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Inflation, which refers to the decrease in purchasing power, is one of the prominent problems of the global economy. This problem affects all contracts related to money. On the other hand, Islamic law's approach towards the prohibition of interest is closely associated with the contracts. Indeed, in contracts made with paper money, the legal status of the contract becomes controversial when there is a depreciation in the value of the money before the contract is fulfilled and the debt is paid. For example, some jurists, citing the fatwa of Abu Yūsuf (d. 182/798), one of the founding leaders of the Hanafi school, on the change in the value of fels used as coins in transactions, argue that in case of fluctuations in the value of paper money, payment should be made according to the value at the date of the contract. Meanwhile, others argue that Abu Yusuf's opinion does not extend to paper money. In this study, I will analyze these two approaches by applying the qualitative research method in social sciences. As part of the analysis of the subject, I will comprehensively present and evaluate the views and approaches that appear in the contemporary literature. Then, I will discuss Abu Yusuf's view regarding the cause and subject matter of the debt. Thus, I will highlight the position of this view in the Hanafi madhhab literature based on historical data. I will also show whether this approach is valid for today's paper money. The main argument of those who claim that Abu Yusuf's approach to fels includes paper money is that paper money, like fels, has a nominal value. This means that the depreciation that is taken into account in fels is also taken into account in paper money. Another argument is that the change in value that is taken into account in fels, which is used as coins in transactions, will be taken into account in paper money, which is used as the main currency today. On the other hand, those who do not accept this approach argue that fels cannot be considered qiyamī because it is semen, and Abu Yusuf's opinion is limited to fels used as coins in transactions. According to the available data, I consider the arguments of those who claim that Abu Yūsuf's opinion on fels does not extend to paper money as problematic. Because one of the reasons given by those who hold the latter view is that fels cannot be equated with today's paper money since it was a type of coin that completed the fractions of dirhams in transactions. For example, according to the well-known Egyptian historian al-Maqrizī (d. 845/1442), fels were used not only as coins but also as the main currency. Therefore, the fluctuations in the value of fels, which functioned as the main currency, should be evaluated within the framework of Abu Yūsuf’s view. In addition, some Hanafi jurists expanded upon Abu Yūsuf’s view. For example, Ibn Ābidīn (d. 1307/1889), one of the leading figures of the late Hanafi school, in his treatise on the issue, evaluated the debased dirhams (maghlūb al-ghāsh/ مغلوب الغش (in the category of fels. This shows that Abu Yūsuf's approach is also applicable to today’s paper money. Therefore, we can say that Abu Yūsuf’s view on fels is also applicable to today's paper money. This is because Abu Yūsuf, as stated by Ibn Ābidīn, claims that fels is not produced as money and therefore has a nominal value. As a result, according to Abu Yūsuf's opinion regarding the fluctuation in the value of paper money, it is understood that those who claim that payment should be carried out based on the value on the day of the contract have a more accurate attitude. [ABSTRACT FROM AUTHOR]

Most of the time, a person asks another to give him one or more check paper to perform some act and the latter responses him affirmatively. For example, he might have purchased some goods in credit or made used of service of an employee or obtained an insurance policy in installments and need some check papers to pay the price or insurance premium. Checks issued in these circumstances are usually postdated and the receiver of the check paper intends to have opportunity for providing its money. This act is termed in common usage lending check paper but the nomination cannot be trusted. Jurisprudential and legal nature of such check is debatable and it could be adapted to various legal institutions such as lending, mortgage, guarantee, assignment of debt and obligation to pay by third party. Relations between the parties to such a check are governed by different rules according to its nature and forms. The article endeavors to study the question from jurisprudential and legal viewpoints.

