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Public Debt and Economic Growth in Albania

Abstract

A high public debt and its consequences in the economy remain a very important issue to be discussed, especially during the periods of crisis and recessions. During the crisis, although Albania managed to maintain a positive economic growth, its public debt remains high and worrying for the economists. The purpose of this paper is to determine if there exist a correlation between the public debt and the economic growth in Albania, where the economic growth will be considered as the increase of GDP. Many authors have provided their contributions with various empirical analyzes to study the mutual link between economic growth and public debt and the results and the methodologies are different in different countries and periods. What is the situation in Albania at about the last 25 years? Analyzing the macroeconomic situation (the structure of Albanian public debt, the data on economic growth and public debt, the reasons of a high deb etc.) and the main causes of a positive growth and a macroeconomic stability, but a high public debt, we can conclude over the expectations and the trend of the future.

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High public debt servicing costs for the agency model of debt management in Poland

References Badurina A.A., Švaljek S., Public debt management before, during and after the crisis , “Financial Theory and Practice”, 2012, 36 (1), pp. 73–100. Cieślik E., Jankowska E., Górniewicz G., Piotrowicz A., Redo J., Redo M., Siemiątkowski P., Ekonomiczne aspekty integracji wybranych państw Europy Środkowo-Wschodniej, Toruń 2015, DOI: 10.12775/TIS.2015.100. Currie E., Dethier J.J., Togo E., Institutional Arrangements for Public Debt Management , “Policy Research Working Paper”, No. 3021, April 2003. Fitch, Podsumowanie IV

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Can a Sovereign State Declare Bankruptcy?

. Turkey . The Permanent Court of Arbitration case: Russian Claim for Interest on Indemnities (1912 11 11). Smith, Adam. "Of the Revenue of the Sovereign or Commonwealth (Book Five). Chapter III of Public Debts." (1776) // http://www.adamsmith.org/smith/won-b5-c3-ss7.htm Soederberg, Susanne. "The Transnational Debt Architecture and Emerging Markets: The Politics of Discipline and Punish." Third World Quarterly 26(6) (2005) // http://www.allacademic.com/meta/p_mla_apa_research_citation/0/7/3/0/6/p73064_index

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The external debt overhang problem as a threat to global financial security

(8), 2007. Dynus M., Zadłużenie zagraniczne Polski – problem wielu rozwijających się krajów , „Roczniki Naukowe WSB w Toruniu”, Nr 5 (5), 2006. Głuchowski J., Międzynarodowe stosunki finansowe , PWE, Warszawa 1997. IMF, Debt. Use It Wisely , “Fiscal Monitor”, October 2016. IMF, From Banking to Sovereign Stress: Implications for Public Debt , “IMF Policy Paper”, 2015. IMF, Revisiting Japan's Lost Decade , “Regional Economic Outlook: Asia and Pacific-Global Crisis: The Asian Context”, 2009. Jordà O., Schularick M., Taylor A

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The Brave New (American) World of International Investment Law: Substantive Investment Protection Standards in Mega-Regionals

instruments and loans” but in a footnote clarifies that “some forms of debt, such as bonds, debentures, and long-term notes, are more likely to have the characteristics of an investment, while other forms of debt, such as claims to payment that are immediately due and result from the sale of goods or services, are less likely to have such characteristics.” In its annex 8-B (Public Debt), CETA limits the application of investment treaty standards in respect of sovereign debt restructurings. also benefit from modification to the general rules that grant additional safeguards

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Investor-State Dispute Settlement and the Future of the Precautionary Principle

Treatment and Most Favoured Nation Status at Annex II (Public Debt) to section 2, paragraph 2, see supra note 27. This paragraph refers to “ Section 1: Liberalisation of Investments”, but the full text of this section is not yet included in this Commission document; a separate document on investment protection is still under negotiation ( see infra note 128). - is very similar to that of CETA, and also makes provision for a bespoke “Tribunal of First Instance” and a “permanent appeal Tribunal” for investor-state dispute settlement. Id . sec. 3 (Resolution of

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Financial Inclusion in Latin America 2007 - 2015: Evidence using Panel Data Analysis

Abstract

Financial Inclusion plays an important role in terms of economic growth and poverty reduction owing to inequality, therefore, it is a key aspect of public policy in many governments. This study explores those variables that influence financial inclusion in some Latin American countries, through the use of the panel data econometric technique, based on information provided by the World Bank's Global Findex, and the Statistical Yearbook of the World Bank. ECLAC (Economic Commission for Latin America), during the period between 2007 and 2015. The sample includes 7 countries, namely, Argentina, Brazil, Chile, Colombia, Ecuador, Mexico and Peru. The results indicate that financial inclusion has a positive and significant relationship with the value of GDP per capita, such that the greater the income level which families have, the greater will be the participation in the financial system, and consequently, the greater the degree of financial inclusion. On the other hand, the variable public debt, shows that a high level of indebtedness hinders financial inclusion, therefore, its relationship is negative.

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Corruption and System Change in the Czech Republic: Firm-Level Evidence

Corruption: The Case of the Czech Republic. Open Society Institute, Budapest. Cooray A., Schneider, F. (2013). How Does Corruption Affect Public Debt. An Empirical Analysis, No. 2013-22. David R. (2003). “Lustration Laws in Action: The Motives and Evaluation of Lustration Policy in the Czech Republic and Poland (1989-2001).” Law & Social Inquiry, 28(2), 387-439. doi:10.1111/j.1747-4469.2003.tb00197.x. Edelman. (2013). Trustbarometer 2013. Retrieved March 19, 2013, from http://www.edelman.com/trust-downloads/global-results-2

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Laffer Curves and Home Production

_{T\rightarrow\infty}\bigg(\frac{b_{T+1}}{\prod_{j=1}^{T}(1+r_{j}^{b})}\bigg)=0. \end{array}$$ (17) The no-ponzi condition states that the discounted stream of taxes must equal the current value of outstanding government debt plus stream of government expenditures. Public debt has no specific role in the analysis apart from making the government budget constraint more realistic. It is necessary to have one “adjusting” or endogenous variable in the government budget constraint in order to have a well-behaving system of model equations. Following a standard practice in the literature, when taxes

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The Global Crisis and Its Legal Impact on the Growth of Albanian Economy

Abstract

We started as a crisis of high commodity prices, she quickly clarified the extent of the banking crisis and rapidly accelerated the financial crisis which culminated with the economic crisis, social and global, perhaps it was the heaviest one after the Second World - War. The consequences of this crisis was widely reflected in the deterioration of macroeconomic indicators of the budget, it appeared a significant decline in economic growth, a drop in revenues, an increase in unemployment and the fast increase of budget expenditures. The budget deficit and public debt grew at high rates, the cost and sources of financing of the economy became the most difficult and the most expensive. To stop the deterioration, the governments of many countries, regardless of their political spectrum supported the growth of aggregate demand, this process in many countries aggravated budget deficits. The primary task to overcome the crisis was a strategy that would ensure the sustainability of public finances in the countries affected by the crisis. The main difficulty faced was the global coordination such a global challenge. Researches can improve the profits of a company because of the potential capabilities of diversification with innovation performance or some have argued that the returns are increasing but this diversification has a very big risk. International expansion is very difficult to manage because there are a risk. Chief among them are economic and political risks because due to these risks by diversification of large firms are accustomed to the conditions of a market in competitive situations. The risk policy has to do with a government concentration creating much problem. The economic risk concerns exchange rates and market expansion line.

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