In this paper, I show that Polleit and Mariano (2011) are right in concluding that Credit Default Swaps (CDS) are per se unobjectionable from Rothbard’s libertarian perspective on property rights and contract theory, but that they fail to derive this conclusion properly. I therefore outline the proper explanation. In addition, though Polleit and Mariano are correct in pointing out that speculation with CDS can conceivably hurt the borrowers’ interests, they fail to grasp that this can be the case only (...) in some peculiar circumstances that I identify. In other words, they miss the bigger picture, the one outside special circumstances, in which CDS trading has the opposite effect. That is, CDS facilitate debt accumulation, including government debt accumulation. Finally, I point out how this can precipitate the collapse of fiat money regimes. An incidental goal of the analysis is to provide a better account than Polleit and Mariano of recent government interventions in and around CDS markets. (shrink)

Vietnam has seen fast-rising debts, both domestic and external, in recent years. This paperreviews the literature on credit market in Vietnam, providing an up-to-date take on the domesticlending and borrowing landscape. The study highlights the strong demand for credit in both therural and urban areas, the ubiquity of informal lenders, the recent popularity of consumer financecompanies, as well as the government’s attempts to rein in its swelling public debt. Given thehigh level of borrowing, which is fueled by (...) consumerism and geopolitics, it is inevitable that theamount of debt will soon be higher than the saving of the borrowers. Unlike the conventional wisdom that creditors have more bargaining power over the borrowers, we suggest that—albeitlacking a quantitative estimation—when the debts pile up so high that the borrowers could not repay, the power dynamics may reverse. In this new politics of debt, the lenders fear to lose the money's worth and continue to lend and feed the insolvent debtors. The result is a toxic lending/borrowing market and profound lessons, from which the developing world could learn. (shrink)

Household debt has been widely discussed among social scientists, policy makers, and activists. Many have questioned the levels of debt households are required to take on, and have made various proposals for assisting households in debt. Yet theorists of distributive justice have left household debt underexamined. This article offers a normative examination of the distributive justice issues presented by proposals to relieve household debt or protect households from overindebtedness. I examine two goals at which (...) class='Hi'>debt relief proposals aim: remedying disadvantage and stabilizing expectations. I then examine strategies for relieving existing debts such as debt abolition, forgiveness, bankruptcy, and mitigation, as well as strategies that aim to prevent future indebtedness, such as public provision or financing of costly goods and credit or interest rate regulations. (shrink)

contents -/- i. death and the mask ii. shifts in the TTC ad-space iii. a virus in a superposition iv. this virus has totally hacked us v. a test of Bayesian competence vi. a siege on the Local, by the Global vii. re lab-leak theory: God did it viii. we held ourselves apart by this telescope ix. Google knows we'll all be dead x. Uber gets us all to surveil xi. Netflix pretends to be my friend xii. can teleCOMM map (...) my interior? xiii. Library's a hi-rise, in lockdown xiv. so could the A.I. announce itself xv. N_BossTRON, Surveillance Daemon xvi. prediction markets make War Profiteers xvii. hide Fish in sea, Bird in forest xviii. the DJ and the human, too much credit xix. dumb TV, an ingenious production xx. WE THE NORTH xxi. Debt: The First 5,000 Years xxii. Theses on Kingship xxiii. when i google Zeus xxiv. your Hardcore History xxv. consumerism a pacification campaign xxvi. fascism is quiet now xxvii. a Chomsky need keep record. (shrink)

Credit risk, also known as default risk, is the likelihood of a corporation losing money if a business partner defaults. If the liabilities are not met under the terms of the contract, the firm may default, resulting in the loss of the company. There is no clear way to distinguish between organizations that will default and those that will not prior to default. We can only make probabilistic estimations of the risk of default at best. There are two types (...) of credit risk default models in this regard: structural and reduced-form models. Structural models are used to calculate the likelihood of a company defaulting based on its assets and liabilities. If the market worth of a company's assets is less than the debt it owes, it will default. Reduced form models often assume an external cause of default, such as a Poisson jump process, which is driven by a stochastic process. They model default as a random event with no regard for the balance sheet of the company. This paper provides a Review of credit risk default models. (shrink)

This study examines the inner workings of credit and debt in the sex industry in Ho Chi Minh City, the megalopolis of Southern Vietnam. It argues that credit is widely available to financially excluded sex workers, but that this availability comes with tight constraints. As one sex worker put it bluntly, ‘it is easy to borrow, but it is hard to repay.’ This tension summarizes the financial lives of indoor and outdoor sex workers who borrow money from (...) the informal credit market to fund consumption and make ends meet. (shrink)

Credit risk, also known as default risk, is the likelihood of a corporation losing money if a business partner defaults. If the liabilities are not met under the terms of the contract, the firm may default, resulting in the loss of the company. There is no clear way to distinguish between organizations that will default and those that will not prior to default. We can only make probabilistic estimations of the risk of default at best. There are two types (...) of credit risk default models in this regard: structural and reduced form models. Structural models are used to calculate the likelihood of a company defaulting based on its assets and liabilities. If the market worth of a company's assets is less than the debt it owes, it will default. Reduced form models often assume an external cause of default, such as a Poisson jump process, which is driven by a stochastic process. They model default as a random event with no regard for the balance sheet of the company. This paper provides a Review of credit risk default models. (shrink)

