1,720,974 research outputs found
The Desirability of Domestic Debt Restructuring
Get PDF14p. The Background Notes of Verité Research Sri Lanka Economic Policy Group provide preliminary assessments, stating appropriate assumptions to overcome constraints in the availability of data. Members of the Verité Research Sri Lanka Economic Policy Group are Prof. Dileni Gunewardena, Prof. Mick Moore, Dr. Nishan de Mel, and Prof. Shanta Devarajan.Sri Lanka faces a challenge to emerge from the continuing economic crisis of unsustainable public debt. This paper sets out four important reasons to undertake an early domestic debt restructuring (DDR), by way of reprofiling the capital repayments. This will allow Sri Lanka to restore debt sustainability and economic stability more quickly, resiliently, and fairly, under the present dynamics. First, DDR provides a faster pathway toward solvency for the Government of Sri Lanka. Second, it provides the foundations for the stability of the economy (macro stability). Third, it reduces the likelihood of needing subsequent sovereign debt restructuring, and fourth, it facilitates a more equitable sharing of the costs to overcome the economic crisis
The Need for Governance-Linked State-Contingent IMF Programmes: A Third Way for Sri Lanka
Get PDF2p. This article was published as an opinion column by the Daily Mirror in print and is available online at https://www.dailymirror.lk/opinion/The-need-for-governance-linked-State-contingent-IMF-programmes:-A-third-way-for-Sri-Lanka/172-258976. It has also been published on the DailyFT and the International banker, please refer citation.The recent sovereign default of Sri Lanka has once again brought attention to the effectiveness of the International Monetary Fund’s (IMF) Extended Fund Facility (EFF) approach. This programmes provides loans of short duration (generally up to four years) with a few disbursements, conditional on a programmes of medium-term macro-fiscal adjustments. However, there is little evidence that this approach yields long-term success. On average, countries experience 2.1 restructuring episodes when entering default, with a typical resolution time of 7 to 10 years. Currently, debt renegotiation is handled separately from the IMF programmes, based on the view that sovereign-default episodes are primarily a balance-of-payments crisis. However, in cases such as Sri Lanka and others, the crisis is a twin-deficits crisis, involving both a fiscal and balance-of-payments crisis. This crisis is often due to domestic macroeconomic, fiscal, and monetary policies, as well as governance failures, institutional difficulties in implementing evidence-based policies, corruption, and political capture of institutions. Weaknesses in domestic policies reflect institutional shortcomings, such as difficulty in implementing evidence-based policy, corruption, and political capture. The table summarizing the weaknesses of institutions in Ghana, Sri Lanka, and Zambia is significantly greater than that of Greece, which was also severely criticized for its weaknesses at the time. Developing countries’ institutions tasked with implementing policies for rapid and severe fiscal adjustments are often limited, and cultures of favouritism between governments and elites exacerbate this issue. While the IMF’s governance-related conditionality is now often part of its programmes, they may not be comprehensive, directly linked to disbursements, nor are economic targets always grounded in reality. This article proposes a third way for the IMF’s lending programmes in countries such as Sri Lanka, which includes: a longer horizon of 15 years with smaller and more frequent tranche disbursements linked to shorter-term macroeconomic, fiscal, and governance targets
Schrodinger’s Banks: The Immediate Need for Policies to Ensure Financial Stability
Get PDF2p. This article was published as an opinion column by the Daily Mirror in print and is available online at https://www.dailymirror.lk/opinion/Schrodingers-Banks-The-immediate-need-for-Policies-to-ensure-Financial-stability/172-267232Sri Lanka is entering into a new, dangerous phase in its economic recovery. Although macroeconomic stabilisation has made progress, financial stabilisation needs immediate attention. The combination of covid-era loans and crisis-era loans with high-interest rates all coming due, and in an environment with volatility and uncertainty in loan quality, it is important that policies be put in place now, well before any crisis emanates from the banking system
Restructuring Domestic Debt Must Be Credible, Fast, Comprehensive
Get PDF3p. This article was published as an opinion column by the Daily Mirror in print and is available online at https://www.dailymirror.lk/opinion/Restructuring-domestic-debt-Must-be-credible-fast-comprehensive/172-260659With the possibility of restructuring domestic debt increasing, there are concerns about the impact of such a restructuring on the financial markets. A limited restructuring, in which only government debt held by the Central Bank is restructured, is unlikely to resolve the fundamental issue of government solvency. Indications are that only treasury bills (T-Bills) held by the Central Bank will be restructured while restructuring of treasury bonds (T-Bonds) may be expanded to the rest of the market. An expanded restructuring involving private sector participants (and potentially public institutions) would, however, need to be managed carefully. In a report issued by Verité Research in October 2022 titled The Desirability of Domestic Debt Restructuring, we provided calculations and analysis to show why the restructuring of domestic debt may be needed to help lift the economy from the current crisis. In that report, we proposed a maturity extension for domestic debt rather than any cut to the principal. In this article, I will assume that this is being considered and argue that the government must prioritize three objectives to successfully complete the restructuring of domestic debt: to be credible, to do it fast, and to do it comprehensively
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
International Monetary Equilibrium with Default
No full textWe present an integrated framework for the study of the international financial economy with trade, fiat money, monetary and fiscal policy, endogenous default and regulation. Money is introduced via a cash-in-advance requirement and real trade is endogenous. The standard international finance pricing results obtain. Market incompleteness and positive default in equilibrium allow for the study of the transmission of default through the international financial markets and imply a positive role for policy. Finally, we present an example where, due to the trade-off between the non-pecuniary cost of default
and the resulting allocation, a Pareto improvement occurs following an increase in interest rates
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
- …
