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1
Chamboko, Richard, and Jorge Miguel Bravo. "A Multi-State Approach to Modelling Intermediate Events and Multiple Mortgage Loan Outcomes." Risks 8, no. 2 (June 10, 2020): 64. http://dx.doi.org/10.3390/risks8020064.
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This paper proposes a novel system-wide multi-state framework to model state occupations and the transitions among current, delinquency, default, prepayment, repurchase, short sale and foreclosure on mortgage loans. The approach allows for the modelling of the progression of borrowers from one state to another to fully understand the risks of a cohort of borrowers over time. We use a multi-state Markov model to model the transitions to and from various states. The key factors affecting the transition into various loan outcomes are the ability to pay as measured by debt-to-income ratio, equity as marked by loan-to-value ratio, interest rates and the property type. Our findings have broader policy implications for better decision-making on granting loans and the design of debt relief and mortgage modification policies.
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Бондар-Підгурська, Оксана Василівна, and Алла Олександрівна Глєбова. "Assessment and analysis of efficiency system management by innovative factors for sustainable development of national economy from the position satisfaction of vital interests population in Ukraine." ЕКОНОМІКА І РЕГІОН Науковий вісник, no. 1(72) (June 21, 2019): 6–16. http://dx.doi.org/10.26906/eir.2019.1(72).1430.
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The scientific and methodological approach to the evaluation and analysis of the efficiency of system management by innovation factors for sustainable development of national economy from the point of view satisfaction vital interest’s population is developed.
This is the calculation of the modernized index human development based on the adjective model based on 26 indicators (social, economic and environmental subsystems), as well as using the methods of the main components and the slip matrix. The resultant value is the modernized Human Development Index (MHDІ) of Ukraine.
The architectonics MHDІ of Ukraine in 2007–2017 from the position of sub-indices of the ecological, social and economic subsystems is analyzed.
Consequently, the scientific and methodological approach based on the MHDI change allows us to draw conclusions regarding the effectiveness of the work and public administration bodies in the context of making managerial decisions regarding the satisfaction of the vital interest’s population. MHDI considers the main regulated parameter of the system management in the innovation factors of sustainable development in socially oriented economy. The tendency of steady decline MHDI of Ukraine in 2007–2017 on 53.45 % was confirmed, which confirms inefficient state regulation of crisis situations in Ukraine.
In order to increase the efficiency management of innovative factors by sustainable development of the national economy, from the standpoint of satisfaction vital interest’s population, it is proposed to intensify the use of public debt and savings bonds, market and non-market methods of relief and debt load. This is due to the fact that at the current stage of development in the national economy, public external debt is one of the most significant indicators of the state economy. It is at the same time a criterion for the effectiveness of public financial policy, as well as a threat and opportunity for the Ukrainian economy. In order to optimize its size, various methods, approaches, tools are used. Based on the analysis of world experience, it has been established that the securities market, in particular debt securities, plays a strategic role in regulating this issue. Therefore, it makes sense to recommend government debt bonds and government savings bonds to optimize the amount of external public debt.
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Long, Yining. "The Fundamental Need of Reform in Company Law in England: Parent Company’s Liability for Debt of Insolvent Subsidiary." Journal of Finance Research 4, no. 2 (November 3, 2020): 151. http://dx.doi.org/10.26549/jfr.v4i2.5511.
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Based on the fact that the parent company has actual control over the subsidiary company, this paper analyzes the possibility of the parent company using the subsidiary company to seek benefits and damage the interests of creditors. Moreover, under the intangible protection of the current limited liability system and the independent personality of the company, it can “retreat”. This is undoubtedly against the original intention of the establishment of enterprise groups and has great potential harm to creditors. In addition, on the basis of the relief measures for the rights and interests of the parent company caused by the bad behavior of the subsidiary, the legal defects that should be carefully considered are determined. Considering whether there are other remedies that may have the same effect as disclosure, some are more moderate than disclosure. With Britain’s strong caution about lifting the veil, a more moderate direction could be considered.
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Fleischman, Tomaž, Paolo Dini, and Giuseppe Littera. "Liquidity-Saving through Obligation-Clearing and Mutual Credit: An Effective Monetary Innovation for SMEs in Times of Crisis." Journal of Risk and Financial Management 13, no. 12 (November 27, 2020): 295. http://dx.doi.org/10.3390/jrfm13120295.
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During financial crises, liquidity tends to become scarce, a problem that disproportionately affects small companies. This paper shows that obligation-clearing is a very effective liquidity-saving method for providing relief in the trade credit market and, therefore, on the supply-side or productive part of the economy. The paper also demonstrates that when used in conjunction with a complementary currency system such as mutual credit as a liquidity source the effectiveness of obligation-clearing can be doubled. Real data from the Sardex mutual credit system show a reduction of net internal debt of the obligation network of approximately 25% when obligation-clearing is used by itself and of 50% when it is used together with mutual credit. These instruments are also relevant from the point of view of risk mitigation for lenders, based in part on the information on individual companies that the mutual credit circuit manager can provide to banks (upon the circuit member’s request) and in part on the relief that liquidity-saving provides especially to NPL companies. The paper concludes by outlining recommendations for how even greater savings could be achieved by including the tax authority as another node in the obligation network.
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Yaroshevych, N. B., S. V. Cherkasova, and T. V. Kalaitan. "Inconsistencies of small business fiscal stimulation in Ukraine." Journal of Tax Reform 5, no. 3 (2019): 204–19. http://dx.doi.org/10.15826/jtr.2019.5.3.068.
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The article discusses the effects of fiscal instruments used to stimulate the development of small business in Ukraine and the hypothesis that the inconsistencies inherent in these instruments prevent them from achieving the desired outcomes. To test this hypothesis, the authors estimated the percentage of small businesses covered by the simplified tax scheme and analyzed such fiscal instruments as the simplified tax scheme, various types of debt financing and taxation of debt financing. The authors used the data on the amount and dynamics of repayable financial assistance to estimate the scale of the phenomenon of corporate split-ups. The latter might be caused by the interest of large and medium-sized companies in accessing small business tax preferences. To calculate the amount of repayable financial assistance the authors propose to adjust the indicator of other current liabilities for the following indicators: other current accounts payable; interest incomes of resident banks; interest incomes of non-resident banks from their lending transactions in Ukraine; commission incomes of resident banks; and the total amount of corporate bonds. The analysis relies on the data of the State Statistics Service of Ukraine on activity of companies and the data of the National Bank of Ukraine on the country’s banking system in 2012–2017. The results of the analysis have confirmed the initial hypothesis about the contradictory effects of fiscal instruments: 1) In the given period, from 22% to 38% of small businesses did not have access to the benefits of the simplified tax system due to the inadequacy of the criteria for defining the size of business. 2) The taxation norms discriminated against small businesses seeking to use specific instruments of debt financing: instead of stimulating the development of start-ups, these fiscal instruments encouraged large and medium-sized companies to split into smaller units. 3) What distinguishes Ukraine from other countries is the wide use of repayable financial assistance by small businesses to attract funds. Calculations have shown that the share of repayable financial assistance among other available instruments of debt financing in the given period exceeded 28%. Thus, the findings indicate that further improvements of small business taxation are necessary.
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Oggier, Fernando. "The Effectiveness of Debt Relief: Assessing the Influence of the HIPC Initiative and MDRI on Tanzania’s Health Sector." American Journal of Undergraduate Research 16, no. 2 (September 30, 2019): 31–44. http://dx.doi.org/10.33697/ajur.2019.021.
