ECONOMIC ENVIRONMENT POLICY
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The document discusses the management of public debt in relation to fiscal and monetary policy. It begins by stating that there is a growing consensus that public debt management should be analyzed within a coherent analytical framework that also considers fiscal and monetary policies. It notes that while the literature on fiscal and monetary policies is well established, they have typically been examined separately rather than together. The document then defines public debt and fiscal and monetary policies. It concludes by arguing that debt management should not be subordinate to fiscal and monetary policies and should have its own policy goals in order to avoid inconsistent policy mixes that could lead to more frequent or severe economic crises.
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The value of a currency is determined by supply and demand factors. If demand for a country's currency is high from travelers, governments, and investors, its value increases. However, demand decreases if a country has a weak economy, high inflation, political instability, or high national debt. These factors can lower the value of a currency. Additionally, currency values fluctuate compared to each other in foreign exchange markets based on relative demand for different currencies.
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Factors affecting pakistan currency exchange rate and usd exchange rate (0)
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2008 05 white presentation at 39th konstanz seminar konstanz 7 may 2008 [mode...
Public debt and risk premium: An analysis from an emerging economy
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Bonds, Interest rates, and the Impact of Inflation
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The Philippine government faced large budget deficits in 2009 and 2010 as a result of the global financial crisis. The deficit grew from less than 1% of GDP in 2007-2008 to 3.9% of GDP in 2009 as tax revenues fell short of targets. While the debt-to-GDP ratio remained at a manageable 57% in 2009 compared to its peak of 78% in 2004, the Aquino administration planned to focus on social services rather than balancing the budget in the next six years as recommended by the previous administration. However, delays in achieving a balanced budget could negatively impact the country's creditworthiness. The Development Budget Coordination Committee projected the budget deficit would decrease and the debt-to-GDP ratio would
Philippine external debt
The Philippine government announced in 1983 that it could no longer meet its foreign debt obligations of $24.4 billion, requesting a moratorium. This was due to extensive borrowing in the 1970s that caused debt to increase 27% annually between 1973-1982. Negotiations began with creditors like the IMF for rescheduling loans. However, the Philippines was found to have underreported its total debt and reserves, complicating matters. While agreements reduced payments, they required austerity measures that hurt the economy. Efforts to lower debt in the 1980s included debt conversion programs, but debt levels remained roughly the same through the Aquino administration in the late 1980s.
Philippine Debt crisis
The document discusses the Philippine debt crisis, including definitions of external, internal, and national debt. It provides background on debt crises in general and risks of debt crises for countries. Specific data is presented on the Philippines' external debt, GDP, GDP growth, government debt as a percentage of GDP, budget deficit, exchange rate between the Philippine peso and US dollar, and how the government pays its external debt obligations. The document estimates that based on the 2015 budget, the Philippines faces an annual deficit of P439.03 billion for debt service payments that could potentially lead to a debt crisis if not addressed.
Philippine debt (1)
The document discusses the history and growth of Philippine external debt from the 1960s to present. It notes that debt rose dramatically under Marcos from $277 million to $840 million from 1965-1972 as he borrowed heavily from foreign lenders. Successive administrations were unable to get debt under control as it continued increasing, reaching $69 billion by the early 2000s. The debt service burden from 2001-2005 was the heaviest in Philippine history, consuming over 1/3 of the national budget annually to pay interest on loans. Borrowing has continued to fund debt payments, exacerbating the problem over many decades.
Financial market & services
The document provides an overview of the Indian financial system, including its key components and institutions. It discusses the major financial markets in India - the money market, capital market, foreign exchange market, and credit market. It also examines the role of various financial intermediaries that operate in these markets, such as investment bankers, stock exchanges, and primary dealers. Additionally, the document outlines the functions of important financial sector regulators like the Reserve Bank of India and its departments that are responsible for banking and non-banking supervision.
