Log in

Relevant bibliographies by topics / Debt sustainability / Journal articles

To see the other types of publications on this topic, follow the link: Debt sustainability.

Journal articles on the topic 'Debt sustainability'

Author: Grafiati

Published: 4 June 2021

Last updated: 4 March 2023

Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles

Select a source type:

Consult the top 50 journal articles for your research on the topic 'Debt sustainability.'

Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.

You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.

Browse journal articles on a wide variety of disciplines and organise your bibliography correctly.

1

Alfaro, Laura, and Fabio Kanczuk. "Undisclosed Debt Sustainability." AEA Papers and Proceedings 112 (May 1, 2022): 521–25. http://dx.doi.org/10.1257/pandp.20221000.

Full text

Abstract:

Over the past decade, non-Paris Club creditors, notably China, have become an important source of financing for low- and middle-income countries. In contrast with typical sovereign debt, these lending arrangements are not public, and other creditors have no information about their magnitude. We transform the traditional sovereign debt and default model to quantitatively study incomplete information arrangements and find that they greatly reduce traditional Paris Club creditors' debt sustainability. Disclosure of nontraditional debt would imply significant welfare gains for the recipient countries but would reduce its sustainability. We discuss the implications of nontraditional lending on standard assumptions of sovereign debt models.

APA, Harvard, Vancouver, ISO, and other styles

2

Martner, Ricardo, and Varinia Tromben. "Public debt sustainability." CEPAL Review 2004, no. 84 (December 23, 2004): 97–113. http://dx.doi.org/10.18356/2f660d06-en.

Full text

APA, Harvard, Vancouver, ISO, and other styles

3

Zhuravka, Fedir, Hanna Filatova, Oleksandr Podmarov, Khaled Aldiwani, and Fathi Shukairi. "State’s debt sustainability management: case of Ukraine." Public and Municipal Finance 7, no. 4 (January 16, 2019): 1–7. http://dx.doi.org/10.21511/pmf.07(4).2018.01.

Full text

Abstract:

Nowadays one of the relevant problems of economic development of Ukraine is the excessive increasing of the public debt that has a number of negative consequences for the financial system of the country. The article is devoted to the research of state’s debt sustainability concept. Special attention is paid to the development of an effective system of debt sustainability management. The aim of the article is to study the theoretical bases of the state’s debt sustainability, investigate scientific and methodological approaches to its management, analyze the public debt and debt sustainability of Ukraine. In order to achieve that goal, the following scientific methods were used: analysis and generalization, decomposition analysis, comparison and compilation. The authors analyzed the structure of the debt sustainability management system: objects, subjects, key principles, objectives, methods, instruments, etc. The list of key indicators of debt sustainability was substantiated and the authors compared their normative values in Ukraine and in world practice. Besides, the state and structure of public debt and the ratio of government debt to GDP were scrutinized. The obtained results proved the debt crisis deepening in Ukraine.

APA, Harvard, Vancouver, ISO, and other styles

4

Dube, Zenzo Lusaba, and Cynthia Mapfudza. "Debt sustainability in fragile economies: the case of zimbabwe." Journal of Management and Science 10, no. 3 (September 30, 2020): 29–32. http://dx.doi.org/10.26524/jms.10.10.

Full text

Abstract:

Zimbabwe’s efforts to reduce domestic and external debt to lower levels remain futile. It continues to grow. In December 2018 domestic debt stood at 98% of GDP, external debt at 70%. It has accelerated the re-engagement with the World Bank, IMF, AfDB and EIB and bi-lateral creditors. The study sought to analyse the sustainability of the growth in Zimbabwe’s debt. The objectives were namely to identify the key fiscal and macroeconomic variables that influence public debt dynamics in Zimbabwe; assess the effects of unsustainable debt on economic growth and development in Zimbabwe; and to explore strategies of managing debt sustainability. Data was collected through in-depth interviews and questionnaires. The study concluded that Zimbabwe’s debt is not sustainable due to non concessionary debts, limited productivity and weak institutional frameworks. Government should conduct a comprehensive debt audit to determine legitimate and illegitimate public debt, strengthen institutions and regulatory framework.

APA, Harvard, Vancouver, ISO, and other styles

5

Kuncoro, Haryo. "THE SUSTAINABILITY OF STATE BUDGET IN DEBT REPAYMENT." Buletin Ekonomi Moneter dan Perbankan 13, no. 4 (June 28, 2011): 415–34. http://dx.doi.org/10.21098/bemp.v13i4.400.

Full text

Abstract:

This paper is designed to analyze the sustainability of the central government budget in the case of Indonesia over the period of 1999-2009. First, we explore the theoretical background of the fiscal sustainability. Second, we develop a model to capture some factors determining the fiscal sustainability. Unlike the previous studies, we use both domestic debt and foreign debt to assess the fiscal solvency. Finally, we estimate it empirically. Based on the quarterly data analysis, we concluded that the government budget is unsustainable. This is associated with domestic debt rather than foreign debt. They imply that the central government should manage the debts carefully including re-profile, re-schedule, and re-structure them in order to spread the excess burden in the future. Also, the fiscal risks should be calculated comprehensively in order to maintain solvency.Keywords: Domestic debt, Foreign debt, Fiscal sustainability, Primary balanceJEL Clasbsification: E62, H63

APA, Harvard, Vancouver, ISO, and other styles

6

International Monetary Fund. "Kenya: Debt Sustainability Analysis." IMF Staff Country Reports 03, no. 400 (2004): 1. http://dx.doi.org/10.5089/9781451821116.002.

Full text

APA, Harvard, Vancouver, ISO, and other styles

7

Lukkezen, Jasper, and Hugo Rojas-Romagosa. "Stochastic debt sustainability indicators." Revue de l'OFCE 127, no. 1 (2013): 97. http://dx.doi.org/10.3917/reof.127.0097.

