Indexed Debt Research Articles

Nonrestorative sleep and its association with insomnia severity, sleep debt, and social jetlag in adults: Variations in relevant factors among age groups

ObjectiveNonrestorative sleep (NRS) is unrefreshing sleep that is harmful to mental and physical health. Although few studies have reported the relationship between NRS and sleep problems, none have evaluated this relationship by age group. This study aimed to determine whether NRS could be associated with insomnia severity, sleep debt, and social jetlag and whether this relationship would vary with age. MethodsThe 1592 participants were allocated into age groups: 18–25 years (n = 317), 26–40 years (n = 405), 41–65 years (n = 454), and >65 years (n = 416). The study used Restorative Sleep Questionnaire to assess NRS, Athens Insomnia Scale to assess insomnia severity, Sleep Debt Index to assess sleep debt, and the absolute difference in midpoints of sleep between weekdays and days off to assess social jetlag. ResultsLogistic regression analysis was performed to determine the association between NRS and sleep problems. In the 18–25-year group, insomnia severity, sleep debt of ≥2 h, and social jetlag of ≥2 h; in the 26–40-year group, insomnia severity and sleep debt of ≥2 h; in the 41–65-year group, insomnia severity and sleep debt of ≥2 h; and in the >65-year group, insomnia severity were significantly associated with NRS. ConclusionNRS was associated with insomnia severity in all age groups, with sleep debt in the young and working-age groups and social jetlag in the young age group. Different approaches to improving the NRS are required for different age groups.

ДЕРЖАВНІ БОРГОВІ ІНСТРУМЕНТИ З ВБУДОВАНИМИ ДЕРИВАТИВАМИ В УКРАЇНІ: АНАЛІЗ РИЗИКІВ

This article identifies key risks that investors in Ukrainian dollar-linked government bonds face, namely model risk, currency risk, volatility risk, interest rate risk, time risk. Most of the open literature on the subject of Ukrainian dollar-linked government bonds concentrates on the risks to the issuer (risks to the government finance). As this instrument constitutes a significant part of state-owned banks’ portfolios, it is of high need to understand the risks from the investors’ standpoint. It is noted that other developing economies are known to issue dollar-linked debt securities, for example Brazil, which also experienced investors’ the lack of confidence in local currency. Studies concerning indexed debt securities in Ukraine and worldwide are analysed. This research points out the most important in terms of valuation and risks analysis characteristics of Ukrainian dollar-linked government bonds. Fair value of Ukrainian banks’ portfolios of dollar-linked government bonds is decomposed into the value of plain bond, intrinsic value of embedded option and time value of embedded option. Key components of model risk for investors are identified, namely input risk and assumption violation risk. Risk metrics (Greek letters) of banks’ portfolios in dollar-linked government bonds are computed and compared between investor banks based on Black-Scholes fremework. Based on risk metrics, it is concluded that Ukreximbank faces the highest time risk (relative to its regulatory capital), while Privatbank’s portfolio is the most sensitive to changes in US interest rates. It is highlighted that time risk cannot be diversified or hedged, which should be accounted for by banks. Methods for management of identified risks are proposed. Risk factors’ contributions to revaluation if dollar-linked government bonds portfolios of banks during the first year of full-scale russian invasion of Ukraine are computed and compared between banks. It is noted that for deeper analysis of investor banks’ risks one should consider banks’ open currency position and changes in the costs and volume of funding.

Optimal GDP-indexed bonds

I investigate the introduction of GDP-indexed bonds as an additional source of government borrowing in a quantitative default model. The idea of linking debt payments to developments in GDP resurfaced with the 1980s debt crisis and peaked with the COVID-19 outbreak. I show that the gains from this idea depend on the underlying indexation method and are highest if payments are symmetrically tied to developments in GDP. Optimized indexed debt can eradicate default risk, halve consumption volatility, and increase asset prices while raising the government's debt balances. These changes occur because an optimally chosen indexation method does a better job at completing the markets.

