WorldWideScience

Sample records for financial liberalisation institutional

  1. Linkages between financial development, financial instability, financial liberalisation and economic growth in Africa

    OpenAIRE

    Enowbi Batuo, M.; Mlambo, Kupukile; Asongu, Simplice

    2017-01-01

    In the aftermath of the 2008 global financial crisis, the implications of financial liberalisation for stability and economic growth has come under increased scrutiny. One strand of literature posits a positive relationship between financial liberalisation and economic growth and development. However, others emphasise the link between financial liberalisation is intrinsically associated with financial instability which may be harmful to economic growth and development. This study assesses ...

  2. Financial liberalisation and the dynamics of firm leverage in a transitional economy: evidence from South Africa

    Directory of Open Access Journals (Sweden)

    Chimwemwe Chipeta

    2012-06-01

    Full Text Available This paper examines the dynamics of corporate capital structures for listed non-financial firms in South Africa. The dynamic models of capital structure have been utilised to document several findings of empirical significance. First, transaction costs reduce dramatically in the post liberalisation regime, and the associated speed of adjustment is more pronounced, and statistically significant for the post liberalisation epoch. Second, financial liberalisation has a significant impact on the capital structure speed of adjustment. Third, the results confirm most of the theoretical predictions of capital structure theories; however, the relationship is more significant in the post liberalised regime. Finally, new evidence has been revealed on what determines the debt maturity structure of firms in a transitional economy.

  3. Financial Liberalisation And Determinants of Profitability of Commercial Banks in India

    OpenAIRE

    Naidu, V.Nagarajan; Nair, Manju S

    2014-01-01

    Financial liberalisation efforts since 1991 have made perceptible impacts on the profitability of commercial banks in India with varying levels between public and private sectors. One of the objectives of the reform measures is to influence and change in the trends of determinants of profitability of banks towards the attainment of higher levels of profit. The regulated credit flow region wise and sector wise, restriction on the use pattern of deposit mobilised, prudential accountancy nor...

  4. 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...

  5. Canada and international financial institutions

    OpenAIRE

    Robert Lafrance; James Powell

    1996-01-01

    International financial institutions, such as the International Monetary Fund, the World Bank and the Bank for International Settlements, are important players in the global financial system. This article provides an overview of the major international financial institutions to which Canada belongs. The paper highlights their activities and the nature of Canada's involvement, including that of the Bank of Canada. Recent initiatives coming out of the Halifax and Lyon Summits to improve the eff...

  6. 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.

  7. 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

  8. 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.

  9. 12 CFR 561.19 - Financial institution.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Financial institution. 561.19 Section 561.19... AFFECTING ALL SAVINGS ASSOCIATIONS § 561.19 Financial institution. The term financial institution has the same meaning as the term depository institution set forth in 12 U.S.C. 1813(c)(1). ...

  10. 31 CFR 596.303 - Financial institution.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Financial institution. 596.303 Section 596.303 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE... REGULATIONS General Definitions § 596.303 Financial institution. The term financial institution shall have the...

  11. 31 CFR 210.8 - Financial institutions.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Financial institutions. 210.8 Section... CLEARING HOUSE General § 210.8 Financial institutions. (a) Status as a Treasury depositary. The origination or receipt of an entry subject to this part does not render a financial institution a Treasury...

  12. Financial institutions as an example of institutions of public trust

    OpenAIRE

    Agata Jakubowska

    2013-01-01

    Financial institutions are commonly known as institutions of public trust and they are fundamental for activities of other economic entities. The level of trust determines the competitive position of financial institutions. That is why care about the best standards is the most important task for these institutions. Financial institutions are called institutions of public trust and thus high professionalism and more responsibility is demanded from them. This article presents basic problems con...

  13. 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).

  14. Financial Analysis of the Financial Institutions Sector in Kosovo

    Directory of Open Access Journals (Sweden)

    Vlora Prenaj

    2015-12-01

    Full Text Available Paper work “Financial analysis of the financial institutions sector in Kosovo” treats financial sector in Kosovo. Paper work contains the current position of the economy, economic prospects and macroeconomic projections for the financial sector in Kosovo, future potential and possibilities of financial sector in Kosovo. The main goal of this research is financial analysis of Kosovo financial institutions sector - overview of key indicators. This research evaluates the performances of commercial bank’s profitability, which have operated in the market during the period 2006-2012. This research is conducted through financial analysis coefficients: Return on Equity, Return on assets and Cost to Income. Test t-Student is used to analyze the profitability for the period 2006/2007 before the financial crisis and the period 2011/2012 after financial crisis.

  15. 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

  16. A financial network perspective of financial institutions' systemic risk contributions

    Science.gov (United States)

    Huang, Wei-Qiang; Zhuang, Xin-Tian; Yao, Shuang; Uryasev, Stan

    2016-08-01

    This study considers the effects of the financial institutions' local topology structure in the financial network on their systemic risk contribution using data from the Chinese stock market. We first measure the systemic risk contribution with the Conditional Value-at-Risk (CoVaR) which is estimated by applying dynamic conditional correlation multivariate GARCH model (DCC-MVGARCH). Financial networks are constructed from dynamic conditional correlations (DCC) with graph filtering method of minimum spanning trees (MSTs). Then we investigate dynamics of systemic risk contributions of financial institution. Also we study dynamics of financial institution's local topology structure in the financial network. Finally, we analyze the quantitative relationships between the local topology structure and systemic risk contribution with panel data regression analysis. We find that financial institutions with greater node strength, larger node betweenness centrality, larger node closeness centrality and larger node clustering coefficient tend to be associated with larger systemic risk contributions.

  17. 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.

  18. 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.

  19. 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 ...

  20. 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...

  1. 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...

  2. 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.

  3. 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

  4. 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...

  5. 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...

  6. 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.

  7. 31 CFR 547.311 - 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. 547.311... REGULATIONS General Definitions § 547.311 U.S. financial institution. The term U.S. financial institution... financial institutions that are located in the United States, but not such institutions' foreign branches...

  8. 31 CFR 588.311 - 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. 588.311... General Definitions § 588.311 U.S. financial institution. The term U.S. financial institution means any U... financial institutions that are located in the United States, but not such institutions' foreign branches...

  9. 31 CFR 545.314 - 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. 545.314... General Definitions § 545.314 U.S. financial institution. The term U.S. financial institution means any U... financial institutions that are located in the United States, but not such institutions' foreign branches...

  10. Institutional Financial Autonomy in Practice

    DEFF Research Database (Denmark)

    Szwebs, Witold

    2016-01-01

    The article reveals how university autonomy may in practice prove to be restrictive for units within the university. The need to implement and interpret external regulations and protect the institution may, argued in the paper, lead to a risk averse, conservative approach which is experienced...... by departments as bureaucratic and hampering effective research. Thus autonomy has produced new internal tensions between the central management/administration and the departments which it is argued is counter-productive and not beneficial for research and could be seen as a perverse aspect of greater autonomy....... Indeed because university policy and ‘interference’ is much closer to the researcher than in former less autonomous times and the university may now exercise other direct incentives through resource allocation, promotion and salary enhancement, the department and the individual may view autonomy...

  11. 39 CFR 233.5 - Requesting financial records from a financial institution.

    Science.gov (United States)

    2010-07-01

    ... INSPECTION SERVICE AUTHORITY § 233.5 Requesting financial records from a financial institution. (a... Department of the U.S. Postal Service to request financial records from a financial institution pursuant to... authorized to request financial records of any customer from a financial institution pursuant to a formal...

  12. 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.

  13. 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...

  14. 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...

  15. 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...

  16. 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...

  17. 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...

  18. 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...

  19. 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...

  20. 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...

  1. 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...

  2. 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...

  3. 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...

  4. 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...

  5. 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...

  6. 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...

  7. 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...

  8. 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...

  9. 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...

  10. 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...

  11. 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...

  12. 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

  13. 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

  14. 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.

  15. 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.

  16. 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.

  17. 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,

  18. 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...

  19. Regulatory governance of telecommunications liberalisation in Taiwan

    International Nuclear Information System (INIS)

    Cheng, Kuo-Tai; Hebenton, Bill

    2008-01-01

    This paper examines the changing role of government and market in regulating the telecommunications sector from since 1996 in Taiwan. It contextualises the theoretical aspects of regulatory governance for institutional design and practices, and reviews the concepts and mechanisms for appraising privatisation and regulatory systems. Using a conceptual framework for researching privatisation and regulation, it describes the process and issues pertinent to telecommunications liberalisation and privatisation in Taiwan, supported by a brief presentation of theoretical points of view as well as practitioners' views. The paper presents results concerning criteria for appraising privatisation and regulatory governance and considers policy lessons that can be learned from the experiences of the Taiwanese telecommunications sector's liberalisation. (author)

  20. 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)

  1. 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...

  2. 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...

  3. 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...

  4. 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...

  5. 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...

  6. 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...

  7. 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...

  8. 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...

  9. 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...

  10. 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

  11. 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.

  12. 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.

  13. 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 ...

  14. 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.

  15. 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…

  16. Learnings from liberalised energy markets

    DEFF Research Database (Denmark)

    The paper presents a number of overlooked problems in liberalised electricity markets, including supply security, environmental concerns and establishment of a sustainable energy development.......The paper presents a number of overlooked problems in liberalised electricity markets, including supply security, environmental concerns and establishment of a sustainable energy development....

  17. 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 ...

  18. 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.

  19. 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.

  20. Russia’s Financial Markets and Financial Institutions in 2013

    OpenAIRE

    Alexander Abramov

    2014-01-01

    This paper deals with a wide scope of issues, starting with the post-crisis recovery of Russia's financial market. The author analyzes the market for shares issued by Russian companies, investigates dependence on the global conjuncture of prices and inflow and outflow of foreign portfolio investment. He also studies currency exchange rate, looks at the competition on the domestic share market, and analyzes preliminary results of the merger of the RTS and MICEX. The article deals with the mark...

  1. Russia’s Financial Markets and Financial Institutions in 2012

    OpenAIRE

    Alexander Abramov

    2013-01-01

    This paper deals with a wide scope of issues, starting with the post-crisis recovery of Russia's financial market. The author analyzes the market for shares issued by Russian companies, investigates dependence on the global conjuncture of prices and inflow and outflow of foreign portfolio investment. He also studies currency exchange rate, looks at the competition on the domestic share market, and analyzes preliminary results of the merger of the RTS and MICEX. The article deals with the mark...

  2. Regulatory governance of telecommunications liberalisation in Taiwan

    Energy Technology Data Exchange (ETDEWEB)

    Cheng, Kuo-Tai [Department of Regional Studies in Humanity and Social Sciences, National Hsin-Chu University of Education, No. 521 Nan-Da Road, Hsin-Chu 300 (China); Hebenton, Bill [School of Law, University of Manchester, M13 9PP (United Kingdom)

    2008-12-15

    This paper examines the changing role of government and market in regulating the telecommunications sector from since 1996 in Taiwan. It contextualises the theoretical aspects of regulatory governance for institutional design and practices, and reviews the concepts and mechanisms for appraising privatisation and regulatory systems. Using a conceptual framework for researching privatisation and regulation, it describes the process and issues pertinent to telecommunications liberalisation and privatisation in Taiwan, supported by a brief presentation of theoretical points of view as well as practitioners' views. The paper presents results concerning criteria for appraising privatisation and regulatory governance and considers policy lessons that can be learned from the experiences of the Taiwanese telecommunications sector's liberalisation. (author)

  3. 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?

  4. 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.

  5. 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.

  6. 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...

  7. Financial Literacy at Minority-Serving Institutions

    Science.gov (United States)

    Looney, Shannon M.

    2011-01-01

    Mounting student debt to cover rising college costs is creating a challenging environment for a number of students pursuing a college degree. For many, a college degree is an avenue to financial success and long-term stability. Most college graduates experience more stable employment, higher income, security through assets, and an overall better…

  8. 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...

  9. 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…

  10. 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

  11. 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

  12. 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.

  13. 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.

  14. 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

  15. 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...

  16. 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.

  17. 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...

  18. 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…

  19. 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.

  20. 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.

  1. 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 ...

  2. 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.

  3. 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...

