Suchergebnisse

This article challenges the tendency to conceptualize contemporary debt bondage as an individualized relationship between employer and victim. It highlights the systemic relations of inequality that underpin debt bondage in advanced capitalist countries, focusing on temporary migrant workers in the United States. It advances two interlocking arguments. First, that debt bondage in the US market is rooted in processes of 'neoliberalization' that have left dispossessed populations few alternatives but to sell themselves into coercive labor markets. Second, that debt operates as a class-based form of power that disciplines all sectors of the labor market, albeit in variegated forms and degrees. Far from an archaic or non-capitalist social relation, debt bondage must be understood as a profitable strategy of labor discipline anchored in state regulatory frameworks that have bolstered the power of employers and facilitated predatory and privatized forms of credit and lending as solutions to poverty and unemployment.

The mission met with government officials from the Ministry of Finance and Economic Development (MoFED), comprising the departments responsible for debt management (DeM), i.e. the Public Debt Management Office (PDMO), executing the middle and back office functions, and the Departments of International Cooperation, and Financial and Capital Markets, which function as the front offices for foreign and domestic debt. The team also met with other relevant government agencies, and a private bank to complete the assessment. A meeting was arranged with the development partners in the country to inform them of the government's request for a DeMPA and the key dimensions to be assessed during the exercise; and to gain insights from their experiences. The meeting schedule is given in annex one. This mission falls mainly within the scope of the assistance provided by the World Bank and its partners to improve debt management capacity in developing countries. To this end, the DeMPA tool is based on a methodological approach that facilitates evaluation of performance using different indicators that bring together all debt management functions. These indicators cover the following areas of activity: (i) governance and strategy development; (ii) coordination with macroeconomic policies; (iii) borrowing and related financing activities; (iv) cash flow forecasting and cash balance management; and (v) debt recording and operational risk management. The DeMPA assesses the strengths and weaknesses of each country's debt management without making recommendations or assumptions as to the potential effects of reforms under way.

This book is a volume in the Penn Press Anniversary Collection. To mark its 125th anniversary in 2015, the University of Pennsylvania Press rereleased more than 1,100 titles from Penn Press's distinguished backlist from 1899-1999 that had fallen out of print. Spanning an entire century, the Anniversary Collection offers peer-reviewed scholarship in a wide range of subject areas

Analyzes & interprets the nature & evolution of the transnational debt problem in the international financial system by considering three questions: what has changed since the 1980s & why, who have been the participants in international lending & borrowing since the 1980s, & is transnational debt a threat to the international financial system? Transnational debt is defined as all kinds of debt across national frontiers, not just the specific financial credits extended between state governments. Reviews lending & debt practices since the 1800s into the 1980s & 1990s, followed by analysis of Mexico & the treatment of two foreign debt crises there in 1982 & 1994-1995. The effects of Mexico's debt crises on Brazilian foreign debt is assessed followed by a comparison of Asian debt to the Mexico experience. Discussion of the forgiveness of debt, failure of the African development bank, neglect of post-socialist countries of East & Central Europe, & the lack of a Marshall Plan-like initiative for these ex-socialist countries precedes a conclusion that there was no general "debt crisis" in the 1990s. Rather, there were different debtors with different crises who had not been granted the right kind of credit in sufficient amounts to address their needs properly. R. Rodriguez

Until now, we have not had any satisfactory answers to these questions. Public Debt, Inequality, and Power is the first comprehensive historical analysis of public debt ownership in the United States.

