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This study investigates the utilization of information technology in leveraging fiscal policy and debt management within public administration in the Philippines. Through a comprehensive analysis of survey data collected from a diverse sample of respondents, the study examines the profile of respondents in terms of age, gender, and language used, as well as their perceptions of the impact of information technology and the factors influencing its utilization. The findings reveal a predominance of older respondents, with individuals aged 40 and above comprising the largest proportion of the sample. Additionally, the majority of respondents were male, and English emerged as the predominant language spoken among participants. Moreover, the study demonstrates a consensus among respondents regarding the high impact of information technology on both fiscal policy and debt management processes. Participants recognize the transformative role of technology in reshaping financial governance practices, with a weighted mean of 3.88 for fiscal policy and 3.67 for debt management. These findings underscore the significant benefits that technology offers in optimizing efficiency, transparency, and effectiveness in fiscal decision-making, ultimately contributing to better governance outcomes and economic development. Furthermore, the study identifies various factors affecting the utilization of information technology, with organizational culture, resource allocation, leadership support, and regulatory frameworks emerging as key determinants. Participants acknowledge the critical importance of addressing these factors to ensure the effective integration and utilization of technology within public sector financial management. Additionally, participants' experiences highlight the diverse yet generally positive impact of technology on efficiency, transparency, communication, and decision-making processes within their organizations. In conclusion, this study emphasizes the transformative potential of information technology in driving positive change within public administration, particularly in fiscal policy and debt management. By addressing key challenges and leveraging technological innovations, organizations can enhance their financial governance practices, promote transparency and accountability, and ultimately contribute to sustainable development and economic growth in the Philippines. [ABSTRACT FROM AUTHOR]

Under the Current Expected Credit Loss (CECL) model, banks should fully recognize expected lifetime credit losses upon loan origination while gradually recognizing interest revenues. This timelier recognition of losses versus gains (i.e., conditional conservatism) makes banks more capital constrained. To mitigate this, banks may (1) offset timelier credit losses by lowering conservatism in other earnings components and (2) reduce credit losses by demanding greater borrower conservatism. We find that, under CECL, banks increase conservatism in loan losses but decrease conservatism in other earnings components, making overall conservatism only marginally increase. In sharp contrast, their borrowers increase conservatism by 40 percent, and borrowers' increase is twice that of banks. This substantial spillover effect suggests that, by greatly increasing borrowers' conservatism, CECL may strengthen debt governance of a broad scope of firms in the economy, thereby having economy-wide consequences beyond the banking industry and potentially enhancing the stability of the entire economy. Data Availability: Data are publicly available from the sources identified in the study. JEL Classifications: G21; M41; M48. [ABSTRACT FROM AUTHOR]

This article addresses the questions of whether, to what extent, and how China contests the norms and practices for public debt management in developing countries as currently preferred by the Group of Seven (G7) and G7-led multilateral institutions. More specifically, it considers three norms: debt sustainability, debt transparency and conditional debt relief. To that end, I elaborate a norm contestation typology and apply it to analyse how China discursively contests these norms. Equally, I contrast China's rhetoric with its actual behaviours. Two findings emerge from the analysis. First, there are notable efforts by China to contest the three norms, with Chinese officials emphasising a qualitatively distinct understanding of debt sustainability and debt transparency and the appropriateness of non-conditionality and equality in the provision of debt relief. Second, there is an apparent disjunction between China's words and actions, with its actual lending and debt relief practices (becoming) more aligned with what is currently preferred or advocated by the established actors. [ABSTRACT FROM AUTHOR]

Scholarship on sovereign debt emphasizes the importance of central banks in backstopping markets, but less attention has been devoted to the interactions of debt management offices with private finance. To fill this gap, this article examines the market-based operations of debt management offices alongside those of central banks. Debt management has played a crucial role in constructing and nurturing liquidity conditions in primary and secondary markets for sovereign debt through the contracting of primary dealers as monetary and fiscal policy partners, the embrace of repo markets, and later, through the creation of special liquidity facilities. Co-working in the collateral factory of the modern financial system creates new forms of entanglements that we term the 'collateral triangle', linking together central banking, debt management, and primary dealer operations in a shared convergence on repo finance as integral to public sector governability and private sector business models. Debt management and central banking jointly created and now maintain the infrastructures of this 'collateral triangle', not least because the inherent stability risks of repo markets threaten market-based monetary policy and market-based debt management. Routine de-risking by both actors is a core feature of the collateral system. [ABSTRACT FROM AUTHOR]