  4. 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 ...

  5. 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...

  6. 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...

  7. 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

  8. 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.

  9. 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.

  10. 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.

  11. 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.

  12. 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.

  13. 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.

  14. 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

  15. 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...

  16. 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...

  17. 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...

  18. 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

  19. 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.

  20. 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…

  1. 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) ...

  2. 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 ...

  3. 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...

  4. 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.

  5. 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

  6. 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...

  7. 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.

  8. 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...

  9. INTERNAL CONTROLS IN ENSURING GOOD CORPORATE GOVERNANCE IN FINANCIAL INSTITUTIONS

    Directory of Open Access Journals (Sweden)

    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.

  10. 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, ...

  11. 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.

  12. 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...

  13. 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...

  14. 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...

  15. 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.

  16. 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

  17. 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.

  18. 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...

  19. 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.

  20. 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

  1. 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.

  2. 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…

  3. 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...

  4. 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...

  5. 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...

  6. 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...

  7. 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...

  8. 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...

  9. 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...

  10. 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...

  11. 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...

  12. 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...

  13. 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...

  14. 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. ...

  15. 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...

  16. 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...

  17. 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...

  18. 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

  19. 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...

  20. 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

  1. 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

  2. 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...

  3. 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...

  4. 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...

  5. 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...

  6. 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...

  7. 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...

  8. 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...

  9. 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...

  10. 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.  

  11. 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...

  12. 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

  13. 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)

  14. 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.

  15. 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.

  16. 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...

  17. 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...

  18. 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...

  19. 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...

  20. 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...

  1. 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...

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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...

  7. Financial globalisation and crisis, institutional transformation and equity

    OpenAIRE

    Arestis, Philip; Singh, Ajit

    2010-01-01

    This paper comprises the long introduction to the symposium of five papers on financial globalisation published in the Cambridge Journal of Economics, volume 34, no 2. The paper discusses the impact of financial globalisation in a variety of spheres and shows how the five papers link together to provide a coherent view of the current economic and financial crisis. In this paper we also examine the globalisation of finance more broadly both in historical terms as well as in relation to the cur...

  8. 77 FR 76606 - Community Development Financial Institutions Fund

    Science.gov (United States)

    2012-12-28

    ... technical assistance, entrepreneurship training, and financial management skill-building (including... documents such as strategic plans or market studies unless the CDFI Fund has specifically requested such...

  9. 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…

  10. 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.

  11. 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

  12. 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...

  13. 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.

  14. 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...

  15. 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

  16. 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.

  17. 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...

  18. 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...

  19. 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 ...

  20. Exploring Differences in College Student Financial Wellness by Institution Type

    Science.gov (United States)

    Shaulskiy, Stephanie; Duckett, Kirstan; Kennedy-Phillips, Lance; McDaniel, Anne

    2015-01-01

    The authors argue that there are multiple dimensions of financial wellness that student affairs practitioners must consider when understanding and helping students improve their financial wellness. Data were analyzed from more than 3,000 students attending 19 two- and four-year colleges in one midwestern state to uncover underlying factors of…

  1. Financial Education in TRIO Programs. Institutional Policy Brief

    Science.gov (United States)

    Yang, Hannah; Kezar, Adrianna

    2009-01-01

    To address some of the financial challenges facing low-income students, federal policymakers enacted a provision in the 2008 Higher Education Opportunity Act (HEOA) that makes financial literacy a required service of all TRIO programs (or, in the case of McNair, simply makes permissible). Effective August 2008, these programs started offering…

  2. 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)

  3. 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...

  4. 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

  5. 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 ...

  6. 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....

  7. 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...

  8. 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...

  9. 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...

  10. 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...

  11. Economic Efficiency of Selected Financial System Institutions of Local Government

    Directory of Open Access Journals (Sweden)

    Urszula Rabiej

    2014-03-01

    Full Text Available Functioning of local government units, as for as the economic sphere is concerned, is based on the financial law regulations. Those regulations aim at solving economic and social problems. The analysis of economic efficiency concerning implemented regulations is of particular importance for changing the EU’s attitude towards the influence, which EU has on functioning of the local governments. Implementing the local budgets, based on regulations which economic efficiency hasn’t been evaluated on the stage of legislation, may have a negative impact on local community and the economic situation of the country. Frequent changes of financial law cause actions, which financial effects cannot be predicted. What is more, those unstable regulations make it impossible to plan essential parts of a budget in a right way. That has a great importance in terms of correctness of long-term financial perspectives of the local government units.

  12. 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...

  13. 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.

  14. 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...

  15. 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

  16. The Accounting Network: How Financial Institutions React to Systemic Crisis.

    Science.gov (United States)

    Puliga, Michelangelo; Flori, Andrea; Pappalardo, Giuseppe; Chessa, Alessandro; Pammolli, Fabio

    2016-01-01

    The role of Network Theory in the study of the financial crisis has been widely spotted in the latest years. It has been shown how the network topology and the dynamics running on top of it can trigger the outbreak of large systemic crisis. Following this methodological perspective we introduce here the Accounting Network, i.e. the network we can extract through vector similarities techniques from companies' financial statements. We build the Accounting Network on a large database of worldwide banks in the period 2001-2013, covering the onset of the global financial crisis of mid-2007. After a careful data cleaning, we apply a quality check in the construction of the network, introducing a parameter (the Quality Ratio) capable of trading off the size of the sample (coverage) and the representativeness of the financial statements (accuracy). We compute several basic network statistics and check, with the Louvain community detection algorithm, for emerging communities of banks. Remarkably enough sensible regional aggregations show up with the Japanese and the US clusters dominating the community structure, although the presence of a geographically mixed community points to a gradual convergence of banks into similar supranational practices. Finally, a Principal Component Analysis procedure reveals the main economic components that influence communities' heterogeneity. Even using the most basic vector similarity hypotheses on the composition of the financial statements, the signature of the financial crisis clearly arises across the years around 2008. We finally discuss how the Accounting Networks can be improved to reflect the best practices in the financial statement analysis.

  17. The Accounting Network: How Financial Institutions React to Systemic Crisis

    Science.gov (United States)

    Puliga, Michelangelo; Flori, Andrea; Pappalardo, Giuseppe; Chessa, Alessandro; Pammolli, Fabio

    2016-01-01

    The role of Network Theory in the study of the financial crisis has been widely spotted in the latest years. It has been shown how the network topology and the dynamics running on top of it can trigger the outbreak of large systemic crisis. Following this methodological perspective we introduce here the Accounting Network, i.e. the network we can extract through vector similarities techniques from companies’ financial statements. We build the Accounting Network on a large database of worldwide banks in the period 2001–2013, covering the onset of the global financial crisis of mid-2007. After a careful data cleaning, we apply a quality check in the construction of the network, introducing a parameter (the Quality Ratio) capable of trading off the size of the sample (coverage) and the representativeness of the financial statements (accuracy). We compute several basic network statistics and check, with the Louvain community detection algorithm, for emerging communities of banks. Remarkably enough sensible regional aggregations show up with the Japanese and the US clusters dominating the community structure, although the presence of a geographically mixed community points to a gradual convergence of banks into similar supranational practices. Finally, a Principal Component Analysis procedure reveals the main economic components that influence communities’ heterogeneity. Even using the most basic vector similarity hypotheses on the composition of the financial statements, the signature of the financial crisis clearly arises across the years around 2008. We finally discuss how the Accounting Networks can be improved to reflect the best practices in the financial statement analysis. PMID:27736865

  18. The Accounting Network: How Financial Institutions React to Systemic Crisis.

    Directory of Open Access Journals (Sweden)

    Michelangelo Puliga

    Full Text Available The role of Network Theory in the study of the financial crisis has been widely spotted in the latest years. It has been shown how the network topology and the dynamics running on top of it can trigger the outbreak of large systemic crisis. Following this methodological perspective we introduce here the Accounting Network, i.e. the network we can extract through vector similarities techniques from companies' financial statements. We build the Accounting Network on a large database of worldwide banks in the period 2001-2013, covering the onset of the global financial crisis of mid-2007. After a careful data cleaning, we apply a quality check in the construction of the network, introducing a parameter (the Quality Ratio capable of trading off the size of the sample (coverage and the representativeness of the financial statements (accuracy. We compute several basic network statistics and check, with the Louvain community detection algorithm, for emerging communities of banks. Remarkably enough sensible regional aggregations show up with the Japanese and the US clusters dominating the community structure, although the presence of a geographically mixed community points to a gradual convergence of banks into similar supranational practices. Finally, a Principal Component Analysis procedure reveals the main economic components that influence communities' heterogeneity. Even using the most basic vector similarity hypotheses on the composition of the financial statements, the signature of the financial crisis clearly arises across the years around 2008. We finally discuss how the Accounting Networks can be improved to reflect the best practices in the financial statement analysis.

  19. 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.

  20. 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.

  1. 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...

  2. 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...

  3. 77 FR 76614 - Community Development Financial Institutions Fund

    Science.gov (United States)

    2012-12-28

    ... & Demand 15 points 15 points. Products, Services, and 30 points 25 points. Marketing. Management Capacity... training, and financial management skill-building (including administrative funds used to carry out... forth in the Office of Management and Budget (OMB) Notice, Revisions to the Standards for the...

  4. 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.

  5. 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...

  6. 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...

  7. 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...

  8. 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...

  9. 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...

  10. 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...

  11. 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…

  12. 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

  13. 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.

  14. 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.…

  15. 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...

  16. 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.

  17. 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...

  18. 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...

  19. 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.

  20. 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...

  1. 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...

  2. 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...

  3. 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...

  4. 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...

  5. 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...

  6. 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...

  7. 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...

  8. 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...

  9. 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...

  10. 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...

  11. 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...

  12. 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...

  13. 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...

  14. 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...

  15. 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...

  16. 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...

  17. 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...

  18. 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...

  19. Financial Reporting for Public Institutions in New Mexico.

    Science.gov (United States)

    New Mexico Commission on Higher Education.

    This manual is intended to provide public institutions of higher education in New Mexico with a consistent and uniform system for treating institutional finance data. Part 1 presents accounting principles for fund accounting, restricted and unrestricted funds, accrual accounting, and handling other charges and revenues. Part 2 provides general…

  20. 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

  1. 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...

  2. Handbook for the Institutional and Financial Implementation of Water Utilities.

    Science.gov (United States)

    1984-05-01

    course. As industrialization occurred, the riparia " concept was expanded to allow use of adequate quantities of water for manufac- turing. Each riparian...laws including those concerned with zoning regulations, health and sanitation standards, I.... and the control of water pollution. 4. Financial...water flows by gravity. Groundwater - Subsurface water occupying the saturation zone , from which wells and springs are fed. Hardness - A characteristic

  3. Russia’s Money Markets and Financial Institutions in 2014

    OpenAIRE

    Alexander Abramov

    2015-01-01

    This paper deals with a wide scope of issues, starting with the post-crisis recovery of Russia's financial market. The author analyzes the market for shares issued by Russian companies, investigates dependence on the global conjuncture of prices and inflow and outflow of foreign portfolio investment. He also studies currency exchange rate, looks at the competition on the domestic share market, and analyzes preliminary results of the merger of the RTS and MICEX. The article deals with the mark...

  4. 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

  5. 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.

  6. 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

  7. Legal financial institutions in the Water Law Act

    Directory of Open Access Journals (Sweden)

    Andrzej Borodo

    2015-12-01

    Full Text Available Some fees and payments are connected with obligatory participation in the cost of public projects and public investment. In the framework of the Water Law Act there are diverse public payments and fees. In this law there is the drainage fee and the investment fee. There are also contributions and other payments to the water companies. In the regulations of the Water Law Act there are also legal financial solutions for sharing the public costs, the use of budget subsidies, fixing and allocation of public expenditure.

  8. 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.

  9. 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

  10. 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.

  11. 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.

  12. Model Financial Memorandum between the HEFCE and Institutions. Report.

    Science.gov (United States)

    Higher Education Funding Council for England, Bristol.

    This sample memorandum sets out the terms and conditions for the payment by the Higher Education Funding Council for England (HEFCE) of funds to the governing body of an institution out of funds made available by the Secretary of State for Education and Employment. Part 1 of the memorandum sets out the terms and conditions that apply in common to…

  13. 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...

