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Mark A. Roberts 《Economic Change and Restructuring》2017,50(3):279-297
This paper investigates the syndrome of “this time is different” with respect to Reinhart and Rogoff’s (This time is different: eight centuries of financial folly Princeton University Press, Princeton, 2011) interpretation of their extensive, historical data on financial default, and with particular regard to public debt in a closed-economy. Recurrent and over-generous promises to credulous investors of an ex ante, policy-optimal return amounts to an extra policy instrument in boosting the demand for public debt. In a numerical simulation of a version of the Diamond (Am Econ Rev 55:1126–1150, 1965) model, we find that the incentive for the policy-maker to pursue this strategy is trivial if taxes can be set at a policy-optimal level, but possibly over-riding if they cannot. Thus, the main result lines up with the empirical conclusion of Reinhart et al. (Debt intolerance. Debt intolerance, 2003) that “debt intolerant countries have weak fiscal structures”. The subsidiary result of the model is that defaulting countries will also have higher shares of public expenditure. Thus the model also predicts Wagner’s Law to the extent that fiscal structure is correlated with economic development. 相似文献
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刑法的可能性:预测可能性 总被引:1,自引:0,他引:1
当把预测可能性与刑法相联系,便形成刑法的预测可能性这一论题,而刑法的预测可能性意味着刑法从制定到运行,即整个刑法实践都要立基于公民包括罪犯和被害人对刑法立法及其运作的可预知性、可等待性乃至可期盼性,即刑法对于公民而言的期待可能性或可被期待性.从刑法的基本原则到刑法立法、刑法司法、刑罚执行,预测可能性都在为刑法的可能性提供着认知层面的说明,而刑法的保障人权和维持秩序两项机能都可在预测可能性那里得到诠释.刑法的预测可能性的形成及其判断离不开常识、常理、常情. 相似文献
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The first 150 words of the full text of this article appear below. Key points
1. Introduction
2. Growth in the underlying–syndicated secured loan market
3. Factors influencing the decision to hold physical or synthetic positions
Attitudes of new entrants to the credit market Attitudes of banks and new regulatory standards Developing loan indices and service providers The LCDS documentation Motivation of market participants
4. Key documentation issues
Callability/cancelability Restructuring Reference Obligation Deliverable Obligation Substitution of the Reference Entity Substitution of the Reference Obligation or Deliverable Obligation Syndicated Secured Dispute Event and Syndicated Secured Resolution Settlement
5. Conclusion
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- The market for Loan Only Credit Default Swaps (LCDS)is expected to develop rapidly, but the market documentationfor this product is proving to be a difficult issue as a resultof differing views by users of the product and divergent approachesbetween the US and European markets.
- The International Swapsand Derivatives Association, Inc. (ISDA) has, on 4 May 2007,released a long-awaited revised draft of the European LCDS.The finalization of this draft is not far off, but certain importantissues are yet to be finalized.
- Rather than speculate on theoutcome of such discussions, this article looks at the developmentof the European LCDS market, the motivation and needs of itsparticipants and takes stock of the European documentation beforeit underwent the recent almost year-long consultation process.It therefore compares the European LCDS of May 2006 againstthe US LCDS of June 2006 (ignoring
. . . [Full Text of this Article]
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本文首先对期待可能性理论的发展作了简单的概述。对于期待可能性的判断标准,笔者主张行为人标准说,并通过分析认为行为人标准囊括了行为人、平均人和国家三方的判断。通过对期待可能性理论在犯罪论体系中地位的分析,笔者认为,我国应批判地借鉴期待可能性理论并在责任论中加以论述,并提出期待可能性是与故意、过失以及责任能力并列的第三责任要素。此外,笔者认为,从期待可能性的实质出发,在适用期待可能性理论时应一分为二具体分析,使该理论得到合理的应用。 相似文献
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自2003年<商业银行服务价格管理暂行办法>颁布以采,商业银行服务收费行为虽仍众说纷纭,但已经被大多数人所接受.本文从商业银行收费的法律依据、合理性等角度出发,分析了商业银行服务收费中存在的法律问题,以期对商业银行服务收费的维权提供一定的合理化建议及对策. 相似文献
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建立完善、有力的生态法律监督机制,是保障生态法律实施的重要条件.俄罗斯自独立以来,在法律监督方面不仅继承了前苏联的先进做法,而且根据国情又不断地加以创新.俄罗斯联邦检察院作为俄罗斯法律监督的主要国家机关,在俄罗斯生态法实施中所起到监督作用是全面的、深入的.通过对俄罗斯联邦检察院进行生态法实施监督的法律依据,监督的具体领域,专门的自然保护检察院在俄罗斯生态法实施中的作用,以及俄罗斯联邦检察院对生态法实施进行监督的方式做了具体分析,阐述了俄罗斯联邦检察院在俄罗斯生态法实施中的监督功能. 相似文献
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对他国法律的考察,重在解析其中所蕴含的理论问题,以找到理论与实践、“本土化”与借鉴之间的结合点。本文结合俄罗斯联邦森林立法和其他立法的具体实践,重点研究了俄罗斯联邦森林法的调整对象、森林关系的主体、客体及俄罗斯联邦的森林权属等几个基本理论问题,旨在为我国森林法律制度的建立、健全或完善提供有益的参考。 相似文献
