Search results for "debt"
showing 10 items of 295 documents
Simplified restructuring proceedings in Poland as an example of anti – crisis regulation due to the COVID-19 pandemic
2020
Summary The study discusses new legislative anti – crisis solutions adopted in Poland in connection with the COVID – 19 pandemic. The Polish legislator decided to introduce the so-called simplified restructuring procedure. This happened in the face of the expectations of both the jurisprudence of law and practice. On the one hand, the simplified restructuring procedure (the fifth independent type of restructuring procedure for an entrepreneur in Poland) allows for a quick, cheap and simplified conclusion of an arrangement with creditors outside the court, then approved by the court. On the other hand, the opening of such proceedings gives the debtor protection against enforcement at the cre…
Budget burden and benefit visibility of European central level governments
2001
Central levels of government in European Union member countries are different regarding their basic institutions, powers, fiscal systems, accountability, public performance management, financial control bodies, and the like. In spite of this, the economic operation of such levels of government should be analyzed, evaluated, and compared from an efficiency viewpoint. This paper presents general indicators to systematically assess the burden and benefit visibility of public budgets of the International Monetary Fund member countries and specific estimates for the central subsystems of public revenue and expenditure now in force in such European countries. An important policy implication of th…
Considerazioni sulla finanza pubblica italiana tra il XIX ed il XX secolo
2015
This essay deals with the doctrinal debate emerging from articles and editorials by econoil mists published on newspapers such as Corriere della Sera, Il Giornale d'Italia, Il Sole, La Tribuna, Il Mattino, Il Secolo. The debate increased interest in items of public finance from 1890 to the rise of fascism in Italy. During thirty years, public debt, tax reform, fiscal matters, finance during war-time and problems relating to rail transport were the main debated topics. These issues show the economic and financial structure of the country in order to better understand the development opportunities which Italy enjoyed introducing the reform necessary to modernize the economic framework.
The New Italian Regulation on Over-Indebtedness. A Snapshot
2019
This paper contains a description of the new Italian regulation on over-indebtedness laid down by Decree 2019/14. Personal statements and critical remarks are included.
Dynamic Risk Taking with Bonus Schemes
2014
This paper studies dynamic risk taking by a risk-averse manager who receives a bonus; the company may default on its contractual obligations (debt and fixed compensation). We show that risk taking is time independent, and is summarized by the so-called risk aversion of derived utility. We highlight the importance of dynamic aspects and provide a foundation for common qualitative discussions that are based on characteristics of bonus functions. The paper cautions that deferral of fixed compensation may increase risk taking. Finally, we motivate a new bonus scheme that incentivizes the manager to implement the socially optimal risk level.
Audit fees and cost of debt: differences in the credibility of voluntary and mandatory audits
2019
Despite the extensive research on audit fees, few studies have examined the effect of audit fees on the cost of debt. Based on the credence goods theory, we examine whether the effect of audits on the cost of debt is affected by the type of audit (voluntary or mandatory) and the audit fees, as well as whether there is a combined effect of voluntary audits and audit fees, so that the effect of voluntary audits on the cost of debt is affected by audit fees. Using a sample of Spanish SMEs, we find an asymmetric effect of audit fees on the cost of debt: higher audit fees are associated with a lower cost of debt for voluntarily audited companies, while the association is not significant for mand…
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?
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…
Stato e prospettive dei servizi di consulenza del debito in Italia. Il ruolo del debt advisor nella gestione della crisi da sovraindebitamento
2023
Dopo aver esaminato lo stato dei servizi di consulenza sul debito in Italia e in Europa, con un focus sul tipo di servizi erogati, gli enti fornitori e le possibili fonti di finanziamento, il contributo analizza il contesto normativo in materia - ed in particolare il nuovo CCII - con particolare riguardo al ruolo da esso assegnato al debt advisor.
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…