Debt Research Papers - Academia.edu (original) (raw)

In this paper we analyze the historical roots of neoliberal housing policies, mottos and principles in Italy and Spain, two countries with a Mediterranean welfare regime, showing how they are embedded in the twentieth century... more

In this paper we analyze the historical roots of neoliberal housing policies, mottos and principles in Italy and Spain, two countries with a Mediterranean welfare regime, showing how they are embedded in the twentieth century fascist-dictatorial regimes of Mussolini and Franco. To stimulate economic growth in a situation of autarchy, both regimes saw the construction sector and the promotion of homeownership as keys to fuel the accumulation process while believing this guaranteed social order. After acknowledging these long-standing roots, we show how the current phase of neoliberalism, characterized by severe austerity policies, relies on similar principles, the main reforms approved in both countries proceeding mainly towards cuts to service provisions and resources, while the promotion of homeownership remains unchallenged.
Keywords: neoliberalism; housing policy; austerity policies; Mediterranean welfare regime; Italy; Spain

This paper analyzes the relationship between the dividend and debt policies, firm risk and the director’s ownership. Firstly, the results show that the payment of dividends reduces the risk and the leverage, and increases the ownership.... more

This paper analyzes the relationship between the dividend and debt policies, firm risk and the director’s ownership. Firstly, the results show that the payment of dividends reduces the risk and the leverage, and increases the ownership. Secondly, the firm risk presents a negative effect on the debt ratio and on the payment of dividends and a positive repercussion on the ownership. Thirdly, we can see that the most indebted companies distribute an inferior quantity of dividends and present a bigger ownership. Finally, it is observed that the mentioned ownership increases the risk and the indebtedness. Este trabajo analiza la relación entre el pago de dividendos, el riesgo empresarial, el endeudamiento y la propiedad de los consejeros. Los resultados muestran, en primer lugar, que el pago de dividendos reduce el riesgo y el nivel de endeudamiento y aumenta la propiedad de los consejeros. En segundo lugar, se obtiene que dicho riesgo repercute de forma negativa en el endeudamiento y en...

CHAPTER 8 Economic Reforms, Growth, and Governance: The Political Economy Aspects of Bangladesh's Development Surprise Wahiduddin Mahmud, Sadiq Ahmed, and Sandeep Mahajan Bangladesh emerged from its war of independence desperately... more

CHAPTER 8 Economic Reforms, Growth, and Governance: The Political Economy Aspects of Bangladesh's Development Surprise Wahiduddin Mahmud, Sadiq Ahmed, and Sandeep Mahajan Bangladesh emerged from its war of independence desperately poor, overpopulated, and ...

This study answers two questions about power sector reform in Moldova. First, did reform affect the poor and the non-poor differently? Second, are household consumption patterns different for private and public distribution networks? The... more

This study answers two questions about power sector reform in Moldova. First, did reform affect the poor and the non-poor differently? Second, are household consumption patterns different for private and public distribution networks? The study concludes that reforms have not disproportionately affected the poor. The gap in electricity consumption between poor and non-poor is closing, as a result of improvements in the supply of electricity, particularly in rural areas, and the significant growth in income over the past four years. Moldova's residential electricity consumption remains exceptionally low and is probably highly inelastic, especially for the very poor. This implies that unless they are accompanied by increases in income, future tariff increases could create large potential consumer welfare losses-as well as large revenue gains for the utility. It also implies that there may be room for substantial welfare gains by helping households better manage their electricity ex...

National student loan debt has continued to climb trending up despite the decline of other types of consumer debt since the Great Recession. This paper provides an overview of the student loan market and the distribution of individual... more

National student loan debt has continued to climb trending up despite the decline of other types of consumer debt since the Great Recession. This paper provides an overview of the student loan market and the distribution of individual loan balances and loan performance. The empirical analysis uses a state and time fixed-effect model to examine factors that influence the variation across states in the amount borrowed and delinquencies measured in terms of balance or number of borrowers. The results show that states with higher student loan balances are not necessarily those with poorer loan performance. There are no clear patterns of amount borrowed, but loan performance differs among races and ethnicities. States with a higher percentage of their population with a college degree borrow less and have better loan performance. States with higher average credit scores tend to have lower rates of delinquency. Credit scores are not necessarily related to the amount borrowed because the ma...