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俄国现代主义小说随着俄国现代主义文学思潮兴起于白银时代,成果显著,甚至像高尔基这样的现实主义作家的某些作品也具有现代主义因素.20世纪30至50年代初,现代主义小说的发展受到阻遏,但仍有一些作家写出了现代主义杰作.从60年代末期起,现代主义小说再度出现,同时后现代主义小说也接踵而来,成为现代主义小说在上世纪晚期俄罗斯文学中的变体. 相似文献
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《Russian Politics and Law》2013,51(6):5-14
It appears that immediately after the Central Electoral Commission totalled up the preliminary results, postelection fever and hysteria broke out, embracing not only politicians and journalists but a portion of the public as well, and that very widespread myths took hold, serving as the base on which public consciousness has attempted to adapt to a new political reality. A calm professional analysis now shows, however, that much of what happened to us simply could not have occurred otherwise, that clear roots and obvious causes existed. There is much we simply did not want to notice or to acknowledge, while attempting to pass off the desirable for the real and reality for a myth. But timidity of the mind has taken its toll, and the time has now come to draw some lessons. 相似文献
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Dina Siegel 《Trends in Organized Crime》2008,11(1):21-29
Open interviews and unplanned conversations with criminals are an important part of ethnographic research in criminology.
This paper presents an analysis of conversations with members of Russian criminal groups. An attempt is made to explore the
value of these informal interviews, the danger of informal contacts with criminals, and the reliability of the information
received.
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Dina SiegelEmail: |
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《Russian Politics and Law》2013,51(6):8-37
The author argues that Russian foreign policy should focus not on enhancing Russia's status as a great power but on tapping external resources to facilitate the country's modernization. This means relying on instruments of "soft power" and seeking to integrate with the European Union (EU). It also means promoting a new vision of European security in place of the remnants of the cold war. 相似文献
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The first 150 words of the full text of this article appear below. Key points
1. General
2. What has remained unchanged?
Reference Obligation-based Reference Entity Deliverable Obligations Restructuring as Credit Event Physical Settlement Cancellability
3. What has changed?
Continuity Refinancing Refinancing Designation of the Successor Credit Agreement Designation of Substitute Reference Obligation Credit Events and Restructuring Settlement Physical Settlement Cash Settlement Deliverable Obligations
4. Summary
相似文献
- European Loan Only Credit Default Swap (LCDS)documentation was published by the International Swaps &Derivatives Association, Inc. in the form of a Standard TermsSupplement and Form of Confirmation for use with Credit DerivativeTransactions on Leveraged Loans on 30 July 2007 (the EuropeanLCDS).
- This article reviews some of the changes thathave been made since the first circulation of the draft EuropeanLCDS documentation on 2 May 2006 (the Draft LCDS).
- Acomparison between the Draft LCDS, the current form of the EuropeanLCDS and the US LCDS (defined in the article below) providesan insight into how the development of the European LCDS hasrequired a compromise to be made between the needs and demandsof various market participants and the specifics of the Europeanleveraged loan market (as more fully described in our recentarticle1) and indicates points of convergence between the
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Economic Change and Restructuring - We investigate the relationship between stability and market power in the Indian banking system for the years 2005 to 2019. For this purpose, we employ three... 相似文献
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论“人的可能”与教育 总被引:15,自引:0,他引:15
人的存在在本质上说实际上是一种可能性存在,人的可能性存在是人的存在的基本形式之一。一切的教育努力归根结蒂都是建立在人的可能之上并且为了实现人的更大可能,扩大和丰富人的可能既是教育的逻辑起点也是教育的最终归宿。人的可能发展受到来自两方面力量的作用,一曰外在力量,一曰内的力量。以往我们的学校教育更多关注地是影响人的可能发展的外在力量,强调教师、学校、环境以及其他社会条件和技术手段对人的可能发展的影响,而较少深入系统地研究影响人的可能发展的内在力量即人在可能发展中的自我塑造的力量。为此,要对以往的教育理论进行改造。真正的教育应是面向生活世界的教育,应肩负起促使受教育寻找可能生活之路的重任。 相似文献