Empirical Assessment on Financial Regulations and Banking Sector Performance

Directory of Open Access Journals (Sweden)

Igbinosa S.

2017-09-01

Full Text Available This study examines financial regulation and banking sector performance in Nigeria. Specifically, the study determines the impact of reforms on banking sector performance and also assesses the nexus between capital adequacy and banking sector performance. Time series data for the period 1993 to 2014 was used. As an analytical tool, the study uses unit root test to determine the stationary state of the variables. We also employed the Johansson co-integration and error correction model (ECM statistical techniques to establish both short-run and long-run dynamic relationships between the endogenous and exogenous variables. The empirical findings indicate that financial regulation significantly impacts the banking sector performance while financial regulation has both short-run and long-run dynamic relationships with the banking sector performance in Nigeria. It was found that the four-period lag of capital adequacy negatively affects banking sector performance and is not statistically significant. The paper suggests that the Central Bank of Nigeria (CBN should continually make public the impacts that the various financial regulations and reforms have on the performance of Nigerian banks. Majority of the policies on financial regulation by the apex bank (CBN need to be long-run which can enable confidence of stakeholders, shareholders and the general public in the Nigerian banking industry when critically evaluated.

Nigeria's Banking Sector Reforms: the Journey So Far | Onodje ...

African Journals Online (AJOL)

The current economic crisis appears to vindicate strident calls for financial sector reforms to enthrone sound financial practices and good corporate governance as means to ensuring sustainable economic growth and development. It is thus appropriate in the current adverse global economic circumstances, to determine the ...

Financial Market Implications of India’s Pension Reform

OpenAIRE

Helene Poirson Ward

2007-01-01

India's planned pension reform will set up a proper regulatory framework for the pension industry and open up the sector to private fund managers. Drawing on international experiences, the paper highlights pre-conditions for the reform to kick-start financial development, including: (i) the buildup of critical mass; (ii) sufficiently flexible investment guidelines and regulations, including on investments abroad; and (iii) concurrent reforms in capital markets. Given the limited scale of the ...

Between the state and market: Electricity sector reform in developing countries

International Nuclear Information System (INIS)

Jamasb, Tooraj

2006-01-01

Developing countries have had to reform technically and financially less efficient electricity sectors than developed countries with less resources and weaker institutions. This paper examines the reform experience and lessons in these countries. The paper reviews private participation and key reform steps such as restructuring, competition, and regulation. The role of contextual factors such as system size, institutional endowment, and international organizations are then discussed. It then argues that there is a need for redefining the role of the state rather than a full withdrawal from the sector and that many countries should adopt simpler reform models and gradual implementation. (author)

Health sector reform and public sector health worker motivation: a conceptual framework.

Science.gov (United States)

Franco, Lynne Miller; Bennett, Sara; Kanfer, Ruth

2002-04-01

Motivation in the work context can be defined as an individual's degree of willingness to exert and maintain an effort towards organizational goals. Health sector performance is critically dependent on worker motivation, with service quality, efficiency, and equity, all directly mediated by workers' willingness to apply themselves to their tasks. Resource availability and worker competence are essential but not sufficient to ensure desired worker performance. While financial incentives may be important determinants of worker motivation, they alone cannot and have not resolved all worker motivation problems. Worker motivation is a complex process and crosses many disciplinary boundaries, including economics, psychology, organizational development, human resource management, and sociology. This paper discusses the many layers of influences upon health worker motivation: the internal individual-level determinants, determinants that operate at organizational (work context) level, and determinants stemming from interactions with the broader societal culture. Worker motivation will be affected by health sector reforms which potentially affect organizational culture, reporting structures, human resource management, channels of accountability, types of interactions with clients and communities, etc. The conceptual model described in this paper clarifies ways in which worker motivation is influenced and how health sector reform can positively affect worker motivation. Among others, health sector policy makers can better facilitate goal congruence (between workers and the organizations they work for) and improved worker motivation by considering the following in their design and implementation of health sector reforms: addressing multiple channels for worker motivation, recognizing the importance of communication and leadership for reforms, identifying organizational and cultural values that might facilitate or impede implementation of reforms, and understanding that reforms

Financial Globalisation and Sectoral Reallocation of Capital in South Africa

OpenAIRE

Ziv Chinzara; Radhika Lahiri; En Te chen

2012-01-01

The study examines the impact of financial globalisation on intra-sector and inter-sector firm level reallocation of capital in South Africa using panel data for the period 1991-2008. The measure of efficient reallocation of capital is based on the variation of firm's marginal returns to capital around the optimal level, while the measure of financial globalisation is constructed by tracing the financial reforms/restrictions that took place in South Africa since the 1970s. We find that financ...

Power and process: The politics of electricity sector reform in Uganda

Science.gov (United States)

Gore, Christopher David

In 2007, Uganda had one of the lowest levels of access to electricity in the world. Given the influence of multilateral and bilateral agencies in Uganda; the strong international reputation and domestic influence of its President; the country's historic achievements in public sector and economic reform; and the intimate connection between economic performance, social well-being and access to electricity, the problems with Uganda's electricity sector have proven deeply frustrating and, indeed, puzzling. Following increased scholarly attention to the relationship between political change, policymaking, and public sector reform in sub-Saharan Africa and the developing world generally, this thesis examines the multilevel politics of Uganda's electricity sector reform process. This study contends that explanations for Uganda's electricity sector reform problems generally, and hydroelectric dam construction efforts specifically, must move beyond technical and financial factors. Problems in this sector have also been the result of a model of reform (promoted by the World Bank) that failed adequately to account for the character of political change. Indeed, the model of reform that was promoted and implemented was risky and it was deeply antagonistic to domestic and international civil society organizations. In addition, it was presented as a linear, technical, apolitical exercise. Finally the model was inconsistent with key principles the Bank itself, and public policy literature generally, suggest are needed for success. Based on this analysis, the thesis contends that policymaking and reform must be understood as deeply political processes, which not only define access to services, but also participation in, and exclusion from, national debates. Future approaches to reform and policymaking must anticipate the complex, multilevel, non-linear character of 'second-generation' policy issues like electricity, and the political and institutional capacity needed to increase

Public sector reform and demand for human resources for health (HRH

Directory of Open Access Journals (Sweden)

Lethbridge Jane

2004-11-01

Full Text Available Abstract This article considers some of the effects of health sector reform on human resources for health (HRH in developing countries and countries in transition by examining the effect of fiscal reform and the introduction of decentralisation and market mechanisms to the health sector. Fiscal reform results in pressure to measure the staff outputs of the health sector. Financial decentralisation often leads to hospitals becoming "corporatised" institutions, operating with business principles but remaining in the public sector. The introduction of market mechanisms often involves the formation of an internal market within the health sector and market testing of different functions with the private sector. This has immediate implications for the employment of health workers in the public sector, because the public sector may reduce its workforce if services are purchased from other sectors or may introduce more short-term and temporary employment contracts. Decentralisation of budgets and administrative functions can affect the health sector, often in negative ways, by reducing resources available and confusing lines of accountability for health workers. Governance and regulation of health care, when delivered by both public and private providers, require new systems of regulation. The increase in private sector provision has led health workers to move to the private sector. For those remaining in the public sector, there are often worsening working conditions, a lack of employment security and dismantling of collective bargaining agreements. Human resource development is gradually being recognised as crucial to future reforms and the formulation of health policy. New information systems at local and regional level will be needed to collect data on human resources. New employment arrangements, strengthening organisational culture, training and continuing education will also be needed.

Financial sector taxation: Financial activities tax or financial transaction tax?

Directory of Open Access Journals (Sweden)

Danuše Nerudová

2011-01-01

Full Text Available The recent financial crises has revealed the need to improve and ensure the stability of the financial sector to reduce negative externalities, to ensure fair and substantial contribution of the financial sector to the public finances and the need to consolidate public finance. All those needs represent substantial arguments for the discussion about the introduction of financial sector taxation. There are discussed in the paper two possible schemes of financial sector taxation – financial transaction tax and financial activities tax. The aim of the paper is to research the possibility of the introduction of financial sector taxation, to discuss the pros and cons of two major candidates on financial sector taxation – financial transaction tax and financial activities tax and to suggest the possible candidate suitable for the implementation on the EU level. Financial transaction tax represents the tool suitable mainly on global level, for only in that case enables generate sufficient financial resources. From EU point of view is considered as less suitable, for it bears the risk of reallocation. Therefore the introduction of financial activities tax on EU level is considered as a better solution for the financial sector taxation in the EU, for financial sector is exempted from value added tax. With respect to the fact, that the implementation would represent the innovative approach to the financial sector taxation, there are no empirical proves and therefore this could be the subject of further research.

The effects of a new financial supervisory system on consolidation in banking sector

OpenAIRE

Novickytė, L.

2012-01-01

The recent financial turmoil has prompted to review the current financial regulatory framework mechanism. The present financial system reform could be a cause of the integration and consolidation processes in banking, because banks play a very important role in the economy. This article examines the changes of European Union's financial system, regulatory rules, and extending the potential of the financial sector perspective. This paper attempts to evaluate the European Union financial struct...

Environmental consequences of electricity sector reforms

International Nuclear Information System (INIS)

Wohlgemuth, N.

1999-01-01

Worldwide, the electricity industry is in the process of undergoing fundamental transitions. The reform process typically involves one or more of the following changes: commercialisation, privatisation, unbundling/restructuring and introduction of competition. The environmental impacts of these changes pull in different directions. There is concern that restructured electricity markets may not always incorporate adequately the environmental impacts of electricity resource development and consumption decisions. However, the electricity sector reform process also offers an opportunity to promote positive environmental changes: because the sector is already in flux, it may be easier to address environmental issues. The paper gives an overview of power sector reform in six countries where reforms have already been implemented, and concludes that reform measures will have to be accompanied by competitively neutral regulations in order to stimulate investment in environmentally sound technologies, including renewable and energy efficient technologies. (author)

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.

Financial performance after the Spanish banking reforms: A comparative study of 19 commercial banks

Directory of Open Access Journals (Sweden)

Pison F. Irene

2014-06-01

Full Text Available A diagnostic review of the Spanish financial system during the 2008 financial crisis reveals the emergency need for banking reform in the sector. In an attempt to evaluate the impact of the Spanish reform, the present study examines the bank´s performance before/after the reform was adopted, using data of 19 Spanish commercial banks extracted from the Global Vantage research database (Standard and Poor’s over the period 2006 to 2013. This study uses multivariable regression method to investigate the impact of the CAMELS rating system: capital adequacy, asset quality, management quality, liquidity and sensitivity to market risks on the bank´s performance such as earnings efficiency. The time-line of the study is essential because it helps us to determine the financial performance of Spanish commercial banks before the banking reforms during the financial crisis and an important set in terms of mergers and acquisition in the banking industry. The empirical results have found strong and positive evidence that Capital Adequacy, Management Capacity, Liquidity and Sensitivity to Market Risk are useful predictors of banks performance (earnings efficiency, thus, any reform pilot toward this banking indicators will eventually have a positive impact on banking performance. Base on the present study, the Spanish reform was so vital for better banking performance. Therefore, this study serves not only to academics but also to policy makers

The banking union and the financial and banking system reform in EU

Directory of Open Access Journals (Sweden)

Alina Ligia Dumitrescu

2013-04-01

Full Text Available Coordination among supervisors in financial and banking system is vital, but the financial crisis has shown that is not enough, and especially in the context of a single currency would require more common actions in EU. Therefore, the European Commission proposed “the creation of a banking union”, in order to place the banking sector on a more solid base and to restore confidence in the single currency, as part of a longer-term vision for the promotion of the economic and fiscal integration. Therefore, the new direction of the reform of the financial sector is "the creation of a banking union", that will help: to strengthen banks supervision, to ensure better deposits security, to recapitalize banks and last but not least to achieve the centralized management of the banking crises.

Institutional determinants of power sector reform in Pakistan

International Nuclear Information System (INIS)

Ullah, Kafait; Arentsen, Maarten J.; Lovett, Jon C.

2017-01-01

The electricity supply sector in Pakistan has performed poorly in recent years. Reforms were introduced in the mid-1990s to improve the sector, but progressed slowly with no significant impacts on pre-reform performance. This study uses new institutional economics as a theoretical basis to elucidate reasons for the failure of power sector reforms in Pakistan to make improvements. Interviews with 23 experts using Q-methodology generated 215 statements that were used as a Q concourse. Of these, 51 statements were selected for the Q sample and ranked by 34 respondents depending on their importance. Analysis revealed four important discourses on the determinants of power sector reform failure in Pakistan. These included weak governance structure, country and sectoral endowments, inefficient regulator and unspecified political institutions or unfriendly political contexts. The study recommends establishment of institutions that support a market based power supply sector and improvements to the contractual arrangements between stakeholders to reduce opportunistic behaviour. - Highlights: • This study utilizes New Institutional Approach to study power sector reforms in Pakistan. • Work of Douglass North and Oliver Williamson help create analytical frame. • Q methodology helps overcome data limitations. • Results reveal institutional aspects as important for poor performance of reforms. • Study suggests policy recommendations to improve institutional environment and governance of power sector in Pakistan.

THE FINANCIAL SECTOR IN THE FINANCIAL SYSTEM ECONOMY: THEORETICAL ASPECTS

Directory of Open Access Journals (Sweden)

Yu. Kovalenko

2015-06-01

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

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)

Reform despite politics? The political economy of power sector reform in Fiji, 1996–2013

International Nuclear Information System (INIS)

Dornan, Matthew

2014-01-01

Attempts to reform the electricity sector in developing countries have achieved mixed results, despite the implementation of similar reforms in many developed countries, and concerted effort by donors to transfer reform models. In many cases, political obstacles have prevented full and effective implementation of donor-promoted reforms. This paper examines the political economy of power sector reform in Fiji from 1996 to 2013. Reform has been pursued with political motives in a context of clientelism. Policy inconsistency and reversal is explained by the political instability of ethnic-based politics in Fiji. Modest success has been achieved in recent years despite these challenges, with Fiji now considered a model of power sector reform for other Small Islands Developing States (SIDS) in the Pacific. The experience demonstrates that reform is possible within difficult political environments, but it is challenging, takes time and is not guaranteed. The way in which political motives have driven and shaped reform efforts also highlights the need for studies of power sector reform to direct greater attention toward political drivers behind reform. - Highlights: • This is the first study of power sector reform in Fiji or other Small Island Developing States (SIDS) of the Pacific. • The clientelist nature of politics in Fiji is found to have both driven and shaped reform efforts. • There has been modest success in recent years despite these obstacles, with Fiji now considered a model for other SIDS. • The experience demonstrates that reform is possible within difficult political environments, but it is challenging, takes time and is not guaranteed

Malaysian water sector reform : policy and performance

NARCIS (Netherlands)

Kim, C.T.

2012-01-01

One of the measures that can help developing countries in meeting Target 10 of the Millennium Development Goals – halving the number of people without access to water and adequate sanitation by 2015 – is through a water sector reform. In this research the Malaysian water sector reform is

Financial reforms in the MENA region, a comparative approach: The case of Tunisia, Algeria, morocco and Egypt

Directory of Open Access Journals (Sweden)

Alouani Ahmed

2008-01-01

Full Text Available The financial reform is one of the most important reforms prescribed by the Washington Consensus. With its internal and external components, it occurs in the final stages of the process of economic liberalization. In this work, and after listing, briefly, the causes of financial liberalization, we are going to study in a second section financial development and bank performance in four countries of the MENA region: Tunisia, Algeria, Morocco and Egypt. In this context, we will explore some criteria for determining if the banking sector is performing as the level of intermediation margins, the state of the banking service, and so on. The third section will be subject to an assessment of financial liberalization since the start of reforms to the present day, while focusing on the impact of liberalization on the investment, savings, capital entry, and so on. Our conclusion will be in the form of recommendations aimed at showing that overall reforms, significant progress have been made in recent years but much remains to be done.

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)

Financial Sector Structure and Economic Growth

DEFF Research Database (Denmark)

Rapp, Marc Steffen

Economists consider a well-functioning financial sector to be of first order importance for a modern (capitalist) economy. However, in the aftermath of the financial crisis a debate about the future role of the financial sector emerged and many commentators have called into question whether...... the financial sector actually creates value for the wider society. This research, which is part of a broad research project “Nordic Finance and the Good Society”, aims to contribute to this debate by studying the role of the financial sector structure for economic development of an economy. Therefore......, it proceeds in five steps. First, it provides some reflections on the financial sector and the existing literature studying financial sector structure and its association with economic development. Second, it presents stylized firm-level evidence on capital structure choice and firm behavior. It is argued...

The Mexican electricity sector: Policy analysis and reform (1992–2009)

International Nuclear Information System (INIS)

Ramírez-Camperos, Adriana María; Rodríguez-Padilla, Víctor; Guido-Aldana, Pedro Antonio

2013-01-01

This article analyses the cause–effect relation of the structural reform in the Mexican electricity sector, called the Public Electricity Service Act, from 1992 to 2009. One of the main arguments of the reform is to attract private investment in order to reduce the financial load of the government in infrastructure for the development of the National Electric Power System by means of six modalities (Power Self-Supply, Cogeneration, Small Power Production, Independent Power Production, Power Export and Power Import). The article presents the global context of reforms adopted in 1990. The major policies and events are presented in chronological order (before and after reform). In addition, it analyses the new institutional framework, the evolution of modalities, technologies of electricity generation and tariffs. The main conclusion is that the result of reform could be considered a partial progress. The Independent Power Production modality shows greater participation, while Power Self-Supply and Cogeneration are lower. The subsidy policy is maintained. Progress is needed in policies and strengthening, and also in updating regulatory and normative frameworks

An Asian perspective on global financial reforms

OpenAIRE

Morgan, Peter J.; Pontines, Victor

2013-01-01

The purpose of this study is to better understand the likely impact on Asian economies and financial institutions of various recent global financial reforms, including Basel III capital adequacy and liquidity rules. Part one reviews the lessons of the global financial crisis (GFC) of 2007–09 and their relevance for Asian economies. Part two describes the major regulatory reforms that have been announced and possible concerns about their impacts on emerging economies. Part three reviews the ...

Croatian Energy Sector Reform - Results Achieved

International Nuclear Information System (INIS)

Nota, R.

2001-01-01

During the past ten years, the energy sector has passed through significant changes including fundamental market, economic, legislative and institutional aspects of sector operation. As the main goal of the Republic of Croatia is the integration into the European Union, the energy sector reform ought to be conducted in keeping with the present market development processes of the EU in such a way as to fulfil all safety criteria. In view of the above mentioned, the Croatian Parliament brought a number of laws during its session in July 2001 (''Official Gazette'' 68/01): 1. Energy Law 2. Energy Activities Regulation Law 3. Electricity Market Law 4. Gas Market Law 5. Oil and Oil Derivatives Market Law, which present the commencement of the energy sector reform (www.mingo.hr).(author)

Eight attention points when evaluating large-scale public sector reforms

DEFF Research Database (Denmark)

Hansen, Morten Balle; Breidahl, Karen Nielsen; Furubo, Jan-Eric

2017-01-01

This chapter analyses the challenges related to evaluations of large-scale public sector reforms. It is based on a meta-evaluation of the evaluation of the reform of the Norwegian Labour Market and Welfare Administration (the NAV-reform) in Norway, which entailed both a significant reorganization...... sector reforms. Based on the analysis, eight crucial points of attention when evaluating large-scale public sector reforms are elaborated. We discuss their reasons and argue that other countries will face the same challenges and thus can learn from the experiences of Norway....

Power sector reform in India: current issues and prospects

International Nuclear Information System (INIS)

Singh, Anoop

2006-01-01

Power sector reforms in India were initiated at a juncture when the sector was plagued with commercial losses and burgeoning subsidy burden. Investment in the sector was not able to keep pace with growing demand for electricity. This paper takes stock of pre-reform situation in Indian power sector and identifies key concerns that led to initiation of the process of reform. The paper discusses major policy and regulatory changes undertaken since the early 1990s. The paper also illustrates changes in the market structure as we move along the reform process. We also discuss some of the major provisions of the recently enacted Electricity Act 2003 that aims to replace the prevailing acts which govern the functioning of the power sector in the country. In this context, we discuss two issues arising out of it, namely open access and multi-year tariff that we think would have a significant bearing on the performance of the sector in the near future. The paper also evaluates the reform process in the light of some of the regulatory changes undertaken. Finally, the paper briefly discusses the issues involved in introduction of competition in the power sector primarily through development of a market for bulk power

The Ethics of the Financial Crisis and Financial Reform

NARCIS (Netherlands)

I.P. van Staveren (Irene)

2012-01-01

textabstractThe paper analyses the financial crisis and financial reform from two alternative ethical perspectives as compared to the mainstream one in economics, utilitarianism. It contrasts deontology with the ethics of care and argues that the rule-based deontological approach is not able to

The Missing Link in Housing Sector Reforms in Nigeria

Directory of Open Access Journals (Sweden)

Akintunde Otubu

2012-09-01

Full Text Available Housing is a fundamental product for every human being irrespective of financial standing. World acclaimed American psychologist, Abraham Maslow ranked shelter as second only to food in his hierarchy of human needs. Despite the importance of housing to the socio-economic development of man and the nation, housing problems have remained endemic throughout the world. In today’s world, some 100 million persons are homeless and more than a billion are inadequately housed. In 2002 housing deficit in Nigeria was put at about 8 million units. Latest statistics indicate that Nigeria requires a whopping 700,000 housing units annually for the next 15 years. The question is why this state of affairs? Why the perennial and unending problems of housing shortages, forced evictions and slum development? The paper examined these issues in Nigeria in order to advance the future prospect of the sector. The paper identified that whilst reforms were been made to all other subsector of the housing industry, land reform necessary to fast track the process was left unattended to by the government. The paper thus advocated for a robust reform of the current land management system in order to impact positively on the housing reform agenda in Nigeria.

Managing risk selection incentives in health sector reforms.

Science.gov (United States)

Puig-Junoy, J

1999-01-01

The object of the paper is to review theoretical and empirical contributions to the optimal management of risk selection incentives ('cream skimming') in health sector reforms. The trade-off between efficiency and risk selection is fostered in health sector reforms by the introduction of competitive mechanisms such as price competition or prospective payment systems. The effects of two main forms of competition in health sector reforms are observed when health insurance is mandatory: competition in the market for health insurance, and in the market for health services. Market and government failures contribute to the assessment of the different forms of risk selection employed by insurers and providers, as the effects of selection incentives on efficiency and their proposed remedies to reduce the impact of these perverse incentives. Two European (Netherlands and Spain) and two Latin American (Chile and Colombia) case studies of health sector reforms are examined in order to observe selection incentives, their effects on efficiency and costs in the health system, and regulation policies implemented in each country to mitigate incentives to 'cream skim' good risks.

Working towards Justice, Security Sector Reform and Better ...

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

... on security sector reform, constitutional reform, governance of diversity and critical dialogues in MENA societies. ... Reform will take time and one of the tests for those involved in this process is exercising patience and .... Related articles ...

Global financial reform since 2008: Achievements and shortcomings

Directory of Open Access Journals (Sweden)

Šoškić Dejan

2015-01-01

Full Text Available The global financial crisis that started in the U.S. had an immediate spillover to the rest of the world financial markets. Next, a decrease in real economic output throughout the developed world occurred simultaneously with high bailout costs for the salvaging of banks and other financial institutions. This vicious combination was at the core of the bank-sovereign interdependence and the sovereign debt crisis of the eurozone. As early as 2008, the G20 announced a thorough global reform agenda with an aim to tackle the root causes of the crises and to transform the system of global financial regulation. Some important reform steps have been made; still, more than six years on, the job is not finished. Where are we in terms of global financial reform, and are we close to creating a more secure global financial system significantly less prone to crisis and bailouts with taxpayers’ money? [Projekat Ministarstva nauke Republike Srbije, br. 179005: Risks of Financial Institutions and Markets in Serbia - A Microeconomic and Macroeconomic Approach

Aspects of financial history in Romania. Reform and reformers. The financial tax reform accomplished BY Nicolae Titulescu

Directory of Open Access Journals (Sweden)

Ciobanu, R.

2012-01-01

Full Text Available This paper presents a brief history of the financial reform designed by Nicolae Titulescu at the beginning of the 1920’s. His tax reform law was formulated after thorough research of other European tax systems. He tried to implement it while he was Minister of Finance. Even though the law was adopted, it was never enacted. It met a certain amount of controversy in the Assembly of Deputies. The analysis made also tries to explain the cedular tax system.

U.S. Government Financial Statements: FY 2000 Reporting Underscores the Need to Accelerate Federal Financial Management Reform

National Research Council Canada - National Science Library

Walker, David

2001-01-01

.... In passing the 1990 Chief Financial Officers (CFO) Act and other financial management reform legislation, such as the Government Management Reform Act and the Federal Financial Management Improvement Act (FFMIA...

What Is the “China Model” of Financial Reform?

Institute of Scientific and Technical Information of China (English)

应展宇

2008-01-01

Based on a comparative study of China’s three-decade financial system reform and the financial reform model of Russia and selected Eastern European countries, we found noticeable discrepancies between China and other transitional countries in respect to objective setting, path and sequence selection, power sources and advancement strategy. We conclude that a "China model" of nancial system reform does exist. The formation and evolution of the "China model" is closely related to China’s special political and economic environment. More importantly, it is significantly influenced by China’s overall economic reform model as well.

Current and future trends in public sector reform: The views of trade unions and consultants in ten European countries.

NARCIS (Netherlands)

D.S.D. Curry; W. Blijleven (Wieke); S.G.J. Van de Walle (Steven)

2014-01-01

markdownabstract__Abstract__ While public sector reform has been a constant process, sometimes evolutionary and sometimes revolutionary, the financial crisis that started in 2008, along with the streamlining and efficiency aims of New Public Management paradigms that began to emerge in the 1980s,

Health sector reform in Brazil: a case study of inequity.

Science.gov (United States)

Almeida, C; Travassos, C; Porto, S; Labra, M E

2000-01-01

Health sector reform in Brazil built the Unified Health System according to a dense body of administrative instruments for organizing decentralized service networks and institutionalizing a complex decision-making arena. This article focuses on the equity in health care services. Equity is defined as a principle governing distributive functions designed to reduce or offset socially unjust inequalities, and it is applied to evaluate the distribution of financial resources and the use of health services. Even though in the Constitution the term "equity" refers to equal opportunity of access for equal needs, the implemented policies have not guaranteed these rights. Underfunding, fiscal stress, and lack of priorities for the sector have contributed to a progressive deterioration of health care services, with continuing regressive tax collection and unequal distribution of financial resources among regions. The data suggest that despite regulatory measures to increase efficiency and reduce inequalities, delivery of health care services remains extremely unequal across the country. People in lower income groups experience more difficulties in getting access to health services. Utilization rates vary greatly by type of service among income groups, positions in the labor market, and levels of education.

IMPACT OF DEREGULATION ON FINANCIAL SECTOR ...

African Journals Online (AJOL)

and the efficiency in the allocation of the society's resources, which were not ... financial system so as to make the system operate on the basis of the market ..... cases, the null hypothesis that financial sector deregulation does not granger .... Financial Sector Development and Growth: Evidence from Malaysia, Brookings.

The Heart of Economic Reform: China's Banking Reform and State Enterprise Restructuring

National Research Council Canada - National Science Library

Tong, Daochi

1999-01-01

... priority in the reform agenda. This study examines how financial resources are misallocated under the current financial system in China, and the impact of such misallocation of capital on the strength of the banking sector...

Power sector reforms in India

Energy Technology Data Exchange (ETDEWEB)

Bajaj, Harbans L; Sharma, Deepak

2007-07-01

India faces endemic electrical energy and peaking shortages. The Power Sector is plagued with mounting commercial losses due various inefficiencies, colossal commercial and technical losses and increasing subsidy burden on the states. These shortages have had a very detrimental effect on the overall economic growth of the country. In order to re-vitalise the sector and improve the techno-economic performance, the Government of India has initiated the reform process in 1991. This paper analyses the pre-reform era and identifies the key concerns which led to the initiation of the reforms. It also analyses the likely impact of the major policy and regulatory initiatives that have been undertaken since 1991 including the provisions of the new enactments which have come into force eventually in the form of The Electricity Act, 2003. This paper details out the key features of the Act and its likely impact on the Indian electricity industry in the emerging scenario. The paper also discusses major issues like power trading, role of regulator in the new regime, issue of open access, introduction of power markets and role of Appellate Tribunal for Electricity in harmonizing the orders of the various regulators.

Health sector reform in Argentina: a cautionary tale.

Science.gov (United States)

Lloyd-Sherlock, Peter

2005-04-01

In November 2002 the World Bank published a report on the Argentine health sector. The report accurately portrays the complexity and severity of the problems facing the health care system. It stresses that these problems are not purely a product of the country's economic collapse, noting that the system has suffered from long-standing structural problems and inefficiencies. Curiously, the report makes no mention of the leading role played by the World Bank in health reform efforts during the 1990s. This paper demonstrates that these reforms did much to worsen pre-existing weaknesses of the sector. The paper criticises the content of the reform agenda and the manner in which it was produced, arguing that these were reforms in which considerations of public health were less significant than conformity to the wider model of neo-liberal social and economic development prevailing at the time. It also highlights problems of implementing the reform agenda, which reduced the coherency of the reforms. The paper goes on to examine the impact of the crisis, noting links with the preceding reforms. It identifies a number of insights and lessons of potential value to other countries which are pursuing similar policies.

Financial Sector Assessment : Morocco

OpenAIRE

World Bank; International Monetary Fund

2017-01-01

A joint International Monetary Fund (IMF)-World Bank mission visited Rabat and Casablanca in 2015, to assess the soundness and resilience of the banking system, the state of play in financial inclusion and infrastructure, the oversight frameworks for banking, capital markets and financial market infrastructures, crisis preparedness, and update the findings of the Financial Sector Assessme...

Financial Sector Reforms and The Development of Financial ...

African Journals Online (AJOL)

In Africa financial systems have been shackled with extensive, imprudent regulations operated on inefficient grounds and dominated by few institutions, mainly state commercial banks. Common among most of these systems have been controls on interest rates; extensive government borrowing; directed lending and ...

Financial structure in the Indian power sector

International Nuclear Information System (INIS)

Carstairs, Jamie; Ehrhardt, David

1995-01-01

In India, the private power initiative of 1991 has offered on solution to the financing problem - the private financing of generation against long-term power purchase agreements. However, this approach encounters a major problem, the financial weakness of the purchasing agents, the state electricity boards, that play a dominant role in most state's power sectors. At present the SEBs are mostly loss making; even the best performers realize returns on assets well below the cost of capital that they now face. The situation is likely to become worse as costs rise, further weakening the ability of the SEBs to sign credible long-term purchase contracts. The private sector has responded by trying to reduce its exposure to SEBs through obtaining guarantees from state and central governments. There are a number of responses to this problem. The SEBs could try to become financially stronger through both cost reduction and increased revenues from higher tariffs and better collection. However, to make the SEBs and EDs into credible long-term power purchasers, power sector reform and regulation is needed. As these actions will take time, other responses could be investigated such as reducing the role of state power utilities by, for example, giving private generators direct access to industrial consumers. The long-term solution requires more profitable SEBs, if these bodies are to continue to play a dominant role in state-level electricity provision. Profitable SEBs will have access to finance from a range of domestic and international sources. The article finishes with consideration of the factors that will affect the optimal capital structure for SEBs. (author)

The Petroleum Sector in Latin America: Reforming the Crown Jewels - CERI Studies No. 88

International Nuclear Information System (INIS)

Palacios, Luisa

2002-09-01

This paper studies the institutional transformation of Latin America's oil sector. It discusses specific policy choices and the timing of reforms in this industry. Latin American countries present different models of openness and energy-sector dynamics, and allow for an analysis of the liberalization process from a range of points of view: that of an importer (Brazil), of a historically self-sufficient country (Argentina) and of oil exporters (Mexico and Venezuela). The degree of dependence on oil revenues has proven in general to be negatively correlated with the level of openness of the oil sector. That is, countries more dependent on their oil sector for foreign and fiscal revenues tend to be less liberalized and open to private investment. This principle also holds true in Latin America: oil importers and self-sufficient countries like Argentina, Peru, Bolivia and Brazil indeed have oil industries that are relatively more open to private sector participation than those of the oil exporters in the region (Venezuela, Colombia, Ecuador and Mexico). However, different levels of openness exist within these general categories of importers and exporters. This paper will further argue that differences among countries in the same category are a function of the strategic and financial position prior to reform of their respective National Oil Companies (NOC), which is in turn related to the institutional evolution of the oil industries in these countries. (author)

Overview of Financial Contagion Channels in the Banking Sector of Baltic States

Directory of Open Access Journals (Sweden)

Laura Gudelytė

2014-10-01

Full Text Available AbstractThis article aims to determine and analyse the main features of channels of financial contagion in the banking sector of Baltic States. The most relevant channels seem to be the risk of common lender, the channel of real estate prices the channel of other macroeconomic shocks and the channel of volatility. This paper contributes to the further analysis of internal and external causes of financial crisis and its transmission channels in banking sector in Baltic States.Purpose To indicate and explain main problems related to the systemic risk and the channels of financial contagion in the banking sector of Baltic States.Design/methodology/approach – general overview of research papers presenting concepts and methodologies of assessment of systemic risk of the banking sector, statistical analysis of financial data.Findings determination of the main channels and extent of financial contagion that are relevant to banking sector of Baltic States.Research limitations/implications – the lack of information concerning the liquidity and asset structure of banking sector of Baltic States and the real estate prices in Baltic States. The most common problem analysing the financial contagion and systemic risk is the lack of information (especially about the structure of liabilities and assets of financial institutions, its maturity and the changing new banking regulatory conditions. Due the lack of data it is impossible to create stable and reliable statistical models describing the stochastic behaviour of financial contagion. We do not take into account the political factors concerning the reforms of financial market supervision that have also the impact on financial contagion and systemic risk ant the point of view to Baltic States of foreign investors. The findings of this article should ground the macro-prudential policy in the small countries of supervising institutions focussing on the external factors.Practical implications �

Stakeholder learning for health sector reform in Lao PDR.

Science.gov (United States)

Phillips, Simone; Pholsena, Soulivanh; Gao, Jun; Oliveira Cruz, Valeria

2016-09-01

Development organizations and academic institutions have expressed the need for increased research to guide the development and implementation of policies to strengthen health systems in low- and middle-income countries. The extent to which evidence-based policies alone can produce changes in health systems remains a point of debate; other factors, such as a country's political climate and the level of actor engagement, have been identified as influential variables in effective policy development and implementation. In response to this debate, this article contends that the success of health sector reform depends largely on policy learning-the degree to which research recommendations saturate a given political environment in order to successfully inform the ideas, opinions and perceived interests of relevant actors. Using a stakeholder analysis approach to analyze the case of health sector reform in Lao PDR, we examine the ways that actors' understanding and interests affect the success of reform-and how attitudes towards reform can be shaped by exposure to policy research and international health policy priorities. The stakeholder analysis was conducted by the WHO during the early stages of health sector reform in Lao PDR, with the purpose of providing the Ministry of Health with concrete recommendations for increasing actor involvement and strengthening stakeholder support. We found that dissemination of research findings to a broad array of actors and the inclusion of diverse stakeholder groups in policy design and implementation increases the probability of a sustainable and successful health sector reform. © The Author 2016. Published by Oxford University Press. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

Financial development and sectoral CO2 emissions in Malaysia.

Science.gov (United States)

Maji, Ibrahim Kabiru; Habibullah, Muzafar Shah; Saari, Mohd Yusof

2017-03-01

The paper examines the impacts of financial development on sectoral carbon emissions (CO 2 ) for environmental quality in Malaysia. Since the financial sector is considered as one of the sectors that will contribute to Malaysian economy to become a developed country by 2020, we utilize a cointegration method to investigate how financial development affects sectoral CO 2 emissions. The long-run results reveal that financial development increases CO 2 emissions from the transportation and oil and gas sector and reduces CO 2 emissions from manufacturing and construction sectors. However, the elasticity of financial development is not significant in explaining CO 2 emissions from the agricultural sector. The results for short-run elasticities were also consistent with the long-run results. We conclude that generally, financial development increases CO 2 emissions and reduces environmental quality in Malaysia.

Trust and Control in Public Sector Reform

DEFF Research Database (Denmark)

Vallentin, Steen; Thygesen, Niels Thyge

2017-01-01

to a substitution view when it comes to accounting for public sector reform as structure and process. Also, we propose a widening of the theoretical lens in the form of an emergent view of how trust and control, instead of being beforehand determinable and more or less stable identities, emerge in multiple......This paper provides an analysis of trust-based management reform in the Danish public sector from the point of view of the trust–control nexus. Based on a qualitative case study of home care in the municipality of Copenhagen we argue that a complementary view of trust and control is superior...... and singular ways from multiple events in the organisation. Noticing a dearth of research that explicitly addresses trust issues with regard to public sector management and organisation, the paper is a response to the call for more studies of trust as an institutionally embedded phenomenon....

RATIONAL FINANCIAL BEHAVIOR OF POPULATION AS A PROSPERITY FACTOR OF FINANCIAL SECTOR

Directory of Open Access Journals (Sweden)

Sushko E. Yu.

2014-12-01

Full Text Available The rapid sophistication of the Russian financial system inevitably leads not only to the emergence of great opportunities for the development of the financial sector, as expressed in the opening of the new financial institutions or new financial products and services, but also a huge financial risks for companies of this sector, as expressed in the increase of population’s debts and the decline of trust in the financial sector. That is why special tools used in making management decisions about the development of the financial sector in a particular region acquires greater significance. On the basis of statistical data over the Volgograd region the author developed the model of initial attractiveness estimation of an area for business entities, reflecting the level of financial literacy and using the data from open sources of information. The article provides a brief introduction to the development of the methodology: from a theoretical substantiation of the original list of variables for analysis up to determine the regression equation. Obtained regression model can be used by entrepreneurs in case of expansion of their financial business to new areas and by regional governance whose aim is to increase the level of financial literacy.

The Ariadne's thread in co-payment, primary health care usage and financial crisis: findings from Cyprus public health care sector.

Science.gov (United States)

Petrou, P

2015-11-01

Cyprus entered a prolonged financial recession in 2011 and by early 2013 it applied for an international bail-out agreement. This presupposed massive reforms in public governance. Health sector was considerably reformed and one of the measures was the introduction of co-payment for outpatient visits to public health care sector. The scope of this study is to assess the impact of financial crisis and co-payment to public outpatient visits in Nicosia urban and greater Nicosia region. An Interrupted time-series analysis. All outpatient visits to public health care family doctor/general practitioners in Nicosia urban and greater Nicosia region from January 2011 until May of 2014 were registered and analysed. Financial crisis did not alter outpatient visits. Introduction of co-payment led to a statistically significant decrease from the second month after its introduction (p = 0.048) (R(2) = 0.329, Q = 23.75, p = 0.137). This decrease was consistent until the end of the observational period and it did not level off. Financial crisis did not affect outpatient visits while co-payment can be considered as a potent cost containment measure during financial recession, by normalising utilisation of healthcare resources. Copyright © 2015 The Royal Society for Public Health. Published by Elsevier Ltd. All rights reserved.

Morocco; Financial System Stability Assessment

OpenAIRE

International Monetary Fund

2003-01-01

The Financial System Stability Assessment of Morocco reviews the reform program that is aimed at establishing a modern, market-oriented financial system that optimizes the mobilization of savings and the allocation of financial resources. It reviews the modernization of the banking sector and the development of competition within the sector, development of financial markets, and removal of constraints on financial system activity. It also provides reports on the Observance of Standards and Co...

Public Sector Reform and Governance for Adaptation: Implications of New Public Management for Adaptive Capacity in Mexico and Norway

Science.gov (United States)

Eakin, Hallie; Eriksen, Siri; Eikeland, Per-Ove; Øyen, Cecilie

2011-03-01

Although many governments are assuming the responsibility of initiating adaptation policy in relation to climate change, the compatibility of "governance-for-adaptation" with the current paradigms of public administration has generally been overlooked. Over the last several decades, countries around the globe have embraced variants of the philosophy of administration broadly called "New Public Management" (NPM) in an effort to improve administrative efficiencies and the provision of public services. Using evidence from a case study of reforms in the building sector in Norway, and a case study of water and flood risk management in central Mexico, we analyze the implications of the adoption of the tenets of NPM for adaptive capacity. Our cases illustrate that some of the key attributes associated with governance for adaptation—namely, technical and financial capacities; institutional memory, learning and knowledge; and participation and accountability—have been eroded by NPM reforms. Despite improvements in specific operational tasks of the public sector in each case, we show that the success of NPM reforms presumes the existence of core elements of governance that have often been found lacking, including solid institutional frameworks and accountability. Our analysis illustrates the importance of considering both longer-term adaptive capacities and short-term efficiency goals in public sector administration reform.

