GOVERNMENT DEBT AS THE INTEGRAL PORTFOLIO OF ASSETS AND LIABILITIES GENERATED BY DEBT

The paper analyses the possibilities of optimal government (national) debt management, trying to maximize the made-up net value for the debtor with the help of funds borrowed by the government. The integral portfolio of debtor assets and debt service liabilities, based on the borrowed funds, is chosen as a solution for the above-described problem. In the paper, an asset is understood as a position of government expenditures, where funds borrowed by the government are used and create a quantifiable profit (value) or the measurable damage or loss is avoided if funds are borrowed. Actually, liabilities are the main debt service positions. Naturally, the value generated by assets, as well as funds spent to settle the liabilities, could be analytically adequately evaluated only in stochastic dimension. Consequently, multidimensional multicriteria stochastic optimization technique is used as a technical solution to the formulated problem. In analytical decisions, the budget funds borrowed by the government are treated as marginal funds. Taking into account a completely new decision technique that has been invoked for government debt management, the methods of decisions are described quite particularly. First published online: 02 Oct 201

Americanization in Lithuania as a driving force for globalization

Purpose: The purpose of the article is to analyze Americanization patterns in Lithuania by exploring socio-economic and cultural factors and to determine the impact of Americanization on the level of globalization of the country and its economy.Design/methodology: The research employs both qualitative and quantitative methods by using primary and secondary data. Further descriptive statistics, correlation regression, and factor analysis is applied. Carrying out the survey has collected primary data. Secondary data was drawn from the Statistics Lithuania, Premiercapital, and Swiss Federal Institute of Technology Zurich.Findings/outcomes: The obtained and analyzed information on the spread of foreign capital, culture and their impact on social and cultural life in the host country which results in emigration and brain drain problems. On the other hand, the research allows us to examining the behavior of Lithuanians and their abilities to accept new culture and social life on the basis of own wealth. The results show that Americanization has much significant impact on economic growth rather than on globalization in Lithuania.Originality/value: It is an interdisciplinary research, which covers three scientific areas: sociology, economics and mathematics. It is unique as it extends to the theory of globalization and synthesizes both understandings of Americanization: cultural assimilation and Americanization as the form of internationalization