An Architectural Technical Debt Index Based on Machine Learning and Architectural Smells

A key aspect of technical debt (TD) management is the ability to measure the amount of principal accumulated in a system. The current literature contains an array of approaches to estimate TD principal, however, only a few of them focus specifically on architectural TD, but none of them satisfies all three of the following criteria: being fully automated, freely available, and thoroughly validated. Moreover, a recent study has shown that many of the current approaches suffer from certain shortcomings, such as relying on hand-picked thresholds. In this paper, we propose a novel approach to estimate architectural technical debt principal based on machine learning and architectural smells to address such shortcomings. Our approach can estimate the amount of technical debt principal generated by a single architectural smell instance. To do so, we adopt novel techniques from Information Retrieval to train a learning-to-rank machine learning model (more specifically, a gradient boosting machine) that estimates the severity of an architectural smell and ensure the transparency of the predictions. Then, for each instance, we statically analyse the source code to calculate the exact number of lines of code creating the smell. Finally, we combine these two values to calculate the technical debt principal. To validate the approach, we conducted a case study and interviewed 16 practitioners, from both open source and industry, and asked them about their opinions on the TD principal estimations for several smells detected in their projects. The results show that for 71% of instances, practitioners agreed that the estimations provided were <italic xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">representative</i> of the effort necessary to refactor the smell.

Development and validation of the Japanese version of the Restorative Sleep Questionnaire in community samples

ObjectiveThis study aimed to validate the Japanese version of the Restorative Sleep Questionnaire Weekly version (RSQ-W-J) and estimate the RSQ-W-J cut-off score to identify the degree of non-restorative sleep (NRS) that interferes with daytime function. MethodsAn online survey was conducted, and 513 participants (241 men, 272 women; mean age, 47.88 ± 16.66 years) completed the questionnaires. The RSQ-W-J, Multidimensional Fatigue Inventory, Athens Insomnia Scale, Patient Health Questionnaire-9, Epworth Sleepiness Scale, Sleep Debt Index, NRS and the degree of daytime dysfunction, and the diagnostic criteria for chronic insomnia were used as implementation scales. ResultsThe RSQ-W-J was confirmed to have a single-factor structure. Both the Cronbach α coefficient and test-retest reliability of RSQ-W-J were high (α = 0.91; intraclass correlation coefficient [ICC]agreement = 0.85). The RSQ-W-J was significantly negatively correlated with the scales of fatigue, insomnia, depressive symptoms, daytime sleepiness, and sleep debt. In addition, the RSQ-W-J scores of the insomnia group, in which participants met the diagnostic criteria for chronic insomnia, NRS group, in which participants had NRS only, and sleep debt group, in which participants had sleep debt, were significantly lower than those in the normal sleep group. Furthermore, the insomnia group scored significantly lower than the sleep debt group. The RSQ-W-J cut-off score, which indicates whether or not NRS interferes with daytime function, was estimated to be 45.8 points. ConclusionsThe RSQ-W-J was shown to be useful for comprehensively measuring the degree of restorative sleep.

Optimal public debt indexation in advanced economies

Abstract This article examines the cross-country heterogeneity in the share of advanced economies’ inflation-linked (IL) debt when governments, taking inflation as given, issue IL debt and nominal debt and aim to minimize tax distortions, debt investors are risk-neutral, and nominal debt carries a convenience premium. The optimal IL debt share increases in the level and the variance of inflation, decreases in the correlation between government spending and inflation, and, for a fixed level of debt, decreases in the nominal debt’s convenience premium. Data between 1995 and 2018 for 14 advanced economies that issue IL debt exhibit cross-country correlations in line with the model’s comparative statics about inflation. The model’s welfare analysis suggests that nominal debt’s convenience premium can explain the relatively low public debt indexation in most advanced economies.

Empirical evaluation of an architectural technical debt index in the context of the Apache and ONAP ecosystems.

BackgroundArchitectural Technical Debt (ATD) in a software-intensive system denotes architectural design choices which, while being suitable or even optimal when adopted, lower the maintainability and evolvability of the system in the long term, hindering future development activities. Despite the growing research interest in ATD, how to gain an informative and encompassing viewpoint of the ATD present in a software-intensive system is still an open problem.ObjectiveIn this study, we evaluate ATDx, a data-driven approach providing an overview of the ATD present in a software-intensive system. The approach, based on the analysis of a software portfolio, calculates severity levels of architectural rule violations via a clustering algorithm, and aggregates results into different ATD dimensions.MethodTo evaluate ATDx, we implement an instance of the approach based on SonarQube, and run the analysis on the Apache and ONAP ecosystems. The analysis results are then shared with the portfolio contributors, who are invited to participate in an online survey designed to evaluate the representativeness and actionability of the approach.ResultsThe survey results confirm the representativeness of the ATDx, in terms of both the ATDx analysis results and the used architectural technical debt dimensions. Results also showed the actionability of the approach, although to a lower extent when compared to the ATDx representativeness, with usage scenarios including refactoring, code review, communication, and ATD evolution analysis.ConclusionsWith ATDx, we strive for the establishment of a sound, comprehensive, and intuitive architectural view of the ATD identifiable via source code analysis. The collected results are promising, and display both the representativeness and actionability of the approach. As future work, we plan to consolidate the approach via further empirical experimentation, by considering other development contexts (e.g., proprietary portfolios and other source code analysis tools), and enhancing the ATDx report capabilities.