Structure of Philippine Public Debt
This document summarizes the structure and profile of Philippine public debt from 1990 to 2009. It discusses the sources, categories, and maturity of domestic and foreign public debt. Domestic debt is dominated by treasury bills and bonds, with maturities lengthening over time. Foreign debt is primarily from commercial and multilateral creditors, denominated in US dollars and Japanese yen, and remains largely long-term. Both domestic and foreign debt levels increased substantially over this period relative to GDP.
Public debt in india
Public debt in India has increased over 7 times from 1990-1991 to 2005-2006. It includes money borrowed by the government through internal loans within India and external loans from international organizations. There are several types of public debt like short-term, long-term, productive and unproductive debts. While public debt allows the government to fund development projects, it also burdens citizens with increased taxes and can adversely affect growth. Proper management of public debt is needed in India through reducing expenditures, encouraging foreign investment, and monitoring public spending.
Debt management
The document discusses various aspects of public debt management including the types of public debt, objectives and principles of public debt management, and the role of the Reserve Bank of India in managing public debt. Effective public debt management is key to fiscal stability and sustainable economic policy.
Public Debt Philippines
The document discusses the origins and theories of public borrowing and debt. It outlines different periods and schools of thought around public debt, from mercantilism and Adam Smith's criticisms of borrowing, to Keynes' theory of deficit financing. The document also examines development finance models and how borrowing from international organizations like the IMF and World Bank became prominent sources of funds for developing countries pursuing infrastructure and other development projects.
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What is the theory of public debt managementSolution1. Sove.pdf
What is the theory of public debt management???
Solution
1. Sovereign debt management is the process of establishing and executing a strategy for
managing the government\'s debt in order to raise the required amount of funding, achieve its
risk and cost objectives, and to meet any other sovereign debt management goals the government
may have set, such as developing and maintaining an efficient market for government securities.
2. In a broader macroeconomic context for public policy, governments should seek to ensure that
both the level and rate of growth in their public debt is fundamentally sustainable, and can be
serviced under a wide range of circumstances while meeting cost and risk objectives. Sovereign
debt managers share fiscal and monetary policy advisors\' concerns that public sector
indebtedness remains on a sustainable path and that a credible strategy is in place to reduce
excessive levels of debt. Debt managers should ensure that the fiscal authorities are aware of the
impact of government financing requirements and debt levels on borrowing costs.1 Examples of
indicators that address the issue of debt sustainability include the public sector debt service ratio,
and ratios of public debt to GDP and to tax revenue.
3. Poorly structured debt in terms of maturity, currency, or interest rate composition and large
and unfunded contingent liabilities have been important factors in inducing or propagating
economic crises in many countries throughout history. For example, irrespective of the exchange
rate regime, or whether domestic or foreign currency debt is involved, crises have often arisen
because of an excessive focus by governments on possible cost savings associated with large
volumes of short-term or floating rate debt. This has left government budgets seriously exposed
to changing financial market conditions, including changes in the country\'s creditworthiness,
when this debt has to be rolled over. Foreign currency debt also poses particular risks, and
excessive reliance on foreign currency debt can lead to exchange rate and/or monetary pressures
if investors become reluctant to refinance the government\'s foreign-currency debt. By reducing
the risk that the government\'s own portfolio management will become a source of instability for
the private sector, prudent government debt management, along with sound policies for
managing contingent liabilities, can make countries less susceptible to contagion and financial
risk.
4. A government\'s debt portfolio is usually the largest financial portfolio in the country. It often
contains complex and risky financial structures, and can generate substantial risk to the
government\'s balance sheet and to the country\'s financial stability. As noted by the Financial
Stability Forum\'s Working Group on Capital Flows, \"recent experience has highlighted the
need for governments to limit the build-up of liquidity exposures and other risks that make their
economies especially vulnerable to exte.
Fiscal policy
This document provides an overview of fiscal policy, including:
1) Fiscal policy involves a government adjusting its spending levels and tax rates to influence the economy. It is controlled by the government and includes tools like taxes, government spending, and deficit financing.
2) There are two main types of fiscal policy - expansionary and contractionary. Expansionary policy involves government spending exceeding tax revenue through methods like lowering taxes or raising spending. Contractionary policy occurs when spending is lower than tax revenue.
