To see the other types of publications on this topic, follow the link: Public Debt Management.
Dissertations / Theses on the topic 'Public Debt Management'
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the top 50 dissertations / theses for your research on the topic 'Public Debt Management.'
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 dissertations / theses on a wide variety of disciplines and organise your bibliography correctly.
1
Paalzow, Anders. "Public debt management." Doctoral thesis, Handelshögskolan i Stockholm, Samhällsekonomi (S), 1992. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-901.
Full textAbstract:
This thesis consists of three self-contained papers covering different aspects of public debt management. From a methodological point of view they all have in common that results and models from the theory of finance are used to analyze the effects of public debt management. The first paper, Neutrality of Public Debt Management, studies the case when public debt management does not matter, i.e. when it is neutral. Although strong assumptions are needed to ensure neutrality of public debt management it is nevertheless of interest to study it, since an analysis illuminates the mechanisms through which public debt management affects the economy. The paper starts with a discussion of the assumptions that are needed to ensure neutrality in the models used in the literature. The remainder of the paper tries to relax some of these assumptions. The model employed is an intertemporal general equilibrium model. It is shown that if the agents are identical, public debt is neutral provided the agents pierce the veil of government, and all taxes associated with public debt are lump-sum. It is also shown that if the agents are different but have sufficiently similar utility functions that exhibit hyperbolic absolute risk aversion (i.e., the agents have linear risk tolerance), public debt management is neutral in aggregates, provided the agents pierce the veil of government and all taxes associated with the debt service are lump-sum. This means that public debt management neither affects prices nor aggregate consumption; it might, however affect the individual agent’s consumption-savings decision. Since the class of utility functions that exhibit hyperbolic absolute risk aversion is widely used in economic analysis, this result has several theoretical and empirical implications. The result also has implications for the choice of model in the third paper of the thesis. The second paper, Objectives of Public Debt Management, discusses the objectives of public debt management in an atemporal mean-variance framework. The model employed in this paper differs in one important aspect from the ones previously used in the literature; it takes the firms’ investment decisions into account and hence endogenizes the supply of assets to some extent. It is shown that if the firms’ behavior is introduced, objectives that in the literature have been assumed to stimulate the economic activity do not necessarily have the desired effect. The paper also discusses different objectives aiming at welfare-improvements and economic stimulation. Since the analysis is performed in a unified framework, it is possible to compare the objectives and to discuss their welfare implications. Of particular interest is the welfare aspects of minimization of the costs of public debt. Finally, the paper also discusses the effectiveness of the objectives and it is shown that with one exception, cost minimization, effectiveness declines when the government-issued debt instruments’ share of the asset market falls. The last paper, Public Debt Management and the Term Structure of Interest Rates, develops and uses a stochastic overlapping generations model to analyze the impact of public debt management on the term structure of interest rate. In most of the literature public debt management is thought of as changes in the maturity structure of the outstanding public debt. A change in the maturity structure implies that public debt management affects, e.g., future tax liabilities and hedging opportunities. To capture these effects it is necessary to use an intertemporal framework. In contrast to most models in the literature on public debt management, the model in this paper is intertemporal and takes the general equilibrium effects of public debt management into account, by integrating the financial and real sectors of the economy. This means that current and future asset prices, as well as investments are affected by public debt management. The analysis suggests that it is not the quantities of the long-term and short-term bonds, per se, that determine the effects on the term structure of interest rates. What determines these effects is how public debt management affects the hedging opportunities through changes in asset supply, taxes and prices.Diss. Stockholm : Handelshögskolan
2
Missale, Alessandro. "Public debt management." Thesis, Massachusetts Institute of Technology, 1994. http://hdl.handle.net/1721.1/11962.
Full text
3
Alver, Mustafa Ugur. "Optimization Models For Public Debt Management." Master's thesis, METU, 2009. http://etd.lib.metu.edu.tr/upload/12610462/index.pdf.
Full textAbstract:
Management of public debt is crucial for every country. Public debt managers make efforts to both minimize the cost of borrowing and to keep debt stock at sustainable levels. However, due to competition for funds in the continuously changing and developing financial markets, new threats and opportunities appear constantly.
Public debt managers construct borrowing policies in order to minimize the cost of borrowing and also to decrease risk by using various borrowing instruments. This thesis presents a mathematical model to determine the borrowing policy that minimizes the cost of borrowing in line with future projections and then seeks to extend it to construct risk sensitive policies that allow minimizing the effects of changes in the market on the cost of borrowing.
The model&rsquos application results for determining the borrowing strategies of Turkish Treasury for 100 month horizon have been evaluated through the study.
4
Moskalyuk, Svitlana. "Public debt management in transition countries." Doctoral thesis, Università degli studi di Padova, 2011. http://hdl.handle.net/11577/3421624.
Full textAbstract:
Public debt management (PDM) in transition and other emerging countries is more complex and crucial than in developed ones. In these economies, the choice of the financial structure of the public debt is key to warrant fiscal stability because of higher volatility of macroeconomic and financial conditions. In addition, public debt dynamics exacerbate the weight of fiscal risk as a source of macroeconomic instability. This work is a contribution to the analysis of these issues; in particular, it is focussed on the optimal PDM in the Former Soviet Union (FSU) countries, a relatively unexplored issue in the economic literature.
This Ph.D. thesis is composed by three papers, each one corresponding to a chapter. The first one presents a brief description of the economy and public debt structure of the FSU countries since their independence, while the last two provide the optimal debt structure of Armenia and Lithuania.
Break up of the Soviet Union put the FSU republics in front of a number of issues, which they had to solve on their own. Lack of significant own resources and loss of subsidies from the consolidated budget of the USSR necessitated foreign borrowings of financial resources. In the early years of the transition the republics borrowed from the international financial institutions mainly on concessional terms, thus, external debt increased to extremely high levels. Lately, the markets for debt securities expanded significantly in order to diversify the risks and to look for a different sources of finance. But these financial markets remain undeveloped, which causes extremely difficulties to collect data on debt composition. Chapter 1 is the first attempt to describes the public debt evolution in the FSU republics since their independence, thus, represents a unique contribution to the literature.
Chapter 2, relying on a stylized set of securities and on a simple econometric model of the Armenian economy, analyzes the optimal public debt composition, balancing fiscal and financial risks and costs. Considering several alternative macroeconomic shocks hitting the economy, I find that the balance of risks and costs underlying Armenian public debt can be improved by reducing foreign-currency denominated debt (both on concessional and commercial terms), and by increasing fixed-rate bonds. Also, the analysis clearly supports the introduction of real bonds.
Chapter 3 presents a model in which PDM stabilizes the debt ratio to minimize the risk that the budget deficit exceeds the 3% limit set by the EU Stability and Growth Pact, in face of different macroeconomic and financial shocks affecting Lithuanian economy in the context of a pegged exchange rate. To minimize debt risks and costs the estimated results suggest giving priority to fixed rate securities. The model introduces inflation-indexed bonds and describes the share necessary for potential gains to the government from their issuing.La gestione del debito pubblico nelle economie emergenti ed in transizione è più complessa e cruciale rispetto alle economie sviluppate. A causa della maggiore volatilità delle condizioni macroeconomiche e finanziarie tipiche di queste economie, la scelta della struttura del debito pubblico è fondamentale per garantire la stabilità fiscale. Inoltre le dinamiche del debito aumentano il peso del rischio fiscale come fonte di instabilità macroeconomica. Questo lavoro contribuisce all'analisi di questi argomenti; in particolare, focalizzandosi sull'ottimizzazione della gestione del debito pubblico nelle repubbliche ex-URRS, aspetto ancora relativamente inesplorato nella letteratura. Questa tesi di dottorato è composta da tre articoli, ognuno dei quali corrisponde ad un capitolo. Il primo rappresenta una descrizione dell'economia e della struttura del debito pubblico delle repubbliche ex-URRS dalla loro indipendenza ad oggi, mentre gli ultimi due sono dedicati al calcolo della composizione ottimale del debito pubblico di Armenia e Lituania. La caduta dell'Unione Sovietica ha posto le repubbliche ex-URRS di fronte a diverse difficoltà che ogni paese ha dovuto affrontare individualmente. La mancanza di risorse proprie e la perdita dei sussidi dal bilancio consolidato dell'URRS ha creato la necessità di ricorrere a prestiti dall'estero. Nei primi anni dell'indipendenza le repubbliche si sono indebitate principalmente con istituzioni finanziarie internazionali usufruendo di prestiti agevolati. Successivamente, hanno cominciato a sviluppare il mercato dei titoli di stato allo scopo di diversificare i rischi ed accedere ad altre fonti finanziarie. Ma questi mercati finanziari rimangono ancora poco sviluppati, ciò rende la raccolta dei dati sul debito pubblico difficile. Il Capitolo 1 è il primo tentativo di descrivere l'evoluzione del debito pubblico nei paesi ex-URRS dalla loro indipendenza, per cui rappresenta un contributo unico alla letteratura. Il Capitolo 2, basandosi su un set semplificato di titoli di stato ed un modello econometrico semplificato dell'economia armena, analizza la composizione ottimale del debito pubblico della Repubblica di Armenia, bilanciando rischi e costi fiscali e finanziari. Applicando differenti shock macroeconomici all'economia Armena, emerge che il bilanciamento fra rischi e costi sottostanti il debito pubblico armeno può essere migliorato riducendo i titoli di stato denominati in valuta estera e aumentando l'emissione di titoli a tasso fisso. Inoltre, l'analisi supporta l'introduzione di titoli indicizzati all'inflazione. Il Capitolo 3 presenta un modello in cui la gestione del debito è orientata a stabilizzare il rapporto del debito-PIL per minimizzare il rischio che il deficit ecceda il 3% (limite stabilito dal Patto Europeo di Stabilità e Crescita) nel contesto di tasso di cambio fisso considerando diversi shock che colpiscono l'economia lituana. I risultati suggeriscono di dare priorità ai titoli a tasso fisso. Per minimizzare i rischi e costi del debito, il modello introduce l'emissione di titoli indicizzati all'inflazione e descrive i possibili vantaggi per il governo dovuti alla loro emissione sul mercato.
5
Balibek, Emre. "Multi-objective Approaches To Public Debt Management." Phd thesis, METU, 2008. http://etd.lib.metu.edu.tr/upload/12609305/index.pdf.
Full textAbstract:
Public debt managers have a certain range of borrowing instruments varying in their interest rate type, currency, maturity etc. at their disposal and have to find an appropriate
combination of those while raising debt on behalf of the government. In selecting the combination of instruments to be issued, i.e. the borrowing strategy to be pursued for a
certain period of time, debt managers need to consider several objectives that are conflicting by their nature, and the uncertainty associated with the outcomes of the decisions made. The objective of this thesis is to propose an approach to support the decision making process
regarding sovereign debt issuance. We incorporate Multi-Criteria Decision Making (MCDM) tools using a multi-period stochastic programming model that takes into account
sequential decisions concerned with debt issuance policies. The model is then applied for public debt management in Turkey.
6
Goldfajn, Ilan. "On public debt and exchange rates." Thesis, Massachusetts Institute of Technology, 1995. http://hdl.handle.net/1721.1/11082.
Full text
7
Celebi, Nuray. "Public Debt Management In Turkey With Stochastic Optimization Approach." Master's thesis, METU, 2005. http://etd.lib.metu.edu.tr/upload/3/12607050/index.pdf.
