De Grauwe , Paul, Ji , Yuemei Steinbach , Armin. 'The EU debt crisis: Testing and revisiting conventional legal doctrine' LEQS Paper No. 108, April 2016
... likely to be affected because such defaults lead to a negative effect on economic activity, inducing a decline in government revenues and an increase in government budget deficits. If the increase in net foreign indebtedness arises from government overspending, it directly increases the government’s ...
... likely to be affected because such defaults lead to a negative effect on economic activity, inducing a decline in government revenues and an increase in government budget deficits. If the increase in net foreign indebtedness arises from government overspending, it directly increases the government’s ...
Term Sheet Indian Railway Finance Corporation Limited 8.23
... under the provisions of the I-Tax Act, as applicable, from the date of realisation* of the cheque(s) Amounts liable to be /demand draft(s)/any other mode or three days from the date of receipt of the Application (being the date Refunded of presentation of each Application as acknowledged by the Bank ...
... under the provisions of the I-Tax Act, as applicable, from the date of realisation* of the cheque(s) Amounts liable to be /demand draft(s)/any other mode or three days from the date of receipt of the Application (being the date Refunded of presentation of each Application as acknowledged by the Bank ...
Analysis of the RMB`s Chance to be Included in the SDR The
... of the Federal Reserve as the Alternate US Governor. According to the US Law, the US Congress is responsible for authorizing and appropriating all US financial commitments to the IMF, including the US quota and voting share, etc. In the IMF’s 2010 review, the RMB was considered not meeting the free ...
... of the Federal Reserve as the Alternate US Governor. According to the US Law, the US Congress is responsible for authorizing and appropriating all US financial commitments to the IMF, including the US quota and voting share, etc. In the IMF’s 2010 review, the RMB was considered not meeting the free ...
The Central Bank as a Tax Farmer: Por- firian
... agreements. The loss of reputation is one such penalty. Unfortunately, history is replete with examples where reputation alone was not sufficient. New sources of credit, for example, have caused sovereigns to repudiate their debts with their former creditors. Threats which shorten the sovereign’s ti ...
... agreements. The loss of reputation is one such penalty. Unfortunately, history is replete with examples where reputation alone was not sufficient. New sources of credit, for example, have caused sovereigns to repudiate their debts with their former creditors. Threats which shorten the sovereign’s ti ...
Can a Victor Force the Vanquished to Pay? France Under the Nazi
... financing of World War I, where most expenditure was covered by debt issues. Although the American participation in World War I only began in 1917 and her total expenditures relative to GDP were less, the pattern of financing is similar to French finance in the Great War. The strongest resemblance i ...
... financing of World War I, where most expenditure was covered by debt issues. Although the American participation in World War I only began in 1917 and her total expenditures relative to GDP were less, the pattern of financing is similar to French finance in the Great War. The strongest resemblance i ...
A Role Model for the Conduct of Fiscal Policy?
... tural reforms were implemented in the 1990s to improve the frameworks surrounding monetary and …scal policy, improve the design of social insurance schemes, and strengthen competition on product markets. Growth remained high in the decade after Sweden had recovered from the crisis, and public …nanc ...
... tural reforms were implemented in the 1990s to improve the frameworks surrounding monetary and …scal policy, improve the design of social insurance schemes, and strengthen competition on product markets. Growth remained high in the decade after Sweden had recovered from the crisis, and public …nanc ...
The Crisis That Was Not Prevented
... Contrary to the promise that economic liberalisation would generate rapid economic expansion, growth rates since 1990 have been half of what Latin America achieved during the period of state-led industrialisation. The strong recession that began in 2001 deepened in 2002, when GDP fell in Latin Ameri ...
... Contrary to the promise that economic liberalisation would generate rapid economic expansion, growth rates since 1990 have been half of what Latin America achieved during the period of state-led industrialisation. The strong recession that began in 2001 deepened in 2002, when GDP fell in Latin Ameri ...
Macroeconomic Implication of Currency Management in Nigeria
... fundamentals of the economy which determine sustainable economic growth are prudent fiscal and monetary policies. In effect, currency restructuring will work only in concert with an economic stabilization programme involving exchange rates, price level and overall level of interest rate. Therefore, ...