Full text

APA, Harvard, Vancouver, ISO, and other styles

8

de Piniés, Jaime. "Debt sustainability and overadjustment." World Development 17, no. 1 (January 1989): 29–43. http://dx.doi.org/10.1016/0305-750x(89)90220-9.

Full text

APA, Harvard, Vancouver, ISO, and other styles

9

Jude, Okonkwo Jisike, Anachedo Chima Kenneth, Okoye Nonso John, and Ezeaku Chisom. "Sustainability of External Debt on Economic Growth: Econometric Evidence from Nigeria." Global Academic Journal of Economics and Business 4, no. 2 (April 4, 2022): 33–41. http://dx.doi.org/10.36348/gajeb.2022.v04i02.001.

Full text

Abstract:

External debt sustainability includes external debt stock, external debt service and external debt to export ratio while gross domestic product is used as a proxy for economic growth. This study adopted the descriptive ex-post facto research design and the time series data on the variables were gotten from the CBN statistical bulletin (2020) and the Nigerian Bureau of Statistics (2018). The data were analyzed using the Granger Causality Test and the Ordinary Least Square regression analysis. The findings of the study revealed that external debt has positive and significant relationship with economic growth while external debt service and external debt to export ratio both has a negative relationship with economic growth. The results of the Granger Causality test revealed that unidirectional causality (effect) was found flowing from external debt to exports ratio and external debt to economic growth while there was no causality found between external debt service and economic growth in Nigeria. The study recommended that the monetary authorities should ensure that external debt incurred would ultimately result in economic growth by judiciously allocating these debts to sectors that boost output productivity and that external debt policies decisions should be founded on sustainability indicators such as external debt to export ratio, ensuring that debt is maintained below established thresholds.

APA, Harvard, Vancouver, ISO, and other styles

10

Reis, Ricardo. "Debt Revenue and the Sustainability of Public Debt." Journal of Economic Perspectives 36, no. 4 (November 1, 2022): 103–24. http://dx.doi.org/10.1257/jep.36.4.103.

Full text

Abstract:

While public debt has risen in the last two decades, the return that it offers to investors has fallen, especially relative to the return on private investment. This creates a revenue for the government as the supplier of the special services offered by public bonds, which include storage of value, safety, liquidity, and reprieve from repression. The present value of this debt revenue is large relative to the stock of public debt, keeping it sustainable even as the present value of primary balances is zero or negative. It gives rise to different policy tradeoffs than the conventional analysis of primary balances and makes different recommendation on the effects of austerity, the optimal amount of debt, or the spillovers between monetary and fiscal policy.

APA, Harvard, Vancouver, ISO, and other styles

11

Özker, Ahmet Niyazi. "THE PUBLIC DEBT PHENOMENON IN FISCAL SUSTAINABILITY, AND FINANCIAL DEVIATIONS IN SELECTED OECD COUNTRIES." International Journal of Research -GRANTHAALAYAH 10, no. 7 (August 2, 2022): 91–105. http://dx.doi.org/10.29121/granthaalayah.v10.i7.2022.4692.

Full text

Abstract:

In this study, we attempt to put forth the sustainability phenomenon, an empirical that occurs a significant fiscal impact on developing countries, which aim to reach the desired economic growth levels. Sustainability of public fiscal balances, especially in terms of debt policies, refers to a structural impact mechanism that means paying debts without default and restructuring them without risk in a period when the payment and redemption deadlines have come, especially in terms of external debts. This mechanism of influence is also expressed in the restructuring of a financial process, which can be expressed in different values, especially in developing countries, and whether the defaulted public liabilities refer to the later debt phenomenon. In this respect, public fiscal sustainability means that the real level of future primary surpluses is equal to the current real value of the public debt at a fundamental level. In our analytical study, the four countries were taken as the basis and the analytical values of these four countries in the financial balances were determined as emerging economies on the basis of these selected countries as Turkey, Poland, Chile, and Mexico. Besides, based on debts and public deficits, this fact also means a sustainable fiscal structure that can emphasize all kinds of debt phenomena at different levels, especially local governments, and the central government throughout the country. In addition, a debt obligation covering the entire public sphere also expresses sustainability in the narrow sense, representing the central government budget, which is essential in terms of sustainable budget balances. On the other hand, the sustainability of debts in developing countries where foreign public debt is in question, especially the public debt of central banks, can also lead to unexpected financial weakness and vulnerabilities. The policies as public borrowing instruments can create uncertainty about the level of financial-institutional impact in terms of future principal and interest payments and negatively affect fiscal policies sustainability. In this context, the acceptability of this fiscal process regarding the receivables of all institutions such as private bondholders, banks, and the World Bank is accepted as the sustainability of the debts in an ongoing process with mutually positive financial formations. When countries demand debt from financial markets, they have to maintain their fiscal sustainability regarding whether they should retake financial risks, especially in developing countries. This approach, which can also be expressed as the stability of debts, also puts forward a position identical to the expectations of stable ground for developing economic growth potential and financial infrastructure.

APA, Harvard, Vancouver, ISO, and other styles

12

Kregždė, Arvydas. "GOVERNMENT DEBT SUSTAINABILITY: THE LITHUANIAN CASE." Ekonomika 91, no. 3 (January 1, 2012): 56–71. http://dx.doi.org/10.15388/ekon.2012.0.887.