This research explores the impact of debt management and big data technology utilization in management decision-making on corporate financial performance with a focus on operational efficiency and sustainable business strategy effectiveness as intervening variables. It aims to delve into how a firm's debt management strategies and its incorporation of big data into decision-making processes influence its financial outcomes. This study scrutinizes the company's approach to managing its debt structure and levels while the use of big data technology in decision-making reflects the integration of advanced technology in strategic planning by examining debt management. The study further investigates how operational efficiency and the effectiveness of sustainable business strategies act as intermediaries in this relationship indicating the role of a firm's internal processes and corporate strategy in driving financial success. Moreover, the research considers mediating variables such as industry type and market competition level which could affect the relationship between the independent and dependent variables. This study aims to test these relationships providing insights into the influence of debt management and big data technology on financial performance using statistical data analysis. Expected outcomes include a deeper understanding of the strategic implications of these factors for achieving sustainable and improved financial performance in a complex business landscape. Emphasizing the importance of efficient debt management and the strategic application of big data technology, the study highlights the necessity for firms to adopt wise financial resource management and innovative decision-making approaches to navigate the challenges of the modern business environment effectively. [ABSTRACT FROM AUTHOR]

Vast literature studies Independent Regulatory Agencies (IRAs). We contribute by studying the benefits of independence when the agent's work is relational and by studying developing and developed democracies worldwide and over many years. We do this by studying national Debt Management Offices (DMOs)—the state agencies that plan, issue, and manage national debt. DMOs define the benchmark assets on which capital markets and monetary policy depend—industry standards—and their decisions have allocative implications. We argue that formal independence of DMOs from political decision‐makers is a costly signal to large financial institutions on the government's potential to service and repay its debts. We introduce a new country‐year dataset of DMO legislation for 75 developing and developed democratic countries in the period 1950–2013. We find that DMO independence is likelier following debt defaults, war, high inflation, and high debts, and that DMO independence increases sovereign debt credibility. [ABSTRACT FROM AUTHOR]

Scant attention has been paid to the racial impacts of bankruptcy and foreclosure in the United States. This article examines the links between bankruptcy, housing loss, and "risk responsibilization," a neoliberal process in which consumers rather than lending institutions are held responsible for debt management. We used data sequencing, and Geographic Information Systems Mapping (GIS) to analyse 1,057 cases of home foreclosure and related bankruptcies from 2016 to 2019 in a Deep South US County. We found housing vulnerability to be a racialized process, with Black homeowners more likely to face foreclosure and less likely to receive a fresh start through bankruptcy. In foreclosure, Black-owned homes were more likely to convert to rental property. The study provides sequential and spatial evidence of connections between risk responsibilization, systemic racism, and housing loss in the geography of dispossession. [ABSTRACT FROM AUTHOR]

Understanding the impact of local government debt expansion on microeconomic entities is crucial in evaluating local government debt policies. This study explored the crowding-out effect of local government debt on firms' commercial credit financing. We found that local government debt plays a crucial role in enhancing corporate commercial credit financing by exacerbating the financing constraints faced by firms. Second, the impact of local government debt on commercial credit financing is more pronounced for firms with lower leverage and a more stable capital chain. Third, state-owned enterprises (SOEs) are more susceptible to the impact of local government debt on commercial credit financing compared to private enterprises. And the crowding-out effect of local government debt on firms' commercial credit financing is more pronounced in the regions where the credit market regulation is relatively weaker. Our findings provide valuable insights that can contribute to the reform of the local government debt management system. [ABSTRACT FROM AUTHOR]

We examine ways to describe the maturity structure of public debts using few parameters. We compile a novel data set of all promised future payments for U.S. and UK government debt from every month since 1869, and more recently for Peru, Poland, Egypt, and Nigeria. We show there is a unique parametric form which does not arbitrarily restrict debt issuance. We use this model to parsimoniously describe the evolution of public debt maturities and to characterize the relationship between maturity and the term structure of interest rates in the United States since 1940. [ABSTRACT FROM AUTHOR]

To effectively manage Technical Debt (TD), we need reliable means to quantify it. We conducted a Systematic Mapping Study (SMS) where we identified 39 quantification approaches for Code, Design, and Architecture TD. We analyzed concepts and metrics discussed in these quantification approaches by classifying the quantification approaches based on a set of abstract TD Quantification (TDQ) concepts and their high-level themes, process/time, cost, benefit, probability, and priority, which we developed during our SMS. This helped identify gaps in the literature and to propose future research directions. Among the abstract TDQ concepts discussed in the different quantification approaches, TD item, TD remediation cost, TD interest, and Benefit of remediating TD were the most frequently discussed concepts. They were also supported by some form of measurement. However, some TDQ concepts were poorly examined, for example, the benefit of taking TD. It was evident that cost concepts were more frequently quantified among the approaches, while benefit concepts were not. Most of the approaches focused on remediating TD in retrospect rather than quantifying TD to strategically use it during software development. This raises the question of whether existing approaches reliably quantify TD and suggests the need to further explore TDQ. [ABSTRACT FROM AUTHOR]