Technical debt is a concept used to describe the lack of good practices during software development, leading to several problems and costs. Identification and management strategies can help reduce these difficulties. In a previous study, Alves et al. (2016) analyzed the research landscape of such strategies from 2010 to 2014. This paper replicates and updates their study to explore the evolution of technical debt identification and management research landscape over a decade, including literature from 2010 until 2022. We analyzed 117 papers from the ACM Digital Library, IEEE Xplore, Science Direct, and Springer Link. Newly suggested strategies include automatically identifying admitted debt in comments, commits, and source code. Between 2015 and 2022, more empirical evaluations have been performed, and the general research focus has changed to a more holistic approach. Therefore, the research area evolved and reached a new level of maturity compared to previous results from Alves et al. (2016). Not only are code aspects considered for technical debt, but other aspects have also been investigated (e.g., models for the development process). [ABSTRACT FROM AUTHOR]

This paper uses the difference-in-differences model to research how the "piercing the corporate veil" system marked by the 2005 Company Law amendment affects the level of corporate creditor protection. The research results show that private enterprises and local state-owned enterprises are sensitive and significant to this legal amendment. In contrast, local state-owned enterprises are more sensitive and have a stronger motivation to protect the interests of creditors. The motivation of companies with weaker profitability for creditor protection lasts not only for the year of law revision but also extends to the year of implementation. With the law's implementation, the growth effect of creditor protection for local state-owned enterprises has become more significant. Further analysis shows that the main findings of this article are more significant in companies with larger debt scales, companies with a higher year-on-year growth rate of operating income, companies with controlling shareholders, and companies with higher stock market capitalization. From an empirical research view, this paper explains the economic effect and mechanism of the whole corporate personality under the complete system and adds economic evidence for how the law acts on the capital market. [ABSTRACT FROM AUTHOR]

The average country in Asia–Pacific experiences more natural disasters than average countries of other developing regions. This paper presents stylized facts on natural disasters, human development, and external debt in Asia–Pacific. The paper also contains estimates of the effects that natural disasters have on human development. Controlling for country- and time-fixed effects, the dynamic panel model estimates show that external debt has a mitigating effect on the adverse impacts that natural disasters have on human development; in countries with low external debt-to-GDP ratios, natural disasters significantly decrease the human development index, but not so in countries with high external debt-to-GDP ratios. External debt (i.e., borrowing from abroad) is a financial contract for obtaining resources from abroad (i.e., imports of goods and services). When a country experiencing a natural disaster borrows from abroad to increase imports of goods and services, the population suffers less when a natural disaster strikes. Natural disasters destroy goods and capital (e.g., food, machinery, buildings, and roads) in the countries in which they occur. If imports of goods and services do not increase, then the population has less goods and services to consume following a natural disaster. By increasing imports, which are mirrored on the financial side by an increase in external debt, the population of a country that was struck by a natural disaster can experience consumption smoothing. As the incidence of natural disasters increases globally, a policy recommendation for disaster-prone countries, supported by the empirical results of this paper, is the need for deeper and innovative mechanisms of access to international financing, including reforms in both domestic and international financial systems. The paper's most significant contribution is the unique lens through which it analyzes the often-studied subject of natural disasters. Rather than looking at disasters as merely adverse events and debt as an unwelcome obligation in isolation, it connects the two and uncovers the paradoxically positive and beneficial role a healthy level of external debt can play in mitigating the adverse effects of these disasters. It provides a fresh perspective, a shift in thinking that may immensely benefit external debt and disaster management policies. [ABSTRACT FROM AUTHOR]

This paper aims to identify, evaluate, and analyze determinants of the profitability of food enterprises from the Republic of Serbia. The paper determines the nature of the relationship between defined determinants and profitability by applying a panel regression model on a sample of 189 small, medium, and large food enterprises from Serbia in the period from 2011 to 2021. The analysis results showed that the profitability of food enterprises is positively influenced by liquidity and sales growth rate. On the other hand, the indebtedness, size, and materiality of assets have a negative impact on the profitability of food enterprises. Of all analyzed variables, only liquidity does not affect profitability at a statistically significant level. The results of the analysis should be added to the fact that smaller food enterprises, with a lower degree of indebtedness and a smaller share of fixed in total assets, achieve a higher degree of profitability. [ABSTRACT FROM AUTHOR]

