WorldWideScience

Sample records for financial system loss

  1. Financial system loss as an example of high consequence, high frequency events

    Energy Technology Data Exchange (ETDEWEB)

    McGovern, D.E.

    1996-07-01

    Much work has been devoted to high consequence events with low frequency of occurrence. Characteristic of these events are bridge failure (such as that of the Tacoma Narrows), building failure (such as the collapse of a walkway at a Kansas City hotel), or compromise of a major chemical containment system (such as at Bhopal, India). Such events, although rare, have an extreme personal, societal, and financial impact. An interesting variation is demonstrated by financial losses due to fraud and abuse in the money management system. The impact can be huge, entailing very high aggregate costs, but these are a result of the contribution of many small attacks and not the result of a single (or few) massive events. Public awareness is raised through publicized events such as the junk bond fraud perpetrated by Milikin or gross mismanagement in the failure of the Barings Bank through unsupervised trading activities by Leeson in Singapore. These event,s although seemingly large (financial losses may be on the order of several billion dollars), are but small contributors to the estimated $114 billion loss to all types of financial fraud in 1993. This paper explores the magnitude of financial system losses and identifies new areas for analysis of high consequence events including the potential effect of malevolent intent.

  2. A REVIEW OF FINANCIAL REGULATIONS TO AVOID THE NATIONALISATION OF LOSSES IN THE BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    SORANA VĂTAVU

    2011-01-01

    Full Text Available This article investigates the regulations which should be applied in the financial system in order to minimize the losses. The subject is based on the banking policy of “privatisation of profits and nationalisation of losses” and it is debated mainly from trade articles point of view. Even when taxpayers do not agree, governments choose either to bailout influential banks or to cover their losses with a deposit insurance. Banks would take advantage of any opportunity to increase earnings, even in the insolvency stage, and thus certain regulations and limitations must be provided to minimize the moral hazard occurred. The most important problem that deepens financial regressions relates to the losses spillover effect on the worldwide economy, and although a perfect global banking model cannot be implemented, the paper suggests regulations which improve the financial systems.

  3. Threats to financial system security

    Energy Technology Data Exchange (ETDEWEB)

    McGovern, D.E.

    1997-06-01

    The financial system in the United States is slowly migrating from the bricks and mortar of banks on the city square to branch banks, ATM`s, and now direct linkage through computers to the home. Much work has been devoted to the security problems inherent in protecting property and people. The impact of attacks on the information aspects of the financial system has, however, received less attention. Awareness is raised through publicized events such as the junk bond fraud perpetrated by Milken or gross mismanagement in the failure of the Barings Bank through unsupervised trading activities by Leeson in Singapore. These events, although seemingly large (financial losses may be on the order of several billion dollars), are but small contributors to the estimated $114 billion loss to all types of financial fraud in 1993. Most of the losses can be traced to the contribution of many small attacks perpetrated against a variety of vulnerable components and systems. This paper explores the magnitude of these financial system losses and identifies new areas for security to be applied to high consequence events.

  4. Gain and loss learning differentially contribute to life financial outcomes.

    Directory of Open Access Journals (Sweden)

    Brian Knutson

    Full Text Available Emerging findings imply that distinct neurobehavioral systems process gains and losses. This study investigated whether individual differences in gain learning and loss learning might contribute to different life financial outcomes (i.e., assets versus debt. In a community sample of healthy adults (n = 75, rapid learners had smaller debt-to-asset ratios overall. More specific analyses, however, revealed that those who learned rapidly about gains had more assets, while those who learned rapidly about losses had less debt. These distinct associations remained strong even after controlling for potential cognitive (e.g., intelligence, memory, and risk preferences and socioeconomic (e.g., age, sex, ethnicity, income, education confounds. Self-reported measures of assets and debt were additionally validated with credit report data in a subset of subjects. These findings support the notion that different gain and loss learning systems may exert a cumulative influence on distinct life financial outcomes.

  5. TREES OF DAMAGES AS A MODEL OF RISKS ASSESSMENT FOR AVAILABILITY LOSSES AFTER CHANGES IN FINANCIAL INFORMATION SYSTEMS

    Directory of Open Access Journals (Sweden)

    S. A. Arustamov

    2013-03-01

    Full Text Available The article deals with the methodology for risks assessment of availability losses in financial information systems after changes made in them by using trees of damages. A description of damages tree generation for each identified possible event is presented that potentially can lead to the system availability loss. An example is given, illustrating the methodology application that gives the possibility to choose the optimal software testing strategy.

  6. Malpractice paid losses and financial performance of nursing homes.

    Science.gov (United States)

    Zhao, Mei; Haley, D Rob; Oetjen, Reid M; Carretta, Henry J

    2011-01-01

    Florida's nursing home industry has experienced significant financial pressure over the past decade. One of the primary reasons is the dramatic increase in litigation activity for nursing home providers claiming negligent care and abuse. Although anecdotal reports indicate a higher cost because of malpractice in nursing facilities, few studies have examined the extent of malpractice paid losses and their effect on the financial performance of nursing homes. The purpose of this study was to examine the impact of malpractice paid losses on the financial performance of nursing homes. Medicare Cost Report data and Online Survey, Certification, and Reporting data for Florida skilled nursing facilities over the 6-year period from 2001 to 2006 were used to calculate the malpractice paid losses and the financial performance indicators as well as the nursing home organizational and market factors. Descriptive analysis and multivariate regression analysis were used to examine the effect of paid loss on financial performance. The paid loss for malpractice claims was strongly associated with financial performance. Nursing facilities with malpractice paid losses had consistently lower total margins over the study period. The threat of nursing home litigation may create an incentive for nursing homes to improve quality of care; however, large paid claims can also force nursing homes into a financial situation where the organization no longer has the resources to improve quality. Nursing home managers must assess their malpractice litigation risk and identify tactics to mitigate these risks to better provide a safe and secure environment for the older persons. In addition, this research offers support for local, state, and federal policymakers to revisit the issue of malpractice litigation and the nursing home industry through its insight on the relationship of nursing home margins and litigation.

  7. Output Loss Severity across EU Countries. Evidence for the 2008 Financial Crisis

    Directory of Open Access Journals (Sweden)

    Iustina Alina Boitan

    2015-08-01

    Full Text Available Financial crises are complex phenomena, in terms of the triggering factors, duration and severity, impact on both financial system and macroeconomic fundamentals and the full range of costs arising from its occurrence. The paper aims at providing an updated picture on the magnitude the 2008 financial crisis had, in terms of economic costs incurred by EU member states. It has been briefly reviewed crises’ main monetary and economic effects and costs. Then it has been employed International Monetary Fund’s approach for measuring crisis severity, expressed as an output loss indicator. To check the stability of the results, the basic methodology relying on a 3-year GDP trend has been complemented with a 7-year GDP trend. The output losses recorded by each EU country, under both trend assumptions, showed that Baltic states and Greece had been the most affected as they cumulated the highest losses. The lowest output losses have been registered in Western Europe countries (Austria, Belgium, France, Germany and Poland. Most EU economies’ growth still hasn’t entered on a robust ascending path, as they haven’t reached the level of GDP trend computed for the period preceding the onset of the financial crisis.

  8. A SURVEY OF INTERNATIONAL FINANCIAL RISK MANAGEMENT SYSTEM

    Directory of Open Access Journals (Sweden)

    SETHI Narayan

    2013-12-01

    Full Text Available Rising global competition, increasing deregulation, and introduction of innovative products have pushed financial risk management to the forefront of today's financial landscape. Identification of different types of risks and effective management of these risks in the international financial system would help to alleviate crisis, financial losses and also helpful to the long term success of all the financial institutions. The present study aims to analyze different types of risk management strategies and throws some light on challenges and opportunities regarding implementation of Basel-II in international financial system. The present paper also attempts to discuss the different methods and techniques used to measure financial risk management. There are three types of risk faced by all financial institutions: market risk, credit risk and operational risk. In commercial banking, credit risk is the biggest risk; in investment banking, its market risk; and in asset management, it’s operational risk.

  9. FINANCIAL SYSTEM STRUCTURE AND STABILITY DURING TRANSITION

    Directory of Open Access Journals (Sweden)

    Firtescu Bogdan

    2012-07-01

    Full Text Available The process of transition from socialist economy to market economy was not considered an end in itself, but a necessity, and standing proof to achieve high levels of sustainable development. All former socialist countries are characterized by an early transition recession transformation result of the restructuring, loss of markets, tough competition from foreign products, best quality, or in other cases cheaper. To express the financial system structure in transition we take into discussion data that reflects representatives mutations and restructuring in Central and Eastern European countries, such Bulgaria, Czech Republic, Hungary, Poland and Romania. For all countries we show some important changes of financial system during transition and construct an image matrix that illustrates important indicators of financial system structure and their adjustment.

  10. Hidden losses in financial reporting and the manner of hiding case Serbia: Part two

    Directory of Open Access Journals (Sweden)

    Kaluđerović Nenad

    2016-01-01

    Full Text Available There has always been a dilemma whether financial statements are a reflection of the real situation. When financial statements are subject to various conveniences in order to be presented according to the wish of the purchaser, it leads us to the dilemma when and how this happens. This thesis deals with the attempt to start to solve the dilemmas where and when manipulative actions in financial reporting occur. We have carried out researches on selected samples of money losing companies for the period from 2010 to 2013, on the example of financial indicators of the companies which operated in Serbia. Detection of manipulations by means of which loss is hidden in financial statements is very important for the state economy. Under these conditions, development of an adequate method in this area is limited with the international standards of financial reporting. Numerous qualitative and quantitative methods have been used for evaluation of the real and objective components of losses in order to reflect the level of losses in the economy much better. However, in our conditions, there is an universally accepted method which can foresee and evaluate all events and actions that detect hidden losses in financial statements. This thesis presents methods of evaluation (quantitative and qualitative data mining and how they may be applied in detection of hidden losses in financial statements, by trying to identify a combination of methods which satisfies real needs of a certain task best.

  11. Tax shields, financial expenses and losses carried forward

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2016-09-01

    Full Text Available This article deals with the proper procedure for calculating Tax Shields (TS. The calculation includes cases where Losses Carried Forward are allowed and there is financial Other Income (OI. The procedure takes into account the magnitude of Adjusted Earnings before Interest and Taxes (EBITAdj –that is, EBIT + OI – OE excluding Financial- compared with Financial Expenses (FE. This comparison defines three intervals and results for TS. If EBITAdj. 0 and less than FE, TSis T × EBITAdj.; finally if EBITAdj. > FE, TSis T × FE. When firm possesses OI, TS are not equivalent to the difference in taxes and an adjustment is needed. Proper calculation of TS is important because their value might represent a substantial part of firm value.

  12. 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.

  13. Development of Spreadsheet-Based Integrated Transaction Processing Systems and Financial Reporting Systems

    Science.gov (United States)

    Ariana, I. M.; Bagiada, I. M.

    2018-01-01

    Development of spreadsheet-based integrated transaction processing systems and financial reporting systems is intended to optimize the capabilities of spreadsheet in accounting data processing. The purpose of this study are: 1) to describe the spreadsheet-based integrated transaction processing systems and financial reporting systems; 2) to test its technical and operational feasibility. This study type is research and development. The main steps of study are: 1) needs analysis (need assessment); 2) developing spreadsheet-based integrated transaction processing systems and financial reporting systems; and 3) testing the feasibility of spreadsheet-based integrated transaction processing systems and financial reporting systems. The technical feasibility include the ability of hardware and operating systems to respond the application of accounting, simplicity and ease of use. Operational feasibility include the ability of users using accounting applications, the ability of accounting applications to produce information, and control applications of the accounting applications. The instrument used to assess the technical and operational feasibility of the systems is the expert perception questionnaire. The instrument uses 4 Likert scale, from 1 (strongly disagree) to 4 (strongly agree). Data were analyzed using percentage analysis by comparing the number of answers within one (1) item by the number of ideal answer within one (1) item. Spreadsheet-based integrated transaction processing systems and financial reporting systems integrate sales, purchases, and cash transaction processing systems to produce financial reports (statement of profit or loss and other comprehensive income, statement of changes in equity, statement of financial position, and statement of cash flows) and other reports. Spreadsheet-based integrated transaction processing systems and financial reporting systems is feasible from the technical aspects (87.50%) and operational aspects (84.17%).

  14. Corporate Financial Stability and Change of Capital Availability as a Result of a Loss Event

    Directory of Open Access Journals (Sweden)

    Maria Gorczyńska

    2016-04-01

    Full Text Available The main purpose of the study is to present the parameters of financial stability of a company, as well as to show the direction of their potential changes as a result of a loss event. The following thesis was adopted: "Financial stability of a company is a necessary condition for constant, undisturbed development, mainly by ensuring access to external capital in the case when it is necessary to cover the adverse effects of loss events". This study aims at: defining financial stability, identifying financial stability parameters, indicating the potential changes of such parameters as a result of a loss event.

  15. Financial Village Standing in Indonesian Financial System

    Directory of Open Access Journals (Sweden)

    Herry Purnomo

    2015-12-01

    Full Text Available Financial resources of the village that are sourced from a country or a Regional Finance Financial based Law Number 6 Year 2014 of The Village is the mandate of the law that must be allocated to the village. The interconnectedness of the financial position of the village in the financial system of the country or Region concerned the Financial administrative and territorial relations, and there is no setting directly regarding the finances of the village as part of the financial system of the country or the financial area. In respect of the elements of the crime of corruption deeds against financial irregularities of the village there are still disagreements on the interpretation of the law in trapping the perpetrators of corruption on the village chief that implies not satisfy the principle of legality and legal certainty in the ruling of the matter of financial irregularities. In fact, many of the village chief or Councilor caught the criminal offence of corruption over the use of financial irregularities. This research analyzes How the financial position of the village in the financial system of the country or region, as well as whether the financial resources of the village is derived from the state budget or region budget managed in village budget belongs to the category of village finances and whether tort against the financial management of the village can be categorized as a criminal act corruption. How To Cite: Purnomo, H. (2015. Financial Village Standing in Indonesian Financial System. Rechtsidee, 2(2, 121-140. doi:http://dx.doi.org/10.21070/jihr.v2i2.81

  16. Quality of Financial Policies and Financial System Stress

    OpenAIRE

    Udaibir S Das; Plamen Yossifov; Richard Podpiera; Dmitriy L Rozhkov

    2005-01-01

    In this paper, we develop multi-country indices of financial system stress and quality of financial policies and use them in regression analysis of the determinants of financial stress. We find that countries with higher quality of financial policies are better able to contain the effects of macroeconomic pressures on the overall level of stress in the financial system. They are also in a better position to ensure sustainable development of the financial system.

