scholarly journals The Determination of Public Debt under both Aggregate and Idiosyncratic Uncertainty

2019 ◽  
Author(s):  
YiLi Chien ◽  
Yi Wen
Keyword(s):  
Public Debt ◽  
Idiosyncratic Uncertainty

PUBLIC DEBT IN A POLITICAL ECONOMY

2016 ◽  
Vol 20 (5) ◽  
pp. 1282-1312 ◽  
Author(s):  
Sigrid Röhrs
Keyword(s):  
Political Economy ◽  
Public Debt ◽  
Economic Model ◽  
Private Consumption ◽  
Overlapping Generations ◽  
Elasticity Of Substitution ◽  
Future Generations ◽  
Public And Private ◽  
Optimal Policies

This paper analyzes the determination of public debt in a dynamic politico-economic model with overlapping generations. Sizeable levels of public debt can be rationalized in this model. The elasticity of substitution between public and private consumption determines the size of public debt and could explain differences of debt across countries. I compare the optimal policies under commitment and in a “political equilibrium” without commitment. Public debt can be higher or lower when commitment is absent, depending on the elasticity of substitution between public and private consumption. Consequently, under certain conditions, the no-commitment debt level can be closer to a normative benchmark with higher weight for future generations.

scholarly journals THE ENDOGENOUS DETERMINATION OF RETIREMENT AGE AND SOCIAL SECURITY BENEFITS

2012 ◽  
Vol 18 (1) ◽  
pp. 93-113 ◽  
Author(s):  
Francisco Cabo ◽  
Ana García-González
Keyword(s):  
Social Security ◽  
Public Debt ◽  
Nonlinear Dependence ◽  
Retirement Age ◽  
The Public ◽  
Long Run ◽  
The Government ◽  
Pension Benefits ◽  
Social Security Benefits

An aging population in modern societies has put stress on public pension systems. To prevent social security deficits from increasing to unbounded levels of public debt we focus on two policies: reducing the generosity of pension benefits, determined by the government, and postponing the effective retirement age, chosen by employees. An atomistic employee would disregard the effect of his retirement decision on the public debt and would retire as soon as possible. Conversely, an ideal farsighted agency considering all current and future employees would postpone retirement, thereby alleviating the pressure on public debt and allowing a more generous long-run pension. The government may design a proper incentive strategy to induce myopic atomistic decision makers to act nonmyopically. This strategy is a two-part incentive with nonlinear dependence on the stock of public debt. It is credible if deceiving employees slightly adjust their retirement-age decisions to increments in the public debt.

scholarly journals Os Ratings de Risco Soberano e os Fundamentos Macroeconômicos dos Países: Um Estudo Utilizando Redes Neurais Artificiais

2009 ◽  
Vol 7 (1) ◽  
pp. 73 ◽  
Author(s):  
Bruno Ferreira Frascaroli ◽  
Luciano Da Costa Silva ◽  
Osvaldo Cândido da Silva Filho
Keyword(s):  
Neural Networks ◽  
Developing Countries ◽  
Artificial Neural Networks ◽  
Public Debt ◽  
Credit Market ◽  
Sovereign Risk ◽  
Static Exercise ◽  
External Conditions ◽  
Per Capita

To minimize the consequences of asymmetric information, the sovereign risk ratings are instruments that constitute a key piece in the determination of credit market conditions, essential to the growth of developing countries like Brazil. In the present work we studied based on macroeconomics foundations, a classification to sovereign risk ratings realized by the ratings agencies finding the classification using Artificial Neural Networks. We observed homogeneity degree between the attributions of agencies and macroeconomics foundations in the countries of sample which four of foundations seem to be more directly connected with these attributions. After, in a comparative static exercise, we use the model to make simulations of sceneries of the credit external conditions for the Brazilian economy, changing the macroeconomics foundations which we noted that agencies expected for more per capita income increasing and decrease of public debt.

scholarly journals On the Determination of the Public Debt

1979 ◽  
Vol 87 (5, Part 1) ◽  
pp. 940-971 ◽  
Author(s):  
Robert J. Barro
Keyword(s):  
Public Debt ◽  
The Public

