Syfte: Syftet med uppsatsen var att studera förhållandet mellan offentliga skuldregister och hushållens skuldsättningsgrad samt att bidra till att öka kunskapen om den eventuellt förekommande informationsasymmetrin på kreditmarknaden.  Frågeställningar: Vilket samband förekommer mellan hushållens skuldsättningsgrad och införandet av offentliga skuldregister? Vad anser intermediära förmedlare och banker om införandet av ett eventuellt offentligt skuldregister?  Metod: Studien genomfördes med hjälp av triangulering innehållande en kvantitativ och en kvalitativ forskningsansats. Studiens urval bestod av 19 stycken europeiska länder, varav 11 stycken har och 8 stycken har inte offentligt skuldregister. Historisk data från år 1995 till år 2021 har inhämtades från OCED:s webbplats och analyserades med hjälp av Pearsons korrelation och Student t-test. Intervjuer har även genomförts med intermediära förmedlaren UC och Nordax Bank.  Slutsats: Resultaten tyder på att informationsasymmetri föreligger på kreditmarknaden och att delade meningar om fenomenet förekommer. Ett samband som är på gränsen till starkt förekommer mellan hushållens skuldsättningsgrad och införandet av offentliga skuldregister. Intermediära förmedlare har en negativ syn på införandet av offentliga skuldregister medan banker har en positiv inställning till införandet av offentliga skuldregister.  Nyckelord: informationsasymmetri, intermediär information, intermediär förmedlare, moralisk hazard, offentligt skuldregister. / Purpose: The purpose of this thesis is to contribute to increasing knowledge about the potential occurrence of information asymmetry in the credit market by studying the relationship between public debt registries and grade of indebtedness for households.  Research questions: What is the relationship between the household’s grade of indebtedness and the implementation of public debt registries? What do intermediary intermediaries and banks think about the potential introduction of a public debt registry?  Method: The study employed a comprehensive approach utilizing triangulation that combined both quantitative and qualitative research methods. The sample comprised 19 European countries, of which 11 had implemented public debt registries while 8 had not. Historical data spanning from 1995 to 2021 was gathered from the OECD website and subjected to analysis using statistical tools such as Pearson's correlation and a Student t-test. Additionally, interviews were conducted with the intermediary UC and Nordax Bank to further enrich the study's findings.  Conclusions: The result indicates the existence of an information asymmetry in the credit market, but there are divergence opinions about the phenomenon. The findings suggest the presence of a nearly significant negative correlation between household debt levels and the introduction of public debt registries. Intermediaries hold a pessimistic view regarding the implementation of public debt registries, while banks exhibit a favorable stance towards their adoption.  Keywords: information asymmetry, intermediary information, intermediary intermediaries, public debt registry.

