Trade liberalisation in Mexico: rhetoric and reality

Directory of Open Access Journals (Sweden)

Pennelope Pacheco-Lopez

2004-06-01

Full Text Available Trade liberalisation in Mexico started in a significant way in 1985/86, and was consolidated by the NAFTA agreement 1994. Mexico was expected to benefit in terms of increased export growth, employment, real wages, and above all, a faster rate of economic growth. In practice, there has been a divorce between rhetoric and reality. The growth of GDP post-liberalisation has been only one-half that pre-liberalisation. This paper gives three explanations. Firstly, export growth has hardly changed. Secondly, there has been a sharp increase in the propensity to import (partly related to US direct foreign investment which has reduced the growth of GDP consistent with a sustainable balance of payments equilibrium on current account. Thirdly, liberalisation has been used as a substitute for a development strategy.

31 CFR 593.312 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 593.312... SANCTIONS REGULATIONS General Definitions § 593.312 U.S. financial institution. The term U.S. financial... financial institutions that are located in the United States, but not such institutions' foreign branches...

31 CFR 540.319 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 540.319... CONTROL REGULATIONS General Definitions § 540.319 U.S. financial institution. The term U.S. financial... financial institutions that are located in the United States, but not such institutions' foreign branches...

31 CFR 575.320 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 575.320... § 575.320 U.S. financial institution. The term U.S. financial institution means any U.S. person.... This term includes those branches, offices and agencies of foreign financial institutions which are...

31 CFR 585.318 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 585.318... General Definitions § 585.318 U.S. financial institution. The term U.S. financial institution means any U... foregoing. This term includes those branches, offices and agencies of foreign financial institutions which...

31 CFR 536.317 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 536.317... General Definitions § 536.317 U.S. financial institution. The term U.S. financial institution means any U... foregoing. This term includes those branches, offices and agencies of foreign financial institutions which...

31 CFR 544.311 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 544.311... SANCTIONS REGULATIONS General Definitions § 544.311 U.S. financial institution. The term U.S. financial... financial institutions that are located in the United States, but not such institutions' foreign branches...

FINANCIAL REPORTING IN PUBLIC INSTITUTIONS AND NON-FINANCIAL ENTITIES. SIMILARITIES AND DIFFERENCES

OpenAIRE

Daniela Vitan

2011-01-01

The present paperwork contains issues regarding financial reporting at the public institutions and non – financial entities. The main aspects are regarding the obligation of all entities to present the financial statements, the content of financial statements in public institutions and non-financial entities. Also, is presented the similarities and the differences aspects between financial reporting of these two patrimonial entities.

The effects of globalisation of financial services on banking industry and stock market: an Algerian case study

OpenAIRE

Benamraoui, Abdelhafid

2003-01-01

Since the mid-1980s, Algeria has embarked on a programme of comprehensive financial liberalisation to establish a market-oriented financial system, and to develop the role of the Algiers Stock Exchange in the mobilisation of financial resources. The transition from a centrally planned to a market-oriented economy meant fewer regulatory barriers towards local and foreign banks. This study demonstrates that financial liberalisation is the main force that drives the globalisation of financial se...

31 CFR 546.311 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 546.311... Definitions § 546.311 U.S. financial institution. The term U.S. financial institution means any U.S. entity.... This term includes those branches, offices, and agencies of foreign financial institutions that are...

31 CFR 538.316 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 538.316... Definitions § 538.316 U.S. financial institution. The term U.S. financial institution means any U.S. entity.... This term includes those branches, offices and agencies of foreign financial institutions which are...

31 CFR 598.319 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 598.319... General Definitions § 598.319 U.S. financial institution. The term U.S. financial institution means any U..., offices, and agencies of foreign financial institutions which are located in the United States, but not...

31 CFR 548.311 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 548.311... Definitions § 548.311 U.S. financial institution. The term U.S. financial institution means any U.S. entity... foregoing. This term includes those branches, offices, and agencies of foreign financial institutions that...

31 CFR 594.314 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 594.314... Definitions § 594.314 U.S. financial institution. The term U.S. financial institution means any U.S. person.... This term includes those branches, offices and agencies of foreign financial institutions that are...

31 CFR 537.320 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 537.320... Definitions § 537.320 U.S. financial institution. The term U.S. financial institution means any U.S. entity.... This term includes those branches, offices and agencies of foreign financial institutions that are...

31 CFR 542.311 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 542.311... Definitions § 542.311 U.S. financial institution. The term U.S. financial institution means any U.S. entity.... This term includes those branches, offices and agencies of foreign financial institutions that are...

31 CFR 541.311 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 541.311... Definitions § 541.311 U.S. financial institution. The term U.S. financial institution means any U.S. entity.... This term includes those branches, offices and agencies of foreign financial institutions that are...

31 CFR 543.311 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 543.311... Definitions § 543.311 U.S. financial institution. The term U.S. financial institution means any U.S. entity.... This term includes those branches, offices and agencies of foreign financial institutions that are...

31 CFR 595.316 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 595.316... Definitions § 595.316 U.S. financial institution. The term U.S. financial institution means any U.S. person.... This term includes those branches, offices and agencies of foreign financial institutions which are...

31 CFR 551.310 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 551.310... Definitions § 551.310 U.S. financial institution. The term U.S. financial institution means any U.S. entity... foregoing. This term includes those branches, offices and agencies of foreign financial institutions that...

Tariff liberalisation, price transmission and rural welfare in China

DEFF Research Database (Denmark)

Zhu, Jing; Yu, Wusheng; Wang, Junying

2016-01-01

in this gap by evaluating empirically the welfare effects of China's actual tariff liberalisation on Chinese farmers during the 1997–2010 period. By estimating the domestic market price effects of China's tariff liberalisation and the associated wage earning effects, we find that on average Chinese farmers...... were able to gain more from reduced consumption prices than they would lose from reduced agricultural and wage income due to tariff liberalisation. Welfare gains over time are estimated to be positively correlated with the actual degrees of tariff liberalisation, implying that relatively more gains...... were realized immediately before and after China's WTO accession in 2001, as compared to the more recent period when relatively little liberalisation was carried out. Farmers’ rising non-agricultural income and increasing consumption shares of non-agricultural products are important determinants...

Neo-liberalisation, Universities and the Values of Bureaucracy

OpenAIRE

Nash, Kate

2018-01-01

Neo-liberalisation of universities is advancing through a bureaucratic revolution. ‘Marketising bureaucracy’ advances neo-liberalisation through audit and rankings in the name of ensuring value for money and consumer choice. However, bureaucracy in universities is not total, just as neo-liberalisation is a project which advances on an uneven terrain of values. This article argues that to exercise academic autonomy, to continue to value education, we must learn to distinguish between ‘marketis...

Electricity market liberalisation - the German model

International Nuclear Information System (INIS)

Mueller, W.

2002-01-01

This article discusses the experience gained as a result of the opening of the German electricity market - not only from the national but also from European and international points of view. The history of electricity market liberalisation in Germany is described and the market's structure is compared with that of Switzerland. Both the advantages and disadvantages that have been brought about by liberalisation are discussed as well as the role of state regulation. Certain problem areas still to be tackled are discussed, such those in the areas of cartels, possibilities of supplier-change and tariffs. Also, liberalisation in the context of the European Union's efforts in this area are discussed, especially with respect to the consideration of differing structures in the various member countries of the Union

Financial mathematics

CERN Document Server

Jothi, A Lenin

2009-01-01

Financial services, particularly banking and insurance services is the prominent sector for the development of a nation. After the liberalisation of financial sector in India, the scope of getting career opportunities has been widened. It is heartening to note that various universities in India have introduced professional courses on banking and insurance. A new field of applied mathematics has come into prominence under the name of Financial Mathematics. Financial mathematics has attained much importance in the recent years because of the role played by mathematical concepts in decision - m

GLOBALIZATION OF FINANCIAL MARKETS AND ISLAMIC FINANCIAL INSTITUTIONS

OpenAIRE

KHAN, M. ALI

2000-01-01

In this paper, I reflect on the implications of financial globalization for Islamic financial institutions in terms of coordinates selected from both history and theory. I present in outline the 18th century case for and against commerce, the 19th century case for and against a central institution acting as a lender of last resort, and modern theoretical developments in finance and insurance based on the law of large numbers and centered around the notions of arbitrage, naive and efficient di...

Corporate Governance within Financial Institutions: Asset or Liability?

Directory of Open Access Journals (Sweden)

Dan CHIRLESAN

2012-04-01

Full Text Available Solid corporate governance of the financial institutions is of a vital concern not only to the institutions themselves but also for the entire financial system. After four years of financial turbulences, the issue of corporate governance is more important than never especially for financial institutions who take on a significant role in the process of financial intermediation as they are considered to be important players in the financial system, especially in the Euro Area. The main purpose of this paper is to set out a framework for analyzing and thinking about the core meaning, the advantages and the direction of specific practices regarding corporate governance in a company in general, and specifically in financial institutions.

Haalbaarheid voortijdige liberalisering na 1 april 2009

NARCIS (Netherlands)

Baarsma, B.

2009-01-01

Al geruime tijd worden door de politiek, postbedrijven en vakbonden gesprekken gevoerd over de liberalisering van de postmarkt. In april 2008 is door de sociale partners een beginselakkoord gesloten en november 2008 is een CAO opgesteld. Het is de bedoeling om binnen 3½ jaar na liberalisering ten

Trade liberalisation, resource sustainability and welfare

DEFF Research Database (Denmark)

Nielsen, Max

2006-01-01

that even though liberalising trade in products supplied by such a fishery might cause steady-state welfare reductions in the supplier countries, these welfare reductions are small compared to the welfare gains from a hypothetical change to optimal management. Hence, the introduction of better fisheries......Recent research has warned that liberalising trade in capture fish products originating from inefficiently managed fisheries might cause over-exploitation, reduced fish stocks and thereby a reduced steady-state of welfare. This paper qualifies the warning in a case study of the East Baltic cod...... market by developing an age-structured bio-economic supply model combined with basic theory of trade between two countries. Welfare effects of trade liberalisation are identified taking fishing quotas, input limitations, mesh-size regulations and shared ownership of stocks into account. It is shown...

76 FR 67021 - Community Development Financial Institutions Fund

Science.gov (United States)

2011-10-28

... DEPARTMENT OF THE TREASURY Community Development Financial Institutions Fund Proposed Collection...)). Currently, the Community Development Financial Institutions Fund (the ``CDFI Fund'') within the Department... Development Financial Institutions Fund, U.S. Department of the Treasury, 601 13th Street NW., Suite 200 South...

Capital Account Liberalisation and Foreign Direct Investmentin Nigeria

African Journals Online (AJOL)

capital account liberalisation. In effect, the liberalisation of capital account transactions ... empirical studies (see Hsiao, 2003), the use of annualized data sets within a ..... Note: The choice of lag 2 was optimally chosen by Akaike Information ...

12 CFR 231.3 - Qualification as a financial institution.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Qualification as a financial institution. 231.3... RESERVE SYSTEM NETTING ELIGIBILITY FOR FINANCIAL INSTITUTION (REGULATION EE) § 231.3 Qualification as a financial institution. (a) A person qualifies as a financial institution for purposes of sections 401-407 of...

Whistleblowing Environment in Indonesian Financial Institutions

Directory of Open Access Journals (Sweden)

Jennifer Erwin

2015-12-01

Full Text Available This study investigates the whistleblowing environment in Indonesian financial institutions from Indonesian employees’ perspective. Using primary data extracted from questionnaires this study to address two issues: investigate and explore the factor that encourages and discourages Indonesian employees to whistleblower in the Indonesian financial industry; and investigate and explore the Indonesian financial company’s environment that affects whistleblowing activity. Results were consistent with previous research by Martens and Kelleher (2004, Curtis (2006, Hwang, Staley, Chen and Lan (2008, Dandekar (1991 and Worth (2013 in their relative domains. The Indonesian employees and financial institutions are less influenced by confusion culture (guanxi which provides some variations in findings from prior research. Generally in Indonesia Financial Institutions there is a positive sign towards whistleblowing activity, “where” companies create a positive environment to support the activity although more could be done by government to regulate and enforce compliance to encourage trust in protecting employees when whistleblowing.

31 CFR 597.319 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 597.319 Section 597.319 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE... financial institution's foreign branches; (b) Any financial institution operating or doing business in the...

31 CFR 587.311 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 587.311... MONTENEGRO) MILOSEVIC SANCTIONS REGULATIONS General Definitions § 587.311 U.S. financial institution. The term U.S. financial institution means any U.S. entity (including its foreign branches) that is engaged...

31 CFR 586.317 - U.S. financial institution.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false U.S. financial institution. 586.317... & MONTENEGRO) KOSOVO SANCTIONS REGULATIONS General Definitions § 586.317 U.S. financial institution. The term U.S. financial institution means any U.S. entity (including foreign branches) that is engaged in the...

Opinion on the new financial products issued by financial institutions - structured products

Directory of Open Access Journals (Sweden)

Baranga Laurentiu Paul

2017-07-01

Full Text Available Structured products are financial instruments issued by a financial institution where the amount claimed by the investor from the issuer depends on the variation of the price of the underlying instrument based on which the certificate is issued, namely: individual shares, share costs, stock indexes, currencies, commodities or combinations of these according to the prospectus. These products appeared with the development and diversification of financial services during the recent years, as well as due to the emergence of liquidity suppliers of international importance. The liquidity providers have developed on their own platforms a new range of derivatives which are different from the classical derivatives. These new derivatives, similar to contracts for difference (CFDs, have given to other institutions the possibility of transferring their risk more easily, regardless of the nature or type of the underlying asset. Thus, the financial institutions issuing structured financial products have found in liquidity providers the possibility of developing the CFDs required for their risk transfer operations. The issuers of structured products do not accept new risky positions when they issue certificates because they neutralize them through suitable risk transfer operations. The issuing financial institutions structure certificates from a variety of financial assets and/or commodities in order to adjust them to the various risk profiles of investors both in terms of expected return and in terms of the response to risk. Thus, products are issued that quickly respond to the trends of the financial or commodity markets. Investors in structured financial products benefit from the economic effect of a derivative but are exposed to financial risks that are more complex and more difficult to understand and at the same time depend on the reliability and stability of the contractual relationships between various financial institutions.

Did liberalising bar hours decrease traffic accidents?

Science.gov (United States)

Green, Colin P; Heywood, John S; Navarro, Maria

2014-05-01

Legal bar closing times in England and Wales have historically been early and uniform. Recent legislation liberalised closing times with the object of reducing social problems thought associated with drinking to "beat the clock." Indeed, using both difference in difference and synthetic control approaches we show that one consequence of this liberalisation was a decrease in traffic accidents. This decrease is heavily concentrated among younger drivers. Moreover, we provide evidence that the effect was most pronounced in the hours of the week directly affected by the liberalisation: late nights and early mornings on weekends. This evidence survives a series of robustness checks and suggests at least one socially positive consequence of extending bar hours. Copyright © 2014 Elsevier B.V. All rights reserved.

77 FR 37742 - Community Development Financial Institutions Fund

Science.gov (United States)

2012-06-22

... DEPARTMENT OF THE TREASURY Community Development Financial Institutions Fund Funding Opportunity... pending for assistance under the FY 2012 round of the Community Development Financial Institutions Program... of the BEA Program. The BEA Program is administered by the Community Development Financial...

36 CFR 902.58 - Reports of financial institutions.

Science.gov (United States)

2010-07-01

... of financial institutions. Any material contained in or related to any examination, operating, or... supervision of financial institutions is within the statutory exemption. ... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false Reports of financial...

International financial institutes and multipolarity challenges

Directory of Open Access Journals (Sweden)

Aleksei Vladimirovich Kuznetsov

2017-12-01

Full Text Available The world is changing, moving towards multi-polarity. However, despite the explicit shifting of the center of economic gravity from the West to the East, the dominance of the West in establishing the rules of conduct in the global economy and global finance remain virtually immutable. The author argues that the widely-discussed reform of the IMF quota and governance has not led to a significant strengthening of the role of the most dynamically developing emerging economies in the Fund’s decision-making. Regional economic players (such as the BRICS have been actively involved in the international division of labor. However, the existence of institutional financial monopolies hinders the redistribution of global value added. Armed with the advanced information technologies and financial innovations, the leaders of financial globalization are redirecting scarce global resources in favor of the world-systemic core. The study is based on comparative methods and system analysis and aims to provide a comprehensive view on the way of involvement of global financial institutions in the control of the processes of financial globalization. US dominance in international financial institutions contribute to the further advancement of the global role of dollar as reserve currency of central banks, the currency of international settlements, deposits, loans and investments. It’s shown that the implementation of financial globalization is strongly correlated with the concept of the «center-periphery» model, on which the functioning of the global capital market is dependent. The features of the modern structure of the global currency market are summarized. The article reveals some legal aspects of global governance, in particular the role of the Anglo-American law in the global economy and global finance. It is concluded that for full participation of emerging markets, particularly the BRICS countries, in the processes of globalization, it is necessary to

Financial Liberalisation and the South Korean Financial Crisis: Some Qualitative Evidence

OpenAIRE

Kevin Amess; Panicos Demetriades

2001-01-01

This paper provides a novel analysis of the South Korean financial crisis drawing on the findings of a unique survey of IMF/World Bank officials and South Korean economists. The survey reveals that over-optimism and inadequate recognition of financial risks inadvertently led to excessive risk taking by Korean financial intermediaries. It also indicates that the sources of over-optimistic assessments of East Asian economies, including Korea, were mainly to be found outside East Asia, including...

Financial Institutes of Nanoindustry Development in Russia

Directory of Open Access Journals (Sweden)

Strukova Tatyana Vladimirovna

2015-05-01

Full Text Available At the present stage Russia’s nanoindustry can be formed on the basis of new and old specialized financial and non-financial institutes, which form a milti-layered structure providing targeted investments for innovative projects. The active state fiscal policy plays a decisive role in the national nanoindustry formation at different stages of its development and approval. The article substantiates the need for state regulation of the nanoindustry development funding mechanism in Russia. The author characterizes the main principles, subjects, methods, tools and sources of nanoindustrialization financial mechanism. The article presents the system of Russian financial institutes of development, allowing to identify the goals, objectives, forms and tools for implementation of the functions of each of them in the process of innovative development. The author reveals the essence, types, role and interests of development institutes in the process of public and public-private funding of national innovation system. The problems of innovative projects funding, caused by the specific features of the Russian economy are designated; a number of measures aimed at coordinating the activities of financial institutions and consolidating the public and private financial resources in priority sectors and industries of the economy is proposed. The author substantiates the necessity of building a mechanism of institutional, organizational and informational interaction of the federal target programs regulation bodies focused on the development of innovative activity system, federal executive bodies and exchange institutes, as well as the coordinating mechanism allowing to maximize the effectiveness of using methods and tools for innovation support.

36 CFR 1256.60 - Information relating to financial institutions.

Science.gov (United States)

2010-07-01

... financial institutions. 1256.60 Section 1256.60 Parks, Forests, and Public Property NATIONAL ARCHIVES AND... General Restrictions § 1256.60 Information relating to financial institutions. (a) In accordance with 5 U... regulation or supervision of financial institutions. (b) The Archivist of the United States may determine...

Consolidated supervision of financial institutions and financial market in the Republic of Croatia

Directory of Open Access Journals (Sweden)

Bojana Olgić Draženović

2005-06-01

Full Text Available The question of regulation and supervision of all parts of financial system is of major importance for any country. In order to protect the interest of the society and to accelerate the economic development, it is necessary to provide adequate legal framework as well as independent supervision institutions. The regulations refer mostly to maintenance of financial stability and consumer protection. The article points out that the structure of the financial sector in the Republic of Croatia is underdeveloped and characterized by domination of the banking sector. Therefore, bank supervision is one of the main tasks of Croatian national bank and all other financial institutions (except banks are regulated by other regulatory institutions. The problems of authority overlapping and insufficient regulation are becoming more complex by the development of financial sector and especially by the deregulation of financial markets. Because of that, it is reasonable to investigate the existing regulatory framework of Croatian financial system concerning its structure and development.

Integrated Financial Supervision: an Institutional Perspective for the Philippines

OpenAIRE

Milo, Melanie S.

2007-01-01

This paper looks at the issue of reforming financial regulatory structures from the New Institutional Economics perspective. In particular, it examines how the broader institutional environment prevailing in developing countries like the Philippines may affect the institutional arrangements for financial regulation, and how these might be taken into consideration when designing or reforming financial regulatory structures. The paper argues that the state of financial conglomerates in the Phil...

INFLUENCE OF RELATIONS WITH INTERNATIONAL FINANCIAL INSTITUTIONS ON INSTITUTIONAL TRANSFORMATIONS OF ECONOMY

Directory of Open Access Journals (Sweden)

Galyna POCHENCHUK

2014-12-01

Full Text Available The article deals with the problem of the impact of transitional countries cooperation with international financial institutions on institutional changes which take place in emerging market economies, on the base of Ukraine. Research is carried out from the standpoint of institutional theory. The main reforms that took place in emerging market economy countries were based on the Washington Consensus strategy recommended by international financial institutions. The results of implementing this strategy are varied in different countries. In Ukraine strict adherence to requirements in the early stages of reforms without internal institutional conditions and characteristics led to a deep and protracted crisis of forming a "transformational stability." The general formal institutions of the market economy have been created according to the neoliberal concept which is provided by IFIs. However, experience of transitive economies including Ukraine, confirms the ineffectiveness of many established formal institutions borrowed from the developed countries. The author reviews the basic theory of institutional changes, argues that the terms of cooperation circulated by international financial institutions not only affect economic development strategy, but also determine the role of the national government in relations with markets. Under present conditions prevailing in Ukraine, it is impossible to manage without assistance of international financial institutions. But we need to pay more attention to technical and advisory cooperation in realization of institutional reforms, and credits – to take as a required time for receiving the results of reforms.

FINANCIAL PERFORMANCE IN CREDIT INSTITUTION MANAGEMENT

OpenAIRE

IOV DANIELA RODICA

2014-01-01

Information concerning financial performance is one of the objectives of the annual financial statements of credit institutions. The main source containing this information is profit and loss statement. A correct and complete information can not be limited to this annual report. Understanding the concept of financial performance requires a holistic approach of the entity. An overview of information on financial performance will be achieved by coordinating information about the...

Social justice: The link between trade liberalisation and sub-Saharan Africa's potential to achieve the United Nations Millennium Development Goals by 2015

OpenAIRE

Chigara, B

2008-01-01

Copyright © 2008 Netherlands Institute of Human Rights (SIM). The possible impact of the unintended worst possible effects of the current multilateral WTO sponsored trade liberalisation project on Sub-Saharan Africa’s potential to realise the Millennium Development Goals (MDGs) by the target date of 2015 is examined. The article shows that the WTO’s current approach to trade liberalisation is nurturing and strengthening economic inequalities between and within economic regions ...

FINANCIAL PERFORMANCE IN CREDIT INSTITUTION MANAGEMENT

Directory of Open Access Journals (Sweden)

IOV DANIELA RODICA

2014-05-01

Full Text Available Information concerning financial performance is one of the objectives of the annual financial statements of credit institutions. The main source containing this information is profit and loss statement. A correct and complete information can not be limited to this annual report. Understanding the concept of financial performance requires a holistic approach of the entity. An overview of information on financial performance will be achieved by coordinating information about the profit of the entity, rates of return, cash flows, financing cost and risk. For the economic and financial analysis we often use to separate financial equilibrium indicators of outcome indicators and management indicators. The study upon the financial performance may be based on the income statement, balance sheet and explanatory notes. It may use tools such as: income, interest rates, rates of return, rates of structure, liquidity and solvency rates, rotation rates, cash flows, debt coverage rates and more. Management of banking assets, liabilities and bank risk management must be assembled into a whole. In an uncertain environment, continuously changing, under conditions of the economic and financial crisis, the binomial profitability - risk is increasingly difficult to manage. Under these conditions, the boundary between courage and unconsciousness is also more fragile. On the other hand, the prudence, mandatory rules could be understood as some constraint measures on bank management, that may adversely affect the financial performance of the credit institution.

49 CFR 801.58 - Records for regulation of financial institutions.

Science.gov (United States)

2010-10-01

... for regulation of financial institutions. Pursuant to 5 U.S.C. 552(b)(8), records compiled for agencies regulating or supervising financial institutions are exempt from public disclosure. ... 49 Transportation 7 2010-10-01 2010-10-01 false Records for regulation of financial institutions...

Institutional Arrangement of Financial Markets Supervision: The Case of the Czech Republic

OpenAIRE

Musílek, Petr

2008-01-01

The paper deals with institutional arrangement of financial supervision in the Czech Republic. Financial markets are composed of partial financial segments specialized in individual types of financial instruments and individual customer groups. Financial institutions gradually transform into financial supermarkets. There are several models of institutional arrangement of financial supervision (integrated financial supervision model, sectional financial supervision model, financial supervision...

10 CFR 61.63 - Financial assurances for institutional controls.

Science.gov (United States)

2010-01-01

... 10 Energy 2 2010-01-01 2010-01-01 false Financial assurances for institutional controls. 61.63... RADIOACTIVE WASTE Financial Assurances § 61.63 Financial assurances for institutional controls. (a) Prior to... the Commission to ensure that changes in inflation, technology and disposal facility operations are...

Measuring systemic importance of financial institutions: An extreme value theory approach

OpenAIRE

Gravelle, Toni; Li, Fuchun

2011-01-01

In this paper, we define a financial institution's contribution to financial systemic risk as the increase in financial systemic risk conditional on the crash of the financial institution. The higher the contribution is, the more systemically important is the institution for the system. Based on relevant but different measurements of systemic risk, we propose a set of market-based measures on the systemic importance of financial institutions, each designed to capture certain aspects of system...

Trade Liberalisation and Vertical Integration

DEFF Research Database (Denmark)

Bache, Peter Arendorf; Laugesen, Anders Rosenstand

We build a three-country model of international trade in final goods and intermediate inputs and study the relation between four different types of trade liberalisation and vertical integration. Firms are heterogeneous with respect to both productivity and factor (headquarter) intensity. Final......-good producers face decisions on exporting, vertical integration of intermediate-input production, and whether the intermediate-input production should be offshored to a low-wage country. We find that the fractions of final-good producers that pursue either vertical integration, offshoring, or exporting are all...... increasing when intermediate-input trade or final-goods trade is liberalised. Finally, we provide guidance for testing the open-economy property rights theory of the firm using firm-level data and surprisingly show that the relationship between factor (headquarter) intensity and the likelihood of vertical...

Trade Liberalisation and Vertical Integration

DEFF Research Database (Denmark)

Bache, Peter Arendorf; Laugesen, Anders

We build a three-country model of international trade in final goods and intermediate inputs and study the relation between different types of trade liberalisation and vertical integration. Firms are heterogeneous with respect to both productivity and factor intensity as observed in data. Final......-good producers face decisions on exporting, vertical integration of intermediate-input production, and whether the intermediate-input production should be offshored to a low-wage country. We find that the fractions of final-good producers that pursue either vertical integration, offshoring, or exporting are all...... increasing when intermediate-input or final-goods trade is liberalised and when the fixed cost of vertical integration is reduced. At the same time, one observes firms that shift away from either vertical integration, offshoring, or exporting. Further, we provide guidance for testing the open...

Downgrading Financial Service Delivery and Institutional ...

African Journals Online (AJOL)

2014-05-01

May 1, 2014 ... Empirical evidence on impact of mimicry on institutional sustainability can .... on the performance and sustainability of the financial institutions that are ... deflator with 1996 as the base year to correct for inflation and enhance ...

Niger institute focuses on financial accountability | IDRC ...

International Development Research Centre (IDRC) Digital Library (Canada)

2016-04-28

Apr 28, 2016 ... Niger institute focuses on financial accountability ... on renewing outdated financial management systems that impeded effective management and reporting on its activities. ... Canada-Africa grants spur novel ideas, networks.

Financial Evaluation Techniques, Institutions and Innovation

DEFF Research Database (Denmark)

Howells, John

2003-01-01

This paper reviews the relationship between financial evaluation and control techniques and innovative activity in a range of technological contexts. The relationship is broadly conceived to include both the financial techniques developed and deployed within the firm and theevaluative behaviour...... of financial institutions external to the firm such as venture capital and industrial investment banking. With innovative and investment opportunities tending to vary over time within an industry, it becomes apparent that there can be no permanent solution to the common problem of how to trade off financial...

Unilateral liberalisation of services: a case study of the mobile phone sector in Bangladesh

OpenAIRE

Yusuf, Mohammad Abu

2017-01-01

Unilateral liberalisation of trade in goods and services has been considered an important policy objective. Most trade in services liberalisation in the developing world has taken place unilaterally; but it is not common among Least Developed Countries (LDCs). Among LDCs Bangladesh is a forerunner in pursuing unilateral liberalisation of mobile telephone services. There is a dearth of empirical studies on Bangladesh’s unilateral liberalisation of mobile phone services and its impact on use...

Financial Institutions And Poverty Alleviation In Tanzania ...

African Journals Online (AJOL)

Financial institutions in Tanzania have operated under a competitive financial system ... to move away from the tenets of a centrally planned economy towards free-market orientation. ... They have also favored traders rather than producers.

An institutional investigation of international financial transactions

OpenAIRE

Piroska, Dóra

2004-01-01

The paper focuses on the foreign debt management of the Hungarian and Slovenian policy makers in the global financial markets. The proposed argument combines a theoretical refinement of international financial markets as locally embedded social relations with a domestically oriented institutional analysis of foreign debt management. I argue that in order to understand the differences between the two states’ debt management strategies, it is important to look at the institutional differences w...

31 CFR 370.23 - What other requirements apply to a financial institution?

Science.gov (United States)

2010-07-01

... financial institution? 370.23 Section 370.23 Money and Finance: Treasury Regulations Relating to Money and... requirements apply to a financial institution? The financial institution warrants that it will comply with all requirements imposed upon Receiving Depository Financial Institutions under the Operating Rules of the National...

Energy Market Liberalisation and Renewable Energy Policies in OECD Countries

International Nuclear Information System (INIS)

Vona, Francesco; Nicolli, Francesco

2013-07-01

We investigate the effect of energy liberalizations on policies that support renewable energy in a long panel of OECD countries. We estimate this effect accounting for the endogeneity of liberalisation related to joint decisions within a country's energy strategy. Using regulation in other industries as instruments, we find that energy liberalisation increases the public support to renewable energy. The effect of liberalisation is the second largest after the effect of per-capita income and is fully driven by reductions in entry barriers, while the effect of privatisation is negative. Finally, our results are robust to dynamic specifications and various policy indicators. (authors)

Liberalisation of the German electricity sector and the role of energy policy

OpenAIRE

Schleich, J.; Betz, R.; Gagelmann, F.; Jochem, E.; Köwener, D.

2000-01-01

This paper gives an account if the impacts of the liberalisation of the German electricity marktet and describes the existing energy policy and recent responses to the liberalisation with respect to the electricity sector. In the first section, supply, electricity consumption and the structure of the electricity market are describes. In the second section, the legal framework for the liberalisation of the electricity market in Germany and the consequences for prices, market structure, legal f...

Liberalisation and the security of gas supply in the UK

International Nuclear Information System (INIS)

Wright, Philip

2005-01-01

This paper contests the view held by the current UK government and its industry regulator, OFGEM, that liberalisation is good for security of supply. Focusing on the downstream aspects of the security of UK gas supply, on system security, it considers the impact of the different aspects of liberalisation: of legal governance, supply competition, de-integration, market simulation, regulation and the interaction of liberalised gas and electricity markets. Categorising these impacts in terms of security threats and threats to security response, it finds that individually and as a complex collectivity they have increased the risks of supply failure, either potential or already realised, in a variety of ways: from creating increased uncertainty and failing to signal adequate or appropriate investment, to legal ambiguity which divorces responsibility from liability and renders legal liability indeterminate ex ante. Moreover, one of the UK government's responses to these increased dangers, which it does appear to perceive, is revealed as itself paralysed by the liberalisation paradigm: the government can only intervene pre-emptively with information in attempt to persuade the market to behave as it thinks it should. Meanwhile, however, the government has also had to recognise its default responsibility for security of supply and make preparations to intervene in an emergency situation: liberalisation can only be challenged when it is already too late

Main drivers of natural gas prices in the Czech Republic after the market liberalisation

International Nuclear Information System (INIS)

Slabá, Monika; Gapko, Petr; Klimešová, Andrea

2013-01-01

One of the goals of the European Commission in the energy sector is creating a single competitive European market. The decision to liberalise energy markets has far-reaching consequences not only for gas companies, but also for the rest of the real economy in view of the fact that natural gas is being used as an important primary energy source in several sectors of production and in the power industry. We aim to answer how liberalisation/unbundling has influenced gas pricing/prices in the Czech Republic. We investigate the individual components of end-customer gas prices according to the value chain and we define and structure the drivers of these components. We use a case study from the Czech Republic, one of the Central and Eastern European countries, which, contrary to the old Member States, is buying most of its gas from one supplier (high import dependence and low supply diversity) and where the transmission and distribution network is characterised by a sufficient contractual and physical capacity. We stress that next to basic conditions on the European gas market (import dependency on external gas producers) legal and institutional conditions and the initial market structure of each Member State are also important for the results of the liberalisation. - Highlights: ► We deal with gas pricing in the Czech Republic after liberalisation/unbundling. ► The TSO, DSO price components have increased, the SSO price component has decreased. ► Commodity price for Households started to relate to hub prices. ► Commodity price for Corporates remained oil-linked, however discounts were provided. ► Only some Corporates experienced savings in total purchasing costs of gas.

China's policies on greening financial institutions: assessment and outlook

NARCIS (Netherlands)

Mol, A.P.J.

2017-01-01

Environmental protection and sustainability have a complex relationship with finances and financial institutions. Financial institutions such as banks, pension funds and insurance companies, are increasingly seen as of vital importance for reaching environmental and sustainability goals. Initially,

On the environmental impact of energy market liberalisation

International Nuclear Information System (INIS)

Van Soest, D.P.; De Groot, H.L.F.

2000-01-01

In the literature, attention has been paid to the environmental consequences of lower energy prices caused by market liberalisation: the drop in energy prices reduces the attractiveness of investing in energy-saving technologies. In this paper we develop a simple model of investment decision-making emphasising the importance of not only levels but also volatility of energy prices for actual investment behaviour. The general finding is that lower energy prices and higher uncertainty reduce the propensity to invest. To empirically assess the importance of changes in both levels and volatility, we use US natural gas price data over the market liberalisation period and apply the information to the investment decision with respect to a specific energy-saving technology in the paper industry. We find that energy market liberalisation reduces the propensity to invest in energy-saving technologies substantially, not only because of the lower energy price but also because of its increased volatility. 12 refs

Information Security Governanceas as Key Performance Indicator for Financial Institutions

OpenAIRE

Krjukovs, D; Strauss, R

2009-01-01

Due to their nature financial institutions and their performance are in constant focus of attention from different stakeholder groups. These groups according to their functions and interests are implementing different sets of key performance indicators for financial institution performance assessment. In the proposed paper authors present a hypothesis of information security governance being a financial institution key performance indicator. Authors provide high level overview of ...

Decision Background and Financial Institutions: for What Contemporary Theoretical Reorientation?