By establishing the China International Development Cooperation Agency (CIDCA) in 2018, China has attempted to enhance foreign aid as a diplomatic means and has been more assertive in providing foreign aid through both bilateral and multilateral channels. However, China only publishes aggregated foreign aid statistics in white papers, and data beyond 2019 are not available. This paper aims to estimate China's foreign aid from 2001 to 2022 as a proxy for Official Development Assistance (ODA) defined by the Organisation for Economic Co-operation and Development. The results revealed that China's foreign aid, on a grant-equivalent basis, decreased from US$6.4 billion in 2019 to US$5.0 billion in 2020. China has mobilized a large amount of funding for international cooperation on COVID-19. It is unclear how much of this was financed by regular foreign aid budgets. Thus, two cases were set in the current study. In the upper case, all donated vaccines, estimated at US$3.9 billion, came from other sources while in the lower case, it was assumed that the regular foreign aid budget covered all costs. China's foreign aid in 2022 was estimated at US$7.9 billion in the upper case and US$5.0 billion in the lower case. Compared with major ODA donors, China ranked 6th in the upper case and 13th in the lower case. Currently, the CIDCA is attempting to mobilize new financial resources to expand its activities under the Global Development Initiative. It is important to continue to comprehensively examine how China proceeds in improving its development cooperation. [ABSTRACT FROM AUTHOR]

Copyright of Annals for Istrian & Mediterranean Studies / Annales: Series Historia et Sociologia is the property of Historical Society of Southern Primorska of Koper and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The financing resources play an important role in the economic function of a country, therefore studies related to the financing resources and their impact on enterprises is very popular. This paper elaborates which factors influence the decision of capital structure, when we know the enterprises during their development face numerous and large financing challenges. For more successful coping, they need greater support both at the local and central level, in order to create a more suitable environment for their development. In reviewing the literature, the term capital structure was often mentioned by analysts, investors, and many other enterprise officials. Numerous researchers have noted various factors affecting the capital structure of enterprises. By this research we will try to clarify which factors influence the decision of the capital structure. This study describes the Modigliani and Miller theorem about capital structure and the review of some authors about determinants of capital structure including dependent, independent and control variables. [ABSTRACT FROM AUTHOR]

This paper analyses Germany's approach to repaying emergency debts. It explores legal frameworks, fiscal implications and challenges in debt management. Despite legal obligations, public discourse often misunderstands the details of repayment, raising concerns about fiscal sustainability. The paper calls for transparent and accountable debt management to ensure intergenerational fairness. [ABSTRACT FROM AUTHOR]

The Baia Mare region was once one of Romania's main mining centres, with a significant proportion of the local population engaged in industry jobs. However, the extensive economic restructuring that followed the collapse of the old communist regime and the emergence of capitalist development was characterized by brutal privatization measures and great economic instability. While the transition years brought new opportunities for some, for most they meant unstable housing and employment, debt, and a declining social status. Thus, many workers quickly became 'surplus populations' (Li 2017) and were forced into patterns of circular migration abroad. Employing a qualitative research methodology, analysing both interviews and secondary data, this paper will focus on the adaptive responses of workers from Baia Mare to the changes in the socio-economic landscape after the collapse of the communist regime and the advance of neoliberal policies in Romania. In particular, the paper looks at Roma and non-Roma migrants from Baia Mare, attempting to compare their strategies and work histories in the context of migration, to see the extent to which class and race differences play a role in creating specific migration patterns in the post-socialist context. The comparison between racialized people living in improvised shelters on the periphery of Baia Mare and those who are working class but not living in a situation of destitution will show us the role that dispossession plays in creating certain conditions that lead to debt dependency and specific migration patterns. [ABSTRACT FROM AUTHOR]

Millions of students in the United States are saddled with trillions of dollars in debt. The debt crisis is a behemoth, though, importantly, it is not monolithic. Experiences of student debt are unequal and uneven, and it is critical to study them as such to address them. There are many organizations bringing attention to the student debt crisis; however, there are surprisingly few institutions dedicated to studying it. Further, there are few studies that link the student debt crisis to other competing, nested crises of the present (e.g., climate change). Using theories of debt and indebtedness to contextualize the student debt crisis, this paper utilizes autoethnographic accounts of student debt - as a student debtor and faculty member - and 'gray literature' (reports, policies, and statistics) to highlight and analyze the uneven geographies of student debt in the US. The aim of this paper is to argue that a geographic perspective is generative for studying student debt because it allows for a more nuanced understanding of where and why student debt exists and persists with the intention of complementing ongoing activism to abolish student debt. This paper concludes with four potential pathways for future geographic research on student debt and a call for action. [ABSTRACT FROM AUTHOR]

