WorldWideScience

Sample records for financial sector reform

  1. Impact of Financial Sector Reforms on Domestic Savings ...

    African Journals Online (AJOL)

    Since economic adjustments and financial reforms were undertaken in the early 1990's ... bank investments and cost of intermediation during the pre-financial sector ... It also showed increased fiscal discipline, improved prudential regulations and ... The negative results were caused by lack of a supportive policy, legal, and ...

  2. Uganda; Background Paper on Issues in Financial Sector Reform, and Statistical Appendix

    OpenAIRE

    International Monetary Fund

    1996-01-01

    This Background Paper examines issues in Uganda’s financial sector reform. In Uganda, reforms in the financial sector have included the liberalization of interest rates, the development of instruments of indirect monetary control, the modernization of banking legislation, the restructuring of the central bank, and reforms in the commercial banking system. These reforms are aimed at improving monetary management, which would enhance the prospects for achieving stabilization. Ultimately, financ...

  3. 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 ...

  4. Financial Sector Regulation and Reforms in Emerging Markets: An Overview

    OpenAIRE

    Eswar S. Prasad

    2010-01-01

    This paper provides an overview of the complex conceptual and practical challenges that emerging market economies face as they attempt to reform their frameworks for financial regulation. These economies are striving to balance the quest for financial stability with the imperatives of financial development and broader financial inclusion. I argue that these objectives can in fact reinforce one another. I also discuss aspects of macroeconomic policies and cross-border regulation that have impl...

  5. Have Recent Financial Reforms Improved Financial Accountability in the Australian Commonwealth Public Sector?

    Directory of Open Access Journals (Sweden)

    Graham Bowrey

    2007-09-01

    Full Text Available Since the early 1990s the Australian Commonwealth public sector has undergone significant financialreforms, due primarily to the current federal Liberal government’s drive to improve the financialaccountability of the Commonwealth Government. These reforms include the adoption of accrualaccounting and budgeting and the development and implementation of an outcomes and outputs framework.These reforms culminated in the first full federal budget to be developed on an accrual basis in 1999 – 2000.This paper will examine the implementation of these reforms and the associated processes to determinewhether or not the Commonwealth government is more financially transparent and better able to dischargeits financial accountability. It is argued the complexity of the processes associated with, and the reportingrequirements of these reforms may have actually decreased the level of accountability to the key party towhom accountability is due — the Australian public.

  6. Two decades of reforms. Appraisal of the financial reforms in the Russian public healthcare sector.

    Science.gov (United States)

    Gordeev, Vladimir S; Pavlova, Milena; Groot, Wim

    2011-10-01

    This paper reviews the empirical evidence on the outcomes of the financial reforms in the Russian public healthcare sector. A systematic literature review identified 37 relevant publications that presented empirical evidence on changes in quality, equity, efficiency and sustainability in public healthcare provision due to the Russian public healthcare financial reforms. Evidence suggests that there are substantial inter-regional inequalities across income groups both in terms of financing and access to public healthcare services. There are large efficiency differences between regions, along with inter-regional variations in payment and reimbursement mechanisms. Informal and quasi-formal payments deteriorate access to public healthcare services and undermine the overall financing sustainability. The public healthcare sector is still underfinanced, although the implementation of health insurance gave some premises for future increases of efficiency. Overall, the available empirical data are not sufficient for an evidence-based evaluation of the reforms. More studies on the quality, equity, efficiency and sustainability impact of the reforms are needed. Future reforms should focus on the implementation of cost-efficiency and cost-control mechanisms; provide incentives for better allocation and distribution of resources; tackle problems in equity in access and financing; implement a system of quality controls; and stimulate healthy competition between insurance companies. Copyright © 2010 Elsevier Ireland Ltd. All rights reserved.

  7. Public Sector Financial Management Reform: A Case Study of Local Government Agencies in Indonesia

    OpenAIRE

    Monir Mir; Wahyu Sutiyono

    2013-01-01

    Indonesia has taken initiatives to reform its public sector financial management. One of the reform agendas was to introduce ‘cash to accrual’ accounting for improved financial reporting. It is expected that improved financial reporting will enhance financial accountabilities of the governmental agencies and will assist both internal and external decision makers whose decisions will be based on the financial reports. However, it has been observed that there is a significant increa...

  8. Empirical Analysis of the Impact of Financial Sector Reforms on Savings Mobilization in Nigeria

    Directory of Open Access Journals (Sweden)

    Enobong Udoh

    2017-03-01

    Full Text Available This paper examines whether Nigeria witnessed considerable savings mobilization amidst financial sector reforms from 2007 to 2015 using the estimation method of Autoregressive Distributed Lag. Unlike previous papers in this area that mostly focused on interest rates liberalization thesis, this paper goes deeper by looking at financial reforms across money, capital and foreign exchange markets. The estimation results show that there are still structural rigidities in the money, foreign exchange and equity markets nexus. In that, the following variables that proxy financial sector reforms namely treasury bill yield, interest rate spread, market capitalization ratio and currency in circulation ratio (which proxy technological modernization of payment systems all went against a priori expectation. However, financial reforms had one success story in credit/loans advances to private/public sectors (financial deepening which posted its correct economic sign. In sum, except for the financial deepening variable it can be safely concluded that financial reforms in Nigeria is yet to positively impact savings mobilization. The regulatory and reform authorities must show effectiveness in reforms implementation.

  9. 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 ...

  10. Public Sector Financial Management Reform: A Case Study of Local Government Agencies in Indonesia

    Directory of Open Access Journals (Sweden)

    Monir Mir

    2013-12-01

    Full Text Available Indonesia has taken initiatives to reform its public sector financial management. One of the reform agendas was to introduce ‘cash to accrual’ accounting for improved financial reporting. It is expected that improved financial reporting will enhance financial accountabilities of the governmental agencies and will assist both internal and external decision makers whose decisions will be based on the financial reports. However, it has been observed that there is a significant increase in the number of qualified audit reports when these financial reports were audited. This also means that these financial reports are lacking in providing true and fair views on the financial activities of the governmental agencies, thereby not assisting in discharging their accountabilities. This study seeks to answer the question as to why the numbers of qualified audit reports have increased despite the existence of various governmental accounting reform agendas. Based on the in-depth case studies of three Indonesian local governments, it is found that the demand, the supply and the quality assurance of the accounting information outputs in these local governments are not in parity, and this lacking in parties actually has impacted in producing unqualified and usable accounting reports.

  11. Security Sector Reform in Albania

    OpenAIRE

    Abazi, Enika; Bumci, Aldo; Hide, Enri; Rakipi, Albert

    2009-01-01

    International audience; This paper analyses security sector reform (SSR) in Albania. In all its enterprises in reforming the security sector,Albania is assisted by different initiatives and projects that provide expertise and financial support. To assesswhether reforms improved the overall security environment (national and human) of the country, it is necessaryto measure the effectiveness of the various initiatives and projects. This is gauged by how well the initiatives andprojects achieved...

  12. Financial reform lessons and strategies

    OpenAIRE

    Caprio Jr, Gerard; Atiyas, Izak; Hanson, James

    1993-01-01

    The argument in favor of gradual - but sustained - financial reform is based on two factors. First, the development of borrower net worth will determine the health of the real and, ultimately, the financial sector. Thus, speeding up reforms when borrower net worth is subject to positive shocks - or slowing them when it is subject to negative shocks - appears sensible and appears to have worked better in practice. Second, the initial conditions of the banking sector - not just its net worth bu...

  13. Financial Management Reforms in the Health Sector: A Comparative Study Between Cash-based and Accrual-based Accounting Systems.

    Science.gov (United States)

    Abolhallaje, Masoud; Jafari, Mehdi; Seyedin, Hesam; Salehi, Masoud

    2014-10-01

    Financial management and accounting reform in the public sectors was started in 2000. Moving from cash-based to accrual-based is considered as the key component of these reforms and adjustments in the public sector. Performing this reform in the health system is a part of a bigger reform under the new public management. The current study aimed to analyze the movement from cash-based to accrual-based accounting in the health sector in Iran. This comparative study was conducted in 2013 to compare financial management and movement from cash-based to accrual-based accounting in health sector in the countries such as the United States, Britain, Canada, Australia, New Zealand, and Iran. Library resources and reputable databases such as Medline, Elsevier, Index Copernicus, DOAJ, EBSCO-CINAHL and SID, and Iranmedex were searched. Fish cards were used to collect the data. Data were compared and analyzed using comparative tables. Developed countries have implemented accrual-based accounting and utilized the valid, reliable and practical information in accrual-based reporting in different areas such as price and tariffs setting, operational budgeting, public accounting, performance evaluation and comparison and evidence based decision making. In Iran, however, only a few public organizations such as the municipalities and the universities of medical sciences use accrual-based accounting, but despite what is required by law, the other public organizations do not use accrual-based accounting. There are advantages in applying accrual-based accounting in the public sector which certainly depends on how this system is implemented in the sector.

  14. Financial Management Reforms in the Health Sector: A Comparative Study Between Cash-based and Accrual-based Accounting Systems

    Science.gov (United States)

    Abolhallaje, Masoud; Jafari, Mehdi; Seyedin, Hesam; Salehi, Masoud

    2014-01-01

    Background: Financial management and accounting reform in the public sectors was started in 2000. Moving from cash-based to accrual-based is considered as the key component of these reforms and adjustments in the public sector. Performing this reform in the health system is a part of a bigger reform under the new public management. Objectives: The current study aimed to analyze the movement from cash-based to accrual-based accounting in the health sector in Iran. Patients and Methods: This comparative study was conducted in 2013 to compare financial management and movement from cash-based to accrual-based accounting in health sector in the countries such as the United States, Britain, Canada, Australia, New Zealand, and Iran. Library resources and reputable databases such as Medline, Elsevier, Index Copernicus, DOAJ, EBSCO-CINAHL and SID, and Iranmedex were searched. Fish cards were used to collect the data. Data were compared and analyzed using comparative tables. Results: Developed countries have implemented accrual-based accounting and utilized the valid, reliable and practical information in accrual-based reporting in different areas such as price and tariffs setting, operational budgeting, public accounting, performance evaluation and comparison and evidence based decision making. In Iran, however, only a few public organizations such as the municipalities and the universities of medical sciences use accrual-based accounting, but despite what is required by law, the other public organizations do not use accrual-based accounting. Conclusions: There are advantages in applying accrual-based accounting in the public sector which certainly depends on how this system is implemented in the sector. PMID:25763194

  15. Malaysia; Financial Sector Stability Assessment

    OpenAIRE

    International Monetary Fund

    2013-01-01

    This assessment is a review of the financial environment of Malaysia. Like many other Asian countries, Malaysia experienced financial distress in the late 1990s, but the country’s policy reforms have moved it to a successful economy. A ten-year financial plan (2001–10) by Bank Negara Malaysia restructured the financial sector. Banks were well capitalized, household debts were strengthened, and securities and insurances were developed. Malaysia thus became the global center for Islamic finance...

  16. Economic democracy and financial reform in Vanuatu

    DEFF Research Database (Denmark)

    Pacheco Cueva, Vladimir

    2007-01-01

    This article identifies the rationale and trajectory of finance sector reform as part of the donor-sponsored Comprehensive Reform Program (CRP) in Vanuatu and provides an analysis of the problems associated with the lack of affordable credit for sectors of the population that do not fulfill...... commercial lending criteria. The article relies on financial hegemony theory in order to explain Vanuatu's role within larger international financial structures and rationale for reform. The discussion shows that foreign banking institutions are not interested in broadening credit access to poorer sections...

  17. Inclusive Financial System Reforms in Uganda: Unveiling Ambiguity

    OpenAIRE

    Ayoki, Milton

    2014-01-01

    This paper examines the financial system reforms in the context of financial sector deepening, and strategy for financial sector development and inclusion in Uganda. Results suggest that the indicators of financial sector development are largely as they were in 1996 and that the actual gains from financial inclusion strategies are small. Evidence suggests a weak link between financial deepening and financial usage by firms and households. It finds the acclaimed success (by policy makers and s...

  18. 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...

  19. Financial Reform and Financial Development in Nigeria: A ...

    African Journals Online (AJOL)

    User

    2011-05-20

    May 20, 2011 ... An International Multi-Disciplinary Journal, Ethiopia. Vol. 5 (3), Serial No. ... reform in Nigeria on some financial sector and real sector variables. The ... quantitative restrictions on lending, high reserve requirement as the causes of negative and ... graphical analysis of the outcome of the two era. In section ...

  20. 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...

  1. 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...

  2. Power sector reform in Maharashtra, India

    International Nuclear Information System (INIS)

    Totare, Ninad P.; Pandit, Shubha

    2010-01-01

    In early 1990 the power sector in India required an initial set of reforms due to the scarcity of financial resources and its deteriorating technical and commercial efficiency. The Indian power sector is now going through a second stage of reforms in which restructuring of electric supply utilities has taken place. The Maharashtra State Electricity Board (MSEB) initiated reforms in 2005 by dividing the state electricity board into four separate companies. In this paper, the situations that led to the reform of the MSEB and the scope of the work required for an action plan initiated by the state electricity distribution company in the context of the proposed Key Performance Index are discussed. The post-reform status of the distribution company is analyzed with selected key parameters. The study also analyzes the electricity supply model implemented and the effect of a multi-year tariff plan as one of the key milestones of the tariff structure. The various new projects implemented by the distribution company to improve consumer services and the reform experiences of the other states are discussed, along with the future scope of the present reform process. (author)

  3. 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

  4. 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.

  5. Impact of Deregulation on Financial Sector Development in Nigeria ...

    African Journals Online (AJOL)

    The financial system in an economy is known to serve as the lubricant which facilitates the smooth running of the economy. The Nigeria financial sector has undergone several reforms since 1987 when the Structural Adjustment Programme was introduced. This paper investigates the impact of these reforms on the ...

  6. China’s Entrance to the WTO and Financial Reform

    Directory of Open Access Journals (Sweden)

    Ki-Soon Park

    2000-09-01

    Full Text Available The openness and liberalization of China’s financial market is expected to accelerate with her entrance to the WTO. China plans to carry out liberalization measures, including the expansion of the Renminbi business scope. Openness and liberalization will expedite the integration of internal and external sectors, thereby making the domestic financial market more vulnerable to environmental changes. Consequently, China should establish a strong financial system to efficiently cope with the contagion effects of an external financial crisis. However, China’s financial system is still very weak, mainly due to the enormous bad loans to SOEs (state-owned enterprises. Accordingly, the Chinese government should carry out financial reform measures such as strengthening the financial supervision system, dealing with bad bank loans and restructuring the financial institutions. On the whole, China’s entrance to the WTO is expected to have a positive influence on her financial sector by accelerating such reform policies as financial reform and SOE reform. Entrance to the WTO will make society recognize the necessity of reform and openness. The Chinese government can decide to push some difficult reform policies which would not have been considered without WTO entrance.

  7. 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 ...

  8. 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.

  9. World bank's role in the electric power sector: Policies for effective institutional, regulatory, and financial reform. World Bank policy paper

    International Nuclear Information System (INIS)

    1993-01-01

    The policy paper is based on the World Bank Industry and Energy Department's ongoing policy and research work, which (1) examines experiences of industrial countries and the Bank's borrowers in developing their power sectors, (2) analyzes issues facing these sectors, and (3) describes options for dealing with these issues in developing countries. The paper is supported by a large body of research

  10. 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 ...

  11. 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 ...

  12. 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...

  13. 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)

  14. 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

  15. 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...

  16. 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...

  17. Financial Sector Assessment : Turkey

    OpenAIRE

    World Bank; International Monetary Fund

    2016-01-01

    The fundamental challenges confronting the Turkish financial system are to reduce dependence on external and foreign currency financing and to increase the maturity and diversity of funding instruments on which banks and firms depend. The long-standing shortfall of national savings to finance domestic investment, persistent elevated inflation, and bouts of exchange rate volatility have boosted reliance on foreign currency financing from international capital markets and have also inc...

  18. 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)

  19. 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 ...

  20. 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.

  1. 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.

  2. 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...

  3. 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)

  4. 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

  5. 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.

  6. 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 ...

  7. 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...

  8. 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....

  9. 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...

  10. 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.

  11. 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)

  12. The allocative efficiency of the formal versus the informal financial sector

    NARCIS (Netherlands)

    Lensink, B.W.

    An important reason for the disappointing effects of the financial reform programmes, as part of the structural adjustment programmes in sub-Saharan Africa, stems from the strong focus of the adjustment programmes on the formal banking sector. A financial reform programme which does not explicitly

  13. 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.

  14. 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)

  15. 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

  16. 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)

  17. 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...

  18. 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

  19. 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...

  20. 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.

  1. 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.

  2. 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...

  3. 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.

  4. 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...

  5. 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

  6. 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)

  7. 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.

  8. 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.

  9. 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.

  10. 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

  11. 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)

  12. 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

  13. 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, ...

  14. 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

  15. 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.

  16. 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.

  17. 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.

  18. 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.

  19. 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

  20. 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...

  1. 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...

  2. 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.

  3. Power Sector Reform in the Baltic States

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2002-08-01

    industrial customers to participate in the Joint Baltic electricity Market but the aim is a step-by-step opening of the market to comprise a larger number of customer groups. This will in its turn pave the way for a rapid EU adjustment of the Baltic electricity market and a more practical connection to the neighbouring markets, for example the Nordic Electricity Market. The Nordic Electricity Market is one good example of a successful way for regional market integration, which is used as a model and source of positive experiences in other regions, both within the EU and in the candidate countries. The Baltic authorities are interested to make further use of the Nordic experiences and to introduce an electricity market, which in its construction is very similar to the Nordic model. This will make it even more interesting for the Nordic authorities and actors to follow the development in the Baltic States and to finds ways and means for more practical co-operation and partnership. It shall also be noted that the support from the Nordic Countries, including through the Nordic Council of Ministers for Energy, to the reform and adjustment to the EU policies and requirement of the energy sector in the Baltic States has increased in recent years. In this context the co-operation established within BASREC - the Baltic Sea Region Energy Co-operation - where electricity market issues constitutes one of four main areas shall be observed.