Directory of Open Access Journals (Sweden)

Walter Gerard Amedzro St-Hilaire

2013-10-01

Full Text Available How financial institutions do they manage their interface with their decision-making context? What is the performance "social" beyond the simple economic and financial performance? How can we measure this performance "social"? This article focuses on the theoretical corpus contemporary necessary to understand the couple context decision / financial institutions. This is basically to contribute to the establishment of a comprehensive approach which captures applied with consistency, the conceptual opposition series (role and impact of the decision context / financial institutions structures. Gradually, driven by the reality of change, the paper come to a Copernican revolution in the theory of relations between financial institutions and decision context. Standards for new perspectives on the role of the financial institutions, it is not the decision-making environment that revolves around the sun institutions. Note that this reversal was anticipated in 1965 by Emery and Trist in a prophetic article, but it is only recently that we began to theorize in this direction. The article finally understood that economic performance is insufficient to ensure the sustainability of the organisations, at least for him to avoid problems. We understand that in a multiple rationalities world, the issue of "social performance of the financial institutions" is wide open to uncertainty. Everything depends on the status that is given to the organization: simple machine to produce cash register for shareholders, human community service of another larger community?

PRUDENTIAL SUPERVISION OF NON-BANKING FINANCIAL INSTITUTION: DEVELOPMENTS AND PROSPECTS

Directory of Open Access Journals (Sweden)

Adrian COSTEA

2011-08-01

Full Text Available This study addresses the practice of the supervision authority relating to performance evaluation of non-banking financial institutions from a prudential supervision perspective. First, it is described how non-banking financial institutions’ activity is regulated in the European Union and the current status of non-banking financial institutions’ sector in Romania. Then, the study presents the challenges and opportunities faced by the supervision authority when evaluating the performance of non-banking financial institutions and, finally, defines a set of indicators based on which these institutions can be benchmarked against each other.

12 CFR 509.101 - Appointment of Office of Financial Institution Adjudication.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Appointment of Office of Financial Institution... Office of Financial Institution Adjudication. Unless otherwise directed by the Office, all hearings under... direction of the Office of Financial Institution Adjudication, 1700 G Street NW., Washington, DC 20552. ...

THE CURRENT INTERNATIONAL FINANCIAL CRISIS AND THE FINANCIAL SUPERVISION INSTITUTIONAL ARRANGEMENTS EFFECTIVENESS IN THE EUROPEAN UNION COUNTRIES

OpenAIRE

STOICA Ovidiu; CAPRARU Bogdan

2012-01-01

The international financial turmoil rise challenges in evaluating and choosing the optimal financial supervision institutional arrangements in many countries. Our study focuses on the financial supervision institutional architecture and its effectiveness in the European Union during the international financial crisis.We evaluated the effectiveness of the financial supervisory framework by groups of countries, categorised according to the supervisory model. Our analysis demonstrates that the p...

Institutional Management of Core Facilities during Challenging Financial Times

OpenAIRE

Haley, Rand

2011-01-01

The economic downturn is likely to have lasting effects on institutions of higher education, prioritizing proactive institutional leadership and planning. Although by design, core research facilities are more efficient and effective than supporting individual pieces of research equipment, cores can have significant underlying financial requirements and challenges. This paper explores several possible institutional approaches to managing core facilities during challenging financial times.

Institutional management of core facilities during challenging financial times.

Science.gov (United States)

Haley, Rand

2011-12-01

The economic downturn is likely to have lasting effects on institutions of higher education, prioritizing proactive institutional leadership and planning. Although by design, core research facilities are more efficient and effective than supporting individual pieces of research equipment, cores can have significant underlying financial requirements and challenges. This paper explores several possible institutional approaches to managing core facilities during challenging financial times.

NHS market liberalisation and the TTIP agreement.

Science.gov (United States)

Regan, Paul; Ball, Elaine

2016-07-01

Governments over the past three decades have undermined the founding principles of the NHS through reforms and market liberalisation. With greater involvement of commercial interests in health care, the NHS will become less democratic and transparent. Recent reforms, which were intended to improve productivity, quality and cost efficiency, have left the NHS exposed to the unwieldy model of market liberalisation and the attrition of public health care. The role of community nurses has been particularly destabilised by commissioning, as their work is difficult to measure. The advent of the Transatlantic Trade and Investment Partnership could further undermine the NHS to the benefit of international commercial interests.

Credit risk in liberalised power and natural gas markets

International Nuclear Information System (INIS)

Lapson, E.; Hunter, Richard

1999-01-01

This chapter examines the relationship of market structure and price volatility to credit risk, and discusses credit risk and energy market structures, credit risk in bilateral contracts, market evolution, and the effect of liberalising power markets on credit quality considering the power liberalising in Europe, the pace of change, and the new risks and opportunities. The market structure in Europe is addressed, and the EU Directive 96/92/EC, structural requirements, access for new generation capacity, and transmission costs are considered. Details of the liberalisation in the UK electricity market, the German market, and the Nord Pool are given, and the best credit practices in bilateral markets, and the quantifying of expected credit loss are described. Panels highlighting the need to know your counterparty in evaluating and negotiating bilateral contracts, and lessons learnt from the June 1998 US power price spike are presented

Financial Support for Institutional Research, 1969-70.

Science.gov (United States)

Pieper, W. C., Jr.

The Association for Institutional Research conducted a survey of all institutions of higher education in the U.S. and Canada in order to assess the number, size, and financial support of institutional research offices. Data were requested for the 1969-70 academic year. This report is based on the responses of 1,444 institutions that returned the…

Financial Openness and Economic Growth in Nigeria: A Vector Error ...

African Journals Online (AJOL)

Toshiba

required to strengthen operations in the financial sector, in addition to more efficient ... Nigeria following capital account liberalisation contained in the. Structural Adjustment ..... empirical evidence.' Technical report, IMF Occasional Paper. No.

Comparative Analysis of Liability Cases for Bankruptcies of Financial Institutions

Directory of Open Access Journals (Sweden)

Julija Kiršienė

2017-09-01

Full Text Available The bankruptcy of the fourth largest investment bank in the world Lehman Brothers Holdings Inc. in 2008 remains the largest bankruptcy in the history of United States. This bankruptcy is viewed as a turning point in the Global Financial Crisis. Paradoxically, even though the financial system had many safeguards (auditors, audit committees, the board of directors, credit rating agencies, government supervisors whose purpose was to inform the investing public about the actual financial situation of the institution, Lehman Brothers bankruptcy came as a shock to financial markets across the globe revealing that many of the “gatekeepers” failed. Comparative analysis of liability cases after bankruptcies of Lehman Brothers and financial institutions in Lithuania shows that contrary to Lehman’s case, the demise of financial institutions in Lithuania cannot be attributed to sub-prime mortgages caused financial crisis, real estate market fluctuations or any other external variable. Problems are related to weak supervision, inefficient regulation, and common unethical behavior in the financial sector.

12 CFR 261.20 - Confidential supervisory information made available to supervised financial institutions and...

Science.gov (United States)

2010-01-01

... available to supervised financial institutions and financial institution supervisory agencies. 261.20... Supervised Institutions, Financial Institution Supervisory Agencies, Law Enforcement Agencies, and Others in... institutions and financial institution supervisory agencies. (a) Disclosure of confidential supervisory...

Alternative financial institutions? Sustainability, development, social reproduction, and gender analysis.

Science.gov (United States)

Kidder, T

1999-08-01

This paper proposes a conceptual framework for alternative financial institutions in Nicaragua. The article includes a discussion on innovative services and policies, which differentiate CARUNA (National Savings and Credit Cooperative ¿Caja Rural¿), and other financial institutions from conventional banks. It further examines theories that have altered the way development practitioners think about the economy, poverty reduction, and the positions of men and women in the society. These theories are the feminist economic theory and alternative development theories. Specific ways to incorporate the concepts of alternative and feminist economic theories in the design of financial institutions include open credit, savings, and remittance mechanisms, and coordinating councils. The gender analysis approach was used to evaluate the design of financial institutions.

LIBERALISATION OF THE ELECTRICITY SECTOR IN THE EUROPEAN UNION: PRESENT STATE AND SOME OPEN QUESTIONS

Energy Technology Data Exchange (ETDEWEB)

Nunez, A.

2007-07-01

The liberalisation of the electricity sector started approximately 10 to 15 years ago, depending on the country. Nonetheless, there is still no general agreement on the liberalisation model this sector should follow, mainly because of the discussion of whether the liberalisation is an end in itself, or a means for -basically- lower energy prices. The complexity of the sector and the resilience of the incumbents' market power have currently placed the liberalisation process at a crossroad. In the EU, entrenched national interests are another obstacle to deal with. In this article, we first give an overview of the different liberalisation processes in the electricity sector and then summarize the pending challenges from an EU perspective. Next, we argue that the EU should focus on conditions aiming at implementing an effective liberalisation process, rather than on a formal liberalisation approach. We show how asymmetries between non-sector regulations in the European states and among companies create an uneven playing field, contrary to the European vision of an internal competitive energy market. We end the article studying the compatibility of the current European regulatory framework with the upcoming challenges in the energy sector. (auth)

78 FR 64292 - Community Development Financial Institutions Fund Proposed Collection; Comment Request

Science.gov (United States)

2013-10-28

... DEPARTMENT OF THE TREASURY Community Development Financial Institutions Fund Proposed Collection...)). Currently, the Community Development Financial Institutions (CDFI) Fund, Department of the Treasury, is... Loan Requirements for the Community Development Financial Institutions (CDFI) Bond Guarantee Program...

31 CFR 103.33 - Records to be made and retained by financial institutions.

Science.gov (United States)

2010-07-01

... financial institutions. 103.33 Section 103.33 Money and Finance: Treasury Regulations Relating to Money and... Maintained § 103.33 Records to be made and retained by financial institutions. Each financial institution... each advice, request, or instruction given to another financial institution or other person located...

Earning management in Brazilian financial institutions

Directory of Open Access Journals (Sweden)

Adriana Bruscato Bortoluzzo

2016-06-01

Full Text Available ABSTRACT The present study aims to study earnings management in a significant sample of 123 banks in the Brazilian market between 2001 and 2012. Given the important role that banks play in a country's economy, it is important to understand that there are discretionary factors involved in the reporting of a financial institution's profitability. Credit provisioning guidelines for Brazilian financial institutions are described in Resolution 2682/99 of the National Monetary Council (Conselho Monetário Nacional. Because of the discretion allowed in this resolution, loan loss provision is used as instrument of earnings management, which is not an illegal practice, but this behavior does affect the risk perception of agents and analysts, and they should be aware of it and understand it. We found that credit provisioning is used as an earnings management mechanism to smooth the net income of Brazilian financial institutions. Brazilian banks tend to avoid not only negative net income pre-loan loss provisions and taxes, but also negative net income pre-loan loss provisions and taxes in relation to the previous period. Contrary to the previous studies, it is not clear if banks avoid lower net income pre-loan loss provisions and taxes than a given peer group.

SUPERVISION OF CREDIT INSTITUTIONS SIGNIFICANT RISKS TO FINANCIAL STABILITY

Directory of Open Access Journals (Sweden)

LUCIAN-ION MEDAR

2014-12-01

Full Text Available Financial stability of Romanian banking system is determined by the constant supervision of credit institutions significant risks. Accession of Romania to Union Banking requires the signing of a linked protocol between the central bank and European Central Bank regarding prudential supervision to ensure financial stability. This means that from the next year, the central bank will impose a new supervision of credit institutions in our country. And especially to those credit institutions that do not fall under European supervisors, according to the procedures of the ECB. Through this study we propose to specify the main elements of management of significant risks to ensure financial stability.

12 CFR 1806.102 - Relationship to other Community Development Financial Institutions Programs.

Science.gov (United States)

2010-01-01

... Financial Institutions Programs. 1806.102 Section 1806.102 Banks and Banking COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND, DEPARTMENT OF THE TREASURY BANK ENTERPRISE AWARD PROGRAM General Provisions § 1806.102 Relationship to other Community Development Financial Institutions Programs. Prohibition against double funding...

ORGANIZATION OF NON-BANK FINANCIAL INSTITUTIONS AND THEIR NEED FOR SUPERVISION

Directory of Open Access Journals (Sweden)

Medar Lucian-Ion

2009-11-01

Full Text Available In order to monitor lending operations, implicitly leading to an increase in money supply, and all financial and non-financial transactions, non-bank financial institutions allow empowered personnel of National Bank of Romania to examine their records, accounts and transactions, providing to this end all the documents and information concerning the management, internal control and operations of non-bank financial institutions, as will be required. Registered non-bank financial institutions carrying out monetary activities are legal persons reporting to the Credit Risk Control of National Bank of Romania, in compliance with the field regulations issued by the above mentioned bank.

ORGANIZATION OF NON-BANK FINANCIAL INSTITUTIONS AND THEIR NEED FOR SUPERVISION

Directory of Open Access Journals (Sweden)

Lucian-Ion MEDAR

2010-06-01

Full Text Available In order to monitor lending operations, implicitly leading to an increase in money supply, and all financial and non-financial transactions, non-bank financial institutions allow empowered personnel of National Bank of Romania to examine their records, accounts and transactions, providing to this end all the documents and information concerning the management, internal control and operations of non-bank financial institutions, as will be required. Registered non-bank financial institutions carrying out monetary activities are legal persons reporting to the Credit Risk Control of National Bank of Romania, in compliance with the field regulations issued by the above mentioned bank.

Opinion on the new financial products issued by financial institutions - structured products

OpenAIRE

Baranga Laurentiu Paul

2017-01-01

Structured products are financial instruments issued by a financial institution where the amount claimed by the investor from the issuer depends on the variation of the price of the underlying instrument based on which the certificate is issued, namely: individual shares, share costs, stock indexes, currencies, commodities or combinations of these according to the prospectus. These products appeared with the development and diversification of financial services during the recent years, as wel...

Efficiency Improvement and Quality Initiatives Application in Financial Institutions

Directory of Open Access Journals (Sweden)

MSc. Ajtene Avdullahi

2015-06-01

Full Text Available Financial institutions in today’s economy have no longer the luxury to improve profit simply by increasing revenue. These firms, due to the significant measuring reductions in the financial services industry needed to improve operational efficiencies and merely support existing processes with fewer resources. This paper explains the benefits of Lean, Six Sigma, Total Quality Management and Lean Six Sigma that have improved organization's performance, by cutting costs and waste, improving their products or services, increasing profitability as well as enhancing customer satisfaction. The applicability of quality management practices in financial institutions in Kosovo is presented and also their efficiency and effectiveness. By analyzing data from Raiffeisen Bank Kosovo, this paper highlights the benefits of Individual and Micro companies customer segment as the result of organizational change and successful application of quality initiatives from financial institutions in Kosovo.

Product Innovation of Islamic Financial Institutions

Directory of Open Access Journals (Sweden)

Agus Rojak Samsudin

2016-03-01

Full Text Available This article was composed from the fact that the presence of Sharia Financial Institutions (SFC cannot be separated from the existence of Conventional Financial Institutions. Islamic Bank appeared in the midst of the conventional banking development. It certainly gives the impression product of Islamic Bank is seen as the imitation of conventional banking products. The historical analysis shows that the substantive function of banking operations has been practiced since the early days of Islam. Even the profit and lost sharing principle has been applied from transactions Islamic business transactions (Mu'amalah in the ancient Arab, which has been explored in the modern era and also legitimized by the Fatwa of DSN MUI (National Sharia Council of Indonesian Ulama Council (NSC-ICU. This institution is often reinterpreting the concept of Islamic business, including the innovation of Islamic Banking products that are derived from the Quran, the Sunna, and Islamic Jurisprudence (al-Ijtihad.

48 CFR 32.411 - Agreement for special account at a financial institution.

Science.gov (United States)

2010-10-01

... account at a financial institution. 32.411 Section 32.411 Federal Acquisition Regulations System FEDERAL... Items 32.411 Agreement for special account at a financial institution. The contracting officer must use... Contractor), and ____, a financial institution operating under the laws of ____, located at ____ (the...

THE IMPACT OF INFLATION ON LEVEL OF DEBT OF BRAZILIAN FINANCIAL INSTITUTIONS

Directory of Open Access Journals (Sweden)

Carlos André Marinho Vieira

2016-03-01

Full Text Available Financial institutions are naturally leveraged companies that use their debt to aim for profit in their operations. The role of financial intermediary gives these institutions the context needed to use financial leverage for profit. Among the several variables used in debt levels of these institutions, Hortlund (2005 highlights inflation as having a central role in this phenomenon. This study aimed to find out how inflation influences the debt of Brazilian financial institutions. To achieve this goal, data of brazilian banks from 1996 to 2013 were analyzed, being related to other variables in order to allocate more consistency of the model used. Through balanced and unbalanced panel data regressions, results indicate that different from the hypothesis defended by Hortlund (2005, inflation has a negative impact on debt earned by financial institutions during the period. Other findings of the study indicate that the representative variables of increased operations of these institutions, such as GDP growth, growth of assets and loans/assets positively impact the leverage of financial institutions, indicating that these are more likely to go into debt when they can apply this capital in productive operations. Finally, it was found out that the guidelines contained in the Capital Accords Basel II and Basel III, which were required by the national financial system, influenced negatively the levels of debt of financial institutions, making them less leveraged.

The Reasons for UK Large Financial Institutions' Failure during the Recent Financial Crisis in 2007

OpenAIRE

LI, ZHAOYI

2012-01-01

Most UK financial institutions have failed during the recent financial crisis. Although this depression is triggered by the failure of US housing market, the business model for the UK is still different with US financial institutions. Most failed companies are not hold large amount of sub-prime loans in their asset portfolio in the UK, the most important reason is the wholesale funding strategies became the central business model for the most failed firms, therefore the retail deposits are no...

Institution, Financial Sector, and Economic Growth: Use The Institutions As An Instrument Variable

Directory of Open Access Journals (Sweden)

Albertus Girik Allo

2016-06-01

Full Text Available Institution has been investigated having indirect role on economic growth. This paper aims to evaluate whether the quality of institution matters for economic growth. By applying institution as instrumental variable at Foreign Direct Investment (FDI, quality of institution significantly influence economic growth. This study applies two set of data period, namely 1985-2013 and 2000-2013, available online in the World Bank (WB. The first data set, 1985-2013 is used to estimate the role of financial sector on economic growth, focuses on 67 countries. The second data set, 2000-2013 determine the role of institution on financial sector and economic growth by applying 2SLS estimation method. We define institutional variables as set of indicators: Control of Corruption, Political Stability and Absence of Violence, and Voice and Accountability provide declining impact of FDI to economic growth.

The effects on employment of the liberalisation process in the telecommunications sector

DEFF Research Database (Denmark)

Wulff, Thomas

An analysis of how the liberalisation process in the telecommunications sector in Finland has affected the employment development in the telecommunications sector......An analysis of how the liberalisation process in the telecommunications sector in Finland has affected the employment development in the telecommunications sector...

31 CFR 501.604 - Reports by U.S. financial institutions on rejected funds transfers.

Science.gov (United States)

2010-07-01

... REPORTING, PROCEDURES AND PENALTIES REGULATIONS Reports § 501.604 Reports by U.S. financial institutions on rejected funds transfers. (a) Who must report. Any financial institution that rejects a funds transfer... institution, domestic bank, financial institution or U.S. financial institution, as those terms are defined in...

Nigeria : Financial Sector Review, Volume 3. Non-Bank Financial Institutions and Markets

OpenAIRE

World Bank

2000-01-01

This report is a comprehensive review of the Nigerian financial system, covering the following areas: i) macro-financial environment; ii) safety and soundness of the banking system; iii) banking supervision; iv) development finance institutions; v) community banks and commercial banks' rural operations; vi) insurance and pensions; vii) housing finance; viii) money and capital markets; and ...

Current Transformations of the Eurozone Financial and Institutional Space

Directory of Open Access Journals (Sweden)

Kornіvska Valerіa O.

2016-08-01

Full Text Available The article presents the results of studying the processes of reforming the financial and institutional space of the eurozone, which in the long run creates the foundation for basic changes, which will result in not just a postcrisis “restart” of the system of financial institutions, but the creation of new mechanisms of liquidity circulation and in view of this the restructuring of the current model of investment process from mainly the banking into the market (stock one. On the basis of the analysis of the credit cooperation between banking institutions of the eurozone and the real sector there made conclusions about the limited effectiveness of the current model of investment support due to the inability of the dominant financial institutions (banks to enable economic recovery under conditions of the gap between the complementary interaction of banking institutions and the real sector of the economy. The paper justifies that the gap between the complementarity of the banking system and the real sector emerged also in connection with the formation of the negative in the general economic context complementarity of the state and the banking sector, which greatly distorts the competitive foundations of the European financial and institutional space, contributes to the banking lobby, hinders the process of reforming the banking space, which will be of limited effectiveness in the future

Audit Guide: Audits of Federal Student Financial Assistance Programs at Participating Institutions and Institution Servicers.

Science.gov (United States)

Office of Inspector General (ED), Washington, DC.

All institutions participating in the Federal Student Financial Assistance Programs must have an annual financial aid compliance audit performed by an independent auditor. This guide is effective for fiscal years ending December 31, 1999, and thereafter, for institutions preparing for their yearly audit. The purpose of the document is to assist…

International financial institutions and human rights: implications for public health.

Science.gov (United States)

Stubbs, Thomas; Kentikelenis, Alexander

2017-01-01

Serving as lender of last resort to countries experiencing unsustainable levels of public debt, international financial institutions have attracted intense controversy over the past decades, exemplified most recently by the popular discontent expressed in Eurozone countries following several rounds of austerity measures. In exchange for access to financial assistance, borrowing countries must settle on a list of often painful policy reforms that are aimed at balancing the budget. This practice has afforded international financial institutions substantial policy influence on governments throughout the world and in a wide array of policy areas of direct bearing on human rights. This article reviews the consequences of policy reforms mandated by international financial institutions on the enjoyment of human rights, focusing on the International Monetary Fund and World Bank. It finds that these reforms undermine the enjoyment of health rights, labour rights, and civil and political rights, all of which have deleterious implications for public health. The evidence suggests that for human rights commitments to be met, a fundamental reorientation of international financial institutions' activities will be necessary.

Algeria embraces globalisation and liberalisation

International Nuclear Information System (INIS)

De Saint Jacob, Y.

2008-01-01

Algeria's culture of state monopoly and single party rule has been set aside as the country appears to have resolutely chosen globalisation and liberalisation of its markets. The 2-page article is followed by an interview with the Algerian Minister of Energy and President of OPEC for 2008, explaining the energy policy of Algeria

Stress testing in financial institutions

Directory of Open Access Journals (Sweden)

Mirković Vladimir

2014-01-01

Full Text Available In 2000 the Basle Committee on the Global Financial System defined stress testing as 'a generic term describing various techniques used by financial firms to gauge their potential vulnerability to exceptional but plausible events'. Exceptional events refer to one-off or recurring events with far-reaching consequences for the concerned financial institution and the financial sector s stability overall. Such unexpected (exceptional events include, for instance: bankruptcy in Argentina in 2001, stock markets collapse ('Black Monday' on 19 October 1987, or the fall of the energy giant Enron in 2001. The adoption of the new Basle Accord (better known as Basle II in 2001 envisaged the implementation of stress tests for the identification of events and future changes in economic circumstances that could cause some unfavorable effects on banks' credit exposure, along with the assessment of banks' ability to survive in the new circumstances. Negative experiences from the past, having undermined the stability of financial systems worldwide, made a decisive impact on regulators at all levels to additionally consider the issue of increasing the financial system's resistance to the occurrence of unexpected - exceptional events. To this end, the introduction of stress tests was the turning point in the process of increased banking systems' resistance to shocks. This paper primarily deals with stress testing methodology and bank risk measurement techniques, along with the main results of conducted tests, directly impacting the entire financial system.

FINANCIAL MONITORING FOR EDUCATION AND RESEARCH FARMS OF AGRICULTURAL BUDGETARY INSTITUTIONS

Directory of Open Access Journals (Sweden)

Larysa Oliynik

2016-03-01

Full Text Available The article highlights the core of financial monitoring and the basic indicators of its implementation at education and research farms of agricultural budgetary institution. The case study for its peculiarities defined is Separated Subdivision of NULES of Ukraine “Velykosnytinske Education and Research Farm named after O. Muzychenka”, the financial monitoring of which allowed offering the enterprise certain directions to improve efficiency under modern conditions. While carrying out financial monitoring of  education and research farms,  there should be awareness that such farms are based on self-supporting, being non-profit institutions that function as public institutions. Consequently, they make estimates. The specific features of financial statements and reports are due to the fact that revenues of educational and research farms are derived from the special  fund.  Financial  monitoring  for  education  and  research  farms  of  agricultural  budgetary institution  is  proven  to  be  implemented  by  using  traditional  analysis  given  the  peculiarities  of budgetary institutions. Keywords: financial  monitoring,  education and research farm,  budgetary  institution,  cost accounting, special fund, estimate. JEL: M 20

The Effects on Employment of the Liberalisation Process in the Telecommunications Sector

DEFF Research Database (Denmark)

Henten, Anders; Wulff, Thomas

An analysis of the effects of the policies of liberalisation and privatisation in the telecommunications field on the employment development in the telecommunications sector.......An analysis of the effects of the policies of liberalisation and privatisation in the telecommunications field on the employment development in the telecommunications sector....

IT in a liberalised energy economy

International Nuclear Information System (INIS)

Warnat, H.; Urbani, C.

2007-01-01

This article takes a look at the large amount of information technology that will have to be installed in connection with the liberalisation of the electricity supply industry in Switzerland. An automatic and standardised flow of data between those instances involved is, according to the authors, a prerequisite for effective competition in the power market. Load profiles will augment monthly or half-yearly metering and provide a basis for new products. Other topics discussed include on-line portals for customers and cheaper tariffs for consumption that is planned in advance. Electricity liberalisation in Switzerland is reviewed and the increase in the amount of data necessary is discussed. Comparisons are made with other European countries and the tasks that the various market players will have to perform are looked at. These are summarised in a diagram. Possible future structures with decentralised production, more differentiated price structures and additional services are discussed

Liberalisation of the Dutch energy market

International Nuclear Information System (INIS)

Cace, J.; Zijlstra, G. J.

2003-01-01

The process of liberalisation of the Dutch energy market started in 1998 and will be completed in 2004 by opening the energy market to households and small enterprises. The fundaments of the open market are determined by the Electricity Law from 1998 and the Gas Law from 2000. The green electricity market was opened in July 2001 as a part of the environment protection package. A number of additional legal regulations, codes, procedures and agreements were developed in order to guarantee equal opportunities for all participants, create the market transparency, guarantee the continuity of supply and protect the consumer. These documents were developed by the 'Platform Versnelling Energieliberalisering', PVE (Platform for the acceleration of the liberalisation process). All relevant players from the energy market, including the major consumers, are represented in this advisory body. In the new market situation, the grid operators carry the essential responsibilities within the energy supply system. They are providing the technical security, registering the energy exchange through their grid and are generating the billing and the balance control information for suppliers and transport system operators respectively. The suppliers are the primary contact for the consumers. The complexity of the energy market liberalisation is aggravated by the difference in fundamental choices for the electricity and gas market. Electricity market is based on regulated third party access (TPA) and gas market is based on negotiated TPA. A lack of awareness of the necessity of an adequate information system appeared to be the most the most significant hurdle in establishing the open energy market. (author)

Algeria embraces globalisation and liberalisation

Energy Technology Data Exchange (ETDEWEB)

De Saint Jacob, Y.

2008-07-15

Algeria's culture of state monopoly and single party rule has been set aside as the country appears to have resolutely chosen globalisation and liberalisation of its markets. The 2-page article is followed by an interview with the Algerian Minister of Energy and President of OPEC for 2008, explaining the energy policy of Algeria.

Liberalised energy markets, customer expectations, fiscal greed: a call for more equity

International Nuclear Information System (INIS)

Brendow, K.

2003-01-01

This note describes how, since 2000/2001, a rise of taxes and para-taxes in some western European countries has partly or fully absorbed the gains resulting from the liberalisation of electricity or heat markets. For the energy industry and customers in these countries the question arises: was liberalisation in vain? Have they been led into error? Customers in accession countries may wonder whether this experience and the agreed minimum energy taxation in the European Union imply tariff increases, particularly for households, beyond those previously expected? Could a strengthening of the role and independence of the regulator lead to more equity in sharing the 'dividend of liberalisation'?(author)

Creation of the Financial Ombudsman Institute: International Experience and Prospects for Ukraine

Directory of Open Access Journals (Sweden)

Britchenko Igor G.

2017-03-01

Full Text Available The article is dedicated to the problems of introduction of the institute of financial ombudsman in Ukraine on the basis of studying international experience. The modern development of the banking system of Ukraine is characterized by the presence of significant losses, the outflow of deposit funds of individuals, the growth of inflationary pressures, the reduction in the number of banking institutions, and the decrease in the level of confidence in them among the population. These factors among others have led to a considerable number of litigations between banks and their clients. This situation forces the banks to find effective ways to solve the problem. In the world practice the institute of financial ombudsman serves this purpose. The conclusion is made that the activity of the institute of the financial ombudsman occurs within the framework of a clearly defined legislative field, which in a generalized form is represented by the British and German models. The main difference between these models of the financial ombudsman lies in the status of this institute in different countries. But their common characteristics are the respect for clients, the possibility of voluntary appeal to the ombudsman, a short period of considering the matter, the lack of payment for ombudsman services. The necessity of establishment of the institute of alternative resolution of disputes in the sphere of financial services in the form of financial ombudsman in Ukraine is justified. Its creation will improve the quality of financial market regulation, increase the level of public confidence in financial institutions, strengthen financial discipline, reduce the load on law courts, increase the transparency and openness of the financial market. The financial ombudsman should complement the work of other financial market regulators but at the same time remain an independent and free-standing body. In modern realities of development of Ukraine, a necessary task is

Trade Liberalisation and Poverty in Bangladesh: A General Equilibrium Approach

OpenAIRE

Nahar, Bodrun; Siriwardana, Mahinda

2009-01-01

This paper uses a computable general equilibrium (CGE) model to investigate the impact on poverty of trade liberalisation in Bangladesh. The simulation results show that the complete removal of tariffs favours export oriented sectors in the economy. With trade liberalisation, rural and urban areas experience an overall reduction in poverty in the short run. However, a marginal increase in the poverty gap and poverty severity for urban areas is projected, implying that the poor become poorer i...

31 CFR 370.7 - How can my financial institution change my designated deposit account?

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false How can my financial institution... Entries § 370.7 How can my financial institution change my designated deposit account? If your financial.... The financial institution's request will be deemed an agreement by the institution to indemnify us and...

Growth, financial development, societal norms and legal institutions

NARCIS (Netherlands)

Garretsen, Harry; Lensink, Robert; Sterken, Elmer

2002-01-01

This paper analyses whether societal norms help to explain cross-country differences in financial development. We analyze whether societal norms in addition to legal institutions have an impact on financial development. We address the implications of the inclusion of societal norms for the analysis

Creating demand for foreign brands in a 'home run' market: tobacco company tactics in South Korea following market liberalisation.

Science.gov (United States)

Lee, Sungkyu; Lee, Kelley; Holden, Chris

2014-05-01

To analyse the tactics transnational tobacco companies (TTCs) used to increase market share in South Korea after market liberalisation in 1988, and the subsequent impact of TTCs' activities on the domestic industry and ultimately public health. Internal tobacco industry documents were searched iteratively and analysed by keyword related to strategies for increasing market share in Korea since liberalisation. Following market liberalisation, TTCs faced entrenched cultural and institutional barriers in Korea which hindered increased sales of cigarette imports. TTCs identified population groups more favourably inclined towards imported brands, developed new distribution channels and used promotional activities targeting these groups. The growth in market share by TTCs suggests that these activities were successful at challenging the Korea Tobacco & Ginseng Corporation (KTGC) monopoly. In response, KTGC shifted to a proactive marketing approach and adopted strategies similar to TTCs. This, in turn, made the Korean market highly competitive. Findings show that, after market liberalisation, there was an upward trend in cigarette consumption and smoking prevalence among the targeted population groups, notably youth and young women. Governments engaging in trade negotiations that may lead to the opening of domestic tobacco markets need a fuller understanding of previous industry activities for expanding into emerging markets as well as how the domestic industry can change accordingly. To protect public health, the adoption of comprehensive tobacco control measures, guided by WHO Framework Convention on Tobacco Control, are needed as part of such negotiations.

49 CFR 26.27 - What efforts must recipients make concerning DBE financial institutions?

Science.gov (United States)

2010-10-01

... financial institutions? 26.27 Section 26.27 Transportation Office of the Secretary of Transportation... efforts must recipients make concerning DBE financial institutions? You must thoroughly investigate the full extent of services offered by financial institutions owned and controlled by socially and...

FINANCIAL DEVELOPMENT, INSTITUTIONS AND ECONOMIC POLICY – PANEL DATA EVIDENCE

Directory of Open Access Journals (Sweden)

Filippidis Ioannis

2013-07-01

Full Text Available In recent years significant researches have been done to identify what are the determinants of financial development. With regard to this outline, the main objective is to investigate the effect of economic, political and social dimension of institutional quality, as well as the effect of political and macroeconomic factors on financial development. More specifically, the present work aims to contribute to the relevant literature in the following ways: i in the econometric front, we employ dynamic panel techniques, that allow for heterogeneity among variables, avoiding the known problems of traditional techniques. More specifically, we employ the “system GMM” estimator developed by Arellano and Bover (1995, and Blundell and Bond (1998, controlling for endogeneity among variables; ii we disentangle into economic, political and social institutional quality in order to quantify the effect of institutions on financial development and check the robustness of our results; iii in the same logic, we decompose our measure of financial openness into equity- and loan-related foreign assets and liabilities in order to assess whether the hoarding of risky vs. riskless assets or the accumulation of equity vs. debt liabilities affect the development of domestic financial institutions; and iv to control for a potential bias among variables, we include a large set of information, which covers all the spectrum of possible effects on finance, giving emphasis on political factors and government policies. Our main finding from the regression analyses is a robust empirical relationship from institutions to financial development, a result consistent with most empirical studies. Also, we find a stronger effect from economic institutions to banking sector development and from political institutions to stock market development. Regarding the trade and finance link, we find that openness has a much stronger association with bank-based finance than with stock market

Liberalisation Reform, 'Neo-centralism', and Black Market: The Political Diseconomy of Lake Nasser Fishery Development

Directory of Open Access Journals (Sweden)

Christophe Béné

2008-10-01

Full Text Available Despite its relatively modest importance, and the current difficulties faced by the government in implementing liberalisation in the rest of the country, the Egyptian governement decided to embark on a reform of the Lake Nasser fishery in the early 2000s. The objective of this article is to analyse the evolution of this reform from a political economy perspective. The paper looks retrospectively at the general context of the reform, describes the different institutional and economic changes that have resulted from its realisation, identifies how the distribution of power between the different actors has altered the course of its implementation, and finally assesses the outcomes of the reform. The analysis shows that, while some major institutional changes have taken place, those changes have had little to do with a 'liberalisation' as conventionally understood in neo-classical literature. Instead, the new status quo turns out to be one where the central government and its different parastatal agencies have managed to maintain their existing advantages. The failure to reform more thoroughly the system also led fishers and fish traders to engage in a large-scale black market activity in which a substantial amount of fish is smuggled through unofficial trade channels.

40 CFR 144.64 - Incapacity of owners or operators, guarantors, or financial institutions.

Science.gov (United States)

2010-07-01

..., guarantors, or financial institutions. 144.64 Section 144.64 Protection of Environment ENVIRONMENTAL..., or financial institutions. (a) An owner or operator must notify the Regional Administrator by... institution. The owner or operator must establish other financial assurance or liability coverage within 60...

Liberalising European electricity markets: opportunities and risks for a sustainable power sector

International Nuclear Information System (INIS)

Ringel, M.

