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The main goal of this paper is to discuss the dynamics of public debt servicing – both domestic and foreign – in Zambia, tracing the trends, reforms and challenges over the period from 1964 to 2015. The paper shows that the exceptional rise in public debt servicing obligations in Zambia over the period under review has been principally due to high domestic and foreign interest rates, frequent debt rescheduling at commercial rates, and capitalisation of non-liquidated service obligations at commercial rates. Also revealed in the paper is the fact that prior to 2005, Zambia experienced severe public debt servicing problems which eased after 2006 owing to debt relief initiatives and an economic rebound. Among the government debt service reforms discussed in the paper are structural adjustments in foreign exchange management, fiscal and monetary reforms, and aggressive engagement of traditional creditors. Primary among the identified challenges of public debt servicing in Zambia was the insistent economic crises that dogged the country during the study period. Notwithstanding the current public debt service sustainability and remarkable economic performance that characterise the country today, the paper found that the recent contraction of nonconcessional loans by the state poses a threat to debt service sustainability in future. Hence, the paper recommends, among other things, for aligning of public sector infrastructure spending with revenues to ensure budget sustainability, and to continue diversifying the economy to minimise the impact of external commodity price shocks on the economy. ; The main goal of this paper is to discuss the dynamics of public debt servicing – both domestic and foreign – in Zambia, tracing the trends, reforms and challenges over the period from 1964 to 2015. The paper shows that the exceptional rise in public debt servicing obligations in Zambia over the period under review has been principally due to high domestic and foreign interest rates, frequent debt rescheduling at commercial rates, and capitalisation of non-liquidated service obligations at commercial rates. Also revealed in the paper is the fact that prior to 2005, Zambia experienced severe public debt servicing problems which eased after 2006 owing to debt relief initiatives and an economic rebound. Among the government debt service reforms discussed in the paper are structural adjustments in foreign exchange management, fiscal and monetary reforms, and aggressive engagement of traditional creditors. Primary among the identified challenges of public debt servicing in Zambia was the insistent economic crises that dogged the country during the study period. Notwithstanding the current public debt service sustainability and remarkable economic performance that characterise the country today, the paper found that the recent contraction of nonconcessional loans by the state poses a threat to debt service sustainability in future. Hence, the paper recommends, among other things, for aligning of public sector infrastructure spending with revenues to ensure budget sustainability, and to continue diversifying the economy to minimise the impact of external commodity price shocks on the economy.

Dužnički financijski instrumenti su specifične zbog komponente dospijeća koju sadržavaju te stoga konvencionalni pristupi u procjeni njihovih volatilnost mogu biti neprimjereni. Rad je usmjeren na modeliranje i prognoziranje volatilnosti cijene dužničkih vrijednosnih papira uzimajući u obzir komponentu njihovog dospijeća. U radu se uzima u obzir ovisnost volatilnosti dužničkog vrijednosnog papira o njegovom dospijeću i predlaže jednostavna i primjenjiva tehnike procjene volatilnosti uz željeni interval pouzdanosti. Korištenjem predloženog pristupa u radu su provedene procjene volatilnosti dužničkih vrijednosnih papira denominiranih eurima kao i u kunama koje je izdala Republika Hrvatska. ; Debt-based financial instruments are specific due to the maturity component and conventional approaches in estimating their volatility may not be applicable. This paper focuses on modeling and forecasting price volatility of sovereign debt instruments while taking into account their maturity. In doing so we propose a simple and useful technique for obtaining the desired confidence of volatility estimates. The proposed approach provides price volatility estimates for debt instruments issued by Croatian government denominated in HRK and in EUR.