  14. Corporate governance in Balkan financial institution, case of Albania

    Directory of Open Access Journals (Sweden)

    Rezart Dibra

    2013-06-01

    Full Text Available Corporate governance has at its backbone a set of transparent relationships between an institution’s management, its board, shareholders and other stakeholders. In this article, in the first part, the nature and purpose of corporate governance has been discussed with special emphasis on the problems of banks in the field of corporate governance. Corporate governance involves regulatory and market mechanisms, and the roles and relationships between a company’s management, its board, its shareholders and other stakeholders, and the goals for which the corporation is governed. Lately, corporate governance has been comprehensively defined as "a system of law and sound approaches by which corporations are directed and controlled focusing on the internal and external corporate structures with the intention of monitoring the actions of management and directors and thereby mitigating agency risks which may stem from the misdeeds of corporate officers. The financial crisis exposed flaws throughout financial markets and prompted much investigation into the way banks work. The ‘2008 crisis in the financial industry, among other causes, brought to light the conflict of interest between achieving aggressive results by the executives in order to obtain bonuses and the long-term risk associated with the commercial company in its business. This paper focuses on one line of investigation—the corporate governance of banks. It examines why governance of banks differs from governance of nonfinancial firms and where the governance of banks failed during the crisis; it also offers recommendations for improving the governance system. Bank governance has been the topic of much recent academic work and policy discussion (Senior Supervisors Group 2008, 2009; Walker Report 2009; Committee of European Banking Supervisors 2010. Because of their contemporaneous nature, there has been little connection between the academic approach and policy analysis. The purpose of

  15. 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.

  16. Consolidation Processes: Raiders & Targets in Polish Financial Institutions

    OpenAIRE

    Poteraj, Jarosław

    2004-01-01

    The work consists of five chapters, an annex and an appendix. In the first chapter the author describes the point of consolidation processes, presents: the meaning of consolidation processes, active and institutional aspects of merger execution, gives a classification of the consolidation processes and considers conditions of execution of consolidations processes in the Polish law, The next chapter concerns reasons of consolidation processes. The author describes there in turn: motives of the...

  17. 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

  18. 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...

  19. 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...

  20. 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...

  1. 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...

  2. 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

  3. Some Challenges the Management Confronts with, in the Financial Institutions

    Directory of Open Access Journals (Sweden)

    Laurentiu Mihai Treapat

    2014-02-01

    Full Text Available In this paper, we analyze some features and components of the management in general, and of the management in the financial area in particular. Special attention is given to how they cope with some risk which could affect their activity. Trying to find from practice what kind of difficulties the management faces in their work, for sure, we get to interesting conclusions and furthermore, to optimum solutions. We already have some data, result of some earlier preoccupations of the specialists (Dănilă and Berea, 2000 pp.39-48 while others can be foreseen as specific elements for the beginning of the 3rd millennium, that started with what the rating agencies seem to admit as the most important economic decline and prolonged recession risk within the post World War II history. We consider an evaluation of the challenges the management confronts with, lately - while subject to pressures and to the need for radical changes that come with an astonishing speed and that are enhanced by the shareholders’ desperate need to protect their capital. Findings reveal that, in any business enterprise the shareholders’ strategy and the management’s objectives are earning new clients, enlarging the market share, creating added value and on these bases, maximizing the gained profits. We consider that the volatile and fluctuant nature of the raw material the banks operate with - namely the money – turn the management in this area into a particular one, depicted by some specific features, which we analyze in the following pages.

  4. 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.

  5. Corporate Social Responsibility in the context of International Financial Institutions

    OpenAIRE

    Gajdosova, Katarina

    2015-01-01

    The term Corporate Social Responsibility (CSR) is becoming more and more often spelled out in various contexts of the academic and corporate life. The concept of CSR is rather broad and the term CSR could be defined in various ways, as there has been no unified definition established so far. Yet the word ‘corporate’ in the term could indicate that CSR is exclusive matter of private companies. However, as demonstrated in this paper, the non-corporate institutions, in particular the Internation...

  6. RUSSIAN FINANCIAL MARKET AND COLLECTIVE INVESTMENT INSTITUTION PERFORMANCE PROBLEMS

    Directory of Open Access Journals (Sweden)

    V. B. Tchernikov

    2012-01-01

    Full Text Available Collective investment is practiced widely in the world, since considerable funds may be accumulated in this way, the risks being born by all the investors. In Russia, there are certain problems that do not make it possible to properly use the collective investment’s potential. The problems are described in detail and on basis of this analysis it is shown how current difficulties in the finance sphere could be overcome. Solution of performance problems faced by collective investment institutions in Russia depends both on the ways venture companies develop themselves and the rate market environment regulation mechanism is updated by the state.

  7. 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...

  8. 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 ...

  9. 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.

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

    OpenAIRE

    Albertus Girik Allo

    2016-01-01

    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 fin...

  11. 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.

  12. 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. 

  13. 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.

  14. Misreading liberalisation and privatisation: The case of the US energy utilities in Europe

    International Nuclear Information System (INIS)

    Haar, Laura N.; Jones, Trefor

    2008-01-01

    In response to energy market liberalisation and privatisation initiatives promoted by the EU and other European states in the 1990s, a large number of US energy utilities expanded their activities in Europe, mainly through acquisitions. The size of their investment was, a decade later, matched by the ensuing scale of their retreat, wealth destruction and often forced exit. Combining interviews, industry studies, published financial data and company reports, this article examines critically their strategy and, in light of widespread failures, seeks to answer the question of what went wrong. It is argued that mistakes might have been avoided through greater appreciation of how market liberalisation evolves given changing government priorities and general sovereign risk. (author)

  15. Misreading liberalisation and privatisation: The case of the US energy utilities in Europe

    Energy Technology Data Exchange (ETDEWEB)

    Haar, Laura N.; Jones, Trefor [Manchester Business School, University of Manchester, Booth Street West, Manchester M15 6PB (United Kingdom)

    2008-07-15

    In response to energy market liberalisation and privatisation initiatives promoted by the EU and other European states in the 1990s, a large number of US energy utilities expanded their activities in Europe, mainly through acquisitions. The size of their investment was, a decade later, matched by the ensuing scale of their retreat, wealth destruction and often forced exit. Combining interviews, industry studies, published financial data and company reports, this article examines critically their strategy and, in light of widespread failures, seeks to answer the question of what went wrong. It is argued that mistakes might have been avoided through greater appreciation of how market liberalisation evolves given changing government priorities and general sovereign risk. (author)

  16. 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.

  17. 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

  18. 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.

  19. 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...

  20. 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

  1. [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.

  2. 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.

  3. 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.

  4. 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.

  5. 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…

  6. 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)

  7. 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…

  8. 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.…

  9. 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

  10. 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...

  11. 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.

  12. 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)

  13. 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...

  14. 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.

  15. 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

  16. 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.

  17. 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…

  18. 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.

  19. 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.

  20. 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...

  1. 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.

  2. 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.

  3. 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

  4. 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.

  5. 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.

  6. 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.

  7. 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)

  8. The Prudential Regulation of Financial Institutions: Why Regulatory Responses to the Crisis Might Not Prove Sufficient

    Directory of Open Access Journals (Sweden)

    William R. White

    2013-10-01

    Full Text Available It is now six years since a devastating financial and economic crisis rocked the global economy. Supported strongly by the G20 process, international regulators led by the Financial Stability Board have been working hard ever since to develop new regulatory standards designed to prevent a recurrence of these events. These international standards are intended to provide guidance for the drawing up of national legislation and regulation, and have already had a pervasive influence around the world. This paper surveys recent international developments concerning the prudential regulation of financial institutions: banks, the shadow banking system and insurance companies. It concludes that, while substantial progress has been made, the global economy nevertheless remains vulnerable to possible future financial instability. This possibility reflects three sets of concerns. First, measures taken to manage the crisis to date have actually made the prevention of future crises more difficult. Second, the continuing active debate over virtually every aspect of the new regulatory guidelines indicates that the analytical foundations of what is being proposed remain highly contestable. Third, implementation of the new proposals could suffer from different practices across regions. Looking forward, the financial sector will undoubtedly continue to innovate in response to competitive pressures and in an attempt to circumvent whatever regulations do come into effect. If we view the financial sector as a complex adaptive system, continuous innovation would only be expected. This perspective also provides a number of insights as to how regulators should respond in turn. Not least, it suggests that attempts to reduce complexity would not be misguided and that complex behaviour need not necessarily be accompanied by still more complex regulation. Removing impediments to more effective self discipline and market discipline in the financial sector would also seem

  9. 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...

  10. Do Monetary, Fiscal and Financial Institutions Really Matter for Inflation Targeting in Emerging Market Economies?

    OpenAIRE

    Seedwell Hove; Albert Touna Mama; Fulbert Tchana Tchana

    2011-01-01

    Most emerging market economies (EMEs) which have implemented inflation targeting (IT) have continued to experience large, frequent and sometimes persistent inflation target misses. At the same time these countries had reformed their institutional structures when implementing IT. In this paper we empirically study the importance of central bank independence, fiscal discipline and financial sector development for the achievement of inflation targets in EMEs using the panel ordered logit model. ...

  11. 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...

  12. Interactive Effect of Motivation, Job Satisfaction, and Job Performance Causal Circular Studies on Sharia Financial Institutions

    OpenAIRE

    Sinaulan; Noor; wildan

    2017-01-01

    Research aims to confirm and test the interactive effect of motivation, job satisfaction, and job performance. This study applied to employees of Sharia Financial Institutions in Jakarta. The number of respondents is 70 employees with randomly selected samples stratified. Research analysis data using multiple indicators within analyzed using structural equation model. The results showed that there was a positive interactive effect motivation on job performance and job performance on motivatio...

  13. Employee Perceptions on Recognition and Opportunity for Advancement: The Case of a Financial Institution in Ghana

    OpenAIRE

    Veronica Adu-Brobbey

    2014-01-01

    Recognition and opportunity for advancement are facets of motivation that affect employee satisfaction at the workplace. For management to adequately attend to these, there is the need to know how the employees themselves feel about such issues. This study was conducted to assess the perceptions of employees of a financial institution in Ghana regarding recognition and opportunity for advancement. Survey with questionnaire and interview were used to collect data from 61 employees. Descriptive...

  14. Physical activity in relation to selected physical health components in employees of a financial institution

    OpenAIRE

    Smit, Madelein; Wilders, Cilas J.; Moss, S.J.

    2013-01-01

    The aim of this study was to determine the relation between physical activity and selected physical health components. A total of 9860 employees of a financial institution in South Africa, between the ages 18 and 64 (x̄ =35.3 ± 18.6 years), voluntary participated in the study. Health risk factors and physical activity was determined by using the Health Risk Assessment (HRA) and Monitored Health Risk (MHM). Assessment included a physical activity, diabetes risk and cardiovascular risk question...

  15. 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...

  16. Corporate Governance and Shariah Governance at Islamic Financial Institutions : Assessing from Current Practice in Malaysia

    OpenAIRE

    Mizushima, Tadashi; Tadashi, Mizushima

    2014-01-01

    The purpose of this study is to examine the relation between corporate governance and Shariah governance, and how those governance concepts are handled at Islamic financial institutions.Although using the same word “governance,” Western corporate governance and Islamic Shariah governance may be different. The main research question is how different or similar are governance at conventional banks and Shariah governance at Islamic banks? We would like to find an answer to this question by under...

  17. 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.

  18. 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.

  19. 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.

  20. 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

  1. 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

  2. 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.

  3. 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)

  4. 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.

  5. 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...

  6. 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...

  7. 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.

  8. 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)

  9. 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.

  10. 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)

  11. 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.