2003-01-01

The process of liberalising European electricity markets, encompassing a wide range of restructuring activities, has mainly been spurred by the attempt to increase the economic efficiency of the whole sector. This process might be used to trigger a development towards a sustainable power sector by increasing the use of renewable energy sources and enhancing energy efficiency on the supply and demand side. However, by taking a closer look at the current trends of the European electricity markets, it becomes obvious that the liberalisation not only implies opportunities but also risks for the creation of a sustainable power sector. Many of these risks are due to market distortions and imperfections caused by the delay in creating a fully functional single European market. Thus, in the short-term, the market liberalisation tends to constitute more risks than opportunities without government actions to prevent these risks. In the long run, though, the efficiency gains of the sector and the appearance of new market factors are likely to bring forth the opportunities of liberalisation and actively foster a transformation towards a sustainable electricity sector. (author)

Liberalisation of the German electricity sector and the role of energy policy

International Nuclear Information System (INIS)

Schleich, J.; Betz, R.; Gagelmann, F.; Jochem, E.; Koewener, D.

2000-01-01

This paper gives an account of the impacts of the liberalisation of the German electricity market and describes the existing energy policy and recent responses to the liberalisation with respect to the electricity sector. In the first section, electricity supply, electricity consumption and the structure of the electricity market are described. In the second section, the legal framework for the liberalisation of the electricity market in Germany and the consequences for prices, market structure, legal form of utilities, investment, cogeneration and products offered are presented. The final section first provides an overview of the national and international climate policy targets as well as the agreed upon phase-out of nuclear energy. Finally, existing electricity policy instruments and policy responses to the liberalised electricity market are reported. These policy instruments include support for hard coal and lignite, the new ecological-tax reform, the promotion of renewable energy sources, support for cogeneration, voluntary agreements, and the flexible mechanisms for greenhouse gas emission reductions as introduced in the Kyoto protocol. (orig./CB)

40 CFR 261.148 - Incapacity of owners or operators, guarantors, or financial institutions.

Science.gov (United States)

2010-07-01

..., guarantors, or financial institutions. 261.148 Section 261.148 Protection of Environment ENVIRONMENTAL... owners or operators, guarantors, or financial institutions. (a) An owner or operator must notify the... financial assurance or liability coverage in the event of bankruptcy of the trustee or issuing institution...

20 CFR 416.1208 - How funds held in financial institution accounts are counted.

Science.gov (United States)

2010-04-01

... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false How funds held in financial institution accounts are counted. 416.1208 Section 416.1208 Employees' Benefits SOCIAL SECURITY ADMINISTRATION... held in financial institution accounts are counted. (a) General. Funds held in a financial institution...

20 CFR 416.1247 - Exclusion of a dedicated account in a financial institution.

Science.gov (United States)

2010-04-01

... financial institution. 416.1247 Section 416.1247 Employees' Benefits SOCIAL SECURITY ADMINISTRATION... a dedicated account in a financial institution. (a) General. In determining the resources of an individual (or spouse, if any), the funds in a dedicated account in a financial institution established and...

Types of financial institution and their supply of financial services: the case of microfinance in Europe

OpenAIRE

Sergio Lagoa; Abdul Suleman

2014-01-01

The profit-oriented financial sector has grown in importance and influence, leading some authors to talk about a financialised economy. The question we raise in this paper is what is the role of non-profit oriented financial institutions and public programmes in the microfinance segment. We conclude that in this market there is a large diversity of institutions and non-for profit organisations have a significant role. Our analysis also shows that the diversity of institutional forms is import...

Information Base of Financial Analysis of Educational Institutions of Higher Education

Directory of Open Access Journals (Sweden)

Alexander A. Galushkin

2015-12-01

Full Text Available In this article author analyzes issues related to the formation of information base analysis of the financial condition of educational institutions of higher education. Author notes that are significantly different principles of financial (accounting statements of non-governmental and government (budget of educational institutions of higher professional education. In conclusion, author notes that when analyzing the financial condition of the group of higher professional education institutions, they can be classified into subgroups, depending on the benefits of a species (subspecies of funding and revenue.

Promotion of Renewable Energy in a Liberalised Energy Market

DEFF Research Database (Denmark)

Meyer, Niels I

1998-01-01

government promotion of energy conservation and of systems based on renewable energy sources. This type of policy may in some instanes conflict with the principles of the unregulated commercial market. The official Danish target is that 35% of energy demand should be covered by renewables by year 2030......Liberalisation of energy markets has been progressing among OECD countries since the early nineties. In Europe this trend was accelerated by the decision in December 1996 by the EU Council of Ministers to adopt a new EU directive on liberalisation of the electricity market. This decision would lead...

20 CFR 416.1321 - Suspension for not giving us permission to contact financial institutions.

Science.gov (United States)

2010-04-01

... contact financial institutions. 416.1321 Section 416.1321 Employees' Benefits SOCIAL SECURITY....1321 Suspension for not giving us permission to contact financial institutions. (a) If you don't give us permission to contact any financial institution and request any financial records about you when...

Participation of financial institutions in project financing of infrastructure projects

Directory of Open Access Journals (Sweden)

Benković Slađana

2012-03-01

Full Text Available Infrastructure investing makes up a significant part of the financial institutions portfolio, and contributes to creating long-term assets cash flows. In addition, infrastructure assets are relatively inelastic in demand and price, and as such the asset has a good performance during the economic downturn. Properly structured infrastructure investments contribute to the diversification of the portfolio, due to the lack of correlation with the yield on bonds, stocks and real estate, and offer good protection against inflation. Applying the concept of project financing involves the application of the most advanced financial techniques and products that are able to ensure only credible international financial institutions and companies. Paper attempts to indicate the presence of financial institutions in project financing of infrastructure, as well as the benefits of this concept in expected to finance infrastructure in Serbia.

Liberalisation of the Venezuelan power sector: what is stalling it?

Energy Technology Data Exchange (ETDEWEB)

Nicolas, P. Ventura [Av. Sanz, calle Convento II, edif. E, apto. 8D, El Marques Caracas (Venezuela)

2005-07-01

For the past eight years, Venezuelan power sector has been attempting to be liberalised. The first step was made in 1996 through the 'Decree 1558'. The second step in 1999 was legally stronger and better received by players of the different sectors; however, it did not show any sign of progress after five years. At the same time, the need for investments is increasing and the expectation of demand's growth is also rising. Hence, the intention of this research paper is to identify the factors that are constraining the liberalisation in the Venezuelan power sector. This paper concludes that the lack of consensus of the government about the nature of the reform, the popular fear of losses, the lack of regulation and the lack of autonomy in its formal structure, and the nonliberalisation of the gas market are just some of the most significant reasons that are constraining the liberalisation in the Venezuelan power sector. (Author)

Promoting Islamic Private Equity Fund As An Ideal Financial Intermediary Institution

Directory of Open Access Journals (Sweden)

Nashr Akbar

2017-12-01

Full Text Available The existence of financial intermediation institution is quite necessary to support the economic activity. It serves both surplus unit and deficit unit to meet their wants whereby the former wants to invest his money in the lack of skill, while the latter wants to develop their businesses but does not have adequate capital. Bank institution is the most common institution serving the people’s need of financial intermediation. However, bank has several weaknesses that may harm and hamper the economic development. This paper aims to explore the weaknesses of banks as financial intermediary institutions and then promote Islamic Private Equity Fund as alternative. The result showed that the weaknesses of banks are: 1 fractional reserve banking, 2 fiat money, 3 debt-based investment, 4 risk averse. Furthermore, the study also found that Islamic Private Equity Fund can serve as an ideal financial intermediary institution due to some strengths: 1 no fractional reserve banking, 2 equity-based investment and 3 risk taker

20 CFR 418.3420 - How are funds held in financial institution accounts counted?

Science.gov (United States)

2010-04-01

... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false How are funds held in financial institution... SUBSIDIES Medicare Part D Subsidies Resources § 418.3420 How are funds held in financial institution accounts counted? (a) Owner of the account. Funds held in a financial institution account (including...

The Value of Institutions for Financial Markets; Evidence From Emerging Markets

OpenAIRE

Thomas Stratmann; Bernardin Akitoby

2009-01-01

This paper investigates the value of political institutions for financial markets, using panel data from emerging market countries. We test the hypothesis that changes in political institutions, such as improvements in democratic rights and increased government accountability, have a direct effect on sovereign interest rate spreads. We find that financial markets value institutions over and above the economic and fiscal outcomes these institutions shape. Democracy and accountability generally...

31 CFR 575.534 - Transfers of certain blocked claims by U.S. financial institutions.

Science.gov (United States)

2010-07-01

... by U.S. financial institutions. 575.534 Section 575.534 Money and Finance: Treasury Regulations... Transfers of certain blocked claims by U.S. financial institutions. U.S. financial institutions are... same institution. This section authorizes only the transfer of claims and does not authorize the...

MARKETING SUPPORT BUSINESS ACTIVITIES OF FINANCIAL INSTITUTIONS

OpenAIRE

Sharova, I.; Sharova, K.

2015-01-01

The article discusses the necessity and possibility of implementation of marketing tools to increase customer loyalty and satisfaction of the bank to improve the business performance of financial institutions

A multicriteria approach for rating the credit risk of financial institutions

NARCIS (Netherlands)

Baourakis, G.; Conisescu, M.; Dijk, van G.; Pardalos, P.M.; Zopounidis, C.

2009-01-01

Within the new bank regulatory context, the assessment of the credit risk of financial institutions is an important issue for supervising authorities and investors. This study explores the possibility of a developing risk assessment model for financial institutions using a multicriteria

Varieties of indebtedness: Financialization and mortgage market institutions in Europe.

Science.gov (United States)

Van Gunten, Tod; Navot, Edo

2018-02-01

During the global housing boom that preceded the 2007-9 financial crisis, household debt increased substantially in many European countries, posing a challenge for literature on financialization and the institutional heterogeneity of mortgage markets. This paper examines recent institutional shifts in European mortgage markets and specifies three analytically distinct models of debt accumulation: inclusion, extension and intensity. While existing research has emphasized inclusion (access to homeownership), we show that financial intensification is an important determinant of cross-national variation in debt. We assess the variation in financial intensity in six European countries (France, Germany, Italy, the Netherlands, Portugal and Spain) using household-level survey data. Our results show that inclusion and expansion explain only part of the cross-national variation in mortgage debt to income ratios. Furthermore, household financial behavior is consistent with the financial intensity model, and variation in the degree of financial intensification explains a substantial portion of the cross-national difference in debt levels. Copyright © 2017 Elsevier Inc. All rights reserved.

Nuclear power within liberalised electricity markets

International Nuclear Information System (INIS)

Kidd, Stephen W.

2002-01-01

Competition between various methods of generating electricity in liberalised markets means that all power plants must be cost-effective. The price of electricity from nuclear power includes all waste disposal and decommissioning costs, unlike other electricity generating technologies. Most existing nuclear power plants are likely to prosper under electricity liberalization. Many will receive operating life extensions and be able to compete in the electricity market for many years to come. Investment costs are particularly heavy for nuclear plants. Capital expenditure appraisal methodologies mean that such plants suffer financial disadvantages in times of high interest rates. Low and stable fuel costs are the prime advantage of nuclear plants against other sources of generating electricity. There will be significant demand for new generating capacity, both incremental and replacement, in the next 20 years. Under present conditions, where there is access to a stable and cheap supply of piped gas, nuclear and coal plants find it difficult to compete against gas-fired plants. The nuclear industry is addressing the need for new reactor designs, offering significant capital and operating cost reductions from the previous generation of reactors. This development and the need for carbon abatement on a worldwide basis offers nuclear plants a further economic advantage against alternative technologies. (author)

32 CFR Appendix G to Part 275 - Releasing Information Obtained From Financial Institutions

Science.gov (United States)

2010-07-01

... SECRETARY OF DEFENSE (CONTINUED) MISCELLANEOUS OBTAINING INFORMATION FROM FINANCIAL INSTITUTIONS: RIGHT TO... Financial Institutions A. Financial records obtained under 12 U.S.C. chapter 35 shall be marked: “This... 32 National Defense 2 2010-07-01 2010-07-01 false Releasing Information Obtained From Financial...

The Nordic power exchange Nord pool and the Nordic model for a liberalised power market

International Nuclear Information System (INIS)

Houmoller, A. P.

2000-01-01

As the first countries in the world, the Nordic countries Norway, Sweden, Finland and denmark have established a common, multinational power exchange. By means of this common power exchange, these countries also have established a common power market. this is also the first - and for the time being - the only place in the world, where you can find a multinational, truly competitive power market. This Nordic model has attracted much interest from other countries in Europe, Asia, North America and South America. The presentation will explain, how the common power exchange makes it possible for the four countries and the five system operators in Scandinavia physically and financially to operate a common, multinational, competitive power market. The presentation will explain how this systems works in the Nordic countries by discussion the following items: - The non-commercial players: The Transmission System Operators and the local grid operators; - The market players: the producers, the retailers, the traders, the brokers and the end users; - The access to the grid: The point tariff system; - The fairness towards the market players and the security of supply: The balancing power and the regulating power; - The power exchange handles bottlenecks in the grid. The presentation will explain how this is done and will demonstrate how this gives the power market a bottleneck handing method which:- Is neutral and fair towards all the market players, - Ensures that all the capacity of any bottleneck is utilised during every hour of operation, - Is extremely easy to use for the Transmission System Operators - also if the bottleneck is cross-border bottleneck; - The Nord Pool spot market Elspot; - The Nord Pool futures market Eltermin; - Area prices; - How financial contracts replace physical contracts when the power market is liberalised; - The day-to-day market and the market for long-term contracts in a liberalised power market; - How to eliminate the c ounter party risk

A case study on business model innovations using Blockchain: focusing on financial institutions

Directory of Open Access Journals (Sweden)

JaeShup Oh

2017-12-01

Full Text Available Purpose - Blockchain is a distributed ledger, in which the blocks containing transaction details are connected chronologically to form a series of chains, thus raising the possibility of improving the process and innovating business model for the financial institutions. The purpose of this paper is to study the actual cases of Blockchain applied in Korea in 2017, so that a vision of business model innovation of financial institutions can be drawn. Design/methodology/approach - The financial institutions in Korea are in the technology verification stage to introduce Blockchain technology. Since there is an insufficient amount of actual measurement data, case study method was adopted. The authors interviewed ICT officers of major banks in Korea. The purpose of the interview was to understand the relationship between Blockchain and business models of financial institutions, and the effects and challenges that Blockchain has on the business model of financial institutions. Findings - From the perspective of financial institutions, the emergence of Blockchain does not just have technical significance – emergence of highly efficient database system – but has the possibility that if the business model of existing financial intermediaries disappears or get reduced, the financial services relying on them can disappear altogether, or some of them can be replaced, and financial transaction patterns of consumers can be changed. As a case studies researched for this paper, it was discovered that the distributed characteristic of Blockchain cannot be applied when actually developing financial services.

31 CFR 545.503 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 545.503 Section 545.503 Money and Finance: Treasury Regulations... § 545.503 Payments and transfers to blocked accounts in U.S. financial institutions. Any payment of.... financial institution, must be blocked in an account on the books of that financial institution. A transfer...

31 CFR 544.504 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 544.504 Section 544.504 Money and Finance: Treasury Regulations... Licensing Policy § 544.504 Payments and transfers to blocked accounts in U.S. financial institutions. Any.... financial institution must be blocked in an account on the books of that financial institution. A transfer...

31 CFR 597.503 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 597.503 Section 597.503 Money and Finance: Treasury Regulations... Licensing Policy § 597.503 Payments and transfers to blocked accounts in U.S. financial institutions. (a... financial institution into a blocked account in a U.S. financial institution is authorized, provided that a...

31 CFR 593.504 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 593.504 Section 593.504 Money and Finance: Treasury Regulations... Licensing Policy § 593.504 Payments and transfers to blocked accounts in U.S. financial institutions. Any.... financial institution must be blocked in an account on the books of that financial institution. A transfer...

78 FR 5870 - Community Development Financial Institutions Fund: Proposed Collection; Comment Request

Science.gov (United States)

2013-01-28

... DEPARTMENT OF THE TREASURY Community Development Financial Institutions Fund: Proposed Collection...)). Currently, the Community Development Financial Institutions (CDFI) Fund, an office within the Department of... Kuchar, Associate Program [[Page 5871

ROLE OF FINANCIAL INSTITUTIONS IN THE PUBLIC-PRIVATE PARTNERSHIPS DEVELOPMENT

Directory of Open Access Journals (Sweden)

Ion POTLOG

2015-12-01

Full Text Available Public-Private Partnership represents institutional and organizational alliance of the state and business, consisting of financial actors interaction, legal, social and policy oriented joint public and private resources from different sources into a single complex to solve strategic socio-economic problems of country. The aim of the research is to demonstrate the importance of financial institutions in publicprivate partnership projects implementation. Research methodology – in order to achieve the expected results, author applied recognized methods and techniques applied as economic investigations: comparative method, statistical method, logical analysis method. The research results, expressed by knowledge through mentioned field can be applied to improve the process of attracting local and international financial institutions to ensure success in public-private partnerships projects in Republic of Moldova.

31 CFR 540.503 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 540.503 Section 540.503 Money and Finance: Treasury Regulations... possession or control of a U.S. financial institution must be blocked in an account on the books of that financial institution. A transfer of funds or credit by a U.S. financial institution between blocked...

Strategic Management of Financial Institutions-Survival in the 21st Century

OpenAIRE

Arshad Khan, Muhammad

2006-01-01

In this paper in attempt has been made to propose some strategic measures which are important for the survival of financial institutions in the 21st century. The study points out that liberalization and globalization offered many opportunities to financial institutions to provide wider range of financial and adviser services for their management. The study stressed that banks and NBFIs in Pakistan must used the modern communication, human resource management should be strengthen, SMEs, rural ...

40 CFR 264.148 - Incapacity of owners or operators, guarantors, or financial institutions.

Science.gov (United States)

2010-07-01

..., guarantors, or financial institutions. 264.148 Section 264.148 Protection of Environment ENVIRONMENTAL... TREATMENT, STORAGE, AND DISPOSAL FACILITIES Financial Requirements § 264.148 Incapacity of owners or operators, guarantors, or financial institutions. (a) An owner or operator must notify the Regional...

40 CFR 267.148 - Incapacity of owners or operators, guarantors, or financial institutions.

Science.gov (United States)

2010-07-01

..., guarantors, or financial institutions. 267.148 Section 267.148 Protection of Environment ENVIRONMENTAL... FACILITIES OPERATING UNDER A STANDARDIZED PERMIT Financial Requirements § 267.148 Incapacity of owners or operators, guarantors, or financial institutions. (a) An owner or operator must notify the Regional...

40 CFR 265.148 - Incapacity of owners or operators, guarantors, or financial institutions.

Science.gov (United States)

2010-07-01

..., guarantors, or financial institutions. 265.148 Section 265.148 Protection of Environment ENVIRONMENTAL... HAZARDOUS WASTE TREATMENT, STORAGE, AND DISPOSAL FACILITIES Financial Requirements § 265.148 Incapacity of owners or operators, guarantors, or financial institutions. (a) An owner or operator must notify the...

78 FR 55202 - Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding...

Science.gov (United States)

2013-09-10

... Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding on Certain... (78 FR 5874). The regulations related to information reporting by foreign financial institutions (FFIs... foreign branch of a U.S. financial institution that is a reporting Model 1 FFI must withhold in accordance...

Reshaping globalisation: a new order for international financial markets

OpenAIRE

Dieter, Heribert

2002-01-01

Since the Mexican crisis in 1994/95, a large number of developing countries and emerging markets have been hit by financial crises. Argentina is the last country that is suffering from dramatic economic problems. The main cause of these crises are the deregulation and liberalisation of financial markets that have been associated with the current model of globalisation. This model is not sustainable: Is has contributed to massive economic problems in the developing world without providing the ...

Development and Creation of Competitive Advantages in the Function of Marketing Services in Financial Institutions

Directory of Open Access Journals (Sweden)

Fatos UKAJ

2016-09-01

Full Text Available The marketing of the financial services by financial institution is regarded as an easier job. This is due to the fact that, in most cases, when a client is gained, he/she remains loyal to the institution on a long term. Nowadays, taking into consideration the needs of the consumers - clients who are undergoing a constant change - financial institutions are faced with a necessity to have the required knowledge and information regarding what and how to meet the needs of their clients. Financial institutions have reached a stage of adapting their daily activities with the demands of their clients. Thus, this is due to the available information which deals with the needs of the clients, opportunities of financial institution themselves, structural changes in the services provided, and the changes in the market which includes competition. This paper will strive to present the stages of the marketing development in financial institutions through the acquisition of knowledge regarding the finances and marketing of these services. It also involves the current concept and approach towards marketing by financial institutions in Kosovo. Adopting new approaches would satisfy the client and would strengthen the position of financial institution. In addition, through this analysis, we will try to show the importance of including the concept of marketing in the operations and strategies of financial institutions for a successful business.

Liberalising Gambling Markets : Lessons from Network Industries?

NARCIS (Netherlands)

van Damme, E.E.C.

2007-01-01

This paper, based on my concluding remarks at the “Colloquium on the Economic Aspects of Gambling Regulation: EU and US Perspectives” held at Tilburg in November 2006, discusses the question why, in Europe, some service sectors (such as network industries) are liberalised, while others (like the

Liberalisation and Corporate Strategic Behaviours: A Taxonomy of the European Electric Firms

OpenAIRE

Schiavone Francesco; Quintano Michele

2012-01-01

Liberalisation in the European electricity market greatly increased the number of corporate mergers and acquisitions. This article proposes a taxonomy of the strategic behaviours of European electricity firms after the recent continental industry liberalisation. We analysed the operations of mergers and acquisitions of these companies. The «five competitive forces» model by Michael Porter was used in order to develop the taxonomy. Our analysis outlines three main strategic types: "omnivorou"s...

31 CFR 538.503 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 538.503 Section 538.503 Money and Finance: Treasury Regulations... Payments and transfers to blocked accounts in U.S. financial institutions. Any payment of funds or transfer... control of a U.S. financial institution, must be blocked in an account on the books of that financial...

31 CFR 363.38 - What happens if my financial institution returns an ACH debit?

Science.gov (United States)

2010-07-01

... TreasuryDirect § 363.38 What happens if my financial institution returns an ACH debit? If your designated financial institution returns an ACH debit, we reserve the right to reinitiate the debit at our option. We.... We are not responsible for any fees your financial institution may charge relating to returned ACH...

Complexities at the intersection of tobacco control and trade liberalisation: evidence from Southeast Asia.

Science.gov (United States)

Drope, Jeffrey; Chavez, Jenina Joy

2015-06-01

For more than two decades, public health scholars and proponents have demonstrated concern about the negative effects of trade liberalisation on tobacco control policies. However, there is little theoretically-guided, empirical research across time and space that evaluates this relationship. Accordingly, we use one major region that has experienced rapid and significant recent liberalisation, Southeast Asia, and examine key tobacco control-relevant outcomes between 1999 and 2012. While we find a modest increase in regional trade in tobacco products in some countries, the effects on tobacco affordability and consumption are very mixed with no clear link to liberalisation. We argue that widespread penetration of the region by transnational tobacco firms is likely mitigating the effects of trade liberalisation. Notably, tobacco control policies have also generally improved across the region, part of which is likely the result of successful regional and global efforts by civil society, governments and intergovernmental organisations. The results suggest that scholars and public health proponents should move the focus away from narrow economic aspects of liberalisation toward specific issues that are more likely to affect tobacco control, such as intellectual property rights protections and investor-state dispute settlement. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://group.bmj.com/group/rights-licensing/permissions.

FINANCING PRACTICES OF BANKS AND FINANCIAL INSTITUTIONS IN NEPAL

OpenAIRE

GAUTAM, BISHNU PRASAD

2009-01-01

Proposal analysis and credit appraisal includes the examination of business and financial aspects with respective importance to measure economic, financial and technical feasibility of the project and repayment capacity of the borrowing firm. Such analysis has far reaching implication on the mobilization of resources as well as on the earning and soundness of the banks and financial institutions (BFIs). We examine this process in the context of bank lending to tourism business enterprises thr...

Integration of liberalised energy market

International Nuclear Information System (INIS)

Klinge Jacobsen, H.; Fristrup, P.; Munksgaard, J.; Pade, L.L.; Henriksen, T.C.

2004-03-01

The markets for electricity, natural gas and district heating are inter-linked both with respect to the energy flows and with respect to ownership of supply sources and infrastructure. The extent and the possible consequences of these linkages are examined in this report. The options for public interventions in these markets are analysed to compare instruments with respect to their ability to provide the necessary incentives for an efficient functioning of the liberalised markets. Aspects of retail markets with households facing multi-product distribution companies and aspects of the production of combined heat and power based on natural gas has been covered. This project identifies some important aspects related to final consumers and the interaction of markets with different types of regulation and scope for liberalisation. From a Danish perspective the district heat market and the dependence on market conditions for natural gas is a specific concern. Consumer concerns also relate to the creation of multi-product energy distribution companies that are privately owned and possibly controlled by foreign interests. Such companies might use bundled sales of energy products to extent their dominant position in one market e.g. a regulated heat market to a market with considerable competition (electricity). Bundled sales would not necessarily result in a loss for the consumer due to economies of scope in supplying energy products. However, the regulatory authorities responsible for district heat prices will have a more complicated job in surveying the bundled price setting. Integration of activities within natural gas distribution and CHP production has been analysed with respect to incentives and welfare implications. Results of the project point to critical market conditions and identify areas of concern for regulatory policies. The analysis shows that there is a large welfare loss associated with having monopolies in both natural gas supplies and the CHP production

The role of the management in the successful working of the financial institutions

OpenAIRE

Miceski, Trajko; Mihajlova, Marija

2016-01-01

While analyzing today’s reality we can notice a lot of financial institutions that make very high profits, but at the same time also a lot of financial institutions that have big deficits. The essential difference between the successful and unsuccessful financial institutions is exactly in the role of the management. Consequently, the meaning and the effect of the management is very important. The management is a generic activity, function and knowledge, specific and appropr...

31 CFR 547.504 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 547.504 Section 547.504 Money and Finance: Treasury Regulations... Policy § 547.504 Payments and transfers to blocked accounts in U.S. financial institutions. Any payment... institution must be blocked in an account on the books of that financial institution. A transfer of funds or...

31 CFR 587.504 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 587.504 Section 587.504 Money and Finance: Treasury Regulations.... financial institutions. Any payment of funds or transfer of credit in which a person designated in or... institution, must be blocked in an account on the books of that financial institution. A transfer of funds or...

31 CFR 588.504 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 588.504 Section 588.504 Money and Finance: Treasury Regulations... § 588.504 Payments and transfers to blocked accounts in U.S. financial institutions. Any payment of... institution, must be blocked in an account on the books of that financial institution. A transfer of funds or...

78 FR 54466 - Appraisal Subcommittee of the Federal Financial Institutions Examination Council; Notice of Meeting

Science.gov (United States)

2013-09-04

... FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL [Docket No. AS13-21] Appraisal Subcommittee of the Federal Financial Institutions Examination Council; Notice of Meeting Description: In accordance with Section 1104 (b) of Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act...

Diversification at Financial Institutions and Systemic Crises

NARCIS (Netherlands)

Wagner, W.B.

2006-01-01

We show that the diversification of risks at financial institutions has unwelcome effects by increasing the likelihood of systems crises.As a result, complete diversification is not warranted adn the optimal degree of diversification is arbitrarily low.We also identify externalities that cause

TRADE LIBERALISATION IN EUROPE AND THE REST OF THE WORLD

Directory of Open Access Journals (Sweden)

Cristian Spiridon

2012-09-01

Full Text Available The present paper aims to disseminate how liberalisation processes were conducted around the globe and especially in Europe since the XIXth century up to date. The research objective is to review the liberalisation of trade dynamics and create an image of the architecture of the most important trading blocs. Analysis will be conducted considering the three major regional blocs: Europe, North America and East Asia. The main findings will show that, despite the few mutations that occurred in international trade as a result of the emergence of developing nations as major trade partners, the European Union and the United States remain the economic and trade hegemons.

78 FR 54465 - Appraisal Subcommittee of the Federal Financial Institutions Examination Council; Notice of Meeting

Science.gov (United States)

2013-09-04

... FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL [Docket No. AS13-20] Appraisal Subcommittee of the Federal Financial Institutions Examination Council; Notice of Meeting Description: In accordance with Section 1104(b) of Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of...

THE INSTITUTIONAL INVESTORS’ BEHAVIOUR UNDER THE IMPACT OF THE GLOBAL FINANCIAL CRISIS

Directory of Open Access Journals (Sweden)

PIRTEA MARILEN

2013-02-01

Full Text Available On the subject of financial globalization a lot of literature has been written, annalyzing all sorts of effects ithad. Still, the changes induced by globalization at the level of the financial markets are not always clear. The veritableflooding of capitals, constantly moving, created a continuous game of investment opportunities, of arbitrationpossibilities and funding sources, made institutional investors adopt various attitudes, the role of institutional investorsin the activation of capital markets being sustained by the financial globalization and the extension of multinationalfinancial groups, on one side, and by the increased performance of the share and bond markets, on the other side.By the present paper, we propose to underline the behaviour of the main institutional investors (mutual funds,pension funds and hedge funds under the impact of the current global financial crisis, the modifications whichintervened in asset assignment and investment relocation, showing that the instability generated in the global financialsystem had immediate effects on all the portfolios of institutional investors, regardless of their classificationcategory.Under conditions of capital flow increase, adjusted by the global financial crisis, the presented analysis andempirical proofs show a tendency of institutional investors’ asset reallocation on developed markets and thewithdrawal from the emergent ones.

Operational Risk Management in Financial Institutions: A Literature Review

Directory of Open Access Journals (Sweden)

Suren Pakhchanyan

2016-10-01

Full Text Available Following the three-pillar structure of the Basel II/III framework, the article categorises and surveys 279 academic papers on operational risk in financial institutions, covering the period from 1998 to 2014. In doing so, different lines of both theoretical and empirical directions for research are identified. In addition, this study provides an overview of existing consortia databases and other publicly available sources on operational loss that may be incorporated into empirical research, as well as in risk measurement processes by financial institutions. Finally, this paper highlights the research gaps in operational risk and outlines recommendations for further research.

Prioritization of Workplace Practices: Evidence from Islamic financial institutions

Directory of Open Access Journals (Sweden)

Faizah Darus

2016-01-01

Full Text Available The aim of this study is to examine the prioritization of workplace practices among Islamic financial institutions in Malaysia for 2012. A content analysis of the annual and sustainability reports were carried out to examine the extensiveness of disclosure relating to information on workplace practices. An Islamic workplace index was used to evaluate the workplace disclosure. The results of the study revealed that skill enhancement and employees-management engagement were the focus for workplace environment among Islamic financial institutions. Particularly, information relating to incentives and bonuses were found to be the most extensively disclosed information.

A critical look at 25 years of liberalisation of electricity markets in Europe

International Nuclear Information System (INIS)

Audigier, Pierre

2015-01-01

The movement to liberalise electricity markets was started in the United Kingdom a quarter of a century ago. A few years later, Germany chose to give priority to renewable energies at the expense of nuclear power. France is banking on renewables, while restraining the role of nuclear power. It has to be recognised that liberalisation, as championed by the European Union, has not produced the desired effects for consumers. (author)

Liberlizacija poštnih storitev ter njihovo financiranje v prihodnosti = Liberalisation of Postal Services and Their Financing in the Future

Directory of Open Access Journals (Sweden)

Matjaz Andric

2007-12-01

Full Text Available This article analyses the issues in the process of the EU postal services market liberalisation, which is in the final stage of its legal basis drafting process. The acceptance of the legal basis by competent EU institutions will largely define the postal services market liberalisation method, which is to be carried out by all EU Member States in a given period of time. For the final step of the liberalisation the authors (eu expert bodies of the legal basis draft proposal have managed to maintain a relatively high standard of universal postal services (delivery every working day and at least five days a week for EU addresses, and short delivery times and in addition to these also foreseen various financing methods. The latter are based on solutions taken from other sectors where the liberalisation process has been recently concluded and where a sector is also subject to the universal service obligation. Even though those financing models are more or less effective in other sectors, they have been subject to many concerns in a public debate on changes in postal sector. The key concerns relate to the foreseen mechanisms of universal service financing, the regulation of access to the public postal network, and the financing of the public postal network maintenance as well as development. The best way to overcome partially unproductive public debates on the issue is to start making factual and precise estimates of the effect of changes presented in this article by applying simplified financing mechanisms of the universal service. These mechanisms will need the input of specific data which will take into the account all relevant traits of every single EU Member State.

12 CFR 615.5040 - Borrowings from financial institutions other than commercial banks.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Borrowings from financial institutions other than commercial banks. 615.5040 Section 615.5040 Banks and Banking FARM CREDIT ADMINISTRATION FARM... § 615.5040 Borrowings from financial institutions other than commercial banks. The Farm Credit banks may...

12 CFR 263.54 - Delegation to the Office of Financial Institution Adjudication.

Science.gov (United States)

2010-01-01

... Uniform Rules § 263.54 Delegation to the Office of Financial Institution Adjudication. Unless otherwise... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Delegation to the Office of Financial Institution Adjudication. 263.54 Section 263.54 Banks and Banking FEDERAL RESERVE SYSTEM (CONTINUED) BOARD OF...

31 CFR 595.503 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 595.503 Section 595.503 Money and Finance: Treasury Regulations... Payments and transfers to blocked accounts in U.S. financial institutions. (a) Any payment of funds or.... financial institution is authorized, provided that a transfer from a blocked account pursuant to this...

78 FR 5873 - Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding...

Science.gov (United States)

2013-01-28

... Service 26 CFR Parts 1 and 301 Regulations Relating to Information Reporting by Foreign Financial... 9610] RIN 1545-BK68 Regulations Relating to Information Reporting by Foreign Financial Institutions and... (Code) regarding information reporting by foreign financial institutions (FFIs) with respect to U.S...

Prudence in public institutions management: the strategic financial ...

African Journals Online (AJOL)

Prudence in public institutions management: the strategic financial efficiency challenge in Nigeria. ... African Research Review ... the constructive optimization of risks with a view to attracting returns in relation to variability, volatility, and vitality.

Financial development under the shade of globalization and financial institutions : the case of Pakistan

OpenAIRE

Muhammad Shahbaz; Akhtar Lodhi; Muhammad Sabihuddin Butt

2007-01-01

This study investigates the importance of financial institutions, net capital inflows, and trade openness for financial-sector development in a small developing economy like Pakistan. Two approaches (Johansen test and autoregressive distributive lag approach) were employed for the robustness of long-run relationships among the variables under consideration and found that both techniques provide robust results for long-run relationships, in Pakistan’s case. Net capital in inflows has positive ...

31 CFR 542.504 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 542.504 Section 542.504 Money and Finance: Treasury Regulations... Payments and transfers to blocked accounts in U.S. financial institutions. Any payment of funds or transfer...(a) has any interest, that comes within the possession or control of a U.S. financial institution...

31 CFR 546.504 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 546.504 Section 546.504 Money and Finance: Treasury Regulations... Payments and transfers to blocked accounts in U.S. financial institutions. Any payment of funds or transfer....201(a) has any interest that comes within the possession or control of a U.S. financial institution...

31 CFR 541.504 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 541.504 Section 541.504 Money and Finance: Treasury Regulations... Payments and transfers to blocked accounts in U.S. financial institutions. Any payment of funds or transfer...(a) has any interest, that comes within the possession or control of a U.S. financial institution...

31 CFR 543.504 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 543.504 Section 543.504 Money and Finance: Treasury Regulations....504 Payments and transfers to blocked accounts in U.S. financial institutions. Any payment of funds or....201(a) has any interest that comes within the possession or control of a U.S. financial institution...

31 CFR 537.504 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 537.504 Section 537.504 Money and Finance: Treasury Regulations... Payments and transfers to blocked accounts in U.S. financial institutions. Any payment of funds or transfer...(a) has any interest, that comes within the possession or control of a U.S. financial institution...