Different capital structures and their impact on firm performance are one of the most studied topics in the finance literature. This study is an attempt to assess the impact of financial structure on profitability of agricultural enterprises in the Republic of Serbia, with the aim of evaluating the importance and nature of the contribution of the total, short-term and long-term aspects of debt to the success of the company. The financial performance of the selected sample of 38 medium and large agricultural enterprises in the Republic of Serbia was analysed in the period from 2018 to 2021. The findings of this paper indicate that total debt and short-term debt significantly determine the return on equity, while the effect of long-term debt is insignificant. The nature of the impact of all three aspects of financial structure is negative. The inclusion of size and growth of sales in the regression models showed that only annual sales growth significantly positively determines profitability. [ABSTRACT FROM AUTHOR]

This paper weighs possible medium-term responsible policy choices to the extraordinary expansion of government spending in response to the COVID-19 outbreak. The paper is divided into two parts. In part 1 of the paper, we look at conventional debt sustainability and question whether conventional rules created during a period of high interest rates and high inflation remain relevant. Current and future conditions support a case for government debt/GDP to remain elevated compared to history, conditional upon limited state interference in the economy to allow appropriate allocation of capital and resources. In part 2, we consider the historical experience of the United Kingdom. History shows the country had several examples of rapid, large-scale expansion of government debt relative to the size of the economy. On each occasion, the elevated level of debt-to-GDP was later reduced by a combination of relatively benign factors, including commitment to low inflation and sound monetary system. This supported the financial probity of the UK government and allowed it to continue to borrow unimpeded. [ABSTRACT FROM AUTHOR]

Copyright of Ekonomika is the property of Society of Economists 'Ekonomika' and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper aims to investigate the impact of influential ESG factors on risk, focusing on debt risk and liquidity risk. The influence on a sample of companies listed on the New York Stock Exchange belonging to the NYSE index is analyzed over a 10-year period, 2012–2021. The quantitative framework covers a multitude of indicators regarding debt, liquidity, corporate governance, the environment, CEO characteristics, performance, and other variables, and the research methodology uses the method of least squares to highlight their impact, using regression models with fixed and random effects, both linear and nonlinear. By estimating regression models, the empirical results confirm the hypotheses found in the existing knowledge stage that debt risk and liquidity risk are significantly influenced by asset profitability, the CEO duality significantly influences debt, while CEO gender diversity has a negative influence on corporate risk, specifically debt and liquidity risk. Additionally, it is shown that the emergence of COVID-19 brings significant changes to company autonomy and their financial performance, the COVID-19 pandemic has negatively influenced corporate risk through restrictions, economic uncertainty, and the amplification of risks. These research results are crucial for practitioners by the necessity of integrating ESG criteria into the risk assessment process and decision-making. Furthermore, concerning policy decision-makers, they help promote sustainability and a responsible approach. Therefore, ESG factors can impact companies' financial performance and influence how they are perceived by investors. By understanding and correctly evaluating these ESG factors, one can identify and manage risks more efficiently, achieve better long-term returns, make appropriate decisions, and promote sustainability in the business environment. [ABSTRACT FROM AUTHOR]

The relationship between external debt and economic growth has been extensively studied by researchers and policymakers. However, the link between external debt and domestic investment remains an underexplored area of research. Therefore, this paper investigates the nexus between external debt and domestic investment, using institutional quality as a moderator. The sample consists of 47 sub-Saharan African countries with data spanning from 1996 to 2021. The empirical findings from conventional and robust estimators indicate that external debt negatively and significantly hampers domestic investment, while institutional quality plays a significant moderating role in this relationship. Additionally, the benefits of debt can only be realized by the SSA region when the average quality of institutions is above − 1.174 on the scale of − 2.5 to 2.5. The in-depth analysis offers insights that high-quality institutions (above a certain threshold) can help countries leverage debt for positive outcomes by promoting efficient resource allocation and attracting further investment. Thus, policymakers are advised to uphold debt management strategies and institutional reforms, such as reducing corruption, improving property rights, and strengthening the rule of law, to ensure transparency in debt use and maintain a sustainable debt burden. This will create a more attractive environment for both domestic and foreign investment. The results remain robust to alternative methodologies. [ABSTRACT FROM AUTHOR]