  4. Power Sector Reform in the Baltic States

    International Nuclear Information System (INIS)

    2002-08-01

    industrial customers to participate in the Joint Baltic electricity Market but the aim is a step-by-step opening of the market to comprise a larger number of customer groups. This will in its turn pave the way for a rapid EU adjustment of the Baltic electricity market and a more practical connection to the neighbouring markets, for example the Nordic Electricity Market. The Nordic Electricity Market is one good example of a successful way for regional market integration, which is used as a model and source of positive experiences in other regions, both within the EU and in the candidate countries. The Baltic authorities are interested to make further use of the Nordic experiences and to introduce an electricity market, which in its construction is very similar to the Nordic model. This will make it even more interesting for the Nordic authorities and actors to follow the development in the Baltic States and to finds ways and means for more practical co-operation and partnership. It shall also be noted that the support from the Nordic Countries, including through the Nordic Council of Ministers for Energy, to the reform and adjustment to the EU policies and requirement of the energy sector in the Baltic States has increased in recent years. In this context the co-operation established within BASREC - the Baltic Sea Region Energy Co-operation - where electricity market issues constitutes one of four main areas shall be observed

  5. 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

  6. 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

  7. 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

  8. 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....

  9. 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.

  10. 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...

  11. 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

  12. 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.

  13. 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 ...

  14. 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 ...

  15. Private sector health reform in South Africa.

    Science.gov (United States)

    Van Den Heever, A M

    1998-06-01

    This paper discusses some of the trends, debates and policy proposals in relation to the financing of the private health sector in South Africa. The public and private sectors in South Africa are of equivalent size in terms of overall expenditure, but cover substantially different population sizes. Within this context the government has reached the unavoidable conclusion that the private sector has to play some role in ensuring that equity, access and efficiency objectives are achieved for the health system as a whole. However, the private sector is some way off from taking on this responsibility. Substantial increases in per capita costs over the past 15 years, coupled with a degree of deregulation by the former government, have resulted in increasing instability and volatility. The development of a very competitive medical scheme (health insurance) market reinforced by intermediaries with commercial interests has accelerated trends toward excluding high health risks from cover. The approach taken by the government has been to define a new environment which leaves the market open for extensive competition, but removes from schemes the ability to compete by discriminating against high health risks. The only alternatives left to the private market, policy makers hope, will be to go out of business, or to survive through productivity improvements.

  16. 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.

  17. 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.

  18. 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...

  19. 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...

  20. 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.

  1. 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

  2. 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.

  3. 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.

  4. 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

  5. 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

  6. 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)

  7. Restructuring in Ontario : electricity sector reform

    International Nuclear Information System (INIS)

    Pospisil, S.

    2004-01-01

    Ontario's electricity reform strategy was outlined along with challenge facing Ontario's electricity supply and demand with particular focus on the issue of replacing coal-fired generation. According to reports by the Independent Electricity Market Operator, short-term reserve margins were higher in 2004 than they were in 2003 due to the return to service of some nuclear generating units and planned capacity additions. Ontario's long-term supply and demand situation was also examined. It was noted that lenders hesitate to finance the expansion of generation companies selling into the spot market. Many lenders are requiring that half of the project's output be sold in advance on contract. Other challenges include Ontario's aging generation infrastructure and rising energy prices. The presentation included graphs that compared electricity costs for residential and small business customers across various provinces and states. The main supply and conservation challenges revolve around the large investments required by 2020 to replace coal plants, retire nuclear plants and projected load growth. Ontario's current generation capacity is 154 TWh and the mix is represented by 40 per cent nuclear, 25 per cent coal, 25 per cent hydro, 8 per cent natural gas, 1 per cent oil, and 1 per cent biomass and other renewable energy sources. This paper also addressed the issue of coal generation and air pollution and emphasized the importance of looking at the broad externalities associated with air emissions. tabs., figs

  8. 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,

  9. 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.

  10. 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...

  11. 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...

  12. 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....

  13. 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....

  14. 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

  15. 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)

  16. 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.

  17. 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)

  18. 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…

  19. 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

  20. 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 ...

  1. 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...

  2. 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).

  3. 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).

  4. 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 ...

  5. 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.

  6. 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

  7. 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....

  8. 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.

  9. 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)

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

    Energy Technology Data Exchange (ETDEWEB)

    Garg, V.K.

    2007-07-01

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

  11. 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...

  12. 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...

  13. 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.

  14. 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.

  15. 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.

  16. 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.

  17. Explicating corporate identity in the financial sector

    NARCIS (Netherlands)

    Powell, S.; Elving, W.J.L.; Dodd, C.; Sloan, J.

    2009-01-01

    Purpose - The purpose of this paper is to investigate and measure employees' perception of actual and desired corporate ethical values as a component of corporate identity within a major UK financial institution, against a comparison with their employees' own individual ethical values.

  18. 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.

  19. 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)

  20. 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)

  1. The Financial Sector and Corporate Governance

    OpenAIRE

    Mallin, Chris; Mullineux, Andy; Wihlborg, Clas

    2004-01-01

    In 1992 the Cadbury Committee report on the financial aspects of corporate governance was published. The Committee had been established following the failures of a number of high profile businesses in the UK which had shaken confidence in the market. Some nine years later, in 2001, the collapse of Enron sent shockwaves through the US market. As a result of the Enron collapse and various other high profile scandals in the years since its occurrence, the US is examining its own c...

  2. 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

  3. 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.

  4. 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.

  5. 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

  6. 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

  7. 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.

  8. 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.

  9. 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

  10. 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.

  11. Financial groups charmed by energy sector

    International Nuclear Information System (INIS)

    Haluza, I.; Marcan, P.

    2006-01-01

    The Slovak power industry is no longer the domain of big state-controlled and international companies. Local financial groups that grew up on equity deals, revitalisation of industry, real estate and receivables business have developed an interest in the field as well. They are contemplating the possibility of investing a part of their gains into energy sources. They can see the gap that the closure of the V1 power plant in Jaslovske Bohunice will create in Slovakian's power capacity. Although the new owner of Slovenske elektrarne, Italian Enel, will attend to filling the gap, local market players also sense an opportunity. Apart from the closure of V1 there is also rising energy demand driven by growing industry and growing energy prices. What is more, the state supports renewable energy sources like wind and biomass though subsidies, tax allowances or higher purchase prices. According to standard economic formulas at least, increased competition should exert pressure on prices. However, renewable energy sources are more expensive then traditional ones and new gas or coal driven power plants will certainly not push prices down. The electricity produced by power plants in Jaslovske Bohunice, which is to be closed, is the cheapest we have. So nobody dares to predict with 100-percent certainty what energy prices will look like in two years. Investment director of private equity group Penta, Vladimir Brodnan, says that new investors are not entering the energy business because of guaranteed profit. Utility regulator URSO only sets fixed prices for distribution companies but, on the other hand, the draft amendment to the regulation act indicates that the government would like to change this status. In future the powers of the regulator should also cover the prices of electricity as a commodity. In addition, the possibility of the regulator being able to interfere with the liberalised market concerns investors. (authors)

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

    OpenAIRE

    Hong-Bum Kim; Chung Lee

    2005-01-01

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

  13. 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.

  14. 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

  15. 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.

  16. 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

  17. 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...

  18. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

  20. 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…

  1. 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

  2. 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…

  3. 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…

  4. 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)

  5. Contribution to electrical energy sector reform: Maghreb's case

    International Nuclear Information System (INIS)

    Rahmouni, A.

    2008-01-01

    This article presents an electrical energy sector reform 'initiative' adapted to developing countries, in particular those of Maghreb, in order to promote competitive electricity business outside of market structures. It is a matter 1) of authorizing access to networks and international interconnections for all high or low voltage consumers, in particular those very sensitive to electricity prices and to competition, in order to get electricity supply on foreign markets and/or from private producers and/or develop their own productions directly or via consortium; 2) of authorizing access to networks and international interconnections for every independent production destined for internal and/or foreign markets, resulting especially in the development of competitive supplies which are renewable or reduce network constraints; 3) of initiating (or promoting) the integrated management of supply, demand and network systems, around the fundamental principles of technical and economical optimizations, bearing in mind the sector's unique character in order to develop the trans-border electricity business. Much appreciated by internal and external economic operators, the outcome of this initiative applied to the development of self generation and launched for the first time in Morocco, is impressive, since less than one year following its launch, several national and foreign company associations committed, by way of signed agreements, to equip around a dozen wind energy sites spread across the whole of the land and totaling a power of more than 1000 MW so 20% to 25% of the country's current peak demand. Some of the region's countries have shown their keen interest in this solution. In addition, analysis and simulation studies carried out on the integrated systems of Maghreb and the Iberian Peninsula show that access to international networks and interconnections in order to choose one's own suppliers, means among other things that significant gains on production costs of

  6. 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.

  7. Health sector reforms for 21 st century healthcare

    Directory of Open Access Journals (Sweden)

    Darshan Shankar

    2015-01-01

    Full Text Available The form of the public health system in India is a three tiered pyramid-like structure consisting primary, secondary, and tertiary healthcare services. The content of India′s health system is mono-cultural and based on western bio-medicine. Authors discuss need for health sector reforms in the wake of the fact that despite huge investment, the public health system is not delivering. Today, 70% of the population pays out of pocket for even primary healthcare. Innovation is the need of the hour. The Indian government has recognized eight systems of healthcare viz., Allopathy, Ayurveda, Siddha, Swa-rigpa, Unani, Naturopathy, Homeopathy, and Yoga. Allopathy receives 97% of the national health budget, and 3% is divided amongst the remaining seven systems. At present, skewed funding and poor integration denies the public of advantage of synergy and innovations arising out of the richness of India′s Medical Heritage. Health seeking behavior studies reveal that 40-70% of the population exercise pluralistic choices and seek health services for different needs, from different systems. For emergency and surgery, Allopathy is the first choice but for chronic and common ailments and for prevention and wellness help from the other seven systems is sought. Integrative healthcare appears to be the future framework for healthcare in the 21 st century. A long-term strategy involving radical changes in medical education, research, clinical practice, public health and the legal and regulatory framework is needed, to innovate India′s public health system and make it both integrative and participatory. India can be a world leader in the new emerging field of "integrative healthcare" because we have over the last century or so assimilated and achieved a reasonable degree of competence in bio-medical and life sciences and we possess an incredibly rich and varied medical heritage of our own.

  8. Health sector reforms for 21(st) century healthcare.

    Science.gov (United States)

    Shankar, Darshan

    2015-01-01

    The form of the public health system in India is a three tiered pyramid-like structure consisting primary, secondary, and tertiary healthcare services. The content of India's health system is mono-cultural and based on western bio-medicine. Authors discuss need for health sector reforms in the wake of the fact that despite huge investment, the public health system is not delivering. Today, 70% of the population pays out of pocket for even primary healthcare. Innovation is the need of the hour. The Indian government has recognized eight systems of healthcare viz., Allopathy, Ayurveda, Siddha, Swa-rigpa, Unani, Naturopathy, Homeopathy, and Yoga. Allopathy receives 97% of the national health budget, and 3% is divided amongst the remaining seven systems. At present, skewed funding and poor integration denies the public of advantage of synergy and innovations arising out of the richness of India's Medical Heritage. Health seeking behavior studies reveal that 40-70% of the population exercise pluralistic choices and seek health services for different needs, from different systems. For emergency and surgery, Allopathy is the first choice but for chronic and common ailments and for prevention and wellness help from the other seven systems is sought. Integrative healthcare appears to be the future framework for healthcare in the 21(st) century. A long-term strategy involving radical changes in medical education, research, clinical practice, public health and the legal and regulatory framework is needed, to innovate India's public health system and make it both integrative and participatory. India can be a world leader in the new emerging field of "integrative healthcare" because we have over the last century or so assimilated and achieved a reasonable degree of competence in bio-medical and life sciences and we possess an incredibly rich and varied medical heritage of our own.

  9. 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.

  10. 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.

  11. 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.

  12. 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

  13. FINANCIAL PERFORMANCE ANALYSIS AND BANKRUPTCY PREDICTION IN HUNGARIAN DAIRY SECTOR

    Directory of Open Access Journals (Sweden)

    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.

  14. 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...

  15. 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

  16. 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.

  17. 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.

  18. 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.

  19. 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

  20. 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

  1. 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.

  2. 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....

  3. Public Sector Reforms In Africa: A Philosophical Re-Thinking

    African Journals Online (AJOL)

    seriane.camara

    2009-05-14

    May 14, 2009 ... sector management in the name of PSR. ... the importance attached to this agenda, the World Bank created a fully fledged. Public Sector Group in 1997. ..... There is also a need to exploit indigenous knowledge in carrying out.

  4. 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...

  5. 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.

  6. Reforms in the Greek pharmaceutical market during the financial crisis.

    Science.gov (United States)

    Vandoros, Sotiris; Stargardt, Tom

    2013-01-01

    Following the financial crisis of 2008, Greece has been facing severe fiscal problems associated with high public debt and deficit. Given their significant contribution to public sector expenditure, part of the effort to reduce public expenditure has involved a focus on pharmaceutical markets. Our aim is to provide an overview of recent policy changes in the Greek pharmaceutical market as a response to the crisis. We also discuss other potential measures that can be implemented. The recommendations are relevant to European countries facing debt crises, but also to any other country, as improving efficiency makes funds available to be used on other interventions. In 2010 and 2011, following the debt crisis and the agreement with the IMF, EU and ECB, the Greek government introduced several policy measures aimed at cost-containment. These changes included (a) price cuts, (b) the re-introduction of a positive list, (c) changes in the profit margins of pharmacies and wholesalers, and (d) tenders for hospital drugs. As a result, public drug expenditure decreased from €5.09 billion in 2009 to €4.25 billion in 2010 and €4.10 billion in 2011. As the need to cut expenditure becomes more urgent, seeking efficiency is possibly the only option for countries that do not wish to compromise quality of healthcare and public health. However, efficiency and cost containment are not only about introducing new policies, but also about the enforcement of existing laws and fighting corruption. Copyright © 2012 Elsevier Ireland Ltd. All rights reserved.

  7. 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

  8. 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

  9. 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

  10. 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.

  11. 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)…

  12. 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)

  13. 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

  14. 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

  15. 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

  16. 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.

  17. El contexto de las reformas del sector de la salud The context surrounding health sector reforms

    Directory of Open Access Journals (Sweden)

    Carlos Vergara

    2000-08-01

    oportunidades para todo el mundo. Acostumbradas al proteccionismo del antiguo modelo de desarrollo, hoy en día las sociedades latinoamericanas perciben la amenaza de un modelo nuevo que no les ofrece ninguna red de protección social. La viabilidad de las políticas de reforma económica y social de las segunda fase, que se ajustan a las exigencias de un mundo "globalizado", depende, entonces, de poder vencer la desconfianza de la población y de lograr el respaldo de una mayoría política, social e institucional.In Latin America, health sector reforms have gone hand in hand with social and economic trends during the latter half of the twentieth century and have reflected the particular concept of "development" that has been in vogue at different times. Economic stagnation and increased social spending, both hallmarks of the 1960s, led to the decline of the "import substitution" development model, which had prevailed since the beginning of the century, and slowly gave way in the 1980s to the "globalization"model. From the earlier model, a transition took place toward a restructuring of production and a series of economic adjustment policies that led, ironically, to an increase in poverty in Latin America. Implementation of the new model has occurred in two phases. The first, known as the "social reform" or "first generation "phase, sprang from the notion that poverty is the sum of a number of material shortages that can be corrected through an equitable redistribution of a fixed volume of goods belonging to society. This conceptual framework, which was completely devoid of all historical linkages and separated from economic policy, led to social policies whose entire purpose was to mitigate poverty through subsidies targeting the poorest persons in the society. In the second phase of the globalization model, which arose in the 1990s and became known as the "second generation" or "postadjustment" phase, new economic rules came into play that were based primarily on

  18. 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.

  19. Public Sector Reforms In Africa: A Philosophical Re-Thinking

    African Journals Online (AJOL)

    seriane.camara

    2009-05-14

    May 14, 2009 ... and impact on their people provided these policies are part of the new public ... consequent perpetual slavery. So, the two ..... officials are shareholders. ..... those prevailing in non-modern sectors of African society by which.

  20. Introduction Public Sector Reforms and the Quest for Democratic ...

    African Journals Online (AJOL)

    seriane.camara

    substantive (or emancipatory) democracy in the long run”. Democratic .... the paradigm focused exclusively on short-term macro-economic stabilization, with little ..... Paper presented at the Guy Mhone Memorial Conference on Public Sector.

  1. 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

  2. CONSIDERATIONS REGARDING THE REFORM OF THE EUROPEAN FINANCIAL SUPERVISION SYSTEM

    Directory of Open Access Journals (Sweden)

    Persida Cechin Crista

    2012-01-01

    Full Text Available Financial stability has a crucial role in the financial system and in the economy as a whole, as shown by the current worldwide economic crisis. Therefore, in order to protect the financial system and to ensure financial stability, the identification of the main risk and vulnerability sources is of utmost importance. All involved parties, as well as financial institutions and supervision authorities need to be informed about the risks.Banks, insurance companies and other financial institutions represent the first line of defence against financial crises. These institutions are responsible for maintaining their viability and solvency, as well as for checking the debtors’ credit worthiness and for managing the undertaken risks.

  3. 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

  4. 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

  5. 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...

  6. 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.

  7. 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 ...

  8. Palestinian Security Sector Reform : the View of the Public | IDRC ...

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

    PSR will consult with various stakeholders - the Ministry of the Interior, the security services, the judiciary, members of Parliament, human rights organizations and international donors - in extensive surveys of the public's perception of the security sector in all its dimensions, including capacity, mission, performance, service ...

  9. 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 ...

  10. 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

  11. 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...

  12. 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.

  13. 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

  14. 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...

  15. Corporate Tax Reform : Statement of the Financial Economists Roundtable

    NARCIS (Netherlands)

    Boot, A.; Logue, D.; Spatt, C.

    2017-01-01

    Corporate tax reform has been a controversial issue in the U.S. for several years, particularly as U.S. companies have accumulated cash in lower‐tax overseas subsidiaries, while some have used “inversions” to establish overseas corporate domiciles. Two features of U.S. corporate taxation stand out:

  16. Financial and ratepayer impacts of nuclear power plant regulatory reform

    International Nuclear Information System (INIS)

    Turpin, A.G.