Full text

Abstract:

The paper deals with some aspects of sustainability of the government debt of Lithuania for a long, medium and short time horizon. The purpose of the study is to investigate the sustainability of the debt with respect to the nominal GDP growth, the interest rate on the debt, and the primary budget deficit. The differential equations calculus technique is used for the analysis of the debt. A scenario approach is used to simulate the sensitivity of the debt to economic shocks. An inequality for a non-increasing debt over a medium term is applied for the possibility to restore the level of the debt to a pre-crisis level. The sensitivity of the debt to a short movement of interest rate, the GDP growth rate and the primary budget deficit is investigated. A rule of debt change in a short run by one percentage point is formulated.

APA, Harvard, Vancouver, ISO, and other styles

13

ASADA, Hidekatsu. "Public Debt Sustainability of Vietnam." Studies in Regional Science 50, no. 2 (2020): 259–69. http://dx.doi.org/10.2457/srs.50.259.

Full text

APA, Harvard, Vancouver, ISO, and other styles

14

International Monetary Fund. "St. Lucia: Debt Sustainability Analysis." IMF Staff Country Reports 03, no. 139 (2003): 1. http://dx.doi.org/10.5089/9781451823226.002.

Full text

APA, Harvard, Vancouver, ISO, and other styles

15

Suchkova, O. V., and A. Yu Chemis. "Russian Regional Debt Sustainability Estimation." Vestnik of the Plekhanov Russian University of Economics, no. 4 (August 29, 2019): 72–84. http://dx.doi.org/10.21686/2413-2829-2019-4-72-84.

Full text

APA, Harvard, Vancouver, ISO, and other styles

16

International Monetary Fund. "Honduras: Debt Sustainability Analysis 2006." IMF Staff Country Reports 06, no. 442 (2006): 1. http://dx.doi.org/10.5089/9781451817195.002.

Full text

APA, Harvard, Vancouver, ISO, and other styles

17

Niemann, Stefan, and Paul Pichler. "Collateral, Liquidity and Debt Sustainability." Economic Journal 127, no. 604 (March 16, 2017): 2093–126. http://dx.doi.org/10.1111/ecoj.12384.

Full text

APA, Harvard, Vancouver, ISO, and other styles

18

De Carvalho, Alexandre, and Pedro A. S. Salomão. "Assessing Debt Sustainability in Brazil." Brazilian Review of Econometrics 27, no. 1 (May 1, 2007): 27. http://dx.doi.org/10.12660/bre.v27n12007.1571.

Full text

APA, Harvard, Vancouver, ISO, and other styles

19

Edwards, Sebastian. "Debt relief and fiscal sustainability." Review of World Economics 139, no. 1 (March 2003): 38–65. http://dx.doi.org/10.1007/bf02659607.

Full text

APA, Harvard, Vancouver, ISO, and other styles

20

Ikhsan, Mohamad, and I. Gede Sthitaprajna Virananda. "Fiscal Sustainability in Indonesia with Asymmetry." Economics and Finance in Indonesia 67, no. 1 (May 6, 2021): 19. http://dx.doi.org/10.47291/efi.v67i1.731.

Full text

Abstract:

The management of fiscal balance determines public debt sustainability, where a positive response of primary balance towards the debt ratio indicates a sustainable path. However, there might be asymmetry in the government’s fiscal management between different phases of the debt trajectory and business cycle. This study examines the sustainability of fiscal imbalance and public debt in Indonesia using the fiscal reaction function with annual fiscal data from 1976 to 2019. We incorporate asymmetry by decomposing the lagged debt ratio and cyclical output variables into their positive and negative partial sums. We find that Indonesia’s fiscal imbalance is on a path of weak sustainability as revenue grows more slowly than expenditure in the long run, with the bi-directional Granger causality between the two indicating fiscal synchronization. Long-run public debt sustainability is on a more sustainable path as primary surplus responds positively to the debt ratio. However, our asymmetric analysis suggests that this might be a false impression as primary balance decreases only in response to debt ratio decrease but increases less or fails to increase when the debt ratio rises, which is potentially dangerous.

APA, Harvard, Vancouver, ISO, and other styles

21

Omotor, Douglason. "External debt sustainability in West African countries." Review of Economics and Political Science 6, no. 2 (February 15, 2021): 118–41. http://dx.doi.org/10.1108/reps-11-2019-0144.

Full text

Abstract:

Purpose This paper aims to apply the debt sustainability framework using various ratios to review the current state of sovereign debt of Economic Community of West African States (ECOWAS) member countries. Design/methodology/approach Debt sustainability framework using various ratios (which include the present value approach, Country Policy and Institutional Assessment debt policy assessment ranking and solvency ratio of external debt) for the period 2010 and 2017 were used for the analysis to determine external debt sustainability and solvency of ECOWAS members. Findings The findings indicate that most ECOWAS countries are already turning at the unsustainable debt path and may renege in their debt obligations, thus creating a vicious cycle of external borrowing that could lead to capital flight. Originality/value This paper offers the empirical evidence to identify which of the ECOWAS countries are already at the threshold of external debt stress, and in the likelihood to renege on their debt obligations.

APA, Harvard, Vancouver, ISO, and other styles

22

Matthew, A. O., and A. O. Adetayo. "Debt Sustainability and Economic Growth in Nigeria." IOP Conference Series: Earth and Environmental Science 1054, no. 1 (September 1, 2022): 012053. http://dx.doi.org/10.1088/1755-1315/1054/1/012053.