31 CFR 551.504 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 551.504 Section 551.504 Money and Finance: Treasury Regulations... Payments and transfers to blocked accounts in U.S. financial institutions. Any payment of funds or transfer....201 has any interest that comes within the possession or control of a U.S. financial institution must...

31 CFR 548.504 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 548.504 Section 548.504 Money and Finance: Treasury Regulations... Payments and transfers to blocked accounts in U.S. financial institutions. Any payment of funds or transfer....201(a) has any interest that comes within the possession or control of a U.S. financial institution...

31 CFR 585.503 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 585.503 Section 585.503 Money and Finance: Treasury Regulations... Policy § 585.503 Payments and transfers to blocked accounts in U.S. financial institutions. (a) Any... account in a U.S. financial institution is authorized, provided that a transfer from a blocked account...

31 CFR 598.504 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 598.504 Section 598.504 Money and Finance: Treasury Regulations... Policy § 598.504 Payments and transfers to blocked accounts in U.S. financial institutions. Any payment... that comes within the possession or control of a U.S. financial institution must be blocked in an...

31 CFR 536.503 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 536.503 Section 536.503 Money and Finance: Treasury Regulations... § 536.503 Payments and transfers to blocked accounts in U.S. financial institutions. (a) Any payment of... a U.S. financial institution is authorized, provided that a transfer from a blocked account pursuant...

31 CFR 594.504 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 594.504 Section 594.504 Money and Finance: Treasury Regulations....504 Payments and transfers to blocked accounts in U.S. financial institutions. Any payment of funds or....201(a) has any interest, that comes within the possession or control of a U.S. financial institution...

Past and Present Development of INA's Liberalisation and Privatisation

International Nuclear Information System (INIS)

Lesic, A.; Stimac, B.

2001-01-01

The paper deals with the historical development aspects of the Croatian oil and gas industry INA. It describes the period from the very start of oil and gas production to the data of establishment of the Croatian state and afterwards. Some important milestones and political and economic events that impacted the development of the Croatian oil industry are described and commented, including changes toward liberalisation and privatisation of the oil and gas sector. The paper emphasises the role of INA in the Croatian economy and proposes some solutions for the liberalisation process and privatisation of the company that could prevent undesirable effects of privatisation and protect the interests of Croatia in the energy sector which is one of the main sectors of economy having influence on other production and service sectors and their competitiveness.(author)

Switzerland - its position within a liberalised European power market

International Nuclear Information System (INIS)

Kiener, E.

2005-01-01

This article takes a look at the situation in Switzerland shortly before parliamentary discussions on the liberalisation of Switzerland's electricity market. In particular the interconnection of Switzerland's electricity supply system with that of the rest of Europe is discussed. The power black-out that occurred in Italy in September 2003 is looked at. In particular, its relevance to power supply infrastructures is discussed and the fast-changing international configurations that are resulting from the liberalisation of electricity markets are looked at. Questions of international power transfer capacities and their allocation are looked at in detail in the light of the occurrences in 2003. The lessons that must be learned from the blackout are discussed and Switzerland's geographical position as an important hub of the European power transfer system are considered

Firm performance, financial institutions and corporate governance in the Netherlands

NARCIS (Netherlands)

Chirinko, Bob

1999-01-01

This paper analyses the impact of share ownership, creditorship and net-working by financial institutions on the performance of 94 Dutch non-financial firms in the period 1992-1996. We find a nonlinear relationship between firm performance and ownership by banks. Because of various defense

77 FR 9021 - Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding...

Science.gov (United States)

2012-02-15

... Service 26 CFR Parts 1 and 301 Regulations Relating to Information Reporting by Foreign Financial...-121647-10] RIN 1545-BK68 Regulations Relating to Information Reporting by Foreign Financial Institutions... respect to withholding and reporting under chapter 4. If a territory financial institution is a flow...

31 CFR 586.504 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 586.504 Section 586.504 Money and Finance: Treasury Regulations.... financial institutions. Any payment of funds or transfer of credit in which any person whose property and... or control of a U.S. financial institution, must be blocked in an account on the books of that...

31 CFR 575.503 - Payments and transfers to blocked accounts in U.S. financial institutions.

Science.gov (United States)

2010-07-01

... accounts in U.S. financial institutions. 575.503 Section 575.503 Money and Finance: Treasury Regulations... Payments and transfers to blocked accounts in U.S. financial institutions. (a) Any payment of funds or... States, to a blocked account in a U.S. financial institution located in the United States in the name of...

31 CFR 585.526 - Authorization for release of certain blocked transfers by U.S. financial institutions.

Science.gov (United States)

2010-07-01

... blocked transfers by U.S. financial institutions. 585.526 Section 585.526 Money and Finance: Treasury... institutions. (a) U.S. financial institutions are authorized to unblock and return to the remitting party funds... were not destined for an account on the books of a U.S. financial institution, which account was...

MATCHING IN INFORMAL FINANCIAL INSTITUTIONS.

Science.gov (United States)

Eeckhout, Jan; Munshi, Kaivan

2010-09-01

This paper analyzes an informal financial institution that brings heterogeneous agents together in groups. We analyze decentralized matching into these groups, and the equilibrium composition of participants that consequently arises. We find that participants sort remarkably well across the competing groups, and that they re-sort immediately following an unexpected exogenous regulatory change. These findings suggest that the competitive matching model might have applicability and bite in other settings where matching is an important equilibrium phenomenon. (JEL: O12, O17, G20, D40).

Improving Organisational Performance through knowledge management : The case of Financial Institutions in Uganda

NARCIS (Netherlands)

Bagorogoza, J.; de Waal, A.; van den Herik, H.J.; van de Walle, B.A.

2011-01-01

Purpose: The purpose of the study is to examine the knowledge management practices of financial institutions in Uganda, in order to understand how these practices influence the high performance organisation factors and thereby the performance of the financial institutions.

The impact of liberalisation of the electricity market on the hard coal mining sector in Poland

Energy Technology Data Exchange (ETDEWEB)

Kaminski, Jacek [Mineral and Energy Economy Research Institute of Polish Academy of Sciences, Energy and Environmental Policy Division, Wybickiego 7, 31-261 Krakow (Poland)

2009-03-15

The liberalisation of the electricity market changed the conditions of operation not only for the power industry, but also for related sectors. One of the particularly sensitive industries in Poland is coal mining, which is the result of coal-based structure of electricity generation. As it is more difficult, in the liberalised market, to burden consumers with all the costs, electricity producers are eager to transfer the risk of operation to the suppliers. That increases uncertainty about the future of the hard coal industry. The aim of this paper was to quantitatively estimate the impact that liberalisation of the electricity markets may have on the coal mining sector in Poland. First of all, the possible areas of that impact were identified. Then the model, which involved detailed relations in the impact areas identified, was developed and employed to evaluate the performance of the mining sector. The comparison of scenarios of a monopolistic electricity sector with a liberalised one enabled an estimation of the scale of the impact on the mining sector to be made. The results showed that liberalisation causes decreased coal consumption and decreased operating profits in coal companies. However, some savings in electricity costs are possible for coal producers. (author)

The impact of liberalisation of the electricity market on the hard coal mining sector in Poland

Energy Technology Data Exchange (ETDEWEB)

Jacek Kaminski [Mineral and Energy Economy Research Institute of Polish Academy of Sciences, Krakow (Poland). Energy and Environmental Policy Division

2009-03-15

The liberalisation of the electricity market changed the conditions of operation not only for the power industry but also for related sectors. One of the particularly sensitive industries in Poland is coal mining, which is the result of coal-based structure of electricity generation. As it is more difficult, in the liberalised market, to burden consumers with all the costs, electricity producers are eager to transfer the risk of operation to the suppliers. That increases uncertainty about the future of the hard coal industry. The aim of this paper was to quantitatively estimate the impact that liberalisation of the electricity markets may have on the coal mining sector in Poland. First of all, the possible areas of that impact were identified. Then the model, which involved detailed relations in the impact areas identified, was developed and employed to evaluate the performance of the mining sector. The comparison of scenarios of a monopolistic electricity sector with a liberalised one enabled an estimation of the scale of the impact on the mining sector to be made. The results showed that liberalisation causes decreased coal consumption and decreased operating profits in coal companies. However, some savings in electricity costs are possible for coal producers. 42 refs., 20 figs., 9 tabs., 1 app.

The impact of liberalisation of the electricity market on the hard coal mining sector in Poland

International Nuclear Information System (INIS)

Kaminski, Jacek

2009-01-01

The liberalisation of the electricity market changed the conditions of operation not only for the power industry, but also for related sectors. One of the particularly sensitive industries in Poland is coal mining, which is the result of coal-based structure of electricity generation. As it is more difficult, in the liberalised market, to burden consumers with all the costs, electricity producers are eager to transfer the risk of operation to the suppliers. That increases uncertainty about the future of the hard coal industry. The aim of this paper was to quantitatively estimate the impact that liberalisation of the electricity markets may have on the coal mining sector in Poland. First of all, the possible areas of that impact were identified. Then the model, which involved detailed relations in the impact areas identified, was developed and employed to evaluate the performance of the mining sector. The comparison of scenarios of a monopolistic electricity sector with a liberalised one enabled an estimation of the scale of the impact on the mining sector to be made. The results showed that liberalisation causes decreased coal consumption and decreased operating profits in coal companies. However, some savings in electricity costs are possible for coal producers. (author)

Selected problems in auditing the financial statements of credit institutions

Directory of Open Access Journals (Sweden)

JOANNA WIELGÓRSKA-LESZCZYŃSKA

2016-06-01

Full Text Available The article presents issues deserving special attention in the area of auditing the financial statements of credit institution. Without a doubt, these are the financial instruments, including credit exposures. To properly audit these instruments it is required to verify the accuracy of the valuation. Such verification in the case of credit exposures is preceded by appropriate category qualification followed by impairment write-off determined considering the established security. Thus, the audit process is complex and requires assessment by the auditor of exogenous and endogenous factors affecting the operation of credit institutions.

The financial management of research centers and institutes at U.S. medical schools: findings from six institutions.

Science.gov (United States)

Mallon, William T

2006-06-01

To explore three questions surrounding the financial management of research centers and institutes at U.S. medical schools: How do medical schools allocate institutional funds to centers and institutes? How and by whom are those decisions made? What are the implications of these decision-making models on the future of the academic biomedical research enterprise? Using a qualitative research design, the author and associates interviewed over 150 faculty members and administrators at six medical schools and their parent universities in 2004. Interview data were transcribed, coded, and analyzed using a grounded theory approach. This methodology generated rich descriptions and explanations of the six medical schools, which can produce extrapolations to, but not necessarily generalizable findings to, other institutions and settings. An examination of four dimensions of financial decision-making-funding timing, process, structure, and culture-produces two essential models of how medical schools approach the financial management of research centers. In the first, a "charity" model, center directors make hat-in-hand appeals directly to the dean, the result of which may depend on individual negotiation skills and personal relationships. In the second, a "planned-giving" model, the process for obtaining and renewing funds is institutionalized, agreed upon, and monitored. The ways in which deans, administrators, department chairs, and center directors attend to, decide upon, and carry out financial decisions can influence how people throughout the medical school think about interdisciplinary and collaborative activities marshalled though centers and institutes.

Financial Reform, Institutional Interdependency, and Supervisory Failure in the Post-Crisis Korea

OpenAIRE

Hong-Bum Kim; Chung Lee

2005-01-01

In the wake of the economic crisis of 1997-98 South Korea undertook a number of reforms in financial supervision. In spite of these reforms doubts have been raised as to whether Korea has in fact succeeded in creating a system of financial supervision capable of dealing with certain risks and responding to new challenges appropriately. This paper argues that because of institutional interdependency a successful institutional reform requires changing not only the particular institution at issu...

Keeping the Genie in the Bottle: Grading the Regulation of Canadian Financial Institutions

Directory of Open Access Journals (Sweden)

John F. Chant

2014-03-01

Full Text Available The Canadian financial sector made it through the recent global credit crisis in better shape than most. Still the government undertook extraordinary measures to support the soundness of Canadian financial institutions. Fortunately, Canadians learned the lessons of the world banking crisis at lower cost than others. They may not be so lucky the next time. Canada’s approach to regulation includes many features that have been effective in insulating its financial sector from major shocks. Its principles-based approach has proven more adaptable to emerging financial innovations than the rules-based approaches as adopted in the U.S. By favouring permission over prohibition, it has allowed beneficial financial innovations to thrive, while leaving regulators able to step in when innovations appear harmful to the stability of the system. On the whole, Canada’s regulatory approach is, put simply, simpler and reduces the costs of compliance and enforcement. Significantly, it has remained immune from the toxic political influences that overshadow U.S. regulation. None of this guarantees that the Canadian approach to regulation is fail-proof. The Canadian financial sector has a few large banks – some with assets ranging up to 50% of GDP – who could be categorized as “too big to fail.” Deposit insurance rates remain low and insurer’s reserves are not sufficient to shield the Canadian public from the costs of institutional failure. Despite the good job in fostering a stable environment, Canadian regulators must still face a number of issues. Each financial crisis is different and future crises are always over the horizon. Success in avoiding the brunt of the last crisis does not guarantee that Canadian financial institutions will escape unscathed from the next one. Also, fast paced innovation puts regulators in a continual game of catch-up. The rapid growth of shadow banks and over-the-counter derivatives contributed to the last crisis and the

77 FR 16319 - Proposed Renewal; Comment Request; Anti-Money Laundering Programs for Various Financial Institutions

Science.gov (United States)

2012-03-20

...; Anti-Money Laundering Programs for Various Financial Institutions AGENCY: Financial Crimes Enforcement... certain insurance companies to develop and implement written anti-money laundering programs reasonably designed to prevent those financial institutions from being used to facilitate money laundering and the...

Prudence in Public Institutions Management: The Strategic Financial ...

African Journals Online (AJOL)

DrNneka

It stems from the realization that system-wide prudential adaptation still leaves ... Key Words: Financial control, Institutional prudence, Strategic synergy ... functions, continuous finance/accounting resource development, circumspect cash .... sustainably impact on the collective psyche of public (civil) servants, and this is.

Russia's natural gas policy toward Northeast Asia: Rationales, objectives and institutions

International Nuclear Information System (INIS)

Shadrina, Elena

2014-01-01

The article examines the institutional dimensions of Russia's gas policy toward Northeast Asia (NEA During the liberal economic reforms of the 1990s, development of natural gas deposits in the Russian Far East was made possible under the scheme of production sharing agreements (PSA). However, new PSAs were banned in Russia even before the advent of state capitalism in the early 2000s. This was, to a large extent, the result of strong anti-PSA lobbying led by the domestic energy business elite. Consequently, Russia's gas policy in the east began evolving from being project-specific toward being region-specific. Contemporary Russian gas policy toward NEA relies upon domestic (national and regional) and external institutions. In 2009, following the completion of a liquefied natural gas (LNG) plant in Sakhalin, Russia entered NEA gas markets. Transformations in the international gas markets facilitated the establishment of a two-pattern gas export policy in Russia in 2013. Under this policy, Russia's EU-oriented pipeline gas export remains monopolised by Gazprom, while Asia-oriented LNG export is partially liberalised. Russia has not been experiencing institutional discrepancy in NEA gas markets. However, as the markets evolve toward greater coordination, a rational option for Russia is to genuinely liberalise its gas policy. - Highlights: • Russia–EU institutional inconsistency has accelerated Russia's gas export diversification. • Institutions for regional development are an important component of Russia's gas policy in Asia. • Transformations in globalising gas markets induced Russia's limited gas export liberalisation. • Genuine gas policy liberalisation can facilitate the attainment of Russia's goals in Asia

31 CFR 370.6 - What requirements apply to a financial institution that handles a credit entry?

Science.gov (United States)

2010-07-01

... financial institution that handles a credit entry? 370.6 Section 370.6 Money and Finance: Treasury... Entries § 370.6 What requirements apply to a financial institution that handles a credit entry? A financial institution that accepts and handles a credit entry initiated by us agrees to the provisions of...

31 CFR 586.518 - Authorization of release of certain blocked transfers by U.S. financial institutions.

Science.gov (United States)

2010-07-01

... blocked transfers by U.S. financial institutions. 586.518 Section 586.518 Money and Finance: Treasury... transfers by U.S. financial institutions. (a) Subject to the limitation set forth in this paragraph, U.S. financial institutions are authorized to unblock and return to the remitting party funds blocked pursuant to...

31 CFR 370.22 - What requirements apply to a financial institution that debits a deposit account?

Science.gov (United States)

2010-07-01

... financial institution that debits a deposit account? 370.22 Section 370.22 Money and Finance: Treasury... Entries § 370.22 What requirements apply to a financial institution that debits a deposit account? A financial institution that debits a deposit account upon receiving a debit initiated by us agrees to the...

The bumpy road of liberalisation of the Dutch Energy Market. Expectations versus the hardships of reality

International Nuclear Information System (INIS)

Mik, M.R.

2006-07-01

In June 2006 a study was finalized on the Liberalisation of the Dutch Energy Market. The European Commission decided to liberalise the European energy industry, the Netherlands taking the lead. The Dutch electricity and natural gas industries fell prey to a bumpy road of liberalization; initial expectations have proven to be overly optimistic

Electricity market liberalisation in Europe. Who's got the power?

International Nuclear Information System (INIS)

Lise, W.; Linderhof, V.

2004-10-01

The European electricity market is in the middle of a transformation from monopolistic state-owned production and distribution to privatised markets, with various competing firms. The speed of privatisation differs widely across Europe from full trade of electricity at the wholesale market in Scandinavian countries, to partial trade on the wholesale market in The Netherlands and Germany, and no trade on the wholesale market in France and Belgium. Hence, the market and its rules are no longer fixed, and the electricity market is in the middle of a dynamic and complex process of change. This report discusses whether the liberalisation process can result in more efficient electricity production in Europe. In addition, the environmental impacts of the liberalisation process are studied. Efficiency of electricity production is analysed with a static computational game theoretic model, which compares strategic options of and interactions among energy suppliers. This model is calibrated to the European electricity market in eight countries, namely Belgium, Denmark, Finland, France, Germany, The Netherlands, Norway, and Sweden. In a liberalised market, large firms are most likely to behave strategically and exercise market power in order to maximise profits. As a result, wholesale prices might increase, partially or fully off-setting the purpose of liberalisation, namely to decrease wholesale prices. Also, a potential market leader may emerge, who by anticipating on the reaction of followers, could acquire higher profits by increasing production and market share. Finally, firms can also acquire passive ownership in other firms. Passive cross-border ownership can increase a firm's market power and profits, resulting in even higher wholesale prices. The environmental impacts of different scenarios of producer behaviour are ambiguous. Under full competition, greenhouse gas emissions decline compared to the initial situation, while acidification and smog formation increase. In

31 CFR 370.11 - What must my financial institution do when it receives a payment?

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false What must my financial institution do... What must my financial institution do when it receives a payment? An institution which receives a... which the institution is located, payment will be made on the next-succeeding business day. If the...

Does Nature of Financial Institutions Matter to Firm Growth in Transition Economies?

Directory of Open Access Journals (Sweden)

Abubakr SAEED

2009-05-01

Full Text Available Drawing on firm-level data set on transition economies, this paper investigates the relationship between financial institutions and firm growth. The paper focuses in perspective of growth, how the impact of various sources of external finance varies across firm size. Primarily, it is shown a differential impact of institutions on firm growth, precisely, in terms of employment and sale, growth augments by equity market, local banks, foreign banks, state-owned banks, trade credit and leasing, while informal lending abates growth. In particular, the results suggest that local banks and trade credit improve sale growth of small and medium firms, while these financial institutions are insignificant for large firms. By contrast, state owned banks and informal institutions constrain employment growth of small firms. It is confirmed that irrespective of firm size lease financing exerts statistically significant positive impact on firm growth. Moreover, financial system differences across the regions play vital role in firm growth-finance relationship.

78 FR 24601 - Order Imposing Recordkeeping and Reporting Obligations on Certain U.S. Financial Institutions...

Science.gov (United States)

2013-04-25

... Exchange Co. as a Financial Institution of Primary Money Laundering Concern AGENCY: Financial Crimes... United States that is of primary money laundering concern. The Director of FinCEN is issuing an order....S.C. 5318A, found Halawi Exchange to be a Financial Institution of Primary Money Laundering Concern...

Natural Gas Liberalisation and Deregulation - The German Gas Industry's View

International Nuclear Information System (INIS)

Czernie, W.

2001-01-01

In Europe, the process of creating a single energy market is under way. The 1998 Gas Directive established an important date for the European gas industry. On 10 August 1998, ''Directive 98/30/EC of the European Parliament and of the Council of 22 June 1998 concerning common rules for the internal market in natural gas'' came into force. It had to be transposed into national law by the EU member states within two years, i.e. by 10 August 2000. The Directive is a cornerstone in establishing a competitive gas market in the European Union. It is the outcome of several years of negotiations and can be regarded as a compromise between the various interests. On the whole, it leaves EU member states with sufficient scope for adequately taking account of national characteristics in keeping with the principle of subsidiarity. The process of transposing the Gas Directive into the national law of individual EU member states is being closely followed by the European Commission. While acknowledging all the progress made in the single market process, the Commission still detects shortcomings in the implementation of the Gas Directive on the road to an actual single market. This is seen as a justification for new initiatives and intervention, even though the new political framework for the gas industry has not yet been tested in practice and been able to prove itself on a broad scale for any length of time. In the debate on liberalisation, tried-and-tested instruments of secure and market-oriented gas supply on the European continent long-term supply contracts with take-or-pay clauses and competitive oil-indexed gas prices have also come under scrutiny. However, even under the conditions of liberalisation, security of supply has to be achieved mainly by a balanced mix of supply sources and by long-term supply contracts, including competitive pricing as ensured by so-called oil indexing. In the further liberalisation of west European gas industries, it will be essential to ensure

Liberalisation of the European Electricity Industry: Internal Market or National Champions?

Energy Technology Data Exchange (ETDEWEB)

Domanico, F.

2007-07-01

This article offers an analysis of the present competitive and regulatory framework of the European electricity sector. Considering the complexity of this industry, the focus in this work is mainly on the problem of market concentration of incumbents in the sector as a result of the liberalisation process. The new trend toward the creation of ''national champions'' as well as recent mergers between gas suppliers and electricity producers raised serious concerns about abuses of market power and risks of future collusion. Taking account of investment in interconnection as well as other international and regional experiences, the internal market issue is investigated as the solution to the''risks'' from liberalisation. (auth)

Financial Aid in Hispanic-Serving Institutions: Aligning Resources with HSI Commitments

Science.gov (United States)

Venegas, Kristan M.

2015-01-01

The purpose of this chapter is to review the literature related to Hispanic-serving institutions and financial aid. Based on this review, a framework for guiding HSIs that considers the role of financial aid in meeting the needs of Latino/a students is suggested.

the role of financial institutions towards affordable housing to urban ...

African Journals Online (AJOL)

Mugumbate

mobilized funding from capital markets and other financial institutions to expand its loanable funds. DFCU. Bank teamed up with Jomayi Property Consultants. Limited, a real estate developer, to fund the construction of low cost houses. Similarly, managers of micro-finance institutions revealed that they have been providing ...

Financial Issues Experienced by Students in Private Higher Education Institutions

Science.gov (United States)

Alkandari, Nabila Y.

2014-01-01

The study was conducted in order to understand the way in which the financial status of students in Kuwait is affected as a result of enrolling in private higher education institutions. The aim is to analyze whether they face financial issues upon the time of payment and how these issues can be resolved. The analysis was done on a sample of 1280…

National financial institutions and technological development

Energy Technology Data Exchange (ETDEWEB)

Ramesh, J

1979-12-01

The impact of technological policies on non-technological institutions is examined to see what some of the side effects are and how they can serve the needs of the local financial and productive sector. The interrelationships of the national financial systems with government departments, local infrastructure, local private sector, and international financing agencies are examined in the historical context of several development projects. The wrong emphasis is shown to be used by many technological planners, whose first consideration should be to build a loca planning and investment capability and to train local human resources to assume a decision-making role. The neglect seen in India, Brazil, and other countries is traced to the motivation of the industrial enterprises. A more-suitable technological policy could introduce the concepts of loan evaluation on the basis of technological criteria and fiscal incentives. 24 references, 1 figure, 4 tables. (DCK)

Hospital financial performance in the recent recession and implications for institutions that remain financially weak.

Science.gov (United States)

Bazzoli, Gloria J; Fareed, Naleef; Waters, Teresa M

2014-05-01

The recent recession had a profound effect on all sectors of the US economy, including health care. We examined how private hospitals fared through the recession and considered how changes in their financial health may affect their ability to respond to future industry challenges. We categorized 2,971 private short-term general medical or surgical hospitals (both nonprofit and for-profit) according to their pre-recession financial health and safety-net status, and we examined their operational status changes and operating and total financial margins during 2006-11. We found that hospitals that were financially weak before the recession remained so during and after the recession. The total margins of nonprofit hospitals (both safety-net and other institutions) declined in 2008 but returned to their pre-recession levels by 2011. The recession did not create additional fiscal pressure on hospitals that were previously financially weak or in safety-net roles. However, both groups continue to have notable financial deficiencies that could limit their abilities to meet the growing demands on the industry.

Development and Creation of Competitive Advantages in the Function of Marketing Services in Financial Institutions

OpenAIRE

Fatos UKAJ

2016-01-01

The marketing of the financial services by financial institution is regarded as an easier job. This is due to the fact that, in most cases, when a client is gained, he/she remains loyal to the institution on a long term. Nowadays, taking into consideration the needs of the consumers - clients who are undergoing a constant change - financial institutions are faced with a necessity to have the required knowledge and information regarding what and how to meet the needs of their clients. Financia...

Empirical research on risk taking of listed financial institutions based on the perspective of corporate governance

Directory of Open Access Journals (Sweden)

Chen Hao

2017-03-01

Full Text Available After the financial crisis in 2008, the risk control of financial institutions has once again become the focus of attention. This paper selects the unbalanced panel data of 44 listed financial institutions in China from 2009 to 2013 for empirical analysis to study the risk taking of China’s listed financial institutions based on the perspective of corporate governance. Then the paper analyzes the effect of corporate governance on the risk taking of listed financial institutions based on the empirical analysis from four aspects. The results indicate that there is a significant negative correlation between the proportion of the largest shareholder’s shareholding and risk taking; a significant positive correlation between the size of the board of supervisors and risk taking; a significant positive correlation between the executive pay and risk taking, and a significant negative correlation between the equity incentive and risk taking. By comparison, the factors related to governance of board of directors have no significant effect on the risk taking of listed financial institutions.

31 CFR 586.519 - Release of certain funds held at overseas branches of U.S. financial institutions.

Science.gov (United States)

2010-07-01

... overseas branches of U.S. financial institutions. 586.519 Section 586.519 Money and Finance: Treasury... of U.S. financial institutions. Specific licenses may be issued on a case-by-case basis to permit the overseas branches of U.S. financial institutions to unblock deposit accounts that were blocked pursuant to...

Strengthening the EU Legal and Institutional Framework to Combat Transnational Financial Crimes

DEFF Research Database (Denmark)

Marchuk, Iryna

The report examines the development of adequate legal tools and practices to combat transnational financial crimes such as money laundering, terrorism financing, corruption, transnational financial fraud, and investigates measures directed at strengthening the overall legal and institutional...

Norwegian electricity market liberalisation: questions of cost calculation and price definition by grid operators

International Nuclear Information System (INIS)

Wild, J.; Vaterlaus, S.

2002-01-01

This report for the Swiss Federal Office of Energy (SFOE) presents the results of a study carried out on the Norwegian electricity market 10 years after its liberalisation. The similarity of the Norwegian market to the Swiss electricity market is discussed. Similarly to the proposed situation in Switzerland, the liberalisation in Norway foresaw no privatisation of public utilities and a model for the regulation of grid access was introduced. The report describes and comments on the various phases in which the liberalisation occurred and examines the various instruments used, e.g. to ensure that individual grid operators did not make undue profits from their monopoly. The methods used for the monitoring of grid operators' costs are described and the mechanisms involved in the definition of prices for grid services are examined, including measures taken when profits were too high or too low. The report is concluded with a discussion of the conclusions that can be drawn from the Norwegian model for Swiss market opening efforts

Institutional Design, Macroeconomic Policy Coordination and Implications for the Financial Sector in the UK

Directory of Open Access Journals (Sweden)

Nasir Muhammad Ali

2017-09-01

Full Text Available This study has analysed the implications of institutional design of macroeconomic policy making institutions for the macroeconomic policy interaction and financial sector in the United Kingdom. Employing a Vector Error Correction (VEC model and using monthly data from January 1985 to August 2008 we found that the changes in institutional arrangement and design of policy making authorities appeared to be a major contributing factor in dynamics of association between policy coordination/combination and financial sector. It was also found that the independence of the Bank of England (BoE and withdrawal from the Exchange Rate Mechanism led to the increase in macroeconomic policy maker’s ability to coordinate and restore financial stability. The results imply that although institutional autonomy in the form of instrument independence (monetary policy decisions could bring financial stability, there is a strong necessity for coordination, even in Post-MPC (Monetary Policy Committee and the BoE independence.

Bank Runs and the Accounting for Illiquid Assets in Financial Institutions

Science.gov (United States)

Meder, Anthony; Schwartz, Steven T.; Wu, Mark; Young, Richard A.

2014-01-01

Financial services are an increasingly important sector in modern economies, yet many accounting and auditing texts focus on manufacturing and retailing. This teaching note describes the role of financial institutions in transforming long-term, difficult-to-sell assets into short-term bank accounts. This is referred to as liquidity transformation.…

The Critical Aspect on Fair Value Accounting And Its Implication To Islamic Financial Institutions.

Directory of Open Access Journals (Sweden)

Jamaluddin Majid

2015-03-01

Full Text Available The Critical Aspect on Fair Value Accounting And Its Implication To Islamic Financial Institutions. Fair value accounting (FVA paradigm replaced the historical cost accounting (HCA in the development of accounting standards that FVA is more relevant that HCA probably did not provide the real financial and income information. This paper tries to explore critical aspects of the fair value accounting and its implications to Islamic Financial Institutions implications. This study concludes that that fair value accounting measurement provides many critical aspects to be implemented to Islamic Financial Institutions (IFIs. AAOIFI proposed cash equivalent value as respond to fair value measurement that cash equivalent value when the attribute condition are present such as the relevance, reliability and understandability of the resulting information  DOI:10.15408/aiq.v6i2.1236

Global Concept of Financial Institutional Transformation of Stock Exchange

Directory of Open Access Journals (Sweden)

Burmaka Mykola

2017-12-01

Full Text Available The article is about the research of processes of global transformation of stock exchanges through the mechanisms of internationalization, corporate and network consolidation, and technology. Objective processes of internationalization in stock markets affected by financial globalization and arising global information resources create new challenges for stock exchanges that can be overcome by adequate development strategies. The growing competition between stock exchanges and new capital institutes requires stock exchanges to use modern exchange technologies, primarily innovative, in order to maintain liquidity and increase investment attractiveness. Have been analysed the newest tendencies and determinants of modern global financial institutional architecture construction, the leading role in which are starting to play new stock exchanges and stalk exchange platforms, formed in growing financial centres of the world. Have been identified he main components of international stock market restructurization in the process of financial globalization, one of the attributes of which turned out to be a certain fragmentation of markets and their universalization. Through the example of US and EU financial market modernization processes of the last decade have been analysed financial and legal mechanisms of the national and regional levels, which are designed to ensure sustainable development of the global economy at the postcrisis stage. Have been diagnosed international activity of stock exchanges through the quantity indexed of foreign companies in listing, volume of trade with foreign financial instruments, and participation of foreign investors in exchange trade. Have been offered and calculated indices of internationalization of the world’s leading stock market. Have been analysed consolidation processes of the leading stock exchanges and new electronic trading systems at the regional, meso-global and global levels, which resulted in formation of

Risks and resolutions: the ‘day after’ for financial institutions - a conference summary

OpenAIRE

Carl R. Tannenbaum; Steven VanBever

2009-01-01

The Chicago Fed’s Supervision and Regulation Department, in conjunction with DePaul University’s Center for Financial Services, sponsored its second annual Financial Institutions Risk Management Conference on April 14–15, 2009. The conference focused on risk management, headline issues, and recent financial innovations.

The impact of the liberalisation of electricity markets on nuclear liabilities

International Nuclear Information System (INIS)

Selling, Henk A.

2003-01-01

transferral of shares focused on a fair share of all parties concerned in the future losses of COVRA. HLW is presently generated by essentially 5 customers: Borsele and Dodewaard NPPs, JRC and IRI research reactors, and one institute for nuclear energy research (ECN). These 5 customers have joined forces and concluded an agreement for the construction of a long-term interim storage facility for HLW, the HABOG. This agreement includes a break-down of the costs associated with construction (1999 - 2003) as well as with maintenance of the HABOG both during its active phase (2003 - 2015) and passive phase of operation (2015 - ). The total construction cost for the HABOG is estimated at euro 116 million. For the realisation of an underground disposal facility for both LILW and HLW a total amount of about euro 1.23 billion is estimated. For HLW only a cost estimate of approximately euro 0.82 billion is utilised. Financial provisions have been made on the assumption that disposal will not occur before 2130 and annual contributions are being paid into the fund which are based on a discounting rate of 3.5 %. An advisory committee on the stranded costs in the electricity production sector recommended that as a next step after the transformation of COVRA into a State-owned Agency, a merger between GKN, the operator of the decommissioned nuclear power station at Dodewaard and COVRA, should be effectuated. It is envisaged that the joint venture between the two companies can be realised as soon as the financial obligations for the long-term management of the radioactive waste from Dodewaard NPP have been settled. Both parties have the intention to achieve an agreement in the course of 2003. The main issues of contention at the moment are related to the total cost estimates for the liabilities of GKN - which to the view of COVRA and the government are underestimated

SPECIFIC OF ACCOUNTING OF NON-FINANCIAL ASSETS IN HEALTH INSTITUTIONS

Directory of Open Access Journals (Sweden)

Natalya Pryadka

2016-11-01

Full Text Available The purpose of the paper is to analysis of the modern state of accounting of non-financial assets and present accounting in health institutions protection during the period of medical reforms. The account of nonfinancial assets has his specific in medical establishments. Reforms, which implemented in Ukraine, affecting the account of non-financial assets. Medical institutions relate to the General government. Methodology. The survey is based on a comparison of data from the national and international reforms in medical industry. Results of the survey showed that in the dictionary of V. Raizberg next determination is driven: "public sector – it is a set of business units, that carry out economic activity, are in a public domain, controlled by public authorities or designated and hired persons" (Raizberg, 1999. In the Commercial code of Ukraine it is indicated: "The subjects of public sector of economy are subjects that operate on the basis of only public domain, and also subjects, which state share in authorized capital exceeds fifty percents or be value that provides a right to the state for decisive influence on economic activity of these subjects" (СС, 2003. Practical implications. Public sector structure specifies data of International Public Sector Accounting Standards. Substancial load concept "public sector" in national and international practice are relevant (Poznyakovska, 2009. Accounting in health institutions has specific terms, inherent to the government sector. They are determined by the types of activity and terms of assignation (Pasichnik, 2005. Medical services must be accessible to all stratum of population. They must have free basis. They come forward as a public benefit independent of individual possibility to pay for him. Therefore lion's part of general charges for health protection is used on the grant of medical services to the population. At the same time "upgrading of medical services lies inplane providing of

75 FR 4391 - Update to Notice of Financial Institutions for Which the Federal Deposit Insurance Corporation...

Science.gov (United States)

2010-01-27

... FEDERAL DEPOSIT INSURANCE CORPORATION Update to Notice of Financial Institutions for Which the...: Federal Deposit Insurance Corporation. ACTION: Update listing of financial institutions in liquidation... 12 U.S.C. 1825(b)(2) and 28 U.S.C. 2410(c). The policy statement and an initial listing of financial...