Full textAbstract:
The Prime Ministry of Undersecretariat of Treasury maintaining the financial administration of Republic of Turkey has several tasks to handle one of which is to manage the government&rsquos debt in a way that minimizes the cost regarding risk. Choosing the right instrument and maturity composition that has the least cost and risk is the debt management problem to be dealt with and is affected by many stochastic factors. The objective of this thesis is the optimization of the debt management problem of the Turkish Government via a stochastic simulation framework under the constraints of changes in portfolio positions. Value-at-Risk of the optimal portfolio is calculated to measure market risk. Macroeconomic variables in the optimization problem are modeled with econometric models like autoregressive processes (AR), autoregressive integrated moving average processes (ARIMA) and generalized autoregressive conditionally heteroscedastic (GARCH) processes. The simulation horizon is 2005-2015. Debt portfolio is optimized at 2006 and 2015 where the representative scenarios for the optimization are found by clustering the previously generated 25,000 scenarios into 30 groups at each stage.
8
MELO, RODRIGO ALVES DE. "MANAGEMENT AND INSUSTAINABILITY OF THE PUBLIC DEBT IN THE BRAZIL." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2006. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=9143@1.
Full textAbstract:
COORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIORNesse trabalho abordamos a importância do gerenciamento na sustentabilidade da dívida. Em um primeiro instante, definimos períodos de insustentabilidade da dívida pública de forma alternativa à literatura corrente. Através de modelos probabilísticos com variável dependente insustentabilidade sendo binária, encontramos evidências empíricas de que a composição e a duração da dívida influenciam a probabilidade de ocorrência de períodos de insustentabilidade, para o período compreendido entre janeiro de 1996 e setembro de 2005. Em um segundo momento, utilizamos a abordagem de gerenciamento de risco para analisar a sustentabilidade da dívida. Agregamos a essa abordagem o fato de decompormos a dívida pública por indexador. Através de simulações de Bootstrap em bloco e Monte Carlo, obtemos trajetórias explosivas da dívida pública, embora na ausência de risco, haja sustentabilidade. Além do mais, estimamos estatísticas de risco para a dívida e encontramos razoável correlação entre essas e o risco-país. Por fim, observamos que títulos indexados à taxa de juros selic e a moeda estrangeira aumentam a probabilidade de haver insustentabilidade.
We discuss the importance of the debt management in its sustainability. At first, we define unsustainability periods of the public debt in an alternative way, if compared to the current literature. Using probabilistic models with unsustainability dependent dummy variable, we find empiric evidences that composition and duration of the debt influence the probability that unsustainability periods might occur, for the period between January 1996 and September 2005. In a second step, we use the risk management approach to analyze the debt sustainability. We include in this approach an analysis of the decomposition of the public debt. Applying Bootstrap and Monte Carlo simulations, we obtain some explosive trajectories of the public debt, although in the lack of risk, there is sustainability. In addition, we estimate risk statistics of the debt and we find reasonable correlation between these and the country risk. Finally, we observe that Selic interest rate and foreign currency indexed bonds raise the probability of unsustainability.
9
Birkholz, Kai. "Aktives kommunales Debt Management in Deutschland - ein bisher vernachlässigtes Sparpotenzial." Universität Potsdam, 2006. http://opus.kobv.de/ubp/volltexte/2009/3252/.
Full textAbstract:
Inhalt:
1. Untersuchungsfeld
2. Allgemeine Angaben zu den befragten Kommunen
2.1 Haushaltsdefizit/-überschuss
2.2. Schuldenstand zum 31.12.2004 und Zinsausgaben
2.3. Durchschnittsverzinsung
3. Kommunales Debt Management
3.1. Zielsetzungen
3.2. Kreditmanagement
3.3. Derivatemanagement
3.4. Organisatorische Aspekte
4. Fazit
10
Mzekwa-Khiva, Nomonde Lindelani. "Evaluation of debt management policy implementation towards revenue management in government leased properties." Thesis, Nelson Mandela Metropolitan University, 2013. http://hdl.handle.net/10948/d1020633.
Full textAbstract:
The study sought to evaluate debt management policy implementation towards revenue management in government leased properties of the Eastern Cape Provincial Treasury at the Transkei Development and Reserve Fund. Secondly, the study aimed at developing a tool for assisting policy-makers and officials involved in debt management and revenue collection. In order to address the research problem, a case study involving randomly selected 27 employees from the Eastern Cape Provincial Treasury and housing ward committee members was adopted. Self-administered questionnaires and interviews were the two data collection techniques utilised. All participants were involved in the study during tea and lunch breaks at the workplace; this constituted the employees’ natural environment. Both quantitative and qualitative designs were utilised in analysing data. Descriptive statistical analysis using excel was utilised to summarise the responses, analyse the demographic profiles of participants and their responses. The results were thus presented in the form of bar charts. Responses which could not be analysed using statistics were analysed qualitatively thus the advantages inherent in the two approaches were exploited. The evidence from the study suggests that government operational employees are aware of their roles and responsibilities as they relate to debt management and debt collection policy. The development of debt management policy promotes rental collection, improve property profitability and ensure the maintenance is in place to improve attractiveness of the government properties.
11
Mupunga, Nebson. "Assessing the optimal size and composition of public debt in Zimbabwe." Thesis, Nelson Mandela Metropolitan University, 2014. http://hdl.handle.net/10948/8977.
Full textAbstract:
This study provides an analysis of public debt dynamics with a view to assess the optimal size and composition of public debt in Zimbabwe that is consistent with maintaining public debt at sustainable levels. The analysis was performed by applying public debt data for Zimbabwe over the period 1980 to 2012. Robustness checks were conducted, using data for selected low income countries in the sub-Saharan Africa. The study was motivated by the public debt management concerns caused by the 2008/09 global financial crisis and the European sovereign debt crisis as well as the external public debt overhang experienced by Zimbabwe since the year 2000. The findings of the study complement existing research findings and information on public debt management of the International Monetary Fund (IMF) and other researchers. The major contribution of this thesis is the determination of optimal public debt thresholds for Zimbabwe. The optimal public debt thresholds were estimated from a joint analysis of the macroeconomic variables that affect public debt and the reaction of fiscal policy to changes in debt. The classical linear regression and Bayesian Vector Auto Regression (BVAR) models were applied to examine the drivers of debt accumulation and to assess the sensitivity of debt to macroeconomic shocks. The information from the drivers of public debt accumulation, together with the fiscal response mechanism was used to calibrate the long-run stable (optimal) public debt target. The optimal public debt threshold was also determined by assessing the link between public debt and economic growth. This assessment was carried out to establish the tipping point beyond which public debt adversely affects growth. Such a tipping point provides valuable information on the optimal size of public debt. The study also applied simulation approaches to determine the optimal composition of public debt. The results show that public debt dynamics in Zimbabwe largely comprised extensive stock flow adjustments emanating from extra budgetary expenditures to meet social and political related needs. The results of the assessment on the sensitivity of public debt to macroeconomic shocks show that Zimbabwe‟s public debt has been more vulnerable to economic growth, exchange rate and interest rate shocks. The significant influence of these variables highlights the role of automatic debt dynamics in public debt management. The results from the fiscal reaction function show that government has been responding positively to increases in public debt. This analysis also shows that government‟s policies are a-cyclical; as explained by the negative and insignificant response of the primary balance to the output gap. The dynamic stochastic simulation analysis suggests that Zimbabwe‟s public debt could follow an array of potential paths depending on the policy stance implemented by government. The simulated risk to public debt dynamics is larger, with an upper bound public debt to GDP ratio of 100 per cent and a lower bound public debt ratio of 32 per cent. The simulated lower bound provides a measure of a natural debt limit, which the government could adopt without fearing the risk of default. The results suggest that the main risks to public debt sustainability lie in growth shocks, whose volatility have been high for the period under study. The results from the analysis of growth and debt confirm the existence of an optimal growth maximising public debt ratio depicted by an inverted U-shaped relationship between public debt and economic growth. The optimal size of public debt was found to be at public debt levels of between 45-50 per cent of GDP. This means that higher public debt ratios have been associated with lower economic growth rates at debt levels above 50 per cent of GDP. The results are consistent with empirical findings for low income countries which suggest the existence of a debt laffer-curve. The results from an analysis of an optimal composition of public debt show a trade-off between a debt composition with more external concessional debt and one with more domestic debt. While a composition with more concessional borrowing was found to be desirable from a cost perspective, it proved to be less desirable from a risk perspective after taking into consideration stock flow adjustments due to changes in cross exchange rates. The findings of the study point to a need for the Zimbabwean government to swiftly respond to increases in public debt to control the swings in debt dynamics caused by macroeconomic shocks. The inverted U-shaped relationship between debt and growth suggests that government borrowing must be done in a way that simultaneously entrenches debt sustainability and ensures sustained economic growth rates in the medium to long-term. The study also highlights the need for counter-cyclical macroeconomic policies to avoid explosive debt dynamics emanating from frequent changes in the business cycle, and to minimise the interest/growth rate differential to ensure sustainable public debt dynamics. There is also a need for authorities to ensure a true balance between external and domestic borrowing to minimise the volatility in debt service costs caused by macroeconomic shocks. Generally, the findings from this study can assist in informing the policy agenda to address the imperatives of debt resolution, fiscal consolidation and economic growth acceleration.
12
Adinugrahan, Sapto, and Mochamad Ridwan. "Efficiency of Foreign Debt Portfolio Management in Emerging Economies." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Economics, Finance and Statistics, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-26887.
Full textAbstract:
Fluctuation of exchange rate has affected the increasing burden of foreign debt payment in emerging economies. This issue has negatively influenced the economic growth. It has been a severe obstacle considering that governments have to issue public debt denominated in foreign currency to finance the budget deficit. Hence, there is an urgent necessity to implement an efficient public debt management to minimize the exchange rate exposure. This thesis analyses how efficient the foreign debt portfolio management is in the 14 emerging economies under examination in the period of 1990-2013. Panel Dynamic Fixed-effect Estimator and Granger Causality approach are applied to analyze how responsive the currency composition of foreign debt portfolio to the exchange rates movement. The thesis examines the four biggest foreign debt shares that are denominated in US dollar, Euro, British pound, and Japanese yen, and the related exchange rates movement in the economies under consideration. The observation concludes that the foreign debt portfolio management in these emerging economies is not efficient or not optimal. The evidences prove that changes in the exchange rates of Euro, British pound, and Japanese yen relative to US dollar Granger cause changes in respected debt shares. It means that there is no substitution effects from the appreciation of the currencies vis-à-vis the US dollar during the year of observation.
13
Rosas, Francisco Flores. "The build-up of Mexico's external public debt, 1976-82 : context, management, and crisis." Thesis, University of Cambridge, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.389828.
Full text
14
Tesselaar, Johannes Christoffel Petrus. "Debt management framework for Western Cape Province municipalities." Thesis, Cape Peninsula University of Technology, 2017. http://hdl.handle.net/20.500.11838/2439.