Purpose of the study: This study aims to examine foreign debt as a source of financing for economic development. This research is expected to provide (1) an overview of debt as a source of funding for state projects, (2) investigate its impacts and (3) offer additional knowledge of its Islamic perspective. Methodology: This research is a qualitative study using the study literature approach. This research is conducted by analysing books, literature, journals, and magazines with themes related to the focus of the discussion on this study. It is expected that the method used can provide insight, general knowledge, and develop the view of Islam in relation to foreign debt. Main Findings: The government has to ensure that the state has the ability to pay off its obligations in the future; guarantee that loans have to be free from interest; prioritize taking loans from internal sources rather than external sources. In Addition, debts are not intended for deferred needs and not taking loans that exceed their needs. Applications of this study: basically the results of this study can be applied to any country that considers the use of public debt, like other Islamic systems. Novelty/Originality of this study:This research is conceptual research in an Islamic perspective. This study successfully examined comprehensively related to the public debt with the Islamic approach.

U ovom radu istražuje se odnos između deviznih rezervi (FER) i inozemnog zaduživanja (FB) u okviru upravljanja kapitalnim tokovima. Da bi se istražio ovaj odnos i ispitao učinak kontrole kapitala na devizne pričuve i inozemne dugove za 25 zemalja u razvoju tijekom razdoblja 1985. - 2019.godine, primjenjena su dva pristupa: model autoregresije panelnih vektora (PVAR) i tradicionalni model potražnje deviznih pričuva. Rezultati pokazuju negativnu povezanost između FER-a i FB-a, a smjer uzročnosti je od dugova prema deviznim pričuvama. Kontrola kapitala, kao uspješna politika za ograničavanje kratkoročnih tokova, ne utječe na akumuliranje deviznih pričuva i, suprotno, smanjuje kratkoročne vanjske dugove. Korištenje neto inozemne imovine umjesto deviznih rezervi ukazuje na različite učinke kontrole kapitala i stoga se nameće pitanje o mogućnosti točne procjene deviznih pričuva. ; The study explores the relationship between foreign exchange reserves (FER) and foreign borrowing (FB) within the framework of the management of capital flows. To investigate this relationship and examine the effect of capital control on foreign exchange reserves and external debt of two approaches are applied, the panel vector autoregression model (PVAR) and a traditional model of the reserve demand for 25 emerging countries over the period 1985-2019. The results show a negative association between FER and FB; the direction of the causality was from debts to reserves. Capital controls, as an instrument to reduce the short-term inflows, fail to restrict the accumulation of exchange reserves and conversely, succeed in limiting the recourse to foreign borrowing. Net foreign assets replacing foreign exchange reserves highlights different impacts of capital controls and raise the issue on a correct evaluation of foreign exchange reserves.

Cilj ovog rada je ispitati odrednice javnog duga u zemljama zapadnog Balkana, s naglaskom na učinke gospodarskog rasta i socijalnih izdataka. Studija pokriva razdoblje od 2006. do 2017. godine i primjenjujemo dinamičku panel analizu, korištenjem diferenciranog i sistemskog GMM procjenitelja. Rezultati sugeriraju da inkrementalna promjena rasta značajno smanjuje dug, dok socijalni izdaci podižu omjer duga prema BDP-u. Također, postoji negativan odnos između inflacije i duga, dok otplaćivanje kamata na prethodno zaduživanje dodatno povećava javni dug. Konačno, nezaposlenost u ovom modelu nije statistički značajna. Glavna implikacija studije je da kreatori politika u ovim zemljama trebaju favorizirati politike usmjerene na rast i socijalne reforme orijentirane na djelotvornost, kako bi javni dug bio održiv na duže staze. ; The aim of this paper is to examine the determinants of public debt in the Western Balkan countries, with an emphasis on the effects of economic growth and social expenditures. The study covers the period 2006-2017, and we implement the dynamic panel GMM estimation, using both first-difference and system GMM. The results suggest that incremental growth change significantly reduces debt, while social expenditures push the debt-to-GDP ratio up. Also, there is a negative relation between inflation and debt, while interest payments on previous borrowing increase public debt additionally. Finally, unemployment is not statistically significant in this setting. The main policy implication is that policy makers in these countries should favor a growth-oriented policy toolbox and efficiency-oriented social reforms, in order to keep the public debt sustainable in the long run.