Selected problems in auditing the financial statements of credit institutions

OpenAIRE

Joanna Wielgórska-Leszczyńska

2016-01-01

The article presents issues deserving special attention in the area of auditing the financial statements of credit institution. Without a doubt, these are the financial instruments, including credit exposures. To properly audit these instruments it is required to verify the accuracy of the valuation. Such verification in the case of credit exposures is preceded by appropriate category qualification followed by impairment write-off determined considering the established security. T...

More "Private" than Private Institutions: Public Institutions of Higher Education and Financial Management

Science.gov (United States)

Adams, Olin L., III; Robichaux, Rebecca R.; Guarino, A. J.

2010-01-01

This research compares the status of managerial accounting practices in public four-year colleges and universities and in private four-year colleges and universities. The investigators surveyed a national sample of chief financial officers (CFOs) at two points in time, 1998-99 and 2003-04. In 1998-99 CFOs representing private institutions reported…

Assessing Institutional Characteristics on Microcredit Default in Kenya: A Comparative Analysis of Microfinance Institutions and Financial Intermediaries

Science.gov (United States)

Muthoni, Muturi Phyllis

2016-01-01

A major concern on microcredit repayment remains a major obstacle to the Micro Financial Institutions (MFIs) and Financial Intermediaries (FIs) in Kenya. The health of MFI sector in Sub Sahara Africa (SSA) is a cause of concern due to the increased portfolio at risk (PAR). This region records the highest risk globally with its PAR 30 greater than…

DEVELOPMENT FINANCIAL INSTITUTIONS AND THEIR ROLE IN SUPPORTING EMERGING MARKETS PRIVATE EQUITY FUNDS

Directory of Open Access Journals (Sweden)

ANTON Sorin Gabriel

2013-12-01

Full Text Available Development financial institutions have emerged in the last years as major investors in the private equity industry. Their main goals are to create new jobs, to foster innovation and to develop the private sector. The aim of the paper is to analyze the role played by the development financial institutions in the creation and development of emerging markets private equity funds in the light of financial crisis started in 2008. We found that many development banks have increased their financial support to the emerging markets private equity funds and have improved the standards and norms of the local industry. They played a countercyclical role during a difficult period when private investors proved reluctant in backing new private equity funds.

STOCK AND STOCK EXCHANGE AS A PART OF FINANCIAL INSTITUTIONS IN DEVELOPED COUNTRIES

Directory of Open Access Journals (Sweden)

Vesna Petrović

2018-01-01

Full Text Available The authors have tried to present the term, meaning and importance of stocks and stock exchange as a part of the financial system of developed countries. By observing the financial system growth, especially in financial institutions, it can be noticed that there are changes in relative positions of various types of financial agents in developed market industries. What determines financial markets, and by that the stocks and stock exchange is the permanent movement of financial instruments and neglecting the national market boundaries.

Do economic, financial and institutional developments matter for environmental degradation? Evidence from transitional economies

Energy Technology Data Exchange (ETDEWEB)

Tamazian, Artur [School of Economics and Business Administration, University of Santiago de Compostela (Spain); Bhaskara Rao, B. [School of Economics and Finance, University of Western Sydney, Sydney (Australia)

2010-01-15

Several studies have examined the relationship between environmental degradation and economic growth. However, most of them did not take into account financial developments and institutional quality. Moreover, Stern [Stern, D., 2004. The rise and fall of the environmental Kuznets curve. World Development 32(8): 1419-1439.] noted that there are important econometric weaknesses in the earlier studies, such as endogeneity, heteroscedasticity, omitted variables, etc. The purpose of this paper is to fill this gap in the literature by investigating the linkage between not only economic development and environmental quality but also financial development and institutional quality. We employ the standard reduced-form modelling approach to control for country-specific unobserved heterogeneity and GMM estimation to control for endogeneity. Our study considers 24 transition economies and panel data for 1993-2004. Our results support the EKC hypothesis while confirming the importance of both institutional quality and financial development for environmental performance. We also found that financial liberalization may be harmful for environmental quality if it is not accomplished in a strong institutional framework. (author)

Іnheritance of money and right on deposit in a financial institution

Directory of Open Access Journals (Sweden)

А. М. Ісаєв

2016-01-01

Full Text Available Features of inheritance of money and the right on deposit in a financial institution, on the one hand, related to those functions that they perform as the objects of inheritance law in civil circulation, on the other hand, with their specific legal characteristics. Speaking of money, it is necessary to take into account the fact that the inheritance may include both cash and cashless money. And, despite the fact that the cashless money defined by the law as entries in accounts in financial institutions, inheritance of right on deposit in a financial institution regulated by the Civil Code of Ukraine separately from the inheritance of money. The need for such research caused by practical significance of inheritance of money and the right on deposit, and by small number of research in that area. The issue at different times were explored by such scholars as M. V. Gordon, V. I. Serebrovsky, O. P. Pecheny, V. I. Krat, I. V. Zhilinkova, M. A. Korostelyov etc. The article aims to reveal the influence of legal characteristics of money on civil-law regulation of inheritance of money and the right on deposit in a financial institution. The purpose of research should be achieved through solving such problems as analysis and harmonizing the current inheritance laws in the area of issue. In the article, the peculiarities of inheritance of cash and cashless money were defined, as well as the specifics of universal legal succession of right on deposit in the bank (financial institution. During research some disadvantages of current inheritance legislation in this sphere were revealed, so as the ways of its improvement. Undoubtedly, a segment of considered legislation is debatable in many ways. However, it should be noted that inheritance law determines the process of transition of legacy from testator to the heir. Legal regulation of such relationships depends on the understanding of individual components of heritage, including money in cash and cashless

The exposure of microfinance institutions to financial risk

Directory of Open Access Journals (Sweden)

Thomas Gietzen

2017-12-01

Full Text Available This study examines the exposure of microfinance institutions to liquidity-, interest rate and foreign exchange (FX risk. Using manually collected data from microfinance institutions’ financial reporting, I find that the microfinance sector faces minimal liquidity risk, high interest rate risk and a lower than commonly assumed exposure to FX risk. Linking risk exposure to institutional characteristics, the data shows that legal status and regional affiliation are correlated with risk exposure while regulatory quality is not. Results suggest that the development community may not expect large benefits from expanding the plethora of current measures taken to mitigate liquidity or FX risk.

26 CFR 1.582-1 - Bad debts, losses, and gains with respect to securities held by financial institutions.

Science.gov (United States)

2010-04-01

... securities held by financial institutions. 1.582-1 Section 1.582-1 Internal Revenue INTERNAL REVENUE SERVICE... § 1.582-1 Bad debts, losses, and gains with respect to securities held by financial institutions. (a... financial institutions. For taxable years beginning after July 11, 1969, the sale or exchange of a security...

The impacts of the 1995 financial institution environmental guidelines on power projects

International Nuclear Information System (INIS)

Weaver, K.L.; Schott, G.A.

1996-01-01

In 1995, two of the most influential international financial institutions, The World Bank and The US Export-Import Bank (Ex-Im Bank) issued new environmental guidelines. These guidelines, particularly the World Bank guidelines, are used as a benchmark for evaluating the environmental acceptability of a project by many financial institutions, project developers, private investors, the public, and many developing countries. The impact of these guidelines must be well understood by developers of power projects in order to obtain the necessary financing, in addition to attracting investors, and obtaining national approvals and general public acceptance

Capacity choices in liberalised electricity markets

International Nuclear Information System (INIS)

Castro-Rodriguez, Fidel; Marin, Pedro L.; Siotis, Georges

2009-01-01

This paper addresses the issue of investment in electricity generation in the context of a liberalised market. We use the main results derived from a theoretical model where firms invest strategically to simulate the Spanish electricity system with real-world data. Our results indicate that, under reasonable parameter constellations regarding the number of agents, the level of capacity resulting from private decisions falls well short of the social optimum. Last, we show that two regulatory mechanisms that have been used to generate additional incentives for private agents to install capacity (capacity payment and price-adder) are ineffective and/or prohibitively costly.

76 FR 9403 - Finding That the Lebanese Canadian Bank SAL Is a Financial Institution of Primary Money...

Science.gov (United States)

2011-02-17

... Bank SAL Is a Financial Institution of Primary Money Laundering Concern AGENCY: Financial Crimes...'') is a financial institution of primary money laundering concern. DATES: The finding made in this... Law 107-56. Title III of the USA PATRIOT Act amended the anti- money laundering provisions of the Bank...

Financial Autonomy and Challenges to Being a Regionally Responsive Higher Education Institution

Science.gov (United States)

Kohtamaki, Vuokko; Lyytinen, Anu

2004-01-01

This paper discusses some current problems and challenges of the Finnish AMKs (polytechnic institutions), and whether financial autonomy could contribute to finding solutions for some of these problems. It provides an overview of the current status of financial autonomy of polytechnics in 6 European countries, and finally attempts to find links…

Niger institute focuses on financial accountability | CRDI - Centre de ...

International Development Research Centre (IDRC) Digital Library (Canada)

28 avr. 2016 ... ... of its budgeting and reporting systems, and in staff morale. It plans further efforts to improve internal communications and achieve greater visibility. Read the story of change, Renewing financial management systems: Institut National de la Recherche Agronomique du Niger (PDF, 95 KB, in French only) ...

Trade liberalisation, competitiveness and the real exchange rate (RER: An analysis of developments in South Africa during the 1990s

Directory of Open Access Journals (Sweden)

L Rangasamy

2003-11-01

Full Text Available This paper tests whether tariff liberalisation has lead to increased competitiveness in the South African economy. The 46 sectors of the South African economy are classified as exportable, importable, importable and exportable and non-tradable. The impact of trade liberalisation on domestic prices for importables and exportables is then assessed by making use of real exchange rate calculations. It is concluded that while increased globalisation of production processes in South Africa may have improved the competitiveness of the tradable sector, tariff liberalisation played a minimal role in improving competitiveness in the manufacturing sector.

Liberalisation of Trade in Health Services and the Implication for ...

African Journals Online (AJOL)

... hence proxy measure of health services were utilised in the paper and this might blur the expected impacts. The implication of the paper is for African countries to adequately participate in GATS as it involves trade in health services. Key Words: Liberalisation, health system, mortality, services supply modes, WTO, general ...

The liberalisation of the continental European electricity market : lessons learned

International Nuclear Information System (INIS)

Haas, R.; Auer, H.; Keseric, N.; Glachant, J.M.; Perez, Y.

2006-01-01

Before 1990, nearly all electricity supply companies in continental Europe (CE) were vertically integrated in a franchise market, either state-owned or under price-regulated mixed private-public ownership. In 1996, the European Commission (EC) issued a directive for a common electricity market, which launched the liberalisation of the electricity market in continental Europe (CE). The ultimate objective was to lower electricity prices throughout Europe by promoting competition in generation and supply through price deregulation and privatization. The intention of the EC was to create one common European electricity market. This paper analyzed the evolution of this market along with conditions needed to enhance competition in the long term. It also presented background information with major data on electricity supply and demand in the CE markets and outlined EC and national governments' market liberalisation initiatives and the major changes that countries have made. Currently, there are at least 7 distinct sub-markets separated by partly insufficient transmission capacity and differences in access conditions to the grid. In 2004, the total demand in the CE area was 2300 TWh. This paper also summarized generation capacity and load in CE; imports and exports between CE countries; past and current transmission issues; political issues for restructuring; providing non-discriminatory access to the market and to the grid; the new institutional and regulatory environment and the promotion of renewables. The performance of the market was also reviewed with particular reference to market access, mergers, acquisitions, market concentration, and the evolution of both wholesale and retail electricity prices. It was concluded that in order to bring about effective competition in the long run, the following conditions would be required: complete ownership separation of the transmission grid from generation and supply in all countries and sub-markets; adequate capacity margin in

The liberalisation of the continental European electricity market : lessons learned

Energy Technology Data Exchange (ETDEWEB)

Haas, R.; Auer, H.; Keseric, N. [Vienna Univ. of Technology, Vienna (Austria). Energy Economics Group; Glachant, J.M.; Perez, Y. [Paris-Sud Univ., Paris (France). ADIS-Group Reseaux Jean-Monnet

2006-10-01

Before 1990, nearly all electricity supply companies in continental Europe (CE) were vertically integrated in a franchise market, either state-owned or under price-regulated mixed private-public ownership. In 1996, the European Commission (EC) issued a directive for a common electricity market, which launched the liberalisation of the electricity market in continental Europe (CE). The ultimate objective was to lower electricity prices throughout Europe by promoting competition in generation and supply through price deregulation and privatization. The intention of the EC was to create one common European electricity market. This paper analyzed the evolution of this market along with conditions needed to enhance competition in the long term. It also presented background information with major data on electricity supply and demand in the CE markets and outlined EC and national governments' market liberalisation initiatives and the major changes that countries have made. Currently, there are at least 7 distinct sub-markets separated by partly insufficient transmission capacity and differences in access conditions to the grid. In 2004, the total demand in the CE area was 2300 TWh. This paper also summarized generation capacity and load in CE; imports and exports between CE countries; past and current transmission issues; political issues for restructuring; providing non-discriminatory access to the market and to the grid; the new institutional and regulatory environment and the promotion of renewables. The performance of the market was also reviewed with particular reference to market access, mergers, acquisitions, market concentration, and the evolution of both wholesale and retail electricity prices. It was concluded that in order to bring about effective competition in the long run, the following conditions would be required: complete ownership separation of the transmission grid from generation and supply in all countries and sub-markets; adequate capacity

International Financial Institution Policies of Conditionality and Public Pedagogy

Science.gov (United States)

MacPhail, Scott; McGray, Robert

2014-01-01

Conditionalities are most broadly defined as the provisos that are to be met by a country when borrowing money from the International Financial Institutions (IFIs). Increasingly, they have proven to have far reaching consequences for countries entering into agreements with The World Bank, the International Monetary Fund, and the World Trade…

Activism of Institutional Investors, Corporate Governance Alerts and Financial Performance

OpenAIRE

Jean-Sebastien Lantz; Sophie Montandrau; Jean-Michel Sahut

2014-01-01

Institutional investors are predominant on the financial markets and are becoming more active in their portfolio management. This article attempts to enhance our understanding of the incidence of shareholder activism on market reaction in the wake of seve

The impact of the financial crisis under the effects of increasing global economic interdependence. The case of Eastern and Central Europe Economies

Directory of Open Access Journals (Sweden)

Bușega Ionuț

2015-03-01

Full Text Available The technological progress that arose in areas such as transportation, communication and information exchange has led to a series of consequences that forced national economies to converge into a global, market based economy. In addition to the aforementioned causes, increased liberalisation amidst financial markets has supplemented the initiation of this metamorphosis that had several benefits in terms of general commercial exchange (trade, capital flows, and investment opportunities for business organisations. Simultaneously with the financial leverage resulted from the expansion of these interconnections, a series of channels that are detrimental to the financial welfare of entities has emerged, which, in consequence elevated the vulnerability and susceptibility to external economic shocks. The major debate elicited by this trade-off mainly concerns the costs and benefits of the international liberalisation of capital flows and trade. The purpose of this article is to examine the methods through which globalisation has affected the expansion of the international financial crisis back in 2008, by identifying and assessing the subsequent transfer routes, to and from the United States, where it was initially triggered. This article also aims to evaluate the repercussions experienced by Central and Eastern Europe and how they re-established economic growth following the financial crisis.

INTERNAL CONTROLS IN ENSURING GOOD CORPORATE GOVERNANCE IN FINANCIAL INSTITUTIONS

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KOSMAS NJANIKE

2011-01-01

Full Text Available This paper assessed factors that influence the internal controls in ensuring good corporate governance in financial institutions in developing economies with special reference to Zimbabwe. The research paper assessed how lack of internal controls affected good corporate governance and aimed to bring out elements of good corporate governance. It emerged that failure to effectively implement internal controls contributed significantly to poor corporate governance. The study discovered that internal control system overrides and the issue of “fact cat” directors also contributed to poor corporate governance. The study recommended that there is need for the board of directors to guarantee an organizational structure that clearly defines management responsibilities, authority and reporting relationships. There is also need to ensure that delegated responsibilities are effectively carried out to ensure compliance with internal controls of the financial institution concerned.

31 CFR 370.5 - How can I appoint a financial institution to receive payments on my behalf?

Science.gov (United States)

2010-07-01

... Entries § 370.5 How can I appoint a financial institution to receive payments on my behalf? You must name a financial institution to receive payments through credit entries using the ACH method. You also... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false How can I appoint a financial...

THE IMPORTANCE OF THE SCENARIOS METHODOLOGY FOR FINANCIAL INSTITUTIONS DURING TIMES OF CRISIS

Directory of Open Access Journals (Sweden)

Paulo Roberto Correa Leão

2010-11-01

Full Text Available Recently, the need to apply strategic planning methodologies in business has risen, since corporations are part of a globalized world in which technological change and economic dynamism are evolving at a faster pace. Thus, firms must perform not only efficiently but also effectively in adapting to changes as they occur in the political, economic, technological, legal and environmental dimensions. This dictates the need for new strategic organizational positioning. The potential usefulness of the scenarios methodology was investigated for a sample of financial institutions with assets in the Brazilian market, based on management reports and in accordance with strategic dimensions needed to cope with crises. Therefore, we propose a new methodology for the qualitative analysis of official management reports, which indicates a perception of scenario building within organizations. The results suggest a positive relationship between the quality of the process of generating scenarios and the financial results of the banking institution. Key-words: Scenarios. Financial institutions. Crisis. 

Institutional Quality, Trade Openness, and Financial Sector Development in Asia: An Empirical Investigation

OpenAIRE

Le, Thai-ha; Kim, Jungsuk; Lee, Minsoo

2015-01-01

We examine the determinants of financial development in Asia and the Pacific from 1995 to 2011. To do so, we apply the dynamic generalized method of moments to a panel data set of 26 economies in the region. We find that better governance and institutional quality foster financial development in developing economies while economic growth and trade openness are key determinants of financial depth in developed economies.

Thorny roses: The motivations and economic consequences of holding equity stakes in financial institutions for China’s listed nonfinancial firms

Directory of Open Access Journals (Sweden)

Liping Xu

2017-06-01

Full Text Available The reforms of China’s financial system have significantly changed the country’s financial sector. One noteworthy phenomenon is that many nonfinancial firms have obtained equity stakes in financial institutions. This study investigates the motivations behind and economic consequences of this recent proliferation of investments in financial institutions by nonfinancial listed firms. We find that the motivations for holding equity stakes in financial institutions include alleviating the pressure of industry competition, reducing transaction costs, and diversification to reduce risk. These investments, however, have double-edged effects on the performance of the investing firms. While their investment income increases, their operating income and overall return on assets decrease, as the investment income cannot compensate for the decrease in other operating income. The investing firms’ cost of debt also increases, their cash-holding decreases, and stock price performance does not improve after investing in financial institutions. These effects contrast with the enthusiasm nonfinancial listed firms have for investing in financial institutions. The empirical findings in this study can inform financial industry regulators and decision-makers in listed firms. We advise nonfinancial firms to be cautious when considering investing in financial institutions.

Financial Liberalisation, Banking Crisis and the Debtors’ Movement in México

Directory of Open Access Journals (Sweden)

Geneviève Marchini

2004-08-01

Full Text Available In the aftermath of the 1982 external debt crisis and in a very restrictive international environment, Mexico abandoned its inward-looking economic model and adopted a more open, export-led and market-oriented stance. Since 1988, the authorities have taken critical steps that induced an increasing level of internationalisation of the economy, and, in 1994, regional integration through the implementation of the North American Free Trade Agreement (NAFTA. These reforms have led to important transformations in the country’s economic structure as well as in its trade patterns. On the social and political side, they have widened the income gaps between different social sectors and regions, and eroded support for the ruling party, the Partido Revolucionario Institucional (PRI, Institutional Revolutionary Party. This paper seeks to understand the emergence of the Barzón movement in 1993-94 a few months after the emergence of the Zapatistas. Unlike the Chiapas rebels, the Barzón didn’t represent poor, indigenous, landless peasants, but rather, heavily indebted small and medium producers. The paper is divided into five sections. The first reviews the main features of structural reforms in Mexico and their results, to explain the context in which the debtors’ organisation is rooted. The second and third parts of the paper show how financial opening and bank deregulation produced a growing indebtedness among rural producers, industrial SMEs and households, leading to the birth and first steps of the Barzón movement in 1993-94. The fourth section accounts for the explosion of the debtors’ movements since 1995, while the last deals with its successes and failures in defending its membership.

International financial institutions and health in Egypt and Tunisia: change or continuity?

Science.gov (United States)

Ismail, Sharif

2013-01-01

The revolutions in Egypt and Tunisia appeared to herald a re-casting of International Monetary Fund and World Bank policy across the region. Public pronouncements by the heads of both institutions in the months following February 2011 acknowledged flaws in their approach to macroeconomic advice, against a background of worsening socioeconomic indicators, widespread youth unemployment, and widening health inequalities. Evidence on the ground, however, suggests continuity rather than change in international financial institution policies in Egypt and Tunisia, notwithstanding the emergence of a powerful new player-the European Bank for Reconstruction and Development. In the long term, new electoral realities and hardening public opposition in both countries seem likely to force a fundamentally different relationship between regional governments and the major international financial institutions than existed before 2011.

'There is a danger that we will become outsiders' - Liberalisation of the electricity market has priority

International Nuclear Information System (INIS)

Aeberli, O. E.

2003-01-01

This article presents an interview with Dr. Walter Steinmann, director of the Swiss Federal Office of Energy (SFOE), on the liberalisation of the Swiss electricity market and other important aspects of Swiss energy policy. The question of how liberalisation is to be organised after the Electricity Market Law was turned down in a public vote in 2002 is posed and the new alternative legislation that is being developed is discussed. Possible implementation difficulties and the integration of the electricity industry in new legislation are discussed as are the topics of treatment of the particular interests of electricity utilities, possible difficulties resulting from faster market opening in neighbouring countries and the introduction of the CO 2 levy. Also, the effects of voluntary measures taken or proposed by industry and their suggestions for the introduction of a 'Climate Cent' are discussed. Further, the liberalisation of the gas market is looked at and the chances of using renewable energy are examined

The Multilateral Financial Institutions of Development

Directory of Open Access Journals (Sweden)

Jaume Munich i Gasa

1998-04-01

Full Text Available The aim of this paper is to analyse the role of Multilateral Development Institutions (MDIs in promoting economic and social progress in Less Developed Countries (LDC. After examining the activities of the main MDIs (International Monetary Fund, WorldBank Group, Interamerican Development Bank, African Development Bank, Asian Development Bank and European Bank for Reconstruction and Development we have come to some conclusions. First, MDIs loans play a catalytic effect in channeling flows of additional public or private resources to LDC. Second, MDIs emphasize both the role of the private sector and an efficient public sector to achieve its objectives (to promote economic growth, reduce poverty, etc.. Third, MDIs provide direct financing for private sector activities, restructuring and privatisation to encourage the development of market economies as well as funding for the infrastructure that supports these activities. Fourth, over the last few years the MDIs have increased their conditionalities on the borrowers, especially in environment and governance areas. Fifth, the resources provided by the MDIs are not enough to cope with the financial needs of LDC; furthermore, a low percentage of total loans are on concessional terms. Sixth, most of the MDIs resources go to the benefit of medium-income countries (South Korea, Mexico, Brazil, etc. and only a small amount of credits go to the poorest countries; what´s more, in the last few last years MDIs are increasing their financial support of countries in the East. Seventh, MDIs have integrated social sector and environment as a first-order priority in their reports, but the lending reality is far from incorporating such an aim: one thing istheory, the other is practice. Eighth, MDIs’ institutional structures and decision-making processes are similar, as in most of them the principle of one dollar one vote holds. As a result, the MDIs are dominated by the developed countries, which use such

Electricity market liberalisation: a difficult undertaking

International Nuclear Information System (INIS)

Graber, W.

2001-01-01

This article describes the options available for the implementation of discrimination-free cost allocation for the transport of energy in a liberalised Swiss electricity market. The advantages and disadvantages of two models - the distance-dependent 'path' model and the connection-point model - are discussed. Experience already gained in Germany, England, Finland, Sweden, Norway and Austria is discussed. The structure of the Swiss electricity grid with its seven tiers is looked at. The methods of splitting the transport costs between producers and consumers and also between the various layers of the grid are examined and functions for the matching of load and production are discussed

78 FR 24596 - Notice of Finding That Halawi Exchange Co. Is a Financial Institution of Primary Money Laundering...

Science.gov (United States)

2013-04-25

... Exchange Co. Is a Financial Institution of Primary Money Laundering Concern AGENCY: Financial Crimes... a financial institution operating outside the United States that is of primary money laundering...-56. Title III of the USA PATRIOT Act amends the anti- money laundering provisions of the Bank Secrecy...

The Liberalisation of the Electricity Market in Italy

International Nuclear Information System (INIS)

Dessenibus, A.; Viskovic, A.; Carollo, T.

2001-01-01

The electricity sector is under reform in all EU countries on both of the aspects of market organisation and Utilities' restructuring, the latter being a consequence of the former. Until very recently, most governments have considered the whole power sector to be a natural monopoly and therefore it should be closely regulated. Market liberalisation shifts decision-making from the State to the market and, for the first time in the history of electricity Utility, gives consumer a choice. The new framework is featured by the introduction of competition in electricity generation and end-users' supply, non-discriminatory access to the electricity network and a redefinition of the regulatory function of governments. This study briefly resumes the market reforms and the new market organisation in Italy. Italy has implemented the EU directive on internal electricity market since 1999. So far, the process of market liberalisation has not come to an end yet. Currently ENEL, the former vertically integrated monopolist, is dismissing 25 percent of its power generation capacity, by selling in the market three power generation companies (GENCOs). An independent Transmission System Operator is fully operative since July 1999 and a transparent and non-discriminatory access to the network is guaranteed to all of the electricity power generation companies. The Market Pool Operator is defining the code of the Market Pool that will be applied to the price settlement into the Pool. The opening of the market on the demand side is growing year by year, according to the enlargement of the consumers who are allowed to sign freely contracts of supply with distributors (eligible consumers). Three months after the selling of the third Genco, the eligibility threshold will be lowered at 0.1 GWh. At that time, the open market is expected to represent 70 percent of the overall electricity consumption in Italy. Available evidence on liberalisation process in United Kingdom and in Scandinavian

Financial liberalisation and political variables: A response to Abiad and Mody

NARCIS (Netherlands)

Burgoon, B.; Demetriades, P.; Underhill, G.

2008-01-01

We challenge recent findings by Abiad and Mody (2005) which suggest that financial liberalization has little to do with political variables. This analysis is at odds with some of the established literature, and only with difficulty comes to terms with the considerable cross-national variation in the

Transition: Intended and unintended processes

NARCIS (Netherlands)

Ellman, M.

2005-01-01

An analysis of the relationship between transition as that was intended by the international financial institutions and transition as it actually happened. Attention is paid to what has been learned by experience about stabilisation, liberalisation and privatisation. Attention is also given to the

The Impact of Corporate Governance on the Market Value of Financial Institutions - Empirical Evidences from Italy

OpenAIRE

Bubbico, Rossana; Giorgino, Marco; Monda, Barbara

2012-01-01

This paper analyses how the quality of the corporate governance system impacts on the market value of the financial institutions listed on the Italian Stock Exchange. Implementing a good corporate governance is costly, therefore verifying whether the investment is worth its cost is a relevant issue. Despite the central role that financial institutions play in the real economy, there are few studies that focus specifically on the financial industry; filling this gap in literature is especiall...

Housing liberalisation and gentrification: the social effects of tenure conversions in Amsterdam

NARCIS (Netherlands)

Boterman, W.R.; van Gent, W.P.C.

2014-01-01

Privatisation and liberalisation of the housing market are often used as governmental strategies for engineering the social composition of urban neighbourhoods. Drawing on longitudinal register data, this study reports findings from the highly-regulated housing context of Amsterdam. Through

Market risk stress testing for internationally active financial institutions

Directory of Open Access Journals (Sweden)

Marković Petar

2011-01-01

Full Text Available The paper develops a comprehensive framework for market risk stress testing in internationally active financial institutions. We begin by defining the scope and type of the stress test and explaining how to select risk factors and the stress time horizon. We then address challenges related to data gathering, followed by in-depth discussion of techniques for developing realistic shock scenarios. Next the process of shock application to a particular portfolio is described, followed by determination of portfolio profit and loss. We conclude by briefly discussing the issue of assigning probability to stress scenarios. We illustrate the framework by considering the development of a ‘worst case’ scenario using global financial market data from Thomson Reuters Datastream.

Incentive structures in institutional asset management and their implications for financial markets

OpenAIRE

Bank for International Settlements

2003-01-01

Executive summary The institutional asset management industry has become an important feature of modern financial markets, with the scale of this business's importance readily apparent from the size of assets under management by different types of institutional asset managers. With asset management involving a delegation process, shaping appropriate incentive structures is essential for aligning the incentives of owners of funds with those of the institutional managers of these funds. Further...

Image Processing Based Signature Verification Technique to Reduce Fraud in Financial Institutions

Directory of Open Access Journals (Sweden)

Hussein Walid

2016-01-01

Full Text Available Handwritten signature is broadly utilized as personal verification in financial institutions ensures the necessity for a robust automatic signature verification tool. This tool aims to reduce fraud in all related financial transactions’ sectors. This paper proposes an online, robust, and automatic signature verification technique using the recent advances in image processing and machine learning. Once the image of a handwritten signature for a customer is captured, several pre-processing steps are performed on it including filtration and detection of the signature edges. Afterwards, a feature extraction process is applied on the image to extract Speeded up Robust Features (SURF and Scale-Invariant Feature Transform (SIFT features. Finally, a verification process is developed and applied to compare the extracted image features with those stored in the database for the specified customer. Results indicate high accuracy, simplicity, and rapidity of the developed technique, which are the main criteria to judge a signature verification tool in banking and other financial institutions.

Do microfinance institutions benefit from integrating financial and nonfinancial services?

NARCIS (Netherlands)

Lensink, Robert; Mersland, Roy; Vu, Nhung Thi Hong; Zamore, Stephen

2018-01-01

This article examines the impact of microfinance ‘plus’ (i.e. coordinated combination of financial and nonfinancial services) on the performance of microfinance institutions (MFIs). Using a global data set of MFIs in 77 countries, we find that the provision of nonfinancial services does not harm nor

Colbert's shadow: trade liberalisation and France's energy giants

International Nuclear Information System (INIS)

Anon.

1999-01-01

The slow pace of liberalisation in France's state-owned Electricite de France (EdF) and Gaz de France (GdF) companies are examined, and complaints from the British, Austrian, and Spanish power companies that France has failed to implement the EU directives while EdF has not been slow to expand overseas are considered. The climate of change in France illustrated by the hostile takeover battles, and suspicion of spot and futures trading as speculation rather than offsetting risks are noted. (UK)

THE CONVERGENCE OF ROMANIA WITH THE EUROZONE IN TERMS OF FINANCIAL INSTITUTIONS

Directory of Open Access Journals (Sweden)

2015-07-01

Full Text Available This study examines the integration of Romanian monetary system into European one and the transmission of liquidity shocks from eurozone to Romanian monetary market. Since Romania become a member of European Union, most of the Romanian banks are mainly provided by financial institutions placed in Europe. With the accession of Romania to the European Union, has started a process of integration of the national banking system into the eurozone banking system and thus, domestic financial institutions has began to be increasingly more subject to liquidity conditions and external contagion liquidity risk in the eurozone. In some periods, between EU accession and until the beginning of 2014, Romania has managed to reduce the volatility of the daily rates of monetary policy, compared with the eurozone, where, in the same periods, were recorded high volatility of monetary policy interest rates. Partial decoupling of the two money markets can be explained by economic stabilization policies adopted by Romania by improving the liquidity of the financial institutions and national measures taken by monetary policy makers in Romania. The main conclusion of this study is that the domestic banking sector is only partially integrated in the European banking sector in terms of money market liquidity and liquidity risk, and creating a stable framework for liquidity in Romania requires a mix of fiscal and monetary policies conducive to the development of financial instruments in long-term. However, the analysis shows that the sensitivity of liquidity in the Romanian banks to adverse developments on the European money market has increased and the ability of the internal factors to predict the liquidity conditions in national banking institutions is still high. Considering these aspects, we can say that, when we analyze liquidity risk in the Romanian banking system, we must take into consideration the influence of the external factors.

Integrated energy markets and varying degrees of liberalisation: price links, bundled sales and CHP production exemplified by Northern European experiences

International Nuclear Information System (INIS)

Jacobsen, H.K.; Fristrup, P.; Munksgaard, J.

2006-01-01

Liberalisation of energy markets has during the last 20 years been gradually introduced in many countries. The liberalisation has led to concerns regarding the markets' state of competition and fears that market power existence can result in less efficiency gains than what is expected from liberalisation. Concerns have also been raised as to whether specific consumer groups will be affected by limited competition in markets. Much of the concern has been concentrated on the electricity markets, but the development of energy sectors with integration of activities within natural gas, electricity and the oil sector creates the need to examine market power aspects across these markets. This paper examines the concentration trends in the Northern European markets for electricity and natural gas, combined with regional district heating aspects, especially with respect to the situation in Denmark. The situation with natural gas companies supplying to both small-scale CHP and to retail heat customers is discussed, for instance, which changes of regulatory regime for domestic heating customers should be considered when the natural gas market is being liberalised? The interlinked nature of the energy markets is described and examples of impacts from one market with limited competition to other markets with seemingly well-functioning competition are given. The specific case of large CHP production facilities with output on the regulated district heating market and the competitive Nordic electricity market is examined. How much of the fluctuations in price experienced in electricity markets should be reflected in the price of heating supplies? To which degree do the heating customers have to bear the burden of low-electricity market prices? Regulation of liberalised markets is discussed focusing on the interaction between one regulated market and the related energy markets that are liberalised. Existing regulation on the markets are compared to a situation where liberalisation

Integrated energy markets and varying degrees of liberalisation: Price links, bundled sales and CHP production exemplified by Northern European experiences

International Nuclear Information System (INIS)

Klinge Jacobsen, Henrik; Fristrup, Peter; Munksgaard, Jesper

2006-01-01

Liberalisation of energy markets has during the last 20 years been gradually introduced in many countries. The liberalisation has led to concerns regarding the markets' state of competition and fears that market power existence can result in less efficiency gains than what is expected from liberalisation. Concerns have also been raised as to whether specific consumer groups will be affected by limited competition in markets. Much of the concern has been concentrated on the electricity markets, but the development of energy sectors with integration of activities within natural gas, electricity and the oil sector creates the need to examine market power aspects across these markets. This paper examines the concentration trends in the Northern European markets for electricity and natural gas, combined with regional district heating aspects, especially with respect to the situation in Denmark. The situation with natural gas companies supplying to both small-scale CHP and to retail heat customers is discussed, for instance, which changes of regulatory regime for domestic heating customers should be considered when the natural gas market is being liberalised? The interlinked nature of the energy markets is described and examples of impacts from one market with limited competition to other markets with seemingly well-functioning competition are given. The specific case of large CHP production facilities with output on the regulated district heating market and the competitive Nordic electricity market is examined. How much of the fluctuations in price experienced in electricity markets should be reflected in the price of heating supplies? To which degree do the heating customers have to bear the burden of low-electricity market prices? Regulation of liberalised markets is discussed focusing on the interaction between one regulated market and the related energy markets that are liberalised. Existing regulation on the markets are compared to a situation where liberalisation

Implications of Web 2.0 for financial institutions: Be a driver, not a passenger

OpenAIRE

Heng, Stefan; Meyer, Thomas; Stobbe, Antje

2007-01-01

Web 2.0 heralds a new era of communication with a massive increase in information supply and where news, opinion and services flow directly from user to user. Financial institutions can take advantage if they stay abreast of this development. However, any Web 2.0 presence of a financial institution must be authentic and consistent with the institution’s brand and corporate culture. To leverage the potential, the need for an immaculate reputation and the right type of brand is becoming ever mo...