Full textAbstract:
Thesis (DTech (Public Management))--Cape Peninsula University of Technology, 2017.From a municipal perspective non-payment means that consumers, rate-payers and citizens are not fulfilling their obligations towards a particular municipality, contributing to a situation of insufficient available cash for day-to-day service delivery. The current debt situation in municipalities can be linked to the creation of a culture of non-payment due to the political situation in South Africa pre- and post-1994. Sections 1.1, 1.2 and 1.3 present the contributions and reasons for the current debt situation per the three spheres of government. South African municipal debt increased by 88 percent (R44 billion) over the last five financial years, from R50 billion in 2009/2010 to R94 billion in 2013/2014. The trend of 15- 20 percent per year increase in debt precludes the effective, efficient and economic provision of essential and emergency services to communities. All municipalities need to ensure that an effective collection relationship exists and that municipalities implement policies, by-laws, processes, procedures and systems in this regard. However, many municipalities fail in their quest for effective collection, or lack the capacity to utilise enabling legislation to implement an efficient and effective debt collection framework. This research study was conducted in response to this scenario, to identify and document existing problems through the development of guidelines and a framework for effective cash and debt collection. The guidelines will assist municipalities in collecting their outstanding debts.
15
Votava, Libor. "Management veřejného dluhu." Doctoral thesis, Vysoká škola ekonomická v Praze, 2003. http://www.nusl.cz/ntk/nusl-11592.
Full textAbstract:
Chronic imbalance between government revenues and expenditures was the main cause of growing public debt in many economies. In economic theory we can find some other arguments that justify deficit financing of government expenditures or public debt. We can mention these arguments -- in some situations (for example natural disaster) government borrowing from other subjects is very prompt and operative way how to gain additional money and seems to be better than other ways (for example better than increase of taxation), government bonds and securities can be very attractive instrument where economic subjects allocate savings and improve liquidity of secondary markets or can be used for monetary policy. On the other hand many arguments against budget deficit and public debt are in theory described and analyzed -- negative affects in savings allocation (crowding-out affect), cost of debt service limits active fiscal policy, debt burden is shifted to other generations, government expenditures from debt financing can negatively effect macroeconomic stability. In theory and in practical policy is public debt and its effects on economy relatively complicated and controversial topic and we can analyze its from economic, technical and political point of view. It results also from the fact that there are many different debt instruments which can be used to finance the budget deficit. A main distinction is the currency of denomination, and, in particular, whether or not is the domestic currency. Another important characteristics is the initial term to maturity, which among marketable instrument may range from few weeks to 30 years. A policymaker may rely on marketable securities, as well as on loans from financial institutions and on savings bonds sold to personal investors. Which instruments policy makers choose depends on the objective they pursue as well as on the circumstances in which the choice is made. Debt management we can define as the process of establishing and executing a strategy for managing the government's debt in order to raise the required amount of funding, achieve its risk and cost objectives, and to meet any other sovereign debt management goals the government may have set, such as developing and maintaining an efficient market for government securities. The objective of debt management policy is to minimize over the long term the cost of meeting the government's financing needs, taking account of risk connecting with debt portfolio. Application of debt management in real economy covers for example these specific issues: Debt management objectives and strategy, coordination with fiscal and monetary policy, allocation of responsibilities and objectives among institutions and authorities dealing with debt management, transparency to public, institutional framework, technical and information base. Importance of public debt management results from facts that high levels of public debt are a common feature of modern economies. It is possible to suppose that debt management is going to be very actual issue in the Czech Republic in near future for these reasons -- Czech Republic is small and open economy (we can consider it to be emerging market), during last several years public debt in Czech Republic have been growing rapidly not only in absolute volume but also as GDP ratio, there is a permanent danger that financial and economic shocks in international economy combined with inappropriate fiscal and monetary policy can have negative or in extreme case fatal impact on many people living in the Czech Republic. Dissertation "Public debt Management" primary focused on these issues and problems: Basic theoretical points concerning fiscal policy, deficit and public (government) debt -- methodology of measuring debt, influence debt on economy, risks connecting with public (government) debt Arguments for and against deficit and debt Public debt management -- general recommendations of International Monetary Fund Practice as for the public debt management in some countries -- USA, Sweden, countries of Euro-area Situation as for the public debt in Czech Republic Public debt management in Czech Republic -- historic development, goals and criteria set and used presently, analyze of risks that public debt management deals with, risk management applied in Czech republic, evaluation public debt management in Czech republic -- confrontation with recommendations of International Monetary Fund Analyze of impact of financial crises on process of public debt management in Czech republic Some arrangements concerning directly or indirectly public dept management in Czech Republic are recommended and analyzed. These recommendations are: Implementation of "inflation-linked" bonds Increasing portion of debt denominated in euro currency Prolongation of calendar of emissions Improvement of intelligibility of documents named "Strategie" that should declare and explain principles of public debt management in Czech republic Creation and implementation of special law destined for public debt management
16
Greer, Robert. "THREE ESSAYS ON LOCAL GOVERNMENT DEBT." UKnowledge, 2013. http://uknowledge.uky.edu/msppa_etds/6.
Full textAbstract:
The local government tax-exempt debt market is a growing, and complex, sector of public finance. As local governments turn to debt financing the factors that contribute to interest costs of that debt have become important considerations for local government officials and politicians. Governance at the local level involves a network of overlapping governments some of which share a tax base. This system of overlapping governments that share a tax base are subject to externalities that arise from taxation, expenditures, and debt. These externalities are usually analyzed in terms of tax or expenditure reactions, but there are implications for local government debt as well. For example, it can be shown that overlapping governments that share a tax base and issue debt can increase the interest costs paid on bonds by a higher level government. Further complicating the debt situation of local governments is the prevalence of a variety of special districts with the authority to issue tax-exempt debt. These special districts may have the authority to issue debt, but little is known about their financing processes. By comparing how different types of government approach the credit rating process this dissertation compares risk assessment of traditional municipalities and special districts. Through this comparison similarities and differences in the credit rating process across types of local governments can be identified. To explore these issues of local government debt several advanced econometric techniques are used to estimate various models.
17
Meneghetti, Costanza. "Managerial Incentives and the Choice between Public and Private Debt." Digital Archive @ GSU, 2008. http://digitalarchive.gsu.edu/finance_diss/14.
Full textAbstract:
This paper proposes that managerial incentive compensation affects the firm choice between public and bank debt. To motivate the case I analyze a simple model with complete and perfect information that implies a positive relation between managers’ incentive compensation and preference toward bank debt. Using firm-level data over the period 1992-2005, I empirically examine the relation between managerial incentives and financing decisions. Specifically, I examine whether managers whose compensation is tied to firm performance choose bank over public debt as a commitment mechanism to reduce the cost of debt. Consistent with a monitoring role of banks, I find that the probability of choosing bank over public debt is positively related to the level of incentive compensation. Further, I find that public lenders price the incentive alignment between manager and shareholders by increasing the cost of debt, while the overall cost of bank loan does not depend on the manager’s incentive compensation. Finally, I find that banks are more likely to include a collateral provision in the debt contract if the manager’s compensation is tied to firm performance.
18
Kupka, Ondřej. "Vývoj a řízení státního dluhu v České republice." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-360698.
Full textAbstract:
The aim of the diploma thesis is to analyze the development of the government debt in the Czech Republic, in particular in terms of its structure, the assessment of the sustainability of the current government debt level and the assessment of the setting and operation of debt management in the Czech Republic, in comparison with the recommendations of important international institutions. Used will work primarily analytical, synthetic and comparative methods. The first chapter introduces the theoretical definition of the concepts of public debt, including its causes, impacts and forms of coverage. Subsequently, the thesis deals with the theoretical approaches in the sphere of governement debt management. The next chapters assess the development of the government debt in the Czech Republic, its structure, institutional solution and overall debt management. Finally is evaluated the sustainability of the Czech Republic's current indebtedness and realized the comparison of debt management with IMF and World Bank recommendations.
19
Burgtorf, Ulrich. "Public-debt-Management und Glaubwürdigkeit der Geldpolitik eine theoretische und empirische Analyse zur staatlichen Schuldenstrukturpolitik /." [S.l. : s.n.], 2004. http://deposit.ddb.de/cgi-bin/dokserv?idn=971853630.
Full text
20
Abdel-Jawad, Malek. "Applications of optimization to sovereign debt issuance." Thesis, Brunel University, 2013. http://bura.brunel.ac.uk/handle/2438/7625.
Full textAbstract:
This thesis investigates different issues related to the issuance of debt by sovereign bodies such as governments, under uncertainty about the future interest rates. Several dynamic models of interest rates are presented, along with extensive numerical experiments for calibration of models and comparison of performance on real financial market data. The main contribution of the thesis is the construction and demonstration of a stochastic optimisation model for debt issuance under interest rate uncertainty. When the uncertainty is modelled using a model from a certain class of single factor interest rate models, one can construct a scenario tree such that the number of scenarios grows linearly with time steps. An optimization model is constructed using such a one factor scenario tree. For a real government debt issuance remit, a multi-stage stochastic optimization is performed to choose the type and the amount of debt to be issued and the results are compared with the real issuance. The currently used simulation models by the government, which are in public domain, are also reviewed. Apparently, using an optimization model, such as the one proposed in this work, can lead to substantial savings in the servicing costs of the issued debt
21
Tiftik, Mehmet Emre. "Assessing Domestic Debt Sustainability Of Turkey With A Risk Management Approach." Master's thesis, METU, 2006. http://etd.lib.metu.edu.tr/upload/3/12607632/index.pdf.
Full textAbstract:
This thesis analyzes the debt dynamics of Turkey and assesses the sustainability of fisscal policy. The assessment of fiscal policy follows the methodology of Garcia and Rigobon (2004). This approach focuses on the concept of debt sustainability from a risk management perspective and incorporates the effects of stochastic shocks to the economy in its assessment. The results suggest that a continuation of the present fiscal stances will lead to a fiscal unsustainability in Turkey. Furthermore, the results indicate that the properties of the debt dynamics are closely related to the spreads on both dollar denominated debt and YTL denominated debt. This thesis also provides an application of two traditional methodologies, such as Wilcox's (1989) methodology and Uctum and Wicken'
s (2000) methodology in order to assess the fiscal sustainability of Turkey.
22
MARCHESI, SILVIA. "Screening and Signalling in Debt Strategies: Theory and Empirics." Doctoral thesis, University of Warwick, 2001. http://hdl.handle.net/10281/4658.
Full textAbstract:
This thesis focuses on public debt under asymmetry of information. The first part of the thesis deals with foreign debt while the second part with domestic debt.
In the first part of this work (Chapter 1 and 2) a theoretical model is developed in which adoption of an IMF programme signals a country's productivity. It is assumed that there are two types of country, one with a high return on investment and the other with a low return. The country's type is known only to itself. In the presence of a debt overhang, the high productivity country may choose not to undertake the investment, despite it being socially efficient to do so. In this case the creditor would like to offer the country some debt reduction, but the low productivity type will also benefit from the debt reduction. This problem can be avoided if the country has sufficient resources to engage in a debt buyback in order to gain the debt relief: only the high productivity type would be prepared to sacrifice current resources for the debt reduction, and thus a separation of the two types is achieved. (This is similar to an argument found in Acharya and Diwan, 1993). We argue, however, that it is unlikely that a heavily indebted country will have sufficient resources for a buyback. If the country is credit constrained, an alternative screening mechanism is to undertake an IMF programme in return for debt reduction and possibly an IMF loan. This mechanism can be the equilibrium outcome even if the programme creates only disutility for the country's policy makers.
The existence of an empirical relationship between the adoption of an IMF programme and the concession of a debt rescheduling by commercial and official creditors is tested in Chapter 3 using a bivariate probit model (to control for the endogeneity of the choice "IMF adoption"). If countries who have arrangements with the IMF are more likely than others to obtain a rescheduling of their external debt we could conclude that the adoption of an IMF programme could work as a sort of signal of a country's "good intent", which is thus rewarded with the debt relief. The results confirm the existence of a significant effect of the adoption of an IMF programme on the subsequent concession of a debt rescheduling by creditors.
