Suchergebnisse

Raphael Charron-Chenier and Louise Seamster on debt and social inequality.

We study rollover risk and collateral value in a dynamic asset pricing model with endogenous debt financing by extending the framework of Geanakoplos (2009) with a generic binomial tree and time-varying heterogeneous beliefs. Optimistic borrowers face rollover risk if the belief dispersion between the borrowers and the pessimistic lenders widens after interim bad news. We demonstrate the optimality of the maximum riskless short-term debt financing for optimistic borrowers even in the presence of the rollover risk. We also highlight the role of interim trading which, by allowing creditors to sell seized collateral to other optimists with saved cashes, boosts the asset's collateral value and equilibrium price.

A substantial proportion of people "in debt" are in
employment. Increasingly, employers can be required by the courts to
recover debts for creditors from employees via the attachment of
earnings process. However, there are claims that the process has a range
of negative consequences for both employers and employees, including
costs, lowered motivation, and changes in the recruitment and retention
of labour. Presents data from a recent study of the attachment of
earnings process which assess the validity of a number of these claims.
Draws attention to the differential perceptions of the significance of
attachment on the part of employers and employees and the consequences
of this for managing attachment within employing organizations.

"Public debts have exploded to levels unprecedented in recent history as governments responded to the Covid-19 pandemic. Their rise prompted apocalyptic warnings about the dangers of heavy debts - about the drag they will place on economic growth and for future generations. This book adds the other side of the equation: drawing on history, it provides a defence of public debt. It shows that the ability of governments to borrow has played a critical role in meeting emergencies, from wars and pandemics to economic and financial crises, as well as in funding essential public goods and services such as transportation, education and healthcare. In these ways, the capacity to issue debt has been integral to state building. Transactions in public debt securities have also contributed to the development of private financial markets and, through this channel, to modern economic growth. None of this is to deny that debt problems, debt crises and debt defaults occur. But these dramatic events, which attract much attention, are not the entire story. In Defence of Public Debt redresses the balance. It develops its arguments historically, recounting two millennia of public debt experience. It deploys a comprehensive database to identify the factors behind rising public debts and the circumstances under which high debts are successfully brought down. Finally, it brings the story up to date, describing the role of public debt in managing the Covid-19 pandemic and suggesting a way forward once governments, now more heavily indebted than before, finally emerge from the crisis"--

The level of private debt in the developed world is at historically high levels. This thesis investigates whether the private debt is associated with the economic crises and low growth rates experienced today. The purpose of the thesis is to answer three questions regarding private debt motivated by Steve Keen's work on private debt. First, is the level of private debt connected to lower economic growth. Second, are recessions preceded by growth in debt and followed by deleveraging deeper. Third, is the extension and accelerating expansion of private debt connected to other macroeconomic variables. The research questions are answered using econometric panel data models including LSDV and VAR models and the Jordà local projections framework. In addition, Reinhart and Rogoff's famous analysis is extended to private debt. Recently available panel data on private debt from the Bank of International Settlements and Jordà-Schularick-Taylor Macrohistory Database are used as the source of data. The findings of the thesis are consistent with Keen's arguments. High levels of private debt are associated with lower economic growth, arguably even more substantially than government debt. Recessions preceded by growth in debt and followed by deleveraging have been the worst recessions, and the extension and accelerating expansion of private debt can explain changes in GDP, unemployment, and house prices.

The first Debt Management Performance Assessment (DeMPA) for Maldives was conducted in 2009, and a second DeMPA was completed in March 2019. The authorities have taken important steps to improve debt management since the first assessment, but many challenges remain. The government has implemented a series of reforms to public financial and debt management, including changes to the legal and institutional framework. Key measures include a complete overhaul of Treasury operations, the implementation of the Integrated Financial Management Information System (IFMIS) across all government entities in the capital, Malé, the establishment of a Treasury Single Account, and the development of cash-flow forecasting procedures. The coverage of the Commonwealth Secretariat Debt Recording and Management System (CSDRMS) has also been expanded, and the CS-DRMS is now used as a central database for almost all debt obligations, except Islamic finance instruments. The results of the 2019 DeMPA shed light on these improvements and indicate areas for further action.

