpretation ◽  
Available Information ◽  
Financial Firm

The financial crisis of 2007-2009 has given way to the sovereign debt crisis of 2010-2012, yet many of the banking issues remain the same. We discuss a method to estimate the capital that a financial firm would need to raise if we have another financial crisis. This measure of capital shortfall is based on publicly available information but is conceptually similar to the stress tests conducted by US and European regulators. We argue that this measure summarizes the major characteristics of systemic risk and provides a reliable interpretation of the past and current financial crises.

scholarly journals Mycobacteriosis treatment challenges in patients with HIV-infection

2020 ◽  
Vol 12 (3) ◽  
pp. 35-45
Author(s):  
M. A. Savchenko ◽  
A. M. Panteleev
Keyword(s):  
Highly Active Antiretroviral Therapy ◽  
Opportunistic Infections ◽  
The United States ◽  
Steady Increase ◽  
The Past ◽  
Highly Active ◽  
History Of ◽  
One Year

Over the past decade, in Russian Federation there has been a steady increase in the incidence of MAC-infection in patients with HIV (the growth of nosology over the past five years, on average, was 57% per year). This determines the interest in this problem, especially in terms of the high inefficiency of treatment for the disease, the long term and cost of treatment. The history of the study of Mycobacterium Avium Complex-infection (MAC) originates in the early eighties in the United States, when the prognosis for a patient with AIDS and mycobacteriosis was extremely poor: mortality within one year after the detection of pathogen reached 71%. The role of infection in the thanatogenesis of patients was, however, established only by the beginning of the nineties. The detection of macrolide activity against the pathogen significantly improved the prognosis for patients, especially in combination with highly active antiretroviral therapy. The widespread introduction of antiviral drugs into practice and the ability to achieve immune reconstitution prevented the development of opportunistic infections, but did not solve the remaining issues of the treatment of the MAC-infection. The main one is the treatment of patients with a clarithromycin-resistant pathogen. There is no consensus on the sensitivity of non-tuberculous mycobacteria to antibacterials.

scholarly journals Peripheral mobilities: looking at dormant, delegitimized and forgotten transport regimes

Tempo Social ◽  
2018 ◽  
Vol 30 (2) ◽  
pp. 73-85
Author(s):  
Massimo Moraglio
Keyword(s):  
Current Debate ◽  
Technological Determinism ◽  
Policy Makers ◽  
Environmentally Sustainable ◽  
Electric Cars ◽  
The Past ◽  
The Social ◽  
Environmental Failures

In the transport debate, policy makers seem to be under the spell of a technological determinism, in which innovation Tand novelty are the key concepts. Obsessed with westernised regimes and systems, the current debate misses the relevance of forgotten, peripheral and silent mobilities. In this regard, looking to those peripheral mobilities is not only important for reconstructing our memory, but can also offer tools to build socially and environmentally sustainable transport regimes. I suggest using Walter Benjamin’s Angelus Novus to address the past and future of infrastructural systems and the role of “old” regimes. This paper relies on David Edgerton’s work, but I push the argument further, claiming that an innovation-prone debate today creates the (social and environmental) failures of tomorrow. While electric cars and driver-less vehicles can be useful tools, we should consider that peripheral mobilities could better address the issue of socially and environmentally sustainable transports systems. Long-term vision can bridge the past and future of transport policies and offer hints to social science, humanity and governance.

scholarly journals Real Effects of Financial Distress: The Role of Heterogeneity

2021 ◽  
Author(s):  
Francisco Buera ◽  
Sudipto Karmakar
Keyword(s):  
Financial Distress ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Balance Sheets ◽  
Real Effects ◽  
Theoretical Perspectives ◽  
Standard Models ◽  
Financial Shock

Abstract Which firms are more sensitive to an aggregate financial shock? What can be learnt from these heterogeneous responses? We evaluate and answer these questions from both empirical and theoretical perspectives. Using micro data from Portugal during the sovereign debt crisis we find that highly leveraged firms and firms with a larger share of short-term debt on their balance sheets contracted more in the aftermath of the financial shock. We analyse the conditions under which leverage and debt maturity determine the sensitivity of firms’ investment decisions to financial shocks in standard models of investment under financial frictions. In doing so, we extend these models to feature a maturity choice. We show that simple versions of these models are not consistent with the observed heterogeneous responses. The model needs the presence of frictions when issuing long-term debt to rationalise the empirical findings.