In the second part of the thesis we have investigated some of the consequences due to the existence of a large public debt (as it is the case in some of the European countries, e.g., Belgium, Greece, Ireland and Italy). More specifically, a theoretical model is developed, in Chapter 4, to examine whether buybacks of domestic debt may signal a government type. In the model it is assumed that the government could be of two types: a dry type and a wet type, according to its willingness to implement a fiscal stabilisation (in this model this basically means reducing fiscal spending). Asymmetry of information between the government and private investors is assumed. In particular interest rates are assumed to incorporate a risk premium which reflect the expectation that the inability to implement a stabilisation programme may result in more inflation and/or taxation, or debt default. In particular, during a fiscal stabilisation, private investors would lack confidence in the stabilisation programme and interest rates would be too high, reflecting this lack of credibility. Thus, a dry type who has to finance new spending may want to signal her resolution in order to lower the interest costs and one way to do that would be to repurchase a fraction of the outstanding debt. The wet type could also decide to buy-back some of his debt in order to pretend to be dry and to (possibly) lower his interest payments. It is showed that a critical amount of buyback exists such that the two types could be separated.
Finally, in Chapter 5, evidence is provided in favour of the hypothesis that the repurchase of public debt is actually perceived as a good signal by private investors, consistently with the theoretical model. According to our results, the initial impact of the repurchase was to make the prices of the remaining bonds rise. This was consistent with our theory as we can interpret an increase in bonds price (and correspondingly a decrease in their rates of returns) as a signal that the buyback operation has positively affected the credibility of a government.
23
Mohd, Daud Siti Nurazira. "Issues in international economics : an empirical study on the sustainability, external debt and reserves management." Thesis, University of Southampton, 2009. https://eprints.soton.ac.uk/72293/.
Full textAbstract:
This thesis consists of three essays related to balance of payment or the external sector issues. These three essays include an analysis of a country’s current account and fiscal sustainability position, the role of external debt in economic growth, and the reserves and debt management. The main intention of the first essay (comprising Chapter 2) is to analyze the sustainability of the current account and fiscal position for high, middle and low income countries. This empirical analysis makes use of various panel unit root and cointegration tests, as well as fixed and random effects estimators. The results indicate that there is evidence of current account sustainability only for high-income countries indicating that the intertemporal budget constraints are being maintained. In contrast, the middle-income and low-income countries are found to be in an unsustainable current account position. In addition, this paper also finds that all groups of countries have a slow phase of convergence towards equilibrium which suggests that all countries are vulnerable to any sudden shock or stop. Besides that, there is evidence of sustainability on fiscal policy for the high and middle groups of countries. Chapter 3 investigates the issue of whether external debt contributes to expansion in economic growth. This chapter attempts to answer this question by analyzing 31 developing countries over a period of 36 years (1970-2005). The results reveal that the accumulation of external debt is associated with a slowdown in the economies of the developing countries. Besides this, we find evidence that debt service ratio does not crowd out the investment rate in developing countries. In other words, even though the external debt is negatively associated with economic growth, countries are found to be safe from being in the debt overhang hypothesis. However, the negative effect could be interpreted as the main symptom of a country before it becomes involved in the debt overhang problem. In addition, fiscal balance, iii government revenue, openness, and domestic credits are found to have a positive effect on investment and, to a lesser extent, economic growth. Furthermore, there is evidence to support the existence of spatial dependence in the growth model, suggesting the existence of positive spillover effect of growth among the neighbouring countries. This suggests that countries are found to have positive correlation with their neighbours’ economic growth. The main analytical contribution of the final chapter, which is chapter 4, is to analyze the cost of jointly holding reserves and sovereign debt decision. By analyzing the impact of holding reserves and sovereign debt on sovereign credit ratings, this provides the evidence of the costs of holding reserves and debt with respect to credit risk. As predicted by theory, the international reserves-holding is associated with good sovereign credit ratings as well as lower credit risk while the sovereign debtholding leads to a lower sovereign credit rating and high credit risk. This implies that reducing (repaying) their sovereign debts is the best decision for countries to keep and maintain a good credit risk reputation. Meanwhile, the benefit of holding reserves has crowded out the cost of holding short-term debt, resulting in a net positive effect on sovereign ratings. This could imply that a country should hold more reserves with regard to the level of short-term debt which is a highly vulnerable liability for a country. The results reveal that the adequate level of international reserves in month of imports is slightly higher than with the conventional rule which at 3 month of imports.
24
Kmita, Martynas. "Valstybės skola ir jos poveikis socialinėms išlaidoms." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2011. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2011~D_20110615_140817-06512.
Full textAbstract:
Tyrimo objektas – valstybės skola.
Tyrimo tikslas – įvertinus Lietuvos valstybės skolą, ištirti jos poveikį socialinėms išlaidoms.
Uždaviniai:
1. Pateikti valstybės skolos sampratą bei valstybės skolinimosi poreikį sąlygojančius veiksnius.
2. Apibrėžti valstybės skolos naštą ir skolinimosi reikšmę ekonomikai.
3. Pateikti valstybės skolos vertinimo kriterijus.
4. Įvertinti Lietuvos valstybės skolą tarp ES valstybių pagal išskirtus vertinimo kriterijus.
5. Nustatyti Lietuvos valstybės skolos poveikį socialinėms išlaidoms bei palyginti jį su kitomis ES šalimis.
Tyrimo metodika. Valstybės skolos sampratai bei valstybės skolinimosi poreikio nustatymui naudoti bendramoksliniai tyrimo metodai – mokslinės literatūros bei teisinių dokumentų analizė ir sintezė. Atliekant Lietuvos valstybės skolos analizę – statistinių duomenų rinkimo bei analizės metodai, palyginimo, grafinio vaizdavimo būdai, loginė analizė ir sintezė. Pritaikius regresinę analizę nustatytas Lietuvos valstybės skolos poveikis socialinėms išlaidoms. Lyginamosios analizės dėka šis poveikis įvertintas Europos Sąjungos šalių kontekste.
Tyrimo rezultatai. Pirmojoje darbo dalyje pateikta valstybės skolos samprata, valstybės skolinimosi poreikį sąlygojantys veiksniai, skolinimosi reikšmė ekonomikai, išanalizuoti ir susisteminti skolos naštos modeliai. Antrojoje darbo dalyje, išanalizavus įvairių mokslininkų darbus, pateikti valstybės skolos vertinimo kriterijai, nustatyta valstybės skolos sudėties svarba, pateiktas... [toliau žr. visą tekstą]Object of the research – public debt. Aim of the research – to evaluate the Lithuanian public debt, to assess its influence on social expenditure. Objectives of the research: 1. to present the concept of public debt and to discuss the factors, which influence government borrowing needs; 2. to define the debt burden and to determine the effect of public debt on economy; 3. to provide the public debt evaluation criteria; 4. to evaluate the Lithuanian public debt in respect to the situation in the EU countries according to the identified criteria; 5. to determine the impact of the Lithuanian public debt on social expenditure and to compare it with that in other EU countries. Research methods. Analysis and synthesis of scientific literature and legal documents, statistical data collection and analysis methods, comparative analysis, graphical representation techniques, logical analysis, regression analysis. Research results. Part One introduces the concept of public debt, analyzes the factors influencing government borrowing needs, importance of borrowing to economy and structured models of debt burden. Part Two, having analyzed various scientific articles, provides criteria of the public debt evaluation, reasons importance of the public debt composition and presents the assessment model of the impact of public debt on social expenditure. Part Three gives structural and dynamic analysis of the Lithuanian public debt, evaluates the amount of public debt, according to the... [to full text]
25
Sieg, Ralf [Verfasser]. "Strategische Erfolgsfaktoren für ein kosten-risiko-optimales Public Debt Management - Organisatorische und inhaltliche Parameter im internationalen Vergleich / Ralf Sieg." Kassel : Universitätsbibliothek Kassel, 2013. http://d-nb.info/1038686504/34.
Full text
26
Павловська, Є. О. "Система управління державним боргом." Thesis, Economics, 2013. http://essuir.sumdu.edu.ua/handle/123456789/59666.
Full textAbstract:
Існуючі боргові проблеми держави потребують вдосконалення боргової політики України та побудови дієвої системи управління державним боргом.В Україні не існує чітко сформульованої політики управління державним боргом, тобто дана політика взагалі неефективна, не дає змогу швидко, ефективно та оперативно втручатись у вирішення актуальних проблем фінансової системи.Existing debt problems of state debt policy for improvement Ukraine and build an effective system of public borhom.V Ukraine there is no clearly articulated policy of debt management that this policy generally ineffective, not to quickly, efficiently and promptly intervene to address the pressing problems of the financial system.
27
Gross, Philip [Verfasser], Christine [Gutachter] Trampusch, and André [Gutachter] Kaiser. "The Political Economy of Public Debt Management. Institutional Setting and Political Influence / Philip Gross ; Gutachter: Christine Trampusch, André Kaiser." Köln : Universitäts- und Stadtbibliothek Köln, 2018. http://d-nb.info/1164587579/34.
Full text
28
Andrejeva, Alina. "Lietuvos Respublikos skola, jos raida ir valdymo problemos." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2010. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2009~D_20100224_135423-29215.
Full textAbstract:
Valstybės skola ir jos atsiradimo priežastys svarbios ekonomikos mokslo dalykui, nes tai valstybės ekonomikos vystimuisi reikšmingas veiksnys. Didelė valstybės skola yra našta šalies ekonomikai, kadangi kuo didesnė skola, tuo daugiau valstybės biudžeto lėšų reikia skirti jos aptarnavimui, t.y. palūkanų mokėjimams ir pačios skolos grąžinimui. Tačiau nesiskolinti valstybė taip pat negali. Biudžeto deficitas, stambūs investiciniai projektai, kurių įgyvendinimui reikalingos didelės lėšos ir kitos priežastys lemia skolos atsiradimą ir tolesnį jos vystimąsi. Šiuolaikiniam šalies gyventojui yra aktuali valstybės biudžeto tvarkymo sistema, kadangi nuo to, koks valstybės biudžetas ir valstybės skola, priklauso gyventojų socialinė aplinka, net gyvenimo lygis, tad svarbu išsiaiškinti, koks optimalus turi būti skolos dydis, kad teigiamai veiktų ekonomiką, ir būtinai rasti būdų, kaip tinkamai ir racionaliai vykdyti valstybės skolos valdymą.Public debt and the causes of economic research relevant to the subject matter, as the state of economic development is a significant factor. High level of debt is a burden to the economy because the larger the debt, the more the state budget funds should be used with its service, ie interest payments and repayment of the debt. Nesiskolinti But the state also can not. The budget deficit, large investment projects, whose implementation would require significant resources and other reasons for the emergence of the debt and further development. Tje budget management system is topical for the modern capita of the state, since that what the state budget and public debt, the population belongs to the social environment, even the standard of living, it is important to clarify what must be the optimal amount of debt, make a positive contribution to the economy, and it must find ways to the proper and rational exercise of public debt management.
29
Lapin, Mažena. "Valstybės skola ir jos valdymo efektyvumas." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2012. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2012~D_20120802_142634-13888.
Full textAbstract:
Valstybės skola dabartinėje ekonomikos krizės situacijoje yra vienas aktualiausių klausimų, kadangi tai liečia ne tik pačią valstybę, vyriausybę, bet ir visus šalies gyventojus, jų socialinę aplinką, ateities kartas.