Context. Technical debt (TD) prevention allows software practitioners to apply practices to avoid potential TD items in their projects. Aims. To uncover and prioritize, from the point of view of software practitioners, the practices that could be used to avoid TD items, the relations between these practices and the causes of TD, and the practice avoidance reasons (PARs) that could explain the failure to prevent TD. Method. We analyze data collected from six replications of a global industrial family of surveys on TD, totaling 653 answers. We also conducted a follow up survey to understand the importance level of analyzed data. Results. Most practitioners indicated that TD could be prevented, revealing 89 prevention practices and 23 PARs for explaining the failure to prevent TD. The article identifies statistically significant relationships between preventive practices and certain causes of TD. Further, it prioritizes the list of practices, PARs, and relationships regarding their level of importance for TD prevention based on the opinion of software practitioners. Conclusion. This work organizes TD prevention practices and PARs in a conceptual map and the relationships between practices and causes of TD in a Sankey diagram to help the visualization of the body of knowledge reported in this study. [ABSTRACT FROM AUTHOR]

Technical Debt Management (TDM) can suffer from unpredictability, communication gaps and the inaccessibility of relevant information, which hamper the effectiveness of its decision making. These issues can stem from division among decision-makers which takes root in unfair consequences of decisions among different decision-makers. One mitigation route is Skin in the Game thinking, which enforces transparency, fairness and shared responsibility during collective decision-making under uncertainty. This article illustrates characteristics which require Skin in the Game thinking in Technical Debt (TD) identification, measurement, prioritisation and monitoring. We point out crucial problems in TD monitoring rooted in asymmetric information and asymmetric payoff between different factions of decision-makers. A systematic TD monitoring method is presented to mitigate the said problems. The method leverages Replicator Dynamics and Behavioural Learning. The method supports decision-makers with automated TD monitoring decisions; it informs decision-makers when human interventions are required. Two publicly available industrial projects with a non-trivial number of TD and timestamps are utilised to evaluate the application of our method. Mann–Whitney U hypothesis tests are conducted on samples of decisions from our method and the baseline. The statistical evidence indicates that our method can produce cost-effective and contextual TD monitoring decisions. [ABSTRACT FROM AUTHOR]

This study examines the impact of twin agency problems (political corruption and minority shareholders' expropriation) on corporate debt management policies across a large number of countries. Our results show that in more corrupt countries, managers are more likely to shield liquid assets from potential political extraction by maintaining a higher level of leverage. This effect is magnified by the protection of shareholders' rights. We further show that twin agency problems influence not only the level of debt in capital structures but also other aspects of debt management, including debt maturity, deviation from optimal leverage, capital structure stability, and the leverage speed of adjustments. The findings are robust due to their inclusion of different measures of corruption and a wide range of firm-level and country-level characteristics. Our study has implications for policymakers, as we show that the improvement of the country-level institutional environment and, particularly, addressing corruption can lead to more effective debt management by firms, ultimately resulting in higher firm values. [ABSTRACT FROM AUTHOR]

Current understanding of financial decision-making among racial/ethnic minority young adults is limited: day-to-day financial decisions of racial/ethnic minorities are underexamined, younger racial/ethnic minorities receive limited attention, studies on racial/ethnic minorities are mainly conducted in Western societies, and research on financial literacy and decision-making is predominantly quantitative in nature. Against this backdrop, this study utilized a qualitative approach to examine a range of financial decision-making among ethnic minority young adults in Hong Kong, including personal budgeting, spending, financial planning, the use of financial products, debt management, and the detection of financial fraud. Individual interviews were conducted with 53 Pakistani, Indian, Nepalese, and Filipino participants aged 18 to 29 who employed various budgeting strategies and faced challenges. Their spending was modest, and they espoused various spending philosophies. Many saved approximately one-third of their income using saving tactics and setting financial goals, and investing in both Hong Kong and their home countries. Informal borrowing was common, though some sought alternative loans. One-third used credit cards, with accompanying occasional risks. Despite employing protective tactics, they still fell victim to scams. Factors facilitating their financial decision-making include family social capital, intrapersonal characteristics, social dynamics factors, command of knowledge, and facilitative contextual circumstances. This study addresses knowledge gaps by providing an in-depth understanding of financial decision-making among ethnic minority young adults in a non-Western context. It has significant implications for timely and tailored financial literacy education for minority societal members. [ABSTRACT FROM AUTHOR]