Made available in DSpace on 2016-04-26T20:48:48Z (GMT). No. of bitstreams: 1 Jorge C Siqueira.pdf: 785030 bytes, checksum: 11ecce584ab79026b6028037746e40c4 (MD5) Previous issue date: 2007-05-16 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / ABSTRAT The purpose of this study is to present and discuss the main impacts the indexation profile and the term-structure of the public debt may inflict on the debt´s trajectory. The main result of the study suggests that there may exist a vicious circle stemming from the relationship between the rise of the short-term interest rate of the Brazilian economy and the growing-path behavior of its public debt. It is stated that this movement may be a consequence of the uniqueness of the structure of Brazilian public debt, which is largely composed by short-term securities pegged to the short-term interest rate of the economy (Selic). In order to demonstrate this statement, the approach taken up rests on two models of public debt administration and on the analysis of these models in reference to the behavior of the level and the profile of indexation and term-structure of the public debt between 1995 and 2005. Therefore, our effort seeks to present the workings of this supposed vicious circle and its impacts on the behavior of the Brazilian public debt. In addition, in order to estimate exercises which may, at some length, corroborate the main idea proposed by this study, we make use of some econometric tools, such as Vector auto-regressions models and Vector Erros Corretions / O objetivo desse trabalho é apresentar e discutir os principais impactos que o perfil de indexação e prazo da dívida pública brasileira podem exercer sobre a trajetória da dívida. O principal resultado desse trabalho sugere a existência de um círculo vicioso entre elevações na taxa de juros de curto prazo da economia brasileira e a evolução crescente da dívida pública. Sugere-se que esse movimento possa ser conseqüência da peculiaridade da dívida pública brasileira, que se traduz numa dívida representada em grande parte por títulos de curto prazo e indexados a taxa de juros de curto prazo da economia (Selic). Para isso, utiliza-se uma abordagem que envolve a apresentação de dois modelos de administração de dívida pública e a análise desses modelos em conjunto com a evolução do nível e do perfil de indexação e prazo da dívida pública brasileira durante o período de 1995 - 2005. Dessa maneira, tenta-se apresentar o funcionamento desse suposto círculo vicioso e seus impactos para a evolução da dívida pública brasileira. Ainda utiliza-se o instrumental econométrico dos modelos Vetores auto-regressivos (VAR) e Vetores de Correção de Erros (VEC) para se estimarem exercícios que de certa forma corroboram a principal idéia sugerida nesse trabalho

This study examines the public debt, public debt service and economic growth nexus in Zambia, Zimbabwe and South Africa using time-series data from 1970 to 2017. This research provides empirical evidence to contribute, firstly, to the ongoing public policy debate regarding the dynamic relationship between public debt, public debt service and economic growth, and their causal relationship; and secondly, to the relative impact of domestic and foreign public debt on economic growth in the selected study countries. For this purpose, four empirical models were utilised and estimated using the Autoregressive Distributed Lag (ARDL) bounds to cointegration and the error correction ARDL-based causality test. Model 1 explored the impact of aggregate public debt on economic growth, while Model 2 investigated the relative impact of domestic and foreign public debt on economic growth. Model 3 examined the impact of public debt service on economic growth, whereas the causality between aggregate public debt and economic growth, and between public debt service and economic growth is tested in Model 4a and Model 4b, respectively. Results show that in Model 1, aggregate public debt has a positive impact on economic growth in Zambia but is negative in Zimbabwe and South Africa. In Model 2, domestic public debt negatively impacts economic growth in Zambia and Zimbabwe and positive impact in South Africa. In addition, foreign public debt has a positive impact on economic growth in Zambia and negative impact in Zimbabwe and South Africa. The results from Model 3 largely support a negative relationship between public debt service and economic growth in Zambia and Zimbabwe, and an insignificant relationship in South Africa. The causality results for Model 4a indicate that it is economic growth that drives public debt in all the study countries. Finally, no causal relationship between public debt service and economic growth was confirmed in all the study countries (Model 4b). / Economics / D. Phil. (Economics)

The local government tax-exempt debt market is a growing, and complex, sector of public finance. As local governments turn to debt financing the factors that contribute to interest costs of that debt have become important considerations for local government officials and politicians. Governance at the local level involves a network of overlapping governments some of which share a tax base. This system of overlapping governments that share a tax base are subject to externalities that arise from taxation, expenditures, and debt. These externalities are usually analyzed in terms of tax or expenditure reactions, but there are implications for local government debt as well. For example, it can be shown that overlapping governments that share a tax base and issue debt can increase the interest costs paid on bonds by a higher level government. Further complicating the debt situation of local governments is the prevalence of a variety of special districts with the authority to issue tax-exempt debt. These special districts may have the authority to issue debt, but little is known about their financing processes. By comparing how different types of government approach the credit rating process this dissertation compares risk assessment of traditional municipalities and special districts. Through this comparison similarities and differences in the credit rating process across types of local governments can be identified. To explore these issues of local government debt several advanced econometric techniques are used to estimate various models.