Kingdom of Morocco : Financial Sector Assessment Update

OpenAIRE

World Bank

2008-01-01

A joint World Bank and International Monetary Fund team visited Morocco in November 2007 at the request of the authorities to update the analysis and recommendations made in the framework of the Financial Sector Assessment Program (FSAP) in 2002 and to assist the authorities in preparing their medium-term strategy for modernizing financial intermediation in Morocco. This Financial Sector A...

Financial Sector Competition, Service Trade, and Growth

NARCIS (Netherlands)

J.F. François (Joseph); F.W. Eschenbach

2002-01-01

textabstractWe explore dynamic linkages between financial/banking sector openness, financial sector competition, and growth. We first develop an analytical model, highlighting links between long-run economic performance and services trade, through scale economies and market and cost structures in

Canada; Financial Sector Stability Assessment

OpenAIRE

International Monetary Fund

2014-01-01

This report discusses key findings of the Financial Sector Stability Assessment on Canada. Canada’s financial system successfully navigated the global financial crisis, and stress tests suggest that major financial institutions would continue to be resilient to credit, liquidity, and contagion risks arising from a severe stress scenario. Elevated housing prices and high household debt remain an area of concern, though targeted prudential and macroprudential measures are proving to be effectiv...

Financial Sector Assessment Update : Uganda

OpenAIRE

World Bank

2005-01-01

A joint International Monetary Fund-World Bank team conducted an assessment update of Uganda's financial system in connection with the Financial Sector Assessment Program (FSAP) in November, 2004. The purpose of the mission was to help the Ugandan authorities identify financial system strengths and weaknesses with a view to implementing an action plan to increase the system's contribution ...

Financial Sector Assessment : Morocco

OpenAIRE

World Bank

2003-01-01

This Financial Sector Assessment (FSA) provides a summary of the policy priorities, and main findings intended to assist the Moroccan authorities in evaluating the country's financial system. It reviews the uneasy trade-off between concerns for stability, and development, suggesting Morocco's macroeconomic policies and practices as a whole tend to err more on the side of the concerns of pr...

Financial Sector Assessment : Turkey

OpenAIRE

World Bank

2007-01-01

A joint International Monetary Fund-World Bank team conducted an assessment of Turkey's financial system in connection with the Financial Sector Assessment Program (FSAP) through missions in April, August-September 2006 and March, 2007. This report provides a summary of the main findings of the assessment and the policy priorities identified. The main objective of the FSAP is to assist the...

Inflation and Financial Sector Performance: The Case of Nigeria

Directory of Open Access Journals (Sweden)

Alimi R. Santos

2014-06-01

Full Text Available The paper examines the long run and short run relationships between inflation and the financial sector development in Nigeria over the period between 1970 and 2012. Three variables, namely; broad definition of money as ratio of GDP, quasi money as share of GDP and credit to private sector as share of GDP, were used to proxy financial sector development. Our findings suggest that inflation presented deleterious effects on financial development over the study period. The main implication of the results is that poor macroeconomic performance has deleterious effects to financial development - a variable that is important for affecting economic growth and income inequality. Moreover, we observed a negative effect of the measures of financial development on growth, suggesting that impact of inflation on the economic growth passes through financial sector. Therefore, low and stable prices, is a necessary first step to achieving a deeper and more active financial sector that will enhance growth as predicted by Schumpeter.

Building Responsive and Responsible Financial Regulators in the Aftermath of the Global Financial Crisis

NARCIS (Netherlands)

Iglesias Rodriguez, P.

2015-01-01

The global financial crisis that started in 2007 sparked several academic debates about the role that financial sector regulators played in the crisis and prompted policy reforms in the financial supervision architectures of several countries. This book focuses on the question of what

Latin America: market mechanisms and supply adequacy in power sector reforms

Energy Technology Data Exchange (ETDEWEB)

Hammons, T.J. [University of Glasgow, Glasgow (United Kingdom); Barroso, L.A. [PSR, Rio de Janeiro (Brazil); Rudnick, H. [Pontificia Universidad Catolica de Chile, Santiago (Chile)

2011-03-15

The process of transformation in government and operations in the power sector leads to interaction between increasing integrated markets and public agencies in charge of policy making, regulation and control. This is examined for Latin America where state and marketing power sector planning, contract auctions to assure supply adequacy in an uncertain market environment, cross-border contracts, financing challenges for generation investments, and auctions of contracts to secure supply adequacy in the second stage of power sector reform are discussed. First, the state and market in power sector planning reform and state policies in Latin America are considered. Here, present concerns; the state-market relationship (the position of regulation, globalisation, internationalisation), and state market in the energy sector (correction and adjustments) are reviewed. Case studies for Argentina and Brazil are briefly outlined. The paper then examines contract auctions to assure supply adequacy in an uncertain energy environment that are being explored to face supply problems over recent years in the Chilean electricity market, taking into account the unexpected restrictions in natural gas transfers from Argentina. Also discussed are supply adequacy mechanisms and cross-border contracts in the Central American regional electricity market including firm transmission rights and financing challenges for generation investments. The final part of the paper discusses auctions of contracts and energy call options to ensure supply adequacy in the Brazilian power sector reform. Here, first stage of power sector reform, what went wrong, the second stage of reform and the move towards energy supply auctions, energy supply auctions so far and what's next in the challenges of environmental constraints and electricity-gas integration are reviewed. The reform being proposed to the electric regulatory framework for wholesale transactions in Peru is also reviewed. Considered are bids for

Morocco; Financial System Stability Assessment: Update

OpenAIRE

International Monetary Fund

2008-01-01

This paper presents an update to the Financial System Stability Assessment on Morocco. Major reforms have been achieved since the 2002 Financial Sector Assessment Program (FSAP) within a policy of actively promoting economic and financial sector opening. The 2002 FSAP recommendations have been largely implemented. Although the financial system is stable and considerably more robust than in the past, the liberalization of capital flows and increased exchange rate flexibility present challenges...

Strengthening linkages of the financial services and real sectors of ...

African Journals Online (AJOL)

Strengthening linkages of the financial services and real sectors of the ... policy, financial sector credit and capital market activities have impacted on the real sector growth. ... sector as a result such financial crimes like misappropriation of funds. ... better results; more investment instruments such as derivatives, convertibles, ...

Experts’ analysis of the improvement spaces of the first phase of reform in health system financial management: A qualitative study

Directory of Open Access Journals (Sweden)

P. Bastani

2016-04-01

Full Text Available Background: Health financial reforms began in 2005 through four phases in order to achieve the maximum efficiency and effectiveness in this sector. The first phase was accrual accounting implementation instead of cash method. Objective: The aim of this study was to determine the most important improvement spaces of the first phase of reform in financial management (accrual accounting in the viewpoints of financial experts employed in middle and operational levels of Universities of Medical Sciences. Methods: This qualitative study was conducted in Universities of Medical Sciences in 2013 using non-probability sampling method (snowball. Saturation was achieved only after 25 semi-structured interviews. Data were analyzed using content analysis by Kruger model. Findings: Seven areas of improvement including staffs, managers, information system, organizational culture, structure, process, and financial were identified as main themes. Each theme contained several sub-themes. Conclusion: Attempts and planning should be considered by decision makers in order to improve modifiable determinants through practical mechanisms in the first phase of health system financial management.

Leadership, the financial sector and development in Nigeria ...

African Journals Online (AJOL)

Studies have shown that leadership is a vital factor for the realization of organizational goals in the public and private sector of any economy. This article therefore examines leadership, the financial sector and development in Nigeria. The financial sector represented by banks in this article is so crucial to the Nigerian ...

Impact of reform and privatization on consumers: A case study of power sector reform in Orissa, India

International Nuclear Information System (INIS)

Kundu, Goutam Kumar; Mishra, Bidhu Bhusan

2011-01-01

Orissa is the first state in India to have undergone reform in the power sector, with the government withdrawing its control. The model of this reform is known as the WB-Orissa model. The goal of this paper is to examine the impact of this reform on consumers of electricity, which has been measured using multiple regression models. The variables represent the parameters that consumers are most interested in, and the regression coefficients represent the weights of the corresponding variables. The data were collected using a survey methodology. The impact of reform was found to be mixed. Some groups of consumers saw benefits, while others felt a negative impact. A focus group study was conducted to identify the variables of interest to consumers of electricity. The model was used to estimate consumer benefit and was validated using primary data and structural equation modeling. The study revealed beneficial aspects of reform and areas with no benefits. - Highlights: → Linear regression model with seven variables explains consumer benefit. → Governance issue exists after power sector reform of Orissa. → Reform benefited most consumers with a few exceptions. → Reform affected agricultural consumers.

Costs and Benefits of the Financial Sector

OpenAIRE

Marc Teignier; Francisco Rivadeneyra; Tiago Pinheiro

2011-01-01

The financial sector allows a better allocation of capital compared to autarchy, increasing the aggregate technology and thus the income growth rate of the economy. At the same time, however, it also amplifies the business cycles through the financial accelerator which increases the volatility of income. In this paper we first present a general equilibrium model which captures both effects of the financial sector. We then parametrize the model to analyze the quantitative effects of policies a...

Public Benefits and Power Sector Reform. Report from an International Workshop

Energy Technology Data Exchange (ETDEWEB)

Nilsson, Lars J.; Arvidson, Anders; Eberhard, Anton (eds.)

2003-10-01

The Workshop on Public Benefits and Power Sector Reform was motivated by the need to address broader development goals and advance the provision of public benefits in power sector reforms. The primary objectives were: To provide a forum for a discussion among specialists, of how the provision of public benefits can be expanded as power sectors in developing countries are reformed, and review the experience (Day 1). To identify the needs for training and capacity building and institutional arrangements, as well as make recommendations for their design and implementation, for policy makers, regulators, and other professionals in developing countries (Day 2). Public benefits is a socially constructed concept that includes activities that are not adequately conceived by competitive markets. Public benefit policies and programmes include those that expand electricity access to rural areas and the urban poor, improve security of supply, promote energy efficiency and renewable energy, etc. Reforms have indeed been a threat to public benefits as traditionally delivered through electric utilities. However, in many cases public benefit programmes have also been rescued. In fewer cases, public benefit programmes have been conceived in the reform process. From experience so far it is clear that power sector reforms must be made more compatible with broader sustainable development goals. Recognising the need for broader policy integration and putting public benefits higher on the reform agenda points to the importance of reaching beyond energy ministries and power sector experts at an early stage in the reform process. Other actors, such as NGOs and academia, may also be instrumental in monitoring and assessing the impacts of reform. Public benefits can be an integral part of a reform package, or a complement to reform. It does appear that reform creates space and opportunity to achieve public benefits, but someone has to utilise that opportunity. The need to make trade

Public Benefits and Power Sector Reform. Report from an International Workshop

International Nuclear Information System (INIS)

Nilsson, Lars J.; Arvidson, Anders; Eberhard, Anton

2003-10-01

The Workshop on Public Benefits and Power Sector Reform was motivated by the need to address broader development goals and advance the provision of public benefits in power sector reforms. The primary objectives were: To provide a forum for a discussion among specialists, of how the provision of public benefits can be expanded as power sectors in developing countries are reformed, and review the experience (Day 1). To identify the needs for training and capacity building and institutional arrangements, as well as make recommendations for their design and implementation, for policy makers, regulators, and other professionals in developing countries (Day 2). Public benefits is a socially constructed concept that includes activities that are not adequately conceived by competitive markets. Public benefit policies and programmes include those that expand electricity access to rural areas and the urban poor, improve security of supply, promote energy efficiency and renewable energy, etc. Reforms have indeed been a threat to public benefits as traditionally delivered through electric utilities. However, in many cases public benefit programmes have also been rescued. In fewer cases, public benefit programmes have been conceived in the reform process. From experience so far it is clear that power sector reforms must be made more compatible with broader sustainable development goals. Recognising the need for broader policy integration and putting public benefits higher on the reform agenda points to the importance of reaching beyond energy ministries and power sector experts at an early stage in the reform process. Other actors, such as NGOs and academia, may also be instrumental in monitoring and assessing the impacts of reform. Public benefits can be an integral part of a reform package, or a complement to reform. It does appear that reform creates space and opportunity to achieve public benefits, but someone has to utilise that opportunity. The need to make trade

Volumen 6 Número 10: The Efficiency in Thai Financial Sector after the Financial Crisis

Directory of Open Access Journals (Sweden)

Supachet Chansarn

2006-09-01

Full Text Available This study aims to investigate the efficiency in Thai financial sector after the financial crisis (1998 – 2004 by looking at the total factor productivity (TFP growth. Furthermore, the study also investigate the efficiency in commercial bank sector, finance and securities company sector and insurance company sector, and the efficiency in domestic and foreign financial companies. Based on the sample of 12 commercial banks, 13 finance and securities companies and 20 insurance companies listed on the Stock Exchange of Thailand (SET over the period of 1998 – 2204, our finding reveals that the efficiency in Thai financial sector, commercial bank sector and finance and securities company sector was diminishing over the period of 1998 – 2004, while the efficiency in insurance company sector remained unchanged over the same period. However, the sharp decrease in efficiency in these three sectors occurred only over the period of 1998 – 1999, while the efficiency was decreasing very slightly over the period of 1999 – 2004. The study also suggests that, in overall, domestic financial companies are more efficient than foreign ones. Domestic finance and securities companies are also more efficient than foreign ones, whereas domestic and foreign commercial banks are not different in efficiency. Moreover, domestic and foreign insurance companies are not different in efficiency as well.

Determinants of financial performance of financial sectors (An assessment through economic value added)

OpenAIRE

Khan, Muhammad Kamran; Nouman, Mohammad; TENG, JIAN-ZHOU; Khan, Muhammad Imran; Jadoon, Arshad Ullah

2017-01-01

This study investigated determinants of financial performance of listed financial sectors in Karachi Stock Exchange from 2008 to 2012. The objective of this study was to investigate the factors of financial performance of financial sectors in Pakistan. Descriptive statistics, Correlation matrix, Chow test, Hausman Test for Fixed Effect Model and Random Effect Model and Breusch-Pagan Lagrange multiplier for Random Effect were used in this study. Estimated results revealed that determinants of ...

Determinants of financial performance of financial sectors (An assessment through economic value added)

OpenAIRE

Khan, Muhammad Kamran; Nouman, Mohammad; Imran, Muhammad

2015-01-01

This study investigated determinants of financial performance of listed financial sectors in Karachi Stock Exchange for the period 2008 to 2012. The objective of this study was to investigate the factors which affect financial performance of financial sectors of Pakistan. Descriptive statistics, Correlation matrix, Chow test, Hausman Test for Fixed Effect Model and Random Effect Model and Breusch-Pagan Lagrange multiplier for Random Effect were used in this study. Estimated results revealed t...

Surveying Public Attitudes of Security Sector Reforms in the Arab ...

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

The notion that the security sector's primary responsibility is to protect and preserve autocratic Arab regimes is widely discredited today. ... of public opinion in security sector reform by providing evidence-based information on public perceptions, and in so doing, encouraging civilian oversight and transparency in the sector.

Nigeria; Financial Sector Stability Assessment

OpenAIRE

International Monetary Fund

2013-01-01

This Financial Sector Stability Assessment on Nigeria discusses the macroeconomic performance and structure of the financial system. Although Nigerian economy experienced both domestic and external shocks in recent years, the economy continued to grow rapidly, achieving more than 7 percent growth each year since 2009. The performance of financial institutions has begun to improve, though some of the emergency anti-crisis measures continue to be in place. However, the regulatory and supervisor...

Absent alternatives and insider interests in postcrisis financial reform

NARCIS (Netherlands)

Mügge, D.; Stellinga, B.

2010-01-01

The credit crisis that began in the summer of 2007 has fundamentally challenged much financial regulation and the political institutions that produced it. Measured against the criticisms that have been brought forth against previous financial governance, the extent of governments’ overall reform

A critical assessment of the European approach to financial reforms

Directory of Open Access Journals (Sweden)

Mario Tonveronachi

2011-01-01

Full Text Available The paper offers a critical assessment of the financial reforms adopted or proposed at the European level. The reshaping of the EU institutional architecture and the adoption of the new Basel 3 rules should reduce the national margins of discretion that have up to now characterised supervisory practices, often leading to light touch supervision, and restrain the growth of bankarisation, hence excessive systemic leveraging. However, the limitations of a purely prudential approach to regulation may not be overcome by setting up new institutions and make prudential requirements more stringent. In addition, given unavoidable national banking specificities, more severe rulebooks homogenously applied across the EU countries could further worsen the inconsistencies of a one-size-fits-all rule. The criticisms directed at the new regulatory framework assume particular relevance in the EU, whose peculiar construction requires that the financial sector should not be permitted to jeopardise its critical fiscal equilibrium. This opens the way to the adoption of structural measures, as the one presented by the Vickers Commission on ring-fencing. Looking at the financial system as a whole, we argue that even these measures do not offer effective protection for the economy and tax-payers, and that much more radical interventions are needed.

Public Sector Reforms: New Public Management without Marketization?

DEFF Research Database (Denmark)

Löfgren, Karl; Pedersen, John Storm

2012-01-01

Is it possible to imagine New Public Management without marketization? In Denmark the present liberal-conservative Government has, throughout its 10 years in power, designed and implemented more than 15 major management reforms in the public sector. Although most of the reforms are rhetorically...... firmly rooted in neo-liberal ideologies they have, in practice, promoted tools and mechanisms of the “traditional,” or Old, Public Management. Based on an empirical study of the reforms, we suggest that the notion of “pragmatic” New Public Management is introduced to enhance the current understanding...... of New Public Management in the Western industrialized societies....

Healthcare reforms in Cyprus 2013-2017: Does the crisis mark the end of the healthcare sector as we know it?

Science.gov (United States)

Petrou, Panagiotis; Vandoros, Sotiris

2018-02-01

As part of a bailout agreement with the International Monetary Fund, the European Commission and the European Central Bank (known as the Troika), Cyprus had to achieve a fiscal surplus through budget constraints and efficiency enhancement. As a result, a number of policy changes were implemented, including a reform of the healthcare sector, and major healthcare reforms are planned for the upcoming years, mainly via the introduction of a National Health System. This paper presents the healthcare sector, provides an overview of recent reforms, assesses the recently implemented policies and proposes further interventions. Recent reforms targeting the demand and supply side included the introduction of clinical guidelines, user charges, introduction of coding for Diagnosis Related Groups (DRGs) and the revision of public healthcare coverage criteria. The latter led to a reduction in the number of people with public healthcare coverage in a time of financial crises, when this is needed the most, while co-payments must be reassessed to avoid creating barriers to access. However, DRGs and clinical guidelines can help improve performance and efficiency. The changes so far are yet to mark the end of the healthcare sector as we know it. A universal public healthcare system must remain a priority and must be introduced swiftly to address important existing coverage gaps. Copyright © 2017 The Author(s). Published by Elsevier B.V. All rights reserved.

Regulatory reform in Mexico's natural gas sector

International Nuclear Information System (INIS)

1996-01-01

In recent years Mexico has implemented remarkable structural changes in its economy. However, until recently its large and key energy sector was largely unreformed. This is now changing. In 1995 the Mexican Government introduced legislative changes permitting private sector involvement in natural gas storage, transportation and distribution. Subsequent directives set up a detailed regulatory framework. These developments offer considerable promise, not only for natural gas sector development but also for growth in the closely linked electricity sector. This study analyses the changes which have taken place and the rationale for the regulatory framework which has been established. The study also contains recommendations to assist the Government of Mexico in effectively implementing its natural gas sector reforms and in maximizing the benefits to be realised through the new regulatory framework. (author)

Analysis of the Banking Sector Performance in Bosnia and Herzegovina, Montenegro and Serbia Before and After the Global Financial Crisis

Directory of Open Access Journals (Sweden)

Bošnjak Antonija

2017-12-01

Full Text Available The focus of this study is the banking sector of the three neighbouring countries Bosnia and Herzegovina; Montenegro; and Serbia. These are former communist countries which have been going through the transition from centrally-planned economies to open market economies over the past 25 years. During the transition process, structural reforms were conducted to transform the banking sector into a sector suitable for open market economy. These reforms are considered to be the most successful ones in the region. Before the Global Financial Crisis of 2008-09, the economies of the three selected countries were experiencing credit booms. The aim of this research was to examine how the banking sector is performing on an aggregated level years after the crisis and whether the performance is better or worse compared to the pre-crisis period. The findings show that the banking sector was performing better before the crisis in all three countries. After the crisis, the three countries experienced prolonged slow credit growth and had higher nonperforming loans.

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...

Impacts on investments, and transmission/distribution loss through power sector reforms

International Nuclear Information System (INIS)

Nagayama, Hiroaki

2010-01-01

This study analyses original panel data from 86 countries between 1985 and 2006. Econometric methods were used to identify the effects of different policy devices of power sector reforms on performance indicators (installed capacity per capita, transmission and distribution loss) in the countries analyzed. The research findings suggest that reform variables such as the entry of independent power producers (IPPs), unbundling of generation and transmission, establishment of regulatory agencies, and the introduction of a wholesale spot market are the driving forces of increasing generation capacity, as well as reducing transmission and distribution loss in the respective regions. In this study, we can assume that, firstly, different electric industry's reform policies/measures have different impacts on geographically and economically diverse countries. Secondly, a country's state of economic development has a different impact on policy effects of reforms. Thirdly, coexistent with independent regulatory agencies, reform policy becomes more powerful in realizing sector performances.

The impact of slow economic growth on health sector reform: a cross-national perspective.

Science.gov (United States)

Saltman, Richard B

2018-01-24

This paper assesses recent health sector reform strategies across Europe adopted since the onset of the 2008 financial crisis. It begins with a brief overview of the continued economic pressure on public funding for health care services, particularly in tax-funded Northern European health care systems. While economic growth rates across Europe have risen a bit in the last year, they remain below the level necessary to provide the needed expansion of public health sector revenues. This continued public revenue shortage has become the central challenge that policymakers in these health systems confront, and increasingly constrains their potential range of policy options. The paper then examines the types of targeted reforms that various European governments have introduced in response to this increased fiscal stringency. Particularly in tax-funded health systems, these efforts have been focused on two types of changes on the production side of their health systems: consolidating and/or centralizing administrative authority over public hospitals, and revamping secondary and primary health services as well as social services to reduce the volume, cost and less-than-optimal outcomes of existing public elderly care programs. While revamping elderly care services also was pursued in the social health insurance (SHI) system in the Netherlands, both the Dutch and the German health systems also made important changes on the financing side of their health systems. Both types of targeted reforms are illustrated through short country case studies. Each of these country assessments flags up new mechanisms that have been introduced and which potentially could be reshaped and applied in other national health sector contexts. Reflecting the tax-funded structure of the Canadian health system, the preponderance of cases discussed focus on tax-funded countries (Norway, Denmark, Sweden, Finland, England, Ireland), with additional brief assessments of recent changes in the SHI

Health reform and cesarean sections in the private sector: The experience of Peru.

Science.gov (United States)

Arrieta, Alejandro

2011-02-01

To test the hypothesis that the health reform enacted in Peru in 1997 increased the rate of cesarean sections in the private sector due to non-clinical factors. Different rounds of the Demographic and Health Survey are used to estimate determinants of c-section rates in private and public facilities before and after the healthcare reform. Estimations are based on a pooled linear regression controlling by obstetric and socioeconomic characteristics. C-section rates in the private sector grew from 28 to 53% after the health reform. Compared to the Ministry of Health (MOH), giving birth in a private hospital in the post-reform period adds 19% to the probability of c-section. The health reform implemented in the private sector increased physician incentives to over-utilize c-sections. The reform consolidated and raised the market power of private health insurers, but at the same time did not provide mechanisms to enlarge, regulate and disclose information of private providers. All these factors created the conditions for fee-for-service paid providers to perform more c-sections. Comparable trends in c-section rates have been observed in Latin American countries who implemented similar reforms in their private sector, suggesting a need to rethink the role of private health providers in developing countries. Copyright © 2010 Elsevier Ireland Ltd. All rights reserved.

Evaluation of Large-scale Public Sector Reforms

DEFF Research Database (Denmark)

Breidahl, Karen Nielsen; Gjelstrup, Gunnar; Hansen, Hanne Foss

2017-01-01

and more delimited policy areas take place. In our analysis we apply four governance perspectives (rational-instrumental, rational-interest based, institutional-cultural and a chaos perspective) in a comparative analysis of the evaluations of two large-scale public sector reforms in Denmark and Norway. We...

China's power sector reforms - where to next?

Energy Technology Data Exchange (ETDEWEB)

NONE

2006-12-15

With the fastest growing energy demand in the world, China is now the largest electricity consumer after the United States. How can the government best assure affordable and environmentally sustainable electricity supply in the future? The Chinese government has initiated electricity sector reforms to overhaul an antiquated system and attain new energy security and environmental objectives. How China proceeds with these reforms will have lasting consequences, both locally and globally. Assessing the current state of electricity regulation in China, this report draws on experience elsewhere to explore how better to develop and communicate strategy, how to moderate growth in demand through increased efficiency, how to integrate environmental goals into planning and operation, how to ensure sufficient supply when and where it is needed, and how to handle institutional and governance challenges. In this respect, electricity sector reform in other countries offers valuable lessons as to how China might proceed.

TAXATION OF FINANCIAL SECTOR AFTER THE CRISIS IN THE EUROPEAN UNION

Directory of Open Access Journals (Sweden)

Mara Eugenia-Ramona

2012-12-01

Full Text Available Taxation of financial sector is an important issue of the actual fiscal policy, especially after the economic crisis impact. By taxing the financial sector, it is intended taxation of financial transactions, and financial activities. European Union supports the taxation of the financial system and makes proposals in this regard. This paper tries to reveal the major aspects concerning the taxation of financial sector, both theoretical and empirical aspects. It will analyze the reasons which justify the application of such taxes, but also difficulties involved in practice. Another major objective of this paper is to examine the role of taxation in the financial sector as important regulatory instrument. This subject is debated in European Commission papers and by many economists. There are underlined the necessity of such tax, the impact and the economic efficiency. Our purpose is to identify if this kind of tax is good for our economy and what can be the impact from budgetary point of view. For finding this answers the paper realize a complex analysis of the types of taxes applied on financial sector in countries which already adopted this kind of taxes, like United Kingdom, Austria, Hungary, Cyprus. We believe that the financial sector should be charged, because was responsible in great measure the economic crisis impact. A potential tax applied to financial sector is considered as an important source of budget revenues. This article tries to explore the possible tax measures for financial sector according to the major principle of public finance –equity and efficiency. Special attention will be given to the need to implement financial sector taxation in Romania. In the years before the crisis banks and entire financial sector in Romania recorded significant profits. For this reason such tax is justified given that this sector is exempt from VAT. Applying such a tax would reduce the budget deficit and on the long term will

A retrospective content analysis of studies on factors constraining the implementation of health sector reform in Ghana.

Science.gov (United States)

Sakyi, E Kojo

2008-01-01

Ghana has undertaken many public service management reforms in the past two decades. But the implementation of the reforms has been constrained by many factors. This paper undertakes a retrospective study of research works on the challenges to the implementation of reforms in the public health sector. It points out that most of the studies identified: (1) centralised, weak and fragmented management system; (2) poor implementation strategy; (3) lack of motivation; (4) weak institutional framework; (5) lack of financial and human resources and (6) staff attitude and behaviour as the major causes of ineffective reform implementation. The analysis further revealed that quite a number of crucial factors obstructing reform implementation which are particularly internal to the health system have either not been thoroughly studied or overlooked. The analysis identified lack of leadership; weak communication and consultation; lack of stakeholder participation, corruption and unethical professional behaviour as some of the missing variables in the literature. The study, therefore, indicated that there are gaps in the literature that needed to be filled through rigorous reform evaluation based on empirical research particularly at district, sub-district and community levels. It further suggested that future research should be concerned with the effects of both systems and structures and behavioural factors on reform implementation.

Reforming Romanian energy policy

International Nuclear Information System (INIS)

Perkins, S.

1993-01-01

Success in reforming energy sector depends on the implementation of the programme of economic reform agreed in February 1993. The difficulty of the negotiations between the International Monetary Fund and the Romanian government reflects the wider difficulties faced by the economy as a whole. They can be blamed in part on the legacy of uneconomic and inflexible industrial development and in part on opposition from interest groups which stand to lose from reform. Nonetheless, in spite of hesitant approach, the government does appear committed to the economic reform necessary to establish a market-oriented economy. But as the danger of a financial crisis engendered by the inadequately supported short-term borrowing of foreign exchange becomes urgent, the question is whether economic reform can be now implemented fast enough to protect economic enterprises and saving from a debt crisis. The scope for further delay in implementing the 1993 economic reform programme is fast disappearing. Procrastination should not be allowed to threaten the success of the reforms achieved in the energy and other sectors of the economy. 8 refs., 2 figs

Financial sector support for small business development

OpenAIRE

2008-01-01

The study examines the relationships between the financial sector and small businesses, and the small business policy framework in South Africa. The study also measures the perception of the Business Chambers and Commercial Banks on the effectiveness of financial sector support to small businesses in the Gauteng area through a questionnaire. The Small Business Development Policy of 1996 outlines the functions of various small business support institutions such as Ntsika Enterprise Promotion A...

Case of reforms in the Indian power distribution sector: A move towards eradicating energy poverty

Energy Technology Data Exchange (ETDEWEB)

Madhav, Mrinal; Mehta, Shivika

2010-09-15

India's transmission and distribution losses are among the highest in the world. When non-technical losses such as energy theft are included in the total, losses go as high as 65% in some states and average about 35-40%. The financial loss has been estimated at 1.5% of the national GDP. These act as a major deterrent to the private as well as global investments in the sector. To address the issue of Aggregate Transmission and Commercial (AT&C) losses funding mechanism was introduced for in the form of the Accelerated Power Development Reforms Programme (APDRP).

Case of reforms in the Indian power distribution sector: A move towards eradicating energy poverty

Energy Technology Data Exchange (ETDEWEB)

Madhav, Mrinal; Mehta, Shivika

2010-09-15

India's transmission and distribution losses are among the highest in the world. When non-technical losses such as energy theft are included in the total, losses go as high as 65% in some states and average about 35-40%. The financial loss has been estimated at 1.5% of the national GDP. These act as a major deterrent to the private as well as global investments in the sector. To address the issue of Aggregate Transmission and Commercial (AT&C) losses funding mechanism was introduced for in the form of the Accelerated Power Development Reforms Programme (APDRP).

Energy sector reform, energy transitions and the poor in Africa

International Nuclear Information System (INIS)

Prasad, Gisela

2008-01-01

There is little systematic information about the impact of energy sector reform on all sources and methods of energy utilised or potentially utilised by the poor. It is not sufficiently known what fuels the poor use, if a larger range of fuels becomes available and affordable and if barriers to access and consumption are reduced. A detailed assessment is presented for four countries, three in Africa (Botswana, Ghana and Senegal) and for comparison one in Latin America (Honduras), of steps taken to reform the energy sector and their effect on various groups of poor households. The paper analyses the pattern of energy supply to, and use by, poor households and explores the link-or its absence-to energy policy. We investigate what works for the poor and which type of reforms and implementation are effective and lead to a transition to more efficient and clean fuels from which the poor benefit. Energy sector reforms when adjusted to the specific conditions of the poor have a positive impact on access and use of clean, safe and efficient fuels. The poor are using gradually less wood as cooking fuel. Gas and kerosene are made more widely available through market liberalisation and subsidy in the particular case of Senegal. Electricity access and use is generally promoted or subsidised through changes in payment conditions and lifeline tariffs

Energy sector reform, energy transitions and the poor in Africa

Energy Technology Data Exchange (ETDEWEB)

Prasad, Gisela [Energy Research Centre, University of Cape Town, Private Bag, Rondebosch 7701 (South Africa)

2008-08-15

There is little systematic information about the impact of energy sector reform on all sources and methods of energy utilised or potentially utilised by the poor. It is not sufficiently known what fuels the poor use, if a larger range of fuels becomes available and affordable and if barriers to access and consumption are reduced. A detailed assessment is presented for four countries, three in Africa (Botswana, Ghana and Senegal) and for comparison one in Latin America (Honduras), of steps taken to reform the energy sector and their effect on various groups of poor households. The paper analyses the pattern of energy supply to, and use by, poor households and explores the link - or its absence - to energy policy. We investigate what works for the poor and which type of reforms and implementation are effective and lead to a transition to more efficient and clean fuels from which the poor benefit. Energy sector reforms when adjusted to the specific conditions of the poor have a positive impact on access and use of clean, safe and efficient fuels. The poor are using gradually less wood as cooking fuel. Gas and kerosene are made more widely available through market liberalisation and subsidy in the particular case of Senegal. Electricity access and use is generally promoted or subsidised through changes in payment conditions and lifeline tariffs. (author)

Impact of Unbalanced Development of Economy on Financial Sector Stability

Directory of Open Access Journals (Sweden)

Kozlov Vladislav I.

2013-11-01

Full Text Available The article is devoted to the study of c connection between the stability of development of the financial sector and its share in the aggregate volume of production. The article conducts a comparative study of the countries that suffered the large-scale financial and economic crisis in 2007 (USA and Great Britain and countries economies of which turned out to be more stable (Czech Republic, Poland and Finland. In the course of the study the article marks out indicators that allow characterisation of the degree of balancing of economic development. The developed approach is applied for analysis of the Ukrainian economy in the pre-crisis period. Results of the study allow assertion that excessive growth of the financial sector increases the risk of realisation of financial and economic crises independent on the level of economic development of a country. The article develops an approach to assessment of the role of the financial sector in economy. It underlines important aspects of its application for analysing economies of developing countries. The article leaves a vast expanse for further studies and focuses on importance of monitoring of the state and development of the financial sector with consideration of the direction and rates of development of other sectors of economy. The obtained results justify the necessity of use of indicators that characterise structure of the national economy by financial sector control bodies.

Good governance and budget reform in Lesotho Public Hospitals: performance, root causes and reality.

Science.gov (United States)

Vian, Taryn; Bicknell, William J

2014-09-01

Lesotho has been implementing financial management reforms, including performance-based budgeting (PBB) since 2005 in an effort to increase accountability, transparency and effectiveness in governance, yet little is known about how these efforts are affecting the health sector. Supported by several development partners and $24 million in external resources, the PBB reform is intended to strengthen government capacity to manage aid funds directly and to target assistance to pressing social priorities. This study designed and tested a methodology for measuring implementation progress for PBB reform in the hospital sector in Lesotho. We found that despite some efforts on the national level to promote and support reform implementation, staff at the hospital level were largely unaware of the purpose of the reform and had made almost no progress in transforming institutions and systems to fully realize reform goals. Problems can be traced to a complex reform design, inadequate personnel and capacity to implement, professional boundaries between financial and clinical personnel and weak leadership. The Lesotho reform experience suggests that less complex designs for budget reform, better adapted to the context and realities of health sectors in developing countries, may be needed to improve governance. It also highlights the importance of measuring reform implementation at the sectoral level. Published by Oxford University Press in association with The London School of Hygiene and Tropical Medicine © The Author 2013; all rights reserved.

Evaluation of Large-Scale Public-Sector Reforms: A Comparative Analysis

Science.gov (United States)

Breidahl, Karen N.; Gjelstrup, Gunnar; Hansen, Hanne Foss; Hansen, Morten Balle

2017-01-01

Research on the evaluation of large-scale public-sector reforms is rare. This article sets out to fill that gap in the evaluation literature and argues that it is of vital importance since the impact of such reforms is considerable and they change the context in which evaluations of other and more delimited policy areas take place. In our…

Power sector reform and distributed generation in sub-Saharan Africa

DEFF Research Database (Denmark)

Turkson, J.K.; Wohlgemuth, N.

2001-01-01

As part of the current liberalisation process sweeping sub-Saharan Africa, power sectors across the region are being scrutinised and restructured. A critical aspect of the reform is improving access to electricity by large segments of the population. Many in the continent are, therefore,looking a......As part of the current liberalisation process sweeping sub-Saharan Africa, power sectors across the region are being scrutinised and restructured. A critical aspect of the reform is improving access to electricity by large segments of the population. Many in the continent are, therefore......, on average, 30-40 per cent of the region's population, the authors discuss the issues involved, drawing on the experiences of other countries whether there are any apparent 'preconditions' for success. Second, the role renewable energy can play in this process and the extent to which lessons from other parts...... of the world might be transferable to the countries of sub-Saharan Africa is assessed. The paper concludes by investigating the prospects for distributed generation in power sector reform in sub-Saharan Africa, arguing that though lessons from other parts of the world will be helpful, they cannot be all...

Financial sector reforms and investment efficiency in South Africa ...

African Journals Online (AJOL)

The effect of financial liberalization on investment in sub-Saharan Africa countries has drawn much attention in the recent literature. The major thrust of the literature has been to understand the mechanism by which interest rate deregulation on one hand and elimination of other forms of financial repression on the other ...

Summary of the financial and ratepayer impacts of nuclear power plant regulatory reform

International Nuclear Information System (INIS)

Turpin, A.Y.

1985-05-01

This report estimates the financial impact on utilities and ratepayers of nuclear power plant regulatory reforms. Three situations are investigated: (1) no reform, (2) combined early-site-permit and preapproval-of-design reforms, and (3) total reform. Also, two types of capacity additions are evaluated using two utility companies as case studies: (1) nuclear plus generic capacity, and (2) all-nuclear capacity. Results indicate that both the shorter construction lead-time afforded by nuclear regulatory reform and the timing of new capacity additions are extremely important in enabling a utility to remain in a healthy financial position while adding capacity to meet future demand and at the same time reducing the price of electricity to the ratepayers. The lower added capital costs and fuel cost savings obtained from reformed nuclear units allow a utility dependent on oil and gas steam generation to experience price decreases as these new units begin commercial operation. The study also points out that in simulations excluding the shorter lead-time generic capacity, price increases were greater and financial performance was worse for both utilities. These facts indicate the importance of shortening the construction lead-time through nuclear regulatory reform so that nuclear power will be more competitive with coal. 19 refs., 4 figs., 3 tabs

Analysis of Private Sector Care Reform Authorities and Savings

Science.gov (United States)

2016-12-01

coordination, and promotion of health outcomes—in short, it was not a sustainable business model. FFS purchasing remains an element of an overall...primarily focused on the cost (or supply side) of delivering the healthcare services. The reforms examined in this paper (VBP of purchased care) affect ...J. Kerstein. “How do financial incentives affect physicians’ clinical decisions and the financial performance of health maintenance organizations

Distinctions, Affiliations, and Professional Knowledge in Financial Reform Commissions

DEFF Research Database (Denmark)

Seabrooke, Leonard; Tsingou, Eleni

the different stresses in reports with and without clear mandates, and the role of important members of the policy community in promoting particular reform ideas. The article finds that differences in ideas emerging from the financial reform expert groups reflect nested power relationships in the commissioning...... the reports. Fractal distinctions, such as between ‘behavior’ or ‘system’ as a reform focus, allow us to locate the object of regulation within expert groups, experts’ professional context, and the politics behind the commissioning of work. Analyzing fractal distinctions provides a useful way to understand...... of work, constituent audiences, and reform priorities among governing institutions, rather than distinct ‘European’ and ‘American’ ideas....

Improved Financial Probity in the Health Sector Following the WHO ...

African Journals Online (AJOL)

The aim of this study is to document financial compliance to WHO reform of WHO Zambia with government. Methods: This was a desk review of financial activities from the WHO country office from January to December 2015. Findings and recommendations from the November 2015 External Audit conducted on the financial ...

Energy sector reforms status of Danish energy policy - 2000

International Nuclear Information System (INIS)

Gullev, L.

