Search results for "Debt"
showing 10 items of 295 documents
Accounting meets economics: towards an ‘accounting view’ of money.
2018
Questo studio pone le fondamenta dell’ “Approccio Contabile” (“Accounting View”) alla moneta. Sulla base dei principi di Ragioneria Generale riconosciuti internazionalmente, lo studio argomenta che le monete emesse dallo stato e dalla banca centrale non costituiscono debito e che nei regimi di riserva frazionaria soltanto una quota della moneta emessa dalle banche commerciali pu essere considerata quale debito. Lo studio chiarisce come il signoraggio associato all’emissione di queste monete debba essere contabilizzato nei bilanci delle istituzioni emittenti ed esamina le implicazioni di ci`o per la corretta comprensione della moneta. Il nuovo approccio fa luce su argomenti quali la vera nat…
Conflitti tra azioni esecutive civili e sequestri disposti dal giudice penale
2016
Lo scritto esamina le conseguenza prodotte dai sequestri penali sul patrimonio responsabile del debitore, al fine di approfondire la posizione dei creditori, che vorrebbero sui beni oggetto di sequestro penale. The essay deal with the consequences of penal freezing of the debtor's asset, with regard of the creditors' right to seize the debtor's assets to satisfy their rights.
Co-operative wineries: Temporal solution or efficient firms? The Spanish case during late Francoism, 1970–1981
2015
Part of economic theory has regarded co-operative firms as useful tools for dealing with market failures during periods of economic contraction, but also as suffering severe efficiency problems during periods of growth. The main aim of this article is to test this hypothesis in the case of Spanish co-operative wineries during the years of late Francoism. In order to do this, the balance sheets of 75 co-operative firms from the 1970s have been subject to financial-ratio analyses. The main conclusion is that these firms were inefficient due to their excessive financial debt. The Spanish Francoist government promoted their creation and granted financial aid – for their value as social and econ…
Hard currency indebtedness of the developed socialist countries
1985
In recent years the problems of the indebtedness of the communist countries have been driven somewhat into the background by the high foreign indebtedness of many developing countries and the attention attracted by the balance of payments crises in Brazil and Mexico. Yet there are many indications that the need for the socialist debtor nations to adjust their balance of payments policy has not lessened but, to a large extent, simply been deferred. It is therefore not unlikely that the 1980s will witness a new need to solve the problems of those nations and their creditors in the West.
New Evidence of the Tax Effect on SME Optimum Debt Maturity Structure
2009
This paper analyzes the influence the tax effect has on optimum SME debt maturity structure. Unlike previous research, this study builds a dynamic adjustment model which endogenizes optimum structure and assumes the existence of adjustment costs. The model is then estimated by applying a system-GMM regression to a complete data panel (12,250 firms) covering the period dating from 1997 to 2004. SMEs adjust to their target at a speed of 35%, which is the equivalent of employing around 20 months to cover only half of the existing gap. This rate is lower than those obtained in other similar papers studying large companies with publicly tradeable equity.
Buffer strips can pre-empt extinction debt in boreal streamside habitats
2013
Background Conservation of biological diversity and economical utilization of natural resources form an almost inevitable confrontation between the two. In practice, however, a balance between the two ought to be found, and in managed boreal forests, preservation of woodland key habitats is increasingly used strategy to safeguard biological diversity. According to the Finnish Forests Act, certain Forest Act habitat (FAH) types must be safeguarded, provided they are clearly distinguishable from their surroundings. Furthermore, once the habitat has been identified as a FAH, its special characteristics must not be altered. Both of these aspects contain ambiguities that potentially undermine th…
Predicting the risk of extinction from shared ecological characteristics
2005
Understanding the ultimate causes of population declines and extinction is vital in our quest to stop the currently rampant biodiversity loss. Comparison of ecological characteristics between threatened and nonthreatened species may reveal these ultimate causes. Here, we report an analysis of ecological characteristics of 23 threatened and 72 nonthreatened butterfly species. Our analysis reveals that threatened butterflies are characterized by narrow niche breadth, restricted resource distribution, poor dispersal ability, and short flight period. Based on the characteristics, we constructed an ecological extinction risk rank and predicted which of the currently nonthreatened species are at …
“The Limits” of Economic Growth in Romania
2014
Abstract A sustainable economic growth of GDP of 3-4% annually in Romania for the reduction of gaps in development was considered impossible by most institutions of various skill and opinion leaders, as well as of international financial bodies. The reasons cited were delayed public reforms, low growth potential as a result of the crisis, the overview status of the states in the Eurozone dependent on inside community trade and also the prospects for a lasting economic stagnation, the balance sheet effect, as a result of over indebtedness of firms and individuals that substantially reduced inclination towards investment and consumption. Contradicting these forecasts, in 2013, Romania's econo…
Object and subject of evasion of taxes and other compulsory payments
2014
The paper is devoted to such topical issue of Criminal Law as Object and Subject of Evasion of Taxes and Other Compulsory Payments. There are analyzed researched crime determination problems, which are connected with subject and object of tax and other compulsory payments evasion. In the course of the research, the author has made the conclusions that the object of the evasion of taxes and other compulsory payments group is the national economic interests. The direct object is the national economic interests in the sphere of state revenues or the national fiscal interests. While analyzing the law and regulations it is concluded that the subject of the evasion of taxes and other compulsory p…
Contingent convertible bonds for sovereign debt risk management
2015
We consider convertible bonds that contractually stipulate payment standstill, contingent on a market indicator of a sovereign's creditworthiness breaching a distress threshold. This financial innovation limits ex-ante the likelihood of debt crises and imposes ex-post risk sharing between creditors and the debtor. Drawing from literature on contingent contracts, neglected risks, and bank CoCo, we extend prevailing arguments in favor of sovereign CoCo (S-CoCo). We discuss issues relating to their design: which market trigger, market discipline and sovereign incentives, and errors of false alarms or missed crises, and provide supporting evidence with eurozone data and a simple simulation on t…