  12. RELATION BETWEEN THE MARKET RISK AND THE QUALITY OF ACCOUNTING INFORMATION FOR THE BRAZILIAN FINANCIAL INSTITUTIONS

    Directory of Open Access Journals (Sweden)

    Fernando Maciel Ramos

    2017-12-01

    Full Text Available The study aimed to analyze the relationship between the market risk and the quality of accounting information of Brazilian financial institutions. The variables used in the study were: (i volatility of the stock; (ii quality of information accounting index through disclosure; (iii size, profitability and debt. The survey sample consists of 55 organizations belonging to the financial segment of the BM&FBovespa. The results of multiple linear regression analysis demonstrated a significant compared to the proposed model with a power of explanation of 52.10%. The results converged to explain the study's assumption, resulting in a significant negative correlation between volatility and quality of accounting information, as well as volatility and size, and profitability. Starting from the main point, it is concluded that companies with a higher level of disclosure have lower volatility of stock returns, effecting thus cited and presumed importance attached by the market to the accounting information.

  13. 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.

  14. 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

  15. 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

  16. 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.

  17. 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...

  18. 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...

  19. 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…

  20. 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...

  1. 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.

  2. 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...

  3. 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...

  4. 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...

  5. 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.

  6. 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

  7. ANALYSIS OF PROJECT PORTFOLIO MANAGEMENT MATURITY: THE CASE OF A SMALL FINANCIAL INSTITUTION

    Directory of Open Access Journals (Sweden)

    Karoline Doro Alves Carneiro

    2012-04-01

    Full Text Available This study explores the implementation of project portfolio management in the organizational context. The objective is to analyze the methodology of project portfolio management adopted by an organization based in the project portfolio management maturity model proposed by Rad and Levin (2006. We developed an exploratory case study in a small financial institution that experienced problems with the implementation of its methodology in project portfolio management. As a result of study, we found that the organization has maturity level 2 in portfolio project management, and that some methodology aspects are not appropriate at this level.

  8. 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.

  9. 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.

  10. 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.

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

    OpenAIRE

    Najeeb Zada; Ahcene Lahsasna; Muhammad Yusuf Saleem

    2016-01-01

    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 guidel...

  12. International financial markets and development

    Directory of Open Access Journals (Sweden)

    Peter Wahl

    2009-11-01

    Full Text Available The current financial crisis has not come about by chance. It is the result of a system that has emerged over the last 30 years and which Keynes may well have called the ‘casino economy’. The dominance of finance over real economy characterises the financial crisis, while finance itself is dominated by the all-encompassing target of maximum profit at all times. Other aims of economic activity such as job creation, social welfare and development have fallen by the wayside. In response, new actors are surfacing, e.g. the institutional investor (hedge funds, private equity funds, etc., while new instruments are leading to highly leveraged and destabilising derivatives. The casino system has been promoted by governments and intergovernmental institutions to liberalise and deregulate financial markets. Although developing countries have not participated in the casino system, they have been suffering most from the spill-over into the real economy. The main lesson learnt is that the casino has to be closed.

  13. 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

  14. "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...

  15. "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...

  16. 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

  17. 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...

  18. Total rewards strategy for a multi-generational workforce in a financial institution

    Directory of Open Access Journals (Sweden)

    Mark Bussin

    2014-11-01

    Research purpose: This study investigated whether perceptions of reward strategy differed across generations in a large financial institution in South Africa. This context was specifically chosen due to the significant competition to attract and retain staff that exists in the financial sector. To contribute to the practical challenges of reward implementation, the study investigated whether specific reward preferences associated with generation exist, and whether offering rewards based on these preferences would successfully attract and retain staff. Motivation for study: South African businesses are competing for skilled staff and rely heavily on a total reward strategy to compensate all generations of employees. Given the financial incentives to retain and attract the most effective staff, it is essential that reward strategies meet their objectives. All factors impacting the efficacy of reward strategies should be considered, including the impact of generational differences in preference. This is of relevance not only to the financial industry, but to all companies that employ staff across a variety of generations. Research design, approach and method: A quantitative survey design was used. A total of 6316 employees from a financial firm completed a survey investigating their experiences and perceptions of reward strategies. Statistically significant differences across different generations and reward preferences were considered. Main findings: Significant differences in reward preferences were found across generational cohorts. This supports international literature. Practical/managerial implications: The results indicate that there is an opportunity for businesses and managers to link components of the total reward strategy to specific generations in the workforce by offering a wider variety of reward options to employees. Employee perceptions indicate a willingness to have reward strategies tailored to their needs and to have a greater say in their reward

  19. 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

  20. 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

  1. 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)

  2. 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…

  3. 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.

  4. 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...

  5. 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

  6. Democratic transitions, health institutions, and financial protection in the emerging economies: insights from Asia.

    Science.gov (United States)

    Gómez, Eduardo J

    2017-07-01

    In recent years, several emerging economies have introduced national health insurance programs ensuring access to health care while offering financial protection from out-of-pocket and catastrophic expenses. Nevertheless, in several nations these expenses continue to increase. While recent research has emphasized the lack of funding, poor policy design and corruption as the main culprits, little is known about the politics of establishing federal regulatory agencies ensuring that state governments adhere to national insurance reimbursement and coverage procedures. This article fills in this lacuna by providing an alternative perspective, one that accounts for differences between nations in the creation of regulatory institutions, with an emphasis instead on governing elite strategies to campaign on access to health care during transitions to democracy, civil societal mobilization, constitutional constraints and the national electoral incentives to overcome ineffective decentralization processes. The cases of Indonesia and China are introduced as examples of how and why their differences in this political process accounted for Indonesia's success and China's failure to ensure financial protection.

  7. Do African microfinance institutions need efficiency for financial stability and social outreach?

    Directory of Open Access Journals (Sweden)

    Md A.K. Azad

    2016-09-01

    Full Text Available Microfinance institutions (MFIs have the dual objective of providing social welfare and financial stability. We evaluated the financial efficiency of MFIs in sub-Saharan African countries by comparing their regional performances during the period 2004-2013. We addressed prevailing MFI heterogeneity by using the concept of "metafrontier". The results showed that on an average, more than half the MFIs showed a drop in productivity. The measure of how much one country gets closer to or further away from world frontier technology is commonly known as the TGC score. In world frontier technology, East and South Asian countries have taken the lead (TGC score 1.0048 while sub-Saharan African countries lag behind (TGC score 1.0020. Most East and South Asian countries have a TGC score of 1, and most sub-Saharan African countries have a TGC score less than 1. This signifies that Asian countries lead world frontier technology and most African countries do not. The decomposition of efficiency scores showed that with regard to technical changes, African nations had progressed on average only 0.01%, and efficiency change scores had regressed by 0.59% annually.

  8. Sustainable water supply systems in India: The role of financial institutions and ethical perspective

    Directory of Open Access Journals (Sweden)

    Gowda Krishne

    2011-01-01

    Full Text Available Water is a scarce resource and an important basic necessity for the human survival. The quantity of potable water on earth is limited and its availability per person is reducing day by day due to increase in global population and damage to environment. Though water available in nature is free, sizeable investment is needed in order to supply water to the people at their doorsteps with required quality. This paper deals with the role of financial institutions in the balanced distribution of water for the public, the related problems with various regulatory instruments, and ethical perspectives for efficient utilization of this scarce resource through internal control aimed at long term sustainability.

  9. European Banking Recovery and Resolution Directive: Potential Impacts on European Systemic Important Financial Institutions

    Directory of Open Access Journals (Sweden)

    Clements Akinsoyinu

    2015-09-01

    Full Text Available The great recession heralded in by the subprime mortgage crisis, took a dramatic turn for worse as a result of collapse of the Lehman Brothers bank in September 2008. The crisis deemed to be the most devastating after the Great Depression of 1929, had a debilitating effect on world economies, developing and advanced alike.  The extent of its devastation which  is still being felt in Europe and many parts of the globe reminds us the interconnectedness of financial institutions, particularly those tagged TBTF or SIFIs. Policy makers scrambled to curtail the ugly effect of the crisis by rescuing the SIFIs within their jurisdiction largely through bailout mechanism and provision of implicit guarantee for the debts of failing/failed institutions. As soon as the tide is stemmed, they cast their gaze on new crisis resolution and recovery measures that could rein in systemic risks associated with SIFIs, prevent future crises and reduce the concomitant moral hazards in the current resolution measures. This paper assesses ex ante the potential impact of implementing the new Banking recovery and resolution directives on Europe’s TBTF banksThe great recession heralded in by the subprime mortgage crisis, took a dramatic turn for worse as a result of collapse of the Lehman Brothers bank in September 2008. The crisis deemed to be the most devastating after the Great Depression of 1929, had a debilitating effect on world economies, developing and advanced alike.  The extent of its devastation which  is still being felt in Europe and many parts of the globe reminds us the interconnectedness of financial institutions, particularly those tagged TBTF or SIFIs. Policy makers scrambled to curtail the ugly effect of the crisis by rescuing the SIFIs within their jurisdiction largely through bailout mechanism and provision of implicit guarantee for the debts of failing/failed institutions. As soon as the tide is stemmed, they cast their gaze on new crisis

  10. 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.

  11. 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

  12. 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.

  13. ROLE OF MICRO FINANCIAL INSTITUTIONS FOR FARMERS AND MEDIUM SMALL BUSINESSES SUPPORT MIFEE

    Directory of Open Access Journals (Sweden)

    Demas Wamaer

    2017-07-01

    Full Text Available MFI is one of the financial institutions to finance rural economic activities where the majority of the enterprises are in micro or SME segments. Some of the participating villages of PUAP SME programs are generally engaged in agriculture, livestock, and trading of agricultural products. MIFEE sees Indonesia's economic development opportunities through MP3EI. Research objectives: recommendation of the role of MFIs or SMEs in developing a business. Outcome: there are 12 MFIs and 323 SMEs in Merauke, 20 percent are agricultural SMEs that act as capital providers for SMEs and increase farmers' capital. In order for the role of MFIs to be sustainable and increasing, it is necessary to coordinate with Dinas Perindagkop as institutional coach of MFIs with MIFEE related programs. Coordination needs to be done also cooperatives, banks, and colleges to find solutions to capital problems. It is necessary to find an effort to introduce the role of MFIs in assisting farmers or users of other R & D outcomes, in particular leading to reform of MFIs already established in previous programs, such as PUAP and MIFEE.

  14. Central bank independence and inflation in Africa: The role of financial systems and institutional quality

    Directory of Open Access Journals (Sweden)

    Abel Mawuko Agoba

    2017-12-01

    Full Text Available The study examines the effects of financial systems and the quality of political institutions on the effectiveness of central bank independence in achieving lower inflation. Drawing from the fiscal theory of price level (FTPL and political economy of macroeconomic policy (PEMP literature; we estimate a panel regression model, using Two Stage Least Squares instrumental variables procedure, on a sample of 48 African countries over the period 1970–2012. The study finds that central bank independence-inflation nexus is dependent on the model, sample and estimation technique used. After accounting for various control variables and introducing inflation targeting as an additional explanatory variable, the study shows that, unlike in developed countries, CBI is not sufficient in achieving lower inflation in Africa and the developing world. However, common to developed, developing and African countries, is that, higher central bank independence is more effective in lowering inflation in the presence of high levels of banking sector development and institutional quality. The findings of the study also show that while stock market development enhances the effectiveness of CBI in developed and developing countries, it has no significant effect on CBI effectiveness in Africa.

  15. 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.

  16. 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 ...

  17. Report on the Observance of Standards and Codes, Accounting and Auditing : Module B - Institutional Framework for Corporate Financial Reporting, B.3 Financial Sector - Banking

    OpenAIRE

    World Bank

    2017-01-01

    The purpose of this report is to gain an understanding of the financial reporting requirements for the banks in a jurisdiction in addition to or instead of the requirements for commercial enterprises in general. The term bank in this assessment is used to refer to institutions authorized to receive deposits and to lend money as defined by the legal framework in the jurisdiction. There are also ...

  18. Regulation and Supervision of The Global Financial System. A Proposal for Institutional Reform

    NARCIS (Netherlands)

    Denters, H.M.G.

    2009-01-01

    nternational financial markets are supervised primarily by national authorities. However, national authorities are inherently incapable to regulate and supervise seamless globalised financial markets. To the extent international regulators exist, they constitute a disorderly patchwork of

  19. 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.

  20. 78 FR 24584 - Imposition of Special Measures Against Halawi Exchange Co. as a Financial Institution of Primary...