3) Fiscal policy aims to impact unemployment, inflation, and interest rates. However, it faces criticisms like time lags in taking effect, potential crowding out of private sector activity, and inefficient government
Presentation1
Public debt management refers to strategies employed by a country's national authority to manage external debt, including loans from other countries. It aims to raise required funding while achieving risk and cost objectives. Sound debt management is important as it can reduce susceptibility to financial crises by facilitating broader financial market development. The World Bank provided a loan to help the Philippines restore creditworthiness by reducing pressure from its excessive debt burden through a debt restructuring program.
CPPB1 - Chiminya Adonia.pdf
This study investigates the determinants of external debt in Sub-Saharan Africa from 1975 to 2012 using pooled OLS and fixed effects models. The study focuses on the effect of political variables and institutions on debt accumulation. The results show that democratically administered governments accumulate more debt than autocratic governments. Governments with parliamentary systems accumulate more debt than presidential systems, while constrained executives accumulate less debt. Countries with more open electoral systems also accumulate less debt. Countries receiving debt relief accumulated less debt than those that did not receive relief. Political institutions are therefore important in explaining debt levels in Sub-Saharan Africa.
High deficit financing vs high interest rates can both together?
This document explores the relationship between high deficit financing and high interest rates. It discusses how high deficit financing can lead to high interest rates as governments compete for funds in financial markets. This relationship can impact investment decisions, inflation, and economic growth. The document also examines how governments implement policies to manage this issue and how financial markets are sensitive to changes in deficit financing and interest rates.
Rohit Business and economic environment
Liquidity trap refers to a situation where monetary policy is ineffective because interest rates are close to zero, causing people and banks to hoard money even if more is supplied. This can occur during severe recessions and deflation. Two examples are the Great Depression and Japan's lost decade in the 1990s. Overcoming a liquidity trap requires unconventional policies like quantitative easing or expansionary fiscal policy to stimulate demand.
How Fiscal debt can be controlled
This document discusses fiscal deficit and ways to control it. It begins by defining fiscal deficit as when a government's total expenditures exceed its total revenues, forcing it to borrow money to make up the difference. It then discusses the impacts of fiscal deficit, including debates around whether deficits help or hurt economic growth. Three main ways to control fiscal deficit discussed are implementing fiscal policy rules to promote discipline, increasing transparency in fiscal management, and reducing spending while increasing taxation. The document argues that public debt does matter and future taxpayers will be obligated to pay off the debt and accumulated interest.
Policy Rate, Lending Rate and Investment in Africa - A Phd proposal for defense
The document discusses a PhD proposal on the relationship between policy rates, lending rates, and investment in Africa. It provides background on monetary policy transmission mechanisms and reviews literature on whether fiscal or monetary policy is more effective. The main channels of monetary policy transmission are discussed as the interest rate channel, credit channels, exchange rate channel, equity price channels, and expectations channel. The proposal aims to determine the main determinants of policy rates, lending rates, and deposit rates in Africa and how lending rates may affect investment.
The four dimensions of public financial management
In two relatively short articles, Michael Parry first proposes a definition of the modified cash basis of accounting and then describes the four dimensions of public financial management. We welcome this approach of relatively short articles addressing key issues in governmental financial management and would encourage other authors to follow Michael’s example in future issues.
Econs ppt monetary policy.270818
This document provides information on monetary, fiscal, and budgetary policies. It discusses:
- Monetary policy and how central banks use tools like interest rates and reserves to influence money supply and economic growth.
- Fiscal policy and the types of expansionary and contractionary fiscal policy used to influence aggregate demand.
- Government budgets, deficits, and how fiscal policy is funded through taxation, borrowing, prior surpluses, or other means.
- The history and instruments of monetary policy, types of fiscal policy, and how monetary and fiscal policies can be used to influence inflation and unemployment.
What is fiscal policy
This document discusses fiscal policy, including its definition, objectives, tools, and types. Fiscal policy refers to a government's spending and tax policies that influence macroeconomic conditions and the overall economy. The objectives of fiscal policy include boosting employment, stabilizing economic growth and prices, and raising living standards. The main tools of fiscal policy are taxation and public spending. There are two main types of fiscal policy - expansionary and contractionary. Expansionary policy aims to stimulate the economy through tax cuts or spending increases, while contractionary policy aims to slow growth through tax increases or spending cuts to curb inflation.