This chapter argues for deregulation of the credit-rating market. Credit-rating agencies are supposed to contribute to the informational needs of investors trading bonds. They provide ratings of debt issued by corporations and governments, as well as of structured debt instruments (e.g. mortgage-backed securities). As many academics, regulators, and commentators have pointed out, the ratings of structured instruments turned out to be highly inaccurate, and, as a result, they have argued for tighter regulation of the industry. This (...) chapter shows, however, that the role of credit-rating agencies in achieving justice in finance is not as great as these commentators believe. It therefore argues instead for deregulation. Since the 1930s, lawgivers have unjustifiably elevated the rating agencies into official, legally binding sources of information concerning credit risk, thereby unjustifiably causing many institutional investors to outsource their epistemic responsibilities, that is, their responsibility to investigate credit risk themselves. (shrink)

Recent financial events, especially the subprime and the sovereign debts crises, have revived debate on debts, the necessity of debt repayment and the eventuality of debt cancellations. A milestone in this debate was reached by David Graeber’s Debt (Brooklyn: Melville House, 2011), but despite the richness of this essay, many normative questions remain unanswered. Should debt always be repaid? Who should repay it? Should government deficits be allowed or even encouraged? Alexander Douglas’ recent book aims to (...) provide an answer to all these questions. The main endeavour of the book lies in applied philosophy, that is in finding general principles able to answer such questions and to reconcile our possibly conflicting intuitions about debt and credit. However, the analysis is largely nourished by history, linguistics and economics, which makes the book highly original and multidisciplinary. The author’s general thesis is that. (shrink)

Thomas Hobbes wrote in his Leviathan that money exchanging hands, monetary policies, activities, and transactions are the blood of the “Leviathan” - the eponymous subject of the book. Hobbes writes that this Leviathan's “blood” includes the “collectors, receivers, and treasurers; of the second are the treasurers again, and the officers appointed for payment of several public or private ministers.” Hobbes, follows this with an analogy of a living man, stating that this “artificial man maintains his resemblance with the natural [man]; (...) whose veins, receiving the blood from the several parts of the body, carry it to the heart; where, being made vital, the heart by the arteries sends it out again, to enliven and enable for motion all the members of the same.” Hobbes maintains a parallel between the natural man and what he calls the “artificial man”, the state throughout his Leviathan. -/- Ultimately, the mechanisms of finance in the United States are the accumulation of historical precedents - both legal and non-legal (such as economic, but also social). These precedents have led to the current system, on a continuing and settled basis. The legal and economic systems merging for the best system of an international monetary order can represent a balance of legal realism and legal formalism. -/- “Money” is printed by the U.S. government, designated as an official note. Value is correlated with how many of those printed pieces of paper exist. This is the basic concept of inflation. This concept of value and inflation is said to be connected to a commodity - such as how much gold or silver existed in the Federal Reserve's physical locations or Fort Knox. Such systems have been in place since at least Mesopotamia, where clay tablets were used to represent credit, or comparable contracts that seem to resemble modern forms of fiat currency. (shrink)

This thesis consists of three papers examining determinants and implications of related party transactions (RPTs) in Vietnam, a transitional economy in South East Asia with features of concentrated state ownership and weak minority investor protection. Specifically, these papers describe RPTs and examine (i) the association between RPTs and state ownership, (ii) the association between the cost of corporate debt and RPTs, and the moderating role of state ownership on the association between the cost of debt and RPTs, and (...) (iii) the association between corporate tax avoidance and RPTs, and the moderating role of state ownership on this potential association. The first paper describes the nature and extent of RPTs in Vietnamese listed firms and examines the association between RPTs and state ownership. The results from this paper demonstrate that related party transactions are prevalent in Vietnam. Findings show that the presence of state ownership is related to a lower extent of RPTs. However, among firms with state ownership, the extent of RPTs is positively associated with percentage of state ownership. The second paper reveals that the cost of debt is higher in firms having a higher level of RPTs, implying that RPTs are viewed as a potential risk to firms from the point of view of lenders. However, the presence of state ownership can reduce the effect of RPTs on the cost of debt. The third paper provides evidence that firms with RPTs demonstrate more tax avoidance than their counterparts without RPTs. Further, among firms with RPTs, firms with a higher extent of related net credit and related sales are found to exhibit even higher levels of tax avoidance. However, the association between tax avoidance and RPTs is moderated by the presence of state ownership. Finally, in firms with RPTs, the presence of state ownership reduces tax avoidance measured by effective tax rates. (shrink)