Heavy debt burdens and corruption have not only had a debilitating effect on development but also undermined efforts at economic recovery and market-enhancing initiatives in many African countries. Africa is the world's most... more

Heavy debt burdens and corruption have not only had a debilitating effect on development but also undermined efforts at economic recovery and market-enhancing initiatives in many African countries. Africa is the world's most aid-dependent and indebted region of the world. ...

LA JUSTIFICACIÓN DEL TRABAJO DIPLOMÁTICO DESARROLLADO EN MÉXICO POR CHARLES WYKE DURANTE DOS AÑOS SE BASÓ EN LAS INSTRUCCIONES DIPLOAMÁTICAS REALIZADAS POR EL FOREING OFFICE. ESTE DOCUMENTO OFICIAL ES IMPORTANTE PORQUE INCLUYE ASPECTOS... more

LA JUSTIFICACIÓN DEL TRABAJO DIPLOMÁTICO DESARROLLADO EN MÉXICO POR CHARLES WYKE DURANTE DOS AÑOS SE BASÓ EN LAS INSTRUCCIONES DIPLOAMÁTICAS REALIZADAS POR EL FOREING OFFICE. ESTE DOCUMENTO OFICIAL ES IMPORTANTE PORQUE INCLUYE ASPECTOS QUE DETERMINARON LAS RELACIONES BILATERALES, ADEMÁS DE ESTAR BASADAS EN PATRONES BRITÁNICOS Y EN PRINCIPIOS DEL DERECHO INTERNACIONAL. LA MORATORIA POR ESOS DOS AÑOS EN EL SERVICIO DE LA DEUDA, ORDENADA POR JUÁREZ EN JULIO DE 1861, CONVENCIÓ A LOS GOBIERNOS DE LA GRAN BRETAÑA, FRANCIA Y ESPAÑA PARA INTERVENIR EN MÉXICO. ESTE ARTÍCULO ANALIZA LA SUSPENSIÓN DEL PAGO QUE ANTES NINGÚN GOBIERNO MEXICANO HABÍA REPUDIADO CUMPLIR. SE ARGUMENTA QUE LA INTERVENCIÓN FUE DISEÑADA PARA ESTABLECER UN RÉGIMEN CAPAZZ DE HONRAR SUS OBLIGACIONES EN TORNO A LA DEUDA Y PREPARAR AL PAÍS PARA RECIBIR IMPORTANTES INVERSIONES.

In the present context of women’s socio-economic empowerment, Bangladesh has played a revolutionary role in microcredit movement and has proved that the poor women are creditworthy and they can even do better in repaying the debt. This... more

In the present context of women’s socio-economic empowerment, Bangladesh has played a revolutionary role in microcredit movement and has proved that the poor women are creditworthy and they can even do better in repaying the debt. This movement is no longer limited to only microcredit program; rather it includes more service-oriented in the frame of microfinance operation. Microcredit institutions in Bangladesh have dramatically increased the credit available to poor rural women since the mid-1980s. Moreover, Microfinance Institutions (MFIs) have become a dominant financial institution for the poor section of people, especially women who cannot access formal financial institutions in a large extent. Though poor women have access to microfinance, later it has been explored that due to various kind of patriarchal norms and other socio-economical constraints, women in most cases lose the control on proper utilization of debt. Even though, sometimes women’s decision-making power and the expansion of enterprise became shrink due to lack of control over the loan utilization process. This paper mainly focuses on how microfinance intervention in Bangladesh played a decisive role in women’s economic empowerment and to what extent government policy initiatives and institutional building approach assist in flourishing microfinance discourse more friendly for the most vulnerable poor women. Moreover, this paper also evaluates the most prominent two selected institutions named BRAC and Grameen Bank’s microfinance operation from a critical viewpoint and assess to what are the existing ambiguity in the arena of microfinance operation at the field level.