Full text

Abstract:

Abstract This study examines the effect of debt sustainability on Nigeria’s economic growth. In contrast to previous studies, this study takes a holistic approach that considers both domestic and external debt, as well as debt service payments. The study used yearly data that covered a period of forty years (1981 - 2020). Consequently, the non-linear autoregressive distributed lag (NARDL) econometric technique was used to decompose the effects of the debt variables into their positive and negative effects to ascertain if the inconsistent results documented by previous studies could be attributed to undetected asymmetries. The study established that Nigeria’s total debt stock and debt service payments had a considerable short-run effect on the economic growth of the country, but that only a reduction in total debt stock is important for long-run economic growth in the country. It was discovered that an increase in total debt stock initially has a terrible impact on economic growth, but that it has a positive impact after one year. On the other hand, the short-run effect of a total debt stock decrease is found to be consistently positive for all lags. Concerning debt service payment, the short-run effect showed that economic growth decreases when debt service payment increases and economic growth increases when debt service payment decreases. In the long-run, only a decrease in the total debt stock decreases economic growth significantly. From Recommendations from this study state that debt accumulation should be used to increase the country’s production capacity by increasing investments in infrastructure (e.g., power and better transportation networks) and to improve human capital development as these would help maximize the social gains from debt.

APA, Harvard, Vancouver, ISO, and other styles

23

Sekabira, Haruna. "Capital Structure and Its Role on Performance of Microfinance Institutions: The Ugandan Case." Sustainable Agriculture Research 2, no. 3 (March 15, 2013): 86. http://dx.doi.org/10.5539/sar.v2n3p86.

Full text

Abstract:

<p>Micro Finance Institutions (MFIs) rejuvenate economic prowess in developing countries, after severe shocks like wars, droughts and floods. MFIs are a promising tool to tackle poverty and improve food security. Sustainability of MFIs based on their capital structure ensures sustainability in poverty reduction and improved food security. The limited literature on the impacts of capital structures on MFI performance necessitated the study. Panel data from 14 MFIs was collected based on availability and accessibility. The sources of data were financial and income statements covering five years. Econometric analysis using STATA software was done following methodologies of Bogan and Rosenberg. MFIs lent to both individuals and groups and 79% were not regulated by the Central Bank, 86% had their funding sources as loans, grants, excluding deposits/savings and 73% attained operational self-sufficiency. Debt and grants were negatively correlated to operational and financial sustainability. When sustainability was more constricted to financial sustainability, debt and share capital remained noteworthy. Other than grants, debt was paid back on competitive market interest rates most especially debts from money lenders, whereas share capital fetched in revenues to the MFIs at market interest rates from the borrowers. Grants and debt had a substantialdamagingconsequence on MFI performance. Capital structure was essential in MFIs’ sustainability. MFI specific characteristics, like management were also important. Subject to sampling uncertainties, the results indicate that adding to regulation by Central Bank, MFIs must specialize their lending to reduce portfolio at risk. MFIs must reduce dependence on debts and grants and resort to accumulating share capital for long-term sustainability.</p>

APA, Harvard, Vancouver, ISO, and other styles

24

Vavoura, Chara, and Ioannis Vavouras. "Social development and public debt sustainability." Social Cohesion and Development 14, no. 2 (January 18, 2021): 79. http://dx.doi.org/10.12681/scad.25739.

Full text

Abstract:

The issue of public debt sustainability is of exceptional importance in the case of Greece. As a rule, the relevant analysis is limited to the examination of the fiscal policy measures reported to contribute to reducing public debt leaving out the investigation of the factors that caused the country’s debt crisis. The objective of the present paper is to explore the determinants of Greece’s debt crisis and the strategy required to address it. Our work highlights the issue of social development, which is found to be a necessary condition for ensuring the long run sustainability of the country’s public debt.

APA, Harvard, Vancouver, ISO, and other styles

25

Brad, Laura, Gabriel Popescu, Alina Zaharia, Maria Claudia Diaconeasa, and Daniela Mihai. "Exploring the Road to Agricultural Sustainability by Assessing the EU Debt Influencing Factors." Sustainability 10, no. 7 (July 13, 2018): 2465. http://dx.doi.org/10.3390/su10072465.

Full text

Abstract:

The importance of agricultural financing in ensuring food security and safety, jobs, poverty reduction, economic growth and more recently, climate change mitigation, natural resource conservation and sustainable development imposes periodic analysis of the factors which might influence the farmers’ financial situation, in order to improve it. One way of assessing this is to analyze the agricultural debt. In this context, based on previous models, the paper aims to assess the impact of specific factors on the agricultural debt level in the European Union during 2008–2015, as these should be considered in future common agriculture policies as well as in achieving sustainable agriculture. The research was conducted based on econometric techniques, by applying panel models in the Eviews 7.0 software-64 bit version. More than 20 variables were considered in the analysis. Some of the findings suggest that an increase in subsidies as well as the share of cash flow in the total existing capital would determine considerable reductions of the total debt. Decoupled subsidies seem to have a higher impact than coupled subsidies on short term debt, while its value is between the one found for coupled subsidies in the case of long term debt. Large farms/companies, to which decoupled payments are granted, have higher debts on long run and on total debt. The same units, to which coupled subsidies were granted, have smaller short-term debt. In contrast, the increases of labor costs, fixed costs, and crop/livestock costs lead to an increase in the total debt, since the farms require additional financial resources to cover the expanded costs. Also, the results suggest that short-term debts are mainly formed of long-term loans that reached maturity. In this case, the authors support the idea of differentiated financing programs for the agricultural activities because of their peculiarities and reinforced by the need to turn the intensive agriculture into a sustainable and plentiful one.

APA, Harvard, Vancouver, ISO, and other styles

26

Ochinyabo, Samuel. "THE CORONAVIRUS PANDEMIC AND FISCAL SUSTAINABILITY IN NIGERIA." International Journal of Advanced Research in Statistics, Management and Finance 8, no. 1 (January 5, 2021): 166–75. http://dx.doi.org/10.48028/iiprds/ijarsmf.v8.i1.11.