    1985-01-01

    Three reports - ''The Future Market for Electric Generating Capacity,'' ''Quantitative Analysis of Nuclear Power Plant Licensing Reform,'' and ''Nuclear Rate Increase Study'' are recent studies performed by the Los Alamos National Laboratory that deal with nuclear power. This presents a short summary of these three studies. More detail is given in the reports

  17. 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.

  18. Health sector reforms in Central and Eastern Europe

    Directory of Open Access Journals (Sweden)

    2004-04-01

    Full Text Available The political and economic transition of the 1990s in the countries of central and eastern Europe has been accompanied by wide ranging health care reform. The initial Soviet model has given way to a variety of forms of health insurance. Yet, as this paper argues, reform has too often been preoccupied with ideological imperatives, such as provider autonomy and the creation of funds separate from government, and has given much less thought to the contribution that health care can make to population health. The paper begins by examining the changing nature of health care. It recalls how the Soviet model was able to provide basic care to dispersed populations at low cost but notes how this is no longer sufficient in the face of an increasingly complex health care environment. This complexity reflects several factors, such as the growth in chronic disease, the emergence of new forms of infectious disease, and the introduction of new treatments requiring integrated delivery systems. It reviews evidence on how the former communist countries failed to keep up with developments in the west from the 1970s onwards, at a time when the complexity of health care was becoming apparent. It continues by setting out a framework for the organisation of health care based on the goal of health gain. This involves a series of activities that can be summarised as active purchasing, and which include assessment of health needs, designing effective packages of care, and monitoring outcomes. It concludes by arguing that a new relationship is needed between the state and the organisations involved in funding and delivering health care, to design a system that will tackle the considerable health needs of the people who live in this region.

  19. 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

  20. 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)

  1. 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.

  2. 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.

  3. 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.

  4. 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...

  5. 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.

  6. 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.

  7. 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.

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

    Directory of Open Access Journals (Sweden)

    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

  9. 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...

  10. 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…

  11. Smarter Spending: Reforming Federal Financial Aid for Higher Education

    Science.gov (United States)

    Gillen, Andrew

    2011-01-01

    In higher education, three generally recognized rationales for federal involvement in financial aid exist: (1) Promoting equality of opportunity: Those from poor households are less likely to attend college for a variety of reasons; (2) Credit market imperfections: Students may not have access to the credit needed to make profitable investments in…

  12. Department of Defense Progress in Financial Management Reform

    National Research Council Canada - National Science Library

    Steinhoff, Jeffrey

    2000-01-01

    ..., in particular, has resulted in steady improvement we have seen across government. At the same time, as we testified before the Subcommittee on March 31, 2000, on the same results of our review of the fiscal year 1999 Financial Report of the U.S...

  13. Health Sector Reform in the Kurdistan Region - Iraq: Financing Reform, Primary Care, and Patient Safety.

    Science.gov (United States)

    Anthony, C Ross; Moore, Melinda; Hilborne, Lee H; Mulcahy, Andrew W

    2014-12-30

    In 2010, the Kurdistan Regional Government asked the RAND Corporation to help guide reform of the health care system in the Kurdistan Region of Iraq. The overarching goal of reform was to help establish a health system that would provide high-quality services efficiently to everyone to prevent, treat, and manage physical and mental illnesses and injuries. This article summarizes the second phase of RAND's work, when researchers analyzed three distinct but intertwined health policy issue areas: development of financing policy, implementation of early primary care recommendations, and evaluation of quality and patient safety. For health financing, the researchers reviewed the relevant literature, explored the issue in discussions with key stakeholders, developed and assessed various policy options, and developed plans or approaches to overcome barriers and achieve stated policy objectives. In the area of primary care, they developed and helped to implement a new management information system. In the area of quality and patient safety, they reviewed relevant literature, discussed issues and options with health leaders, and recommended an approach toward incremental implementation.

  14. 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

  15. 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)

  16. 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.

  17. 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.

  18. The Response of Banking Sector Development to Financial and ...

    African Journals Online (AJOL)

    Africa's financial system is strongly bank-based and so this paper investigate .... development in Nigeria while an opening of capital without trade in Nigeria does ...... on Financial Globalization, Hosted by the International Monetary Fund and.

  19. 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...

  20. A Tool for Assessing Financial Vulnerabilities in the Household Sector

    OpenAIRE

    Shubhasis Dey; Ramdane Djoudad; Yaz Terajima

    2008-01-01

    In this article, the authors build on the framework used in the Bank of Canada's Financial System Review to assess the evolution of household indebtedness and financial vulnerabilities in response to changing economic conditions. To achieve this, they first compare two microdata sets generated by Ipsos Reid's Canadian Financial Monitor and Statistics Canada's Survey of Financial Security. They find that the surveys are broadly comparable, despite methodological differences. This enables them ...

  1. 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.

  2. 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.

  3. 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...

  4. 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.

  5. 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

  6. Non performing loans: Obstacles within financial and economy sector

    Directory of Open Access Journals (Sweden)

    Mitrović Ranka

    2014-01-01

    Full Text Available Growth and development of company depend on the adequate selection of financial resources and optimization of financial structure. In other words, the success of a company is determined by the choice of high-quality financial sources and their maturity adjustment. In developed economic and developed financial systems, companies have a wide range of financial sources: emissions of shares, bonds, emissions of other long-term and short-term securities, borrowing from the bank and alternative sources of financing. However, the developing countries and undeveloped countries addressed to financial resources of investors and loans from banking institutions. In this context, it is necessary to build a stable banking system, which will support the strategic development of the company and provide daily liquidity of companies.

  7. 470 Teamwork Effectiveness in the Financial Management Sector ...

    African Journals Online (AJOL)

    2015-08-27

    Aug 27, 2015 ... Principles, theoretical concepts and factors affecting ... Keywords: Team, Teamwork, Effectiveness, Financial, Management,. Companies, Strategic ..... The response rates were higher from the Accounting, Client Service and.

  8. 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...

  9. 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.

  10. 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...

  11. 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...

  12. 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

  13. 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.

  14. 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.

  15. 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...

  16. 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+

  17. 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.

  18. 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.

  19. Corporate Social Responsibility in the Financial Sector: Are Financial Cooperatives Ready to the Challenge?

    OpenAIRE

    Élias Rizkallah; Inmaculada Buendía Martínez

    2011-01-01

    After the crash of financial institutions and the negative effects of the financial crisis, financial service cooperatives (FSCs) emerged as good performer compared to commercial banks. But this condition will not be enough to face the challenges that the new financial panorama will bring on the banking arena. Among them, challenges related to the corporate social responsibility (CSR) sphere will play a special role. In Canada, the financial regulatory framework forces some federal institutio...

  20. 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

  1. Yearbook sectoral financial ratios in mexico for business benchmarking

    Directory of Open Access Journals (Sweden)

    Deyanira Bernal Domínguez

    2012-05-01

    Full Text Available Financial analysis through ratios is a useful tool for improving organizational performance. Databases of financial information in Mexico are limited, therefore the importance of an annual publication of financial ratios per company and industry average. The objectives of this research are: describe the financial ratios with higher predictive potential and their formulas, as well as the design of a research instrument for measuring the relevance of the publication. A descriptive methodology was applied selecting through the analysis ofempirical studies, several ratios of liquidity, leverage, asset management, business cycle, performance and self-financing. The questionnaire contains 43 reagents to be applied to a statistically representative sample of 46 entrepreneurs in Culiacan, Sinaloa, Mexico.

  2. What drives the development of the MENA financial sector?

    Directory of Open Access Journals (Sweden)

    Sami Ben Naceur

    2014-12-01

    Full Text Available We explore a wide range of macroeconomic, fiscal and institutional factors in order to assess their relevance as determinants of financial development in MENA countries. A first interesting result is that bank and non-bank development are affected differently by the determinants under consideration. For example, growth does not promote banking activity; it promotes development of stock market liquidity. While we find that better institutions, in general, have a positive and significant effect on financial development, some institutional aspects matter more than others do. We also present evidence on the impact of macroeconomic factors, such as investment, inflation, savings, trade openness and financial liberalization, as key determinants of financial development in the MENA region, further reflecting a sharp contrast between bank and non-bank activity. Our results are robust to different specifications and different estimation techniques.

  3. 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.

  4. 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.

  5. 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)

  6. 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,.

  7. 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

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

    Directory of Open Access Journals (Sweden)

    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.

  9. 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

  10. Measuring and explaining competition in the financial sector

    NARCIS (Netherlands)

    Bikker, J.A.; Spierdijk, L.

    The first part of this paper provides a systematic discussion of the structural problems of competition on financial markets as observed from the demand and from the supply side, using a diagnostic framework. Potential impediments to competition are concentration, entry barriers, lack of

  11. 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

  12. IT-Benefits-Management in the Swiss Financial Sector

    OpenAIRE

    Schwabe, G; Baenninger, P

    2008-01-01

    Companies engage in IT-projects in order to gain some benefits; however they complain that those bene-fits are difficult to achieve. On the basis of a survey in the Swiss financial industry this paper comes to the conclusion that due to a fundamental misconception companies reproduce the lack of success in reaping IT benefits: Many companies regard benefit management as an instrument to support project proposals rather than as an instrument to gain optimal benefits. Conse-quently, benefits ma...

  13. 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.

  14. 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.

  15. 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

  16. 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…

  17. 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

  18. 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...

  19. The financial crisis in Italy: implications for the healthcare sector.

    Science.gov (United States)

    de Belvis, Antonio Giulio; Ferrè, Francesca; Specchia, Maria Lucia; Valerio, Luca; Fattore, Giovanni; Ricciardi, Walter

    2012-06-01

    The global economic and financial crisis is having and impact on the Italian healthcare system which is undergoing a devolution process from the central government to regions and where about one third of the regional governments (mainly in the central and southern part of the country) are facing large financial deficits. The paper briefly describes the current macro scenario and the main responses taken to face the crisis and highlights the downside risks of introducing "linear" cuts in the allocation of resources. While justified by the risk of a national debt default, present fiscal policies might increase inequalities in access to care, deteriorate overall health indicators and population wellbeing, and sharpen existing difference in the quality of care between regions. Preliminary evidence shows that the crisis is affecting the quality of nutrition and the incidence of psychiatric disorders. During this difficult financial situation Italy is also facing the risk of a major reduction in investments for preventive medicine, Evidence Based Medicine infrastructures, health information systems and physical capital renewal. This cost-cutting strategy may have negative long term consequences Also, important achievement in terms of limiting waiting lists, improving continuity of care and patients' centeredness, and promoting integration between social and health care may be negatively affected by unprecedented resources' cuts. It is essential that in such a period of public funding constraints health authorities monitor incidence of diseases and access to care of the most vulnerable groups and specifically target interventions to those who may be disproportionally hit by the crisis. Copyright © 2012 Elsevier Ireland Ltd. All rights reserved.

  20. 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.

  1. 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

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

    Directory of Open Access Journals (Sweden)

    Nasir Muhammad Ali

    2017-09-01

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

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

    OpenAIRE

    World Bank

    2000-01-01

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

  4. 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.

  5. 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.

  6. 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

  7. 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, ...

  8. 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...

  9. 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 ...

  10. 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.

  11. 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.

  12. Business Process Management Integration Solution in Financial Sector

    Directory of Open Access Journals (Sweden)

    2009-01-01

    Full Text Available It is vital for financial services companies to ensure the rapid implementation of new processes to meet speed-to-market, service quality and compliance requirements. This has to be done against a background of increased complexity. An integrated approach to business processes allows products, processes, systems, data and the applications that underpin them to evolve quickly. Whether it’s providing a loan, setting up an insurance policy, or executing an investment instruction, optimizing the sale-to-fulfillment process will always win new business, cement customer loyalty, and reduce costs. Lack of integration across lending, payments and trading, on the other hand, simply presents competitors who are more efficient with a huge profit opportunity.

  13. Africa's energy sector: energy availability and the underlying financial challenges

    International Nuclear Information System (INIS)

    Lebesa, Motselisi; Ndyeshobola, Ahmed.

    1994-01-01

    The objective of this paper is to provide a brief overview of energy availability in Africa and the attendant financing concerns in the African energy sector. The paper departs from three key premises: firstly that energy resources in Africa are abundant, but current trends in its consumption and inherent externalities are unsustainable. This abundance is also affected by social and political stability. Secondly, that the majority of Africa's population lacks access to adequate energy services. Poverty issues and effects undermine the urgency of energy and environmental concerns. Thirdly, that Africa's sustainable development calls for more energy supply not less. Future energy requirements and related supply and financing issues are discussed with the time horizon of the year 2020. (author)

  14. Domestic customers and reform of the gas sector. An organisational sociology perspective

    International Nuclear Information System (INIS)

    Poupeau, Francois-Mathieu

    2009-01-01

    This article looks at the impact of gas sector reforms on domestic customers. It focuses on an aspect frequently neglected by research but one that is an essential vector of customer satisfaction, namely distribution networks. Using an organisational sociology perspective and a specific example (a study of connection to the French gas network), we will demonstrate that there are significant differences in the treatment that GrDF, the gas network operator, reserves for different categories of customer. In most cases, when the request is a straightforward, run-of-the-mill one, the problem resolution process functions quite well. However, when a more atypical problem arises, requiring more non-standard treatment, the operator struggles to provide an effective solution for its customers. This observation underpins our contention that operators are now much better equipped to deal with 'mass market' requirements than individual made-to-measure solutions.

  15. Power sector reforms in Brazil and its impacts on energy efficiency and research and development activities

    International Nuclear Information System (INIS)

    Jannuzzi, G.M. de

    2005-01-01

    Since the mid-nineties Brazil has implemented significant changes in the country's power sector, including privatization, introduction of competition and the creation of regulatory agency. As reform started in Brazil traditional support to energy efficiency and energy research and development suffered a discontinuation, budget cuts and re-definition of roles of the public agents in charge. At the same time, new regulatory measures and the creation of a national public interest fund have helped to maintain and potentially enhance the country's effort to promote energy efficiency and investments in energy R and D. This paper analyses the impacts of these changes in the areas of energy efficiency and energy research and development and argues for an increased role of developing countries to provide solutions for a meeting energy demand requirements more suitable to their internal markets

  16. 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.

  17. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

  19. 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.

  20. 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

  1. 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

  2. 2015 SUMMING-UP OF BANKING FINANCIAL SECTOR OF THE REPUBLIC OF MOLDOVA

    Directory of Open Access Journals (Sweden)

    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.

  3. 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

  4. 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

  5. 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...

  6. Stakeholder perspectives on a financial sector legitimation process: the case of NGOs and the Equator Principles

    NARCIS (Netherlands)

    O'Sullivan, N.; O'Dwyer, B.

    2009-01-01

    Purpose - The purpose of this paper is to present an in-depth, context rich, and stakeholder-focused perspective on the legitimation dynamics surrounding the initiation and evolution of one of the key financial sector environmental and social responsibility initiatives in recent years, the Equator

  7. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

  9. Right place of human resource management in the reform of health sector.

    Science.gov (United States)

    Hassani, Seyed Abas; Mobaraki, Hossein; Bayat, Maboubeh; Mafimoradi, Shiva

    2013-01-01

    In this paper the real role and place of human resource (HR) in health system reform will be discussed and determined within the whole system through the comprehensive Human Resource Management (HRM) model. Delphi survey and a questionnaire were used to 1) collect HR manager ideas and comments and 2) identify the main challenges of HRM. Then the results were discussed in an expert panel after being analyzed by content analysis method. Also, a deep focus study of recorded documents related to Health Human Resource Management was done. Then based on all achieved results, a rich picture was drawn to illustrate the right place of HRM in health sector. Finally, the authors revitalize the missed function of HRM within the health sector by drawing a holistic conceptual model. The most percentage of frequency about HR belongs to "Lack of reliable HR information system" (91%) and the least percentage of frequency belongs to "Low responsibility of HR" (28%). The most percentage of frequency about HR manager belongs to "Inattention to HR managers as key managers and consider them in background" (80%) and the least percentage of frequency belongs to "Lack of coordination between universities' policies" (30%). According to the conceptual framework, human resources employed in health system are viewed from two comprehensive approaches: instrumental approach and institutional. Unlike the common belief that looks HRM through the supportive approach, it is discussed that HRM not only has an instrumental role, but also do have a driver role.

  10. 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.

  11. Security Sector Reform and the Paradoxical Tension between Local Ownership and Gender Equality

    Directory of Open Access Journals (Sweden)

    Eleanor Gordon

    2015-11-01

    Full Text Available This article analyses the tension or conflict that can exist between the principles of local ownership and gender equality that guide Security Sector Reform (SSR programmes when gender discrimination and patriarchal values characterise the local environment (and ‘locals’ do not value gender equality. In these situations, international actors may be reluctant to advocate gender equality, regarding it as imposing culturally alien values and potentially destabilising to the SSR process. It is argued, however, that the tension between local ownership and gender equality is deceptive and merely serves to protect the power of dominant groups and disempower the marginalised, often serving to disguise the power relations at play in post-conflict environments and avoid addressing the security needs of those who are often at most risk. The paper concludes that rather than a tension existing between the two principles, in fact, local ownership without gender equality is meaningless. Moreover, failing to promote gender equality undermines the extent to which SSR programmes result in security and justice sector institutions that are representative of and responsive to the needs of both men and women. It can also perpetuate structural inequalities and conflict dynamics and, ultimately, limit the success of SSR and broader peacebuilding processes.

  12. 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.

  13. 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)

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

    Directory of Open Access Journals (Sweden)

    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.

  15. 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.

  16. The banking sector in new EU member countries: a sectoral financial flows analysis

    Czech Academy of Sciences Publication Activity Database

    Hanousek, Jan; Kočenda, E.; Ondko, P.

    2007-01-01

    Roč. 57, 5-6 (2007), s. 200-224 ISSN 0015-1920 R&D Projects: GA MŠk LC542 Grant - others:GA ČR(CZ) GA402/06/1293 Program:GA Institutional research plan: CEZ:AV0Z70850503 Keywords : banking * financial intermediation * emerging markets Subject RIV: AH - Economics Impact factor: 0.382, year: 2007 http://journal.fsv.cuni.cz/storage/1080_fau_5_6_2007_00000000002.pdf

  17. The banking sector in new EU member countries: a sectoral financial flows analysis

    Czech Academy of Sciences Publication Activity Database

    Hanousek, J.; Kočenda, Evžen; Ondko, Peter

    2007-01-01

    Roč. 57, 5-6 (2007), s. 200-224 ISSN 0015-1920 R&D Projects: GA ČR GA402/06/1293; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : banking * financial intermediation * emerging markets Subject RIV: AH - Economics Impact factor: 0.382, year: 2007 http://journal.fsv.cuni.cz/storage/1080_fau_5_6_2007_00000000002.pdf

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

    Directory of Open Access Journals (Sweden)

    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.