Darbo tikslas - atlikti Lietuvos Respublikos valstybės skolos ir jos valdymo efektyvumo analizę ir jos pagrindu pateikti pasiūlymus efektyvesniam valstybės skolos valdymui. Tikslui pasiekti numatyti šie darbo uždaviniai: 1) išnagrinėti užsienio bei Lietuvos autorių mokslinę literatūrą ir teisus aktus valstybės skolos valdymo klausimais ir apibendrinti pagrindines teorines nuostatas; 2) išsiaiškinti valstybės skolos atsiradimo priežastis, jos valdymo principus bei skolos aptarnavimo sistemą; 3) išskirti ir palyginti skirtingas valstybės skolos valdymo strategijas ir metodus; 4) atlikti Lietuvos vidaus ir užsienio skolos 1993 – 2011 metų kitimo efektyvumo analizę; 5) parengti pasiūlymus ir rekomendacijas Lietuvos valstybės skolos valdymo efektyvumui didinti.
Darbe naudoti tyrimo metodai: mokslinės literatūros analizė, Lietuvos, Latvijos ir Lenkijos nacionalinių dokumentų ir teisės aktų sisteminė analizė, kiekybinė ir kokybinė statistinių duomenų analizė.
Atlikus Lietuvos Respublikos valstybės skolos valdymo 1993-2011 m. analizę daroma išvada, kad atkūrusi nepriklausomybę ji neturėjo jokių skolinių įsipareigojimų užsienio šalims. Tačiau Lietuvos vyriausybės vykdyta monetarinė ir fiskalinė politika sukėlė biudžeto deficito problemas, kurios neišvengiamai vertė... [toliau žr. visą tekstą]The situation of public debt in the current economical recession is one of the most pressing issues, because it affects not only the state government, but all the people, their social environment and future generations. The purpose of the master’s work is - to carry out the Lithuanian state debt and its management efficience analysis and propose solutions based on the more effective public debt management. There are provided objectives for the following tasks: 1) examine the foreign and Lithuanian authors scientific literature and legislation in the state debt management issues, and summarize the main theoretical approaches 2) determine the causes of public debt, its governmental and debt service system 3) identify and compare various debt management strategies and techniques 4) analyse Lithuanian internal and foreign debt changes from 1993 to 2011 5) develop proposals and recommendations of the Lithuanian state debt for more efficient management. Methods used in this work: analysis of scientific literature, Lithuanian, Latvian and Poland's national legislation and documents, systematic qualitative and quantitative statistical analysis. Analysis of Lithuanian public debt management in 1993-2011 revealed that after the restoration of independence Lithuania did not have any financial liabilities to other foreign countries. However, the Lithuanian government pursued such monetary and fiscal policy which led to the budget deficit problems impacted on borrowing. Nowadays, our... [to full text]
30
Maixnerová, Markéta. "Role obcí v zadluženosti veřejného sektoru." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-264074.
Full textAbstract:
This thesis focuses on the issue of indebtedness of Czech municipalities and their role in the total public debt. The first part represents the theoretical basis and legislation, which includes defining key terms. The practical part is focused on analyzing the evolution of indebtedness of local governments and of other levels of the public sector. The analysis was made on the basis of compiled time series of the debt for the period 1994-2014. The indebtedness of municipalities and counties had a growing trend during the reported period. In recent years, municipal debt, unlike regional, is stable. The share on debt of municipalities and regions is the size of the public debt is not significant. The largest share of the debt is government debt, which constantly grows from the begging of the period. Part of this work is to compare two methods of evaluating municipal debt, namely debt service and SIMU. Five selected municipalities were compiled both types of indicators for the period 2010-2014. Based on this comparison it was shown to have better presentation of the indicators SIMU than debt service. The thesis seeks to comprehensively evaluate the development of each level of indebtedness of the public sector in order to show, what proportion represents Czech municipalities.
31
Шелюк, Асіят Ашурбєківна, Асият Ашурбековна Шелюк, Asiiat Ashurbiekivna Sheliuk, and Т. В. Клюшник. "Зовнішній державний борг України та шляхи ефективного управління ним." Thesis, Сумський державний університет, 2017. http://essuir.sumdu.edu.ua/handle/123456789/67264.
Full textAbstract:
У сучасних умовах з проблемою накопичення
зовнішньої державної заборгованості стикнулись майже
всі країни світу, не стала виключенням і Україна. Сьогодні
в середньому на плечі кожного українця лягає частина
зовнішнього боргу в розмірі трохи більше 2600 дол. США.
З таким результатом Україна займає 47 місце у рейтингу
країн за часткою зовнішнього державного боргу, що
припадає на душу населення [1].
32
Wilkinson, Carter J. "Do Public Pensions Affect City Borrowing Costs? The Impact of Local Government Pension Contributions on Municipal Debt Yield Spreads." Scholarship @ Claremont, 2014. http://scholarship.claremont.edu/cmc_theses/973.
Full textAbstract:
This paper utilizes a sample of 6,185 locally-issued, general obligation municipal bonds to examine the relationship between a city’s cumulative pension contributions and its cost of borrowing. Following the Great Recession unfunded public pension liabilities have soared to record highs, which, in theory, represent additional credit risks and may hinder local governments’ ability to service their outstanding debt. After controlling for bond characteristics, bond ratings, and issuer characteristics, the empirical analysis finds a statistically significant correlation between pension costs and borrowing costs, defined as the spread between the effective offering yield on municipal debt and the yield on a maturity-matched treasury on the municipal bond’s date of issuance. The results suggest that a 1% increase in cumulative city pension costs as a percent of city revenue is associated with an increase in yield spreads ranging from 1.2 to 3.5 basis points. These findings indicate that municipal bond investors do in fact consider pension expenses when pricing municipal bonds and suggest that addressing unfunded pension liabilities by mandating higher annual contributions will lead to higher borrowing costs for local governments.
33
Gungen, Ali Riza. "Debt Management And Financialisation As Facets Of State Restructuring: The Case Of Turkey In The Post-1980 Period." Phd thesis, METU, 2012. http://etd.lib.metu.edu.tr/upload/12614204/index.pdf.
Full textAbstract:
This dissertation analyses the restructuring of the state and financialisation in Turkey in the post-1980 period with specific emphasis on public debt management. Turkey provides a model case of state pioneering financial deepening and intervening into the market for the socialisation of the losses of the financial sector. The dissertation argues that despite the increasing public debt ratio through 1980s and 1990s, the aim of financial deepening was persistent. The state contributed to the financialisation in the 1990s through the dominance of public securities with high yields in the market. The Treasury was a nodal point not only in the restructuring of the banking sector in the aftermath of 2001 crisis but also the insulation of economic management from political intervention. Its success is tightly related to financial markets and its restructuring presents a case of identification of public interest with the interest of financial sector. The literature on financialisation should be extended to cover the neoliberal transformation in countries labelled as &ldquoemerging markets&rdquo
. The restructuring of the state in neoliberal era can be defined as financialisation of the state from a broader perspective. It contributed to financialisation by making the state rely on financial markets in an increasing number of policy fields.
34
Kípeť, Ondřej. "Řízení státního dluhu v České republice - alternativy, komparace." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75794.
Full textAbstract:
This thesis describes the actual trends of accumulation of the public indebtedness and the various views on the existence of fiscal deficit and public debt. The main purpose of the thesis is to analyze the public debt management - its objectives, operations and organisation. The quantitative criteria for debt portfolio determined by the Ministry of Finance of the Czech Republic are analyzed and compared with the development and structure of the czech central government debt. The analytical part of the thesis includes the rules for issuance of the government bonds, the analysis of the interest costs and the thoughts about the sustainability of the czech central government debt.
35
Greberg, Felix. "Debt Portfolio Optimization at the Swedish National Debt Office: : A Monte Carlo Simulation Model." Thesis, KTH, Matematisk statistik, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-275679.
Full textAbstract:
It can be difficult for a sovereign debt manager to see the implications on expected costs and risk of a specific debt management strategy, a simulation model can therefore be a valuable tool. This study investigates how future economic data such as yield curves, foreign exchange rates and CPI can be simulated and how a portfolio optimization model can be used for a sovereign debt office that mainly uses financial derivatives to alter its strategy. The programming language R is used to develop a bespoke software for the Swedish National Debt Office, however, the method that is used can be useful for any debt manager. The model performs well when calculating risk implications of different strategies but debt managers that use this software to find optimal strategies must understand the model's limitations in calculating expected costs. The part of the code that simulates economic data is developed as a separate module and can thus be used for other studies, key parts of the code are available in the appendix of this paper. Foreign currency exposure is the factor that had the largest effect on both expected cost and risk, moreover, the model does not find any cost advantage of issuing inflation-protected debt. The opinions expressed in this thesis are the sole responsibility of the author and should not be interpreted as reflecting the views of the Swedish National Debt Office.Det kan vara svårt för en statsskuldsförvaltare att se påverkan på förväntade kostnader och risk när en skuldförvaltningsstrategi väljs, en simuleringsmodell kan därför vara ett värdefullt verktyg. Den här studien undersöker hur framtida ekonomiska data som räntekurvor, växelkurser ock KPI kan simuleras och hur en portföljoptimeringsmodell kan användas av ett skuldkontor som främst använder finansiella derivat för att ändra sin strategi. Programmeringsspråket R används för att utveckla en specifik mjukvara åt Riksgälden, men metoden som används kan vara användbar för andra skuldförvaltare. Modellen fungerar väl när den beräknar risk i olika portföljer men skuldförvaltare som använder modellen för att hitta optimala strategier måste förstå modellens begränsningar i att beräkna förväntade kostnader. Delen av koden som simulerar ekonomiska data utvecklas som en separat modul och kan därför användas för andra studier, de viktigaste delarna av koden finns som en bilaga till den här rapporten. Valutaexponering är den faktor som hade störst påverkan på både förväntade kostnader och risk och modellen hittar ingen kostnadsfördel med att ge ut inflationsskyddade lån. Åsikterna som uttrycks i den här uppsatsen är författarens egna ansvar och ska inte tolkas som att de reflekterar Riksgäldens syn.
36
Лебедко, Н. Р. "Управління державним боргом." Thesis, Одеський національний економічний університет, 2020. http://dspace.oneu.edu.ua/jspui/handle/123456789/12730.
Full textAbstract:
В першому розділі кваліфікаційної роботи досліджено теоретичні аспекти функціонування системи управління державним боргом, розглянуто поняття, місце та роль у фінансовій системі держави, методичні підходи щодо оцінки державного боргу, ризики державного боргу та їх вплив на боргову та фінансову безпеку країни.
В другому розділі проаналізовано сучасний стан державного боргу України у період з 2015 по 2019 рік, проведено оцінку стану боргового навантаження через аналіз макроекономічних показників, наведено динаміку, структуру та причини накопичення державного боргу України. Проведено регресійний аналіз показника відношення обсягу державного боргу до ВВП. Досліджено роль міжнародних фінансово-кредитних організацій та міжнародних клубів кредиторів щодо врегулювання боргових криз.
