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Copyright of Revista Foco (Interdisciplinary Studies Journal) is the property of Revista Foco and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Foco (Interdisciplinary Studies Journal) is the property of Revista Foco and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Foco (Interdisciplinary Studies Journal) is the property of Revista Foco and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article contributes to the literature analysing the role of public banks in crises. Taking the case of Spain, it analyses the behaviour of the public bank (ICO) between 1971 and 2015, specifically during two crises: the crisis of the 1970s, when Spain was an economically backward country coming out of a dictatorship; and that of 2008–13, by which time it had integrated into the international economy. Public credit underwent sweeping privatization in 1991, which translated into major downsizing. From then on, a gradual process of modernization began, mainly characterized by institutional changes in governance and access to resources. Our results indicate that public and private credit behave differently during recessions. Private credit always remains closely synchronized with the business cycle, but public credit less so. [ABSTRACT FROM AUTHOR]

In the aftermath of the First World War, the Weimar Republic found itself in financial disarray. Originally put forward by the antirepublican right, the idea of a forced loan emerged. The idea triggered harsh controversies regarding the shortfalls in the new state's sovereignty and its lack of fiscal power within the framework of an international order. The conflicting images of the Weimar state effected the decisions finally taken. This article argues that a rhetoric of emergency was combined with notions of the expert as an apolitical figure in order to legitimize compulsory lending. Yet, contrary to contemporary perceptions, the Weimar forced loan was not a result of governmental impotence or an exceptional incident within the history of public finance. As a political tool, it helped to solve conflicts on the national as well as the international level, if only for a short period of time. As an instrument of state finance, it was not an act of failure to still fiscal needs the ‚normal way' but a conscious claim for the autonomy of the Weimar state. But the conviction that compulsory loans might be a legitimate element of fiscal politics under the auspices of a strong and well-informed state emerged only with the Second World War – in Germany as well as on an international level. [ABSTRACT FROM AUTHOR]

This article contributes to a better understanding of the public debt crisis in France between 1787 and 1789. The threat of a massive default on public debt played a key role for the beginning of French Revolution. Public debates on this matter converged with the questions about civil rights and the necessity of institutional reforms. 14th of July and the fact that Assemblée Nationale declared debt as “sacred” solved a crisis that shed into light some important questions such as the economic and social role of the state, and such as the complex consequences of public borrowing for society. This article analyses the institutional crisis related to the debt crisis that lead to Revolution and proposes the unprecedented study of a debate by pamphlets opposing Etienne Clavière and Simon-Nicolas-Henri Linguet that occurred between 1787 and 1789.

Object: It determines the social and operational proficiency of agricultural, forestry and rural fishing (FND) financial for development of rural sector in Guasave, aimed to analyze the process of allocation and distribution of credits among farmers. Methodology: Quantitative and qualitative, as a study case of a causal correlational type. Surveys were applied (329) to farmers who are served by this institution. Results: Show that this institution achieves an operational efficiency through proper function as a financial institution, using the available resources. Since the perspective of farmers, the social efficiency was evaluated. Limitations: Distrust on the part of the producers, as well as the lack of access to information that should be public. Conclusions: FND doesn't respond to criteria of social efficiency, because the financing is not enough and it never is given out on time causing it does not satisfactorily reach one of its main objectives to mitigate the social backwardness by financing the sector. Although, there farmers feel satisfied about the services provided by FND. [ABSTRACT FROM AUTHOR]

The Exchequer bills were a key component in Britain's financial revolution of the 1690s. Using a range of archival sources not examined in previous work, this article argues that closer study of how these bills were given credit and circulation between 1696 and 1698 can offer a more nuanced reading of the mechanisms which helped to create credible commitment in this period. Though proper institutional design did help to give the bills credit, it was only one part of a wider series of informal measures used by the Treasury to secure subscribers for the fund for circulating the bills and to manage the emission of bills to prevent high discounts. This reflects the fact that credit and confidence in this period were influenced by a wide range of factors, including commercial advantage, patriotism and the example offered by other investors, all of which could be manipulated by the Treasury to promote the credibility of the Exchequer bills. Proper institutional and financial incentives were therefore not the only factors which could create credible commitment in Britain's financial revolution. [ABSTRACT FROM AUTHOR]