The thesis analyses several ways to use financial derivatives in public debt management. It mainly focuses on the manager's motives to use derivatives, associated risks and other fundamental aspects, including the known examples of a questionable use of swaps. In the last chapter the thesis also uses historical data to determine whether the use of derivatives can have a positive effect on the Czech republic's interest expenditures.

Esta tese de doutorado estuda os requisitórios: precatórios e requisições de pequeno valor, sob o prisma do Direito Financeiro. Com esse objetivo se estuda o desenvolvimento dos requisitórios e suas regras atuais, tanto em termos de determinações constitucionais, quanto nas questões orçamentárias, da dívida pública e do controle das finanças públicas, questionando também a forma como se dá a execução contra a Fazenda Pública por quantia certa em outros países do mundo. / This doctoral thesis studies, through the prism of Financial Law, the payments of money owed by the Federal Treasury, by State Treasury, by Federal District Treasury, or by Municipal Treasury, by virtue of a court decision (writ of execution against Public Treasury or writ of execution of a small amount of money against Public Treasury). For this purpose we study the development of payments of court decisions and its current rules, both in terms of constitutional provisions, budget issues, public debt and internal and external audit of public money used to pay court decisions, also questioning how this payment is done by Public Treasury in other countries.

Made available in DSpace on 2016-04-26T20:48:48Z (GMT). No. of bitstreams: 1 Cristiano Serrao.pdf: 265704 bytes, checksum: ddff2ca9e6d556d812ab50127beca2f2 (MD5) Previous issue date: 2005-05-10 / This paper s objective is to study the Brazilian crisis of the year of 2002. We believe that, as this is a recent event, there is room to new perceptions and interpretations. This paper will propose a new view on this crisis, based on the Credit Rationing Theory. Initially, we will do a brief review of the Credit Rationing Theory. We will focus on the key aspects of that theory, specially the ones that will allow us to apply such theory in the case study that we are working on. After that, we will analyze the historical context that led Brazil to that crisis. Initially, this study will be focused on the increase of the size of the flows that transited through Brazilian Financial Account in the period that precedes the crisis. We will also take a look in the historical context itself, and analyze the external influence in this crisis. Afterwards, this paper will study the Mark-to-Market crisis, which was the starting point of the Brazilian crisis of 2002. This event was responsible to raise doubts about the sustaintability of Brazilian public debt. Additionally we will study the dynamics of Brazilian public debt in the crisis period, which, in our opinion, had a highly relevant role in such event. / Essa dissertação pretende lançar um olhar mais detalhado à crise brasileira de 2002. Acredito que esse evento, por ser ainda recente, ainda não foi compreendido em toda a sua magnitude, e esse trabalho tem o objetivo de lançar uma interpretação plausível para o mesmo. Para isso, utilizaremos o instrumental teórico da Teoria do Racionamento de Crédito. Inicialmente, iremos fazer uma revisão da Teoria do Racionamento de Crédito, nos atendo aos pontos que serão úteis na aplicação dessa teoria ao caso prático. Em seguida, iremos expor os principais condicionantes da crise brasileira de 2002, nos atendo inicialmente ao movimento de flexibilização da conta Financeira brasileira nos anos que antecedem a crise. É dada especial ênfase à Conta de Investimento em Carteira. É também analisado o contexto histórico no qual a crise está inserida. O passo seguinte foi investigar em que medida essa crise foi originada também por motivos externos, ao comparar a piora dos indicadores de risco-país não só do Brasil, mas dos demais países emergentes também. A dissertação, por fim, irá se deter no período de crise em si. Iremos analisar a Crise da Marcação a Mercado , que foi o ponto inicial da crise brasileira de 2002, estudando suas origens e impactos na credibilidade da dívida pública brasileira. Segue-se a análise da dinâmica da dívida pública brasileira no período de crise, o que na nossa opinião possui um poder explicativo muito forte com relação ao evento em questão.

