Government debt

and a growth strategy based on the acquisition and integration of national competitors. But at the end of the 80s, as a condition for access to the GATT and in preparation for the establishment of free trade in North America (NAFTA), the Mexican government began opening the country to international trade and FDI. Large companies from developed countries threatened to outperform CEMEX in its domestic market. 1. Spain: The big door to internationalization CEMEX began its expansion into

ways for the State to reduce is social expenses and comply with its debt reduction goal related to the sovereign debt crisis. According to internal audit conducted by ADIE, the cost of supporting a job creation is about 2500 euros for the government through ADIE while it is about 13000 through Pole Emploi, while this figure does not take into account the loss of earnings in terms of taxes. It may be the reason why the government passed the following reforms: NACRE instead of EDEN to be more cost

National foreign debt In the 90’s there was a deterioration of the public finance as the result of the structural problem of the Turkish. But with the recent economic program the total public net debt slowing down from 61,5% of the GDP in 2002 to 29,1% at the end of 2007. In the same way Turkey has to respect the Maastricht criteria (the general government budget deficit/GDP can be maximum 3%) because Turkey wants to enter in the European Union. That is why the Turkish general government budget deficit

size has an influence on its way of investing, which does not confirm the theoretical predictions coming from informational asymmetry and pecking order. Keywords: Financial constraints, Legal system, Cash flows, R&D, Capital expenditure, Long term debt. -2- Introduction Jusqu’où la décision de financement a-t-elle des répercussions sur l’investissement des firmes ? Cette question, qui part d’un intérêt pratique évident, a fait l’objet de larges discussions théoriques. Les tenants de l’existence

Men are the night, the obscurity so the moon. That is why, “Der Mond” in German is a masculine word. It shows another relation between sexes in Germany. In fact, women have a real role in the German society. For example, it is a woman who runs the government. It might explain why Germany was earlier ready to be led by a woman in comparison to the French society through the language. In business, culture is a matter that should really be taken into account. In order to sell product all over the world

presidential election Barack Obama and John McCain had to face a massive and catastrophic economic situation: “In August 2008, the unemployment rate was 6.1%—the highest level since September 2003, (…). Credit card defaults rose to 5.5% of all credit card debt by the second quarter of 2008, an increase of 14.7% from the first quarter of 2001. (…) In the second quarter of 2008, the trade deficit was at 5.0% of gross domestic product for the third quarter in a row.” More aspects have led to the recession

resorts and attractions. In 2009, the company's theme parks hosted approximately 119.1 million guests, making Disney Parks the world's most-visited theme park company. - Hong-Kong Disneyland The Hong Kong Disneyland Resort was built by the Government of Hong Kong hdool and The Walt Disney Company and officially opened on September 12, 2005. The world's smallest Disneyland resort, it consists of the Hong Kong Disneyland theme park, two hotels (Disneyland Hotel and Disney's Hollywood Hotel), and

256-272. Milesi-Ferretti, Gian-Maria, and Cédric Tille (2011). “The great retrenchment: international capital flows during the global financial crisis”, Economic Policy 66, pp. 287-342. Reinhart, C. & Rogoff K. (2011) “From Financial Crash to Debt Crisis” American Economic Review, 101 (August), 1676-1706. Rosselle, Ophélie (2012) “Déterminants de crises bancaires et de défauts souverains : le rôle prédictif du compte courant » Mémoire de Master en sciences économiques UCL-FUNDP. The Economist

auprès des institutions financières résidentes Crédits obtenus auprès des non-résidents Financements de marchés Taux d'épargne (en %) des ménages dont taux d'épargne financière 52,2 9,1 38,7 48,5 11,0 40,5 50,8 13,0 36,2 Total domestic debt (billion euros) By source of funds (%) Loans from resident financial institutions Loans from non-residents Market-based financing Sources : Banque de France ; Insee. 2000 15,1 6,7 16,5 2005 14,9 5,0 13,8 2007 15,8 5,2 12,7 Saving rates

The author of the report is Ken Waldie. The findings and views expressed in this report do not necessarily reflect the views of the sponsor. ● Our research drew on a wide range of published sources, both government and private sector. In addition, we conducted in-depth interviews with government officials and senior executives at a number of financial services companies in Latin America. Our thanks are due to all the interviewees for their time and insights. May 2005 © The Economist Intelligence