In this study, we show the effects of the FONDEPES credit program - a government public credit program- focused only on artisanal fishers – on profits, associativity, fish landing centers (DPA), sales destinations, and employment. We take advantage of the program's selection mechanism and the National Artisanal Maritime Census data 2012 to apply a Propensity Score Matching (PSM) methodology. The results show that receiving the credit from the program improves the profits, associativity, and sales destination. Additionally, the results are robust under different matching types, covariate balance, inverse-probability-weighted (IPW), and non-observable tests. Overall, the evidence found in this analysis suggests that the FONDEPES credit program can help artisanal fishers improve their performance. However, there are differences between the outcomes of fishermen and ship-owners, the latter being the largest. It is recommended to focus on the group of fishermen by government entities to provide training and assistance in administrative issues to leap productivity to become a ship-owner. Exploring other credit products that replace the dependence on financing from intermediaries is recommended in ship-owners' cases. [ABSTRACT FROM AUTHOR]

Using a database of 23,000 firms in 45 economies, we test the quantitative importance of access to finance and access to public and private credit for the determination of misallocation. We first derive measures of factor market and size distortions, and then use these measures within a regression framework to test the significance of self-declared access-to-finance obstacles as well as the effect of access to a credit line issued by either a government-owned or private bank. We find that access-to-finance obstacles and private credit increase the dispersion of distortions. Public credit has a very small effect. For firms that do not face financial obstacles, public credit increases the dispersion of distortions; for firms that face financial obstacles, it slightly decreases dispersion. Public credit does not appear to compensate for the distortions that exist in private credit markets. Quantitatively, however, financial variables explain a very small part of the dispersion of factor market and size distortions.

Government borrowings appear at a certain stage of development the economic system. Governments used loans many centuries ago because there are often occurred situations when borrowings were the only way to attract additional financial resources. The preconditions for government loans from the position of creditors are also important. These, in particular, include: the availability of subjects that have the temporarily available funds; investor confidence in the state, that stimulating their interest in buying government debt securities; state’s ability to repay its obligations and so on. Thus, the article deals with the basic prerequisites of the government securities market and its function at different stages of develop-ment of economic relations. So, it was found, that the main functions of local borrowing in XIV-XX centuries include the following: fiscal, public debt management, improved economic situation in some areas and repayment of previously issued loans. In modern conditions the functions of government securities have expanded and include: regulation of the money market and stock market, smoothing unevenness of funds flow to the budget, funding various pro-grams, support the liquidity of financial institutions. The author also highlights that objective necessity of using government borrowing associated with the presence of contradictions between the existing needs of society and the state’s capacity to satisfy them within existing financial re-sources. And in such situations government securities are a means of mobilizing additional financial resources to the state budget.

Credit rationing is a common phenomenon faced by firms, one that has negative implications for long-term investments. In Brazil, public credit plays a key role in supporting firms: state-owned banks account for almost half of the outstanding credit. Public credit programmes aim at reducing credit restrictions, increasing competitiveness and job creation for small and medium enterprises. This article analyzes the effectiveness of the credit lines managed by two main public institutions in Brazil. Results show that access to public credit lines has a significant positive impact on firms' employment growth and exports, while no effect was found on wage differential. The impact on exports is driven by the increase in volumes among exporting firms rather than the probability of becoming an exporter. [ABSTRACT FROM AUTHOR]

The article's main objective is to review the functions and effects of public credit. Author interested in both positive and negative aspects of this phenomenon. As a conclusion, the key provisions of the economy, which is abusing this financial instrument becomes, in essence, the debt, which adversely affects the entire social life of the country. The purpose of the article. State credit is recognized as one of the elements of the financial system of the state. While there is such an element is not immediately and not next to the tax or fiscal system, but at the present stage it is already firmly established in the financial system of any country. In the twenty-first century it is difficult to find the budget of some States that had no shortage; almost impossible to find a country that could do without the institution of government lending plan their income and expenses. Presenting main material. This provision applies both economically developed and developing States. Therefore, it can be noted that the government loan has acquired a permanent character and has a significant impact on the economic situation of the whole society. In this regard, the interest in this phenomenon at the present stage not only does not stop, and compounded. This is connected with huge debts, which have emerged in the budgets of modern States, and the need for finding ways for their servicing and repayment, and overall – the place and role of public credit in the financial system of the state, its impact on economic development of the society, both in a negative and in a positive direction. With the development of financial relations and financial systems developed and improved and lending mechanism. In the modern world there are many forms (types) of loan: private, public, banking, government, export, commercial, municipal, commercial and the like. They have their own characteristics, but the essence remains indispensable – the subject shall be provided on a time and under appropriate conditions. One type of loan is a state loan, in which the government can act in the role of a creditor and the debtor. As a rule, carrying out its financial activity of the state is a creditor in respect of some sectors of the economy, and the debtor in respect of internal and external market. State credit is a tool that allows you to mobilize public funds and additional necessary funds, so government loans have become in modern conditions second after taxes methods of financing budget expenditures. Accumulated thus means primarily designed to cover the budget deficit. So the state is closing the gap in time between the need for money and their availability. An important rule of public credit should still be striving to be as inexpensive as possible, and even free use of loan capital. Payment is not an inherent feature of the loan. Financial history knows examples when zero percent loan has led to effective results in the economy, and more importantly, to the ability to repay the loan. The second question is that of the creditor, such a situation might not be happy, and therefore, it is possible to offer a portion of the profits that will be received as a result of the use of borrowed funds. Because the percentage (but still a high percentage), or otherwise significantly increase the amount of debt that you need to return that, as mentioned earlier – are an additional burden on the state budget. Conclusions. From the foregoing it is clear that the government loan is an obligatory element of the financial system of any state. As a financial instrument it can kasuati to state both positive and negative effects, depending on the tasks, set before the government. Conclusions. The negative value of this phenomenon is manifested in the transformation of the economy on a debt that subsequently leads to a decline in all spheres of life of such a society, because, the money must push to its development, will be levied to service the interest on the debt. Such a state loan can lead the country and to the loss of its sovereignty. But the intelligent and careful use of this mechanism contributes to the realization in society switchgear and control functions, allows you to replenish the budget revenues, without resorting to this issue.