  17. Responses to Financial Loss During the Great Recession: An Examination of Sense of Control in Late Midlife.

    Science.gov (United States)

    Mejía, Shannon T; Settersten, Richard A; Odden, Michelle C; Hooker, Karen

    2016-07-01

    The "Great Recession" shocked the primary institutions that help individuals and families meet their needs and plan for the future. This study examines middle-aged adults' experiences of financial loss and considers how socioeconomic and interpersonal resources facilitate or hinder maintaining a sense of control in the face of economic uncertainty. Using the 2006 and 2010 waves of the Health and Retirement Study, change in income and wealth, giving help to and receiving help from others, household complexity, and sense of control were measured among middle-aged adults (n = 3,850; age = 51-60 years). Socioeconomic resources predicted both the level of and change in the engagement of interpersonal resources prior to and during the Great Recession. Experiences of financial loss were associated with increased engagement of interpersonal resources and decreased sense of control. The effect of financial loss was dampened by education. Sense of control increased with giving help and decreased with household complexity. Findings suggest that, across socioeconomic strata, proportional loss in financial resources resulted in a loss in sense of control. However, responses to financial loss differed by socioeconomic status, which differentiated the ability to maintain a sense of control following financial loss. © The Author 2015. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

  18. INFORMATION SYSTEM OF THE FINANCIAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    MIRELA MONEA

    2013-12-01

    Full Text Available Financial analysis provides the information necessary for decision making, and also helps both the external and internal users of these. The results of the financial analysis work are dependent on the quality, accuracy, relevance and effectiveness of the information collected, and processed. Essential sources of information for financial analysis are financial statements, which are considered the raw material of financial analysis. One of the financial statements -the balance sheet - provides information about assets, liabilities, equity, liquidity, solvency, risk, financial flexibility. The profit and loss account is a synthesis accounting document, part of the financial statement reporting enterprise financial performances during of a specified accounting period and summarizes all revenues earned and expenses of an accounting period and reports the results.

  19. 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.

  20. Financial Economy and Financial System: Basis of Structural Interconnection

    Directory of Open Access Journals (Sweden)

    Khorosheva Olena I.

    2014-02-01

    Full Text Available The goal of the article lies in identification of grounds of interconnection of the financial economy and financial system. The study was conducted with consideration of main provisions of the theory of finance and concept of financial economy, which is a set of means used in the process of reproduction of finance by their owner for formation and / or maintenance of the own system of values in the viable state. For the first time ever the structure of the financial system is identified as an aggregate of financial economies and financial market. The article justifies a necessity of expansion of boundaries of perception of the state financial economy, which is offered to include public financial economy of the state level and the set of financial economies of the state as a subject of economic activity. Such an approach forms a base for justification of the synthesis of participation of the state in financial relations as the owner and as the basic macro-economic regulator. Prospects of further study in this direction are: development of classification of financial economies; revelation of specific features of impact of shadow finance on development of the national financial economy; and assessment of possibilities of inclusion of structured financial products into the system of values of financial economies in Ukraine.

  1. Acceptability of financial incentives for maintenance of weight loss in mid-older adults: a mixed methods study.

    Science.gov (United States)

    McGill, Bronwyn; O'Hara, Blythe J; Grunseit, Anne C; Bauman, Adrian; Osborne, Dale; Lawler, Luke; Phongsavan, Philayrath

    2018-02-13

    Health insurers worldwide implement financial incentive schemes to encourage health-related behaviours, including to facilitate weight loss. The maintenance of weight loss is a public health challenge, and as non-communicable diseases become more prevalent with increasing age, mid-older adults could benefit from programs which motivate weight loss maintenance. However, little is understood about their perceptions of using financial incentives to maintain weight loss. We used mixed methods to explore the attitudes and views of participants who had completed an Australian weight loss and lifestyle modification program offered to overweight and obese health insurance members with weight-related chronic diseases, about the acceptability and usefulness of different types of financial incentives to support weight loss maintenance. An online survey was completed by 130 respondents (mean age = 64 years); and a further 28 participants (mean age = 65 years) attended six focus groups. Both independent samples of participants supported a formalised maintenance program. Online survey respondents reported that non-cash (85.2%) and cash (77%) incentives would be potentially motivating; but only 40.5% reported that deposit contracts would motivate weight loss maintenance. Results of in-depth discussions found overall low support for any type of financial incentive, but particularly deposit contracts and lotteries. Some participants expressed that improved health was of more value than a monetary incentive and that they felt personally responsible for their own health, which was at odds with the idea of financial incentives. Others suggested ongoing program and peer support as potentially useful for weight loss maintenance. If financial incentives are considered for mid-older Australian adults in the health insurance setting, program planners will need to balance the discordance between participant beliefs about the individual responsibility for health and their desire

  2. Integrating physical and financial approaches to manage environmental financial risk

    Science.gov (United States)

    Characklis, Gregory; Meyer, Eliot; Foster, Benjamin

    2017-04-01

    Physical and/or engineered solutions have long been used to manage risks associated with adverse environmental events. Examples include reservoirs as a tool for mitigating drought-related supply risk, levees for managing flood risk and dredging of inland waterways to ensure navigability during low flow periods. These measures can reduce many types of risk (e.g., loss of life), but are often employed as a means of protecting against financial losses. When the focus is on managing environmental financial risk, physical solutions can be effective, but also costly. In many cases, non-physical tools can provide a less expensive means of managing financial risk, with these often taking the form of financial instruments such as hedging contracts, contingency funds or insurance. Some of these instruments, such as flood insurance, are widely available, but historically many environmental financial risks have been managed primarily (or solely) via physical solutions without much consideration of alternatives, thereby opening opportunities for innovation in developing financial solutions. Recent research has demonstrated that financial instruments can play a significant role in managing drought-related financial risk in sectors as diverse as water utilities, energy generation and inland navigation. Nonetheless, this work has largely considered the use of these instruments within systems in which physical solutions are already in place (but failing to achieve desired performance). The next step in the evolution of managing environmental financial risk involves developing methods for designing risk management strategies that do not assume an established physical system. Here the goal is to identify the relative role that physical solutions and financial instruments should play as they are integrated into a comprehensive risk management strategy. This is not a straightforward challenge as one approach reduces the risk of financial losses and the other redistributes those losses

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

    Science.gov (United States)

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

    2016-08-01

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

  4. Financial Economy and Financial System: Basis of Structural Interconnection

    OpenAIRE

    Khorosheva Olena I.

    2014-01-01

    The goal of the article lies in identification of grounds of interconnection of the financial economy and financial system. The study was conducted with consideration of main provisions of the theory of finance and concept of financial economy, which is a set of means used in the process of reproduction of finance by their owner for formation and / or maintenance of the own system of values in the viable state. For the first time ever the structure of the financial system is identified as an ...

  5. 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...

  6. How to Avoid Fragility of Financial Systems: Lessons from the Financial Crisis and St. Petersburg Paradox

    Science.gov (United States)

    Takayasu, Hideki

    Firstly, I point out that the financial crisis occurred in 2008 has many analogous points with a physical phenomenon of brittle fracture in the sense that it is a highly irreversible phenomenon caused by concentration of stress to the weakest point. Then, I discuss distribution of gain-loss of continuous transactions of options which can be regarded as a source of stress among financial companies. The historical problem of Saint Petersburg paradox is reviewed and it is argued that the paradox is solved by decomposing the process into a combination of a fair gamble and an accompanied financial option. By generalizing this fair gamble it is shown that the gain-loss distribution in this problem is closely related to the distribution of gain-loss of business firms in the real world. Finally, I pose a serious question to the ordinary way of financing money to business firms with compound interest rates. Instead we introduce a new way of financing business firms without applying prefixed interest rates, in which financial stress is shared by all involved firms. This method is expected to reduce the risk of both financial firms and business firms, and is applicable even in the non-growing society.

  7. Loss provisions and bank charge-offs in the financial crisis: lesson learned

    OpenAIRE

    Frederick T. Furlong; Zena Knight

    2010-01-01

    The enormity of the recent financial shock was not fully apparent until well into the crisis. One result was that banks did unusually low levels of pre-reserving against eventual loan losses. Much of that underreserving was related to the extraordinary decline in real estate values that led to outsized losses on mortgage loans. This experience highlights the limitations of the bank provisioning process and the need to guard against worse-than-expected economic conditions through higher capita...

  8. Financial stability of banking system in China

    OpenAIRE

    Jiang, B

    2014-01-01

    This thesis aims at investigating the financial stability of China's banking system. Since the banking system is one of the most important financial intermediaries in the financial systems, the financial soundness of banks could secure the stability of the whole financial system. Two of the factors that may significantly increase imbalance of the banking system, and hence affect financial stability of an economy is the accumulated non-performing loans of banks and the macro-economic turbulenc...

  9. Financial regulation and financial system architecture in Central Europe

    NARCIS (Netherlands)

    Scholtens, B

    At the beginning of the transition, advice to Central European countries with respect to how to set up their financial systems was based on models used in western economies. This paper analyzes the experiences to set up a financial system in Central Europe. The experience in the first transition

  10. Implementation of a financially incentivized weight loss competition into an already established employee wellness program

    Directory of Open Access Journals (Sweden)

    Andrew M. Schramm

    2014-01-01

    Full Text Available Objective: To assess improvement in clinical outcomes and patient satisfaction of a financially incentivized weight loss competition adjunct to a currently established pharmacist-directed employee wellness program. Design: Retrospective, cohort, pilot study Setting: 6 independent community pharmacy chain locations, two long-term care pharmacies, and a pharmacy corporate office in northwest and central Missouri, from January 2013 to April 2013. Participants: 24 benefit-eligible patients employed by the self- insured pharmacy chain. Intervention: A financially incentivized weight loss competition focusing on healthy lifestyle practices was implemented at nine pharmacy locations over an eight week period. Main outcome measure(s: Change from baseline in mean total cholesterol, serum triglycerides, high-density lipoprotein cholesterol (HDL-C, low-density lipoprotein cholesterol (LDL-C, systolic blood pressure (SBP, diastolic blood pressure (DBP, weight, and body mass index (BMI. Patient satisfaction was also assessed after completion. Results:24 patients completed the competition. The average weight loss among all participants was 10 ± 7.3 pounds. A mean decrease in serum triglycerides was significant at 36.9 mg/dL per participant (p Conclusion: The implementation of a financially incentivized weight loss competition provided significant short-term weight loss to a patient population that was already enrolled in an established pharmacist-directed employee wellness program and had not shown clinical improvement prior to the intervention. Overall the patients were satisfied, felt healthier, and agreed to continue following the recommendations of the program.   Type: Original Research

  11. Who responds to financial incentives for weight loss? Evidence from a randomized controlled trial.

    Science.gov (United States)

    Paloyo, Alfredo R; Reichert, Arndt R; Reuss-Borst, Monika; Tauchmann, Harald

    2015-11-01

    There is a paucity of evidence on the heterogeneous impacts of financial incentives on weight loss. Between March 2010 and January 2012, in a randomized controlled trial, we assigned 700 obese persons to three experimental arms. We test whether particular subgroups react differently to financial incentives for weight loss. Two treatment groups obtained a cash reward (€150 and €300 with 237 and 229 participants, respectively) for achieving an individually-assigned target weight within four months; the control group (234 participants) was not incentivized. Participants and administrators were not blinded to the intervention. We find that monetary rewards effectively induced obese individuals to reduce weight across all subgroups. However, there is no evidence for treatment-effect heterogeneity for those groups that were incentivized. Among those who were in the €300 group, statistically significant and large weight losses were observed for women, singles, and those who are not working (all above 4 kg in four months). In addition, the magnitude of the reward matters only for women and migrants. The effectiveness of financial incentives to reduce weight nevertheless raises sensitive ethical issues that should be taken into consideration by policymakers. Copyright © 2015 Elsevier Ltd. All rights reserved.

  12. System Design of the SWRL Financial System.

    Science.gov (United States)

    Ikeda, Masumi

    To produce various management and accounting reports in order to maintain control of SWRL (Southwest Regional Laboratory) operational and financial activities, a computer-based SWRL financial system was developed. The system design is outlined, and various types of system inputs described. The kinds of management and accounting reports generated…

  13. 20 CFR 632.32 - Financial management systems.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false Financial management systems. 632.32 Section... Financial management systems. (a) Each Native American grantee, subgrantee and contractor shall maintain a financial management system which will provide accurate, current and complete disclosure of the financial...

  14. 7 CFR 249.11 - Financial management system.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 4 2010-01-01 2010-01-01 false Financial management system. 249.11 Section 249.11... § 249.11 Financial management system. (a) Disclosure of expenditures. The State agency must maintain a financial management system that provides accurate, current and complete disclosure of the financial status...

  15. 7 CFR 248.11 - Financial management system.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 4 2010-01-01 2010-01-01 false Financial management system. 248.11 Section 248.11... § 248.11 Financial management system. (a) Disclosure of expenditures. The State agency shall maintain a financial management system which provides accurate, current and complete disclosure of the financial status...

  16. 26 CFR 1.582-1 - Bad debts, losses, and gains with respect to securities held by financial institutions.

    Science.gov (United States)

    2010-04-01

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

  17. The notion and content of financial system in the context of financial law of Ukraine

    OpenAIRE

    Viktor Chernadchuk; Viktor Sukhonos; Inna Shkolnyk

    2017-01-01

    The financial system of the advanced countries develops according to two basic models – a bank-based system and a market-based system, depending on the level of protection of the rights of owners, investors and lenders. A paradigm shift in functioning of global financial system and financial systems of all countries is based on financial law, which formalizes all financial relations. Reviewing the financial system of Ukraine, the researchers pay a special attention to public finance due to it...

  18. 48 CFR 828.7103 - Financial protection.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Financial protection. 828... Contracts 828.7103 Financial protection. (a) A contractor must have and maintain an amount of financial protection to cover liability to third persons and loss of or damage to the contractor's property that meets...

  19. 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...

  20. A descriptive analysis of the 2008 credit crisis on multistate healthcare systems: what impact did it have on their financial performance?

    Science.gov (United States)

    McCue, Michael J

    2010-01-01

    Due to the recent credit crisis and recession of 2008, hospitals experienced substantial losses in their investment portfolios. The author analyzed key financial accounts of 15 large, multistate healthcare systems that measured their changes in value of their investments, changes in net assets, liquidity ratios, and other performance ratios. Overall, he found that the majority of these systems did incur financial losses in their investment portfolios; however, for the majority of these systems, their liquidity and cash flow margin ratios declined slightly whereas their capital expenditure and community benefits increased.

  1. FINANCIAL PERFORMANCE ANALYSIS BASED ON THE PROFIT AND LOSS STATEMENT

    Directory of Open Access Journals (Sweden)

    Ludmila PROFIR

    2017-07-01

    Full Text Available Financial performance is often difficult to achieve by economic entities, especially in the current economic context. Successful models of some companies constitute examples of good practice for aspirants. The profit and loss statement is part of the annual reports, is a synthesis accounting document that shows the result of the companies activity and thus measures the firm’s performance during a year. The purpose of this paper is to analyze the impact of the operating result on the financial performance through the net income. The target population of the study was the companies listed and traded on the Bucharest Stock Exchange during 2012-2016. The results of this study showed that the operating result has contributed significantly to the net income, and the companies listed and traded on the Bucharest Stock Exchange have successfully overcome the negative effects of the crisis and the recession.

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

    NARCIS (Netherlands)

    Arons, T.M.C.

