This study contains analyses of the most important constitutional mechanisms stabilising public finances in Poland. The purpose this is a critical analysis elements (mechanisms) stabilisingpublic Poland, which are rooted Republic Poland’s Constitution. It focuses on issues income, expenditure, and budget deficit. State debt was extensively analysed. existence two methodologies for calculating n...

57 As we have seen at the beginning of the Great Recession, the household sector of an economy played a central role in the financial (in)stability that developed after the bust of the housing bubble in the U.S.A. (see e.g. Acharya et al., 2009; Claessens et al., 2010). Debelle (2004) had already pointed out that it is the distribution of debt that needs to be analyzed to investigate the effect...

In this paper, we present an intensity-based common factor model that is used to analyze the valuation of common systematic risks in multi-name credit and equity markets. In particular, we use a hybrid intensity model to price single-name credit instruments such as credit default swaps (CDSs), multi-name credit derivatives such as collateralized debt obligations (CDOs), and equity index options...

We consider a model in which a principal must both repay a loan and motivate an agent to work hard. Output is non-contractible, so the principal faces a commitment problem with both her creditor and her agent. In a profit-maximizing equilibrium, the agent’s productivity is initially low and increases over time. Productivity continues increasing even after the debt has been repaid, eventually co...

In the past few years, there have been several new developments in the way real estate investment trusts (REITs) access capital. There has been an increasing trend toward the use of unsecured debt, and REITs may also alter their dividend policy in order to generate capital internally to the extent they can. There has been little empirical research into the market's reaction to unsecured debt an...

this study empirically examines whether managers manipulate reported income through the timing of sales of long-lived assets and investments. several empirical implications of the income-smoothing and debt-equity hypothesis in the context of asset sales were tested. the findings are consistent with the timing of asset sales by managers so that the recognized accounting income from these sales s...

This paper provides, and empirically estimates, a structural model of sovereign default risk on external debt. The sovereign endogenously determines its level of foreign debt and default policy. Consistent with default crisis episodes, the sovereign and its lenders bargain at default over a reduction of the debt service. The potential for debt restructuring o¤ers the sovereign greater incentive...

There is a substantial correlation between household debt and health. Individuals with less healthy lifestyles are more likely to hold debt, yet there is little evidence as to whether this is merely a correlation or if financial hardship actually causes obesity. In this paper, we use data from the National Survey of Adolescent Health to test whether financial hardship affects body weight. We di...