According to the IMF, the current public debt makes up nearly 40 percent of the global debt, marking the highest share since the mid-1960s. Despite the vast research on alarming levels of sovereign default, the literature remains inconclusive. This paper investigates macroeconomic, financial, and political determinants of IMF credit use in the post-2010 era. The main contribution of our study lies in its temporal analysis as we investigate how the robustness of different factors has evolved. By utilizing an extensive dataset on 216 countries over the period of 2010–2021 and employing a variant of the Extreme Bounds Analysis (EBA) method, our study reveals that fluctuations in the IMF credit to external debt ratio can be attributed to changes in the total reserves to external debt ratio, where this relationship is statistically significant and reliable. However, high political risks seem to no longer affect the IMF's decision, post 2010. Furthermore, our findings demonstrate that excluding countries with low debt arrears strengthens the results' robustness. These findings contribute to a better understanding of the complexities surrounding IMF credit use in the contemporary global economic scene and offer new standpoints on the Fund's lending choices. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Derecho Privado (0123-4366) is the property of Universidad Externado de Colombia, Departmento de Derecho Civil and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study provides evidence that private loan issuance offers opportunities for borrowers to learn new information about their own risks and subsequently disclose such information in their risk factor disclosures (RFDs) to satisfy lenders' demand for transparency about borrowers' risks. This loan issuance effect on risk disclosures is more pronounced when greater learning opportunities are present and when lenders have a stronger demand for borrowers' risk information transparency. Further analyses suggest that the enhanced risk disclosures following loan issuance not only benefit lenders by reducing the costs of accessing the secondary credit markets, but also create spillover benefits for equity investors by increasing risk information about the borrower and reducing uncertainty about the borrower's risk. Taken together, these findings suggest that borrowers' private interactions with lenders provide new opportunities for managers to generate and reflect fresh information in corporate risk disclosures, ultimately benefiting a wide range of capital market participants. Data Availability: Data are available from the sources identified in the paper. JEL Classifications: G21; G32; M41. [ABSTRACT FROM AUTHOR]

This paper identifies how a rise in the deficit/debt impacts interest rates by looking at the high‐frequency response of interest rates to fiscal surprises. The fiscal surprises are the unexpected components of deficit releases and the changes in official forecasts by the Congressional Budget Office and by the Office of Management and Budget. The paper estimates that a rise in the deficit‐to‐GDP ratio of 1 percentage point raises the 10‐year nominal interest rate by 8.1 basis points. The response is similar quantitatively for other Treasury maturities and for corporate debt interest rates. The paper also investigates which theoretical channel drives this relationship, and whether surprises affect interest rate expectations or the term premium. These results are used to estimate how recent spending may have affected interest rates. This paper is part of the Economica 100 Series. Economica, the LSE "house journal" is now 100 years old. To commemorate this achievement, we are publishing 100 papers by former students, as well as current and former faculty. Christopher David Cotton obtained his BSc from the LSE. [ABSTRACT FROM AUTHOR]

The paper takes listed companies in the heavily polluting industry from 2009–2017 as a research sample to explore whether heavy pollution enterprises' environmental protection investment helps their debt financing under the institutional background of China's continuous implementation of green credit policy. It is found that, in general, the environmental protection investment of heavy pollution enterprises helps them to obtain more and relatively long-term new loans; in terms of time, this effect is more evident after the release of China's Green Credit Guidelines in 2012; in addition, the level of regional environmental pollution, the level of financial development and the green fiscal policy also have a moderating effect on this. This paper enriches the study of the economic consequences of corporate environmental protection investment from the perspective of debt financing. It examines the effects of the implementation of China's green credit policy and other institutional factors to provide a reference for the heavy pollution enterprises' environmental protection investment and the implementation of green credit policy by local governments in China. [ABSTRACT FROM AUTHOR]