  19. 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.

  20. 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

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

    Directory of Open Access Journals (Sweden)

    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.

  2. 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.

  3. 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...

  4. 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...

  5. 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.

  6. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

  8. 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.

  9. 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

  10. Implementation of the ERM concept in Serbia: Comparative analysis: Real sector and financial sector

    Directory of Open Access Journals (Sweden)

    Barjaktarović Lidija

    2017-01-01

    Full Text Available The paper analyzes the level of development regarding risk management, with a special focus on ERM (Enterprise Risk Management implementation in the Serbian companies. The aim is to raise the awareness regarding the successful risk management implementation in the companies in Serbia, using the bank sector as the benchmark and the example of good practice. The research was conveyed in 2015 and it confirmed the general trend that the companies in Serbia were more inclined to use traditional methods regarding risk management, that the ownership structure influenced the level of ERM awareness in the companies and finally that the Serbian companies lacked the supporting organizational structures and adequate systems of internal controls which would contribute to the successful ERM implementation.

  11. 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.

  12. Political Environments, Sector-Specific Configurations, and Strategic Devices: Understanding Institutional Reform in Uruguay

    OpenAIRE

    Fernando Filgueira; Juan Andrés Moraes

    1999-01-01

    This paper argues for a multi-level explanatory model for understanding institutional reform. The expanding but still modest accumulation in the field tends to clump together different levels of efficient causes. Statements like “reform will be more likely in countries that have swiftly proceeded with macroeconomic reform and stabilization and have the legitimacy and power to push further reform” refer to general political conditions. The notion that reforms will be harder where costs are con...

  13. Financial and economic approach: Financial & banking sector development pact from the perspective of the euro area European economic policy

    Directory of Open Access Journals (Sweden)

    Theodoropoulos Theodore E.

    2004-01-01

    Full Text Available Powerful obstacles to the further integration of repot, bond and equity markets remain the still fragmented securities settlement industry in Europe, which charges much higher fees for cross border transactions than for domestic transactions, and differences in legal systems. This paper describes the main developments in the euro area financial markets before and after the introduction of the single currency. It looks at the evolution of the euro area financial structure in the last few years. Interestingly in various dimensions the financial structure of euro area countries seems to become more diverse over time. We assess the progress towards financial integration in the most important euro-area financial segments, namely money and equity markets, as well as banking. The available data suggest that the unsecured money market strongly integrated with the introduction of the euro, as the single currency and related euro-area-wide large-value payment systems link the different countries well. Also, some progress occurred in the integration of euro-area equity markets, as stock exchanges in a few countries merged to form Euronext and professional asset managers replaced country allocation by sector allocation strategies. Overall, while asset holdings have become more international in the euro area since the introduction of the single currency, securities markets are still much less integrated than in the US. In the area of retail banking the increased homogeneity of interest rates seems to be driven more by macroeconomic convergence than by market integration. In addition we consider a wide range of other determinants, such as foreign debt or net foreign assets, terms of trade, government debt and regulated prices.

  14. Economic reforms and change in the energy sector: the case of Ecuador

    International Nuclear Information System (INIS)

    Dahik, Alberto.

    1993-01-01

    The failure of both democracies and revolutions in Latin America is due to the fact that the State has been trusted with political, economic and social organization, instead of relying on the motivations and capabilities of intermediate associations and the individual members of society. Therefore, the process of change is not just a matter of national decision; it is something that must, and will, take place. Ecuador understands perfectly well the need for reform. Major laws have already been enacted, and a bill for modernization of the State is currently under consideration by congress. The concept of modernization and, therefore, change does not merely imply new laws, simplified procedures or easier operations; it basically means allowing the creative forces of individuals, enterprises and intermediate associations to play a more influential role. As in other Latin American countries, in Ecuador there can be no real modernization, no real change in society without a major revolution in energy and telecommunications. Thus, two important laws have been drafted to demonopolize petroleum and electric power operations and open them up both to national and foreign private sector participation

  15. The project organization as a policy tool in implementing welfare reforms in the public sector.

    Science.gov (United States)

    Jensen, Christian; Johansson, Staffan; Löfström, Mikael

    2013-01-01

    Organizational design is considered in policy literature as a forceful policy tool to put policy to action. However, previous research has not analyzed the project organization as a specific form of organizational design and, hence, has not given much attention to such organizations as a strategic choice when selecting policy tools. The purpose of the article is to investigate the project as a policy tool; how do such temporary organizations function as a specific form of organization when public policy is implemented? The article is based on a framework of policy implementation and is illustrated with two welfare reforms in the Swedish public sector, which were organized and implemented as project organizations. The case studies and the analysis show that it is crucial that a project organization fits into the overall governance structure when used as a policy tool. If not, the project will remain encapsulated and will not have sufficient impact on the permanent organizational structure. The concept of encapsulation indicates a need to protect the project from a potential hostile environment. The implication of this is that organizational design as a policy tool is a matter that deserves more attention in the strategic discussion on implementing public policies and on the suitability of using certain policy tools. Copyright © 2012 John Wiley & Sons, Ltd.

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

    Directory of Open Access Journals (Sweden)

    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.

  17. 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.

  18. 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...

  19. 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...

  20. 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...

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

    OpenAIRE

    Aurelia ŞTEFĂNESCU

    2014-01-01

    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 posit...

  2. Switzerland; Financial Sector Assessment Program: Factual Update: Basel Core Principles for Effective Banking Supervision

    OpenAIRE

    International Monetary Fund

    2007-01-01

    This technical note presents a factual update of the 2001 assessment of Switzerland’s compliance with the 1997 Basel Core Principles for Effective Banking Supervision (BCP), including a follow-up on implementation of the 2001 BCP assessment, undertaken in the context of the original Financial Sector Assessment Program in 2001. The note discusses that the Swiss Federal Banking Commission (SFBC) has made impressive progress both organizationally and to its supervisory practices to strengthen Sw...

  3. Report on the structure of ownership in the financial sector across the EU

    OpenAIRE

    Michal Jurek

    2013-01-01

    The purpose of this report is to analyse the structure of ownership in the financial sector in the selected old (France, Germany, Greece, Italy, Sweden, the United Kingdom) and new (the Czech Republic, Hungary, Poland) EU Member States. This subject is particularly important to the proper understanding of the scale and scope of the process of financialisation in the EU countries. General objective of the report is the investigation and evaluation of the evolution of the structure of ownership...

  4. 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.

  5. Use of the formal and informal financial sectors : does gender matter? empirical evidence from rural Bangladesh

    OpenAIRE

    McKernan, Signe-Mary; Pitt, Mark M.; Moskowitz, David

    2005-01-01

    Access to transfers and credit, whether cash or in-kind, is a major source of poverty alleviation and income generation in many developing countries around the world. Women may especially benefit from transfers and credit in countries such as Bangladesh, where they often have few work alternatives. In this paper, the authors descriptively examine the formal and informal financial sectors of rural Bangladesh, placing special emphasis on differences between men and women. Their analysis uses un...

  6. 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...

  7. 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…

  8. 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.

  9. 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.

  10. 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.

  11. The financial and structural capabilities of key infrastructure sectors in Serbia

    Directory of Open Access Journals (Sweden)

    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.

  12. Does competition improve financial stability of the banking sector in ASEAN countries? An empirical analysis

    Science.gov (United States)

    Gee, Chan Sok; Isa, Che Ruhana

    2017-01-01

    This study examines the influence of competition on the financial stability of the commercial banks of Association of Southeast Asian Nation (ASEAN) over the 1990 to 2014 period. Panzar-Rosse H-statistic, Lerner index and Herfindahl-Hirschman Index (HHI) are used as measures of competition, while Z-score, non-performing loan (NPL) ratio and equity ratio are used as measures of financial stability. Two-step system Generalized Method of Moments (GMM) estimates demonstrate that competition measured by H-statistic is positively related to Z-score and equity ratio, and negatively related to non-performing loan ratio. Conversely, market power measured by Lerner index is negatively related to Z-score and equity ratio and positively related to NPL ratio. These results strongly support the competition-stability view for ASEAN banks. We also capture the non-linear relationship between competition and financial stability by incorporating a quadratic term of competition in our models. The results show that the coefficient of the quadratic term of H-statistic is negative for the Z-score model given a positive coefficient of the linear term in the same model. These results support the non-linear relationship between competition and financial stability of the banking sector. The study contains significant policy implications for improving the financial stability of the commercial banks. PMID:28486548

  13. Does competition improve financial stability of the banking sector in ASEAN countries? An empirical analysis.

    Science.gov (United States)

    Noman, Abu Hanifa Md; Gee, Chan Sok; Isa, Che Ruhana

    2017-01-01

    This study examines the influence of competition on the financial stability of the commercial banks of Association of Southeast Asian Nation (ASEAN) over the 1990 to 2014 period. Panzar-Rosse H-statistic, Lerner index and Herfindahl-Hirschman Index (HHI) are used as measures of competition, while Z-score, non-performing loan (NPL) ratio and equity ratio are used as measures of financial stability. Two-step system Generalized Method of Moments (GMM) estimates demonstrate that competition measured by H-statistic is positively related to Z-score and equity ratio, and negatively related to non-performing loan ratio. Conversely, market power measured by Lerner index is negatively related to Z-score and equity ratio and positively related to NPL ratio. These results strongly support the competition-stability view for ASEAN banks. We also capture the non-linear relationship between competition and financial stability by incorporating a quadratic term of competition in our models. The results show that the coefficient of the quadratic term of H-statistic is negative for the Z-score model given a positive coefficient of the linear term in the same model. These results support the non-linear relationship between competition and financial stability of the banking sector. The study contains significant policy implications for improving the financial stability of the commercial banks.

  14. 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.

  15. 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

  16. 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...

  17. 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

    Directory of Open Access Journals (Sweden)

    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

  18. 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

  19. 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.

  20. Health Sector Reform in sub-Saharan Africa: a synthesis of country ...

    African Journals Online (AJOL)

    Health reforms in the region have been influenced largely by the poor performance of the health systems, particularly with regard to the quality of health services. Most countries have taken due cognizance of the deficiencies on their health systems in the design of their health reform programmes and they have made some ...

  1. Gender equity and health sector reform in Colombia: mixed state-market model yields mixed results.

    Science.gov (United States)

    Ewig, Christina; Bello, Amparo Hernández

    2009-03-01

    In 1993, Colombia carried out a sweeping health reform that sought to dramatically increase health insurance coverage and reduce state involvement in health provision by creating a unitary state-supervised health system in which private entities are the main insurers and health service providers. Using a quantitative comparison of household survey data and an analysis of the content of the reforms, we evaluate the effects of Colombia's health reforms on gender equity. We find that several aspects of these reforms hold promise for greater gender equity, such as the resulting increase in women's health insurance coverage. However, the reforms have not achieved gender equity due to the persistence of fees which discriminate against women and the introduction of a two-tier health system in which women heads of household and the poor are concentrated in a lower quality health system.

  2. 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...

  3. 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

  4. 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,

  5. 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

  6. 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

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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

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

    Directory of Open Access Journals (Sweden)

    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.

  10. 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.

  11. 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.

  12. Getting the right balance between regulation and governance in the non-bank financial sector

    Directory of Open Access Journals (Sweden)

    David G Mayes

    2012-10-01

    Full Text Available This paper uses the example of the collapse of the finance company sector in New Zealand in 2006-2010 to illustrate the problems with light touch regulation and a reliance on good governance to ensure financial stability. It shows two major governance failures, the first in the governance of the sector by the authorities and the second, serious failures in corporate governance by the firms involved. While a light touch may assist economic development it also increases fragility. New Zealand has now switched to a greater emphasis on regulation and to a better alignment of incentives to ensure good governance. While other countries might consider implementing aspects of its new bank resolution regime most are opting for considerably more regulation and compliance costs.

  13. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

  15. Impact of financial liberalization on banking sectors performance from central and eastern European countries.

    Directory of Open Access Journals (Sweden)

    Alin Marius Andries

    Full Text Available In this paper we analyse the impact of financial liberalization and reforms on the banking performance in 17 countries from CEE for the period 2004-2008 using a two-stage empirical model that involves estimating bank performance in the first stage and assessing its determinants in the second one. From our analysis it results that banks from CEE countries with higher level of liberalization and openness are able to increase cost efficiency and eventually to offer cheaper services to clients. Banks from non-member EU countries are less cost efficient but experienced much higher total productivity growth level, and large sized banks are much more cost efficient than medium and small banks, while small sized banks show the highest growth in terms of productivity.

  16. Impact of Financial Liberalization on Banking Sectors Performance from Central and Eastern European Countries

    Science.gov (United States)

    Andries, Alin Marius; Capraru, Bogdan

    2013-01-01

    In this paper we analyse the impact of financial liberalization and reforms on the banking performance in 17 countries from CEE for the period 2004–2008 using a two-stage empirical model that involves estimating bank performance in the first stage and assessing its determinants in the second one. From our analysis it results that banks from CEE countries with higher level of liberalization and openness are able to increase cost efficiency and eventually to offer cheaper services to clients. Banks from non-member EU countries are less cost efficient but experienced much higher total productivity growth level, and large sized banks are much more cost efficient than medium and small banks, while small sized banks show the highest growth in terms of productivity. PMID:23555745

  17. Influence of financial crisis in new investments international Brazilian electric sector

    Energy Technology Data Exchange (ETDEWEB)

    Vela, Jorge Alcala; Cantuaria, Andre Luis

    2010-09-15

    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. In conclusion, the econometric model used to study the investment to 2010 by Eletrobras meets a correlation acceptable. So a well dependence exists between power and investment in the projects selected. 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, due to bitter experience in past crises are allowing a better resistance now.

  18. Financial and Real Sector Leading Indicators of Recessions in Brazil Using Probabilistic Models

    Directory of Open Access Journals (Sweden)

    Fernando Nascimento de Oliveira

    Full Text Available We examine the usefulness of various financial and real sector variables to forecast recessions in Brazil between one and eight quarters ahead. We estimate probabilistic models of recession and select models based on their outof-sample forecasts, using the Receiver Operating Characteristic (ROC function. We find that the predictive out-of-sample ability of several models vary depending on the numbers of quarters ahead to forecast and on the number of regressors used in the model specification. The models selected seem to be relevant to give early warnings of recessions in Brazil.

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

    OpenAIRE

    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 that may go behind this statement. But we do recognize the problem of natural fallacy here: if the statement would be based on a belief in some natural differences between women and men, it would imply...

  20. The EU's Agenda 2000 reform for the agricultural sector. Environmental and economic effects in Denmark

    International Nuclear Information System (INIS)

    Wier, Mette; Andersen, Johnny M.; Jensen, Joergen D.; Jensen, Thomas C.

    2002-01-01

    The Agenda 2000 reform, agreed on by the EU government leaders in the spring of 1999, implies considerable changes in EU agricultural policy. The reform involves both reductions in price support and compensations in the form of hectare and animal support. The Agenda 2000 reform may have considerable environmental and economic effects, and in this article we assess these effects. Within an integrated model system, we calculate environmental effects (changes in nitrogen loading in the terrestrial environment and the Danish marine waters, changes in oxygen concentrations in the inner Danish marine waters, and changes in emissions of the greenhouse gases (methane and nitrous oxide)), as well as economic effects (effects on private consumption, GDP, the balance of payments, and employment). The results indicate that the Agenda 2000 reform has significant economic costs but almost no effects on the environment - either positive or negative

  1. Health sector reform processes in Nigeria: A review of factors that ...

    African Journals Online (AJOL)

    International Journal of Medicine and Health Development ... district health system, community-based health insurance ,immunization and disease- ... of the key factors which have determined whether reforms preferentially benefit the poorest ...

  2. Social Security Reform and Population Ageing in a Two-Sector Growth Model

    NARCIS (Netherlands)

    van Groezen, B.J.A.M.; Meijdam, A.C.; Verbon, H.A.A.

    2002-01-01

    This paper analyses the effects of reducing unfunded social security and population ageing on economic growth and welfare, both for a small open economy and for a closed economy.The economy consists of a service sector and a commodity sector.Productivity growth only occurs in the latter sector and

  3. Social security reform and population ageing in a two-sector growth model

    NARCIS (Netherlands)

    Groezen, Bas van; Meijdam, L.; Verbon, H.

    2002-01-01

    This paper analyses the e¤ects of reducing unfunded social security and population ageing on economic growth and welfare, both for a small open economy and for a closed economy. The economy consists of a service sector and a commodity sector. Productivity growth only occurs in the latter sector

  4. Financial statement in the Brazilian public sector: The perception of the professionals that prepare that information.

    Directory of Open Access Journals (Sweden)

    João Eudes de Souza Calado

    2016-12-01

    Full Text Available The objective of this paper is to identify the perception of the developers of the financial statements of public sector in respect to their difficulties in producing and disseminating such information, after the convergence of Brazil to the international standards IPSAS. Our methodological approach used multivariate descriptive techniques. Data was obtained through a survey, applied to professionals involved in the process of preparing the financial statement in the Brazilian public sector. The sample had 69 respondents, which corresponds to the perception of 85% of states and 46% of Brazilian cities. Data analysis was conducted using exploratory factor analysis. Results indicated that two perceptions of difficulties stood out: 1 the relevance of the information - its quality was not considered as being able to guide the internal user (decision-making or external user; 2 and the process of adaptation to the new standards - relationship between time and cost for adaptation. They also indicated the predominant focus on the Budget and the low adhesion to the Cash Flow Statement.