The Effects of Public Debt on Economic Growth in Bangladesh: An Evidence from...
The Effects of Public Debt on Economic Growth in Bangladesh: An Evidence from...International Journal of Economics and Financial Research
Public debt is intended to bridge the gap between domestic savings and investment. This paper examines the effect of public debt on economic growth in Bangladesh using autoregressive distributed lag bound testing approach to cointegration. It finds a negative relationship between public debt and economic growth both in the short-run and the long-run. That is, a significant rise in the public debt in Bangladesh appears to be a burden for the economic growth controlling for other determinants of growth. The findings suggest that funds obtained through public debt are not utilized in the productive economic avenues which may improve the growth scenario in Bangladesh. Also, the adverse effect exerted by public debt may further be responsible for a reduction in investment and slower growth of capital stock, which eventually can hamper the labour productivity growth in the country in long run.Effect of payment balance and current account on deficit of jordanian budget ...
This document discusses the relationship between Jordan's budget deficit, current account deficit, and payment balance deficit from 1992-2012. It analyzes the impact of fiscal adjustments from 1996-1999 and subsequent events and policies. The main findings are that there is one cointegration relationship between the variables, indicating a long-term relationship. If no action is taken on the budget deficit, dynamic relationships will persist between these deficits.
Balance of payment adjustment through fiscal policy an obseration
This document provides a history of balance of payments issues from pre-1820 to the present. It discusses several periods: pre-1820 when mercantilism dominated and countries aimed for trade surpluses; 1820-1914 when free trade increased global economic integration under the gold standard; 1914-1945 which saw deglobalization during World War I and the Great Depression; 1945-1971 when the Bretton Woods system established fixed but adjustable exchange rates; and 1971-present during the transition away from Bretton Woods to more flexible exchange rates. Throughout this history, countries and economists have debated the appropriate policy approaches to addressing balance of payments issues.
Budget Deficits And The Public Debt.pptx
Budget deficits occur when government spending exceeds revenue and add to the public debt. Causes of deficits include economic recessions, tax cuts without spending cuts, and increased spending on wars or disasters. Deficits can lead to higher debt levels, crowding out of private investment, and undermining essential services. Governments issue bonds to finance debt, and interest payments are a large expense. High debt risks default and can slow economic growth by diverting funds away from productive investments. Fiscal discipline, spending cuts or tax increases, and economic reforms can help reduce deficits.
Briefing Note DEBT #2edited
1) The document discusses concerns around increasing public debt levels in advanced economies and how this may hamper future growth. It outlines the economic impacts of the 2008 financial crisis and rising debt levels globally.
2) It analyzes different policy options for addressing high debt such as debt restructuring, inflation, fiscal consolidation, and promoting economic growth. Each option is assessed in terms of strengths, weaknesses and feasibility.
3) The recommendation is that no single approach will work and a combination of transparency, accountability, fiscal repression, and selective fiscal consolidation can help curb debt growth while promoting economic recovery.
3. soto and youssef
This document discusses sovereign wealth funds (SWFs) and their potential role in macroeconomic stabilization in home economies. It begins by explaining what SWFs are and how they differ from foreign reserves, pension funds, and private wealth funds. The document then discusses several research areas related to SWFs, including their potential impacts on home countries. It finds that SWFs can help facilitate fiscal stabilization and savings. The document outlines some methodological issues in analyzing the impacts of SWFs and describes its analysis of how SWFs may reduce fiscal procyclicality and improve fiscal balances/sustainability in home countries. It finds evidence that SWFs are most effective when complemented by other fiscal institutions like rules and
The effects of monetary policy on inflation in ghana.