In the given article the problems of choice as for the types and forms of debt and share financing on the developing and “frontier markets” with high interest rates have been considered, the definition of what kind of interest rates can be viewed as high and under which circumstances nominal interest rate and in which ones – the real interest rate is important for business. Also, the classification of debt and sharing financing is given and the comparative analysis (...) of such financing is made. Some close attention has been paid to the calculation of the real interest rate according to the inflation forecast. Recommendations concerning attracting of relatively cheap trade financing including international financial and credit organizations, development of operation factoring, financing from captive financial institutions of the exporters of the materials and equipment from the EU and the US have been grounded. The opportunity of relatively free of charge share financing through the mechanism of placing shares IPO/SPO is emphasized, exemplified by the results of placing shares on stock exchanges and their alternative platforms of issuing banks with businesses in Ukraine in 2005 – 2013. As a result, the conclusion concerning the necessity of thorough analysis of financial conditions on the developing and frontier markets before gaining such financing has been made. High interest rates within the average indicators even on the basis of prime rates do not necessarily mean absence of attractive conditions of financing. (shrink)

In discussions about responsibility for climate change, it is often suggested that the historical use of natural resources is in some way relevant to our current attempts to address this problem fairly. In particular, both theorists and actors in the public realm have argued that historical high-emitters of greenhouse gases (GHGs) – or the beneficiaries of those emissions – are in possession of some form of debt, deriving from their overuse of a natural resource that should have been shared (...) more equitably. These accounts of what might be termed ‘natural debt’ generally focus on one particular natural resource (global GHG sink capacity); invoke a principle of justice by which rights to consume this resource should have been allocated (most commonly, equal per capita shares); and then argue that historical violations of this principle give rise to certain rectificatory duties in the present (generally, duties on the part of those who have historically consumed an excessive amount of the world’s GHG sink capacity, or who have benefitted from such excess consumption, to offer some form of compensation to those who have not – such compensation usually taking the form of emission credits or cash). Though many seem to find it intuitively plausible that historical high-emissions have incurred some form of debt, significant challenges arise in rendering the concept of natural debt both coherent and defensible. Such problems are not, however, my focus in this piece. Instead, I here suggest that discussions about historical responsibility for climate change commonly fail to recognise certain other past injustices concerning natural resources that appear to hold contemporary relevance. In particular, I argue that it is not just the unequal consumption of global GHG sink capacity that may be of moral significance here; but also the way in which the world’s resources have more generally been governed. (shrink)

There is a commonly made distinction between two types of scientists: risk-taking, trailblazing mavericks and detail-oriented followers. A number of recent papers have discussed the question what a desirable mixture of mavericks and followers looks like. Answering this question is most useful if a scientific community can be steered toward such a desirable mixture. One attractive route is through credit incentives: manipulating rewards so that reward-seeking scientists are likely to form the desired mixture of their own accord. Here I (...) argue that this idea is less straightforward than it may seem. Interpreting mavericks as scientists who prioritize rewards over speed and risk, I show in a deliberatively simple model that there is a fixed mixture which is not particularly likely to be desirable and which credit incentives cannot alter. I consider a way around this result, but this has some major drawbacks. I conclude that credit incentives are not as promising a way to create a desirable mixture of mavericks and followers as one might have thought. (shrink)

This study assessed external debts and the financing of education in Nigeria using time series data obtained from World Bank, and CBN Statistical Bulletin covering a period of 31 years from 1988 -2018. The model of the study was derived, while the data collected were analysed using the Ordinary Least Squares. Diagnostic tests such as Augmented Dickey- Fuller (ADF) unit root test, Johansen co-integration, Vector Error Correction (VEC) techniques of estimation, and Granger Causality tests were all performed. Findings revealed a (...) significant long-run relationship between external debts and the financing of education; external debts have a significant effect (F=39.07055, p<.05) on the financing of education in Nigeria; external debt stock and external debt service payment have no significant effect on the financing of education; real GDP and Exchange rate have a significant effect on the financing of education in Nigeria respectively. Based on these findings, it was concluded that external debt is a big hindrance to the financing of education and consequently, the economic growth of Nigeria. It was recommended amongst others that the government should use borrowed funds from external sources for productive capital projects or development initiatives such as investment in education and the eradication of illiteracy. (shrink)

Abstract: Ensuring the proactive detection of transaction risks is paramount for financial institutions, particularly in the context of managing credit scores. In this study, we compare different machine learning algorithms to effectively and efficiently. The algorithms used in this study were: MLogisticRegressionCV, ExtraTreeClassifier,LGBMClassifier,AdaBoostClassifier, GradientBoostingClassifier,Perceptron,RandomForestClassifier,KNeighborsClassifier,BaggingClassifier, DecisionTreeClassifier, CalibratedClassifierCV, LabelPropagation, Deep Learning. The dataset was collected from Kaggle depository. It consists of 164 rows and 8 columns. The best classifier with unbalanced dataset was the LogisticRegressionCV. The Accuracy 100.0%, precession 100.0%,Recall100.0% and the (...) F1-score 100.0%. However, the best classifier with balanced dataset was the LogisticRegressionCV. The Accuracy 100.0%, precession 100.0%, Recall 100.0% and the F1-score 100.0%. (shrink)