2000-01-01

The new millennium brings change and new ways of thinking to the energy sector. Today the sector faces new challenges which it must deal with at a time where increasing market liberalisation and increasing internalisation is creating completely new frameworks for the sector. The Danish tradition of progressive energy policy action plans is the best possible basis on which to build. The target remains set. Energy policy must create the framework for structuring future energy systems so as to ensure that they are sustainable. Over many years there have been numerous initiatives to transfer consumption to cleaner energy sources, which has now led to a steady reduction in CO 2 emissions. The government places great importance on a continuation of this current development, both short term and long term. The adoption of the Electricity Reform in spring 1999 was an important step in the right direction. The government can, with great satisfaction, conclude that an agreement has now been made with most of the Parliament regarding a Gas reform, modernisation of the heat Supply Act and a new Energy Saving Act. In addition to this, the agreement also includes a follow up to the Electricity Reform concerning utilisation of biomass, offshore wind turbines, harmonisation of costs for priority electricity production, private generator's payment to priority electricity and the establishment of a market for electricity based on renewable. (author)

Designing effective power sector reform: A road map for the republic of Georgia

Science.gov (United States)

Kurdgelashvili, Lado

Around the world, network utilities (i.e., electricity, natural gas, railway, telecommunications, and water supply industries) are undergoing major structural transformation. A new wave of market liberalization, together with rapid technological changes, has challenged the previously dominant monopoly organization of these industries. A global trend toward deregulation and restructuring is evident in countries at different levels of social and economic development. The challenges of transition from a monopolistic to an open market competitive structure are numerous. Understanding these problems and finding solutions are essential to successful restructuring. In developing countries and economies in transition (i.e., the Eastern Europe and the former Soviet Union), government-owned utilities are often considered to be highly inefficient. The dominant power sector restructuring strategies seek to promote economic efficiency through a gradual introduction of competition into the power sector. Five components of power sector reform are commonly proposed by the World Bank and others for these countries: commercialization, privatization, establishment of an independent regulatory agency, unbundling and gradual introduction of competition in generation and retail markets. The Republic of Georgia, like many economies in transition (e.g., Hungary, Ukraine, and Kazakhstan) has followed this reform model. However, outcomes of the reform have not been as promised. The acute economic problems facing Georgia after it regained independence have compounded problems in the power sector. A review of Georgia's utility reforms reveals that the country has undertaken electricity industry restructuring without giving substantial consideration to the problems that these reforms might have created within the industry or society. The main task of this dissertation is to find the restructuring model, which can best serve economic, social and environmental goals under circumstances similar

ARTIFICIAL INTELLIGENCE APPLICATIONS IN THE FINANCIAL SECTOR

OpenAIRE

Adrian Cozgarea; Gabriel Cozgarea; Andrei Stanciu

2008-01-01

The present paper exposes some of artificial intelligence specific technologies regarding financial sector. Through non-deterministic solutions and simple algorithms, artificial intelligence could become a base alternative for solving financial problems which require complex mathematic calculations or complex optimization.

The Bahamas; Financial Sector Stability Assessment

OpenAIRE

International Monetary Fund

2013-01-01

This article is an overview of the structure of the Bahamian financial system. After the financial crisis in the United States, the Bahamian financial structure showed fragile growth. Tourism, the main source of income for the domestic economy, weakened owing to the U.S. crisis. The increase in oil prices was the key reason for the destroyed infrastructure. However, amidst the vulnerabilities, the banking sector showed stability with high capital and liquidity and sustained challenges; the in...

Thailand - Social and Structural Review : Beyond the Crisis - Structural Reform for Stable Growth

OpenAIRE

World Bank

2000-01-01

Following the East Asian financial crisis, the Bank's involvement in Thailand intensified, enabling a multifaceted stabilization, and structural reform dialogue, which deepened the economic, financial, and sector knowledge of the country. The study benefits from this analytical work, and provides an overview on the ongoing policy dialogue, regarding short- and medium-term reform, through a...

Impacts of energy subsidy reform on the Malaysian economy and transportation sector

International Nuclear Information System (INIS)

Solaymani, Saeed; Kari, Fatimah

2014-01-01

Malaysia is paying a high level of subsidies on the consumption of energy (about 5% of its GDP). Therefore, reforming the energy subsidies, as planned by the government, will have a significant impact on household welfare and energy-intensive sectors, such as the transport sector. This study employs a computable general equilibrium (CGE) model to highlight the transmission channels through which the removal of energy subsidies affects the domestic economy. The findings show that the shock increases real GDP and real investment, while decreasing Malaysian total exports and imports. The removal of energy subsidies also decreases the aggregate energy demand, and, consequently, decreases the level of carbon emissions in the Malaysian economy. In addition, households experience significant falls in their consumption and welfare. The transport sector is significantly influenced through an increase in production costs due to an increase in the prices of intermediate inputs. The total output and total exports of the whole transport sector decrease while its imports increase. In addition, the use of all kinds of transport by households decreases significantly. The Malaysian energy subsidy reform, leads to an initial decrease in CO 2 emissions and demand for electricity, gas, and petroleum products in the entire transport sector. - Highlights: • Malaysia pays a high level of subsidy on consumption of energy. • The transportation sector in this country is the highest energy consumer among others. • A general equilibrium model used to analyse the effects of energy subsidy reform. • The shock increases real GDP and decreases energy and carbon emission in this sector. • It is not beneficial for the transport sector as decreases the output of this sector

Globalisation, Economic Reforms and Democracy in Nigeria

African Journals Online (AJOL)

chifaou.amzat

2013-03-06

Mar 6, 2013 ... Strategy (NEEDS) and trade and financial liberalisations ...... The reforms started with the Nigerian Enterprises Promotion Decrees (1972, ..... product prices and utility tariffs, a freeze on wages and salaries in the public sector,.

Private Investment in Power Sector in Developing Countries: Lessons from Reforms in Asian and Latin American Countries.

Energy Technology Data Exchange (ETDEWEB)

Singh, Anoop

2007-07-01

The demand for investment in the electricity sector in the world between 2000 and 2030 is estimated to be USD9.8 trillion. Developing countries would require more than half of this investment. Given the limited fiscal space for public investment, a number of developing countries have undertaken policy initiatives to improve the investment climate for the private sector. The pace, scope, sequencing and outcome of reform process varies across countries. This paper undertakes a comparative evaluation of policy and regulatory reforms in Argentina, Brazil, India, Mexico, PRC and Thailand. The paper concludes that apart from macroeconomic stability, the pace and sequencing of reforms influences private investment in the power sector. Distribution reforms and setting up of an independent regulatory institution reduces risk for investors. A peace-meal approach to reform keeps uncertainties alive for investors and does not translate in significant investment in the sector. (auth)

Russian financial sector: adjustment and management

Directory of Open Access Journals (Sweden)

Vitaly J. Ozira

2006-12-01

Full Text Available This paper reviews general issues relate to Russian financial system and policies in the context of economies relying to a significan extent on market mechanisms to allocate resources. After a brief introduction describing the functions of the financial sector in a marke economy, the paper presents an inventory o the most common problems hindering the effective performance of the financial system as a development tool, and some policy guideline based on the analysis. The text aims a presenting a brief exposition of the basic principles that provide a conceptual framework to review the issues.Finance, like money, is not a realit which exists independently from the specific cultural, political and legal features of a given society. The reason is that finance is ai institution, which organizes relevant modes o interaction among various groups or individual economic units claims on the social resources, the functions fulfilled by the financial sector need not be the universal.The views expressed in the paper are the author's own responsibility and should not be interpreted as presenting the official position paper on financial sector management.El presente artículo examina problemas generales concernientes al sector financiero de Rusia a la luz del sistema económico apoyado en los mecanismos de mercado de la distribución de los recursos. Después de la introducción que describe las funciones de dicho sector en las condiciones de mercado, el artículo representa un cuadro típico de problemas que frenan el funcionamiento eficaz del sistema financiero como instrumento de desarrollo. Asimismo el autor ofrece recomendaciones prácticas basadas en el resultado del análisis llevado a cabo por él. El texto del artículo contiene los principios fundamentales que son, propiamente dicho, los marcos conceptuales del presente trabajo.Las finanzas, como es sabido, están estrechamente vinculadas a las peculiaridades jurídicas, políticas y culturales de

Financial Sector Development, Economic Growth and Poverty Reduction: New Evidence from Nigeria

Directory of Open Access Journals (Sweden)

Muhammad Yusuf DANDUME

2014-12-01

Full Text Available There is a common view that a well developed financial system will usher economic growth and further reduce the level of poverty. In late years the automaticity of this relationship in poor states such as Nigeria has been an area of considerable argument. This study attempts to examine this presuppose causal relationship between financial sector development, economic growth and poverty reduction in Nigeria. The study uses Autoregressive Distributed Lag model (ARDL and Toda and Yamamoto No causality test, using a time series data covering the period of 1970-2011. The study includes poverty into the ongoing competing finance growth nexus hypothesis, in order to ascertain whether the poor segment of the Nigerian society have access to financial resources and also fully participate in the economic growth process in the country. Empirical results of the study reveal that financial sector development does not cause poverty reduction. This implies, increased in the supply of loan able funds due to financial sector development is not enough to ensure poverty reduction. Certain measures are important. Therefore, the results reveal, that economic growth causes financial sector growth. Implies that economic growth lead and financial sector follow. This implies that for financial sector development, economic growth is necessary, even though not sufficient for poverty reduction.

Perceived Impact of Health Sector Reform on Motivation of Health ...

African Journals Online (AJOL)

Perceived Impact of Health Sector Reform on Motivation of Health Workers and Quality of Health Care in Tanzania: the Perspectives of Healthcare Workers and District Council Health Managers in Four Districts.

Systemic risk in the energy sector: is there need for financial regulation?

NARCIS (Netherlands)

Kerste, M.; Gerritsen, M.; Weda, J.; Tieben, B.

2015-01-01

The credit crisis points at serious systemic risks in Over The Counter derivative trading. This has resulted in new financial regulation, covering both the financial sector and non-financial sectors. The actual extent to which non-financial companies trading on OTC markets contribute to systemic

Distinctions, Affiliations, and Professional Knowledge in Financial Reform Expert Groups

DEFF Research Database (Denmark)

Seabrooke, Leonard; Tsingou, Eleni

2014-01-01

to understand the different stresses in reports with and without clear mandates, and the role of important members of the policy community in promoting particular reform ideas. The contribution finds that differences in ideas emerging from the financial reform expert groups reflect nested power relationships...... the reports. Fractal distinctions, such as between ‘behaviour’ or ‘system’ as a reform focus, allow us to locate the object of regulation within expert groups, the experts' professional context and the politics behind the commissioning of work. Analysing fractal distinctions provides a useful way...... in the commissioning of work, constituent audiences and reform priorities among governing institutions, rather than distinct ‘European’ and ‘American’ ideas....

ECONOMIC ESSENCE AND COMPONENTS OF FINANCIAL SUPPORT OF AGRICULTURAL SECTOR

Directory of Open Access Journals (Sweden)

Volodymyr Matskiv

2015-11-01

Full Text Available The purpose of the paper is scientific grounding of theoretical and methodological approaches to the fundamental principles of the functioning of the existing system of financial support of the agrarian sector in Ukraine and its potential areas of its improvement through the construction of new effective financing mechanisms. Methodology. In the study the following methods are used: a comparative and morphological methods – to reveal the content and development of scientific thoughts about the interpretation of the concept of «financial support»; methods of systematization and generalization – to determine the functionality of the agricultural sector and the need of its financial support and to reveal the features of its functioning; systemic method – to construct a model of the implementation of agricultural sector financial support; logical method – for a consistent generalization of theoretical and practical scientific research statements. Results. Investigation of formation and development of the doctrine of financial support and systematization of scientific thoughts about its essence gives the opportunity to consider the content of the studied category in terms of the functional approach. Interpretation of the term “financial support” comes down to the statement that the formation of the theoretical foundations of the essence and the economic nature of financial support is a result of the achievements of several generations of scientists, each of whom invested a significant contribution to the development of the theory of the studied concept. This allowed us to analyze the term «financial providing» and to summarize the existing approaches in the light of the activities of the agricultural sector. In terms of functionality we found that financial support as a phenomenon can be seen in the context of its unique significance in the development of the economy. Practical implications. It was determined that the problems of

FINANCIAL PERFORMANCE EVOLUTIONS OF TEXTILE SECTOR ENTERPRISES

Directory of Open Access Journals (Sweden)

Nicoleta BARBUTA MISU

2005-01-01

Full Text Available The complete liberalization of international trade led to important changes in financial performancesof the national enterprises. This paper has in view to present the consequences of these changes fromthe macroeconomic level to microeconomic level. Thus, indicators of the financial performance forthree enterprises at the textile sector from Galati are studied selectively. The scope of this study isboth to realize a financial performance hierarchy and to present of their evolution directions in thefuture.

Leadership, the financial sector and development in Nigeria

African Journals Online (AJOL)

DR.DANIEL

financial sector represented by banks in this article is so crucial to the Nigerian economy in terms of .... development in the Nigerian banking sector than personalized leadership based on a 'dictatorial' and 'all knowing' Chief. Executive Officer.

THE INTERDEPENDENCE BETWEEN THE FINANCIAL SECTOR AND BUSINESS SECTOR IN ASEAN 4 COUNTRIES

Directory of Open Access Journals (Sweden)

Aulia Keiko Hubbansyah

2018-01-01

Full Text Available In this study, we analyze the dynamic interactions between the financial sectors and the business sectors in the ASEAN-4 countries (Indonesia, Malaysia, Thailand and Singapore. To do that, we apply the newly generalized version of the Vector Autoregressive Framework (VAR spillover index approach proposed by Diebold and Yilmaz (2012 as our method of analysis. Based on quarterly data of each variable over the period from the first quarter of 1984 to the fourth quarter of 2015 for the ASEAN-4 countries, this study finds that: 1 Spillovers between the variables move in a diverse manner over the period of analysis for each country, 2 The variable that acts as the dominant crisis transmitter in each country is different for each country, 3 The interdependence between the variables became stronger, both within and across the countries, during the crisis period. In particular, the business sectors played a leading role during the onset of the crisis, while the financial sectors took their places as the dominant source of spillovers as the crisis deepened. 4 Credit growth in Thailand was found to be the dominant transmitter of shocks to the ASEAN-3 countries. Overall, these results suggest that the strength and movement of the spillovers between the financial and business sectors changed from time to time along with the changes that happened in the economies.

School Sector and Student Achievement in the Era of Standards Based Reforms

Science.gov (United States)

Carbonaro, William; Covay, Elizabeth

2010-01-01

The authors examine whether standards based accountability reforms of the past two decades have closed the achievement gap among public and private high school students. They analyzed data from the Education Longitudinal Study (ELS) to examine sector differences in high school achievement in the era of standards based reforms. The authors found…

Demand-side management (DSM) in the context of China's on-going power sector reform

International Nuclear Information System (INIS)

Zhang, Sufang; Jiao, Yiqian; Chen, Wenjun

2017-01-01

As an approach to manage power demand-side resources, DSM plays an important role in electric power system. Though DSM was introduced into China in the early 1990s, its benefits have been underutilized. Using literature study, interview methods and three data sources, this paper examines the likely impacts of China's on-going power sector reform on its DSM. It finds that the major constraints to DSM in China are the insufficient and improper market-based DSM mechanism, grid companies’ low motivations for DSM due to their traditional business model, the underdeveloped energy service industry, and electricity end-users’ low motivation for DSM. China's on-going power sector reform will change power transmission and distribution pricing and grid companies’ business model and introduce competition into retail-side. Drawing on these findings, it is concluded that the likely impacts of the new reform on DSM are: governments may attach more importance to DSM; grid companies may have more motivations for DSM investment; electricity end-users’ motivations for DSM may be both enhanced and dampened; electricity retailers’ motivations for DSM may be dampened; demand response application may be enhanced, and more DSM business models may be developed. Finally, policy implications are provided. - Highlights: • Mechanism of and constraints to DSM in China are examined. • China’s on-going power sector reform is overviewed. • DSM is likely to be enhanced under China's on-going power sector reform. • Policy implications are provided.

A reform strategy of the energy sector of the 12 countries of North Africa and the Eastern Mediterranean

International Nuclear Information System (INIS)

Patlitzianas, Konstantinos D.; Doukas, Haris; Kagiannas, Argyris G.; Askounis, Dimitris Th.

2006-01-01

The development of an energy reform strategy based on the market economy so as to introduce competition in the market segments is of crucial importance for provision of a stable and favourable environment for energy investments. Reform strategies have begun developing in most of the 12 Mediterranean Countries of North Africa and the Eastern Mediterranean, especially in the context of the Euro-Mediterranean Free Trade Area. Even though energy sector reforms have been initiated, they are still at an early stage in most of these countries. The majority of energy utilities remain state owned, vertically integrated monopolies. Few of these countries have established energy regulators, and where they have, these institutions have many difficulties in effective development. In addition, competition is virtually absent from the sector, and private participation has been confined to independent power plants, which tend to be introduced into unreformed sectors. The aim of this paper is to propose energy reform strategies for the reform of the sector by 2010 in terms of the development of the regional oil, gas and electricity sectors in these countries

Transnational Veto Players and the Practice of Financial Reform

DEFF Research Database (Denmark)

Tsingou, Eleni

reforms in the regulatory treatment of large financial institutions deemed ‘too big to fail’. Actors debating and developing policy on ‘too big to fail’ may have formal defined constituencies, as regulators, academics or lobbying organisations, but in their transnational interactions they are also...

Transnational Veto Players and the Practice of Financial Reform

DEFF Research Database (Denmark)

Tsingou, Eleni

2015-01-01

reforms in the regulatory treatment of large financial institutions deemed ‘too big to fail’. Actors debating and developing policy on ‘too big to fail’ may have formal defined constituencies, as regulators, academics or lobbying organisations, but in their transnational interactions they are also...

Modeling Financial Innovation and Economic Growth: Why the Financial Sector Matters to the Real Economy

Science.gov (United States)

Chou, Yuan K.

2007-01-01

The author devises a simple way of incorporating the financial sector into a growth model that is pedagogically useful. Financial innovation raises the efficiency of financial intermediation by increasing the variety of financial products and services, resulting in improved matching of the needs of individual savers with those of firms raising…

Brexit: What's at Stake for the Financial Sector?

OpenAIRE

Miethe, Jakob; Pothier, David

2016-01-01

The United Kingdom's exit from the European Union will have far- reaching implications for the British financial sector. London is currently the financial capital of Europe, and the UK's financial institutions benefit from passport rights that allow them to provide their services throughout the Single Market. The UK plays two key roles in the European financial system: the first as a major hub for wholesale banking activities conducted by large European banks, and the second as a major entry ...

Taxing of financial sector as possible own resource of EU budget

Directory of Open Access Journals (Sweden)

Danuše Nerudová

2013-01-01

Full Text Available The discussion about the possible taxation of the financial sector has started in the European Union as a result of the financial crisis which has spread to the Europe from the United States in 2008. European Commission concluded that EU should lead the efforts to introduce system of levies or taxies on financial institutions. EU member states individually committed to support the financial sector for a total about EUR 4.6 trillion (i.e. 39% of EU-27 GDP in 2009. Those public interventions have significant budgetary consequences (strongly felt in Greece, Spain or Italy and imposes a heavy burden on the present and future generations. Therefore there is a strong consensus not only on the level of the European Union but also internationally, that financial sector should contribute to the public finance more fairly. As a reaction on costs of the financial crisis which was paid out from the public money, some of the countries immediately introduced temporary measures in order to collect back paid out money. The aim of the paper is to research the possibility of financial sector taxation, to discuss the proposal of the European Union on the introduction of financial transaction tax on EU level and through the multi-criteria analysis to research, whether this type of the tax is suitable as an own resource of EU budget.

The politics of health sector reform in developing countries: three cases of pharmaceutical policy.

Science.gov (United States)

Reich, M R

1995-01-01

This paper examines the political dynamics of health sector reform in poor countries, through a comparative study of pharmaceutical policy reform in Sri Lanka, Bangladesh, and the Philippines. The paper first reviews five reasons why policy reform is political. It then presents three political economic models of the policy reform process: the political will, political factions, and political survival models. Next, the paper describes the three cases of national pharmaceutical policy reform, and identifies common conditions that made these reforms politically feasible. The paper's analysis suggests that health sector reform is feasible at certain definable, and perhaps predictable, political moments, especially in the early periods of new regimes. The most important and manipulable political factors are: political timing, which provides opportunities for policy entrepreneurs to introduce their ideas into public debate, and political management of group competition, which allows leaders to control the political effects of distributional consequences and protect the regime's stability. A strong and narrow political coalition improves the capacity of political leaders to resist the pressures of concentrated economic costs (both inside and outside national boundaries). The paper argues that for reform to succeed, policy-makers need effective methods to analyze relevant political conditions and shape key political factors in favor of policy reform. The method of Political Mapping is briefly introduced as a technique that can help policy-makers in analyzing and managing the political dimensions of policy reform and in improving the political feasibility of reform.

Welfare impacts of electricity generation sector reform in the Philippines

International Nuclear Information System (INIS)

Toba, Natsuko

2007-01-01

This paper reports an empirical investigation into the welfare impacts of the introduction of private sector participation into the Philippines electricity generation sector, by liberalizing the market for independent power producers (IPPs) during the power crisis of 1990-1993. This study uses a social cost and benefit analysis. The main benefits came from IPPs, who contributed to resolving the crisis, and promoted economic and social development. Consumers and investors were net gainers, while the government lost and there was an air pollution cost. The paper concludes that the reform with private sector participation increased social welfare

Demise of the standard model for power sector reform and the emergence of hybrid power markets

International Nuclear Information System (INIS)

Gratwick, Katharine Nawaal; Eberhard, Anton

2008-01-01

Following earlier reforms in the power sectors of industrialized countries and emerging markets (e.g. Chile), developing countries were encouraged to unbundle their electricity industries and to introduce competition and private sector participation. This paper highlights the developments that led to how power sector reform came to be defined as a standard model and theoretical framework in its own right, and how the model was used prescriptively in many developing countries. However, we also show that, after more than 15 years of reform efforts, this new industry model has not fully taken root in most developing countries. Finally, we identify and characterize the emergence of new hybrid power markets, which pose fresh performance and investment challenges

Insolvency in the Corporate Sector and Financial Crisis in Korea

OpenAIRE

Kim, Joon-Kyung; Lee, Chung H.

2001-01-01

The paper shows that between the late 1980s and 1997, the year when Korea was engulfed in a financial crisis, its corporate-sector profitability was on a decreasing trend, albeit short-term ups and downs. The evidence presented in the paper suggests that Korea’s corporate and financial sectors had been highly vulnerable to a crisis for some years before 1997 and the actual timing of the crisis was triggered by the financial crisis in Thailand in July 1997 and its contagion effect.

A BRIEF ANALYSIS OF PUBLIC SECTOR CONSOLIDATED FINANCIAL STATEMENTS RESEARCHES

Directory of Open Access Journals (Sweden)

Andreea CÎRSTEA

2015-12-01

Full Text Available The purpose of the paper is to track the evolution of this specific topic of consolidated financial statements in the public sector, in order to be able to present a global picture of the actual knowledge stage of this issue at international level. The study conducted for reaching the proposed objective is a quantitative one. We tried to find out how this issue of public sector consolidated financial statements has sparked the interest of researchers around the world and when the issue was most debated. We concluded that the research of consolidated financial statements in the public sector is in its infancy and nowadays the topic starts to be more and more in the attention of the researchers in this field.

Discussion on China's Power Sector Reforms and Where to Next?

DEFF Research Database (Denmark)

Li, Qingnan; Ma, Zheng; Jørgensen, Bo Nørregaard

2016-01-01

the SWOT analysis (strengths, weaknesses, opportunities, and threats). The research results show that, after a series of reform actions, China's Power sector has shifted from an absolute monopoly to a relative monopoly. This paper conducts four strategic recommendations for the acceleration of China...

Application of IPSAS Standards to the Vietnamese Government Accounting and Financial Statements

OpenAIRE

LE , TRANG THI NHA

2012-01-01

The Vietnamese government has implemented a reform of public financial management in a realm of government accounting. The current government accounting regime has met requirements of budget management. However, it provides very little information of financial position and performance. Furthermore, in the context of the increasing international integration and requirements of public sector management reform, the Vietnamese government accounting needs to be improved with applying full accrual ...

Financial and clinical risk in health care reform: a view from below.

Science.gov (United States)

Smith, Pam; Mackintosh, Maureen; Ross, Fiona; Clayton, Julie; Price, Linnie; Christian, Sara; Byng, Richard; Allan, Helen

2012-04-01

This paper examines how the interaction between financial and clinical risk at two critical phases of health care reform in England has been experienced by frontline staff caring for vulnerable patients with long term conditions. The paper draws on contracting theory and two interdisciplinary and in-depth qualitative research studies undertaken in 1995 and 2007. Methods common to both studies included documentary analysis and interviews with managers and front line professionals. The 1995 study employed action-based research and included observation of community care; the 2007 study used realistic evaluation and included engagement with service user groups. In both reform processes, financial risk was increasingly devolved to frontline practitioners and smaller organizational units such as GP commissioning groups, with payment by unit of activity, aimed at changing professionals' behaviour. This financing increased perceived clinical risk and fragmented the delivery of health and social care services requiring staff efforts to improve collaboration and integration, and created some perverse incentives and staff demoralisation. Health services reform should only shift financial risk to frontline professionals to the extent that it can be efficiently borne. Where team work is required, contracts should reward collaborative multi-professional activity.

Impact of reform and privatisation on employees a case study of power sector reform in Orissa, India

International Nuclear Information System (INIS)

Kundu, Goutam Kumar; Mishra, Bidhu Bhusan

2012-01-01

Orissa is the first state in India to have undergone reform in the power sector with the Government withdrawing its control. The state government owned integrated Electricity Board which was responsible for generation, transmission and distribution of electricity was unbundled into separate generating, transmitting, distributing and trading companies. The structure and ownership changed. The purpose of this paper is to examine the impact of the reform and privatization on employees. The impact of reform on employees was measured with the help of multiple regression models. The variables represent the parameters that employees are most interested in, and the regression coefficients represent the weights of the corresponding variables. The data were collected using a survey methodology. The impact of reform was observed to be mixed one. Some employees felt benefits while others mentioned negative impact. The study revealed beneficial aspects of reform and areas with no benefits. - Highlights: ► Employee benefit is a linear function of 11 variables. ► Eleven variables predict 95.8% of employees benefit. ► Money received by the employees increased after reform. ► Employees benefit due to reform is a mixed one.

Institutional framework of the Chinese power sector. Background and overview paper on the status quo and reforms of the Chinese power sector

International Nuclear Information System (INIS)

Van Sambeek, E.J.W.

2001-10-01

The Chinese power sector is currently undergoing significant structural changes. This report describes the current developments of the institutional framework of the Chinese power sector and the emerging Chinese electricity market. It is intended as a background information paper for foreign consultants and others that grapple with the complicated and fast changing structure of the Chinese power sector. The scope of this report is limited to grid-connected power. The paper starts with a brief introduction to the structure of the Chinese Government and then describes the main changes that have occurred in the Chinese power sector since 1978. Early power sector reforms consisted of decentralisation of decision making power to lower government levels, deregulation of investment and price control, and corporatization of the operational and business parts of the state electricity activities. The increasing inefficiencies of an ever more complicated and bureaucratic government, the non-transparency of policies, regulations and pricing, and the confused ownership and management structure of utility assets called for further reforms. In 1997 an episode of further institutional and market reforms was initiated aiming to achieve a fully competitive wholesale power market by 2010. The reforms started with the further separation of government and business functions that were previously combined in the same government units. Most notably the State Power Corporation (SP) was established while the former Ministry Of Electric Power (MOEP) was dissolved. The government responsibilities of MOEP were turned over to the State Economic and Trade Commission (SETC). Near-term power sector reforms will concentrate on consolidating network functions in State Power Corporation or its branches and subsidiary corporations, while separating generation from transmission and distribution activities. A competitive power generation market will be established based on the single buyer concept. The

Electricity sector reform in Greece

International Nuclear Information System (INIS)

Iliadou, Ekaterini N.

2009-01-01

This paper provides an outlook of the electricity market reform in Greece which started in 2001 and is still developing slowly. This is related to the persisting dominance of the incumbent company and the specificities of the electricity sector of Greece which is heavily dependent on indigenous lignite firing generation, while being located in the periphery of the EU internal electricity and gas markets. Competition through enhancing electricity trade in the region is limited to date, as the establishment of an internal market in South East Europe also progresses slowly. Development of competition through gas-firing generation by new entrants has been the priority adopted by State and Regulator's policies. However, the gas supply market in Greece and in the region still lags behind. (author)

Real & Financial Sectors, ``koq Financenaann..'' & Elbio Dagotto's Interactions

Science.gov (United States)

Maksoed, Wh-

2016-10-01

In conjunctions between PMRI/Pendidikan Matematika Realistik Indonesia fom Dr. RK Sembiring to ``ASTRANOMICS'': the New Reality in Business Aviation herewith provided `interaction between real & financial sector' and financialisation from Heinrich Bortis: ``the Real & Financial Sector of a Monetary Production Economy in the perspective of classical-Keynesian political economy'' ever specifies ``sector Riil'' from HE. Mr. Ir. Aburizal Bakrie. Instead describes the context of CMR/Colossal Magnetoresistance cq Carlos SLIM, the richest entrepreneur in the world 2014 also obtaines Dagotto & Tokura: ``Strongly correlated Electronic Materials: Present & Future'',MRS Bulletin, Nov, 2008. Ever existed of UN Secretary General Kofie Atta Annan, for Lih-AT TA-ruh di mana?'' are ```koq Financenaann..?'' in-between conjunctions. CMR are other notions of GiantMagnetoresistance from Fert & Grundberg who awarded with Nobel Prize in Physics, 2007. Heartfelt Gratitudes to HE. Mr. Prof. Ir. HANDOJO.

Climate Leadership in the Financial Sector Webinar

Science.gov (United States)

Financial sector winners from the 2015 Climate Leadership Awards discuss best practices and challenges faced by their corporations based on their experience of attempting to reduce greenhouse gas emissions and address climate risk.

Investing for upgrading: the emergence of financial system of science and technology in China’s Pearl River Delta

OpenAIRE

XIAODONG WANG; CHRISTOF MORSCHER

2016-01-01

This article discusses the recent reform policy in China on setting up new financial system for supporting science and technology innovation. Based on the financial sector development in the Pearl River Delta in China’s Guangdong Province, especially Guangzhou, one pilot city of Chinese Science and Technology Financial System Reform, the article analyses the problems in financial system and makes some suggestion on how to restructure the financial system to meet the financial need of local em...

Managing climate change risk : emerging financial sector expectations

International Nuclear Information System (INIS)

Williams, R.

2004-01-01

Engagement of the financial sector in the climate change debate is apparent, with social investors and advocacy groups launching 32 climate change related shareholder resolutions with American and Canadian energy companies in 2003. Eos Research and Consulting Ltd. recently conducted a study to examine emerging standards for how energy companies manage climate change related risks. A survey was conducted in the first part of the study to determine the environmental awareness of energy companies. Financial firms were asked whether they sought information concerning GHG inventories; projections of future emissions; action plans for addressing climate change and energy efficiency; evaluation of relative risk; estimation of cost of carbon; assessment of financial impact; evaluation of future regulations; and emissions trading activity. The second part of the study compared the response of 11 leading energy companies. The result was 2 opposing views on how climate change risks should be managed. The survey revealed that while most mainstream financial institutions are not paying much attention to climate change issues, socially responsible investment (SRI) investors are aware and working to factor climate change risk management information into their activities. In addition, SRI is growing at a faster pace than other investment segments, which may lead to greater future expectations for energy companies' climate change risk management efforts. It was concluded that the financial sector may emerge as an important source of direction that will guide energy companies in their future efforts to manage climate change risks. The five trends that contribute to the sector's emerging role are the continuing influence of advocacy groups; evolution of socially responsible approaches to investment; growing concerns for reputation; development of financial risk assessment approaches in terms of climate change; and, increase focus on corporate governance issues. 15 refs., 2 tabs., 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

Inflation and financial sector correlation: the case of Bangladesh

OpenAIRE

Abu N. M., Wahid; Muhammad, Shahbaz; Pervez, Azeem

2011-01-01

This paper examines the impact of inflation on financial development in case of Bangladesh for the period of 1985-2005. In doing so, ARDL bounds testing approach and Error Correction Method (ECM) have been employed. Empirical findings reveal that high trends of inflation impede the performance of financial markets. GDP per capita promotes development of financial sector through its causal channels.

Tariffs and subsidies in Zimbabwe's reforming electricity industry: steering a utility through turbulent times

International Nuclear Information System (INIS)

Mangwengwende, S.E.

2002-01-01

In 1991, the Government of Zimbabwe adopted a public enterprise reform strategy as part of a World Bank driven Economic Structural Adjustment Programme (ESAP). For the electricity sector, the Government adopted a two-pronged programme of reform - a performance improvement programme (PIP) for the national utility, the Zimbabwe Electricity Supply Authority (ZESA), and a legal and regulatory reform programme for the electricity sector in general. Ten years later, significant success has been achieved in improving the utility's performance in technical operations and customer service. However, there has been very little progress on the legal and regulatory front. This has adversely affected the utility's financial performance, as well as frustrating the Government's efforts in attracting private sector investment. The centrality of the tariff question reflects the importance of the customer or end-user to the power sector reform process. This article outlines the power sector reform experiences in Zimbabwe with special focus on the tariff question. The paper suggests, from the perspective of a utility executive, reasons for the mixed results at ZESA, and lessons for other countries in the region undertaking similar reforms. (Author)

On the Path to SunShot - Utility Regulatory Business Model Reforms forAddressing the Financial Impacts of Distributed Solar on Utilities

Energy Technology Data Exchange (ETDEWEB)

None, None

2016-05-01

Net-energy metering (NEM) with volumetric retail electricity pricing has enabled rapid proliferation of distributed photovoltaics (DPV) in the United States. However, this transformation is raising concerns about the potential for higher electricity rates and cost-shifting to non-solar customers, reduced utility shareholder profitability, reduced utility earnings opportunities, and inefficient resource allocation. Although DPV deployment in most utility territories remains too low to produce significant impacts, these concerns have motivated real and proposed reforms to utility regulatory and business models, with profound implications for future DPV deployment. This report explores the challenges and opportunities associated with such reforms in the context of the U.S. Department of Energy’s SunShot Initiative. As such, the report focuses on a subset of a broader range of reforms underway in the electric utility sector. Drawing on original analysis and existing literature, we analyze the significance of DPV’s financial impacts on utilities and non-solar ratepayers under current NEM rules and rate designs, the projected effects of proposed NEM and rate reforms on DPV deployment, and alternative reforms that could address utility and ratepayer concerns while supporting continued DPV growth. We categorize reforms into one or more of four conceptual strategies. Understanding how specific reforms map onto these general strategies can help decision makers identify and prioritize options for addressing specific DPV concerns that balance stakeholder interests.

The effectiveness of the Spanish banking reform application of Altman’s Z-Score

Directory of Open Access Journals (Sweden)

Ntoung A. T. Lious

2016-10-01

Full Text Available The recent financial crisis which causes bankruptcy around the world, Spain was placed at the top list because of the crucial state of its banking. This lead to a call to ensure adequate bank capitalization and reduce uncertainty regarding the strength of their balance sheets. In the light of recent event, the important of knowing the financial position of banks is imperative to shareholders. Thus, the aim of this study is to affirm the validity of Altman Z”-Score model as a predictors of the uncertainty regarding financial sector in Spain. This study takes into consideration two periods: before the banking reform and after the banking reform. It requires 30 financial institutions in Spain both big as well as small. Ratio analysis was carried out on the 30 banks before and after the reforms for five years prior to their bankruptcy or nationalisation as the Z” Score model has predictive power of up to five years before the reforms

Reforming Organizational Structures

OpenAIRE

Van de Walle, Steven

2016-01-01

textabstractPublic sectors have undergone major transformations. Public sector reform touches upon the core building blocks of the public sector: organizational structures, people and finances. These are objects of reform. This chapter presents and discusses a set of major transformations with regard to organizational structures. It provides readers a fairly comprehensive overview of the key reforms that have taken place in Western public sectors. Structural reforms in the public sector show ...

Inflation and Financial Sector Correlation: The Case of Bangladesh

Directory of Open Access Journals (Sweden)

Abu N.M. Wahid

2011-01-01

Full Text Available This paper examines the impact of inflation on financial development in case of Bangladesh for the period of 1985-2005. In doing so, ARDL bounds testing approach and Error Correction Method (ECM have been employed. Empirical findings reveal that high trends of inflation impede the performance of financial markets. GDP per capita promotes development of financial sector through its causal channels.

Financial sector development, economic volatility and shocks in sub-Saharan Africa

Science.gov (United States)

Ibrahim, Muazu; Alagidede, Paul

2017-10-01

The role of financial sector development in economic volatility has been extensively studied albeit without informative results largely on the failure of extant studies to decompose volatility into its various components. By disaggregating volatility using the spectral approach, this study examines the effect of financial development on volatility components as well as channels through which finance affects volatility in 23 sub-Saharan African countries over the period 1980-2014. Our findings based on the newly developed panel cointegration estimation strategy reveal that while financial development affects business cycle volatility in a non-linear fashion, its effect on long run fluctuation is imaginary. More specifically, well developed financial sectors dampen volatility. Further findings show that while monetary shocks have large magnifying effect on volatility, their effect in the short run is minuscule. The reverse, however, holds for real shocks. The channels of manifestation shows that financial development dampens (magnifies) the effect of real shocks (monetary shocks) on the components of volatility with the dampening effects consistently larger only in the short run. Strengthening financial sector supervision and cross-border oversight may be very crucial in examining the right levels of finance and price stability necessary to falter economic fluctuations.

Contagion effects of the global financial crisis in us and European real economy sectors

Directory of Open Access Journals (Sweden)

Kenourgios Dimitris

2014-01-01

Full Text Available This paper empirically investigates the contagion effects of the Global Financial Crisis (2007-2009 from the financial sector to the real economy by examining nine sectors of US and developed European region. We provide a regional analysis by testing stock market contagion on the aggregate level and the sector level, on the global level and the domestic/regional level. Results show evidence of global contagion in US and developed European aggregate stock market indices and all US sector indices, implying the limited benefits of portfolio diversification. On the other hand, most of the European regional sectors seem to be immune to the adverse effects of the crisis. Finally, all non-financial sectors of both geographical areas seem to be unaffected by their domestic financial systems. These findings have important implications for policy makers, investors and international organizations.

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

Basing care reforms on evidence: the Kenya health sector costing model.

Science.gov (United States)

Flessa, Steffen; Moeller, Michael; Ensor, Tim; Hornetz, Klaus

2011-05-27

The Government of the Republic of Kenya is in the process of implementing health care reforms. However, poor knowledge about costs of health care services is perceived as a major obstacle towards evidence-based, effective and efficient health care reforms. Against this background, the Ministry of Health of Kenya in cooperation with its development partners conducted a comprehensive costing exercise and subsequently developed the Kenya Health Sector Costing Model in order to fill this data gap. Based on standard methodology of costing of health care services in developing countries, standard questionnaires and analyses were employed in 207 health care facilities representing different trustees (e.g. Government, Faith Based/Nongovernmental, private-for-profit organisations), levels of care and regions (urban, rural). In addition, a total of 1369 patients were randomly selected and asked about their demand-sided costs. A standard step-down costing methodology was applied to calculate the costs per service unit and per diagnosis of the financial year 2006/2007. The total costs of essential health care services in Kenya were calculated as 690 million Euros or 18.65 Euro per capita. 54% were incurred by public sector facilities, 17% by Faith Based and other Nongovernmental facilities and 23% in the private sector. Some 6% of the total cost is due to the overall administration provided directly by the Ministry and its decentralised organs. Around 37% of this cost is absorbed by salaries and 22% by drugs and medical supplies. Generally, costs of lower levels of care are lower than of higher levels, but health centres are an exemption. They have higher costs per service unit than district hospitals. The results of this study signify that the costs of health care services are quite high compared with the Kenyan domestic product, but a major share are fixed costs so that an increasing coverage does not necessarily increase the health care costs proportionally. Instead

Basing care reforms on evidence: The Kenya health sector costing model

Science.gov (United States)

2011-01-01

Background The Government of the Republic of Kenya is in the process of implementing health care reforms. However, poor knowledge about costs of health care services is perceived as a major obstacle towards evidence-based, effective and efficient health care reforms. Against this background, the Ministry of Health of Kenya in cooperation with its development partners conducted a comprehensive costing exercise and subsequently developed the Kenya Health Sector Costing Model in order to fill this data gap. Methods Based on standard methodology of costing of health care services in developing countries, standard questionnaires and analyses were employed in 207 health care facilities representing different trustees (e.g. Government, Faith Based/Nongovernmental, private-for-profit organisations), levels of care and regions (urban, rural). In addition, a total of 1369 patients were randomly selected and asked about their demand-sided costs. A standard step-down costing methodology was applied to calculate the costs per service unit and per diagnosis of the financial year 2006/2007. Results The total costs of essential health care services in Kenya were calculated as 690 million Euros or 18.65 Euro per capita. 54% were incurred by public sector facilities, 17% by Faith Based and other Nongovernmental facilities and 23% in the private sector. Some 6% of the total cost is due to the overall administration provided directly by the Ministry and its decentralised organs. Around 37% of this cost is absorbed by salaries and 22% by drugs and medical supplies. Generally, costs of lower levels of care are lower than of higher levels, but health centres are an exemption. They have higher costs per service unit than district hospitals. Conclusions The results of this study signify that the costs of health care services are quite high compared with the Kenyan domestic product, but a major share are fixed costs so that an increasing coverage does not necessarily increase the health

Chicken or egg : financial development and economic growth in China, 1992-2004

NARCIS (Netherlands)

Fan, Xuejun; Jacobs, Jan; Lensink, Robert

2005-01-01

This paper contributes to the empirical finance-growth literature by examining the relationship between financial depth, banking sector development, stock market development and economic growth in China. After an extensive survey on recent financial reforms in China, we apply Granger (non-)causality

Competitive effects and instruments of power sector reforms. International reform concepts blockade structures, risk distribution. A political economy analysis

International Nuclear Information System (INIS)

Liebchen, Armin

2014-01-01

Power sectors with weak or inadequate competition structures are the rule, despite numerous attempts at reform. But can afford modern economies this defect for a long time? Why can the implementation of competition are blocked so effectively? The author studied international reform experiences and opens up interesting insights that can also reflect on problems of the German energy turnaround: The difficulty of timing and coordination of the reform components, the development of resistance levels of individual interest groups, breach of contract as a rational alternative, causes unwanted price effects, shifting interest situations of major stakeholders, change dynamics impending regulatory risks, pending financing risks, stranded cost-conflict situations for power stations disconnected from the grid and facilities and instruments of a political and regulatory risk management for reforms. With numerous examples, background analyzes and instruments to reform analysis, this book is aimed at investors, policy planners and analysts. [de

Electricity reform in developing and transition countries: A reappraisal

International Nuclear Information System (INIS)

Williams, J.H.; Ghanadan, R.