Galactic orbits of stars

1966 ◽  
Vol 25 ◽  
pp. 93-97
Author(s):  
Richard Woolley
Keyword(s):  
Globular Cluster ◽  
Potential Field ◽  
High Velocity ◽  
Velocity Vector ◽  
Variable Stars ◽  
The Sun ◽  
Proper Motions ◽  
Rr Lyrae ◽  
The Galaxy

It is now possible to determine proper motions of high-velocity objects in such a way as to obtain with some accuracy the velocity vector relevant to the Sun. If a potential field of the Galaxy is assumed, one can compute an actual orbit. A determination of the velocity of the globular clusterωCentauri has recently been completed at Greenwich, and it is found that the orbit is strongly retrograde in the Galaxy. Similar calculations may be made, though with less certainty, in the case of RR Lyrae variable stars.

Distance to SN 1987A and the LMC

1999 ◽  
Vol 190 ◽  
pp. 549-554
Author(s):  
Nino Panagia
Keyword(s):  
Angular Size ◽  
Large Magellanic Cloud ◽  
Magellanic Cloud ◽  
Light Curves ◽  
Distance Modulus ◽  
Absolute Size ◽  
Sn 1987A

Using the new reductions of the IUE light curves by Sonneborn et al. (1997) and an extensive set of HST images of SN 1987A we have repeated and improved Panagia et al. (1991) analysis to obtain a better determination of the distance to the supernova. In this way we have derived an absolute size of the ringRabs= (6.23 ± 0.08) x 1017cm and an angular sizeR″ = 808 ± 17 mas, which give a distance to the supernovad(SN1987A) = 51.4 ± 1.2 kpc and a distance modulusm–M(SN1987A) = 18.55 ± 0.05. Allowing for a displacement of SN 1987A position relative to the LMC center, the distance to the barycenter of the Large Magellanic Cloud is also estimated to bed(LMC) = 52.0±1.3 kpc, which corresponds to a distance modulus ofm–M(LMC) = 18.58±0.05.

International determination of the total motion of the pole

1961 ◽  
Vol 13 ◽  
pp. 29-41
Author(s):  
Wm. Markowitz
Keyword(s):  
Secular Motion ◽  
The Future

A symposium on the future of the International Latitude Service (I. L. S.) is to be held in Helsinki in July 1960. My report for the symposium consists of two parts. Part I, denoded (Mk I) was published [1] earlier in 1960 under the title “Latitude and Longitude, and the Secular Motion of the Pole”. Part II is the present paper, denoded (Mk II).

Time and Latitude in South Africa

1972 ◽  
Vol 1 ◽  
pp. 27-38
Author(s):  
J. Hers
Keyword(s):  
South Africa ◽  
Cape Town ◽  
Astronomical Observations ◽  
Royal Observatory ◽  
The Republic ◽  
Astronomical Determination ◽  
Limited Accuracy ◽  
Better Than

In South Africa the modern outlook towards time may be said to have started in 1948. Both the two major observatories, The Royal Observatory in Cape Town and the Union Observatory (now known as the Republic Observatory) in Johannesburg had, of course, been involved in the astronomical determination of time almost from their inception, and the Johannesburg Observatory has been responsible for the official time of South Africa since 1908. However the pendulum clocks then in use could not be relied on to provide an accuracy better than about 1/10 second, which was of the same order as that of the astronomical observations. It is doubtful if much use was made of even this limited accuracy outside the two observatories, and although there may – occasionally have been a demand for more accurate time, it was certainly not voiced.

Large-scale Motion of Solar Filaments

2000 ◽  
Vol 179 ◽  
pp. 205-208
Author(s):  
Pavel Ambrož ◽  
Alfred Schroll
Keyword(s):  
Magnetic Flux ◽  
Proper Motion ◽  
Time Scale ◽  
Large Scale ◽  
Accuracy Of Measurements ◽  
Solar Filaments ◽  
General Movement ◽  
Scale Motion ◽  
Velocity Scatter

AbstractPrecise measurements of heliographic position of solar filaments were used for determination of the proper motion of solar filaments on the time-scale of days. The filaments have a tendency to make a shaking or waving of the external structure and to make a general movement of whole filament body, coinciding with the transport of the magnetic flux in the photosphere. The velocity scatter of individual measured points is about one order higher than the accuracy of measurements.

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