There is a fundamental disconnect between the public discourse about sovereign and external debt in comparison to private domestic debt. The latter is predominantly viewed through a Humean lens, which sees economic morality in terms of contingent social institutions, justified by the valuable goods they realize; while sovereign and external debt is viewed through a Lockean lens, which sees property, contract, and debt as possessing an intrinsic moral quality, independent of social context or consequences. This Article (...) examines whether this Lockean perspective on sovereign and external debt is compatible with the dominance of Humean approaches to the domestic economy. It considers and rejects the most plausible argument for reconciling these views, which emphasizes the different qualities of cooperation in the international and domestic economies. It further argues that many standard objections to a Humean approach to sovereign debt suggest, not the Lockean approach, but rather a Hobbesian international moral skepticism. Concluding that the Lockean approach is unmotivated, this Article instead advances a Humean account of sovereign debt and default. It shows how taking seriously the demand for institutional justification and the idea of persons and peoples as free and equal provides an account of the duties of states—whether creditors, debtors or third parties—in sovereign debt crises. It further examines the implications of each approach for democratic choice about sovereign default. (shrink)

If the present generation refuses to bear the burden of mitigating global heating, could we motivate sufficient action by shifting that burden to our descendants? Several writers have proposed breaking the political impasse by funding mitigation through public debt. Critics attack such proposals as both unjust and infeasible. In fact, there is reason to think that some debt financing may be more equitable than placing the whole burden of mitigation on the present generation. While it might not be (...) viable for all countries to take this route simultaneously, a vanguard state, or group of states, could use public debt to fund an ambitious programme to develop inexpensive forms of clean low- or no-emission technology. This would ensure that vanguard actor or set of actors a leading role in those sectors while at the same time benefiting future generations around the world. -/- Key policy insights: (a) Debt-financed clean technology research can shift part of the burden of greenhouse gas mitigation to our descendants, breaking the political impasse of inaction or delayed action. (b) Far from being an injustice to future generations, this could actually be fairer than expecting the present generation to bear the full burden of mitigation. (c) Such an initiative may be most feasible if pursued by a vanguard actor. (shrink)

According to what may be called the Debt Model, blameworthiness is defined in terms of deserved suffering. The Debt Model has a significant implication: one is less blameworthy if one has experienced some of the suffering one deserves, and no longer blameworthy once one has experienced the full amount of suffering one deserves. Blameworthiness, according to the Debt Model, is not forever. In recent papers, Clarke (2022) and Howard (2022) independently criticize the Debt Model and argue (...) for the opposite conclusion: if one is blameworthy, one will remain blameworthy forever. In this paper, I respond to this criticism as well as a recent argument against the Debt Model from Tierney (2022). I then present a prima facie case for the Debt Model. I argue that Clarke’s attempt to accommodate the intuitions elicited by this and similar cases has unwelcome implications. I will end the paper with some remarks about what roles we want our conceptions of blameworthiness to play. If Clarke’s account were right, the fact that an agent is blameworthy would play a far less significant role in our moral life than we often tend to assume. The Debt Model, I will suggest, makes better sense of our blaming practices. (shrink)

This study contributes to the micro-credit literature by addressing the lack of philosophical dialogue concerning the issue of trust between micro-credit NGOs and rural poor women. The study demonstrates that one of the root causes of NGOs’ contested roles in Bangladesh is the norm that they use (i.e., trust) to rationalize their micro-credit activities. I argue that Bangladeshi micro-credit NGOs’ trust in poor village women is not genuine because they resort to group responsibility sustained through aggressive (...) surveillance. I maintain so by drawing on a trust-based theoretical framework that uses various philosophical insights. Drawing on the same conceptual framework, I also contend, somewhat softening the previous claim, that if micro-credit trust is trust at all, it is at most strategic, not generalized. For being strategic, it has many undermining effects on local social solidarity norms, rendering Bangladeshi micro-credit NGOs and strategic trust an odd couple with no moral compass. To bring forth the moral impetus in micro-credit activities, I lay out some recommendations intended for organizations, managers, and policymakers, consistent with normative corporate social responsibility initiatives. However, further studies can be initiated based on this paper, suggesting its importance for future research. (shrink)

The notion of credit plays a central role in virtue epistemology and in the literature on moral worth. While virtue epistemologists and ethicists have devoted a significant amount of work to providing an account of creditable success, a unified theory of credit applicable to both epistemology and ethics, as well as a discussion of the general form it should take, are largely missing from the literature. Our goal is to lay out a theory of credit that seems (...) to underlie much of the discussion in virtue epistemology, which we dub the Cake Theory. We argue that given the goals that virtue epistemologists and ethicists who discuss moral worth have, this theory is problematic, for it makes credit depend on the wrong facts. (shrink)

When charitable matching occurs, both the person initially offering the matching donation and the person taking up the offer may well feel they have done something better than if they had donated on their own without matching. They may well feel they deserve some credit for the matched donation as well as their own. Can they both be right? Natural assumptions about charitable matching lead to puzzles that are challenging to resolve in a satisfactory way.