    Science.gov (United States)

    2013-04-25

    ... financial institution operating outside of the United States that is of primary money laundering concern... international money laundering and the financing of terrorism. Regulations implementing the BSA appear at 31 CFR..., class of transaction, or type of account is of ``primary money laundering concern,'' to require domestic...

  1. 77 FR 31434 - Finding That JSC CredexBank Is a Financial Institution of Primary Money Laundering Concern

    Science.gov (United States)

    2012-05-25

    ... CredexBank is a financial institution of primary money laundering concern. DATES: The finding made in... Law 107-56. Title III of the USA PATRIOT Act amends the anti- money laundering provisions of the Bank..., to promote prevention, detection, and prosecution of international money laundering and the financing...

  2. 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

  3. 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.

  4. 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)

  5. 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

  6. Applying the prudence principle in non-profit organizations and financial institutions

    Directory of Open Access Journals (Sweden)

    Milena Otavová

    2011-01-01

    Full Text Available The paper describes in detail the accounting principle of prudence in non-profit organizations and financial institutions. It defines its application in such organizations and based on comparison it evaluates the practical use of the prudence principle and its reflection in the accounting books. The main focus is on differences in applying the prudence principle that result from differences in the purpose activities and methods of asset management in these organizations. The practical application of the prudence principle in accounting consists mainly in the creation and use of provisions and impairments. These methods are defined by the Implementing Regulation to the Accounting Act No. 563/1991. The paper also provides tables where the creation and use of impairments and provisions in the above-mentioned organizations is compared with how business companies proceed in creating impairments and provisions. The key legislation standardizing accounting in the Czech Republic is the Accounting Act No. 563/1991, as amended, which stipulates the general accounting principles, the so-called accounting philosophy. The accounting is built around the general accounting principles, which are perceived as the pillars of accounting. Even though they are not stipulated in any particular law, they are legally enforceable and their ignorance can be sanctioned. The general accounting principles represent a set of rules to be observed in keeping the accounting books, preparing the accounting reports and submitting the accounting reports to users. The keystone accounting principle is the principle of true and fair refl ection of facts the essential goal of which is to report in the fi nancial statement actual assets and the fi nancial position of the accounting unit with an essential focus on reporting events that occurred during the accounting period with respect to their content.

  7. 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.

  8. 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...

  9. 78 FR 76614 - Resolution of Systemically Important Financial Institutions: The Single Point of Entry Strategy

    Science.gov (United States)

    2013-12-18

    ... banking agency or other primary financial regulatory agency; (5) retention of accounting and valuation... financial company's independent accounting firm. Additional controls may be imposed by the FDIC as... principles and applicable SEC requirements. The FDIC has consulted with the SEC regarding the accounting...

  10. Marketing Need-Based Financial Aid Programs: An Institutional Case Study

    Science.gov (United States)

    Knight, Mary Beth

    2010-01-01

    Colleges and universities represent one of the most utilized sources of need-based financial aid information for students and families, and yet most research in access marketing is focused at the national and state levels. There is sparse published information about the effects of financial aid marketing observed through quantitative analysis, in…

  11. The long arm of finance: Exploring the unlikely financialization of governments and public institutions

    NARCIS (Netherlands)

    Hendrikse, R.P.

    2015-01-01

    It is often claimed that the power of finance is pervasive and omnipresent, yet the delicate ways in which financialization exerts its will across space remain relatively little explored. In fact, such claims obscure the fact that financial development constitutes a profoundly uneven process - both

  12. Perceptions of Financial Aid: Black Students at a Predominantly White Institution

    Science.gov (United States)

    Tichavakunda, Antar A.

    2017-01-01

    This study provides qualitative context for statistics concerning Black college students and financial aid. Using the financial nexus model as a framework, this research draws upon interviews with 29 Black juniors and seniors at a selective, -private, and predominantly White university. The data suggest that students -generally exhibited high…

  13. A comparative financial analysis of multi-institutional organizations by ownership type.

    Science.gov (United States)

    Coyne, J S

    1985-01-01

    Concern about future directions in healthcare exists, with corporate consolidation seen as likely and necessary. To understand this transformation, the author examines the financial growth trends among the nation's leading corporate providers. Investor-owned (IO) and not-for-profit (NFP) firms are compared using audited data on four financial accounts (assets, debt, equity and income) and three financial ratios (liquidity, leverage, and profitability). The author analyzes financial trends from 1978 to 1982 and looks beyond the significant differences in the balance sheet and income statement accounts to a significant similarity in ratio trends between the NFP and the IO firms' financial conditions. The implications of these findings are discussed in terms of future forms of corporate providers.

  14. 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.

  15. Determinants of reputation of leading Spanish financial institutions among their customers in a context of economic crisis

    Directory of Open Access Journals (Sweden)

    Belén Ruiz

    2014-10-01

    Full Text Available This paper develops a bank reputation model, in an environment of economic crisis specifically marked by the nationalization of Bankia and the offer of financial rescue from the Eurogroup to Spain. From a study among four hundred bank customers, an index is developed reflecting the new configuration of reputation of the leading Spanish financial institutions and its effect on the behavior of the consumer. The conclusions of this research show that, in an environment where the financial system has been identified as the main cause of the new socioeconomic landscape, banks should focus their reputation strategies to convey reliability and to reinforce the leadership of their managers, paying special attention to consumer satisfaction and trust in order to achieve the maximum optimization of their reputation resources.

  16. The Image of Financial Institution as Islamic Bank In Mediation Service Quality and Customer Satisfaction on Customer Loyalty in Purwokerto.

    Directory of Open Access Journals (Sweden)

    Chandra Warsito

    2015-10-01

    Full Text Available The paper aims to determine the effect of service quality on customer satisfaction, service quality, customer satisfaction and image on customer loyalty, quality of service to the company’s image, to determine the image of financial institutions in mediating the relationship variable quality of service and customer satisfaction on customer loyalty. The samples used were 110 customers and methods of analysis used is Structural Equation Modeling (SEM test results find no significant effect of service quality on customer satisfaction; quality of service loyalty; customer satisfaction on customer loyalty; quality of service to the image of the company; customer satisfaction with the company’s image; and the image of the company loyalty; Image of financial institutions PT. BPRS BAS can be used as a variable relationship mediation variable service quality and customer satisfaction on customer loyalty.DOI: 10.15408/aiq.v7i2.1699

  17. 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

  18. A Model for Institutional Policy Analysis: The Case of Student Financial Aid. AIR Forum 1981 Paper.

    Science.gov (United States)

    Fenske, Robert H.; Parker, John D.

    The development of an operational model that would enable a college institutional research unit to improve administrative decision-making by expanding its data base to include new activities not widely recognized throughout the institution is considered. Attention is directed to institutional research as a function within an institution,…

  19. The importance of financial institutions for the development of the Brazilian Amazon: An application of the social accounting matrix

    OpenAIRE

    Cutrim Carvalho, André; Ferreira Carvalho, David

    2015-01-01

    The fundamental purpose of this article is intended to measure the economic impacts that the regional financial institutions are providing along the chain of values of the productive activities located in the Brazilian Amazon and their impacts on economic activities through the Social Accounting Matrix. The main conclusion is that to break the status quo in the region, it is necessary to set a national regional development policy that favors the formation of vertically integrated production c...

  20. 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.

  1. Financial Intermediation Costs in Low-Income Countries; The Role of Regulatory, Institutional, and Macroeconomic Factors

    OpenAIRE

    Tigran Poghosyan

    2012-01-01

    We analyze factors driving persistently higher financial intermediation costs in low-income countries (LICs) relative to emerging market (EMs) country comparators. Using the net interest margin as a proxy for financial intermediation costs at the bank level, we find that within LICs a substantial part of the variation in interest margins can be explained by bank-specific factors: margins tend to increase with higher riskiness of credit portfolio, lower bank capitalization, and smaller bank si...

  2. Creative Accounting and Managerial Decision on Selected Financial Institutions in Nigeria

    OpenAIRE

    Sunday O. Effiok; Okon E. Eton

    2012-01-01

    The study was conducted to appraise the impact of creative accounting on managementdecisions of selected companies listed in the Nigerian Stock Exchange. With the background,the main objective of the study includes the examination of the extent to which macromanipulationof financial statement affects management decisions; to examine the extent towhich macro-manipulation of financial statement affects share price performance; and todetermine the impact of misreported assets and liabilities as ...

  3. INTERNATIONAL FINANCIAL INSTITUTIONS SYSTEM AS A FACTOR OF TRANSFORMATION OF NATIONAL CURRENCY SYSTEM

    Directory of Open Access Journals (Sweden)

    Andrii Oliinyk

    2016-11-01

    Full Text Available The purpose of the paper is to analyze theoretical and practical aspects of the features of the IFI influence on transformation of national currency systems of such organizations’ member states. Defining features of interaction policy among national economies and IFI in the monetary sphere, considering countries’ socio-economic parameters of development, will allow monetary authorities to achieve the optimum level of development of its economy. Methodology. Theoretical base of the study are the provisions of general scientific theory of knowledge studied phenomena and processes, in particular: methods of induction and deduction (in determining classification criteria of IFIs impact on national currency system, analysis and synthesis (in determining the features and priorities of national currency system, comparisons, associations and analogies (the justification of characteristics of advantages and disadvantages of IFI. The information base for scientific research is scientific papers and publications of domestic and foreign scientists-economists, materials of scientific-practical conferences, legislative and normative documents, the IMF, World Bank and Asian Infrastructure Investment Bank materials. Results. Theoretical approaches to the definition of the national currency system and international financial organizations, including its classification, are proposed. It is proved that the IMF makes active impact on national currency policy formation through regulation and supervision, while the World Bank and AIIB are related in a passive way. The IFI regulation trends are to implement floating exchange regime, liberal currency transactions, cancel currency restrictions in member countries. Although it refers to all countries, some of them with large population, trading, underdeveloped institutions of democracy could avoid some IFI pressure. Practical implications. The study accents attention on the specifics of the IFI activity in terms of

  4. THEORETICAL BASIS FOR RESEARCH OF QUALITY OF ACCOUNTING INSTITUTIONS IN THE ACCOUNTING (FINANCIAL REPORTS

    Directory of Open Access Journals (Sweden)

    Horbach Tatiana

    2018-01-01

    Full Text Available Introduction. The main goal of changing accounting systems in different countries today is improving the quality of accounting information and achieving a high level of user confidence in accounting (financial reporting. However, the diversity of user needs is not the main reason why the problem of improving the quality of accounting and reporting data remains relevant. Purpose. Development of separate provisions of the theory of accounting in terms of ensuring high quality of accounting (financial reporting and development of practical recommendations for the assessment of the quality of the process of formation of accounting (financial reporting. Results. The article discloses the features of informational content of accounting (financial reporting in modern conditions. The comprehensive model of accounting information specifies the substantive content of the concept, the methodical approach to the assessment of the quality of accounting (financial reporting, taking into account the peculiarities of the organizational design of the quality management process for reporting and the peculiarities of the operation of the accounting and analytical system of the enterprise. The main identified problem areas are the formation of qualitative accounting (financial reporting. It is shown that the qualitative characteristics of accounting information and accounting (financial reporting can not be only within the framework of the work of the accounting system, but also must be lead by a set of factors that determine the end-user characteristics of accounting information. Conclusions. The internal content and essence of the abstract category “quality” are considered in detail, and it is demonstrated, as in the concretization of the subject, the conceptual design “quality of accounting (financial reporting” can be introduced. On the basis of the studies of Ukrainian and foreign scholars, eight areas are identified, which identify the main issues of

  5. 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.

  6. 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...

  7. 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....

  8. 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

  9. 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...

  10. 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)

  11. 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)

  12. 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

  13. 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

  14. 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

  15. 32 CFR 231.10 - Financial institutions on DoD installations.

    Science.gov (United States)

    2010-07-01

    ... statutory authority that is separate from State or Federal laws that govern commercial banking. Section 265... forces agreements, other intergovernmental agreements, or host-country law. (ii) Financial services at... a geographic franchise and, where applicable, as authorized by the pertinent status of forces...

  16. 31 CFR 588.409 - 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... BALKANS STABILIZATION REGULATIONS Interpretations § 588.409 Credit extended and cards issued by U.S... not limited to, charge cards, debit cards, or other credit facilities issued by a U.S. financial...