В третьому розділі визначено шляхи підвищення ефективності управління державним боргом та зміцнення фінансової безпеки України. Оцінено зарубіжний досвід організації управління державним боргом, виокремлено напрями та запропоновано рекомендації щодо вдосконалення організації управління державним боргом України.In the first chapter author examined the theoretical aspects of the public debt management system, considers the concept, place and role in the financial system, methodological approaches to assessing public debt, public debt risks and their impact on debt and financial security. In the second chapter author analyzed the current state of Ukraine's public debt in the period from 2015 to 2019, assesses the state of the debt burden through the analysis of macroeconomic indicators, provides the dynamics, structure and causes of Ukraine's public debt. A regression analysis of the ratio of public debt to GDP was conducted. The role of international financial and credit organizations and international creditors' clubs in resolving debt crises has been studied. In the third chapter author identifies ways to increase the efficiency of public debt management and strengthen Ukraine's financial security. The foreign experience of the organization of public debt management is estimated, the directions are singled out and recommendations on improvement of the organization of public debt management of Ukraine are offered.
37
Лебедева, Е. Н. "Проблемы управления государственным долгом республики Белорусь." Thesis, Сумский государственный университет, 2014. http://essuir.sumdu.edu.ua/handle/123456789/36392.
Full textAbstract:
Открытость национальных экономик, развитие общественного разделения труда и его кооперации привело к глобализации экономики и увеличения задолженности стран. Проблема роста национального долга является актуальной сейчас для всех государств. Актуальна она и для Республики Беларусь.
При цитировании документа, используйте ссылку http://essuir.sumdu.edu.ua/handle/123456789/36392
38
Дудченко, Вікторія Юріївна, Виктория Юрьевна Дудченко, and Viktoriia Yuriivna Dudchenko. "Національний банк України в системі управління внутрішнім державним боргом." Thesis, Українська академія банківської справи Національного банку України, 2004. http://essuir.sumdu.edu.ua/handle/123456789/62654.
Full textAbstract:
В період трансформаційних перетворень в Україні залучення і
використання позик для покриття дефіциту державного бюджету призвело до
формування і значного накопичення внутрішнього державного боргу. Великі
розміри внутрішнього боргу, зростання витрат на його обслуговування
обумовлюють необхідність вирішення проблеми державного боргу, пошуку
шляхів вдосконалення механізму його управління.
39
Горіна, Н. В. "Державний зовнішній борг України: оптимізація формування та управління." Thesis, Одеський національний економічний університет, 2020. http://dspace.oneu.edu.ua/jspui/handle/123456789/12709.
Full textAbstract:
У роботі розглядаються теоретичні аспекти: сутність зовнішньої заборгованості та її класифікація, управління зовнішнім боргом України,.
Проаналізовано: сутність терміну «зовнішня заборгованість» та її класифікація; роль боргової політики в укріпленні фінансової безпеки держави; поняття «боргова безпека» та фактори, які на неї впливають; етапи становлення та розвитку боргової політики в Україні; моніторинг динаміки державних зовнішніх запозичень; вплив боргової політики на фінансову безпеку держави; зарубіжний досвід управління державним зовнішнім боргом; методичні рекомендації щодо оцінювання боргової безпеки держави; основні напрями підвищення ефективності управління державним зовнішнім боргом.
Запропоновано: прийняти низку нормативно-правових актів; розробити та впровадити середньострокову програму управління державним боргом; розробити стратегію переорієнтації на внутрішні джерела запозичень на період нестабільності національної валюти; підвищити контроль за цільовим використанням державних зовнішніх запозичень; покращити структуру зовнішньої заборгованості шляхом переведення її на більш довгострокове обслуговування; оптимізувати платежі за зовнішніми запозиченнями таким чином, щоб зменшити навантаження на бюджет у «пікові» періоди сплати.Diploma thesis deals with theoretical aspects of: the nature of external debt and its classification, the management of external debt of Ukraine, financial security of the state. Analyzed: the essence of the term "External debt" and its classification; the role of debt policy in strengthening the financial security of the state; the concept of "debt security" and the factors that affect it, the stages of formation and development of debt policy in Ukraine; monitoring the dynamics of government loans, the impact of debt policy on the financial security of the state; foreign experience in public external debt management; methodical recommendations for assessing the debt security of the state, the main directions of improving the efficiency of public external debt management. Proposed: to adopt a number of regulations; develop and implement a medium-term public debt management program; develop a strategy for reorientation to domestic sources of borrowing for the period of instability of the national currency; increase control over the targeted use of government external borrowing; improve the structure of external debt by transferring it to longer-term servicing; optimize payments on external borrowings in such a way as to reduce the burden on the budget during "peak" payment periods.
40
Bateman, William. "Parliamentary control of public money." Thesis, University of Cambridge, 2018. https://www.repository.cam.ac.uk/handle/1810/286229.
Full textAbstract:
This dissertation analyses the idea that parliament controls public money in parliamentary constitutional systems of government. That analysis proceeds through an historical and contemporary examination of the way legal practices distribute authority over public money between different institutions of government. The legislative and judicial practices concerning taxation, public expenditure, sovereign borrowing, and the government financing activities of central banks are selected for close attention. The contemporary analysis focuses on the design and operation of those legal practices in the United Kingdom and the Commonwealth of Australia, in the context of the boom-bust-recovery economic conditions experienced between 2005 and 2016. The dissertation's ultimate claims are explanatory: that "parliamentary control" is a poor explanation of the distribution of financial authority in parliamentary systems of government and should be jettisoned in favour of an idea of "parliamentary ratification". An empirically engaged methodology is adopted throughout the dissertation and (historical and contemporary) public sector financial data enrich the legal analysis. The dissertation acknowledges the impact of, but remains agnostic between, different economic and political perspectives on fiscal discipline and public financial administration. The dissertation makes a number of original contributions. It provides a detailed examination of the historical development, legal operation and constitutional significance of annual appropriation legislation, and the legal regimes governing sovereign borrowing and monetary finance. It also analyses the way that law interacts with government behaviour in situations of economic emergencies (focusing on the Bank of England's public financing activities since 2008), and the institutional and doctrinal obstacles facing judicial involvement in disputes concerning public finance (focusing on the Australian judiciary's recent engagements with public expenditure legislation).
41
Антонов, Максим Сергійович, Максим Сергеевич Антонов, and Maksym Serhiiovych Antonov. "Управління борговою стійкістю держави." Thesis, Сумський державний університет, 2017. http://essuir.sumdu.edu.ua/handle/123456789/55586.
Full textAbstract:
У роботі уточнено сутність та відмінності понять «стійкість державного боргу» та «боргова стійкість держави»; досліджено систему, світовий та вітчизняний досвід управління борговою стійкістю держави; виявлено найбільш важливі екзогенні фактори впливу на неї; розроблено систему ризик-орієнтованих індикаторів її оцінювання; розроблено методичні засади раннього прогнозування її втрати, визначення періодів та потенційних тригерів виникнення боргових криз; обґрунтовано засади створення в Україні незалежної фіскальної інституції; вдосконалено механізм застосування в Україні системи фіскальних правил; оцінено відповідність національної практики розкриття інформації про боргову сферу в Україні принципам Кодексу фіскальної прозорості Міжнародного валютного фонду, розроблено рекомендації щодо удосконалення механізму аудиту ефективності державного боргу.В работе определена сущность долговой устойчивости государства как характеристики его способности выполнять долговые обязательства, не увеличивая долговой нагрузки, не прибегая к мерам по его реструктуризации или списании с поддержанием на достаточном уровне ликвидности, платежеспособности и темпов экономического роста, приемлемого уровня рисков. Предложена система многофакторных регрессионных моделей зависимости соотношения объема государственного долга к ВВП от макроэкономических (демография и рынок труда, реальный сектор, платежный баланс) и финансовых факторов (потоки капитала, денежно-кредитный рынок, банковская система и доступ к финансам). Это позволило комплексно оценить перекрестное влияние факторов в пределах долговых спиралей. Разработан научно-методический подход к раннему прогнозированию потери долговой устойчивости государства, предусматривающий диагностику с помощью карт Шухарта периодов и потенциальных триггеров возможного возникновения долгового кризиса с последующей верификацией методом Ирвина. Для оценки долговой устойчивости государства разработана система рискориентированных индикаторов, сгруппированных в соответствии с целевыми таргетами ее поддержания (ликвидность, платежеспособность и уязвимость к рискам), предложены механизмы периодического и интегрального определения их устойчивости через статистические параметры вариации с лагами. Разработаны структурно-логическая схема функционирования в Украине независимости фискальной институции, ее приоритетные задачи, функции, механизм координации ее деятельности с другими органами. В контексте применения фискальных (долговых) правил в Украине предложено: 1) соединить «золотое» правило с долговым правилом ограничения квоты долга в ВВП и структурного дефицита в ВВП в среднесрочной перспективе; 2) комплексно реализовать правила доходов и расходов в долгосрочной перспективе и меры их организационно-экономического обеспечения. Оценено соответствие практики раскрытия информации о долговой сфере в Украине принципам Кодекса фискальной прозрачности Международного валютного фонда (фискальная отчетность, фискальное прогнозирование и бюджетирование, анализ и управление фискальными рисками), разработаны рекомендации по улучшению аудита эффективности государственного долга.
The essence and differences between the concepts of «sustainability of public debt» and «state debt sustainability» were investigated in work; the system, international and national experience of debt sustainability management were researched; the most important exogenous factors influencing it were founded; the system of riskbased indicators of assessment, methodical bases for early prediction of debt crisis, determination and its potential triggers were developed; principles of creation in Ukraine an independent fiscal institutions were grounded; the mechanism of fiscal rules in Ukraine was improved; compliance of national practices of informational disclosure about debt sector in Ukraine with the principles of fiscal transparency code of the IMF was assessed, the recommendations on the improving of public debt effectiveness audit were developed.
42
Braun, Johanna. "Managing the Euro Crisis : EU Decision-Making in the sovereign Debt Crisis October 2009 – March 2012." Thesis, Linköpings universitet, Statsvetenskap, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-84759.
Full textAbstract:
The European common currency, the euro, is in crisis. Bad news about indebted governments and economic recession has continuously outperformed itself since 2009/2010 and kept the European Union and its member states in suspense. It is up to them to combat the crisis. This master thesis deals with the European sovereign debt crisis (“euro crisis”) and tries to allow a better understanding of how the crisis has been managed by governments at the European level. A special focus is put on decision-making in the crisis, posing the research question “How can the decision-making of the EU in the euro crisis be understood?”. To solve this research problem, three different approaches are applied: liberal intergovernmentalism, historical institutionalism and cognitive institutionalism. Each of them adds different aspects to the analysis, gives answers from its respective point of view and thereby widens the overall picture that evolves. The design of the thesis is a case study with the euro crisis as a special case of decision-making and crisis management. Official documents and statements, expert interviews, scholastic, expert, and journalistic analyses are employed as basic research material. It has been uncovered that, powerful states, especially Germany and France, have bargaining advantages during crisis decision-making. However, the decision-making is constrained by institutional aspects (rules, norms and values). Stress factors deriving from the crisis situation facilitate group dynamics that appeared at least partially during the ongoing crisis.
43
Buranapraphanont, Verasit. "Les aspects juridiques de la gestion de la dette publique en Thaïlande." Thesis, Aix-Marseille, 2015. http://www.theses.fr/2015AIXM1015/document.
