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Financial literacy represents a fundamental competence in contemporary knowledge-based economies, particularly in the context of increasingly complex corporate financing instruments. Insufficient financial literacy may lead to suboptimal debt decisions, inefficient capital structures, and heightened financial vulnerability of firms. The aim of this paper is to assess the level of financial literacy of university students in the field of corporate debt financing and to identify key determinants influencing the correctness of their responses. The empirical analysis is based on a quantitative questionnaire survey conducted among university students in the Slovak Republic (n = 403) using a convenience sampling approach. The questionnaire included 16 knowledge-based items focused on debt financing instruments, interest mechanisms, leasing, bonds, and alternative sources of financing. Data were analysed using descriptive statistics and inferential methods, primarily Pearson’s χ2 test of independence and Cramer’s V. The results reveal considerable variability in students’ performance across thematic areas. Higher success rates were observed for basic concepts of debt financing and traditional bank products, while lower performance was recorded for analytically demanding tasks, particularly those related to interest rate comparisons, capital market instruments, and alternative financing forms. Field of study emerged as the most significant determinant of financial literacy, followed by the level of study, whereas gender and region showed only marginal effects. The findings highlight the need to strengthen application-oriented financial education in higher education, with a stronger focus on practical aspects of corporate debt financing.

This paper delves into the complexities of sovereign debt restructuring in the 21st century, including the rising debt burdens of developing countries, the growing influence of private creditors and new official creditors, and novel economic pressures generated by climate change. It argues for a multi-faceted approach to promote sustainable debt management that goes beyond existing mechanisms. It proposes the establishment of a permanent institution to negotiate debt restructuring together with specific mechanisms to manage the current debt crisis. The latter could be based on revisions to the Common Framework for Debt Treatment or an alternative instrument. Additionally, it emphasizes the importance of strengthening debt transparency through a global debt registry and improved reporting standards. It also explores the role of responsible lending and borrowing practices, the regulation of credit rating agencies, and early warning systems to enable proactive risk management. It also examines innovative debt instruments such as debt-for-nature swaps, sustainable bonds, and state-contingent bonds, highlighting their potential to address specific challenges. Ultimately, the paper underscores the need for a collaborative effort among all stakeholders – international financial institutions, national governments, and private creditors – to build a more resilient and sustainable international debt architecture.

Foreign direct investment and private capital flows are highly concentrated geographically, with almost half of them reaching five top destinations. These flows tend to evade many high-risk countries. Regulatory and contractual risks, particularly in infrastructure, have inhibited investments in many parts of the developing world. A core objective of the World Bank Group (WBG) has been to support the flow of private investment for development; guarantees and insurance have been among the instruments that the WBG has used to pursue this objective. This study examines three main questions: • Should the WBG be in the guarantee business? • Have guarantee instruments in the three WBG institutions been used to their potential as reflected in WBG expectations and perceived demand? • Is the WBG appropriately organized to deliver its range of guarantee products in an effective and efficient manner?

Money market is a very important component in the financial market, since it's involved the trading of short term borrowing, lending, buying and selling with original maturities of one year or less. One of the importances of the money market is its function to provide financing for business. This paper's main contribution is to give a better understanding from the business law perspective on the money market; and to give a broader analysis on the financial institution including money market in Indonesia for the purpose of corporate financing. Indonesian money market needs to be rearranged to cope with the business needs. The first objective of this paper is to understand the institution of money market in Indonesia in order to cope with the business need for short term financing. The second objectives is how to develop an effective money market operation in Indonesia in order to attract potential investors.

In the current period, when countries, including the Republic of Moldova, need to identify financial resources, the need is constantly growing, and investors are increasingly interested in diversifying their investment portfolios into safe and profitable financial instruments. The development of the government securities market and increasing the attractiveness of these financial instruments are becoming primary considerations and objectives. The purpose and objective of this article is to provide an analysis of the particularities of the Moldovan government securities market, international experiences and best practices on this topic (Romania, Hungary, Türkiye, Brazil, Canada) with a view to identifying opportunities for development of the Moldovan government securities market. The development opportunities identified by the authors as a result of the research focus on aspects aimed at increasing the attractiveness of Moldovan government securities and diversifying the investor base, such as market accessibility, the diversity of instruments, financial benefits, and opportunities to manage related investment risks. The methodology includes analytical, descriptive, synthesis, quantitative, qualitative, comparison, and graphical methods.

The focus of capital structure research has now been diverted towards understanding the discriminating features of different debt instruments and explaining why to select a specific type of debt among different options? When companies predominantly borrow from fewer debt types, it is regarded as debt specialization (DS). The existence of DS has been empirically confirmed in some of the developed countries. But, researchers are far from reaching a conclusion that DS is a global phenomenon. Therefore, this paper is aimed to extend the canvas of DS debate by proffering new evidences for the existence and relevance of DS strategy among different organizational grouping. We use panel data for 410 non-financial publically traded companies of Karachi Stock Exchange from 2009 to 2013. The results of cluster analysis, threshold and conditional debt structure has confirmed the presence of DS. Our empirical findings indicate that 67% of the organizations exclusively rely on a single type of debt. The short term debts dominate in the debt structure of Pakistani companies, followed by secured and other long term debts. Additionally, through a comparative analysis among various organizational grouping based on profitability, age, credit rating, size, leverage, growth, dividend payments, regulations and business group affiliation, we identified similar trends of DS prevailing in five of the nine selected grouping variables. The paper also suggests several implications and directions for future research.

This study provides a conceptual framework for the analysis of the questions of out-of-court debt restructuring from a policy-oriented perspective. The starting point of the analysis is given by the World Bank principles for effective insolvency and creditor rights systems. The study offers an overview of out-of-court restructuring, which is not seen as fundamentally opposed to formal insolvency procedures. Actually, the study contemplates different restructuring techniques as forming a continuum to the treatment of financial difficulties. The study discusses the advantages and disadvantages of all the debt restructuring techniques, and concludes, in this regard, that a legal system may contain a number of options a menu that can cover different sets of circumstances. In the end, the law may offer a toolbox with very different instruments that the parties may use depending on the specific facts of the case. The study also provides a checklist that can be used to examine the features of a legal system that bear a direct influence on debt restructuring activities.