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The structure of public debt as a basic stage of information technology for investigating direct public and publicly guaranteed debt was developed and analyzed in the paper. It includes the following steps: research base formation, econometric models development, analysis of public debt volume changes, depending on internal and external economic factors and forecasting public direct and publicly guaranteed debt volume changes in the near-term outlook. The important role of public debt in the economic life of the country was substantiated in the paper. The role and the influence of the studied object on the state budget balance and consequently on the economy as a whole were pointed out. External direct and publicly guaranteed debt formation sources were revealed, and external public debt effects on the state economy were described. The basic elements of public debt, such as debt type, debt effects, direct and publicly guaranteed debt formation sources were outlined. Direct public and publicly guaranteed debt functioning study, based on the statistical data analysis allows to control peak situations, when the state budget burden, caused by the public debt repayment and servicing is excessive.

In this paper, we present a simple microeconomic model with linear continuous-time dynamics that describes a production-inventory system with debt repayment. This model is formulated in terms of optimal control and its exact solutions are derived by prudent application of the maximum principle under different sets of initial conditions (scenarios). For a potentially profitable small firm, we also propose some alternative (and not exactly bang-bang) short-term control strategies resulting in a positive final profit and prove their optimality. Practical implementation of such strategies is also discussed.

The 1996 Federal Agriculture Improvement and Reform (FAIR) Act dramatically affects the decision-making environment of farms by introducing provisions for reducing farm income support payments. These program changes are likely to affect not only farm incomes, but also farm capital asset markets. The combined effect of these two financial variables is expected to alter the risk position and the debt repayment capacity on farms. Empirical results of this analysis indicate that the absence of farm income support payments reduces debt repayment capacity and increases the risk position on a representative Louisiana cotton-soybean farm.

Effective cost management demands effective communication. The purpose of a communication program is to influence people—how they think and how they act. Communication is a means to motivate individuals to change their behavior, employees to work with greater diligence, unions to give up counterproductive work rules, lenders to give more time and concessions in debt repayment, and customers to forgive past poor service and continue buying.

The amount of education debt incurred by medical school graduates in the United States has grown considerably over the last 30 years; it has outpaced inflation to reach a mean of $158,000. With this dramatic increase in education debt, there has been limited information on how medical school debt loads of anesthesiology physicians impact their decisions concerning moonlighting and future career choices. Our aim was to survey current anesthesiology interns, residents, and fellows to assess the correlation between the amount of medical school debt they had collected and (1) their outlook toward moonlighting activities, (2) future career plans, and (3) choice of employer with a debt repayment program.We developed a web-based survey instrument and contacted residency training programs to obtain access to their anesthesiology interns, residents, and fellows (residents). We assessed each relationship of interest using a multivariable proportional odds model, adjusting for all available baseline potential confounding factors. Second, we compared participants with$150,000 medical school debt versus participants with no debt on the same questions of interest, each using a multivariable proportional odds model with the same covariable adjustment.We had access to 2386 residents through their training programs and 537 completed the survey. Those respondents with a 1-category-larger amount of medical school debt (i.e., $30,000) were associated with 7%(99.3% confidence interval: 0%, 13%) increased odds of having the desire to moonlight during residency/fellowship, and were associated with 7% (1%, 13%) decreased odds of saying they would choose a career as an academic faculty, respectively. Also, those with a larger amount of medical school debt were more likely to be swayed to be interested in an anesthesiology group with an education debt repayment program (odds ratio: 1.3 [1.22, 1.39] for 1-category increase in the debt amount); furthermore, the corresponding odds ratio was increased to 4.6 (2.8, 7.5) comparing those with$150,000 debt with those without debt.In an effort to compete with private practice anesthesiology groups and to reduce the impact of debt on future career choices of residents/fellows, academic anesthesiology groups would do well to (1) promote moonlighting activities that are within the Accreditation Council for Graduate Medical Education and institutional guidelines, (2) develop financial curriculum for residents/fellows, and (3) offer debt repayment programs as an incentive for new faculty to join academic medicine.

This paper investigates under which contextual circumstances female membership in microfinance institutions (MFI) improves MFI performance through debt repayment. Specifically, this paper theorizes...

Growing Soviet self-confidence in the Far East could be seen not only in Moscow’s belligerent attitude towards Japan, but also in its treatment of the United States. Having secured diplomatic recognition from Washington, but certain the United States was uninterested in an entangling alliance, the Russians turned their backs on US demands that they repay pre-revolutionary debts. Even the Commissariat of Foreign Trade had no vested interest in appeasing the Americans: the Johnson Act had effectively prevented the US Government underwriting loans to the Russians as a quid pro quo for debt repayment. The American diplomats who arrived in Moscow early in 1934, expecting to find their new partners pliant, instead found them polite but coolly indifferent.

