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The Definition of Debt Management : Fiscal deficits have become much larger and more widespread than they were. The budget deficit dominates economic policy discussion in the mid - 1980's. Today, there is not a country whether developed or developing without a fiscal defict (In east Eurepean Countries also). Debt is a major government revenue source these days and borrwing is an alternative to*taxation in the short run. But the consequences of government borrowing are different at home and abroad. Because the two forms of finance have different characteristics. There is also another difference of finance for developed and developing countries

Testimony issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO discussed managing debt in a time of budget surpluses."

A letter report issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO provided information on the actions taken by the Department of the Treasury to manage the marketable debt held by the public during the recent period of unified budget surpluses."

This paper develops and tests a model that predicts a negative link between the degree of openness of an economy and its equilibrium inflation rate. The effect arises in an economy going through a debt crisis, and in which inflation tax constitutes an important source of the government's revenue. The predictions of the analysis are compared to those in Romer (1993), which uses a Barro-Gordon type model to argue that openness puts a check on a government's incentive to engage in unanticipated inflation, because of induced exchange rate depreciation. Romer's tests are reevaluated, and it is shown that the degree of openness is only a significant determinant of inflation among highly indebted countries, during the debt crisis period. The empirical results indicate that the model of openness and inflation' presented here explains the data better than Romer. ; Neste artigo é desenvolvido e testado um modelo que prevê uma relação negativa entre o grau de abertura de uma economia e sua taxa de inflação de equilíbrio. O efeito surge em uma economia passando por uma crise de dívida externa, e na qual o imposto inflacionário é uma importante fonte de receita do governo. As previsões do modelo são comparadas às de Romer (1993), onde um modelo do tipo Barro-Gordon é usado para mostrar que o grau de abertura da economia diminui o incentivo a inflacionar, devido à depreciação cambial que seria dessa forma gerada. Os testes empíricos apresentados em Romer (1993) são reavaliados, e este artigo mostra que o grau de abertura é uma variável significativa na determinação da taxa de inflação apenas entre países muito endividados, durante o período de crise da dívida externa. Os resultados empíricos indicam que o modelo que relaciona abertura à inflação apresentado neste artigo oferecem uma melhor explicação para o comportarnento dos dados do que o modelo de Romer (1993).

In this paper the impact of federal government budgetary policy on deficits, the public debt and net interest payments during the Reagan Administration is examined. Large deficits are shown to inflate the public debt and increase the annual cost of debt servicing. This rapidly rising net interest burden, combined with political aversion to legislated tax increases and spending cuts, minimizes the possibility of significant deficit reduction and increases the probability that some form of balanced budget rule eventually will be adopted.

There are at least two reasons why sustainability of public debt is an issue of increasing importance. First, public choice considerations show the danger of excessive use of deficit finance in a democracy. Second, the conditions of a European Monetary Union imply further incentives for deficit finance. The following paper presents various approaches to assessing the sustainability of public debt and applies them to the EC countries.

From page 382-- "I [the author] wish to argue that the analysis provided by the neoclassical model may not be an adequate guide to policy, even if certain of its predictions are correct. Instead, I [the author] direct attention to an alternative explanation of the effects of changes in the level of public debt, which leads to very different conclusions about the welfare consequences of such policies. According to this view, 'Ricardian equivalence' fails because of imperfect financial intermediation. Some economic units are liquidity constrained, which is to say that they are unable to borrow against their future income at a rate of interest as low as that at which the government borrows. Increased government borrowing can benefit such parties, insofar as they effectively receive a highly liquid asset, government debts, in exchange for giving the government an increased claim on their future income, their own claim to which represented a highly illiquid asset. A higher public debt, insofar as it implies a higher proportion of liquid assets in private sector wealth, increases the flexibility of the private sector in responding to variation in both income and spending opportunities, and so can increase economic efficiency."

Guide containing general information on the Fair Debt Collection Practices Act.

Quali tipi di attività finanziaria lo Stato dovrebbe emettere? In quali proporzioni reciproche? e quali obiettivi di politica economica devono presiedere a tali scelte?

Quali tipi di attività finanziaria lo Stato dovrebbe emettere? In quali proporzioni reciproche? e quali obiettivi di politica economica devono presiedere a tali scelte?

This report provides information about the Debt-Limit Legislation in the Congressional Budget Process. The gross federal debt consists of the debt held by the public plus the debt held by government accounts.

In this paper it is argued that the willingness of debtors to make external debt-service payments reflects, in part, their inability to credibly and permanently suspend debt service. The benefits of a credible debt-service suspension would include increased private investment. Buth this would, in turn, tend to create conditions in which it would then be optimal for the government to resume payments. Thus, debt reamins a threat even after the announcement of suspension of debt service. It follows that the expected benefits of such a suspension are limited and may be offset by penalties imposed by creditors.

The weakness of the Broad Special Fund Doctrine becomes evident when viewed in light of its application to an enormous debt such as construction of a multi-billion dollar power plant. Furthermore, the doctrine is directly at odds with the purposes underlying constitutional and statutory debt limitations. This Article presents a brief history of debt limitation provisions. Next, it discusses the history of the Special Fund Doctrine and sets forth criticisms of the Broad Special Fund Doctrine. The Article concludes by recommending a concept for a Narrow Special Fund Doctrine and applies it to the construction of two nuclear power plants by the Washington Public Power Supply System (WPPSS) in order to illustrate the reconciliation of the conflicting goals of sound fiscal policy and practical flexibility.

This note summarizes the chronology of the state debt crisis and the efforts by the Brazilian government to resolve it. It also describes the World Banks efforts to assist in this process through state level adjustment loans. It concludes with lessons. A technical appendix, detailing the loan conditionahty and disbursement mechanism used in the adjustment loans, is attached. ; Instituto de Investigaciones Económicas

Of the many developments in the area of criminal justice over the last twenty years or so, the rediscovery of the victim may well be the most heartening. This rediscovery has produced both a new field of study, victimology, and a number of interesting programs and proposals that aim to redress the injuries suffered by the victims of crime. To this point, however, the rediscovery of the victim has not worked a fundamental transformation of our system of criminal justice. The question I wish to address here is whether it should do so.