Full text

Abstract:

The study will examine the impact of the coronavirus pandemic on Nigeria’s fiscal sector. This was undertaken on the premise that the sector is the lifeline of a developmental state like Nigeria which needs to deliver dividends to her citizens after two decades of un-interrupted democratic governance. The specific objectives of the study are to (i) examine the effect of the coronavirus pandemic on government revenue, expenditure and debt management in Nigeria. (ii) assess the government’s response in managing the Covid-19 effect on the fiscal sector in Nigeria and (iii) set the agenda for the post COVID-19 strategy for recovery and fiscal sustainability in Nigeria. The study adopted an exploratory data analysis approach, where it obtained secondary data for the period Q1 2016- Q2 2020 from publications of the National Bureau of Statistics, Central Bank of Nigeria, and National Council for Disease Control and the World Health Organization, Descriptive Statistical tools was used to analyze the data. The findings of the study revealed expected declines in total gross revenue, total federal expenditure, external reserves and GDP growth rates, but unexpected declines in Deficit financing and foreign debt servicing. There was increase in total public debt. So, the study makes the following recommendations; The growth in non-oil revenue must be sustained. Government must have to change its expenditure framework to ensure that capital expenditure is more than revenue expenditure. External reserve should be shored up immediately to a level that can sustain the economy for a reasonable period of time. The decline in deficit financing should be sustained by engaging in realistic budgeting. Foreign Debts should be used mostly for capital expenditure that will finance itself in the long run. Debt servicing strategies should be properly streamlined not to become a burden on the economy. Total public debts should not be allowed to grow beyond sustainable threshold.

APA, Harvard, Vancouver, ISO, and other styles

27

Chandia, Khurram Ejaz, Sania Riaz, Attiya Y. Javid, Muhammad Badar Iqbal, Mariam Azam, and Ifra Gul. "Assessment of Public and External Debt Sustainability Using Debt Dynamics Equation Approach: A Comparative Study of Pakistan and India." Millennial Asia 10, no. 1 (April 2019): 25–55. http://dx.doi.org/10.1177/0976399619825688.

Full text

Abstract:

The study examines the sustainability of public and external debt burden of Pakistan and India for the period 1971–2017. The debt dynamics equation for public debt uses two components for the analysis of public debt sustainability, namely, interest rate–growth rate differential and differential of primary budget balance-to-GDP and change of reserve money-to-GDP ratio. The equation for external debt dynamics also uses two components for the assessment of external debt sustainability, namely, current account balance-to-exports ratio and differential of exports growth and interest rate. The significance of the approach used in the current study lies in the fact that in case of evaluation of countries’ debt sustainability, it is quite necessary to monitor debt trends along with emerging domestic and external vulnerabilities and systemic risks that threaten debt sustainability. This phenomenon has been captured through debt dynamics approach, which is used in the current study. The results are based on the estimation of two equations, namely, debt dynamics equation for overall public debt sustainability and debt dynamics equation for external debt sustainability. The results of the study indicate that primary budget deficit and current account deficit have played a significant role in the accumulation of public debt and external debt, respectively in Pakistan and India. The study concludes that public debt and external debt of Pakistan and India are sustainable but in a weak form.

APA, Harvard, Vancouver, ISO, and other styles

28

M.A., Isiaka, Adeosun O.T., Talabi A.A., and Lamidi L.O. "Relationship between Public Debt and Exports in Nigeria: A Granger Causality and Threshold Analysis Approach." African Journal of Social Sciences and Humanities Research 5, no. 5 (December 28, 2022): 108–25. http://dx.doi.org/10.52589/ajsshr-axzif3kd.

Full text

Abstract:

This paper examines the relationship between public debt and exports of Nigeria, ranging from the period 1981 to 2017. It analyses the trend of public debt and its measure of sustainability and how it relates to the export earnings of Nigeria. Granger causality was used to test the causality effect of public debts on Nigeria's exports (oil and non-oil exports). Also, threshold regression analysis was used to investigate the relationship between public debt and exports of Nigeria. Granger causality results show that the export of goods and services of Nigeria granger causes external debt while external debt does not granger cause the export of goods and services. Domestic debt has a statistically significant influence on exports of Nigeria, but a threshold exists for this to avoid the crowding-out effect and higher interest rate, which will influence exports negatively. Hence, for Nigeria as a nation to maintain the sustainability of its domestic debt in relation to exports, there is an existence of a maximum threshold limit of ₦6,538 billion, while external debt should be below ₦3,178 billion.

APA, Harvard, Vancouver, ISO, and other styles

29

Kranke, Matthias. "Tomorrow's Debt, Today's Duty: Debt Sustainability as Anticipatory Global Governance." Global Society 36, no. 2 (April 3, 2022): 223–39. http://dx.doi.org/10.1080/13600826.2021.2021152.

Full text

APA, Harvard, Vancouver, ISO, and other styles

30

Vaggi, G., and A. Prizzon. "On the sustainability of external debt: is debt relief enough?" Cambridge Journal of Economics 38, no. 5 (December 4, 2013): 1155–69. http://dx.doi.org/10.1093/cje/bet039.

Full text

APA, Harvard, Vancouver, ISO, and other styles

31

Renjith, P. S. "GST and Debt Sustainability: The Indian Experience." Indian Public Policy Review 4, no. 1 (Jan-Feb) (February 2, 2023): 49–71. http://dx.doi.org/10.55763/ippr.2023.04.01.003.

Full text

Abstract:

In the context of a perceptible rise in the share of sub-national debt in India’s total public debt, and the predominant role of GST as a revenue source for the state, this study attempts to analyse the sustainability of debt policies adopted by sub-national governments in the context of GST. It looks at the 20 major Indian states, using the fiscal policy response function, two alternative specifications, and panel data methodology to analyse the issue at aggregate and disaggregate levels during GST regime. The results indicate that the debt policy is sustainable at the aggregate level, but only in 9 states at the disaggregate level during the GST regime. However, when GST compensation is excluded from the model, the test results do not indicate that Indian states pursued sustainable debt policies. The observed results are then amplified and corroborated using an indicator-based approach, and it is concluded that the GST remains an undermining factor of debt sustainability. Overall, the study draws attention to the states’ poor revenue performance after GST, and the challenges to the sustainability of their debt position. Policy intervention should be sought to improve the debt situation through an effective GST mechanism in states where the debt is unsustainable.

