Search results for " debt"
showing 10 items of 158 documents
Essays on the Performance, Subsidization and Internationalization of Social Enterprises
2020
Social enterprises are hybrid organizations that tackle societal challenges by using conventional business models. Being hybrid organizations means that social enterprises pursue dual objectives: social (developmental) and financial. By taking performance, subsidization and internationalization perspectives, this thesis contributes to understanding the hybridity of social enterprises and how this hybridity drives their general operations and key decisions such as foreign market selection and targeting strategy.
Household Debt and Fiscal Multipliers
2015
We study the size of government spending multipliers in a general equilibrium model with search and matching frictions in which we allow for different levels of household indebtedness. The main results of the paper are: (a) the presence of impatient households and private debt helps generate government spending multipliers greater than 1; (b) as financial conditions worsen and impatient consumers find it more difficult to borrow (i.e. in a credit crunch), the size of the government spending multiplier falls; (c) conversely, employment, vacancies and unemployment multipliers are larger when access to credit becomes more difficult; and (d) the model explains the observed pattern of responses …
Instruments, rules, and household debt: the effects of fiscal policy
2015
In this paper, we look at the interplay between the level of household leverage in the economy and fiscal policy, the latter characterised by different combinations of instruments and rules. When the fiscal rule is defined on lump-sum transfers, government spending or consumption taxes, the impact multipliers of transitory fiscal shocks become substantially amplified in an environment of easy access to credit by impatient consumers, regardless of the primary instruments used. However, when the government reacts to debt deviations by raising distortionary taxes on income, labour or capital, the effects of household debt on the size of the impact output multipliers vanish or even reverse, no …
La Deuda Odiosa
2011
Spanish Abstract: Un breve analisis sobre cuestiones relacionadas a las deudas contraidas por las naciones durante los gobiernos de facto. English Abstract: Should a State pay the debts contracted by a de facto Government? This is an essay that explores the world of the odious debts, trying to find the answers to the most recurrent questions that arise when the third world countries face the time to pay.
La financiación de las empresas mediterráneas de Alfonso el Magnánimo. Bailía General, Subsidios de Cortes y Crédito Institucional en Valencia (1419-…
2003
This article studies the role of the General Bailía of Valencia—the office for the management of the royal domain resources of the kingdom of Valencia- in the political and military projects of Alfonso V the Magnanimous in the Mediterranean. In this way its also analysed the role of the Parliament, a class representation of the kingdom, and the city of Valencia, main urban centre The incomes from the royal domain, the donations from the Parliaments as a representative assemblies, and the loans provided by the city of Valencia contributed in a decisive way to the guarantee of the economic viability of Alfonso Vs military expansion. It is right that the main instruments that the king had to a…
Pricing and hedging GDP-linked bonds in incomplete markets
2018
Abstract We model the super-replication of payoffs linked to a country’s GDP as a stochastic linear program on a discrete time and state-space scenario tree to price GDP-linked bonds. As a byproduct of the model we obtain a hedging portfolio. Using linear programming duality we compute also the risk premium. The model applies to coupon-indexed and principal-indexed bonds, and allows the analysis of bonds with different design parameters (coupon, target GDP growth rate, and maturity). We calibrate for UK and US instruments, and carry out sensitivity analysis of prices and risk premia to the risk factors and bond design parameters. We also compare coupon-indexed and principal-indexed bonds. F…
Quantum macroeconomics: A tribute to Bernard Schmitt
2016
Bernard Schmitt, the founder of quantum macroeconomics, died on 26 March 2014. His legacy concerns the discovery of the logical laws of monetary macroeconomics and extends to the explanation of the origin and nature of economic and financial crises. Starting from a novel conception of bank money, he was able to show that economics is founded on true macroeconomic laws, which take the form of logical identities. This paper is a brief and necessarily incomplete introduction to the main themes of Schmitt's macroeconomic analysis. It ranges from the distinction between money and income that lies at the hearth of his theory of the circuit, to the investigation of inflation and unemployment as pa…
L'assurance insolvabilité de l'employeur en France et en Italie
2012
Insurance insolvency of the employer guarantees workers against the risk of non-payment of sums due under the contract of employment, following the failure of their employer. The central concern of this work is the presentation, under a critical angle, of the discipline of this instrument of safeguarding the rights of workers in the laws of Italy and French in the light of Community law, particularly with regard to different methods of determining the claims covered by insurance insolvency
EU external policy at the crossroads: The challenge of actorness and effectiveness
2013
The goal of this Special Issue is to improve our conceptualisation and empirical understanding of EU actorness and effectiveness in International Relations. While the European Union aspires to play a greater global role, its actorness and effectiveness cannot be taken for granted given the nature of the EU as a multi-level and semi-supranational polity encompassing 28 Member States with diverse foreign policy preferences. The EU is presently at an important crossroad. On the one hand, its external policy stature and capacity have been boosted by institutional innovations and by the Union’s increased involvement in the full spectrum of international issues. On the other hand, a number of fa…
Dealing with the Public Debt Burden. A system dynamics approach to implementing sustainable financial policies in the Italian State
2012
In the last decades in several mature democracies the problem of debt emerged as a violation of intergenerational equal treatment due to high expenditures concentration and dilution of costs by mean of debt creation. So far this issue has been analyzed from a statistical and a socio-economic perspective, which identified the high political interference as the main dysfunction of country debt management. There are no studies which frame the issue by focusing on State institutions as performance-oriented organizations, according to this perspective such organizations have to respect dynamically trade-off between development and the debt reduction through a mix of levers such as: funds acquisi…