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Sovereign Debt Restructuring Mechanisms: Trends, Tools, and Global Case Studies
No full textIn Ukraine, the debt crisis has intensified, manifested in the growth of public liabilities, an expanding budget deficit, and increasing pressure on public finances. Limited domestic funding sources compel the state to actively borrow on the debt market, exceeding safe limits and heightening insolvency risks. Under these conditions, debt restructuring emerges as a key tool to prevent financial destabilization. Global experience provides insights into effective mechanisms that can be adapted to Ukraine’s realities to restore debt sustainability.
The purpose of the study is to outline the key principles for implementing sovereign debt restructuring mechanisms, with a focus on global experience, to develop recommendations for their successful application in Ukraine.
The study is based on official statistical data from Ukraine and international financial institutions, scientific publications, analytical reports, and examples of global debt restructuring cases. Methods of analysis and synthesis, comparative and statistical analysis, graphical methods, and the case study approach were employed to identify trends and assess the effectiveness of debt mechanisms.
The necessity of restructuring as a key tool for stabilizing public finances has been substantiated. The effectiveness of restructuring mechanisms has been shown to depend on the depth of changes to debt conditions and coordination with creditors. Emphasis has been placed on the role of comprehensive reforms and fiscal consolidation. A comparison of global cases of successful and unsuccessful restructurings has been conducted. The main tools and approaches to their implementation have been systematized. The conclusion has been drawn on the advisability of adapting the best international practices to Ukraine’s conditions.
Sovereign debt restructuring is a crucial tool for reducing debt burden and restoring financial stability, but its effectiveness depends on a comprehensive approach, coordination with creditors, and accompanying economic reforms. Global experience highlights the advisability of combining various mechanisms and implementing innovative tools. For Ukraine, the key lies in adapting the best international practices to national conditions and maintaining systematic dialogue with creditors to enhance debt sustainability
Economic, Social, and Institutional Drivers of FDI: A Comparative Study of Developed and Developing Economies
No full textThis study examines the determinants of foreign direct investment inflows by categorising them into three overarching dimensions, which are economic, social, and institutional. Recognising the heterogeneity of global economies, the analysis differentiates between developed and developing countries according to income classifications. Based on panel data for 178 countries covering the period from 1996 to 2019. The empirical results reveal notable differences in the drivers of foreign direct investment across income groups. In developing countries, economic factors such as market size, trade openness, and macroeconomic stability emerge as the most influential determinants. This explains that investors in less mature markets place the greatest importance on strong economic fundamentals. In contrast, in developed economies, social factors, including infrastructure quality, education levels, and human capital development, play a more prominent role in attracting foreign direct investment. This reflects investors’ greater responsiveness to social infrastructure and workforce capabilities in advanced markets. Institutional factors such as governance quality, regulatory frameworks, and political stability show a weak and statistically insignificant relationship with foreign direct investment inflows in both developed and developing countries. This finding challenges the prevailing view that strong institutions are a prerequisite for attracting foreign investment and indicates that their influence may be context-dependent or overshadowed by more immediate economic and social considerations. Overall, the study provides a nuanced understanding of the heterogeneous nature of foreign direct investment determinants and highlights the need for policy strategies that are tailored to the specific developmental stage and structural characteristics of each country. These insights can help policymakers align economic and social development priorities more effectively with the objective of enhancing foreign direct investment attractiveness
The Joule Standard: A Thermodynamic Theory of Monetary Evolution and Civilizational Collapse
No full textStandard economic models often treat money as a social construct independent of physical laws. This paper proposes a unified thermodynamic theory of value, positing that monetary systems are information protocols evolved to maximize entropy production in dissipative structures (civilizations).
By analyzing 10,000 years of economic history—from the Neolithic
era to the Digital Age—we demonstrate a strict linear relationship (R2 = 0:9934) between the Real Cost of Energy (E) and the Granularity of Money (G). We derive the Equation of Value, G / E, where the value of the accounting unit scales directly with the energy cost of labor. This framework resolves historical anomalies such as the collapse of the Roman Denarius and the failure of the 20th-century Gold Standard, interpreting them not as policy errors, but as thermodynamic phase transitions. The theory predicts that the current decline in the marginal cost of energy (via AI and renewables) necessitates a transition to a monetary substrate with near-infinite divisibility and zero friction
Fairness, ambiguity, wage markups and disinflation costs
No full textThe notion that much of the reduction in disinflation costs in recent decades is due to better anchoring converges with the proposition of Dow, Simonsen and Werlang's (1993) that part of the sacrifice ratios of poorly anchored economies may be caused by coordination problems, which they modeled as ambiguity. The present paper associates ambiguity in disinflation with fairness in the labor market, but modeling it without an effective reduction in effort, and with inflation persistence, thus presenting similarities with Driscoll and Holden (2004). Bayesian inference with North American data with the model shows that the pattern here associated with ambiguity and fairness was especially pronounced during the Volcker disinflation, had local peaks after the oil shocks during the great inflation, did not happen following the wave of adverse productivity shocks after Volcker's macroeconomic anchorage, nor did it happen in the disinflation immediately after the COVID-19 pandemic. To make this inference, this paper models wage markup shocks by including in them factors such as an ambiguity premium, in contrast with the format that restricts them solely to shocks in the elasticity of substitution between different kinds of labor. This provides an explanation for the results of some well-known works with evidence compatible with the idea that increases in a wide concept of wage markups were a major cause of the increase of the unemployment rate and of the decrease in output during the Volcker disinflation and a line of reasoning to analyse Central Bank policy to deal with it. The paper concludes by briefly discussing ambiguity in disinflations of high and moderate inflations under both inflation targeting and exchange rate anchors
Maternal Big Five personality traits and breastfeeding outcomes: what we know and what we don’t know
No full textIntroduction: Exclusive breastfeeding—feeding an infant only breast milk
for the first 6 months of life—is recognized as the preventive intervention
with the greatest potential to reduce child mortality. However, the World
Health Organization (WHO) estimates that only 44% of all infants globally are
exclusively breastfed for the first 6 months of life. Research into the barriers
to meeting this goal of exclusive breastfeeding suggests an important role for
sociodemographic factors. Maternal personality traits, another possible factor
affecting infant feeding outcomes, have received relatively sparse attention
from researchers and are the focus of this mini-review.