scholarly journals Innovative ecosystem as an organizational form for accumulating and scaling new knowledge in the industrial revolution era

KANT ◽  
2021 ◽  
Vol 38 (1) ◽  
pp. 72-78
Author(s):  
Dmitrii Stepanovich Shevchuk
Keyword(s):  
Concept Formation ◽  
Industrial Revolution ◽  
Innovation Ecosystem ◽  
Schematic Representation ◽  
The Past ◽  
New Knowledge ◽  
History Of ◽  
National Governments

The article is devoted to the study of the history of the "innovation ecosystem" concept formation and provides a simplified schematic representation of the system as five interacting modules. Innovations are assumed by national governments and companies as a source of long-term sustainability. In the past decade, there has been an increased interest in identifying approaches that would accelerate the development and deployment of innovations. The attention of the academic and business communities representatives to the innovation ecosystems underlines the fact that it is ecosystems and IT platforms that implement them that are the most promising candidates for the role of an organizational structure for the accumulation and scaling of new knowledge in the era of the industrial revolution.

scholarly journals The Eternal Peasant and the Timeless Village. Archaeology and Ideologies of the Past

2020 ◽  
Vol 38 (2) ◽  
pp. 43-73
Author(s):  
Rainer Schreg
Keyword(s):  
Rural Life ◽  
13Th Century ◽  
Rural History ◽  
The Past ◽  
History Of Research ◽  
History Of ◽  
Historical Role ◽  
The One

The perspectives on the medieval village and on the historical role of peasants have changed throughout the history of research. Traditional views on history saw rural life as unchangeable and therefore presumed that villages were rooted in the migration period. Modern research recognised the formation of the medieval village as a complex long-term process that, depending on the region, culminated in the 11th – 13th century. This paper takes a closer look at the situation in southwestern Germany, analysing research history on the one hand and selected episodes of medieval rural history on the other. The paper suggests that due to traditional views on the structure of history, peasants’ agency has been undervalued.  

Prevention and Resolution of Sovereign Debt Crises

2018 ◽  
Author(s):  
Julianne Ams ◽  
Tamon Asonuma ◽  
Wolfgang Bergthaler ◽  
Chanda DeLong ◽  
Nouria El Mehdi ◽  
...  
Keyword(s):  
Financial Crisis ◽  
Private Sector ◽  
Sovereign Debt ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Eurozone Crisis ◽  
Crisis Resolution ◽  
Debt Crises ◽  
The Global Financial Crisis ◽  
Private Sector Involvement

“The IMF’s Role in the Prevention and Resolution of Sovereign Debt Crises” provides a guided narrative to the IMF’s policy papers on sovereign debt produced over the last 40 years. The papers are divided into chapters, tracking four historical phases: the 1980s debt crisis; the Mexican crisis and the design of policies to ensure adequate private sector involvement (“creditor bail-in”); the Argentine crisis and the search for a durable crisis resolution framework; and finally, the global financial crisis, the Eurozone crisis, and their aftermaths.

scholarly journals The Shift-Contagion Effect Of Global Financial Crisis And The European Sovereign Debt Crisis On OECD Countries

2013 ◽  
Vol 30 (1) ◽  
pp. 301 ◽  
Author(s):  
Irfan Akbar Kazi ◽  
Mohamed Mehanaoui ◽  
Farhan Akbar
Keyword(s):  
Financial Crisis ◽  
Sovereign Debt ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Sovereign Debt Crisis ◽  
Policy Makers ◽  
Dynamic Correlations ◽  
European Sovereign Debt Crisis ◽  
Recent Financial Crisis ◽  
The Global Financial Crisis

<p>This article investigates shift-contagion as defined by Forbes and Rigobon (2002) in 16 OECD member economies during most recent financial crisis i.e. global financial crisis (2008-2009) and European sovereign debt crisis (2009-2012), using multivariate asymmetric dynamic conditional correlation model developed by Cappiello et al. (2006). The empirical analyses provide substantial evidence of shifts in the dynamic correlations and hence reconfirm shift-contagion during the global financial crisis that originated from U.S. However, there is no evidence in support of shift-contagion during the European sovereign debt crisis which originated from events in Greece. The results provide important implications for investors and policy makers.</p>

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