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

  3. Preliminary System Design of the SWRL Financial System.

    Science.gov (United States)

    Ikeda, Masumi

    The preliminary system design of the computer-based Southwest Regional Laboratory's (SWRL) Financial System is outlined. The system is designed to produce various management and accounting reports needed to maintain control of SWRL operational and financial activities. Included in the document are descriptions of the various types of system…

  4. The Architecture of Financial Risk Management Systems

    Directory of Open Access Journals (Sweden)

    Iosif ZIMAN

    2013-01-01

    Full Text Available The architecture of systems dedicated to risk management is probably one of the more complex tasks to tackle in the world of finance. Financial risk has been at the center of attention since the explosive growth of financial markets and even more so after the 2008 financial crisis. At multiple levels, financial companies, financial regulatory bodies, governments and cross-national regulatory bodies, all have put the subject of financial risk in particular and the way it is calculated, managed, reported and monitored under intense scrutiny. As a result the technology underpinnings which support the implementation of financial risk systems has evolved considerably and has become one of the most complex areas involving systems and technology in the context of the financial industry. We present the main paradigms, require-ments and design considerations when undertaking the implementation of risk system and give examples of user requirements, sample product coverage and performance parameters.

  5. How People's Motivational System and Situational Motivation Influence Their Risky Financial Choices

    Science.gov (United States)

    Sekścińska, Katarzyna; Maison, Dominika Agnieszka; Trzcińska, Agata

    2016-01-01

    People's preferences for risks have been a subject of interest to researchers in both the economy and psychology fields over the last few years. This has given rise to many important findings about the role of psychological factors that influence people's choices. The presented studies focused on the role of motivational systems (described by Higgins in the Regulatory Focus Theory) in explaining people's financial choices. The main goal was to examine the relationship between people's chronic promotion and prevention motivational system and their propensity to (1) invest, (2) undertake investment risks, and (3) assume financial risks in gambling tasks in both the gain and loss decision-making frame. Moreover, we aimed to investigate how chronic motivational systems confronted with situationally induced promotion and prevention motivation would affect people's propensity to invest and embrace financial risks. Two CAWI studies on a Polish national representative sample (N1 = 1093; N2 = 1096) were conducted. The second study consisted of two waves with a 2-week break. The studies provided evidence of higher chronic promotion motivation as well as higher prevention motivation associated with the propensity to invest; however, induced promotion motivation results in a lower propensity to invest compared to induced prevention motivation. Participants with an activated promotion system built more risky portfolios than individuals with an induced prevention system. Moreover, participants with a low chronic promotion system built more risky portfolios than individuals with a high promotion motivation system as long as their prevention system was also low. In terms of gambling decisions in both the gain and loss frame, a higher level of chronic promotion motivation and situationally induced promotion motivation were related to the preference for the non-sure option over the sure one. PMID:27630611

  6. Motivation for Participating in a Weight Loss Program and Financial Incentives: An Analysis from a Randomized Trial

    Science.gov (United States)

    Crane, Melissa M.; Tate, Deborah F.; Finkelstein, Eric A.; Linnan, Laura A.

    2012-01-01

    This analysis investigated if changes in autonomous or controlled motivation for participation in a weight loss program differed between individuals offered a financial incentive for weight loss compared to individuals not offered an incentive. Additionally, the same relationships were tested among those who lost weight and either received or did not receive an incentive. This analysis used data from a year-long randomized worksite weight loss program that randomly assigned employees in each worksite to either a low-intensity weight loss program or the same program plus small financial incentives for weight loss ($5.00 per percentage of initial weight lost). There were no differences in changes between groups on motivation during the study, however, increases in autonomous motivation were consistently associated with greater weight losses. This suggests that the small incentives used in this program did not lead to increases in controlled motivation nor did they undermine autonomous motivation. Future studies are needed to evaluate the magnitude and timing of incentives to more fully understand the relationship between incentives and motivation. PMID:22577524

  7. 7 CFR 246.13 - Financial management system.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 4 2010-01-01 2010-01-01 false Financial management system. 246.13 Section 246.13... State Agency Provisions § 246.13 Financial management system. (a) Disclosure of expenditures. The State agency shall maintain a financial management system which provides accurate, current and complete...

  8. 14 CFR 152.303 - Financial management system.

    Science.gov (United States)

    2010-01-01

    ... 14 Aeronautics and Space 3 2010-01-01 2010-01-01 false Financial management system. 152.303... (CONTINUED) AIRPORTS AIRPORT AID PROGRAM Accounting and Reporting Requirements § 152.303 Financial management system. Each sponsor or planning agency shall establish and maintain a financial management system that...

  9. Perceived Self-Efficacy and Financial Incentives: Factors Affecting Health Behaviors and Weight Loss in a Workplace Weight Loss Intervention.

    Science.gov (United States)

    Faghri, Pouran D; Simon, Julia; Huedo-Medina, Tania; Gorin, Amy

    2017-05-01

    To evaluate if self-efficacy (SE) and financial incentives (FI) mediate the effect of health behavior on weight loss in a group of overweight and obese nursing-home employees participating in a 16-week weight-loss intervention with 12-week follow-up. Ninety nine overweight/obese (body mass index [BMI] > 25) employees from four nursing-homes participated, with a mean age of 46.98 years and BMI of 35.33. Nursing-homes were randomized to receiving an incentive-based intervention (n = 51) and no incentive (n = 48). Participants' health behaviors and eating and exercise self-efficacy (Ex-SE) were assessed at week 1, 16, and 28 using a self-reported questionnaire. Mediation and moderated mediation analysis assessed relationships among these variables. Eating self-efficacy (Eat-SE) and Ex-SE were significant mediators between health behaviors and weight loss (P self-efficacy (P = 0.00) on weight loss. Self-efficacy and FI may affect weight loss and play a role in weight-loss interventions.

  10. Financial Information Systems Officer | IDRC - International ...

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

    Job Summary The Financial Systems Information Officer provides end-user training in ... administration concepts such as sales tax implications, bookkeeping entries, etc. ... Oracle functionality to optimize corporate use of the financial system.

  11. Forecasting systemic impact in financial networks

    NARCIS (Netherlands)

    Hautsch, N.; Schaumburg, J.; Schienle, M.

    2014-01-01

    We propose a methodology for forecasting the systemic impact of financial institutions in interconnected systems. Utilizing a five-year sample including the 2008/9 financial crisis, we demonstrate how the approach can be used for the timely systemic risk monitoring of large European banks and

  12. GRANT FINANCIAL SYSTEM REQUIREMENTS; Checklist for Reviewing Systems Under the Federal Financial Management Improvement Act

    National Research Council Canada - National Science Library

    2001-01-01

    ...) of 1996, issued September 9, 1997. JFMIP intends for the requirements to promote understanding of key financial management systems concepts and requirements, to provide a framework for establishing integrated financial management...

  13. THE IMPACT OF THE FINANCIAL CRISIS ON THE THEORY AND PRACTICE OF FINANCIAL SYSTEM SUPERVISION

    Directory of Open Access Journals (Sweden)

    Roxana Heteș

    2013-04-01

    Full Text Available The recent global financial crisis has reopened the debate about macroeconomic policies’ objectives, but also the need and extent of state involvement in the functioning of the economy, either directly or indirectly. This has exposed some weaknesses in the system of regulation and supervision of the financial system and the its architecture, especially in the treatment of systemic risks and vulnerabilities, but also the financial implications of the globalization process. The global nature of financial crisis highlighted the fact that, although integrated financial markets offer a number of significant benefits, risks involved are not negligible. Therefore, to ensure the financial stability of an increasingly integrated landscape there was felt the need for reform of the financial system architecture, both nationally and internationally.

  14. The Return Of State Financial Losses Analysis Of Money-Laundering Crime

    OpenAIRE

    James Simanjuntak; M. Syukri Akub; Muhadar; Andi Sofyan

    2017-01-01

    The criminal act of corruption is more systematic and has been categorized as extraordinary crime and its scope has entered all aspects of community life. The importance of research is conducted to determines law enforcement of corruption crime in the return of State financial loss and the return of corruption asset through money laundering crime instrument. The research was carried out in Papua Province - Indonesia. The results shows that the relation between corruption and money-laundering ...

  15. How people’s motivational system and situational motivation influence their risky financial choices

    Directory of Open Access Journals (Sweden)

    Katarzyna Sekścińska

    2016-08-01

    Full Text Available People’s preferences for risks have been a subject of interest to researchers in both the economy and psychology fields over the last few years. This has given rise to many important findings about the role of psychological factors that influence people’s choices. The presented studies focused on the role of motivational systems (described by Higgins in the Regulatory Focus Theory in explaining people’s financial choices. The main goal was to examine the relationship between people’s chronic promotion and prevention motivational system and their propensity to (1 invest, (2 undertake investment risks, and (3 assume financial risks in gambling tasks in both the gain and loss decision-making frame. Moreover, we aimed to investigate how chronic motivational systems confronted with situationally induced promotion and prevention motivation would affect people’s propensity to invest and embrace financial risks. Two CAWI studies on a Polish national representative sample (N1 = 1093; N2 = 1096 were conducted. The second study consisted of two waves with a two-week break.The studies provided evidence of higher chronic promotion motivation as well as higher prevention motivation associated with the propensity to invest; however, induced promotion motivation results in a lower propensity to invest compared to induced prevention motivation. Participants with an activated promotion system built more risky portfolios than individuals with an induced prevention system. Moreover, participants with a low chronic promotion system built more risky portfolios than individuals with a high promotion motivation system as long as their prevention system was also low. In terms of gambling decisions in both the gain and loss frame, a higher level of chronic promotion motivation and situationally induced promotion motivation were related to the preference for the non-sure option over the sure one.

  16. An examination of contemporary financing practices and the global financial crisis on nonprofit multi-hospital health systems.

    Science.gov (United States)

    Stewart, Louis J; Smith, Pamela C

    2011-01-01

    This study examines the impact of the 2008 global financial crisis on large US nonprofit health systems. We proceed from an analysis of the contemporary capital financing practices of 25 of the nation's largest nonprofit hospitals and health systems. We find that these institutions relied on operating cash flows, public issues of insured variable rate debt, and accumulated investment to meet their capital financing needs. The combined use of these three financial instruments provided these organizations with $22.4 billion of long-term capital at favorable terms and the lowest interest rates. Our analysis further indicates that the extensive utilization of bond insurance, auction rate debt, and interest rate derivatives created significant risk exposures for these health systems. These risks were realized by the broader global financial crisis of 2008. Findings indicate these health systems incurred large losses from the early retirement of their variable rate debt. In addition, many organizations were forced to post nearly $1 billion of liquid collateral due to the falling values of their interest rate derivatives. Finally, the investment portfolios of these large nonprofit health systems suffered millions of dollars of unrealized capital losses, which may minimize their ability to finance future capital investment requirements.

  17. Location of external state financial control in national control system of Ukraine

    Directory of Open Access Journals (Sweden)

    N.G. Vygovska

    2016-12-01

    Full Text Available The article estimates the theoretical basis of the external state financial control in Ukraine in the context of defining its place in the formation of the functional areas of internal and external controls in order to eliminate duplication of a single national control system. The authors have investigated the scientific approaches to the interpretation of the concept of «external state financial control», «internal financial control», «public audit» in order to eliminate terminological confusion. It were found the differences between the external and internal financial control on the basis of comparative characteristics of such features as the entity controlling entities, controlled objects, object methods, and direction control. The concept of internal and external controls are considered to expedient to communicate with the system in which this control is identified. «Internal» in this case is identical intra-control, that is located within the executive branch, while an external control is not included in it and is external to the executive bodies of the controlled institution, and is not related to them and, as a consequence, independent. The authors suggest to form a unified system of state financial control, a clear distinction between internal and external powers of species. The authors consider that appropriate in this context will be the adoption of a single legislative act «About State Financial Control», the proposed structure is introduced in the article. Implementation of this law will contribute to the clear division of functional areas of the state control (internal and external, the elimination of departmental conflicts, and promote the formation of a single integrated control system in Ukraine, able to counteract abuses and prevent the possible loss of budgetary funds.

  18. Manager, Financial Systems | IDRC - International Development ...

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

    ... application of internal controls within the Centre's corporate financial systems. ... It is a key resource for managing IDRC's financial information systems both for the ... Assess the vendor development strategies and determine the impacts on the long .... applications to provide complete and relevant accounting information.

  19. Financial system development in transition economies

    NARCIS (Netherlands)

    Hermes, C.L.M.; Lensink, B.W.

    This paper provides an overview of the major issues with respect to financial system development in transition economies, which were discussed at a conference in Groningen, the Netherlands, December 1997. After a brief remark on the role of financial system design during economic transition, the

  20. Financial Effect of a Drug Distribution Model Change on a Health System.

    Science.gov (United States)

    Turingan, Erin M; Mekoba, Bijan C; Eberwein, Samuel M; Roberts, Patricia A; Pappas, Ashley L; Cruz, Jennifer L; Amerine, Lindsey B

    2017-06-01

    Background: Drug manufacturers change distribution models based on patient safety and product integrity needs. These model changes can limit health-system access to medications, and the financial impact on health systems can be significant. Objective: The primary aim of this study was to determine the health-system financial impact of a manufacturer's change from open to limited distribution for bevacizumab (Avastin), rituximab (Rituxan), and trastuzumab (Herceptin). The secondary aim was to identify opportunities to shift administration to outpatient settings to support formulary change. Methods: To assess the financial impact on the health system, the cost minus discount was applied to total drug expenditure during a 1-year period after the distribution model change. The opportunity analysis was conducted for three institutions within the health system through chart review of each inpatient administration. Opportunity cost was the sum of the inpatient administration cost and outpatient administration margin. Results: The total drug expenditure for the study period was $26 427 263. By applying the cost minus discount, the financial effect of the distribution model change was $1 393 606. A total of 387 administrations were determined to be opportunities to be shifted to the outpatient setting. During the study period, the total opportunity cost was $1 766 049. Conclusion: Drug expenditure increased for the health system due to the drug distribution model change and loss of cost minus discount. The opportunity cost of shifting inpatient administrations could offset the increase in expenditure. It is recommended to restrict bevacizumab, rituximab, and trastuzumab through Pharmacy & Therapeutics Committees to outpatient use where clinically appropriate.

  1. Financial Management: U.S. Army Corps of Engineers Financial Information Imported Into the Defense Departmental Reporting System - Audited Financial Statements

    National Research Council Canada - National Science Library

    Granetto, Paul J; Peek, Marvin L; Armstrong, Jack L; Wenzel, Paul C; Furey, Kathleen A; Zimmerman, Craig W

    2004-01-01

    ... are: the Corps of Engineers Financial Management System, the Corps of Engineers Enterprise Management Information System, and the Defense Departmental Reporting System - Audited Financial Statements...

