Public Debt Management

State and local debt and the debt of quasi-public agencies have grown in importance as a result of fiscal decentralization, rapid urbanization, and the increasing role played by private capital. However, with debt comes the risk of insolvency. This book brings together the reform experience of major emerging economies and developed countries. Written by leading practitioners and experts in public finance in the context of multilevel government systems, the book examines the interaction of markets, regulators, subnational borrowers, creditors, national governments, taxpayers, ex-ante rules, and ex-post insolvency systems in the quest for subnational fiscal discipline.

In this study, we try to explore the effects of globalization and international integration on developing countries’ external debt in 1980-2010 time period. As known, the developing world consists of countries which desire to reach to the developed countries in economic sense. These countries head towards external debt, as it is difficult to realize their development with their insufficient internal sources. In recent half century, the oil shocks in 1973 and 1979, and the debt crises resulted, had been a turning point in the operation of decision mechanisms. Even the banking and financial crisis in 1990s and 2000s, developing countries continued to find out extra sources from internal and external markets. Especially in the last ten years, however, as a result of economic integration, internal and external sources are intertwined and substituted for each other. The study concentrates on the demand side of the external debt rather than the supply side; but occasionally, with fiscal and economical policies as well as international policies are mentioned. It is clear that supporting populist approach or policies of developing countries may lead them into new debt spirals which were also experienced historically. After theoretically examining the external debt, its determinants are empirically analyzed by using panel data analysis. By testing the models, results show that GDP growth ratio, fixed capital formation, population rates, terms of trade, capital flight, external debt services, external debt interest payments, urbanization, general government consumption expenditure and financial liberalization are the main determinants of external debt in developing countries. Keywords: External Debt, Developing Countries, Turkish Economy, Economical and Fiscal Structure, Panel Data Analysis Method. 1980-2010 yılları arası dönemde küreselleşme ve uluslararası entegrasyon faaliyetlerinin gelişmekte olan ülkelerde dış borçlanma üzerinde yarattığı etkiler bu çalışmanın araştırma konusunu oluşturmaktadır. Bilindiği üzere, gelişmekte olan ülkeler iktisadi anlamda gelişmiş olan ülkeleri yakalama gayreti içerisinde bulunan ülkelerdir. Bu ülkeler iktisadi sistem içerinde söz konusu kalkınma hamlesini kendi kaynakları ile gerçekleştirmeleri güç olduğu için dış kaynaklara yönelmektedirler. Dış borçlanmanın son yarım asırlık gelişiminde 1973 ve 1979 petrol şoklarının ve neden olduğu borç krizleri 1980’li yıllarda karar mekanizmalarının işleyişi açısından bir dönüm noktası olmuştur. Benzer şekilde, 1990’lı ve 2000’li yıllarda da gelişmekte olan ülkeler bankacılık ve finansal krizlerle sarsılırken iç ve dış piyasalardan borç arayışlarını sürdürmüşlerdir. Ancak özellikle son on yıllık sürece bakıldığında, ekonomik entegrasyon sonucu, iç ve dış kaynaklar birbirleri ile iç içe geçmiş ve birbirlerini ikame eder hale gelmiştir. Çalışmada dış borçlanma konusu arz tarafından çok talep yönüyle ele alınmış; ancak yeri geldikçe, mali ve iktisadi politikalar yanında uluslararası politikaların da aşırı borçlulukta rol oynadığına değinilmiştir. Yine bu çerçevede, popülist politikaların desteklenmesinin borç sarmallarının yeniden oluşmasına yol açabileceği belirtilmiş ve sözü edilen durumun geçmişteki örneklerine atıflarda bulunulmuştur. Gelişmekte olan ülkelerde dış borçlanma iktisadi ve mali politikalar perspektifinden kuramsal olarak incelendikten sonra belirleyici unsurları panel veri yöntemi ile ampirik olarak analiz edilmeye çalışmıştır. Test edilen modellerin ardından gelişmekte olan ülkelerde; GSYİH büyüme oranları, sabit sermaye oluşumu, nüfus, dış ticaret hadleri, sermaye kaçışları, dış borç servisleri, dış borç faiz ödemeleri, kentsel nüfus, kamu kesimi tüketim harcamaları ve finansal liberalizasyon değişkenlerinin dış borçlanmayı anlamada belirleyici olduğu sonucuna ulaşılmıştır. Anahtar Kelimeler: Dış Borçlanma, Gelişmekte Olan Ülkeler, Türkiye Ekonomisi, İktisadi ve Mali Yapı, Panel Veri Analizi Yöntemi.