The paper begins by reviewing two problems for fallibilism: the lottery problem, or the problem of explaining why fallible evidence, though otherwise excellent, is not enough to know that one will lose the lottery, and Gettier problems. It is then argued that both problems can be resolved if we note an important illocutionary force of knowledge attributions: namely, that when we attribute knowledge to someone we mean to give the person credit for getting things right. Alternatively, to say that (...) a person knows is to say that she got things right due to her own abilities, efforts and actions, rather than due to dumb luck, or blind chance, or something else. (shrink)

It is widely acknowledged in the literature in social epistemology that knowledge has a social dimension: we are epistemically dependent upon one another for most of what we know. Our knowledge can be, and very often is, grounded on the epistemic achievement of somebody else. But what about epistemic aims other than knowledge? What about understanding? Prominent authors argue that understanding is not social in the same way in which knowledge is. Others can put us in the position to understand, (...) but when we understand something, this accomplishment is to be credited mainly if not entirely to us, as it is due to the successful exercise of our own cognitive abilities. In this paper, I show that the social dimension of understanding closely resembles the social dimension of knowledge. I distinguish between three different ways in which a subject can depend upon another subject for (either the acquisition or the possession of) a certain epistemic good. I then argue that all these kinds of epistemic dependence apply to knowledge and understanding alike. If I am right, understanding is not (always) an achievement to be (mainly) credited to the single epistemic agent who understands. (shrink)

The paper begins by reviewing two problems for fallibilism: the lottery problem, or the problem of explaining why fallible evidence, though otherwise excellent, is not enough to know that one will lose the lottery, and Gettier problems. It is then argued that both problems can be resolved if we note an important illocutionary force of knowledge attributions: namely, that when we attribute knowledge to someone we mean to give the person credit for getting things right. Alternatively, to say that (...) a person knows is to say that she got things right due to her own abilities, efforts and actions, rather than due to dumb luck, or blind chance, or something else. (shrink)

Despite what you have heard over the years, the famous evil deceiver argument in Meditation One is not original to Descartes. Early modern meditators often struggle with deceptive demons. The author of the Meditations is merely giving a new spin to a common rhetorical device. Equally surprising is the fact that Descartes’ epistemological rendering of the demon trope is probably inspired by a Spanish nun, Teresa of Ávila, whose works have been ignored by historians of philosophy, although they were a (...) global phenomenon during Descartes’ formative years. In this paper, I first answer the obvious question as to why previous early modernists have missed something so important as the fact that Descartes’ most famous publication relies on a well-established genre and that his deceiver argument bears a striking similarity to ideas in Teresa’s final work, El Castillo Interior? I discuss the meditative tradition at the end of which Descartes’ Meditations stands, present evidence to support the claim that Descartes was familiar with Teresa’s proposals, contrast their meditative goals, and make a point-by-point comparison between the meditative steps in Teresa’s Interior Castle and those in Descartes’ Meditations which constitute their common deceiver strategy. My conclusion makes a case for a broader and more inclusive history of philosophy. (shrink)

Vietnam’s forests are at risk - carbon offset schemes could be the best chance of saving them, say Dr. Quan-Hoang Vuong and Minh-Hoang Nguyen. The value of forests is deeply ingrained in Vietnamese culture. Rừng vàng, biển bạc” [“forests of gold and seas of silver”] is both a metaphor for Vietnam, and a description of its natural wealth. The phrase is everywhere, from political speeches to daily conversation, as is Nhất phá sơn lâm, nhì đâm hà bá [“the worst crime (...) is to destroy the mountains and forests, the second worst is to kill the river”]. Deforestation is a Vietnamese taboo. (shrink)

This chapter argues that several aspects of Bernard Williams’s style, methodology, and metaphilosophy can be read as evolving dialectically out of Wittgenstein’s own. After considering Wittgenstein as a stylistic influence on Williams, especially as regards ideals of clarity, precision, and depth, Williams’s methodological debt to Wittgenstein is examined, in particular his anthropological interest in thick concepts and their point. The chapter then turns to Williams’s explicit association, in the 1990s, with a certain form of Wittgensteinianism, which he called ‘Left (...) Wittgensteinianism’. It is shown how this is not a sudden conversion, but the direct product of Williams’s longstanding critical engagement with Wittgenstein’s methodology and metaphilosophy: Williams arrives at this position by envisaging a Wittgensteinianism that thinks in concrete sociohistorical terms, embraces genuine explanation, and relinquishes its insistence on the purity of philosophy. When properly understood, moreover, this critique turns out to be continuous with Williams’s advocacy of a conception of philosophy as a humanistic discipline. Finally, it is shown that Williams inherits from Wittgenstein a certain understanding of how philosophy can help us to live, in particular the therapeutic ambition to liberate us from distortions in our self-understanding by assembling reminders. (shrink)

The recent wave of generative AI (GAI) systems like Stable Diffusion that can produce images from human prompts raises controversial issues about creatorship, originality, creativity and copyright. This paper focuses on creatorship: who creates and should be credited with the outputs made with the help of GAI? Existing views on creatorship are mixed: some insist that GAI systems are mere tools, and human prompters are creators proper; others are more open to acknowledging more significant roles for GAI, but most conceive (...) of creatorship in an all-or-nothing fashion. We develop a novel view, called CCC (collective-centered creation), that improves on these existing positions. On CCC, GAI outputs are created by collectives in the first instance. Claims to creatorship come in degrees and depend on the nature and significance of individual contributions made by the various agents and entities involved, including users, GAI systems, developers, producers of training data and others. Importantly, CCC maintains that GAI systems can sometimes be part of a co-creating collective. We detail how CCC can advance existing debates and resolve controversies around creatorship involving GAI. (shrink)