Recent literature at the nexus of geography and political economy notes that local governments are becoming financialised. But it is not always clear what this means. Specifically, what is being financialised? And what is the role of local governments in this process? Building on Whiteside's definition of local state-led financialisation as enabled and internal, this article combines a systematic literature review with the comparative analysis of country-level statistics to clarify this process further. It identifies four channels through which local government financialisation unfolds empirically. First, local governments enable the financialisation of public assets and services through privatisation and outsourcing and by applying financial principles to land use planning. Second, they borrow against their own assets. Third, local governments use bonds and derivatives to manage the risks and costs of their borrowing. Fourth, they invest to generate financial income. Focusing on high-income countries in Western Europe, the article extends the geographical remit of the US- and UK-centric literature. Building on its findings, the article highlights two avenues for further research. First, internationally comparative research can explore how the structural context in which local governments operate shapes their financialisation. Second, critical research into the tension between the objectives and risks of local government financialisation adds nuance to current debates. [ABSTRACT FROM AUTHOR]

This research was conducted to identify the practices employed by the SorSU Faculty members towards saving money as well as discover the problems encountered by them in handling their finances. A total of 40 faculty members of Sorsogon State University Bulan Campus participated in this study. The mixed designed was used in this research which employed survey and focus group discussions. This study concludes that the faculty members of SorSU Bulan Campus adopt both the traditional way of saving money and the modern style of investment as modes of saving their finances which include budgeting, joining in “paluwagan”, using piggy bank, maintaining bank accounts and deposits and purchasing investment instruments. Increasing cost of utilities and unexpected day-to-day expenses; lack of financial literacy; poor debt management; and low and delayed salaries were the problems encountered by the faculty participants in handling their monetary resources. From the results of the study, this highly recommends the adoption of the Bongalonta’s Financial Model for SorSU Bulan Campus Faculty Members designed by the researcher as a guide or model for saving money. It is likewise recommended that seminars and trainings on financial literacy may be conducted. [ABSTRACT FROM AUTHOR]

The XYZ Institution/Agency, as a governmental institution, has the obligation to resolve debts resulting from financial losses. This study aims to analyze the influence of demographic, financing, and educational institution characteristics on the default of educational debt/student loan (State Compensation Claim for Breach of Service Agreement) at the XYZ Agency. To achieve this objective, the study utilizes data on debtors from 1983 to 2022 at the XYZ Agency and employs binary logistic regression analysis. The results of this study indicate that age and receivable value significantly affect the quality of the debtor's receivables. Specifically, debtors who are over 26 years old and have receivable values above IDR 200,000,000 are more likely to default. In contrast, gender and campus status do not significantly impact the default rates. These findings are expected to provide insights for the XYZ Agency in improving the management of state debts, particularly educational debts, and contribute to the development of policies related to debt management in the public sector. This study also provides a comprehensive overview of the variables influencing the default of educational debts at the XYZ Agency, with a focus on the State Compensation Claim (TGR) process at the XYZ Agency. [ABSTRACT FROM AUTHOR]

The return on government debt is lower than that of assets with similar payoffs. We study optimal debt management and taxation when the government cannot directly redistribute toward the agents in need of liquidity but otherwise has access to a complete set of linear tax instruments. Optimal government debt provision calls for gradually closing the wedge between the returns as much as possible, but tax policy may work as a countervailing force: as long as financial frictions bind, it can be optimal to tax capital even if this magnifies the discrepancy in returns. [ABSTRACT FROM AUTHOR]

This study investigates the intricate relationship between external debt, debt service, and economic growth by using the panel data of 32 Asian Developing Economies (ADE) spanning 1995 to 2020. Employing a two-step system generalized method of moments (GMM) and a dynamic common correlated estimate (DCCE) model, the research explores key macroeconomic channels through which debt influences growth and rigorously tests for debt overhang and crowding-out effects. Findings reveal that public and private investment, total factor productivity, and national savings are pivotal channels transmitting the non-linear effect of external debt on economic growth. Notably, only private and public investment convey the non-linear effects of debt service to economic growth, while productivity and savings convey the linear effect. Evidence of debt overhang and crowding-out effects is identified in the sampled economies. The study suggests strategic measures for developing countries, emphasizing the productive use of accumulated debt, enhanced debt management, and timely project completion. Furthermore, it advocates for fostering economic growth through increased productivity, domestic savings, and private sector expansion to reduce dependence on foreign debt, facilitating both debt repayment and economic self-sufficiency. Plain language summary: This study explores the intricate links among external debt, debt service, and economic growth in 32 Asian Developing Economies from 1995 to 2020. Using advanced statistical methods like the two-step system generalized method of moments (GMM) and a dynamic common correlated estimate (DCCE) model, the research investigates various macroeconomic pathways, specifically testing for non-linear effects such as debt overhang and crowding-out. Key findings emphasize the significance of public and private investment, total factor productivity, and national savings as pivotal channels for the non-linear impact of external debt on economic growth. Notably, the study reveals that private and public investment exhibit non-linear effects in response to debt service, while productivity and savings show linear effects. The research recommends strategic approaches for developing countries, focusing on judicious debt management, timely project completion, and initiatives to boost productivity, domestic savings, and private sector growth, thereby reducing reliance on foreign debt. Acknowledging valuable insights, the study recognizes limitations in the available data from 32 countries and emphasizes the need for further investigation into mediating and moderating variables in the relationship between external debt and economic growth. Particularly in the context of foreign debt financing policies, the study underscores the importance of exploring threshold values for negative impacts on transmission channels, suggesting avenues for future research to provide a more nuanced understanding of the dynamics involved. In essence, the study offers valuable insights into the nuanced relationship between external debt and economic growth, along with strategic recommendations for sustainable development in developing economies. [ABSTRACT FROM AUTHOR]

