Les fonds ottomans; Unification de la Dette 1930.

Mode of access: Internet.

The National debt in war and transition.

Mode of access: Internet.

The municipal debt; a description, analysis and appraisal of debt policy and administration of the city of New York.

Mode of access: Internet.

Report from the Select committee on loans to foreign states ; with the proceedings of the committee.

Report deals with loans made to Costa Rica, Honduras, Paraguay, and San Domingo.

La deuda colonial : Ecos del tratado de Paris /

Includes bibliographical references (p. 141-142).

Capacidades e performance dos Tribunais de Contas no Brasil

O presente estudo visa à análise da relação entre as capacidades, conforme definidas por Brinkerhoff (2010), e a performance das Cortes de Contas brasileiras. As capacidades no atual estudo se referem à quantidade de funcionários de cada Tribunal de Contas, seu orçamento, percentual de servidores do seu quadro efetivo e cumprimento das normas constitucionais quanto a sua formação. A performance foi medida pelas variáveis: “Produtividade”, ou o número de processos julgados ou apreciados pelos Ministros ou Conselheiros; “Iniciativa”, ou seja, quantidade de fiscalizações in loco realizadas; “Valor das multas e débitos imputados”, entendidas como a propensão a punir das Cortes de Contas; e “Grau de rejeição das contas de governo”, que é definida como a razão do número de pareceres prévios rejeitando as contas de governo pelo total de pareceres emitidos. A atual pesquisa parte do estudo de Melo, Pereira e Figueiredo (2009) - que identifica diversas relações entre a estrutura dos Tribunais de Contas e sua atuação - propondo novas variáveis para uma análise mais ampla e real da performance das Cortes de Contas. As hipóteses do estudo foram testadas por meio de regressão estatística utilizando o método de mínimos quadrados. Os dados foram coletados diretamente dos Tribunais de Contas. Os testes realizados confirmaram que a quantidade de recursos humanos de cada Corte influencia positivamente todas as variáveis de performance referidas anteriormente, e que quanto maior o orçamento de cada Tribunal maior sua produtividade, sua iniciativa e o valor das multas e débitos imputados. O presente estudo também comprovou que quanto maior o percentual de servidores do quadro efetivo da Corte de Contas, maior é sua produtividade, o que corrobora as teorias de Evans (2004). A partir dos dados coletados na pesquisa, foi possível verificar que o percentual médio de servidores efetivos nas Corte de Contas é de 69% enquanto nas Cortes Judiciárias esse percentual é de 89%. Isso mostra que há bastante margem para aumento da produtividade dos órgãos de contas. Conclui-se que quanto mais recursos financeiros e humanos disponíveis, e quanto maior o percentual de servidores concursados, mais os Tribunais de Contas são produtivos, sancionadores e proativos.

Evocations of Nature in the Piano Music of Franz Liszt and the Seeds of Impressionism

Thesis (D.M.A.)--University of Washington, 2016-06

UMA ÁNALISE EXEGÉTICA DA PORÇÃO DE MIQUEIAS 2,1-5: A SITUAÇÃO SOCIOECONÔMICA EM JUDÁ E SUAS IMPLICAÇÕES NA HERANÇA DOS CAMPONESES NA SEFELÁ JUDAÍTA NO SÉCULO VIII A.C.

Esta pesquisa procura examinar, à luz da metodologia exegética, a perícope de Miqueias 2,1-5, a fim de reconstruir o cenário no qual emergiu a dura crítica social do profeta. O texto apresenta, em sua análise literária, características de um dito profético coeso, em estilo poético. Sua estrutura encontra-se dividida em duas unidades (denúncia e castigo), sendo que cada uma das unidades possui outras duas subunidades (genérica e específica). O gênero literário harmoniza-se com um dito profético de julgamento geralmente conhecido como oráculo ai . A análise da dimensão histórica situa o acontecimento fundante em 701 a.C., na Sefelá judaíta. Numa análise investigativa do conteúdo da denúncia norteado pelo modelo teórico do modo de produção tributário, observa-se um conflito entre dois grupos. Nesse conflito, Miqueias faz uma acusação a um grupo de poder em Judá que planeja e executa ações criminosas contra a herança camponesa. O castigo descreve a conspiração e o plano divino contra esse grupo de poder. Javé havia planejado um mal idêntico ao que eles haviam cometido, desonra e privação de suas possessões. Os valores culturais de honra e vergonha subjazem a esse oráculo. Por descumprirem seus deveres junto a Javé e ao povo, os criminosos perderiam todos os seus direitos e, sobretudo, a honra perante a própria comunidade. Com base no modelo teórico do modo de produção tributário, constata-se que, na situação social em Judá no oitavo século, prevalecia um conflito entre campo e cidade. As comunidades aldeãs pagavam tributo à cidade em forma de produtos e serviços. A excessiva arrecadação de tributo e as falhas no sistema de ajuda mútua forçaram os indivíduos e famílias a contrair dívidas, a hipotecar suas terras herdadas dos pais e eventualmente perdê-las. O profeta Miqueias é o porta-voz do protesto da classe campesina que resolve reagir aos desmandos praticados pela elite citadina. Para ele, Javé escuta a queixa dos que estão sendo oprimidos e intervém na história tomando o partido do oprimido.(AU)