The present study was conducted to test the hypothesis that activation of adenylate cyclase participates in myocardial reactive hyperemia by release of adenosine during brief coronary occlusions using forskolin and 8-phenyltheophylline (8-PT). We also examined the possible contribution of membrane-bound 5′-nucleotidase to the synthetizing of adenosine. Intracoronary infusion of α, β-methylene adenosine 5-diphosphate (AOPCP) was used for this purpose. Forskolin increased flow debt repayments by about 25% following 15-, 20- and 30-s coronary occlusions, but with 8-PT, forskolin-induced increments in the flow debt repayments diminished significantly (P < 0.05). Further, AOPCP infusion attenuates flow debt repayment by about 30% following coronary occlusions of 15 s or longer (P < 0.05). Neither forskolin, 8-PT, nor AOPCP affected blood pressure, heart rate, or myocardial oxygen consumption. These results suggest that adenosine is involved in myocardial reactive hyperemia through an activation of adenylate cyclase, and that ecto-5′-nucleotidase participates in producing adenosine of the interstitial myocardial space.

Moves towards a greater degree of charging for the use of health services in developing countries are the result of two main factors: (a) the collapse of government funding for health programmes, partly instigated by the fall in commodity prices and the burden of debt repayment; and (b) the general trend towards privatisation. Restraints on government spending, especially on social programmes, have been reinforced by loan conditions imposed by the International Monetary Fund and the World Bank.

Summary Summary Zambia's adjustment to the income loss caused by the fall in the copper price was partial and postponed. The gap was financed by borrowing, which led to unsupportable debt repayment obligations. Economic reforms, which were finally introduced at IMF behest, were radical. The speed and severity of internal income changes which resulted — particularly from the liberalisation of the exchange rate — destabilised the society and led to a rejection of reform. The Zambian case underlines the enormous costs of forcing a government to move further and faster than the domestic political structure will allow. Resume Resume La Strategie d'Ajustement Zambienne — Avec ou Sans le IMF L'ajustement de la Zambie a la perte de revenu causee par la chute du prix du cuivre a ete partiel et retarde. Le deficit a ete finance par un emprunt ayant pour consequence d'insoutenables obligations pour le repaiement de cette dette. Des reformes economiques, finalement introduites sur l'ordre de l'IMF furent radicales. La vitesse et la severite des changements dans le revenu interne qui en a resulte — en particuliers a cause de la liberalisation du taux de change — a destabilise la societe et conduit an rejet des reformes. Le cas de la Zambie souligne le cout enorme d'une attitude qui force les gouvernement a aller plus loin et plus vite que la structure politique interne ne lui permette.

The current debt repayment problems facing many farmers have led to requests for changes in farm financing mechanisms for the sector. Two such debt repayment instruments, namely the shared risk mortgage and commodity-based loan mortgage, were recently introduced by the Farm Credit Corporation. This study is a comparative evaluation of their potential to adjust the cash flow repayment requirements of these mortgages, compared with a floating-interest-rate conventional mortgage, using an average Ontario dairy farm as a case study. The results of the analysis show that the changes in the mortgage interest and principal repayment conditions improved the cash flow positions of the farms relative to the conventional mortgage. The study thus concludes that the changed mortgages offer some prospect for improving farm net cash flows when interest rate levels are reduced at least for a short period and when fluctuations in interest rates are limited. However, the major impact of these changes in mortgage conditions is related to this level of interest rate charged, and other methods of reducing or delaying interest charges on farm mortgages may be equally successful in improving net cash flows of farmers with relatively large debts. Les problemes financiers dont font face actuellement les producteurs agricoles ont amenes une remise en cause des mecanismes de financement du secteur agricole. Deux instruments de paiement de la dette, l'hypotheque a risque partage (SRM) et le pret base sur les prix (CBLM), ont ete recemment introduits par la Societe du Credit Agricole. Cette etude evalue le potentiel de ces deux instruments a ajuster les remboursements requis, comparativement a l'hypotheque conventionnelle a taux d'interet variable, en utilisant comme etude de cas, une ferme laitiere moyenne type de l'Ontario. Les resultats de l'analyse montrent que les changements dans le remboursement en capital et interet ameliorent la position de cashflow des fennes comparativement a l'hypotheque conventionnelle. L'etude conclue que les deux nouveaux instruments etudies offrent des espoirs d'amelioration des cashflows nets des fermes lorsque le niveau des taux d'intreets est reduit pour au moins une courte periode et que les fluctuations de ceux-ci sont limitees. Cependant, l'impact majeur des changements dans les conditions de l'hypotheque est relie au niveau du taux d'interet demande et d'autres methodes de reduction ou de retarement des frais d'interets sur les hypotheques agricoles peuvent etre egalement benefique dans l'amelioration du cashflow net des producteurs relativement endettes.