La crisi finanziaria scoppiata nell’autunno 2008 ha sancito il successo di coloro che ne sono stati gli artefici. In Italia e Grecia sono andati al potere tecnocrati e banchieri, gli stessi che, fino al giorno prima, hanno lavorato per le istituzioni responsabili del crollo dell’economia. Ai vertici dei governi europei, delle istituzioni internazionali, dell’Unione europea (un «super Leviatano»), siedono i referenti delle banche e della finanza, nelle mani dei quali una classe politica incapace e inadeguata ha affidato le speranze di ripresa. Essi continuano a perseguire le politiche di impoverimento di 720 milioni di europei, con l’unico scòpo di trasformare il Vecchio Continente in un immenso lager di schiavi moderni: tagli, flessibilità, liberalizzazioni, privatizzazioni, queste le «ricette» per raggiungere falsi obiettivi: la riduzione del deficit ed il pareggio di bilancio (tecnicamente impossibile). Con la «privatizzazione» (svendita) delle ultime società pubbliche completeranno il disegno, raggiungendo l’obiettivo di distruzione degli Stati e della privazione dei più elementari diritti di cittadinanza. Sono politici, banchieri, economisti, editori, controllano i media, e attraverso essi ci tranquillizzano. Non possiamo illuderci che, coloro che hanno appiccato l’incendio, si trasformino improvvisamente in pompieri. Guardando i dati, viene spontaneo domandarsi come sia possibile che in soli tre anni dall’autunno 2008, il debito pubblico di alcuni Stati (Italia, Spagna, Portogallo, Irlanda) sia sensibilmente peggiorato. La risposta è semplice: la colpa è delle misure anti-crisi legate alle operazioni di sostegno al sistema bancario. Con i soldi dati alle banche a interessi irrisori (1.200 miliardi in Europa, e altrettanti negli Usa), queste non fanno altro che rifinanziare le loro obbligazioni o acquistare a loro volta il debito degli Stati, che è divenuto nel frattempo più oneroso da sostenere perchè è aumentato, e il rating è peggiorato. Le banche, quindi, chiedono interessi più alti agli Stati, e la voragine del debito pubblico aumenta in una spirale infinita. In tutto questo giro, chi ci guadagna, ancora una volta, sono proprio le banche. Ma come siamo arrivati fino a qui? Quali sono i sottili meccanismi che hanno privato gli Stati della loro sovranità? L’Ue, la Bce, l’euro, il Trattato di Lisbona, Basilea II, il Fmi, le agenzie di rating, sono tutti strumenti nelle mani della finanza, che ha piazzato i suoi uomini al vertice delle istituzioni nazionali e sovranazionali. Il potere, scippato da tecnocrati e banchieri, con la complicità di politici incapaci e corrotti, deve tornare nelle mani del popolo sovrano.

Poverty is one of the misfortunes that Allah has decreed to befall a specific human being or a family unit or a society as a trial to raise man's status and increase his hasanaat (good deeds). However, as a result of the impatience and perseverance of man, poverty affects man's beliefs and conduct.

Many people have taken on a debt so that they can fulfill the duty of upbringing children, helping husband and family to pay for living expenses whilst others waste contracted debt on avoidable expenses or what is not productive.

Dependent nations look to other sources of financing expenditures, hence incurring debt. Debt assists dependent nations to meet budgetary needs.

Does Islam against borrowing? No! In Islam, obtaining debt (without interest) is permissible but should not be undertaken except in cases of necessity. Fath al-Baari (4/547). And the correct way of lending is that mentioned by Allaah in the aayah on debt Q2:282-283.

Borç yönetimi işlemi, borcun alındığı andan itibaren başlayıp ödendiği ana kadar süren ve ekonomi üzerinde olumlu ya da olumsuz pek çok etkisi olan bir işlemdir.Bu ödev çalışmasıyla olağanüstü kamu borç yönetimi işlemleri olan konsolidasyon (tahkim) ve konversiyon (değiştirme) işlemleri ile borcun azalışı, reddi ve itfa konuları teorik olarak ele alınmıştır.