The problem of this research is how Islam regards the economy Foreign Debt Government of Indonesia and the solution according to Islamic economic perspective. This research was library research. Analysis of data using content analysis. The results of the study revealed that foreign debts are increasing in number every year. The government's foreign debt is a source of development financing is commonly done by developing countries. Indonesian government's foreign debt has been to contain the system of interest, known as riba nasi'ah, riba nasi'ah are in addition to the debt repayment required by donor countries. Thus, in their views of Islam, the government's foreign debt is currently not in accordance with the Qur'an and Hadith. Posts offer a solution formulation of the government's foreign debt in other forms of cooperation permitted under Sharia, such as Mudharabah, Musyarakah, Murabahah, Ijarah and others, can be developed as a form of external financing in the state budgets.

In this article, the author relates the role of money & finances with the basic structuring of social relations. Money is the only universal form of social wealth, its measure & its meaning. Up to the present, however, the economic theory has been underestimating & overlooking money's politico-economic role. This is revealed most radically in periods of major financial & economic crises. Consequently, the author points out that today's economy of depression often depresses the economists themselves & their science. Bidet's theory of modernity, along with Habermas's, is the last large-scale attempt at theoretical explanation of the social totality, but his theoretical reconstruction of society by means of underlying "metastructures" is based on non-financial & non-monetary forms of social mediation. In contrast, the author of this article seeks to prove that precisely money & finances belong to the central metastructure of market society. What is important here is not only the subversive role of money as the monopoly-holding & political good in the exchange, but also its financial form of debt, resulting from the particular social role of debt accumulation. Society is connected with debt accumulation, & the economic sovereignty of money is its political legitimacy as debt. Therein lies its sociality, the foundation of underlying communication & of cooperation as metastructure of market society development. The present-day crisis has propelled the debt accumulation problem to absurd levels. It has brought to light that the greatest contradictions of today's market society are based on the economic & social globalization of finances. Contemporary capitalism is a genuine financial capitalism, which is why there can be no solution without a politico-economic & cultural reconstruction of the monetary regime & of financial economy. Accordingly, the author shows that the solution to the current economic crisis points precisely to the "metastructure" of market society. Adapted from the source document.

Taking up Freud's positions on economy and mourning where they depend on the contact they organize with melancholia, Jukic proposes a critical reading of Jacques Derrida's assemblage of mourning and economy in Specters of Marx: the State of the Debt, the Work of Mourning and the New International. Given the fact that melancholia in Freud calls into question what psychoanalysis wants to define as economy, yet is conspicuously absent from Derrida's otherwise Freudian configuration of the work-and-economy of mourning in his book on Marx, Jukic addresses Freud's approach to work in "Trauer und Melancholie" and proposes that work in Marx be analyzed not against mourning but against Freudian and, more importantly still, pre-Freudian configurations of melancholia. Adapted from the source document.

The author is critical of the introduction of the euro from the point of view of national & political economy. His criticism is based on four assumptions. The first is that the introduction of the euro gives rise to certain legal concerns. Some countries had not met the criteria for the introduction of the euro, yet it was introduced, which means that the European parliament & the national governments & their parliaments no longer respect the due process of law. The second is that the foreign debt, which amounts to 120% of GNP, is impossible to repay in those democracies that are not in the position to impose austerity measures that would include several legislatures. The third criticism is based on the fact that European countries are at different levels of development, which makes the monetary union much too vulnerable. The fourth criticism refers to the fact that common currency means common policy, &, consequently, the end of nation-states in Europe. Croatia may join the EU, but this would pose a challenge to its national sovereignty. 2 Tables. Adapted from the source document.

Budgeting for a state or a country seems to be the most important part to handle administration and government policy in term of socio economic reason. In practice, a lot of government tends to subscribe a balance budget whereby it is striving to balance between revenues and expenditures accurately. Unfortunately, this balancing post uses a debt and foreign aid charged by interest to cover any shortage in revenues. In the real context, the budget deficit management based on debt is still controversial and considered inappropriate with developing country conditions which their economies are unstable and fluctuated. Unfortunately, many countries in the world including Muslim-populated countries subscribe budget deficit system whereby the sources of its fund are backed up by debt. The focus of this paper is to analyze two main sensitive issues of the Indonesian economy in the light of Maqasid Al Shariah. This study employs a method of literature review and combined with data analysis. Actually, Islam has a very rich literature legacy in administrating public sector economy and it becomes important theory and framework as a stance or point of view to analyze the prevailing system. The high interest rate payment is the main issue of public sector expenditure. Indonesian government seems no choices to resolve its public sector economy and relies too much on debt management. For social welfare expenditure there has been a misallocation in emphasizing budget expenditure whereby oil and petroleum subsidy consume almost majority of the total welfare expenditure in Indonesian public sector economy

