scholarly journals International Reserves and Rollover Risk

2018 ◽  
Vol 108 (9) ◽  
pp. 2629-2670 ◽  
Author(s):  
Javier Bianchi ◽  
Juan Carlos Hatchondo ◽  
Leonardo Martinez
Keyword(s):  
Emerging Economies ◽  
Quantitative Model ◽  
Sovereign Default ◽  
International Reserves ◽  
Upward Trend ◽  
Sovereign Spreads ◽  
Rollover Risk ◽  
Policy Frameworks ◽  
The Government

We study the optimal accumulation of international reserves in a quantitative model of sovereign default with long-term debt and a risk-free asset. Keeping higher levels of reserves provides a hedge against rollover risk, but this is costly because using reserves to pay down debt allows the government to reduce sovereign spreads. Our model, parameterized to mimic salient features of a typical emerging economy, can account for significant holdings of international reserves, and the larger accumulation of both debt and reserves in periods of low spreads and high income. We also show that income windfalls, improved policy frameworks, and an increase in the importance of rollover risk imply increases in the optimal holdings of reserves that are consistent with the upward trend in reserves in emerging economies. It is essential for our results that debt maturity exceeds one period. (JEL E21, E43, F32, F34, H63)

scholarly journals The Currency Composition of Sovereign Debt

2019 ◽  
Vol 11 (3) ◽  
pp. 174-208 ◽  
Author(s):  
Pablo Ottonello ◽  
Diego J. Perez
Keyword(s):  
Emerging Economies ◽  
Sovereign Debt ◽  
Foreign Currency ◽  
Quantitative Model ◽  
Currency Depreciation ◽  
Local Currency ◽  
Cyclical Behavior ◽  
The Government ◽  
Currency Composition ◽  
Shed Light

We study the currency composition of sovereign debt in emerging economies through the lens of a model in which the government lacks commitment regarding debt and monetary policy. High levels of debt in local currency give rise to incentives to dilute debt repayment through currency depreciation. Governments tilt the currency composition of debt toward foreign currency to avoid inflationary costs and real exchange rate distortions, at the expense of forgoing the hedging properties of local currency debt. Our quantitative model is used to shed light on the recent dynamics of the currency composition of debt and on its cyclical behavior. (JEL E31, E32, E52, F34, H63)

scholarly journals Sovereign default, domestic banks and exclusion from international capital markets

2020 ◽  
Author(s):  
Dominik Thaler
Keyword(s):  
Capital Markets ◽  
Sovereign Debt ◽  
Banking Sector ◽  
Quantitative Model ◽  
Sovereign Default ◽  
International Capital ◽  
International Capital Markets ◽  
Return On Capital ◽  
The Government ◽  
Domestic Banks

Abstract Why do governments borrow internationally, why do they temporarily remain out of international financial markets after default? I develop a quantitative model of sovereign default to propose a unified answer to these questions. In the model, the government has an incentive to borrow internationally since the domestic return on capital exceeds the world interest rate, due to a friction in the banking sector. Since banks are exposed to sovereign debt, sovereign default causes a financial crisis. After default, the government chooses to reaccess international capital markets only once banks have recovered and efficiently allocate investment again. Exclusion hence arises endogenously.

scholarly journals An Analysis of Trends and Patterns of Income Tax in India

2017 ◽  
Vol 4 (01) ◽  
Author(s):  
Amit Kumar Singh ◽  
Rohit Kumar Shrivastav ◽  
Lovleen Gupta
Keyword(s):  
Growth Rate ◽  
Emerging Economies ◽  
Income Tax ◽  
Standard Of Living ◽  
Tax Burden ◽  
Upward Trend ◽  
The Third ◽  
Increasing Trend ◽  
The Government ◽  
Tax Payers

Taxes always occupy an important and strategic place in the development of an economy specially the developing or emerging economies. The present paper analyses patterns and trends in income tax of India. The data shows that the overall tax burden in the financial year 2004-05 was 28.67% which means that only 71.33% was available to people for consumption. However, the total tax burden in the financial year 2015-16 dropped to 18.67% and the income available for consumption was 81.33%. The trend analysis of growth rate in the first slab shows increasing trend from financial year 2004-05 to financial year 2010-11 i.e., to the level of 3300%. Thereafter, it went on decreasing from 3300% to 3100% to the lower level of 2900% in the financial year 2015-16. The second tax slab for 20% is showing an upward trend. The third tax slab for 30% has seen a declining growth rate from the level of 7.4% to 62.96%. Therefore we can interpret that the government intends to reduce the tax liability of tax payer and thus improve the standard of living of tax payers by allowing them more disposable income.

