Search results for "DEBT"
showing 10 items of 295 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.
Sovereign Debt Litigation in Argentina: Implications of the Pari Passu Default
2015
On 31 July 2014, Argentina defaulted on its sovereign bonds for the second time in the 21st century. It was also its eighth default since independence1; at such frequency, this was perhaps not an especially noteworthy event. What made it so extraordinary was not that another domestic financial crisis triggered the payment default, but rather an injunction handed down by a federal district court in New York. However, despite public outrage, the wider impact of this decision is likely to be limited. That is even more so if reforms that have already started continue to be implemented. The case dates back to Christmas Eve 2001, when the interim Saa administration declared a payment suspension o…
Credit and financial markets in the Iberian Peninsula at the end of the Middle Ages. Historiographic production and recent developments
2021
El artículo examina la trayectoria de los estudios sobre el crédito y los mercados financieros en la Península Ibérica a finales de la Edad Media, desde los primeros trabajos sobre la usura y el préstamo a interés, fundamentalmente judío, en la primera mitad del siglo XX, hasta las líneas de investigación más recientes, que se ramifican en diversas direcciones, desde el marco teórico, doctrinal y legal del mercado del crédito y el estudio de los diferentes instrumentos financieros –préstamo a interés, crédito comercial y bancario, crédito a largo plazo en forma de censales y censos consignativos– a la deuda pública y el crédito privado, especialmente el crédito rural. Todos estos estudios m…
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…
War and economics: Spanish civil war finances revisited
2010
This paper reviews how the Spanish civil war was financed. We present new evidence to show that the two combatant parties, the Republican government and the Franco administration followed similar financial strategies. In both cases money creation, rather than new taxes or the issue of debt, was the main mechanism used to cover the expenses of the war. We argue, contrary to the established knowledge, that both sides consumed a similar amount of domestic and foreign resources. We also argue that the Spanish Republic did not lose the war because of a lack of means. International factors, such as the Non-Intervention agreement promoted by France and Great Britain, and the military setbacks of t…
Intellectual Property and Leverage: The Role of Patent Portfolios
2019
This paper analyses the importance of intellectual property in determining capital structure decisions. We argue that firms can use their patent stock as collateral and thereby relax possible debt financing restrictions. Using data from the European Patent Office and balance sheet data of European companies, we find that larger and more valuable patent stocks lead to higher debt-ratios - controlling for well-established capital structure determinants. We further assess variation across as well as within industries and show that effects are mainly driven by tech-oriented and research intensive firms. Drawing on a legislative change in EU- law, allows us to establish a causal relationship bet…
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…