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1 – 10 of 30
Article
Publication date: 1 January 1991

D. Ročak, M. Kosec and F. Jan

An evaluation of some silicone and epoxy materials for primary chip and top coatings on hybrid circuits and of their relative merits on the basis of humidity and…

Abstract

An evaluation of some silicone and epoxy materials for primary chip and top coatings on hybrid circuits and of their relative merits on the basis of humidity and temperature cycling is presented.

Details

Microelectronics International, vol. 8 no. 1
Type: Research Article
ISSN: 1356-5362

Article
Publication date: 1 April 1976

Jimmie Hoover

For documents specialists it was a schizophrenic year. On the one hand we waded through a Bicentennial flood of historical publications extoling the significance of the…

Abstract

For documents specialists it was a schizophrenic year. On the one hand we waded through a Bicentennial flood of historical publications extoling the significance of the past two hundred years of federal existence. On the other we faced future shock as the Monthly Catalog was wedded to OCLC while the GPO moved further into micropublishing.

Details

Reference Services Review, vol. 4 no. 4
Type: Research Article
ISSN: 0090-7324

Content available
Article
Publication date: 1 December 2002

91

Abstract

Details

Sensor Review, vol. 22 no. 4
Type: Research Article
ISSN: 0260-2288

Keywords

Article
Publication date: 3 June 2022

Christine Clarke, Patrice Whitely and Travis Reid

This study aims to explore the sustainability of Jamaica’s public debt over a highly volatile period of time.

Abstract

Purpose

This study aims to explore the sustainability of Jamaica’s public debt over a highly volatile period of time.

Design/methodology/approach

The authors use a suite of econometric tools, including, unit root testing, cointegration testing and estimating a fiscal reaction function. The authors control for structural breaks in the regression analysis.

Findings

The authors find that whilst reschedulings might be indicative of cash-flow problems in Jamaica, fiscal policy has responded effectively to increase the public debt, thereby making the debt sustainable. Notwithstanding the political economy and social demands of the population prior to the impact of the pandemic, the implications of higher debt stocks (higher debt-servicing and lower social expenditures) might make this approach to fiscal policy and debt management infeasible. As a result, the authors recommend that the government will need to take an active approach in managing its debt position to facilitate responses to shocks and provide conditions within which maintaining fiscal discipline is feasible.

Originality/value

To the best of the authors’ knowledge, this is the first study to explore fiscal sustainability in Jamaica over this time period whilst taking into consideration structural breaks caused by the global financial crisis and debt restructurings. The authors also take into consideration variables such as exchange rates and the occurrence of elections, which have not been included in previous studies.

Details

International Journal of Development Issues, vol. 21 no. 3
Type: Research Article
ISSN: 1446-8956

Keywords

Article
Publication date: 11 March 2022

Sakshi Malik and Simrit Kaur

Despite being a global public–private partnerships (PPPs) leader, the Asian region is characterised by a wide PPP-divide, wherein select countries attract majority of PPP…

Abstract

Purpose

Despite being a global public–private partnerships (PPPs) leader, the Asian region is characterised by a wide PPP-divide, wherein select countries attract majority of PPP projects, while other countries fail to attract the requisite PPP investments. Against this background, the purpose of this study is to investigate the determinants of PPP projects in Asia.

Design/methodology/approach

Using quantitative methods on secondary data, this study analyses the macroeconomic determinants of value and number of PPPs in Asia for the period 2010–2019. The methodology relies on panel fixed effects, random effects, two-step system generalised method of moments and negative binomial regression.

Findings

Results underline the importance of the country’s experience with PPPs, physical infrastructure, financial sector development, market conditions, institutional quality and political stability in attracting PPP projects.

Practical implications

Identification of the determinants of PPPs will assist private investors in making informed decisions related to the selection of countries for PPP investments, thereby increasing the likelihood of a project’s success.

Social implications

The results are expected to enable countries to formulate policies aimed at attracting higher PPP investments, thereby propelling economic development and improvement in the quality of life.

Originality/value

To the best of the authors’ knowledge, this is the first such study that comprehensively analyses the determinants of both value of PPP investments and number of PPP projects for Asian countries.

Details

Transforming Government: People, Process and Policy, vol. 16 no. 3
Type: Research Article
ISSN: 1750-6166

Keywords

Open Access
Article
Publication date: 3 August 2021

Ola Al Sayed, Ashraf Samir and Heba Hesham Anwar

This paper aims to assess the fiscal sustainability in Egypt during the period 1990–2018 using deficit accounts (DA) approach. It also tries to investigate the possibility…

Abstract

Purpose

This paper aims to assess the fiscal sustainability in Egypt during the period 1990–2018 using deficit accounts (DA) approach. It also tries to investigate the possibility of applying generational accounts (GA) in Egypt as a new approach to assess fiscal sustainability.