  5. Carbon and Energy Saving Financial Opportunities in the Industrial Compressed Air Sector

    Science.gov (United States)

    Vittorini, Diego; Cipollone, Roberto

    2017-08-01

    The transition towards a more sustainable energy scenario calls for both medium-to-long and short term interventions, with CO2 reduction and fossil fuel saving as main goals for all the Countries in the World. Among all others, one way to support these efforts is the setting-up of immaterial markets able to regulate, in the form of purchase and sales quotas, CO2 emissions avoided and fossil fuels not consumed. As a consequence, the upgrade of those sectors, characterized by high energy impact, is currently more than an option due to the related achievable financial advantage on the afore mentioned markets. Being responsible for about 10% electricity consumption in Industry, the compressed air sector is currently addressed as extremely appealing, when CO2 emissions and burned fossil fuels saving are in question. In the paper, once a standard is defined for compressors performances, based on data from the Compressed Air and Gas Institute and PNEUROP, the achievable energy saving is evaluated along with the effect in terms of CO2 emissions: with reference to those contexts in which mature intangible markets are established, an estimation of the financial benefit from savings sale on correspondent markets is possible, in terms of both avoided CO2 and fossil fuels not burned. The approach adopted allows to extend the analysis results to every context of interest, by applying the appropriate emission factor to the datum on compressor specific consumption.

  6. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

  8. Financial planning and access to financing in small and mediumsized companies in the Venezuelan manufacturing sector

    Directory of Open Access Journals (Sweden)

    Mary A. Vera-Colina

    2011-12-01

    Full Text Available The relationship between the presence of financial planning and difficulties regarding access to financing in small and medium-sized companies (SMEs in the Venezuelan manufacturing sector is studied. This is an explicative type research work, designed as non-experimental, crosssectional and correlational field work, applied to a sample of 67 SMEs. A questionnaire was applied and a review was made of the relevant literature, to establish the characteristics of the selected variables, according to the high-medium-low measurement for each of the selected indicators. The preliminary results make it possible to affirm that the financial planning variable demonstrates a medium presence in the companies, with medium and low levels of coordination among their components. Average access to financing is classified as low, marked by a medium-high access to credit from suppliers, medium access in reinvestment of profits and medium-low access to bank credit lines. There is also evidence of financing patterns compatible with the Pecking Order Theory. The conclusion is that there is a weak relationship between the characteristics of financial planning and the levels of access to financing, with the inference that the behavior of these variables is determined by a multiplicity of factors.

  9. 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 ...

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

    Directory of Open Access Journals (Sweden)

    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.

  11. The Philippine electricity sector reform and the urban question: How metro Manila's utility is tackling urban poverty

    International Nuclear Information System (INIS)

    Mouton, Morgan

    2015-01-01

    In the early 2000s, the Philippine government reformed its electricity sector following neoliberal principles: unbundling of the power industry, privatisation of assets and commodification of electricity. This paper shows that the reform was primarily driven by the need to secure electricity supply and cut down tariffs. These national objectives ousted other issues, and notably those that find their expression at the urban level, among which the question of access to electricity in Metro Manila's urban poor communities. The central state withdrew its attention from the issue of electrification, and local actors had to react as they were confronted to social tensions and practices of pilferage. As a consequence, city governments and local administrations are getting involved in this issue, which opens the way to participation of civil society. This paper shows how the “rolling back” of the central state led to new partnerships and arrangements between the distribution utility, local governments and community organisations. This movement points to an urbanisation of energy issues, which could bring positive results for end-users provided that it is accompanied by a clearer regulatory framework. - Highlights: • The electricity reform did not take the urban poor into consideration. • The state retreated from issues of electrification. • Decentralisation favoured the emergence of new, local actors for this aspect of energy policy. • The distribution utility is left with an increased power over issues of access to electricity. • Territorially and qualitatively, electrification programs are more diverse

  12. US Health Care Reform and Transplantation. Part I: overview and impact on access and reimbursement in the private sector.

    Science.gov (United States)

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

    2010-10-01

    The Health Care Reform (HCR) legislation passed by Congress in 2010 will have significant impact on transplant centers, patients and health care professionals. The Act seeks to expand coverage, limit the growth in health care costs and reform the delivery and insurance systems. In Part I of this two part series, we provide an overview and perspective of changes in private health insurance resulting from HCR. Under the plan, all Americans will be required to purchase coverage through their employer or via an improved individual/small group market. This legislation limits abusive practices such as limitations on preexisting conditions, lifetime and annual coverage limitations and dropping of beneficiaries if they become sick. The legislation will also limit high-cost plans and regulate premium increases. Private sector reforms are likely to benefit our patients by increasing the number of patients with access to transplant services, since the use of 'preexisting' conditions will be eliminated. However without a concomitant increase in the organ supply, longer waiting times and greater use of marginal organs are likely to increase the cost of transplant. Furthermore, transplant providers will receive reduced reimbursement as a result of market consolidation and the growing power of large transplant networks.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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

  15. IMPACT of FINANCIAL CRISIS 2008-2009 on BANKING SECTOR STRUCTURE IN UKRAINE

    Directory of Open Access Journals (Sweden)

    N. Versal

    2015-10-01

    Full Text Available The article deals with the changes in the structure of Ukraine’s banking sector caused by the crisis 2008 – 2009. The research covers the pre-crisis stage (early 2008, the stage of the impact of the global financial crisis (end of 2008 – 2009, the stage of post-crisis development (2010 – 2013. The analysis is done in two areas: the analysis of the consequences of redistribution of responsibilities between the Deposit Guarantee Fund (the DGF and the National Bank of Ukraine (the NBU and the analysis of changes in the structure of the banking sector (the redistribution of the market between the four groups of banks in terms of assets, state-owned banks and other banks, foreign banks and domestic banks. It is possible to talk about the positive aspects arising from the redistribution of responsibilities between the NBU and the DGF, namely in terms of depositors’ protection strengthening due to reducing the term of the interim administration, eliminating the moratorium on payments to depositors etc. However, it is impossible to make an unambiguous conclusion that these changes have had a positive effect on the level of depositor’s confidence in banks. It turned out to be factors that are more important: economic and political situation in the country. The changes in the structure of the banking sector had a crucial character. Characteristic tendencies for each block of banks have been determined based on an analysis of indicators such as total assets, loans to legal entities and individuals, total liabilities, liabilities of legal entities and individuals, equity and equity multiplier. The financial crisis has revealed deep problems in the banking sector and has caused essential transformation processes: the redistribution of the banking market in favor of banks, which enjoyed the confidence of customers. Research shows that such banks in the unit of banks in terms of assets are banks of 2 and 4 groups; banks in the block by the presence

  16. Private-Sector Coalitions and State-Level Education Reform. Policy Bulletin.

    Science.gov (United States)

    Hamrick, Flo

    The influence of the private sector on education has been and continues to be significant. The use of scientific management in education, which led to standardized testing, accountability, and educational administration, came from the private sector. In recent times, many businesses have formed charitable and professional support partnerships with…

  17. Conceptual framework of public health surveillance and action and its application in health sector reform

    Directory of Open Access Journals (Sweden)

    Alemu Wondi

    2002-01-01

    Full Text Available Abstract Background Because both public health surveillance and action are crucial, the authors initiated meetings at regional and national levels to assess and reform surveillance and action systems. These meetings emphasized improved epidemic preparedness, epidemic response, and highlighted standardized assessment and reform. Methods To standardize assessments, the authors designed a conceptual framework for surveillance and action that categorized the framework into eight core and four support activities, measured with indicators. Results In application, country-level reformers measure both the presence and performance of the six core activities comprising public health surveillance (detection, registration, reporting, confirmation, analyses, and feedback and acute (epidemic-type and planned (management-type responses composing the two core activities of public health action. Four support activities – communications, supervision, training, and resource provision – enable these eight core processes. National, multiple systems can then be concurrently assessed at each level for effectiveness, technical efficiency, and cost. Conclusions This approach permits a cost analysis, highlights areas amenable to integration, and provides focused intervention. The final public health model becomes a district-focused, action-oriented integration of core and support activities with enhanced effectiveness, technical efficiency, and cost savings. This reform approach leads to sustained capacity development by an empowerment strategy defined as facilitated, process-oriented action steps transforming staff and the system.

  18. Reforming the University Sector: Effects on Teaching Efficiency--Evidence from Italy

    Science.gov (United States)

    Agasisti, Tommaso; Dal Bianco, Antonio

    2009-01-01

    In this article, we analyse the effects of teaching reforms in Italy. These were introduced in 1999, and changed the entire organization of university courses, where the Bachelor-Master (BA-MA) structure was adopted. The first step is to define the production process of higher education (HE). This process consists of several inputs (professors,…

  19. A Legal Guide to State Pension Reform. Education Sector Policy Briefs

    Science.gov (United States)

    Herriot-Hatfield, Jennie; Monahan, Amy; Rosenberg, Sarah; Tucker, Bill

    2012-01-01

    Just 18 minutes before the midnight signing deadline on May 15, 2010, Minnesota state legislators breathed a sigh of relief. Their bipartisan pension reform legislation, which passed both chambers by large margins and aimed to help shore up a potentially failing pension system, had just escaped a veto threat. Under pressure from his Republican…

  20. Reforms to the European Union Financial Supervisory and Regulatory Architecture and Their Implications for Asia

    NARCIS (Netherlands)

    Z. Darvas (Zsolt); D. Schoenmaker (Dirk); N. Véron (Nicolas)

    2017-01-01

    textabstractEuropean Union (EU) countries offer a unique experience of financial regulatory and supervisory integration, complementing various other European integration efforts following the Second World War. Financial regulatory and supervisory integration was a very slow process before 2008,

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

    NARCIS (Netherlands)

    Denters, H.M.G.

    2009-01-01

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

  2. Assessing the Sectoral Dynamics of Non-performing Loans: Signs from Financial and Real Economy

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    Bogdan MOINESCU

    2012-02-01

    Full Text Available The paper is an attempt at studying the mechanisms whereby the economic activity dynamics and money market conditions affect the developments in nonperforming loan ratio across the main activity sectors, namely agriculture, industry, commerce and constructions. The default rates are modeled both on the basis of a linear approach and via a logistic function, starting from the methodological solution of the reputed conditional risk model referred to as Credit Portfolio View. The robustness of the analytical framework is ensured by applying SUR estimation method for simultaneous systems of equations in combination with that of autoregressive vectors. The empirical analysis is based on unique set of quarterly data, which allows for assessing the quality of non-financial companies loan repayment. The relevant explanatory variables were used in various configurations and lags for constructing several macroeconomic credit risk models.

  3. Changing approaches to financing and financial management in the South African local government sector

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    D Sing

    2003-11-01

    Full Text Available Sections 152 and 153 of the Constitution of the Republic of South Africa, 1996 (Act 108 of 1996 have given local government a developmental mandate. Local government has a constitutional obligation to participate in national and provincial development programmes. Local government should become a powerful development catalyst in collaboration with other spheres of government, the non-governmental sector and the local citizenry. It has to address social, economic and infrastructural backlogs and inequalities in a stable and sustainable manner to ensure developmental outcomes are reached. Different financing and financial management policies, strategies, structures, processes and procedures have to be instituted with a view to transformation and innovation. Constant and consistent monitoring, analysis and evaluation of these policies, strategies structures, processes and procedures should ensure these constitutional imperatives.

  4. THE IMPORTANCE OF REGINONAL REGULATIONS SUPERVISION IN FINANCIAL SECTOR AFTER REGIONAL DEVELOPMENT

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    Iza Rumesten RS

    2015-01-01

    Full Text Available Autonomous regional administration may say 80% fail, even many violations in governance can be seen from the many local regulations canceled by the government. The problem of this study is how the regulatory supervision of the financial sector among local parent with a new autonomous regions. Methods used in this research is to examine the normative Law 23 of 2014 and Act No. 17 of 2003. From the results, that local governments still have to master to supervise all local regulations and regulatory policies that made the district / city, especially in the field of finance. An obligation on the parent region to assist funding over three years for new autonomous regions interfere with the delivery system of local governance parent, therefore before diotonomkan, candidates should be prepared to be autonomous administrative regions that after diotonomkan not interfere peyelenggaraan dependent and parent local government.

  5. Reforming Municipal Budgeting and Financial Management in a South American City: A Case Study of Asuncion, Paraguay

    Directory of Open Access Journals (Sweden)

    Rachel BALLARD

    2000-01-01

    Full Text Available With increasing frequency, the two highly interrelated subjects of municipal budgeting and effective financial management are becoming ever more central to discussions of local governance reform in Latin America. Among the most important factors contributing to this are the growing concern throughout the hemisphere about the decentralization of governmental services and the expanding influence of elected mayors. For at least a decade, governments from Mexico to Argentina, have been discussing and, in some cases, actually carrying out, efforts to decentralize to the local level public service provision in such important program areas as economic development, education, health services and housing.

  6. 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.

  7. Organizational Culture in the Financial Sector: Evidence from a Cross-Industry Analysis of Employee Personal Values and Career

    OpenAIRE

    van Hoorn, Andre

    2015-01-01

    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, indirect method for assessing organizational culture that revolves around relationships between employees’ personal traits and their career success in the industry or organization under study. We analyz...

  8. 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...

  9. 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...

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

    Directory of Open Access Journals (Sweden)

    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.

  11. Critical success factors for business intelligence in the South African financial services sector

    Directory of Open Access Journals (Sweden)

    Lionel Dawson

    2013-06-01

    Objectives: This research aimed to determine which CSFs are the most important in the financial services sector of South Africa. Method: The authors used a Delphi-technique approach with key project stakeholders in three BI projects in different business units of a leading South African financial services group. Results: Authors regarded CSF categories of ‘committed management support and champion’,‘business vision’, ‘user involvement’ and ‘data quality’ as the most critical for BI success. Conclusions: Researchers in the BI field should note that the ranking of CSFs in this study only correlate partially with those a European study uncovered. However, the five factors the authors postulated in their theoretical framework ranked in the seven highest CSFs. Therefore, they provide a very strong validation of the framework. Research in other industries and other emerging economies may discover similar differences and partial similarities. Of special interest would be the degree of correlation between this study and future, and similar emerging market studies. Practitioners, especially BI project managers, would do well to check that they address the CSFs the authors uncovered before undertaking BI projects.

  12. Integrated Financial Management Information Systems: Guidelines for effective implementation by the public sector of South Africa

    Directory of Open Access Journals (Sweden)

    Christoffel J. Hendriks

    2012-12-01

    Full Text Available Background: Integrated Financial Management Information Systems (IFMIS can improve public sector management by providing real-time financial information to managers in order to enhance their decision-making capabilities. The South African Public Service is currently busy with the implementation of an IFMIS. However, the implementation of such a project has proved to be a very demanding undertaking and has not been met with resounding success.Objectives: The research was conducted in order to identify the challenges and risks that are involved in the implementation of the IFMIS in South Africa. After identification of the challenges and risks, solutions or guidelines were developed that may make the implementation more successful.Method: The methodology that was used is that of a literature study where theories were explored and used to solve a research problem. Based on the theoretical research, solutions and guidelines were developed to solve challenges and risks experienced.Results: The results indicated that there are a number of challenges involved with the implementation of an IFMIS. A set of best practice guidelines was developed that may make the implementation more successful.Conclusion: The sheer size and complexity of an IFMIS poses significant challenges and a number of risks to the implementation process. There are, however, critical success factors or best practices that can be used for the project to succeed. It is recommended that these best practices be used by the South African Public Service.

  13. Nuclear energy - A label for the financial sector: 'Energy transition and climate'

    International Nuclear Information System (INIS)

    Faudon, Valerie; Jouette, Isabelle; Le Ngoc, Boris

    2015-01-01

    This publication states the opinion of the SFEN (the French Society of Nuclear Energy) about the project proposed by the French Ministry of Ecology for the creation of a label named 'Energy transition and climate' for the financial sector. Such a label aims at mobilising a part of savings for the benefit of energy and ecology transition, and at bringing the French ecological expertise at the European level. In this document, the SFEN expresses its surprise that labels will not be awarded to activities related to the nuclear sector whereas, as it is herein commented and outlined, nuclear energy is a low-carbon energy, and meets environmental and social requirements associated with the label (preservation of air quality, optimisation of the water resource by nuclear plants, strict regulation and controls of releases made by nuclear installations, management of the uranium resource, measures of protection of biodiversity about nuclear sites, exemplary governance and dialogue on environmental and social issues with the public)

  14. A decision model for financial assurance instruments in the upstream petroleum sector

    International Nuclear Information System (INIS)

    Ferreira, Doneivan; Suslick, Saul; Farley, Joshua; Costanza, Robert; Krivov, Sergey

    2004-01-01

    The main objective of this paper is to deepen the discussion regarding the application of financial assurance instruments, bonds, in the upstream oil sector. This paper will also attempt to explain the current choice of instruments within the sector. The concepts of environmental damages and internalization of environmental and regulatory costs will be briefly explored. Bonding mechanisms are presently being adopted by several governments with the objective of guaranteeing the availability of funds for end-of-leasing operations. Regulators are mainly concerned with the prospect of inheriting liabilities from lessees. Several forms of bonding instruments currently available were identified and a new instrument classification was proposed. Ten commonly used instruments were selected and analyzed under the perspective of both regulators and industry (surety, paid-in and periodic-payment collateral accounts, letters of credit, self-guarantees, investment grade securities, real estate collaterals, insurance policies, pools, and special funds). A multiattribute value function model was then proposed to examine current instrument preferences. Preliminary simulations confirm the current scenario where regulators are likely to require surety bonds, letters of credit, and periodic payment collateral account tools

  15. Informal payments in the Greek health sector amid the financial crisis: old habits die last...

    Science.gov (United States)

    Souliotis, Kyriakos; Golna, Christina; Tountas, Yannis; Siskou, Olga; Kaitelidou, Daphne; Liaropoulos, Lycourgos

    2016-03-01

    Under-the-table informal payments are commonplace as reimbursements for health care services in Greece. As the country faces a severe financial crisis, the need to investigate the extent of such payments, their incidence and their impact on household income is pressing. A survey of 2,741 persons from across the country was conducted between December 2011 and February 2012. The sample was defined via a multistage selection process using a quota for municipality of residence, sex and age. The maximum error margin was 2.41% with a confidence interval of 95%. The survey reports under-the-table payments for approximately 32.4% of public hospital admissions. Private clinics, which display the bulk of out-of-pocket payments, naturally display the lowest under-the-table payments. The highest percentage of under-the-table payments in the private sector appears at visits to private practitioners and dentists (36%). Informal payments are most frequently made upon request, prior to service provision, to facilitate access to care and to reduce waiting times, and at a much lower percentage, to post-service provision, and out of gratitude. This survey reveals that, due to severe financial pressure, there is a growing unwillingness of citizens to pay informally and an increasing demand for these payments as a prerequisite for access to services or to redeem services provided. This "hidden" financial burden of at least 27% impacts negatively on the living conditions of households and is not reported as purchasing ability or cost of living.

