Spacing Debt
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Spacing Debt
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Author : Christopher Harker
language : en
Publisher: Duke University Press
Release Date : 2020-11-09
Spacing Debt written by Christopher Harker and has been published by Duke University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-11-09 with Social Science categories.
In Spacing Debt Christopher Harker demonstrates that financial debt is as much a spatial phenomenon as it is a temporal and social one. Harker traces the emergence of debt in Ramallah after 2008 as part of the financialization of the Palestinian economy under Israeli settler colonialism. Debt contributes to processes through which Palestinians are kept economically unstable and subordinate. Harker draws extensively on residents' accounts of living with the explosion of personal debt to highlight the entanglement of consumer credit with other obligatory relations among family, friends, and institutions. He offers a new geographical theorization of debt, showing how debt affects urban space, including the movement of bodies through the city, localized economies, and the political violence associated with occupation. Bringing cultural and urban imaginaries into conversation with monetized debt, Harker shows how debt itself becomes a slow violence embedded into the everyday lives of citizens. However, debt is also a means through which Palestinians practice endurance, creatively adapting to life under occupation.
A Probabilistic Approach To Fiscal Space And Prudent Debt Level
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Author : Mr.Olumuyiwa S Adedeji
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-06
A Probabilistic Approach To Fiscal Space And Prudent Debt Level written by Mr.Olumuyiwa S Adedeji and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-06 with Business & Economics categories.
What constitutes fiscal space or a prudent level of debt to conduct countercyclical policy while ensuring debt sustainability? This paper addresses the question by exploring the relationship between debt dynamics, and the probabilistic distribution of the primary balance and the effective interest rate. This proposed approach is useful in situations where the lack of relevant data makes it difficult to estimate detailed fiscal reaction functions. Applying this approach to Low-Income Developing Countries (LIDCs) and based on various debt ceiling assumptions, we find that about 60 percent of these countries presently have fiscal policy space to address adverse shocks, subject to the availability of domestic and external financing. Countries with strong institutional capacity tend to have more fiscal space, and countries with weak institutional capacity, mostly countries in conflict and fragile states, tend to lack fiscal space.
Debt Maturity
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Author : Mr.Jun Il Kim
language : en
Publisher: International Monetary Fund
Release Date : 2015-12-09
Debt Maturity written by Mr.Jun Il Kim and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-12-09 with Business & Economics categories.
This paper examines how debt maturity affects the debt limit, defined as the maximum amount of debt a government can afford without defaulting. We develop a model where investors are risk neutral, the primary balance is stochastic but exogenous, and default occurs solely due to the government’s inability to pay. We find that debt limit is higher for long-term debt. Underlying this finding is the intrinsic advantage of long-term debt to price in future upside potential in fiscal outcomes in its current price. Such advantage makes long-term debt effectively cheaper than short-term debt at the margin, and leads to a higher debt limit. Simulation results suggest that the effect of debt maturity on debt limit could be substantial—particularly, if fiscal outcomes are subject to large uncertainty.
Financing Prosperity By Dealing With Debt
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Author : Christopher Harker
language : en
Publisher: UCL Press
Release Date : 2022-06-14
Financing Prosperity By Dealing With Debt written by Christopher Harker and has been published by UCL Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-06-14 with Business & Economics categories.
In an era when many of us depend on debt to survive but struggle with its consequences, Financing Prosperity by Dealing with Debt draws together current thinking on how to solve debt crises and promote prosperity. By profiling existing action by credit unions and community organisations, alongside bold proposals for the future, with contributions from artists, activists and academics, the book shows how we can rethink the validity and inevitability of many contemporary forms of debt through organising debt audits, promoting debt cancellation and expanding member-owned co-operatives. The authors set out legal and political methods for changing the rules of the system to provide debt relief and reshape economies for more inclusive and sustainable flourishing. The book also profiles community-based actions that are changing the role of debt in economic, social and political life – among them, participatory art projects, radical advice networks and ways of financing feminist green transition. While much of the research and activism documented here has taken place in London, the contributors show how different initiatives draw from and generate inspiration elsewhere, from debt audits across the global south, creative interventions around the UK and grassroots movements in North America. Financing Prosperity by Dealing with Debt moves beyond critique to present a wealth of concrete ways to tackle debt and forge the prosperous communities we want for the future.
A Probabilistic Approach To Fiscal Space And Prudent Debt Level
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Author : Mr.Olumuyiwa S Adedeji
language : en
Publisher: International Monetary Fund
Release Date : 2016-08-05
A Probabilistic Approach To Fiscal Space And Prudent Debt Level written by Mr.Olumuyiwa S Adedeji and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-05 with Business & Economics categories.
What constitutes fiscal space or a prudent level of debt to conduct countercyclical policy while ensuring debt sustainability? This paper addresses the question by exploring the relationship between debt dynamics, and the probabilistic distribution of the primary balance and the effective interest rate. This proposed approach is useful in situations where the lack of relevant data makes it difficult to estimate detailed fiscal reaction functions. Applying this approach to Low-Income Developing Countries (LIDCs) and based on various debt ceiling assumptions, we find that about 60 percent of these countries presently have fiscal policy space to address adverse shocks, subject to the availability of domestic and external financing. Countries with strong institutional capacity tend to have more fiscal space, and countries with weak institutional capacity, mostly countries in conflict and fragile states, tend to lack fiscal space.
Financing Prosperity By Dealing With Debt
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Author : Christopher Harker
language : en
Publisher: Global Prosperity in Thought and Practice
Release Date : 2022-06
Financing Prosperity By Dealing With Debt written by Christopher Harker and has been published by Global Prosperity in Thought and Practice this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-06 with categories.