  2. ESSENCE, STRUCTURE AND FUNCTIONS OF THE REGIONAL FINANCIAL SYSTEM

    Directory of Open Access Journals (Sweden)

    A. V. Milenkov

    2015-01-01

    Full Text Available The scientific themes of the article is relevant, as in the domestic and foreign economic literature, the term "financial system" does not comply with the fundamental theory of systems in which the system views revealed as a set of interrelated and interacting elements in accordance with the set to achieve the goal. Each of the elements of multi-level financial system has its own organizational structure, consisting of institutions and organizations within the jurisdiction of the entity government. In the article the author's interpretation of the concepts of "institutional framework," "organizational structure" of the regional financial system, defined the task of the financial system was to create rules and regulations of its operation, set out the basic functions of the institutions and organizations of the regional financial system, analyzes the external communication of the financial system, the implementation of which is one of the basic conditions for the effective functioning of the financial system in the region due to its inclusion in the federal and international financial sector. The contribution of the author in the development of the theme of the article is to specify and clarify the concepts of "the financial system", "institutional and organizational structure of the regional financial system," the development of methodological approaches to the formulation and use of methods of solving the institutional and organizational problems of the financial system in the region, the rationalization of the rules and regulations it current operation and future development, the definition of the composition of the basic functions that are adequate specialization and features of the institutes and organizations of the regional financial system.

  3. Universal behaviour of interoccurrence times between losses in financial markets: An analytical description

    Science.gov (United States)

    Ludescher, J.; Tsallis, C.; Bunde, A.

    2011-09-01

    We consider 16 representative financial records (stocks, indices, commodities, and exchange rates) and study the distribution PQ(r) of the interoccurrence times r between daily losses below negative thresholds -Q, for fixed mean interoccurrence time RQ. We find that in all cases, PQ(r) follows the form PQ(r)~1/[(1+(q- 1)βr]1/(q-1), where β and q are universal constants that depend only on RQ, but not on a specific asset. While β depends only slightly on RQ, the q-value increases logarithmically with RQ, q=1+q0 ln(RQ/2), such that for RQ→2, PQ(r) approaches a simple exponential, PQ(r)cong2-r. The fact that PQ does not scale with RQ is due to the multifractality of the financial markets. The analytic form of PQ allows also to estimate both the risk function and the Value-at-Risk, and thus to improve the estimation of the financial risk.

  4. A dynamic approach merging network theory and credit risk techniques to assess systemic risk in financial networks.

    Science.gov (United States)

    Petrone, Daniele; Latora, Vito

    2018-04-03

    The interconnectedness of financial institutions affects instability and credit crises. To quantify systemic risk we introduce here the PD model, a dynamic model that combines credit risk techniques with a contagion mechanism on the network of exposures among banks. A potential loss distribution is obtained through a multi-period Monte Carlo simulation that considers the probability of default (PD) of the banks and their tendency of defaulting in the same time interval. A contagion process increases the PD of banks exposed toward distressed counterparties. The systemic risk is measured by statistics of the loss distribution, while the contribution of each node is quantified by the new measures PDRank and PDImpact. We illustrate how the model works on the network of the European Global Systemically Important Banks. For a certain range of the banks' capital and of their assets volatility, our results reveal the emergence of a strong contagion regime where lower default correlation between banks corresponds to higher losses. This is the opposite of the diversification benefits postulated by standard credit risk models used by banks and regulators who could therefore underestimate the capital needed to overcome a period of crisis, thereby contributing to the financial system instability.

  5. 48 CFR 970.5232-7 - Financial management system.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Financial management... for Management and Operating Contracts 970.5232-7 Financial management system. As prescribed in 970.3270(b)(1), insert the following clause: Financial Management System (DEC 2000) The Contractor shall...

  6. Uruguay; Financial System Stability Assessment

    OpenAIRE

    International Monetary Fund

    2013-01-01

    The buffers built in the aftermath of Uruguay’s 2002 banking crisis have shielded the financial sector from the effects of the global financial turmoil. Growth has been robust and the outlook continues to be favorable. However, inflation persists but capital inflows have improved, and policy measures have been taken in response. Uruguay exhibits no obvious signs of near-term domestic macrofinancial vulnerability. The external risks to the economy and the financial system come from a fragile g...

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

    OpenAIRE

    Mora, Patricia Palhau; Januska, Michael

    2016-01-01

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

  8. 34 CFR 74.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... 34 Education 1 2010-07-01 2010-07-01 false Standards for financial management systems. 74.21... Requirements Financial and Program Management § 74.21 Standards for financial management systems. (a... practical. (b) Recipients' financial management systems shall provide for the following: (1) Accurate...

  9. 22 CFR 145.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-04-01

    ... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Standards for financial management systems. 145... Financial and Program Management § 145.21 Standards for financial management systems. (a) The Department... whenever practical. (b) Recipients' financial management systems shall provide for the following. (1...

  10. 29 CFR 1470.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 4 2010-07-01 2010-07-01 false Standards for financial management systems. 1470.20 Section... Post-Award Requirements Financial Administration § 1470.20 Standards for financial management systems... the restrictions and prohibitions of applicable statutes. (b) The financial management systems of...

  11. 7 CFR 3019.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Standards for financial management systems. 3019.21... Requirements Financial and Program Management § 3019.21 Standards for financial management systems. (a) Federal... cost information whenever practical. (b) Recipients' financial management systems shall provide for the...

  12. 2 CFR 215.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

    ... 2 Grants and Agreements 1 2010-01-01 2010-01-01 false Standards for financial management systems... Financial and Program Management § 215.21 Standards for financial management systems. (a) Federal awarding... information whenever practical. (b) Recipients' financial management systems shall provide for the following...

  13. 34 CFR 80.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... 34 Education 1 2010-07-01 2010-07-01 false Standards for financial management systems. 80.20... Financial Administration § 80.20 Standards for financial management systems. (a) A State must expand and... of applicable statutes. (b) The financial management systems of other grantees and subgrantees must...

  14. 20 CFR 437.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Standards for financial management systems... Financial Administration § 437.20 Standards for financial management systems. (a) A State must expend and... of applicable statutes. (b) The financial management systems of other grantees and subgrantees must...

  15. 10 CFR 600.121 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

    ... 10 Energy 4 2010-01-01 2010-01-01 false Standards for financial management systems. 600.121... financial management systems. (a) Recipients shall relate financial data to performance data and develop....121(f) and 600.181, recipients' financial management systems shall provide for the following: (1...

  16. 45 CFR 1183.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 3 2010-10-01 2010-10-01 false Standards for financial management systems. 1183... Financial Administration § 1183.20 Standards for financial management systems. (a) A State must expand and... of applicable statutes. (b) The financial management systems of other grantees and subgrantees must...

  17. 14 CFR 1260.121 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

    ... 14 Aeronautics and Space 5 2010-01-01 2010-01-01 false Standards for financial management systems... Requirements § 1260.121 Standards for financial management systems. (a) Recipients shall relate financial data...) Recipients' financial management systems shall provide for the following. (1) Accurate, current and complete...

  18. 36 CFR 1207.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... financial management systems. (a) A State must expand and account for grant funds in accordance with State... management systems of other grantees and subgrantees must meet the following standards: (1) Financial... the financial management system of any applicant for financial assistance as part of a preaward review...

  19. 22 CFR 135.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-04-01

    ... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Standards for financial management systems. 135... Financial Administration § 135.20 Standards for financial management systems. (a) A State must expand and... of applicable statutes. (b) The financial management systems of other grantees and subgrantees must...

  20. 29 CFR 95.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 1 2010-07-01 2010-07-01 true Standards for financial management systems. 95.21 Section 95... Requirements Financial and Program Management § 95.21 Standards for financial management systems. (a... practical. (b) Recipients' financial management systems shall provide for the following: (1) Accurate...

  1. 45 CFR 74.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 1 2010-10-01 2010-10-01 false Standards for financial management systems. 74.21... Management § 74.21 Standards for financial management systems. (a) Recipients shall relate financial data to... cost information is usually not appropriate. (b) Recipients' financial management systems shall provide...

  2. 45 CFR 1174.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 3 2010-10-01 2010-10-01 false Standards for financial management systems. 1174... Financial Administration § 1174.20 Standards for financial management systems. (a) A State must expand and... of applicable statutes. (b) The financial management systems of other grantees and subgrantees must...

  3. 21 CFR 1403.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-04-01

    ... 21 Food and Drugs 9 2010-04-01 2010-04-01 false Standards for financial management systems. 1403... Financial Administration § 1403.20 Standards for financial management systems. (a) A State must expend and... of applicable statutes. (b) The financial management systems of other grantees and subgrantees must...

  4. The Features of the Architectonic of Financial System

    Directory of Open Access Journals (Sweden)

    Bondarenko Olena S.

    2017-10-01

    Full Text Available The article is aimed at substantiating the features of function of a contemporary financial system of the State together with the need to develop its architectonic, taking into consideration the functions and objectives of socio-economic development. The features of function of the current financial system of Ukraine have been disclosed. The main factors of influence have been defined and the need to develop new approaches to the management of the components of financial system has been proven. The essence and feasibility of building the architectonic of financial system have been substantiated, the main directions of practical implementation have been characterized. Prospects for further research are developing a mechanism for building the architectonic of financial system and creating an efficient management instrumentarium for managing its components.

  5. On financial losses, prospectuses, liability, jurisdiction (clauses) and applicable law : European Court of Justice 28 January 2015, Case C-375/13 (Kolassa/Barclays Bank)

    NARCIS (Netherlands)

    Arons, T.M.C.

    The difficult question of where financial losses are directly sustained has been (partly) solved by the European Court of Justice on 28 January 2015. In Kolassa the ECJ ruled that an investor suffers direct financial losses as a result of corporate misinformation (i.e. misleading information

  6. Financial Crisis from the Trust and Loss Aversion Perspective in Emerging Romanian Capital Market

    Directory of Open Access Journals (Sweden)

    Antoniade-Ciprian ALEXANDRU

    2011-07-01

    Full Text Available In this paper we synthesized a study of financial crisis from the trust and loss aversion perspective on a particular case, Romanian emerging capital market. In a relative recent study we stopped with our data series at the level of 2008, November, but in this paper we continue our research until 2009, December. In a world-wide financial crisis and a global financial depreciation of stocks the emergent markets are much more affected that the lack of money and investors aversion. We study, based on efficient market theory, the evolution of portfolio structure in balanced funds. We are interesting to make an evaluation of present sentiment of investing money in capital markets and especially in stocks. Also, is necessary to determine which are the most important problems in this situation and seek an adequate stimulus for future development of direct investment.

  7. Epidemiological features and financial loss due to clinically diagnosed Haemorrhagic Septicemia in bovines in Karnataka, India.

    Science.gov (United States)

    Govindaraj, G; Krishnamoorthy, P; Nethrayini, K R; Shalini, R; Rahman, H

    2017-09-01

    The epidemiological features and financial losses due to Haemorrhagic Septicemia (HS) in bovines were studied in Karnataka state using the primary data collected from 133 clinically diagnosed HS affected farms. The various losses due to HS and the Benefit- Cost of the vaccination programme in cattle and water buffaloes were studied using mathematical models. The number of HS outbreaks were higher during the year 2002 and peaked during 2005 and thereafter declined due to targeted vaccination against HS. The morbidity and mortality risks were lower in large farms than medium and small farms, and lower in indigenous cattle compared to high yielding crossbred cattle and water buffaloes. The disease occurrence was more in in-milk animals causing serious economic loss to the farmers. Most outbreaks were observed during monsoon season, though the disease was prevalent throughout the year. The mean milk loss per animal was $2, $11 and $50 in indigenous cattle, water buffaloes and crossbred cattle, respectively. In the case of draught animals, the average effective draught power was unavailable for 1.2days/outbreak resulting in a loss of $5 per affected oxen. The treatment and extra labor expenses incurred per animal were $24 and $7, respectively. The average loss per animal due to mortality loss was $275, $284 and $415 in case of indigenous cattle, water buffaloes and crossbred cattle, respectively. The projected loss for the state of Karnataka were $23.89, $17.92 and $11.95 million under high, medium and low HS incidence scenarios, respectively. The Benefit Cost Analysis (BCA) of the vaccination against HS has been estimated at 5.97:1, 4.48:1 and 2.98:1 under high, medium and low incidence scenarios, respectively. The results highlight the important epidemiological features and financial losses to the affected households and the state of Karnataka. Copyright © 2017 Elsevier B.V. All rights reserved.

  8. 20 CFR 435.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Standards for financial management systems... ORGANIZATIONS, AND COMMERCIAL ORGANIZATIONS Post-Award Requirements Financial and Program Management § 435.21 Standards for financial management systems. (a) Introduction. SSA requires recipients to relate financial...

  9. Assessing Financial System Vulnerabilities: An Early Warning Approach

    OpenAIRE

    Gurnain Pasricha; Tom Roberts; Ian Christensen; Brad Howell

    2013-01-01

    This article focuses on a quantitative method to identify financial system vulnerabilities, specifically, an imbalance indicator model (IIM) and its application to Canada. An IIM identifies potential vulnerabilities in a financial system by comparing current economic and financial data with data from periods leading up to past episodes of financial stress. It complements other sources of information - including market intelligence and regular monitoring of the economy - that policy-makers use...

  10. 10 CFR 600.311 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

    ... 10 Energy 4 2010-01-01 2010-01-01 false Standards for financial management systems. 600.311... Requirements § 600.311 Standards for financial management systems. (a) Recipients are encouraged to use existing financial management systems to the extent that the systems comply with Generally Accepted...

  11. 32 CFR 34.11 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 1 2010-07-01 2010-07-01 false Standards for financial management systems. 34... ORGANIZATIONS Post-award Requirements Financial and Program Management § 34.11 Standards for financial management systems. (a) Recipients shall be allowed and encouraged to use existing financial management...

  12. 22 CFR 518.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-04-01

    ... 22 Foreign Relations 2 2010-04-01 2010-04-01 true Standards for financial management systems. 518... ORGANIZATIONS Post-Award Requirements Financial and Program Management § 518.21 Standards for financial management systems. (a) Federal awarding agencies shall require recipients to relate financial data to...

  13. 25 CFR 276.7 - Standards for grantee financial management systems.

    Science.gov (United States)

    2010-04-01

    ... 25 Indians 1 2010-04-01 2010-04-01 false Standards for grantee financial management systems. 276.7... grantee financial management systems. (a) Grantee financial management systems for grants and subgrantee financial management systems for subgrants shall provide for: (1) Accurate, current, and complete disclosure...

  14. 40 CFR 31.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... 40 Protection of Environment 1 2010-07-01 2010-07-01 false Standards for financial management... violation of the restrictions and prohibitions of applicable statutes. (b) The financial management systems... the financial management system of any applicant for financial assistance as part of a preaward review...

  15. 38 CFR 43.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... violation of the restrictions and prohibitions of applicable statutes. (b) The financial management systems... the financial management system of any applicant for financial assistance as part of a preaward review... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Standards for financial...

  16. 22 CFR 226.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-04-01

    ... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Standards for financial management systems. 226... AWARDS TO U.S. NON-GOVERNMENTAL ORGANIZATIONS Post-award Requirements Financial and Program Management § 226.21 Standards for financial management systems. (a) Recipients shall relate financial data to...