Empirical studies of corporate governance in China

The thesis aims to provide empirical studies towards Chinese corporate governance. Since China initially established its stock exchange system in the 1990s, it has gone through different stages of changes to become a more market-oriented system. Extensive studies have been conducted in Chinese corporate governance, however, many were theoretical discussion focusing on the early stages and there‘s a general lack of empirical analysis. This paper provides three empirical analysis of the Chinese corporate governance: the overall market discipline efficiency, the impact of capital structure on agency costs, the status of 2005- 2006 reform that substantially modified ownership structure of Chinese listed firms and separated ownership and control of listed firms. The three empirical studies were selected to reflect four key issues that need answering: the first empirical study, using event study to detect market discipline on a collective level. This study filled a gap in the Chinese stock market literature for being the first one ever using cross-market data to test market discipline. The second empirical study endeavoured to contribute to the existing corporate governance literature regarding capital structure and agency costs. Two conclusions can be made through this study: 1) for Chinese listed firms, higher gearing means higher asset turnover ratios and ROE, i.e. more debts seem to reduce agency costs; 2) concentration level of shares appears to be irrelevant with company performance, controlling shareholders didn‘t seem to commit to the improvement of corporate assets utilization or contribute to reducing agency costs. This study addressed a key issue in Chinese corporate governance since the state has significant shareholding in most big listed companies. The discussion of corporate governance in the Chinese context would be completely meaningless without discussing the state‘s role in corporate governance, given that about 2/3 of the almost all shares were non-circulating shares controlled by the state before the 2005-2006 overhaul ownership reform. The third study focused on the 2005-2006 reform of ownership of Chinese listed firms. By collecting large-scale data covering all 64 groups of Chinese listed companies went through the reform by the end of 2006 (accounting for about 97.86% and 96.76% of the total market value of Shanghai (SSE) and Shenzhen Stock Exchange (SZSE) respectively), a comprehensive study about the ownership reform was conducted. This would be first and most comprehensive empirical study in this area. The study of separated ownership and control of listed firm is the first study conducted using the ultimate ownership concept in Chinese context.

Monetáris politikai tendenciák I. Eszköztárak (Tendencies in monetary policy I. - Asset prices)

A közgazdaságtan, szűkebben a monetáris politika előtt két elméleti és gyakorlati kihívást látok: a globális egyensúlytalanságoknak nevezett jelenséget és az eszközár problematikát. Előbbi a világgazdaságban koncentráltan fölhalmozódó adósságokat és követelésállományokat jelenti, utóbbi a banki és nem banki pénzügyi piacok folyamatainak lehetséges pénzügypolitikai vonatkozásaira utal. Mondandómat két cikkben fogalmazom meg. Ez az írás először a monetáris stabilitás és instabilitás kérdéskörét mutatja be történeti keretben, ami tekinthető mindkét aktuális témakör földolgozásához szükséges elméleti fölvezetőnek is. Ezt követi a monetáris politika és az eszközárak kapcsolatának vizsgálata. A következő cikk foglalkozik a globális egyensúlytalanságokkal. Azért választottam e sorrendet, mert a két téma szorosan összefügg, az itt leírt magyarázatok segíthetik a későbbiek megértését. Az írásban többször megfogalmazok saját véleményt, a hangsúly mégis a szakirodalom bemutatásán van. / === / Global imbalances and asset price booms and busts are the two main practical and theoretical challenges in economics, especially in monetary policy. The first of them concerns the accumulative tendencies of debts and claims in the world economy, the second challenge deals with the processes of bank and non bank money markets. These topics are dealt with in two articles. The first one presents the issue of monetary stability and instability from a historical perspective. With that the connections between monetary policy and asset prices will be studied. The next article will deal with global imbalances. The topics are closely related and this order helps better understanding. The articles are mainly based on the current literature although I insert my own views as well.