The author applies a variant of the common pool resources theory to the problem of public spending under the coalition governments elected by proportional representation. The claim is that proportional representation produces cabinets with a large number of parties, and that a large number of parties brings about higher public spending (measured by budget deficit and public debt). The author constructs and deploys the concept of budgetary dilemma to the effect that, absent institutional constraints, public spending results in expansionary fiscal policy. In the second part, the author empirically tests the budgetary dilemma in two postcommunist democracies - Serbia and Croatia, which in 2000-2013 had cabinets with a large number of actors and increasing public spending. The analysis shows a statistically unreliable predictive capacity of the main independent variable - the number of parties in the cabinet. Statistical analysis is followed by several illustrations of the budgetary dilemma. Adapted from the source document.

The debtors' crisis at the end of the 20th century is a hard reality facing transitional countries (and others as well). However, to borrow or not to borrow is a false dilemma. In the situation when in most transitional countries, the local accumulation is insufficient for financing economic development & completing the transitional process, the only alternative is borrowing. This is particularly unavoidable when the influx of foreign capital via direct investments is meager. This is also true for the Republic of Croatia, in which the level of direct investments is, for the time being, very modest. Borrowing, particularly from foreign countries, calls for a high degree of caution, a well-thought out approach to borrowing, & the rational use of the loans. 5 Tables, 14 References. Adapted from the source document.

This study aims to choose a fiscal stress index that is most suitable to assess state budget condition in Indonesia. The analysis factor is used to assess several factors that can cause stress on the state budget. SPSS is used for the purposes of the analysis. There are eleven indicators of two factors that lead to fiscal stress. The assessment revealed that there is only one fiscal stress index which is suitable to assess state budget condition in Indonesia. Factors can lead to fiscal stress in Indonesia are state expenditure, debt factors, education spending, general allocation funds, profit sharing funds, special autonomy funds, health spending, debt interest payments, state obligation, and the number of population.

The US economy is facing the first big financial crisis in the 21st century. The author points out that the current crisis is much different from the previous ones by its characteristics, causes, consequences it produces on the world economy & international financial system in particular. The problems that were noticeable in the US loan market in the second half of 2007, which have escalated into a crisis of the financial system in 2008 creating instability in the world financial markets, were mostly caused by the losses on the American real estate market. For the fact that the highly integrated world economy has enabled rapidly & easily transmission the effects of real & monetary trends, reducing, on the other hand, the countries' prospects to protect their economies & populations from their effects it is evident that the way the US manages its financial system has the exceptional significance beyond USA, too. As the increasing number of countries is facing with direct or indirect effects of the current crisis it is in the interest of all those that undertaking actions to stop further negative repercussions on their national economies & ensure global economy growth. Tables, Graphs, References. Adapted from the source document.

The author explores the evolution, functioning, similarities & differences between the original Bretton Woods international monetary system that operated from 1945 to 1973 & the present modified institution, which is symbolically called Bretton Woods 2 System. The existing international financial architecture keeps on being based on the hegemony of the US dollar, as a dominant reserve currency. However, in spite of the fact that in most cases the present international monetary system implies the regime of flexible foreign exchanges rates, a characteristic of this system is that many countries in different degrees refuse to accept the appreciation of their national currencies to the US dollar. At the same time, the domination of the USA, the most indebted country in the world, is becoming a very serious threat to its sustainability. However, as the author concludes, the creators of the international monetary system, being aware how serious could be the consequences of its cessation, endeavor to extend its operation accepting less expensive consequences of keeping it alive. Tables, References. Adapted from the source document.