This article examines recent trends in the East Asia and Pacific region's external indebtedness, debt servicing capability, and creditworthiness. Despite the fact that the East Asia and Pacific region is regarded as the most creditworthy of all developing country regions, there are some indications that if borrowings continue to grow at the current pace, particularly in relation to debt servicing ability, the region may begin to encounter more debt repayment problems. In addition, this paper investigates the relationship between country credit ratings for the twenty largest developing country borrowers and interest rates on new obligations. The observed relationship between country creditworthiness and interest rates, while inverse, was not as strong as financial theory would suggest.

This paper interprets the post-1959 evolution of Cuban economic policymaking and performance as a function of the shifting and interacting domestic and foreign sources of surplus accumulation. Policy choices previously seen as strictly subjective, such as the use of moral incentives in the late 1960s, are attributed objective components. The tensions between decentralization and centralization, market and plan, private and public, agriculture and industry, efficiency and equity are discussed in relation to domestic surplus generation. The role of Soviet aid, commodity prices, trading patterns and debt repayment are treated in analyzing foreign influences on surplus generation.

The aim of the North-South ‘summit’ conference in 1981 was to bridge the wealth gap between the few industrial nations and the hundred-odd poor countries. Unfortunately no firm proposals materialized. The rich nations refused to increase their aid transfers to the developing countries or to correct the growing inequalities in world trade. The multiplication of wealth is the basic concern of the North in an era of recession and unemployment. The division of wealth is an urgent necessity for the South, but their demands for a global reallocation of resources remained unmet. The gap is likely to widen considerably in future.

This paper estimates the value of tax benefits in 76 management buyouts of public companies completed in the period 1980 to 1986. The median value of tax benefits, estimated at the time the buyout company goes private, has a lower bound of 21% and an upper bound of 143% of the premium paid to pre-buyout shareholders. The estimated value depends on the rate buyout debt is repaid and the tax rate applied to the interest deductions. The paper also presents evidence on the actual taxes paid and debt repayment rates by these companies after the buyout. The results in this paper suggest that tax benefits are an important source of the wealth gains in management buyouts.

Tissue oxygen delivery is dependent on the local blood flow and the extent of oxygen extraction. Concerning the intrinsic microvascular control of tissue O2 delivery, a recent system analysis (1) and experimental data (2) suggest that adequate tissue oxygenation is maintained over a wide range of metabolic stresses, the relative contribution of blood flow and O2 extraction to the regulation of tissue O2 delivery being determined by the prevailing venous oxygen level. The previous study (2) has shown that in skeletal muscle perfused with constant pressure, both reactive hyperemia and elevated arteriovenous (A-V) O2 difference contribute to the O2 debt repayment following arterial occlusion when the initial A-V O2 difference is in the normal range. However, at low prevailing A-V O2 difference, increased O2 extraction is the major mechanism by which the tissue repays its O2 debt and the contribution of blood flow is minimal. As the prevailing venous O2 reserve is lowered, the contribution of O2 extraction diminishes and reactive hyperemia becomes more important for the compensation. Thus, the immediate post-occlusion O2 extraction is only slightly elevated or even transiently depressed.

The office of Chancellor of the Exchequer is in practice, if not in formal precedence, the highest post at the disposal of the Prime Minister, and for most prime ministers of the early twentieth century — Asquith, Lloyd George, Bonar Law, Baldwin — it had been the last or almost the last stepping-stone on their path to the highest office of all. Churchill had good reason to be delighted by his promotion, which had long been the object of his ambition, and which gave him the opportunity of wearing the Chancellor’s robes worn by his father, and ‘kept in tissue paper and camphor’ for over thirty years by his mother.1 But if the Exchequer was the most eminent it was also the most difficult post he had yet occupied. Many years of administrative experience lay behind him, but he knew little of economics or finance; and although he had a formidable team of advisers at the Treasury in the last resort it was he who had to take responsibility for policy, and to defend it before Parliament and the country.

Most manufacturing and trading companies are properly analysed as cash flow situations; cash flow is the main source of debt repayment and the realisation of assets (other than inventory and receivables) would mean either the outright liquidation of the company or at least a major reduction in its ability to do business. However, this is not true for a limited but important range of borrowers.

The problem of external indebtedness is central to the Latin American discussion on economic policy. The problem is also central to the political discussion in Latin America today. Nevertheless, the problems associated with the external indebtedness of the under-developed countries are poorly perceived. The theoretical development of the problem is insufficient and the necessary theoretical tools have not been found. The statistical data on external indebtedness is rather uncertain.