Public debt management is a challenge for any country that wants to achieve and maintain stable public finances, because the financial strength of a particular country is reflected in the sustainability of financing public debt obligations. Public debt management should enable the analysis of key macroeconomic indicators (such as gross domestic product, public finances, country investment rating and many others) to look at costs and risks, but also market conditions that affect the level and structure of public debt. In Serbia, good coordination of monetary and fiscal policy measures, as well as the implementation of fiscal consolidation measures in the previous period, contributed to lower borrowing costs in the domestic and international financial markets,
while reducing premium risks. The sustainability of public finances was not endangered even during the COVID-19 risk pandemic, and Serbia's public debt remained below 60% of the gross domestic product as required by the Maastricht criteria. The use of hedging instruments, extension of the maturity of issued securities and a more favorable
currency structure of public debt contributed to this.

La conferenza è stata svolta in occasione dell'assegnazione all'autore del Premio Donato Menichella del 2016. Dopo una breve introduzione, viene trattato il tema del  debito pubblico in Italia e il ruolo della sua dinamica sul declino economico del Paese nell'ultimo quarantennio. Si esaminano successivamente i rischi d’instabilità finanziaria maturati durante le due crisi (2008-2009 e 2010-2015) e la nuova governance europea insieme alle politiche mancate di rientro dal debito pubblico .

The conference has been given for the asignement to the Author of the Domenico Menichella Prize in 2016. After a brief introduction, the issue of the Italian Public Debt and its role on the economic decline of the Country in the last forty years. Afterwards, the financial instability risks and the new European Economic Governance are analyzed together with the missing policies aimed to regain a sound public finance.

Në çdo këndvështrim që ta shikosh mpleksjen e trinomit ekonomi informale-evazion-korrupsion, në fillim të vitit, kur gjithë individët dhe bizneset duhet të deklarojnë të ardhurat e tyre, buxhetit i mungojnë përafërsisht 1 miliard euro. Kjo është fatura që fsheh diskutimi për informalitetin. Por, mungon konteksti ku ta vendosim dhe vlen të citojmë Venkatesh, i cili thotë se " ekonomia punon mirë, nëse njerëzit kanë një sens, edhe pse abstrakt, se ata janë të lidhur me njeri-tjetrin ". A ka ndonjë ndikim pozitiv sektori informal në zhvillimin e ekonomisë? Apo ndikimi është vetëm negativ në çdo drejtim? Në konkluzione të mjaft studimeve dhe nga eksperienca të ndryshme është theksuar se efekti i ekonomisë informale është i rëndësishëm për dimensionimin e ekonomisë formale, por e kundërta është me më tepër efekt. Është fakt që pranohet se sektori informal, për shkak të mosmbartjes së një barre fiskale është më konkurues dhe më efektiv në treg. Por, një pengesë e madhe për bizneset e sektorit informal është mundësia mjaft e kufizuar për tu zgjeruar dhe rritur si biznese të mëdha. Atyre u duhet që ta mbajnë nivelin e veprimtarise në nivele statike, apo ta kufizojnë aktivitetin për të mos u diktuar nga " radarët " e qeverisë. Në të njëjtën kohë fuqia punëtore që kontribuon në sektorin informal nuk arrin të jetë gjithë kohën produktive dhe konkuruese në raport me fuqinë punëtore të sektorit formal. Në këtë mes hyn korrupsioni dhe ndërgjegja e politikës që toleron këtë mundësi. Nje arsye më shumë për të diskutuar për të është periudha kur politikat fiskale ndryshojnë dhe përpiqen të marrin administrimin në konsideratë. Në këtë drejtim modeli që po përçon qeveria e re është një fillim për konsolidimin e vëmendjes ndaj administrimit në politikëbërjen e sistemit fiskal. Në gjithë këtë periudhë të dekadës së fundit evazioni ka rrënjë të perforcuara. Edhe politika fiskale, e cila është me një vijueshmëri modernizimi per administrimin, të pakten nga 2008 deri më sot ende nuk e ka konsoliduar bazën tatimore të secilit tatim kryesor (TVSH, Tatim fitimi, TAP). Rritja e ekonomisë informale është parë se ka qenë e shoqëruar gjatë gjithë periudhave nga një barrë e rëndë për tatimpaguesit e regjistruar, si dhe nga një ndërrim i shpeshtë i rregullave dhe ligjeve të administrimit. Gjithashtu, për autoritetet fiskale ka qenë e vështirë zgjerimi i bazës tatimore, gjë e cila është