... fundamentals of the economy which determine sustainable economic growth are prudent fiscal and monetary policies. In effect, currency restructuring will work only in concert with an economic stabilization programme involving exchange rates, price level and overall level of interest rate. Therefore, ...
Financial Stability Report 29 – Ukraine: struggling banking sector
... about rampant corruption resulted in the president’s overthrow in February 2014. In the following weeks, the hryvnia depreciated almost 50% against the U.S. dollar until the exchange rate re-stabilized somewhat in April–May 2014. This stabilization followed the monetary authority’s increase of its k ...
... about rampant corruption resulted in the president’s overthrow in February 2014. In the following weeks, the hryvnia depreciated almost 50% against the U.S. dollar until the exchange rate re-stabilized somewhat in April–May 2014. This stabilization followed the monetary authority’s increase of its k ...
The Social Cost of Foreign Exchange Reserves
... held by developing nations are today at an all time high, and stand at levels that are a multiple of those held by advanced countries (in relation to their incomes or trade). But as Feldstein and others since have pointed out, accumulating reserves is also costly. Central banks hold their foreign ex ...
... held by developing nations are today at an all time high, and stand at levels that are a multiple of those held by advanced countries (in relation to their incomes or trade). But as Feldstein and others since have pointed out, accumulating reserves is also costly. Central banks hold their foreign ex ...
Long-duration Bonds and Sovereign Defaults
... that the government issues bonds that pay an infinite stream of coupons until a default is declared. The coupon payments promised over the life of a bond decrease at a constant rate. This assumption allows us to introduce debt instruments with a long duration in a simple and tractable way: the numbe ...
... that the government issues bonds that pay an infinite stream of coupons until a default is declared. The coupon payments promised over the life of a bond decrease at a constant rate. This assumption allows us to introduce debt instruments with a long duration in a simple and tractable way: the numbe ...
D estudios y perspectivas 40
... In the 1980s and 1990’s, another organizational model for the production of industrial goods emerged in Argentina which was very different from the substitution strategy. It was coupled to changes at the technological frontier and to the instability and uncertainty of the macroeconomic setting, and ...
... In the 1980s and 1990’s, another organizational model for the production of industrial goods emerged in Argentina which was very different from the substitution strategy. It was coupled to changes at the technological frontier and to the instability and uncertainty of the macroeconomic setting, and ...
The IMF and the Force of History: Ten Events and Ten Ideas That
... of the Fund, includes the objective of using IMF lending to provide member countries “with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity.” Article IV set out a system for achieving that purpose by ...
... of the Fund, includes the objective of using IMF lending to provide member countries “with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity.” Article IV set out a system for achieving that purpose by ...
Effects of the Federal Debt on the U
... times of economic hardship such as recessions. Issuing Federal Debt usually reaches peak levels at times of War, when the spending on defense is necessary and reaches very high levels. An important example of that was World War II, when the Debt/GDP ratio reached 109%. The Roosevelt government at th ...
... times of economic hardship such as recessions. Issuing Federal Debt usually reaches peak levels at times of War, when the spending on defense is necessary and reaches very high levels. An important example of that was World War II, when the Debt/GDP ratio reached 109%. The Roosevelt government at th ...
Document
... have integrated markets. • The integration of financial markets implies that there can be no significant differences in exchange rates across locations. – Arbitrage: buy at low price and sell at higher price for a profit. – If the euro were to sell for $1.1 in New York and $1.2 in London, could buy ...
... have integrated markets. • The integration of financial markets implies that there can be no significant differences in exchange rates across locations. – Arbitrage: buy at low price and sell at higher price for a profit. – If the euro were to sell for $1.1 in New York and $1.2 in London, could buy ...
Vilhjálmur Egilsson
... most likely to be 370 – 480 billion ISK into Iceland and 310 – 360 billion ISK out of Iceland. The actual balance in 2006 therefore ranges from 10 billion ISK to 170 billion ISK in what financial income of Icelanders from foreign operations exceeds the financial income of foreigners from operations ...
... most likely to be 370 – 480 billion ISK into Iceland and 310 – 360 billion ISK out of Iceland. The actual balance in 2006 therefore ranges from 10 billion ISK to 170 billion ISK in what financial income of Icelanders from foreign operations exceeds the financial income of foreigners from operations ...