Neoliberalism ushered in a debt-based economy for American society. The existing scholarship linking neoliberalism to personal indebtedness has mainly been at the macrolevel of analysis. There remains a need to investigate how neoliberalism operates at the microlevel and impacts the everyday lived experiences of consumers struggling with debt. Michel Foucault's concept of governmentality offers a useful analytical framework for unearthing the technologies that result in the subjectification of consumer debtors. A governmentality framework enables us to better understand how indebtedness presents both material and psychological harms for individuals and how neoliberal discourses are interiorized and facilitate a resurrection of financial identity. This research adds to existing governmentality studies by reporting on the responsive strategies to creditor demands and the moral self-accounting indebted individuals engage in when they fail to live up to the neoliberal model of the "entrepreneurial subject." Based upon thirty-six in-depth interviews with individuals possessing unmanageable debt and on the precipice of filing for bankruptcy, I argue that technologies of neoliberal governance serve to both discipline and recenter debtors as responsibilized entrepreneurial subjects who will reenter the economy and once again turn to a state of credit dependency. [ABSTRACT FROM AUTHOR]

The dominant interpretation of Italian economic stagnation in the last decades is that this is due to insufficient liberalisation, but an alternative explanation emphasises the unintended consequences of Italy's strategy of tying itself to the European mast ('external constraint'). Based on historical reconstructions of three policy areas, public debt management, privatisation, and labour market policy, this paper seeks to adjudicate between these two rival accounts. It argues that insufficient liberalisation fails to explain the Italian trajectory. The external constraint does a better job of explanation, but more as a necessary condition for stagnation than as a sufficient one. In other words, it would probably have been possible to manage the external constraint differently to produce better outcomes, but without the external constraint, the Italian stagnation would likely have been less deep. [ABSTRACT FROM AUTHOR]

The relationship between external debt and economic growth has been extensively studied by researchers and policymakers. However, the link between external debt and domestic investment remains an underexplored area of research. Therefore, this paper investigates the nexus between external debt and domestic investment, using institutional quality as a moderator. The sample consists of 47 sub-Saharan African countries with data spanning from 1996 to 2021. The empirical findings from conventional and robust estimators indicate that external debt negatively and significantly hampers domestic investment, while institutional quality plays a significant moderating role in this relationship. Additionally, the benefits of debt can only be realized by the SSA region when the average quality of institutions is above − 1.174 on the scale of − 2.5 to 2.5. The in-depth analysis offers insights that high-quality institutions (above a certain threshold) can help countries leverage debt for positive outcomes by promoting efficient resource allocation and attracting further investment. Thus, policymakers are advised to uphold debt management strategies and institutional reforms, such as reducing corruption, improving property rights, and strengthening the rule of law, to ensure transparency in debt use and maintain a sustainable debt burden. This will create a more attractive environment for both domestic and foreign investment. The results remain robust to alternative methodologies. [ABSTRACT FROM AUTHOR]

The purpose of this article is to examine how the market designs the structure for management fee subordination, incentive fee inclusion, and manager ownership of collateralized loan obligations (CLOs) and collateralized debt obligations (CDOs). Using the data in the Financial Crisis Inquiry Commission (FCIC) CDO Library, we find that both management fee subordination and incentive fee inclusion are more successful than manager ownership in terms of maintaining credit quality (fewer downgrades and more upgrades) and preventing defaults. As expected, the most effective structure implements all three instruments. However, a structure based solely on fee subordination and management ownership is insufficient to mitigate risk during a turbulent period, such as the 2008 financial crisis. The results show that fee subordination is primarily employed to control collateral credit risk, whereas incentive fees are used to offset reinvestment risk. Managers are therefore sufficiently incentivized to limit losses. In contrast, despite the significant risk of the provided securities, manager ownership was not efficiently employed. However, if management ownership were better linked to risk, structural performance may be improved even more. [ABSTRACT FROM AUTHOR]