Se propone una regla que fije un límite de largo plazo a la razón entre el stock de deuda en moneda extranjera y las exportaciones, pero que, en cada periodo, acote o expanda dicho límite según los vaivenes de uno de los factores exógenos con más repercusión en las propias exportaciones, el ingreso de divisas, y el desempeño general de la economía Argentina, esto es; los precios de las materias primas de exportación (o commodities).

Se postuló a la deuda pública pagadera en moneda extranjera como una unidad de análisis relevante y a su proporción respecto a las exportaciones como una medida de viabilidad de la deuda o de solvencia más adecuada, dada la relación que existe entre la sostenibilidad fiscal y la sostenibilidad externa en los procesos de endeudamiento en moneda foránea. 

Se concluye que: la propuesta es una regla con capacidad de contener el endeudamiento, y simultáneamente quitar ciertos componentes de proclicidad; la misma es capaz de ejercer un contrapeso en periodos de expansión caracterizados por un auge de los precios internacionales de las materias primas de exportación.
Sus principales dificultades y desafíos de aplicación son la elección de un techo de largo plazo, la elección de un parámetro de sensibilidad y la elección de una medida de tendencia. Se plantearon otros problemas operativos causados por la tardía disponibilidad de los datos de comercio exterior. Sin embargo, la regla mostró robustez utilizando las exportaciones de un periodo anterior como base de cada periodo.


Tesina de grado de la licenciatura en economía de la Universidad Nacional de Buenos Aires. (diciembre de 2020).

Public debt management represents an important part of public finance in each economy and in most countries is in administrative authority within the Ministry of Finance. The Public Debt Administration is the holder of public debt policy, presenting one of the most important branches of macroeconomic policy and has stabilization and developmental function. The Public Debt Management determines the schedule, scope and currency structure of the security issuance in the domestic and international financial markets and directly affects the level of indebtedness of the country and the level of foreign exchange risk. The main objective of public debt management is to ensure that the government's financing needs and its payment obligations are met at the lowest possible cost over the medium to long run, consistent with a prudent degree of risk. Adequate public debt management is crucial in view of the severe macroeconomic consequences of non-enforcement of public debt and the potential expansion of instability to other sectors in an economy. All this indicates the need for an adequately setting up current and future public debt management strategy and the development of instruments to reduce borrowing costs and foreign exchange risk levels. The aim of this paper is to present public debt management in selected Central East Europe countries (Serbia, Hungary, Croatia, Albania and Slovenia) and to recommend further improvement of its public debt strategies.

The origin, dynamics and conditions of the Colombian debt allow its declaration of illegitimacy under the consideration, among others, of influential factors such as the systemic violation of human, economical, ecological and social rights to pay the debt. Further instances of illegitamacy correspond to the vicious dynamics of the service costs and how the debts have been largely and already repaid. The Paper compares the cases of Ecuador and Colombia to finally present the alternative roads Colombia has to tackle the problem of the public Debt.

This article examines the long-run two-way causal relationship between government revenues and spending and their interaction with the yearly change in public debt for eighteen OECD countries by using annual data for 1976-2017 period. The empirical literature has mainly focused on the long run relationship between government expenditure and revenues or other single country time series while only a few studies have used panel causality analysis and none have investigated the link with the evolution of public debt ratios. The purpose of this paper is to present a dynamic model identifying the underlying relationships constituting the fiscal policy set-up in sample countries. We apply a robust dynamic panel causality methodology based on SUR systems and Wald tests with country specific bootstrap critical values. The study also aims to provide the basis for recommendations on the policy response to public finance challenges stemming from exogenous shocks like the global pandemic that began in 2020. By developing an enhanced analysis of the long-term causal relationship between taxation, spending and their interaction with changes in public debt, the study not only provides fresh insights into the sustainability and optimal design of fiscal adjustment efforts but also offers a country-specific schematization as a guide for policymaking.