In this article a reference to Jacques Lacan’s ‘capitalist discourse’ will help highlight the bio-political workings of neo-liberalism in times of austerity, detecting the transition from so-called ‘debt economy’ to an ‘economy of anxiety.’ An ‘il-liberal’ turn at the core of neoliberal discourses will be examined in particular, which pivots on an ‘astute’ intersecting between outbursts of renunciation; irreducible circularity of guilt and satisfaction; persistent attachment to forms of dissipative enjoyment; and a pervasive blackmail under the register of all-encompassing (...) regulations and evaluations — all of which elevates the production of success up to the point of a production and consumption of failure. (shrink)

The practice of assigning authorship for a scientific publication tends to raise two normative questions: 1) ‘who should be credited as an author?’; 2) ‘who should not be credited as an author but should still be acknowledged?’. With the publication of the revised version of The European Code of Conduct for Research Integrity (ECCRI), standard answers to these questions have been called into question. This article examines the ways in which the ECCRI approaches these two questions and compares these approaches (...) to standard definitions of ‘authorship’ and ‘acknowledgment’ in guidelines issued by the International Committee of Medical Journal Editors (ICMJE) and the World Association of Medical Editors (WAME). In light of two scenarios and the problems posed by these kinds of ‘real-world’ examples, we recommend specific revisions to the content of the ECCRI in order not only to provide a more detailed account of the tasks deserving of acknowledgment, but to improve the Code’s current definition of authorship. (shrink)

In this article, I argue that Immanuel Kant fails to provide a satisfactory account of ‘moral debt’ in Religion within the Boundaries of Mere Reason. More precisely, he fails to answer the question of why we should assume that a debt exists in the first place. In light of recent scholarship on this area of his thought, I sketch some possible readings of Kant on the nature of moral transformation that suggest how he might account for this (...) class='Hi'>debt. I then argue that these accounts fail to justify its existence within Kant's project. (shrink)

The credit crises experienced in the US in year 2008 is labeled as perhaps the most significant crises since the great depression. The roots of the crises were found in the default of the sub-prime mortgages and the failure occurred in both the US and the UK. Due to the integrated nature of international financial systems the spillover impacted many countries as the economies in Asia and Europe were purchasers of the sub-prime mortgages that originated in both UK and (...) US. The impact of the credit crises in Canada is of unique importance due to the close proximity to US, and both the US and Canada being of great strategic importance to each other as well as one of the largest trading partners.Even though the international financial credit crises adversely impacted many countries, the evidence that has come across recent years point towards the conclusion that Canada was able to weather the crises much better than many other countries. (shrink)

In this note, we consider a Merton model for default risk, where the firm’s value is driven by a Brownian motion and a compound Poisson process.

This paper investigates the relationship between external debt, population growth, and inflation with unemployment in 26 developing countries. The study uses data from 2010 to 2021 and panel data models (fixed, random, and pooled) to analyze the relationship between the variables. Results show that external debt has a significant and positive impact on unemployment across all three models. Similarly, GDP growth has a reducing and significant impact on the unemployment rate, which shows high employment elasticity of growth in (...) the case of these 26 developing countries. Another important finding of the study is that foreign direct investment, inflation, and population growth have a non-significant impact on unemployment. The paper suggests robust macroeconomic policies and effective debt management in these developing countries to address the issue of unemployment. (shrink)

This paper presents a Least Square Monte Carlo approach for accurately calculating credit value adjustment (CVA). In contrast to previous studies, the model relies on the probability distribution of a default time/jump rather than the default time itself, as the default time is usually inaccessible. As such, the model can achieve a high order of accuracy with a relatively easy implementation. We find that the valuation of a defaultable derivative is normally determined via backward induction when their payoffs could (...) be positive or negative. Moreover, the model can naturally capture wrong or right way risk. (shrink)

To deserve credit for doing what is morally right, we must act from the right kinds of motives. Acting from the right kinds of motives involves responding both to the morally relevant reasons, by acting on these considerations, and to the morally relevant individuals, by being guided by appropriate attitudes of regard for them. Recent theories of the right kinds of motives have tended to prioritize responding to moral reasons. I develop a theory that instead prioritizes responding to individuals (...) (through appropriate attitudes of regard for them) and argue that it better accounts for the basic features of the right kinds of motives – what we most fundamentally care about in judging whether persons deserve moral credit. (shrink)

Abstract: Contemporary analytic philosophers of the “reactive attitudes” tend to share a simple conception of guilt as “self-directed blame”—roughly, an “unpleasant affect” felt in combination with, or in response to, the thought that one has violated a moral requirement, evinced substandard “quality of will,” or is blameworthy. I believe that this simple conception is inadequate. As an alternative, I offer my own theory of guilt’s logic and its connection to morality. In doing so, I attempt to articulate guilt’s defining thought (...) or proposition through an extended investigation and analysis of guilt’s many competing metaphors, which I trace from the Hebrew Bible to the New Testament to Shakespeare to contemporary vernacular. My interpretation of this literary genealogy offers a way to understand guilt’s seemingly disparate metaphors in terms of a single master-image that illuminates our self-conceptions and our relationship to morality. I conclude by making a very brief start toward a moral vindication of guilt against the backdrop of Nietzschean and Freudian analyses that explicitly call guilt’s place in a healthy social and personal life into question. I suggest that once guilt’s logic is made explicit, we can see that it makes sense of, honors, and addresses some of our deepest aspirations and needs. (shrink)