КОНФЛІКТИ В МІЖНАРОДНИХ ВІДНОСИНАХ ТА ЇХ ВПЛИВ НА КОНКУРЕНТОСРОМОЖНІСТЬ ЕКОНОМІКИ КРАЇНИ

The economic growth of any country is impossible without the world economic relationships today. Its progress depends on participation in the international division of labour and efficient and timely adaptation to today's challenges. The degree of dependence of a country on foreign economic relations as well as on foreign policy often leads to conflict situations. Increased conflict in international relations is a threat and destabilizing factor both for separate neighbouring countries and for entire regions. It is of utter importance to understand the consequences that may arise in economic terms due to conflicts between the countries. It is referred to as the impact on commodity turnover, financial and production relations, GDP, tourism, governmental costs, macroeconomic, export-import indices, household costs, foreign and domestic investment volumes, external debt indices, national security, etc., as well as on the competitiveness of the economy. The competitiveness of the economy in the given research is considered a systemic, obligatory indicator of the efficiency of the economic well-being of the country. It is a comprehensive assessment of the economic, political, and social system of the country as a whole; an indicator of the efficiency using the economic potential. Therefore, increasing competitiveness is an extremely important task for any country. The article characterizes the essence of the international conflict as a component of international economic relations. Key reasons, most often contributing to their occurrence, are outlined. Criteria and types of international conflicts are specified. The influence of international conflicts on the competitiveness of the economy is revealed, which allowed enlightening their specific features and characterizing the mechanism for coordination of the national interests in order to avoid and prevent international conflict.

Macrocirculatory Parameters and Oxygen Debt Indices in Pigs During Propofol Or Alfaxalone Anesthesia When Subjected to Experimental Stepwise Hemorrhage.

Background: Pigs are anesthetized when used for emergency procedures live tissue training (LTT) of civilian and military medical personnel or for experimental purposes, but there is a paucity in the literature regarding anesthesia of pigs for this purpose.Objective(s): The main goals of the study were to compare oxygen debt, macrocirculatory parameters, and time to cardiac arrest between pigs in hemorrhagic shock and anesthetized with propofol-ketamine-dexmedetomidine or alfaxalone-ketamine-dexmedetomidine.Design: A prospective, non-blinded randomized study design was used. Sixteen pigs were randomized in blocks of four to be anesthetized with either propofol-ketamine-dexmedetomidine (n = 8) or alfaxalone-ketamine-dexmedetomidine (n = 8) as a continuous infusion.Interventions: Premedication with ketamine 15 mg kg−1 and midazolam 1 mg kg−1 was given i.m. Anesthesia was maintained with propofol 8 mg kg−1 h−1 or alfaxalone 5 mg kg−1 h−1 combined with ketamine 5 mg kg−1 h−1 and dexmedetomidine 4 μg kg−1 h−1 i.v. A stepwise, volume-controlled model for hemorrhage was created by exsanguination.Main Outcome Measures: Indices of oxygen debt (lactate, base excess, and oxygen extraction), macrocirculatory (PR, SAP, DAP, MAP, and CI, SVI, and TPR) variables, and time to death was compared between groups.Results: Pigs in the alfaxalone group had significantly higher SAP than pigs given propofol. No difference in other macrocirculatory variables or indices of oxygen debt could be found. A blood loss of 50% of the total blood volume or more was possible in most pigs with both anesthetic regimes.Conclusions: Pigs anesthetized with propofol or alfaxalone combined with ketamine and dexmedetomidine tolerated substantial blood loss.

