Search results for " debt"
showing 10 items of 158 documents
Can re-regulation of the financial sector strike back public debt?
2015
This paper analyzes the impact of financial sector policy changes on the dynamics of public debt. Using a panel of 89 countries from 1973 to 2005, we find that while the implementation of (large) financial liberalisation policies significantly raises the public debt growth rate, the adoption of financial re-regulation measures leads to a mild reduction of public debt. Looking at the different typologies of financial sector policy changes, we show that stricter banking supervision, privatisations and restrictions to international capital flows contribute to a fast decline of the growth rate of public debt. In contrast, the removal of entry barriers and the elimination of interest rate contro…
What determines the likelihood of structural reforms?
2015
We use data for a panel of 60 countries over the period 1980–2005 to investigate the main drivers of the likelihood of structural reforms. We find that: (i) external debt crises are the main trigger of financial and banking reforms; (ii) inflation and banking crises are the key drivers of external capital account reforms; (iii) banking crises also hasten financial reforms; and (iv) economic recessions play an important role in promoting the necessary consensus for financial, capital, banking and trade reforms, especially in the group of OECD-countries. Additionally, we also observe that the degree of globalisation is relevant for financial reforms, in particular in the group of non-OECD cou…
Transmission of Sovereign Risk in the Euro Crisis
2012
We assess the role of financial linkages in the transmission of sovereign risk in the Euro Crisis. Building on the narrative approach by Romer and Romer (1989), we use financial news to identify structural shocks in a vector autoregressive model of daily sovereign CDS premia for eleven European countries. To estimate how these shocks transmit across borders, we use data on cross-country bank exposures to sovereign debt. Our results indicate that cross-border financial exposures constitute important transmission channels. A 10-percent decrease in the exposure to Greek debt reduces, on average, the transmission rate of sovereign risk by 9.4 percent. Decomposing these effects, we find that exp…
Social Ecological Model of Problem Gambling : A Cross-National Survey Study of Young People in the United States, South Korea, Spain, and Finland
2021
Problem gambling among young people is an emerging trend globally. The online environment in particular offers various possibilities for gambling engagement. This is the first cross-national survey study using the social ecological model to analyze problem gambling, especially in the online context. The study aimed to analyze how different social ecological spheres explain problem gambling. Participants were young people aged 15–25 in the United States (n = 1212), South Korea (n = 1192), Spain (n = 1212), and Finland (n = 1200). The South Oaks Gambling Screen (SOGS) instrument measured problem gambling. The regression models analyzed problem gambling with measures of intrapersonal, interper…
Sleep and alertness in shift work disorder: findings of a field study
2018
Purpose Although shift work disorder (SWD) affects a major part of the shift working population, little is known about its manifestation in real life. This observational field study aimed to provide a detailed picture of sleep and alertness among shift workers with a questionnaire-based SWD, by comparing them to shift workers without SWD during work shifts and free time. Methods SWD was determined by a questionnaire. Questionnaires and 3-week field monitoring, including sleep diaries, actigraphy, the Karolinska Sleepiness Scale (KSS), EEG-based sleep recordings, and Psychomotor Vigilance Tasks (PVT), were used to study 22 SWD cases and 9 non-SWD workers. Results The SWD group had a shorter …
Another Look at Momentum Crashes
2015
This paper studies the profitability of a selection of prominent momentum-based strategies in the European Monetary Union. In contrast to past examples documenting the lack of profitability of unconditional price momentum in the most recent decade, the current research finds that unconditional price momentum yielded significant positive payoffs. There is evidence of option-like behavior for strategies based on intermediate past performance. Surprisingly, there is no such evidence for the momentum strategy based on recent past performance .
Performance and international investments in microfinance institutions
2013
Preprint of the published version of an article from Strategic Change Using data from 319 microfinance institutions (MFIs) in 68 developing countries, we study the degree to which international debt investments are related to the financial and social performances of MFIs. We find that commercial investments are mainly related to financial performance and level of professionalisation of the MFIs. The targeting of women is not a priority, even though international commercial investors target MFIs that provide small loans. Subsidised investments, however, are mainly driven by the targeting of women, while financial performance and the level of professionalisation of the MFI is not a priority.
Réformes évolutionnistes du système des paiements internationaux : la création de systèmes des paiements supranationaux, une nécessité au regard des …
2012
At the height of the crisis, the international monetary system is powerless to reduce theinstability of exchange rates, the imbalance of the current account of balance ofpayments, instability of exchange rates and the development of speculation in financialmarkets the and the asymmetry between net exporters countries and net deficits countries.This thesis, which had the merit of opening new tracks in order to understand thecomplex relationships between global imbalances and the actual system, showed thatthese global imbalances are intrinsically linked to the failures of the internationalmonetary structure. To stop the deterioration of global imbalances, we propose that thesystem turns towar…
Sovraindebitamento e responsabilità patrimoniale
2020
The article critically investigates the relationship between the issue of over-indebtedness and, in particular, that of discharge from bankruptcy, highlighting the problematic relationship with the debtor’s financial liability and the impact on the statute of the obligation. In this sense, the rule on discharge from bankruptcy is examined, stigmatizing both its linguistic inaccuracy and the disorientation it produces in the interpreters. The essay then emphasizes the difficulties encountered by the process of integration of such rule into the system. From this point of view, there is a genetic mutation of the obligation, whose original status is radically changed.
Excessive Daytime Sleepiness and Sleep Disorders in a Population of Patients with Epilepsy: a Case-Control Study
2016
Background and purpose There are several primary causes for excessive daytime sleepiness (EDS) and sleep disorders in patients with epilepsy. Up to now, studies in the literature report conflicting data in terms of both prevalence and aetiology. The aim of our study was therefore to evaluate the prevalence of EDS and some sleep disorders in a population of patients with epilepsy treated with no more than two antiepileptic drugs (AEDs). We also investigated the role of the depression of mood as a variable that can negatively affect EDS. Methods We prospectively and consecutively recruited 99 patients with a diagnosis of epilepsy, sleep disorders and EDS, belonging to the Centre for Epilepsy …