Design/methodology/approach

This paper tries to assess fiscal sustainability in Egypt during 1990–2018 using DA and GA approaches. DA approach includes primary deficit indicator, tax gap indicator, augmented Dickey-Fuller stationarity test for debt/GDP ratio and Johansen co-integration test between government revenues and expenditures. However, concerning the possibility of applying GA in Egypt, field study form was designed including specific questions to academic and executive economic experts to investigate if it is possible to apply GA in Egypt.

Findings

The empirical findings of the field study indicate that Egypt witnessed fiscal sustainability during the period 1990–2018 using DA. On the other hand, there are various obstacles, including administrative, technical, legal and political obstacles which hinder Egypt from applying GA to assess fiscal sustainability.

Originality/value

To the best of the authors' knowledge, this paper assesses fiscal sustainability in Egypt using DA for a longer and updated time series within 1990–2018. In addition, it is the first paper to examine the possibility of assessing fiscal sustainability using GA approach in Egypt.

Details

Review of Economics and Political Science, vol. 6 no. 4
Type: Research Article
ISSN: 2356-9980

Keywords

Article
Publication date: 17 October 2019

Richard Cebula

The purpose of this study is to empirically investigate the impact of aggregate federal personal income tax evasion on the real interest rate yield on 10-year Treasury…

Abstract

Purpose

The purpose of this study is to empirically investigate the impact of aggregate federal personal income tax evasion on the real interest rate yield on 10-year Treasury notes, 20-year Treasury bonds and 30-year US Treasury bonds.

Design/methodology/approach

An open-economy loanable funds model is developed, with income tax evasion expressly included in the specification in the form of the AGI (adjusted gross income) gap and the ratio of unreported AGI to actual AGI, expressed as a per cent.

Findings

The empirical estimations reveal compelling evidence that income tax evasion thus measured acts to elevate the real interest rate yields on 10-year Treasury notes and both 20-year and 30-year Treasury bonds, raising the possibility of a tax evasion-induced form of “crowding out”.

Research limitations/implications

Ideally, tax evasion data for a longer time period would be very useful.

Practical implications

To the extent that greater federal personal income tax evasion yields a higher interest rate yield on 10-year, 20-year and 30-year Treasury debt issues, it is likely that the tax evasion will also elevate other interest rates in the economy.

Social implications

Higher interest rates resulting from tax evasion would likely slow-down macroeconomic growth and accelerate unemployment.

Originality/value

Neither the tax evasion literature nor the interest rate literature has ever considered the impact of tax evasion behavior on long-term interest rates.

Article
Publication date: 24 May 2018

Richard Cebula and Usha Nair-Reichert

This study investigates the impact of federal income tax rates and budget deficits on the nominal interest rate yield on high-grade municipal tax-free bonds (municipals…

Abstract

Purpose

This study investigates the impact of federal income tax rates and budget deficits on the nominal interest rate yield on high-grade municipal tax-free bonds (municipals) in the US. The 58-year study period covers the years 1959 through 2016 and thus is very recent.

Design/methodology/approach

The study develops a loanable funds model that allows for various financial market factors. Once developed, the model is estimated by autoregressive two-stage least squares, with a Newey-West heteroskedasticity correction.

Findings

The nominal interest rate yield on municipals is a decreasing function of the maximum marginal federal personal income tax rate and an increasing function of the federal budget deficit (expressed as a per cent of GDP). This yield is also an increasing function of nominal interest rate yields on three- and ten-year treasury notes and expected inflation.

Research limitations/implications

When introducing additional interest rates such as treasury bills as explanatory variables, multi-collinearity becomes a serious problem.

Practical implications

This study indicates that lower maximum federal personal income tax rates and larger federal budget deficits, both act to raise borrowing costs for cities (of all sizes), counties and states across the country. Given the study period of 58 years, these relationships appear to be enduring ones that responsible policy-makers should not overlook.

Social implications

Tax reform and debt management need to be conducted in a very circumspect fashion.

Originality/value

No recent study investigating the impact of the two key policy variables in this study has been published.

Details

Journal of Financial Economic Policy, vol. 10 no. 3
Type: Research Article
ISSN: 1757-6385

Keywords

Article
Publication date: 2 May 2017

Don Capener, Richard Cebula and Fabrizio Rossi

To investigate the impact of the federal budget deficit (expressed as a per cent of the Gross Domestic Product, GDP) in the US on the ex ante real interest rate yield on…

Abstract

Purpose

To investigate the impact of the federal budget deficit (expressed as a per cent of the Gross Domestic Product, GDP) in the US on the ex ante real interest rate yield on Moody’s Baa-rated corporate bonds and to provide evidence that is both contemporary and covers an extended time period, namely, 1960 through 2015.

Design/methodology/approach

The analysis constructs a loanable funds model that involves a variety of financial and economic variables, with the ex ante real interest rate yield on Moody’s Baa-rated long-term corporate bonds as the dependent variable. The dependent variable is contemporaneous with the federal budget deficit and two other interest rate measures. Accordingly, instrumental variables are identified for each of these contemporaneous explanatory variables. The model also consists of four additional (lagged) explanatory variables. The model is then estimated using auto-regressive, i.e., AR(1), two-stage least squares.

