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Is Public Debt Management in Slovenia Efficient: An Empirical Analysis

References Barro, R.J. 1999. Notes on Optimal Debt Management. Journal of Applied Economics 2(2), pp. 281-289. Carracedo, M.F., and Dattels Peter, 1997. Survey of Public Debt Management Frameworks in Selected Countries. In Sundararajan V., P. Dattels, H.J. Blommestein H.J. (ed.). Coordinating Public Debt and Monetary Management . Washington D.C.: International Monetary Fund: 96-162. Cassard, M., and D. Folkerts-Landau. 1997. Risk Management of Sovereign Assets and Liabilities

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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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Term Structure of Public Debt and Refinancing Risk in the Economic and Monetary Union

References Asach, R.L. (1999). Politics and Public Debt. The Dominion, the Banks and Alberta's Social Credit. Edmonton: University of Alberta Press. Financial Stability Forum (2000). Report of the Working Group on Capital Flows. 10 th June 2011. http://www.financialstabilityboard.org/publications/r_0004.pdf IMF (2001). Guidelines for Public Debt Management. Prepared by the Staffs of the International Monetary Fund and the World Bank. IMF and World Bank

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Public Debt under Financial Crisis in the New EU Member States

References Aldrich W.W. (1949), The Management of the Public Debt, „Journal of Finance”, vol. 4, issue 1. Benigno P., Missale A. (2004), High public debt in currency crises: fundamentals versus signaling effects, “Journal of International Money and Finance”, vol. 23, issue 2. Dębski W. (1997), Akcje, obligacje i ich wycena, Absolwent, Łódź. Dooley M.P. (2000), Debt management and crisis in developing countries, “Journal of Development Economics”, vol. 63, issue 1. Easterly W

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The Dynamics of Public and Private Debt in Ghana

References 1. Africa Development Indicators. (1992). United Nations Development Programme, The International Bank for Reconstruction and Development/The World Bank. Washington, D.C. April 1992. 2. Africa Development Indicators. (2001). United Nations Development Programme, The International Bank for Reconstruction and Development/The World Bank. Washington, D.C. February 2001. 3. African Forum and Network on Debt and Development (AFRODAD). (2013). “Loan Contraction and Debt Management in Ghana.” Retrieved from

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Changes in the fiscal policy of EU states after the 2008 crisis

Abstract

The aim of this article is an extensive presentation of the fiscal policy conducted by the EU states in the years 2008–2015. The analysis concerns the legal regulations introduced at the EU level by the European Parliament and the Council, as well as the fiscal policies of governments of particular states. The first part of the article analyzes basic macroeconomic data in EU states concerning the level of debt, the level of gross domestic product (GDP) redistribution, and the level of economic growth in the analyzed period. The second part discusses the legal acts adopted by the European Parliament and the Council (the so-called ‘sixpack’ and the European Fiscal Compact), aimed at improving macroeconomic balance and ensuring supervision over the proper functioning of national finances. The third part analyzes the discretionary fiscal policies pursued in EU states. The main conclusions of this article are as follows: (i) EU countries recorded higher national debt levels and debt growth rates between 2008 and 2015 than most non-EU Organisation for Economic Co-operation and Development (OECD) countries; (ii) despite legal measures taken by the European Council and the European Commission in the form of the sixpack and the European Fiscal Compact, and despite discretionary fiscal measures such as in the form of the European Economic Recovery Plan, five EU countries (Cyprus, Greece, Italy, Portugal, and Spain) have experienced a steady increase in their national debt levels; and (iii) deep reforms in the composition and level of government expenditure are a prerequisite for reducing national debt levels and for achieving satisfactory economic growth in these countries.

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Fiscal Imbalance and Fiscal Risks Management on the Regional Level

://www.czso.cz/csu/redakce.nsf/i/cr:_makroekonomicke_udaje/$File/AHLMAKRO.xls Czech Statistical Office (2010b, October 29). Demographic Yearbook of the Czech Republic 2009 . Retrieved November 20, 2010, from http://www.czso.cz/csu/2010edicniplan.nsf/p/4019-10 DVOŘÁKOVÁ, P. (2007). State Regulation of the Municipal Debt in the Czech Republic. In Debt Management in Transition Countries: Experience and Perspectives . 1. vyd. Bratislava : NISPAcee, 2007. od s. 76-92, 17 s. ISBN 978-80-89013-33-3; DVOŘÁKOVÁ, P. (2009). Fiskální nerovnováha krajů a její řízení. In ŠELEŠOVSKÝ, J. a kol

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Domestic Debt and Economic Growth in Nigeria: An ARDL Bounds Test Approach

on Debt Sustainability and Development , 1–15. Retrieved from https://vi.unctad.org/resources-mainmenu-64/digital-library?task=dl_doc&doc_name=414_debtsustdev Debt Management Office (DMO). (2014). Public Debt Stock as at June 2014 . Abuja. Detragiache, E., Gupta, P., & Tressel, T. (2005). Finance in Lower-Income Countries: An Empirical Exploration. IMF Working Paper WP/05/167 , 1–47. Retrieved from http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.596.6960&rep=rep1&type=pdf Dotsey, M. (1994). Some Unpleasant Supply Side Arithmetic

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Linkages Between Fiscal Policy and Financial (In)Stability

Abstract

This paper identifies and describes some of the main channels through which fiscal policy is linked to financial stability. For that purpose, several features of public debt related to financial stability are explored, such as public debt management and its sustainability, government’s funding costs and their impact on costs of funding for private sector, financial institutions’ exposures to the government etc. The part related to the tax policy elaborates on its countercyclical capacity, the role of automatic stabilizers, tax incentives that encourage or discourage certain type of financing, and impact of tax reliefs on systemic risks, particularly those targeted at the real estate. Fiscal policy role during the periods of strong capital inflows is also described from the financial stability point of view, which is followed by the overview of fiscal and quasi-fiscal costs of financial instability. Specific problem of different time horizon of economic policymakers’, which is in the case of fiscal policy usually related to election cycles and thus negatively affects its countercyclical capacity, is also explored. Given the relevance of the identified channels for financial stability, it can be expected that macroprudential capacity of fiscal policy will gain much more attention in the future research and policy work.

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Governmental Liquidities Management 2008-2010

References 1. Ananchotikul, N., Zhang, L. (2014), Portfolio Flows, Global Risk Aversion and Asset Prices in Emerging Markets, IMF Working Paper 14/156; 2. Anderson, Phillip, (2007), New Trends and Challenges in Government Debt Management, 3. Blommestein, Hans J., and Turner, Philip, 2011, ―Interactions between Sovereign Debt Management and Monetary Policy under Fiscal Dominance and Financial Instability,‖ (Social Science Research Network); 4. Brits, H., and C. Winder (2005), Payments Are No Free

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