The Impact of Changes in Exchange Rates on Indicators of Stability in the Iraqi Economy after 2003

This study highlights the exchange rate policy as one of the important economic policies that support the work of the monetary and financial policy within the successful partial reforms. Those reforms are efficient and influential in economy structure, especially in the case of the availability of continuous structural reforms and control of unproductive expenditures with adopting many treatments that are devoid of defects and shortcomings in the economic, commercial and investment aspects. As well as, at the same time, it is considered a harmful policy if it is used in an economic environment that suffers from the most basic requirements of development due to the importance of most of the effects that the change in the exchange rate generates on the indicators of economic stability. However, what the Iraqi economy is experiencing in terms of the presence of a heavy legacy of inherent crises in the economy, perhaps the most important of which is the imbalance affecting the balance of payments, the general budget, the emergence of inflation and the rise in the public debt index is a clear translation of deep failures in the economic structure. Yet, the impact of the change in exchange rates is hardly devoid of a role in activating those failures that represent an obstacle to the progress of the economy through the negative effects that this change in exchange rates imposes on the reality of those indicators. Finally, this study has concluded that the weak and ineffective effect of adopting the policy of reducing the Iraqi dinar is due to the lack of complete adaptation in the structure of the Iraqi economy for the success of this implementation in the short term, with this reduction, Iraq has been distanced from economic stability, since the stability of any country is linked to the stability of the national currency exchange rate against foreign currencies, to ensure that it is far from the sharp fluctuations experienced by any country through the nature of the existing international and commercial relations with the countries of the world.

Sleep Debt and Social Jetlag Associated with Sleepiness, Mood, and Work Performance among Workers in Japan.

Although sleep debt and social jetlag (SJL) influence daytime dysfunctions, the effects of both sleep debt and SJL on them have not been analyzed. The aim of this study was to examine the mutual relationship between sleep debt and SJL on daytime sleepiness, mood, and work performance. This study was a cross-sectional study on sleep health conducted on the Japanese general population. A total of 4505 general workers (30% female, aged 43.57 ± 11.63 years) were selected and analyzed. Sleep debt was defined by sleep debt index (SDI), which is the discrepancy between desired and real sleep duration. SJL and SDI scores exhibited a positive but weak coefficient (r = 0.19). In a 4 (SJL) × 3 (SDI) two-way ANOVA, the interaction effects were notable for sleepiness and depression scores, while the group effects were notable for the work performance score. For sleepiness and depression scores, SDI >2 h was not significantly different from SJL. In addition, the impact of SDI was higher than that of SJL on sleepiness (β = 0.17), depression (β = 0.16), and work performance (β = −0.10). The impact of sleep debt was more pronounced than SJL on daytime dysfunctions, although both sleep debt and SJL have negative impacts on them.

Financial Condition of Local Government in Poland vs StructuralReforms of Municipal Government in Scandinavian States

The authors have undertaken an analysis of the phenomenon of debt of local government units in Poland. It is a dynamic phenomenon, which affects vast majority of municipalities and districts. A barrier to debt expansion has been established in the form of the Individual Debt Index (IOI), which has been in place since 2014 and its new elements entered into force on 1 January 2020. The structure of the index is intended to allow regional accounting chambers (RIO) to control the process and prevent its progression. The authors indicate, however, that the main problem for local self-government units is insufficient own income, which forces them to increase the pool of funds transferred from the central budget to self-governments in the form of grants and subventions and to look for various forms of loans for their activities. Using the experience of the Scandinavian countries, the authors propose to start territorial and resource consolidation reforms of small local government units – municipalities and districts. The aim is to facilitate better use of endogenous resources of territorial self-government units and use of economies of scale related to local economy and social resources. This should result, as in Scandinavia, in the development of public entrepreneurship, higher social efficiency and effectiveness, and stabilisation of the income of individual units. After more than 20 years of operation, small local government units in Poland have become structurally and functionally obsolete and do not guarantee modern development of local communities.

Ecological debt as a form of nature-dwindling social reproduction

Since 1970, humanity has been spending more resources than our planet is able to restore, in fact, we live in debt. Examining trends in the indicator of environmental debt in different countries, the authors of the article show that the modern economic system, a prerequisite for the existence of which is a high rate of economic growth, does not solve the constantly accumulating global problems (inequality, poverty, hunger, waste growth, environmental pollution), but constantly enhances their severity. The study presents methods for calculating the ecological footprint and ecological debt, and also found that the ecological debt burden in the economy of modern Russia is significantly higher than the average in the world. The comparison of the Human Development Index and environmental debt carried out in the article, made it possible to assess whether the current situation corresponds to the material conditions of life within the ecological means of the Earth, and the socio-economic conditions of well-being. It was found that for the most part of the countries is outside the one planet prosperity quadrant, since the environmental debt in more developed countries is higher, and a low debt value is characteristic only of countries with a low Human Development Index. In the course of the study of green (“ecological”) investments, the authors revealed a discrepancy between their value in the Russian economy and the requirements of economic security (threshold value of 5 % of GDP). We suppose that partial neutralization of threats in this area is possible due to the state policy of «green loans», proposed for implementation in the Russian economy. The authors argue the conclusion about the need to modify the system of social reproduction towards its environmental friendliness and inclusiveness.