[This book is distributed under the terms of the Creative Commons Attribution + Noncommercial + NoDerivatives 3.0 license. Copyright is retained by the author(s)] FROM THE BACK COVER: Who are the dominant owners of US public debt? Is it widely held, or concentrated in the hands of a few? Does ownership of public debt give these bondholders power over our government? What do we make of the fact that foreign-owned debt has ballooned to nearly 50 percent today? Until now, we have not had any satisfactory answers to these questions. Public Debt, Inequality, and Power is the first comprehensive historical analysis of public debt ownership in the United States. It reveals that ownership of federal bonds has been increasingly concentrated in the hands of the 1 percent over the past three decades. Based on extensive and original research, Public Debt, Inequality, and Power will shock and enlighten. "These days, the topic of America's debt stirs heated political debate. But one of the most important facts in this discussion has hitherto been obscured: who actually owns that debt inside America? Hager has done some fascinating and pathbreaking research to answer that question and concluded that the ownership pattern is surprisingly concentrated—and unequal—and that this may have implications for how the entire debt debate develops in the coming years. This is an illuminating work that deserves wide attention." (GILLIAN TETT, Financial Times) "The relationship between the ownership structure of government debt and economic inequality—between public finance and the class structure of modern capitalism—is one of several central concerns of political economy that has been almost completely neglected in recent decades. Sandy Brian Hager's book returns to the subject with theoretical and empirical bravado." (WOLFGANG STREECK, Director Emeritus, Max Planck Institute for the Study of Societies) "Money is power, and US Treasury debt is the world's single largest financial instrument. Hager's insightful book fills an enormous hole in our knowledge of who owns this debt and how the power flowing from that increasingly concentrated ownership affects US and global politics." (HERMAN M. SCHWARTZ, author of Subprime Nation: American Power, Global Capital, and the Housing Bubble) *** SANDY BRIAN HAGER is Postdoctoral Fellow at the Weatherhead Center for International Affairs at Harvard University. He has published in various journals, including New Political Economy and Socio-Economic Review.

Who are the dominant owners of US public debt? Is it widely held, or concentrated in the hands of a few? Does ownership of public debt give these bondholders power over our government? What do we make of the fact that foreign-owned debt has ballooned to nearly 50 percent today? Until now, we have not had any satisfactory answers to these questions. Public Debt, Inequality, and Power is the first comprehensive historical analysis of public debt ownership in the United States. It reveals that ownership of federal bonds has been increasingly concentrated in the hands of the 1 percent over the past three decades. Based on extensive and original research, Public Debt, Inequality, and Power will shock and enlighten. "These days, the topic of America's debt stirs heated political debate. But one of the most important facts in this discussion has hitherto been obscured: who actually owns that debt inside America? Hager has done some fascinating and pathbreakingresearch to answer that question and concluded that the ownership pattern is surprisingly concentrated—and unequal—and that this may have implications for how the entire debt debate develops in the coming years. This is an illuminating work that deserves wide attention." -GILLIAN TETT, Financial Times "The relationship between the ownership structure of government debt and economic inequality—between public finance and the class structure of modern capitalism—is one of several central concerns of political economy that has been almost completely neglected in recent decades. Sandy Brian Hager's book returns to the subject with theoretical and empirical bravado." -WOLFGANG STREECK, Director Emeritus, Max Planck Institute for the Study of Societies "Money is power, and US Treasury debt is the world's single largest financial instrument. Hager's insightful book fills an enormous hole in our knowledge of who owns this debt and how the power flowing from that increasingly concentrated ownership affects US and global politics." -HERMAN M. SCHWARTZ, author of Subprime Nation: American Power, Global Capital, and the Housing Bubble SANDY BRIAN HAGER is Postdoctoral Fellow at the Weatherhead Center for International Affairs at Harvard University. He has published in various journals, including New Political Economy and Socio-Economic Review.

This paper analyzes the Confederation's debt management. The Confederation actively manages roll over and interest rate risk by increasing bond maturity with increasing marketable debt-to-GDP levels. It further engages in active but asymmetric, one-sided interest rate positioning; i.e., it uses mostly bonds to affect debt maturity and does so only when the interest rate environment is favorable to lock-in interest rates by issuing longer-term bonds. Debt management is mainly driven by marketable debt rather than total debt. Issuing behavior became more regular and demand-oriented during the early 1990s when marketable and total debt increased in tandem.

Many jurisdictions around the world are seeking to develop an effective mechanism for rescuing financially distressed but viable businesses. In the UK a number of different mechanisms exist which can be used to restructure distressed companies. The purpose of this paper is to assess the debt restructuring mechanisms currently available to companies in English law and to consider the proposed reform of the UK regime, announced by the Government in August 2018. It is argued that reform is needed, and that in general the proposals to introduce a restructuring moratorium and a restructuring plan which includes a cross class cramdown are to be welcomed. However, these reforms will need to be introduced with care in order to ensure that an appropriate balance is maintained between the interests of the company and the interests of the creditors and that, ultimately, the UK's regime remains fit for purpose for the future.