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

    Directory of Open Access Journals (Sweden)

    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

  17. Progress in China’s Banking Sector Reform; Has Bank Behavior Changed?

    OpenAIRE

    Richard Podpiera

    2006-01-01

    Substantial effort has been devoted to reforming China's banking system in recent years. The authorities recapitalized three large state-owned banks, introduced new governance structures, and brought in foreign strategic investors. However, it remains unclear the extent to which currently reported data reflect the true credit risk in loan portfolios and whether lending decisions have started to be taken on a commercial basis. We examine lending growth, credit pricing, and regional patterns in...

  18. Transparency in the dark : an assessment of the Cameroonian electricity sector reform

    International Nuclear Information System (INIS)

    Pineau, P.O.

    2004-01-01

    This paper documented the electricity reform process in Cameroon which, like many sub-Saharan countries, was under pressure to sell its public utilities. In 2001, AES Corporation, as a sole bidder, purchased Sonel, the state-owned Cameroonian electricity company. Since then, consumers have been faced with regular blackouts and tariff increases. Although some investment has been made in new generation capacity, the country's productivity decreased due to deterioration in the quality of electricity service. The paper identified many issues responsible for Cameroon's electricity problems. These include policy incoherence and lack of historical evidence supporting full-scale privatization. The author assessed the reform from a general set of criteria and developed a general framework to help understand what type of electricity market reforms are desirable in Cameroon and other sub-Saharan countries. This paper demonstrated that due to the weak institutions in Cameroon, competition and private ownership cannot be fully relied on. Recommendations were proposed to move beyond the many failures of privatization. It was suggested that transparency should be monitored by some independent international body when local institutions cannot do so. It was also noted that other countries can learn from the Cameroonian experience. refs., tabs., figs

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

    Directory of Open Access Journals (Sweden)

    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.

  20. 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.

  1. An Investigation of the impact of interest rates and interest rate volatility on Australian financial sector stock return distributions

    NARCIS (Netherlands)

    Faff, R.; Kremmer, M.; Hodgson, A.

    2004-01-01

    This paper extends the existing literature by analysing the dual impact of changes in the interest rate and interest rate volatility on the distribution of Australian financial sector stock returns. In addition, a multivariate GARCH-M model is used to analyse the impact of deregulation on the

  2. Determinants of village doctors' job satisfaction under China's health sector reform: a cross-sectional mixed methods study.

    Science.gov (United States)

    Li, Tongtong; Lei, Trudy; Sun, Fiona; Xie, Zheng

    2017-04-18

    To strengthen rural health workforce, the Chinese government has launched a series of policies to promote the job satisfaction of village doctors since the health sector reform. The purpose of this mixed-method study is to describe village doctors' job satisfaction under the context of health sector reform and investigate the associated factors. Data was obtained from a survey of village doctors across three Chinese provinces in 2014. Using a multistage sampling process, quantitative data was collected from village doctors through the self-administered questionnaire and analyzed by multilevel logistic regression models. Qualitative data was collected through face-to-face semi-structured interviews on both village doctors and health managers. Theoretical coding was then conducted to analyze qualitative data. Among the 1221 respondents, 48.6% felt satisfied with their job. Older village doctors with less of a workload and under high-level integrated management were more likely to feel satisfied with their job. Village doctors who earned the top level of monthly income felt more satisfied, while on the county level, those who lived in counties with the highest GDP felt less satisfied. However, enrollment in a pension plan showed no significant difference in regards to village doctors' job satisfaction. Among 34 participants of qualitative interviews, most believed that age, income, and integrated management had a positive influence on the job satisfaction, while pension plan and basic public health care policies exhibited negative effects. Also, the increasing in availability of healthcare and health resources along with local economic development had negative effects on village doctors' job satisfaction. Village doctors' job satisfaction was quite low in regards to several determinants including age, income, workload, enrollment in a pension plan, integrated management, and county economic and medical availability development.

  3. The reform of the Indian power sector: administrations for sale. Transforming the state electricity boards into enterprises

    International Nuclear Information System (INIS)

    Ruet, J.

    2001-10-01

    The present thesis is about the reforms in the electricity sector in India, and more specifically about those in the State Electricity Boards (SEBs), organisations responsible for generation, transmission and distribution of electricity at the level of each of the States of India. The thesis is interested in practical questions of industrial economy such as: what is the impact of de-integration on the functioning of the SEBs?, impact of the creation of regulatory committees?, of privatisation?. Going beyond the critical analysis of the proposed reforms, the thesis also puts forward certain practical propositions as regards the way of reforming the SEBs. The thesis is divided in two parts (of four chapters each). The first part analyses and characterizes the functioning of a SEB. It presents practical description of the organisational characteristics, but also of their linking to the decision making mechanisms at work. On the theoretical plane, it settles the debate on the validity of the analytical concept of soft budget constraint for a SEB, and specifies the modalities of an analysis in terms of property rights, as well as the pertinence of several concepts derived from that of cost. The second part deals with the ongoing reforms and those to be implemented. It defines the concept of enterprising and proposes a critical discussion of the ongoing reforms, in the light of the normative criterion of enterprisation. It distinguishes conceptually and in the practical analysis, the 'structural' reforms (corporatisation, de-integration, and setting up of regulatory commissions) on the one hand and the questions of privatisation on the other. It proposes a model explaining the 'trade off' between public enterprisation and rapid privatisation. The first chapter situates the SEBs in the Indian power sector, shows the limit of the analyses in terms of lack of funds or political interference. Chapter 2 makes a critical presentation of the various tools offered to the

  4. The New Youth Sector Assemblage: Reforming Youth Provision through a Finance Capital Imaginary

    Science.gov (United States)

    McGimpsey, Ian

    2018-01-01

    The language of austerity has been widely used to characterize policy-making in post-industrial nations since the financial crisis. Youth services in England are a noted example of the effects of austerity, having suffered rapid and severe cuts following a period of record investment prior to 2008. In this article, I argue that…

  5. Implementing the Strategy for financial reform of higher education in Mozambique (EFES)

    NARCIS (Netherlands)

    Fonteyne, Bart; Jongbloed, B.W.A.

    2018-01-01

    This report describes the results of more than fifteen years of cooperation between the Government of Mozambique, the Government of the Netherlands, the Mozambican higher education institutions and the relevant stakeholders in designing and implementing reforms in the financing of higher education

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

    Directory of Open Access Journals (Sweden)

    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.

  7. Do NPM-type reforms lead to a cultural revolution within public sector organizations?

    OpenAIRE

    Wynen, Jan; Verhoest, Koen

    2015-01-01

    Agencification and granting public sector organizations managerial autonomy in particular, is believed to change organizational cultures, away from traditional compliance- oriented, detail- oriented, bureaucratic cultures, and towards organizational cultures which are more oriented towards external customers. There is however very little empirical information on the relationship between managerial autonomy and organizational culture. Using a unique dataset on public agencies in Flanders we no...

  8. Did the price-related reforms in Ghana's cocoa sector favour farmers?

    NARCIS (Netherlands)

    Quarmine, W.; Haagsma, R.; Huis, van A.; Sakyi-Dawson, O.; Obeng-Ofori, D.; Asante, F.

    2014-01-01

    It is generally hypothesized in the innovation systems literature that institutions can create production incentives for farmers. This paper examines whether the introduction in 1984 of the Producer Price Review Committee (PPRC) in Ghana's cocoa sector has improved the transmission of world prices

  9. Public sector reform in Dutch higher education: The organizational transformation of the university

    NARCIS (Netherlands)

    de Boer, Harry F.; Enders, Jürgen; Leisyte, Liudvika

    2007-01-01

    During the past few decades traditional state-centred governing arrangements have been critiqued and replaced by alternative modes of governance. Higher education is one of the public sectors where such shifts in governance have been seen. As a consequence of the reshuffling of authority and

  10. 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

  11. The economics of pharmaceuticals and health sector reform in the Americas

    Directory of Open Access Journals (Sweden)

    Yvette Madrid

    1998-05-01

    Full Text Available Las crecientes presiones que enfrentan los sistemas de salud y los notables cambios económicos que han tenido lugar en muchos países de América Latina y el Caribe hacen que sea necesario reformar los sectores de la salud y del mercado de medicamentos. Aunque las necesidades de salud y de productos farmacéuticos siguen aumentando, las políticas que liberalizan la venta y el precio de los productos y que se adoptan con el fin de revitalizar las economías a menudo provocan un aumento del gasto en productos farmacéuticos. Tales circunstancias afectan a los pobres más que a otros grupos, lo cual agrava las desigualdades ya presentes en la sociedad. La reforma del sector sanitario, si ha de ser de óptima calidad, se basa en el postulado de que el acceso a buenos servicios de salud es un derecho de todo individuo. De ello se desprenden tres objetivos: equidad en el acceso para todos, calidad y eficiencia. Cada país debe moldear su reforma del sector de la salud según sus prioridades y sus condiciones sociales y económicas, pero la reforma del sector farmacéutico debe incorporarse a la reforma del sector sanitario y dirigirse a que todo individuo tenga acceso a los medicamentos esenciales y a servicios de salud de calidad. El concepto de los medicamentos esenciales, promovido por la OMS mediante su Programa de Acción sobre Medicamentos Esenciales y la OPS, subraya la importancia de la disponibilidad, accesibilidad económica, calidad y uso racional de los medicamentos. Son cinco las áreas fundamentales que abarca la estrategia de reforma: el papel de los sectores público y privado; la disponibilidad de diferentes opciones para el pago de medicamentos; las políticas de fijación de precios; las estrategias en torno a los productos genéricos, y el uso racional de los medicamentos.

  12. Financial vulnerability of the electricity sector to drought, and the impacts of changes in generation mix

    Science.gov (United States)

    Kern, J.

    2015-12-01

    Electric power utilities are increasingly cognizant of the risks water scarcity and rising temperatures pose for generators that use water as a "fuel" (i.e., hydroelectric dams) and generators that use water for cooling (i.e., coal, natural gas and nuclear). At the same time, utilities are under increasing market and policy pressure to retire coal-fired generation, the primary source of carbon emissions in the electric power sector. Due to falling costs of renewables and low natural gas prices, retiring coal fired generation is mostly being replaced with combined cycle natural gas, wind and solar. An immediate benefit of this shift has been a reduction in water withdrawals per megawatt-hour and reduced thermal impacts in surface water systems. In the process of retiring older coal-fired power plants, many of which use water intensive open-loop cooling systems, utilities are making their systems less vulnerable to water scarcity and higher water temperatures. However, it is not clear whether financial risks from water scarcity will decrease as result of this change. In particular, the choice to replace coal with natural gas combined cycle plants leaves utilities financially exposed to natural gas prices, especially during droughts when natural gas generation is used to replace lost hydropower production. Utility-scale solar, while more expensive than natural gas combined cycle generation, gives utilities an opportunity to simultaneously reduce their exposure to water scarcity and fuel price risk. In this study, we assess how switching from coal to natural gas and solar changes a utility's financial exposure to drought. We model impacts on retail prices and a utility's rate of return under current conditions and non-stationarity in natural gas prices and temperature and streamflows to determine whether increased exposure to natural gas prices offsets corresponding gains in water use efficiency. We also evaluate whether utility scale solar is an effective hedge

  13. Public sector restructuring: The institutional and social effects of fiscal, managerial and capacity-building reforms

    OpenAIRE

    Bangura, Yusuf

    2000-01-01

    There have been tremendous pressures in the 1990s to change the character and functions of the state in developed and developing countries alike. Multilateral financial agencies and neoliberal analysts question the state's nationalistic, hierarchical, redistributive and interventionist character, which they believe is partly responsible for poor service delivery and economic performance in many countries. They seek to transform the state into a market-friendly, lean, managerial, decentralized...

  14. Policy entrepreneurship in the development of public sector strategy: the case of London health reform.

    Science.gov (United States)

    Oborn, Eivor; Barrett, Michael; Exworthy, Mark

    2011-01-01

    The development of health policy is recognized as complex; however, there has been little development of the role of agency in this process. Kingdon developed the concept of policy entrepreneur (PE) within his ‘windows’ model. He argued inter-related ‘policy streams' must coincide for important issues to become addressed. The conjoining of these streams may be aided by a policy entrepreneur. We contribute by clarifying the role of the policy entrepreneur and highlighting the translational processes of key actors in creating and aligning policy windows. We analyse the work in London of Professor Sir Ara Darzi as a policy entrepreneur. An important aspect of Darzi's approach was to align a number of important institutional networks to conjoin related problems. Our findings highlight how a policy entrepreneur not only opens policy windows but also yokes together a network to make policy agendas happen. Our contribution reveals the role of clinical leadership in health reform.

  15. Politics, class actors, and health sector reform in Brazil and Venezuela.

    Science.gov (United States)

    Mahmood, Qamar; Muntaner, Carles

    2013-03-01

    Universal access to healthcare has assumed renewed importance in global health discourse, along with a focus on strengthening health systems. These developments are taking place in the backdrop of concerted efforts to advocate moving away from vertical, disease-based approaches to tackling health problems. While this approach to addressing public health problems is a step in the right direction, there is still insufficient emphasis on understanding the socio-political context of health systems. Reforms to strengthen health systems and achieve universal access to healthcare should be cognizant of the importance of the socio-political context, especially state-society relations. That context determines the nature and trajectory of reforms promoting universality or any pro-equity change. Brazil and Venezuela in recent years have made progress in developing healthcare systems that aim to achieve universal access. These achievements are noteworthy given that, historically, both countries had a long tradition of healthcare systems which were highly privatized and geared towards access to healthcare for a small segment of the population while the majority was excluded. These achievements are also remarkable since they took place in an era of neoliberalism when many states, even those with universally-based healthcare systems, were moving in the opposite direction. We analyze the socio-political context in each of these countries and look specifically at how the changing state-society relations resulted in health being constitutionally recognized as a social right. We describe the challenges that each faced in developing and implementing healthcare systems embracing universality. Our contention is that achieving the principle of universality in healthcare systems is less of a technical matter and more a political project. It involves opposition from the socially conservative elements in the society. Navigation to achieve this goal requires a political strategy that

  16. Economic Crises in the Results of the Non-Financial Corporations Sector in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Stanislava Hronová

    2012-09-01

    Full Text Available In connection with the fi nancial and subsequent economic crisis, the role of non-fi nancial corporations is often discussed and the causes and eff ects of the crisis are analysed. Viewing two critical periods of economic development in the Czech Republic – the first in 1997–1998, and the second in 2009–2010 – we can see that non-financial corporations generated a high level of net borrowing in the fi rst instance and, on the contrary, a high level of net lending in the second instance. Regardless of the diff erent causes of the crises in the abovementioned periods, a natural question arises: what kind of transformation took place in the economic behaviourof non-fi nancial corporations between 1998 and 2008? Consequently, what was the source of their overall (and in a time of crisis, surprising profi t in the crisis years of 2009 and 2010. When analysing the economic behaviour of the non-fi nancial corporations sector in the Czech Republic we will, naturally, base our considerations on the data from national accounts of the Czech Republic as published by the Czech Statistical Office and will also utilise the usual relative indices immediately implied by the national account ones, as well as indices whose construction is closer to the evaluation usual in corporate practice.

  17. The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries

    OpenAIRE

    Degryse, Hans; Lambert, Thomas; Schwienbacher, Armin

    2013-01-01

    Abstract: Initially, voting rights were limited to wealthy elites providing political support for stock markets. The franchise expansion induces the median voter to provide political support for banking development as this new electorate has lower financial holdings and benefits less from the uncertainty and financial returns from stock markets. Our panel data evidence covering 1830-1999 shows that tighter restrictions on the voting franchise induce a greater stock market development, whereas...

  18. Economic reforms and change in the energy sector: the case of Ecuador; Las reformas economicas y los cambios en el sector de la energia: el caso Ecuatoriano

    Energy Technology Data Exchange (ETDEWEB)

    Dahik, Alberto

    1994-12-31

    The failure of both democracies and revolutions in Latin America is due to the fact that the State has been trusted with political, economic and social organization, instead of relying on the motivations and capabilities of intermediate associations and the individual members of society. Therefore, the process of change is not just a matter of national decision; it is something that must, and will, take place. Ecuador understands perfectly well the need for reform. Major laws have already been enacted, and a bill for modernization of the State is currently under consideration by congress. The concept of modernization and, therefore, change does not merely imply new laws, simplified procedures or easier operations; it basically means allowing the creative forces of individuals, enterprises and intermediate associations to play a more influential role. As in other Latin American countries, in Ecuador there can be no real modernization, no real change in society without a major revolution in energy and telecommunications. Thus, two important laws have been drafted to demonopolize petroleum and electric power operations and open them up both to national and foreign private sector participation.

  19. 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…

  20. 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.

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

    Directory of Open Access Journals (Sweden)

    Lucia Lo

    2008-12-01

    Full Text Available 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 executives, this paper demonstrates that contemporary financial dynamics pertaining to immigration is rooted/localized in different ways with different groups, and is shaped by different regulatory and institutional contexts. Specifically, it identifies that ethnic financial institutions in both cities serve co-ethnics first and foremost, and utilize ethnic assets, bonding social capital in particular, to develop their customer base while branching out to other groups by developing bridging social capital and broadening their product lines. The comparison also shows that ethnic banks in LA are larger, more numerous, and mostly Asian-owned, whereas the ethnic credit unions in Toronto are smaller, less numerous, and mostly of European background. These variations stem from differences in the national financial regulatory regimes and in the immigrant population dynamics.

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

    Directory of Open Access Journals (Sweden)

    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.

  3. Stumbling reform process in the energy sector. Analysis of recent developments

    International Nuclear Information System (INIS)

    Veraart, M.D.L.