Malaria eradication: the economic, financial and institutional challenge.

Science.gov (United States)

Mills, Anne; Lubell, Yoel; Hanson, Kara

2008-12-11

Malaria eradication raises many economic, financial and institutional challenges. This paper reviews these challenges, drawing on evidence from previous efforts to eradicate malaria, with a special focus on resource-poor settings; summarizes more recent evidence on the challenges, drawing on the literature on the difficulties of scaling-up malaria control and strengthening health systems more broadly; and explores the implications of these bodies of evidence for the current call for elimination and intensified control. Economic analyses dating from the eradication era, and more recent analyses, suggest that, in general, the benefits of malaria control outweigh the costs, though few studies have looked at the relative returns to eradication versus long-term control. Estimates of financial costs are scanty and difficult to compare. In the 1960s, the consolidation phase appeared to cost less than $1 per capita and, in 1988, was estimated to be $2.31 per capita (both in 2006 prices). More recent estimates for high coverage of control measures suggest a per capita cost of several dollars. Institutional challenges faced by malaria eradication included limits to the rule of law (a major problem where malaria was concentrated in border areas with movement of people associated with illegal activities), the existence and performance of local implementing structures, and political sustainability at national and global levels. Recent analyses of the constraints to scaling-up malaria control, together with the historical evidence, are used to discuss the economic, financial and institutional challenges that face the renewed call for eradication and intensified control. The paper concludes by identifying a research agenda covering: issues of the allocative efficiency of malaria eradication, especially using macro-economic modelling to estimate the benefits and costs of malaria eradication and intensified control, and studies of the links between malaria control and economic

Malaria eradication: the economic, financial and institutional challenge

Directory of Open Access Journals (Sweden)

Hanson Kara

2008-12-01

Full Text Available Abstract Malaria eradication raises many economic, financial and institutional challenges. This paper reviews these challenges, drawing on evidence from previous efforts to eradicate malaria, with a special focus on resource-poor settings; summarizes more recent evidence on the challenges, drawing on the literature on the difficulties of scaling-up malaria control and strengthening health systems more broadly; and explores the implications of these bodies of evidence for the current call for elimination and intensified control. Economic analyses dating from the eradication era, and more recent analyses, suggest that, in general, the benefits of malaria control outweigh the costs, though few studies have looked at the relative returns to eradication versus long-term control. Estimates of financial costs are scanty and difficult to compare. In the 1960s, the consolidation phase appeared to cost less than $1 per capita and, in 1988, was estimated to be $2.31 per capita (both in 2006 prices. More recent estimates for high coverage of control measures suggest a per capita cost of several dollars. Institutional challenges faced by malaria eradication included limits to the rule of law (a major problem where malaria was concentrated in border areas with movement of people associated with illegal activities, the existence and performance of local implementing structures, and political sustainability at national and global levels. Recent analyses of the constraints to scaling-up malaria control, together with the historical evidence, are used to discuss the economic, financial and institutional challenges that face the renewed call for eradication and intensified control. The paper concludes by identifying a research agenda covering: ∘ issues of the allocative efficiency of malaria eradication, especially using macro-economic modelling to estimate the benefits and costs of malaria eradication and intensified control, and studies of the links between

Romania’s Membership of International Financial Institutions – a Necessary Change

Directory of Open Access Journals (Sweden)

Doltu Claudiu

2018-03-01

Full Text Available After a 17-year transformation process from a centralized economy to a functional market economy, Romania joined the European Union on January 1, 2007. Today, 11 years after the EU accession, Romania is still looking forward to achieve many of the real convergence conditions and also to join the euro zone. Independent of these, as an upper medium income country is now the time to evaluate its role, benefits and obligations as a shareholder in various international financial institutions – multilateral development banks and multilateral regional banks – as a first step in assuming an active and positive role in the development international community. At the EU level, international development is slowly but constant evolving to a coherent and common approach. However, individual member states still have a lot of space to maneuver to use specific individual approaches in pursuing their own interests. The objective of this paper is to signal that for Romania the right time has come to change its passive and reactive approach of its membership in various international financial institutions for a new dynamic and active approach. In terms of financial resources that can be mobilized and used for international development Romania cannot realistically aspire to stay along with the big traditional donors. However, its relatively small contribution can be leveraged by its membership in such multilateral and/or regional institutions so to maximize the benefits both for the international community and for the Romanian taxpayer.

The Impact of Refinancing on the Financial Sustainability of Banking Institutions

Directory of Open Access Journals (Sweden)

Fursova Viktoriya А.

2017-05-01

Full Text Available The article analyzes and generalizes contemporary techniques for assessing the financial sustainability of commercial banks. It has been identified that none of the techniques considered takes in full account of the bank’s debt level to the National Bank of Ukraine, despite the large role of the regulator in maintaining liquidity and solvency of banking institutions during the crisis. The necessity to consider, in terms of the rating techniques for assessment of the financial sustainability of commercial banks, the refinancing indicator that can be useful to calculate the ratio of the credit means of the National Bank of Ukraine to the equity capital, has been substantiated. Improving the existing rating techniques by including this indicator will enhance their efficiency and provide possibility to develop timely recommendations for regulating crisis developments in a banking institution.

Liberalised electricity markets, new bioenergy technologies, and GHG emission reductions: interactions and CO2 mitigation costs

International Nuclear Information System (INIS)

Gustavsson, L.; Madlener, R.

1999-01-01

We contrast recent developments in power and heat production with bioenergy, and natural-gas-fired condensing plants with and without decarbonisation, in the light of electricity market liberalisation. Our main focus is on CO 2 mitigation costs and carbon tax sensitivity of production costs. We find that CO 2 mitigation costs are lower for biomass systems using IGCC technology than for natural gas system using decarbonisation. However, based on current fuel prices natural-gas fired co-generation plants have the lowest production costs. Hence energy policy measures will be needed to promote biomass technologies and decarbonisation options on a liberalised market. (author)

The Normative Legal Regulation of Accounting Activities of Non-Bank Financial Institutions in Ensuring the Strategic Development of the Financial System of Ukraine

Directory of Open Access Journals (Sweden)

Prokopenko Zhanna V.

2017-03-01

Full Text Available The aim of the article is to study the normative legal regulation of accounting activities of non-bank financial institutions to ensure the strategic development of the financial system of Ukraine. There actualized the issue of examining the system of normative legal regulation in terms of: first, regulation of the market for non-bank financial services and their activities as an object of accounting; second, regulation of accounting and reporting as the basis of the impact on its organization, methodology; third, formation of requirements to the management of the institution concerning the qualification requirements to the chief accountant as a subject of organization and carrying out the accounting activities. In the course of the research, there developed a model for influencing the transformation of the organization and methodology of accounting, which will be implemented by establishing new requirements to its methods and objects as a result of changes in the normative legal acts and their impact on the systems of economic analysis and audit as components of corporate management of non-bank financial institutions. The proposed model determines the impact of the provisions of the integrated program for the development of the financial sector of Ukraine until 2020 in accounting in terms of methodology, specificity and composition of its objects. As a result of studying the set of documents that define the strategic provisions for the development of the market for non-bank financial services, there identified directions for the formation of new and transformation of the existing provisions of the normative legal regulation of the accounting system through its elements (methods, objects, subjects, study of its functions and justification of the significance in risk management. We believe that these provisions should be implemented by means of the development of organizational and methodological regulations for the accounting of non

INDEPENDENT COMMISSIONER, INSTITUTIONAL OWNERSHIP AND FINANCIAL DISTRESS BANKS IN INDONESIA

Directory of Open Access Journals (Sweden)

Isnalita Isnalita

2013-11-01

Full Text Available This research aim to determine the effect of independent commissioner and institutional ownershipto financial distress banks in Indonesia. The existence of the banking crisis occurred in 1997/1998resulted the collapse of public confidence in banking industry. In 2008, the scale, pattern, anda different scope, we face the reality that seems similar to the condition of the banks in the endof 1997. Financial distress experienced is not only caused by external factors stemming fromthe bank but also can be caused by internal factors. On the other hand, the financial distress inthe banking sector can be caused by governance are not good in running the bank’s operations.This study used a quantitative approach. The unit of analysis is the banks in Indonesia with dataobtained from directory of Bank Indonesia in 2008-2009. The research sampling techniques use saturated sampling or census. Research design use multiple logistic regression with the cross section. The result from this study indicated that independent commissioners and institutionalownership cannot prevent the financial distress in 2008 and 2009.

Review of the timetable for gas and electricity market liberalisation

International Nuclear Information System (INIS)

2000-01-01

The findings of the review undertaken by PA Consulting Group on behalf of the Ministry of Economic Affairs into the feasibility of accelerating electricity and gas market liberalisation in the Netherlands are set out. The main purpose of the review was to assess the technical and organisational requirements for the two markets and to consider the time required to deliver them. The chosen market models for electricity and gas liberalisation, as set out in the Electricity Act and the draft Gas Act, were to be taken as given. A review of the market models chosen and consideration of how the markets should be delivered were excluded from the study. The results of this review have been used by the Ministry of Economic Affairs as input into the decision making process regarding the revised opening dates for the electricity and gas markets for both medium size and small customers. The report includes: A description of the market models for electricity and gas; The technical and organisational requirements and progress to date; The time required to deliver each of the two markets; and The benefits and disadvantages of synchronising gas and electricity market openings and recommended timescales

Can Dutch co-generation survive threats of the liberalisation of the energy markets

International Nuclear Information System (INIS)

Battjes, J.J.; Rijkers, F.A.M.

2000-07-01

The paper presents an analysis of the effects of liberalisation of the Dutch energy markets on the future development of combined heat and power generation (co-generation) in the Netherlands. First, it reviews the historical growth in co-generation in the Netherlands and the supportive policy measures that have contributed to this growth. Second, the liberalisation process of the Dutch electricity market and the Dutch gas market is described. Subsequently, we discuss the impacts of these new market structures on co-generation by using two scenarios for the Dutch energy markets. Our assessment of the impacts is mainly focused on the cost-effectiveness of co-generation projects. We determine the key aspects that influence the cost-effectiveness of a co-generation project and analyse some of the calculations for different small-scale and large-scale co-generation projects. Based on the results, we conclude that investments in new co-generation plants are unlikely in the short term and the existing plants can barely produce with a positive cash flow. As many parties have an interest in reducing the negative effects of a liberalised energy market on co-generation, approaches are sought to improve the cost-effectiveness of co-generation in the Netherlands. We describe several optional supportive measures for co-generation mainly resulting from the determination of the barriers for co-generation. Moreover, Dutch authorities have already responded to these barriers by preparing policy measures such as investment subsidies and exemption from the energy tax. 2 refs

The analysis of the influence of the intellectual capital on the results of the commercial activity of financial institutions

Science.gov (United States)

Shkolik, Oleg; Chirkova, Larisa; Chirkova, Polina

2016-08-01

Developing (underdeveloped) countries are territories of slow economic growth (catch-up growth). Perspectives of their economic growth largely depend on developing and introducing financial and technological innovations in the sphere of the financial markets. The level and quality of those innovations should enable provision of faster growth of the financial sector of the national economy by rising stability and effectiveness of the financial institutions. Powerful and stable financial sector is the basic element for attracting investments and upsurge of liquidity in the economic system of a developing country that aims to have developed economy. Intellectual capital is the most important of the fundamental factors of production in the financial sphere. It is a catalytic element of the process of the economic development. From this position, the researchers' collective develops and presents a mathematical model which characterizes the connection between the intellectual capital and financial results of the commercial activity of financial institutions. The model is applied in the analysis of the activity of financial institutions that are part of the EEU.

Reorienting India's financial system: In conversation with Dr Duvvuri Subbarao, Governor, Reserve Bank of India

Directory of Open Access Journals (Sweden)

Vivek Moorthy

2012-06-01

Full Text Available Confronted by a slowing economy, the Reserve Bank of India has undertaken steps to revive it. These measures, however, run the risk of worsening current high levels of inflation. This paper examines certain aspects of India's financial system that have contributed to this situation. It argues that unduly low yields on Government bonds have prevented a healthy financial system from developing, with adverse impact upon inflation and other macroeconomic outcomes. It suggests that India should focus far more on domestic, and less on external, financial liberalisation. Specifically, yields on non-market borrowing, such as Provident Fund deposits, should be benchmarked to a low frequency measure of consumer price inflation.

European Schemes for Promoting Renewables in Liberalised Markets

DEFF Research Database (Denmark)

Meyer, Niels I.

2003-01-01

The paper describes possibilities and problems for penetration of supply systems based on renewable energy sources in liberalised markets. The analysis is based on recent development in EU with different models for support of installations based on renewable energy. These include feed-in models...... with guaranteed minimum tariffs, tender models for different bands of technologies, and green certificates trading models with obligatory consumer quota. The paper describes the market situation in selected European countries, including Germany, the UK, Holland and Denmark.An EU directive from September 2001 has...

Cooperative Takaful for Non-Banking Financial Institutions: Islamization of SOCSO in the case of Malaysia

OpenAIRE

Azman Mohd Noor; Muhammad Abd Hadi Bin Abd Rahman

2017-01-01

By the introduction of Takaful as an alternative for conventional insurance in the early 1980s and with more than 30 year experience in Islamic Banking and Finance, it is time for Malaysia to make a move in completing its Islamic financial ecosystem by islamizing non-Banking Financial Institutions. This paper aims to investigate a potential approach to apply the concept of cooperative Takaful in transforming the Social Security Organization (SOCSO) into a Shariah-compliant institution using t...

Understanding Financial Statements. Financial Matters. Board Basics.

Science.gov (United States)

McCarthy, John H.; Turner, Robert M.

1998-01-01

This booklet for trustees of higher education institutions offers guidelines to help trustees understand the institution's financial statements. Individual sections describe the three major financial statements and cover topics such as: (1) standards of the Financial Accounting Standards Board; (2) the "statement of financial position,"…

INTERNAL GOVERNANCE AND ROLE OF INTERNAL AUDIT IN FINANCIAL INSTITUTIONS. CASE STUDY: RISK BASED PLANNING

Directory of Open Access Journals (Sweden)

Andrei Florin

2015-07-01

Full Text Available The global financial crisis from 2008 was considered a trigger to reshape the financial systems and to enhance the risk management practices. Considering the developments and new guidelines that are now used it can be observed a “positive” effect of the crisis, in particular to strengthen the risk management culture and governance in all aspects. Comparing to 2008 year, the improvements that have been made to the risk management systems can be easily observed in the financial institutions. For the scope of the article, the subject of this review will be focused on the internal audit function. The main aspect is to capture the new practices that are now used in order to contribute to a performing internal governance system. A case study will be presented in order to better understand how the internal audit function is designed and acting as a “line” of defence in the internal governance system. Also, it is in the scope of the article to issue some recommendations for future developments of the audit function in order to better manage its mission and the objectives. A risk based model used in the planning activities is presented. The financial institutions improved significantly their internal governance system. The internal audit function is now better integrated in the internal structures and clear lines of communication were settled. As the conclusion of the article is illustrating, the internal governance was frequently not sufficiently developed causing a failure in the risk management systems from the systemically financial institutions. The content of the article has practical applicability, as the results and the recommendations could be used in the design of an audit function within a financial institution.

31 CFR 203.4 - Financial institution eligibility for designation as a TT&L depositary.

Science.gov (United States)

2010-07-01

... PAYMENT OF FEDERAL TAXES AND THE TREASURY TAX AND LOAN PROGRAM General Information § 203.4 Financial... secure TT&L account balances, a TIP main account balance, an SDI account balance, or a no account balance... Federal tax deposits through PATAX, a financial institution must possess under its charter either general...

Relationship between Overall Debt, Taxation and the Basel Index in Major Financial Institutions in Brazil

Directory of Open Access Journals (Sweden)

Paulo César de Melo Mendes

2016-04-01

Full Text Available Research regarding the capital structure of banks points to the regulatory minimum capital requirement established by the Basel agreements as its main determinant. For other kinds of enterprise, capital structure is pointed to by several theories as a tax planning alternative, since the use of debt allows tax savings. Given the debt characteristics of banks, which prevent the deduction of interest in the calculation of income taxes and thus prevent tax savings through debt, the use of capital structure for tax planning by financial institutions is less evident. In view of this, in addition to contributing to research on the determinants of the capital structure of banks, this study has the objective of examining the relationship between overall debt, taxation and the BIS ratio of financial institutions located in Brazil. The initial sample consisted of the 50 largest banks, identified by the criterion of net income in 2012; but due to lack of availability of information and adjustments made to assure the efficacy of the study, the final sample was made up of 34 financial institutions. The baseline for analysis was the mean values of data from 2010 to 2012 and data were analyzed using correlation analysis and multiple linear regression. No relationship was found between taxation and banks' overall indebtedness. However, influence of the regulatory minimum capital requirement on the capital structure of financial institutions was observed.

78 FR 24599 - Order Imposing Recordkeeping and Reporting Obligations on Certain U.S. Financial Institutions...

Science.gov (United States)

2013-04-25

... Rmeiti & Co. for Exchange as a Financial Institution of Primary Money Laundering Concern AGENCY... institution operating outside the United States that is of primary money laundering concern. The Director of... Institution of Primary Money Laundering Concern (the ``Finding''). Notice of the Finding is published...

Contribution of Fundamentalist Financial Analysis to Credit Concession: A Case Study in a Financial Institution in Brazil

Directory of Open Access Journals (Sweden)

Lucíola Aor Vasconcelos

2014-04-01

Full Text Available This paper has the purpose examine the ability to predict when the application of fundamental financial analysis for the granting of personal loans in relation to the default prediction of Brazilian companies listed on the BM&FBovespa through a case study of a financial institution. Our sample consists of firms listed on the Brazilian stock exchange that were included in the credit portfolio of a financial institution in the period 2008-2012. Based on a discriminant analysis, five accounting indicators were selected for having the highest predictive capacity concerning default events: Net Working Capital, Asset Turnover, Debt Ratio, Bovespa’s index participation and the Retained Earnings’ Index. Afterwards, macroeconomic variables GDP and Base Interest Rate, as well as accounting indicators weighted by industry sector and estimated by means of vector autoregressive models were included to a logit model. Statistical tests have shown that the estimation by means of autoregressive models is relevant only when accounting variables are used but not when the macroeconomic variables are included. The results indicate that although the macroeconomic variables have not shown to be individually relevant in the estimation of default events in the proposed model, the model with both accounting variables and macroeconomic variables has proved to be more robust, with a success rate of 97.3% for the latter against 95.3% for the former.

The relationship between institutional and management ownership and financial flexibility in Iran

Directory of Open Access Journals (Sweden)

Mahdi Salehi

2016-11-01

Full Text Available The aim of the current study is to investigate the factors affecting the companies’ ownership structure and the effect of financial health and flexibility on these factors. The statistical technique used to test the hypothesis proposed in this research is panel data. R software used to test the hypotheses. The statistical sample consists of 786 observations in 8 industries as automotive industry, chemical, rubber and plastics, pharmaceuticals, cement-lime plaster, food except sugar, basic metals and machinery over the years 2009-2014. The findings show that a positive interrelation exists between the management share, percentage of institutional owners, rate of return and percent of company growth, and the company’s financial flexibility strengthens the relationship between the percentage of institutional owners’ share and managers’ share.

31 CFR 546.409 - Credit extended and cards issued by U.S. financial institutions.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Credit extended and cards issued by U... SANCTIONS REGULATIONS Interpretations § 546.409 Credit extended and cards issued by U.S. financial..., charge cards, debit cards, or other credit facilities issued by a U.S. financial institution to a person...

31 CFR 548.409 - Credit extended and cards issued by U.S. financial institutions.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Credit extended and cards issued by U... SANCTIONS REGULATIONS Interpretations § 548.409 Credit extended and cards issued by U.S. financial..., charge cards, debit cards, or other credit facilities issued by a U.S. financial institution to a person...

31 CFR 542.409 - Credit extended and cards issued by U.S. financial institutions.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Credit extended and cards issued by U... SANCTIONS REGULATIONS Interpretations § 542.409 Credit extended and cards issued by U.S. financial..., charge cards, debit cards, or other credit facilities issued by a U.S. financial institution to a person...

Recent Japanese and Chinese investments in U.S. and European financial institutions

OpenAIRE

Cindy Marks

2009-01-01

This Asia Focus report compares some of the more significant investments by Japanese and Chinese financial institutions in both the U.S. and Europe, highlighting trends and offering thoughts on the direction of future investments.

Operational risk management in financial institutions: A literature review

OpenAIRE

Pakhchanyan, Suren

2016-01-01

Following the three-pillar structure of the Basel II/III framework, the article categorises and surveys 279 academic papers on operational risk in financial institutions, covering the period from 1998 to 2014. In doing so, different lines of both theoretical and empirical directions for research are identified. In addition, this study provides an overview of existing consortia databases and other publicly available sources on operational loss that may be incorporated into empirical research, ...

31 CFR 541.408 - Credit extended and cards issued by U.S. financial institutions.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Credit extended and cards issued by U... ZIMBABWE SANCTIONS REGULATIONS Interpretations § 541.408 Credit extended and cards issued by U.S. financial..., charge cards, debit cards, or other credit facilities issued by a U.S. financial institution to a person...

31 CFR 543.409 - Credit extended and cards issued by U.S. financial institutions.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Credit extended and cards issued by U...'IVOIRE SANCTIONS REGULATIONS Interpretations § 543.409 Credit extended and cards issued by U.S. financial..., charge cards, debit cards, or other credit facilities issued by a U.S. financial institution to a person...

"Not Just for the Money?" How Financial Incentives Affect the Number of Publications at Danish Research Institutions

DEFF Research Database (Denmark)

Andersen, Lotte Bøgh; Pallesen, Thomas

2008-01-01

. We investigate how the introduction of financial incentives to publish affects the number of publications at 162 Danish research institutions (17 government research institutions and subunits of 10 universities) when the perception of the incentives is taken into account. The results show......Do public employees work "for the money?" Do financial incentives determine their work effort? The literature gives conflicting answers, but Frey (1997) offers a possible explanation: If financial incentives are perceived as supportive, they can "crowd in" intrinsic motivation and increase the work...... effort. But if financial incentives are perceived as controlling, the intrinsic motivation is "crowded out," and the work effort decreases with increasing financial incentives to work. However, the empirical evidence concerning Frey's proposition is limited, and our article aims to fill part of this gap...

"Not Just for the Money?" How Financial Incentives Affect the Number of Publications at Danish Research Institutions

DEFF Research Database (Denmark)

Andersen, Lotte Bøgh; Pallesen, Thomas

2008-01-01

Do public employees work "for the money?" Do financial incentives determine their work effort? The literature gives conflicting answers, but Frey (1997) offers a possible explanation: If financial incentives are perceived as supportive, they can "crowd in" intrinsic motivation and increase the work...... effort. But if financial incentives are perceived as controlling, the intrinsic motivation is "crowded out," and the work effort decreases with increasing financial incentives to work. However, the empirical evidence concerning Frey's proposition is limited, and our article aims to fill part of this gap....... We investigate how the introduction of financial incentives to publish affects the number of publications at 162 Danish research institutions (17 government research institutions and subunits of 10 universities) when the perception of the incentives is taken into account. The results show...

To bail out or not to bail out systemically relevant financial institutions: The incentives of policy makers

Directory of Open Access Journals (Sweden)

Lucas Marc Fuhrer

2012-11-01

Full Text Available The recent financial crisis has shown that many financial institutions may be systemically relevant. Their bankruptcy would cause significant costs for the overall economy. However, a clear definition of systemic risks still does not exist. Thus, the decision, whether an institution is, or is not systemically relevant is in the end made by policy makers. This paper takes a closer look at the incentives available to policy makers and their influence on the bailout decision. In the model presented here it is possible to show, that too many financial institutions get bailed out, when assuming that policy makers tend to be more risk-averse than socially optimal. The costs due to this misallocation of resources can be significant.

Strategic Role of Financial Institutions in Sustainable Development of Indian Power Sector

Energy Technology Data Exchange (ETDEWEB)

Garg, V K

2007-07-01

Paper focuses on appraisal of Indian power sector, its achievements and inadequacies, measures and initiatives taken by Government of India (GOI) and blueprint for the development of power sector in next five years i.e. XI Plan (2007-2012); the role played by various Financial Institutions, Banks, Bilateral/Multilateral agencies etc. with focus on role of Power Finance Corporation (PFC) in development and financing of Indian Power sector and in Institutional development of State power utilities by facilitating in their reform and restructuring process and improving their financial health; role played by PFC in implementation of various policies and programmes of GOI; its competitive edge in Indian financial sector and growth strategies for enriching the stakeholders' value and acting as a significant partner in the development of power sector and growth of the nation. The paper provides information on capacity addition planned along with matching transmission and distribution system in the next five years to achieve GOI's 'Mission 2012: Power for All'; estimated funds required; funds that can be generated both in the form of Debt and Equity; the funding gap; proposed measures to meet overall funding requirement for sustainable development of the power sector. (auth)

29 CFR 2550.408b-4 - Statutory exemption for investments in deposits of banks or similar financial institutions.

Science.gov (United States)

2010-07-01

....408b-4 Statutory exemption for investments in deposits of banks or similar financial institutions. (a... financial institution may make investments in deposits which bear a reasonable rate of interest in itself... 29 Labor 9 2010-07-01 2010-07-01 false Statutory exemption for investments in deposits of banks or...

The Impact of Bank and Non-Bank Financial Institutions on Local Economic Growth in China

NARCIS (Netherlands)

Cheng, X.; Degryse, H.A.

2006-01-01

This paper provides evidence on the relationship between finance and growth in a fast growing country, such as China.Employing data of 27 Chinese provinces over the period 1995-2003, we study whether the financial development of two different types of institutions - banks and non-bank financial

Liberalising energy markets: Cost management using measurement data

International Nuclear Information System (INIS)

Girsberger, H.

2000-01-01

This article looks at the various factors involved in assuring good cost management and customer relations in the liberalised energy market such as price levels, additional services and added value for the customer. The additional information required by the utilities to be able to implement such customer-oriented strategies is considered and ways of collecting and processing the data on energy consumption, customer profiles and trends are described. The further analysis of the data and the compilation of reports for management, marketing, engineering and quality assurance departments are discussed, as are the information technology and equipment interfaces required to do this

Protecting the environment in a liberalised energy market

International Nuclear Information System (INIS)

Voss, A.

2000-01-01

The alleged conflicting situation between environmental protection and liberalisation can be resolved if we make both the market and competition serve the interests of environmental and climate protection to a greater extent. The exploitation of the allocation efficiency of markets for protecting the environment is legitimate according to the experience that the well-husbanded and efficient use of sparse resources is not achieved by government planning and control, but allowing market prices to form on functioning markets which reflect the shortage of such resources. This approach would also put into perspective the much debated conflict between economy and ecology. (orig.) [de

Trade Liberalisation and Economic Growth in Macedonia

Directory of Open Access Journals (Sweden)

Mano-Bakalinov Viktorija

2016-12-01

Full Text Available The objective of this paper is to explore the effects of trade on Macedonian economic growth. The autoregressive distributed lag (ARDL model is applied on yearly data over the period of 1993-2014. Empirical investigation reveals that an increase of population and openness demonstrate a positive and significant effect on Macedonian economic growth. Given other diverging findings, this suggests that the relationship between trade reforms and growth through the productivity function may vary across transition economies. Nevertheless, the findings of this paper indicate that policies focusing on market liberalisation and opening the economy to trade have a positive effect on Macedonian economic growth, both in the short run and the long run.

Community liberalisation of the electric power market and public service obligations

International Nuclear Information System (INIS)

Cristoforetti, Brice

2008-06-01

After an overview of original economic and social objectives at the basis of the creation of the European common market, the author examines whether the Community liberalisation of the European domestic electricity market has been an opportunity to acknowledge public service obligations in the European law, and more particularly examines the existence or relevance of the notion of electric power public service. This discussion addresses a period extending from the beginning of the 1960's to the Lisbon Treaty prepared in 2007. The author analyses rules of the European law, and the modalities and consequences of their adoption in the French law, as he considers that the evolution of French administrative legal evolution is the most relevant framework for this study on public service and electric power market. Thus, he first shows that the sector liberalisation, through the conflict between competition and defence of the general interest, actually allowed the existence of public service obligations for State members to be consecrated by the Community law. However, through the study of the electric power public service, the author shows that ambitions which had been initially put forward, are hardly compatible with some modalities of opening to competition

THE STEERING TOOL OF FINANCIAL INSTITUTIONS: CREDIT VAR (VALUE AT RISK

Directory of Open Access Journals (Sweden)

BĂRBULESCU MARINELA

2015-04-01

Full Text Available In order to determine the economic capital, in terms of internal management or of application of regulations, financial institutions need to model the probability of future losses on a loan portfolio. This is generally made applying the Credit VaR method. Thus, unexpected losses can be assessed.

Community health centers and community development financial institutions: joining forces to address determinants of health.

Science.gov (United States)

Kotelchuck, Ronda; Lowenstein, Daniel; Tobin, Jonathan N

2011-11-01

Community health centers and community development financial institutions share similar origins and missions and are increasingly working together to meet community needs. Addressing the social and economic determinants of health is a common focus. The availability of new federal grants and tax credits has led these financial institutions to invest in the creation and expansion of community health centers. This article reviews the most recent trends in these two sectors and explores opportunities for further collaboration to transform the health and well-being of the nation's low-income communities.

Banks, Development Financial Institutions and Credit Markets in India: A Simple Model of Financial Intermediation

OpenAIRE

Ghosh, Saibal

2003-01-01

The paper examines the interaction between a bank and a development financial institution (DFIs) in a macroeconomic set-up, both of whom can lend for working capital and investment finance purposes. Our analysis reveals that the reduction in the interest rate premium on bonds over the deposit rate is an important pre-requisite for the DFI to raise its market share in both investment finance and working capital lending. Also, greater corporate access to bond financing raises investment, output...

The impact of liberalisation on every day's activity of the electricity market participants

International Nuclear Information System (INIS)

Beran, H.

2004-01-01

This contribution is dedicated to the consequences of the liberalisation of the electricity market. Special attention is paid to activities of electricity suppliers and eligible customers connected with work with load profiles. The first part is dedicated to electricity suppliers and traders. It identifies the main changes brought by the liberalisation process and the activities of the suppliers connected with work with load profiles. Special software tools are mentioned, such as tools for balancing, prediction, optimisation of costs, pricing, and communication tools. The second part of this contribution is dedicated to eligible customers. It describes the main changes for eligible customers and the challenges of the open market. Special software tools for eligible customers are introduced, such as tools for balancing, load profile creation, price calculation and communication. At the end of this contribution, selected consequences of inadequate preparation for the electricity market are mentioned as well as the ways to minimize the negative effects. (author)

Effects of Financial Performance and Governance on Corporate Social Responsibility Disclosure: Evidence from Islamic Financial Institutions in Malaysia

Directory of Open Access Journals (Sweden)

Haslinda Yusoff

2018-01-01

Full Text Available Islamic financial institutions (IFIs are established based on Islamic foundations and their corporate practices are expected to be aligned with Islamic laws and framework. This study seeks to understand the determinants for the CSR disclosure of IFIs in Malaysia. Using the 2010 annual reports of 37 IFIs, this study investigates the effects of financial performance and corporate governance mechanism (proxied by Shariah supervisory committee or SCC and ownership structure on CSR disclosure. Results reveal that between financial performance and SCC and ownership structure, only the latter significantly influences CSR disclosure. Overall, the findings offer insights into current reporting practices and propose ideas pertaining to the establishment of an Islamic-based CSR reporting framework. The significant factors influencing CSR disclosure may be used to develop effective practice among IFIs in Malaysia and other countries.

Institutional, Financial, Legal, and Cultural Factors in a Distance Learning Program.

Science.gov (United States)

Blakeman, Rachel; Haseley, Dennis

2015-06-01

As psychoanalytic institutes evolve, adapting to the contemporary financial and social environment, the integration of new technologies into psychoanalytic education presents opportunities for expansion to candidates residing beyond the usual geographic boundaries. While the teaching of analytic content through distance learning programs appears to be relatively straightforward, factors including legalities, traditional mind-sets, and cross-cultural issues need to be considered as complicating the situation, as illustrated by one U.S. institute's distance learning initiative with a group in South Korea. © 2015 by the American Psychoanalytic Association.

A Self-Instructional Course in Student Financial Aid Administration. Module 15: Internal Aid Office Management and Institutional Quality Control. Second Edition.

Science.gov (United States)

Washington Consulting Group, Inc., Washington, DC.

The 15th in a 17-module self-instructional course on student financial aid administration (designed for novice financial aid administrators and other institutional personnel) focuses on internal aid office management and institutional quality control. The course provides a systematic introduction to the management of federal financial aid programs…

Integration of liberalised energy market; Samspillet mellem de liberaliserede energimarkeder

Energy Technology Data Exchange (ETDEWEB)

Klinge Jacobsen, H.; Fristrup, P.; Munksgaard, J.; Pade, L.L.; Henriksen, T.C.

2004-03-01

The markets for electricity, natural gas and district heating are inter-linked both with respect to the energy flows and with respect to ownership of supply sources and infrastructure. The extent and the possible consequences of these linkages are examined in this report. The options for public interventions in these markets are analysed to compare instruments with respect to their ability to provide the necessary incentives for an efficient functioning of the liberalised markets. Aspects of retail markets with households facing multi-product distribution companies and aspects of the production of combined heat and power based on natural gas has been covered. This project identifies some important aspects related to final consumers and the interaction of markets with different types of regulation and scope for liberalisation. From a Danish perspective the district heat market and the dependence on market conditions for natural gas is a specific concern. Consumer concerns also relate to the creation of multi-product energy distribution companies that are privately owned and possibly controlled by foreign interests. Such companies might use bundled sales of energy products to extent their dominant position in one market e.g. a regulated heat market to a market with considerable competition (electricity). Bundled sales would not necessarily result in a loss for the consumer due to economies of scope in supplying energy products. However, the regulatory authorities responsible for district heat prices will have a more complicated job in surveying the bundled price setting. Integration of activities within natural gas distribution and CHP production has been analysed with respect to incentives and welfare implications. Results of the project point to critical market conditions and identify areas of concern for regulatory policies. The analysis shows that there is a large welfare loss associated with having monopolies in both natural gas supplies and the CHP production

First edition of the four-annual Energy Report. Speeding up of liberalisation and wind energy

International Nuclear Information System (INIS)

Van Gelder, J.W.

1999-01-01

In 1995 the Dutch Ministry of Economic Affairs (EZ) published the so-called Third Energy paper in which the liberalisation of the energy markets and the stimulation of wind energy were the main topics. To evaluate this policy EZ plans to issue an 'Energy Report' every four years. The first edition of this Energy Report was published in November 1999. In the report developments that took place since the publication of the Third Energy paper, and the amendments necessary to realise intended policy, are evaluated. Examples of amendments are the speeding up of the liberalisation of the markets for gas, electricity and sustainable energy. Government interference in appointing locations for windmill parks is also discussed. And finally attention is paid to the position of the Dutch state within the natural gas trading company Gasunie

An Evaluation of Financial Institutions: Impact on Consumption and Investment Using Panel Data and the Theory of Risk-Bearing.