Full textAbstract:
Les fonctions administratives du gouvernement consistent à fournir les services publics, et à opérer la gestion publique et administrative. Cela nécessite l’utilisation en continu d’importantes sommes d’argent. Or, le principal revenu provenant de la collecte des impôts ne suffit pas pour opérer les missions et les nécessaires activités de l’Etat. C’est la raison pour laquelle, celui-ci doit emprunter davantage aux institutions financières intérieures et extérieures. En Thaïlande, le premier emprunt fut créé à l’ère du Roi Rama V. Et après la Révolution siamoise de 1932, le pays commença à emprunter de plus en plus aux institutions financières internationales et aux gouvernements étrangers pour son développement. Ce sont les crises économiques mondiales qui ont obligé divers pays dans le monde à contracter la dette publique et qui ont fait accroître ladite dette en Thaïlande. La notion de gestion de la dette publique devient alors indispensable et, à cet égard, plusieurs pays ont rendu des lois spéciales. En Thaïlande, la Loi portant sur la gestion de la dette publique B.E. 2548 (2005) et la désignation d’un mandataire constitue la loi fondamentale autorisant le gouvernement à contracter la dette publique, et à la gérer diversement -en raison d’un changement de situation- comme la dette contractée pour le développement économique et social, pour la restructuration de la dette et la mise en œuvre de la politique sur les transactions financières en vue de réduire le risque de dette publique, etcThe government, as the administration, is responsible for public services, public affairs and administrative missions. It is, therefore, necessary to spend a great number of money consecutively. The main income of the government earned by the tax collection is not enough for its missions and the other necessary things. That’s why it had to loan more and more money from the domestic and international financial institutions. In Thailand, money has been loaned since the reign of King Rama V. After the Siamese Revolution of 1932, Thailand has incurred more public debt from the international financial institutions and foreign governments for country’s development. Public debt of Thailand and different countries has enormously increased while the notion of public debt management has also developed and the special acts on public debt management have been issued in many countries, because of the necessity of incurring public debt of several countries as well as economic crisis happened around the world. In Thailand, the Public Debt Management Act B.E. 2548 (2005) is considered as the principal law authorizing the government to incur and manage public debt in various ways for adapting to changing circumstances such as public debt incurred for social and economic development, for debt restructuring and financial transaction used for reducing the risk on public debt, etc
44
Юр’єва, О. І. "Механізм державного управління податковим боргом в Україні." Thesis, Чернігів, 2017. http://ir.stu.cn.ua/123456789/15458.
Full textAbstract:
Юр’єва, О. І. Механізм державного управління податковим боргом в Україні : дис. ...канд. наук з державного управління : 25.00.02 / О. І. Юр’єва. – Чернігів, 2017. – 274 с.У дисертації здійснено теоретичне обґрунтування змісту механізму державного управління податковим боргом в Україні та на цій основі розроблено практичні рекомендації щодо його вдосконалення. У роботі визначено категорію механізм державного управління податковим боргом, як систему, що має власні цілі, принципи та виконує певні державно-управлінські функції, метою яких є мінімізація проблеми податкового боргу. Особливу увагу приділено дослідженню нормативно-правової, організаційної та інформаційно-аналітичної складовим та інструментам механізму державного управління податковим боргом. Проаналізовано сучасний стан управління податковим боргом в Україні, визначено дієвість застосування інструментів управління боргом та побудовано схему механізму державного управління податковим боргом. Проведено дослідження позитивної європейської практики ефективного управління податковим боргом й на цій основі визначено підходи щодо адаптації вітчизняного податкового законодавства до європейських стандартів в контексті світових глобалізаційних процесів. Науково обґрунтовано пропозиції щодо оптимізації організаційного забезпечення та вдосконаленню нормативно-правової, інформаційно- аналітичної складових механізму державного управління податковим боргом в Україні. З метою вирішення проблем державного управління у податковій сфері визначено шляхи вдосконалення інструментів та складових механізму державного управління податковим боргом.
В диссертации проведено теоретическое обоснование содержания механизма государственного управления налоговым долгом в Украине и на этой основе разработаны практические рекомендации по его усовершенствованию. Расширен понятийно-категориальный аппарат науки государственного управления посредством определения понятий «государственное управление налоговым долгом», «механизм государственного управления налоговым долгом». В работе определено категорию механизма государственного управления налоговым долгом, как систему, которая имеет собственные цели, принципы и выполняет определенные государственно-управленческие функции, целью которых является минимизация проблемы налогового долга. Обосновано структуру механизма государственного управления налоговым долгом, которую предложено рассматривать как совокупность подсистем, состоящих из субъекта (государство в лице его уполномоченных органов), объекта управления (процесс управления долгом), элементов (рычаги, методы и инструменты) и составляющих (нормативно-правовое, организационное и информационно-аналитическое обеспечение) механизма, которые в результате своего взаимодействия осуществляют соответствующее влияние на фискальное поведение налогоплательщика. На основании вышеизложенного, разработано модель механизма государственного управления налоговым долгом. Проанализировано современное состояние функционирования механизма государственного управления налоговым долгом в Украине и обозначены проблемы управления налоговым долгом. Установлено наличие внутренних противоречий в структуре налогового долга и негативных тенденций в его динамике, что является результатом управленческих действий, связанных с чрезмерной централизацией финансовых ресурсов в государстве. Проведенной оценкой эффективности механизма государственного управления налоговым долгом выявлены определенные недостатки механизма, что подтверждается снижением объемов реальных поступлений в счет погашения налогового долга и списанием значительных сумм налогового долга. В результате несовершенства составляющих механизма, государство теряет существенные объемы реальных финансовых ресурсов, необходимых для выполнения своих функций. Установлено, что наиболее результативными с точки зрения мобилизации налогового долга, являются такие инструменты механизма управления налоговым долгом: направление налогового требования, взыскание средств со счетов должников по решению суда, рассрочка (отсрочка) налогового долга. Проведено исследование позитивной европейской практики эффективного управления налоговым долгом и на этой основе определены подходы адаптации отечественного налогового законодательства к европейским стандартам в контексте мировых глобализационных процессов. Научно обоснованы практические предложения по оптимизации и развитию организационной, нормативно-правовой и информационно- аналитической составляющих механизма государственного управления налоговым долгом. С целью решения проблем государственного управления в налоговой сфере определены пути усовершенствования механизма государственного управления налоговым долгом.
The thesis was given a theoretical justification for the content of the public tax debt management mechanism in Ukraine, and on this basis practical recommendations for its improvement were provided. In the research a category of the mechanism of public management of tax debt was defined as a system, which had its own objectives, principles and performed certain public-management functions, which aim to minimize the problems of the tax debt. Particular attention was paid to the legal, institutional and informationanalytical components of the governance mechanism of the tax debt. The current state of tax debt management in Ukraine was analyzed, the effectiveness of the using debt management procedures were determined and model of the mechanism of public management of tax debt was developed. A research of the positive European practice of effective management of the tax debt was carried out and on its basis were determined adaptation approaches of domestic tax legislation to the European standards in the context of world globalization processes. Proposals for optimization of the organizational and development of regulatory and information-analytical components of the public management mechanism of the tax debt were scientifically substantiated. In order of solving problems with public management in the tax area strategic directions of development of public administration mechanism of the tax debt were defined.
45
Kouassi, Jean Sébastien. "Criteres de soutenabilité de la dette publique et niveau de developpement." Thesis, Université Côte d'Azur (ComUE), 2017. http://www.theses.fr/2017AZUR0001.
Full textAbstract:
L’objectif de cette thèse est d’étudier la soutenabilité de la dette publique en fonction du niveau de développement des pays. Après avoir revu la littérature économique en matière d’indicateurs de soutenabilité de la dette, nous avons appliqué des méthodes empiriques et statistiques pour analyser la viabilité de la dette des pays développés et en développement. Nous avons ainsi estimé une fonction de réaction budgétaire pour les gouvernements des pays du G7 qui révèle que les gouvernements des pays du G7 ne se sont pas souciés de l’équilibre de leurs finances publiques sur la période 1978-2007 ; et qu’il y a une attention particulière à la soutenabilité des finances publiques au sein de pays appartenant l’union monétaire européenne. Ensuite, nous avons analysé la soutenabilité de la dette de la Côte d’Ivoire, par le biais de méthodes statistiques utilisées par les Institutions Financières Internationales. Le pays présente ainsi un risque modéré du profil d’endettement ; et l’assainissement de ses finances publiques est essentiel pour la viabilité de la dette à long terme. Par ailleurs, l’évaluation de la performance de la gestion de la dette publique ivoirienne révèle que la conception d’une réelle politique nationale d’endettement permettrait de combler les insuffisances des dispositifs existants. En définitive, les conclusions de notre étude suggèrent des réflexions supplémentaires sur l’analyse théorique de la soutenabilité et sur la cadre de gestion internationale de la dette publiqueThe purpose of this thesis is to analyse public debt sustainability according to the level of national economic development. After reviewing the economic literature on public debt sustainability indicators, we applied specific empirical methods to compare developed countries and analyse a heavily indebted poor country (HIPC). We first estimated, among G7 governements, an error-correction-type policy reaction function based on an iterative bayesian estimation that compares the different dynamics of public debt evolution. This analysis reveals that on one hand G7 governments did not focus on debt sustainability during the time frame (1978-2007) ; on the other hand, we noticed a particular attention to debt sustainability in Eurozone countries (Germany, France, Italy) as compared to other countries in the sample. Next, we analyzed the debt sustainability of Côte d’Ivoire, a sub-Saharan Heavily Indebted Poor Country using statistical methods developed by the IMF and the World Bank. The results showed that the country has a moderate risk to indebtment ; therefore budget stabilization and diversification of its exports will be critical for its long-term debt sustainability. Beyond these objectives, the evaluation of the public debt management process, based on an international method (DeMPA), also highlights that designing a real national debt policy could fulfill the shortcomings of current policies. Overall, the conclusions of our thesis suggest additional researches and reflections on the theoretical analysis of public debt and on the architecture of the international public debt management frameworks
46
Buryánek, Pavel. "Fiskalizace nákladů finančních krizí." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-16874.
Full textAbstract:
The main goal of this thesis is to describe and analyse methods, which were used by countries affected by the Asian financial crisis to resolve related problems and also analyse how these solutions affected public debt. For this purpose I chose three Asian countries, Thailand, Indonesia and South Korea. These countries have one in common, their governments decided to establish Asset Management company to resolve problems of bank sector. This thesis describes how they were successful in their aspirations and fallout of financial crises on choosen countries.
47
O'Brien, Patricia Ann, and patricia o'brien@rmit edu au. "COncepts and costs for the maintenance of productive capacity: a study of the measurement and reporting of soil quality." RMIT University. Accounting and Law, 1999. http://adt.lib.rmit.edu.au/adt/public/adt-VIT20040930.170346.
Full textAbstract:
This thesis studies the role accounting plays in the monitoring and reporting of soil quality in one sector of the agricultural industry, broadacre farming. A survey was conducted with broadacre farmers in the Loddon Catchment, Victoria, Australia. The primary aim was to determine the effectiveness accounting plays in providing information to decision makers relative to the productive capacity in soil quality and not just on profits. The capital asset in this study was defined as soil quality. Soils and soil quality in particular, are major elements in determining land value. The concern is decisions are being made by potential buyers and other decision makers, particularly policy makers, with regards to soil quality on the basis of incomplete and often misleading information. It is proposed that a major reason is due to the fact that different participants in the agricultural and accounting industries require and use different information. The accounting systems used by farmers are those that have been developed for the manufacturing sector which may not be appropriate for managing long-term, complex resources such as soil. The farmers themselves did not find formal accounting reports useful for decision making because these reports are based on uniform standards and market prices. The topic of soil quality and land degradation is viewed from two perspectives. In one perspective, the proprietary view; the accounting emphasis is on the ownership of assets and the change, both in income and capital, in these assets over time. In this case the accounting equation is seen as assets - liabilities = equities. The proprietor takes all the risk. A more recent perspective in accounting, the entity view, emphasises the assets whether financed from equity or debt and where the accounting equation is seen as assets = equities. The emphasis changes to the income flow from these assets and more interest is shown in current market prices as a reflection of the future value of these assets Profit is not necessarily a good indicator of what farmers are doing for their capital asset. There needs to be greater emphasis on costs undertaken for the conservation of soil. Those costs should be considered an investment and put into the balance sheet and not the profit and loss statement. The major finding of study demonstrates that decision making groups have different
48
Ba, Amadou Samba. "Le marché international de la dette souveraine et son impact sur les risques financiers dans les pays émergents : analyse dynamique sur la période pre et post crise des subprimes." Electronic Thesis or Diss., Université Côte d'Azur, 2024. http://www.theses.fr/2024COAZ0027.