  17. 31 CFR 594.410 - 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... TERRORISM SANCTIONS REGULATIONS Interpretations § 594.410 Credit extended and cards issued by U.S. financial... agreements, including, but not limited to, charge cards, debit cards, or other credit facilities issued by a...

  18. 31 CFR 103.110 - Voluntary information sharing among financial institutions.

    Science.gov (United States)

    2010-07-01

    ... Information Sharing Procedures To Deter Money Laundering and Terrorist Activity § 103.110 Voluntary.... 5312(a)(2) that is required under this part to establish and maintain an anti-money laundering program... suspects may involve possible terrorist activity or money laundering. (2) Notice requirement. A financial...

  19. 75 FR 10561 - Request for Public Comment: Community Development Financial Institutions Fund, Community...

    Science.gov (United States)

    2010-03-08

    ... contribution to the reserve fund (not less than the premium charges paid by the borrower and the financial..., gross revenues, operating expenses, restricted assets, unrestricted cash and cash equivalents). Should... liabilities); (ii) Positive net income (gross revenues less total expenses) measured on a three-year rolling...

  20. Learning Financial Accounting in a Tertiary Institution of a Developing Country. An Investigation into Instructional Methods

    Science.gov (United States)

    Abeysekera, Indra

    2011-01-01

    This study examines three instructional methods (traditional, interactive, and group case-based study), and student opinions on their preference for learning financial accounting in large classes at a metropolitan university in Sri Lanka. It analyses the results of a survey questionnaire of students, using quantitative techniques to determine the…

  1. THE 5-D MODEL ANALYSIS OF BRD & BT FINANCIAL INSTITUTIONS IN TERMS OF THE CHARACTERS THAT APPEAR IN ADVERTISEMENTS

    Directory of Open Access Journals (Sweden)

    Paula Cristina BRUJ

    2011-01-01

    Full Text Available In times of difficult and unstable economic environment, market players try todifferentiate themselves in order to survive and attract a large number of newcustomers. Financial institutions, as well as the full service segment, face amajor obstacle, as in the negative power of intangibility ,that is reflected inthe specific economic process. The “battle” for a place in front is increasinglyfierce, and financial companies have begun to focus towards the removal ofthis drawback, and finding new communication techniques and actions, byassigning the company with some new values that will lead to greaterconfidence shown within consumers. In this article, we will try to underlinetwo different tests of image association, as in the campaigns conducted byBRD - Groupe Societe Generale and Banca Transilvania, combining anendorsement campaign with a fairytale character, all of this processedthrough the filter of Romania’s set of cultural characteristics.

  2. The impact of financial institutions on the development of the Byzantine economy (10th-12th centuries

    Directory of Open Access Journals (Sweden)

    Maniatis George C.

    2016-01-01

    Full Text Available This article attempts to ascertain the nature of the financial institutions fashioned diachronically to ensure the orderly operation of the Byzantine economy, encompassing the currency in circulation, credit availability, and the nexus of financial services; to analyze their role and evolution over time; to examine their ability to make rational use of the available financial resources; and ultimately to assess their contribution in ensuring the effective functioning of the marketplace and the economy in the 10th-12th centuries. Emphasis is placed on the effectiveness of the monetary system in providing the requisite liquidity to meet the needs of the productive sectors of the economy; the determining factors of money supply and its sectorial penetration; the measures taken to prevent hoarding and alleviate the gold-dependence of the fiscus; the functional distinction between money-changing and moneylending and its rationale; the rules established for the orderly conduct of currency transactions to prevent unsavory practices; the participants involved in lending operations and the extent of market competition; the importance of credit (and hence debt financing in promoting agriculture, manufacturing, and trade; and the role of the state in safeguarding the soundness of the monetary system, banking services, deals in precious metals and valuables, and in the pricing of capital. Moreover, the paper addresses collateral issues in dispute providing more cogent answers, identifies misinterpreted sources and unsupported assertions, and fills in lacunae. It is hoped that the searching examination of the design and operation of the enacted financial institutional arrangements will provide valuable insights as to their genesis, adaptation over time, and likely performance in light of the Byzantine economic, social and political realities.

  3. A cost-benefit analysis of document management strategies used at a financial institution in Zimbabwe: A case study

    Directory of Open Access Journals (Sweden)

    Rodreck David

    2013-07-01

    Objectives: This study investigated a commercial bank’s document management approaches in a bid to ascertain the costs and benefits of each strategy and related issues. Method: A quantitative research approach was employed through a case study which was used to gather data from a sampled population in the bank. Results: The document management approaches used were not coordinated to improve operational efficiency. There were regulations governing documents management. The skills and competences of staff on both document management and cost analysis are limited. That is partly due to limited training opportunities availed to them. That means that economies are not achieved in the management of records. That has a negative impact on the overall efficiency, effectiveness and legal compliance of the banking institution. Conclusion: The financial institutions should create regulations enabling periodical cost-benefit analysis of document management regimes used by the bank at least at quarterly intervals as recommended by the National Archives of Australia. A hybrid approach in managing records is recommended for adoption by the financial institution. There should be on-the-job staff training complimented by attendance at relevant workshops and seminars to improve the staff’s understanding of both the cost-benefit analysis concept and document management.

  4. Paying for Default: Change over Time in the Share of Federal Financial Aid Sent to Institutions with High Student Loan Default Rates

    Science.gov (United States)

    Jaquette, Ozan; Hillman, Nicholas W.

    2015-01-01

    Both federal spending on financial aid and student loan default rates have increased over the past decade. These trends have intensified policymakers' concerns that some postsecondary institutions-- particularly in the for-profit sector--maximize revenue derived from federal financial aid without helping students to graduate or find employment.…

  5. 17 CFR 449.4 - Form G-FIN-5, notification of termination of association with a financial institution that is a...

    Science.gov (United States)

    2010-04-01

    ... Exchange Act of 1934 and § 400.4 of this chapter. This form is to be used by financial institutions that... available from the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the...

  6. How Do Higher Education Institutions Enhance Their Financial Autonomy? Examples from Finnish Polytechnics

    Science.gov (United States)

    Kohtamaki, Vuokko

    2011-01-01

    Numerous studies have addressed how state authorities and public funding bodies control, regulate, steer, supervise or oversee higher education institutions. There are fewer studies on how higher education institutions respond to the actions of the mentioned authorities. States have aimed at increasing the autonomy of higher education…

  7. A budget model to determine the financial health of nursing education programs in academic institutions.

    Science.gov (United States)

    Donnelly, Gloria

    2005-01-01

    In the allocation of resources in academic settings, hierarchies of tradition and status often supersede documented need. Nursing programs sometimes have difficulty in getting what they need to maintain quality programs and to grow. The budget is the crucial tool in documenting nursing program needs and its contributions to the entire academic enterprise. Most nursing programs administrators see only an operating expense budget that may grow or shrink by a rubric that may not fit the reality of the situation. A budget is a quantitative expression of how well a unit is managed. Educational administrators should be paying as much attention to analyzing financial outcomes as they do curricular outcomes. This article describes the development of a model for tracking revenue and expense and a simple rubric for analyzing the relationship between the two. It also discusses how to use financial data to improve the fiscal performance of nursing units and to leverage support during times of growth.

  8. How Law and Institutions Shape Financial Contracts: The Case of Bank Loans

    OpenAIRE

    Jun Qian; Philip E. Strahan

    2005-01-01

    We examine empirically how legal origin, creditor rights, property rights, legal formalism, and financial development affect the design of price and non-price terms of bank loans in almost 60 countries. Our results support the law and finance view that private contracts reflect differences in legal protection of creditors and the enforcement of contracts. Loans made to borrowers in countries where creditors can seize collateral in case of default are more likely to be secured, have longer mat...

  9. THEORETICAL BASIS FOR RESEARCH OF QUALITY OF ACCOUNTING INSTITUTIONS IN THE ACCOUNTING (FINANCIAL) REPORTS

    OpenAIRE

    Horbach Tatiana; Drozd Serhiy; Fedoryk Pavlo

    2018-01-01

    Introduction. The main goal of changing accounting systems in different countries today is improving the quality of accounting information and achieving a high level of user confidence in accounting (financial) reporting. However, the diversity of user needs is not the main reason why the problem of improving the quality of accounting and reporting data remains relevant. Purpose. Development of separate provisions of the theory of accounting in terms of ensuring high quality of accounting...

  10. Effective model development of internal auditors in the village financial institution

    Science.gov (United States)

    Arsana, I. M. M.; Sugiarta, I. N.

    2018-01-01

    Designing an effective audit system is complex and challenging, and a focus on examining how internal audit drive improvement in three core performance dimensions ethicality, efficiency, and effectiveness in organization is needed. The problem of research is how the desain model and peripheral of supporter of effective supervation Village Credit Institution? Research of objectives is yielding the desain model and peripheral of supporter of effective supervation Village Credit Institution. Method Research use data collecting technique interview, observation and enquette. Data analysis, data qualitative before analysed to be turned into quantitative data in the form of scale. Each variable made to become five classificat pursuant to scale of likert. Data analysed descriptively to find supervation level, Structural Equation Model (SEM) to find internal and eksternal factor. So that desain model supervation with descriptive analysis. Result of research desain model and peripheral of supporter of effective supervation Village Credit Institution. The conclusion desain model supported by three sub system: sub system institute yield body supervisor of Village Credit Institution, sub system standardization and working procedure yield standard operating procedure supervisor of Village Credit Institution, sub system education and training yield supervisor professional of Village Credit Institution.

  11. 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

  12. Does economic, financial and institutional developments matter for environmental quality? A comparative analysis of EU and MEA countries.

    Science.gov (United States)

    Abid, Mehdi

    2017-03-01

    The aim of this study is to test the hypothesis of the Environmental Kuznets Curve (EKC) with a sample of 58 MEA (Middle East & African) and 41 EU (European Union) countries for the period 1990 to 2011. The empirical analysis is carried out using the GMM-system method to solve the problem of endogenous variables. We focused on direct and indirect effects of institutional quality (through the efficiency of public expenditure, financial development, trade openness and foreign direct investment) and the income-emission relationship. We found a monotonically increasing relationship between CO 2 emissions and GDP in both MEA and EU regions. The policy implication is clear: in order to have sustainable positive economic performance and to reduce carbon dioxide emission in the country at the same time, policy makers should regulate and enhance the role and efficiency of domestic institutions. Copyright © 2016 Elsevier Ltd. All rights reserved.

  13. 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)

  14. IMF, BIS, and World Bank: On the Intra-institutional Articulation of the International Financial System

    Directory of Open Access Journals (Sweden)

    Maria de Fatima Silva do Carmo Previdelli

    2018-01-01

    Full Text Available The international financial system could be organized into three groups. According to this classification, the first group includes the organizations that exercise the functions of regulation and supervision. In the second, we have those that are regulated and supervised by the former, and in the third, we find the organizations that do not follow such rules or supervision, forming the so-called shadow banking system. This article seeks to examine the first group, and, more specifically, how the International Monetary Fund articulates with the primary elements of such a group.

  15. 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)

  16. 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

  17. 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

  18. 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.

  19. Methodological and Technical Aspects of Power Sector Liberalisation of Latvia

    International Nuclear Information System (INIS)

    Petrov, B.; Viksna, I.; Zeltinsh, N.

    2001-01-01

    A successful liberalisation of energy markets is taking place in the Baltic countries (Estonia, Latvia, Lithuania), that is why it is important to investigate the methodological and technical aspects as well as the effect of this process upon the development of energy supply in the North European region. Energy supply to the Baltic countries is characterised by the fact that energy resources there are mainly supplied from the CIS, where there is a rather difficult prognostic energy market with sharp price fluctuations (sometimes supplies are completely cut). At the same time, by using the CIS energy resources, the development of the energy sector may significantly influence the total North European energy supplies. Energy saving measures and energy-efficient technologies in the following years will greatly influence energy market and energy consumption. This is an actual problem for such countries as Latvia, where the main part of its energy carriers is imported from neighbouring countries.(author)

  20. 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

  1. 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

  2. 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)

  3. An Exploratory Study of Accounting on Ijarah as Practiced by Malaysian Financial Institutions

    OpenAIRE

    Shariff, Ros Aniza Mohd; Abdul Rahman, Abdul Rahim

    2005-01-01

    Prior studies on Ijarah were mainly focusing on the economics, legal and financial aspects, there was, however, so far no in- depth study on accounting for Ijarah. The main objective of this study is to explore the nature of accounting practices as practiced by Malaysian financial institutions. First, the study makes comparison between the Intemational Accounting Standard on leasing (IAS 17); the accounting standard for Ijarah (FAS 8) as developed by the Accounting and Auditing Organization for...

