Suchergebnisse

Questa tesi consiste nel DEBT MANAGEMENT STRATEGIES. E' divisa in tre parti. Nella prima parte abbiamo il concetto delle strategie del debito, analizzando la gestione del debito nelle aziende di recente successo e le strategie di miglioramento delle politiche del debito. Viene trattata la determinazione dell'appropriato livello di indebitamento alla luce del fabbisogno del nuovo capitale. La seconda parte consiste in considerazioni teoriche e pratiche: l'impatto dei derivati, l'effetto sul valore dell'azienda. Nella terza parte abbiamo la ricerca sul campo. Il caso concreto è del Bombardier Trasportation.

This paper looks at the recent debt crisis in Greece and argues that the crisis exemplifies a sequence of systematic mistakes made by International Financial Institutions, mistakes whose consequences had been clearly anticipated at the time of the first bail-out and could have been avoided. I will argue that the "original sin" of international creditors has been that of refinancing, rather than partially writing off, the debt. This mistake has led to excessively restrictive policies, and has ultimately to interventions of bail-out/in much larger than those which would have solved the problem at the outset, causing unnecessary pain to the economy and damaging both creditors' and debtors' interests.

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?

The sovereign debt crisis in the Eurozone began with the global economic recession that started in 2008 in the USA, caused by a massive melt down in financial markets. After the crash of 2008, the sovereign debt increased for two main reasons. The first reason was because governments assumed private debt (primarily bank debt). The second reason derived from the automatic stabilizers set in motion by the recession-induced decline in government revenues. In this scenario, there was a drastic increase in the interest rate of government bonds, especially for PIIGS countries (Portugal, Ireland, Italy, Greece, Spain). However it seems very difficult to explain this enormous increase exclusively through the theory of speculative attacks triggered by the worsening of fundamentals, especially if inconsistent macroeconomic policies were not in place. The main goal of this work is to indagate the determinants of the spread increase taking into account the fundamentals deterioration and the self-fulfilling speculative attack on euro currency.

Austerity policies embraced after 2009 in the European union have been very controversial both in political and academical debate. While its supporters claim that fiscal adjustment is necessary to restore the sustainability of public finances, critics argue that the negative effect of austerity on economic growth is so large that it may even be counterproductive. Indeed, the improvement of fiscal position and the debt to GDP ratio has been much slower and fiscal multipliers considerably larger than expected , suggesting that self-defeating austerity might be a realistic possibility. This work will examine various aspects that determine the effectiveness of fiscal policy in reducing the debt to GDP ratio, such as the initial level of debt, tax and expenditure levels, size and timing of consolidation, long run effect on economic growth. The focus will be on the sensitivity of debt to GDP projections to the underlying assumptions, to highlight the complex trade-offs of different policy options. This thesis is organized as follows: chapter 2 is devoted to the development of the general analytical framework used and its relations with previous works; in chapter 3 we will study the properties of the model through a simulation exercise under different parametrizations; in chapter 4 we will compare these results with the European countries in the period after the financial crisis. Some conclusive remarks (chapter 5) follow.

The aim of this work is to present and investigate a model that departs from three considerations. First, fiscal policy and debt sustainability are two sides of the same coin: the former is the policy instrument that government manages in the present time to achieve its social objectives, whereas, the latter is the repercussion of the former in the long run. Second, fiscal policy has a direct impact on industries capital accumulation because it affects the available income and, therefore, their savings; such an impact can be evaluated through the intertemporal optimization of industries saving decisions. Finally, fiscal policy has to be characterized on both the revenue and the spending side: revenues are determined through a unique tax rate, while spending is represented as an industry-based subsidy with a fixed fraction, Φ, that must be re-invested in capital. The production function in each industry is assumed AK and investment is subjected to quadratic adjustment costs. The consequences of assuming a convex adjustment cost function are twofold: the model does not display growth in the long run and the invested capital due to the public incentivization program hyper-crowds out private saving, consequently the optimal Φ is 0. Another advantage, due to the simplicity of the framework, is that the notion of debt sustainability, contrary to the majority of literature on fiscal policy sustainability, is defined unambiguously therefore it is always possible to determine whether a certain public debt can be sustained. In section 4, the model is solved as a Nash bargaining problem by assuming an explicit welfare function and it is found that the optimal government size results undetermined whenever the optimal Φ is 0. However, in the conclusions, it is proposed a way to modify slightly the model in order to overcome the problem of the hyper-crowding-out and letting the designed public program of capital incentivization work effectively.

The financial crisis affecting European Monetary Union (EMU) since late 2008 led to the deterioration of credit quality of several countries in the Eurozone. The thesis explores both financial and macroeconomic issues of such debt crisis. The goal is to infer a cross-country sovereign risk measure in order to monitor and anticipate perilous recessive spirals which might lead to default. In the first part, results on risk-neutral pricing of defaultable claims are applied to government bonds, so that idiosyncratic risk premia decompositions are available for any EMU country. The sovereign risk portion is detachable with the use of standardized Credit Default Swaps (CDS) contracts. Dynamic term structures of hedging portfolios are coherently retrievable in this new standard market, bringing forth a set of default-free sovereign term structures. A comparison of these latter to money-market rates induces an alternative definition of the CDS-bond basis. The determinants of synthetic-cash credit market arbitrage opportunities are to be investigated within a full macro-financial environment.This motivates the second part of this work. The well-known prociclicality of the banking sector in real business cycle plays a central role in the exacerbation of economic crises. In this sense, credit crunch and increase in global risk aversion of investors may induce both safe-haven (liquidity floods) and default (liquidity dries-up) phenomena, attributable to shifts in sovereign debt demand curves. The aim becomes thus to construct a dynamic score which allows to detect the 'point of no return', beyond which target country cannot increase its debt level whatever the premium provided in yields, because of a lack of investors willing to buy it. A pure econometric approach is unsatisfacory, so the analysis evolves with the economic backdrop provided by the analysis of Ponzi borrowing schemes. Positive growth rates of debt-to-gdp ratios evaluated at market yields induce a dynamic scoring which can be compared to risk-neutral hazard rates, and be used to compute a physical default metric. Cointegration analysis shows long-run equilibria between the two default probability measures in non-core countries. This proves that both macroeconomic and financial conditions pace a common long-term path as instructed by the joint macro-financial situation of target distressed country.

Con il bilancio integrato si concretizza l'idea di mettere a sistema, combinandole in un unico report, le numerose ed eterogenee informazioni contenute nelle molteplici forme di comunicazione utilizzate oggi dalle imprese per rappresentare l'andamento della gestione e le performance. Esso incarna idee astrattamente giuste, ma estremamente difficili da applicare correttamente; basti pensare che con tale unico messaggio si ambisce a illustrare il processo di creazione di valore fornendo informazioni anche orientate al futuro, anche sui risultati non finanziari, anche sulle strategie, sull'alloca