Over the past decades, most of the developing nations in the world have to face a critical issue of rising public debt. In Sri Lanka, public debt has increased to a higher level during the post liberalization period. Debt can be influenced economic growth and general welfare of the public only it is used properly without transferring additional burden on public. Therefore, it is beneficial to evaluate the short run and long run effect of debt on economic growth and its sustainable level. Hence, this study examines the dynamics of debt sustainability and the impact of public debt on economic growth in Sri Lanka using annual time series data for the period 1960-2018. This study uses deductive research approach and the model framework develops based on the literature. This study adopts econometric procedures to find out the short run and long run effect of internal and external public debt on economic growth in Sri Lanka and the sustainability of public debts analyze using graphical analysis with the support of the past literature. The econometrics procedure follows unit root test, co-integration tests and vector error correction mechanism together with granger causality test to investigate short run and long run effects of debt on growth. Empirical findings of the study revealed that internal and external public debt has positive impact on economic growth in the long run confirming crowding in effect of investment. Further, Gross domestic capital formation and government expenditure has positive impact on economic growth in the long run. The coefficient of Error Correction Term (ECT) suggests disequilibrium in the real GDP growth is corrected at the speed of 58 percent annually confirming the existence of long run relationship between debt and growth. Granger causality test confirmed uni-directional causality running from real economic growth to internal public debt in Sri Lanka. The sustainability of public debt in Sri Lanka is not in a good position as most of such measures reflect unfavorable trend over the last period. Finally, the finding of the study is useful to the policy makers to design and implement appropriate policies to achieve desired level of economic growth for the country.

You can find in this paper a summary for a research about the Lebanese public debt and what are the factors that affect it.
For more details about this paper and for any inquiries, don't hesitate to contact me by sending a direct message or contacting me on my Facebook or Instagram account.

The study examines the debt management strategies at the state government level. The significance impact variables used herein include the Bauchi state government's debt trend (from 2008 to 2014), and Nigeria's external debt value, domestic debt value and total debt value. Data for the study were primary and secondary data drawn from Debt Management Agency, Bauchi and analysed with Chi-square. The analysis focuses on whether or not Bauchi state government has problem of managing its debt; whether or not Bauchi state debt management policies are effective; and whether or not Bauchi state government intervention has significant improvement on debt management. The study found that Bauchi state government has problem of managing its debt; Bauchi state debt management policies are not effective; and, Bauchi state government intervention has significant improvement on debt management of Bauchi state. The study equally recommends, for Bauchi state government of Nigeria, an optimal mix of external and domestic debts in the public debt portfolios; channelling acquired loan to productive activities; to circumvent all forms of borrowing, appraise projects to be financed with loan; using more superior method to negotiate for fixed interest payment and varying amortization schemes with consideration of the state's economic limitations; and, ensuring fiscal discipline and high sense of responsibility in handling public funds towards enhancing the efficiency and effectiveness of debt management strategies.

Son dönemlerde sayısı ve etki alanı artan devlet temerrütleri ve borç krizleri, temerrüt ve borç krizlerine ilişkin çözüm arayışlarını ve devlet borç yönetimine ilişkin inovasyonları da beraberinde getirmiştir. Bu inovasyonlardan biri olan ve uygulamada kendisine henüz yer bulamayan devlet koşullu dönüştürülebilir tahvilleri ülkelerin temerrüde düşmesini önlemek için ortaya atılmıştır. Birtakım avantajları yanında önemli miktarda kısıtları da bulunan devlet koşullu dönüştürülebilir tahvillerinin ülkeler için potansiyeli önemli araştırma alanlarından bir tanesidir. Bu anlamda bu çalışmada yeni bir fikir olan devlet koşullu dönüştürülebilir tahvillerinin yapısı ve Türkiye'deki potansiyeli incelenmiştir.
Sovereign defaults and debt crises whose numbers and impact areas have increased recently, have brought with solution seeking to defaults and debt crises and innovations in sovereign debt management. One of these innovations, sovereign contingent convertible bonds, which have yet to be found in practice, have been introduced to prevent countries from defaults. The potential of sovereign contingent convertible bonds, which have significant advantages as well as significant constraints, is one of the major research areas for countries. In this sense, in this study, as a new idea, structure and potential of sovereign contingent convertible bonds in Turkey were examined.