Looking at the revolutionary context of Pennsylvania, the essay analyzes the continuous movement of rebellions during the American Revolution in order to highlight the process of institutionalization of the constitutional order, namely the changeable power relationship that shaped society. The essay reconstructs: 1) the battle for free trade and freedom of property and the resulting rising of the mercantile class as a national elite; 2) the mercantile political project of ordering society by creating a national system of public credit based upon the institution of the public debt and the foundation of the first national bank; 3) the vicissitudes of the bank by analyzing Dissertations of Government, the Affairs of the Bank and Paper Money (1786), one of the most underrated pamphlets of Thomas Paine. By this way, the essay shows how the principle of popular sovereignty and the language of rebellion were intended to be institutionalized as part of the constitutional order that was formalized in 1787-88.

The article aims at analyzing the political and social history of Japanese public credit institutions between 1868-1937. Various topics discussed include formation of these institutions for public welfare during country's modernization, impact of relations between farmers, creditors and state on Japan's economic and social conditions, and relationship between social progress and conflicts of interest in modern Japan.

The paper has three objectives. First, it seeks to resuscitate a methodology of the history of economic thought that takes account of the problem-solving efforts of political economists rather than concentrating entirely on the putative advances in techniques of analysis, detaching them from their political and social context. Second, it seeks to establish the priority of two Italian savants in theorising some basic features of capitalist growth long before its prime movers had been conceptualised in the eighteenth century. Third, it puts colonialism and imperialism as the ever-present components of capitalist development on centre stage. Contextual political economy would be a study of the capitalist system as it has really operated, i.e. as a system characterised by enormous turbulence superimposed on growth, in which formal and informal colonialism and speculation have played major roles. [ABSTRACT FROM AUTHOR]

Abstract: The practice of raising cattle in the Amazon has been connected to deforestation, which has been especially intense in the Eastern Amazonian state of Pará that contained 23% of new rural settlements before 2008. The settlements were part of a program of land reform that allowed farmers to receive public credit. Public credit aims to increase production and incorporation of new technologies by settled farmers, which can lead to a decrease in pressure on forested areas. Public credit, however, may also result in an increase in deforestation if farmers use the loans for extending their pastureland. In small farms with different characteristics situated in southeastern Pará, credit is not an important driver for the expansion of pastureland. The expansion was instead associated with larger farms and longer periods of cattle-raising. On the other hand, small farms cannot properly develop cattle-raising without credit. At least six years of operation and 25ha are required for changes in the indicators of cattle-raising activities to be detected. Small farms that are relatively new to bovine production have more difficulties accessing public credit and face strong constraints to increasing the herds and the production of milk. [Copyright &y& Elsevier]

This paper uses the concept of social trust to extend the 'institutional economics' of North and Olson, and more specifically Hedlund's 'path dependence' account of Russia's economic development. For this purpose it compares the evolution of Britain and Russia since the eighteenth century. A key determinant of social trust is the relation between the state, money and the population. In Britain trust was mobilised through state fiscal policies, public credit, and the rule of law. In Russia (and the USSR) trust was also placed in a strong state, but one which operated rather through personal patronage and the joint responsibility of local institutions. This crucial difference explains why in the 1990s Russia adapted so poorly to market economics. [ABSTRACT FROM AUTHOR]