Policymakers are increasingly focusing on structural adjustment and efficiency to cope with the pressures that the economic downturn has placed on local finances. Accordingly, the Chinese government should shift from using standard passive investments to high-quality active investments for its social guarantees, such as education. Based on panel data of 274 cities from 2010 to 2019, this study conducted the first examination of the impact of tax structure and government debt on the relative power of the local education supply (LES) in China. The study found that, first, in general, increases in the tax structure—represented by the proportion of personal income tax to budgetary revenue strengthen the relative power of LES, which is more sensitive in the southern region with a more developed market economy system. And the impact of government debt—represented by the urban investment debt ratio on the relative power of LES is initially negative and then positive. Second, the study revealed that the tax structure can stimulate the relative power of LES through the intermediary channel of an increase in the urban consumption rate; however, the mechanism of promoting the relative power of LES by encouraging localities to attract more floating populations is not obvious. Third, excessive investment in local governance adjusts the positive effect of local debt on the relative power of LES. Therefore, the government should pay attention to the promotion of personal income tax status, standardize their debt risk management, improve the efficiency of governance, and emphasize the pull of urban consumption, so as to enhance the ability to support livelihood and fully mobilize initiatives for local education development. [ABSTRACT FROM AUTHOR]

Using data for 22 sub‐Saharan African (SSA) countries, this paper investigates the effects of public debt on economic growth in SSA countries covering the period 1990–2021. Relying upon the estimation of Panel Smooth Transition Regression and generalized method of moments method, our findings offer strong evidence that public debt nonlinearly impacts economic growth. More specifically, there exists a threshold beyond which public debt exerts a negative effect on growth. These results can be used to formulate economic recommendations that the public authorities could implement to improve public debt management and maintain stable economic growth. [ABSTRACT FROM AUTHOR]

The average country in Asia–Pacific experiences more natural disasters than average countries of other developing regions. This paper presents stylized facts on natural disasters, human development, and external debt in Asia–Pacific. The paper also contains estimates of the effects that natural disasters have on human development. Controlling for country- and time-fixed effects, the dynamic panel model estimates show that external debt has a mitigating effect on the adverse impacts that natural disasters have on human development; in countries with low external debt-to-GDP ratios, natural disasters significantly decrease the human development index, but not so in countries with high external debt-to-GDP ratios. External debt (i.e., borrowing from abroad) is a financial contract for obtaining resources from abroad (i.e., imports of goods and services). When a country experiencing a natural disaster borrows from abroad to increase imports of goods and services, the population suffers less when a natural disaster strikes. Natural disasters destroy goods and capital (e.g., food, machinery, buildings, and roads) in the countries in which they occur. If imports of goods and services do not increase, then the population has less goods and services to consume following a natural disaster. By increasing imports, which are mirrored on the financial side by an increase in external debt, the population of a country that was struck by a natural disaster can experience consumption smoothing. As the incidence of natural disasters increases globally, a policy recommendation for disaster-prone countries, supported by the empirical results of this paper, is the need for deeper and innovative mechanisms of access to international financing, including reforms in both domestic and international financial systems. The paper's most significant contribution is the unique lens through which it analyzes the often-studied subject of natural disasters. Rather than looking at disasters as merely adverse events and debt as an unwelcome obligation in isolation, it connects the two and uncovers the paradoxically positive and beneficial role a healthy level of external debt can play in mitigating the adverse effects of these disasters. It provides a fresh perspective, a shift in thinking that may immensely benefit external debt and disaster management policies. [ABSTRACT FROM AUTHOR]

In this study, we examine the impact of fiscal rules on debt affordability across an extensive sample of developed and emerging market economies, employing a panel data model that accommodates weakly exogenous regressors and effectively addresses cross-section dependence. Our findings consistently reveal a positive and significant effect of fiscal rule implementation on public debt affordability, regardless of the various model specifications employed. Notably, the effect of fiscal rules is more pronounced in emerging market economies, where the implementation of any fiscal rule leads to improved debt affordability. In contrast, for developed countries, the benefits are realized primarily through the adoption of high-quality fiscal rules. These results provide robust evidence of the efficacy of fiscal rules in enhancing debt management and fiscal sustainability, particularly in emerging market economies. The findings underscore the importance of prudent fiscal policy in achieving favorable debt affordability levels, offering valuable insights for policymakers seeking to bolster fiscal resilience and optimize debt management strategies in both developed and emerging economies. [ABSTRACT FROM AUTHOR]