Full textAbstract:
Le plan Brady de restructuration de la dette dans les pays d'Amérique latine et d'Asie du Sud pendant les années 80 a marqué un tournant pour l'émergence d'un marché actif de la dette dans les pays émergents. Les vagues de libéralisation financière et les réformes structurelles entreprises dans le cadre de ce plan Brady ont accru l'ouverture de ces économies émergentes aux flux de capitaux internationaux. Par la suite, dans les économies émergentes, les obligations sont devenues la source de capital la plus importante pour ces pays. En 2007, les économies émergentes ont émis des obligations d'environ 350 milliards de dollars US, comparativement à 1,2 trillion de dollars US en 2023 (600 milliards de dollars US hors Chine) selon le FMI. Cette vague de flux de capitaux vers les marchés émergents est rapidement devenue une préoccupation majeure dans les cercles politiques et académiques, entrainant de nombreuses controverses sur les déterminants macroéconomiques sous-jacents de ce niveau de flux de capitaux sans précédent, ainsi que sur les variations des spreads ( primes de risques) et des rendements financiers sur les marchés émergents. La recherche vise à mieux comprendre les principaux déterminants domestiques et mondiaux qui influencent les spreads obligataires, en spécifiant statistiquement le rôle pivot des flux de dette obligataire à travers un modèle de régression simple (moindres carrés ordinaires) et à partir d'un modèle vectoriel autorégressif. Dans un premier temps, nous nous sommes demandés quelle proportion de la variation des spreads obligataires sur les marchés de la dette émergente est expliquée par les variations des flux de dette, les fondamentaux et les conditions mondiales, et dans quelle mesure leurs chocs affectent mutuellement les marchés de la dette, la performance économique et l'environnement mondial. Enfin, des lignes directrices ont été proposées pour concevoir des politiques durables de gestion de la dette souveraine dans les économies émergentes.La crise des subprimes, qui s'est déclenchée aux États-Unis en 2007 a conduit à une forte hausse des défauts de paiement hypothécaires des américains, a ensuite entrainé un ralentissement économique important dans les pays développés, les amenant à mettre en place des plans de sauvetage et de renflouement : ce qui a encouragé une dette publique excessive dans les pays développés. Cette crise financière internationale de 2007 a eu des conséquences négatives bien plus importantes dans les pays avancés que dans les pays émergents, dont l'impact a été relativement limité et modulé selon la situation spécifique de chaque pays émergent.Au milieu des années 2000, les institutions de Bretton Woods ont formulé des recommandations sur une gestion optimale de la dette publique, que les pays émergents ont parfois appliquées comme condition pour obtenir des programmes de soutien du FMI et de la Banque mondiale, dans le but de promouvoir la croissance à long terme et la stabilité macroéconomique.Cette recherche a également permis de comprendre la trajectoire et la dynamique accélérée de la transformation des économies émergentes, ainsi que le poids économique et politique croissant des BRICS (élargi au groupe BRICS+ en 2023) dans l'économie mondiale. Ce changement de paradigme appelle à une profonde modification des règles de gouvernance des institutions financières internationales, en promouvant un meilleur rééquilibrage des forces dans une économie mondialisée en constante transformationThe Brady Plan of debt restructuring in Latin American and South Asian countries during 80s was a turning point for the emergence of an active debt market in emerging countries. The waves of financial liberalization and the structural reforms undertaken and associated with this Brady Plan in emerging economies has increased their openness to international capital flows. Then emerging economies were recorded, and bonds became the most important source of capital for emerging countries. Emerging economies issued bonds roughly US dollars 350 billion during 2007 compared to dollars 1,2 Trillion US (US dollars 600 billion excluding China) IMF . This wave of capital flow in emerging markets has quickly become a main concern in policymaking and academic circles and has generated considerable controversies over the underlying macroeconomic determinants of this unprecedented flow, the change of bond spreads and yields in emerging markets.The research aims to a better understanding of the key domestic and global determinants that drive bond spreads and by specifying statistically the pivotal role of debt flows through a regression model and later from a vector autoregressive model. First, we ask what proportion of the change in market bond spreads in emerging debt markets is explained by changes in debt flows, fundamentals, and global condition and in what percentage their shocks affect mutually debt markets, economic performance, and global environment. Finally, some guidelines have been given to design sustainable strategic policies of management of sovereign debt in emerging economies.The subprime crisis that broke out in the United States in 2007, leading to a sharp rise in mortgage defaults by Americans, subsequently triggered a deep economic slowdown in developed countries that led them to request rescue and bail out plans. These government-initiated plans systematically encouraged excessive public debt in developed countries. The emerging countries, on the other hand, had relatively healthier intrinsic macroeconomic situations, with relatively more resilient fundamentals, thus allowing a relative mitigation of the risks and tensions on their economic growth, their level of public debt and external accounts. This international financial crisis of 2007 had by far greater negative consequences in the advanced countries than in the emerging countries, whose impact was relatively limited and modulated according to the specific situation of the emerging countries.In the mid-2000s, the Bretton Woods institutions formulated recommendations on optimal public debt management, which emerging countries sometimes applied as a condition for obtaining support programmes from the IMF and the World Bank, with a view to promoting long-term growth and macroeconomic stability. The financial crisis has shown that these recommendations on public debt management could also be applied to developed countries that suffered from excessive public debt during the subprime crisis.This research has also enabled us to understand the trajectory and accelerated dynamics of the transformation of emerging economies, the increasing economic weight and political power of the BRICS (enlarged to BRICS + group in 2023) in the world economy. This paradigm shift calls for a profound change in the rules of governance of international financial institutions, through the promotion of a better rebalancing of forces in a globalized economy which is undergoing constant transformation
49
Eccleston, Anthony L., and n/a. "Coordinating information provision in government agencies using an integrated information management strategy." University of Canberra. Information, Language & Culture Studies, 1996. http://erl.canberra.edu.au./public/adt-AUC20060404.123006.
Full textAbstract:
The specific aims of this study were determined on a conceptual appreciation that
management of information assets and services in some government agencies was
deficient in meeting both existing and developing demands. This appreciation
manifested itself in a commitment to investigate the principles and processes
intrinsic to existing management methodologies, to relate these processes to the
needs of users, and to determine a strategy which could more ably meet the
information provision requirements of those users.
The achievement of these aims predicated the use of the case study research
method, selecting as the first case study the Department of Human Services and
Health (DHSH), an agency that had recognised that a problem existed in the
provision of information services, and had initiated action to address that
problem. As a counter, the Department of Defence, an agency which adrmts to a
problem, but which had yet to initiate an active, global program for its resolution,
was chosen as the second case study.
A theoretical model, which reflects extant international thinking and practice, was
initially constructed in order to establish a basis on which to ascertain and
evaluate the information management circumstances of the two case study
departments. This model specified the objectives considered to be fundamental
to effective information management in a public service environment. It included
studying the foundation repositories of information services from which
information in the portfolio domains of government are sought. These services
are the traditional records centres or registries, the library services which provide
a repository of published and grey material in printed, image and magnetic
formats, and the computerised networks holding electronic records at varying
levels of development.
An analysis of findings was carried out separately on each case study agency
before bringing the data together for cross-case analysis. In order to maximise
the veracity and validity of the data collected and its subsequent interpretation by
the researcher, the draft analysed case study findings were submitted to the
respective agencies for review and critique. All matters of substance received
have been incorporated in the final version.
The findings from the two case studies and the cross-case analysis confm that,
despite significant advances in some specific agencies, the initial hypothesis that
government agencies are still deficient in providing optimum services to meet the
information needs of users, is demonstrated. The advances that have been made,
however, similarly support the other thesis hypotheses that the implementation of
an integrated information management strategy in any government agency will
provide a foundation for improved information provision and the timely delivery
of relevant available information to the user.
Finally, a model of optimum processes involved in such a strategy, derived from
the theory and practical products of this study, is offered. This could be the
subject for future evaluation and testing for realistic and functional application.
50
Pinto, Mauro José Fridman Ferreira. "Projeto de melhoria no financiamento dos gastos de medicamentos no Sistema Nacional de Saúde." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17731.
Full textAbstract:
Mestrado em Economia e Políticas PúblicasO presente trabalho de projeto visa identificar e analisar a existência de ineficiência técnica na gestão financeira de pagamentos de comparticipação de medicamentos pelo Sistema Nacional de Saúde (SNS) de Portugal e apresentar propostas de melhoria da gestão financeira e governança dos gastos em medicamentos. Os pagamentos em atraso no SNS têm ocasionado externalidades negativas à economia do sector farmacêutico? à indústria, à distribuição a grosso e à dispensa de medicamentos pelas Farmácias? bem como ao Estado onerado com juros de mora. Nesse contexto, o presente trabalho analisa as iniciativas de solução implementadas nos últimos anos para pagamento a horas das despesas de medicamentos pelo SNS. Além disso, pretende identificar as falhas de governo e de mercado sob a ótica do financiamento do Orçamento do Estado via o fluxo orçamental do pagamento da comparticipação na dispensa do tratamento medicamentoso. A proposta de solução apresentada considera uma mudança de paradigma no fortalecimento da autonomia administrativa e financeira do SNS por via da gestão de tesouraria, com instrumentos de gestão financeira sobre o fluxo financeiro e não tão somente sobre o fluxo orçamental. Utilizando informações da APIFARMA e da Conta Geral do Estado foi possível estimar a ineficiência técnica da gestão atual da dívida do SNS com fornecedores no contexto do pagamento da comparticipação de medicamentos.
The following project has as its aim to identify and analyse the presence of technical inefficiency in the Portuguese National Health System (NHS) financial management of medicine subsidization and to present potential improvements for the financial management and governance of medication spending. Arrears in the NHS have produced negative externalities for the pharmaceutical sector economy? in its industry, its wholesale distribution, and its dispensing of medication by the pharmacies? as well as to the State that is burdened with late payment interests. In this context, this project analyses solution initiatives implemented in the past years for timely payments of medication expenditure by the NHS. Furthermore, it intends to identify government and market failures through the perspective of the State's Budget financing by the budget flow of the subsidization of the dispensing of medication treatment. The proposed solution considers a shift in paradigm of the strengthening of the NHS's financial and administrative autonomy by treasury management, whose financial management instruments are employed not only in the budget flow, but also in the financial flow. Information from APIFARMA and Conta Geral do Estado enabled the estimation of the technical inefficiency of the current NHS debt management with its suppliers in the context of medicine subsidization payments.
info:eu-repo/semantics/publishedVersion