scholarly journals The Informal Labor Market and The Costs of Sovereign Borrowing

2020 ◽  
Vol 5 (1) ◽  
pp. 3-28
Author(s):  
Natalia Dus Poiatti
Keyword(s):  
Labor Market ◽  
Financial Markets ◽  
Informal Sector ◽  
Emerging Economies ◽  
Default Risk ◽  
Sovereign Default ◽  
International Financial Markets ◽  
Informal Labor ◽  
Sovereign Spreads ◽  
Informal Labor Market

The informal labor market or informal sector is responsible for an economically significant fraction of GDP production in emerging economies. Taking the informal sector to be all economic activity intentionally concealed from tax authorities to avoid tax payments, an increase in the sector adversely impacts the government ability to collect tax revenues and may increase the probability of sovereign default. In turn, higher probability of sovereign default makes borrowing in international financial markets more costly. However, the current macro-finance models do not properly account for the role of the informal sector in explaining sovereign default risk. In this paper, I estimate a vector autoregressive model measuring the causal relationships between sovereign spreads, a measure of default risk, and the size of the informal sector. The results indicate that the size of the informal sector is as important as formal output variations in explaining sovereign spreads. Therefore, policies designed by emerging economies to reduce the size of the informal labor market are important to decrease the costs of borrowing in international financial markets and increase the financing options for productive investment.

Negative Media Effects and Islamic Remedies (Penyelesaian Kepada Kesan Negatif Media Menurut Perspektif Islam)

2010 ◽  
Vol 7 (2) ◽  
pp. 215
Author(s):  
Mohd. Shuhaimi Ishak
Keyword(s):  
Public Relations ◽  
Social Influences ◽  
The Political ◽  
Negative Effects ◽  
Essential Form ◽  
The Media ◽  
The Government ◽  
Effects Of Media ◽  
Political Economic

 Abstract Generally speaking, media is extensively used as the means to disseminate news and information pertaining to business, social, political and religious concerns. A portion of the time and space of media has now become an important device to generate economic and social activities that include advertising, marketing, recreation and entertainment. The Government regards them as an essential form of relaying news and information to its citizens and at the same time utilizes them as a powerful public relations’ mechanism. The effects of media are many and diverse, which can either be short or long term depending on the news and information. The effects of media can be found on various fronts, ranging from the political, economic and social, to even religious spheres. Some of the negative effects arising from the media are cultural and social influences, crimes and violence, sexual obscenities and pornography as well as liberalistic and extreme ideologies. This paper sheds light on these issues and draws principles from Islam to overcome them. Islam as revealed to humanity contains the necessary guidelines to nurture and mould the personality of individuals and shape them into good servants. Key Words: Media, Negative Effects, Means, Islam and Principles. Abstrak Secara umum, media secara meluas digunakan sebagai sarana untuk menyebarkan berita dan maklumat yang berkaitan dengan perniagaan, kemasyarakatan, pertimbangan politik dan agama. Sebahagian dari ruang dan masa media kini telah menjadi peranti penting untuk menghasilkan kegiatan ekonomi dan sosial yang meliputi pengiklanan, pemasaran, rekreasi dan hiburan. Kerajaan menganggap sarana-sarana ini sebagai wadah penting untuk menyampaikan berita dan maklumat kepada warganya dan pada masa yang sama juga menggunakannya sebagai mekanisme perhubungan awam yang berpengaruh. Pengaruh media sangat banyak dan pelbagai, samada berbentuk jangka pendek atau panjang bergantung kepada berita dan maklumat yang brekenaan. Kesan dari media boleh didapati mempengaruhi pelbagai aspek, bermula dari bidang politik, ekonomi, sosial bahkan juga agama. Beberapa kesan negatif yang timbul dari media ialah pengaruhnya terhadap budaya dan sosial, jenayah dan keganasan, kelucahan seksual dan pornografi serta ideologi yang liberal dan ekstrim. Kertas ini menyoroti isu-isu ini dan cuba mengambil prinsip-prinsip dari ajaran Islam untuk mengatasinya. Tujuan Islam itu sendiri diturunkan kepada umat manusia ialah untuk menjadi pedoman yang diperlukan untuk membina dan membentuk keperibadian individu dan menjadikan manusia hamba yang taat kepada Tuhannya. Kata Kunci: Media, Kesan Negatif, Cara-cara, Islam dan Prinsip-prinsip.