  17. Financial Innovations and Their Role in the Modern Financial System – Identification and Systematization of the Problem

    Directory of Open Access Journals (Sweden)

    Joanna Błach

    2011-11-01

    Full Text Available This paper discusses the role that financial innovations play in the modern financial system, aiming at identifying and systematizing the core problems and definitions related to this issue. The paper first describes the importance of the financial system and financial markets in the economy, explaining their functions and presenting their particular characteristics, focusing on their innovativeness. Then, based on the theoretical studies, the broad definition of the financial innovations is developed, stating that any new developments in any elements of the financial system, including: markets, institutions, instruments and regulations, can be regarded as financial innovations if they are perceived as new by the end-user of innovation. Next, the systematization of the most important types of financial innovations is presented regarding different classification criteria, such as: sources of innovations, motives for innovations, their effects or functions. As financial innovations are not a homogenous group of financial developments, their implications for the financial system can be ambiguous, thus the final assessment of their role can not be generalized and should be made on a case-by-case basis. The information presented in this paper can be regarded as an introduction, encouraging to do further research, as the complexity of the financial innovations makes them an interesting and important subject for this.

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

    NARCIS (Netherlands)

    Wagner, W.B.

    2006-01-01

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

  19. Nonlinear dynamics and chaos in a fractional-order financial system

    International Nuclear Information System (INIS)

    Chen Weiching

    2008-01-01

    This study examines the two most attractive characteristics, memory and chaos, in simulations of financial systems. A fractional-order financial system is proposed in this study. It is a generalization of a dynamic financial model recently reported in the literature. The fractional-order financial system displays many interesting dynamic behaviors, such as fixed points, periodic motions, and chaotic motions. It has been found that chaos exists in fractional-order financial systems with orders less than 3. In this study, the lowest order at which this system yielded chaos was 2.35. Period doubling and intermittency routes to chaos in the fractional-order financial system were found

  20. Aspects of the European system of financial supervision

    Directory of Open Access Journals (Sweden)

    Nagy Zoltán B.

    2016-01-01

    Full Text Available The study presents the main stages of the development of the European financial supervisory regulation and the current European System of Financial Supervision. The financial economic crisis highlighted the weaknesses in the supervisory system and the fact that the supervisor has an important role in consumer protection and in the mitigation of risk-taking by financial institutions. The European Union has developed a new financial strategy known as Banking Union, which has a three-pillar framework. These three pillars are the Single Supervisory Mechanism, the Single Resolution Mechanism and the Common Deposit Guarantee Scheme. This system is intended to achieve a single economic and monetary union at supranational level and to avoid the emergence of a new crisis as far as possible.

  1. 49 CFR 19.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 1 2010-10-01 2010-10-01 false Standards for financial management systems. 19.21... ORGANIZATIONS Post-Award Requirements § 19.21 Standards for financial management systems. (a) Federal awarding... information whenever practical. (b) Recipients' financial management systems shall provide for the following...

  2. 43 CFR 12.921 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

    ... 43 Public Lands: Interior 1 2010-10-01 2010-10-01 false Standards for financial management systems... Organizations Post-Award Requirements § 12.921 Standards for financial management systems. (a) Federal awarding... information whenever practical. (b) Recipients' financial management systems shall provide for the following...

  3. 7 CFR 3016.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Standards for financial management systems. 3016.20... Standards for financial management systems. (a) A State must expand and account for grant funds in... financial management systems of other grantees and subgrantees must meet the following standards: (1...

  4. 32 CFR 32.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 1 2010-07-01 2010-07-01 false Standards for financial management systems. 32... Program Management § 32.21 Standards for financial management systems. (a) DoD Components shall require... unit cost information. (b) Recipients' financial management systems shall provide for the following. (1...

  5. 7 CFR 277.6 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 4 2010-01-01 2010-01-01 false Standards for financial management systems. 277.6... ADMINISTRATIVE COSTS OF STATE AGENCIES § 277.6 Standards for financial management systems. (a) General. This section prescribes standards for financial management systems in administering program funds by the State...

  6. 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...

  7. 40 CFR 35.6270 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... 40 Protection of Environment 1 2010-07-01 2010-07-01 false Standards for financial management... § 35.6270 Standards for financial management systems. (a) Accounting system standards—(1) General. The... of the adequacy of the financial management system as described in 40 CFR 31.20(c). (2) Allowable...

  8. 29 CFR 97.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 1 2010-07-01 2010-07-01 true Standards for financial management systems. 97.20 Section 97... Standards for financial management systems. (a) A State must expand and account for grant funds in... financial management systems of other grantees and subgrantees must meet the following standards: (1...

  9. 45 CFR 1157.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 3 2010-10-01 2010-10-01 false Standards for financial management systems. 1157... Administration § 1157.20 Standards for financial management systems. (a) A State must expand and account for... statutes. (b) The financial management systems of other grantees and subgrantees must meet the following...

  10. 32 CFR 33.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 1 2010-07-01 2010-07-01 false Standards for financial management systems. 33... financial management systems. (a) A State must expand and account for grant funds in accordance with State... management systems of other grantees and subgrantees must meet the following standards: (1) Financial...

  11. Household Financial Contribution to the Health System in Shiraz, Iran in 2012

    Directory of Open Access Journals (Sweden)

    Zahra Kavosi

    2014-10-01

    Full Text Available Background One common challenge to social systems is achieving equity in financial contributions and preventing financial loss. Because of the large and unpredictable nature of some costs, achieving this goal in the health system presents important and unique problems. The present study investigated the Household Financial Contributions (HFCs to the health system. Methods The study investigated 800 households in Shiraz. The study sample size was selected using stratified sampling and cluster sampling in the urban and rural regions, respectively. The data was collected using the household section of the World Health Survey (WHS questionnaire. Catastrophic health expenditures were calculated based on the ability of the household to pay and the reasons for the catastrophic health expenditures by a household were specified using logistic regression. Results The results showed that the fairness financial contribution index was 0.6 and that 14.2% of households were faced with catastrophic health expenditures. Logistic regression analysis revealed that household economic status, the basic and supplementary insurance status of the head of the household, existence of individuals in the household who require chronic medical care, use of dental and hospital care, rural location of residences, frequency of use of outpatient services, and Out-of-Pocket (OOP payment for physician visits were effective factors for determining the likelihood of experiencing catastrophic health expenditure. Conclusion It appears that the current method of health financing in Iran does not adequately protect households against catastrophic health expenditure. Consequently, it is essential to reform healthcare financing.

  12. 49 CFR 18.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 1 2010-10-01 2010-10-01 false Standards for financial management systems. 18.20... Administration § 18.20 Standards for financial management systems. (a) A State must expand and account for grant... statutes. (b) The financial management systems of other grantees and subgrantees must meet the following...

  13. Associations between economic loss, financial strain and the psychological status of Wenchuan earthquake survivors.

    Science.gov (United States)

    Huang, Yunong; Wong, Hung; Tan, Ngoh Tiong

    2015-10-01

    This study examines the effects of economic loss on the life satisfaction and mental health of Wenchuan earthquake survivors. Economic loss is measured by earthquake impacts on the income and houses of the survivors. The correlation analysis shows that earthquake impact on income is significantly correlated with life satisfaction and depression. The regression analyses indicate that earthquake impact on income is indirectly associated with life satisfaction and depression through its effect on financial strain. The research highlights the importance of coping strategies in maintaining a balance between economic status and living demands for disaster survivors. © 2015 The Author(s). Disasters © Overseas Development Institute, 2015.

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

    OpenAIRE

    Gravelle, Toni; Li, Fuchun

    2011-01-01

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

  15. Methodological eclecticism in the interpretation of the essence of financial system

    Directory of Open Access Journals (Sweden)

    Oksana Snizhko

    2014-08-01

    Full Text Available The article is dedicated to critical analysis of competitive conceptual approaches to determining the essence of financial system. The system establishing element of the financial system resource concept is understanding finance as economic relations of formation, allocation and use of financial resource funds with the purpose of performing functions and tasks of the state/company and provision of conditions for expanded reproduction. According to this approach, the notion «financial system» is further determination of finance and shall be interpreted as the totality of relatively separated but mutually related spheres and links of relations, in the process of which centralized and decentralized financial resource funds are created and used. The institutional concept of the financial system considers finance as a social institution that organizes determined ways of interactions between individuals or their separate groups in the society. Its target purpose is to minimize transaction expenses arising at exchange of binding requirements for real resources in the economy. Under this approach, the financial system is understood as an aggregate of means — financial institutions and markets — which result from the evolution of social contracts and with the help of which intertime decisions and interactions are fulfilled and coordination of savings and investments in the economy is performed. The article shows that the alternative theoretical models of financial system contain structural elements heterogeneous by content and nature of interrelations, with various properties. The differences between them concern methodological approach to distinguishing qualitative signs which determine the essential nature and structure of the financial system; mechanism of formation and functioning of financial relations; nature of distribution and scheme of financial resources flow; the nature of functions of the financial system in the economic environment

  16. Managing the Financial Risks of Water Scarcity

    Science.gov (United States)

    Characklis, Greg; Foster, Ben; Kern, Jordan; Meyer, Eliot; Zeff, Harrison

    2015-04-01

    Environmental uncertainty poses a growing number of financial risks to society, with droughts, floods, extreme temperatures and violent storms imposing costs that approach 500 billion per year. While structural forms of mitigation (i.e. levees, dams) will certainly play a role in limiting financial impacts, these are large investments whose full value is only rarely realized. Furthermore, the value of such long-lived measures becomes increasingly uncertain in a changing climate, raising the issue of whether they will be effective 20-30 years hence. Financial instruments, such as index insurance, can provide increased flexibility by providing compensation for losses only when they occur, and limited contract periods allow terms to be periodically rewritten in response to changing conditions. Financial instruments can also be effectively combined with other economic tools and infrastructure to create integrated solutions in which infrastructure mitigates losses from moderate events, while financial products compensate for more rare, but extreme, events. There is a long history of environmentally-related insurance and hedging instruments, but to date the actuarial analyses that underlie contract structure and pricing have been based on straightforward observations, such as cumulative rainfall. More recently, simple correlations between two time series have been used to develop index-based contracts. Links between temperature and electricity demand, for example, provide a basis for contracts that are used to limit the financial exposure of power generators to low revenues during unseasonably warm winters or cool summers. Unfortunately, few environmental risks can be so quickly and easily linked to a financial impact. However, with a more advanced understanding of the environmental systems that give rise to financial losses, opportunities exist to develop innovative contracts for a range of new applications. Recent research describes the characterization and mitigation

  17. 24 CFR 84.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 1 2010-04-01 2010-04-01 false Standards for financial management... and Program Management § 84.21 Standards for financial management systems. (a) HUD shall require.... (b) Recipients' financial management systems shall provide for the following: (1) Accurate, current...

  18. 45 CFR 2543.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 4 2010-10-01 2010-10-01 false Standards for financial management systems. 2543... OTHER NON-PROFIT ORGANIZATIONS Post-Award Requirements Financial and Program Management § 2543.21 Standards for financial management systems. (a) Federal awarding agencies shall require recipients to relate...

  19. 38 CFR 49.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... Program Management § 49.21 Standards for financial management systems. (a) Federal awarding agencies shall... practical. (b) Recipients' financial management systems shall provide for the following. (1) Accurate... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Standards for financial...

  20. 36 CFR 1210.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... Program Management § 1210.21 Standards for financial management systems. (a) The NHPRC shall require.... (b) Recipients' financial management systems shall provide for the following. (1) Accurate, current... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false Standards for financial...

  1. 45 CFR 2541.200 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 4 2010-10-01 2010-10-01 false Standards for financial management systems. 2541... STATE AND LOCAL GOVERNMENTS Post-Award Requirements § 2541.200 Standards for financial management... violation of the restrictions and prohibitions of applicable statutes. (b) The financial management systems...

  2. THE ROLE OF THE FINANCIAL SYSTEM IN MARKET ECONOMY

    Directory of Open Access Journals (Sweden)

    CĂRUNTU GENU ALEXANDRU

    2015-12-01

    Full Text Available Financial system can be approached from the perspective of sales in socio-economic system, namely a global financing mechanism, taking version account specific components, such as: normative base regulatory a financialmonetary methods, forms and techniques version running streams Monetary Financial methods, techniques usable forms and version carrying cash flows, financial levers. Integration contexts, the financial system becomes part of gear intended to ensure implementation and regulation of money flows version compared with the normal performance requirements of real processes in the economy.

  3. Financial Crisis and the Central Bank System

    Directory of Open Access Journals (Sweden)

    RICHARD POSPISIL

    2015-05-01

    Full Text Available The financial crisis that began in 2008 gradually developed into a global economic crisis and continues to this day. There is a lot of causes standing behind the creation, depth and process of the crisis, which is the deepest since the thirties of last centrury. One of the reasons can be found in the risky behavior of commercial banks, especially in the excessive lending of credits and mortgages. Its share on the financial crisis have central banks and their failure as the financial supervisory authority. But there is a lot of another causes of failures in the commercial banking system. And some of the causes lies outside the banking system and monetary policy. Its share of the blame has also become from state and its expenditure on the social policy.This article analyzes the role of the commercial banking system and the central banks on the financial crisis including prevention options and measures.

  4. FINANCIAL CRISIS AND THE CENTRAL BANK SYSTEM

    Directory of Open Access Journals (Sweden)

    Richard POSPISIL

    2015-07-01

    Full Text Available The financial crisis that began in 2008 gradually developed into a global economic crisis and continues to this day. There is a lot of causes standing behind the creation, depth and process of the crisis, which is the deepest since the thirties of last centrury. One of the reasons can be found in the risky behavior of commercial banks, especially in the excessive lending of credits and mortgages. Its share on the financial crisis have central banks and their failure as the financial supervisory authority. But there is a lot of another causes of failures in the commercial banking system. And some of the causes lies outside the banking system and monetary policy. Its share of the blame has also become from state and its expenditure on the social policy.This article analyzes the role of the commercial banking system and the central banks on the financial crisis including prevention options and measures.

  5. 40 CFR 30.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... 40 Protection of Environment 1 2010-07-01 2010-07-01 false Standards for financial management... Program Management § 30.21 Standards for financial management systems. (a) EPA shall require recipients to...) Recipients' financial management systems shall provide for the following. (1) Accurate, current and complete...

  6. 44 CFR 13.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

    ... 44 Emergency Management and Assistance 1 2010-10-01 2010-10-01 false Standards for financial... Standards for financial management systems. (a) A State must expand and account for grant funds in... financial management systems of other grantees and subgrantees must meet the following standards: (1...

  7. Assessing the financial impacts of distributed energy on load serving entities

    International Nuclear Information System (INIS)

    Wang, Zeyu; Negash, Ahlmahz; Kirschen, Daniel

    2015-01-01

    This article analyzes the financial impact of distributed energy resources (DERs) owned and operated by commercial customers on the load serving entities (LSEs). DERs reduce the customers' electricity bills and hence the revenues collected by their LSE. However, changes in customer demand profiles can potentially reduce the aggregated system demand profile, and therefore, reduce the LSE's costs in wholesale markets. Analysis of these financial impacts indicates that the LSE's lost revenue ultimately outweighs its reduced expenses. This is largely due to a significant reduction in revenue from demand charges. Dispatchable DERs, including energy storages and demand response, result in more financial losses for LSEs than photovoltaics. The financial losses LSEs face indicate that redesigning commercial customer tariffs is necessary in order for LSEs to accommodate customer owned DERs properly. Several suggestions on modifying commercial tariffs are presented. - Highlights: • We analyze the financial impacts on load serving entities of DERs owned by commercial customers. • Under the selected commercial tariff, load serving entities suffer economic losses. • Energy storages and demand response results in more financial losses for LSE than photovoltaics. • We provide some suggestions for tariff modifications.