2006-01-01

Since about 1990, many developing and transition countries have undertaken market-oriented reforms in their electric power sectors. Despite the widespread adoption of a standard policy model, reform processes and outcomes have often failed to meet expectations. Drawing on an extensive literature review and case studies in Asia, Africa, Latin America, and Eastern Europe, this paper describes common features of non-OECD electricity reform and reappraises reform policies and underlying assumptions. Comparison with the sector-focused policy goals of deregulation in OECD countries highlights the importance of national fiscal crises, macroeconomic reforms, and persuasion by multilateral lenders in shaping non-OECD reforms. It also makes clear reform's dependence on attracting foreign capital, and consequent vulnerability to volatile international financial conditions. Case studies of Bolivia, Ghana, India, Poland, and Thailand illustrate reform's diverse pathways and problems in different settings. A broad range of non-OECD reform experiences indicates that disappointing results have often resulted from a narrow focus on finance and cost recovery, inflexibly applied. The paper concludes that improving reform will require emphasizing a broader set of objectives, including service provision, public benefits, effective regulation, and social/political legitimacy. Above all, reforms must be based on realistic assessments of national needs and capabilities. (author)

From Principle to Action. An Analysis of the Financial Sector's Approach to Addressing Climate Change

International Nuclear Information System (INIS)

Mudde, P.; Abadie, A.

2008-05-01

The Ministry of the Housing, Spatial Planning and the Environment of the Netherlands (VROM), has taken the initiative to commission a study to determine best practice approaches within the financial sector regarding climate change. This study focuses on the indirect climate change footprint of the financial sector, i.e. the impact of the financial sector's clients on climate change. The study sets out to further the body of knowledge relating to the financial sector's approach to understanding and managing the effects of climate change on their clients' business. Specifically, it offers recommendations and potential next steps for both the financial sector and the Dutch government to enable a more focused and definitive approach to understanding, addressing and incorporating climate change considerations into decision-making procedures and policy development. The paper comprises the following analysis: Chapter 1 is an introduction describing why climate change is relevant to the financial sector, and introduces 18 financial institutions which were selected as the basis for the study. Chapter 2 elaborates on challenges for the financial sector regarding the incorporation of climate change considerations into enhanced risk analysis and decision making. Chapter 3 provides a comprehensive overview of the main international business initiatives regarding climate change and sustainability. It can be seen as a summary of Annex I to this report, which identifies which initiatives the 18 financial institutions are involved in. Chapter 4 highlights selected best practices amongst the 18 financial institutions assessed. Chapter 5 provides the main conclusions of the study and puts forward general and specific recommendations and potential next steps for the Dutch government and the financial sector. The Annexes contain fact sheets containing information about the climate change strategy and main activities of these organisations

Reforming Mexico’s Energy Sector to Enhance Stability

Science.gov (United States)

2011-10-27

requirement to reform Mexico’s energy sector. Subsequent analysis demonstrates government ownership of Petroleos Mexico (Pemex) is the fundamental...ownership of Petroleos Mexico (Pemex) is the fundamental destabilizing flaw in regulatory policy, by tracing various problems back to this root cause... Petroleos Mexico (Pemex) is the second largest company in Latin America and the seventh largest producer of oil in the world.1 The government of

Financial Health of the Higher Education Sector: Financial Results and TRAC Outcomes 2013-14. Issues Paper 2015/07

Science.gov (United States)

Higher Education Funding Council for England, 2015

2015-01-01

This report provides an overview of the financial health of the Higher Education Funding Council for England (HEFCE)-funded higher education sector in England. The analysis covers financial results for the academic year 2013-14, as submitted to HEFCE in December 2014, as well as the outcomes from the sector's Transparent Approach to Costing (TRAC)…

Key Financial Metrics on Australia's Higher Education Sector--December 2016

Science.gov (United States)

Australian Government Tertiary Education Quality and Standards Agency, 2016

2016-01-01

This report is the second release of financial information held by Tertiary Education Quality and Standards Agency (TEQSA). It provides a snapshot of selected key financial metrics across the Australian higher education sector. Data in this report has been sourced from TEQSA's 2015 data collection and relates to financial years ended 31 December…

Getting reforms done in inhospitable institutional environments: untying a Gordian Knot in India's power distribution sector

International Nuclear Information System (INIS)

Tankha, Sunil; Misal, Annasahed B.; Fuller, Boyd W.

2010-01-01

When grand institutional reforms based on idealized models are stalled by the poor institutional environments and difficult politics which often surround large infrastructure systems in developing countries, partial reforms whose design and implementation take into account the different interests of the key stakeholders can provide valuable and immediate benefits while moving these systems from low- towards higher-level equilibria. Strategically negotiated, experimentally partial and purposefully hybrid, these reforms are based on careful stakeholder analysis and strategic coalition building that avoid rigid positions based on idealized models. Our findings are based on a study of power sector reforms in India, where we performed a micro-level and in-depth analysis of a partial and innovative experiment which has allowed private sector participation in electricity distribution within a hostile institutional environment.

Regional Balance Model of Financial Flows through Sectoral Approaches System of National Accounts

Directory of Open Access Journals (Sweden)

Ekaterina Aleksandrovna Zaharchuk

2017-03-01

Full Text Available The main purpose of the study, the results of which are reflected in this article, is the theoretical and methodological substantiation of possibilities to build a regional balance model of financial flows consistent with the principles of the construction of the System of National Accounts (SNA. The paper summarizes the international experience of building regional accounts in the SNA as well as reflects the advantages and disadvantages of the existing techniques for constructing Social Accounting Matrix. The authors have proposed an approach to build the regional balance model of financial flows, which is based on the disaggregated tables of the formation, distribution and use of the added value of territory in the framework of institutional sectors of SNA (corporations, public administration, households. Within the problem resolution of the transition of value added from industries to sectors, the authors have offered an approach to the accounting of development, distribution and use of value added within the institutional sectors of the territories. The methods of calculation are based on the publicly available information base of statistics agencies and federal services. The authors provide the scheme of the interrelations of the indicators of the regional balance model of financial flows. It allows to coordinate mutually the movement of regional resources by the sectors of «corporation», «public administration» and «households» among themselves, and cash flows of the region — by the sectors and directions of use. As a result, they form a single account of the formation and distribution of territorial financial resources, which is a regional balance model of financial flows. This matrix shows the distribution of financial resources by income sources and sectors, where the components of the formation (compensation, taxes and gross profit, distribution (transfers and payments and use (final consumption, accumulation of value added are

Infrastructure protection in the Dutch financial sector

NARCIS (Netherlands)

van Oers, M.H.M.; Strous, L.; Berndsen, R.J.; Butts, J.; Shenoi, S.

2012-01-01

This paper presents a case study of critical infrastructure protection in the Dutch financial sector. The organizational structures are examined to discern the roles and functions that facilitate public-private cooperation. An assessment of the organizational structures is provided along with a

The argentine electric sector reform and its correlation with energy efficiency; La reforma del sector electrico argentino y su relacion con la eficiencia energetica

Energy Technology Data Exchange (ETDEWEB)

Carpio, Claudio [MGM International (Argentina)

2005-04-15

The reforms in the Argentine electrical sector and the effect these have originated in the energy efficiency policies for public sector are presented. The characteristics exposed of the Argentina Electric sector previous to the 1992 transformation are the departing base that gave rise to the reform fundaments, generating privatizations and a vertical economic scheme. The transformation of the electric sector departing from its environmental regulations yielded in a quality service, good electricity distribution, better prices and proper energy efficiency. [Spanish] Se presentan las reformas en el sector electrico argentino y el efecto que han tenido sobre las politicas de eficiencia energetica elaboradas en el sector publico. Las caracteristicas expuestas del sector electrico argentino previas a la transformacion de 1992 son la base de partida que dio lugar a los fundamentos de la reforma generando privatizaciones y un esquema economico vertical. La transformacion del sector electrico a partir de sus regulaciones energeticas y ambientales redituaron en calidad de servicio, de distribucion de electricidad, precios y en la propia eficiencia energetica.

Public Sector Reform: Which way are we headed? An overview of recent literature and research

NARCIS (Netherlands)

Vries, M.S. de; Nemec, J.; Spalkova, D.; Furova, L.

2012-01-01

This paper investigates recent literature and research on public sector reform and aims to answer the question to what degree public administration systems and reforms are still influenced by recommendations flowing from the NPM tradition. This paper distinguishes two dimensions of NPM: the internal

Las reformas sanitarias y los modelos de gestión Health sector reform and management models

Directory of Open Access Journals (Sweden)

Ginés González García

2001-06-01

Full Text Available This article tries to indicate the direction of progress in management being taken in health sector reforms in Latin America. The piece first discusses the tension between local forces and international neoliberal trends being manifested in the reform in various countries. The article next looks at the distinction between the tools and the management models that are being applied, presenting a taxonomy of three management levels: macromanagement (national health systems, midlevel management (hospitals, insurers, and other such institutions, and micromanagement (clinics. The piece concludes by reflecting on the future of management in the health sector in Latin America, where health systems are overadministered and undermanaged. Their future depends on multiple factors, most of which are outside the health care field itself. Better management of policies, institutions, and patients would be a tremendous tool in directing the future. Management is here to stay, with greater emphasis on either supply--hospitals and physicians--or demand--citizens or clients. For both the public and private sectors, health management is central to health sector reforms in Latin America.

Reforming the Financial Assistance Provision in the Second Company Law Directive: A Danish Perspective

DEFF Research Database (Denmark)

Sørensen, Karsten Engsig; Hansen, Søren Friis

2003-01-01

Based on the many Danish cases on the prohibition against companies advances funds to allow a third party to acquire shares in the company (financial assistance), it is debated if there is a need to reform Article 23 of the Second Company Law Directive, and how this reform should look....

African Financial Sectors and the European Debt Crisis : Will Trouble Blow across the Sahara?

OpenAIRE

World Bank

2012-01-01

The exposure of African financial sectors to global risks, including the likely fall-out of the on-going European debt crisis, continues to be limited. African financial sectors have received much recognition for their steady growth performance and resilience during and after the 2008 global financial crisis. Many of the transmission channels for global risks and financial contagion to fin...

Switzerland; Financial Sector Assessment Program: Factual Update: Insurance Sector Market and Regulatory Developments

OpenAIRE

International Monetary Fund

2007-01-01

This paper presents a factual update of the Insurance Core Principles including insurance sector market and regulatory developments for Switzerland. Regulatory reforms since 2003 have updated Switzerland’s regulatory and supervisory regime for the insurance industry to bring it in line with international best practices. The Insurance Supervision Law (ISL) has reoriented the regulatory focus and expanded the regulatory scope to include group/conglomerate supervision, corporate governance, risk...

Financial Incentives and Physician Practice Participation in Medicare's Value-Based Reforms.

Science.gov (United States)

Markovitz, Adam A; Ramsay, Patricia P; Shortell, Stephen M; Ryan, Andrew M

2017-07-26

To evaluate whether greater experience and success with performance incentives among physician practices are related to increased participation in Medicare's voluntary value-based payment reforms. Publicly available data from Medicare's Physician Compare (n = 1,278; January 2012 to November 2013) and nationally representative physician practice data from the National Survey of Physician Organizations 3 (NSPO3; n = 907,538; 2013). We used regression analysis to examine practice-level relationships between prior exposure to performance incentives and participation in key Medicare value-based payment reforms: accountable care organization (ACO) programs, the Physician Quality Reporting System ("Physician Compare"), and the Meaningful Use of Health Information Technology program ("Meaningful Use"). Prior experience and success with financial incentives were measured as (1) the percentage of practices' revenue from financial incentives for quality or efficiency; and (2) practices' exposure to public reporting of quality measures. We linked physician participation data from Medicare's Physician Compare to the NSPO3 survey. There was wide variation in practices' exposure to performance incentives, with 64 percent exposed to financial incentives, 45 percent exposed to public reporting, and 2.2 percent of practice revenue coming from financial incentives. For each percentage-point increase in financial incentives, there was a 0.9 percentage-point increase in the probability of participating in ACOs (standard error [SE], 0.1, p Financial incentives were not associated with participation in Physician Compare. Among ACO participants, a 1 percentage-point increase in incentives was associated with a 0.7 percentage-point increase in the probability of being "very well" prepared to utilize cost and quality data (SE, 0.1, p financial incentives with additional efforts to address the needs of practices with less experience with such incentives to promote value-based payment

Harmonisation efforts in the field of accounting of public sector

Directory of Open Access Journals (Sweden)

Milena Otavová

2011-01-01

Full Text Available Increasing requirements for financial reporting of public sector led to a need to create a system that would provide relevant and reliable information for management of accounting entities of public sector and also to increase the quality of accounting and financial statements of public institutions. The International Public Sector Accounting Standards Board (IPSASB is therefore creating high-quality financial reporting standards for public sector (IPSAS. Paper points out the ongoing reform of accounting in the field of public finances in the Czech Republic, where there are substantial changes in accounting rules and it also introduces new accounting methods. Regarding the fact that accounting of public sector is nowadays accounting system perhaps with the greatest potential of development, paper highlights the differences in financial reporting in accordance with Czech legislation and IPSAS system. It tries to catch the essential differences that arise from the financial legislation, the accounting basis and also from the content of financial statements. The paper also indicates the difference between Czech Accounting Standards for selected accounting entities that maintain accounts in accordance with Decree No. 410/2009 Coll. and International Public Sector Accounting Standards (IPSAS. There is also recommended approach to the creation of national standards with regard to international harmonization.

Navigating the financial crisis in Helvetic Waters: An analysis of the banking sector (2007-09

Directory of Open Access Journals (Sweden)

Elisabeth Paulet

2011-06-01

Full Text Available As has been argued throughout this paper, the different way in which banks have been affected by the crisis is closely linked to their distinct business model. Consequently, the characteristic structure of the balance sheet in big banks and ethical banks is correlated with their divergent dynamic during the crisis. While the financial turmoil has left the business approach of ethical banks unchanged, as evidenced in the striking stability of their balance sheet from 2007 to 2009, the pattern shown by big banks has substantially changed over this same period. These developments would tend to suggest the need to reform the business model of big banks. There is no clear empirical evidence that a banking system with a large number of small institutions would be any more stable than the system as it currently stands. Besides, financing certain big projects would always require the existence of large international banks. Both types of financial institutions are in fact complementary. How to regulate the banking and financial sector is thus a complex and multifaceted issue. One cannot impose the same requirements on big international-oriented banks and small domestic banks. As this paper has tried to demonstrate, both have a distinct business model.

The Missing Ingredient in the Land Reform Recipe?

African Journals Online (AJOL)

10332324

2014.8 The final pillar makes provision for tenure reform in terms of which persons ..... private sector be expected to carry the costs of addressing societal problems. The .... According to the Financial Services Charter (GN 110 in GG 29610 of 9 February 2007). 42 ...... charging for their patented HIV/Aids treatment drugs.

AN EMPIRICAL ANALYSIS OF RUSSIAN BANKING AND NON-FINANCIAL SECTORS' VULNERABILITY TO POSSIBLE EXTERNAL FINANCIAL SHOCK

Directory of Open Access Journals (Sweden)

Егор Николаевич Поляков

2013-08-01

Full Text Available The article explains to what extent currency mismatch in banking and non-financial sectors determine vulnerability of Russian economy with respect to possible external shock. The authors explain how Central Bank of Russia exchange rate policy depends on currency mismatches and to what extent currency mismatches determined the slowdown of Russian economy during the financial crisis. The article shows the dynamics of currency mismatch from 2004 to 2012 year. The authors offer the model of the relationship between capital flight and external debt of private sector. The authors present the results of stress test of Russian economy. The stress test implies external shock similar to external shock of the end of 2008. According to stress test as of end of 2012 both banking and private sectors are less vulnerable to possible external shock. Meanwhile authors made a conclusion that vulnerability of a private sector remains unacceptably high. The authors recommend 2 ways how to decelerate the currency mismatch of a private sector. DOI: http://dx.doi.org/10.12731/2218-7405-2013-6-8

Financial Reporting: Reflection On Transparency In The Third Sector

Directory of Open Access Journals (Sweden)

Gabriel Moreira Campos

2014-12-01

Full Text Available This study highlights the accountability of Brazilian Third Sector Organizations to their stakeholders, since these organizations are not an end in themselves, and they play an important role in solving problems that affect all Brazilians, especially social inequality, violence, hunger and degradation of natural resources. The interaction between the Third Sector Organizations and external users of the accounting information generated by them, allows them to have a feedback on the impacts of the decisions taken by them and the operations they perform daily. In this study the Third Sector Organizations are considered providers of accounting information for the stakeholders. Thus, by means of an explanatory study with analytical and reflective approach, this research seeks to explain the use of Financial Statements and complementary Accounting Reports in the practice of accountability by Brazilian Third Sector Organizations to the external user. In this perspective, as contributions of this study is expected to: (i identification of the financial statements and supplementary reports published by Third Sector Organizations affiliated with the Group of Institutes, Foundations and Enterprises – GIFE, and (ii demonstrate the relationship between the degree of disclosure of these Organizations and the amount of funds raised by them during the period of the research.

Foreign direct investment in the financial sector of emerging market economies

OpenAIRE

Bank for International Settlements

2004-01-01

Executive summary Foreign participation in the financial sectors of emerging market economies (EMEs) increased rapidly during the 1990s. It has continued to expand so far in this decade, on balance – although its pace fell somewhat following problems in Argentina in 2002 and the global slowdown in mergers and acquisitions. While banks accounted for the majority of financial sector foreign direct investment (FSFDI), they were joined during this period by securities and investment firms. In a n...

Sector strength and efficiency on developed and emerging financial markets

Science.gov (United States)

Fiedor, Paweł

2014-11-01

In this paper we analyse the importance of sectors and market efficiency on developed and emerging financial markets. To perform this we analyse New York Stock Exchange between 2004 and 2013 and Warsaw Stock Exchange between 2000 and 2013. To find out the importance of sectors we construct minimal spanning trees for annual time series consisting of daily log returns and calculate centrality measures for all stocks, which we then aggregate by sectors. Such analysis is of interest to analysts for whom the knowledge of the influence of particular groups of stocks to the market behaviour is crucial. We also analyse the predictability of price changes on those two markets formally, using the information-theoretic concept of entropy rate, to find out the differences in market efficiency between a developed and an emerging market, and between sectors themselves. We postulate that such analysis is important to the study of financial markets as it can contribute to the profitability of investments, particularly in the case of algorithmic trading.

Financial markets regulation in the energy sector. A few financial aspects of energy transactions

International Nuclear Information System (INIS)

Simonetti, S.

2007-01-01

In addition to energy legislation, financial markets legislation and regulation (FMR) are becoming increasingly important for the energy sector. Consequently, parties on the energy market not only have to deal with the energy and competition authorities (the Dte and NMa respectively), but may also face supervision by The Netherlands Authority for the Financial Markets (AFM). Energy transactions may trigger certain prohibitions and obligations under financial and securities law, the most relevant of which are discussed in this article. Both the recent changes as a result of the Financial Markets Supervision Act ('Wet op het financieel toezicht', Wft) entering into force as per 1 January 2007 and the anticipated future amendments following the implementation of the Markets in Financial Instruments Directive (MiFID) are examined [nl

Evaluation of the impact of power sector reforms on the Nigerian ...

African Journals Online (AJOL)

The electrical power industry in Nigeria has been in a deplorable state for many years. Large, medium and small scale industries suffer adverse effects due to poor services from power utility, which results in dire consequences on the nation's economy. This paper analyzes the economic effects of the power sector reforms ...

US Health Care Reform and Transplantation, Part II: impact on the public sector and novel health care delivery systems.

Science.gov (United States)

Axelrod, D A; Millman, D; Abecassis, M M

2010-10-01

The Patient Protection and Affordable Care Act passed in 2010 will result in dramatic expansion of publically funded health insurance coverage for low-income individuals. It is estimated that of the 32 million newly insured, 16 million will obtain coverage through expansion of the Medicaid Program, and the remaining 16 million will purchase coverage through their employer or newly legislated insurance exchanges. While the Act contains numerous provisions to improve access to private insurance as discussed in Part I of this analysis, public sector coverage will significantly be affected. The cost of health care reform will be borne disproportionately by Medicare, which faces nearly $500 billion in cuts to be identified by a new independent board. Transplant centers should be concerned about the impact of the reform on the financial aspects of transplantation. In addition, this legislation also utilizes the Medicare Program to drive reform of the health care delivery system, by encouraging the development of integrated Accountable Care Organizations, experimentation with new 'models' of healthcare delivery, and expanded support for Comparative Effectiveness Research. Transplant providers, including transplant centers and physicians/surgeons need to lead this movement, drawing on our experience providing comprehensive multidisciplinary care under global budgets with publically reported outcomes.

Financial sector and economic growth in the Republic of Croatia 1995-2005

Directory of Open Access Journals (Sweden)

Novotny Damir

2006-01-01

Full Text Available Financial sector in the Republic of Croatia had a strong growth between 1995 2005.g. Liberalization of financial sector in 1999 led to an increase in bank foreign debt, which resulted in a strong increase in foreign currency reserves and appreciation of the national currency. The growth of the financial sector and credit expansion have been allocated in favour of private and public consumption, but not in industry investments. GDP growth didn't have the same momentum as financial aggregates. Economic growth, after a contraction in 1999 was within the average of global economic growth. Relying on neoclassical growth model, government and central bank didn't put in place the needed set of pro-active policies. Factor allocation was solely through private bank channels financing private consumption. If the sustainable economic growth and new employment are to be major macroeconomic goals, a new macroeconomic paradigm as combination of neclassical and neokeynesians approach will be needed.

Interconnected Risk Contributions: A Heavy-Tail Approach to Analyze U.S. Financial Sectors

Directory of Open Access Journals (Sweden)

Mauro Bernardi

2015-04-01

Full Text Available This paper investigates the dynamic evolution of tail risk interdependence among U.S. banks, financial services and insurance sectors. Life and non-life insurers have been considered separately to account for their different characteristics. The tail risk interdependence measurement framework relies on the multivariate Student-t Markov switching (MS model and the multiple-conditional value-at-risk (CoVaR (conditional expected shortfall (CoES risk measures introduced in Bernardi et al. (2013, accounting for both the stylized facts of financial data and the contemporaneous multiple joint distress events. The Shapley value methodology is then applied to compose the puzzle of individual risk attributions, providing a synthetic measure of tail interdependence. Our empirical investigation finds that banks appear to contribute more to the tail risk evolution of all of the remaining sectors, followed by the financial services and the insurance sectors, showing that the insurance sector significantly contributes as well to the overall risk. We also find that the role of each sector in contributing to other sectors’ distress evolves over time according to the current predominant financial condition, implying different interdependence strength.

Promoting development oriented financial system in Sub-Saharan Africa: The Uganda country experience

OpenAIRE

Obowna, Marios; Abuka, Charles Augustine

2006-01-01

Uganda faced a number of challenges at the time of embarking on financial sector reforms. These challenges were complicated by decades of economic mismanagement and political instability that had prevailed in the country. In particular, there were concerns about the inadequacy of a critical mass of skilled and experienced financial sector players. This shortcoming inherently induced undue impediments to Uganda's corporate reporting regime. Further shortcoming were related to the lack of compr...

Financial Health of the Higher Education Sector: 2015-16 Financial Results. Data Analysis. March 2017/02

Science.gov (United States)

Higher Education Funding Council for England, 2016

2016-01-01

This report provides an overview of the financial health of the Higher Education Funding Council for England (HEFCE) funded higher education sector in England. The analysis covers the financial results for 2015-16. This does not include further education or sixth-form colleges, or alternative providers of higher education.

Las reformas neoliberales del sector de la salud: déficit gerencial y alienación del recurso humano en América Latina Neoliberal health sector reforms in Latin America: unprepared managers and unhappy workers

Directory of Open Access Journals (Sweden)

Antonio Ugalde

2005-03-01

Full Text Available This work analyzes the neoliberal health sector reforms that have taken place in Latin America, the preparation of health care workers for the reforms, the reforms' impacts on the workers, and the consequences that the reforms have had on efficiency and quality in the health sector. The piece also looks at the process of formulating and implementing the reforms. The piece utilizes secondary sources and in-depth interviews with health sector managers in Bolivia, Colombia, Costa Rica, the Dominican Republic, Ecuador, El Salvador, and Mexico. Neoliberal reforms have not solved the human resources problems that health sector evaluations and academic studies had identified as the leading causes of health system inefficiency and low-quality services that existed before the reforms. The reforms worsened the situation by putting new pressures on health personnel, in terms of both the lack of necessary training to face the challenges that came with the reforms and efforts to take away from workers the rights and benefits that they had gained during years of struggles by unions, and to replace them with temporary contracts, reduced job security, and lower benefits. The secrecy with which the reforms were developed and applied made workers even more unified. In response, unions opposed the reforms, and in some countries they were able to delay the reforms. The neoliberal reforms have not improved the efficiency or quality of health systems in Latin America despite the resources that have been invested. Nor have the neoliberal reforms supported specific changes that have been applied in the public sector and that have demonstrated their ability to solve important health problems. These specific changes have produced better results than the neoliberal reforms, and at a lower cost.

The Historical Complementarity of Both the Real and the Financial Sectors of Economy

Directory of Open Access Journals (Sweden)

Kornivska Valeria О.

2017-10-01

Full Text Available The publication presents the results of an analysis of evolution of complementarity of the financial and the real sectors from the simple credit through the formation and allocation of intermediary activity to establishment of the exchange as a prototype of all the financial markets known to date. The author characterizes the European financial tradition, which is emerging from the first exchanges, linked to the mutual dependence of the banking and the securities sectors. The institutional basis for the predominantly speculative nature of securities transactions has been demonstrated, it has been shown that the current activity of banking structures in the fund space has historical roots. It has been proven that the peak of complementarity both in the financial and in the real sectors takes place in the capitalist economy, where synergy between the financial and the real economic processes has been maximized and expressed in innovative development, economic growth, and social well-being.

Inclusion or Exclusion? Local Ownership and Security Sector Reform

Directory of Open Access Journals (Sweden)

Timothy Donais

2009-10-01

Full Text Available This paper explores the dynamics of security sector reform (SSR, a term used to refer to efforts made to reform the security structures of states emerging from conflict or authoritarianism. While "local ownership" is increasingly viewed as a necessary element of any sustainable SSR strategy, there remains a significant gap between international policy and practice in this area. In practice, the SSR agenda continues to be driven largely by international actors, with minimal input, let alone ownership, on the part of either governments or civil society within reforming states. Indeed, the notion of local ownership has come to serve as much as a disciplining mechanism as a tool to overcome exclusion in the making and execution of security policy, and the effectiveness and sustainability of SSR programming have suffered as a result. In light of this, the paper will explore both the potential for, and the limits of, rehabilitating the notion of local ownership to enable more participatory forms of SSR, and argues that any practical local ownership strategy requires a dual policy of negotiating with state actors and engaging with non-state actors.

PRIORITIES OF PENSION REFORM IN UKRAINE AT THE PRESENT STAGE

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Volodymyr Rudyk

2017-03-01

Full Text Available The issues of reforming the national pension system in modern conditions are considered. Their main elements, level of  their using in the general pension model of the country are analyzed. The financial security of the pension sector, increasing in pension costs, tendencies of increase of  their share relative to GDP for the future were assessed. Comparison of this indicator on the European countries was made. Priorities for pension reform were identified, main directions of reorganization of the solidarity pension system, the necessity of introduction of obligatory accumulative pension insurance were justified, the ways of further development of private pension provision were determined. Special attention was paid to the need to improve the legislative framework, which will be the legal basis for the successful conduction of this stage of the pension reform. Key words: pension reform, pension system, pension system, pension provision, pension system, pension assets, pension programs, financial risks, pension management.

Implementing accountable management reforms in public sector : the difficult travel from intentions to effects

OpenAIRE

Pettersen, Inger Johanne

2000-01-01

Over the last decade a number of management accounting practices and techniques have appeared to improve the quality and reliability of management accounting information in public sector. The aim of this paper is to gain more insight into the link between management accounting reforms and organizational learning and change in the hospital sector. Especially, the focus is put on the processes of defining, interpreting and sense-making of accounting information in this complex public sector man...

Assessing the impact of structural changes in the financial sector on ...

African Journals Online (AJOL)

institution relationship by means of a Financial Social Accounting Matrix multipliers model for the case of Algeria. Our purpose is to understand the role of structural institutional changes implemented in the financial sector and their contribution to ...

CRM Failure to Apply Optimal Management Information Systems: Case of Lebanese Financial Sector

Directory of Open Access Journals (Sweden)

Charbel Salloum

2013-12-01

Full Text Available Financial markets in Lebanon are constrained by government influence, Islamic financial principles, and some barriers to foreign participation. Productivity in the Lebanese financial sector ranks below its occidental counterpart in spite the fact that regulatory, supervisory, and accounting standards are generally consistent with international norms. This paper aims to give the reasons and recommendations of the failure of applying the optimal management information system in the Lebanese Financial Sector. Our results show that the reasons include among others the systems by it selves, their functionalities, but also, companies’ strategy and human capital issues.

Integration of Financial Markets in Post Global Financial Crises and Implications for British Financial Sector: Analysis Based on A Panel VAR Model

OpenAIRE

Nasir, M; Du, M

2017-01-01

This study analyses the dynamics of integration among global financial markets in the context of Global Financial Crisis (2008) by employing a Panel Vector Autoregressive (VAR) model on the monthly data of nine countries and three markets from Jan 2003 to Oct 2015. It was found that there has been a shift in the association among the global financial markets since Global Financial Crisis (GFC).Moreover, the British financial sectors in Post-GFC world clearly showed a change in the association...

Health sector reform in South Asia: new challenges and constraints.

Science.gov (United States)

Islam, Anwar; Tahir, M Zaffar

2002-05-01

In early 1990s, Jamison, Mosley and others concluded that a profound demographic and consequent epidemiological transition is taking place in developing countries. According to this classical model, by the year 2015, infectious diseases will account for only about 20% of deaths in developing countries as chronic diseases become more pronounced. These impending demographic and epidemiological transitions were to dominate the health sector reform agenda in developing countries. Following an analysis of fertility, mortality and other demographic and epidemiological data from South Asian and other developing countries, the paper argues that the classical model is in need of re-evaluation. A number of new 'challenges' have complicated the classical interplay of demographic and epidemiological factors. These new challenges include continuing population growth in some countries, rapid unplanned urbanization, the HIV/AIDS pandemic in Sub-Saharan Africa (and its impending threat in South Asia), and globalization and increasing marginalisation of developing countries. While the traditional lack of investment in human development makes the developing countries more vulnerable to the vicissitudes of globalization, increasing economic weakness of their governments forces them to retreat further from the social sector. Pockets of poverty and deprivation, therefore, persist giving rise to three simultaneous burdens for South Asia and much of the rest of the developing world: continuing communicable diseases, increasing burden of chronic diseases, and increasing demand for both primary and tertiary levels of health care services. While these complex factors, on the one hand, underscore the need for health sector reform, on the other, they make the task much more difficult and challenging. The paper emphasizes the need to revisit the classical model of demographic and epidemiological transition. It is argued that the health sector in developing countries must be aware of and

Have VET Reforms Resulted in Improvements in Quality? Illustrations from the Alcohol and Other Drugs Sector

Science.gov (United States)

Roche, Ann; Kostadinov, Victoria; White, Michael

2014-01-01

Australian vocational education and training (VET) has undergone major reforms since the 1990s, including the introduction of competency based training (CBT) and the "streamlining" of qualifications. This paper examines the impact of these reforms, using the alcohol and other drugs sector as a case illustration. A survey of alcohol and…

Teaching hospital financial status and patient outcomes following ACGME duty hour reform.

Science.gov (United States)

Navathe, Amol S; Silber, Jeffrey H; Small, Dylan S; Rosen, Amy K; Romano, Patrick S; Even-Shoshan, Orit; Wang, Yanli; Zhu, Jingsan; Halenar, Michael J; Volpp, Kevin G

2013-04-01

To examine whether hospital financial health was associated with differential changes in outcomes after implementation of 2003 ACGME duty hour regulations. Observational study of 3,614,174 Medicare patients admitted to 869 teaching hospitals from July 1, 2000 to June 30, 2005. Interrupted time series analysis using logistic regression to adjust for patient comorbidities, secular trends, and hospital site. Outcomes included 30-day mortality, AHRQ Patient Safety Indicators (PSIs), failure-to-rescue (FTR) rates, and prolonged length of stay (PLOS). All eight analyses measuring the impact of duty hour reform on mortality by hospital financial health quartile, in postreform year 1 ("Post 1") or year 2 ("Post 2") versus the prereform period, were insignificant: Post 1 OR range 1.00-1.02 and Post 2 OR range 0.99-1.02. For PSIs, all six tests showed clinically insignificant effect sizes. The FTR rate analysis demonstrated nonsignificance in both postreform years (OR 1.00 for both). The PLOS outcomes varied significantly only for the combined surgical sample in Post 2, but this effect was very small, OR 1.03 (95% CI 1.02, 1.04). The impact of 2003 ACGME duty hour reform on patient outcomes did not differ by hospital financial health. This finding is somewhat reassuring, given additional financial pressure on teaching hospitals from 2011 duty hour regulations. © Health Research and Educational Trust.

The Financial Sector Facing the Transition to a Low-Carbon Climate-Resilient Economy

International Nuclear Information System (INIS)

Boissinot, Jean; Huber, Doryane; Camilier-Cortial, Isabelle; Lame, Gildas

2016-01-01

Successfully addressing global warming requires decisive actions and hinges on a 2 deg. C-consistent reallocation of capital and financial flows. The implementation of adequate climate policies will be decisive to foster this process. The financial sector can play a complementary role to enhance the effectiveness of these policies, as the recognition of the risks and opportunities related to climate change contributes to this reallocation. Understanding the issues at play, the availability of data on the financial consequences of climate change as well as an appropriation of climate issues by the financial sector are key factors for risk management. Several policy measures have been implemented in this respect, particularly in France

Experiences with primary healthcare in Fuzhou, urban China, in the context of health sector reform: a mixed methods study.

Science.gov (United States)

McCollum, Rosalind; Chen, Lieping; ChenXiang, Tang; Liu, Xiaoyun; Starfield, Barbara; Jinhuan, Zheng; Tolhurst, Rachel

2014-01-01

China has recently placed increased emphasis on the provision of primary healthcare services through health sector reform, in response to inequitably distributed health services. With increasing funding for community level facilities, now is an opportune time to assess the quality of primary care delivery and identify areas in need of further improvement. A mixed methodology approach was adopted for this study. Quantitative data were collected using the Primary Care Assessment Tool-Chinese version (C-PCAT), a questionnaire previously adapted for use in China to assess the quality of care at each health facility, based on clients' experiences. In addition, qualitative data were gathered through eight semi-structured interviews exploring perceptions of primary care with health directors and a policy maker to place this issue in the context of health sector reform. The study found that patients attending community health and sub-community health centres are more likely to report better experiences with primary care attributes than patients attending hospital facilities. Generally low scores for community orientation, family centredness and coordination in all types of health facility indicate an urgent need for improvement in these areas. Healthcare directors and policy makers perceived the need for greater coordination between levels of health providers, better financial reimbursement, more formal government contracts and recognition/higher status for staff at the community level and more appropriate undergraduate and postgraduate training. Copyright © 2013 John Wiley & Sons, Ltd.

Health-financing reforms in southeast Asia: challenges in achieving universal coverage.

Science.gov (United States)

Tangcharoensathien, Viroj; Patcharanarumol, Walaiporn; Ir, Por; Aljunid, Syed Mohamed; Mukti, Ali Ghufron; Akkhavong, Kongsap; Banzon, Eduardo; Huong, Dang Boi; Thabrany, Hasbullah; Mills, Anne

2011-03-05

In this sixth paper of the Series, we review health-financing reforms in seven countries in southeast Asia that have sought to reduce dependence on out-of-pocket payments, increase pooled health finance, and expand service use as steps towards universal coverage. Laos and Cambodia, both resource-poor countries, have mostly relied on donor-supported health equity funds to reach the poor, and reliable funding and appropriate identification of the eligible poor are two major challenges for nationwide expansion. For Thailand, the Philippines, Indonesia, and Vietnam, social health insurance financed by payroll tax is commonly used for formal sector employees (excluding Malaysia), with varying outcomes in terms of financial protection. Alternative payment methods have different implications for provider behaviour and financial protection. Two alternative approaches for financial protection of the non-poor outside the formal sector have emerged-contributory arrangements and tax-financed schemes-with different abilities to achieve high population coverage rapidly. Fiscal space and mobilisation of payroll contributions are both important in accelerating financial protection. Expanding coverage of good-quality services and ensuring adequate human resources are also important to achieve universal coverage. As health-financing reform is complex, institutional capacity to generate evidence and inform policy is essential and should be strengthened. Copyright © 2011 Elsevier Ltd. All rights reserved.

Sectoral linkages of financial services as channels of economic development—An input–output analysis of the Nigerian and Kenyan economies

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Andreas Freytag

2017-06-01

Full Text Available Sectoral linkages of financial services of the Nigerian and Kenyan economies are evaluated by means of an input–output analysis for 2007, 2009 and 2011. Backward linkages, forward linkages, multiplier effects and variation indices for the financial services sectors are determined. Due to the increasing importance of mobile money, we additionally investigate these linkages for the communication sector. We find high forward and backward linkages for the Nigerian financial services sector only. Here, changes in final demand for or primary input into the financial sector have a wide and evenly spread impact on the rest of the economy classifying the financial sector as a key sector. Regarding Kenya, however, the sectoral linkages of the financial services sector are lower. This may be due to the well-developed mobile financial market in Kenya. But results for the communication sector, however, yield rather low linkage values and multiplier effects for both economies. All results are confirmed by a robustness test. Nonetheless, they could have been influenced by a lack of data coverage especially with regard to mobile money and a high degree of informal financial transactions. Still, our findings confirm the significance of financial services as channels of economic development for both the economies.

The restructuring of Africa's electricity sector : lessons learned

International Nuclear Information System (INIS)

Fall, A.

