Debt sustainability and exchange stabilisation: Towards a new theory

Collateral, liquidity and debt sustainability

We study the sustainability of public debt in a closed production economy where a benevolent government chooses fiscal policies, including haircuts on its outstanding debt, in a discretionary manner. Government bonds are held by domestic agents to smooth consumption over time and because they provide collateral and liquidity services. We characterize a recursive equilibrium where public debt am...

Sustainability of Public Debt

Sustainability Debt: A Metaphor to Support Sustainability Design Decisions

Sustainability, the capacity to endure, is fundamental for the societies on our planet. Despite its increasing recognition in software engineering, it remains difficult to assess the delayed systemic effects of decisions taken in requirements engineering and systems design. To support this difficult task, this paper introduces the concept of sustainability debt. The metaphor helps in the discov...

Technology debt: toward a New Theory of Technology Heritage

Investment decisions related to information technology simultaneously constrain and facilitate prospective options. Hence, past and present decisions in relation to information technology investments impact future decisions and the maneuverability of organizational IT. The purpose of this paper is to develop and explore a new theory for better understanding how technology heritage impacts futur...

Towards A New Information Theory

The modern information theory is established by Claude Shannon around the middle of the past century. The key challenges at the time were how to ensure a reliable transmission of signals. A prototype example is enough to illustrate the point. A signal represented by a binary sequence is to be transmitted over a noisy channel, the channel may randomly flip the bit with a given error rate. At the...