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Debt relief initiatives have been part of the international development sphere since the early 1990s. With the launch of the Heavily Indebted Poor Country (HIPC) Initiative in 1996 and the Multilateral Debt Relief Initiative (MDRI) in 2005 many countries have been able to successfully qualify for debt relief. Tanzania has been one of the primary beneficiaries of debt relief over the years. While empirical evidence demonstrates that the country’s economic growth has been positively impacted by debt relief initiatives, other aspects of human development need to be analyzed to ensure a comprehensive assessment of the HIPC Initiative and the MDRI. This study compiles Tanzania’s health data into a composite indicator to perform a graphical analysis to compare the trends between health outcomes and external debt. The graphical analysis is contextualized through a qualitative analysis of political, economic and health financing literature from the Bank of Tanzania, UNICEF and USAID. The results indicate that there health outcomes improved throughout the whole study’s time period particularly after the HIPC Initiative. The health financing literature also points to increased development expenditure during this period. Nonetheless, the effects of debt relief seem to diminish in the long-term due to fluctuations in external donors and logistical barriers to budget execution. Tanzania also continues to face socio-economic and geographic disparities in health outcomes and funding. Some of the literature also states that the country’s weak system of checks and balances and the lack of robust institutions could cause opportunistic policy preferences that might not necessarily improve Tanzania’s health outcomes. KEYWORDS: Child Mortality Rate; Debt Relief; External Debt; Heavily Indebted Poor Country Initiative; International Monetary Fund; Life Expectancy; Maternal Mortality Rate; Multilateral Debt Relief Initiative; Official Development Aid; Prevalence of Undernourishment
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Ssebagala, Ralph Abbey. "Relieving Consumer Overindebtedness in South Africa: Policy Reviews and Recommendations." Journal of Financial Counseling and Planning 28, no. 2 (2017): 235–46. http://dx.doi.org/10.1891/1052-3073.28.2.235.
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A large fraction of South African consumers are highly leveraged, inadequately insured, and/or own little to no assets of value, which increases their exposure not only to idiosyncratic risk but also to severe indebtedness and/or default. This scenario can present negative ramifications that lead well beyond the confines of individual households. Thankfully, it can also be remedied by well-tailored legal debt relief mechanisms. This article reflects on the uncertainties surrounding the consumer debt relief framework of the National Credit Act in an attempt to show why it is not up to the challenge of providing meaningful relief to debt-distressed consumers. Ultimately, a comprehensive review of the current framework in favor of a discharge mechanism on simple, stated terms is proposed.
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Edwards, Sebastian. "Debt Relief and the Current Account: An Analysis of the HIPC Initiative." World Economy 26, no. 4 (April 2003): 513–31. http://dx.doi.org/10.1111/1467-9701.00535.
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Gnangnon, Sena Kimm. "Trade space and trade policy: an empirical assessment." Journal of Economic Studies 45, no. 3 (August 13, 2018): 498–520. http://dx.doi.org/10.1108/jes-02-2017-0033.
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Purpose The purpose of this paper is to examine the behavior of governments in terms of trade policy design when they experience a lack of foreign resources from international trade after ensuring the sustainability of their external debt. To do so, the paper defines two concepts of trade space: “De Facto Trade Space” and “De Jure trade space.” Design/methodology/approach To conduct this study, the author relies on a panel data set comprising 109 countries over the period 1998–2014. To perform the empirical analysis, the author has mainly used the system generalized methods of moments approach. Findings The empirical analysis suggests evidence that trade space matters significantly for trade policy. Indeed, “De Facto Trade Space” is consistently associated with greater trade policy liberalization, with this positive effect being higher, the higher the development level – proxied by the real per capita income – of the concerned country. “De Jure Trade Space” tends to lead to greater trade policy liberalization in less advanced developing countries, but is associated with the adoption of trade restrictive measures in more advanced countries. Additionally, results suggest different impacts on trade policy of “Positive De Jure Trade Space” and “Negative De Jure Trade Space.” Research limitations/implications These findings suggest that the trade space, as defined in this study, plays a key role in trade policy design by policymakers. Practical implications The current study shows that trade space could significantly matter for trade policy design by policymakers. Originality/value To the best of the author’s knowledge, this is the study dealing directly with the “trade space” concept as well as its impact on trade policy.
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Eaton, Jonathan. "Debt Relief and the International Enforcement of Loan Contracts." Journal of Economic Perspectives 4, no. 1 (February 1, 1990): 43–56. http://dx.doi.org/10.1257/jep.4.1.43.
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It is now apparent that the governments of many developing countries will not repay their debts as initially contracted. Creditors and creditor governments must now adjust to the realization that full repayment is either infeasible or that enforcing full payment is undesirable from the point of view of creditor countries as a whole. The question now is what to do with these debts. The Baker and Brady plans have increased U.S. government involvement in the debt crisis and have allocated public money toward its resolution. The Kenen plan, discussed in this issue, proposes still more public involvement and, in all likelihood, more public money. Each of these plans is an ad hoc response to the impasse that has arisen between some highly indebted countries and their private creditors, and aspects of each plan may help resolve this impasse. But none of these plans confronts the features of international capital markets that led to the crisis in the first place. My argument here is that the debt crisis that began in 1983 arose from defects in how international capital markets operated the previous decade. A goal of any redesign of the institutions involved in these markets should be not only to resolve the current crisis, but to keep it from happening again.
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Pinedo, Maria Elvira Méndez. "Iceland's New Plan for Debt Relief: Jubilee or Waiting for Godot?" European Journal of Risk Regulation 5, no. 4 (December 2014): 517–30. http://dx.doi.org/10.1017/s1867299x00004104.
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Despite Iceland's economic recovery, nearly 48% households continue to struggle to make ends meet. This study argues, first, that the main reason behind over-indebtedness in this country is a loan system without parallel in Europe, based on a triple cost of credit (fix/variable interest, indexation of credit to inflation and negative amortization). Second, the problem is examined in the context of European law as some alleged malpractices of indexation have been referred to the EFTA Court. Third, the focus shifts to the debt-relief programme presented by the Icelandic government in 2013/2014 after the relative failure of previous debt-relief measures. It is argued that this plan will fail in the long run as long as the indexation of credit to inflation is not abolished. The private pension system in Iceland relies indirectly on indexed mortgage credit issued by the public Housing Financing Fund. Since a ban on indexation and a holistic pension reform are not expected soon, all present debt write off benefits will surely be eaten up by higher inflation. As long as indexation of credit is legal, the future scenario resembles less a debt-relief jubilee and more the theater play “Waiting for Godot ”.
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Wacziarg, Romain. "Review of Easterly’s The Elusive Quest for Growth." Journal of Economic Literature 40, no. 3 (August 1, 2002): 907–18. http://dx.doi.org/10.1257/002205102760273823.
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William Easterly's superb book draws on what we have learned from almost two decades of cross-country growth comparisons, providing a critical synthesis of the current state of empirical knowledge on growth. The author emphasizes policy and institution-driven incentives for growth, and also critically surveys evidence for more traditional sources of growth such as factor accumulation. Another contribution of the book is an accessible and detailed description of the vicious cycle of adjustment loans directed by the World Bank and IMF at countries that squander these resources in current consumption rather than investment, leading to stagnant growth, debt crises, debt relief and further adjustment loans.
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Kaddar, M. "Are current debt relief initiatives an option for scaling up health financing in beneficiary countries?" Bulletin of the World Health Organization 86, no. 11 (November 1, 2008): 877–83. http://dx.doi.org/10.2471/blt.08.053686.
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Boraine, A. "Formal Debt-Relief, Rescue and Liquidation Options for External Companies in South Africa." BRICS Law Journal 7, no. 4 (December 20, 2020): 85–126. http://dx.doi.org/10.21684/2412-2343-2020-7-4-85-126.
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This article discusses how foreign companies doing business in South Africa during periods of financial distress and registered locally as external companies are, as a recent High Court decision confirms, denied the formal debt-relief measures of business rescue and therefore a compromise with creditors because of being excluded by the definition of “company” in the Companies Act 71 of 2008. Nor, for the same reason, may these companies, if solvent, rely on the current liquidation procedures. But they may possibly use the procedure preserved in the otherwise repealed Companies Act 61 of 1973 for liquidation as far as the transitional arrangements in the Companies Act 71 of 2008 allow. The purposive solution suggested in this article for the interplay between the two Acts may need legislative attention. This article surveys other possibilities relevant to these companies such as informal voluntary arrangements, applications for winding-up, ordinary debt collection, and perhaps compulsory sequestration applications. Finally, it raises the policy issue for the legislature to consider why these companies should be denied business rescue and/or a compromise with their creditors when these formal debtrelief measures might help them survive their financial stress and emerge stronger, to the advantage of themselves, their creditors, their stakeholders and communities, and the entire nation. It is submitted that these issues could and should be considered as part of the current law reform process of South African insolvency law.
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Hansen, Arne, and Dirk Meyer. "Debt Relief as a Last Resort for the Lender of Last Resort?" Intereconomics 56, no. 4 (July 2021): 223–33. http://dx.doi.org/10.1007/s10272-021-0984-7.