This document summarizes a study on the effects of monetary policy on inflation in Ghana. The study used annual data from 1985 to 2009 to estimate a model relating the interest rate, exchange rate, and money supply to inflation. The results showed a long-run positive relationship between money supply and inflation, and a negative relationship between interest rate and inflation, but a positive relationship between exchange rate and inflation. The study recommends that monetary policy alone should not be used to control inflation and that fiscal and other non-monetary measures are also needed.
Time-Consistent Fiscal Policy in a Debt Crisis - by Neele Balke and Morten O....
This document summarizes a research paper analyzing optimal fiscal policy in a sovereign debt model that incorporates feedback from policy to the economy. The key points are:
1) The model considers a production economy with unemployment and inequality, where the government sets taxes, transfers, public goods, and debt without commitment.
2) In normal times, the government uses procyclical fiscal policies but implements austerity (higher taxes and lower transfers/spending) during debt crises to reduce default incentives and access credit markets.
3) Austerity is optimal both when debt is expensive and strategically to commit not to stimulate the economy after defaulting. Commitment to fixed policies would make austerity unnecessary during crises.
Central Banking Report
This document analyzes the relationship between inflation and economic growth in Bangladesh from 1980 to 2014. It finds that inflation has negatively impacted growth when inflation rates are very high, such as over 20%. However, moderate inflation rates between 3-8% appear correlated with higher economic growth of around 5-6%. The relationship between inflation and growth is non-linear, with inflation potentially stimulating growth up to a certain threshold, after which high inflation hinders growth. Understanding this relationship is important for Bangladesh's central bank in conducting monetary policy.
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What is the theory of public debt managementSolution1. Sove.pdf
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financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
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ECONOMIC ENVIRONMENT POLICY
- 1. Sachiv Shekhar Management of Public Debt with fiscal & monetary policy
- 2. Introduction Public debt Fiscal policy Monetary policy Conclusion
- 3. There is growing census that public debt management should be framework analysis , but today their literature that place into coherent analytical framework. Existing the literature fiscal & monetary policies is well established. However they have largely been developed in isolation or where their interaction are examined such a sargent wallce (1981 to 1993) the focus has been on the consequences of uncoordinated policies. The literature on debt management , on other hand has developed in support of fiscal & monetary policies. Example: Baro (1995) identified therole of debt of management in tax smoothing or identified the role of debt management
- 4. The public debt is defined as how much a country owes to lenders outside of itself. These can include individuals, businesses and even other governments. The term "public debt" is often used interchangeably with the term sovereign debt. Regardless of what it's called, public debt is the accumulation of annual budget deficits It's the result of years of government leaders spending more than they take in via tax revenues. For more, see How the Debt and Deficit Differ and Affect Each Other
- 5. Fiscal policy is the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy. It is the sister strategy to monetary policy through which a central bank influences a nation's money supply.
- 6. Monetary policy is process by which monetary authority of a country , normally a central bank controls the supply of money in the economy by its control over interest rates in Oder to maintain price stability and achieve high economic growth.
- 7. Debt management policy was sub ordinate fiscal and monetary policy Clear implications for securing short term fiscal space as well as the long term fiscal risk. For the conduct of monetary policy , it is viewed as the management of the composition of assets available to the public between money and government paper. Decentralization debt management.
- 8. The desirability of policy separation between fiscal policy, monetary policy and debt management. The asset and liability management framework assist indentifying and managing the macroeconomic risks of uncoordinated policies. Debt manager without a separate policy goal could lead to inconsistent policy mix.
- 9. Debt management can buy time, but procrastination of policy adjustment can be much more costly over the longer term than the case where short-term fiscal expediency is not allowed to dominate debt management. Thus, "crises are more frequent and more severe when short-term borrowing and dollar denominated external debt are high, and foreign direct investment and reserves are low, in large part because balance sheets are then very sensitive to increases in exchange rates and short-term interest rates…If countries that are faced with a fall in capital inflows adjusted more promptly, rather than stalling for time by running down reserves or shifting to loans that are shorter-termed and dollar-denominated, they might be able to adjust on more attractive terms…It is precisely the decision to delay adjustment that leaves crisis victims with few good options, because balance sheets have deteriorated in the mean time”
- 10. THANKS