What explains public debt spikes since the end of WWII? To answer this question, this paper identifies 179 debt spike episodes from 1945 to 2014 across advanced and developing countries. We find that debt spikes are not rare events and their probability increases with time. We then show that large public debt spikes are neither driven by high primary deficits nor by output declines but instead by sizable stock-flow adjustments (SFAs). We also find that SFAs are poorly forecasted, which can affect debt sustainability analyses, and are associated with a higher probability of suffering non-declining debt paths in the aftermath of public debt spikes.
This paper revisits the effects of corruption on the state’s capacity to raise revenue, building on the existing empirical literature using new and more disaggregated data. We use a comprehensive dataset for 147 countries spanning 1995-2014, compiled by the IMF. It finds that—consistent with the existing literature—corruption is negatively associated with overall tax revenue, and most of its components. This relationship is predominantly influenced by the way corruption interacts with tax compliance. The establishment of large taxpayer offices improves tax compliance by dampening the perception of corruption, thereby boosting revenue.
TOPICS IN THE BOOK Determinants of Technical Inefficiency of SACCOs in Kenya: Loan Output Slack Analysis Effect of Managerial Regret Aversion on Ranking of Financing Decisions by Financial Managers of Firms Listed in NSE Relationship between the Board Characteristics and the Firm Financial Diversification (Geographic Sales) Among Listed Firms on Nairobi Securities Exchange, Kenya: Static Panel Approach Debt Capacity and Financial Performance of Quoted Firms in Nigeria Effect of Liquidity Management on Profitability of Commercial Banks in Nigeria
This paper revisits the effects of corruption on the state’s capacity to raise revenue, building on the existing empirical literature using new and more disaggregated data. We use a comprehensive dataset for 147 countries spanning 1995-2014, compiled by the IMF. It finds that—consistent with the existing literature—corruption is negatively associated with overall tax revenue, and most of its components. This relationship is predominantly influenced by the way corruption interacts with tax compliance. The establishment of large taxpayer offices improves tax compliance by dampening the perception of corruption, thereby boosting revenue.
What explains public debt spikes since the end of WWII? To answer this question, this paper identifies 179 debt spike episodes from 1945 to 2014 across advanced and developing countries. We find that debt spikes are not rare events and their probability increases with time. We then show that large public debt spikes are neither driven by high primary deficits nor by output declines but instead by sizable stock-flow adjustments (SFAs). We also find that SFAs are poorly forecasted, which can affect debt sustainability analyses, and are associated with a higher probability of suffering non-declining debt paths in the aftermath of public debt spikes.
The "doctors of the law" in the bible knew that certain events had to take place in order to verify the timing of judgment predicted to come at the end of white rule. When Jesus of 2,000 years ago made his appearance in an attempt to save them, those who were familiar with scripture and its timing studied the resurrection and judgment teachings of Jesus, but found that the timing was suspect. Considering that there were a few gaps or events missing from the time, they constantly second guessed him and his disciples. One such incident happened when the disciples were out teaching and were approached by the Jewish Scribes, who rejected their claim, because Elijah was to be raised just before the great and dreadful day of the Lord. When the disciple went back to Jesus to report of their encounter, they asked Jesus, "Why do the Scribes say that Elijah must first come?
Heaven is great and hell is hot. Choose you this day whom ye shall serve. Why beholdest the beam in other people's lives and not their own? Why shouldest thou considerest to do wrong? When thou hast thee opportunity to do right? Dost thou know I'm a God of Judgement, I still love thee. But I will not always chide with man. I'm coming back soon. What a terrible day that will be if thou knowest me not. Can you imagine Gabriel with his instrument in the end time before Christ comes back. What would you do?
This books is a compilation of Elijah Muhammad's table talk questions and answers. The subject content includes the Black Woman's role at home and abroad, the responsibilities of the Blackman, Children, justification of posts, duty, the planets, ministry, and lots more. It was initially transcribed by Sister Anna Karriem and Captain Portia Pasha.