Rorty regards himself as furthering the project of the Enlightenment by separating Enlightenment liberalism from Enlightenment rationalism. To do so, he rejects the very need for explicit metaphysical theorizing. Yet his commitments to naturalism, nominalism, and the irreducibility of the normative come from the metaphysics of Wilfrid Sellars. Rorty's debt to Sellars is concealed by his use of Davidsonian arguments against the scheme/content distinction and the nonsemantic concept of truth. The Davidsonian arguments are used for Deweyan ends: to advance (...) secularization and anti-authoritarianism. However, Rorty's conflation of theology and metaphysics conceals the possibility of post-theological metaphysics. The key distinction lies between “metaphysics” and “Metaphysics.” The former provisionally models the relations between different vocabularies; the latter continues theology by other means. Sellars shows how to do metaphysics without Metaphysics. This approach complements Rorty's prioritization of cultural politics over ontology and his vision of Enlightenment liberalism without Enlightenment rationalism. (shrink)

Leising and colleagues propose a 10-step checklist that they argue will facilitate “a better personality science.” Although we agree with many of the proposed steps, whether the checklist separates “good research” from bad is an empirical matter. A critical component of Leising and colleagues’ steps toward improving scientific standards in personality center around consensus building. There are several critical ways in which the methods for building consensus in psychology could have unintended negative consequences. Creating a better science requires a shift (...) in academia’s reward structures. The current system rewards producing more publications with little reference to contributions to those publications. CRediT offers a simple yet effective way of weighing the quality of researcher contributions rather than quantity alone. Finally, the target article is the latest to join in calling for more formal theory. If psychology is to improve theory, then psychologists must be trained in theory. These systemic issues are pervasive and cannot be fixed without changing the evaluation system of academia and subsequently the reward system that supports it. Including the CRediT taxonomy in CVs offers a simple yet effective way of weighing the quality of researcher contributions rather than quantity alone. (shrink)

Issues of academic authorship pose few problems for philosophers or those in the humanities, yet raise a host of issues for medical researchers, engineers and scientists, where multiple authors is the norm and journal articles sometimes list hundreds of authors. At issue here are abstract questions about desert, as well as practical problems regarding the distribution of goods attached to authorship—tenure, prestige, research grants, etc. This paper defends a version of the author/contributor model, where the specific contributions of authors are (...) described in a footnote, against other models of authorial attribution. Such a model offers the best guarantee that authors will get their due, as well as providing the most reliable protection against misconduct and fraud. The paper also arguesthat it is important for this model to be institutionalized across disciplinary boundaries as the increasingly interdisciplinary nature of research will inevitably bring discipline-specific authorial norms into conflict. (shrink)

It is generally acknowledged that testifiers can play a central role in the production of knowledge and other valuable epistemic states in others. But does such a role warrant any form of epistemic credit and is an agent more successful qua epistemic agent insofar as she is a successful testifier? I here propose an affirmative answer to both questions. The core of the current paper consists in a sustained defence of this proposal against a series of objections. I further (...) argue that the proposal allows us to recognize an important additional epistemic harm that arises in cases of testimonial injustice beyond those described by Miranda Fricker. Finally, I conclude by distinguishing between four kinds of credit - distinctions that allow us to avoid inappropriately attributing epistemic credit in problematic cases. If the current proposal is correct, our understanding of successful epistemic agents needs to be significantly modified in order to take into account their role in producing epistemically valuable states in others. (shrink)

Despite of the fact that Reichenbach clearly acknowledged his indebtedness to Hilbert, the influence of this leading mathematician of the time on him is grossly neglected. The present paper demonstrates that the decisive years of the development of Reichenbach as a philosopher of science coincide with, and also partly followed the “philosophical” turn of Hilbert’s mathematics after 1917 that was fixed in the so called “Hilbert’s program”. The paper specifically addresses the fact that after 1917, Hilbert saw the axiomatic method (...) as an instrument for providing the foundations not only of mathematics but also of other sciences. In particular, Hilbert’s axiomatic program was closely connected with the theoretical physics and arguably helped Einstein to discover the general theory of relativity. In this context, one can see Reichenbach’s project to axiomatize Einstein’s theory of relativity as a continuation of this project. Under Russell’s influence, after 1914 Hilbert also developed an interest in mathematical logic. Reichenbach experienced similar transition from axiomatics to logic which went together with turn of his interest from Hilbert to Russell. Reichenbach’s rapprochement to Russell also supported the transition of his interests from epistemology to ontology. (shrink)