The Durkheimian divide between “belief” and “rite” remains a contested boundary in the study of religion. In response, this article takes up the concept of “credere,” the root of both belief and credit, to challenge the distinction... more

The Durkheimian divide between “belief” and “rite” remains a contested boundary in the study of religion. In response, this article takes up the concept of “credere,” the root of both belief and credit, to challenge the distinction between believing and practice. “Credere” further opens a new window for inquiry in religious studies: the role of the gift in finance capitalism. Based on two years of ethnographic fieldwork in Colombia, South America, this article challenges the disciplinary margins between political economy and religion. Relations between believing, practice, and finance capitalism are brought into new relief through a focus on gift-giving in a time of credit cards. In Colombia, the relationship between finance capitalism and Christianity reshapes the gift—from a gift based on social obligation to a gift based on credit.

Chaucer’s depiction of the merchant in the Prologue presents the modern reader with a curious dichotomy. Many of medieval literature’s iniquitous mercantile stereotypes, such as Langland’s Covetise or Haukyn, are described as deceitful... more

Chaucer’s depiction of the merchant in the Prologue presents the modern reader with a curious dichotomy. Many of medieval literature’s iniquitous mercantile stereotypes, such as Langland’s Covetise or Haukyn, are described as deceitful and avaricious with little hope of salvation. Yet Chaucer’s estimable merchant is portrayed as a worthy man: well-dressed, expert in business and skilled in negotiation. Chaucer has been interpreted as speaking ironically of the entire merchant class of his day. However, Chaucer came from a mercantile family (his father was a vintner), he was controller of Customs at the port of London and he had commercial dealings with London merchants. So, for much of his career, he was surrounded by exactly the sort of merchants he describes in his Prologue. They may have also have made up some of his potential audience. Of equal importance is the changing attitude to trade which was founded upon merchants’ virtuous role in enriching the state and its rulers.

Richard Dienst nasıl oldu da borçluluk toplumumuzun yegâne müştereği haline geldi diye soruyor. 2008’de Amerikalı ev sahiplerinin borçlarının dünya çapında krize sebep olduğu, Ereğli gibi 109.000 nüfuslu bir ilçede 60.000 kişinin icralık... more

Richard Dienst nasıl oldu da borçluluk toplumumuzun yegâne müştereği haline geldi diye soruyor. 2008’de Amerikalı ev sahiplerinin borçlarının dünya çapında krize sebep olduğu, Ereğli gibi 109.000 nüfuslu bir ilçede 60.000 kişinin icralık hale geldiği, herkesin kredi kartı borcundan dert yandığı bir dünya nasıl zuhur etti? Kredi kriziyle beraber bankalar, ülkeler, aileler iflas etti. Yunanistan ve İspanya’da Düyun-u Umumiye idareleri
kuruldu. Her yerde ‘Yetersiz Bakiye’ ikazını duyuyor, her daim borçlanıyoruz. Bu küresel hal siyaseti de dönüştürüyor, siyaset ve özgürlük kavramlarını yeniden müzakereye açıyor. Borcun oluşturduğu “bağlar” ile finansal araç ve kurumların oluşturduğu borçluluk düzeni arasındaki ilişki dünyamızı nasıl şekillendiriyor?
Mizahi ve canlı bir dille yazılan Borç Bağları, Obama’nın ulusal güvenlik stratejisi, Prada mağazalarının mimarisi, U2’nin solisti Bono’nun “Afrika’nın Borçları Silinsin” kampanyasındaki halleri ve Marx’ın anlattığı bir peri masalından hareketle pratikler üzerinden borcu kuramsallaştırıyor.

Debt is one of the oldest and most widespread social arrangements that humans use to manage hardship—and it has also been one of the riskiest. David Graeber convincingly makes this case in his recent study of debt over the last five... more

Debt is one of the oldest and most widespread social arrangements that humans use to manage hardship—and it has also been one of the riskiest. David Graeber convincingly makes this case in his recent study of debt over the last five thousand years, but his focus on the Old World leaves open the question of whether similar contradictions emerged among the markets, cities, and states of the Americas. This article uses sixteenth-century documents to reconstruct the practices, institutions, and morality of debt in Nahua society during the Aztec Empire (AD 1428–1521) and show how debt was a double-edged risk in the Aztec economy. Debt played a constructive role, helping some households through hard times and carrying little of the negative moral valence commonly associated with it. However, debts could create new vulnerabilities when secured by selling family members into slavery. Exploitative debt, however, may have only become a problem during economic and environmental crises that made the risks of debt seem less than the risks of other ways to deal with hardship. Without careful attention to cultural context and historical circumstances, generalizations about debt's exploitative aspects are limited in their ability to explain debt's global extent and historical persistence.