  8. Financial Flexibility as a Phenomenon of Manifestation of Flexibility of the Financial System at the Micro-level

    Directory of Open Access Journals (Sweden)

    Laktionova Oleksandra A.

    2014-03-01

    Full Text Available The article considers financial flexibility of economic subjects in the context of specific features of manifestation of this property at the micro-level of the financial system. It generalises various theoretical approaches to understanding the essence of the financial flexibility in the context of motives of its formation, sources and instruments of realisation. It specifies criteria of financial flexibility: manoeuvrability, efficiency and economy. It studies interrelation between the financial flexibility and financial restrictions at the micro-level and, consequently, factors that determine them: capital market imperfection, development level and structure of the financial system, cyclicity of economy, and company characteristics (including financial architecture. The article describes their distinguishing features. It states that apart from maintaining the financial flexibility during formation of money reserves and debt load resource the companies can be guided by other motives. It offers classification of types of financial flexibility based on the sources and goals of formation, influence upon the financial potential, stages of reproduction of financial resources, the instruments used, engaged elements of the financial mechanism, stages of the business cycle and types of the used financial resources.

  9. 41 CFR 105-71.120 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false Standards for financial... violation of the restrictions and prohibitions of applicable statutes. (b) The financial management systems... the financial management system of any applicant for financial assistance as part of a preaward review...

  10. 45 CFR 92.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

    ... with the financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 45 Public Welfare 1 2010-10-01 2010-10-01 false Standards for financial management systems. 92.20...

  11. 45 CFR 602.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

    ... financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees and subgrantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 45 Public Welfare 3 2010-10-01 2010-10-01 false Standards for financial management systems. 602.20...

  12. 14 CFR 1273.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

    ... financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees and subgrantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 14 Aeronautics and Space 5 2010-01-01 2010-01-01 false Standards for financial management systems...

  13. 10 CFR 600.220 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

    ... financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees and subgrantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 10 Energy 4 2010-01-01 2010-01-01 false Standards for financial management systems. 600.220...

  14. Financial Network Systemic Risk Contributions

    NARCIS (Netherlands)

    Hautsch, N.; Schaumburg, J.; Schienle, M.

    2015-01-01

    We propose the realized systemic risk beta as a measure of financial companies' contribution to systemic risk, given network interdependence between firms' tail risk exposures. Conditional on statistically pre-identified network spillover effects and market and balance sheet information, we define

  15. Financial Services Industry Study Paper Seminar 16

    National Research Council Canada - National Science Library

    Watson, Tom

    2002-01-01

    .... Other historical examples include Mexico, Russia, Argentina, and Japan; in all cases, weak financial systems have contributed significantly to economic problems and overall loss of influence on the world stage...

  16. 24 CFR 85.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 1 2010-04-01 2010-04-01 false Standards for financial management... Administration § 85.20 Standards for financial management systems. (a) A State must expand and account for grant... statutes. (b) The financial management systems of other grantees and subgrantees must meet the following...

  17. Effects of Geographic Diversification on Risk Pooling to Mitigate Drought-Related Financial Losses for Water Utilities

    Science.gov (United States)

    Baum, Rachel; Characklis, Gregory W.; Serre, Marc L.

    2018-04-01

    As the costs and regulatory barriers to new water supply development continue to rise, drought management strategies have begun to rely more heavily on temporary conservation measures. While these measures are effective, they often lead to intermittent and unpredictable reductions in revenues that are financially disruptive to water utilities, raising concerns over lower credit ratings and higher rates of borrowing for this capital intensive sector. Consequently, there is growing interest in financial risk management strategies that reduce utility vulnerabilities. This research explores the development of financial index insurance designed to compensate a utility for drought-related losses. The focus is on analyzing candidate hydrologic indices that have the potential to be used by utilities across the US, increasing the potential for risk pooling, which would offer the possibility of both lower risk management costs and more widespread implementation. This work first analyzes drought-related financial risks for 315 publicly operated water utilities across the country and examines the effectiveness of financial contracts based on several indices both in terms of their correlation with utility revenues and their spatial autocorrelation across locations. Hydrologic-based index insurance contracts are then developed and tested over a 120 year period. Results indicate that risk pooling, even under conditions in which droughts are subject to some level of spatial autocorrelation, has the potential to significantly reduce the cost of managing financial risk.

  18. The financial losses from the migration of nurses from Malawi

    Directory of Open Access Journals (Sweden)

    Muula Adamson S

    2006-11-01

    Full Text Available Abstract Background The migration of health professionals trained in Africa to developed nations has compromised health systems in the African region. The financial losses from the investment in training due to the migration from the developing nations are hardly known. Methods The cost of training a health professional was estimated by including fees for primary, secondary and tertiary education. Accepted derivation of formula as used in economic analysis was used to estimate the lost investment. Results The total cost of training an enrolled nurse-midwife from primary school through nurse-midwifery training in Malawi was estimated as US$ 9,329.53. For a degree nurse-midwife, the total cost was US$ 31,726.26. For each enrolled nurse-midwife that migrates out of Malawi, the country loses between US$ 71,081.76 and US$ 7.5 million at bank interest rates of 7% and 25% per annum for 30 years respectively. For a degree nurse-midwife, the lost investment ranges from US$ 241,508 to US$ 25.6 million at 7% and 25% interest rate per annum for 30 years respectively. Conclusion Developing countries are losing significant amounts of money through lost investment of health care professionals who emigrate. There is need to quantify the amount of remittances that developing nations get in return from those who migrate.

  19. 36 CFR 64.12 - Standards for grantee financial management systems.

    Science.gov (United States)

    2010-07-01

    ... financial management systems. 64.12 Section 64.12 Parks, Forests, and Public Property NATIONAL PARK SERVICE... RIGHTS-OF-WAY § 64.12 Standards for grantee financial management systems. The grantees' Financial Management Systems shall meet the minimum standards set forth in OMB Circular A-102, Attachment G. ...

  20. 28 CFR 70.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Standards for financial management..., HOSPITALS AND OTHER NON-PROFIT ORGANIZATIONS Post-Award Requirements Financial and Program Management § 70.21 Standards for financial management systems. (a) Recipients must relate financial data to...

  1. Financial system and taxation: the role in the economy

    OpenAIRE

    Taha, Roshaiza

    2017-01-01

    The relationship between the financial system (specifically stock market development) and economic growth has been an important issue of debate. A well-functioning financial system can affect economic growth through the improvement of capital productivity and the efficient allocation of resources. The role of taxation as a major determinant of an active financial system and strong economic growth also becomes of interest to the researcher. Taxation through policy and revenue collection seems ...

  2. Financial System of Malaysia: the Concept of Financial Dispute

    Directory of Open Access Journals (Sweden)

    Evgenia E. Frolova

    2017-01-01

    Full Text Available Purpose: the article examines the main problems associated the new regulatory acts of Malaysia – the Financial Services Act of 2013 and the Islamic Financial Services Act of 2013; The characteristics of the legal status of the "Ombudsman for financial services" are listed, types of financial disputes subject to settlement under the "financial ombudsman scheme" are listed, parties to the financial dispute are identified. To achieve this goal, the article must solve the following tasks: to determine whether there are institutions in Malaysia that provide services for resolving financial disputes; to investigate the main problems associated with the definition of the concept and types of financial dispute, the conditions for the transfer of a financial dispute to the competent authority. Methods: this article is based on an interdisciplinary concept of research, which allowed to distinguish the distinctive features of the legal regulation of the settlement of financial disputes in Malaysia. Results: according to the provisions of the new laws of Malaysia, namely the Financial Services Act of 2013 and the Islamic Financial Services Act of 2013, a financial dispute should be understood as a dispute, to which the parties are a financial consumer and a financial service provider provider. Financial disputes include disputes in the field of insurance and Islamic insurance, as well as disputes over bank cards, bank accounts, ATMs, Internet banking, mobile banking, and others. The main body for the settlement of financial disputes is the Financial Ombudsman. The competence of the financial ombudsman is limited by the amount of the claim of 250,000 ringgit (about 4.5 million rubles, under insurance claims – 10,000 ringgit, in the field of unauthorized transactions – 25,000 ringgit. The procedure for resolving a financial dispute, which in Malaysia is referred to as the "scheme of a financial ombudsman", is established by the Central Bank of Malaysia

  3. 7 CFR 3560.302 - Accounting, bookkeeping, budgeting, and financial management systems.

    Science.gov (United States)

    2010-01-01

    ... Financial Management § 3560.302 Accounting, bookkeeping, budgeting, and financial management systems. (a) General. Borrowers must establish the accounting, bookkeeping, budgeting and financial management... preparation, and financial management reporting systems through a revision of their management plan. (c...

  4. Dynamics of Financial System: A System Dynamics Approach

    OpenAIRE

    Girish K. Nair; Lewlyn Lester Raj Rodrigues

    2013-01-01

    There are several ratios which define the financial health of an organization but the importance of Net cash flow, Gross income, Net income, Pending bills, Receivable bills, Debt, and Book value can never be undermined as they give the exact picture of the financial condition. While there are several approaches to study the dynamics of these variables, system dynamics based modelling and simulation is one of the modern techniques. The paper explores this method to simulate the before mentione...

  5. ANALYSIS OF THE MAIN STRUCTURAL CHARACTERISTICS OF THE ROMANIAN FINANCIAL SYSTEM

    Directory of Open Access Journals (Sweden)

    Marius Constantin Apostoaie

    2011-12-01

    Full Text Available To know and to understand the factors within a financial system that significantly influences the institutions behaviour and the market responses to the central bank actions is of great importance for the monetary authorities and for the achievement of their monetary policy objectives. In Romania, the National Bank must pay special attention to financial institutions given their significant role in the process of financial intermediation (bank-based system. This study aims to conduct an investigation of the main coordinates of the Romanian financial system that are relevant for the study of the monetary policy transmission mechanism. The study focuses on the following features of the Romanian financial system: financial deepening, the existence of a bank-based system, the concentration degree of the Romanian banking sector, the balance sheet structure of monetary financial institutions and the soundness of the banking system. The study also considers the effects of the recent financial market turmoil on the financial system. The span of the empirical study covers the period after 2000 but brings to the forefront the period before and after October 2008. We believe that this research provides useful information for a future analysis of the Romanian monetary policy transmission mechanism.

  6. Evaluating the Financial Stability of Banking System, Considering the Emergence Property

    Directory of Open Access Journals (Sweden)

    Lesik Vitaliy O.

    2017-03-01

    Full Text Available The article is concerned with analyzing the existing approaches to evaluation of the financial stability of banking system, substantiating the expedience of accounting, and generalizing the characteristics of the emergence property to determine its level. The article considers the interrelation of concepts of «financial stability» and «financial sustainability», the necessity of their correlation, taking account of the time factor, has been substantiated. A critical analysis of the approaches to evaluating the financial stability of banking system has been carried out, their eligibility according to the criteria of accounting of the identification attributes of systemacity and the analytical data aggregation has been examined. To determine the status of banking system as a system phenomenon, the necessity of carrying out an evaluation of its financial stability on the basis of the emergence approach has been substantiated, including the following directions: intensity of credit and financial interaction in the interbank market; functional load of the banking system as to ensuring the macroeconomic development; structural changes and financial disparities in the banking system; scale effects that arise as a consequence of change in the main financial parameters of the system banks.

  7. Lithuanian financial system transformation in the context of globalization

    Directory of Open Access Journals (Sweden)

    Arturas Balkevicius

    2013-10-01

    Full Text Available Purpose: The purpose of the article is to discuss the transformation of the Lithuania finance system in the context of globalization. Exploring the interdependence between the financial system and the economy, in different periods. Analyze the country’s financial system transformation after the crisis period. Methods: Contribution use general scientific methods, especially analysis, synthesis, comparison, induction and deduction. Essential sources of information were professional publications , statistic data of state Statistics Department, Bank of Lithuania, Euro stat. Scientific aim: Main aim of this article is to analyze the transformation of the Lithuania financial system and fined out the country’s economic growth and the financial system correlation, the main factors having a both positive and negative impact on economic growth. Findings: Findings of this article are new information in this area, which can be useful for another research. The correlation between the banks ‚ loans and GDP. However, this does not apply at the time of the economy fall. Conclusions: Economic growth in the financial sector and economic development is best visible analyzing in the correlation between the banks ‚ loans and GDP. However, this does not apply at the time of the economy fall. Banks ‚ relative indicators better reflects the weight of the financial sector and the impact on the national economy. We can see that 2011 banks relative indicators dropped to 2006 level. This shows how much the financial sector’s contribution decreased to economic development. Banks’ loans demand fall down. Lithuania has taken strict fiscal discipline and austerity measures. This have produced results quite quickly, in 2010 GDP grew by 3.4 percent, and in 2011 even 11.5 percent. Lithuania’s economy is recovering, but the financial sector and in particular banks still not recovering. The economic crisis has intervened in the banking system and has been surviving

  8. 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.

  9. 41 CFR 105-72.301 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false Standards for financial... Management § 105-72.301 Standards for financial management systems. (a) Federal awarding agencies shall... practical. (b) Recipients' financial management systems shall provide for the following. (1) Accurate...

  10. 76 FR 44763 - Authority To Designate Financial Market Utilities as Systemically Important

    Science.gov (United States)

    2011-07-27

    ... institutions and markets and thereby threaten the stability of the U.S. financial system.\\4\\ \\3\\ See 12 U.S.C... markets, financial institutions, or the broader financial system; and E. Any other factors that the... Markets, Financial Institutions or the Broader Financial System Subcategory (D)(1): Role of an FMU in the...

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

    Directory of Open Access Journals (Sweden)

    Jan Kregel

    2010-01-01

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

  12. Loss Aversion, Adaptive Beliefs, and Asset Pricing Dynamics

    Directory of Open Access Journals (Sweden)

    Kamal Samy Selim

    2015-01-01

    Full Text Available We study asset pricing dynamics in artificial financial markets model. The financial market is populated with agents following two heterogeneous trading beliefs, the technical and the fundamental prediction rules. Agents switch between trading rules with respect to their past performance. The agents are loss averse over asset price fluctuations. Loss aversion behaviour depends on the past performance of the trading strategies in terms of an evolutionary fitness measure. We propose a novel application of the prospect theory to agent-based modelling, and by simulation, the effect of evolutionary fitness measure on adaptive belief system is investigated. For comparison, we study pricing dynamics of a financial market populated with chartists perceive losses and gains symmetrically. One of our contributions is validating the agent-based models using real financial data of the Egyptian Stock Exchange. We find that our framework can explain important stylized facts in financial time series, such as random walk price behaviour, bubbles and crashes, fat-tailed return distributions, power-law tails in the distribution of returns, excess volatility, volatility clustering, the absence of autocorrelation in raw returns, and the power-law autocorrelations in absolute returns. In addition to this, we find that loss aversion improves market quality and market stability.

  13. Financial impact of introducing the Swiss-DRG reimbursement system on potentially avoidable readmissions at a university hospital.