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AbstractThe coronavirus crisis has led to a sharp increase in the debt-to-GDP ratios of the euro area member states. Without external support, access to the capital market could be seriously threatened in the medium term for Italy, but also for other member states. While the Pandemic Emergency Purchase Programme, which is designed as a monetary policy instrument, is regarded by some as a violation of the prohibition of monetary financing, the Next Generation EU recovery fund is likely to direct the fundamental structures of the European Union towards a fiscal union with considerable redistribution elements. This article analyses an alternative strategy, namely debt relief by the European System of Central Banks through an EU debt agency. Such a scheme would be possible without amending the EU treaties and would avoid negative equity at the central banks. The question is under what circumstances would this approach be suitable and proportionate?
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Saungweme, Talknice, and Nicholas M. Odhiambo. "An Analysis of Public Debt Servicing in Zambia: Trends, Reforms and Challenges." Croatian International Relations Review 24, no. 81 (May 1, 2018): 113–36. http://dx.doi.org/10.2478/cirr-2018-0006.
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Abstract The main goal of this paper is to discuss the dynamics of public debt servicing – both domestic and foreign – in Zambia, tracing the trends, reforms and challenges over the period from 1964 to 2015. The paper shows that the exceptional rise in public debt servicing obligations in Zambia over the period under review has been principally due to high domestic and foreign interest rates, frequent debt rescheduling at commercial rates, and capitalisation of non-liquidated service obligations at commercial rates. Also revealed in the paper is the fact that prior to 2005, Zambia experienced severe public debt servicing problems which eased after 2006 owing to debt relief initiatives and an economic rebound. Among the government debt service reforms discussed in the paper are structural adjustments in foreign exchange management, fiscal and monetary reforms, and aggressive engagement of traditional creditors. Primary among the identified challenges of public debt servicing in Zambia was the insistent economic crises that dogged the country during the study period. Notwithstanding the current public debt service sustainability and remarkable economic performance that characterise the country today, the paper found that the recent contraction of nonconcessional loans by the state poses a threat to debt service sustainability in future. Hence, the paper recommends, among other things, for aligning of public sector infrastructure spending with revenues to ensure budget sustainability, and to continue diversifying the economy to minimise the impact of external commodity price shocks on the economy.
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Sung, Gihwan, Yongsang Kim, and Sunwoong Yoo. "A Study on the Improvement of the Disaster Relief Donation System." Journal of the Korean Society of Hazard Mitigation 21, no. 3 (June 30, 2021): 61–72. http://dx.doi.org/10.9798/kosham.2021.21.3.61.
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This study discussed the need for restructuring the disaster relief fundraising system in South Korea. To that end, it examined the management system and characteristics of disaster relief donations. In addition, the study drew implications by comparing domestic and overseas disaster relief donation systems and analyzing important precedents related to disaster relief donations. The analysis revealed that the domestic disaster relief fundraising system is based on the classification of disasters into natural and social disasters, which the study contended is not suitable in the current scenario given the recent trend of large and complex disasters. Overseas disaster donation systems were not found to be based on such a dual classification. Moreover, it was confirmed that various forms of support were being provided to revitalize donations overseas. It may also be unconstitutional for donations to be based on such a classification because the system violates the basic spirit of the Constitution by limiting the right to freedom and pursuit of happiness of donors and charitable organizations participating in disaster relief funding. Historical changes in the donation law have changed the orientation from regulation to promotion of a donation system with a mature donation culture. In this context, the following proposals were made to improve the domestic disaster relief donation system. First, the study recommended the unification of the donation system for natural and social disasters in light of the occurrence of multiple disasters. Second, it advocated a transition away from the current system of monopolistic fund management in order to revitalize various disaster relief fundraising institutions.
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Consiglio, Andrea, and Stavros Zenios. "Risk profiles for re-profiling the sovereign debt of crisis countries." Journal of Risk Finance 16, no. 1 (January 19, 2015): 2–26. http://dx.doi.org/10.1108/jrf-09-2014-0129.
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Purpose – This paper aims to use a risk management approach for re-profiling of sovereign debt. It develops profiles that trade off expected cost of financing alternative debt structures against their risk. The risk profiles are particularly informative for countries facing sovereign debt crisis, as they allow us to identify, with high probability, debt unsustainability. Risk profiles for two eurozone countries with excessive debt, Cyprus and Italy, were developed. In addition, risk profiles were developed for a proposal to impose debt sanctions in the Ukrainian crisis and it was shown that the financial impact could be substantial. Design/methodology/approach – Using scenario analysis, a risk measure of the sovereign’s debt – Conditional Debt-at-Risk – was developed, and an optimization model was then used to trade off expected cost of debt financing against the Conditional Debt-at-Risk. The model is applied to three diverse settings from current crises. Findings – The methodology traces informative risk profiles to identify sustainable debt structures. Interesting, although tentative, conclusions are drawn for the countries where the methodology was applied. Cyprus’s debt sustainability hinges on current International Monetary Fund (IMF) projections about gross domestic product growth and small deviations can push debt into unsustainable territory. For Italy, our analysis provides evidence of debt unsustainability. Common assumption of debt by eurozone member states could restore sustainability for Italy. Finally, it is shown how a proposal to impose debt sanctions against Russia for the Ukrainian crisis could have significant financial impact for Ukraine. Research limitations/implications – Additional work is needed to calibrate the simulation models for each country separately. Nevertheless, the direction of the results is such that more careful calibration will most likely not alter the conclusions but make them stronger instead. Practical implications – The results provide significant insights for the management of sovereign debt for Cyprus and Italy. They also show the significant positive impact on Ukrainian public finances from debt sanctions. However, the most important practical implication is to show how the proposed methodology provided a decision support tool for restructuring and rescheduling sovereign debt for crisis countries. Social implications – There is widespread acceptance that debt restructuring has been too little and too late in recent crises failing to re-establish market access in a durable way. How to develop risk profiles for alternative debt structures has been illustrated. Debt profiles that are unsustainable can be identified, with high probability, and alternative structures proposed that restore sustainability. The methodology proposed in this paper is providing a useful tool of analysis. The topic of debt relief is currently debated widely at policy circles by the IMF and the United Nations, and the analysis of this paper provides some insightful input to the debate. Originality/value – The use of scenario analysis for sovereign debt modeling and the use of an optimization model developed by the authors in previous research provide empirical analysis for three current problems in sovereign debt management. Useful insights are obtained for three important real-world cases for Cyprus, Italy and Ukraine.
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Hansen, Arne, and Dirk Meyer. "Ein Schuldenerlass als Ende mit Schrecken?" Zeitschrift für Wirtschaftspolitik 69, no. 3 (December 1, 2020): 277–307. http://dx.doi.org/10.1515/zfwp-2020-2039.
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Abstract The rising debt-to-GDP ratios of the eurozone member states result not least from the coronavirus crisis. Without external support, especially with regard to Italy, but also for other Mediterranean states, access to the capital market could be seriously threatened in the medium run. The recovery fund ‘Next Generation EU’ likely directs the fundamental structures of the European Union (EU) towards a fiscal union with considerable transfer elements, while the Pandemic Emergency Purchase Programme (PEPP), which is declared as a monetary policy instrument, is even discussed as a violation of the prohibition of monetary financing. As an alternative, this contribution analyses a debt relief by the European System of Central Banks (ESCB), implemented via an EU debt agency. This construction would avoid a negative equity position of the central banks and also enable a legal integration into the EU system. The question remains: What would be the consequences of such a non-recurring step?
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Rombeck-Jaschinski, Ursula. "From Confrontation to Cooperation: The London Debt Agreement of 1953 and Later Debt Crises." Journal of Modern European History 15, no. 4 (November 2017): 503–28. http://dx.doi.org/10.17104/1611-8944-2017-4-503.