  4. 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

  5. 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

  6. 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.

  7. 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

  8. Intellectual capital in mergers and acquisitions: a case study in a world-class financial institution

    Directory of Open Access Journals (Sweden)

    Ricardo Vinícius Dias Jordão

    Full Text Available Abstract The objective of the research described in this paper was to analyse the implications of the merger between Itaú and Unibanco banks on the Intellectual Capital (IC of the Itaú Unibanco S/A Bank. The methodology comprised a qualitative and quantitative case study, in a descriptive approach, based on interviews (formal and informal and questionnaires applied to 225 top managers (directors, superintendents, regional managers and commercial general managers originated from these two banks. The research was complemented with direct observation and documental analysis. The following results were found after the merger: (i improvements were noted in all analysed indicators on the constituent elements of the IC (human capital, structural capital and relational capital, (ii Itaú Unibanco S/A Bank created, developed and acquired knowledge and know-how, and (iii these factors influenced corporative IC, supporting improvements in processes, systems, technology, brands, products and mainly in people, corporate image and the relationship of the company with the market, promoting significant financial results.

  9. Financial effect of instituting Deficit Reduction Act documentation requirements in family planning clinics in Oregon.

    Science.gov (United States)

    Rodriguez, Maria Isabel; Angus, Lisa; Elman, Emily; Darney, Philip D; Caughey, Aaron B

    2011-06-01

    The study was conducted to estimate the long-term costs for implementing citizenship documentation requirements in a Medicaid expansion program for family planning services in Oregon. A decision-analytic model was developed using two perspectives: the state and society. Our primary outcome was future reproductive health care costs due to pregnancy in the next 5 years. A Markov structure was utilized to capture multiple future pregnancies. Model inputs were retrieved from the existing literature and local hospital and Medicaid data related to reimbursements. One-way and multi-way sensitivity analyses were conducted. A Monte Carlo simulation was performed to simultaneously incorporate uncertainty from all of the model inputs. Screening for citizenship results in a loss of $3119 over 5 years ($39,382 vs. $42,501) for the state and $4209 for society ($63,391 compared to $59,182) for adult women. Among adolescents, requiring proof of identity and citizenship results in a loss of $3123 for the state ($39,378 versus $42,501) and $4214 for society ($63,391 instead of $59,177). Screening for citizenship status in publicly funded family planning clinics leads to financial losses for the state and society. Copyright © 2011 Elsevier Inc. All rights reserved.

  10. Shari’ah Auditing: A Review of Shari’ah Audit Practices in Islamic Financial Institution (IFIs

    Directory of Open Access Journals (Sweden)

    Abdul Rashid Azwan

    2017-01-01

    Full Text Available With its increasing number of Islamic Financial Institutions (IFIs in the country, Malaysia has emerged as a leading hub when benchmarked against the other Islamic countries of the world. Unlike its conventional counterpart, the Islamic financial system focuses on the achievement of societal justice as evaluated within its own framework and uses its own criteria in order to achieve the objective of the Maqasid Ash-Shari’ah. To help achieve this objective, the Islamic finance industry is in need of Shari’ah auditors who are not only knowledgeable and competent in ensuring that the IFIs operate in accordance with Shari’ah principles, but also adequate in supply, in order to cater for the increasing number of IFIs in the country. Therefore, a major aim of this study is to conduct a comprehensive review of the auditing process performed by Shari’ah auditors in determining the achievement of the Maqasid Ash-Shari’ah by the IFIs. Another aim of this study is to assess the existing Shari’ah auditing framework and standards practiced by IFIs in Malaysia. The results of this study could serve as a reference point for the regulatory and professional bodies in assessing the implementation of a comprehensive Shari’ah auditing framework.

  11. 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...

  12. 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)

  13. INSTITUTIONAL ASPECTS OF THE CAUSES AND CONSEQUENCES VIOLATION OF FINANCIAL STABILITY: HISTORICAL RETROSPECTIVE AND CURRENT UKRAINIAN REALITIES IN THE CONTEXT OF CHALLENGES OF EUROPEAN INTEGRATION

    Directory of Open Access Journals (Sweden)

    I. Novikova

    2016-06-01

    Full Text Available The article analyzes the institutional aspect of the causes and consequences of violations of financial stability. Done analysis of famous historical examples of the emergence of inflationary bursts, as well as ways of establishing a financial equilibrium. In particular, states that often main cause of violations of financial stability becomes inflationary boom, which arose by wars, socio-economic and political contradictions. It was considered role of institutional instability in the context of the emergence of contemporary geopolitical challenges and socio-economic changes in Ukraine. The paper examines the impact of modern social and economic challenges on growth in inflation and on the deterioration of other macroeconomic indicators in Ukraine. At the end, was provided of the recommendations to overcome the financial problems in the national economy. Emphasized importance of the exchange rate stability of the currency.

  14. National Institute for Radiological Protection and Nuclear Safety - IRSN. Annual Report 2016, Financial Report 2016

    International Nuclear Information System (INIS)

    2017-01-01

    IRSN is the nation's public service expert in nuclear and radiation risks, and its activities cover all the related scientific and technical issues in France and in the international arena. Its work therefore concerns a wide range of complementary fields, including environmental monitoring, radiological emergency response, radiation protection and human health in normal and accident situations, prevention of major accidents, and safety and security relating to nuclear reactors, plants, laboratories, transportation, and waste. It also carries out assessments in the nuclear defense field. In addition, IRSN contributes to government policy in nuclear safety, the protection of human health and the environment against ionizing radiation, and measures aimed at safeguarding nuclear materials, facilities and transportation operations against the risk of malicious acts. Within this context, it interacts with all the organizations concerned including public authorities, in particular nuclear safety and security authorities, local authorities, businesses, research organizations, and stakeholder associations. This document is IRSN's annual and financial report for 2016. Content: 1 - Activity Key Figures; 2 - Strategy; 3 - Panorama 2016; 4 - Activities: safety (Safety of civil nuclear facilities, Experimental reactors, Nuclear fuel cycle facilities, Human and organizational factors, Reactor aging, Severe accidents, Fuel, Criticality, Fire and containment, Natural hazards, Defense-related facilities and activities, Radioactive waste management, Geological disposal of radioactive waste); security and nonproliferation (Nuclear security, Nuclear nonproliferation, Chemical weapons ban); radiation protection - human and environment health (Environmental monitoring, Radon and polluted sites, Radiation protection in the workplace, Effects of chronic exposure, Protection in health care); emergency and post-accident situations (Emergency preparedness and response, Post

  15. Financial management and job social skills training components in a summer business institute: a controlled evaluation in high achieving predominantly ethnic minority youth.

    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

    2005-07-01

    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 more likely to recommend their employment agency to others than were youth who received the financial management component, rated their overall on-the-job work experience more favorably, and demonstrated higher scores in areas that were relevant to the skills that were taught in the job social skills workshops. The financial management component also appeared to be relatively effective, as youth who received this intervention improved their knowledge of financial management issues more than youth who received job social skills, and rated their workshops as more helpful in financial management, as well as insurance management. Future directions are discussed in light of these results.

  16. Effect Of Leadership Behavior On The Performance Of Micro-Financial Institutions In Kakamega County.

    Directory of Open Access Journals (Sweden)

    Kisiangani Benson Walela

    2015-02-01

    Full Text Available Abstract Leadership behavior is key factor to performance of any organization. It is a human factor that enables a leader to influence the subordinates towards a given goal. Despite the increased emphasis on strong leadership behavior in teams there is a lack of integration concerning the relationship between leader behaviors and performance outcomes. Use of task-focused behaviors is related to perceived team effectiveness and productivity. The problem manifests itself in multiple ways in which senior managers are commonly in the wrong position relative to their strengths and therefore the positions remain vacant. There is little middle level management talent which in turn leads to a high turnover at all levels. This study sought to find out how leadership behavior affects the performance of micro-finance institutions. The study adopted a correlational study design which helped to establish the associations between and among the study variables.

  17. 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.

  18. An empirical analysis on the adoption of electronic banking in the financial institutes using structural, behavioral and contextual factors

    Directory of Open Access Journals (Sweden)

    Ali Akbar Ahmadi

    2012-08-01

    Full Text Available This research examines contextual, structural and organizational factors, which can facilitate or slow down adoption of innovation in Electronic Banking in the financial Institutions. Three-dimensional model co-structure, co-behavioral, contextual (3C is used in this research. This schema is a logical model in the categories of models and many of concepts, events and organizational phenomena can be examined. Structural factors including type of the organization of institution, work distribution, preparing mobilization of resources and equipment and risk of decision-making sophistication influence on adoption of Electronic Banking. There are four contextual factors, which contribute in adoption of Electronic Banking including goals, strategies, culture and common norms. The five Behavioral Factors, which affect on electronic banking are connections and relations, skills and personal characters of employees, education, job satisfaction and banking work process. By studying the mentioned factors, we have realized that contextual factors plays important role on adoption of electronic Banking by employee and the behavioral and structural factors have minor impacts. The mentioned proposals are methods, which facilitate the adoption of electronic banking in the country.

  19. Private Sector Investments from Small States in Emerging Markets: Can International Financial Institutions Help Handle the Risks?

    Directory of Open Access Journals (Sweden)

    Hilmar Þór Hilmarsson

    2008-12-01

    Full Text Available The private sector plays an important role in the economic reconstruction of emerging market economies, and international financial institutions (IFIs increasingly work in partnership with the private sector to increase economic growth and reduce poverty in those economies. IFIs, for example, offer: (i equity financing and/or loans for private sector projects, (ii investment guarantees against political risks (or non-commercial risks, (iii technical assistance, and (iv advisory services, etc. This article will briefly discuss the services that IFIs offer the private sector in emerging markets and cases in which these services could be useful for Icelandic companies. The institutions discussed are (i the World Bank Group, (ii the European Bank for Reconstruction and Development (EBRD, (iii the Asian Development Bank (AsDB, (iv the Inter-American Development Bank (IDB, and (v the African Development Bank (AfDB. A few Icelandic firms already have plans for relatively large projects in emerging market economies, especially in the energy sector, some of them in countries that could be classified as being risky. The ongoing economic crisis in Iceland will make project financing in emerging markets more problematic than before and therefore investments in partnership with international financial institutions could be an option that Icelandic firms will increasingly need to consider if they intend to invest abroad. However, increased private sector and IFI partnerships will not happen without government action. Iceland is a member of only two of the above-mentioned IFIs: the World Bank Group and the EBRD. The decision for Iceland to become member of the AsDB, IDB and AfDB rests solely with the government. Further government inaction in this area could become an impediment for foreign direct investment from Iceland to emerging markets and increase risks when the Icelandic private sector invests in those economies. Unnecessary risks might not only hurt

  20. 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,"…

  1. OWNERSHIP CONCENTRATION AND CORPORATE GOVERNANCE DISCLOSURE – THE CASE OF FINANCIAL INSTITUTIONS

    Directory of Open Access Journals (Sweden)

    Stefanescu Cristina Alexandrina

    2012-07-01

    Full Text Available Disclosure and the quality of corporate governance system are more often appreciated as closely related concepts - the higher the level of transparency, the better the quality corporate governance practices. As regards disclosure, if in a widely held company (ownership dispersion its role is to signal that the managers are acting in the best interests of the principals, in a highly concentrated company (ownership concentration, it comes to annihilate the conflicts of interest between “insiders” (controlling shareholders and managers and outside investors. Basing on this background, we focused on corporate governance disclosure, analyzing possible influences over it coming from corporate governance dimensions. Therefore, the objective of our paper is to identify possible associations between corporate governance features and the level of disclosure through annual reports in case of banking institutions listed at London Stock Exchange focusing on ownership concentration. Most empirical studies that have tested the correlation between ownership concentration and the level of disclosure reached to a negative relationship (Barako et al., 2006; Tsamenyi, et al., 2007; Haniffa and Cooke, 2002; Huafang and Jianguo, 2007; Patelli and Prencipe, 2007; Chau and Gray, 2002; Cooke, 1989. However, there are also studies that could not find any association (Arcay and Vazquez, 2005; Ghazali and Weetman, 2006; Holm and Scholer, 2010; Parsa, et al., 2007; Baek, et al., 2009; Makhija and Patton, 2004; Depoers, 2000. Basing both on assertions supported by the agency theory that companies with concentrated ownership do not have to rely on external disclosures to the same extent as companies with dispersed ownership, as well as on most prior empirical findings that provide evidence in this respect, we proposed the following hypothesis: “(H: There is a negative association between ownership concentration and the extent of disclosure”. The

  2. IFRS 9 for financial institutions : the case for IFRS and FinRep-taxonomies : a conceptual gap analysis

    OpenAIRE

    Beerbaum, Dirk; Piechocki, Maciej

    2017-01-01

    Manuscript Type: Theoretical Main topic: A tsunami of regulations since the 2013 financial crisis is steering toward’s Europe’s financial service sector. At the same time the accounting standard for financial institutions’ core products the financial instruments will be changing. As disclosures according to IFRS 9 become mandatory by 2018, the existing IFRS Taxonomy for IFRS 9 already developed by the IFRS Foundation, represents a suitable and objective framework to assess IFRS 9 impact on di...