A versenyképesség aktuális kérdései a pénzügyekben - Összefoglaló a pénzügyi kutatócsoport munkájáról = Current issues of competitiveness - Summary on the work of the Finance research team

A pénzügy kutatócsoport a TÁMOP-4.2.1.B-09/1/KMR-2010-0005 azonosítójú projektjében igen szerteágazó elemzési munkát végzett. Rámutattunk, hogy a különböző szintű gazdasági szereplők megnövekedett tőkeáttétele egyértelműen a rendszerkockázat növekedéséhez vezet, hiszen nő az egyes szereplők csődjének valószínűsége. Ha a tőkeáttételt eltérő mértékben és ütemben korlátozzák az egyes szektorokban, országokban akkor a korlátozást később bevezető szereplők egyértelműen versenyelőnyhöz jutnak. Az egyes pénzügyi intézmények tőkeallokációját vizsgálva kimutattuk, hogy a különféle divíziók közt mindig lehetséges a működés fedezetésül szolgáló tőkét (kockázatot) úgy felosztani, hogy a megállapodás felmondás egyik érintettnek se álljon érdekében. Ezt azonban nem lehet minden szempontból igazságosan megtenni, így egyes üzletágak versenyhátrányba kerülhetnek, ha a konkurens piaci szereplők az adott tevékenységet kevésbé igazságtalanul terhelték meg. Kimutattunk, hogy az egyes nyugdíjpénztárak befektetési tevékenységének eredményességére nagy hatással van a magánnyugdíjpénztárak tevékenységének szabályozása. Ezek a jogszabályok a társadalom hosszú távú versenyképességére vannak hatással. Rámutattunk arra is, hogy a gazdasági válság előtt a hazai bankok sem voltak képesek ügyfeleik kockázatviselő képességét helyesen megítélni, ráadásul jutalékrendszerük nem is tette ebben érdekelté azokat. Számos vizsgálatunk foglalkozott a magyar vállalatok versenyképességének alakulásával is. Megvizsgáltuk a különféle adónemek, árfolyamkockázatok és finanszírozási politikák versenyképességet befolyásoló hatását. Külön kutatás vizsgálta a kamatlábak ingadozásának és az hitelekhez kapcsolódó eszközfedezet meglétének vállalati értékre gyakorolt hatásait. Rámutattunk a nemfizetés növekvő kockázatára, és áttekintettük a lehetséges és a ténylegesen alkalmazott kezelési stratégiákat is. Megvizsgáltuk azt is, hogy a tőzsdei cégek tulajdonosai miként használják ki az osztalékfizetéshez kapcsolódó adóoptimalizálási lehetőségeket. Gyakorlati piaci tapasztalataik alapján az adóelkerülő kereskedést a befektetők a részvények egy jelentős részénél végrehajtják. Külön kutatás foglakozott a szellemi tőke hazai vállalatoknál játszott szerepéről. Ez alapján a cégek a problémát 2009-ben lényegesen magasabb szakértelemmel kezelték, mint öt esztendővel korábban. Rámutattunk arra is, hogy a tulajdonosi háttér lényeges hatást gyakorolhat arra, ahogyan a cégek célrendszerüket felépítik, illetve ahogy az intellektuális javakra tekintenek. _____ The Finance research team has covered a wide range of research fields while taking part at project TÁMOP-4.2.1.B-09/1/KMR-2010-0005. It has been shown that the increasing financial gearing at the different economic actors clearly leads to growth in systematic risk as the probability of bankruptcy climbs upwards. Once the leverage is limited at different levels and at different points in time for the different sectors, countries introducing the limitations later gain clearly a competitive advantage. When investigating the leverage at financial institutions we found that the capital requirement of the operation can always be divided among divisions so that none of them would be better of with cancelling the cooperation. But this cannot be always done fairly from all point of view meaning some of the divisions may face a competitive disadvantage if competitors charge their similar division less unfairly. Research has also shown that the regulation of private pension funds has vital effect on the profitability of the investment activity of the funds. These laws and regulations do not only affect the funds themselves but also the competitiveness of the whole society. We have also fund that Hungarian banks were unable to estimate correctly the risk taking ability of their clients before the economic crisis. On the top of that the bank were not even interested in that due to their commission based income model. We also carried out several research on the competitiveness of the Hungarian firms. The effect of taxes, currency rate risks, and financing policies on competitiveness has been analysed in detail. A separate research project was dedicated to the effect of the interest rate volatility and asset collaterals linked to debts on the value of the firm. The increasing risk of non-payment has been underlined and we also reviewed the adequate management strategies potentially available and used in real life. We also investigated how the shareholders of listed companies use the tax optimising possibilities linked to dividend payments. Based on our findings on the Hungarian markets the owners perform the tax evading trades in case of the most shares. A separate research has been carried out on the role played by intellectual capital. After that the Hungarian companies dealt with the problem in 2009 with far higher proficiency than five years earlier. We also pointed out that the ownership structure has a considerable influence on how firms structure their aims and view their intangible assets.