APA, Harvard, Vancouver, ISO, and other styles

32

Kocha, Chukwunenye N., Marshal Iwedi, and James Sarakiri. "The Dynamic Impact of Public External Debt on Capital Formation in Sub-Saharan Africa: The Pooled Mean Group Approach." Journal of Contemporary Research in Business, Economics and Finance 3, no. 4 (December 23, 2021): 144–57. http://dx.doi.org/10.33094/26410265.2021.34.144.157.

Full text

Abstract:

The increasing reliance on public external debt stocks in Africa and other developing countries has raised the question of debt sustainability, especially in the face of Covid-19, which has forced many counties (both developed and developing) into an unforeseen and unplanned recession. This study contributes to the literature on debt sustainability by examining the effect of public debt on capital formation in Sub-Saharan Africa (SSA) from 2000 to 2008 using the pooled mean group estimation approach. The debt variables considered are external debt stock, debt service on external debt, and interest payment on external debt. Consistent with the overhang theory, our results show that increasing external debt stock and interest payment on external debts only have a marginal impact on capital formation in the short run and exerts a serious negative effect in the long run. Our results also show that debt service burden has a positive effect on gross fixed capital formation in the long run. Therefore, we argue that despite being faced with a huge debt service burden resulting from large external debt stock, SSA countries are not neglecting investments in critical infrastructures needed to drive economic growth. However, we recommend that increasing government revenue base, minimizing economic waste associated with public expenditure, and intensifying negotiations for debt relief may be a plausible way out.

APA, Harvard, Vancouver, ISO, and other styles

33

Ejaz, Mehak, and Kalim Hyder. "Fan Chart Approach to Debt Sustainability in Pakistan." LAHORE JOURNAL OF ECONOMICS 24, no. 2 (July 1, 2019): 1–23. http://dx.doi.org/10.35536/lje.2019.v24.i2.a1.

Full text

Abstract:

Pakistan’s economy has experienced relatively high growth of above 4.5 percent during FY2014-18. Meanwhile external liabilities and domestic debt have increased by almost 50 percent over the same period. This substantial increase in the external and domestic debt is a major issue for policymakers concerned about debt sustainability in Pakistan. With the objective of analyzing debt sustainability in Pakistan, this study applies a probabilistic approach to project the debt path from FY2019 to FY2025. In this approach, projections of the primary balance are derived from the estimated fiscal reaction function while the density forecast of external debt is derived from various statistical and structural models. The forecasts of the primary balance and the external debt along with the shocks of real GDP growth, real exchange rate and real interest are incorporated in the debt accumulation identity. This procedure provides a fan chart of the total debt-to-GDP ratio, which represents the appropriate uncertainty associated with the projections. The key finding of the paper is that external debt is reasonably sustained; however, the situation of the total debt is alarming. External debt may witness a declining trajectory in FY2019-20 and then remain stable within the range of 20-30 percent of GDP. However, the total debt-to-GDP ratio is rising throughout the projection period, which starts from around 100 to 175 percent of GDP in FY2020 and FY2025 and is higher than any sustainable threshold level. Therefore, policy makers need to contain fiscal deficits by domestic resource mobilization and the adoption of austerity in spending on a priority basis.

APA, Harvard, Vancouver, ISO, and other styles

34

Barykin, Sergey Evgenievich, Alexey Aleksandrovich Mikheev, Elena Grigorievna Kiseleva, Yuriy Evgenievich Putikhin, Natalia Sergeevna Alekseeva, and Alexey Mikhaylov. "An Empirical Analysis of Russian Regions’ Debt Sustainability." Economies 10, no. 5 (May 1, 2022): 106. http://dx.doi.org/10.3390/economies10050106.

Full text

Abstract:

This paper investigates the impact of the moderate growth of government borrowing on debt sustainability in 11 Russian regions over about 10 years, starting in 2010. The current study aims to assess the debt sustainability of the Russian region’s budget by determining Euclidean distance budget constraints and cluster analysis. This study is based on the methodology of hierarchical cluster analysis, which makes it possible to isolate regions of accumulation of objects from the aggregate data and combine them into homogeneous segments. The central hypothesis of this study is that by using this method, it is possible to increase the accuracy of the values that limit budget constraints in a region’s financial system. This study, using open data from the Federal State Statistics Service, is based on a database of statistical, financial, and economic indicators of the Russian economy. The calculations include about 45 macroeconomic indicators, which reflect the ratios of socio-economic development of the region’s financial system. The methodology described in the paper for assessing the debt sustainability of budget policy proves the need to calculate six indicators and determine the debt limits for the regions of each cluster. It finds a need to reduce the high debt burden of 46% of the regions belonging to the Northwestern Federal District. Confidence intervals for the debt limit suggest that the negative growth effect of high debt may start from levels of around 5% of the debt-to-GDP ratio and about 43% of the debt-to-revenue ratio. The results indicate that regions with a high level of debt sustainability include St. Petersburg city, the Leningrad region, and the Kaliningrad region. From a state debt policy perspective, the results provide additional arguments for debt reduction for the Republic of Komi, the Republic of Karelia, the Arkhangelsk region, and the Pskov region. The general conclusion of the study boils down to the need to reduce the debt burden of the budgets of some regions of the SFZO, as well as to the need to change the upper limits of debt, which are equally set for all regions by the Budget Code of the Russian Federation, to differentiated values of public domestic debt, taking into account the results obtained in the study.