2008-01-01

The challenges facing the electricity sector in Africa was discussed with particular reference to financial constraints and the inefficient management of public utilities. The 2 types of reform in the electricity sector include the disengagement of the State for the benefit of the private sector, and the restructuring of the electrical industry to include competition for greater efficiency in the sector. The first reform in Africa involved the opening of the sector to private enterprises without the restructuring of the industry. With the exception of Uganda, the evolution of the restructuring did not include a complete de-integration in the transitional stage. Restructuring involved systematic independent production; a single buyer model with a limited period of monopoly on bulk purchase; access to third party on the networks; empowerment of regulation by the creation of an independent body responsible for regulation; and, establishment of a rural electrification agency. In more advanced countries such as Egypt, Algeria and Nigeria, the creation of a holding company with legally separated subsidiaries was retained. One of the major problems was financial investment, technical performances and the extension of electrical access. Low competition, or low negotiation capabilities led to unbalanced contracts in favour of private promoters. In general, rates for electrical energy increased due to the reform, with the lowering of public resources at the profit of private funding, notably in the independent production of thermal energy versus hydroelectric energy. The results have been mixed due to the breakdown of public versus private partnerships in many countries, with the disengagement of the State. Independent power production has raised problems of sustainability and environmental issues, as well as social problems, price control, as well as accessibility in rural settings. 7 refs., 1 fig

Decoding Gimmicks of Financial Shenanigans in Telecom Sector in India

OpenAIRE

Sandeep GOEL

2013-01-01

Major corporate financial shenanigans get away in the name of creative accounting. But, they need to be studied for lessons learned and strategies to avoid or reduce the incidence of such frauds in the future. It is essential for shareholders, particularly the common man who does not have any access to the company except reported financial numbers. This paper aims to decode the level of financial shenanigans practices in corporate enterprises in telecom sector in India. The reason being is th...

How useful is consolidation of public sector entities' financial statements ?

OpenAIRE

Soguel, N.; Bucher, R.

2013-01-01

Whether or not to consolidate financial statements is dealt with in IPSAS#6. This standard is by and large based on IAS#27. It deals with the criterion according to which an entity's financial statements should be considered and which consolidation technique should be used. However, it remains silent when it comes to exposing the reason why a public sector entity should consolidate its financial statements. The literature is almost as silent as IPSAS on this issue. Which means that there is a...

Foreign Aid and Security Sector Reform in Latin America: mapping donors and recipient countries

Directory of Open Access Journals (Sweden)

Ana Maura Tomesani

2017-01-01

Full Text Available Abstract: this article is part of a PhD thesis interested in confronting the demands of Latin American law enforcement institutions with programs in the security sector reform fostered by foreign agencies for international assistance on the continent. The guiding hypothesis of this study is that programs of international aid focused on the security sector reform in Latin America overlook law enforcement demands for institutional strengthening. I suggest that the international offering in this area follows a regional agenda, which is basically preventive and is very resistant to work with law enforcement organizations. Part of the work is mapping donor and recipient countries for analyzing programs implemented in Latin American countries. This article presents the literature review for this investigation and the first results of our empiric research.

Understanding the issues around quantifying GHG emissions in the financial sector

International Nuclear Information System (INIS)

Jacono, Caline; Poivet, Romain; Havette, Didier; Maille, Catherine; Jaubert, Nathalie; Grandjean, Alain; Cottenceau, Jean-Baptiste; Finidori, Esther; Le Teno, Helene; Cochard, Eric; Sanchez, Thomas; Michaux, Elisabeth; Courcier, Jerome; Marie Lapalle; Guez, Herve; Mia, Ladislas; Agnes Guiral; Martinez, Emmanuel; Rose, Antoine; Breton, Herve; Meyssonier, Guillaume; Arndt, Matthew; Saichs, Nancy; Desfosses, Philippe; Bonnet, Olivier; Rouchon, Jean-Philippe; Smart, Lauren; Lenoel, Benjamin; Dupre, Stanislas; Chenet, Hugues; Lavaud, Patricia; Laviale, Michel; Lucas-Leclin, Valery; Bernasconi, Maxime; Merlin, Alexis; Delettang, Catherine; Gerardi, Anne

2016-01-01

In the face of climate change, the financial sector shows a need to have access to methods and tools for quantifying GHG emissions. This guide proposes to address multiple needs of financial institutions (Investment banks, insurers, retail bank, commercial bank, asset managers...) in terms of financed emissions quantification. It meets two objectives: Make formal methodological recommendations for financial institutions about their operating related emissions, and propose methodological recommendations to quantify financed emissions (Scop3 - Poste 15 'Investments'). The guide is divided in three parts. Volume 1 gives background, identifies sectorial challenges related to climate change and offers an overview of the main existing quantification methods and tools. Volume 2 offers practical and operational guidance for estimating emissions from organisation's back-office functions into the financial sector. Volume 3 (through case studies) offers methodological information to quantify the financed emissions through a 'top-down' approach, with an 'excel' tool to calculate emission factors related to this method

Market Failure, Regulation and Education of Financial Advisors

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Adam Steen

2016-04-01

Full Text Available This paper explores the recent series of financial scandals in the Australian financial advice industry. It examines the causes, consequences and responses to theses scandals by financial institutions, investors and regulators through the lens of relevant finance theory and extant literature. Although the paper focuses on the recent Australian experience the discussion and findings presented are of relevance to financial market regulation worldwide. It is proposed that a combination of compensation, education, training and structural reforms are required to reduce the undesirable effects of information asymmetry, adverse selection and moral hazard in the finance sector.

Reformation of Taxation of Income and Added Value in the Context of Legalisation of Financial Flows

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Paientko Tetiana V.

2014-01-01

Full Text Available The article is devoted to the study of the potential of taxation tools of legalisation of financial flows. The goal of the article is justification of directions of reformation of taxation of income and added value in the context of legalisation of financial flows in Ukraine. Pursuant to results of the study the article shows that using taxation tools it is possible to legalise and increase both taxation financial flows and a part of the financial flows earlier moved to the shadow sector of economy. First of all, budget receipts from income tax could be increased by means of reduction of this tax evasion. This could be achieved with the help of the mechanism of differentiation of income taxation, namely: application of a reduced income tax rate, which is directed at investments into the fixed capital, and a standard rate for the income distributed for other purposes. This would create conditions when tax evasion becomes unprofitable for tax payers. Second, reducing VAT evasion would result in its growth in budget receipts. To do this it is recommended to use the reduced rate during taxation of food supplies and public transportation services, which would allow reduction of the VAT evasion degree in the sphere of small and medium businesses (not connected with export that are engaged in these types of activity. The size of the reduced rate is identified by elasticity of the shadow added value and VAT multiplier. Third, it is possible to increase financial flows by means of attraction of a part of financial flows, earlier moved into the shadow economy, into economy and mobilisation into the budget using the mechanism of tax amnesty. Using foreign experience the article justifies optimal conditions of amnesty and size of the rate of income legalisation.

2015 SUMMING-UP OF BANKING FINANCIAL SECTOR OF THE REPUBLIC OF MOLDOVA

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Rodica PERCIUN

2016-01-01

Full Text Available Economic and political uncertainty in recent years has adversely affected the activity of Moldovan banks unfavoring the dynamics of the national economy. The 2015 year can be considered a "rigid" year for the Republic of Moldova, built by the liquidation of three financial institutions at the NBM decision (CB "Unibank" SA, CB "Banca Sociala" SA and BC "Banca de Economii" SA, and the tightening of the monetary policy. That has led to mistrust of the population in this sector, creating problems with bank loans and deteriorating of bank asset. However, commercial banks during 2015 remained sufficiently liquid and capitalized (exception is CB "Unibank" SA, CB "Banca Sociala" SA and BC "Banca de Economii" SA. This article aims to research the financial and banking sector from the Republic of Moldova in 2015 in terms of uncertainty. Therefore, the novelty of the article lies in the analysis of the banking sector from the Republic of Moldova under the main financial prudential indicators. The main research methods were: systemic analysis, synthesis, monographic, logic, etc. The main scientific results obtained in the article, as a conclusion of the research are the identification, analysis of the main activity of the banking sector and the proposed set of recommendations on strengthening the financial stability framework in the Republic of Moldova.

Reforming Organizational Structures

NARCIS (Netherlands)

S.G.J. Van de Walle (Steven)

2016-01-01

textabstractPublic sectors have undergone major transformations. Public sector reform touches upon the core building blocks of the public sector: organizational structures, people and finances. These are objects of reform. This chapter presents and discusses a set of major transformations with

Materiality in Public Sector Financial Audit: International Practice and the Opinion of Brazilian Experts

OpenAIRE

Juliane Madeira Leitão; José Alves Dantas

2016-01-01

Materiality in private sector financial audit is a topic that has been relatively well developed in the literature. Specific research in this regard in public sector auditing, on the other hand, is scarce at the international level and absent in Brazil. In view of this, the purpose of this study was to identify the parameters used to determine materiality in public sector financial audit. To this end, we sent questionnaires to the 192 Supreme Audit Institutions that are members of INTOSAI and...

The Prospects for Security Sector Reform in Tunisia: A Year After the Revolution

Science.gov (United States)

2012-09-01

included.86 This single, easily accessible, and searchable resource for all laws and amendments pertaining to the secu- rity sector greatly enhances ...Reform of the Peni - tentiary System,” Geneva Centre for the Democratic Control of Armed Forces, DCAF-Tunisie, October 5, 2011, available from dcaf

CONSOLIDATED FINANCIAL STATEMENTS – A NEW REPORTING PRACTICE IN THE PUBLIC SECTOR

OpenAIRE

Andreea CÎRSTEA; Stefan-Dragos CÎRSTEA

2015-01-01

The reforms that have lately influenced the public sector determined several changes in the reporting system, causing the introduction of a new reporting practice in the public sector, namely the consolidated reports. These reports come to bring added value to the accounting and reporting system, but this practice is at the beginning and requires time in order to be taken over at international level. This paper aims to be a theoretical one, with slight empirical traces, analysing the introduc...

The financial crisis and recent family policy reforms in Finland, Germany and the United Kingdom : Is there a connection?

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Mikael Nygård

2015-03-01

Full Text Available The turmoil created by the financial crisis and economic recession in Europe has served as an impetus for austerity measures in many countries. In this article, we ask whether these crises have also triggered reforms in family policy, and we focus on three European welfare states – Finland, Germany and the United Kingdom – countries that are often considered members of different family policy regimes. The article addresses two main research questions. The first one relates to the number, direction and magnitude of family policy reforms in these three countries since the beginning of the financial crisis in 2008/2009, while in the second we discuss whether the reforms observed during this period can be seen as being related to the financial crisis and its later repercussions on the Euro-zone area, or if there are other explanations.

The creation of the health consumer: challenges on health sector regulation after managed care era.

Science.gov (United States)

Iriart, Celia; Franco, Tulio; Merhy, Emerson E

2011-02-24

We utilized our previous studies analyzing the reforms affecting the health sector developed in the 1990s by financial groups to frame the strategies implemented by the pharmaceutical industry to regain market positions and to understand the challenges that regulatory agencies are confronting. We followed an analytical approach for analyzing the process generated by the disputes between the financial groups and the pharmaceutical corporations and the challenges created to governmental regulation. We analyzed primary and secondary sources using situational and discourse analyses. We introduced the concepts of biomedicalization and biopedagogy, which allowed us to analyze how medicalization was radicalized. In the 1990s, structural adjustment policies facilitated health reforms that allowed the entrance of multinational financial capital into publicly-financed and employer-based insurance. This model operated in contraposition to the interests of the medical industrial complex, which since the middle of the 1990s had developed silent reforms to regain authority in defining the health-ill-care model. These silent reforms radicalized the medicalization. Some reforms took place through deregulatory processes, such as allowing direct-to-consumer advertisements of prescription drugs in the United States. In other countries different strategies were facilitated by the lack of regulation of other media such as the internet. The pharmaceutical industry also has had a role in changing disease definitions, rebranding others, creating new ones, and pressuring for approval of treatments to be paid by public, employer, and private plans. In recent years in Brazil there has been a substantial increase in the number of judicial claims demanding that public administrations pay for new treatments. We found that the dispute for the hegemony of the health sector between financial and pharmaceutical companies has deeply transformed the sector. Patients converted into consumers are

The creation of the health consumer: challenges on health sector regulation after managed care era

Directory of Open Access Journals (Sweden)

Merhy Emerson E

2011-02-01

Full Text Available Abstract Background We utilized our previous studies analyzing the reforms affecting the health sector developed in the 1990s by financial groups to frame the strategies implemented by the pharmaceutical industry to regain market positions and to understand the challenges that regulatory agencies are confronting. Methods We followed an analytical approach for analyzing the process generated by the disputes between the financial groups and the pharmaceutical corporations and the challenges created to governmental regulation. We analyzed primary and secondary sources using situational and discourse analyses. We introduced the concepts of biomedicalization and biopedagogy, which allowed us to analyze how medicalization was radicalized. Results In the 1990s, structural adjustment policies facilitated health reforms that allowed the entrance of multinational financial capital into publicly-financed and employer-based insurance. This model operated in contraposition to the interests of the medical industrial complex, which since the middle of the 1990s had developed silent reforms to regain authority in defining the health-ill-care model. These silent reforms radicalized the medicalization. Some reforms took place through deregulatory processes, such as allowing direct-to-consumer advertisements of prescription drugs in the United States. In other countries different strategies were facilitated by the lack of regulation of other media such as the internet. The pharmaceutical industry also has had a role in changing disease definitions, rebranding others, creating new ones, and pressuring for approval of treatments to be paid by public, employer, and private plans. In recent years in Brazil there has been a substantial increase in the number of judicial claims demanding that public administrations pay for new treatments. Conclusions We found that the dispute for the hegemony of the health sector between financial and pharmaceutical companies has deeply

Financialization and the cultural attitude of Polish society towards the banking sector

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Lech Kurkliński

2016-10-01

Full Text Available The article is dedicated to changes in the cultural attitude of Polish society towards the banking sector under the conditions of progressing financialization and arising consequences for the banking sector. First of all, attention is focused on the cultural characteristics of Poles, their attitude towards finance, especially in the period of transition. The main reference to cultural conditions relates to the tendency to save, incur loans, and the attitude towards banks. It is complemented, among other things, by the model of cultural dimensions by G. Hofstede and S. Schwartz, in line with which attempts are made to explain the mechanisms shaping the financial (banking system and the financialization tendency. This picture is confronted with the present shape and evolution of the Polish banking sector since 1989, including the role of foreign capital. In particular, attention is focused on the image of banks towards challenges related to the global financial crisis and the main problem of Polish banking institutions, namely household mortgage debt in foreign currencies. The author presents a thesis that significant financialization cannot be indicated in Poland and the historical and cultural aspects do not cause its expansion to the same degree as in a number of other countries. However, certain features, such as preference for loans rather than savings, are favorable for this direction.

Indian power industry: role of private sector in future progress

International Nuclear Information System (INIS)

Dua, T.R.

1997-01-01

This document discusses about the current scenario of power sectors in the country. It deals with the present power policy to encourage the private sector investment. Recommendations of the long-term pricing policy are laid down to meet the financial resources and energy demands. In general the reforms should be guided by the objective of introducing competition wherever possible, so as to minimise the cost to the consumer and improve the quality and services

The Political Economy and Coalitions in Botswana’s Water Sector Reform 2009-13: to what extent can the process of reform be understood?

OpenAIRE

Colman, Anthony John

2013-01-01

This thesis examines the process of water sector reform in Botswana, focusing on barriers to effective delivery of clean water and improved sanitation services (WSS) to all, and water resource management (WRM), in a water insecure country, dependent for surface water on international river basin organisations. The study provides a crtitical analysis of policy change in progress. The impact of the water reforms on the poor and the process of centralising control of WSS, from both tribal and lo...

Nigeria's electric power sector reform: what should form the key objectives?

International Nuclear Information System (INIS)

Ikeme, J.; Ebohon, O.J.

2005-01-01

Nigeria's electric power sector requires substantial reform if the country's economic development and poverty alleviation program is to be realised. This understanding is behind the reform programme recently initiated by the Nigerian government with the goal of privatising the national electric power monopoly, NEPA. Currently, the country faces serious energy crisis due to declining electricity generation from domestic power plants which are basically dilapidated, obsolete, unreliable and in an appalling state of disrepair, reflecting the poor maintenance culture in the country and gross inefficiency of the public utility provider. Building on an analysis of the major shortcomings of the current electric power company, this paper presents the central issues that should form the key objectives of the proposed reform. This include corporatization of the electric power industry, increasing access and power delivery capacity, constraining the costs of the power industry and increasing efficiency and share of renewables in energy generation, as well as minimising environmental damage. We conclude with the observation that efforts at reform will not yield the desired result if the current end-user inefficiency is not constrained. As Nigeria implements its national utility privatisation programme, it is hoped that this review will benefit policy makers and emerging managers and providers of electricity service in the country

The economic and financial performance of Bahrain's Fisheries Sector

International Nuclear Information System (INIS)

Abdulqader, E.A.A.

2007-01-01

This work is based on an extensive socio-economic survey conducted at all Bahrain landing sites in the period July-November, 2002. Based on boat size and the type of fishing gear used, eight fisheries sectors were determined, these included small boats using wire traps, shrimp trawls, gillnets, hooks and lines and barrier traps. It also included large boats using wire traps, shrimp trawls and gillnets. The economic and financial performances of these sectors were evaluated. The ratio of net catch flow to total earnings was used to measure the economic performance, while the return over investment was used to measure the financial performance. Higher economic returns (except for gillnet and shrimp trawl fisheries) were found in the case of small boats where smaller investments are found. This indicated that an over-fishing condition exists in Bahrain's fisheries, which is clearly found in the case of the shrimp trawl fishery. (author)

Explanatory factors for the use of the financial report in decision-making: Evidence from Local Government in Portugal

Directory of Open Access Journals (Sweden)

Sónia Paula S. Nogueira

2016-07-01

Two important implications of this study are the following: first, professional bodies and the financial situation in the country; while stimulating informational needs by internal users in the public sector they determine the usefulness they offer to financial reporting for decision-making. Second, the lack of knowledge of the accounting information system, especially by local politicians, is a hindering factor of the usefulness given to financial reporting for internal decision-making. Nowadays, when many countries are considering reforms of public sector accounting in line with the International Public Sector Accounting Standards (IPSAS, supposedly increasing the sophistication, the level of information and usefulness of financial reporting, such factors must be taken into account.

Intellectual capital and financial performance: A study of the Turkish Banking Sector

Directory of Open Access Journals (Sweden)

Nasif Ozkan

2017-09-01

Full Text Available The purpose of this study is to analyze the relationship between the intellectual capital performance and financial performance of 44 banks operating in Turkey between 2005 and 2014. The intellectual capital performance of banks is measured through the value added intellectual coefficient (VAIC methodology. The intellectual capital performance of the Turkish banking sector is generally affected by human capital efficiency (HCE. In terms of bank types, development and investment banks have the highest average VAIC. When VAIC is divided into its components, it can be observed that capital employed efficiency (CEE and human capital efficiency (HCE positively affect the financial performance of banks. However, CEE has more influence on the financial performance of banks compared to HCE. Therefore, banks operating in the Turkish banking sector should use their financial and physical capitals if they wish to reach a higher profitability level.

The World Bank's financial support to the petroleum sector in developing countries

International Nuclear Information System (INIS)

Mayorga-Alba, E.; Smith, S.

1996-01-01

This paper presents the World Bank Group's role in the petroleum sector of developing countries. It addresses separately the role of the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) in the upstream, downstream, and natural gas subsectors. Using specific examples, it describes the World Bank's role in promotion exercises, infrastructure projects, policy reform, mobilization of the private sector, and provision of political risk insurance. Considering that bank lending in the hydrocarbon sector meets only about 1 % of the industry's capital requirements, the paper argues that the World Bank Group is best suited to use its unique resources to catalyze private sector investment and to provide an environment conducive to market-driven development. 4 refs

The organisation of product innovation in the financial sector

NARCIS (Netherlands)

Vermeulen, P.A.M.; Dankbaar, B.

2002-01-01

This article discusses characteristic features and problems of product development processes in the financial services sector and relates these to the models and concepts of the modern new product development literature. It is based on a series of semi-structured interviews with product managers and

Financial Efficacy of Selected Public and Private Sector Banks in India

Directory of Open Access Journals (Sweden)

sakthivadivel Mylsamy

2013-04-01

Full Text Available The  banks in India have over 67,000 branches located across the country. All these are classified  into two major categories, non-scheduled banks and scheduled banks. Scheduled banks includes   commercial banks and the co-operative banks. The public sector banks are  accountable  for more than 78 percent of total banking industry in India. Even though private sector banks came later into the market, due to their customer servicing and easy banking features they are also competing equally with already existing public sector banks. so it is very essential to analyze how their financial performance is influenced by number of factors which will further suggest them where they need to concentrate more. in this article we have analyzed the correlation between return on total assets and other financial variables of selected private and public banks in India.

Evolution of industrial sector electricity demand in Costa Rica

International Nuclear Information System (INIS)

Fischer, Steven C.

2005-01-01

This note is a preliminary investigation into the relationship between the efficiency of electricity utilization in the Costa Rican industrial sector and the competitive pressures generated by the implementation of economic reforms, in particular, the progressive liberalization of international trade, in the years since the debt and economic crisis of the early 1980s. The steady, year-by-year, reduction in the rate of import tariff protection, with only temporary interruptions and reverses, has been the most consistently implemented component of the macroeconomic, trade, and financial sector reforms upon which this country has embarked over the past two decades. The note sheds some light on the nature of the general policy environment that is conductive to an efficient utilization of energy in the productive sectors and to the success of national energy efficiency promotion programs in this and other parts of the world. (Author)

Market reforms and public incentives: finding a balance in the Republic of Macedonia.

Science.gov (United States)

Nordyke, Robert J; Peabody, John W

2002-03-01

The Republic of Macedonia is undertaking sweeping reforms of its health sector. Funded by a World Bank credit, the reforms seek to improve the efficiency and quality of primary health care (PHC) by significantly strengthening the role of the market in health care provision. On the supply-side, one of the key reform proposals is to implement a capitation payment system for PHC physicians. By placing individual physicians on productivity-based contracts, these reforms will effectively marketize all PHC provision. In addition, the Ministry of Health is considering the sale or concessions of public PHC clinics to private groups, indicating the government's commitment to marketization of health care provision. Macedonia is in a unique position to develop a new role for the private sector in PHC provision. The private provision of outpatient care was legalized soon after independence in 1991; private physicians now account for nearly 10% of all physicians and 22% of PHC physicians. If the reforms are fully realized, all PHC physicians-over 40% of all physicians-will be financially responsible for their clinical practices. This study draws on Macedonia's experience with limited development of private outpatient care starting in 1991 and the reform proposals for PHC, finding a network of policies and procedures throughout the health sector that negatively impact private and public sector provision. An assessment of the effects that this greater policy environment has on private sector provision identifies opportunities to strategically enhance the reforms. With respect to established market economies, the study finds justification for a greater role for government intervention in private health markets in transition economies. In addition to micro-level payment incentives and administrative controls, marketization in Central and Eastern Europe requires an examination of insurance contracting procedures, quality assurance practices, public clinic ownership, referral

Impact of Blockchain Technology Platform in Changing the Financial Sector and Other Industries

Directory of Open Access Journals (Sweden)

Dusko Knezevic

2018-03-01

Full Text Available The aim of the paper is to conduct a research on an impact of blockchain technology platform on the financial sector through cryptocurrency, and an impact on other industries.. The subject of research is not only this technology but also its commercial exploitation. In order to understand the platform, the starting point of this research is an analysis of how the technology functions, after that the advantages for business and economic transaction are identified, and finally the paper deals with an impact of new technology on business, above all on financial operations. The basic hypothesis is that blockchain has achieved a great impact on financial sector, also it has the potential to radically change only the financial sector but also the way we buy and sell, our interaction with the authorities as a way of verifying the ownership from the authorship and the organic food production. Using the available data and synthesis of knowledge from the fields of technology, economics, finance, and politics, 4 scenarios were set up for the future of underlying technology. The scenario approach combined with trend analysis in order to prove the starting hypothesis with high reliability. The research results show that the technology being investigated already has a profound impact on the financial sector, that it is in the initial phase of changing many industries, with the likelihood that they will change them significantly in the next five to ten years. Businesses increasingly discover the power of this technology to exploit the benefits of the Fourth Technological Revolution.

PRICE DETERMINATION IN CROATIAN PUBLIC SECTOR – CASE OF CROATIAN FACULTIES

OpenAIRE

Vesna Vašièek; Ivana Dražiæ Lutilsky; Hrvoje Perèeviæ

2008-01-01

Success of many public sector reforms depends on successful public management. Key components of public management are introduction of accrual basis accounting and management on the basis of results which is possible to achieve with improvements of accounting systems, mainly cost accounting and financial reporting in public sector. Results are long term and broad, ensuring development based on knowledge and responsibility. Costs are important element in a decision making process by determinat...

A multifractal detrended fluctuation analysis of financial market efficiency: Comparison using Dow Jones sector ETF indices

Science.gov (United States)

Tiwari, Aviral Kumar; Albulescu, Claudiu Tiberiu; Yoon, Seong-Min

2017-10-01

This study challenges the efficient market hypothesis, relying on the Dow Jones sector Exchange-Traded Fund (ETF) indices. For this purpose, we use the generalized Hurst exponent and multifractal detrended fluctuation analysis (MF-DFA) methods, using daily data over the timespan from 2000 to 2015. We compare the sector ETF indices in terms of market efficiency between short- and long-run horizons, small and large fluctuations, and before and after the global financial crisis (GFC). Our findings can be summarized as follows. First, there is clear evidence that the sector ETF markets are multifractal in nature. We also find a crossover in the multifractality of sector ETF market dynamics. Second, the utilities and consumer goods sector ETF markets are more efficient compared with the financial and telecommunications sector ETF markets, in terms of price prediction. Third, there are noteworthy discrepancies in terms of market efficiency, between the short- and long-term horizons. Fourth, the ETF market efficiency is considerably diminished after the global financial crisis.

Environmental performance and financial report integrity: challenges for the mining sector in Indonesia

Science.gov (United States)

Mayangsari, S.

2018-01-01

This study investigates the influence of environmental performance on the financial report integrity. The statistics used were primary data from interviews with senior members of the mining sector regarding environmental issues, as well as secondary data using Financial Report 2016. The samples were listed mining companies with semester data. Questionnaires were used to measure their perceptions of the challenges concerning climate change faced by the mining sector. The results of this research show that regulatory interventions will be critical to environmental issues. This study employed KLD as a proxy for environmental performance, correlated with other variables regarding the integrity of disclosure. The outcome indicates that environmental issues will increase the integrity of financial reports.

Some considerations on the reform of the international monetary and financial system

OpenAIRE

E. GRILLI

1999-01-01

The paper discusses different views on the reform of the International Monetary System. It illustrates the most recent antecedents of the current debate, focusing on criteria, determinants and effects of the choice among different exchange regimes and discussing in particular the relationship between fixed exchange rates and financial crises, and the relationship between exchange rates and worldwide freedom of capital movements.

Energy sector reform in India : a review

International Nuclear Information System (INIS)

Aruna, M.; Raj, M.G.

2008-01-01

The government of India cannot afford to fund the total investment needed for restructuring the country's electric power sector. As such, India's Electricity Act of 2003 encouraged private participation to implement the required measures for efficient and optimum use of energy resources available in India and to supply quality power at the best cost to consumers. This paper described the present status of India's power sector with respect to generation, transmission and distribution of electricity. India's economy is growing at a faster rate compared to many other developing countries. It is expected that in the next 6 to 7 years additional capacity of 84,000 MW will be needed to meet the projected electricity demand. The Power Finance Corporation Limited (PFC) was established in 1986 in order to generate and provide funds for the power sector, which is in the process of reforms in every element of the electricity value chain. India is facing an energy deficit and peak power deficit of 8 per cent and 12.2 per cent, respectively. The inter-regional power transmission capacity is planned to be increased from 16,500 MW to 37,000 MW by 2012. Thermal and nuclear energy are major sources for electricity production in India. As most of these resources are non renewable, they must be efficiently used. Coal will continue to contribute about 60 per cent of power generation in India. It was concluded that a large capacity national power grid is necessary for inter-regional power transfer, and that Transmission Super Highways are needed for the development of a high capacity National Power Grid. 7 refs., 1 tab., 3 figs

Does the Energy Sector Reform Call for Reform

International Nuclear Information System (INIS)

Granic, G.

2007-01-01

This paper discusses the course of the energy sector reforms in Europe so far, its objectives, achievements, issues, and dilemmas. In particular, long term and security aspects of energy supply of Europe are analyzed. In addition to the legislative changes regarding the open energy market regulation, and primarily the changes, concerning electricity and natural gas markets, the past period saw dynamic changes of institutional framework such as: increasing members of the European Union, increased number of countries aspiring to the EU (candidate countries and potential candidates), changes in other European countries out of which Russia is the most significant energy producer. The paper analyzes the issue of responsibility between state - regulator - system operator - trader - energy buyer. In Europe, it is more a complex question because the system of responsibility includes the institution of the European Union. Therefore, the relations between EU - state - regulator - system operator - trader - energy buyer are especially important. The paper looks in to the issue of energy company integrations, creation of energy mega-undertakings and their influence on further market development. The question of monopolies now appears in s new form. The conclusions suggest possible measures for institutional influence on energy market development, especially in the network energy systems, which may have a positive impact on system security and stability and markets development and their long term sustainability.(author)

Spain; Financial System Stability Assessment

OpenAIRE

International Monetary Fund

2012-01-01

This report summarizes the findings of the Financial Sector Assessment Program (FSAP) Update for Spain. Although there is a core of strong banks that are well managed and appear resilient to further shocks, vulnerabilities remain. Substantial progress has been made in reforming the former savings banks, and the most vulnerable institutions have either been resolved or are being restructured. Recent measures address the most problematic part of banks’ portfolios. Moving ahead, a further restru...

The Financial Sector and Corporate Governance

DEFF Research Database (Denmark)

Mallin, Chris; Mullineux, Andy; Wihlborg, Clas

2004-01-01

In 1992 the Cadbury Committee report on the financial aspects of corporate governance waspublished. The Committee had been established following the failures of a number of highprofile businesses in the UK which had shaken confidence in the market. Some nine yearslater, in 2001, the collapse...... of Enron sent shockwaves through the US market. As a result of theEnron collapse and various other high profile scandals in the years since its occurrence, the USis examining its own corporate governance structures and provisions to determine how thesemight be improved and help avoid another Enron. The EU...... similarly is developing principlesand legislation to improve corporate governance, and scandals such as Royal Ahold andParmalat have helped drive further governance reforms.In this paper we detail the development of corporate governance codes in the UK and theadaptation of similar codes in the EU. We...

The Study of Human Resource Competency Development Policy in Tourism Sector of Bureaucracy Reformation Era

OpenAIRE

Wiryanto, Wisber

2018-01-01

The development of the tourism sector ought to be supported by the competent Human Resources (SDM). Human resources of tourism that include human resources apparatus, industrial human resources, and the tourism community until now still facing difficulties of competency gaps and capability certification. Concerning this issue, there will be conducted a research of human resource competency development policy in tourism sector of bureaucratic reformation era. The goal of this research is to ex...

Financial Health of the Higher Education Sector: Financial Results and TRAC Outcomes 2014-15. Issues Paper. March 2016/04

Science.gov (United States)

Higher Education Funding Council for England, 2016

2016-01-01

This report provides an overview of the current financial health of the Higher Education Funding Council for England (HEFCE) funded higher education sector in England. This does not include directly funded further education or other colleges, or alternative providers of higher education. The analysis covers financial results for the academic year…

The History and Future of Neoliberal Health Reform: Obamacare and Its Predecessors.

Science.gov (United States)

Waitzkin, Howard; Hellander, Ida

2016-10-01

The Colombian reform of 1994, through a strange historical sequence, became a model for health reform in Latin America, Europe, and the United States. Officially, the reform aimed to improve access for the uninsured and underinsured, in collaboration with the private, for-profit insurance industry. After several historical attempts at health reform adhering to the neoliberal pattern, favored by international financial institutions and multinational insurance corporations, the Affordable Care Act (ACA) similarly enhanced access by corporations to public-sector trust funds. An ideology favoring for-profit corporations in the marketplace justified these reforms through unproven claims about the efficiency of the private sector and enhanced quality of care under principles of competition and business management. The ACA maintains this historical continuity by dealing with health care as a commodity bought and sold in a marketplace, rather than a fundamental human right to be guaranteed according to principles of social solidarity. As the ACA heads toward probable failure, a space finally will open for a U.S. national health program that does not follow same historical patterns of the neoliberal model. © The Author(s) 2016.

REFORMING THE EUROPEAN FINANCIAL AND BANKING ARCHITECTURE IN THE CRISIS CONTEXT. THE BANKING UNION CONCEPT

Directory of Open Access Journals (Sweden)

Magdalena, RADULESCU

2014-11-01

Full Text Available Deep financial crisis which started in 2007 proved to be extremely contagious affecting the financial and banking EU system. Achieving an integrated banking market is the main component of the European policy in the financial-banking services area. The latest developments underlined that the difficulties faced by the banks can negatively impact on the entire financial stability of the member states. That's why, the European Central Bank will be entitled to supervise any bank of the euro area, especially the ones that benefit of public support. Reforming the financial and banking system must be shaped in the frame of insuring some durable national finances, of an urgent recapitalizing of the banks that need that and of elaborating some common fiscal and financial and banking regulations effective in the eurozone.

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...

Emerging Markets: Theory & Practice / Turkey’s Reforms Post 2001 Crisis

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Duygu Uckun

2010-01-01

Full Text Available The global financial downturn of 2001 affected broad swaths of the increasingly interconnected global economy. The global effects of the economic downturn in the U.S. in 2008 showed that decoupling had not occurred to the extent many thought, and showed that indeed emerging market countries, including Turkey, were not immune from economic trouble in America. This paper addresses the question, whether the fiscal, financial, and regulatory reforms in Turkey after the 2001 economic crisis cushion the global financial crisis world is facing toward the end of the decade. In doing so we analyze the policies implemented by Turkey before and after the 2001 global economic crisis and identify the successes as well as failures of those reforms. The results of our research show that despite significant reforms in key economic and regulatory areas in the post-2001 crisis period, vulnerabilities remained; especially concerning the large current account deficit, volatility of exchange rates, increased private sector indebtedness, and persistent unemployment. These vulnerabilities will be visible in the deteriorating liquidity conditions in the global financial markets. We conclude by recommending infrastructure, education and health spending as well as restructuring of the economy to further attract FDI and avoid reliance on speculative foreign capital in order to achieve a more balanced and sustained growth in the long run.

The Effect of the Global Financial Crisis and the Sovereign Debt Crisis on Public Sector Accounting: A Contextual Analysis

OpenAIRE

Emmanuel Igbawase Abanyam; Paul Aondona Angahar

2015-01-01

This paper examines the effect of global financial crisis and the sovereign debt crisis on public sector accounting. The global financial crisis and sovereign debt crisis were contextually analysed bringing out clearly its effect on public sector accounting which include accounting issues related to public sector intervention, accounting for recapitalization of investment, accounting for fiscal support, accounting for financial guarantees. The paper found out that, the unresolved fiscal and d...

Evidence-based health policy: three generations of reform in Mexico.

Science.gov (United States)

Frenk, Julio; Sepúlveda, Jaime; Gómez-Dantés, Octavio; Knaul, Felicia

2003-11-15

The Mexican health system has evolved through three generations of reform. The creation of the Ministry of Health and the main social security agency in 1943 marked the first generation of health reforms. In the late 1970s, a second generation of reforms was launched around the primary health-care model. Third-generation reforms favour systemic changes to reorganise the system through the horizontal integration of basic functions-stewardship, financing, and provision. The stability of leadership in the health sector is emphasised as a key element that allowed for reform during the past 60 years. Furthermore, there has been a transition in the second generation of reforms to a model that is increasingly based on evidence; this has been intensified and extended in the third generation of reforms. We also examine policy developments that will provide social protection in health for all. These developments could be of interest for countries seeking to provide their citizens with universal access to health care that incorporates equity, quality, and financial protection.

Security Sector Reform, Local Ownership and Community Engagement

Directory of Open Access Journals (Sweden)

Eleanor Gordon

2014-07-01

Full Text Available Local ownership is widely considered to be one of the core principles of successful Security Sector Reform (SSR programmes. Nonetheless, there remains a gap between policy and practice. This article examines reasons for this gap, including concerns regarding limited capacity and lack of expertise, time and cost constraints, the allure of quantifiable results and quick wins, and the need to ensure that other principles inherent to SSR are not disregarded. In analysing what is meant by local ownership, this article will also argue that, in practice, the concept is narrowly interpreted both in terms of how SSR programmes are controlled and the extent to which those at the level of the community are actively engaged. This is despite policy guidance underscoring the importance of SSR programmes being inclusive and local ownership being meaningful. It will be argued that without ensuring meaningful and inclusive local ownership of SSR programmes, state security and justice sector institutions will not be accountable or responsive to the needs of the people and will, therefore, lack public trust and confidence. The relationship between the state and its people will be weak and people will feel divorced from the decisions that affect their security and their futures. All this will leave the state prone to further outbreaks of conflict. This article will suggest that the requisite public confidence and trust in state security and justice sector institutions, and ultimately, the state itself, could be promoted by SSR programmes incorporating community safety structures.

Impact of Market Reforms on the Agricultural Sector Development and Food Self-Sufficiency in the Northern Region

Directory of Open Access Journals (Sweden)

Valentin Aleksandrovich Ivanov

2016-03-01

Full Text Available The successful development of Northern and Arctic areas depends on sustainable functioning of the agricultural sector. Agriculture and fishing agriculture is a way of life of the indigenous population. The article discusses the state of agriculture and food self-sufficiency in the Komi Republic in the years of relatively stable development (1960–1980 and in the conditions of market reforms. It analyzes production and consumption of food and shows a positive effect of modernization processes on the agricultural sector in the pre-reform period. It studies market transformation of the agrarian economy, accompanied in the 1990s by the sharp decline in agricultural production, degradation of productive capacity, rural demography, rural infrastructure, decrease in living standard of farmers, and disparity of prices on agricultural and industrial products. The paper discloses trends in food self-sufficiency of the northern region in 1980–2013 and reveals reasons for the decrease in its level in the period of market reforms. It considers possible scenarios to develop the agrarian sector and food self-sufficiency. To predict the agriculture development the author identifies strong and weak sides, opportunities and threats by means of SWOT-analysis. The article proposes 3 scenarios: inertial (pessimistic, baseline and optimistic. It finds out the most reasonable optimistic development scenario based on innovative modernization for the Komi Republic. The study results can be used to adjust the current State program of agricultural development and elaborate the strategy of the agro-food sector of the region

Restructuring the arrangements between government and state enterprises in the oil and mining sectors

International Nuclear Information System (INIS)

Aharoni, Y.; Ascher, W.

1998-01-01

The article analyses the relationship between governments and state-owned enterprises (SOEs) in the oil and minerals sectors. The case is made that SOEs in these sectors have distinct peculiarities of behaviour, and are beset with specific difficulties in addition to typical problems common to SOEs in all sectors. The reasons for the uniqueness of SOEs in the oil and minerals sector stem mainly from their large size, their capacity to earn and borrow foreign currency, their strategic importance and other factors. The key to understanding and reforming state oil and mining enterprises lies in recognizing that their sub-optimal behaviour is often caused by conflicts within government regarding control of the SOE's financial flows, including the natural resource rent. These conflicts are frequently aggravated by the inappropriateness of fiscal arrangements between these SOEs and their governments. Guidelines for reforming these arrangements are offered, which, in some respects, differ considerably from those applicable to conventional state-owned enterprises outside the natural resources sector. (author)

Can governments maintain hard budget contraints? : bank lending and financial isolaton in Romania

NARCIS (Netherlands)

Carare, O.V.; Claessens, C.A.M.F.; Perotti, E.C.

2000-01-01

This paper examines the empirical evidence on the impact of reforms in the financial sector in Romania in the period 1993-1995. The methodological framework of the paper is based on a theoretical model of intertemporal bank lending in a transition country with uncertain prospects for stabilization

Problems of software financial resources agrarian sector in the current economic conditions of management

Directory of Open Access Journals (Sweden)

Grischuk Nadiya Viktorivna

2016-12-01

Full Text Available Research of financial science on questions providing of financial resources does not exhaust and needs a further study that acquires new descriptions and vectors of development constantly, what costing illuminations in the conditions of present time. Research of the state of provision of financial resources agrarian to the sector of economy with allocating of main segment – loan and attracted financial resources, today topically. In the article the essence funds are considered sources of agricultural enterprises financial resources and problems associated with the formation and use of financial resources in the modern world. Also the problems arising in improving the process of raising funds agricultural enterprises. Revealed that an effective tool to attract financial resources is the issue of convertible bonds and the introduction of agricultural receipts. It is well-proven that in the conditions of unstable environment forward development of the system of agrarian relations must be carried out on the basis of the government programs, and normatively-legal adjusting that take into account not only the existent state of affairs at the market of agroindustrial products but also economic provision of enterprises national agrarian to the sector.

The Empowering of Public Sector Officers in the Mauritian Public Sector in the Context of Reforms: How Far Has Management Education Helped?

Science.gov (United States)

Bhiwajee, Soolakshna Lukea; Garavan, Thomas N.