The Mortality Rate of COVID-19 in Iraq Compare with Iran and Turkey, its Association with the Bacillus Calmette-Guerin (BCG) vaccine and the Iraqi Preparedness Plan Prior to Pandemics. (Preprint)

2020 ◽  
Author(s):  
Rawand Essa
Keyword(s):  
Middle East ◽  
Mortality Rate ◽  
Daily Basis ◽  
Bcg Vaccine ◽  
Critical Position ◽  
Preparedness Plan ◽  
Contagious Diseases ◽  
History Of ◽  
The Government

BACKGROUND In the span of COVID-19, the mortality rate has been different from one country to another. As a country in the Middle East Iraq has a critical position, lies between Iran and Turkey while both countries coronavirus cases increase on daily basis, while Iranian mortality rate record is high similar to Turkey. After Wuhan city of China, Lombard of Italy, Qum city in Iran has the highest number of COVID-19 as a first country in the Middle East. OBJECTIVE aim of this study is to show the effect of BCG vaccine during pandemic diseases, especially nowadays at the time of COVID-19. One of the crucial observations is the government preparedness and strategic planning prior pandemics, in which the BCG vaccine is an attenuated live vaccine for control of tuberculosis (TB). BCG vaccine has a non-specific immune effect that is used against pathogens like bacteria and viruses, through the promotion of pro-inflammatory cytokines' secretion. METHODS An epidemiological study has been performed, and it shows that some countries are more prone to contagious diseases like COVID-19, regardless of the main cultural, religious, societal similarities among the three mentioned countries. The information data has been collected from WHO reports and worldometer in 18 February 2020 to 10 May 2020. Regarding the efficacy of the BCG vaccine, relevant data has been retrieved from Google scholar, Pub-med and BCG world-atlas. RESULTS COVID-19 mortality rates are at peak in Iran and Turkey while the mortality rate is very low in Iraq, while the patients that died in Iraq all had history of other long-term diseases as heart disease, blood pressure, cancer etc. CONCLUSIONS From the experiences of the three countries in the life span of COVID-19, the historical plan of BCG vaccine in Iraq in cooperation with WHO since the last decades it shows that COVID-19 mortality rate is lower than other countries due to the early vaccination of the Iraqis, otherwise Iraq is more fragile than Iran and Turkey due to the poor conditions of Iraq in terms of economics, politics, war and other aspects.

Analyzing the roles of newspaper articles and tweets to help alleviate sudden physician absenteeism: case study of Takano Hospital in Fukushima in the long-term aftermath of the 2011 Japan’s triple disaster (Preprint)

2020 ◽  
Author(s):  
Akihiko Ozaki ◽  
Yosuke Onoue ◽  
Anju Murayama ◽  
Taishi Tahara ◽  
Yuki Senoo ◽  
...  
Keyword(s):  
News Media ◽  
Median Number ◽  
Medical Doctor ◽  
Fund Raising ◽  
General Context ◽  
Social Media Networks ◽  
Chronological Change ◽  
The Government ◽  
Newspaper Articles

BACKGROUND Rural physician undersupply is a universal concern, leading to sudden physician absenteeism or unavailability on occasion. While media and social networking services may help mitigate these emergencies, information is lacking about their actual contribution in times of physician absenteeism. On December 30, 2016, the director and sole physician of Takano Hospital in Fukushima, Japan, died. The physician’s passing placed many hospitalized patients in danger. This sudden case of physician unavailability, named the Takano Hospital Crisis, provoked massive attention from the general public, in the media and on social media networks such as Twitter. OBJECTIVE The aim of this study was to analyze newspaper articles, tweets and Twitter accounts relating to Takano Hospital Crisis. METHODS Newspaper articles and tweets were searched for keywords associated with Takano Hospital Crisis and its former director between October 2016 and June 2017. We first evaluated the chronological change in the number of articles and tweets, and the number of characters and relevant keywords in the articles. Then tweets and influencers who were popular on the Twitter platform from December 30, 2016 to February 28, 2017, were categorized. RESULTS We assessed 151 newspaper articles and 67,006 tweets. The results show that number of newspaper articles and tweets steeply increased and then diminished within the first month of the incident. The median number of characters in newspapers articles was 436 and the most frequent keyword was medical doctor. There were 753 original tweets that were retweeted more than four times from December 30, 2016 to February 28, 2017. Of these, 245 (32.5%) expressed concern. Notable influencers were journalists, news media outlets, and healthcare professionals that helped with fund raising and providing clinical service in the hospital. CONCLUSIONS Twitter could temporarily function in cases of sudden physician absenteeism to attract volunteers and funding, however, this would not be a long-term solution. In a more general context, a long-term effort of supports from the hospitals themselves and the government will be required to manage the persistent state of physician absenteeism.