Made available in DSpace on 2016-04-26T20:48:55Z (GMT). No. of bitstreams: 1 Joao Paulo Pieroni.pdf: 521209 bytes, checksum: a399a879f7342b37382038cb88316ecc (MD5) Previous issue date: 2009-05-25 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The price stabilization that occurred in Brazil since 1994, after a long period of macroeconomic volatility, seemed to be sufficient to extend the terms and improve the internal public debt compound from the country. However, in spite of some advances, the debt compound is still in short term and with high participation of interest index bonds. The aim of this work is to show structural factors that still inhibits the effective extension and improvement of the internal public debt. In order to achieve this goal, some characteristic of primary and secondary market of public bonds and its close relation to the monetary policy through yield curve are shown. It emphasizes that the structure format of this curve, together with low liquidity on secondary market, makes it difficult for the long term bonds demand. It discusses the small benefits of the improvement of the debt extension in relation to the high financial costs given by this strategy. From the descriptive analyses of primary auction of public bonds and the relation between monetary policy and the public debt administration in Brazil, after 1999, we can see that the efforts made to extend the term and improve the exposure of the brazilian debt are, in great part, removed from eventual internal or external uncertain crisis. The work concludes that as long as the interest index bonds, the incentive to short term culture of the agents and the high level of interest rates were maintained, there will be limits to effective extension and improvement the compound of the internal public debt in Brazil / A estabilização de preços ocorrida no Brasil a partir de 1994, após um longo período marcado pela volatilidade macroeconômica, parecia ser condição suficiente para o alongamento e melhora do perfil da dívida pública mobiliária interna (DPMFi) do país. Entretanto, a despeito de alguns avanços, a composição da dívida continua a ser de curto prazo e com elevada participação de títulos indexados a taxa de juros. O objetivo desta dissertação é apontar os fatores estruturais que continuam inibindo o efetivo alongamento e melhora do perfil da DPMFi no país. Para isso, são apresentadas as características dos mercados primário e secundário de títulos públicos e sua estreita relação com a política monetária, por meio da estrutura a termo da taxa de juros. Enfatiza-se que o formato dessa estrutura, em conjunto com a baixa liquidez do mercado secundário, dificultam a demanda por títulos mais longos. Questiona-se os benefícios dos pequenos avanços no alongamento da dívida em relação aos elevados custos financeiros impostos por essa estratégia. A partir da análise descritiva dos leilões primários de títulos públicos e das relações entre política monetária e administração da dívida pública no Brasil, após 1999, constata-se que os esforços realizados para ampliar os prazos e melhorar a exposição da dívida brasileira são, em grande parte, eliminados por eventuais crises de confiança, internas e/ou externas. Conclui-se que enquanto forem mantidos, entre outros fatores, os títulos pós-fixados indexados a taxas de juros, o incentivo à cultura de curto prazo dos agentes financeiros e o elevado nível das taxas de juros, haverá limites para o efetivo alongamento e melhora do perfil da dívida pública no país