APA, Harvard, Vancouver, ISO, and other styles

35

Cooray, N. L. Anushka. "Public Debt Sustainability in Sri Lanka." Journal of Reviews on Global Economics 8 (December 31, 2019): 1242–57. http://dx.doi.org/10.6000/1929-7092.2019.08.108.

Full text

APA, Harvard, Vancouver, ISO, and other styles

36

International Monetary Fund. "Greece: Preliminary Draft Debt Sustainability Analysis." IMF Staff Country Reports 15, no. 165 (2015): 1. http://dx.doi.org/10.5089/9781513512358.002.

Full text

APA, Harvard, Vancouver, ISO, and other styles

37

Bacchiocchi, Emanuele, and Alessandro Missale. "Multilateral indexed loans and debt sustainability." Oxford Review of Economic Policy 31, no. 3-4 (2015): 305–29. http://dx.doi.org/10.1093/oxrep/grv028.

Full text

APA, Harvard, Vancouver, ISO, and other styles

38

Collard, Fabrice, Michel Habib, and Jean-Charles Rochet. "SOVEREIGN DEBT SUSTAINABILITY IN ADVANCED ECONOMIES." Journal of the European Economic Association 13, no. 3 (May 26, 2015): 381–420. http://dx.doi.org/10.1111/jeea.12135.

Full text

APA, Harvard, Vancouver, ISO, and other styles

39

Gunter, Bernhard G. "Achieving theMDGs and Ensuring Debt Sustainability." Third World Quarterly 32, no. 1 (February 2011): 45–63. http://dx.doi.org/10.1080/01436597.2011.543813.

Full text

APA, Harvard, Vancouver, ISO, and other styles

40

Heinemann, Friedrich. "Sustainability of national debt in Europe." Intereconomics 28, no. 2 (March 1993): 61–68. http://dx.doi.org/10.1007/bf02928105.

Full text

APA, Harvard, Vancouver, ISO, and other styles

41

Sakuragawa, Masaya, and Yukie Sakuragawa. "Government fiscal projection and debt sustainability." Japan and the World Economy 54 (June 2020): 101010. http://dx.doi.org/10.1016/j.japwor.2020.101010.

Full text

APA, Harvard, Vancouver, ISO, and other styles

42

Arlashkin, Igor Yu. "Clustering of Russian Regions by Level of Debt Sustainability." Financial Journal 13, no. 5 (October 2021): 108–24. http://dx.doi.org/10.31107/2075-1990-2021-5-108-124.

Full text

Abstract:

The subject of the paper is the assessment of regional debt sustainability in accordance to the Budget Code of the Russian Federation. The relevance of the study is due to the aggravation of the regional debt problems at the end of 2020 and the need to have an assessment system that allows to timely respond to a decrease in the level of regional debt sustainability. The novelty of the study consists in the analysis of the system of debt sustainability indicators and their threshold values using the methods of cluster analysis. The article aims to examine if the current assessment system allows to classify regions by the level of debt sustainability quite clearly. As a result of the study, it was shown that the used debt sustainability indicators partially duplicate each other, and the methods of their calculation and the established threshold values discriminate against subsidized regions. In addition, it was shown that the grouping of regions based on the current assessment system does clearly distinguish between regions with high and medium levels of debt sustainability. The conclusion of the study is that in order to improve the system for assessing debt sustainability, it is necessary to change the set of debt sustainability indicators and the procedure for calculating them, as well as to set appropriate new threshold values for the new set of indicators. The prospect of the study is to conduct a similar analysis based on data for 2020 and refine new thresholds for debt sustainability indicators.

APA, Harvard, Vancouver, ISO, and other styles

43

de-Córdoba, Gonzalo F., Benedetto Molinari, and José L. Torres. "Public Debt Frontier: A Python Toolkit for Analyzing Public Debt Sustainability." Sustainability 13, no. 23 (November 30, 2021): 13260. http://dx.doi.org/10.3390/su132313260.

Full text

Abstract:

This study proposes a synthetic visual indicator with which to perform debt sustainability analysis using dynamic general equilibrium models. In a single diagram, we summarized the general equilibrium relationships among economic activity, government budget, and the maximum amount of sustainable public debt. Then, we measured sustainability using the distance of actual debt from the model-consistent maximum debt. This indicator can be implemented with any DSGE model; as a backing theory, we used a neoclassical model augmented with endogenous tax revenues, disaggregated public spending, different production technologies for public and private goods, non-atomistic wage setters in public labor (unions), and a fully specified maturity curve for public bonds. We provided an example of its usage using the case of Greece during the last public debt crisis. To perform the numerical analysis, we developed original software, whose advantage is allowing an audience without expertise in DSGE models to perform general equilibrium debt sustainability analyses without requiring an understanding of the technicalities of DSGE models.

APA, Harvard, Vancouver, ISO, and other styles

44

Asonuma, Tamon, Michael G. Papaioannou, Gerardo Peraza, Kristine Vitola, and Takahiro Tsuda. "Sovereign Debt Restructurings in Belize: Debt Sustainability and Financial Stability Aspects." Journal of Banking and Financial Economics 2/2017, no. 8 (September 22, 2017): 5–26. http://dx.doi.org/10.7172/2353-6845.jbfe.2017.2.1.

Full text

APA, Harvard, Vancouver, ISO, and other styles

45

Abeysinghe, Tilak. "Debt Begets Debt: The Sri Lankan Welfare State and Fiscal Sustainability." Asian Economic Journal 35, no. 4 (December 2021): 363–89. http://dx.doi.org/10.1111/asej.12255.