Case Evidence: Conflict Trajectories in Indonesia, Ivory Coast, and Syria

2018 ◽  
Author(s):  
Jaroslav Tir ◽  
Johannes Karreth
Keyword(s):  
Civil War ◽  
Ivory Coast ◽  
Armed Conflicts ◽  
East Timor ◽  
Intergovernmental Organizations ◽  
Crisis Resolution ◽  
Low Level ◽  
Qualitative Evidence ◽  
The Government

Two low-level armed conflicts, Indonesia’s East Timor and Ivory Coast’s post-2010 election crises, provide detailed qualitative evidence of highly structured intergovernmental organizations (IGOs) engaging in effective civil warpreventing activities in member-states. Highly structured IGOs threatened and sanctioned each of these states and offered (long-term) benefits conditional on successful crisis resolution. The governments were aware of and responded to these IGOs’ concerns, as did the rebels in these respective cases. The early stages of the conflict in Syria in 2011 provide a counterpoint. With Syria’s limited engagement in only few highly structured IGOs, the Syrian government ignored international calls for peace. And, without highly structured IGOs’ counterweight to curtail the government, the rebels saw little reason to stop their armed resistance. The result was a brutal and deadly civil war that continues today.

scholarly journals Climate Mobility and Development Cooperation

2021 ◽  
Author(s):  
Robert Stojanov ◽  
Sarah Rosengaertner ◽  
Alex de Sherbinin ◽  
Raphael Nawrotzki
Keyword(s):  
Climate Adaptation ◽  
Human Mobility ◽  
Climate Impacts ◽  
Development Cooperation ◽  
Climate Variability And Change ◽  
Policy Frameworks ◽  
And Migration ◽  
And Function ◽  
Role And Function

AbstractDevelopment cooperation actors have been addressing climate change as a cross-cutting issue and investing in climate adaptation projects since the early 2000s. More recently, as concern has risen about the potential impacts of climate variability and change on human mobility, development cooperation actors have begun to design projects that intentionally address the drivers of migration, including climate impacts on livelihoods. However, to date, we know little about the development cooperation’s role and function in responding to climate related mobility and migration. As such, the main aim of this paper is to outline the policy frameworks and approaches shaping development cooperation actors’ engagement and to identify areas for further exploration and investment. First, we frame the concept of climate mobility and migration and discuss some applicable policy frameworks that govern the issue from various perspectives; secondly, we review the toolbox of approaches that development cooperation actors bring to climate mobility; and third, we discuss the implications of the current Covid-19 pandemic and identify avenues for the way forward. We conclude that ensuring safe and orderly mobility and the decent reception and long-term inclusion of migrants and displaced persons under conditions of more severe climate hazards, and in the context of rising nationalism and xenophobia, poses significant challenges. Integrated approaches across multiple policy sectors and levels of governance are needed. In addition to resources, development cooperation actors can bring data to help empower the most affected communities and regions and leverage their convening power to foster more coordinated approaches within and across countries.

scholarly journals Impact of strategic management, corporate social responsibility on firm performance in the post mandate period: evidence from India

2021 ◽  
Vol 6 (1) ◽  
Author(s):  
Nayan Mitra
Keyword(s):  
Corporate Social Responsibility ◽  
Firm Performance ◽  
Social Responsibility ◽  
Strategic Management ◽  
Emerging Economies ◽  
Brand Building ◽  
The Government ◽  
To Come ◽  
Key Aspects ◽  
Corporate Social

AbstractCorporate Social Responsibility (CSR) is like a chameleon, that changes its colour according to the context it is in. In the developed economy, it takes the form of sustainability and/ or philanthropy, whereas, in emerging economies, it speaks the language of religious, political and/ or mandated CSR. India, in recent times came into the limelight with its mandated CSR policy that was incorporated into its Companies Act 2013, which became operational from the financial year 2014 - 2015. Mandated CSR is thus a new area of study that is based on the philosophy that ‘CSR should contribute to the national agenda in emerging economies,’ under some statutory guidelines as laid down by the Government.But, business houses, do look for maximising its profit. Profit can be financial and/ or non-financial. If not money, then at least the effort must be compensated with reputation, image, that helps in brand building! And, to have this as an objective, their efforts should be strategic! But, does all strategies work? With these questions and conceptual thinking, this empirical research aims to identify the key aspects of Strategic Management, CSR and Firm Performance and establish relationship between them; apart from developing a valid and reliable scale to do so. This is indeed one of the first researches and documentations done among the large Indian firms in India immediately in the post mandate period and thus forms a base for understanding the CSR dynamics in the years to come.

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