Lived relations to credit and debt can steadily sink into the everyday in ways that are often missed in analyses that attend to the more immediately visible and eventful aspects of financial existence. How might one address those less remarked-upon, extra-'ordinary' lived moments of credit and debt: moments that can come, when all is added up, to say much more about the weight of the day-to-day and, thus, offer – by their very intimacy – the surest potential for their own transformation? Encounters between the monetary and the mundane transpire in all kind of ways, through all manner of instruments/practices, arrangements/assemblages, moralities/affects, rhythms/routines and across vastly different contexts and registers (familial, communal, gendered, racial, national, global, etc.). We argue that only by adhering closely to the empirical contents of one's immediate situation, as always crossed by the abstractions of theory, does it become possible to grasp in all its temporal and scalar diversity the 'big picture', a totality that might begin to unite these fragments and moments that otherwise escape continuously into the background. Our contributors speak from out of very specific sets of circumstances, histories and intimacies: with essays that take the reader into the decision-making practices at Portuguese retail banks, the mortgage worries of residents in new-build homes in Warsaw Poland, American military families and their struggles with debt management, the lives of mamapreneurs working a 'fourth shift', the tactical use of credit and debt in the slums of Buenos Aires, the bookkeeping practices of merchants in a Russian small town, the troubling subterranean history of today's philanthrocapital, Hungarian home borrowers' sense of futurity, the stylistics of household consumption in Chile, the appetites that drive financial apps, leverage's force-affects on space and time and the complicated hopefulness of the Rolling Jubilee. Together, these essays provide an empirics of indebtedness traversing the ...

This article, the basis of a talk to the Hellenic Political Science Association in March 2012, presents an approach to the analysis of humiliation or forced social displacement. It makes reference to the particular example of Greece during the sovereign debt crisis and offers a comparison with the effects of Hurricane Katrina on New Orleans. Distinctions are made between yielding responses and challenging responses to humiliation, including escape and acceptance in the first category, and resistance-rejection, revenge-rejection and conciliation-reform in the latter category.

This article, the basis of a talk to the Hellenic Political Science Association in March 2012, presents an approach to the analysis of humiliation or forced social displacement. It makes reference to the particular example of Greece during the sovereign debt crisis and offers a comparison with the effects of Hurricane Katrina on New Orleans. Distinctions are made between yielding responses and challenging responses to humiliation, including escape and acceptance in the first category, and resistance-rejection, revenge-rejection and conciliation-reform in the latter category.

AbstractThe Eurozone sovereign debt crisis began in the spring of 2010. Seven years on seems like an appropriate point at which to critique how the crisis has been handled and to assess whether policy changes will be required should it flare up again. In particular, there are a number of lessons to be learned from the Greek debt restructuring of 2012.

The Republic of Sudan is the third largest country in Africa, following the July 2011 secession of South Sudan, with an area of 1.8 million square kilometers and a population of 33.4 million, half of which live in urban areas. It is strategically located between Sub-Saharan Africa and the Middle East, with direct borders with Central African Republic, Chad, Egypt, Eritrea, Ethiopia, Libya, and South Sudan. Sudan is a federal republic, and the vertical structure of government consists of three tiers. The central government is embodied in the office of the President, the Council of Ministers, and the National Assembly and the two main tiers at the sub-national levels are the state tier (with 17 states) and the locality tier. The implications of the country's current political and economic transition on debt management are fundamental. The permanent fiscal shock from lower oil revenues has put heavy pressure on the budget, with fewer resources available for debt repayment and with increased needs for borrowing for deficit financing, including monetization. External resources are limited given the arrears Sudan has with many creditors and associated lack of access to concessional financing, plus traditional global markets are stressed from fiscal problems in many countries. The government has already been very active in domestic markets, and the availability of additional resources from the private sector is a concern. The DeMPA focuses on central government debt management activities and closely-related functions, such as the issuance of loan guarantees, on-lending, cash flow forecasting, and cash balance management. Thus, the DeMPA does not assess the ability to manage the wider public debt portfolio, including implicit contingent liabilities (such as liabilities of the pension system) or the debt of state-owned enterprises (SOEs), if these are not guaranteed by the central government.