Economic theory argues that foreign direct investment (FDI) and external debt are expected to enhance economic growth in any given economy. Consequently, this study (i) investigated the relationship between foreign direct investment, external debt servicing, and economic growth in Nigeria; (ii) investigated how foreign direct investment and external debt impact Nigeria's economic growth; and (iii) analyzed the direction of causality among the three macroeconomic variables. Descriptive statistics, time series autoregressive distributive lag, and robust Granger causality tests were adopted as the estimating techniques. The results showed that from 2011 to 2022, Nigeria's FDI continued to decline, Nigeria's external debt servicing continued to grow on an upward trajectory, and the growth of the GDP has been meandering. ARDL analysis results confirmed that the lag of FDI and current exchange rate exert positive effects on current economic growth in Nigeria, with a 1% increase in FDI, current external debt, and current exchange rate increasing growth by 1.49%, 1.58%, and 0.02%, respectively. Results from the Granger causality showed that FDI and external debt do Granger cause GDP in Nigeria. Policymakers should focus on prudent debt management practices and strive to reduce domestic debt levels. [ABSTRACT FROM AUTHOR]

Consider a model of debt management, where a sovereign state trades some bonds to service the debt with a pool of risk-neutral competitive foreign investors. At each time, the government decides which fraction of the gross domestic product (GDP) should be used to repay the debt, and how much to devaluate its currency. Both these operations have the effect to reduce the actual size of the debt, but have a social cost in terms of welfare sustainability. When the debt-to-GDP ratio reaches a given size $ x^* $, bankruptcy instantly occurs. Moreover, at any time the sovereign state can declare bankruptcy by paying a correspondent bankruptcy cost. To offset the possible loss of part of their investment, the foreign investors buy bonds at a discounted price which is not given a priori. This leads to a nonstandard optimal control problem. For a given bankruptcy threshold $ x^* $, we show that the optimization problem admits an equilibrium solution. The paper also studies properties of optimal feedback strategies, and the asymptotic behaviour of the expected total cost to the borrower as $ x^* $ is pushed to infinity. [ABSTRACT FROM AUTHOR]

"The Indebted Woman: Kinship, Sexuality, and Capitalism" is a groundbreaking book that explores the relationships between capitalism, patriarchy, and female debt. The authors draw on two decades of research with Dalit women in South Arcot, Tamil Nadu, to examine how women have become entangled in capitalist finance through debt. The book highlights the sexual division of debt and the hidden practice of sex-for-debt transactions, revealing the demands placed on women's bodies to maintain creditworthiness. It also emphasizes the role of kinship in debt relations, challenging the notion that capitalism is the sole source of women's oppression. The book offers original empirical insights and advances our understanding of the gendered dimensions of financialized capitalism. [Extracted from the article]

Recent empirical studies have shown that innovative firms heavily rely on debt financing. Debt overhang implies that debt hampers innovation by incumbents. A second effect of debt is that it stimulates innovation by entrants. Using a Schumpeterian growth model with endogenous R&D and financing choices, we demonstrate that this second effect always dominates, so that debt fosters innovation and growth at the aggregate level. Our analysis suggests that the relation between debt and investment is more complex than previously acknowledged and highlights potential limitations of empirical work that solely focuses on incumbents when measuring the effects of debt on investment. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

This paper analyses Germany's approach to repaying emergency debts. It explores legal frameworks, fiscal implications and challenges in debt management. Despite legal obligations, public discourse often misunderstands the details of repayment, raising concerns about fiscal sustainability. The paper calls for transparent and accountable debt management to ensure intergenerational fairness. [ABSTRACT FROM AUTHOR]

Despite the presence of a considerable corpus of literature investigating the impact of aid on nations' development, the efficiency of utilizing this finite pool of development finance remains ambiguous. The main aim of this study is to address the existing research gap by examining the efficiency of utilizing such development assistance in achieving three specific Sustainable Development Goals (SDGs) from 2002 to 2020 using a Data Envelopment Analysis (DEA) methodology. Moreover, this study examines the theoretical underpinnings that show a correlation between the impact of aid on development and the governance and political structure of countries. The findings indicate that the efficiency of development assistance often falls short of optimal, underscoring the necessity for more attention to its administration, particularly in low-income countries. The efficiency of development assistance can be significantly enhanced by organizational improvements, resulting in a significant increase beyond 80%. The confirmation of the robustness of the findings was attained by the application of the bootstrapping methodology. Hence, it is crucial to recognize that while augmenting the levels of development assistance may hold significance, it alone may not be adequate to guarantee efficient utilization in bridging the financial gap required to meet the desired objectives of the SDGs by 2030. [ABSTRACT FROM AUTHOR]