Science.gov (United States)

Alem, Mauro; Townsend, Robert M

2014-11-01

The theory of the optimal allocation of risk and the Townsend Thai panel data on financial transactions are used to assess the impact of the major formal and informal financial institutions of an emerging market economy. We link financial institution assessment to the actual impact on clients, rather than ratios and non-performing loans. We derive both consumption and investment equations from a common core theory with both risk and productive activities. The empirical specification follows closely from this theory and allows both OLS and IV estimation. We thus quantify the consumption and investment smoothing impact of financial institutions on households including those running farms and small businesses. A government development bank (BAAC) is shown to be particularly helpful in smoothing consumption and investment, in no small part through credit, consistent with its own operating system, which embeds an implicit insurance operation. Commercial banks are smoothing investment, largely through formal savings accounts. Other institutions seem ineffective by these metrics.

An Evaluation of Financial Institutions: Impact on Consumption and Investment Using Panel Data and the Theory of Risk-Bearing*

Science.gov (United States)

Alem, Mauro; Townsend, Robert M.

2013-01-01

The theory of the optimal allocation of risk and the Townsend Thai panel data on financial transactions are used to assess the impact of the major formal and informal financial institutions of an emerging market economy. We link financial institution assessment to the actual impact on clients, rather than ratios and non-performing loans. We derive both consumption and investment equations from a common core theory with both risk and productive activities. The empirical specification follows closely from this theory and allows both OLS and IV estimation. We thus quantify the consumption and investment smoothing impact of financial institutions on households including those running farms and small businesses. A government development bank (BAAC) is shown to be particularly helpful in smoothing consumption and investment, in no small part through credit, consistent with its own operating system, which embeds an implicit insurance operation. Commercial banks are smoothing investment, largely through formal savings accounts. Other institutions seem ineffective by these metrics. PMID:25400319

Law, Finance, and Politics: The Case of India

OpenAIRE

John Armour; Priya Lele

2008-01-01

The process of liberalisation of India's economy since 1991 has brought with it considerable development both of its financial markets and the legal institutions which support these. An influential body of recent economic work asserts that a country's 'legal origin'-as a civilian or common law jurisdiction-plays an important part in determining the development of its investor protection regulations, and consequently its financial development. An alternative theory claims that the determinants...

31 CFR 587.408 - Credit extended and cards issued by U.S. financial institutions.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Credit extended and cards issued by U... Credit extended and cards issued by U.S. financial institutions. Section 587.201 on dealing in property... institutions from performing under any existing credit agreements, including, but not limited to, charge cards...

Coverage and Financial Risk Protection for Institutional Delivery: How Universal Is Provision of Maternal Health Care in India?

Science.gov (United States)

Prinja, Shankar; Bahuguna, Pankaj; Gupta, Rakesh; Sharma, Atul; Rana, Saroj Kumar; Kumar, Rajesh

2015-01-01

India aims to achieve universal access to institutional delivery. We undertook this study to estimate the universality of institutional delivery care for pregnant women in Haryana state in India. To assess the coverage of institutional delivery, we analyze service coverage (coverage of public sector institutional delivery), population coverage (coverage among different districts and wealth quintiles of the population) and financial risk protection (catastrophic health expenditure and impoverishment as a result of out-of-pocket expenditure for delivery). We analyzed cross-sectional data collected from a randomly selected sample of 12,191 women who had delivered a child in the last one year from the date of data collection in Haryana state. Five indicators were calculated to evaluate coverage and financial risk protection for institutional delivery--proportion of public sector deliveries, out-of-pocket expenditure, percentage of women who incurred no expenses, prevalence of catastrophic expenditure for institutional delivery and incidence of impoverishment due to out-of-pocket expenditure for delivery. These indicators were calculated for the public and private sectors for 5 wealth quintiles and 21 districts of the state. The coverage of institutional delivery in Haryana state was 82%, of which 65% took place in public sector facilities. Approximately 63% of the women reported no expenditure on delivery in the public sector. The mean out-of-pocket expenditures for delivery in the public and private sectors in Haryana were INR 771 (USD 14.2) and INR 12,479 (USD 229), respectively, which were catastrophic for 1.6% and 22% of households, respectively. Our findings suggest that there is considerably high coverage of institutional delivery care in Haryana state, with significant financial risk protection in the public sector. However, coverage and financial risk protection for institutional delivery vary substantially across districts and among different socio

Strategic Role of Financial Institutions in Sustainable Development of Indian Power Sector

Energy Technology Data Exchange (ETDEWEB)

Garg, V.K.

2007-07-01

Paper focuses on appraisal of Indian power sector, its achievements and inadequacies, measures and initiatives taken by Government of India (GOI) and blueprint for the development of power sector in next five years i.e. XI Plan (2007-2012); the role played by various Financial Institutions, Banks, Bilateral/Multilateral agencies etc. with focus on role of Power Finance Corporation (PFC) in development and financing of Indian Power sector and in Institutional development of State power utilities by facilitating in their reform and restructuring process and improving their financial health; role played by PFC in implementation of various policies and programmes of GOI; its competitive edge in Indian financial sector and growth strategies for enriching the stakeholders' value and acting as a significant partner in the development of power sector and growth of the nation. The paper provides information on capacity addition planned along with matching transmission and distribution system in the next five years to achieve GOI's 'Mission 2012: Power for All'; estimated funds required; funds that can be generated both in the form of Debt and Equity; the funding gap; proposed measures to meet overall funding requirement for sustainable development of the power sector. (auth)

Energy Sector Liberalisation and Privatisation in Switzerland

International Nuclear Information System (INIS)

Bartlome, J. E.

2001-01-01

Due to its geographical situation, Switzerland is important for the transit lines of electricity and gas through the Alps. But Switzerland is not a member of the European Union. Furthermore, Swiss citizens enjoy extended direct-democratic rights. The author presents the story of energy sector liberalisation and privatisation in their three phases: 1. The late nineties: The phase of expectations 2. The phase of legislation: Open electricity market and elements of sustainable development as mitigating factors 3. The new awareness: Public service The Swiss citizens will have to adopt the law installing an open electricity market in June or September 2002. For the case of a (still very possible) rejection of the law, the author presents a no-go-solution and three realistic scenarios.(author)

USDOT guidance for connected vehicle deployments : institutional and business models and financial sustainability.

Science.gov (United States)

2016-07-01

This document provides guidance material in regards to Institutional and Business issues as well as Financial Sustainability for the CV Pilots Deployment Concept Development Phase. This material also provides part of the foundation for the Performanc...

Poverty as human rights deficit : some implications for the international financial institutions

NARCIS (Netherlands)

Gaay Fortman, B. de

2003-01-01

Following the World Bank’s World Development Report2000/2001: The attack on poverty and the voices of the poor studies on which that document had been based, this chapter explores Human Rights obligations of the International Financial Institutions (IFIs). In this connection poverty is approached as

Review: Current Approaches to Business and Institutional Translation. Proceedings of the International Conference on Economic, Business, Financial and Institutional Translation

Directory of Open Access Journals (Sweden)

Miguel Tolosa Igualada

2016-08-01

Full Text Available Daniel Gallego-Hernández (ed.. Current Approaches to Business and Institutional Translation. Proceedings of the International Conference on Economic, Business, Financial and Institutional Translation / Enfoques actuales en traducción económica e institucional. Actas del Congreso Internacional de Traducción Económica, Comercial, Financiera e Institucional. Suíça: Peter Lang, 2015, 254 páginas. ISBN 978-3-0343-1656-9.

The Liberalisation Process of the Spanish Electricity Sector

International Nuclear Information System (INIS)

Alonso, P. R.

2001-01-01

At the beginning of 1998, the 54/1997 Electricity Law entered into force, introducing a new configuration for the Spanish electricity system. Before this, the electric utilities and the Spanish Ministry of Industry and Energy signed a Protocol outlining the general structure of the future changes which would lead to the transformation of the Spanish electricity system from one based on a central purchasing agent model to one based on wholesale and retail competition. The structure of the power industry prior to the 54/1997 Electricity Law consisted of a number of vertically integrated electricity companies, most of them privately owned. One company (REE, Red Electrica de Espana) controlled by the State, was the System Operator, with the property of most of the Transmission Network. This company was created in 1984, as an attempt to improve overall efficiency in the sector by central co-ordination of all available resources and by central planning of new investments. Later, in 1987 a New Legal Framework (Marco Legal Estable) was established in order to assure financial stabilisation to the electric utilities, fixing revenues based on standard costs and setting a National tariff system. The start for the liberalisation process began with the 1994 Electricity Act (LOSEN) with the creation of the Regulatory Commission and the allowance to open access to new entrants. The Spanish electricity model finally set in 1998 seeks the introduction of competitiveness in the power sector through a few basic principles: Shorter state intervention by rationalisation of the energy policy constraints and by leaving to the market forces the system operation and planning (except for transmission planning); Separation of activities: Regulated activities (transmission and distribution) are separated form non-regulated activities (generation, trading); The design of a bulk power competitive market, including competition in generation, freedom of entry, a power pool managed by a market

75 FR 678 - Federal Home Loan Bank Membership for Community Development Financial Institutions

Science.gov (United States)

2010-01-05

... financial support are: (1) Federally regulated insured depository institutions and their holding companies... that provide health care, childcare, educational, cultural, or social services; and (4) community... association, savings and loan association, cooperative bank, homestead association, insurance company, savings...

The model of the protection of rights concerning financial institutions and their clients in the field of the EU financial supervision

Directory of Open Access Journals (Sweden)

Patrycja Zawadzka

2017-09-01

Full Text Available The purpose of this article is to consider the EU system of protection of rights of a broadly understood financial institutions and users of financial services. A comprehensive description of client protection would considerably exceed the framework of this paper. Nevertheless, the author addresses two issues: firstly, a model of verification concerning financial market decisions, which was adopted by the EU and, secondly, a normative position of the Court of Justice of the European Union (CJEU in the EU legal system. It essential to show a relationship between the European Supervisory Authorities and the CJEU, as well as the practice heretofore regarding an application of the law within the scope of this article.

Policies and institutions for moderating deep recessions, debt crises and financial instabilities

Directory of Open Access Journals (Sweden)

O’Hara Phillip Anthony

2013-01-01

Full Text Available This paper outlines a long-term policy and institutional framework for reducing the intensity of recessions, debt crises and financial instabilities, especially for the Core nations and areas that bore the brunt of the anomalies during 2008-2013. We argue that institutional changes need to be systemic, amounting to the construction of a new social structure of accumulation (SSA or mode of regulation (MOR, which we call an SSA of embedded communitarian liberalism. Five institutional spheres are introduced which are in need of systemic change, due to the entrenched contradictions and problems which the current set of institutions generate. These involve firstly institutions within the world-system of finance and production; secondly relating to finance versus industry; thirdly capital versus labor; fourthly state systems of production; and fifthly the interlinking of state, community and ecology.

Norwegian electricity market liberalisation: questions of cost calculation and price definition by grid operators; Norwegische Elektrizitaetsmarktoeffnung: Kostenrechnungs- und Preisbildungsfragen der Netzgesellschaften

Energy Technology Data Exchange (ETDEWEB)

Wild, J.; Vaterlaus, S.

2002-07-01

This report for the Swiss Federal Office of Energy (SFOE) presents the results of a study carried out on the Norwegian electricity market 10 years after its liberalisation. The similarity of the Norwegian market to the Swiss electricity market is discussed. Similarly to the proposed situation in Switzerland, the liberalisation in Norway foresaw no privatisation of public utilities and a model for the regulation of grid access was introduced. The report describes and comments on the various phases in which the liberalisation occurred and examines the various instruments used, e.g. to ensure that individual grid operators did not make undue profits from their monopoly. The methods used for the monitoring of grid operators' costs are described and the mechanisms involved in the definition of prices for grid services are examined, including measures taken when profits were too high or too low. The report is concluded with a discussion of the conclusions that can be drawn from the Norwegian model for Swiss market opening efforts.

In the wake of liberalisation: long-term developments in the EU air transport market

NARCIS (Netherlands)

Burghouwt, G.; de Wit, J.G.

2015-01-01

Using a 24-year analysis period (1990-2013), a new perspective is offered on long-term first- and second-order developments following liberalisation of the intra-EU air transport market. The focus of the analysis is on supply-side issues, such as airline output, structure of supply, yields, business

Financial Stability and Interacting Networks of Financial Institutions and Market Infrastructures

NARCIS (Netherlands)

Léon, C.; Berndsen, R.J.; Renneboog, L.D.R.

2014-01-01

An interacting network coupling financial institutions’ multiplex (i.e. multi-layer) and financial market infrastructures’ single-layer networks gives an accurate picture of a financial system’s true connective architecture. We examine and compare the main properties of Colombian multiplex and

Wind power in the Danish liberalised power market-Policy measures, price impact and investor incentives

International Nuclear Information System (INIS)

Munksgaard, Jesper; Morthorst, Poul Erik

2008-01-01

Wind power has a strong position at the Danish electricity market, mainly caused by high feed-in tariffs in the 1990s. Investments in new wind-power installations on land, however, have declined dramatically after the Danish electricity market was liberalised in 1999. First, the paper describes how policy measures directed towards wind power have been redesigned to match the liberalised market. Then, we estimate the impact of the redesigned tariffs on the electricity prices. Finally, we assess whether the new tariffs make an incentive to invest in wind power. The paper concludes that the new tariffs not by itself make evidence for the actual Danish recession in new wind-power installations after the electricity reform. The main causes could include a combination of problems in spatial planning, high risk aversion of new wind turbine investors and perhaps more favourable support schemes in other countries

Institutional Planning: What Role for Directors of Student Admissions and Financial Aid?

Science.gov (United States)

Haines, John R.

1976-01-01

According to the director of Higher Education Management Services for the New York State Education Department, the offices of admissions and student financial aid have long been excluded from the institutional planning process. In an era of projected enrollment declines and increased competition, these offices need to assume a critical new role.…

Monetary Transmission and Asset - Liability management by financial institutions in transitional economies - implications for czech monetary policy

OpenAIRE

Derviz, Alexis

2000-01-01

The paper deals with the transmission of monetary policy within the financial sector. The objective is to link an optimizing stochastic model of portfolio decisions by a representative financial institution with a number of features that this optimizing behavior implies for monetary transmission and credit conditions in a transitional economy. The main example is the intermediation performance of Czech financial sector in the years 1993 to 1999.

SUSTAINABLE COMPETITIVE ADVANTAGE FOR MARKET LEADERSHIP AMONGST THE PRIVATE HIGHER EDUCATION INSTITUTES IN MALAYSIA

OpenAIRE

Loh Teck Hua Author_Email:

2011-01-01

One of Malaysia’s economic goals is to become an education hub for the region. To achieve this, the Malaysian government had liberalised government policies resulting in the proliferation of Private Higher Education Institutions (PHEIs) including private Universities and University Colleges. As competition intensifies it becomes increasingly pertinent to ask “What sustainable competitive advantage should the Private Higher Education Institutions (PHEIs) have to achieve market leadership in th...

EFFECTIVE CRISIS MANAGEMENT FOR ISLAMIC FINANCIAL INDUSTRY AND THE INSTITUTION OF HISBAH: LESSONS FROM GLOBAL FINANCIAL CRISIS

Directory of Open Access Journals (Sweden)

Najeeb Zada

2016-06-01

Full Text Available The recent financial crisis resulted destructive effects on finance industry. Islamic financial industry (IFI is still naïve and largely untested in the face of a major financial turmoil. Major issues and uncertainties of the insolvency of IFI include the issue of moral hazard, government bailouts, excessive risk taking and deposit insurance. This paper addresses the issue of crisis management in IFI from the perspective of al-Siyasah al-Shar’iyyah and attempts to derive public policy guidelines that are useful in developing a timely and efficient crises management framework for Islamic finance industry. By using qualitative methods, the study found that the global financial crisis resulted in great destruction of financial institution. Although Islamic finance was quite immune to the global crisis as compared to its conventional peer, concerns still exist. It is time that Islamic finance industry learns from the financial woes of the rest of the world. =========================================== Krisis keuangan baru-baru ini mengakibatkan efek destruktif pada industri keuangan. Industri keuangan Islam (IKI masih naif dan sebagian besar belum teruji dalam menghadapi gejolak keuangan besar. Isu utama dan ketidakpastian dari kebangkrutan IKI meliputi moral hazard, dana talangan pemerintah, pengambilan risiko yang berlebihan dan asuransi deposito. Makalah ini membahas isu manajemen krisis dalam IKI dari perspektif al-Siyasah al-Shar'iyyah dan berusaha mendapatkan pedoman kebijakan publik yang bermanfaat dalam mengembangkan kerangka kerja manajemen krisis yang tepat waktu dan efisien bagi IKI. Dengan menggunakan metode kualitatif, studi ini menemukan bahwa krisis keuangan global mengakibatkan kehancuran besar bagi industri keuangan. Meskipun keuangan Islam cukup kebal terhadap krisis global dibandingkan dengan keuangan konvensional, kekhawatiran masih ada. Sudah saatnya industri keuangan Islam belajar dari krisis keuangan dari seluruh dunia.

On the environmental impact of energy market liberalisation: Environmental policy, economic reform and endogenous technology

NARCIS (Netherlands)

D.P. van Soest (Daan); H.L.F. de Groot (Henri)

2003-01-01

textabstractIn the literature, attention has been paid to the environmental consequences of lower energy prices caused by market liberalisation: the drop in energy prices reduces the attractiveness of investing in energy-saving technologies. In this paper we develop a simple model of investment

Who Gains, who loses? : the impact of market liberalisation on rural households in Northwestern Kenya

NARCIS (Netherlands)

Mose, L.O.

2007-01-01

Keywords:Market liberalisation, rural households, traders,Kenya, market integration, cointegration analysis, difference-in-difference approach, farmer response.Most countries

THE FINANCIAL SECTOR IN THE FINANCIAL SYSTEM ECONOMY: THEORETICAL ASPECTS

Directory of Open Access Journals (Sweden)

Yu. Kovalenko

2015-06-01

Full Text Available Broad and narrow approaches of the financial system are obtained. The difference between the financial system and the financial sector (the fi-nancial corporations sector is shown. Organizational and institutional matrix of the financial system of the economy is proposed. Key positions of institutional sectors classification of Ukraine’s economy are analyzed, as well as the System of National Accounts with respect to the financial sec-tor of corporations. The structure of the sector of financial corporations in Ukraine is defined.

Financial Management and Job Social Skills Training Components in a Summer Business Institute

Science.gov (United States)

Donohue, Brad; Conway, Debbie; Beisecker, Monica; Murphy, Heather; Farley, Alisha; Waite, Melissa; Gugino, Kristin; Knatz, Danielle; Lopez-Frank, Carolina; Burns, Jack; Madison, Suzanne; Shorty, Carrie

2005-01-01

Ninety-two adolescents, predominantly ethnic minority high school students, participated in a structured Summer Business Institute (SBI). Participating youth were randomly assigned to receive either job social skills or financial management skills training components. Students who additionally received the job social skills training component were…

Financial optimisation and risk management in refining activities

International Nuclear Information System (INIS)

Fiorenzani, S.

2006-01-01

The real options approach has become a benchmark in real assets evaluation and optimal management problems, especially in liberalised and competitive markets such as the oil and hydrocarbon markets. This paper describes how the same approach can be a useful tool for both risk management decisions and the financial optimisation problem. Refineries are black boxes, which can be used for the transformation of crude oil into more refined hydrocarbon products. These black boxes are characterised by operational flexibilities and constraints, which should be optimally managed in order to maximise the refiner's economic goals. Stochastic dynamic programming represents the right mathematical instrument employed to solve the decision-making problem in such an economic environment. (author)

A Self-Instructional Course in Student Financial Aid Administration. Module 5: Title IV Institutional and Program Eligibility. Second Edition.

Science.gov (United States)

Washington Consulting Group, Inc., Washington, DC.

The fifth module in a 17-module self-instructional course on student financial aid administration teaches novice student financial aid administrators and other personnel about Title IV institutional and program eligibility. This introduction to management of federal financial aid programs authorized by the Higher Education Act Title IV, discusses…

Personal Financial Planning for Retirement: A Study with Specialization Courses' Students of a Higher Education Institution

Directory of Open Access Journals (Sweden)

Jônatas Dietrich

2016-08-01

Full Text Available This article presents the results of a research aimed to identify whether students of specialization of a higher education institution of Rio Grande do Sul held a personal financial planning for retirement. Yet, through this study it was sought to determine how these students do their financial planning for retirement, and those who do not realize it why they do not. To develop this study, the method used had quantitative and descriptive approach, the results were obtained through a research conducted in the first half of 2015 with 166 students in 11 courses of specialization of a higher education institution. As a result, it was found that less than half of respondents hold a financial planning for retirement, the majority uses the private pension as a major investment for such planning and that those who do not realize allege the lack of resources to save and invest or, yet, they consider themselves too young to start this planning, but it was found that the vast majority of participants do not realize that financial planning for retirement plan to do it. Still, it was contacted that the level of knowledge of personal finance and items related to social security is greatest among participants who hold a personal financial planning for retirement.

Incentives to invest in liberalised electricity industries in the North and South. Differences in the need for suitable institutional arrangements

International Nuclear Information System (INIS)

Finon, Dominique

2006-01-01

The issue of investment is all too often underplayed in deregulation reforms focused on market rules and de-integration measures. This presentation criticises first the optimistic approach of the theory of investment incentives through market signals when it is applied to deregulated electricity industries. The greater part of the investment in base-load and peak equipment should be made profitable by income from very high prices during peak and extreme peak periods, that raises a problem of political acceptability. The problem is then addressed in the context of the mature electricity industries in the North. Given the maturity of markets there, a number of modifications to the pure market model could be envisaged to strengthen incentives to invest, but none of them is perfect. The main way is to focus on adaptation of market rules on the supply of power at peaks and extreme peaks by considering 'capacity adequacy' as a public good (with three solutions: capacity payment, reserve obligations, centralised procurement by auctioning for peak capacity). Observation of reforms suggests also the validity of some other solutions based on a limitation of the competition by allowing long-term contracts and vertical integration between production and supply. Finally the question is extended to the specific problem of developing countries characterised by irregular growth. It is argued that reforms must be designed in view of the importance of the need for investment through long-term coordination and reduction of investment risks. Indeed experiences of Latin American liberalised industries show that they have to include a number of competition-based imperfections and to allow ongoing exercise of market power in order to allow prices to rise above competition prices. The single buyer model or some variants of it appear to be good alternatives if one wishes to avoid the twists and turns of the competition paradigm. The difficulty with this model arises from the institutional

Financial cost to institutions on patients waiting for gall bladder disease surgery.

Science.gov (United States)

Waqas, Ahmed; Qasmi, Shahzad Ahmed; Kiani, Faran; Raza, Ahmed; Khan, Khizar Ishtiaque; Manzoor, Shazia

2014-01-01

The aim of this study was to determine the financial costs to institution on patients waiting for gall bladder disease surgery and suggest measures to reduce them. This multi-centre prospective descriptive survey was performed on all patients who underwent an elective cholecystectomy by three consultants at secondary care hospitals in Pakistan between Jan 2010 to Jan 2012. Data was collected on demographics, the duration of mean waiting time, specific indications and nature of disease for including the patients in the waiting list, details of emergency re-admissions while awaiting surgery, investigations done, treatment given and expenditures incurred on them during these episodes. A total of 185 patients underwent elective open cholecystectomy. The indications for listing the patients for surgery were biliary colic in 128 patients (69%), acute cholecystitis in 43 patients (23%), obstructive jaundice in 8 patients (4.5%) and acute pancreatitis in 6 patients (3.2%). 146 (78.9%) and 39 (21.1%) of patients were listed as outdoor electives and indoor emergencies respectively. Of the 185 patients, 54 patients (29.2%) were re-admitted. Financial costs in Pakistani rupees per episode of readmission were 23050 per episode in total and total money spent on all readmissions was Rs. 17,05,700/-. Financial costs on health care institutions due to readmissions in patients waiting for gall bladder disease surgery are high. Identifying patients at risk for these readmissions and offering them early laparoscopic cholecystectomy is very important.

The Effects of Liberalisation of the Passenger Railway Market on the Situation of Regional Rail Connections in Poland, Czech Republic, Slovakia and Austria

Directory of Open Access Journals (Sweden)

Taczanowski Jakub

2015-09-01

Full Text Available Liberalisation of railway market can be an important instrument for increasing the attractiveness of local rail services and consequently for making the railways more competitive with other means of transport, which could result in changing the modal share in the favour of railways. The differences in the railway liberalisation level as well as in the policies towards rail transport between Central and Eastern European countries are vast, hence the present situation and the future prospects of regional services are diverse. Whereas there is only one railway line in Slovakia which is not operated by the state railway company ZSSK, a few private local connections which complement a very dense network of ČD state railways are in service in the Czech Republic. Poland, by contrast, is a country where liberalisation of railway market is most advanced as several different companies are responsible for transport in the regions. However, the results of this large scale liberalisation are ambiguous as the positive effects (reopening of some lines are balanced by isolation of the new regional government-owned systems from each other. In Austria, by contrast, the existence of several private and regional government-owned local railways which are an indispensable part of the regional transport networks has contributed to maintain an effective transport system. Although the effects of liberalisation on the local railway networks can often be ambiguous, several cases from the Czech Republic, Austria and Poland show that privatisation and municipalisation may have a positive effect on the railway service as it has enabled to maintain the service on many sections which were at risk of closure. However, the most important condition of the effective transport development seems to be an active cooperation between the railway operators and the local governments as an expression of appropriate transport policy.

Tracking investments by financial institutions in tobacco companies (2007-2016 - what tobacco control advocates need to know and do about it?

Directory of Open Access Journals (Sweden)

Pranay Lal

2018-03-01

Definition of socially responsible investments within the perspective of screening tobacco investments is perceived variably by financial institutions. Also in the absence of a watchdog institution and few disincentives for truant behaviour, investors continue to invest tobacco companies. Tobacco control advocates need to monitor investments made by large lending banks and financial institutions in tobacco industry and ensure that banks which have committed to SRI codes conform to them.

Development of Capital Markets in Turkey and Analysis of Financial Structure of the Intermediary Institutions

Directory of Open Access Journals (Sweden)

Fikret Kartal

2013-08-01

Full Text Available Capital markets, where demand and supply for medium to long term finance meet, are more active and efficient in higher income countries. Capital markets are insufficiently developed in emerging countries such as Turkey that have the structural and institutional obstacles and lack of capital. The first market with securities was established in 19th century in the Ottoman Empire; the Turkish capital markets have gone through the reform programmes as a part of liberalization started in 1980; but the banking sector constitutes the biggest part of the financial sector. The paper presents the development of capital markets in Turkey and analyzes the intermediary institutions by using the financial statements and ratios for the period December 2007-December 2011.

INDICATOR SYSTEM FOR MEASUREMENT OF FINANCIAL AND ECONOMIC ACTIVITIES IN PUBLIC INSTITUTIONS

Directory of Open Access Journals (Sweden)

Valeriy Dudnyk

2015-11-01

important parameters of financial, economic, and industrial activity in the company. It should be constructed using the data on the production potential of the company, its profitability and business activity, financial independence and financial status, etc. The rating score can be determined using additive convolution. Practical value. Thus, a comprehensive analysis of financial and economic performance of a company through dynamic analysis using reference matrices allows: to get a justified assessment of the financial position and financial results of the company; to identify the causes of changes in financial position and financial results; to calculate a comprehensive rating that takes into account the most important parameters of financial, economic, and production activity of the company; to provide well-reasoned managerial decisions in finance in order to improve the financial condition and financial results of the company and to increase the efficiency of its economic activity. Achieved results enable conducting a comprehensive analysis of the financial and economic state of public institutions.

77 FR 27381 - Financial Crimes Enforcement Network: Customer Due Diligence Requirements for Financial...

Science.gov (United States)

2012-05-10

...-AB15 Financial Crimes Enforcement Network: Customer Due Diligence Requirements for Financial... concerning customer due diligence requirements for financial institutions. DATES: Written comments on the... customer due diligence requirements for financial institutions.\\1\\ FinCEN received several comments on the...

Financial Services Industry

Science.gov (United States)

2006-01-01

www.investopedia.com/features/industryhandbook/banking.asp Mishkin , F. & Eakins, S. (2003). Financial Markets + Institutions (4th ed.). Boston...purposes, participants interact in financial markets for securities, bonds, futures and options, utilizing financial intermediaries such as retail and...nations. U.S. participants, likewise, may also choose to participate in foreign financial institutions in order to gain access to or operate in

The crediting policies of Micro-Financial Institutions in Kosovo and their impact in the development of agriculture

Directory of Open Access Journals (Sweden)

Dr.Sc Drita Konxheli

2012-12-01

Full Text Available Agriculture is a very important sector of Kosovo economy. Seeing the big agriculture sector’s need for crediting, this paper is focused on credit policies of micro financial institutions, by emphasizing their impact in the development of agriculture. Since the number of micro financial institutions in Kosovo is quite big and analyzing the crediting policies of all of them is impossible, for comparing analyzes this paper focuses in three of them.  Several clients of the micro financial institutions were surveyed to check the impact that the loans they took had on the development of their agricultural activity. The survey includes the entire territory of Kosovo, meaning, clients of different regions were surveyed including minority-inhabited zones. Micro loan has become a support for many farmers, artisans and traders of various Kosovo rural zones. The micro loan makes it possible to have access to financial services for funding small projects in the field of agriculture, cattle-raising or in service sectors, such as artisans, small grocery shops, etc. The main goals of this research is to analyze the credit policies of MFIs operating in Kosovo and their impact in development of agriculture; a comparative analyses of impact of these credit policies in development of agriculture and identification of new crediting policies that might impact further agricultural development.

Survey of credit risk models in relation to capital adequacy framework for financial institutions

Directory of Open Access Journals (Sweden)

Poomjai Nacaskul

2016-12-01

Full Text Available This article (i iterates what is meant by credit risks and the mathematical-statistical modelling thereof, (ii elaborates the conceptual and technical links between credit risk modelling and capital adequacy framework for financial institutions, particularly as per the New Capital Accord (Basel II’s Internal Ratings-Based (IRB approach, (iii proffer a simple and intuitive taxonomy on contemporary credit risk modelling methodologies, and (iv discuses in some details a number of key models pertinent, in various stages of development, to various application areas in the banking and financial sector.

Cogeneration and taxation in a liberalised Nordic power market

International Nuclear Information System (INIS)

Jess Olsen, O.; Munksgaard, J.

1997-01-01

This report is about the impact of the liberalisation of the Nordic power market on cogeneration of heat and power. Special attention is given to the effects on competition of the entirely different tax regimes in the Nordic countries. Some of the main questions answered in this study are: Which cogeneration technologies are able to compete on a liberalised power market? What are the consequences of different tax structures in the four countries for cross-border competition? Which principles should be applied if a common Nordic tax structure is to be developed? The following countries are included in the study: Denmark, Finland, Norway and Sweden. Today, cogeneration provides a larger contribution to the energy supply in the Nordic countries than elsewhere in the world. Our analysis demonstrates that most cogeneration technologies can compete with the power-only technologies. This is the case with respect to both long- and short-term marginal costs. The main exception is the very expensive straw-fired cogeneration technology. The analysis is extended to include the effects of the existing tax regimes (in 1996) in Denmark, Finland and Sweden as well as of the combines energy/CO 2 -tax that was proposed in 1992 by the European Commission. Each of the four tax regimes preserve the competitiveness of cogeneration within its own regime, i.e. if a given cogeneration technology is competitive without taxes it will remain so in a closed market when either Danish, Finnish, Swedish or European taxes are added. The implication of this is that the same cogeneration technology will be exposed to very different conditions in an open power market with cross-border competition, if the present tax regimes in the Nordic countries are allowed to continue. (EG) Also published in Danish. 15 refs

Cogeneration and taxation in a liberalised Nordic power market

Energy Technology Data Exchange (ETDEWEB)

Jess Olsen, O.; Munksgaard, J.

1997-12-31

This report is about the impact of the liberalisation of the Nordic power market on cogeneration of heat and power. Special attention is given to the effects on competition of the entirely different tax regimes in the Nordic countries. Some of the main questions answered in this study are: Which cogeneration technologies are able to compete on a liberalised power market? What are the consequences of different tax structures in the four countries for cross-border competition? Which principles should be applied if a common Nordic tax structure is to be developed? The following countries are included in the study: Denmark, Finland, Norway and Sweden. Today, cogeneration provides a larger contribution to the energy supply in the Nordic countries than elsewhere in the world. Our analysis demonstrates that most cogeneration technologies can compete with the power-only technologies. This is the case with respect to both long- and short-term marginal costs. The main exception is the very expensive straw-fired cogeneration technology. The analysis is extended to include the effects of the existing tax regimes (in 1996) in Denmark, Finland and Sweden as well as of the combines energy/CO{sub 2}-tax that was proposed in 1992 by the European Commission. Each of the four tax regimes preserve the competitiveness of cogeneration within its own regime, i.e. if a given cogeneration technology is competitive without taxes it will remain so in a closed market when either Danish, Finnish, Swedish or European taxes are added. The implication of this is that the same cogeneration technology will be exposed to very different conditions in an open power market with cross-border competition, if the present tax regimes in the Nordic countries are allowed to continue. (EG) Also published in Danish. 15 refs.

78 FR 34169 - Notice of Finding That Liberty Reserve S.A. Is a Financial Institution of Primary Money...

Science.gov (United States)

2013-06-06

... Reserve S.A. Is a Financial Institution of Primary Money Laundering Concern AGENCY: Financial Crimes... is of primary money laundering concern. DATES: The finding referred to in this notice was effective... money laundering and the financing of terrorism. Regulations implementing the BSA appear at 31 CFR...

The Political Economy of Corruption and the Role of Financial Institutions

OpenAIRE

Kira Boerner; Christa Hainz

2004-01-01

In many developing countries, we observe rather high levels of corruption. This is surprising from a political economy perspective, as the majority of people generally suffers from high corruption levels. We explain why citizens do not exert enough political pressure to reduce corruption if financial institutions are missing. Our model is based on the fact that corrupt officials have to pay entry fees to get lucrative positions. The mode of financing this entry fee determines the distribution...

A new financial budgetary system for community health services institutions in China.

Science.gov (United States)

You, Chuanmei; Yao, Lan; Fu, Jiakang; Wang, Fang; Wang, Hongqing; Dai, Tao

2011-01-01

The separation of revenue and expenditure budgets (SREB) is a new financial budgetary system that is being implemented in community health services (CHS) institutions in some areas in China. Through literature review, it was found that, derived from the traditional separation of revenue and expenditure budgets (TSREB) implemented in administrative public services units, SREB and TSREB have something in common and yet many more differences. On the basis of some quantitative and qualitative data that were collected by field survey, it was also found that implementation of SREB in CHS institutions brings positive outcomes in terms of the quantity, quality and efficiency of services; residents' satisfaction; and the behavior of CHS institutions. The conclusion can be suggested that SREB, as a system having impact upon the incentives facing CHS institutions and the nature of governmental responsibility for developing CHS in China, will promote CHS institutions to fulfill basic service functions if implemented well. Therefore, it is a system that is worth further development and evaluation. Copyright © 2011 John Wiley & Sons, Ltd.

Becoming a First Mover in Green Electricity Supply: Corporate Change Driven by Liberalisation and Climate Change

NARCIS (Netherlands)

Hofman, Peter

2003-01-01

This paper presents a study of a trend-setting company in the electricity sector in the Netherlands and its innovative response to the combined influence of liberalisation and climate change. The company became a first mover through its invention of the concept of green electricity and the

Long-term price and environmental effects in a liberalised electricity market

International Nuclear Information System (INIS)

Lise, Wietze; Kruseman, Gideon

2008-01-01

This paper studies the effects of endogenous investment decisions in a liberalised electricity market on prices and the environment in the time horizon 2000-2050. Therefore, a computational, game-theoretic, recursive dynamic model is developed. Simulations with the model indicate that perfect competition leads to lower prices and benefits the environment in the form of lower acid and smog emissions. Continued exercise of market power leads to postponed investments and more diversity in the technology portfolio, while under perfect competition there is an earlier switch to gas-based technologies. (author)

Regulation of distribution grid prices at the beginning of market liberalisation - Experience in Norway and Sweden

International Nuclear Information System (INIS)

Filippini, M.; Wind, J.; Luchsinger, C.