This paper explores the financialization of municipal finances through the rise of " active debt management " policies and in particular the use of interest rate derivatives. All over Europe, prior to the recent financial crisis, cities have purchased such financial products in order to manage their increasing debt portfolios and, in particular, to reduce their heavy interest payments. This practice resembles financial activities of private corporations and, thus, is in line with the political project of enterprising government often advocated under the label of New Public Management. However, local governments usually lack financial market expertise and previously had hardly any direct interrelations with global finance. Therefore, the expansion of sometimes highly complex and often risky financial products to the realm of municipal finance is surprising and in need of an explanation. Preliminary findings suggest that the combination of municipal over-indebtedness and pressures arising from austerity politics on the one hand and financial innovation as well as changing business models of financial service firms on the other hand have provided a favorable environment for the rise of municipal derivative deals prior to the crisis. Moreover, the use of established social relations between city governments and their principal banks and a wide range of highly active and often transnationally connected service provider seem to have facilitated this trend. Therefore, the case of municipal derivative deals also sheds light on regional intermediation between global financial markets and locally embedded financial systems.

Debt management strategy encompass much more than debts and how they were accumulated. Government debt management is the method of putting in place and effecting a strategy for transparently managing the government's debt with the main objective of meeting the government's financing needs; the costs and risks involved and any other debt management goals the government may have set. Such goals include evolving and preserving an efficient market for government securities. Many works thus tend to focus on debt and the crisis that ensued as a result but few or none of these works looked at the aspect of debt management that is required to guide the economic policy and decision makers in articulating far reaching decisions on how government should borrow and to what extent. In addition, questions such as the right source of finance and the maturity and composition of the instruments providing such are equally important in managing debt. These important aspects of debt management are crucial in managing government debts in the sub-Saharan Africa but conspicuously absent in both public and academic discussions in the region for some time. This work examines the relationship between the debt ratio of a country and the maturity of its debt; and between extent of indebtedness and the level of a country's capital market development. By use of the regression models and analysis this work attempted to determine the stated relationships.

Since the introduction of PPPs in South Africa about sixteen years ago, a lot of government agencies have demonstrated a growing amenability towards adopting this procurement approach in infrastructure provision. Although in the short-term a lot of money is freed up to meet the other competing immediate social and hard infrastructural needs. The long-term accumulation of the debt due to the implementation of several projects has to be properly studied. This paper articulates the impact the rise of the debt load has on the sustainability of this method. It also assesses the long-term impact of PPPs preference and the concomitant debt load accumulation. The proclivity for their preference as demonstrated among others the health sector appears to be based on individual departmental judgement based on isolated project-based affordability without any holistic governmental capping thereto. This mounting debt which is mortgaging the current infrastructure to the progeny could result in a long-term boomeranging benefit. PPPs should be considered as heavy infrastructure governmental hire-purchase scheme and the plethora thereof should be controlled by stringent policy stipulations. There has to be nationwide policy capping the use of PPPs based on departmental affordability which is reliant on a well devised formula.

The aim of this paper is to assess, through empirical analysis, the historical significance of the public debt to the economic growth of the USA. In order to understand the relationship we examine the historical data from 1850 – 2010, as well as the quarterly data from the period 1966 – 2016. We used Johansen and Engle-Granger Co-integration tests, as well as Granger causality tests and Autoregressive Distributed Lag (ARDL) analysis. The empirical evidence of a statistically significant negative long-term relationship between public debt and GDP was not found. It is concluded that there is a uni-variate relationship GDP towards the public debt, which is caused by the constant rise in public debt.