2016-01-01

Purpose: The purpose of this study is to provide insights about the usefulness of management education for the public sector in the Republic of Mauritius, which embarked on reforms initiatives around two decades ago. In this context, public officers were encouraged to follow specialised management courses. However, as at date, there is…

The world at a crossroads: Financial scenarios for sustainability

International Nuclear Information System (INIS)

Carnicer, Jofre; Peñuelas, Josep

2012-01-01

The global financial system is a major component of our global society. The available analyses of sustainability, however, have poorly assessed the role of the financial system in scenarios of future global change. Here we contrast current global flows in the financial system with the future economic costs of a worldwide transition to renewable energies under the baseline and 450 ppm scenarios for emissions of greenhouse gases proposed by the IPCC. We show that annual global financial flows are three orders of magnitude greater than the annual economic costs of policies for global sustainability. A small global tax on financial transactions of 0.05% could thus provide the required funds for the deployment of renewable energies. To assess the roles of the financial sector in future policies for sustainability, we identified 14 key international actors and enumerated 16 key policies for sustainability that should be implemented to achieve effective global ecological and financial sustainability. We conclude that the proposed structural reforms to the financial system are essential steps urgently required for financing a global transition to a sustainable economy. Consequently, we suggest that the international scientific community should urgently pursue an academic consensus on policy recommendations for the financial sector.

On the choice of farm management practices after the reform of the Common Agricultural Policy in 2003.

Science.gov (United States)

Schmid, Erwin; Sinabell, Franz

2007-02-01

The Common Agricultural Policy (CAP) was fundamentally reformed in 2003. From 2005, farmers will receive decoupled income support payments instead of production premiums if basic standards for environment, food safety, animal health and welfare are met. Farmers are likely to adjust production and management practices to the new policy framework. We describe how this reform fits into the EU strategy of making agricultural production more environmentally friendly by concentrating on the financial aspects of the reforms. Using an agricultural sector model for Austria, we show that the reform will further decrease agricultural outputs, reduce farm inputs, lessen nitrogen surpluses and make environmentally friendly management practices more attractive for farmers.

FINANCIAL SOUNDNESS INDICATORS IN BOSNIA AND HERZEGOVINA BANKING SECTOR

Directory of Open Access Journals (Sweden)

Kemal Kozaric

2014-12-01

Full Text Available The purpose of this paper is to research financial soundness indicators in Bosnia and Herzegovina banking sector, their interconnections, causality and influenced factors. Therefore the subjects of analysis are core financial indicators. For that purposes data from International Monetary Fund for period 2008 – 2013th as well as data from state agencies and central bank were used. In order to gain research goal different scientific methods were used. Therefore, correlation and regression analysis were employed in order to reveal connectivity and causality between those factors. Results have shown that banks in Bosnia and Herzegovina still have to pay attention on non-performing loans as one of the main threats to their liquidity and stability.

Participatory management reforms in irrigation sector of sindh

International Nuclear Information System (INIS)

Lashari, B.K.

2009-01-01

Pakistan has been making efforts to restructuring the century old irrigation system by involving beneficiaries (water users) at various units of the irrigation system management. The main purposes of reforms are to improve O and M (Operation and Maintenance) of irrigation system, to make balance in expenditure and revenue, to improve crop production through efficient use of water, to maintain affordable drainage system and to adopt PWRM (Participatory Water Resource Management) approach. In these reforms, the Sindh provincial irrigation department was transferred to an autonomous body as SmA (Sindh Irrigation and Drainage Authority). Under SmA, CAWB (Canal Area Water Board) at each canal command area, water users association at watercourse level and Farmer Organizations at each secondary canal (Distributary/ Minor) command area were being formed. So far 335 FOs (Farmers Organizations) have been formed in Sindh. To evaluate the performance of FOs in their day to day activities such as water distribution, O and M of irrigation channels, conflict management and revenue (Abiana) collection, IMI (Institutional Maturity Index) of FOs is conducted. The objective IMI analysis was to assess the maturity of FOs in terms of organizational aspects, conflict resolution, financial aspects, water distribution, operation and maintenance, environmental aspects and capacity building of FOs. The IMI analyses identified the weaker aspects of the FOs and need of focus these aspects for improved performance of FOs through effective social mobilization and capacity building activities. (author)

China Minsheng Bank China's first non-state owned bank is one of the safest bets in the risky Chinese banking sector

Institute of Scientific and Technical Information of China (English)

BRADLEY GARDNER

2008-01-01

@@ Betting on China's banking sector is a risky proposition. High rates of overdue "problem" loans are more or less the norm, and financial reforms, while moving forward, are doing so at a snail's pace.

La atención gerenciada en América Latina. Transnacionalización del sector salud en el contexto de la reforma Managed care in Latin America: transnationalization of the health sector in a context of reform

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Celia Iriart

2000-01-01

Full Text Available Este artículo presenta resultados de la investigación comparativa "Atención Gerenciada en América Latina: Su Papel en la Reforma de los Sistemas de Salud", realizada por equipos de Argentina, Brasil, Chile, Ecuador y Estados Unidos. El objetivo del estudio fue analizar el proceso de exportación de la atención gerenciada, especialmente desde Estado Unidos, y su incorporación en los países latinoamericanos. Los métodos utilizados incluyeron técnicas cualitativas y cuantitativas. La adopción de la atención gerenciada muestra el proceso de transnacionalización del sector salud. Nuestros hallazgos demuestran el ingreso de los principales capitales financieros multinacionales en el sector privado de seguros y de prestadores de salud, y su intencionalidad de participar en la administración de las instituciones estatales y de los fondos de la seguridad social médica. Concluimos que este proceso de cambio sustancial, que implica la paulatina adopción de la atención gerenciada, es facilitado por las transformaciones operadas a nivel ideológico.This article presents the results of the comparative research project "Managed Care in Latin America: Its Role in Health Reform". The project was conducted by teams in Argentina, Brazil, Chile, Ecuador, and the United States. The study's objective was to analyze the process by which managed care is exported, especially from the United States, and how managed care is adopted in Latin American countries. Our research methods included qualitative and quantitative techniques. Adoption of managed care reflects transnationalization of the health sector. Our findings demonstrate the entrance of large multinational financial capital into the private insurance and health services sectors and their intention of participating in the administration of government institutions and medical/social security funds. We conclude that this basic change involving the slow adoption of managed care is facilitated by

Feeling good about the iron rice bowl: Economic sector and happiness in post-reform urban China.

Science.gov (United States)

Wang, Jia; Xie, Yu

2015-09-01

Situated in China's market transition, this study examines the relationship between economic sector and a worker's happiness in post-reform urban China. Using datasets from the Chinese General Social Surveys 2003, 2006 and 2008, we find that workers in the state sector enjoy a subjective premium in well-being - reporting significantly higher levels of happiness than their counterparts in the private sector. We also find that during a period when a large wave of workers moved from the state sector to the private sector, those remaining in the state sector reported being significantly happier than did former state sector workers who had moved, whether the move was voluntary or involuntary. We attribute the higher level of reported happiness in the state sector than in the private sector to the disparity by sector in the provision of social welfare benefits. Those who made voluntary state-to-private moves experienced a trade-off in enjoying higher payoffs while losing job security, whereas involuntary mobiles experienced downward mobility and suffered a long-term psychological penalty. Copyright © 2015 Elsevier Inc. All rights reserved.

Feeling Good About the Iron Rice Bowl: Economic Sector and Happiness in Post-Reform Urban China*

Science.gov (United States)

Wang, Jia; Xie, Yu

2015-01-01

Situated in China’s market transition, this study examines the relationship between economic sector and a worker’s happiness in post-reform urban China. Using datasets from the Chinese General Social Surveys 2003, 2006 and 2008, we find that workers in the state sector enjoy a subjective premium in well-being – reporting significantly higher levels of happiness than their counterparts in the private sector. We also find that during a period when a large wave of workers moved from the state sector to the private sector, those remaining in the state sector reported being significantly happier than did former state sector workers who had moved, whether the move was voluntary or involuntary. We attribute the higher level of reported happiness in the state sector than in the private sector to the disparity by sector in the provision of social welfare benefits. Those who made voluntary state-to-private moves experienced a trade-off in enjoying higher payoffs while losing job security, whereas involuntary mobiles experienced downward mobility and suffered a long-term psychological penalty. PMID:26188448

Impacts Of Electricity Market Reform And Non-Reform Factors On Technology Uptake: Philippines

International Nuclear Information System (INIS)

2016-01-01

Structure and ownership: The first phase of the reform (1992–2000) encouraged private participation in the generation segment. By 1998, foreign-owned IPPs accounted for around 4800 MW of generating capacity. During the 1990s, over 90% of the new capacity was built by foreign-owned IPPs [86]. In the second phase of the reform (2001 to present), the vertically integrated electricity utility was unbundled, regulatory arrangements including open access to network services were developed and the WESM was created. These changes further promoted private participation in the power sector. Price signals generated from the competitive electricity market act as the main driving force to make new investments in generation. Besides, the pressure from market competition pushes investors to select the most efficient and advanced generating technologies to meet growing demand. In the Visayas region, for example, rapid growth in electricity demand drove up electricity prices, which attracted private investors to build three new coal fired power plants in 2010 and 2011. These plants use low cost and highly efficient circulating fluidized bed technology. Regulatory arrangements: The EPIRA of 2001 established the ERC to promote competition, encourage market development, ensure customer choice and penalize abuse of market power in the electricity industry. The ERC is also mandated by law to maintain a level playing field in the competitive sectors (generation and supply) and to regulate the transmission and distribution sectors. The EPIRA also mandates the ERC to enforce market share limitations wherein no generation company can own, operate or control more than 30% of the total installed generating capacity of a grid and/or more than 25% of the total national installed capacity. The ERC must also ensure that before a generation company can operate and supply power, it must secure a certificate of compliance with all the appropriate licences or clearances (health, environment and

DIFFICULTIES RELATED TO THE FINANCIAL POSITION REPORTING INTO THE PUBLIC SECTOR IN ROMANIA

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Aurelia ŞTEFĂNESCU

2014-11-01

Full Text Available Within the context of a turbulent economic environment with impact on the vulnerability of the public sector entities, the stakeholders’ needs of information are focussed on the assessment of liquidities and their solvency, on the sustenability of service offerring, as well as on the capacity of the entities to answer a dynamic environment in terms of cost, quality and continuity. In this respect, the current study has as objective to identify the difficulties of reporting the financial position into the public sector in Romania. In order to reach the proposed objective, an interpretative research methodology was used. The results of this study has pointed out that the prevalence of divergences between the national view versus IPSAS in terms of reporting the financial position into the public sector limits the informational value and its relevance both for the management of the entities and their stakeholders.

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

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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.

Investments in the Brazilian electric sector and the financial crisis

International Nuclear Information System (INIS)

Vela, Jorge Alberto Alcala; Oliveira, Andre Luis Cantuaria Cardoso

2010-01-01

The electricity sector in addition to being a public utility, requires a substantial investment, explore natural resources and the basis of all production chains and consumption of our society. The dynamics of this sector goes beyond the individual performance of energy companies and will also interfere in matters of political, economic, social and environmental development of nations. The lack of sophistication and low level of development in credit derivatives financial systems in Brazil, both as a healthy situation of the accounts and balance sheets, the fruit of bitter experience in past crises are allowing a better resistance to weather the current crisis. But it is an important trading partner of Brazil, through various business financial economic crises that is affecting the U.S. economy and the world has also affected the economy of our country, but with less intensity. The econometric model used to study the investment to be initiated in 2010 by ELETROBRAS meets a correlation acceptable; this demonstrates that a well dependence exists between power and investment to the projects to be implemented. (author)

Lay off: the experience of women and men in Iceland's financial sector.

Science.gov (United States)

Snorradóttir, Asta; Rafnsdottir, Gudbjörg Linda; Tómasson, Kristinn; Vilhjálmsson, Rúnar

2014-01-01

To analyze gender differences in levels of psychological distress, financial strain, lay off experiences and job search activity among unemployed and re-employed individuals who were laid-off due to the collapse of the financial sector in Iceland in 2008. The study is based on questionnaires distributed to 759 former financial sector employees; 426 responses were received giving a 62.6% response rate. The groups of unemployed and re-employed woman and men are compared using separate multivariate binary models to control for mediating factors. The analysis reveals gender differences in demographic factors and jobs held prior to lay-off. More women than men were psychologically or finically distressed and claimed being shocked by the lay-off. A higher proportion of men than women were re-employed at the time of this study. The main difference between those re-employed and unemployed was lower financial strain among those re-employed for both men and women in this sample. The study does not support the traditional view of men having more difficulties in the lay-off process than women. This calls for a rethinking regarding gender in lay-off and unemployment. A gender-based analysis is needed when considering the ramifications of losing a job and job search activity in the lay-off process.

HISTORICAL TRAJECTORIES OF THE FINANCIAL SECTOR DISPLAY IN THE SYSTEM OF NATIONAL ACCOUNTS

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R. Zadorozhna

2017-08-01

Full Text Available This article examines the evolution of approaches to the financial sector display as a part of the economy on the conceptual basis of the System of National Accounts. The main prerequisites for the formation of SNA are revealed. The formation of the methodology of national accounting and the impact of the development of economic theory on it are traced. The role and interconditionality of the Keynes' macroeconomic theory as a methodological basis of the SNA and the SNA as an empirical basis of macroeconomics are defined. The international standards SNA-1953, SNA-1968, SNA-1993 and SNA-2008; the features of presentation of the financial sector and its subsectors composition in standards are analysed.

Perceived affordability of health insurance and medical financial burdens five years in to Massachusetts health reform.

Science.gov (United States)

Zallman, Leah; Nardin, Rachel; Sayah, Assaad; McCormick, Danny

2015-10-29

Under the Massachusetts health reform, low income residents (those with incomes below 150 % of the Federal Poverty Level [FPL]) were eligible for Medicaid and health insurance exchange-based plans with minimal cost-sharing and no premiums. Those with slightly higher incomes (150 %-300 % FPL) were eligible for exchange-based plans that required cost-sharing and premium payments. We conducted face to face surveys in four languages with a convenience sample of 976 patients seeking care at three hospital emergency departments five years after Massachusetts reform. We compared perceived affordability of insurance, financial burden, and satisfaction among low cost sharing plan recipients (recipients of Medicaid and insurance exchange-based plans with minimal cost-sharing and no premiums), high cost sharing plan recipients (recipients of exchange-based plans that required cost-sharing and premium payments) and the commercially insured. We found that despite having higher incomes, higher cost-sharing plan recipients were less satisfied with their insurance plans and perceived more difficulty affording their insurance than those with low cost-sharing plans. Higher cost-sharing plan recipients also reported more difficulty affording medical and non-medical health care as well as insurance premiums than those with commercial insurance. In contrast, patients with low cost-sharing public plans reported higher plan satisfaction and less financial concern than the commercially insured. Policy makers with responsibility for the benefit design of public insurance available under health care reforms in the U.S. should calibrate cost-sharing to income level so as to minimize difficulty affording care and financial burdens.

The financial and structural capabilities of key infrastructure sectors in Serbia

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Malinić Dejan

2012-01-01

Full Text Available Experts and economic policy creators debate various economic growth rates without a direct insight into the capabilities of the different economic sectors motivated us to devote this paper to the research of key infrastructure sector capabilities, both in terms of the economic prosperity of the Serbian national economy and as a support for the development of other sectors. This paper examines the energy, transportation, and telecommunications sectors’ exposure to short-term and long-term risks, and assesses their financial strength, investment possibilities, and long-term profitability. We believe that the following results will be a valuable information input for making better strategic decisions and more expedient planning of economic sustainable growth.

ACCRUAL ACCOUNTING, FOUNDATION FOR THE FINANCIAL REPORTING INTO THE PUBLIC SECTOR ENTITIES

OpenAIRE

Aurelia Stefanescu; Eugeniu Turlea

2011-01-01

The development of the accounting system of the public sector entities atmondial level has focused on taking up the accrual accounting as foundation for the financialreporting and totally or partially giving up the cash accounting. Within this context, by thisresearch, we define the coordinates of the accrual accounting, we analyse the adoption of itas a financial reporting basis into the public sector at international level and also theimplications of completing the cash accounting with the ...

Reducing financial barriers to vaccinating children and adolescents in the USA.

Science.gov (United States)

Bednarczyk, Robert A; Birkhead, Guthrie S

2011-02-01

To increase awareness of the financial barriers to childhood and adolescent vaccination, recent steps taken to mitigate these barriers, and remaining gaps following passage of Federal healthcare reform legislation. Financial barriers to vaccination remain, even with the safety net of the Vaccines for Children Program. Newly recommended vaccines have substantially increased the cost to fully vaccinate a child up to age 18 years, and the combination of these cost burdens and inadequate reimbursement, in both the private and public sectors, has led some physicians to seriously consider stopping vaccination services. Up to 20% of privately insured children or adolescents have coverage that does not fully cover all costs of immunization, potentially leading to fragmented and inadequate preventive care. Federal healthcare reform legislation, as currently constituted, may not fully address all financing gaps, and the extent to which financial barriers to immunization services remain will need to be evaluated as the legislation is implemented. Recent National Vaccine Advisory Committee recommendations need to be considered to address financial barriers to immunization.

Communities detection as a tool to assess a reform of the Italian interlocking directorship network

Science.gov (United States)

Drago, Carlo; Ricciuti, Roberto

2017-01-01

Interlocking directorships are important communication channels among companies and may have anticompetitive effect. A corporate governance reform was introduced in 2011 to prevent interlocking directorships in the financial sector. We apply community detection techniques to the analysis of the networks in 2009 and 2012 to ascertain the effect of such reform on the Italian directorship network. We find that, although the number of interlocking directorships decreases in 2012, the reduction takes place mainly at the periphery of the network. The network core is stable, allowing the most connected companies to keep their strategic position.

New evidence on the impact of structural reforms on electricity sector performance

International Nuclear Information System (INIS)

Polemis, Michael L.

2016-01-01

The evolution of electricity industry over the last decades has shown substantial differences between OECD countries. This paper empirically investigates to what extent different structural forms of regulation, competition and privatisation explain these international differences. It distinguishes three modes of electricity performance: a) net generation per capita, b) installed capacity and c) labour productivity. The empirical model spans the period 1975–2011 and uses panel data econometric techniques. Our analysis reveals that there is a strongly significant interaction impact on the level of electricity performance between regulation and competition. The empirical findings do confirm that a robust independent regulatory scheme must be implemented in order to achieve a competitive electricity market. - Highlights: •We assess the impact of structural reforms on OECD electricity sector performance. •Regulation has stronger impact on performance when interaction terms are present. •Privatisation has unambiguous effect on the elements of performance. •The combined effect of reforms on performance is more aggressive in the long run.

Accelerated reforms in healthcare financing: the need to scale up private sector participation in Nigeria.

Science.gov (United States)

Ejughemre, Ufuoma John

2014-01-01

The health sector, a foremost service sector in Nigeria, faces a number of challenges; primarily, the persistent under-funding of the health sector by the Nigerian government as evidence reveals low allocations to the health sector and poor health system performance which are reflected in key health indices of the country.Notwithstanding, there is evidence that the private sector could be a key player in delivering health services and impacting health outcomes, including those related to healthcare financing. This underscores the need to optimize the role of private sector in complementing the government's commitment to financing healthcare delivery and strengthening the health system in Nigeria. There are also concerns about uneven quality and affordability of private-driven health systems, which necessitates reforms aimed at regulation. Accordingly, the argument is that the benefits of leveraging the private sector in complementing the national government in healthcare financing outweigh the challenges, particularly in light of lean public resources and finite donor supports. This article, therefore, highlights the potential for the Nigerian government to scale up healthcare financing by leveraging private resources, innovations and expertise, while working to achieve the universal health coverage.

Additional financial statements preparation for the purposes of business success review of public sector entities according to IAS for the public sector

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Borović Natalija

2017-01-01

Full Text Available This paper aims to examine the specificity of interpretation of the business success of public sector entities and the implications of this observation on the restriction of information content of the official financial statements. The specificity of the business performance of public sector entities is reflected in the predominantly non-profit character of the realization of business results, as a result of the primacy of meeting the public interest, as the main reason for the functioning of the sector, as a whole. In addition, the ability to exercise the so-called conditional profitability, as an additional segment of success of secondary importance, requires the inclusion of profit and success criteria, as to obtain a comprehensive picture of the realization of business objectives at the entity level. This way of consideration of business performance, which means inclusion, to profit, and non-profit criteria of success and their mutual comparison, ranking and aggregation at the level of unified criteria to achieve business results requires assembling additional financial statements, in accordance with the regulations of IAS for the public sector.

La vigilanza sul sistema finanziario: obiettivi, assetti e approcci (Financial-Sector Regulation and Supervision: Targets, Frameworks and Approaches

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Mario Sarcinelli

2004-09-01

Full Text Available The scandals that have tarnished the reputation of Wall Street and in Italy have damaged those who have invested their savings in Parmalat or Cirio corporate bonds or in Argentinean Government securities justify revisiting the objectives to be achieved by regulation and supervision of the financial sector. Stability is still regarded as paramount for banking, to be secured through an appropriate capital cushion, extensive supervisory arrangements, and market discipline, as agreed by Basel 2. Other financial intermediaries need to conduct their business with great transparency, openness and respect of the rules. However, an ever expanding and innovative financial sector, the blurring of traditional segmentations and globalisation make the task of regulating and supervising the financial sector more difficult and challenging, thus requiring new frameworks, for instance a single agency, in various jurisdictions and more international co-ordination and co-operation among regulating and supervising agencies. Up to now, the approach followed by the latter has been microeconomic, but the growing financial instability and the greater relevance of systemic risk may ask for a macroeconomic management of prudential regulation and supervision, thus complementing monetary policy in securing financial stability.

The impact of risk factors on the financial performance of the commercial banking sector in Barbados

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Anthony Wood

2018-03-01

Full Text Available The objective of this paper is to determine the impact of risk factors on the financial performance of the commercial banking sector in Barbados using quarterly data for the period 2000 to 2015. The empirical results indicate that Capital Risk, Credit Risk, Liquidity Risk, Interest Rate Risk and Operational Risk have statistically significant impacts on financial performance. The only risk variable which does not derive this result is Country Risk. In addition, of those variables which proxy external factors, only GDP Growth has a statistically insignificant influence on financial performance. Credit risk exerted a negative impact on the banks’ financial performance, thus the banks must ensure they adopt appropriate measures to minimise the impact of this risk. Higher levels of capital impacted positively on the banking sector’s profitability. This paper is the first effort employing such an extensive dataset based on Barbados’ commercial banking sector and shows the main factors that influence commercial banks’ financial performance in this developing economy.

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...

Market-based implementation of Kyoto commitments: how the financial/insurance sector can support industry

International Nuclear Information System (INIS)

Knoepfel, Ivo

1999-01-01

The implementation of the Kyoto Protocol in the context of the Framework Convention on Climate Change will probably lead to economic winners and losers in various sectors of the economy. Especially carbon intensive industries will need to develop hedging strategies to prevent potential negative effects and to optimise market opportunities. Such strategies can be based on technological innovation, market and product diversification, and on financial/legal offsets. The Kyoto Protocol has introduced new market-based instruments, which can, in a near future provide such hedging opportunities. These include joint implementation, the so-called clean development mechanism, and international emissions trading. The financial services and insurance sector are the natural partners of industry in designing tailored hedging strategies. It is recommended that industry, financial services and insurance companies take a more proactive role in further developing the market-based instruments established by the Kyoto Protocol. (Author)

Health Sector Reform, Emotional Exhaustion, and Nursing Burnout: A Retrospective Panel Study in Iran.

Science.gov (United States)

Sadati, Ahmad Kalateh; Rahnavard, Farnaz; Heydari, Seyed Taghi; Hemmati, Soroor; Ebrahimzadeh, Najmeh; Lankarani, Kamran Bagheri

2017-10-01

Nursing burnout is affected by various factors, including work overload. Since the inauguration of the Health Sector Evolution Plan (HSEP) in Iran in 2014, government hospitals have been required to provide health services to the public at all levels. This decision, however, has increased the volume of patients admitted to government hospitals. Because nurses are on the front line of health services, they are faced with a greater load of care provision. This study aimed to evaluate nursing burnout before and after HSEP in Iran, with an emphasis on the differences between government and private hospitals. This retrospective panel study used Maslach's burnout inventory to evaluate nursing burnout in 371 nurses working in government and private hospitals in Shiraz, Iran, before and 7 months after the health sector reform. Chi-square test and paired t test were used to compare burnout scores. The results showed that nursing burnout had changed significantly after HSEP was launched (p = .030). A more detailed assessment found that burnout and emotional exhaustion had both increased significantly in the government-hospital group (ps = .014 and .001, respectively). However, no significant change in burnout was found in the private-hospital group over the same period. The findings of this study indicate an increase in nursing burnout in government hospitals. An important issue in every health sector reform is nursing resource management, with a focus on burnout. Accordingly, policymakers should consider the work overload situation of nurses and work to prevent increased burnout, especially emotional exhaustion.

Materiality in Public Sector Financial Audit: International Practice and the Opinion of Brazilian Experts

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Juliane Madeira Leitão

2016-04-01

Full Text Available Materiality in private sector financial audit is a topic that has been relatively well developed in the literature. Specific research in this regard in public sector auditing, on the other hand, is scarce at the international level and absent in Brazil. In view of this, the purpose of this study was to identify the parameters used to determine materiality in public sector financial audit. To this end, we sent questionnaires to the 192 Supreme Audit Institutions that are members of INTOSAI and to 36 Brazilian public auditors, specialists in financial audit, who are staff members of the TCU or the CGU seeking information with respect to the Institutions’ guidelines and the auditors’ perceptions about materiality. Results reveal that expenditures, revenues and total assets are the benchmarks most recommended by respondents for defining materiality in the public sector. In addition, they recommended the adoption of percentages of up to 2% for each of these parameters in defining what is material. It was observed, as well, especially with respect to the effectiveness of internal control and to public expectations or interests, that qualitative aspects should be also taken into account in determining materiality, although a lesser degree of importance is attributed to this than to the quantitative aspects,. The study contributes to the accounting literature on the development of audits, particularly with respect to the use of a concept, materiality, that is always emphasized in professional standards, but about which there are few objective guidelines.

FINANCIAL PERFORMANCE ANALYSIS AND BANKRUPTCY PREDICTION IN HUNGARIAN DAIRY SECTOR

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Rozsa Andrea

2014-07-01

The preliminary sample for the analysis is framed on the basis of three criteria: amount of the subscribed capital, sales revenues and product structure. Those companies are regarded as competitors that have subscribed capitals in excess of HUF 250 million, consistently high levels of sales revenues and diversified product structures. The preliminary sample consists of 7 companies. In 2012, their total sales revenues were as high as about 50% of the overall amount of sales revenues in the sector. Three of the 7 companies are possessed by foreign owners in full or part, whereas 4 of them belong to Hungarian owners. In 2012, Hungarian-owned companies covered more than one-third of the combined sales revenues of the 7 leading companies. Hence, the competitive positions of these 4 companies based on their financial positions are examined. These calculations have relied on the annual reports for the period of 2008–2012 (balance sheets, income statements, cash flow statements. The research has implemented a comprehensive and comparative financial analysis. The main question is what the key financial characteristics of the Hungarian-owned companies are. Financial indicators are calculated and their time-series analysis is accomplished to describe the sample companies’ capital structures, liquidity and profitability. Using comparative analysis of the applied financial ratios the study determines (1 which company has the most advantageous financial conditions for the successful operation; (2 which companies have disadvantageous financial situation; and (3 which companies are in potential financial distress situation. Potential bankruptcy positions are examined by the applications of Altman and Springate models.

Financing of private power development and power sector reform in emerging nations: an essential nexus?

International Nuclear Information System (INIS)

Lock, Reinier

1995-01-01

This article attempts to demonstrate and illustrate important relationships between the concept of the independent economic regulator and the evolution of emerging nation electric power sectors from patterns of government dominance that have undermined both their efficiency and their receptivity to substantial private sector involvement. It re-emphasizes the important relationships between industry structure, competition, market mechanisms and regulation; and the important distinctions between the different roles government can and should play in the power sector in different stages of evolution -as owner, manager, regulator and political policy maker. It seeks to put content and meaning into the concept of the independent regulator in the broader context of power sector reform. It distills from the experience of those countries with developed regulatory systems a series of practical guidelines or principles that may be helpful in the design and implementation of regulatory regimes for electricity and other infrastructural industries in emerging nations in the process of transformation from government dominated monopolies. (author)

Financial Instruments: the Essence, Diversity and Role in the Process of Modernization of the Electric Power Sector

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Abakumenko Olha V.

2017-03-01

Full Text Available The aim of the article is to clarify the methodological basis for further research concerning analysis of the existing practices and development of proposals on using financial instruments for the modernization of the Ukrainian electric power sector, in particular, to clarify the definition of “financial instruments” and justify their classification, taking into account the defining characteristics. Based on the critical evaluation of various scientific approaches to interpretation of the essence of financial instruments, the author’s definition is proposed. Thus, it is advisable to consider them as means, techniques and methods of attracting financial resources (capital from other entities and as absolutely liquid assets. The generalization and rethinking of the criteria for classification of financial instruments allowed the authors to divide them into financial assets (cash, bank metals, currency, financial obligations (equity and debt instruments, and instruments of irrevocable financial aid (charitable contributions, grants, crowdfunding, fundraising. The received methodological conclusions quite fully characterize the essence and variety of types of financial instruments, taking into account their principal properties, which will allow to make a well-considered justification for choosing the optimal instruments for the modernization of the electric power sector.

SIMILARITY OR DISSIMILARITY BETWEEN PUBLIC AND PRIVATE SECTOR

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ANDREEA CÎRSTEA

2015-08-01

Full Text Available Consolidated financial statements represent one of the main benefits that the public sector reforms brought. The novelty of the subject sparked out interest for a detailed research, research that can bring an added value to the development of this issue in the public sector. The paper aims to analyze the degree of similarity and dissimilarity between the initial regulations regarding the issue of consolidated reporting in the public and private sector. In order to obtain information about the similarity or dissimilarity between IPSAS and IAS regarding to consolidation we used correlation and/or association coefficients. We conclude that there is a high similarity between the two sets of standards, thing that is not surprising, because it is known that IPSAS are based on IAS. Even if IPSAS are based on IAS, there still are differences which arouse from the specificity of each sector.

Financial Crisis and Economic Restructuring in Southeast Asia

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Yul Kwon

1998-06-01

Full Text Available The hidden inner structural problem with the rapid growth of economy was exposed after the financial crisis and South-East Asia is facing serious economic crisis. Currently, the core of the financial crisis is the low function of financial system, so to make the financial department normal by rebuilding the untrue financial system is the problem we are facing. If our financial sector delay the structural adjustment and continue to be competitive in credit, the insolvent debenture will soar. Enterprise and financial institute closed one after another, causing economic collapse and the vicious circle. Accordingly, in order to overcome the current South-East Asia financial crisis, countries there put their focus on the rebuilding of financial system and under the financial system of IMF (International Monetary Foundation, they are doing economic adjustment in large-scale. This thesis studied the nature and features of the Asian financial crisis, and analyzed the main direction and feature of financial policy under IMF. Especially it analyzed the current situation in different countries for this adjustment, and researched the result of the economical reform after this financial crisis.

Reform of the global financial architecture: a new social contract between society and finance.

OpenAIRE

Banziger, H.

2009-01-01

The current global crisis poses significant challenges for our fi nancial system, our economies, and our societies. Overcoming these will require a new “social contract” between society and finance. This must include improvements to corporate governance, a reform of capital requirements, a more transparent and less procyclical accounting framework, banking laws to reflect modern financial markets, better infrastructure, and stronger supervision. Given the global nature of today’s capital mark...

The impact of financial crisis on accounting reform with special reference to the situation in the Republic of Serbia

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Kikanović Ramiz

2012-01-01

Full Text Available The global economic crisis that first gripped housing market at the USA and then spread to the other parts of the world, pointed out to the necessity of the reforms in all areas. One of the areas where the reforms are necessary is the area of accounting. These reforms are important for all interested users in a way that they provide them with all the necessary information's at the right time. Accounting, as one of the main pillars of society, can strengthen or weaken the confidence of shareholders, institutional investors and economic policy makers of the country. So it is necessary that financial information are accurate and reliable. In order to eliminate the economic phenomena that have arisen as a result of the crisis, like the economic stagnation and reduction of financial resources, we must find out causes of their origin and manifestations. This is possible by using the well-defined economic policies and accounting regulations, which takes place at predefined and prescribed by IAS and IFRS. This paper will highlight the impact of the financial crisis on accounting and the International Accounting Standards, with particular reference to the situation in Serbia. One of the necessary conditions that Serbia has to fulfill to become a member of the EU is to harmonize its accounting policies and practices regulative to those applied in the EU.

Beyond patient care: the impact of healthcare reform on job satisfaction in the Ethiopian public healthcare sector.

Science.gov (United States)

Manyazewal, Tsegahun; Matlakala, Mokgadi C

2017-02-03

While healthcare reform has been a central attention for local governments, its impact on job satisfaction is poorly understood. This study aimed to determine the impact of healthcare reform on job satisfaction in the public healthcare sector in Ethiopia. The study was designed as a facility-based cross-sectional survey of healthcare professionals and carried out in all public hospitals in central Ethiopia which have been implementing healthcare reform (n = 5). All healthcare professionals in the hospitals who were involved in the reform from the inception (n = 476) were purposively sourced to complete a self-administered questionnaire adapted from a framework proposed for measuring job satisfaction of health professionals in sub-Saharan Africa. Kaiser-Meyer-Olkin and Bartlett's tests were conducted to measure sampling adequacy and sphericity for factor analysis. Likert's transformation formula was used to numerically analyse the satisfaction level of the respondents and to determine the cut-off value of satisfaction levels. Non-parametric and multiple logistic regression analysis were conducted to determine predictors of job satisfaction. A total of 410 healthcare professionals completed the survey, representing an 88% response rate. The median and mean job satisfaction scores were 50 and 49, respectively, on a scale 1-100, which was equivalent to 'Job dissatisfied' on the Likert scale. Only 25% of respondents perceived job satisfaction due to implementation of the reform. Moral satisfaction (adjusted odds ratio (aOR), 177.65; 95% confidence interval (CI), 59.54-530.08), management style (aOR, 4.02; 95% CI, 1.49-10.83), workload (aOR, 2.42; 95% CI, 0.93-6.34), and task (aOR, 5.49; 95% CI, 2.31-13.07) were the most significant predictors. Job satisfaction results were significantly different among the study hospitals (χ 2  = 30.56, p < .001). The healthcare reform significantly and negatively influences public healthcare professionals' job

China's economic reform and industry sector energy requirement: A forecast to 2015

International Nuclear Information System (INIS)

Gu, A.Y.

1997-01-01

With its GDP growing at an average rate of 9.8% for the last seventeen years, China has the world's fastest growing economy. This rapid pace of growth and industrialization has caused economic strain because fuel production cannot keep pace with demand, If China allows this situation to continue, significant oil imports will be necessary. In 1993, the industrial sector contributed 56% to China's GDP and consumed 61% of the total final energy. The industrial sector will remain the largest energy consumer in China well into the next century. According to China's Ninth Five-Year Plan (1996--2000), China will strengthen its ability to develop new products and will use technological advancement to promote industrial development. The Plan calls for special attention in four major areas: microelectronics technology, digital technology, software technology, and network technology. Given China's emphasis on developing light industries and on improving industrial sector energy efficiency, it is important to study the future energy demand of the industrial sector. Two scenarios for future energy requirements are studied through the year 2015: a Business As Usual (BASU) scenario and an Energy Efficient (EE) scenario. The study evaluates China's current economic reform policies and energy efficiency policies. The results of this evaluation are used to assign appropriate growth rates to industrial GDP and the industrial energy intensity for both scenarios. Results from the two scenarios are compared and analyzed

Evaluation of the Financial and Operating Performance of Fertilizers and Chemical & Pharmaceutical Sectors of Indian Public Sector Enterprises After Disinvestment

Directory of Open Access Journals (Sweden)

DR. GAGAN SINGH

2014-04-01

Full Text Available After 1991 the Government of India is following a policy of economic liberalisation and concept of disinvestment has been more or less accepted by at least all the parties whenever they are Government Disinvestment involves the sale of equity and bond capital invested by the government in PSUs. The failure of the public sector to fulfill the role assigned to it resulted in the protest become louder and more articulate. The main focus of the present paper is to examine the impact of disinvestment on the financial and operating performance of fertilizers and chemical & pharmaceutical sectors of Indian Public sector enterprises. April 2009 onwards, there are fourteen enterprises in which government has undertaken disinvestment recently. After partial disinvestment of both fertilizers and chemical & pharmaceutical sectors of Indian Public sector enterprises, their dependence on the outsiders’ funds has been increased+

Binomial model for measuring expected credit losses from trade receivables in non-financial sector entities

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Branka Remenarić

2018-01-01

Full Text Available In July 2014, the International Accounting Standards Board (IASB published International Financial Reporting Standard 9 Financial Instruments (IFRS 9. This standard introduces an expected credit loss (ECL impairment model that applies to financial instruments, including trade and lease receivables. IFRS 9 applies to annual periods beginning on or after 1 January 2018 in the European Union member states. While the main reason for amending the current model was to require major banks to recognize losses in advance of a credit event occurring, this new model also applies to all receivables, including trade receivables, lease receivables, related party loan receivables in non-financial sector entities. The new impairment model is intended to result in earlier recognition of credit losses. The previous model described in International Accounting Standard 39 Financial instruments (IAS 39 was based on incurred losses. One of the major questions now is what models to use to predict expected credit losses in non-financial sector entities. The purpose of this paper is to research the application of the current impairment model, the extent to which the current impairment model can be modified to satisfy new impairment model requirements and the applicability of the binomial model for measuring expected credit losses from accounts receivable.

Can Organizations Learn without Political Leadership? The Case of Public Sector Reform among South African Home Affairs Officials

DEFF Research Database (Denmark)

Segatti, Aurelia; Hoag, Colin Brewster; Vigneswaran, Darshan

2012-01-01

This paper deals with the transformation of “institutional culture” in bureaucratic agencies. This is explored in the context of post-Apartheid South African public sector reform, and more particularly that of migration management within the Department of Home Affairs (DHA). The paper assesses...... the effects on staff’s perceptions and practices of a politically driven attempt at inculcating a new sense of “service delivery”. Structural factors are not found to have been prevalent determinants explaining the difficulties in implementing the reform. It is rather the failure of the political leadership...

Institutional reforms and their impact on rural electrification: Case studies in South and Southeast Asia

Energy Technology Data Exchange (ETDEWEB)

Shrestha, R.M.; Kumar, S.; Toodoc, M.J.; Sharma, S.

2004-04-01

and relieving the financial burden of electricity institutions by sharing the costs of electricity supply with the private sector and the electricity consumers. The subregion, therefore, cover a wide continuum on the reform scale and present an interesting case study for analysing the issues of electricity (a sut-sector of energy) access to the poor and the impacts of reform. The objective of the study was to examine the reforms in the electricity sector that have crucial influence on electricity access. The study assessed whether the institutional restructuring and major reforms mentioned above had had impacts on the access to electricity among the poor. Three country case studies were chosen for assessment: Thailand, Bangladesh, and Vietnam. These countries in the subregion represented diverse economic standing as well as different approaches in increasing electricity access among the people. The selected reform measures in the three countries were assessed with respect to the following indicators: 1) Electrification levels. 2) Electrification rates. 3) Average or per capita kWh consumption. 4) Average electricity tariffs; and Electricity expenditures as percentage of total household expenditures. As various reform measures were undertaken in the past, the study had chosen few reform measures for Bach country case study for assessment. In the absence of electricity and affordability data by income classes (poor and non-poor), the study used electricity data of rural and urban population as a proxy of the poor and the nonpoor households, respectively. (BA)

People – Money Co-movement and the Ethnic Financial Sectors in Canada and the U.S.

OpenAIRE

Lucia Lo; Wei Li

2008-01-01

Financial globalization and international migration have altered the socio-economic-demographic make-up as well as the financial dynamics in immigrant receiving countries. An outcome is the emergence or strengthening of a formal ethnic financial sector consisting of financial institutions that are owned and/or operated by a variety of ethnic groups. Focusing on ethnic banks in Los Angeles, USA and ethnic credit unions in Toronto, Canada, and using secondary sources and interviews with bank ex...

Can organisations learn without political leadership? The case of public sector reform among South African Home Affairs officials

NARCIS (Netherlands)

Segatti, A.; Hoag, C.; Vigneswaran, D.

