Debt problems and life transitions: a register-based panel study of Finnish young people

This register-based panel study analyzed the impacts of key life events on debt problems among emerging adults using a within-individual design. In this study, 8093 Finnish young people (born 1988–1990) were monitored for 9 years (2005–2013). The data comprised information from administrative registers, including information about debt enforcement, which was used as an indicator of debt problems. Key life events included leaving home, obtaining the first full-time job, and becoming a parent. Debt problems were highly common. They increased after leaving home, especially among those leaving home at a young age. Obtaining the first full-time job was not regarded as a major event in the context of debt problems, although having a job was associated with a lower level of debt problems. Such problems increased after becoming a parent. The results imply that life-changing events can have an impact on economic problems.     

国际合作与经济主权——凯恩斯“清算同盟方案”解析

"国际清算同盟方案"是凯恩斯设计的战后国际经济秩序方案,它标志着凯恩斯国际货币体系理论的成熟.它的特点主要体现在两个方面:倡导国际经济合作;保护各国经济主权.倡导国际经济合作是"清算同盟方案"成为现实的前提和基础,保护各国经济主权是"清算同盟方案"成为现实的保障,也是其最突出的亮点.     

Sovereign bond holdings and monetary policy operations in the euro area

This paper investigates the relationship between sovereign bond holdings of banks and refinancing operations by the ECB for countries in the euro area. We use data collected by Bruegel as well as a new dataset compiled from the annual statements of national central banks to estimate panel regression models. Our findings support the hypothesis that the ECB’s refinancing operations have increased resident banks’ exposure to domestic sovereign bonds. This is in line with the moral suasion theory advanced in the literature. These results strengthen the case for regulatory changes aimed at reducing the sensitivity of banks to sovereign risk.     

The Use of the Observations Method in Courses in Municipal Government

This study of all fifty state, high school social studies curriculum standards found a lack of attention in the vast majority of state standards to the federal budget, federal debt, and budget deficit, topics of significant concern. These concepts are important to teaching about economics in the United States since they lie at the center of contemporary debates about the health of the nation's economy and its long-term viability. Our research discovered broad variation among states in the degree of specificity about teaching these economic concepts. We discuss specific ways in which some of the economic concepts found in state social studies standards might be used to infuse content about federal budget, federal debt, and budget deficit into high school social studies courses, critical topics in light of contemporary debates about the future of American entitlement programs and the federal government.     

现行速动比率不能真实反映企业即时偿债能力

现行速动资产中很多是不能“速动”的 ,原因在于现行速动资产各项目内部的构成比较复杂。因此 ,应该对速动资产各项目进行科学的分类 ,以区分出哪些是真正的速动资产 ,哪些是并不能“速动”的速动资产 ,在此基础上确定出真正的能够“速动”的速动资产 ,从而计算出真正能够代表即时偿债能力的速动比率来。     

我国上市公司短期债务融资偏好的制度分析

制度环境是影响债务契约的一个重要因素,债务期限则是债务契约的一项重要内容。本文从制度环境这一视角对我国上市公司债务融资的期限结构进行了深入地分析。分析结果表明,由于我国破产法律制度效力的有限性和股票市场对企业长期债务市场的替代效用,导致了我国上市公司用短期债务和股权融资替代长期债务融资的现象,最终表现为短期债务在我国上市公司的债务融资结构中占绝对主导地位的局面。     

为什么股权融资?——与借贷比较

为什么市场上会存在入股与借贷两类金融合约?权利差异、政策环境、财务风险、信息不对称、代理成本、资产专用性、风险偏好、风险分担等理论都无法充分地给予解释。预测合作收益所需要的信息费用,是导致股权融资安排的关键。当预测合作收益的信息费用越高,债权安排被股权安排替代的可能性就越大。相关的制度安排如控制权优先向股东分配、债权人享有破产优先受偿权等也可以由此得到解释。     

产品市场竞争对资本结构的作用机理研究

企业融资结构与产品市场竞争策略是企业发展中最重要的两项决策,两者间具有密切的相关关系。本文从产品市场竞争对企业在资本市场上融资能力的影响、产品市场竞争对企业资本结构选择的影响以及产品市场竞争对企业不同债务融资渠道选择的影响三个方面分析了产品市场竞争对企业资本结构的作用机理。     

Reforming public debt governance in Turkey to reach debt sustainability

The paper argues that the achievement of sustainability of public debt requiring the fulfillment of solvency and liquidity conditions in countries for which real interest rates are above the real growth rates is challenging and difficult. Since solvency is a rather complex concept and its governance is difficult and delicate, the paper maintains that such countries could try to achieve the sustainability of public debt by delegating the tasks of securing the observance of solvency and liquidity conditions to fiscal councils (FC) that need to be formed as autonomous public institutions with sufficient financial and technical resources. In Turkey FC needs to be assigned the further task of improving policymakers’ incentives to opt for sound government procurement and taxation policies that would lead to the achievement of efficient allocation of resources and elimination of corruption and nepotism in the economy.     

企业零杠杆现象及其研究:回顾与展望

MM理论、最优权衡理论和融资优序理论一直是经典资本结构的基石。然而,众多学者发现以美国为首的G20发达资本市场中存在大量零负债企业,并将其定义为"零杠杆之谜"。纵观我国资本市场,也不乏大量零杠杆企业的存在和相关学术探讨。这一世界性的极端债务保守行为,无疑对传统资本结构理论提出了新的挑战。本文以企业零杠杆现象及其表征为研究的切入点,从财务弹性、融资约束、产品市场竞争、税盾、公司治理及经济后果等方面对国内外有关此话题的文献成果进行梳理、归纳和总结,分析性地指出当前该研究领域存在的不足,提出未来研究方向。研究为进一步推动资本结构理论的发展及完善,为破解零杠杆异象拓展了研究视角。