Devlet borçlanmasına ilişkin dünyada son yaşanan gelişmeler, artan krizler ve yükselen borçlanma oranları şeklinde olmuştur. Özellikle finansmana erişimde zorluk çeken, borçlanma düzeyleri yüksek olan ve borçlanma yapısından dolayı borç kırılganlığı yaşayan ülkeler, çeşitli çözüm yolları arayışı içerisine girmişlerdir. Bu anlamda devlet borçlanması konusunda birçok yenilik ortaya çıkmıştır. Örneğin, sukuk, yeşil sukuk gibi enstrümanlar finansmana erişimi kolaylaştırma yanında yatırımcı tabanında çeşitlilik sağlama görevini üstlenmiştir. Benzer şekilde uygulamada yer alamamakla birlikte özellikle yüksek borca sahip gelişmiş ülkelerce kriz eğilimini azaltacak yöntemlerden biri olarak GSYİH endeksli tahviller araştırılmış ve tartışmaya açılmıştır.

Análisis de la situación de la deuda pública tanto en España y sus Comunidades Autónomas como en la Unión Europea y el resto del mundo. Se realiza igualmente una previsión de los niveles de deuda pública que tendremos en los próximos cinco años.

Investigador principal:
Juan Aitor Lago Moneo.

Investigadores:
María de las Nieves Pérez Verdú
Lukas Daniel Bozzi
Klemens Opperman
María Gabriela Silva
Kenneth Benavides
Alejandra Rodríguez
Ignacio Álvarez González
Laura Coira Fernández
Raquel Fernández González
Artem Patrin
Francisco José Rodrigo Luelmo

Resumen: http://www.eae.es/news/2015/04/27/la-deuda-de-las-comunidades-autonomas-supera-los-235.000-millones-de-euros-en-2014-el-23-del-total-de-deuda-publica-espanola

The basis for the stable functioning of the national economy in general and the financial system in particular is a budget system. Therefore, solving the problem of ensuring the state policy of budget security is one of the primary challenges, due to increasing financial globalization. The purpose of the article is development the theoretical and methodological substantiation of the state policy of ensuring budgetary security of the state and directions of the national economy steadiness increase. Conceptual basis of the budget security are developed and its place in the system of state economic security is defined. It has been determined that state budget is a systemically important state budget security element, and a form of budget security aspect is reflected in the system of assessments that characterizes its level in dynamics and relatively optimal value of indicators and integral index. The object of budget security is the level of state budget execution, efficiency of the budget resources usage, budget process, and budget system. The subject of budget security is activity of state authorities, financial institutions, and budget policy instruments aimed at the implementation of an adequate level of budget security. The strategic priorities and criteria of the state policy on budgetary safety strengthening that provide formation of the favorable macroeconomic environment, development of the real economy, stability of the state finances and solvency of the state are offered. The applied recommendations create a sound basis for building an entire system for ensuring state policy of budget security of Ukraine..

A call for an  urgent change of the  economic policy in Mexico

A group of men and women of diverse experiences, backgrounds and political inclinations, based in UNAM,  has worked around development issues for over ten years and has produced several books, essays, and papers. This group,  called Nuevo Curso de Desarrollo (GNCD) ,  recently published a document calling to discuss a set of measures to change the current  economic policy.  This proposal responds to a diagnosis of the current situation : at this point in the year, the serious social damage inflicted by the disruption can already be observed.  The Group emphasizes that the reactivation of the economy cannot rest solely on the dynamics of the market. Both private consumption and investment can recover very slowly if there is no a strong action from the state. That is, if there is no strong fiscal impulse

This chapter explores the positions of the Paris and London clubs in Nigeria’s external debt profile. In view of the colossal debt overhang that has confronted the country for about two decades, the chapter examines the origin of the country’s debt problem and identifies the role of these two clubs of creditors in it. The chapter shows that Nigeria’s external debt had remained manageable until the country took steps to patronize the open international capital market in 1978. That decision set in motion the process that led to rapid accumulation of debt that has become problematic and unsustainable since the early 1980s. Successive governments have initiated fiscal and monetary policies to address the problem even as major international monetary institutions have prescribed structural and economic measures meant to allow the country deal with its income problems and meet its debt repayment obligations to its creditors. However, these measures have yielded not the desired result. Nigeria has remained at the mercy of its various creditors especially the Paris and London clubs of official and private creditors. Invariably, some meaningful and urgent rearrangement or restructuring of Nigeria’s debt burden is necessary if the country is to continue to meet its socio-economic obligations to its population.