2012-01-01

This paper deals with the transformation of "institutional culture" in bureaucratic agencies. This is explored in the context of post-Apartheid South African public sector reform, and more particularly that of migration management within the Department of Home Affairs (DHA). The paper assesses the

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.

An ecological tax reform in Germany

International Nuclear Information System (INIS)

Bakker, L.; Bleijenberg, A.N.

1992-01-01

This study, being a part of the large research program 'External Effects of Energy Procurement' and coordinated by PROGNOS, concerns the distributional and macro-economic effects of the internalization of the external effects of the energy supply by means of an ecological tax reform. The PROGNOS study is focused on the costs and effects of energy production, procurement and consumption (in Germany), that are not taken care of by the market. Here a rough estimate is given of the macro-economic consequence and the distributional effects for the industrial sector and households in (West) Germany of an energy tax of which the revenues are 'reinjected' into the economy, mainly by lowering the financial burden on labour. First a description is given of the starting points of the study and the form of the energy tax. Subsequently attention is paid to the macro-economic effects, the sectoral effects, and the effects on the distribution of incomes for households. The model calculations for Western Germany and the Netherlands confirm the expectation that an ecological tax reform leads to the combined realization of employment and environmental objectives. Shifts in the sectoral structure may occur. Energy intensive branches of industry will have to give up a part of their market share in favour of labour-intensive sectors. The results also illustrate that there are several possibilities to prevent a change in the collective burden of regular expenses as a result of a tax or levy on energy, and that the effects of a fuel tax on the income distribution can be corrected. 5 figs., 19 tabs., 5 apps., 15 refs

On the nexus of monetary policy and financial stability: Is the financial system more resilient?

OpenAIRE

Mora, Patricia Palhau; Januska, Michael

2016-01-01

Monetary policy and financial stability are closely intertwined, and the resilience of the financial system carries weight in this relationship. This paper explores whether the financial system is more resilient as a result of the G20's post-crisis agenda for financial regulatory reform. It summarizes the agenda's key measures and implementation schedules, both internationally and in Canada, reviews the effectiveness of the reform measures in preventing and addressing financial imbalances, an...

Climate Change and the Financial Sector. An Agenda for Action

International Nuclear Information System (INIS)

Dlugolecki, A.; Lafeld, S.

2005-06-01

Human-induced climate change has rapidly become an important factor for the financial sector in its insurance, banking and investment activities. For centuries the financial sector has been involved in the management of climate variability through its provision of credit for seasonal cycles of agriculture, selection of suitable investment opportunities, and insurance against natural disasters, and has gained an invaluable fund of experience in that area. However, now the changes are not random, and the rate of change is accelerating. The details of the future climate are still unclear, and in fact they depend critically upon the way we manage our business and social affairs and use the land. It is clear that planning for the future properly, means anticipating different weather patterns and different economic structures from todays. The risks faced by clients will be different, and the returns on their present and future investments will change from the customary ones. The challenges will spring from a number of directions - physical changes in the environment, regulatory moves to limit greenhouse gas emissions, legal challenges to inadequate governance, reputational fallout from the corporate position on climate change, and competitive pressures as production costs shift and products are substituted in response to the new economics of a carbon-constrained world. In matters that affect them and their clients, financial companies have a duty also to join the debate to ensure that the outcome is efficient. Because of their involvement in every strand of the economy, and their dependence in the long-term on sustainable economic development, integrated global financial companies like Allianz need to take a broad, objective view. This is particularly valuable, since their views ought to reflect the best outcome for society as a whole. The position as assessed by this report is that there is already enough information to see that 'business as usual' is not an option

Climate Change and the Financial Sector. An Agenda for Action

Energy Technology Data Exchange (ETDEWEB)

Dlugolecki, A.; Lafeld, S. (eds.)

2005-06-01

Human-induced climate change has rapidly become an important factor for the financial sector in its insurance, banking and investment activities. For centuries the financial sector has been involved in the management of climate variability through its provision of credit for seasonal cycles of agriculture, selection of suitable investment opportunities, and insurance against natural disasters, and has gained an invaluable fund of experience in that area. However, now the changes are not random, and the rate of change is accelerating. The details of the future climate are still unclear, and in fact they depend critically upon the way we manage our business and social affairs and use the land. It is clear that planning for the future properly, means anticipating different weather patterns and different economic structures from todays. The risks faced by clients will be different, and the returns on their present and future investments will change from the customary ones. The challenges will spring from a number of directions - physical changes in the environment, regulatory moves to limit greenhouse gas emissions, legal challenges to inadequate governance, reputational fallout from the corporate position on climate change, and competitive pressures as production costs shift and products are substituted in response to the new economics of a carbon-constrained world. In matters that affect them and their clients, financial companies have a duty also to join the debate to ensure that the outcome is efficient. Because of their involvement in every strand of the economy, and their dependence in the long-term on sustainable economic development, integrated global financial companies like Allianz need to take a broad, objective view. This is particularly valuable, since their views ought to reflect the best outcome for society as a whole. The position as assessed by this report is that there is already enough information to see that 'business as usual' is not an

Factors influencing Complexity in Financial Report preparation - Evidence from the Banking Sector in Kenya

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A.Mutiso

2013-06-01

Full Text Available The current developments in the business environment as well as in the accountancy profession have significantly affected the way the financial reports are prepared. This study sought to assess the factors influencing complexity of preparing financial reports in the banking sector in Kenya. The objectives included assessing whether disclosures, adoption of International financial Reporting Standard, regulations and lack of competence by the preparers have contributed to the complexity of preparing financial statements. Using a descriptive study design, data was collected from ten banks registered in the Nairobi Capital Market. The study found out that the identified variables positively contributed to complications in the preparation of financial reports. Management interference, lack of guidance on interpretations and frequent updates of the standards were identified as the main challenges in preparing financial reports. Several recommendations were given to help simplify the process of preparing financial statements.

Policy alternatives in reforming energy utilities in developing countries

International Nuclear Information System (INIS)

Gabriele, Alberto

2004-01-01

This paper examines the policy alternatives faced by developing countries in their endeavor to preserve and develop their electricity and gas systems, two service-oriented industries which--along with oil--provide the bulk of energy supply both in developed and in developing countries. Even in very poor countries, industrially generated energy is indispensable for carrying out most economic activities. Therefore, governments traditionally recognize that the supply of gas and electricity entails a fundamental public service dimension. The Introduction presents the case for reforming of energy utilities, discusses in general terms the pros and cons of privatization, and attempts to locate the reforms in a broader historical framework in which developing countries' governments faced characterized by increasing financial hardship. Section 2 constitutes the core of the paper. It reviews the main features of gas and power sector reforms in the developing world and analyzes specifically the cases of five semi-industrialized countries in Latin America and Asia. Section 3 (Concluding remarks) briefly evaluates the country experiences reviewed above and indicates a few policy lessons which can be learnt from them. The main conclusion is that, in a long-run development perspective, full-scale privatization of gas and power sectors in developing countries entails significant risks, and therefore a flexible policy approach is preferable to a rigid commitment to extensive liberalization

Health sector reforms and human resources for health in Uganda and Bangladesh: mechanisms of effect

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Kielmann Tara

2007-02-01

Full Text Available Abstract Background Despite the expanding literature on how reforms may affect health workers and which reactions they may provoke, little research has been conducted on the mechanisms of effect through which health sector reforms either promote or discourage health worker performance. This paper seeks to trace these mechanisms and examines the contextual framework of reform objectives in Uganda and Bangladesh, and health workers' responses to the changes in their working environments by taking a 'realistic evaluation' approach. Methods The study findings were generated by triangulating both qualitative and quantitative methods of data collection and analysis among policy technocrats, health managers and groups of health providers. Quantitative surveys were conducted with over 700 individual health workers in both Bangladesh and Uganda and supplemented with qualitative data obtained from focus group discussions and key interviews with professional cadres, health managers and key institutions involved in the design, implementation and evaluation of the reforms of interest. Results The reforms in both countries affected the workforce through various mechanisms. In Bangladesh, the effects of the unification efforts resulted in a power struggle and general mistrust between the two former workforce tracts, family planning and health. However positive effects of the reforms were felt regarding the changes in payment schemes. Ugandan findings show how the workforce responded to a strong and rapidly implemented system of decentralisation where the power of new local authorities was influenced by resource constraints and nepotism in recruitment. On the other hand, closer ties to local authorities provided the opportunity to gain insight into the operational constraints originating from higher levels that health staff were dealing with. Conclusion Findings from the study suggest that a reform planners should use the proposed dynamic responses model to

Coal pricing in China: Issues and reform strategy. World Bank discussion paper

International Nuclear Information System (INIS)

Albouy, Y.

1991-01-01

The study assesses the magnitude of coal price distortions left in place by the dual track pricing approach to price reform implemented by China in the 1980s; it examines the economic and financial costs of these distortions and identifies the potential winners and losers of pricing improvements. Finally the report outlines a strategy for gradual price adjustments and liberalization in the coal sector. (Copyright (c) 1991 The International Bank for Reconstruction and Development/The World Bank.)

Human resource for health reform in peri-urban areas: a cross-sectional study of the impact of policy interventions on healthcare workers in Epworth, Zimbabwe.

Science.gov (United States)

Taderera, Bernard Hope; Hendricks, Stephen James Heinrich; Pillay, Yogan

2017-12-16

The need to understand how healthcare worker reform policy interventions impact health personnel in peri-urban areas is important as it also contributes towards setting of priorities in pursuing the universal health coverage goal of health sector reform. This study explored the impact of post 2008 human resource for health reform policy interventions on healthcare workers in Epworth, a peri-urban community in Harare, Zimbabwe, and the implications towards health sector reform policy in peri-urban areas. The study design was exploratory and cross-sectional and involved the use of qualitative and quantitative methods in data collection, presentation, and analysis. A qualitative study in which data were collected through a documentary search, five key informant interviews, seven in-depth interviews, and five focus group discussions was carried out first. This was followed by a quantitative study in which data were collected through a documentary search and 87 semi-structured sample interviews with healthcare workers. Qualitative data were analyzed thematically whilst descriptive statistics were used to examine quantitative data. All data were integrated during analysis to ensure comprehensive, reliable, and valid analysis of the dataset. Three main factors were identified to help interpret findings. The first main factor consisted policy result areas that impacted most successfully on healthcare workers. These included the deployment of community health workers with the highest correlation of 0.83. Policy result areas in the second main factor included financial incentives with a correlation of 0.79, training and development (0.77), deployment (0.77), and non-financial incentives (0.75). The third factor consisted policy result areas that had the lowest satisfaction amongst healthcare workers in Epworth. These included safety (0.72), equipment and tools of trade (0.72), health welfare (0.65), and salaries (0.55). The deployment of community health volunteers impacted

Power sector reforms in Ethiopia: options for promoting local investments in rural electrification

Energy Technology Data Exchange (ETDEWEB)

Teferra, Mengistu [Ministry of Economic Development and Co-operation, Addis Ababa (Ethiopia)

2002-09-01

An estimated 13% of Ethiopia's population has access to electricity. Almost all electrified centres are urban, with rural areas as well as most small rural towns largely unelectrified. Rural electrification (RE) thus remains a major challenge to the power sector of Ethiopia. The national power utility (EEPCO) has traditionally been assigned the task of electrifying rural demand centres. EEPCO has, however, concentrated on the more developed and profitable urban areas. The objective of this article is to present the findings of a study that examined whether the ongoing power sector reforms in Ethiopia can attract private investment in RE as an alternative to the sole reliance on EEPCO. Initial findings of the study indicate that private investment in RE can be enhanced with some improvement in the legal and regulatory provisions, along with extension of technical assistance from EEPCO to private investors. (Author)

Implementing Security Sector Reform

Science.gov (United States)

2008-12-04

ownership and genuine reform. His experience in Diyala Province indicated that the most effective means of pursuing transition and transformation among...that I have no solution to the security situation in Afghanistan, or to the questions of violence, crime, insurrection, or militias vs . army vs ...than to merge those interests into a greater whole. Franchising of problems or solutions is often the result. In Afghanistan, problems and

THE FINANCIAL SECTOR OF THE STATE - THE STRUCTURE OF THE BANKING SYSTEM WITH A BANKING SECTOR IN CENTRAL AND EASTERN EUROPEAN COUNTRIES

Directory of Open Access Journals (Sweden)

Ljiljana Stošić Mihajlović

2017-10-01

Full Text Available The financial sector of each country in the world has its own specificities that depend on many factors. In this paper we will talk about the structure of the financial system in our country from the aspect of the banking sector. Banks are specialized institutions that have a special role in the development of the country's economic system, as their basic function is to supply the economy with the necessary amount of loans and money. Banking business is a special economic activity. It is determined by the type and content of banking operations. In general terms, banking transactions are divided into two groups: active and passive. The Bank is established as a joint-stock company, which is regulated by the laws on banks and international regulatory frameworks.

Organisation and reforms of the electricity sector in Slovenia

International Nuclear Information System (INIS)

Hrovatin, Nevenka; Zoric, Jelena; Pittman, Russell

2009-01-01

As a new member state of the EU, Slovenia has been required to adopt EU legislation in full. The Slovenian electricity market has been partially opened since 2001. From 1 July 2007, when households became eligible customers, the electricity market opened fully. The electricity reforms carried out so far comprise of market liberalization, unbundling of activities, allowing regulated TPA, formation of an organized power market, adoption of incentive-based price cap regulation and the establishment of an independent regulatory body. The challenge that remains to be addressed is how to enhance competition in an electricity market that has a net importer position with limited cross-border capacity. Envisaged investments in generating and cross-border capacities will partially close the gap between domestic generation and consumption. Furthermore, since Slovenia has one of the largest levels of state ownership in the electricity sector among EU member states, privatization of electricity companies is envisaged in the near future. (author)

Economies of vertical integration in the Swiss electricity sector

Energy Technology Data Exchange (ETDEWEB)

Fetz, Aurelio; Filippini, Massimo [Department of Management, Technology and Economics, ETH Zurich (Switzerland); Department of Economics, University of Lugano (Switzerland)

2010-11-15

Over the last two decades, several European nations have introduced reforms to their electricity sector. Generally, these reforms require a legal and functional unbundling of vertically integrated companies. These unbundling processes may reduce the possibilities that exist to fruitfully exploit the advantages of vertical integration. The goal of this paper is to empirically analyze the presence of economies of scale and vertical integration in the Swiss electricity sector. Economies of vertical integration between electricity production and distribution result from reduced transaction costs, better coordination of highly specific and interdependent investments and less financial risk. Different econometric specifications for panel data, including a random effects and a random-coefficients model, have been used to estimate a quadratic multi-stage cost function for a sample of electricity companies. The empirical results reflect the presence of considerable economies of vertical integration and economies of scale for most of the companies considered in the analysis. Moreover, the results suggest a variation in economies of vertical integration across companies due to unobserved heterogeneity. (author)

Nigeria; Publication of Financial Sector Assessment Program Documentation––Technical Note on Stress Testing

OpenAIRE

International Monetary Fund

2013-01-01

To assess the financial stability in Nigeria, various stress tests and analytic processes were undertaken jointly by the Nigerian authorities and the Financial Sector Assessment Program (FSAP) team. The exercise included macroeconomic scenario analysis and its transmission into a range of single- and multifactor shocks. The tests covered the entire Nigerian banking system and looked at the short-term horizon, in part because of data constraints. Sensitivity stress tests estimated the impact o...

A questão do investimento no Setor Elétrico Brasileiro: reforma e crise The investment in the Brazilian power sector: reform and crisis

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João Lizardo de Araújo

2001-01-01

Full Text Available Brazil is presently going through its worse electricity supply crisis in fifty years. This happens after seven year efforts of market-oriented reforms, and inevitably raises the issue of whether the design and rhythm of the reform have been correct. The roots of the present crisis lie in a long period of underinvestment dating from the eighties; sector reforms were aimed at correcting this situation, but have been unsuccessful thus far. This article discusses the causes of this failure and attempts a way out of the present problems. The present crisis requires an emergency answer, but also a long term policy. I argue that such a policy must be based upon the acknowledgement that electricity demand in Brazil will tend to grow fast for the foreseeable future and that sector reform must be based upon dynamic rather than static efficiency. Furthermore, the large Brazilian hydropower system requires special treatment if we are to have investment in hydro and in thermal plants.

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

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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.

Influence of organisational culture on the implementation of health sector reforms in low- and middle-income countries: a qualitative interpretive review.

Science.gov (United States)

Mbau, Rahab; Gilson, Lucy

2018-01-01

Health systems, particularly in low- and middle-income countries, are commonly plagued by poor access, poor performance, inefficient use and inequitable distribution of resources. To improve health system efficiency, equity and effectiveness, the World Development Report of 1993 proposed a first wave of health sector reforms, which has been followed by further waves. Various authors, however, suggest that the early reforms did not lead to the anticipated improvements. They offer, as one plausible explanation for this gap, the limited consideration given to the influence over implementation of the software aspects of the health system, such as organisational culture - which has not previously been fully investigated. To identify, interpret and synthesise existing literature for evidence on organisational culture and how it influences implementation of health sector reforms in low- and middle-income countries. We conducted a systematic search of eight databases: PubMed; Africa-Wide Information, Cumulative Index of Nursing and Allied Health Literature (CINAHL), Econlit, PsycINFO, SocINDEX with full text, Emerald and Scopus. Eight papers were identified. We analysed and synthesised these papers using thematic synthesis. This review indicates the potential influence of dimensions of organisational culture such as power distance, uncertainty avoidance, and in-group and institutional collectivism over the implementation of health sector reforms. This influence is mediated through organisational practices such as communication and feedback, management styles, commitment and participation in decision-making. This interpretive review highlights the dearth of empirical literature around organisational culture and therefore its findings can only be tentative. There is a need for health policymakers and health system researchers to conduct further analysis of organisational culture and change within the health system.

Global financial crisis and weak-form efficiency of Islamic sectoral stock markets: An MF-DFA analysis

Science.gov (United States)

Mensi, Walid; Tiwari, Aviral Kumar; Yoon, Seong-Min

2017-04-01

This paper estimates the weak-form efficiency of Islamic stock markets using 10 sectoral stock indices (basic materials, consumer services, consumer goods, energy, financials, health care, industrials, technology, telecommunication, and utilities). The results based on the multifractal detrended fluctuation analysis (MF-DFA) approach show time-varying efficiency for the sectoral stock markets. Moreover, we find that they tend to show high efficiency in the long term but moderate efficiency in the short term, and that these markets become less efficient after the onset of the global financial crisis. These results have several significant implications in terms of asset allocation for investors dealing with Islamic markets.

Emerging markets and the international financial architecture: a blueprint for reform

Directory of Open Access Journals (Sweden)

JAN KREGEL

2015-06-01

Full Text Available If emerging markets are to achieve their objective of joining the ranks of industrialized, developed countries, they must use their economic and political influence to support radical change in the international financial system. This working paper recommends John Maynard Keynes's "clearing union" as a blueprint for reform of the international financial architecture that could address emerging market grievances more effectively than current approaches. Keynes's proposal for the postwar international system sought to remedy some of the same problems currently facing emerging market economies. It was based on the idea that financial stability was predicated on a balance between imports and exports over time, with any divergence from balance providing automatic financing of the debit countries by the creditor countries via a global clearinghouse or settlement system for trade and payments on current account. This eliminated national currency payments for imports and exports; countries received credits or debits in a notional unit of account fixed to national currency. Since the unit of account could not be traded, bought, or sold, it would not be an international reserve currency. The credits with the clearinghouse could only be used to offset debits by buying imports, and if not used for this purpose they would eventually be extinguished; hence the burden of adjustment would be shared equally - credit generated by surpluses would have to be used to buy imports from the countries with debit balances. Emerging market economies could improve upon current schemes for regionally governed financial institutions by using this proposal as a template for the creation of regional clearing unions using a notional unit of account.

Bureaucratic reform, informal sector and welfare

OpenAIRE

Chaudhuri, Sarbajit; Mandal, Biswajit

2012-01-01

In this paper we formulate a three-sector general equilibrium model where one sector produces a service or good used as an intermediate input in two other sectors. Intermediate input here resembles bureaucratic (in)efficiency/control, red-tapism etc. in light of these concerns we introduce informal sector where wage is determined through competitive mechanism. We show that informal wage must go up if bureaucratic efficiency increases in general or if informal sector becomes less prone to bure...

SUPERCOMPUTERS FOR AIDING ECONOMIC PROCESSES WITH REFERENCE TO THE FINANCIAL SECTOR

Directory of Open Access Journals (Sweden)

Jerzy Balicki

2014-12-01

Full Text Available The article discusses the use of supercomputers to support business processes with particular emphasis on the financial sector. A reference was made to the selected projects that support economic development. In particular, we propose the use of supercomputers to perform artificial intel-ligence methods in banking. The proposed methods combined with modern technology enables a significant increase in the competitiveness of enterprises and banks by adding new functionality.

The effects of IT and open innovation strategies on innovation and financial performances in the banking sector

Directory of Open Access Journals (Sweden)

Tornjanski Vesna

2016-01-01

Full Text Available This paper deals with the effects IT and open innovation strategies have on innovation and financial performances in the Serbian banking sector, using the case study method based on qualitative and quantitative data. The research results point to the need for introducing the concept of open innovation in the banking sector i.e. to adequately incorporate external knowledge in innovation processes using appropriate technologies. Employees and established partnerships with key stakeholders are the two most significant sources for the generation and commercialization of radical innovations, while customers and other sources of knowledge acquisition allow the generation of various knowledge and ideas, and the creation of incremental innovations with the primary purpose of satisfying the end users of banking services, improving existing processes and service quality. To maximize utilization of resources from the open innovation model, the concluding paragraph contains recommendations for managers in the banking sector. The study may be useful for managers in the financial services, banking, IT sector and innovation management.

Financial Health of the Higher Education Sector: 2015-16 to 2018-19 Forecasts. Data Analysis. November 2016/34

Science.gov (United States)

Higher Education Funding Council for England, 2016

2016-01-01

This report provides an overview of the forecast financial health of the HEFCE-funded higher education (HE) sector in England. The analysis covers the financial forecasts for the period 2015-16 to 2018-19, based on information submitted by higher education institutions (HEIs) to HEFCE in July 2016. Financial Reporting Standard (FRS) 102 is the new…

The Rise of Mobile Technology on the Financial Sector in Zimbabwe

Directory of Open Access Journals (Sweden)

Paul Mupfiga

2017-07-01

Full Text Available The emergence of technology has revolted the way that the financial industry operates and the increasing use of mobile gadgets has changed the banking system from the traditional brick and mortar building to a virtual system. The sudden rise in use and innovation of smart mobile phones, mobile personal computers, tablets and various other mobile electronic gadgets has resulted in the rise of mobile financial products. Rapid quickening innovative headways are making completely new business suggestions, for example, crowd financing, shared loaning, advanced monetary forms, versatile managing an account, online speculation and new instalment frameworks. Zimbabwe's mobile technology use is currently on the rise too as mobile service providers like Econet are enabling the connection between consumers and financial related products. Despite the fact that innovation without a doubt brings benefits, prominent specialized disappointments in the money related part lately are disturbing and several negative factors are to some extent affecting production. Drawbacks like cybercrime, resistance to change, and compatibility of mobile gadgets are affecting the information technology environment. This paper highlights the rise of mobile technology in the financial sector in Zimbabwe.

Foreign Strategic Investment and China’s Financial Security

Institute of Scientific and Technical Information of China (English)

朱盈盈; 曾勇; 李平; 何佳

2008-01-01

We analyze the background, status quo and characteristics of introducing foreign strategic investors into Chinese banks, and summarize various arguments on this issue. Our conclusions are as follows: introducing foreign strategic investors into Chinese banks is a necessary step in the reform and opening of China’s banking sector, and is encouraged by the regulatory authorities; introducing foreign strategic investors into Chinese banks has presented some unique features; from the perspective of control of financial resources, under the current institutional and legal regimes, introducing foreign strategic investors will not threaten China’s financial security; there is no convincing evidence that Chinese banks have been sold short with the introduction of foreign strategic investors; the results of strategic investment remain to be seen.

The Financial Crisis and the Management of Change in the Banking Sector

Directory of Open Access Journals (Sweden)

Alexandra Micu

2014-12-01

Full Text Available In the last two decades the banking sector had been facing a series of profound changes. After a significant period of growth and wellbeing, the economy has faced a sudden and severe crisis. The main effect of the economic downturn implied a sharp decrease in the economic activity overall, and in the banking sector in particular, which led to millions of people losing their jobs. The article focuses on this heavily affected branch of the economy, and looks into the most efficient change management methods and turnaround strategies that enabled select organizations to remain competitive and overcome the multiple difficulties caused by the financial crisis.

Transforming the Nigerian power sector for sustainable development

International Nuclear Information System (INIS)

Gatugel Usman, Zubairu; Abbasoglu, Serkan; Tekbiyik Ersoy, Neyre; Fahrioglu, Murat

2015-01-01

Nigeria has been plagued with acute power shortages due to poor performance of its power sector. Several policies and reforms have been implemented by the government to address the poor performance of the power generation, transmission and distribution sectors of the electricity industry. Also various strategies were employed by the government which includes encouraging private sector participation, diversification of the energy generation sources and promoting energy efficiency for sustainable development. In addition the government has spent billions of dollars since 2001 in the construction of new power generation facilities, transmission lines and distribution centers to boost the power supply. It has deregulated the generation and distribution sectors to encourage private sector participation and empowers the Energy Commission of Nigeria to embark on programs and strategies that can boost energy generation from renewable sources. This paper examined the country's energy sources and the power sector reforms adopted by the government. The paper also outlined some recommendations based on reforms implemented by other countries with similar resources to Nigeria which yielded positive results. - Highlights: • Available resources for power generation in Nigeria. • Power sector challenges, policies and reforms. • Implications of the reforms implemented. • Recommendations for improving the sector's performance.

Electricity reform in Argentina: Lessons for developing countries

International Nuclear Information System (INIS)

Pollitt, Michael

2008-01-01

Argentina was one of the first countries in the world to implement a comprehensive reform of its electricity sector. Among developing countries only Chile has had a comparably comprehensive and successful reform. This paper traces the history of the Argentine reform, which began in 1992, and assesses its progress and its lessons. We conclude that the reform was very successful prior to the collapse of the Argentine peso in early 2002. We suggest lessons for the generation, transmission and distribution (and retailing) sectors, as well as the economic regulation of electricity and the general institutional environment. We note that the achievements of the sector have been severely strained by the government's poor energy policy since the crisis

Does the energy sector call for reform?

Energy Technology Data Exchange (ETDEWEB)

Granic, Goran; Pesut, Damir; Jandrilovic, Nada; Jelavic, Branka; Zeljko, Mladen

2007-07-01

This paper discusses the course of the energy sector reforms in Europe so far, its objectives, achievements, issues, and dilemmas. In particular, long term and security aspects of energy supply of Europe are analyzed. In addition to the legislative changes regarding the open energy market regulation, and primarily the changes concerning electricity and natural gas markets, the past period saw dynamic changes of institutional framework, such as: increasing members of the european Union, increased number of countries aspiring to the EU (candidate countries or potential candidates), and changes in other European countries out of which Russia is the most significant energy producer. The paper analyzes the issue of responsibility between state - regulator - system operator - trader - energy buyer. In Europe, it is more a complex question because the system of responsibility includes the institution of the European Union. Therefore, the relations between EU - state - regulator - system operator - trader - energy buyer are especially important. The paper looks in to the issue of energy company integrations, creation of energy mega-undertakings and their influence on further market development. The question of monopolies now appears in a new form. The conclusions suggest possible measures for institutional influence on energy market development, especially in the network energy systems, which may have a positive impact on system security and stability and markets development and their long term sustainability. (auth)

Banking for health: the role of financial sector actors in investing in global health

Science.gov (United States)

Kickbusch, Ilona; Franz, Christian; Wells, Nadya

2018-01-01

The world faces multiple health financing challenges as the global health burden evolves. Countries have set an ambitious health policy agenda for the next 15 years with prioritisation of universal health coverage under the Sustainable Development Goals. The scale of investment needed for equitable access to health services means global health is one of the key economic opportunities for decades to come. New financing partnerships with the private sector are vital. The aim of this study is to unlock additional financing sources, acknowledging the imperative to link financial returns to the providers of capital, and create profitable, sustainable financing structures. This paper outlines the global health investment opportunity exploring intersections of financial and health sector interests, and the role investment in health can play in economic development. Considering increasing demand for impact investments, the paper explores responsible financing initiatives and expansion of the global movement for sustainable capital markets. Adding an explicit health component (H) to the Environmental, Social and Governance (ESG) investment criteria, creating the ESG+H initiative, could serve as catalyst for the inclusion of health criteria into mainstream financial actors’ business practices and investment objectives. The conclusion finds that health considerations directly impact profitability of the firm and therefore should be incorporated into financial analysis. Positive assessment of health impact, at a broad societal or environmental level, as well as for a firm’s employees can become a value enhancing competitive advantage. An ESG+H framework could incorporate this into mainstream financial decision-making and into scalable investment products. PMID:29736278

Banking for health: the role of financial sector actors in investing in global health.

Science.gov (United States)

Krech, Rüdiger; Kickbusch, Ilona; Franz, Christian; Wells, Nadya

2018-01-01

The world faces multiple health financing challenges as the global health burden evolves. Countries have set an ambitious health policy agenda for the next 15 years with prioritisation of universal health coverage under the Sustainable Development Goals. The scale of investment needed for equitable access to health services means global health is one of the key economic opportunities for decades to come. New financing partnerships with the private sector are vital. The aim of this study is to unlock additional financing sources, acknowledging the imperative to link financial returns to the providers of capital, and create profitable, sustainable financing structures. This paper outlines the global health investment opportunity exploring intersections of financial and health sector interests, and the role investment in health can play in economic development. Considering increasing demand for impact investments, the paper explores responsible financing initiatives and expansion of the global movement for sustainable capital markets. Adding an explicit health component (H) to the Environmental, Social and Governance (ESG) investment criteria, creating the ESG+H initiative, could serve as catalyst for the inclusion of health criteria into mainstream financial actors' business practices and investment objectives. The conclusion finds that health considerations directly impact profitability of the firm and therefore should be incorporated into financial analysis. Positive assessment of health impact, at a broad societal or environmental level, as well as for a firm's employees can become a value enhancing competitive advantage. An ESG+H framework could incorporate this into mainstream financial decision-making and into scalable investment products.

Financial Sector Assessment Program : Nigeria - Basel Core Principles for Effective Banking Supervision

OpenAIRE

International Monetary Fund; World Bank

2013-01-01

The assessment of the current state of the implementation of the Basel Core Principles (BCP) for effective banking supervision in Nigeria, against the BCP methodology issued by the Basel Committee on Banking Supervision (BCBS) in October 2006, was completed between August 27 and September 19, 2012, as part of a Financial Sector Assessment Program (FSAP) update, undertaken jointly by the Fu...

Reforms in the electrical sector: the case of the Ivory Coast; Les reformes du secteur electrique: le cas de la Cote d'Ivoire

Energy Technology Data Exchange (ETDEWEB)

Vei, G. [Compagnie Ivorienne d' Electricite (Cote d' Ivoire)

1999-09-30

The electrical industry plays an important role in the economic development of the country by ensuring that the energy needs of the industrial sector are met and by responding to the betterment of the life of the population. After the country achieved its independence in 1960, successive governments organized this important instrument of the economy as a vertically integrated, monopolistic public utility. With the economic crisis of the 1980s, the public enterprise model was quickly reaching its limit of usefulness. This was the result of a slowdown in the growth of demand, difficulties in supporting the existing rates, financing investment through international loans, and servicing the accumulated debt. As a result of the extreme difficulties affecting the industry at the beginning of the 1990s, the government decided to reform the electrical sector by separating generation and transmission from regulation, i. e., it relinquished daily operation of the generation and the transmission system to a private company (la Compagnie Ivoirienne d'Electricite (CIE)) and confined its activities to regulation, strategic policy formulation and rate setting. A second reform was undertaken in 1998 aimed at introducing competition in the production of electricity and separating the generation, transmission and distribution functions. The deregulation is now complete, nevertheless, anxiety remains with regard to the real efficiencies that the introduction of competition in generation and distribution will produce.

COMMENTARY: GLOBALIZATION, HEALTH SECTOR REFORM, AND THE HUMAN RIGHT TO HEALTH: IMPLICATIONS FOR FUTURE HEALTH POLICY.

Science.gov (United States)

Schuftan, Claudio

2015-01-01

The author here distills his long-time personal experience with the deleterious effects of globalization on health and on the health sector reforms embarked on in many of the more than 50 countries where he has worked in the last 25 years. He highlights the role that the "human right to health" framework can and should play in countering globalization's negative effects on health and in shaping future health policy. This is a testimonial article.

Health Reform Requires Policy Capacity

Directory of Open Access Journals (Sweden)

Pierre-Gerlier Forest

2015-05-01

Full Text Available Among the many reasons that may limit the adoption of promising reform ideas, policy capacity is the least recognized. The concept itself is not widely understood. Although policy capacity is concerned with the gathering of information and the formulation of options for public action in the initial phases of policy consultation and development, it also touches on all stages of the policy process, from the strategic identification of a problem to the actual development of the policy, its formal adoption, its implementation, and even further, its evaluation and continuation or modification. Expertise in the form of policy advice is already widely available in and to public administrations, to well-established professional organizations like medical societies and, of course, to large private-sector organizations with commercial or financial interests in the health sector. We need more health actors to join the fray and move from their traditional position of advocacy to a fuller commitment to the development of policy capacity, with all that it entails in terms of leadership and social responsibility

Influence of macro-economic growth, CAP reforms and biofuel policy on the Polish agri-food sector in 2007–2020

NARCIS (Netherlands)

Tabeau, A.A.

2009-01-01

This paper presents the possible development scenario of the Polish agricultural sector till 2020. It also assesses the impact of macroeconomic growth, CAP reforms and worldwide policies towards the agriculture on this development. The scenario is build using an extended version of the Global Trade

The role of 'financial myths' in financial crises

OpenAIRE

Eric S. Rosengren

2011-01-01

Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the Boston University conference on The State of Financial Reform (panel on Lessons Learned from the Global Financial Meltdown), February 28, 2011, Boston, Massachusetts

A multi-level approach to understanding the impact of cyber crime on the financial sector

OpenAIRE

Monica Lagazio; Nazneen Sherif; Mike Cushman

2014-01-01

This paper puts forward a multi-level model, based on system dynamics methodology, to understand the impact of cyber crime on the financial sector. Consistent with recent findings, our results show that strong dynamic relationships, amongst tangible and intangible factors, affect cyber crime cost and occur at different levels of society and value network. Specifically, shifts in financial companies’ strategic priorities, having the protection of customer trust and loyalty as a key objective, ...

Electricity reform in Argentina: Lessons for developing countries

Energy Technology Data Exchange (ETDEWEB)

Pollitt, Michael [Judge Business School and ESRC Electricity Policy Research Group, University of Cambridge (United Kingdom)

2008-07-15

Argentina was one of the first countries in the world to implement a comprehensive reform of its electricity sector. Among developing countries only Chile has had a comparably comprehensive and successful reform. This paper traces the history of the Argentine reform, which began in 1992, and assesses its progress and its lessons. We conclude that the reform was very successful prior to the collapse of the Argentine peso in early 2002. We suggest lessons for the generation, transmission and distribution (and retailing) sectors, as well as the economic regulation of electricity and the general institutional environment. We note that the achievements of the sector have been severely strained by the government's poor energy policy since the crisis. (author)

Lessons for health care reform from the less developed world: the case of the Philippines.

Science.gov (United States)

Obermann, Konrad; Jowett, Matthew R; Taleon, Juanito D; Mercado, Melinda C

2008-11-01

International technical and financial cooperation for health-sector reform is usually a one-way street: concepts, tools and experiences are transferred from more to less developed countries. Seldom, if ever, are experiences from less developed countries used to inform discussions on reforms in the developed world. There is, however, a case to be made for considering experiences in less developed countries. We report from the Philippines, a country with high population growth, slow economic development, a still immature democracy and alleged large-scale corruption, which has embarked on a long-term path of health care and health financing reforms. Based on qualitative health-related action research between 2002 and 2005, we have identified three crucial factors for achieving progress on reforms in a challenging political environment: (1) strive for local solutions, (2) make use of available technology and (3) work on the margins towards pragmatic solutions whilst having your ethical goals in mind. Some reflection on these factors might stimulate and inform the debate on how health care reforms could be pursued in developed countries.

The Financial Unlinkage of the Mexican Economy: A Social Accounting Matrix Multiplier Approach for a One-Sector Economy

Directory of Open Access Journals (Sweden)

Andrés Blancas

2003-11-01

Full Text Available This paper addresses the financial unlinkage in Mexico through an accounting multiplier analysis derived from a SAM for a one-sector economy. Such an analysis provides a useful tool to quantify processes of structural financial change in terms of "stylized parameters". We identify and measure the financial unlinkage with financial backward and forward linkage indices derived from the accounting multipliers. The results can also help to the quality of policy decisions by identifying key and weak financial institutions and by giving a better understanding of how an impact of an initial financial injection travels within a structure.

FINANCIAL PERFORMANCE AND THE BUSINESS RISK IN AGRICULTURAL SECTOR OF ROMANIA

Directory of Open Access Journals (Sweden)

BURJA VASILE

2017-06-01

Full Text Available The business risk is a permanent presence in the activities carried out by the companies. The financial decisions are often based on a compromise between risk and returns. To optimise the management of the companies, it is important to know the factors that generate risk and have a certain influence on the performance. This study has as main objective the explanation of the relationship between the financial performance and the factors that can be found within the microeconomic environment of the companies and determine the risk occurrence. The research is conducted on Romanian agricultural holdings from the vegetable sector, taking into account the period 2009-2014. The research methodology is based on econometric modelling. The results of regression analysis indicate that the farm performance is largely influenced by various business risk factors, of which the most important are the financing structure (financial risk and sales effectiveness (commercial risk. The findings helped us knowing the risk generating factors in the agricultural holdings activity, to find solutions for a proper management that leads to increased performance.

Reforming the Russian electricity market

International Nuclear Information System (INIS)

Valladares, Mayra Rodriguez

1999-08-01

Contains Executive Summary and Chapters on: Overview; Russian energy markets; Evolution of the power sector; The electricity market; Regulation and proposed reforms; Politics in the power sector; Economics of the power sector; Regional differences; Foreign involvement; Valuation and company management; Conclusions. (Author)

Presentation of Financial Statements According to IPSAS - a Challenge for Professional Accountants

Directory of Open Access Journals (Sweden)

Carmen Cretu

2011-05-01

Full Text Available The International Public Sector Accounting Standards (IPSAS is an important step in public sectoraccounting reform. Problems arising in the context of adopting a common language through IPSAS aremultiple and not easy to prove their usefulness, advantages and disadvantages of using them, so aim will bethe countries' agreement to accept and adopt these regulations. The preparation of financial statements is acomplex process of aggregating data to form economic and financial indicators. Content and preparation ofthe financial statements differ by type of institution, according to their kinds, depending on how their fundingand business profile. The financial statements of public institutions are particularly broad, complex andlengthy, and the information it provides can often be interpreted only by the professional accountant. Theprofessional accountant is the only one capable of ensuring providing appropriate information to users thatthey base their decisions on the allocation of funds.

THEORETICAL ASPECTS OF FINANCIAL LIBERALIZATION PROCESS

Directory of Open Access Journals (Sweden)

Ciupac-Ulici Maria-Lenuta

2013-07-01

Full Text Available Financial liberalization process and its implications on financial emerging markets have been multidisciplinary research since 1970. Reform of financial liberalization is a complex and long phenomena. This implies that the impact of this reform on financial markets should not be immediate, but rather gradually during a long time period. It is also important to note that liberalization does not occur in the same way on all financial markets. Each country, according to his specification regarding the economic climate and the specificity of financial markets, has differently set its progress of liberalization process. It is generally accepted that the process of financial liberalization is not composed of a single event, but a series of events. The idea is that market reform is a gradual process where the data identified above only refers to the most significant events. Regarding the effect of liberalization reform on emerging markets has been shown; on the one hand, that liberalization helps to reduce the cost of capital, helps to integrate the emerging markets in the global market, enhances economic growth and allows emerging markets to become more mature. On the other hand, financial liberalization process has a very ambiguous and inconclusive impact on informational efficiency and volatility in emerging markets. Launching liberalization reforms provided an analytical framework for studies that attempt to investigate the effectiveness of emerging markets and empirical links between liberalization and efficiency. The first reason is that with liberalization, the authors believe that emerging markets have become more speculative and more competitive. So there is a chance to see if the weak form market efficiency is verified. The second reason is that the authors explore the relationship between liberalization and efficiency. Researchers and regulators seek an answer to the fundamental question: financial liberalization helps the stock market

PUBLIC ATTENTION AND FINANCIAL INFORMATION AS DETERMINANTS OF FIRMS PERFORMANCE IN THE TELECOMMUNICATION SECTOR

Directory of Open Access Journals (Sweden)

Ridwan Nurazi

2017-03-01

Full Text Available The remarkable progress of information technology had driven every firm to publish their financial performanceby using internet. This circumstance resulted in the high public attention in order to generate the stockreturn. In addition, financial information such as financial ratio namely DER, LEV, NPM, ROI, and ROEwere supposed to influence the firm’s performance either in positive or negative effects. This study focused onthe investigation of public attention (PA and financial information as determinants of financial performanceon four companies in Telecommunication sector, Indonesia Stock Exchange (IDX, within time period from2007 to 2012. Hereby, we pointed out that public attention and financial information considerably contributeto firm performance, in which the Pooled Least Square (EGLS with cross section and period weight wasemployed. The results showed that Public Attention (PA positively contributed towards stock return. Further,financial ratio such as debt-to-equity ratio (DER negatively influenced the return. Leverage (LEV, net profitmargin (NPM and return on investment (ROI positively related to return. However, return on equity (ROEshowed the contrary sign, in which it negatively influenced the return but was statistically insignificant. Then,we reported that the stock price (LNSP did not significantly contribute towards return (RET.