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From Confrontation to Cooperation: The London Debt Agreement of 1953 and Later Debt Crises The London Debt Agreement of 27 February 1953 managed to solve the complex problem of German foreign debt of the pre- and post-war periods. The initiative for an international debt conference came from the Allies. But Germany also had a vested interest in regulating its debt, so as to be granted access to the global capital market once more. Contrary to all prior concerns, the settlement was finalised without a hitch. Most of the obligations were even paid back ahead of time. Since the 1990s public interest in the Agreement has been reignited. It has been repeatedly proposed as a solution to contemporary debt crises. At first, the London settlement was considered as a potential answer to debt crises in the Third World. One-World activists demanded that the countries in question should be relieved of a large part of their debt in the spirit of London 1953. It is frequently overlooked that the London Agreement did not specify a cut in capital for private pre-war debt, but instead a modification of interest and duration periods. Even in the current debt crisis, which originated in 2010, the London Agreement is frequently cited as a possible solution. The German government is often criticised in the foreign press for its uncompromising attitude on debt relief, especially towards weaker members of the Eurozone, and is called on to remember its recent history. When this happens, however, the special historic circumstances of the 1950s are usually not taken into account. Greece and other debtor countries, as part of the Eurozone, no longer have control over a national currency. The crisis of one country always impacts the community of the Eurozone as a whole. In light of this, it is rather misleading to take the London Agreement as a blueprint for the solution of contemporary debt crises. However, the discussion in the international press continues on whether the London Debt Agreement can serve as a model in the present crisis.
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Smirnov, V. V. "The financial and economic substance of the contemporary Russian capitalism." Finance and Credit 26, no. 10 (October 29, 2020): 2230–51. http://dx.doi.org/10.24891/fc.26.10.2230.
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Subject. I herein focus on the capitalism in Russia today. Objectives. The study is an attempt to determine what distinguishes the financial and economic substance of the Russian capitalism today. Methods. The study relies upon the systems approach and methods of statistical, neural network and cluster analysis. Results. The article reveals the difference of trends in general indicators of financial and business activities in capitalist Russia, socialist China and the imperialist USA. I discover development distinctions of the Russian economy, such as high growth rates of money supply, considerable simultaneous drop in foreign exchange rates, moderate debts of the Russian households and minimum wages, low unemployment rate, low growth rate of the current account balance to GDP as compared with the devaluation rate of the national currency. Having conducted the neural network analysis of growth rates of the money supply, solvency ratios and profitability of entities, financial results of the Russian credit institutions, I found median values of growth rates. Negative values were captured for the return on assets, return on sale of goods, products, work, services, and the equity-to-total assets ratio. Positive ones were found for total profit derived by operational credit institutions, losses and the percentage of unprofitable credit institutions. As the cluster analysis of growth rates of households’ consumption spending shows, there is a palpable correlation between food products and alcohol-free beverages, alcohol beverages, tobacco, clothes, shoes, communications. Conclusions and Relevance. The financial and economic substance of the contemporary Russian capitalism helps financial institutions and legislature consistently set up the concept and principles for retaining capitalism in Russia, considering the marginal proportions of the money supply growth to the unemployment rate, minimal wages, debt and consumption spending of households, which are adjusted within the possible divergence of the foreign exchange rate and current account balance to GDP. The findings constitute the necessary scope of governmental authorities’ competence to make managerial decisions for keeping the capitalist vector of the Russian society and economy.
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Wang, Shaun Shuxun, Jing Rong Goh, Didier Sornette, He Wang, and Esther Ying Yang. "Government support for SMEs in response to COVID-19: theoretical model using Wang transform." China Finance Review International 11, no. 3 (July 26, 2021): 406–33. http://dx.doi.org/10.1108/cfri-05-2021-0088.
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PurposeMany governments are taking measures in support of small and medium-sized enterprises (SMEs) to mitigate the economic impact of the COVID-19 outbreak. This paper presents a theoretical model for evaluating various government measures, including insurance for bank loans, interest rate subsidy, bridge loans and relief of tax burdens.Design/methodology/approachThis paper distinguishes a firm's intrinsic value and book value, where a firm can lose its intrinsic value when it encounters cash-flow crunch. Wang transform is applied to (1) calculating the appropriate level of interest rate subsidy payable to incentivize banks to issue more loans to SMEs and to extend the loan maturity of current debt to the SMEs, (2) describing the frailty distribution for SMEs and (3) defining banks' underwriting capability and overlap index in risk selection.FindingsGovernment support for SMEs can be in the form of an appropriate level of interest rate subsidy payable to incentivize banks to issue more loans to SMEs and to extend the loan maturity of current debt to the SMEs.Research limitations/implicationsMore available data on bank loans would have helped strengthen the empirical studies.Practical implicationsThis paper makes policy recommendations of establishing policy-oriented banks or investment funds dedicated to supporting SMEs, developing risk indices for SMEs to facilitate refined risk underwriting, providing SMEs with long-term tax relief and early-stage equity-type investments.Social implicationsThe model highlights the importance of providing bridge loans to SMEs during the COVID-19 disruption to prevent massive business closures.Originality/valueThis paper provides an analytical framework using Wang transform for analyzing the most effective form of government support for SMEs.
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Coetzee, Hermie, and Melanie Roestoff. "Consumer Debt Relief in South Africa-Should the Insolvency System Provide for NINA Debtors? Lessons from New Zealand." International Insolvency Review 22, no. 3 (July 24, 2013): 188–210. http://dx.doi.org/10.1002/iir.1211.
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Jaffar, Syammon, Adam Abdullah, and Ahamed Kameel Mydin Meera. "Fiat money: from the current Islamic finance scholars’ perspective." Humanomics 33, no. 3 (August 14, 2017): 274–99. http://dx.doi.org/10.1108/h-01-2017-0013.
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Purpose This paper aims to discuss the opinions of current Shariah scholars on the concept of debt money in the present-day fiat money system. Design/methodology/approach Research design of this paper is a quantitative investigation of Shariah experts by distributing a questionnaire to them. As majority of Shariah scholars are also Shariah advisory of the current banking system, it is important to find out their level of knowledge on the issue of debt money created by the commercial banking system through the fractional-reserve banking (FRB) system. Findings Based on this investigation, most Shariah scholars are unaware of and confused about the mechanics underpinning the creation of money, especially with respect to FRB as it is practiced by the conventional and Islamic banking systems. Originality/value Based on this research, it is recommended that these scholars should improve their understanding of the operation of the fiat money system and its consequences. It is recommended that, in future, Shariah scholars should think “outside of the box” by creating Islamic financial instruments that do not resemble those of the conventional system.
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Filatova, H., and I. Makarenko. "ASSESSMENT OF THE INTEGRATED DEBT SECURITY INDEX OF UKRAINE." Vìsnik Sumsʹkogo deržavnogo unìversitetu, no. 4 (2020): 158–68. http://dx.doi.org/10.21272/1817-9215.2020.4-18.
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The major problem of the current financial system of Ukraine is the critical condition of public debt. Its formation was unsystematic with operational financing of current budget expenditures that influenced its structure and dynamics. Ensuring the stability of the financial system and keeping the debt burden within safe limits, or at least ensuring its permanence, are Ukraine's debt policy's primary tasks. Simultaneously, the system of debt security indicators is an instrument for assessing the country's financial system's ability to meet its debt obligations. The article provides a list of key indicators of debt security, compares their limits in Ukraine and in world practice. This study is aimed to outline the scientific and methodological approach to determining the state debt security condition. It was developed on the basis of a quantitative assessment of relevant indicators, their further grouping, which allows analyzing the potential threats and sources of instability, predicting their future dynamics, and calculating the integrated debt security index of Ukraine. The main idea of the methodology for assessing the integrated debt security index is to evaluate the country`s debt security level in a certain period as a single summary indicator. Indeed, all threats and destabilizing factors measured by some debt security indicators might be taken into special consideration. However, their cumulative impact provides an overall result and allows assessing the overall debt security level. The analysis of the calculated integrated debt security index will allow timely react to potential threats and neutralize the risks caused by an excessive debt burden. Methods for rationing debt security indicators have been reviewed, taking into account the advantages and disadvantages of each of these methods – the optimal one has been chosen. The study covers the period from 2009 to 2019. The analysis of the debt security dynamics and the integrated index let on concluding that the debt situation in Ukraine is unstable, and there is a significant increase in debt over the past 11 years. Unsatisfactory values of both individual debt security indicators and the integrated index indicate the need for serious attention of public authorities and the need to optimize the management of Ukraine’s debt security in the system of economic security.
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An, Sang-Wan, Yunha Noh, Yeon-Hee Baek, Han-Heui Park, So-Hee Park, Sungmin Park, and Ju-Young Shin. "Current Status of Adverse Drug Reaction Relief System in Korea, Japan and Taiwan." Yakhak Hoeji 63, no. 4 (August 31, 2019): 214–20. http://dx.doi.org/10.17480/psk.2019.63.4.214.
