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Asset-rich organisations (utilities) within Australia have entered into an era of environmental change, imposed largely by successive Federal and State Governments wanting to exact financial returns from these State Owned Corporations (SOCs). These changes have created a shift in the paradigms...
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This exploratory issue paper begins with a statement by Joseph Stiglitz, Nobel Laureate in Economic Sciences, which outlines what a well-functioning global financial system would achieve, followed by his dry statement that the current global financial system does none of these things. The paper...
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public finances since the 18th century. …
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We study the effects of nominal debt on the optimal sequential choice of monetary and debt policy. When the stock of debt is nominal, the incentive to generate unanticipated inflation increases the cost of the outstanding debt even if no unanticipated inflation episodes occur in equilibrium....
Persistent link: https://www.econbiz.de/10005419963
The long history of sovereign debt and the associated enforcement problem have attracted researchers in many fields. In this paper, we survey empirical work by economists, historians, and political scientists. As we review the empirical literature, we emphasize parallel developments in the...
Persistent link: https://www.econbiz.de/10010593676
Bank loans and public debt are competing funding sources for firms without barriers to public debt markets. With firms … seeking the least costly funding and investors in both public debt markets and bank loan markets seeking the highest return … prevail. However, there are two bodies of literature suggesting that loan rates and public debt rates for the same firm might …
Persistent link: https://www.econbiz.de/10011026831