Methods: Three databases and one peer-reviewed journal in lactation that was not included in either were systematically searched. Studies that analyzed the relationship between maternal Big Five personality traits and breastfeeding or lactation outcomes were included in this mini-review. In addition, the reference sections of all included studies were searched for other possible matches, resulting in one more study being included.
Results: Eleven studies dating from 2006 to 2022 met the criteria for inclusion in this mini-review. In total, they included n = 19,425 participants. Due to the differences in methodology, statistical analysis, and breastfeeding outcomes analyzed, they were summarized using a narrative synthesis.
Conclusion: There were no emerging patterns regarding associations between Big Five personality traits and breastfeeding outcomes. While personality traits may play a role, their influence might be moderated by other factors, including other psychological, social, and demographic variables. More studies employing state-of-the-art research design and analysis methods are needed to see whether patterns will emerge
ANÁLISE DO CRESCIMENTO ECONÓMICO, AS CRISES FINANCEIRAS E AS REFORMAS NECESSÁRIAS PARA GARANTIR UM DESENVOLVIMENTO SUSTENTÁVEL NOS PAÍSES EM DESENVOLVIMENTO.
No full textThis article analyzes economic growth, financial crises, and the reforms needed to ensure sustainable development in developing countries. Initially, it observes that economic growth in these countries is frequently marked by rapid expansions followed by financial crises, attributed to factors such as insufficient infrastructure, external vulnerabilities, and inadequate economic policies. Next, it discusses the importance of structural reforms, including improved governance, economic diversification, the implementation of sound fiscal and monetary policies, and the strengthening of the financial system. Finally, it highlights that the adoption of sustainable practices and regional integration are fundamental to promoting balanced and resilient growth, guaranteeing the present and future of all nations. The study reinforces the need for integrated, long-term policies to transform challenges into opportunities for sustainable development
Startup Noncompetes in the Shadow of Acquihiring
No full textNon-compete agreements (NCAs) restrict employee mobility and often play important roles in startups, such as preventing leakage of intellectual property. In this article, I propose an additional role of NCAs in startups as a potential countermeasure to acquihiring by developing a model of labor market competition between a potential acquirer and a startup. In the model, the potential acquirer has two options to hire the startup's employee, direct hiring (poaching) and acquihiring — the acquisition of a company to hire its talented employees. NCAs may either induce or prevent acquihiring by affecting the profitability from each hiring strategy for the potential acquirer. I identify the conditions under which NCAs prevent acquihiring and demonstrate that stricter NCA regulation may distort worker allocation and/or reduce worker welfare. This result indicates that, in the context of high-tech industries where acquihiring is relatively prevalent, increased regulation of NCAs could hurt startups, facilitate acquihiring by Big Tech firms, and ultimately reinforce their market power
La ley del descenso tendencial de la tasa de ganancia: Evidencia empírica para la economía española
No full textThis article examines the law of the tendency of the rate of profit to fall in the Spanish economy between 1960 and 2024, considering the organic composition of capital and the rate of surplus value as central variables. Its aim is to determine whether this law, formulated by Marx in Capital (Vol. III), continues to operate in the contemporary context. The methodology consists of transforming orthodox macroeconomic categories derived from the Spanish National Accounts (CNE), available in BDMACRO, into Marxist variables: constant capital (c), variable capital (v), and surplus value (pv). Based on these, historical series of the organic composition of capital (q), the rate of surplus value (pv'), and the rate of profit (g') are constructed, adjusted to constant prices to ensure temporal coherence and comparability. The results show a sustained increase in q and a slight decrease in pv', generating a tendential decline in g' with cyclical fluctuations associated with specific crises. The conclusions empirically confirm the validity of the law in Spain, highlighting the historical limits of capitalism and providing quantitative evidence on the structural dynamics of profitability
Introduction to Transformative Economies
No full textThis introductory chapter outlines the analytical foundations of transformative economies, emphasizing how economic change emerges from the interaction of human capital, cultural values, institutional quality, spatial dynamics, and policy innovation. It situates the book’s five-part structure within a broader framework that views transformation as a multidimensional and context-dependent process. By highlighting both successful pathways and cautionary failures, this chapter establishes a conceptual roadmap for understanding how societies pursue resilience, sustainability, and inclusive development in an era of profound global and regional challenges
Financial inclusion and bank stability: evidence from capital buffer and capital adequacy ratio
No full textThe study examines the effect of financial inclusion on bank stability, and the effect of bank stability on financial inclusion from 2011 to 2020. The study analyses 33 countries which are divided into Asian countries, African countries, European countries, and countries in the region of the Americas and using the panel regression method. It was found that high levels of financial inclusion have a significant positive impact on bank stability. The regional results show that financial inclusion improves bank stability in African countries and in countries in the region of the Americas while financial inclusion impairs bank stability in European countries. The analysis for the impact of bank stability on financial inclusion shows that bank stability has a significant effect on financial inclusion. The regional analysis shows that greater bank stability decreases financial inclusion in European and African countries while greater bank stability increases financial inclusion in countries in the Americas region. The results suggest that the effect of financial inclusion on bank stability, and the effect of bank stability on financial inclusion, depends on how financial inclusion and bank stability are measured and the region examined