Search results for "LEVEL"
showing 10 items of 3465 documents
How to pay for the debt — Coping with the Third World's crisis
1990
The Brady Plan is the first official proposal to give priority to a tangible reduction in the debtor countries' debt service burden and is thus a milestone along the path towards overcoming the international debt crisis. However, the instruments foreseen in the Plan virtually invite criticism and scepticism. What are the main inadequacies of the Brady Plan? How can the international debt strategy be developed further and made more effective?
Disaggregate Real Exchange Rate Behaviour
2007
In this paper, we re-examine the “PPP Puzzle” using sectoral disaggregated data. Specifically, we first analyse the mean reversion speeds of real exchange rates for a number of different sectors in eleven industrial economies and then focus on relating these rates to variables identified in the literature as key determinants of CPI-based real exchange rates, namely: the trade balance, productivity and the mark up. In particular, we seek to understand to what extent the relationships existing at the aggregate level are borne out at the disaggregate level. We believe that this analysis can help shed light on the PPP puzzle.
Deficit sustainability, and monetary versus fiscal dominance: The case of Spain, 1850–2000
2014
Abstract In this paper, we provide a test of the sustainability of the Spanish government deficit over the period 1850–2000, emphasizing the role played by monetary and fiscal dominance in order to get fiscal solvency. Since the condition of fiscal solvency was satisfied, government deficit would have been sustainable along the sample period. In addition, the whole period can be characterized as one of fiscal dominance.
Fiscal sustainability in the EU: From the short-term risk to the long-term challenge
2015
Abstract The paper analyses fiscal sustainability of public debt using a dynamic computable general equilibrium model. First, we identify the short-term risk for fiscal stress at country level; second, we investigate the assumption of convergence towards the government debt threshold (medium-term challenge); and, third, the requirement that debt projections do not show unsustainable trends (long-term challenge). The empirical implementation includes 18 EU Member States. Our findings show that the constant tax rate that stabilizes the public debt converges to 50 percentage of GDP for all the sample countries and tax revenues are the main driving forces for fiscal sustainability. Also our fin…
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…
Leveraging and Deleveraging: Pluses and Minuses
2013
Abstract As in physics, leverage is an amplifier. In business, the leverage is amplifying the losses or the gains. In good times, leverage is good, it is busting the gains, it supports economic growth. Companies and governments are using leverage at large scale. In bad times, it is busting the losses. Companies and governments will have to deleverage. This paper aims to present in brief the concepts of leveraging and deleveraging, to explain why companies, banks and governments are using the leverage, and what are the consequences of using it? The high degree of leverage is one cause of a financial crisis and therefore deleveraging is usually following a financial crisis. We will address th…
Anisotropic double exchange in orbitally degenerate mixed valence systems
2000
Abstract The problem of the double exchange is considered for the mixed valence dimers in which one or both transition metal ions possess orbitally degenerate ground states. In the pseudo-angular momentum representation, the general formula is deduced for the matrix elements of double exchange involving the transfer integrals and all spin and orbital quantum numbers. The pairs 3 T 1 t 2 2 – 2 T 2 t 2 1 and 3 T 1 t 2 2 – 4 A 2 t 2 3 are considered in three high-symmetric topologies: edge-shared D2h, corner-shared D4h, and face-shared D3h bioctahedra. The double exchange in orbitally degenerate systems is shown to produce strong magnetic anisotropy of an orbital nature. The character of the a…
Metal-Controlled Magnetoresistance at Room Temperature in Single-Molecule Devices
2017
The appropriate choice of the transition metal complex and metal surface electronic structure opens the possibility to control the spin of the charge carriers through the resulting hybrid molecule/metal spinterface in a single-molecule electrical contact at room temperature. The single-molecule conductance of a Au/molecule/Ni junction can be switched by flipping the magnetization direction of the ferromagnetic electrode. The requirements of the molecule include not just the presence of unpaired electrons: the electronic configuration of the metal center has to provide occupied or empty orbitals that strongly interact with the junction metal electrodes and that are close in energy to their F…
Cardiovascular autonomic function and MCI in Parkinson's disease
2019
Abstract Introduction dysautonomic dysfunction and cognitive impairment represent the most disabling non-motor features of Parkinson's Disease (PD). Recent evidences suggest the association between Orthostatic Hypotension (OH) and PD-Dementia. However, little is known on the interactions between cardiovascular dysautonomia and Mild Cognitive Impairment (MCI). We aimed to evaluate the association between cardiovascular dysautonomia and MCI in patients with PD. Methods non-demented PD patients belonging to the PACOS cohort underwent a comprehensive instrumental neurovegetative assessment including the study of both parasympathetic and sympathetic function (30:15 ratio, Expiratory-Inspiratory …
Incidence, risk factors, and thrombotic load of pulmonary embolism in patients hospitalized for COVID-19 infection
2021
Summary Objective To determine the incidence, characteristics, and risk factors of pulmonary embolism (PE) among patients hospitalized for COVID-19. Patients and Methods We performed a prospective observational study of a randomly selected cohort of consecutive patients hospitalized for COVID-19 infection between March 8, 2020 through April 25, 2020. All eligible patients underwent a computed tomography pulmonary angiography independently of their PE clinical suspicion and were pre-screened for a baseline elevated D-dimer level. Results 119 patients were randomly selected from the 372 admitted to one tertiary hospital in Valencia (Spain) for COVID-19 infection during the period of study. Se…