For more than a millennium ago, a group of Crusading knights, known as the Knights Templars, discovered a treasure so vast, they considered it too great for one king or Pope to possess. This sacred treasure would become known as the Holy Grail. For hundreds of years, this sacred treasure would be sought after and fought over for many centuries, before it was lost to history. Years before the dissolving of the Templar Order in 1307 A.D., the Knights Templars, led by the renowned grandmaster Hugues de Payens, in an effort to protect the location of the Grail, buried a sacred map within a well-crafted book of parables. A book we know today as The Holy Bible! Welcome to the Elijah Doctrine, the 2nd Chronicle, where the Vail of the holy scriptures will finally be removed! What if everything we've been taught to believe is the greatest deception of the Ages? What if the Holy Bible was designed for the sole purpose of concealing the greatest secret on earth?
For more than a millennium ago, a group of Crusading knights, known as the Knights Templars, discovered a treasure so vast, they considered it too great for one king or Pope to possess. This sacred treasure would become known as the Holy Grail. For hundreds of years, this sacred treasure would be sought after and fought over for many centuries, before it was lost to history. Years before the dissolving of the Templar Order in 1307 A.D., the Knights Templars, led by the renowned grandmaster Hugues de Payens, in an effort to protect the location of the Grail, buried a sacred map within a well-crafted book of parables. A book we know today as The Holy Bible! Welcome to the Elijah Doctrine, the 2nd Chronicle, where the Vail of the holy scriptures will finally be removed! What if everything we've been taught to believe is the greatest deception of the Ages? What if the Holy Bible was designed for the sole purpose of concealing the greatest secret on earth?
Revelation 10:9 And I went unto the angel, and said unto him, Give me the little book. And he said unto me, Take it, and eat it up; and it shall make thy belly bitter, but it shall be in thy mouth sweet as honey. Revelation 10:10 And I took the little book out of the angels hand, and ate it up; and it was in my mouth sweet as honey: and as soon as I had eaten it, my belly was bitter. Here is the mystery of God, where He will train an angel to write about the seven thunders in modern times or fear. Fear is the beginning of all wisdom (knowledge), yet we have to reach for, there is nothing to fear but fear itself. How can a book result in my mouth sweet as honey when I speak and my belly was bitter as I tried to swallow my pride and the wisdom made me sicken? He told us to eat of the book as He has told us to eat of His body. A location that does not teach fear is not a valid church location, since fear is the beginning of all wisdom (knowledge). Malachi 3:1 Behold, I will send my messenger, and he shall prepare the way before me: and the LORD, whom ye seek, shall suddenly come to his temple, even the messenger of the covenant, whom ye delight in: behold, he shall come, saith the LORD of hosts. Malachi 3:2 But who may abide the day of his coming? and who shall stand when he appeareth? for he is like a refiners fire, and like fullers soap. Malachi 3:3 And he shall sit as a refiner and purifier of silver: and he shall purify the sons of Levi, and purge them as gold and silver, that they may offer unto the LORD an offering in righteousness.
Revelation 10:9 And I went unto the angel, and said unto him, Give me the little book. And he said unto me, Take it, and eat it up; and it shall make thy belly bitter, but it shall be in thy mouth sweet as honey. Revelation 10:10 And I took the little book out of the angel's hand, and ate it up; and it was in my mouth sweet as honey: and as soon as I had eaten it, my belly was bitter. Here is the mystery of God, where He will train an angel to write about the seven thunders in modern times or fear. Fear is the beginning of all wisdom (knowledge), yet we have to reach for, there is nothing to fear but fear itself. How can a book result in my mouth sweet as honey when I speak and my belly was bitter as I tried to swallow my pride and the wisdom made me sicken? He told us to eat of the book as He has told us to eat of His body. A location that does not teach fear is not a valid church location, since fear is the beginning of all wisdom (knowledge). Malachi 3:1 Behold, I will send my messenger, and he shall prepare the way before me: and the LORD, whom ye seek, shall suddenly come to his temple, even the messenger of the covenant, whom ye delight in: behold, he shall come, saith the LORD of hosts. Malachi 3:2 But who may abide the day of his coming? and who shall stand when he appeareth? for he is like a refiner's fire, and like fullers' soap. Malachi 3:3 And he shall sit as a refiner and purifier of silver: and he shall purify the sons of Levi, and purge them as gold and silver, that they may offer unto the LORD an offering in righteousness.
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