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Anwar, Muhammad. "Strategies to Settle Existing Debts under an Islamised Banking System." Pakistan Development Review 32, no. 4II (December 1, 1993): 961–71. http://dx.doi.org/10.30541/v32i4iipp.961-971.
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In the wake of the Islamisation of the financial system of a country, an essential concern would be to transfer existing interest-bearing debt into mutually agreeable interest-free contracts. Such conversion is possible under an Islamised banking system because every increase, other than interest, over and above the basic debt is not forbidden. This study proposes a set of strategies that can be used as a guide to renegotiate existing interest-bearing contracts into equivalent interest-free contracts. The Federal Shariah Court in Pakistan ordered the Government of Pakistan to change all such laws that contain provision for interest by 30 June 1992. ,The government has appealed against the decision in the Supreme Court of Pakistan. Interestingly, the court's decision also notes that: "There have been made prayers invariably in the petitions that the interest be wiped off, or the interest paid already be counted towards payment of capital or that directions be issued to the banks and other fmancial institutions restraining them from claiming or recovering from the petitioners the amount of interest due against them on the loans borrowed by them. In this connection, we would like to make it clear that this court has a limited jurisdiction as to declaring a law or provision of law whether or not it is repugnant to the injunctions of Islam. It has no jurisdiction to grant any relief by way of issuing injunctions or staying proceedings pending before a Court of Law. All such prayers are thus misconceived and stand rejected" [PLD (1992), p. 180]. Obviously the judgement does not resolve the problems raised by the petitioners in the Shariah Court. However, it does raise an interesting question. If th~ Supreme Court upholds the decision of the Federal Shariah Court and the financial laws in Pakistan containing provision of interest are amended then what would be the status of the existing debt? The people in Pakistan, particularly the creditors and the debtors, are obviously puzzled as they do not know the fate of their deals. As these are likely to be settled in the framework of the Shariah laws, it is essential to explore possible ways of settling debt under an Islamised banking system.
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Karaman, S. Cem. "Effective Use of Foreign Debt, the Case for Turkey." International Journal of Social Science Research 3, no. 2 (September 30, 2015): 107. http://dx.doi.org/10.5296/ijssr.v3i2.7086.
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An advanced financial system is regarded as a hallmark of development. Lending or borrowing money, or debt, plays a vital role in an economy. But just like any other economic decision, borrowing requires a thorough analysis of contingencies. Debt may lead to prosperity through sound investment, or it may overwhelm firms/people when not used properly. In today’s circumstances, borrowing from world financial markets is easier than ever before. In this paper, the possibility of foreign borrowing helping Turkey to improve its macroeconomic variables of GDP, consumption, government spending, investment, exports and current account balance is explored. We look for cointegration relationships between various foreign debt variables classified as public or private foreign debt; short-term or long-term foreign debt, and various macroeconomic variables. Later, the variables studied are tested to see if there are any statistically causal relationships between them. The following results are found: short-term foreign debt is not cointegrated with any of the macroeconomic variables when long-term foreign debt is cointegrated with some of them; private foreign debt is more effective than public foreign debt on macroeconomic variables. Whilst Turkey is critically dependent on foreign borrowing in financing its current account deficit, its current account balance is not cointegrated with any of the foreign debt data. Public foreign debt precedes government spending where private foreign debt follows private sector spending. This is interpreted as a sign that the private sector is more careful with its borrowing decisions than the government since its spending, which is procyclical with the business cycle, is leading its borrowing.
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Toumache, Rachid, and Khaled Rouaski. "Prospective Analysis Of The Algerian Economic Growth By 2025: Structural Analysis." Journal of Applied Business Research (JABR) 32, no. 3 (May 2, 2016): 791–804. http://dx.doi.org/10.19030/jabr.v32i3.9657.
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The aim of this study is to assess the economic growth in Algeria and to determine the set of variable impacting it on different periods. It relies on structural analysis approach based on an investigation method using the software MICMAC (matrix of cross-influence, applied multiplication to a ranking) which was developed by the Institute of Computing Innovation 3IE following the request of Investigation Laboratory on Prospective, Strategy and Organization LIPSOR. The structural analysis can define the key variables of the system (VCS) to catch the most influential variables on economic growth during three time intervals: the near past (direct impact), the actual period (indirect influence) and the long run (potential indirect impact) bearing in mind that the horizon of our study is 2025. The results show the most influential variables ranked during each period as follows: The near past (the direct influence): the economic system, public spending, the regulation, foreign reserves and price of oil barrel, unemployment, inflation and SMEs. The actual period (the indirect influence): the economic system, business climate, FDI, the price of the oil barrel, active population, occupied population, external debt. In addition to other variables having a less influence: unemployment, SMEs, inflation and foreign trade. The long run (potential indirect influence) by 2025: The economic system, public spending, the regulation, foreign reserves, unemployment, FDI, inflation, business climate, currency, occupied population, the price of the oil barrel, saving. Other variables have a moderate influence: national security, capital, exchange rate, financial system, active population, IT, informal sector, SMEs, external trade, external debt, demographic growth and the interest rate.
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Dukić-Mijatović, Marijana, and Ozren Uzelac. "Origin and legal regulation of the second chance for entrepreneurs in the European Union." Strani pravni zivot, no. 1 (2021): 91–104. http://dx.doi.org/10.5937/spz65-28236.
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In the history of human civilization, there has always been the problem of overindebtedness and personal bankruptcy, as well as the tendency to protect such persons to some extent from excessive sanctions or the consequences of their insolvency. Benevolence towards the debtor is limited by the existence of conditions of conscientiousness and honesty of the debtor in all legal systems, while the amount of debt forgiveness is different. Debt relief and providing a new chance to the entrepreneur is a kind of systemic social measure that should ensure the employment of the individual and his family, but also to ensure the continuity of the capitalist system. It is noticeable that benevolence towards the debtor through debt relief was a characteristic of the Anglo-Saxon jurisdictions, while the regulations of the states of legal systems based on Roman law were traditionally oriented in the opposite direction. Although the Republic of Serbia has regulated the matter of bankruptcy and reorganization, in many parts under the EU Directive on reorganization and bankruptcy from June 2019, it has not been the case with the area of the second chance for the entrepreneur and the possibility of debt release, so it will be necessary to adjust national regulations of bankruptcy. In this paper, the authors analyze the origin of debt forgiveness in case of entrepreneur bankruptcy through history and theories, and select the comparative law and provisions of the EU Directive on reorganization and bankruptcy which regulate the second chance for entrepreneurs, as well as the purpose and measures that preceded the adoption of this Directive. Another important possibility for insolvent entrepreneurs is their personal administration with bankruptcy estate during the process of reorganization. Entrepreneurs' personal administration is regulated by bankruptcy legislation in various ways in comparative legal systems, and in Serbian law, it had been regulated for the first time by the Bankruptcy Procedure Act of 2004, but repealed by the Bankruptcy Act in 2009. Taking into account its importance for the national bankruptcy law, Serbian legal theory has already given the reasons due to which it is necessary to reintroduce the institute of personal administration of debtors into domestic bankruptcy law. On the other hand, sole debt release in Serbian law comes into effect at the moment the creditor declares to the debtor that he will not ask for the fulfillment of the debt and the debtor agrees with that, and such an agreement is made in writing. Debt release is a possibility provided in the Agreed Financial Restructuring Act 2015 that creditor and debtor may use during the process of reorganization, provided they reach an agreement to that end.
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LORENZETTI, LUIGI. "Agrarian Debt in Rural Switzerland: Economic Causes and Political Responses (1890–1940)." Rural History 28, no. 2 (October 2017): 189–204. http://dx.doi.org/10.1017/s0956793317000073.
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AbstractThe article seeks to determine the causes of the agrarian debt in rural Switzerland since the First World War and illustrate this growing phenomena in the 1920s and 1930s, by correlating the increase to the costs of the change in production beginning at the end of the nineteenth century, to the cut in the prices of agricultural products and the parallel depreciation of the soil after the war. After having outlined the effects of indebtedness reflected in the increase in the number of distraints, the article focuses on the political responses put in place to ensure the smooth running of mortgage loans – integrated since 1930 into a system of guarantees designed to limit the risks for creditors. The bill of the federal government intended to promote agricultural debt relief was long put off by some political circles, preferring to step in with precise measures, such as credit payments and extraordinary subsidies.
