974 resultados para debt figures


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Aquest treball de recerca vol explorar com el concepte del salvatge europeu es plasmaen l'obra del cineasta alemany Werner Herzog. Aquesta plasmació es produeix tant anivell figuratiu i narratiu com a nivell estètic. Per una banda, en aquests films hi ha un treball del cos i de com aquest es sotmet a diverses regles socials i de representació, que el salvatge contestarà amb un rebuig de l'ordre establert, sovint concretat en la idea de fuga cap a la natura. Per altra banda, l'estètica dels films de Herzog respon al que denominem una mirada salvatge: la representació d'una societat teatral que s'enfonsa, per una banda, i l'ús de recursos formals per a reproduir una mirada primigènia sobre les imatges, per l'altra. En tots els casos, la dinàmica d'alliberament de les forces civilitzadores constitueix el fonament de la narració i l'estètica del cineasta alemany.

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We study the role of domestic financial institutions in sustaining capital flows to the private and public sector of a country whose government can default on its debt. As in recent public debt crises, in our model public defaults weaken banks' balance sheets, disrupting domestic financial markets. This effect leads to a novel complementarity between private capital inflows and public borrowing, where the former sustain the latter by boosting the government's cost of default. Our key message is that, by shaping the direction of private capital flows, financial institutions determine whether financial integration improves or reduces government discipline. We explore the implications of this complementarity for financial liberalization and debt-financed bailouts of banks. We present some evidence consistent with complementarity.

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We study the effects of nominal debt on the optimal sequential choice of monetary 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. Without full commitment, the optimal sequential policy is to deplete the outstanding stock of debt progressively until these extra costs disappear. Nominal debt is therefore a burden on monetary policy, not only because it must be serviced, but also because it creates a time inconsistency problem that distorts interest rates. The introduction of alternative forms of taxation may lessen this burden, if there is enough commtiment to fiscal policy. If there is full commitment to an optimal fiscal policy, then the resulting monetary policy is the Friedman rule of zero nominal interest rates.