Financial Sector Assessment : Mongolia

OpenAIRE

World Bank

2012-01-01

Owing primarily to extensive investment in new mining projects, Mongolia's economy is on a path of very rapid long-term growth. While financial intermediation in Mongolia has been growing fast, access to finance remains a critical constraint for enterprises, and especially for Small and Medium Enterprises (SMEs). Improving access to financial services will require strengthening the legal a...

Global financial crisis and surgical practice: the Greek paradigm.

Science.gov (United States)

Karidis, Nikolaos P; Dimitroulis, Dimitrios; Kouraklis, Gregory

2011-11-01

Apart from the significant implications of recent financial crisis in overall health indices and mortality rates, the direct effect of health resources redistribution in everyday clinical practice is barely recognized. In the case of Greece, health sector reform and health spending cuts have already had a major impact on costly interventions, particularly in surgical practice. An increase in utilization of public health resources, lack of basic and advanced surgical supplies, salary deductions, and emerging issues in patient management have contributed to serious dysfunction of a public health system unable to sustain current needs. In this context, significant implications arise for the surgeons and patients as proper perioperative management is directly affected by reduced public health funding. The surgical community has expressed concerns about the quality of surgical care and the future of surgical progress in the era of the European Union. Greek surgeons are expected to support reform while maintaining a high level of surgical care to the public. The challenge of cost control in surgical practice provides, nevertheless, an excellent opportunity to reconsider health economics while innovation through a more traditional approach to the surgical patient should not be precluded. A Greek case study on the extent of the current situation is presented with reference to health policy reform, serving as an alarming paradigm for the global community under the pressure of a profound financial recession.

Why Do Firms Evade Taxes? The Role of Information Sharing and Financial Sector Outreach

NARCIS (Netherlands)

Beck, T.H.L.; Lin, C.; Ma, Y.

2010-01-01

Informality is a wide-spread phenomenon across the globe. We show that firms in countries with better information sharing systems and greater financial sector outreach evade taxes to a lesser degree, an effect that is stronger for smaller firms, firms in smaller cities and towns, and firms in

Regulation and competition issues in Thai electricity sector

International Nuclear Information System (INIS)

Wisuttisak, Pornchai

2012-01-01

This paper explores the issues related to regulatory reform and liberalisation leading toward competition in the Thai electricity sector, which is still under the monopoly control of state-owned enterprises (SOEs). Following an overview of the current market structure of the Thai electricity sector, the process of liberalisation and deregulation that contributes to the uncompetitive market structure under SOEs’ control is examined. The author asserts that there are problems within the Energy Commission and the Energy Industry Act BE 2550 (2007) that contribute to the continuance of an uncompetitive electricity supply. Possible reforms to the Thai electricity regulation are proposed with the aim of creating market competition and efficiency in the Thai electricity sector. - Highlights: ► Author studies on the regulatory reform and a development of liberalisation plans on Thai electricity sector. ► The paper presents that the liberalisation plan was affected by the government implementation on electricity corporatisation. ► The paper asserts that the current energy regulation will not lead to market reform and competition in electricity. ► The paper also discusses on the current monopoly structure of Thai electricity sector under state owned enterprises. ► The paper concludes that Thailand needs an appropriate regulatory reform for building competition in electricity sector.

What happened to efficiency in electricity industries after reforms?

International Nuclear Information System (INIS)

Erdogdu, Erkan

2011-01-01

The last two decades have witnessed widespread power market reforms in both developed and developing countries that have cost billions of dollars. Among the key aims (and assumptions) of these reforms, there has always been realization of improvements in power sector efficiency. This paper questions the validity of this hypothesis. Using panel data from 92 countries covering the period 1982-2008, empirical models are developed and analyzed. The research findings suggest that the impact of the reforms on electricity industry performance is statistically significant but also limited. The results imply that, after controlling for country-specific variables, application of liberal market models in electricity industries slightly increases efficiency in power sector. Besides, we detect a positive relationship between reform process and the percentage share of network (transmission and distribution) losses in total electricity supplied, meaning that as countries take more reform steps the network losses as a fraction of power generated tend to increase. Moreover, the study puts forward that income level and other country specific features are more important determinants of industry efficiency than the reform process. Overall, contrary to expectations of substantial increases in sector efficiency, the paper concludes that introducing a decentralized market model with competition in the electricity sector has a limited increasing effect on power industry performance. - Highlights: → The paper questions whether the reforms increase efficiency in the power sector. → Panel data from 92 countries covering the period 1982-2008 are employed. → Models are developed by fixed/random effect panel data estimation methods. → The paper concludes the reforms have a limited effect on the industry performance. → We also find that as countries take more reform steps the network losses increase.

FINANCIAL INSTABILITY IN ROMANIA

Directory of Open Access Journals (Sweden)

Cristian, IONESCU

2014-11-01

Full Text Available The aim of this paper is to empirically study the concept of financial stability in Romania, from both a monetary policy perspective and a financial perspective. In this paper, I also compute an aggregate index of financial stability, for the period 2008-2013, explaining the correlations between several extremely important macroeconomic and sectorial variables and financial stability. The article also debates the aspect of policy instruments that aim to promote, highlighting the undertaken measures and also giving some measures recommendations, pointing out the main pillars: crises management; cross-sectoral challenges; banking sector; securities markets and capital markets; insurance sector; pensions sector; access to financial services.

Exploring the Relationship between Human Capital Investment and Corporate Financial Performance of Jordanian Industrial Sectors

Directory of Open Access Journals (Sweden)

Faris Nasif ALSHUBIRI

2013-12-01

Full Text Available The revolution of globalization, computerization and information technology has entered to Jordanian market. This phenomenon requires company's attention of human element and the acquired knowledge, experience and the development of the so-called concept of intellectual capital.(IC In this study I used only the human capital as a part of IC. This study aims to exploring the relationship between human capital investment (HCI, and corporate financial performance. This study used an 11 industrial sectors listed of Amman Stock Exchange from 2005to 2011. Correlation analysis tests used in this study and the results indicate the high positive significant relationship between HCI and corporate financial performance related to, ROE , PTBV , log of sales , log of assets , DPS and ICR but no significant relationship between HCI and WCTO. The researcher recommends industrial companies to strengthen and stimulate the concept of human capital in the companies and the need for develop administrative innovation program. For future analysis may be used more sectors listed in market in addition used the all parts of intellectual capital related to structural and physical capital with corporate financial performance.

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. ...

Economic Segmentation and Health Inequalities in Urban Post-Reform China.

Science.gov (United States)

Kwon, Soyoung

2016-01-01

During economic reform, Chinese economic labor markets became segmented by state sector associated with a planned redistributive economy and private sector associated with the market economy. By considering an economic sector as a concrete institutional setting in post-reform China, this paper compares the extent to which socioeconomic status, measured by education and income, is associated with self-rated health between state sector and private sector. The sample is limited to urban Chinese employees between the ages of 18 and 55 who were active in the labor force. By analyzing pooled data from the 1991-2006 Chinese Health and Nutrition Survey , I find that there is a stronger association between income and self-rated health in the private sector than in the state sector. This study suggests that sectoral differences between market and redistributive economies are an important key to understanding health inequalities in post-reform urban China.

Knowledge translation regarding financial abuse and dementia for the banking sector: the development and testing of an education tool.

Science.gov (United States)

Peisah, Carmelle; Bhatia, Sangita; Macnab, Jenna; Brodaty, Henry

2016-07-01

Financial abuse is the most common form of elder abuse. Capacity Australia, established to promote education regarding capacity and abuse prevention across health, legal and financial sectors, was awarded a grant by the Dementia Collaborative Research Centre to educate the banking sector on financial abuse and dementia. We aimed to develop a knowledge translation tool for bank staff on this issue. The banking sector across Australia was engaged and consulted to develop a tailored education tool based on Australian Banking Association's Guidelines on Financial Abuse Prevention, supplemented by information related to dementia, financial capacity and supported decision-making. The tool was tested on 69 banking staff across Australia from two major banks. An online education tool using adaptive learning was developed, comprising a pretest of 15 multiple choice questions, followed by a learning module tailored to the individual's performance on the pretest, and a post-test to assess knowledge translation. A significant increase in scores was demonstrated when baseline scores were compared with post-course scores (mean difference in scores = 3.5; SD = 1.94; t = 15.1; df = 68; p tool took approximately 10-20 min to complete depending on the knowledge of participant and continuity of completion. The Australian banking industry was amenable to assist in the development of a tailored education tool on dementia, abuse and financial capacity. This online e-tool provides an effective medium for knowledge translation. Copyright © 2015 John Wiley & Sons, Ltd. Copyright © 2015 John Wiley & Sons, Ltd.

Mental health policy and development in Egypt - integrating mental health into health sector reforms 2001-9

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Siekkonen Inkeri

2010-06-01

Full Text Available Abstract Background Following a situation appraisal in 2001, a six year mental health reform programme (Egymen 2002-7 was initiated by an Egyptian-Finnish bilateral aid project at the request of a former Egyptian minister of health, and the work was incorporated directly into the Ministry of Health and Population from 2007 onwards. This paper describes the aims, methodology and implementation of the mental health reforms and mental health policy in Egypt 2002-2009. Methods A multi-faceted and comprehensive programme which combined situation appraisal to inform planning; establishment of a health sector system for coordination, supervision and training of each level (national, governorate, district and primary care; development workshops; production of toolkits, development of guidelines and standards; encouragement of intersectoral liaison at each level; integration of mental health into health management systems; and dedicated efforts to improve forensic services, rehabilitation services, and child psychiatry services. Results The project has achieved detailed situation appraisal, epidemiological needs assessment, inclusion of mental health into the health sector reform plans, and into the National Package of Essential Health Interventions, mental health masterplan (policy guidelines to accompany the general health policy, updated Egyptian mental health legislation, Code of Practice, adaptation of the WHO primary care guidelines, primary care training, construction of a quality system of roles and responsibilities, availability of medicines at primary care level, public education about mental health, and a research programme to inform future developments. Intersectoral liaison with education, social welfare, police and prisons at national level is underway, but has not yet been established for governorate and district levels, nor mental health training for police, prison staff and teachers. Conclusions The bilateral collaboration programme

Technical efficiency and its determinants in the spanish construction sector pre- and post-financial crisis

NARCIS (Netherlands)

Kapelko, Magdalena; Oude Lansink, A.G.J.M.

2015-01-01

This paper estimates technical efficiency in the Spanish construction sector before and after the start of the current financial crisis, and examines the impact of socio-economic factors on technical efficiency. Bias-corrected efficiency measures are obtained using Data Envelopment Analysis with

How different are hospitals' responses to a financial reform? The impact on efficiency of activity-based financing.

Science.gov (United States)

Biørn, Erik; Hagen, Terje P; Iversen, Tor; Magnussen, Jon

2010-03-01

For policy-makers the heterogeneity of hospital response to reforms is of crucial concern. Even though a reform may entail a positive effect on average efficiency, policy-makers will consider the reform as less attractive if the variation in hospital efficiency increases. The reason is that increased variance of efficiency across hospitals is likely to increase the impact of geography on access to hospital services. This paper examines the heterogeneity with respect to the impact of a financial reform-Activity Based Financing (ABF)-on hospital efficiency in Norway. From a theoretical model we find an ambiguous effect of hospital heterogeneity on the effect of ABF on efficiency. The data set is from a contiguous 10-year panel of 47 hospitals covering both pre-ABF years and years after its imposition. Substantial heterogeneity in the responses, as measured by both estimated and predicted coefficients, is found. We did not find any significant correlation between pre-ABF measures of efficiency and the effect of ABF on efficiency. We did however find a strongly significant correlation between the effect of ABF and post-ABF efficiency. Thus, the analysis confirms the impression that, whereas pre-ABF efficiency did not play any role in how hospitals responded to ABF, those responding generally ended up as better-performing hospitals. Hence, for the type of reform studied in this article we find that policy-makers do not need to worry about the impact of location on patients' access to hospital services.

The Rise of the Financial Planning Industry

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Michelle Cull

2009-03-01

Full Text Available The financial planning industry in Australia has experienced significant reform in the lastdecade. This reform has not only made a considerable impact on financial planners but also onother groups such as the accounting profession, regulators, the financial services industry,educators and consumers. Although consumer protection was at the heart of this reform, it hasalso prompted the industry and other groups to consider financial planning as a profession.This paper begins with a definition of financial planning, followed by a discussion of thehistorical origins of financial planning. Several examples are used to illustrate how the industryhas developed and changed over time considering the impact of social, cultural, institutional,political and economic factors. Particular attention is given to the role of the accountingprofession and government regulation in Australia. The paper concludes with a discussion of theprofessionalisation of financial planning in light of the increased pressure for changes inremuneration practice in the industry.

Evaluación del impacto de la reforma del sector de la salud en Costa Rica mediante un estudio cuasiexperimental Assessing the impact of health sector reform in Costa Rica through a quasi-experimental study

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Luis Rosero Bixby

2004-02-01

mortalidad de adultos debida a enfermedades transmisibles o desencadenadas por procesos infecciosos, nulo en la debida a causas sociales y similar al total (2% en la mortalidad debida a enfermedades crónicas. Se estima que la reforma salvó aproximadamente 120 vidas de niños y 350 vidas de adultos en el año 2001 únicamente. La reforma se puso en marcha primero en las zonas menos densamente pobladas y de menor desarrollo socioeconómico. Como resultado, la brecha en la equidad del acceso a los servicios de salud en el primer nivel de atención se redujo significativamente. El porcentaje de personas sin acceso equitativo a los servicios de salud del primer nivel de atención se redujo en 15% entre 1994 y 2000 en las áreas que adoptaron la reforma en 1995-1996, mientras que en las áreas que no habían adoptado la reforma en 2000, la reducción fue solo de 3%. CONCLUSIÓN: La reforma redujo significativamente la mortalidad en Costa Rica y puso fin a una década de estancamiento en algunos indicadores, como la esperanza de vida. El efecto de la reforma se produjo probablemente gracias a su focalización en las regiones menos desarrolladas del país, lo cual dio lugar a un mejoramiento en la equidad de acceso al primer nivel de atención médica.OBJECTIVE: To assess the impact of health sector reform in Costa Rica on that country's child and adult mortality rates and on the people's access to primary health care. METHODS: Health sector reform was initiated in Costa Rica in 1995 in some districts, but in others reforms were adopted later. This made it possible to perform a time series analysis, using a quasi-experimental study design, in which observations were made annually from 1985 through 2001 for each of the 420 districts that existed in Costa Rica in 1984. The time series were divided into three periods that allowed all districts to be grouped into three categories (pioneer, intermediate, and late according to the year when they first implemented health sector reform

Comparative Study on Presentation of Statement of Financial Position in the Public Sector

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Carmen Crețu

2011-06-01

Full Text Available Although it is more than a decade since the elaboration of the first public accountingstandards, countries are still reluctant to adopt them, preferring rather an adaptation of nationallegislation with the provisions IPSASs. Concerns about the necessity and usefulness of the applicationof International Public Sector Accounting Standards are due to economic influences, cultural, social,which made their mark on philosophy, doctrine and national accounting policies. Although financialstatements may appear similar from country to country, there are differences that can be caused by avariety of social, economic and legal factors, and that some countries when setting the nationalrequirements have considered the needs of different users of financial statements. These factors haveled to the use of different definitions of the structures of financial statements, such as assets,liabilities, equity, revenues and expenses. Scope and disclosures in the financial statements were alsoaffected. Therefore, this paper intends to emphasize similarities, but especially the differencesbetween the two frames of reference - national norms to international standards - regarding Statementof financial position on a public institution.

Canada; Financial Sector Assessment Program-Intensity and Effectiveness of Federal Bank Supervision in Canada-Technical Note

OpenAIRE

International Monetary Fund

2014-01-01

This paper evaluates Financial Sector Assessment Program (FSAP) intensity and effectiveness of Federal Bank supervision in Canada. The IMF report highlights that a key element of effective supervision is a willingness to increase supervisory pressure promptly when a supervisor identifies weaknesses in an institution. The IMF funding for Canadian banks is primarily through deposits and lending focuses on traditional bank products in Canada in the personal and commercial sectors. It also highli...

Organizational culture in the financial sector : evidence from a cross-industry analysis of employee personal values and career success

NARCIS (Netherlands)

van Hoorn, André

2017-01-01

We assess the organizational culture in the finance industry in relation to the global financial crisis (GFC) and consider the potential of cultural change to improve the financial sector. To avoid (response) biases, we build on the person-organization (P-O) fit literature and develop a novel,

A Question of Trust : the Pursuit of Consumer Trust in the Financial Sector by Means of EU Legislation

NARCIS (Netherlands)

de Jager, C.E.

2017-01-01

The decrease in consumer trust in the financial sector and the attempts to restore it are receiving a great deal of interest, especially since the financial crisis at the end of 2008. EU legislation is one of the ways that attempts have been made to regain the trust of investors. In Section 2, the

Extractive sectors and illicit financial flows: What role for revenue governance initiatives?

OpenAIRE

Le Billon, Philippe

2011-01-01

Countries highly dependent on natural resources are among the most severely affected by the problem of illicit financial flows. Despite a lack of definite studies proving the correlation between higher dependency on natural resources and higher levels of illicit flows, there are grounds to believe extractive industries’ revenues provide a large contribution to these flows. Most existing initiatives to address governance issues in extractive sectors have not been designed with the problem of i...

Would we have had this crisis if women had been running the financial sector?

NARCIS (Netherlands)

I.P. van Staveren (Irene)

2010-01-01

textabstractIntroduction In popular media and debates, both men and women sometimes utter the words that “if women had run the financial sector, we would not have found ourselves in this crisis” – or, the Lehman Sisters hypothesis. This paper will not go into the various views of sex and gender

Commitment among state health officials & its implications for health sector reform: lessons from Gujarat.

Science.gov (United States)

Maheshwari, Sunil; Bhat, Ramesh; Saha, Somen

2008-02-01

Commitment, competencies and skills of people working in the health sector can significantly impact the performance and its reform process. In this study we attempted to analyse the commitment of state health officials and its implications for human resource practices in Gujarat. A self-administered questionnaire was used to measure commitment and its relationship with human resource (HR) variables. Employee's organizational commitment (OC) and professional commitment (PC) were measured using OC and PC scale. Fifty five medical officers from Gujarat participated in the study. Professional commitment of doctors (3.21 to 4.01) was found to be higher than their commitment to the organization (3.01 to 3.61). Doctors did not perceive greater fairness in the system on promotion (on the scale of 5, score: 2.55) and were of the view that the system still followed seniority based promotion (score: 3.42). Medical officers were upset about low autonomy in the department with regard to reward and recognition, accounting procedure, prioritization and synchronization of health programme and other administrative activities. Our study provided some support for positive effects of progressive HR practices on OC, specifically on affective and normative OC. Following initiatives were identified to foster a development climate among the health officials: providing opportunities for training, professional competency development, developing healthy relationship between superiors and subordinates, providing useful performance feedback, and recognising and rewarding performance. For reform process in the health sector to succeed, there is a need to promote high involvement of medical officers. There is a need to invest in developing leadership quality, supervision skills and developing autonomy in its public health institutions.

Economic Segmentation and Health Inequalities in Urban Post-Reform China

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Soyoung Kwon

2016-08-01

Full Text Available During economic reform, Chinese economic labor markets became segmented by state sector associated with a planned redistributive economy and private sector associated with the market economy. By considering an economic sector as a concrete institutional setting in post-reform China, this paper compares the extent to which socioeconomic status, measured by education and income, is associated with self-rated health between state sector and private sector. The sample is limited to urban Chinese employees between the ages of 18 and 55 who were active in the labor force. By analyzing pooled data from the 1991–2006 Chinese Health and Nutrition Survey, I find that there is a stronger association between income and self-rated health in the private sector than in the state sector. This study suggests that sectoral differences between market and redistributive economies are an important key to understanding health inequalities in post-reform urban China.

Land reform in Russia in 1990-2000-ies, or how land reform was "reformed" during the departmental reorganization

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Barsukova Svetlana, Yu.

2015-06-01

Full Text Available The paper provides an overview of the land reform in Russia's recent history. Analysis of land reform, which started in 1990, shows what actions and what logic led the land sector in the state in which it was at the finish line of the quarter-century reform marathon. The reform process was not linear, it highlighted the steps differing objectives and strategies to achieve them. Land reform is presented as a struggle of different political forces, which were reflected in the redistribution of functions between agencies in lobbying for appointment to senior positions promoted various commands. The authors conclude about the gradual displacement of state regulation of land relations, the deliberate destruction of the land management as a basis for the development of land resources.

Public Sector and Europeanization Challenges

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Lucica Matei

2006-04-01

Full Text Available The paper emphasises the role of the market-type mechanisms within the activity of the organisations from the public sector. The end of the 20th century was defined by the effects of the public sector reform. The public sector is placed within the cultural and political environment of each country and the reforms have aimed to redefine the structures of the state organisations in the economy and the relationships such as market-government, government-bureaucracy, government- citizens, bureaucracy-citizens, civil servants-politicians-citizens. The public sector reform, achieved at the managerial systems, organisational structures and regulations levels is accompanied by specific and structural reforms. Accepting the market-type mechanisms instead of bureaucratic mechanisms, meaning not the simple provision of public services but the creation of some governmental “actors”, functioning completely on commercial bases, supporting the development of the partnerships between the public and private sector, introducing privatisation is achieved in view of creating “the facilitating state”. We discuss about “facilities” such as citizens and society involvement in public businesses, making public administration more citizen-friendly and the state closer to the public need. The citizens’ involvement, as customers in the flow of the public service contributes to creating an organic ensemble characterised by two fundamental dimensions: level and type of influence of the customers and the private-public dichotomy. Synthesising, the relationships and market mechanisms enable to the public sector to get closer to the public needs and to create a modern administration based on efficiency, effectiveness and openness towards change.

Dominating clasp of the financial sector revealed by partial correlation analysis of the stock market.

Science.gov (United States)

Kenett, Dror Y; Tumminello, Michele; Madi, Asaf; Gur-Gershgoren, Gitit; Mantegna, Rosario N; Ben-Jacob, Eshel

2010-12-20

What are the dominant stocks which drive the correlations present among stocks traded in a stock market? Can a correlation analysis provide an answer to this question? In the past, correlation based networks have been proposed as a tool to uncover the underlying backbone of the market. Correlation based networks represent the stocks and their relationships, which are then investigated using different network theory methodologies. Here we introduce a new concept to tackle the above question--the partial correlation network. Partial correlation is a measure of how the correlation between two variables, e.g., stock returns, is affected by a third variable. By using it we define a proxy of stock influence, which is then used to construct partial correlation networks. The empirical part of this study is performed on a specific financial system, namely the set of 300 highly capitalized stocks traded at the New York Stock Exchange, in the time period 2001-2003. By constructing the partial correlation network, unlike the case of standard correlation based networks, we find that stocks belonging to the financial sector and, in particular, to the investment services sub-sector, are the most influential stocks affecting the correlation profile of the system. Using a moving window analysis, we find that the strong influence of the financial stocks is conserved across time for the investigated trading period. Our findings shed a new light on the underlying mechanisms and driving forces controlling the correlation profile observed in a financial market.

An approach to the study of financial consumption in the low-income sectors of Buenos Aires, Argentina

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Iara Nadina Hadad

2017-09-01

Full Text Available An approach is proposed on the study of financial consumption in the low-income sectors of Argentina. As mentioned in multiple research studies conducted in different Latin American countries, the study of this recent and widespread phenomenon demands to highlight some of the common places that have caused the characterization of the economic life of the popular sectors. We propose some theoretical guidelines to reconsider such consumption and analyze the results of our still ongoing investigation regarding consumption and indebtedness in the lower sectors of the metropolitan area of Buenos Aires.

Fundamental dimensions of Financial condition in the federal government

OpenAIRE

Murphy, Mark S.

2001-01-01

Historically, financial reports of federal agencies focused on budgetary accounting, the reporting of obligations and expenditures of appropriated funds. The Chief Financial Officers (CFO) Act of 1990 and subsequent legislation significantly changed this pattern by requiring the 24 largest government agencies to reorganize their financial staffs and establish Chief Financial Officers to reform accounting procedures and reporting. To achieve the goals of the financial reform acts, it must be d...

Relationship between CEO remuneration and company financial performance in the South African retail and consumer goods sector

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Mark Bussin

2015-04-01

Full Text Available Purpose: This study was motivated by the need to better understand the effects of the global financial crisis in 2008 on the relationship between company financial performance and CEO guaranteed cost to company (CTC. The aim of this study was to understand the relationship between company financial performance using DuPont analysis and CEO guaranteed CTC in the South African retail and consumer goods sector. Design: The research was a quantitative, archival study of companies listed on the Johannesburg Stock Exchange (JSE, measured over a period of six years (2006–2011. The statistical analysis included regression and correlation analysis. Findings: The research found that CEO guaranteed CTC has shown no sensitivity towards company financial performance in terms of DuPont analysis over the six-year period, which included the global financial crises in 2008. Furthermore, a negative relationship existed between the return on equity and the guaranteed CTC of CEOs in the retail and consumer goods sector during this period. Practical implications: The findings suggest that there is misalignment between company strategy and performance and the guaranteed CTC of CEOs. A practical implication would be to have independent and competent remuneration committees ensuring alignment of the interests of a company with those of its leaders in this regard.

Sustainability and Financial Performance of Companies in the Energy Sector in Romania

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Dragos Paun

2017-09-01

Full Text Available In the article, we focus on the question of sustainability in the renewable energy sector of Romania. The aim of the current paper is to analyze the financial performance of the companies operating in the field. Our assumption is that the success of the implementation of the energy switch from classic to renewables relies on the businesses operating in this industry. In our article, we have selected the most prominent players in the energy industry, comparing the performance of those that are producing renewable energy to the ones that are producing energy using fossil fuels. Our analysis has shown that, starting with 2013, the companies have encountered financial difficulties, which has led to a halt in investments and the questioning of the sustainability of entering the market. After analyzing the data, we have seen that the investments have been rather opportunistic, based on the commitment of the government to keep the subsidies introduced by the policy, and have not been based on the realistic long-term financial performance of the companies in this area.

A NEW APROACH OF CONCEPTUAL FRAMEWORK FOR GENERAL PURPOSE FINANCIAL REPORTING BY PUBLIC SECTOR ENTITIES

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Nistor Cristina

2011-12-01

Full Text Available The importance of accounting in the modern economy is obvious. That is more elevated bodies of the European Union and elsewhere dealing with the organization and functioning of accounting as a fundamental component of business (Nistor C., 2009. The mission of the International Federation of Accountants (IFAC is to serve the public interest, strengthen the worldwide accountancy profession and contribute to the development of strong international economies by initiating and encouraging the professional standards of high quality, the convergence process these international standards and to discuss issues of public interest which is extremely relevant international experience of (IFAC, 2011. Currently, the concepts related to financial reports in public sector are developed by IPSAS references. Many of today's IPSAS are based on international accounting standards (IAS / IFRS, to the extent that they are relevant to the requirements of the public sector. Therefore today's IPSAS are based on concepts and definitions of the IASB's conceptual framework, with changes where necessary for public sector specific approach. Thus this study present this brief draft statement under discussion by the leadership of IFAC in collaboration with other organizations and groups that develop financial reporting requirements of the public sector. Then, we highlight the importance and the degree of acceptance of the project which results from comments received. On the basis of combining qualitative with quantitative research seeks to demonstrate the necessity and usefulness of a common conceptual framework of the International Accounting Standards (in this case the Public Sector, starting from their emergence from presenting their bodies involved in the foundation, the content standards, experience of different countries. The results have direct implications on Romanian public accounting system, given that the reference of the international implementation and reporting is

Confidence and trust: empirical investigations for the Netherlands and the financial sector

OpenAIRE

Mosch, Robert; Prast, Henriëtte

2010-01-01

This paper reviews the state of confidence and trust in the Netherlands, with special attention to the financial sector. An attempt has been made to identify the factors that determine individual trust and confidence and to uncover connections between the various variables. Based on surveys over the period 2003-2006, the data show that interpersonal trust in the Netherlands - the extent to which the Dutch trust each other - is high from both an international and an historical perspective. Peo...

Political Parties, Clientelism, and Bureaucratic Reform

OpenAIRE

Cruz, Cesi; Keefer, Philip

2015-01-01

The challenge of public administration reform is well-known: politicians often have little interest in the efficient implementation of government policy. Using new data from 439 World Bank public sector reform loans in 109 countries, we demonstrate that such reforms are significantly less likely to succeed in the presence of non-programmatic political parties. Earlier research uses evidence from a small group of countries to conclude that clientelistic politicians resist reforms that restrict...

Health-system reform and universal health coverage in Latin America.

Science.gov (United States)

Atun, Rifat; de Andrade, Luiz Odorico Monteiro; Almeida, Gisele; Cotlear, Daniel; Dmytraczenko, T; Frenz, Patricia; Garcia, Patrícia; Gómez-Dantés, Octavio; Knaul, Felicia M; Muntaner, Carles; de Paula, Juliana Braga; Rígoli, Felix; Serrate, Pastor Castell-Florit; Wagstaff, Adam

2015-03-28

Starting in the late 1980s, many Latin American countries began social sector reforms to alleviate poverty, reduce socioeconomic inequalities, improve health outcomes, and provide financial risk protection. In particular, starting in the 1990s, reforms aimed at strengthening health systems to reduce inequalities in health access and outcomes focused on expansion of universal health coverage, especially for poor citizens. In Latin America, health-system reforms have produced a distinct approach to universal health coverage, underpinned by the principles of equity, solidarity, and collective action to overcome social inequalities. In most of the countries studied, government financing enabled the introduction of supply-side interventions to expand insurance coverage for uninsured citizens--with defined and enlarged benefits packages--and to scale up delivery of health services. Countries such as Brazil and Cuba introduced tax-financed universal health systems. These changes were combined with demand-side interventions aimed at alleviating poverty (targeting many social determinants of health) and improving access of the most disadvantaged populations. Hence, the distinguishing features of health-system strengthening for universal health coverage and lessons from the Latin American experience are relevant for countries advancing universal health coverage. Copyright © 2015 Elsevier Ltd. All rights reserved.

Building state capacity in Russia: A case study of energy sector reform, 1992--1998

Science.gov (United States)

Kim, Younkyoo

This study seeks an explanation for the neglect of state building in Russia. The major hypothesis is that dependence on external rent leads to the weakness of the state. Three intervening variables---transaction costs, bargaining power of the state, and discount rates---are posited to explain variance on the dependent variable, the weakness of the state. Based on the exploration of three dimensions of energy sector reform, the dissertation argues that in the short run resource rents may be the only reliable and adequate source of finance for the Russian government. The division of resource rents among the many claimants (state vs. business, state vs. society, Moscow vs. regions, and Russia vs. foreign companies), it submits, will pose a stringent test of the viability of democratic governance in Russia. The dissertation concludes that some evidence indicates that Russia has in fact met the characteristics of the rentier state. The greater reliance on a large resource sector for revenue has led to high transaction costs of tax collection, weak bargaining power of the state, and high discount rates of government officials in Russia.

Reforming Victoria's primary health and community service sector: rural implications.

Science.gov (United States)

Alford, K

2000-01-01

In 1999 the Victorian primary care and community support system began a process of substantial reform, involving purchasing reforms and a contested selection process between providers in large catchment areas across the State. The Liberal Government's electoral defeat in September 1999 led to a review of these reforms. This paper questions the reforms from a rural perspective. They were based on a generic template that did not consider rural-urban differences in health needs or other differences including socio-economic status, and may have reinforced if not aggravated rural-urban differences in the quality of and access to primary health care in Victoria.

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

Mainstreaming climate change in the financial sector and its governance. Part I: A Necessary and Timely Evolution

International Nuclear Information System (INIS)

Morel, Romain; Cochran, Ian; Zou, Sani; Spencer, Thomas

2015-05-01

In light of the transition to a low-carbon, climate-resilient growth model, fiscal and macro-economic frameworks need to take into consideration and adjust for long-term climate objectives. This paper presents the reasons why both the financial sector and its governance bodies (IFGRIs) have interest in integrating climate change issues in their risk and stability assessment framework. 'Mainstreaming' climate change is a rational answer to the threat imposed on their respective mandates by increasing greenhouse gas emissions and policies that are likely to be implemented to achieve long-term mitigation and adaptation objectives. Securing global financial and economic stability and scaling up low-carbon, climate-resilient investments are not conflicting, but rather mutually reinforcing objectives. This premise can provide a good starting point for discussions between policy-makers and practitioners in the financial sector and the climate change domain. A well-informed discussion is currently hindered by the seemingly differing mandates, and the lack of institutional and intellectual links between the two agendas. (authors)

FINANCIAL REPORTING: PERFORMANCE AND FAIR VALUE THE CASE OF THE EUROPEAN BANKING SECTOR

OpenAIRE

Elisabeth Combes-Thuelin; Lionel Escaffre

2003-01-01

International audience; Regarding financial reporting, information about performances is one of the preferred items banking institutions are referring to. Therefore, quantitative and qualitative performance indicators are a significant part of annual reports. Reporting about performances raises some other issues: valuation at cost or at fair value, registration versus disclosure. In the case of the banking industry, the accounting information disclosed is all the more important as this sector...

Benchmarking the financial performance of local councils in Ireland

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Robbins Geraldine

2016-05-01

Full Text Available It was over a quarter of a century ago that information from the financial statements was used to benchmark the efficiency and effectiveness of local government in the US. With the global adoption of New Public Management ideas, benchmarking practice spread to the public sector and has been employed to drive reforms aimed at improving performance and, ultimately, service delivery and local outcomes. The manner in which local authorities in OECD countries compare and benchmark their performance varies widely. The methodology developed in this paper to rate the relative financial performance of Irish city and county councils is adapted from an earlier assessment tool used to measure the financial condition of small cities in the US. Using our financial performance framework and the financial data in the audited annual financial statements of Irish local councils, we calculate composite scores for each of the thirty-four local authorities for the years 2007–13. This paper contributes composite scores that measure the relative financial performance of local councils in Ireland, as well as a full set of yearly results for a seven-year period in which local governments witnessed significant changes in their financial health. The benchmarking exercise is useful in highlighting those councils that, in relative financial performance terms, are the best/worst performers.

Enterprise systems in financial sector - an application in precious metal trading forecasting

Science.gov (United States)

Chen, Xiaozhu; Fang, Yiwei

2013-11-01

The use of enterprise systems has become increasingly popular in the financial service industry. This paper discusses the applications of enterprise systems in the financial sectors and presents an application in gold price forecasting. We carefully examine the impacts of a few most widely assumed factors that have significant impact on the long-term gold price using statistical regression techniques. The analysis on our proposed linear regression mode indicates that the United States ultra scale of M2 money supply has been the most important catalyst for the rising price of gold, and the CRB index upward trend has also been the weighty factor for pushing up the gold price. In addition, the gold price has a low negative correlation with the Dow Jones Industrial Average, and low positive correlations with the US dollar index and the gold ETFs holdings.

Nigeria; Publication of Financial Sector Assessment Program Documentation––Detailed Assessment of Observance of Insurance Core Principles

OpenAIRE

International Monetary Fund

2013-01-01

Nigeria undertook a Financial Sector Assessment Program (FSAP), which included a review of the structure of Nigeria’s insurance market and the supervisory framework. The assessment was benchmarked against the Insurance Core Principles (ICPs) issued by the International Association of Insurance Supervisors (IAISs). It is advised that the National Insurance Commission (NAICOM) of Nigeria can expand the objective to include the creation of a fair, safe, and stable insurance sector for the benefi...

Reforms in Nigerian education sector: Implications for Science and ...

African Journals Online (AJOL)

This paper examines the state of Education in Nigeria, the current educational reforms and their implications for science and technology education. It reviews various score sheets for the state of the countries educational system pointing to indicators of the system being inefficient, and attendantly calling for a reformation.

Reforma del sector salud y la política farmacéutica en Perú Health sector reform and pharmaceutical policy in Peru

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Carmen Phang Romero

2002-08-01

Full Text Available Este artículo analiza el Programa de Administración Compartida de Farmacias (PACFARM y su articulación con la Política Farmacéutica en Perú, en el contexto de la reforma del sector salud. La ejecución de los diversos Programas de Medicamentos Esenciales precedentes muestra el permanente esfuerzo por mejorar la cobertura con medicamentos esenciales a la población, no obstante, el marco jurídico en esta área presenta normas dispersas y desarticuladas, que dificultan la construcción de una Política Nacional de Medicamentos. El PACFARM es un sistema descentralizado de abastecimiento de medicamentos esenciales para el primer nivel de atención, auto-sustentado a través de fondos rotatorios. Mientras la ampliación de cobertura y la disminución de las barreras económicas de acceso a medicamentos esenciales fundamentaban lineamientos de una política farmacéutica, en tanto trazos de eficiencia gerencial en el suministro acompasaban la modernización de la gestión como parte de la reforma, otros aspectos dificultaron su implantación y limitaron sus efectos, tales como: la desregulación y los propios procesos de cambio en el sector. El abordaje metodológico incluyó técnicas cuali y cuantitativas, privilegiando el análisis de implantación del Programa.This article analyzes the Shared Pharmaceutical Management Program (PACFARM and its relationship to pharmaceutical policy in Peru within the scope of health sector reform. Implementation of various programs for essential medicines has involved an on-going effort towards improving the supply of essential drugs to the community. However, the corresponding legal framework includes random and disconnected regulations which hinder the feasibility of a consistent national drug policy. PACFARM is a decentralized system for the provision of essential medicines on a care-level basis, self-supported by revolving funds. While expanded coverage and decreased economic barriers to access to

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...

Scorecard and KPIs for monitoring software factories effectiveness in the financial sector

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Vicente Montequín

2013-01-01

Full Text Available Financial corporations and especially banking institutions have important needs concerning to the development of software around their business core. The software, that traditionally had been developed in house by the IT departments, is now usually outsourced to IT firms. These firms work under the software factories model. An important feature within this sector is that usually the financial groups keep the ownership of these firms because the strategic value of the software for the core business. These firms work almost exclusively for the owner financial group developing their software, but they have to demonstrate that they are so profitable and competitive like any other firm. The organizational structure of these firms has some differential features. Top level tasks (software design and project management are usually performed by the IT firm but the development is usually subcontracted to other software companies. Although financial corporations have always paid a special interest to investing in management and organizational policies to improve their efficiency, there have being always an important lack regarding to the control and monitoring of the software projects. They do not have suitable tools for monitoring actual process effectiveness. Adapting scorecards to this environment could be a useful tool for monitoring and improvement the process. Scorecard could here be used both as a tool for internal effectiveness measurement as well as externally, presenting sustainability indicators for the shareholders, the financial institutions. This paper aims to identify and define a collection of Key Performance Indicators which permit effectiveness to be improved under this context, focusing in the specific supply-chain model given by owner (financial group, software factory and software developers (subcontracted.

What triggers reforms in OECD countries? Improved reform measurement and evidence from the healthcare sector

NARCIS (Netherlands)

Wiese, Rasmus

The main contribution of this paper is the development of a novel and versatile methodology to identify economic reforms. The methodology is a combination of the Bai & Perron structural break filter, and validation of the structural breaks identified using de jure evidence of reforms. The procedure

Resisting market-inspired reform in healthcare: the role of professional subcultures in medicine.