    Science.gov (United States)

    Wasserfallen, Jean-Blaise; Zufferey, Jade

    2015-01-01

    Thirty-day readmissions can be classified as potentially avoidable (PARs) or not avoidable (NARs) by following a specific algorithm (SQLape®). We wanted to assess the financial impact of the Swiss-DRG system, which regroups some readmissions occurring within 18 days after discharge within the initial hospital stay, on PARs at our hospital. First, PARs were identified from all hospitalisations recorded in 2011 at our university hospital. Second, 2012 Swiss-DRG readmission rules were applied, regrouped readmissions (RR) were identified, and their financial impact computed. Third, RRs were classified as potentially avoidable (PARRs), not avoidable (NARRs), and others causes (OCRRs). Characteristics of PARR patients and stays were retrieved, and the financial impact of PARRS was computed. A total of 36,777 hospitalisations were recorded in 2011, of which 3,140 were considered as readmissions (8.5%): 1,470 PARs (46.8%) and 1,733 NARs (53.2%). The 2012 Swiss-DRG rules would have resulted in 910 RRs (2.5% of hospitalisations, 29% of readmissions): 395 PARRs (43% of RR), 181 NARRs (20%), and 334 OCRRs (37%). Loss in reimbursement would have amounted to CHF 3.157 million (0.6% of total reimbursement). As many as 95% of the 395 PARR patients lived at home. In total, 28% of PARRs occurred within 3 days after discharge, and 58% lasted less than 5 days; 79% of the patients were discharged home again. Loss in reimbursement would amount to CHF 1.771 million. PARs represent a sizeable number of 30-day readmissions, as do PARRs of 18-day RRs in the 2012 Swiss DRG system. They should be the focus of attention, as the PARRs represent an avoidable loss in reimbursement.

  14. Application of the System Approach to Financial Services Market Research

    Directory of Open Access Journals (Sweden)

    Dubyna Maksym V

    2016-08-01

    Full Text Available The article analyzes the nature of the financial services market by using the system approach methodology. In particular, the attention is focused on the already existing conceptual approaches to defining the nature of this market, their basic aspects are analyzed. The use of the system approach allowed to identify the essence of the financial services market as a single, complex system, which is proposed to be considered as an aggregate number of consumers and providers of financial services operating within a single economic space, their relationships emerging to meet different in their nature demands for financial services, with their interrelation being associated with movement of financial resources within this space and partially accompanied by processes of transformation of temporary free funds of economic entities into credit and investment resources. In the article the system components and the relationships between them are determined, the elements of the environment are identified and their relationship with the market for financial services described.

  15. Monetary targeting and financial system characteristics : An empirical analysis

    NARCIS (Netherlands)

    Samarina, A..

    2012-01-01

    This paper investigates how reforms and characteristics of the financial system affect the likelihood of countries to abandon their strategy of monetary targeting. Apart from financial system characteristics, we include macroeconomic, fiscal, and institutional factors potentially associated with

  16. REXS : A financial risk diagnostic expert system

    Directory of Open Access Journals (Sweden)

    W. Richter

    2012-01-01

    Full Text Available

    ENGLISH ABSTRACT: Artificial intelligence techniques are rapidly emerging as important contributors to more effective management. One of the greatest growth areas probably lies in the use of Expert System methodology for supporting managerial decision processes.
    Existing Decision Support Systems often attempt to apply analytical techniques in combination with traditional data access and retrieval functions. One of the problems usually encountered while developing such decision support systems is the need to transform an unstructured problem environment into a structured analytical model. Using an expert system approach to strategic decision making in such unstructured problem environments may provide significant advantages.
    The financial Risk diagnostic EXpert System (REXS concentrates on Financial Risk Analysis. Based on a Forecasting Model the system will, with the support of several expert system knowledge bases, attempt to evaluate the financial risk of a business and provide guidelines for improvement.

    AFRIKAANSE OPSOMMING: Tegnieke gebaseer op Kunsmatige Intelligensie toon tans die belofte om belangrike bydraes te maak tot meerBestaande Besluitsteunstelsels poog dikwels om analitiese tegnieke en lradisionele datatoegang- en onttrekkingsfunksies te kombineer. Een van die probleme wat gewoonlik ondervind word gedurende die ontwikkeling van '0 besluitsteunstelsel bestaan uit die behoefte om 'n ongestruktueerde probleemomgewing te transformeer na 'n gestruktueerde analitiese model. 'n Ekspertstelselbenadering lot strategiese besluitneming in 'n ongeSlruktureerde probleemomgewing mag betekenisvolle voordele inhou.
    Die "financial Risk diagnostic EXpert System (REXS" konsentreer op fmansiele risiko-analise. Uitgaande vanaf 'n Vooruitskattingsmode~ en deur gebruik te maak van verskeie ekspertstelselkennisbasisse, poog die stelsel om die fmansiele risiko van 'n onderneming te evalueer en riglyne vir moontlike verbetering

  17. THE OPTIMIZATION OF THE ENTERPRISE FINANCIAL ANALYSIS TROUGH THE FINANCIAL SYSTEM OF CONTROL DU PONT

    Directory of Open Access Journals (Sweden)

    GÂDOIU MIHAELA

    2016-06-01

    Full Text Available The return on assets and the return on equity are essential indicators for the assessment of the company performance. They have a rich financial content, but there are many cases where the figure sometimes shows a “prettier” reality. In such cases it is necessary to treat and interpret financial rates with caution, taking into account, at the same time, other methods used in the financial analysis. The objective of this paper is to present a popular financial diagnosis optimization method - the Du Pont financial control system, that has an important role in the financial analysis of the company because it is related to the return on assets and the return on equity of the company as a result of the interaction of several factors synthesized through reports built based on information taken from the annual financial statements.

  18. 75 FR 79982 - Authority To Designate Financial Market Utilities as Systemically Important

    Science.gov (United States)

    2010-12-21

    ... among financial institutions or markets and thereby threaten the stability of the financial system of... of significant liquidity or credit problems spreading among financial institutions or markets and... would have on critical markets, financial institutions, or the broader financial system; and (E) Any...

  19. DYNAMICS OF FINANCIAL SYSTEM: A SYSTEM DYNAMICS APPROACH

    Directory of Open Access Journals (Sweden)

    Girish K Nair

    2013-01-01

    Full Text Available There are several ratios which define the financial health of an organization but the importance of Net cash flow, Gross income, Net income, Pending bills, Receivable bills, Debt, and Book value can never be undermined as they give the exact picture of the financial condition. While there are several approaches to study the dynamics of these variables, system dynamics based modelling and simulation is one of the modern techniques. The paper explores this method to simulate the before mentioned parameters during production capacity expansion in an electronic industry. Debt and Book value have shown a non-linear pattern of variation which is discussed. The model can be used by the financial experts as a decision support tool in arriving at conclusions in connection to the expansion plans of the organization.

  20. The Analysis of Human Resources Policies and Regional Financial Accounting System on Regional Government Financial Statements’ Quality

    Directory of Open Access Journals (Sweden)

    Aida Nahar

    2018-02-01

    Full Text Available Accountability of local governments in the implementation of policies should be carried out with the financial statements present the quality. Qualitative characteristics of financial statements described in PP 24/ 2005 that the qualitative characteristics of financial statements is a normative measurement that needs to be realized in the accounting information that can be fulfil its purpose. To be able to raise the normative requirements, this characteristics is absolutely necessary in order to meet the government 's financial statements desired qualities are: relevant, reliable, comparable, and understandable.The population of this research is PPK-SKPD in Karesidenan Pati. Consisting of: Regency Jepara, Kudus, Pati , Rembang, Blora, and Grobogan, totally 113 SKPD with 73 respondents with a random sampling technique . Data analysis technique used is multiple regression analysis. The results mentioned that human resource policies affect the quality of financial reporting by 4.167. Implementation of the system accounting effect on the quality of financial reporting by 3.309 % . Human resources policies and implementation of accounting systems affect the quality of financial statements. This study did not succeed accept hypothesis 5 proved that the value of t = -1.021 and p = 0.311, which means that the BPK audit does not affect the relationship between the Application System Accounting for the Quality of Regional Financial Statements.

  1. Loss of Financial Management Independence After Brain Injury: Survivors' Experiences.

    Science.gov (United States)

    Koller, Kathryn; Woods, Lindsay; Engel, Lisa; Bottari, Carolina; Dawson, Deirdre R; Nalder, Emily

    2016-01-01

    This pilot study explored the experiences of brain injury survivors after a change in financial management (FM) independence. Using a qualitative descriptive design, 6 participants with acquired brain injury were recruited from a community brain injury organization and participated in semistructured interviews. Data were analyzed using thematic analysis. Three themes emerged from the interviews: (1) trajectory of FM change, involving family members as key change agents; (2) current FM situation, involving FM strategies such as automatic deposits and restricted budgets; and (3) the struggle for control, in which survivors desired control while also accepting supports for FM. This study identifies some of the challenges brain injury survivors face in managing their finances and the adjustment associated with a loss of FM independence. Occupational therapists should be aware of clients' experiences when supporting them through a change in independence. Copyright © 2016 by the American Occupational Therapy Association, Inc.

  2. Existence crises of actual financial management systems

    OpenAIRE

    SVASTA Mihai

    2009-01-01

    The present financial management systems reflects only partially the economic reality and they are no longer able to act as an instrument for the management. It is absurd that an economy populated by business models based on 21st century technology to use financial management systems based mainly on the same principles formalised by Luca Paciolli in 1494. Therefore, one of the causes of the current economic crisis could be the lack of coordination between the evolution of the business models ...

  3. 15 CFR 14.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false Standards for financial management...-PROFIT, AND COMMERCIAL ORGANIZATIONS Post-Award Requirements Financial and Program Management § 14.21 Standards for financial management systems. (a) The Grants Officer shall require recipients to relate...

  4. Network versus portfolio structure in financial systems

    Science.gov (United States)

    Kobayashi, Teruyoshi

    2013-10-01

    The question of how to stabilize financial systems has attracted considerable attention since the global financial crisis of 2007-2009. Recently, Beale et al. [Proc. Natl. Acad. Sci. USA 108, 12647 (2011)] demonstrated that higher portfolio diversity among banks would reduce systemic risk by decreasing the risk of simultaneous defaults at the expense of a higher likelihood of individual defaults. In practice, however, a bank default has an externality in that it undermines other banks’ balance sheets. This paper explores how each of these different sources of risk, simultaneity risk and externality, contributes to systemic risk. The results show that the allocation of external assets that minimizes systemic risk varies with the topology of the financial network as long as asset returns have negative correlations. In the model, a well-known centrality measure, PageRank, reflects an appropriately defined “infectiveness” of a bank. An important result is that the most infective bank needs not always to be the safest bank. Under certain circumstances, the most infective node should act as a firewall to prevent large-scale collective defaults. The introduction of a counteractive portfolio structure will significantly reduce systemic risk.

  5. Size and complexity in model financial systems

    Science.gov (United States)

    Arinaminpathy, Nimalan; Kapadia, Sujit; May, Robert M.

    2012-01-01

    The global financial crisis has precipitated an increasing appreciation of the need for a systemic perspective toward financial stability. For example: What role do large banks play in systemic risk? How should capital adequacy standards recognize this role? How is stability shaped by concentration and diversification in the financial system? We explore these questions using a deliberately simplified, dynamic model of a banking system that combines three different channels for direct transmission of contagion from one bank to another: liquidity hoarding, asset price contagion, and the propagation of defaults via counterparty credit risk. Importantly, we also introduce a mechanism for capturing how swings in “confidence” in the system may contribute to instability. Our results highlight that the importance of relatively large, well-connected banks in system stability scales more than proportionately with their size: the impact of their collapse arises not only from their connectivity, but also from their effect on confidence in the system. Imposing tougher capital requirements on larger banks than smaller ones can thus enhance the resilience of the system. Moreover, these effects are more pronounced in more concentrated systems, and continue to apply, even when allowing for potential diversification benefits that may be realized by larger banks. We discuss some tentative implications for policy, as well as conceptual analogies in ecosystem stability and in the control of infectious diseases. PMID:23091020

  6. 28 CFR 66.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees and subgrantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Standards for financial management...

  7. 43 CFR 12.60 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

    ... 43 Public Lands: Interior 1 2010-10-01 2010-10-01 false Standards for financial management systems... AUDIT REQUIREMENTS AND COST PRINCIPLES FOR ASSISTANCE PROGRAMS Uniform Administrative Requirements for... Standards for financial management systems. (a) A State must expand and account for grant funds in...

  8. A Simple Hybrid Synchronization for a Class of Chaotic Financial Systems

    Directory of Open Access Journals (Sweden)

    Jiming Zheng

    2017-01-01

    Full Text Available It is an important to achieve the hybrid synchronization of the chaotic financial system. Chaos synchronization is equivalent to the error system which is asymptotically stable. The hybrid synchronization for a class of finance chaotic systems is discussed. First, a simple single variable controller is obtained to synchronize two identical chaotic financial systems with different initial conditions. Second, a novel algorithm is proposed to determine the variables of the master system that should antisynchronize with corresponding variables of the slave system and use this algorithm to determine the corresponding variables in the chaotic financial systems. The hybrid synchronization of the chaotic financial systems is realized by a simple controller. At the same time, different controllers can implement the chaotic financial system hybrid synchronization. In comparison with the existing results, the obtained controllers in this paper are simpler than those of the existing results. Finally, numerical simulations show the effectiveness of the proposed results.

  9. Banking system and financial monitoring in Russian Federation

    Directory of Open Access Journals (Sweden)

    Osipov A.V.

    2017-04-01

    Full Text Available the article explores the definition of banking system and financial monitoring. Attention is emphasizes on role of internal control in aspect their relation to contraction to money laundering and financing of terrorism/ Internal control is analises from the point of view law, economic and management. Basic attention in the article author emphasizes on work of systems of financial monitoring in organizations.

  10. 15 CFR 24.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

    ... financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees and subgrantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false Standards for financial management...

  11. 13 CFR 143.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

    ... financial reporting requirements of the grant or subgrant. (2) Accounting records. Grantees and subgrantees... advances to the grantees. (c) An awarding agency may review the adequacy of the financial management system... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Standards for financial management...

  12. Quantifying Risk of Financial Incapacity and Financial Exploitation in Community-dwelling Older Adults: Utility of a Scoring System for the Lichtenberg Financial Decision-making Rating Scale.

    Science.gov (United States)

    Lichtenberg, Peter A; Gross, Evan; Ficker, Lisa J

    2018-06-08

    This work examines the clinical utility of the scoring system for the Lichtenberg Financial Decision-making Rating Scale (LFDRS) and its usefulness for decision making capacity and financial exploitation. Objective 1 was to examine the clinical utility of a person centered, empirically supported, financial decision making scale. Objective 2 was to determine whether the risk-scoring system created for this rating scale is sufficiently accurate for the use of cutoff scores in cases of decisional capacity and cases of suspected financial exploitation. Objective 3 was to examine whether cognitive decline and decisional impairment predicted suspected financial exploitation. Two hundred independently living, non-demented community-dwelling older adults comprised the sample. Participants completed the rating scale and other cognitive measures. Receiver operating characteristic curves were in the good to excellent range for decisional capacity scoring, and in the fair to good range for financial exploitation. Analyses supported the conceptual link between decision making deficits and risk for exploitation, and supported the use of the risk-scoring system in a community-based population. This study adds to the empirical evidence supporting the use of the rating scale as a clinical tool assessing risk for financial decisional impairment and/or financial exploitation.