Free cash flow has been subject of discussions in the last few decades. Central to these discussions is how best free cash flows should be utilized. This paper examines the link between free cash flow and debt; on capital expenditure. An... more

Free cash flow has been subject of discussions in the last few decades. Central to these discussions is how best free cash flows should be utilized. This paper examines the link between free cash flow and debt; on capital expenditure. An unbalanced panel data was obtained from audited annual financial statements of twenty-six companies listed in the Malta Stock Exchange. The data covered an eight-year period, from 2012 to 2019, and was analysed using STATA14 and Microsoft Excel. F-test was initially conducted to choose between random effect and fixed effect models but result of the estimates was found unreliable, hence Hausman test was employed. Other diagnostic tests, including Durbin-Watson and Breusch-Pagan, were equally conducted. Our results showed a significantly negative association between the free cash flow – capital expenditure dyad, and a significantly positive association between debt and capital expenditure. These suggest that firms rely more on debt to finance capital ...

In their study “The cost of capital, corporation finance and the theory of investment” (1958) laureates of Nobel Price Nobel Franco Modigliani and Merton Miller represent what could possibly be the most important theory for the structure... more

In their study “The cost of capital, corporation finance and the theory of investment” (1958) laureates of Nobel Price Nobel Franco Modigliani and Merton Miller represent what could possibly be the most important theory for the structure of capital, through which they explain the effect of the capital structure for the value of companies. Despite the hard work by Modigliani and Miller and the entire time spent by numerous scholars in developing concepts regarding this theory, we can say that it still remains unclear and faces many objections. This paper attempts to assess and make a critical review of Modigliani and Miller’s Theory and the dominating literature that is pro and against this theory, aiming to identify the theory’s importance and contribute to the field modern finances. To this end, the paper assessed and analyses Modigliani and Miller’s theorem by considering the original work of authors Modigliani and Miller (1958, 1961 and 1963) as well as the dominating literature that covers this theorem, by mirroring the firmest opinions from different authors either pro or against. This paper aims to present the implications of Modigliani and Miller’s Theory, its importance and theoretical contribution.

The Time We Share is a book that has been structured like a play, outlining the themes that have featured in the Kunstenfestivaldesarts over the past two decades. It attempts to provide a lasting record of its ephemeral artistic... more

The Time We Share is a book that has been structured like a play, outlining the themes that have featured in the Kunstenfestivaldesarts over the past two decades. It attempts to provide a lasting record of its ephemeral artistic practices, as well as open up the past to the future. Like a reference work, it invites readers to think about how the performing arts reflect and shape a society. Through a number of different viewpoints, The Time We Share includes projects that have left their mark on the first nineteen editions of the festival. It consists of a large number of new contributions by creators and theorists who think about the world from a performing arts perspective. Some of the themes tackled in this publication are also being explored during three study days: periods of reflection comprising talks, workshops, projections and encounters – on the living memory of the performing arts, on the time we share inside and outside theatre.

"About the book: Los resultados de las multiples investigaciones sobre pobreza coinciden en que un porcentaje importante de lo habitantes rurales se mantienen con la cuarta parte de lo que se ha calculado como el nivel minimo requerido... more

"About the book:
Los resultados de las multiples investigaciones sobre pobreza coinciden en que un porcentaje importante de lo habitantes rurales se mantienen con la cuarta parte de lo que se ha calculado como el nivel minimo requerido para subsistir. En otras palabras, los pobladores rurales de mas bajos ingresos sobreviven sin contar con los medios materiales para hacerlo. En las paginas de este libro se analizan los medios no materiales involucrados en los manejos financieros a los que recurren estos y otros actores para salir adelante. "

A review of law and policy in California, Georgia, Illinois, Minnesota, Missouri, New York, North Carolina, Texas, and Washington.