Related papers: The Greek Public Debt Path: From Zero to Infinity
The topic under study is of crucial importance, especially for developing countries. The aim of the present paper is to study the problems in revenue administration in terms of tax revenue in Georgia and analyze foreign experience in that…
The equity risk premium puzzle is that the return on equities has far exceeded the average return on short-term risk-free debt and cannot be explained by conventional representative-agent consumption based equilibrium models. We review a…
The classical approach to solvability of a mathematical problem is to define a method which includes certain rules of operation or algorithms. Then using the defined method, one can show that some problems are solvable or not solvable or…
Financial contracts with options that allow the holder to extend the contract maturity by paying an additional fixed amount found many applications in finance. Closed-form solutions for the price of these options have appeared in the…
Debt recycling is an aggressive equity extraction strategy that potentially permits faster repayment of a mortgage. While equity progressively builds up as the mortgage is repaid monthly, mortgage holders may obtain another loan they could…
This paper proposes a novel dynamical model for determining clearing payments in financial networks. We extend the classical Eisenberg-Noe model of financial contagion to multiple time periods, allowing financial operations to continue…
Debt aversion can have severe adverse effects on financial decision-making. We propose a model of debt aversion, and design an experiment involving real debt and saving contracts, to elicit and jointly estimate debt aversion with…
We propose a general framework for the simultaneous modeling of equity, government bonds, corporate bonds and derivatives. Uncertainty is generated by a general affine Markov process. The setting allows for stochastic volatility, jumps, the…
The correctness of Harrods model in the differential form is studied. The inadequacy of exponential growth of economy is shown; an alternative result is obtained. By example of Phillips model, an approach to correction of macroeconomic…
Dupire's functional It\^o calculus provides an alternative approach to the classical Malliavin calculus for the computation of sensitivities, also called Greeks, of path-dependent derivatives prices. In this paper, we introduce a measure of…
This study contributes to the discussion about how higher public debt may not be costly because of the negative interest rate-growth differentials by simulating OLG models introduced by Blanchard (2019) under uncertainty, showing debt and…
Technical debt refers to the trade-offs between code quality and faster delivery, impacting future development with increased complexity, bugs, and costs. This study empirically analyzes the additional work effort caused by technical debt…
Solving partially observable Markov decision processes (POMDPs) is highly intractable in general, at least in part because the optimal policy may be infinitely large. In this paper, we explore the problem of finding the optimal policy from…
We show that G\"odel's negative results concerning arithmetic, which date back to the 1930s, and the ancient "sand pile" paradox (known also as "sorites paradox") pose the questions of the use of fuzzy sets and of the effect of a measuring…
The interpolation problem is a natural and fundamental question whose roots trace back to ancient Greece. The story is long and rich, with many chapters, and a complete solution has been obtained only recently. Exploring it leads us on a…
A first attempt at obtaining market--directional information from a non--stationary solution of the dynamic equation "future price tends to the value that maximizes the number of shares traded per unit time" [1] is presented. We demonstrate…
This paper proposes a model of tax compliance and fiscal capacity grounded in universalization reasoning. Citizens partially internalize the consequences of concealment by imagining a world in which everyone acted similarly, linking their…
The Impostor Phenomenon (IP) impacts a significant portion of the Software Engineering workforce, yet it is often viewed primarily through an internal individual lens. In this position paper, we propose framing the prevalence of IP as a…
Nowadays, it is thought that there are only two approaches to political economy: public finance and public choice; however, this research aims to introduce a new insight by investigating scholastic sources. We study the relevant classic…
We investigate hierarchical structures of the European countries by using debt as a percentage of Gross Domestic Product (GDP) of the countries as they change over a certain period of time. We obtain the topological properties among the…