Françoise Thys-Clément

Debt management in a small open economy: A theoretical and an empirical study for Belgium

Abstract This article analyzes the effects of debt management and its consequence for the control of base money in a small open economy (Belgium). The study compares the effects obtained from a small theoretical model with the results of a larger empirical model. The theoretical model focuses on the financing of government by money operation, on the bond rate, and on the international reserve of the Central Bank. The empirical model is a medium-term one, including the demand and the supply sectors of the economy and permitting simultaneous analysis of real and financial variables. The effects of an endogeneous or exogenous debt management have been studied by numerical simulation of modification in the public expenditure, the world trade, and the discount rate.

The Strategic Management of Universities: Teaching and Research

The university as a producer of highly qualified human resources contributes not only to economic development, but more importantly, to endogenous technical progress. Although certain students of the subject have tried to prove that research and teaching in universities do not complement one another, most professors would disagree. If university teaching contributes to economic development, then it should also contribute to the improvement of teaching which through its effects on students will also contribute to economic development. A poll that the authors helped to direct of senior university managers indicated strong belief that teaching and fundamental research will remain linked and will continue to be very important parts of the missions of universities for the foreseeable future. Applied research will have a slightly lower priority, but its role will steadily increase in importance. Interestingly, very little priority was accorded to lifelong learning and even less, to third age instruction.