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Chugunov, I., V. Makogon, and Yu Markuts. "INSTITUTIONAL TRANSFORMATIONS OF THE PUBLIC FINANCE SYSTEM." Financial and credit activity: problems of theory and practice 2, no. 37 (April 30, 2021): 325–31. http://dx.doi.org/10.18371/fcaptp.v2i37.230298.
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Abstract. The article reveals the role of the public finance system in macroeconomic stability, regulation of economic processes, and improving the level and quality of life of the population. The directions of institutional transformations of the public finance system are determined. The authors disclose the provisions on improving the efficiency of public financial resources, improving public debt management tools, developing the institutional environment of public-private partnership, criteria for allocating public financial resources in the unfavorable dynamics of budget revenues. The share of public debt in the GDP of the EU countries is analyzed and estimated. The article proposes provisions to increase the effectiveness of public financial control and audit, improve the system of public forecasting to ensure timely implementation of adequate financial and budgetary measures and respond to the socio-economic situation in the country, strengthening the strategic nature of public financial and budgetary forecasts. It is substantiated that in the conditions of institutional transformations of formation of budgetary indicators, their architectonics should be carried out proceeding from necessity: optimization of expenses of budgets of various levels; acceptance of new expenditure commitments is possible only if the comparative assessment of their effectiveness is higher than the current commitments, taking into account the timing and level of available financial resources for their implementation; continuous analysis and evaluation of expenditure commitments to determine inefficient costs. The article identifies the importance in the current conditions of development of the public finance system of continuous assessment of fiscal risks to ensure the stability and balance of the budget system; ensuring a sufficient level of flexibility of budget expenditures based on the macroeconomic situation in the country; improving the regulatory and methodological support of the budget process. Keywords: public finance, budget system, public debt, fiscal policy, economic growth. JEL Classification Е62, H60, O40 Formulas: 0; fig.: 0; tabl.: 1; bibl.: 10.
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Stancu, Stelian, and Alexandra Maria Constantin. "European Economies Stability Faced With Potential Outburst of Sovereign Debt Crisis. An Empirical Study Using Neural Network." INTERNATIONAL JOURNAL OF COMPUTERS & TECHNOLOGY 12, no. 2 (December 28, 2013): 3255–60. http://dx.doi.org/10.24297/ijct.v12i2.3318.
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Instilment, on a European level, of a state incompatible with the state of stability on a macroeconomic level and in the financial-banking system lead to continuous growth of vulnerability of European economies, situated at the verge of an outburst of sovereign debt crises. In this context, the current papers main objective is to produce a study regarding the vulnerability of European economies faced with potential outburst of sovereign debt crisis, which implies quantitative analysis of the impact of sovereign debt on the sensitivity of the European Unions economies. The paper also entails the following specific objectives: completing an introduction in the current European economic context, conceptualization of the notion of “sovereign debt crisis, presenting the methodology and obtained empirical results, as well as exposition of the conclusions.
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KRUKHMAL, Olena, and Oryna KOVRYHINA. "Analysis of problematic debt in the banking system of Ukraine." Economics. Finances. Law, no. 11/2 (November 21, 2019): 9–12. http://dx.doi.org/10.37634/efp.2019.11(2).2.
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Crisis phenomena has led to an increase in problem debt in banks' loan portfolios, a decline in lending and a decrease in the number of banking institutions in Ukraine. The issue of debt reduction remains an urgent problem for Ukrainian banks, as it affects the bank's liquidity and can lead to insolvency or even bankruptcy of a financial institution, so banks have to make significant reserves for credit risks, which directly affects the investment capacity of banking institutions. The article was written to investigate the nature of the concept of problem credit, analyze the dynamics of problem loans of Ukrainian banks, investigate the reasons for increasing the absolute amount of arrears, suggest directions for improving the management of problem loans of banks in Ukraine. The purpose of the article is to analyze the dynamics of the share of problematic debt in the banking system of Ukraine in times of crisis, to study the current state and causes of problem loans. The positions of scientists on the interpretation of the essence of the concept of "problem credit" are analyzed, the author's approach to the definition of this concept is proposed. The dynamics of problematic debt in the banking system of Ukraine over the last ten years and in crisis periods is analyzed. The reasons for increasing the absolute amount of arrears are investigated Taking into account our results, namely the analysis of the dynamics of problem loans, we emphasize the expediency of our recommendations for overcoming bad debts. The proposed measures will have a positive effect on minimizing credit risks for banks, will help reduce the amount of bad debt and automatically ensure the growth of the country's economy.
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Narayanan, Sudha, and Nirupam Mehrotra. "Loan Waivers and Bank Credit: Reflections on the Evidence and the Way Forward." Vikalpa: The Journal for Decision Makers 44, no. 4 (December 2019): 198–210. http://dx.doi.org/10.1177/0256090919896873.
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Executive Summary In the past decade, farm loan waivers have become a policy instrument to alleviate the financial distress of farmers. Despite agreement on the theoretical rationale for such debt forgiveness and its deep contextual relevance, many fear that in the long run, loan waivers might vitiate the repayment culture in the farm sector and undermine the financial status of banks. At present, critiques of large-scale loan waivers rest on limited evidence. This article reviews and synthesizes existing research and available data on the implications of loan waivers, especially for the flow of credit to farmers from banks. On most of the issues, such as farmer well-being and repayment culture, there seems to be mixed evidence on the consequences of debt waivers. Credible evidence on macroeconomic implications is limited, mainly on account of methodological challenges. This article concludes that even if loan waivers are an inappropriate strategy to support farm incomes in sustainable ways, the wide-ranging negative impacts on the formal banking sector are perhaps overstated. A more fruitful approach would be to focus on whether loan waivers can be designed to reduce the possible negative consequences for the formal banking system as well as for macroeconomic system. The article identifies three possible instruments—loan insurance products that will help banks cope with the consequences of large-scale defaults. Second, to explore the creation of a distress fund that will cushion state finances, should there be a need for debt waivers. Third, it would be useful to consider the operation of debt relief commissions to have an ongoing process for debt waivers.
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Steyn, Lienne. "Sink or Swim? Debt Review's Ambivalent "Lifeline" ... a Second Sequel to "… A Tale of Two Judgments" Nedbank v Andrews (240/2011) 2011 ZAECPEHC 29 (10 May 2011); Firstrand Bank Ltd v Evans 2011 4 SA 597 (KZD) and Firstrand Bank Ltd v Janse van Rensburg 2012 2 All SA 186 (ECP)." Potchefstroom Electronic Law Journal/Potchefstroomse Elektroniese Regsblad 15, no. 4 (May 29, 2017): 189. http://dx.doi.org/10.17159/1727-3781/2012/v15i4a2514.
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The interface between the National Credit Act 34 of 2005 and the Insolvency Act 24 of 1936 has been the object of our courts' attention in a number of recent cases including Ex parte Ford and Two Similar Cases 2009 3 SA 376 (WCC), Investec Bank Ltd v Mutemeri 2010 1 SA 265 (GSJ), Naidoo v ABSA Bank Ltd 2010 4 SA 597 (SCA) and, more recently, Nedbank v Andrews (240/2011) 2011 ZAECPEHC 29 (10 May 2011), FirstRand Bank Ltd v Evans 2011 4 597 (KZD) and FirstRand Bank Ltd v Janse van Rensburg 2012 2 All SA 186 (ECP). The question raised in all of the three most recent cases was whether or not a debtor's application for debt review in terms of the National Credit Act constitutes an "act of insolvency" in terms of section 8 of the Insolvency Act, upon which a creditor may rely in an application for the compulsory sequestration of the debtor's estate. If it does, it would mean that by resorting to the debt relief measures provided by the National Credit Act a debtor commits the very act on which a creditor may base an application for a sequestration order which, if granted, will render the debtor's estate insolvent and bring about the liquidation of his assets. From the debtor's perspective, this is probably precisely the situation that he seeks to avert by applying for debt review. Further, sequestration would frustrate the stated purpose of the National Credit Act, which is that debtors should take responsibility for their debts by satisfying them in full. Concurrent creditors might also ultimately receive a dividend which falls far short of what is due to them.The question of whether a debtor's resorting to debt review may or should be the very act that triggers his estate's sequestration and its attendant consequences is an important issue, the treatment of which impacts significantly on the efficacy of the South African consumer debt relief system. This article analyses the most recent judgments and considers whether or not statutory regulation of the position is required.