  3. Impacts of market liberalisation on the EU gas industry

    International Nuclear Information System (INIS)

    Van Oostvoorn, F.; Boots, M.G.

    1999-10-01

    The paper presents an analysis of tbc effects of tbc European Union (EU) Gas Directive on the EU natural gas industry in the next ten years. First, it briefly reviews the current driving factors for increasing competition in the EU gas markets. Second, the different directions of implementation of EU Gas Directive are discussed. Finally we give an assessment of impacts of the different directions of implementation of the Gas Directive, thereby focusing on structural changes of the gas industry and the scope for reduction of consumer gas prices. Note that our assessment of the impacts is partly based on an analysis of recent trends in the EU gas market and partly on calculations with a recently developed model of the EU gas market on company level. The paper summarises the main observations of a study conducted by the Netherlands Energy Research Foundation (ECN) last year in the framework of a larger scenario study for the European Committee, Directorate-General 17, in the Shared Analysis Project, 'Economic Foundations for Energy Policy in Europe to 2020' managed by FhG-ISI. For the complete results of the ECN study, see report 'Impacts of Market Liberalisation on the EU Gas Industry', September 1999, forthcoming. Note that the analysis is limited to the gas market and does not include other impacts, i.c. on energy conservation, emissions, etc. 21 refs

  4. Liberalisation and green patent registrations of electric utilities in Europe

    International Nuclear Information System (INIS)

    Salies, Evens; Nesta, Lionel

    2010-10-01

    The authors report a study of the influence of reforms which introduce a liberalisation of energy markets on the innovation behaviour of electric utilities in some countries. Within a context of concentration of this sector, the hypothesis of a negative impact on patent registration by electric utilities is tested by the authors. They first define the notion of environmental innovation and its evolution in the electric energy sector as the climate and environment issues are nowadays extremely important for the energy sector. R and D here addresses micro-generation, fuel cells, tidal turbine systems, energy production by using solar energy, and biomass gasification. They discuss numbers of pattern registrations by European utilities before and after laws on energy market reform. They present an econometric model and data used to test the hypothesis and comment the obtained results. The model comprises a knowledge production function, and various explicative variables (firm size and R and D, reforms, technological opportunities, energy mix, and influence of demand)

  5. Combined heat and power in a liberalised energy market

    International Nuclear Information System (INIS)

    De Paepe, Michel; Mertens, David

    2007-01-01

    The decision whether or not to install cogeneration units mainly depends on individual economic considerations combined with ecological awareness. In countries with rather unfavourable economic conditions for cogeneration, government support or similar systems are considered to stimulate new investments. Although the economic feasibility of a cogeneration unit still strongly depends on site specific parameters, some general trends can be found. This paper clarifies which are the most important aspects in an economic evaluation of a cogeneration plant considering the context of a liberalised energy market. Also, a methodology for calculating the economic feasibility is set up. Firstly, the methodology is used to make a general analysis of the economic feasibility of cogeneration in Flanders, Belgium, taking into account the specific Flemish support systems. Different cogeneration technologies, including microturbines as a relatively new technology, are considered, as well as a broad range of sizes. Using average data makes it possible to compare those different sizes and technologies and to draw some general conclusions for the Flemish situation. After this case study, simulations are performed to quantify the impact of the variation of some crucial parameters on the economic feasibility of cogeneration. Ranking those parameters by their economic impact shows the high importance of the reliability of the installation and the power prices. The impact of changing energy prices is also examined, concluding that (gas fired) cogeneration should not fear the rise of gas prices. Where quantitative conclusions of this sensitivity analysis are based on specific inputs for Flanders, qualitative conclusions are still applicable to all similar countries

  6. 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

  7. The use of fund accounting and the need for single fund reporting by institutional healthcare providers. Principles and Practices Board Statement No. 8. Healthcare Financial Management Association.

    Science.gov (United States)

    1986-06-01

    For many years, hospitals and other institutional healthcare providers used fund accounting as a basis for presenting their financial statements. Recently, authoritative literature has placed less emphasis on separate fund reporting. This is evidenced by the reduction of fund classifications specified in the literature. This trend seems to follow the recognition that institutional healthcare activities should be reported in a manner comparable to other businesses. The Principles and Practices Board (P&P Board) of the Healthcare Financial management Association believes that general purpose financial statements of institutional healthcare providers should be comparable to reporting by other businesses. That is, all assets, liabilities, and equity are presented in a single aggregated balance sheet without differentiation by fund. This form of presentation, referred to in this statement as single fund reporting, should be used by all institutional healthcare providers including those that are part of HMOs, universities, municipalities, and other larger entities when separate reports of the provider are issued. The P&P Board is studying other significant issues concerning the reporting of revenues and components of equity and changes therein. The conclusion in this statement can be implemented even though conclusions on these related subjects are not yet complete. The P&P Board recognizes that certain circumstances may require detailed records and reports for special purposes. This statement deals only with those general purpose financial statements on which an independent accountant's opinion is expressed.

  8. 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

  9. The independence of the Shari’a supervisory board in the Islamic financial institutions of the GCC countries

    Directory of Open Access Journals (Sweden)

    Samy Nathan Garas

    2010-07-01

    Full Text Available Islamic Financial Institutions (IFIs are governed by two boards: the Board of Directors (BoD and the Shari’a Supervisory Board (SSB. The SSB is a panel of Shari’a scholars who act independently from other governance organs. This paper discriminates between dependent SSBs and independent SSBs by using twenty one variables, which are classified into three groups: the implementation of governance best practices, the recruitment of SSB members, and the relationship between the SSB members and other governance organs. This study is one of the first studies that provide empirical results about the SSB independence. Nevertheless, the research focuses exclusively on the Gulf Cooperation Council (GCC countries and excludes the other countries where Shari’a supervision might have different forms. The study has developed a hypothesis, which was tested by a questionnaire. Data was collected from 76 Shari’a Supervisory Boards, 73 Boards of Directors, and 59 shareholders of IFIs in the GCC countries (Bahrain, Kuwait, Qatar, Saudi Arabia, and UAE during 2009. The discriminant analysis has been used in identifying both dependent and independent SSBs. The paper finds five variables relevant in discriminating the two groups. These variables are the incentives provided to the SSB; the average remuneration to the SSB members; the existence of the policy of penalties for violating the code of conduct; the relation between the SSB members and the BoD; and the role of executive management in recruiting SSB members.

  10. APPLICABILITY OF A STRATEGIC MAP UNDER THE PERSPECTIVE OF CRITICAL FACTORS FOR PROJECT MANAGEMENT MATURITY AT A LARGE FINANCIAL INSTITUTION

    Directory of Open Access Journals (Sweden)

    Sady Darcy da Silva Junior

    2012-01-01

    Full Text Available Project Management and Strategic Management are two subjects of major relevance within the corporate environment, despite usually being treated separately, at organizations. However, for Westphal et al. (2008 one of the ways to link project management and strategy is through project management maturity, and to this effect, a series of actions that can be characterized as critical factors (Rabechini Jr. & Pessoa, 2005 are required. Another way of seeking this connection is by means of the strategic map concept which, according to Kaplan and Norton (2004, p.10, “represents the lost link between strategy formulation and the execution of the strategy”. In this study the purpose is to evaluate the applicability of a strategic map, from a critical factors perspective, on project management maturity, as proposed by Silva Jr. and Luciano (2010. Thus a qualitative and exploratory approach case study was conducted at a large financial institution, where three interview scripts were applied on nine professionals, whereby three were leaders, three were project managers and three, functional managers. Furthermore, a graphical representation standard was designed picturing possible situations concerning the applicability of strategic objectives of the map proposed in the case under study. As a result, an important academic contribution to the vague and scarce literature on the relationship between project management and organizational strategy was verified, in addition to mapping possibilities of improvements for the organization, which otherwise might have been impossible to identify.

  11. 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 ...

  12. 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)

  13. 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.

  14. 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.

  15. 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)

  16. Importance of Non-banking Financial Institutions and of the Capital Markets in the Economy. The Case of Romania

    Directory of Open Access Journals (Sweden)

    Marilen Pirtea

    2008-05-01

    Full Text Available Deep and broad financial markets facilitate savings mobilization, by offering both individuals and insitutional savers and investors additional instruments and channels for placement of their funds at more attractive returns than are available on bank deposits. Bank and non-bank financial intermediation are both key elements of a sound and stable financial system. Both sectors need to be developed as they offer important synergies, meant to foster economical growth. While banks dominate the financial systems in most countries, business, households, and the public sector rely on the availability of a wide range of financial products to meet their financial needs. Such products are not provided only by banks, but also by insurance, leasing, factoring, and venture capital companies as well as mutual funds or pension funds.

  17. Report on the Observance of Standards and Codes, Accounting and Auditing : Module B - Institutional Framework for Corporate Financial Reporting, B.4 Financial Sector - Insurance

    OpenAIRE

    World Bank

    2017-01-01

    The purpose of this report is to gain an understanding of the financial reporting requirements for insurance companies in a jurisdiction in addition to or instead of the requirements for commercial enterprises in general. Unless otherwise stated, the term insurance company refers to both insurance and reinsurance companies. There are also questions in relation to the monitoring and enforce...

  18. '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

  19. The effect of trade liberalisation on Syrian agriculture

    Directory of Open Access Journals (Sweden)

    Basel Abbas

    2010-01-01

    Full Text Available Syrian agricultural policy should be characterized by a high level of government intervention, including fixed prices, government monopoly in strategic crop marketing, government distribution of industrial fertilizers, significant barriers on food and agricultural commodities import and so on. Although there were certain changes and liberalization in this area during several last years, the Syrian agriculture remains as the most regulated sector of national economy in Near east and northern Africa.On the other hand, we may state the fact that Syrian governmental agriculture policy was successful considering so called strategic crops most of all in achieving self-sufficiency in wheat production, also an essential increase of cotton production volume which represents most important export crop of this near east country, took a part. Besides this progress there was restriction of disparity development in countryside and municipal household’s incomes, which is partial reason for slowing down of Syrian countryside poverty. These positive outcomes were reached at the expense of increasing go­vern­men­tal expenses and worsening of resources efficiency usage both in agriculture production and energy sectors. Considering forecasted spend of oil sources, the Syrian government will be ne­ce­s­sa­ri­ly forced to search for alternative resources of economic growth and government budget incomes in near future.The last five year country plan presumes consequental delimitation of grants and implication of value added tax. There is to be a quite large liberalisation in agriculture sector, which should lead to consequential down of wheat production, sugar beet and cotton and increase of barley, lentil and chickpea production.

  20. 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)