    2010-01-01

    These are turbulent times for the Dutch energy sector. The peace did not return when the Unbundling Act was implemented. The privatization of Nuon and Essent caused quite a stir. In the opinion of the author part of this stir was unjustified. It was the logical consequence of the liberalization of the energy markets that started 15 years ago. The soap does not end with the sale of the energy companies. The establishment of the public grid companies and finding a destination for the returns of the sales are new issues of conflict that emerge. [nl

  4. A Specific Model for Assessing the Financial Performance:Case study on Building Sector Enterprises of Galati County - Romania

    Directory of Open Access Journals (Sweden)

    Nicoleta BARBUTA-MISU

    2011-11-01

    Full Text Available In this paper is designed a specific model for assessing the financial performance, based on models of bankruptcy risk, for enterprises acting in the building sector from Galati County - Romania. The main purpose of the paper is designing and development a model for evaluation financial performance that important for ranking enterprises. To choose model variables was used discriminate analysis on 22 variables proposed that separate objectively performant by non-performant enterprises. The proposed model with five variables was tested using the initial sample of enterprises obtaining an average success ratio of 81.82%.

  5. An Analysis of the Factors Influencing the Adoption of Activity Based Costing (ABC in the Financial Sector in Jamaica

    Directory of Open Access Journals (Sweden)

    Phillip C. James

    2013-07-01

    Full Text Available Financial institutions are increasingly operating in a highly competitively environment and therefore cost management has become an imperative. This paper investigates the factors influencing the adoption of activity-based costing (ABC methodology within the financial sector in Jamaica. Quantitative analysis was done using the generalized linear logistic regression model. The results show that there are three main factors that are statistically significant in the decision to implement an ABC system, these are: companies perception of the ability of ABC to assist in cost control, the proportion of overhead to total cost and finally, the action of competitors, that is, whether a competitor adopts the ABC methodology

  6. Cross-sector diversification in financial conglomerates: simulations with a fair-value assets and liabilities model

    Directory of Open Access Journals (Sweden)

    Jacob A. Bikker

    2002-12-01

    Full Text Available Risk diversification is one of the many reasons for cross-sector mergers of financialinstitutes. This paper presents a fair-value type asset and liability model in order to identify diversification effects for financial conglomerates (PCs under various shocks. My analysis for the Netherlands reveals that diversification effects on PCs of especially interest rate shocks are very strong. In principle, substantial diversificationeffects argue for lower capital requirements for PCs. However, there are other non-negligible risks run by PCs to consider, namely contagion risk, regulatory arbitrage andcross-sector and TBTF moral hazard risks, which have not yet been quantified.

  7. Financial resources of the microfinance sector: Securitisation deals – Issues and challenges Interview with the MFIs Grameen Koota and Equitas

    Directory of Open Access Journals (Sweden)

    M. Jayadev

    2012-03-01

    Full Text Available Securitisation has emerged as an innovative and structured product that meets the funding requirements of microfinance institutions (MFIs. This paper provides a contextual note on the microfinance sector and the financial sources of MFIs. The note is followed by interviews with senior executives of two microfinance institutions on the securitisation deals of microfinance institutions. We argue in our note that the microfinance sector needs to be revived to meet the broader goal of financial inclusion. Banks and MFIs have to collaborate with each other to meet this objective. Banks have to encourage MFIs to shift over to low cost finance either by giving direct loans or through innovative deals like securitisation. Commercial banks have to leverage MFIs for their origination and recovery capabilities in small loans.

  8. Assessing Romanian financial sector stability: the importance of the international economic climate

    OpenAIRE

    Albulescu, Claudiu Tiberiu

    2008-01-01

    The aim of this paper is to develop an aggregate stability index for the Romanian financial system. The index which is meant to enhance the set of analysis used by the central bank to assess the financial stability accurately reflects the financial stability dynamics and the periods with financial turbulences during 1997-2007 in Romania. By the application of a technique which enables the measurement of the components’ contribution to the aggregate index volatility, we show that some individu...

  9. The Political Economy of Financial Systems : Evidence from Suffrage Reforms in the Last Two Centuries

    NARCIS (Netherlands)

    Degryse, H.A.; Lambert, T.; Schwienbacher, A.

    2013-01-01

    Abstract: Initially, voting rights were limited to wealthy elites providing political support for stock markets. The franchise expansion induces the median voter to provide political support for banking development as this new electorate has lower financial holdings and benefits less from the

  10. The emerging post-crisis financial architecture: how far has reform gone?

    NARCIS (Netherlands)

    Underhill, G.R.D.

    2014-01-01

    This paper focuses on two cases of transnational financial governance that confirm that ideas and material interests are closely aligned in the construction of regulatory institutions at the international level: the Basel-II/III international capital adequacy standards and the IOSCO-based regulatory

  11. European Experience and Ukrainian Realities in the Policy of Financial Support Entrepreneurial Sector

    Directory of Open Access Journals (Sweden)

    Olga Savchenko

    2017-10-01

    Full Text Available Aim/purpose - We want to provide recommendations to bridge the gap in access to financing of the entrepreneurial sector in Ukraine based on the analysis of European experience, EBF approaches, financial funds for SMEs and the current state of the credit market in Ukraine. Design/methodology/approach - We used the general scientific methods of knowledge, conceptual tenets of the theory of market economy, abstract logical analysis and synthesis, induction and deduction, historical (to determine the nature and causes of bank investment in SMEs, refine categories and terms; formalization, systems analysis (to determine factors of investment banking, institutional and legal environment; statistical, retrospective analysis. The results of surveys conducted by the EBF on the issues of support and development of SMEs are used, own research of 120 Ukrainian SMEs, which was conducted during the period from January to July 2016. The nature of the research questions was reinforced by the decision to survey only SMEs. Independent reporting (from entrepreneurs or CEOs was used to account for both business activity and the external sources of information. Findings - Policy initiatives should primarily be developed at the national level in the field of lending to SMEs based on the European experience and Ukrainian realities; it is necessary to develop an understanding of the need for access to certain types of information; SMEs are the main providers and the most valuable source of credit information. Research implications/limitations - When using the methods of calculation creditworthiness perhaps to take into account the methods for assessing the quality of management, the image of the enterprise, ISO certificates. Originality/value/contribution - Based on the cross-country comparison of the EU and Ukraine, highlight the necessity of focusing on some legal unification of SME lending procedures for the development of a culture of sustainable entrepreneurship

  12. Design decisions in the front office - back office issue: A Study of Trade-offs in the Financial Services Sector

    OpenAIRE

    Zomerdijk, L.G.

    2005-01-01

    This dissertation presents the results of a research study that involved the development of a framework that provides insight in and so supports design decisions regarding front office and back office activities in service delivery processes. Building on the evidence from five case studies in the financial services sector, three design decisions have been elaborated. They are the definition of front office and back office activities, the decoupling decisions and organizational arrangements. T...

  13. Critical Factors Towards Philanthropic Dimension Of CSR in The Nigerian Financial Sector: The Mediating Effects Of Cultural Influence

    OpenAIRE

    ahmadu, aminu; Md. Harashid, Haron; Azlan, Amran

    2018-01-01

    The purpose of the study is to examine the leading factors towards philanthropic dimension of corporate social responsibility in the Nigerian financial sector. The need to build corporate image, prompt managers towards prioritizing the philanthropic dimension of CSR. Satisfaction of stakeholder needs to reduce the pressure exerted on managers’ leads also to the assumption of more philanthropic activities. Within these set of circumstances, the objective of the study is to explore the possible...

  14. Financial Innovation Among the Community Wind Sector in the United States

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark

    2011-01-19

    community wind projects in Minnesota more than a decade ago (and is therefore sometimes referred to as the 'Minnesota flip' model) before being adapted by the broader wind market. More recently, a handful of community wind projects built in the United States over the past year have been financed via new and creative structures that push the envelope of wind project finance in the U.S. - in many cases, moving beyond the now-standard partnership flip structures. These projects include: (1) a 4.5 MW project in Maine that combines low-cost government debt with local tax equity, (2) a 25.3 MW project in Minnesota using a sale/leaseback structure, (3) a 10.5 MW project in South Dakota financed by an intrastate offering of both debt and equity, (4) a 6 MW project in Washington state that taps into 'New Markets Tax Credits' using an 'inverted' or 'pass-through' lease structure, and (5) a 9 MW project in Oregon that combines a variety of state and federal incentives and loans with unconventional equity from high-net-worth individuals. In most cases, these are first-of-their-kind financing structures that could serve as useful examples for other projects - both community and commercial wind alike. This new wave of financial innovation occurring in the community wind sector has been facilitated by policy changes, most of them recent. Most notably, the American Recovery and Reinvestment Act of 2009 ('the Recovery Act') enables, for a limited time, wind power (and other types of) projects to elect either a 30% investment tax credit ('ITC') or a 30% cash grant (the 'Section 1603 grant') in lieu of the federal incentive that has historically been available to wind projects in the U.S. - a 10-year production tax credit ('PTC'). This flexibility, in turn, enables wind power projects to pursue lease financing for the first time - leasing is not possible under the PTC. Because they are based on a project

  15. 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.

  16. 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.

  17. The Effect of the 2007 Financial Crisis on the Information Technologies Sector: Application of Malmquist Productivity Index Method

    Directory of Open Access Journals (Sweden)

    Kenan Oğuzhan Oruç

    2015-06-01

    Full Text Available The purpose of this paper is to investigate the effect of the 2007 financial crisis on the productivity of information technologies sector by applying Malmquist Productivity Index method. In the research, 20 enterprises operating in the information technologies sector in the list of Fortune 500 and their 6 years data are taken between the periods of 2005-2010. In the method, short and long term liabilities and shareholders’ equity are used as inputs while total income and net profit are used as outputs. As a result, it is observed that productivity of information technologies sector decreased, each year in compare to previous year, respectively in 2007, 2008 and 2009 while it increased in 2005 and 2010. It is additionally observed that in those years when the productivity decreased, component of technical change also decreased while component of efficiency change increased.

  18. Financial history : lessons of the past for reformers of the present

    OpenAIRE

    Caprio Jr., Gerard; Vittas, Dimitri

    1995-01-01

    Among the lessons financial history offers: Macroeconomic stability - low inflation and sound public finance - is important for creating the right incentives for banks and for facilitating the development of securities markets. High inflation and large fiscal deficits distort economic behavior in favor of short-term speculative projects conducive to sustainable economic development. Central bank independence may contribute to economic stability. One way to increase it is by lengthening the te...

  19. Taking the moral hazard out of banking: the next fundamental step in financial reform

    Directory of Open Access Journals (Sweden)

    Rainer Masera

    2011-01-01

    Full Text Available The path between financial meltdown and moral hazard in banking is, at best, narrow and impervious. During the financial crisis, public support became the standard response to save the banks in difficulty, heightening and broadening the moral hazard issue: subordinated/senior debt holders and large depositors were bailed out and equity holders were partially sheltered. In the Eurozone, the implicit promise to bail-out governments in difficulty has encouraged SIFIs and other financial operators to speculate on the yield differential between sovereigns and the ECB money market interest rates. The policy framework proposed here is two-pronged: the EFSF should evolve to permit more flexible and wide-ranging interventions, and be able to manage sovereign debt restructuring; with respect to SIFIs, very early corporate, market and supervisory responses are suggested. Intervention of supervisory authorities with mandatory (special powers would occur before the threshold of non-viability and, on a gone-concern basis, in terms of a European resolution procedure.

  20. Reforming the Financial System Governing the Relationships Between Spouses (Marital Life, Common Properties

    Directory of Open Access Journals (Sweden)

    محمد روشن

    2017-03-01

    Full Text Available Separation of property is defined as a principle of matrimonial regime such as, «Alimony» (Nafaqe, «Seal» (Mahriyeh and «Quantum Meruit»  (Ojrat al-Mesl, in Iranian family law. Matrimonial regime in family law is- beside some other especial factors- mainly dependent on the "separation of property regime". But the result of this regime is not perfect. It seems that these factors are unable to create financial equality between spouses which is the main character of modern family law. In order to improve the financial structure of families and accommodate it with modern family requirements, we should redefine matrimonial regimes, for that to be able to create economic equality between spouses. There fore, it is recommended that the legislature, inspired by experiences of other legal systems, starts to modify the regime of separation and prepare the choice of “community of property” between spouses besides the currently existing financial regime.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    OpenAIRE

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

    2015-01-01

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

  3. Measuring a Bank’s Financial Health: A Case Study for the Greek Banking Sector

    OpenAIRE

    John Thalassinos; Konstantinos Liapis

    2011-01-01

    The main aim of this article is to demonstrate a holistic framework for measuring a bank’s financial health by classifying its main responsibilities between conformance and performance. Responsibilities are classified into five categories as follows: First, Corporate Financial Reporting (CFR) that integrates General Accepted Accounting Principles (GAAP), Generally Accepted Auditing Standards (GAAS), Securities Exchange Commission (SEC), Financial Services Authority (FSA), and International Ac...

  4. Symmetric and asymmetric US sector return volatilities in presence of oil, financial and economic risks

    International Nuclear Information System (INIS)

    Hammoudeh, Shawkat; Yuan, Yuan; Chiang, Thomas; Nandha, Mohan

    2010-01-01

    This paper examines the impacts of world, country, and sector-specific variables on the stock return volatility of twenty-seven US sectors in the short- and long-run, accounting for the asymmetric shocks based on GARCH models. In the standard GARCH model the two world variables, oil and Morgan Stanley Capital Index (MSCI), have differing impacts on the US equity sector returns' volatility, with oil price dampening it while MSCI heightening it for most sectors. This result underlines the need for hedging more against world capital market risk relative to oil risk which is probably hedged by many sectors. The world and country factors' impacts are not as pervasive across the board, compared with the sector-specific impacts of the P/B ratio and trading volume which affect almost all sectors. Increases in the P/B ratio would reduce the aggregate volatility, while increases in the trading volume would heighten it for all sectors. Asymmetry of factor impacts on volatility is also found for most sectors. Most of the GARCH factor results are confirmed in the CGARCH model with the exception of the impact of interest rate on the short-lived transitory volatility. Finally, interesting econometric results on the inclusion or exclusion of trading volumes are discussed.

  5. To What Extent Did the Financial Crisis Intensify the Pressure to Reform the Welfare State?

    DEFF Research Database (Denmark)

    Vis, Barbara; Kersbergen, Kees van; Hylands, Tom

    2011-01-01

    – it does not. Focusing on a selection of advanced welfare states (the UK, the USA, Germany, the Netherlands, Denmark and Sweden), we find that these countries face similar problems and that their initial response to these problems is also similar. The latter is surprising because, theoretically, we would...... expect varying responses across welfare state regime types. Rather than retrenchment, we observe a first phase of emergency capital injections in the banking sector and a second of Keynesian demand management and labour market protection, including the (temporary) expansion of social programmes...

  6. Impact of Contingent Liabilities Reclassification on Financial Performance: An Analysis with Brazilian Companies of Electricity Utilities Sector

    Directory of Open Access Journals (Sweden)

    Carlos Henrique Silva do Carmo

    2018-01-01

    Full Text Available The main objective of this research is to verify the effect of a reconfiguration of contingent liabilities in the financial performance of Brazilian companies in the electricity sector in the years 2013 to 2015. The sample consisted of 53 companies and 153 financial statements were analyzed. The model used to reconfigure the contingent liabilities into provisions was developed by Rose (2014. The author classifies the reversal in 5 scenarios: Optimistic (20% Partially Optimistic (40%, moderate (60% Partially Pessimistic (80% and Pessimistic (100%. To represent the economic and financial performance we selected three indicators: General Liquidity (LG, General Indebtedness (EG and Return Over Assets (ROA. The results showed that for worst-case scenarios, there is a significant difference between the indicators calculated on the original data in comparison with those calculated within the reclassified scenarios. The Statistics D of Cohen (1988 pointed out that, in addition to statistically significant, in the worst scenarios, the size effect was also too high, especially for the ROA and the Indebtedness. For Liquidity the differences were not so significant. The findings of this research serve as a warning to users of financial statements and pointed out that they should be aware of the financial effect of different interpretations of the individuals involved in decisions about the likelihood of loss in provision and Contingent liabilities.

  7. 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)

  8. Would We have had this Crisis if Women had been Running the Financial Sector?

    NARCIS (Netherlands)

    I.P. van Staveren (Irene)

    2012-01-01

    markdownabstract__Abstract__ The two main ethical approaches, utilitarianism and deontology, have not been able to prevent some of the behaviors underlying the financial crisis. A third ethics, the ethics of care might have been more effective than the other two in preventing the last financial

  9. Financial Determinants for Improving Public Sector Accountability: A Meta-Analytic Study

    Directory of Open Access Journals (Sweden)

    Laura Alcaide MUÑOZ

    2013-12-01

    Full Text Available The economic crisis has highlighted the need to pay close attention to the disclosure of financial information by public administration institutions; this is an element contributing to the control, accountability and responsibility and thus to achieving greater financial stability and sustainability. Although the disclosure of public financial information has traditionally been linked with financial variables, previous researches in this respect have been somewhat inconsistent in their findings, and conclusive evidence has yet to be provided regarding these factors and their influence on the level of disclosure. The present meta-analysis tries to reveal the existence of a statistically significant association between certain financial variables and the disclosure of public financial information, although the strength and sign of this association will depend on the context under analysis. The results obtained indicate that, depending on the context in which public managers are operating, they may have different attitudes toward the disclosure of public financial information; the medium employed for the dissemination and public indebtedness are also significant factors to this disclosure. Therefore, results reveal a variable degree of predisposition among public managers to adopt policies aimed at increasing the disclosure of public financial information.

  10. Public and Private Enforcement of European Private Law in the Financial Services Sector

    NARCIS (Netherlands)

    Cherednychenko, Olha O.

    2015-01-01

    Particularly in the wake of the global financial crisis, ensuring effective enforcement of the rules governing the relationship between financial institutions and their (potential) clients ranks high on the EU political agenda. Traditionally, such rules were enforced by civil courts at the

  11. Accrual financial reporting in the Public Sector: Is it a reality?

    Directory of Open Access Journals (Sweden)

    Isabel Brusca Alijarde

    2014-09-01

    Full Text Available Although modernization of governmental accounting has led to the implementation of accrual financial reporting, budgets in most continental European countries, including Spain, continue to be based on cash or modified cash methods. Consequently, cash-based and accrualbased financial information coexist. This may create problems for the full implementation of accrual financial statements. This paper analyzes the differences in practice between the results disclosed in financial and budgetary statements under both bases of accounting in order to identify to what extent accrual accounting has been implemented and to verify whether budgetary and accrualbased financial figures are significantly different. The research findings show that there is a high correlation between the current budgetary result and the economic result and, therefore, that in practice the accrual principle has not been implemented effectively.