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Akal, Andi Tenri Uleng, Nurlaela Nurlaela, and Sri Wahyuni Nur. "Effect of Profitability, Leverage, and Liquidity on Dividend Policy: Evidence from Manufacturing Companies in Indonesia." JURNAL MANAJEMEN BISNIS 8, no. 2 (September 1, 2021): 303–14. http://dx.doi.org/10.33096/jmb.v8i2.883.
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Profitability (ROA) and leverage (DER) have a favorable and material impact on the dividend policies of food and beverage manufacturing companies listed on the IDX. That is, if profitability and leverage continue to improve, so will the dividend policy. In comparison to liquidity (current ratio), which has a positive but negligible effect on the dividend policy of food and beverage manufacturing companies that are listed on the IDX. It may be concluded that while liquidity owned by the company can help enhance dividends, it cannot have a major impact on dividend policy reform. Increased dividend policy will entice investors. Thus, dividend policy can be improved by this research by optimizing asset utilization (ROA) and lowering the danger of debt relief (DER).
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N. Madu, Christian, and Chu-Hua Kuei. "Disaster relief supply chain quality management (DRSCQM)." International Journal of Quality & Reliability Management 31, no. 9 (September 30, 2014): 1052–67. http://dx.doi.org/10.1108/ijqrm-08-2013-0136.
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Purpose – The purpose of this paper is to develop a framework for disaster relief supply chain quality management (DRSCQM). Design/methodology/approach – This paper introduces a structured approach to making decisions in the following areas: system foundation, system constraints, initial sudden natural disaster encounter point(s), the intensity of disaster, the efficacy of the disaster relief supply chain systems, and post-disaster relief management. Findings – The context-intervention-mechanism-outcome logic provides guidelines for facilitating Lean Six Sigma to eliminate wastes and improve the overall performance of the DRSCQM. Research limitations/implications – The theoretical frameworks will enhance the current knowledge base in DRSCQM literature and will also be helpful to manage disaster relief operations and supply chains. However, there is a need to conduct empirical studies based on the proposed frameworks in the future. Practical implications – A transformation process based on Dr Deming's plan-do-check-act cycle has also been proposed to show how a relief organization can assess its current maturity level, react to it, develop more sustainable disaster relief practices, and move the entire system in the right direction. Social implications – The systemic and holistic procedure developed in this paper views the environment of disaster relief as dynamic, complex, chaotic, and ever-changing and takes into account the fact that relief organizations’ actions often involve a team of diverse specialists working on a project basis. Originality/value – The framework presented here helps to improve the efficiency and the effectiveness of disaster relief supply chain management. This is timely and important now as there continues to be an increase in climate-related natural disasters.
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Semerád, Pavel, and Veronika Sobotková. "Tax justice of the reform of higher education: tuition fees or tax relief?" Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 60, no. 7 (2012): 259–64. http://dx.doi.org/10.11118/actaun201260070259.
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This paper deals with the current reform of higher education which is now being discussed in the Czech Republic. The Government and the Ministry of Education, Youth and Sports propose a tuition fee for students at universities but there is still no clear concept of it. University leaders and students are against the tuition fee because of their fear of getting into debt during their study. The aim of this paper is to show an alternative way of funding higher education without tuition fee loans and from the point of view of tax justice. According to the concept of horizontal justice (Mankiw, 1999) taxpayers should pay taxes at the same rate, but it does not work this way. The result of research is that changes in Act 586/1992 Coll., on income tax and in Act 117/1995 Coll., on state social welfare are required. Abolition of tax relief is proposed where discrimination against other taxpayers and groups of students could occur. By abolition of tax relief for a student and tax relief for a dependent child the amounts of 4,020 CZK and 13,404 CZK respectively could be saved. Changes in legislation could be politically more acceptable than the tuition fee. The solution could also lead to simplification for taxpayers. The target should be equal access to higher education for all students.
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Porzecanski, Arturo C. "The Constructive Role of Private Creditors." Ethics & International Affairs 17, no. 2 (September 2003): 18–25. http://dx.doi.org/10.1111/j.1747-7093.2003.tb00434.x.
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During the past couple of years, policy-makers in Washington and other capitals of G-7 countries have been flogging the idea that the functioning of the world's financial markets must be improved by making it easier for insolvent governments, especially in emerging markets, to obtain debt relief from their bondholders and bankers.Most savvy investors, financial intermediaries, and emerging-market government officials, however, are at a loss to understand why the G-7 and the International Monetary Fund (IMF) believe the international financial system would function better if there were specific mechanisms to facilitate sovereign bankruptcies.
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Abbas, Shujaat, Shahida Wizarat, and Sadia Mansoor. "External Debt Distress in South Asia: Evidence from Panel Data Analysis." South Asian Journal of Macroeconomics and Public Finance 9, no. 2 (December 2020): 221–36. http://dx.doi.org/10.1177/2277978720966485.
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This study is an attempt to explore social and economic determinants of external debt distress in five selected South Asian countries, that is, Bangladesh, India, Nepal, Pakistan and Sri Lanka, from 1980 to 2018, by using the contemporary panel fixed effect model and system generalized methods of moments. The findings revealed that the major determinants of external debt distress in selected South Asian countries are large and increasing current account deficits, lower gross capital formation, foreign direct investment and large military expenditures. Among selected socio-economic variables, the increase in life expectancy increases external debt distress, whereas urbanization reduces it considerably. The study urges selected South Asian countries to correct highly unfavourable current account balance, resolve regional conflicts leading to the reduction of the arms race and make the macroeconomic environment friendly for domestic and foreign investment to reduce exploding external debt distress. JEL Classification: C33, E22, F32, H63
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Polanczyk, A., P. Wawrzyniak, and I. Zbicinski. "CFD Analysis of Dust Explosion Relief System in the Counter-Current Industrial Spray Drying Tower." Drying Technology 31, no. 8 (June 11, 2013): 881–90. http://dx.doi.org/10.1080/07373937.2012.736909.
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Ebrahim, Muhammed Shahid, and Mustapha Sheikh. "Debt Instruments in Islamic Finance: A Critique." Arab Law Quarterly 30, no. 2 (February 24, 2016): 185–98. http://dx.doi.org/10.1163/15730255-12341317.
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This article assesses the employment of traditional Islamic debt instruments by contemporary Islamic banks from an economic efficiency perspective. We highlight the fact that the performance of the bulk of the instruments pales in front of the modern facility of participating preferred ijāra. Thus, the shortcomings of the traditional instruments illustrate that the future does not augur well for either the Islamic banking industry or the emerging Muslim economies. For the Muslim world to move beyond its current malaise, it is necessary to scientifically restructure its financial intermediation system in such a way as to meet the challenges of the modern age also conforming to the spirit of the Sharīʿa.
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Wilson, Peter A. "TAXATION CONSIDERATIONS FOR AN AUSTRALIAN COMPANY CARRYING ON PETROLEUM EXPLORATION AND DEVELOPMENT IN PAPUA NEW GUINEA." APPEA Journal 27, no. 1 (1987): 35. http://dx.doi.org/10.1071/aj86004.
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The Australian Income Tax Assessment Act, 19S6 (the Act) has recently been amended by the inclusion of a full foreign tax credit system (FTCS) to replace the partial and exempt system previously existing. In view of this change, and the increase in Australian participation in Papua New Guinea (PNG), petroleum exploration re-consideration of conventional corporate structuring into PNG is warranted.In considering the form of a tax effective structuring, it will be necessary to consider matters such as the following:obtaining an appropriate mix of debt and equity with the debt provided in a form so that the service fee will not qualify as interest for FTCS purposes;structuring the PNG operations through a subsidiary incorporated out of Australia, e.g. PNG;ensuring that the shareholding in the company is appropriate to enable a full credit for 'underlying taxes'; andobtain any 'tax sparing relief available due to the PNG treatment of interest and dividends.These aspects and the many other relevant planning points require consideration of complex legislation. In the absence of direct legal precedent, proper and full consideration is warranted if all intended financial benefits are to be obtained.
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Tinggi, Zulnani, and Sakum. "PENGEMBANGAN EARLY WARNING SYSTEM UNTUK DELISTING SAHAM SYARIAH MENGGUNAKAN SUPPORT VECTOR MACHINE (SVMs)." Jurnal Ekonomi Syariah Pelita Bangsa 5, no. 02 (November 25, 2020): 198–208. http://dx.doi.org/10.37366/jespb.v5i02.117.