Findings

The principal finding is that the ex ante real interest rate yield on Moody’s Baa rated corporate bonds is an increasing function of the federal budget deficit, expressed as a per cent of GDP. In particular, if the federal budget deficit were to rise by one per centage point, say from 3 to 4 per cent of GDP, the ex ante real interest rate would rise by 58 basis points.

Research limitations/implications

There are other time-series techniques that could be applied to the topic, such as co-integration, although the AR(1) process is tailored for studying volatile series such as interest rates and stock prices.

Practical/implications

The greater the US federal budget deficit, the greater the real cost of funds to firms. Hence, the high budget deficits of recent years have led to the crowding out of investment in new plant, new equipment, and new technology. These impacts lower economic growth and restrict prosperity in the US over time. Federal budget deficits must be substantially reduced so as to protect the US economy.

Social/implications

Higher budget deficits act to reduce investment in ew plant, new equipment and new technology. This in turn reduces job growth and real GDP growth and compromises the health of the economy.

Originality/value

This is the first study to focus on the impact of the federal budget deficit on the ex ante real long term cost of funds to firms in decades. Nearly all related studies fail to focus on this variable. Since, in theory, this variable (represented by the ex ante real yield on Moody’s Baa rated long term corporate bonds) is a key factor in corporate investment decisions, the empirical findings have potentially very significant implications for US firms and for the economy as a whole in view of the extraordinarily high budget deficits of recent years.

Details

Journal of Financial Economic Policy, vol. 9 no. 02
Type: Research Article
ISSN: 1757-6385

Keywords

Article
Publication date: 13 July 2022

Reza Tahmoorespour, Mohamed Ariff, Yaasmin Farzana Abdul Karim, Kian Tek Lee and Sharon Dharsini Anthony

This manuscript reports evidence on how debt-taking decisions of top management in a multi-country setting do affect credit rating scores assigned by credit rating…

Abstract

Purpose

This manuscript reports evidence on how debt-taking decisions of top management in a multi-country setting do affect credit rating scores assigned by credit rating agencies (CRAs) as global monitors of creditworthiness of borrowers. This aspect has been long ignored by researchers in the literature. The purpose of this paper is twofold. A test model is specified first using theories to connect debt-taking behavior to credit rating scores. Once that model helps to identify a number of statistically significant factors, the next step helps to identify threshold values at which the variables driving debt-taking behavior would worsen the credit rating scores as turning points of the thresholds.

Design/methodology/approach

The study identifies factors driving creditworthiness scores due to debt-taking behavior of countries and develops a correct research design to identify a model that explains (1) credit rating scores and the factors driving the scores and runs (2) panel-type regressions to test model fit. Having found factors driving debt-taking behavior by observed units, the next step identifies threshold values of factors at which point further debt-taking is likely to worsen credit rating risk of the observed units. This is a robustness test of the methodology used. The observed units are 20 countries with data series across 14 years.

Findings

First, new findings suggest there are about six major factors associated with debt-taking behavior and credit rating changes. Second, the model developed in this study is able to account for substantial variability while the identified factors are statistically significant within the normal p-values for acceptance of hypotheses. Finally, the threshold values of factors identified are likely to be useful for managerial decisions to judge the levels at which further debt-taking would worsen the credit rating scores of the observed units.

Research limitations/implications

The observed units are from 20 countries over 14 years of annual data available on credit rating scores (privately obtained from Standard and Poor [S&P]). The sample represents major economies but did not include emerging countries. In that regard, it will be worthwhile to explore the debt-taking behavior of emerging economies in a future study using the methodology verified in this study.

Practical implications

The findings help add few useful guidelines for top management decisions. (1) There are actually factors that are associated with debt-taking behavior, so the authors now know these factors as guides for managerial actions. (2) The authors are free to state that the credit rating changes occur on objective changes in the factors found as significantly related to the debt-taking behavior. (3) The threshold values of key factors are known, so top management could use these threshold values of named factors to monitor if a debt-taking decision is going to push the credit rating to a worse score.

Social implications

There are society-wide implications. Knowing that the world's debt level is high at US$2.2 for each gross domestic product (GDP) dollar across almost 200 countries, any knowledge on what factors help drive creditworthiness scores, thus credit riskiness, is revealed in this paper. Knowing those factors and also knowing the turning points of the factors – the threshold values – likely to worsen creditworthiness scores is a powerful tool for controlling excessive debt-taking by an observation unit included in this study (The dataset in this research can also be used to see inter-temporal movement on debt-taking in a future study).

Originality/value

In the authors' view, there are many studies on debt-taking behavior. But none has connected debt-taking on how (1) named factors are observable to management that affect credit rating changes and (2) if a factor affects creditworthiness, at which point of the factor value, the creditworthiness will flip to worsen the score. These aspects are seldom found in the literature. Hence, the paper is original with practical value at the global level.

Details

International Journal of Managerial Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1743-9132

Keywords

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