Az államcsőd költségei régen és ma (Costs of sovereign defaults now and long ago)

Az államoknak nyújtott hitelekre gyakran gondolunk biztonságos befektetésként, lehetetlen vagy legalábbis valószerűtlen kimenetelként kezelve az államcsőd lehetőségét. Pedig államcsődök azóta vannak, amióta szuverén államok hitelt vesznek fel, és még csak nem is ritka eseményekről van szó. Amikor egy-egy válság vagy csődesemény felhívja erre a figyelmünket, a leggyakrabban elhangzó kérdés az, hogy miért következett be a csőd. Ebben a tanulmányban a szerző ennél furcsább kérdésre hívja fel a figyelmet: mi késztet egy hitelt felvevő államot arra, hogy visszafizesse hiteleit, vagyis miért nem megy csődbe? Ez rögtön felvet egy további, talán még meglepőbb problémát: miért kap egyáltalán egy szuverén állam hitelt? Ezekre a kérdésekre már régóta tudni véljük a választ: azért, mert az államcsődnek költségei vannak. A lehetséges költségek és a hozzájuk kapcsolódó empirikus kutatások értelmezésével és rendszerezésével, az ellentmondások feltárásával azonban a szerző felhívja a figyelmet arra, hogy bár elképzeléseink vannak és lehetnek, valójában nem ismerjük a törlesztést kikényszerítő és így az államadósságok létezését biztosító mechanizmusokat. Talán éppen azért nem, mert az államcsőd lehetséges politikai, gazdasági következményei - azaz költségei - idővel legalább annyira változnak, mint öltözködési, étkezési és közlekedési szokásaink. ____ Loans to sovereign states are often referred to as safe investments, treating default as an impossible or at least improbable event. Yet sovereign defaults have been arising ever since countries borrowed money. They are not rare at all. When a debt crisis or default event draws attention to the problem, the commonest question put is why defaults occur. This paper stresses the need to ask a less common question as well: why sovereign states repay loans, why they do not default. Consequent on that is why rational lenders give money to countries. The answer to these questions seems to be because defaults are costly. The paper reviews and systematizes possible cost types and explores inconsistencies in the related literature, to show that the mechanisms supporting the existence of sovereign debts are not precisely known. One reason why costs of defaults are challenging to study may be that the possible political and economic consequences of defaults change over time.

Államadósság, optimális politika, finanszírozás (State Debt, Optimal Policy, and Financing)

A fejlett ipari országoknak is az államadósság csökkentése vagy akár szinten tartása okozza az egyik legfontosabb gazdaságpolitikai dilemmát. Az euróövezet tagállamai esetében is ez a kritérium tűnik a legkevésbé teljesíthetőnek, de Japán és az Egyesült Államok is leküzdhetetlennek tűnő államadóssággal birkózik. A tanulmány rövid áttekintést ad néhány meghatározó közgazdasági megközelítésről, amelyek az államadósság szintjének hosszú távú alakulása mögött meghúzódó tényezőket, gazdaságpolitikai lépéseket magyarázzák. Végül az elméletek alapján tanulságokat fogalmaz meg a magyar államadósság kezelését illetően az 1990–2010 közötti folyamatok ismeretében. _____ The macroeconomic developments of the last decade have confirmed that one of the most important dilemmas that even developed economies have to face is the reduction or even sustaining of the state debt. In case of the eurozone member states this criterion is the most difficult to be accomplished, furthermore the United States and Japan are among the global powers that have to cope with state debts which seems to be insurmountable. The aim of this paper is to provide a brief overview of some decisive economic approaches (Barro [1979], Lucas and Stokey [1983], Marcet and Scott [2007], Martin [2009] etc.) that explain the factors behind the formation of long-run state debt level and economic policy measures accompanying state debt management. The paper also attempts to draw some lessons for the Hungarian state debt management in view of the 1990-2010 processes.