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This study aim to produce Early Warning System in predicting the occurrence of delisting in Islamic stocks by using Support Vector Machines (SVM). The sample used in this research are companies listed on the Indonesian Syariah Stock Index (ISSI) for the period of 2012 - 2018. With the variables used in this research: Turn Over Asset, Long Term Debt, Interest Coverage, Debt to Equity, Quick Ratio, ROA, ROE Leverage, Current Ratio, ROIC. The population of this study is 335 Islamic stocks registered with ISSI. There are 102 companies which consists of listed and delisted companies from sharia shares as comparison for the sample data. The Method applied in this study is Purposive Sampling for The sampling technique. From the result found that accuracy rate of the best SVM models is SVM 4 models with 100% accuracy
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Fowdur, Sudhir C., and Soonil D. D. V. Rughooputh. "Evaluation of Congestion Relief Proposals in a Capital City." Journal of Applied Mathematics 2012 (2012): 1–13. http://dx.doi.org/10.1155/2012/420195.
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This paper aims at analyzing three different solutions suggested for traffic congestion relief in Port Louis, the busiest city of Mauritius. It evaluates the impact of the three alternatives which are the use of Light Rail Transit (LRT) as an alternative mode of transport, the construction of a Ring road around Port Louis, and the upgrading of the current bus network into a Bus Rapid Transit (BRT) system. The impact of these three solutions has been evaluated by performing Traffic Cellular Automata (TCA) simulations. Our studies reveal that the Ring road will lead to more congestion while introducing the LRT or upgrading the current bus network will reduce congestion significantly.
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Jaria i Manzano, Jordi, Antonio Cardesa-Salzmann, Antoni Pigrau, and Susana Borràs. "Measuring environmental injustice: how ecological debt defines a radical change in the international legal system." Journal of Political Ecology 23, no. 1 (December 1, 2016): 381. http://dx.doi.org/10.2458/v23i1.20225.
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This paper takes ecological debt as a measure of environmental injustice, and appraises this idea as a driving force for change in the international legal system. Environmental justice is understood here as a fair distribution of charges and benefits derived from using natural resources, in order to provide minimal welfare standards to all human beings, including future generations. Ecological debt measures this injustice, as an unfair and illegitimate distribution of benefits and burdens within the social metabolism, including ecologically unequal exchange, as a disproportionate appropriation and impairment of common goods, such as the atmosphere. Structural features of the international system promote a lack of transparency, control and accountability of power, through a pro-growth and pro-freedom language. In theory, this discourse comes with the promise of compensation for ordinary people, but in fact it benefits only a few. Ecological debt, as a symptom of the pervasive injustice of the current balance of power, demands an equivalent response, unravelling and deconstructing real power behind the imagery of equally sovereign states. It claims a counterhegemonic agenda aiming at rebuilding international law from a pluralist, 'third world' or Southern perspective and improving the balance of power. Ecological debt should not only serve as a means of compensation, but as a conceptual definition of an unfair system of human relations, which needs change. It may also help to define the burdens to be assumed as costs for the change required in international relations, i.e. by promoting the constitutionalization of international law and providing appropriate protection to human beings under the paradigms of sustainability (not sustainable development) and equity.Key Words: environmental justice, ecological debt, international legal system
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Uphlisashvili, Guram. "ON SOME PROBLEM ISSUES RELATED TO LIBERALIZATION OF THE TAX SYSTEM IN GEORGIA." Economic Profile 16, no. 1(21) (July 16, 2021): 33–44. http://dx.doi.org/10.52244/ep.2021.21.04.
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The article looks into the phases of reforming the tax system of Georgia in term of its liberalization. Since the early 2000s, the tax system of Georgia has undergone a significant transformation. There were reduced both the number of taxes and tax rates. Anti-corruption measures were taken, the legal framework was improved, and tax services were changed over to e-services. Tax administration was considerably simplified, but also at the same time was strengthened. The level of fiscal discipline was increased. As a result, despite the seeming release of tax pressure, tax revenues for the treasury were increased manifold. It is clear that success of tax liberalization at this stage of the reform was largely due to the reform of the tax administration system. Higher fines were imposed for violators of tax discipline, which was reflected in severe tightening of tax administration due to the disruption of the corruption environment. A positive link was confirmed between tax liberalization measures and streamlining of the tax administration system in terms of successful tax reform. A number of innovations have been introduced, including: simplified and mostly electronic-automated service procedures, special tax statuses for small and micro entrepreneurs, the so-called "Estonian" model of the taxation of enterprises, the possibility of concluding a tax agreement, a warning mechanism as an alternative to monetary penalties, and so on. It should be noted that over the years, measures to relief, forgive or partially reduce tax debts accumulated in previous periods have become an accompanying and distinctive attribute of the significant ongoing reforms in the tax system. This process has become particularly large-scale since 2015. Just in 2015-2019, more than 68 billion taxpayers owed more than 3.5 billion GEL in terms of both basic taxes and fines. We believe that the unambiguously positive assessment of these large-scale measures for debt relief would not be correct. Of course, such measures relieve the tax administration system of the burden of recovering uncollectible debts. The International Monetary Fund and other donor organizations also require and welcome this. The advantages of this process, as well as related risks and possible threats are being discussed. It is noted that consistent use of such mechanisms leads to long-term negative fiscal consequences, as it undermines tax morality of taxpayers and prevents the introduction of a culture of tax compliance. The tax amnesties, especially if they are recurrent, encourage an anti-competitive environment and generate a sense of unfairness among conscious taxpayers. Destructive expectations are created, which leads to the transformation of the taxpayer behavior model in the wrong direction. These trends are evident in the case of Georgia according to statistical data. We believe that the final result of the tax reforms will depend to a great degree on the ability of the tax administration system and the state in general to prevent the possibility of the new tax amnesties in the future. It is necessary to create the preventive mechanisms that largely exclude possible recurrences of both debt relief of taxable objects and the accumulation of unpaid amounts of taxes.
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Volkova, Nelia, and Diana Vinhora. "Problem Credit Debt of Ukrainian Banks: Current Status and Ways to overcome it." Modern Economics 23, no. 1 (October 27, 2020): 37–43. http://dx.doi.org/10.31521/modecon.v23(2020)-06.
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Introduction. The article is devoted to the study of problem about credit indebtedness of Ukrainian banks at the present stage and to identifying ways to overcome it. The article analyzes the loan portfolio of Ukrainian banks during 2014-2020. For the last five years, the banking system of Ukraine has been developing in the conditions of military conflict and permanent political and economic crisis. After the occupation of the Autonomous Republic of Crimea and certain regions of Donetsk and Luhansk, domestic commercial banks lost part of their assets that remained in the occupied territories. These events forced the National Bank of Ukraine to take measures to stabilize the credit system, which led to the withdrawal of a large number of insolvent banks from the market. Purpose. The purpose of the study is to analyze the current state of credit debt problem of Ukrainian banks and to identify ways to neutralize it. Results. Based on statistical data, the dynamics of individual assets of Ukrainian banks, characterized by the discount rate as the main deterrent to lending, certain factors influencing the emergence of problem loans in a banking institution. Statistical data on the volume of lending to banking institutions by business entities and individuals in Ukraine are presented and analyzed. Based on the analysis, the main factors of increasing creditworthiness are investigated. Based on world experience, we offer ways to overcome the problematic team of domestic banks in the rear stabilization of the credit system. Conclusions. The conducted research confirmed the theoretical expediency and practical significance of the analysis of the current state of credit indebtedness problem of Ukrainian banks, which allows to determine the ways of its neutralization. The assessment of some indicators of banks’ activity revealed a number of factors that negatively affect the work with problem loans, namely: reduction in the number of banks (in particular, banks with foreign capital), reduction in lending, which is directly related to rising interest rates on loans, real incomes, the devaluation of the national currency and more. Each bank must develop a set of measures applicable to a particular category of problem loans, work out algorithms for the interaction of units in the event of certain signs, options for behavior depending on the degree of effectiveness of the measures applied. Implementation of the proposed banks in practice measures to reduce bad debts will be the subject of our further study.
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Long, D. M. "The current status of electrical stimulation of the nervous system for the relief of chronic pain." Surgical Neurology 49, no. 2 (February 1998): 142–44. http://dx.doi.org/10.1016/s0090-3019(97)00227-9.
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