Made available in DSpace on 2016-04-26T20:48:56Z (GMT). No. of bitstreams: 1 Javier Ignacio Toro Gonzalez.pdf: 864358 bytes, checksum: d7676ee8793227ea2f982b836f3be573 (MD5) Previous issue date: 2009-04-30 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / This paper analyzes the assumption and refinancing agreement of the internal public debt held by the Municipality of Sao Paulo with the brazilian Federal Government as signed in May 2000. The first chapter presents the theoretical basis of the economic policy, especially the fiscal policy, adopted by Brazil in the 1990 s and also presents the context that led to the refinancing agreement and to the Law of Fiscal Responsibility. In the second chapter the strategic role of the city of Sao Paulo in Brazil s national economy is discussed as well as the behavior of its public finances since 1995. In the third and final chapter the terms and conditions of the agreement itself as well as its sustainability are analyzed. The results point to the unsustainability of the agreement under the two approaches adopted: the Accounting and the Present Value. It is evident that the agreement - which forbids new indebtedness - harms the ability of the Municipality of Sao Paulo to perform as an entrepreneur of new projects in infrastructure, essential for a modern metropolis like Sao Paulo to meet the challenges it faces, and preventing it from fully exercising its role as a Global City in the greater context of the national Brazilian economy / Esta dissertação analisa o acordo de assunção e refinanciamento da dívida pública interna do Município de São Paulo junto ao Governo Federal assinado em maio de 2000. O primeiro capítulo apresenta a fundamentação teórica da política econômica, em especial da política fiscal, adotada no Brasil na década de 1990 e também o contexto interno que deu origem ao acordo de refinanciamento da dívida interna dos governos subnacionais e à Lei de Responsabilidade Fiscal. No segundo capítulo discute-se o papel estratégico da cidade de São Paulo para a economia brasileira e o comportamento das finanças do Município desde 1995. O terceiro e último capítulo, apresenta a análise dos termos e condições do acordo e da sua sustentabilidade. Os resultados apontam para a insustentabilidade do acordo nas duas abordagens adotadas: a Contábil e do Valor Presente. Fica evidente que o acordo, ao proibir novos endividamentos, prejudica o desempenho do Município como empreendedor de novos projetos de infra-estrutura, essenciais para fazer frente aos desafios de uma metrópole moderna como São Paulo, impedindo-a de exercer plenamente o papel de Cidade Global dentro da economia brasileira

Les politiques environnementales, notamment celles recourant aux instruments fiscaux, ont pris une place de plus en plus importante dans un grand nombre de pays durant les trois dernières décennies. Tous les pays de l’OCDE ont introduit des taxes liées à l'environnement et un nombre croissant d'entre eux procèdent à une réforme dite "verte" de leur fiscalité. L’utilisation de la taxe comme un instrument pour la politique environnementale a suscité un large débat parmi les chercheurs sur ses impacts sur la croissance économique, mais sans parvenir à un consensus sur la nature de ces effets. Certains trouvent un effet négatif, alors que d’autres montrent un impact positif. Deux points ont attiré notre attention sur ce sujet. Premièrement, les études empiriques qui vérifient la validité de ces résultats sont très rares. Deuxièmement, la majorité des modèles théoriques qui ont étudié l’effet de la fiscalité environnementale sur la croissance économique supposent que le gouvernement finance ses dépenses uniquement par les taxes et que le budget d’État est équilibré à chaque période, évitant ainsi tout fardeau associé au remboursement de la dette publique. Par conséquent, cette thèse a pour objectif d’abord d’explorer empiriquement la nature de la relation entre la fiscalité environnementale et la croissance économique, et si cette relation est sensible au niveau d'autres variables dans l'économie. Ensuite, nous examinons les canaux par lesquels cette taxe peut affecter la croissance économique, et si l'existence et le niveau de la dette publique peuvent modifier cet effet. / Environmental policies, especially those using fiscal instruments, have become more and more important in a large number of countries over the last three decades. All OECD countries have introduced environmentally related taxes, and a growing number of them are carrying out a so-called "green" reform of their taxation. The use of the tax as an instrument for environmental policy has sparked wide debate among researchers on its impacts on economic growth, but without reaching consensus on the nature of these effects. Some find a negative effect; while others show a positive impact. Two points raised our attention on this subject. First, the empirical studies that verify the validity of these results are very rare. Second, the majority of theoretical models that have studied the effect of environmental taxation on economic growth assume that the government finances its expenditures solely through taxes and that the state budget is balanced each period, thus avoiding any burden associated to repayment of public debt. Therefore, this thesis aims firstly to explore empirically the nature of the relationship between environmental taxation and economic growth, and whether this relationship is sensitive to the level of other variables in the economy. We examine then the channels through which this tax can affect economic growth, and whether the existence and level of public debt can modify this effect.