The effect of general spending on the financial performance of Saudi joint-stock companies - An Empirical study on the Saudi cement sector-: أثر الإنفاق العام على الأداء المالي لشركات المساهمة السعودية ــ دراسة تطبيقية على قطاع الإسمنت السعودي ــ

The research aimed to measure the impact of public spending on the financial performance of cement sector companies in the Kingdom of Saudi Arabia during the period 2013- 2018, by measuring the impact of the profitability and indebtedness of the Saudi cement sector companies on government spending, both operational and capital, during the study period. The descriptive method and the content analysis were followed, as the financial statements of the companies were analyzed to test the four hypotheses related to measuring the impact of public spending on the financial performance of the Saudi cement sector companies. The results of the study showed that there is a statistically significant effect of public expenditures, both operational and capital, on the return on assets index and the total debt index on total assets. The researchers recommend the need for coordination between the Ministry of Finance and the Saudi cement sector when adjusting the amount of government spending, in order to achieve a balance between demand and supply. And work to increase government spending, which would lead to the recovery of the cement sector.

Accounting for Low Long-Term Interest Rates: Evidence from Canada

In recent decades, long-term interest rates around the world have fallen to historic lows. We examine this decline using a dynamic term structure model of Canadian nominal and real yields with adjustments for term, liquidity, and inflation risk premiums. Canada provides a useful case study that has been little examined despite its established indexed debt market, negligible distortions from monetary quantitative easing or the zero lower bound, and no sovereign credit risk. We find that since 2000, the steady-state real interest rate has fallen by more than 2 percentage points, long-term inflation expectations have edged down, and real bond and inflation risk premiums have fluctuated but shown little longer-run trend. Therefore, the drop in the equilibrium real rate appears largely to account for the lower new normal in interest rates.

Debt externality in equity markets: Leveraged portfolios and Islamic indices

This paper tests for the externality of debt in the equity markets. Adopting an exogenous view of the business cycles and assuming myopia amongst borrowers and lenders, the paper argues that when the markets are going up, portfolios and indices with high debt should perform better than those with low debt, while during the downward phase, low debt portfolios and indices would perform better. We use firm as well as index level data to compare performance based on high and low debt in the up and down market and conduct a series of robustness tests. We use monthly data from 2555 listed nonfinancial US firms from 1982 to 2016 to create low and high debt portfolios. At the index level, we use Islamic indices as a proxy for low debt indices. Our results show that low debt portfolio and Islamic indices outperform the high debt portfolio and conventional indices in the down market and underperform in the up market, respectively. The paper contributes to the literature on debt externality by extending the idea to the equity markets. The paper also contributes to the Islamic finance literature by identifying their better performance in the down markets. We theorize that the low debt of Islamic equity indices could be the moderating cause of their better performance.

Household Debt and Financial Burden in Mexico

The objective of this work is to determine the debt index and identify the financial burden of households in Mexico for 2014 by using the data from ENIGH 2014. The hypothesis to be tested is that during the last few years, households in Mexico are accelerating their dependence on debt to satisfy their consumption and housing needs, which is added to disproportionate interest rates, considerably increases their financial burden, which in many cases slows down or leads to the bankruptcy of the economy of these households. The results indicate that households in the first three deciles are in unsustainable conditions and do not have the financial capacity to meet their expenses and debts, while households in the fourth, fifth and sixth deciles are at financial risk.

Sleep debt and prevalence of proteinuria in subjects with short sleep duration on weekdays: a cross-sectional study.