Drèze and Sen are not entirely right in their apparent glorification of the roles of nongovernmental organizations in Bangladesh in An Uncertain Glory: India and Its Contradictions because they leave out and/or de-emphasize some important issues, especially those that are related to the problematic trusting relationship between nongovernmental organizations in Bangladesh and rural poor women. Nongovernmental organizations’ use of trust disturbs social solidarity in rural Bangladesh mainly because of their massive supervision mechanism that they undertake to sustain the so-called trusting (...) relationship between them and their debtors. The massive supervision mechanism damages social solidarity also because it creates a tension between local norms and nongovernmental organizations’ neoliberalist values of “discipline, efficiency and competitiveness,” which nongovernmental organizations try to inject into villagers by their numerous social engineering programs, which are state’s responsibility. Nongovernmental organization monitoring has some psychological impacts on their clients that also contribute to shaking social solidarity. The absence of a proper trusting relationship between nongovernmental organizations and rural poor women reduces the capabilities of the latter as a result of which Drèze and Sen’s glorification of Bangladeshi nongovernmental organizations and Sen’s capabilities approach are in tension. However, there are strategies that Bangladeshi nongovernmental organizations should employ to address the issues raised due to their massive supervision mechanism. (shrink)

Debt to a friend, debt to the humaniny, there's the destiny of a young anthropology trying to succeed.

This article presents a new model for valuing a credit default swap (CDS) contract that is affected by multiple credit risks of the buyer, seller and reference entity. We show that default dependency has a significant impact on asset pricing. In fact, correlated default risk is one of the most pervasive threats in financial markets. We also show that a fully collateralized CDS is not equivalent to a risk-free one. In other words, full collateralization cannot eliminate counterparty risk (...) completely in the CDS market. (shrink)

The study examined constraints to accessing micro credit loan scheme of Bank of Agriculture BOA among farmers in Enugu State, Nigeria Implications for extension service delivery. Purposive and simple random sampling techniques were used in selecting one hundred 100 respondents for the study. Data were collected using structured interview schedule questionnaire and analyzed using frequency, percentage, mean scores and standard deviation. The study revealed that micro credit loan scheme 88.6 were the most patronized among the rural farmers. Others (...) such as ECOWAS, IFAD project and ATHP programme were not patronized at all, probably because the type of projects sponsored by these credit loan scheme are not important to the respondents. The respondents farmers were highly constrained by late release of funds M= 1.27 , grace period too short M= 1. 17 , excessive bureaucracy M= 1. 14 , too short payback period M= 1. 13 , services not regular M= 1. 13 , among others. The Bank of Agriculture staff also noted that they were constrained by late release of approved funds by head quarters of the Bank of Agriculture M= 1.43 , loan diversion M= 1.27 , poor funding of field officers M= 1.20 , lack of awareness by borrowers M= 1.10 and insufficient staff M= 0.93 . The study recommends that adequate awareness campaign on the availability of micro credit loan scheme by Bank of Agriculture should be created in order for the beneficiaries to be knowledgeable about it. It highlights the need for approval of more funds under the scheme and timely release of funds when needed especially during planting season in order to enable the farmers to make judicious use of it for optimum productivity. Mbah Evangeline N | Jiriko, R | Agada, M.O. "Constraints to Accessing Micro-Credit and Loan Scheme of Bank of Agriculture among Farmers in Enugu State, Nigeria: Implications for Extension Service Delivery" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-1 | Issue-4 , June 2017 . (shrink)

Abstract: The concept of debt financing has assumed considerable importance in recent years given the fundamental role debts now play in forming the financial structure of corporate firms. Quite evident in the debt finance literature is the juxtaposition between debt financing and corporate performance which suggests that debt financing can influence corporate performance. Against the narrow measures of debt financing which are common with most studies that have been carried out on the debt finance-performance (...) dynamics; we attempted a more robust combination of debt finance choices in modelling for corporate performance. Based on data gleaned from the audited annual reports of fifteen (15) consumer goods firms listed in the Nigerian Stock Exchange (NSE) for the period 2006 to 2017, results of the panel regression technique revealed that total debt, long-term debt and short-term debt to asset ratios positively influence the performance of consumer goods firms in Nigeria. Based on the findings of the study, we recommend, among others, that there is need for the Nigerian firms to rely less on short-term debts, which forms the major part of their leverage, and focus more on developing internal strategies that can help improve their performance. (shrink)

This paper defends an account of moral worth. Moral worth is a status that some, but not all, morally right actions have. Unlike with merely right actions, when an agent performs a morally worthy action, she is necessarily creditworthy for doing the right thing. First, I argue that two dominant views of moral worth have been unable to fully capture this necessary connection. On one view, an action is morally worthy if and only if its agent is motivated by the (...) features of the action that make it right. On the other, an action is morally worthy if and only if its agent is motivated by the action’s rightness itself. Neither of these views captures the connection between moral worth and creditworthiness, because each view leaves room for cases of accidentally doing the right thing. Next, I develop a new account, which I call the Guise of Moral Reasons Account. On my account, morally worthy actions are right actions that are motivated by moral reasons as such. This account rules out cases of accidentally doing the right thing, thus capturing the necessary connection between moral worth and creditworthiness for doing the right thing. (shrink)