NBER WORKING PAPER SERIES THE SOCIAL COST OF FOREIGN EXCHANGE RESERVES
... hard to implement empirically (see Hauner 2005). In any case, the process of accumulating reserves, as sketched above, makes clear that the relevant counterfactual in most instances is not one additional dollar of public investment, but one less dollar of short-term foreign debt. In contrast to esta ...
... hard to implement empirically (see Hauner 2005). In any case, the process of accumulating reserves, as sketched above, makes clear that the relevant counterfactual in most instances is not one additional dollar of public investment, but one less dollar of short-term foreign debt. In contrast to esta ...
NBER WORKING PAPER SERIES PUBLIC DEBT IN THE USA AND WHO PAYS?
... 1980 and 1990. This cannot be explained in terms of cyclical differences, as the US economy was only just sliding into recession in the second half of 1990. The magnitude of the 1992 US general government deficit, shown to be 4.7% of GDP in Table 4, is large both historically and by current internat ...
... 1980 and 1990. This cannot be explained in terms of cyclical differences, as the US economy was only just sliding into recession in the second half of 1990. The magnitude of the 1992 US general government deficit, shown to be 4.7% of GDP in Table 4, is large both historically and by current internat ...
act government borrowings and gross debt
... During 2004-05 the Territory established a new $1 billion (multi-note) Domestic Debt Issuance Program, replacing the former $500m domestic commercial paper program and $500m domestic debt issuance program. The new program reflects current financial market standards and provides the ability for the T ...
... During 2004-05 the Territory established a new $1 billion (multi-note) Domestic Debt Issuance Program, replacing the former $500m domestic commercial paper program and $500m domestic debt issuance program. The new program reflects current financial market standards and provides the ability for the T ...
Financial and Sovereign Debt Crises
... counterparts. Until 2007–08, the presumption was that they were not nearly as vulnerable to financial crises.2 When events disabused the world of that notion, the idea still persisted that if a financial crisis does occur, advanced countries are much better at managing the aftermath, thanks to their ...
... counterparts. Until 2007–08, the presumption was that they were not nearly as vulnerable to financial crises.2 When events disabused the world of that notion, the idea still persisted that if a financial crisis does occur, advanced countries are much better at managing the aftermath, thanks to their ...
Strengthening long-term growth in Argentina
... hyperinflation episodes during that period (1975-76, 1989 and 1990). In 1991 the country adopted several market-oriented reforms together with a Currency Board. Argentina enjoyed several years of relative high-growth despite the 1995 economic recession triggered by the Tequila crisis. However, incon ...
... hyperinflation episodes during that period (1975-76, 1989 and 1990). In 1991 the country adopted several market-oriented reforms together with a Currency Board. Argentina enjoyed several years of relative high-growth despite the 1995 economic recession triggered by the Tequila crisis. However, incon ...
Annual Review as PDF
... central government’s income totalled EUR 45.0 billion while the The purpose of the new state total accounts, prepared by ...
... central government’s income totalled EUR 45.0 billion while the The purpose of the new state total accounts, prepared by ...
Source: WB World Development Indicators database, 8 July 2016
... well as the artisans, leading merchants and money lenders who linked the rural areas to the port cities and the European trading houses, had died or departed. The loss of urban population was 35%, or more than one million people between 1912 and 1927. Economic life of Turkey was affected adversely b ...
... well as the artisans, leading merchants and money lenders who linked the rural areas to the port cities and the European trading houses, had died or departed. The loss of urban population was 35%, or more than one million people between 1912 and 1927. Economic life of Turkey was affected adversely b ...
FRBSF L CONOMIC
... How has the sharp rise in household debt from 2002 to 2007 affected the economic recovery? It is difficult to answer this question using aggregate data alone. Household debt levels are elevated, but many other factors could also be causing weakness. For example, many economists argue that an unwilli ...
... How has the sharp rise in household debt from 2002 to 2007 affected the economic recovery? It is difficult to answer this question using aggregate data alone. Household debt levels are elevated, but many other factors could also be causing weakness. For example, many economists argue that an unwilli ...