Short sleep duration is a risk factor of chronic kidney disease, along with cardiovascular diseases and all-cause mortality. Several studies reported that many people sleep longer on weekends than on weekdays, suggesting that they should be compensated for their sleep debt on weekdays on the weekends. Few studies have reported the clinical impact of sleep debt on the kidney. This cross-sectional study included 5799 employees of Osaka University who visited its Health Care Center for their annual health examinations and answered ≤ 6h of sleep duration on weekdays. The independent variable was the sleep debt index defined as a gap in self-reported sleep duration (≤ 5, 5-6, 6-7, 7-8, 8-9, and ≥ 9h) between weekdays and weekends, which was categorized into ≤ 0, + 1, + 2, + 3 and ≥+4. An association between the sleep debt index and a prevalence of proteinuria defined as dipstick proteinuria of ≥ 1 + was assessed using logistic regression models adjusting for clinically relevant factors. More than four-fifths of the subjects had a positive sleep debt index (≤ 0, + 1, + 2, + 3, and ≥+4 recorded for 19%, 36%, 28%, 11%, and 6%, respectively). The multivariable-adjusted logistic regression models showed the sleep debt index ≥ 3 + was significantly associated with the prevalence of proteinuria (sleep debt index ≤ 0, adjusted odds ratio 1.13 [0.77, 1.65]; + 1, 1.00 [reference]; + 2, 1.29 [0.93, 1.79]; + 3, 1.54 [1.02, 2.33]; ≥ + 4, 1.87 [1.15, 3.05]). Sleep debt was associated with the prevalence of proteinuria in a dose-dependent manner.

Public Debt Spiral in Nigeria: Can a Structural Gap Result From Pervasive Corruption?

It is increasingly recognized that good understanding on the corruption-related causes and remedies of the modern fiscal crisis would bolster informed decisions and key governance standards. Many of the governance weaknesses have been exacerbated by ingrained fiscal indiscipline and lack of effective bureaucratic provisions. These concerns necessitate ongoing research efforts aimed at galvanizing the best compilation of perspectives on the role of public institutions in debt accumulation process. Hence, this study examines the long run and short run effect of corruption on public debt in Nigeria over the period of 1996 to 2017 using ARDL bound test to cointegration analysis. Empirical evidence reveals that both corruption index and control of corruption have an insignificant adverse effect on public debt in the long run, but with a significant influence in the short run. Considering the long-term implication, current anti-corruption efforts might be ineffective in enhancing strategic monitoring and sustainable fiscal standards. Nonetheless, it is emphasized that effective corruption control measures could mitigate spiralling incidence of government debt. Further findings indicate that there exists bi-directional causality between corruption index and public debt, whereas none is found between control of corruption and public debt. The study suggests that strong corruption-based control mechanisms are fundamentals to decreasing fiscal deficits and debt reduction. Overall, a significant insight distills from the study is that the goal of attaining global financial stability and fiscal sustainability through sound regulatory framework has embodied the provisions that enhance corruption-reducing measures and institutional standards to curb persistent debt accumulation.&#x0D;

ПОРЯДОК РОЗРАХУНКУ КВОТ ПІСЛЯ РЕФОРМИ МВФ: ЗМІНИ В ЄДИНОМУ ПАКЕТІ

Міжнародний валютний фонд зберігає плани щодо завершення перегляду своїх квот для країн у 2019 р. Квота країни у МВФ визначає розмір її фінансових зобов’язань перед Фондом, від неї залежить кількість голосів у Фонді та доступ країни до фінансування. Востаннє ці частки перерозподілялись у 2010 р. у рамках 14-го перегляду квот, коли сукупний капітал МВФ було збільшено на 100%, а на користь країн, що розвиваються, було передано 6% квот. Проте загальна частка країн, що розвиваються, становить у Фонді тільки 42,5%, решта (57,5%) належить розвинутим країнам. G20 раніше затвердила «дорожню карту», за якою до 2019 р. квоти країн – акціонерів у МВФ мають бути перерозподілені за новою формулою. Країни з економіками, що розвиваються, повинні отримати більше ваги у цьому інституті, створеному для підтримки фінансової стабільності його учасників, а традиційні акціонери – втратити свою частину. Проте раніше цю формулу погодити не вдалося через протидії США. Так, на даний час допустиме відношення обсягу боргу до ВВП у більшості країн переглядається у бік підвищення, причому ці зміни є найбільш помітними в державах з ринками, що формуються. Очікується, що для таких країн показник боргу може перевищити рівень, який спостерігався на початку глобальної фінансової кризи 2008–2009 рр. Уразливими залишаються і розвинуті країни, боргове навантаження яких перевищує 100% ВВП. Як наслідок, підвищується ймовірність тривалого збереження низьких темпів зростання ВВП. Свого часу "група Купера" відмовилася від використання показника боргу, вважаючи, що він може викликати певні "моральні проблеми": держави будуть заінтересовані в нарощуванні заборгованості з метою збільшення своєї квоти у МВФ.