Full text

APA, Harvard, Vancouver, ISO, and other styles

46

DASCALU, Elena. "PUBLIC DEBT ANALYSIS BASED ON SUSTAINABILITY INDICATORS." Annals of "Spiru Haret". Economic Series 16, no. 3 (September 21, 2016): 79. http://dx.doi.org/10.26458/1636.

Full text

Abstract:

This article is an analysis of public debt, in terms of sustainability and vulnerability indicators, under a functioning market economy. The problems encountered regarding the high level of public debt or the potential risks of budgetary pressure converge to the idea that sustainability of public finances should be a major challenge for public policy.Thus, the policy adequate to address public finance sustainability must have as its starting point the overall strategy of the European Union, as well as the economic development of Member States, focusing on the most important performance components, namely, reducing public debt levels, increasing productivity and employment and, last but not the least, reforming social security systems. In order to achieve sustainable levels of public debt, the European Union Member States are required to establish and accomplish medium term strategic budgetary goals to ensure a downward trend in public debt.

APA, Harvard, Vancouver, ISO, and other styles

47

Jung, Hyun-Uk, Tae-Hyoung Mun, and Taewoo Roh. "Does Debt Financing Affect the Sustainability of Transparent Accounting Information?" Sustainability 13, no. 7 (April 6, 2021): 4052. http://dx.doi.org/10.3390/su13074052.

Full text

Abstract:

With the classification of debt financing into private debt (borrowing) and public debt (bond), this study aims to figure out the relationship between corporate debt financing and transparent accounting information sustainability. Debt financing of a firm was measured as a ratio of private debt to sum of private and public debt while sustainability of transparent accounting information was measured as a matching level. The sample is selected from corporations listed on the stock market in the Republic of Korea, except for the financial industry, from 2011 to 2018. As a result, the ratio of private debt of a firm was found to have a negative relationship with the matching level. It indicates that the ratio of high-private debt of a firm reduces the matching level. These results were found to be consistent even using various methodologies (e.g., Prais–Winsten, and Newey–West). This study confirmed the negative sustainability of transparent accounting information when the ratio of borrowings in corporate financing is high. Our implications that different financing methods can have different effects on the sustainability of corporate transparent accounting information.

APA, Harvard, Vancouver, ISO, and other styles

48

Sundus, Samina Naveed, and Tanweer Ul Islam. "An empirical investigation of determinants & sustainability of public debt in Pakistan." PLOS ONE 17, no. 9 (September 28, 2022): e0275266. http://dx.doi.org/10.1371/journal.pone.0275266.

Full text

Abstract:

An assessment of debt dynamics and its sustainability is very important in formalizing prudent and effective macroeconomic policies especially for the economies with weak macroeconomic fundamentals and alarming debt levels. Keeping in view the recent debt escalation in Pakistan, this study aims to explore the important factors that influence the public debt dynamics in case of Pakistan and to evaluate its sustainability. This study applies the debt dynamic approach for empirical assessment of drivers of changing debt levels and analysis of public debt sustainability. Furthermore, ARDL approach is utilized to study the short- and long-run debt dynamics using historic data from 1975 to 2021. This study is distinct from already existing work on debt assessment in Pakistan as it examines both important dimensions of public debt (determinants & stability) by employing the novel dynamic debt modelling approach and using most recent data. The study finds a positive and significant impact of fiscal deficit, exchange rate depreciation and interest rate on public debt in Pakistan. The debt sustainability analysis also reveals the instability of public debt for the entire study period except for few years. The regression results corroborate with the findings from stability analysis, and the main driving forces for increasing the debt burden of the country are found to be the fiscal indiscipline along with the rising cost on account of ER depreciation and higher interest rates.

APA, Harvard, Vancouver, ISO, and other styles

49

Grujić, Miloš, and Perica Rajčević. "CHARACTERISTICS, STRUCTURE AND SUSTAINABILITY OF DEBT OF THE REPUBLIC OF SRPSKA." ЗБОРНИК РАДОВА ЕКОНОМСКОГ ФАКУЛТЕТА У ИСТОЧНОМ САРАЈЕВУ 1, no. 16 (October 16, 2018): 65. http://dx.doi.org/10.7251/zrefis1816065g.

Full text

Abstract:

The aim of the research is to address the challenges that may be a constraint on economic growth and development. In the research, we used the relevant literature and acts that were in front of the delegates at the National Assembly of Republic of Srpska. The research question is: "What are the main characteristics of the Republic of Srpska's debt?" In line with this, the methods employed in this paper are the analysis and synthesis of previous researchs, theoretical findings and publicly accessible documents pertaining to the debt of Republic of Srpska, and an overview of the case studies. The contribution of the paper is reflected in the explained wideness and the possibilities of using different sources of money, and the limits on which the debts can be used in order to achieve sustainability tasks. We have concluded that this year, the Republic of Srpska bill has reached the largest amount of debt – KM 858 million (755 million principal and 103 million interest). In line with the presented evidence, priority should be given to projects that would be financed by advantageous credit arrangements and to rationalize public spending. Despite the usual opinion, we have proven that the debt of the Republic of Srpska is sustainable - the average interest rate is lower than the GDP growth rate and that, although unpopular, the currency board system corresponds to the position of Republic of Srpska. However, we have pointed out the danger of stereotype that the public debt of less than 60% necessarily indicates that the country is in a good position.

APA, Harvard, Vancouver, ISO, and other styles

50

Tsuchiya, Yoichi. "Directional analysis of fiscal sustainability: Revisiting Domar's debt sustainability condition." International Review of Economics & Finance 41 (January 2016): 189–201. http://dx.doi.org/10.1016/j.iref.2015.08.012.

Full text

APA, Harvard, Vancouver, ISO, and other styles

We offer discounts on all premium plans for authors whose works are included in thematic literature selections. Contact us to get a unique promo code!