This article studies the accounting and analysis of accounts receivable, particularly trade credit, as a key financial management tool within the global competitive environment. The authors explore theoretical and practical aspects of managing accounts receivable and methods to assess its impact on financial stability. Emphasis is placed on the theoretical justification for non-standard practices in accounting and analyzing trade credit as a separate asset, aiding in better risk identification of bad debts that affect enterprise viability. The study highlights that accounting entries for income registration result in constant receivables within assets, necessitating proper management strategies. Customer receivables, often from trade credit, require a dedicated debt management and collection policy to minimize operational risks. The authors point out that national and international accounting standards do not classify trade credit as a separate asset, complicating financial risk management and analysis. Effective management methods, including data collection on customer creditworthiness, are critical for financial stability. The article underscores the importance of systematizing empirical studies to support theoretical development in accounting and analyzing accounts receivable. Effective trade credit management is vital for enterprise competitiveness. The study employs dialectical and deductive approaches to draw logical conclusions on the relationship between receivable management and financial stability. The authors review Ukrainian and international legislation to identify legal aspects of receivables management. A high proportion of bills of exchange in receivables indicates customer credit risk, necessitating an effective credit policy. Recommendations include analyzing customer creditworthiness and using modern financial risk assessment methods. This article proposes approaches to accounting and analyzing accounts receivable, enhancing the scientific theory of financial management and improving the application of theoretical knowledge in modern economic management. [ABSTRACT FROM AUTHOR]

This study aimed to assess the impact of financial knowledge on household wealth accumulation in Dodoma City. The research design employed for this study was cross-sectional, and a sample of 304 household heads participants was selected using simple random sampling. Data collection was conducted through the use of questionnaires. The quantitative data obtained were analyzed using descriptive statistics and a multiple linear regression model. The findings of the study revealed that financial knowledge in terms of personal level of education, financial trainings and financial management skills were positive and significant related to household wealth accumulation. The study concludes that, financial knowledge was important component in in financial literacy influence the accumulation of wealth among households in Dodoma City Council. Consequently, the study recommends that the local government and relevant organizations should implement comprehensive financial education programs that specifically target the residents of Dodoma City Council. These programs should focus on improving financial attitudes and behaviors, as well as providing knowledge on effective budgeting, saving, investing, and debt management. [ABSTRACT FROM AUTHOR]

This article provides issues related to sovereign debt crisis and its widespread long-term impacts on debtor Nations. These crises are very complicated that they not only can ruin economies but also severely effect governance, political stability and social harmony of a country. The objectives of the article are to analyze these complex and multi-layered impacts and provides strategic recommendations. This article employed interdisciplinary approach that integrates economy, management and political science. This research incorporates empirical data, theoretical insights and case studies. The methodology of this article involves a comprehensive and precise analysis of historical and contemporary case study to identify the pattern and sequence of sovereign debt crisis. Results of this article indicates that debt crisis increase economic decline, destabilize political institution and erode public trust in governance. It also includes recommendations for policy makers those are implementing robust debt management framework, enhance governance structures, fostering economic diversifications and promoting social cohesion. This article suggests valuable insights for academic and policy makers to overcome the adverse effect of sovereign debt crisis and enhance long term stability in country. [ABSTRACT FROM AUTHOR]

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The all-round devastation caused by the COVID-19 pandemic on global economies cannot be over-emphasized. In response to the COVID-19-induced state of economic despondency, many fragile mono-economies/oil-dependent countries resorted to excessive borrowings unilaterally and multilaterally, which consequently plunged them into heavy debts. Against this backdrop, this study investigates the COVID-19 pandemic and debt burden in Africa with special reference to Nigeria. In terms of methodology, the study adopted the case study research design within the explanatory frameworks of Fragile State theory and Debt Overhang theory. It relied heavily on the documentary method for data collection and the content analysis was used for data analysis. The findings revealed that the sudden drop in oil prices at the global market during the COVID-19 pandemic exposed oil-dependent countries to untold economic hardship, pushing them into excessive borrowings as a last resort in mitigating the health and economic crises of COVID-19. The study also observed that due to a lack of financial discipline and poor management of loans, these loans consequently, resulted in an exponential rise in the debt profile and debt burdens in Africa, especially Nigeria. Thus, we recommend that, as Nigeria was hard hit economically by the COVID-19 effect due to overdependence on oil, the government should diversify the economy to ensure the generation of internal revenue for development. Also, African and Nigerian policymakers should imbibe the culture of financial discipline for effective/efficient management of loans and debt servicing. [ABSTRACT FROM AUTHOR]