  12. A Scorecard Framework Proposal for Improving Software Factories’ Sustainability: A Case Study of a Spanish Firm in the Financial Sector

    Directory of Open Access Journals (Sweden)

    César Álvarez

    2015-12-01

    Full Text Available Financial institutions and especially banks have always been at the forefront of innovation in management policies in order to improve their performance, and banking is probably one of the sectors that more effectively measures productivity and efficiency in virtually all aspects of its business. However, there is one area that still fails: the productivity of its software development projects. For years banking institutions have chosen to outsource their software projects using software firms created by them for this purpose, but up until a few years ago, the deadline for the delivery of the projects was more important than the efficiency with which they were developed. The last economic crisis has forced financial institutions to review and improve the software development efficiency related to their software factories to achieve a sustainable and feasible model. The sustainability of these software factories can be achieved by improving their strategic management, and the Balanced Scorecard (BSC framework can be very useful in order to obtain this. Based on the concepts and practices of the BSC, this paper proposes a specific model to establish this kind of software factory as a way of improving their sustainability and applies it to a large Spanish firm specializing in financial sector software. We have included a preliminary validation plan as well as the first monitoring results. The adoption is still very recent and more data are needed to measure all the perspectives so no definitive conclusions can be drawn.

  13. 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)

  14. CENTRAL BANK INDEPENDENCY ON THE DEVELOPMENT OF THE FINANCIAL SECTOR. A CASE OF RESERVE BANK OF ZIMBABWE (1998-2008

    Directory of Open Access Journals (Sweden)

    KOSMAS NJANIKE

    2010-01-01

    Full Text Available The study looks deeper in the relationship between central bank independence and Gross Domestic product growth and other economic variables which are indicative of improved performance with specific reference to a developing economy. It seeks to find out how the central bank policies affected the state of development of the financial sector and the extent to which the banking sector influenced economic development in the economy. The research also aims to find out how the government affected or influenced the state of development of the financial sector in the country. It was found that the government was sorely dependent on central bank financing as a matter of survival due to limited sources of finance as GDP decline meant a reduction tax revenue base. Rising inflation and contracting real incomes put pressure on the fiscal budget. Questionnaires, interviews and document review were used to obtain information for the study. It was concluded that the cohesion between fiscal and monetary policy is of paramount importance; and there was need for a high degree of formal instrument independence.

  15. 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.

  16. After Abitur, First an Apprenticeship and then University? Why German Abitur Holders Are Taking Vocational Training in the Financial Services Sector

    Science.gov (United States)

    Pilz, Matthias

    2009-01-01

    In the financial services sector in Germany the proportion of trainees qualified to go on to university is particularly high. But what induces school leavers not to go (straight) to university? A written survey of over 500 trainees in the banking and insurance sectors examined the motivations for the choice of educational pathway. Only some of the…

  17. 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

  18. Women CEOs and financial performance of banks: An empirical research of Indian private sector banks

    OpenAIRE

    Chandani, Arti; Mehta, Mita; Neeraja, B.

    2014-01-01

    A woman in the workplace is not a new phenomenon, a woman who is a member of the board could be called a moderate phenomenon but a woman who is the CEO is undoubtedly a recent phenomenon, at least in India. At present, the top private sector bank, i.e. ICICI bank, is headed by a woman, Ms. Chanda Kochhar. In addition, the Axis bank, the 3rd largest private sector bank in India is also headed by a woman CEO, Mrs. Shikha Sharma. This paper focuses on women CEOs in the private banking sector and...

  19. 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.

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

    Directory of Open Access Journals (Sweden)

    Hilmar Þór Hilmarsson

    2008-12-01

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

  1. A FINANCIAL PERFORMANCE COMPARISON OF GROUP AND NON-GROUP FIRMS IN TEXTILE SECTOR OF PAKISTAN

    Directory of Open Access Journals (Sweden)

    Ishtiaq AHMAD

    2016-12-01

    Full Text Available Pakistan is a developing economy and business groups are key players of the Pakistan’s economy. Previous research evidence shows that in the emerging economies group affiliation creates value for the firms. This study is intended to empirically investigate to know that whether group affiliated (GA firms perform financially better than non-group affiliated firms or not? GA firms in emerging economies can have better financial performance by sharing tangible and intangible resources at group level. The financial ratio is used to compare performance of affiliated and non-group affiliated firms by using the data of 70 textile firms listed at Karachi Stock Exchange(now Pakistan Stock Exchange covering a period from 2008 to 2012. Based on mean values of return on assets (ROA, results of the study show that GA firms have higher financial performance than non-group affiliated firms in each year and over all five years.

  2. Assessment applicability of selected models of multiple discriminant analyses to forecast financial situation of Polish wood sector enterprises

    Directory of Open Access Journals (Sweden)

    Adamowicz Krzysztof

    2017-03-01

    Full Text Available In the last three decades forecasting bankruptcy of enterprises has been an important and difficult problem, used as an impulse for many research projects (Ribeiro et al. 2012. At present many methods of bankruptcy prediction are available. In view of the specific character of economic activity in individual sectors, specialised methods adapted to a given branch of industry are being used increasingly often. For this reason an important scientific problem is related with the indication of an appropriate model or group of models to prepare forecasts for a given branch of industry. Thus research has been conducted to select an appropriate model of Multiple Discriminant Analysis (MDA, best adapted to forecasting changes in the wood industry. This study analyses 10 prediction models popular in Poland. Effectiveness of the model proposed by Jagiełło, developed for all industrial enterprises, may be labelled accidental. That model is not adapted to predict financial changes in wood sector companies in Poland.

  3. The financial lease after the tax reform in the Slovak republic

    Directory of Open Access Journals (Sweden)

    Ján Derco

    2005-12-01

    Full Text Available The paper deals with the calculations of leasing economics, derived from recently valid laws, mainly the income tax law. According to § 19 paragraph 3 letter a of the income tax law /ZDP/, the tax expenses represent a depreciation charge of tangible and intangible properties. The new law about the income tax allowed in precisely determined cases to claim depreciation charge not only to tax-payer, having the proprietorship or the administration right (if it relates to the state, village or the higher regional unit, but also to tax-payers who do not have this right if they count this property, incl. they count their property being rented by the form of financial leasing (§24 paragraph 1 letter. e. ZDP. The lessee by this way has the right the leasing object amortizes; despite he is not its owner. This represents a very advantageous, so-called leasing form of depreciation, when the lessees depreciates the property much earlier than using the balanced or accelerated depreciation.

  4. Financial Sector: Upward Trend in Share of Women on Corporate Boards Progressing Only in Small Steps

    OpenAIRE

    Elke Holst; Anja Kirsch

    2014-01-01

    Last year, more women were appointed to the executive boards of major financial institutions. The share of women on the executive boards of banks and savings banks at the end of 2013 was a good six percent, which represents an increase of almost two percentage points over the previous year. This increase is primarily attributable to changes at private financial institutions and cooperative banks. At the public banks, however, both the share of women on executive boards and changes over the pr...

  5. The Rise of Mobile Technology on the Financial Sector in Zimbabwe

    OpenAIRE

    Paul Mupfiga; Tafadzwa Padare

    2017-01-01

    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 sug...

  6. Sweden; Financial Sector Assessment Program Update: Technical Note on Contingency Planning, Crisis Management and Bank Resolution

    OpenAIRE

    International Monetary Fund

    2011-01-01

    This abstract reviews the recommendations made in the FSAP Update for Sweden in the areas of contingency planning, crisis management, and bank resolution. Although Sweden crisis management fared well during the global financial crisis, its authorities are reviewing the framework for managing financial crises to incorporate crisis lessons. They recommend a domestic institutional framework, an effective cross-border cooperation, an emergency liquidity assistance (ELA), a deposit guarantee schem...

  7. Factors that influence leadership of the financial sector managers in the city of Cucuta, Norte de Santander

    Directory of Open Access Journals (Sweden)

    Geli Pautt Torres

    2012-08-01

    Full Text Available Rev.esc.adm.neg This paper shows the results of an empirical research, whose purpose is to identify three leadership factors: the leader´s personality, the perception of followers, and the organizational culture in managers of the financial sector in the city of Cucuta, Norte de Santander. Finally, those three aspects formerly mentioned have exerted a huge influence upon executive leadership due to the fact that the comparative frequency between the amount of employees and executives that are in agreement is relatively high.

  8. The effect of corporate social responsibility disclosures on financial performance in the banking industry: empirical study on Egyptian banking sector

    Directory of Open Access Journals (Sweden)

    Racha El Moslemany

    2017-03-01

    Full Text Available The aim of this paper to establish the relationship between corporate social responsibility disclosure and financial performance in the Egyptian banking sector. Only three banks were included in the study because Corporate Social Responsibility is a new concept that has not yet been fully established in the banking sector in Egypt. Secondary data were obtained from the annual financial reports of the banks for the period from 2008 to 2011. Corporate social responsibility score was obtained using content analysis of reports of the companies on various components of corporate social responsibility as reported in their annual financial reports. The present study identified four dimensions in the pilot study: Environment, Community, Customer, and Employee. Descriptive analysis was used to describe data collected such as Pearson correlation method. The authors used regression analysis to study the relationship between the dependent variables and the independent variables and the bank age and bank size were used as control variables in the analysis. The results indicated an insignificant relationship between the independent variables (corporate social responsibility toward environment, community, customer, and employee used in the model and the dependent variables Corporate Financial Performance as measured by (ROA, ROE, NPM, and EPS. The results of the study proved the absence of a significant relationship between the dependent and the independent variables as a whole. Yet, some relationships were found concerning individual measures. The major limitation of this paper is the sample size. In addition, failure of corporations to disclose CSR in the annual reports will have a material effect on these findings. The findings of this paper have practical implications on the management of Banks in Egypt to re-think and re-strategize their CSR policies that incorporate social and economic performance to improve their CFP.

  9. Implementing Security Sector Reform

    National Research Council Canada - National Science Library

    Kramer, Franklin D; Gaffney, Jr., Henry H; Megahan, Richard; Dempsey, Thomas A

    2008-01-01

    .... Panel One: The Police and Law Enforcement Components of SSR, focused on the police component of SSR, identifying methodologies and strategies for police capacity building and exploring the linkages between law...

  10. Mainstreaming climate change in the financial sector and its governance. Part II: Identifying Opportunity Windows

    International Nuclear Information System (INIS)

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

    2015-05-01

    Addressing and responding to climate change is a step towards strengthening global financial stability, a mandate shared by institutions governing and regulating financial markets after the financial crisis. On the one hand, risk-adjusted returns on investment are affected by the climate-related losses aggravated by global climate change - as well as the climate and energy policies put into place to usher in a 2 deg. C-coherent society. On the other hand, a paradigm shift consistent with limiting temperature warming to 2 degrees by the end of this century presents new opportunities of productive investments. These risks and opportunities are detailed in the companion paper (Morel et al. 2015). This paper reviews current practices addressing the risks and opportunities that arise from climate change among international financial governance and regulatory institutions (IFGRIs) and national entities. It also identifies potential entry points for consideration that reinforce these institutions' mandates and draw on their existing tool-kits and processes. Finally, this paper offers a framework to structure the discussion of policy options and guidelines, focusing on the demand, supply and intermediary stages of low-carbon, climate-resilient investment. In each of these three categories, opportunities for financial governance and regulatory institutions to address climate-related issues and increase investment flows are discussed. Options include guidelines, surveillance and the provision of expertise on issues, as well as carbon pricing and fossil fuel subsidies, securitization, green bonds, accounting standards and risk assessment. (authors)

  11. 新时期高校财务管理体制改革研究%Reform of Financial Management System in Universities in the New Era

    Institute of Scientific and Technical Information of China (English)

    彭宇飞

    2014-01-01

    Based on public financial system, high education system, interior administration system of universities and financial management in universities, this thesis discusses the necessity of the reform of financial management system in universities. The author analyzes the present situation on the basis of the evolution of financial management in universities, and proposes that the reform should comply with some principles, such as external following principle, internal adapting principle, the unity of financial power and daily issues, and the centralization and separation of powers. The author also proposes a general direction and basic path fo the reform, namely, a united leadership, a leveled management and a cen-tralized accounting.%本文从公共财政体制、高等教育体制、高校内部管理体制、高校财务管理等方面的改革阐述了高校财务管理体制改革的必要性;在梳理高校财务管理体制的演变的基础上分析了现状,提出高校财务管理体制改革必须遵循外部遵循性原则、内部适应性原则、财权和事权相统一原则、集权与分权相结合原则,必须正确处理好财权与事权的关系、集权与分权的关系、财务管理与会计核算的关系;阐明了新时期高校财务管理体制改革的总体方向和基本路径,即统一领导、分级管理、集中核算。

  12. Competitive effects and instruments of power sector reforms. International reform concepts blockade structures, risk distribution. A political economy analysis; Wettbewerbseffekte und Instrumente von Stromsektorreformen. Internationale Reformkonzepte, Blockadestrukturen, Risikoverteilung. Eine politoekonomische Analyse

    Energy Technology Data Exchange (ETDEWEB)

    Liebchen, Armin [Liebchen Consulting, Berlin (Germany)

    2014-07-01

    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. [German] Stromsektoren mit schwachen oder unzulaenglichen Wettbewerbsstrukturen sind trotz zahlreicher Reformversuche die Regel. Aber koennen sich moderne Volkswirtschaften diesen Mangel dauerhaft leisten? Warum kann die Einfuehrung von Wettbewerb so wirksam blockiert werden? Der Autor untersucht internationale Reformerfahrungen und eroeffnet interessante Einsichten, die sich auch auf Problemlagen der deutschen Energiewende spiegeln lassen: Die Schwierigkeit des richtigen Timings und der Abstimmung der Reformteile, dem Aufbau von Widerstandslinien einzelner Interessensgruppen, Vertragsbruch als rationaler Alternative, Ursachen unerwuenschter Preiseffekte, sich verschiebenden Interessenslagen wichtiger Akteure, Veraenderungsdynamik drohender Regulierungsrisiken, schwebenden Finanzierungsrisiken, stranded-cost-Konfliktlagen fuer vom Netz genommene Kraftwerke und Moeglichkeiten und Instrumenten eines politisch-regulatorischen Risikomanagements

  13. 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.

  14. Investments in the Brazilian electric sector and the financial crisis; Investimentos no setor eletrico brasileiro e a crise financeira mundial

    Energy Technology Data Exchange (ETDEWEB)

    Vela, Jorge Alberto Alcala [Centrais Eletricas Brasileiras (ELETROBRAS), Rio de Janeiro, RJ (Brazil). Dept. de Gestao de Ativos no Exterior; Oliveira, Andre Luis Cantuaria Cardoso [Centrais Eletricas Brasileiras (ELETROBRAS), Rio de Janeiro, RJ (Brazil). Dept. de Financas e Investimentos

    2010-07-01

    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)

  15. Effects of financial crisis on the industry sector of Chinese stock market — from a perspective of complex network

    Science.gov (United States)

    Yang, Chunxia; Chen, Yanhua; Hao, Weiwei; Shen, Ying; Tang, Minxuan; Niu, Lei

    2014-05-01

    In this paper, we use mutual information to measure the statistical interdependence between 23 industry sectors of Shanghai stock market and construct corresponding correlation network to analyze the shock of 2008 financial crisis on industry sectors. The obtained meaningful facts are as follows. First, such crisis has only a limited impact on leading industries such as Manufacturing, Commercial trade and Machinery & Equipment, which still play an important role in Chinese economy. Second, the crisis badly attacks China's export industries like Electronics, Wood & Furniture and Textile & Clothing. The damage further hurts other industries, and then export industries' influence becomes larger. Third, the crisis adversely impacts the import industries like Petrochemical, Metal & Nonmetal and Pharmaceutical Biotechnology. While due to the stimulation of macroeconomic policies, the influence of crisis on import industries is limited. Similarly, due to relatively strict capital control and the macroeconomic policies stimulating the domestic demand, those industries like Construction, Real Estate and Financial Services are slightly wounded. All these findings suggest that Chinese government should transform from the external demand to the domestic consumption to sustain economic growth.

  16. Financial Efficacy of Selected Public and Private Sector Banks in India

    OpenAIRE

    M.Sakthi Vadivel; S.Ayyappan,M.Com,MPhil

    2013-01-01

    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 wit...

  17. Reframing Financial Sector Identity: Options For Reducing Mexican Drug Cartel Economic Power

    Science.gov (United States)

    2012-01-18

    gas stations, hotels, clothing stores, self-service stores, cellular telephone retailers, transnational franchises , night clubs, discotheques, car...dealers, auto repair shops, restaurants , real estate for land, ranches, and farms, as well as financial investments. . . . 7 Each of these issues

  18. The prospects of the Russian Oil Sector in the context of the global financial crisis

    International Nuclear Information System (INIS)

    Belyi, A.V.

    2009-01-01

    This article examines the history of the Russian oil industry. It shows in articular its progress to become a competitive producer, capable of adapting itself to new situations. At the same time, it must be emphasized that Russian oil prospects are highly dependent on the oil pipeline network. Construction o new infrastructures may be postponed as a result of the global financial crisis. (author)

  19. Acquisition Pattern Analyses for Recognising Cross-Sell Opportunities in the Financial Services Sector

    NARCIS (Netherlands)

    Paas, L.; Kuijlen, A.A.A.

    2001-01-01

    In previously published papers it was shown that consumers often acquire financial products in the same order. Knowledge on such acquisition patterns is useful for marketing purposes. This study aims to define optimal utilisation of the acquisition pattern approach for cross-sell purposes. The

  20. Private Sector/Educator Collaboration: Project Improves Financial, Economic Literacy of America's Youth

    Science.gov (United States)

    Haynes, Deborah C.; Chinadle, Nicole

    2007-01-01

    The Family Economics and Financial Education Project (FEFE) began in 2001 at Montana State University with an annual grant from Take Charge America, Inc., a credit counseling and debt management company headquartered in Phoenix, Arizona. FEFE's mission is to provide educators with curriculum materials and training to be effective teachers of…