政府适度负债规模的研究——从欧洲主权债务危机到中国地方政府负债风险谈起

在现代经济环境下政府倘若仅依靠自身财力,既无外债又无内债的发展经济已显不足;但凡经济发展较快的国家无不举债,依靠举债借助外力不仅能促进且能加快经济发展。然而近年西欧爆发主权债务危机,我国中央地方两级负债暗藏隐性风险,地方政府融资平台风险甚是暴露,也从另一个角度警示政府负债是一把双刃剑。而根据自身实力与未来发展预期适度负债才是最佳选择,负债不足与过度负债都是不可取的。本文通过对政府适度负债标准的研究,为各级政府提出一个适度负债标准或控制临界点,同时也为各级政府根据此标准对自身负债水平提出相应的预警及对策,从而保持经济的稳定发展。     

解读我国高校“负债经营”问题

随着高校大规模的扩招,教育资金短缺成了困扰高校发展的一个大问题。许多高校纷纷选择以举债的形式进行校园扩建。但是,这一做法却使部分高校陷入了资金周转不灵的困境中,严重影响了高校的发展。本文从高校负债的含义及理论依据、高校负债经营的必要性与可行性、高校负债经营存在的问题以及化解负债风险的对策等几个角度对高校“负债经营”进行研究,希望对高校发展有所帮助。     

The financing factor in military trade

Available sources value transfers of weapons irrespective of whether they are paid for and how. Data from the U.S. indicates that the shares of arms given for free or on credit are high. If other arms exporters, all military aid and all credits used for military purposes are considered, which is done here on the basis of rough estimates and an opportunity cost model, the true cash costs of weapons in the year of the actual transfer are small. On the other hand, the financial burden of earlier arms imports via debt service has grown over time. It most probably exceeded the true cash cost of imports of arms in the late 1980s. Large differences between arms transfer data and the actual true costs of arms transfers means that analysis of the economic effects of arms imports without considering these financial aspects makes little sense.     

Military spending and budget deficits: the impact of US military spending on public debt in Europe (1988–2013)

The aim of this paper is to study the relationship between military spending and sovereign debt in a panel of 13 European countries. In particular, under the assumption of the interdependence of military spending between US and European countries, we analyse whether US military spending affected European sovereign debt in the period 1988–2013. The empirical estimation is based on different steps: (i) a unit root test; (ii) an Arellano–Bond panel estimation and a linear fixed effect model; and (iii) a FMOLS estimation to highlight the long run relationship between debt and relevant variables. General results highlight that debt burden of European countries is: (1) positively associated with US military burden and (2) negatively associated with average military burden of other European countries.     

Does Military Spending Explode External Debt in Pakistan?

This paper investigates the effect of military spending on external debt in case of Pakistan for the period of 1973–2009. For this purpose, the autoregressive distributed lag bounds testing approach to cointegration is used to examine cointegration among the variables. The ADF, P-P, and ADF-GLS unit root tests are applied to test the integrating order of the variables. The Ordinary Least Square (OLS) and error correction method regressions are used to investigate the marginal impact of military spending on external debt in the long and short run. Our findings indicate the existence of cointegration that confirms the presence of a long-run relationship among military spending, external debt, economic growth, and investment. Further, our results reveal that a rise in military spending increases the stock of external debt; an increase in investment also increases external debt; however, there is an inverse effect of economic growth on external debt. An implication of the findings reported herein is that there is a need to formulate a comprehensive economic policy for curtailing external debt in case of Pakistan.