Protecting Your Assets: A Well-Defined Credit Policy Is The Key

In - Protecting Your Assets: A Well-Defined Credit Policy Is The Key – an essay by Steven V. Moll, Associate Professor, The School of Hospitality Management at Florida International University, Professor Moll observes at the outset: “Bad debts as a percentage of credit sales have climbed to record levels in the industry. The author offers suggestions on protecting assets and working with the law to better manage the business.” “Because of the nature of the hospitality industry and its traditional liberal credit policies, especially in hotels, bad debts as a percentage of credit sales have climbed to record levels,” our author says. “In 1977, hotels showing a net income maintained an average accounts receivable ratio to total sales of 3.4 percent. In 1983, the accounts receivable ratio to total sales increased to 4.1 percent in hotels showing a net income and 4.4 percent in hotels showing a net loss,” he further cites. As the professor implies, there are ways to mitigate the losses from bad credit or difficult to collect credit sales. In this article Professor Moll offers suggestions on how to do that. Moll would suggest that hotels and food & beverage operations initially tighten their credit extension policies, and on the following side, be more aggressive in their collection-of-debt pursuits. There is balance to consider here and bad credit in and of itself as a negative element is not the only reflection the profit/loss mirror would offer. “Credit managers must know what terms to offer in order to compete and afford the highest profit margin allowable,” Moll says. “They must know the risk involved with each guest account and be extremely alert to the rights and wrongs of good credit management,” he advocates. A sound profit policy can be the result of some marginal and additional credit risk on the part of the operation manager. “Reality has shown that high profits, not small credit losses, are the real indicator of good credit management,” the author reveals. “A low bad debt history may indicate that an establishment has an overly conservative credit management policy and is sacrificing potential sales and profits by turning away marginal accounts,” Moll would have you believe, and the science suggests there is no reason not to. Professor Moll does provide a fairly comprehensive list to illustrate when a manager would want to adopt a conservative credit policy. In the final analysis the design is to implement a policy which weighs an acceptable amount of credit risk against a potential profit ratio. In closing, Professor Moll does offer some collection strategies for loose credit accounts, with reference to computer and attorney participation, and brings cash and cash discounts into the discussion as well. Additionally, there is some very useful information about what debt collectors – can’t – do!

The Nevada Gaming Debt Collection Experience

In the discussion - The Nevada Gaming Debt Collection Experience - by Larry D. Strate, Assistant Professor, College of Business and Economics at the University of Nevada, Las Vegas, Assistant Professor Strate initially outlines the article by saying: “Even though Nevada has had over a century of legalized gaming experience, the evolution of gaming debt collection has been a recent phenomenon. The author traces that history and discusses implications of the current law.” The discussion opens with a comparison between the gaming industries of New Jersey/Atlantic City, and Las Vegas, Nevada. This contrast serves to point out the disparities in debt handling between the two. “There are major differences in the development of legalized gaming for both Nevada and Atlantic City. Nevada has had over a century of legalized gambling; Atlantic City, New Jersey, has completed a decade of its operation,” Strate informs you. “Nevada's gaming industry has been its primary economic base for many years; Atlantic City's entry into gaming served as a possible solution to a social problem. Nevada's processes of legalized gaming, credit play, and the collection of gaming debts were developed over a period of 125 years; Atlantic City's new industry began with gaming, gaming credit, and gaming debt collection simultaneously in 1976 [via the New Jersey Casino Control Act] .” The irony here is that Atlantic City, being the younger venue, had or has a better system for handling debt collection than do the historic and traditional Las Vegas properties. Many of these properties were duplicated in New Jersey, so the dichotomy existed whereby New Jersey casinos could recoup debt while their Nevada counterparts could not. “It would seem logical that a "territory" which permitted gambling in the early 1800’s would have allowed the Nevada industry to collect its debts as any other legal enterprise. But it did not,” Strate says. Of course, this situation could not be allowed to continue and Strate outlines the evolution. New Jersey tactfully benefitted from Nevada’s experience. “The fundamental change in gaming debt collection came through the legislature as the judicial decisions had declared gaming debts uncollectable by either a patron or a casino,” Strate informs you. “Nevada enacted its gaming debt collection act in 1983, six years after New Jersey,” Strate points out. One of the most noteworthy paragraphs in the entire article is this: “The fundamental change in 1983, and probably the most significant change in the history of gaming in Nevada since the enactment of the Open Gaming Law of 1931, was to allow non-restricted gaming licensees* to recover gaming debts evidenced by a credit instrument. The new law incorporated previously litigated terms with a new one, credit instrument.” The term is legally definable and gives Nevada courts an avenue of due process.