Transdisciplinary approaches to resolving problematic debt. In an era when many of us depend on debt to survive but struggle with its consequences, Financing Prosperity by Dealing with Debt draws together current thinking on how to solve debt crises and promote prosperity. By profiling existing action by credit unions and community organizations, alongside bold proposals for the future, with contributions from artists, activists, and academics, the book shows how we can rethink the validity and inevitability of many contemporary forms of debt through organizing debt audits, promoting debt cancellation, and expanding member-owned co-operatives. The authors set out legal and political methods for changing the rules of the system to provide debt relief and reshape economies for more inclusive and sustainable flourishing. The book also profiles community-based actions that are changing the role of debt in economic, social, and political life--among them, participatory art projects, radical advice networks, and ways of financing feminist green transition. This volume moves beyond critique to present a wealth of concrete ways to tackle debt and forge the prosperous communities we want for the future, making it relevant to a broad audience of academics, practitioners, activists, and policymakers.
Boosting Fiscal Space
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Author : Mr.Jonathan David Ostry
language : en
Publisher: International Monetary Fund
Release Date : 2018-03-14
Boosting Fiscal Space written by Mr.Jonathan David Ostry and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-03-14 with Business & Economics categories.
Noting that the aftermath of the global financial crisis has left many advanced economies with very high sovereign debt ratios and some emerging markets with high debt, this report considers whether there are ways to expand fiscal space that do not involve countries paying down debt or promising to do so in the future, to make fiscal consolidation more growth-friendly. It explains that policymakers argue that their fiscal space is limited and that it would be difficult to take advantage of the opportunity of low interest rates to undertake fiscal expansion, and it considers a ways to raise fiscal space that does not require contractionary fiscal policy and whether there is a way to make fiscal consolidation more growth-friendly to produce larger gains in fiscal space. It argues that debt management policies may provide an answer to expanding fiscal space for a given path of primary fiscal balances by reducing the risk that a sovereign may default in bad states and generate a payoff in terms of reduced to real borrowing costs. It describes two debt management policies: issuance of GDP-linked debt and issuance of longer maturity bonds, as opposed to short-term debt. It focuses on the effect of these debt management policies on real borrowing costs and default risk for the sovereign and details the literature on GDP-linked debt and the maturity structure and how the report fills gaps in the literature; how uncertainty affects fiscal space and how debt management can play a role in increasing it, with estimates and simulations of potential gains in fiscal space flowing from debt management; and the sensitivity of the findings to underlying assumptions and policy implications.
When Should Public Debt Be Reduced
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Author : Mr.Jonathan David Ostry
language : en
Publisher: International Monetary Fund
Release Date : 2015-06-01
When Should Public Debt Be Reduced written by Mr.Jonathan David Ostry and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-01 with Business & Economics categories.
What considerations should guide public debt policy going forward? Should debt be reduced to achieve normative anchors (such as 60 percent of GDP), should it be increased further to finance a big public investment push, or should the existing debt be serviced forever? We argue that, for countries with ample fiscal space (little risk of encountering a fiscal crisis), raising distortive taxes merely to bring the debt down is a treatment cure that is worse than the disease. High public debt of course is costly, but it is a sunk cost only made worse by efforts to pay down the debt through distortionary taxation. Living with the debt is the welfare-maximizing policy. In decisions vis-à-vis the big push for public investment, golden-rule considerations remain salient, with due account taken of the additional servicing costs (and associated distortive taxation) from the resulting buildup of public debt.
Fiscal Space
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Author : Jun Il Kim
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2010-09-01
Fiscal Space written by Jun Il Kim and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-09-01 with categories.
In this note, the authors reexamine the issue of debt sustainability in a large group of advanced economies. Their hypothesis is that, when debt is in a moderate range, its dynamics are sustainable in the sense that increases in debt elicit sufficient increases in primary fiscal balances to stabilize the debt-to-GDP ratio. At high debt levels, however, the dynamics may turn unstable, and the debt ratio may not converge to a finite level. Such a framework allows the authors to define a "debt limit" that is consistent with a country's historical track record of adjustment in the sense that, without an extraordinary fiscal effort, any debt increment beyond this limit would cause debt to increase without bound. This debt limit is not an absolute and immutable barrier, however, but rather defines a critical point above which a country's normal fiscal response to rising debt becomes insufficient to maintain debt sustainability. Nor should this debt limit be interpreted as being in any sense the optimal level of public debt. Indeed, since this limit delineates the point at which fiscal solvency is called into question-and the analysis abstracts entirely from liquidity/rollover risk-prudence dictates that countries will typically want to be well below their debt limit. Given a country's normal pattern of adjustment, "fiscal space" is then simply the difference between its debt limit and its current level of debt.
Distance To Default In Banking A Bridge Too Far
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Author : Amadou N. R. Sy
language : en
Publisher: International Monetary Fund
Release Date : 2006-09
Distance To Default In Banking A Bridge Too Far written by Amadou N. R. Sy and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-09 with Business & Economics categories.
In contrast to corporate defaults, regulators typically take a number of statutory actions to avoid the large fiscal costs associated with bank defaults. The distance-to-default, a widely used market-based measure of corporate default risk, ignores such regulatory actions. To overcome this limitation, this paper introduces the concept of distance-to-capital that accounts for pre-default regulatory actions such as those in a prompt-corrective-actions framework. We show that both risk measures can be analyzed using the same theoretical framework but differ depending on the level of capital adequacy thresholds and asset volatility. We also use the framework to illustrate pre-default regulatory actions in Japan in 2001-03.