2001-01-01

This report for the Swiss Federal Office of Energy (SFOE) reviews the experience gained in the deregulation of electricity distribution grids in Norway and Sweden and compares it with the possible options for Switzerland. The report looks at the requirements placed on the future Swiss regulation of electricity distribution grids and the various regulation models such as Rate-of-Return, Price-Cap, Revenue-Cap and Benchmarking that could be used in the short and long term. The choice of Sweden and Norway from the list of countries with liberalised electricity markets is discussed. The results of the study of the two countries are discussed individually, including the structure of the sector, the various stages of deregulation, the main characteristics encountered at the start of deregulation, regulation of grid prices at the beginning of liberalisation and experience gained in each case. The report is supplemented by a comprehensive list of the sources used

Marketing Financial Aid

Science.gov (United States)

Huddleston, Thomas, Jr.; Batty, Burt F.

1978-01-01

Student financial assistance services are becoming a major part of the institutional marketing plan as traditional college-age students decline in numbers and price competition among institutions increases. The effect of financial aid on enrollment and admissions processes is discussed along with the role of the financial aid officer. (Author/LBH)

Cooperative Takaful for Non-Banking Financial Institutions: Islamization of SOCSO in the case of Malaysia

Directory of Open Access Journals (Sweden)

Azman Mohd Noor

2017-01-01

Full Text Available By the introduction of Takaful as an alternative for conventional insurance in the early 1980s and with more than 30 year experience in Islamic Banking and Finance, it is time for Malaysia to make a move in completing its Islamic financial ecosystem by islamizing non-Banking Financial Institutions. This paper aims to investigate a potential approach to apply the concept of cooperative Takaful in transforming the Social Security Organization (SOCSO into a Shariah-compliant institution using the concept of cooperative Takaful by emphasizing the similarity between current practices of SOCSO and cooperative Takaful. This paper highlights the difference between normal Takaful and cooperative Takaful. This paper proposes that the cooperative Takaful i.e. Musharakah Ta’awuniyyah model to aid the integration and transformation of SOCSO into a Shariah compliant institution. The contribution of this paper is twofold: First, this paper contributes to the existing literature on application of Musharakah Ta’awuniyyah as another alternative for the Takaful model. Second, it provides the possibility for SOCSO to convert its operation to Shariah compliant concept.

78 FR 24593 - Notice of Finding That Kassem Rmeiti & Co. For Exchange Is a Financial Institution of Primary...

Science.gov (United States)

2013-04-25

.... For Exchange Is a Financial Institution of Primary Money Laundering Concern AGENCY: Financial Crimes... United States that is of primary money laundering concern. DATES: The finding referred to in this notice... the anti- money laundering provisions of the Bank Secrecy Act (``BSA''), codified at 12 U.S.C. 1829b...

29 CFR 2550.408b-6 - Statutory exemption for ancillary services by a bank or similar financial institution.

Science.gov (United States)

2010-07-01

....408b-6 Statutory exemption for ancillary services by a bank or similar financial institution. (a) In... service is consistent with sound banking and financial practice, as determined by Federal or State... 29 Labor 9 2010-07-01 2010-07-01 false Statutory exemption for ancillary services by a bank or...

A green certificate market combined with a liberalised power market

International Nuclear Information System (INIS)

Morthorst, P.E.

2003-01-01

The development of renewable energy sources is expected to play an important role in the implementation of greenhouse gas (GHG) reduction targets in the EU member states. Among the highly relevant instruments for promoting the renewable development is the establishment of a market for tradable green certificates (TGCs) and markets based on TGCs or equivalent instruments are already established a number of places, among these Australia, Holland, England, Italy and Texas. Other countries are in the preparation phase. Sweden and Belgium (Flanders) are moving fast towards certificate-schemes, while although an early mover the Danish Parliament has postponed the introduction in Denmark until 2004-2005. The initiatives for establishing national TGC-markets are very much in line with the fixed targets for renewable development launched by the EU-commission. Thus, although the different countries have not chosen the same concept for establishing national TGC-markets, nevertheless there seems to be a good starting point for establishing an international one. This paper discusses the separate introduction of an international tradable green certificate market into a liberalised power market, especially in relation to cost-effectiveness and the possible contributions to national GHG-reduction strategies. The combination of a TGC and a liberalised power market encounters a number of problems in relation to achieving national GHG-reduction targets. One of the main results from a three-country case study described in the paper is that those countries most ambitious in renewable target setting by increasing their TGC-quotas will only partly be gaining the CO 2 -reduction benefits themselves. How large a share they gain themselves will depend only on the marginal conditions at the spot market

Investments in liberalised power markets

International Nuclear Information System (INIS)

Grenaa Jensen, S.; Meibom, P.

2005-01-01

There is considerable uncertainty in the Nordic electricity system with respect to the long-term development in production capacity. The process towards liberalisation of the electricity sector started with a situation of a large capacity margin, but this margin is gradually vanishing. Since the potential investors in new production capacity are unaccustomed with investments under the new regime, it is unknown if and when investments will take place. The purpose of the present study is to analyze if and when investors choose to invest in new electricity production capacity depending on their existing portfolio of power producing units. Electricity price scenarios generated with a partial equilibrium model (Balmorel) are combined with a model of investment decisions. In this, various scenarios concerning the development in the Nordic power market, such as new transmission lines between neighbouring countries, more installed wind power, and changes in CO 2 emission trading costs, are used to investigate the consequences for investments in a natural gas fired, combined cycle power plant. The main result of the analysis is that new investments are highly sensitive to investors existing power production portfolio, as new production units affect the merit order in the power market, i.e. compete with the existing power plants. (au)

Demands on thermal power plants in the liberalised energy market

International Nuclear Information System (INIS)

Hein, D.; Kwanka, K.; Fischer, T.

2005-01-01

In the liberalised energy market, a diversified set (''mix'') of power plants will be needed. By investigating present and anticipated future criteria in detail, available technologies and outlines of further development are identified and discussed. Among them, concepts for efficiency-optimised base load plants as well as units with an improved cycling operation capability are both attributed to a specific valued benefit. Following the demand for a significant reduction of the overall greenhouse gas emissions, centralised power plants fed by fossil fuels and modified for retention of CO 2 are needed to guarantee a supply of energy at moderate costs in the 21st century. (author)

Does financial literacy improve financial inclusion? Cross country evidence

OpenAIRE

Grohmann, Antonia; Klühs, Theres; Menkhoff, Lukas

2017-01-01

While financial inclusion is typically addressed by improving the financial infrastructure we show that financial literacy, representing the demand-side of financial markets, also has a beneficial effect. We study this effect at the cross-country level, which allows to consider institutional variation. Regarding "access to finance", financial infrastructure and financial literacy are mainly substitutes. However, regarding the "use of financial services", the effect of higher financial literac...

The Analysis of the Customer Request Processing in a Financial Institution

Directory of Open Access Journals (Sweden)

Maria NEAGU

2013-03-01

Full Text Available his paper presents the numerical simulation of the customer requests processing by generalists and specialists in a financial institution using ARENA software. The model considers three types of requests: standard requests, direct special requests and special requests received by telephone or e-mail. The requests processing time and costs receive a detailed analysis: the processing time, the waiting time and the total time, the requests number and the requests cost dependencies as a function of the standard requests incoming frequency are presented.

Power market liberalisation: an opportunity for the hydroelectricity?

International Nuclear Information System (INIS)

Loth, P.

2001-01-01

This article discusses the future of hydroelectricity in the light of the ongoing liberalisation of the European power market. Compared to fossil electricity, hydroelectricity is a renewable energy source, has a limited impact on the environment, is able to meet strong variations of power demand, but is a little bit more costly. Hydroelectric companies expect the introduction of a quality label for their product as well as the increasing awareness of consumers for environmental aspects to become strong incentives for them to subscribe on green energy despite its higher cost. The cost difference will also be partly reduced by the introduction of a pollution tax on fossil energy sources. Figures on hydroelectricity capacity production, currently and in the near future, in the countries surrounding the Alps are presented. As an example, the business strategy of a Swiss electricity utility is shortly described

Cooperation or Competition: An Evolutionary Game Study between Commercial Banks and Big Data-Based E-Commerce Financial Institutions in China

Directory of Open Access Journals (Sweden)

Yi Zhao

2015-01-01

Full Text Available On the premise of participants’ bounded rationality and information asymmetry, this paper focuses on the cooperation or competition relationship between Chinese e-commerce financial institutions and commercial banks from the perspective of dynamic game. Theoretical mathematical model is built to analyze an evolutionary stable strategy under different conditions. We adopt real-life data set collected in Alibaba’s network credit loan business case and Jingdong’s supply chain financing business case to verify the evolution process of cooperation and competition relationship. The results show that (cooperation, cooperation is bound to be the evolutionary stable strategy (ESS and cooperation tends to be increasingly in-depth and expansive for commercial banks as well as e-commerce financial institutions in China. The complementarity of participants’ core competitiveness is explored as the root of cooperation. Finally, strategic suggestions are put forward on cooperation between e-commerce financial institutions and commercial banks.

Market liquidity and financial stability.

OpenAIRE

Crockett, A.

2008-01-01

Stability in financial institutions and in financial markets are closely intertwined. Banks and other financial institutions need liquid markets through which to conduct risk management. And markets need the back-up liquidity lines provided by financial institutions. Market liquidity depends not only on objective, exogenous factors, but also on endogenous market dynamics. Central banks responsible for systemic stability need to consider how far their traditional responsibility for the health ...

76 FR 23859 - Financial Management Service Proposed Collection of Information; Financial Institution Agreement...

Science.gov (United States)

2011-04-28

... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service Proposed Collection of... Management Service, Fiscal Service, Treasury. ACTION: Notice and request for comments. SUMMARY: The Financial... collection. By this notice, the Financial Management Service solicits comments concerning the FMS 458 and FMS...

77 FR 35964 - Update to Notice of Financial Institutions for Which the Federal Deposit Insurance Corporation...

Science.gov (United States)

2012-06-15

... appointed the sole receiver for the following financial institutions effective as of the Date Closed as... Charleston SC 6/8/2012 Savings Bank. 10442 Farmers' Bank and Shabbona IL 6/8/2012 Traders' State. 10443 First...

Multiple intelligence: ethical leadership feature consistent financial institutions.

Directory of Open Access Journals (Sweden)

Diamela Nava

2015-03-01

Full Text Available This study aims to make a theoretical underpinning contrast analysis on the multiple intelligences: consistent feature of Ethical Leadership in Financial Institutions. However, this research was conducted under a qualitative approach, a descriptive, using document analysis, which eventually might be considered that would support multiple intelligences to implement certain capabilities, to achieve the objectives with the purpose and from the rational point of view, to know how to establish significant changes in some ways it is, the way to assess the cognitive abilities of integrating human talent in organizations. Therefore, the role of the leader is to guide and support the development of human potential in their group as a community of interest in order to achieve the aspirations of the organization using intelligence as a strategic tool in different ways to not limit your imagination, judgment, and cooperative action.  

Task 9. PV deployment in developing countries. Institutional framework and financial instruments for PV deployment in developing countries

Energy Technology Data Exchange (ETDEWEB)

NONE

2003-09-15

This report for the International Energy Agency (IEA) made by Task 9 of the Photovoltaic Power Systems (PVPS) programme takes a look at the institutional framework and financial instruments necessary for PV deployment in developing countries. This guide describes the institutional and financial aspects that need to be addressed to ensure that a long term sustainable (and profitable) PV market is established in developing countries. The guide details main fundamental functions that need to be performed such as the agents needed to perform the functions and their differing roles within the framework, the relationships between these agents and the financial instruments available. It is stated that the majority of the aspects recommended in this guide can be adopted to two main PV deployment models: direct sales and rural electrification and development programmes. It is noted that both approaches will have to be tailored and adapted to local conditions.

CORPORATE GOVERNANCE IN FINANCIAL INSTITUTIONS: AN APPLICATION ON THE ISTANBUL STOCK EXCHANGE

OpenAIRE

MELEK ACAR BOYACIOGLU; YUNUS EMRE AKDOGAN

2010-01-01

Corporate governance forms a system in which the objectives of the firm is determined, and points out the ways to achieve these aims and how performance is to be assessed. An efficient corporate governance system both at firm-level and economy in general will provide trust, which is necessary for the market economy to operate properly. Especially negative effects of the problems on economy which can result from deficiencies in the corporate governance of financial institutions urge that speci...

The Broadening of Activities in the Financial System : Implications for Financial Stability and Regulation

NARCIS (Netherlands)

Wagner, W.B.

2006-01-01

Conglomeration and consolidation in the financial system broaden the activities financial institutions are undertaking and cause them to become more homogenous.Although resulting diversification gains make each institution appear less risky, we argue that financial stability may not improve as total

Financial and Non-financial Institutions and Small Business ...

African Journals Online (AJOL)

The two important ingredients for business development are finance and skill. Small business enterprises in most countries suffer from financial constraints and lack of entrepreneurial skill. There has been a crucial lack of business start-up training in Botswana, which has led to small business failures. The study covered fifty ...

How to teach an old dog new tricks: liberalisation of the electricity market in Austria

International Nuclear Information System (INIS)

Lechner, H.

2000-01-01

This paper will present the core elements of the existing legal framework for the Austrian electricity sector embodied in the Electricity Act of August 1998, and will also focus on the amendments approved in July 2000 which will result in a 100% market opening by October 2001. It will also highlight some major experiences during the first 2 years of liberalisation in Austria. (author)

Institutional Design of Enforcement in the EU: The Case of Financial Markets

Directory of Open Access Journals (Sweden)

Miroslava Scholten

2014-12-01

Full Text Available Enforcement of EU law has become increasingly ‘Europeanized’. But how is and can it be organized in the integrated legal order of the EU to promote effective enforcement? In light of the recent institutional and substantive changes in the area of EU financial markets regulation, this article identifies four models (S, M, L, and XL models of enforcement of EU law. It discusses the possibilities and challenges to effective enforcement of each of such models and the major trade-offs which policy-makers face at the EU and national levels when designing enforcement frameworks, namely centralization vs. decentralization (an institutional perspective and harmonization vs. differentiation (substantive and procedural perspectives. It argues that at least a minimum degree of institutional centralization is necessary to promote the uniform enforcement and implementation of EU policies in a Union with 28 legal systems. The more specific details, such as specific institutional shape of centralized bodies (should it be a network, an agency or an EU institution? and of the distribution of functions between the national and EU level are better addressed on a case-by-case basis in light of the political, economic, and social characteristics of the sector at stake.

Financial Liberalization and Financial Fragility

OpenAIRE

Enrica Detragiache; Asli Demirgüç-Kunt

1998-01-01

The authors study the empirical relationship between banking crises and financial liberalization using a panel of data for 53 countries for 1980-95. They find that banking crises are more likely to occur in liberalized financial systems. But financial liberalization's impact on a fragile banking sector is weaker where the institutional environment is strong--especially where there is respect for the rule of law, a low level of corruption, and good contract enforcement. They examine evidence o...

Authors of clinical trials reported individual and financial conflicts of interest more frequently than institutional and nonfinancial ones: a methodological survey.

Science.gov (United States)

Hakoum, Maram B; Jouni, Nahla; Abou-Jaoude, Eliane A; Hasbani, Divina Justina; Abou-Jaoude, Elias A; Lopes, Luciane Cruz; Khaldieh, Mariam; Hammoud, Mira Z; Al-Gibbawi, Mounir; Anouti, Sirine; Guyatt, Gordon; Akl, Elie A

2017-07-01

Conflicts of interest (COIs) are increasingly recognized as important to disclose and manage in health research. The objective of this study was to assess the reporting of both financial and nonfinancial COI by authors of randomized controlled trials published in a representative sample of clinical journals. We searched Ovid Medline and included a random sample of 200 randomized controlled trials published in 2015 in one of the 119 Core Clinical Journals. We classified COI using a comprehensive framework that includes the following: individual COIs (financial, professional, scholarly, advocatory, personal) and institutional COIs (financial, professional, scholarly, and advocatory). We conducted descriptive and regression analyses. Of the 200 randomized controlled trials, 188 (94%) reported authors' COI disclosures that were available in the main document (92%) and as International Committee of Medical Journal Editors forms accessible online (12%). Of the 188 trials, 57% had at least one author reporting at least one COI; in all these trials, at least one author reported financial COI. Institutional COIs (11%) and nonfinancial COIs (4%) were less commonly reported. References to COI disclosure statements for editors (1%) and medical writers (0%) were seldom present. Regression analyses showed positive associations between reporting individual financial COI and higher journal impact factor (odds ratio [OR] = 1.06, 95% confidence interval [CI] = 1.02-1.10), larger number of authors (OR = 1.10, 95% CI 1.02-1.20), affiliation with an institution from a high-income country (OR = 16.75, 95% CI 3.38-82.87), and trials reporting on pharmacological interventions (OR = 2.28, 95% CI 1.13-4.62). More than half of published randomized controlled trials report that at least one author has a COI. Trial authors report financial COIs more often than nonfinancial COIs and individual COIs more frequently than institutional COIs. Copyright © 2017 Elsevier Inc. All rights

Market-based approach to financial architecture

NARCIS (Netherlands)

Underhill, G.R.D.; Caprio, G.; Beck, T.; Claessens, S.; Schmukler, S.L.

2013-01-01

The institutions of financial governance are central to the prospects for financial stability. Without sound regulatory and supervisory institutions, herd behavior and market failure looms large in a liberal financial system. Cross-border and cross-sectoral financial market integration exacerbates

ICAF Financial Services Industry Study

Science.gov (United States)

2005-06-01

Mishkin , Frederic S. and Stanley G. Eakins. Financial Markets + Institutions . Boston, MA: Addison Wesley. 2003... Financial Markets , Federal Reserve Bank of New York, 1998. Mishkin , Frederic S. and Eakins, Stanley G., Financial Markets + Institutions , Fourth...discussion of the industry would be complete without an understanding of the concept of moral hazard in the financial markets . According to Mishkin

17 CFR 449.2 - Form G-FINW, notification by financial institutions of cessation of status as government...

Science.gov (United States)

2010-04-01

.... This form is to be used by financial institutions that are government securities brokers or dealers to... available from the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the...

Liberalisation and Market Opening Versus Energy Policy and Regulation Proposals: the German Experiences

International Nuclear Information System (INIS)

Wieners, J.

2001-01-01

In 1998 the German electricity market became fully liberalised for competition. Prices for all consumer groups recorded a considerable drop. Service centres accepted measures for cost reduction, new strategies resulted in mergers. However, in view of economic efficiency, the German Government set life surroundings as the primary task. With new electricity market regulation numerous grants were introduced into renewable energy sources as well as the combined production of heat and electricity, which had a destabilising effect on all price savings on the part of the competition.(author)

Liberalising trade in health services: constraints and prospects for South Asian countries.

Science.gov (United States)

Khatun, Fahmida; Ahamad, Mazbahul

2015-01-01

This paper attempts to examine the prospects and challenges associated with liberalising trade in health services in five South Asian countries, namely Bangladesh, India, Nepal, Pakistan and Sri Lanka. Country-specific secondary information, a brief literature review of empirical studies and debriefing sessions with key stakeholders are employed to explore the issues related to liberalising health services trade. The health sectors in India, Nepal and Pakistan are scheduled under General Agreement on Trade in Services (GATS) classification, whereas those in Bangladesh and Sri Lanka are not. In Bangladesh, there is opportunity for investment in joint venture hospitals under Mode 3. Nonetheless, India is the largest trader in health services under all four modes. In Sri Lanka, cross-border trade in healthcare services is found to be insignificant. Moreover, expertise in eye treatment in Nepal could also attract foreign investment in medical services under Mode 3. In contrast, Pakistan exhibits no potential under Mode 4, because of a lack of healthcare professionals. In this view, the prospects of trade in health services within the South Asian region under the four GATS modes are constrained by infrastructural, regulatory, perception-related, logistical and cultural problems. Considering the level of development and commercial opportunities, regional integration in the health sector could be explored in such areas as telemedicine, medical tourism, cross-border investment and capacity building of health personnel. These developments call for stronger and pro-active government-to-government collaboration in the South Asian Association of Regional Cooperation (SAARC) region in a transparent and accountable manner. Copyright © 2013 John Wiley & Sons, Ltd.

Financial Crises and Automotive Industry Development in Southeast Asia

DEFF Research Database (Denmark)

Doner, Richard F.; Wad, Peter

2014-01-01

The automotive industries of Southeast Asia have grown significantly but unevenly. Thailand has outperformed its neighbours in Malaysia, Indonesia and the Philippines with regard to production and, most notably, export volumes. But the Thai auto industry has not exhibited the level of local...... (indigenous) technology capacity and input growth seen in South Korea, Taiwan and, increasingly, in China. The 1997–98 and 2008 financial and economic crises generally reinforced pre-existing national automotive strategies, but to different degrees: They strongly accelerated an earlier Thai move to exports...... whose very success weakened pressures for upgrading; encouraged more moderate automotive liberalisation in Indonesia and, to a lesser extent, in the Philippines; but promoted only minimal changes to Malaysia’s relatively protectionist national car strategy. The fact that the crises served more...

The region-of-origin effect on the preferences of financial institution's customers: Analysis of the influence of ethnocentrism

Directory of Open Access Journals (Sweden)

José Manuel García-Gallego

2016-07-01

Full Text Available The financial crisis that started in the USA in 2007 has obliged many small financial entities in southern Europe to undertake mergers in order to comply with the stability and solvency policies established by the European Central Bank. In Spain, this situation has led to a profound restructuring of the financial system, obliging many of these institutions to decide whether or not to maintain their regional brand identity after such a merger. The purpose of this study was twofold: on the one hand, to analyze the importance customers attach to the origin of their usual financial institution and the relative utility they give to the three levels of brand origin presented: regional, national and foreign, and, on the other, to assess whether consumers’ level of ethnocentrism modifies their preference structure and, if so, to identify the profile of the individuals composing each segment. The technique of Conjoint Analysis was applied to a survey of 427 customers. The results showed the bank's to be the attribute with the greater importance in forming customers’ preferences than other characteristics of the institution such as the treatment by employees, the location of offices, the electronic banking services, and the number of social activities the entity carries out in the region. In addition, the respondents prefer regional brand origin over national and foreign. Both the importance and the utility attached to the regional brand origin increase with higher levels of consumer ethnocentrism. The findings of this study will serve to these entities as a guide for their decision-making regarding brand management.

European schemes for promoting renewables in liberalised markets

International Nuclear Information System (INIS)

Meyer, Niels I.

2003-01-01

The paper describes possibilities and problems for penetration of supply systems based on renewable energy sources in liberalised markets. The analysis is based on recent development in EU with different models for support of installations based on renewable energy. These include feed-in models with guaranteed minimum tariffs, tender models for different bands of technologies, and green certificates trading models with obligatory consumer quota. The paper describes the market situation in selected European countries, including Germany, the UK, Holland and Denmark. An EU directive from September 2001 has postponed the decision on a possible harmonisation of promotional models until at least 2005 in order to obtain more practical experience with the different support schemes. A critical evaluation is given in this paper of the different models with proposals for a balanced development between environmental and trading concerns. It is argued that too much emphasis is presently given to the side of free trade at the expense of long range planning for a sustainable energy development

Corporate Governance and Islamic Social Responsibility Disclosure In Kuwaiti Shariah Compliant Financial Institutions

OpenAIRE

Al-Shammari, B.

2012-01-01

This study examines the relationship between corporate governance characteristics and the extent of Islamic social responsibility disclosure in Kuwait. The annual reports of 40 Shariah-compliant financial institutions listed on the Kuwait Stock Exchange in 2010 are examined. Four major corporate governance characteristics are investigated: 1) the existence of a Shariah supervisory board; 2) the number of board members; 3) the proportion of non-executive directors to the total number of di...

Financial Regulations and the Diversification of Funding Sources in Higher Education Institutions: Selected European Experiences

Science.gov (United States)

Stachowiak-Kudla, Monika; Kudla, Janusz

2017-01-01

The paper addresses the problem of the financial regulations' impact on the share of private financing in higher education institutions (HEIs). The authors postulate the trade-off between the size and stability of public financing and the regulations fostering stability of HEIs' funds. If the public sources are insufficient then the regulations…

Wind power and a liberalised North European electricity exchange

Energy Technology Data Exchange (ETDEWEB)

Nielsen, L H; Morthorst, P E; Skytte, K [and others

1999-03-01

Conditions for wind power on a liberalised North European electrical power market are addressed in the paper. Results are presented from a recently completed study carried out by Risoe National Laboratory in collaboration with the Danish electric utilities Eltra, Elsam and Elkraft. A main result from the study is, that the market will be able to provide the necessary power regulation, that will be required year 2005 as consequence of the expected wind power capacity extension, according to the Danish energy plan, Energy21. The averege sales price on the market for the wind-generated electricity is less than the average spot market price, due to provision of power regulation to balance the unpredictability of the wind power. This reduction in the market value of wind power has been calculated to 10-20 DKK/MWh of 1.3-2.7 EUR/MWh. (au)

Assessing Borrower's and Business' Factors Causing Microcredit Default in Kenya: A Comparative Analysis of Microfinance Institutions and Financial Intermediaries

Science.gov (United States)

Muthoni, Muturi Phyllis

2016-01-01

A major concern on microcredit repayment remains a major obstacle to the Micro Financial Institutions (MFIs) and Financial Intermediaries (FIs) in Kenya. The health of MFI sector in Sub Sahara Africa (SSA) is a cause of concern due to the increased portfolio at risk (PAR). This region records the highest risk globally. Its PAR 30 is greater than 5…

Features of the Institutional Structure of the Polish Stock Market under Conditions of Transformational Changes in the Global Financial Environment

Directory of Open Access Journals (Sweden)

Goncharenko Nataliia I.

2017-03-01

Full Text Available Under modern conditions of transformational changes in the global financial environment, the international stock market acquires stable features of activization of investment activity, formation of a large network of professional participants in the stock market and its multi-level institutional structure, expansion of the range of trade in securities, access of economic entities of different countries to financial resources and diversification of mechanisms of concentration, etc. There conducted a study of peculiarities of the institutional structure of the Polish stock market in the context of transformational changes in the global economic system. The factors influencing the volume of capitalization of the Warsaw Stock Exchange are analyzed; the dependence of the capitalization of the Exchange on foreign portfolio investments in shares of Polish issuers is revealed. Based on the results of own calculations of multiple correlation coefficients, the level of dependence between capital stock market indicators and assets of such financial institutions in Poland as investment and open pension funds, insurance companies is determined, and a significant interconnection of assets of investment and open pension funds and insurance companies is revealed. The obtained results can become a basis for institutional investors in the process of making effective decisions on expanding the range of trading in securities.

Liberalisation of the EU gas market. Lessons learned from other markets and countries

International Nuclear Information System (INIS)

Bisgaard, T.

2003-11-01

In this report the EU's Gas Directive 2003/55/EC is evaluated to determine whether it lays an adequate regulatory foundation to create and enhance a future competitive gas market in Europe; at national level as well as across borders. The aim is to enable the gas market to become an integrated part of the European single market. Experiences are drawn upon from the electricity and telecom markets, and from the UK and the US, that have undergone similar liberalisation processes. A market in transition from a monopoly to a liberalised market should be subject to a certain kind of regulation that is not applicable to other markets. The regulation must be designed in a way that gives the market room for development. The evaluation in this report is based on four requirements deemed important by the OECD for a changing market like the gas market. The four requirements that should be considered when regulating the gas market are: 1. Third party access to infrastructure, 2. The degree of un-bundling, 3. The regulation of tariffs, and 4. The type of regulatory authority to oversee the gas market. The report concludes that the Gas Directive provides sufficient regulation for creating competition in the national gas markets, but that it is vital to provide legislation that will harmonise rules across Europe and create the appropriate incentives for future investments in the gas structure. (BA)

Assisted dying in liberalised jurisdictions and the role of psychiatry: a clinician's view.

Science.gov (United States)

Macleod, Sandy

2012-10-01

Assisted dying is a contentious and topical issue. Mental disorder is a relevant influence on requests of hastened death. The psychiatry of dying is not a prominent component in the assessment of euthanasia and physician-assisted suicide (PAS) in jurisdictions with liberalised assisted dying laws. The literature on the assessment processes, with particular reference to mental status, involved in euthanasia requests is considered. An experienced palliative medicine specialist and psychiatrist selectively reviewed the recent literature published about the mental health issues involved in euthanasia and PAS. Assessments of competency, sustained wish to die prematurely, depressive disorder, demoralisation and 'unbearable suffering' in the terminally ill are clinically uncertain and difficult tasks. There is a growing psychiatric and psychological literature on the mental status of the terminally ill. As yet psychiatry does not have the expertise to 'select' those whose wish for hastened death is rational, humane and 'healthy'. Rarely in those societies with liberalised assisted dying laws are psychiatrists involved in the decision-making for individuals requesting early death. This role is fulfilled by non-specialists. There remain significant concerns about the accuracy of psychiatric assessment in the terminally ill. Mental processes are more relevant influences on a hastened wish to die than are the physical symptoms of terminal malignant disease. Psychiatric review of persons requesting euthanasia is relevant. It is not obligatory or emphasised in those legislations allowing assisted dying. Psychiatry needs to play a greater role in the assessment processes of euthanasia and PAS.

Can a return to Glass-Steagall provide financial stability in the US financial system?

Directory of Open Access Journals (Sweden)

Jan Kregel

2010-01-01

Full Text Available In the immediate aftermath of the current financial crisis in the United States the response has been to resolve small and medium size banks, while large banks experiencing financial trouble have been given both direct and indirect government support. This, however, has resulted in a number of larger banks absorbing smaller ones, creating an even smaller number of even larger banks that dominate the financial system. This article deals first with a comparison of the problems created by “too big to fail†financial institutions. The second section deals with the possible restoration of Glass-Steagall type legislation as a means of restoring single-function financial institutions. It concludes that alternatives to separation of functions will have to be found to deal with multifunction financial institutions since most lending activity requires securities markets activities.

Regulating financial markets: Costs and trade-offs

NARCIS (Netherlands)

Górnicka, L.A.

2015-01-01

This thesis studies the interactions between the institutional design of financial systems, and the financial agents that regulatory institutions supervise. It explores the channels through which financial regulation affects financial agents’ lending, funding, and risk-taking decisions. By

Future of European Financial Supervision, Towards a European System of Financial Supervisors

NARCIS (Netherlands)

Arons, T.M.C.

The 2008 financial crisis made clear the shortcomings in the European structure of financial supervision. In the cur­rent system of financial supervision the financial supervi­sor of the home Member State is in principle the only autho­rity entitled to supervise financial institutions even in case

17 CFR 449.1 - Form G-FIN, notification by financial institutions of status as government securities broker or...

Science.gov (United States)

2010-04-01

... Securities Exchange Act of 1934. This form is to be used by financial institutions that are government... Currency, the Federal Deposit Insurance Corporation, the Director of the Office of Thrift Supervision and...

The Development of Non-bank Financial Institutions in Ukraine : Policy Reform Strategy and Action Plan

OpenAIRE

Noel, Michel; Kantur, Zeynep; Prigozhina, Angela; Rutledge, Sue; Fursova, Olena

2006-01-01

The prospect of European integration presents huge opportunities and challenges for the development of non-bank financial institutions (NBFIs) in Ukraine. By most measures, the development of the NBFI sector in Ukraine lags far behind that of recent accession countries in Central Europe. To address the main impediments facing the development of the sector, the Ukrainian authorities need to...

Financial Risk Management

OpenAIRE

Catalin-Florinel Stanescu; Laurentiu Mircea Simion

2011-01-01

Concerns about the financial risk is increasing. In this climate, companies of all types and sizes want a robust framework for financial risk management to meet compliance requirements, contribute to better decision making and increase performance. Financial risk management professionals working with financial institutions and other corporate clients to achieve these objectives.

Russia’s Financial Markets and Financial Institutions in 2012

OpenAIRE

Andrei Alaev; Arseny Mamedov; Vladimir Nazarov

2013-01-01

This paper deals with the issue of intergovernmental fiscal relations and subnational finances in Russia. The authors focus on the issue of subnational budgets in 2012, financial support from the federal budget. The point out to how the federal authorities stimulate the constitutent territories on the Russian Federation.

Financial Market Regulation in Germany - Capital Requirements of Financial Institutions

Directory of Open Access Journals (Sweden)

Daniel Karl Detzer

2015-03-01

Full Text Available This paper examines capital adequacy regulation in Germany. The first part reviews capital adequacy regulation from the 1930s up to the financial crisis and identifies two main trends: a gradual softening of the eligibility criteria for equity and increasing reliance on internal risk models. While the first trend has been reversed following the financial crisis, internal risk models still play a central role. Therefore, the second part discusses the problems with the use of internal risk models and discusses the potentials of Basel 2.5 and Basel III to alleviate the identified problems. It is concluded that the relevant problems are not resolved. Therefore, in the final part some suggestions of how the problems could be addressed properly are given.

How Consumer Trust in Financial Institutions Influences Relationships Between Knowledge, Cognitive Effort and Financial Healthiness

DEFF Research Database (Denmark)

Hansen, Torben

2014-01-01

Trust not only relates to customer trust in individual financial companies (i.e., narrow-scope trust) but also relates to the broader business context in which consumers carry out their financial decisions (i.e., broad-scope trust). Based on two surveys comprising 1,155 bank consumers and 764...... pension consumers, respectively, the results of this study indicate that broad-scope trust negatively moderates relations between knowledge and financial healthiness and between cognitive effort and financial healthiness. In addition, it is demonstrated that broad-scope trust negatively influences...... cognitive effort and positively influences financial healthiness....

17 CFR 449.3 - Form G-FIN-4, notification by persons associated with financial institutions that are government...

Science.gov (United States)

2010-04-01

... § 400.4 of this chapter. This form is to be used by associated persons of financial institutions that... Governors of the Federal Reserve System, the Comptroller of the Currency, the Federal Deposit Insurance...

Energy Data Management (EDM) in a liberalised energy market

International Nuclear Information System (INIS)

Ulbricht, R.

2004-01-01

This article discusses the role of Energy Data Management (EDM) in a liberalised Swiss energy market in the light of increasing international dynamics in this area. The requirements placed on such EDM systems are reviewed and the changes necessary in the structures and processes of electricity supply organisations are discussed. A possible design for future software systems is presented. Such systems have to be flexible enough to cover various structural possibilities as Swiss legislation on the subject has not yet been passed. The handling of data on energy-flow balances when third-party power is transferred in shared mains systems is discussed and scheduling aspects of power generation and transmission are looked at. The billing of power to customers with a free choice of supplier is looked at, as is the situation involving utilities that supply not only electricity but gas, district heating and water too

[THE RESULTS OF CLINICAL AND PSYCHOPATHOLOGICAL AND PSYCHOLOGICAL DIAGNOSTIC INVESTIGATIONS EMPLOYEES OF FINANCIAL INSTITUTIONS WHICH WERE IDENTIFIED NEUROTIC DISORDERS].

Science.gov (United States)

Solovyova, M

2014-12-01

The article presents the results of the clinical and psychopathological and psychological diagnostic, investigations mental health employees of financial institutions, description and analysis of clinical forms identified disorders.

Bye, Bye Financial Repression, Hello Financial Deepening: The Anatomy of a Financial Boom