As for the East Asian countries, the total amount of government debt in Korea has risen sharply over the following several years in the wake of the Asian financial crisis. The purpose of this paper is to assess whether the current levels of government debt are sustainable for a severely attacked country, namely, Korea. Under the intertemporal budget constraint model, the study tests for fiscal ...

nowadays, congestion management is one of the major tasks accomplished by system operators to warrant the operation of transmission system within operating limits. this has resulted in unanticipated congestion interfaces in regional transmission systems. the system is, however, unable to evolve at a rate which is required to meet the quickly changing demand of competitive markets. to make the m...

A One-Dimensional Binary Integer Programming Problem (1DB-IPP) is concerned with selecting a subset from a set of k items in budget constraint to optimize an objective function. In this problem a dominant solution is defined as a feasible selection to which no further item could be added in budget constraint. This paper presents a simple algorithm for Enumeration of Dominant Solutions (EDS) and...

WDI. We express our gratitude to the editor, John McMillan and two anonymous referees for valuable comments and suggestions. ABSTRACT. We propose a clarification of the notion of a soft budget constraint, a concept widely used in the analysis of socialist, transitional, and market economies. Our interpretation is broad enough to embrace most existing approaches to soft budget constraint phenome...

Introduction This paper has two purposes. One is to examine the effect of soft budget constraints (SBC) on economies in transition from centralization to capitalism. The other is to survey our understanding of SBC more generally. Of course, this latter aim is also pertinent to the former. Current work on SBC follows in the tradition of the famous debate in the late 1930s and early 1940s on mark...

We study the choices of two types of maximizing Public Servants over how far to carry privatization of industries and in what order to privatize. Two stylizations of the Public Servant's objectives are considered, a Niskanen-style Bureaucrat who maximizes a surplus budget subject to the constraint of staying in office, and a Populist who maximizes popularity/consumer welfare subject to the cons...

As the cost-driven public cloud services emerge, budget constraint is one of the primary design issues in large-scale scientific applications executed on heterogeneous cloud computing systems. Minimizing the schedule length while satisfying the budget constraint of an application is one of the most important quality of service requirements for cloud providers. A directed acyclic graph (DAG) can...

In this paper, the sustainability of public debt is interpreted as the result of the interaction of fiscal policy with the economic environment, and not as a statistical concept as in most of the recent literature. If debt must not explode over time, policy makers have to respond to the changing conditions in the macroeconomic environment. This paper defines the conditions which will ensure com...

The standard intertemporal model of open economy with a dynamic budget constraint predicts that investment and saving should be cointegrated as long as the economy does not violate its budget constraint. Recent empirical studies of the long run investment-saving comovement for the 1947:1–1987:3 period US data, however, report conflicting findings: some studies find that the time series of inves...