  13. Does financial system influence tax revenue? The case of Nigeria ...

    African Journals Online (AJOL)

    We examined the influence of financial system activities on tax revenue ... our analysis showed that financial system activities influence tax revenue ... causality test and variance decomposition results corroborate our regression results.

  14. 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

  15. The new international financial crisis: causes, consequences and perspectives

    Directory of Open Access Journals (Sweden)

    Flavio Vilela Vieira

    2011-06-01

    Full Text Available The paper investigates the recent financial crisis within a historical and comparative perspective having in mind that it is ultimately a confidence crisis, initially associated to a chain of high risk loans and financial innovations that spread thorough the international system culminating with impressive wealth losses. The financial market will eventually recover from the crisis but the outcome should be followed by a different and more disciplined set of international institutions. There will be a change on how we perceive the widespread liberal argument that the market is always efficient, or at least, more efficient than any State intervention, overcoming the false perception that the State is in opposition to the market. A deep financial crisis brings out a period of wealth losses and an adjustment process characterized by price corrections (commodities and equity price deflation and real effects (recession and lower employment, and a period of turbulences and end of illusions is in place.

  16. Development of a Web-based financial application System

    Science.gov (United States)

    Hasan, M. R.; Ibrahimy, M. I.; Motakabber, S. M. A.; Ferdaus, M. M.; Khan, M. N. H.; Mostafa, M. G.

    2013-12-01

    The paper describes a technique to develop a web based financial system, following latest technology and business needs. In the development of web based application, the user friendliness and technology both are very important. It is used ASP .NET MVC 4 platform and SQL 2008 server for development of web based financial system. It shows the technique for the entry system and report monitoring of the application is user friendly. This paper also highlights the critical situations of development, which will help to develop the quality product.

  17. THE SOUNDNESS OF THE BANKING SYSTEM DURING THE GLOBAL FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    Ioana-Iuliana TOMULEASA

    2014-04-01

    Full Text Available The economic world is currently under the sign of profound changes, determined, in a significant extent, by the mutations in financial markets, the regulatory and institutional changes, illustrating its powerful impact on the financial system actors. The paper’s main purpose is to provide a comparative analysis of the performance and efficiency of commercial banks in seven European Union countries and an empirical analysis regarding the soundness of the Romanian banking system. The analysis undertaken in the paper highlights the need for banks to apply essential adjustments in their activity, such as the orientation to a new banking model, or the gearing to the latest regulations and tighter conditions of supervision on the financial sector. There were pointed out a series of issues which captured the overwhelming implications of the global financial crisis on the “health” of the financial system in EU, noticing the need for further measures that have as a main goal the avoidance of a financial system collapse.

  18. The Methodical Approach to Formation of the Economic-Social Provision of the Financial Security Management of Commercial Bank

    Directory of Open Access Journals (Sweden)

    Baryliuk Mariia-Mariana R.

    2017-06-01

    Full Text Available The article defines that the impact of threats on a commercial bank as an open socio-economic system results in losses that can be classified as financial, personnel, informational, and reputational. In terms of temporal horizons, losses are defined as tactical and strategic. Possible losses from external and internal threat implications have been determined, which have resulted in the development of a four-level structure of total losses from threat implications for the financial security of commercial bank. The proposed sequence of calculations for integrated assessment of threats impact provides an information basis for the development and introducing a set of interrelated organizational-economic measures to implement changes in the subsystem of financial security of commercial bank. The level of threats identified, the nature and extent of financial, personnel, information, and reputational losses are the basis for more efficient use of available resources and for improving the financial security management of commercial bank.

  19. ARCHITECTURE OF EUROPEAN SYSTEM OF FINANCIAL SUPERVISION AFTER THE GLOBAL ECONOMIC CRISIS

    Directory of Open Access Journals (Sweden)

    Mateusz Muszyński

    2015-12-01

    Full Text Available This paper indicates how the last global financial crisis has affected the european financial system. As the depression evolved it brought all the weaknesses in the system of financial supervision to the surface. Then it became clear that deeper integration of the banking system was strongly needed. To mitigate systemic stability risk and improve the coordination process with international organizations, the European Commission decided to establish the European System of Financial Supervision. However, it seemed that it was not sufficient to prevent from further fragmentation of the financial market in Europe. As a result, in 2012 the European Commission initiated the banking union, a new form of political and economic integration.

  20. Dynamics and control of a financial system with time-delayed feedbacks

    International Nuclear Information System (INIS)

    Chen, W.-C.

    2008-01-01

    Complex behaviors in a financial system with time-delayed feedbacks are discussed in this study via numerical modeling. The system shows complex dynamics such as periodic, quasi-periodic, and chaotic behaviors. Both period doubling and inverse period doubling routes were found in this system. This paper also shows that the attractor merging crisis is a fundamental feature of nonlinear financial systems with time-delayed feedbacks. Control of the deterministic chaos in the financial system can be realized using Pyragas feedbacks

  1. Systemic risk in the energy sector—Is there need for financial regulation?

    International Nuclear Information System (INIS)

    Kerste, Marco; Gerritsen, Matthijs; Weda, Jarst; Tieben, Bert

    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 risk has hardly been the subject of research. This paper investigates the need for financial regulation in the energy sector, which shows a high use of OTC derivatives, by modeling systemic risk measured by the expected fraction of additional failing firms (EAF). Contagion risk within the energy sector and from the energy sector towards the banking sector is compared with that in other non-financial sectors. This paper adds to existing systemic risk literature by specifically looking at financial interdependence between a non-financial sector showing a high usage of OTC commodity derivatives and the banking sector, while contributing to the discussion on energy sector regulation with technical systemic risk analysis. Results indicate that contagion risk from the energy towards the banking sector is not relatively high compared to other non-financial sectors. Our results provide a first indication to question the need for generalized regulation of OTC derivative transactions, as recently introduced by the European Market Infrastructure Regulation (EMIR). - Highlights: • We assess the need for regulating OTC energy commodity derivatives under EMIR. • We present a methodology to model systemic risk in non-financial sectors. • We analyse direct and indirect channels for contagion giving rise to systemic risk. • Contagion risk from the energy towards the banking sector is not relatively high. • New EU regulation for energy OTC trading not supported by analysis of systemic risk

  2. How Unstable Are Complex Financial Systems? Analyzing an Inter-bank Network of Credit Relations

    Science.gov (United States)

    Sinha, Sitabhra; Thess, Maximilian; Markose, Sheri

    The recent worldwide economic crisis of 2007-09 has focused attention on the need to analyze systemic risk in complex financial networks. We investigate the problem of robustness of such systems in the context of the general theory of dynamical stability in complex networks and, in particular, how the topology of connections influence the risk of the failure of a single institution triggering a cascade of successive collapses propagating through the network. We use data on bilateral liabilities (or exposure) in the derivatives market between 202 financial intermediaries based in USA and Europe in the last quarter of 2009 to empirically investigate the network structure of the over-the-counter (OTC) derivatives market. We observe that the network exhibits both heterogeneity in node properties and the existence of communities. It also has a prominent core-periphery organization and can resist large-scale collapse when subjected to individual bank defaults (however, failure of any bank in the core may result in localized collapse of the innermost core with substantial loss of capital) but is vulnerable to system-wide breakdown as a result of an accompanying liquidity crisis.

  3. Assessing the Financial Sustainability of China’s Rural Pension System

    Directory of Open Access Journals (Sweden)

    Lijian Wang

    2014-05-01

    Full Text Available Considering the rapid growth of China’s elderly rural population, establishing both an adequate and a financially sustainable rural pension system is a major challenge. Focusing on financial sustainability, this article defines this concept of financial sustainability before constructing sound actuarial models for China’s rural pension system. Based on these models and statistical data, the analysis finds that the rural pension funding gap should rise from 97.80 billion Yuan in 2014 to 3062.31 billion Yuan in 2049, which represents an annual growth rate of 10.34%. This implies that, as it stands, the rural pension system in China is not financially sustainable. Finally, the article explains how this problem could be fixed through policy recommendations based on recent international experiences.

  4. An automated library financial management system

    Science.gov (United States)

    Dueker, S.; Gustafson, L.

    1977-01-01

    A computerized library acquisition system developed for control of informational materials acquired at NASA Ames Research Center is described. The system monitors the acquisition of both library and individual researchers' orders and supplies detailed financial, statistical, and bibliographical information. Applicability for other libraries and the future availability of the program is discussed.

  5. The role of non-financial performance measures in predicting hospital financial performance: the case of for-profit system hospitals.

    Science.gov (United States)

    Vélez-González, Heltie; Pradhan, Rohit; Weech-Maldonado, Robert

    2011-01-01

    Non-financial measures have found increasing acceptance in the business world--however, their application in the health care industry remains limited. The purpose of this article is to understand the influence of non-financial measures (efficiency, productivity, and quality) on the financial performance of for-profit system hospitals. The sample consists of 499 for-profit system hospitals in the United States from 1999 to 2002. Data analyzed include the American Hospital Association's Annual Survey, Medicare Cost Reports, Joint Commission's quality scores, and the Centers for Medicare & Medicaid Services' Hospital Case Mix Index. Dependent variables consist of financial measures (operating and total margins), while independent variables include measures of efficiency, productivity, and quality. Our results suggest the influence of non-financial performance measures on financial performance; occupancy rate positively influences financial performance while greater labor intensity may have negative implications for financial performance. In addition, we show that quality positively influences financial performance thereby offering a potential business case for quality. This result has important managerial and policy implications as it may incentivize capital and human resource investments required to improve hospital quality of care.

  6. Financial tools to induce cooperation in power asymmetrical water systems

    Science.gov (United States)

    Denaro, Simona; Castelletti, Andrea; Giuliani, Matteo; Characklis, Gregory W.

    2017-04-01

    irrespective of the timing of downstream users, i.e., farmers, demands. This situation can lead to financial losses by the farmers, an already disadvantaged group, and, as demonstrated by previous work, lead the global system to underperform. Results suggest that financial hedging tools may offer a reliable and relatively inexpensive alternative to other forms of compensation, and thereby favor more equitable management of multi-purpose water systems characterized by power asymmetry. This finding is especially relevant in times where granting of licenses to use/withdrawal water are often being reviewed with attention to environmental protection and social justice issues.

  7. Financial Accountant Versus Managerial Accountant in the Hotel Business System

    Directory of Open Access Journals (Sweden)

    Ivana Zubac

    2012-01-01

    Full Text Available From the perspective of financial or managerial accountant, subject of interest in this paper is the relationship of financial and managerial accounting in the hotel business. Being necessary functions within the business system of hotel company, their mutual connection as well as their differences are explained. The management of hotel company makes decisions based on accounting information from both parts of accounting. As support to hotel management in decision-making, financial accountant provides financial information about past events, while managerial accountant provides non-financial information oriented toward future. The example above is just one out of many specific tasks, which are performed by accountants of specific part of hotel accounting system. Without their support, the management could not make correct and timely decisions with certainty. The importance of the roles of financial and managerial accountant is reflected through need for a wide knowledge in the field of accounting in specific business conditions of hotel industry.

  8. 40 CFR 281.37 - Financial responsibility for UST systems containing petroleum.

    Science.gov (United States)

    2010-07-01

    ... systems containing petroleum. 281.37 Section 281.37 Protection of Environment ENVIRONMENTAL PROTECTION... for No-Less-Stringent § 281.37 Financial responsibility for UST systems containing petroleum. (a) In... UST systems containing petroleum, the state requirements for financial responsibility for petroleum...

  9. Financial Ratio Analysis: the Development of a Dedicated Management Information System

    Directory of Open Access Journals (Sweden)

    Voicu-Dan Dragomir

    2007-01-01

    Full Text Available This paper disseminates the results of the development process for a financial analysis information system. The system has been subject to conceptual design using the Unified Modeling Language (UML and has been implemented in object-oriented manner using the Visual Basic .NET 2003 programming language. The classic financial analysis literature is focused on the chain-substitution method of computing the prior-year to current-year variation of linked financial ratios. We have applied this technique on the DuPont System of analysis concerning the Return on Equity ratio, by designing several structural UML diagrams depicting the breakdown and analysis of each financial ratio involved. The resulting computer application offers a flexible approach to the analytical tools: the user is required to introduce the raw data and the system provides both table-style and charted information on the output of computation. User-friendliness is also a key feature of this particular financial analysis application.

  10. 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...

  11. THE IMPACT OF FINANCIAL LIBERALIZATION ON ROMANIAN BANKING SYSTEM EFFICIENCY

    Directory of Open Access Journals (Sweden)

    Ciupac-Ulici Maria-Lenuta

    2013-07-01

    Full Text Available In the last three decades, many emerging countries have moved away from a system of restrictive monetary and financial controls to a more liberalized financial sector. The restrictive imposed policies were expected to contribute to industrialization of the economy and to the stability of the banking sector. However, financial liberalization had big costs on the banking system's competitiveness and efficiency. Financial liberalization has a different impact on banking markets. Thus, there is no size that fits all policies concerning banking liberalization process. For highly efficient banks, competition is improving their efficiency standard, while less efficient banks can`t compete with foreign banks and further are decreasing in efficiency or are driven out of the market. Overall, the average efficiency of domestic banking markets should be an important variable in deciding to open up their banking market. Banks that are operating close to the frontier, in general are improving their efficiency following financial liberalization process. Banks that are operating in a further distance can`t manage to compete with foreign market entrants, so, they are losing from liberalization process. In this article we propose to measure the impact of financial liberalization process on Romanian banking system. We used the panel regression to study the informational efficiency of three Romanian banks during 2004 - 2012. The dependent variable of the model was the price of stock bank, and the independent variables were the financial indicators (return on equity, return on assets, net profit margin. In the second regression we introduce a dummy variable for crisis period. Our results show that the financial indicators choose do not affect the efficiency of Romanian bank, but the crisis had a negative impact on them. International context, credit risk, the implementation of Basel III and reducing exposures in the absence of investment alternatives remains key

  12. FINANCIAL STABILITY OF THE UKRAINE NATIONAL SYSTEM OF PENSION INSURANCE

    Directory of Open Access Journals (Sweden)

    A. Khemii

    2014-03-01

    Full Text Available The system of pension insurance is a combination of created by the state legal, economic and organizational institutions and norms, providing financial support to citizens in the form of pensions. In the article analyzing the demographic situation and the condition of pension payments in the country today. In the terms of economic and social reforms, the level of financial stability the pension system is low. Therefore important is the analysis and exploring new methods to ensure financial stability of the Ukraine national system of pension insurance. The main institution of the national pension insurance is the National Pension Fund of Ukraine.

  13. Airport Economics: Management Control Financial Reporting Systems

    Science.gov (United States)

    Buchbinder, A.

    1972-01-01

    The development of management control financial reporting systems for airport operation is discussed. The operation of the system to provide the reports required for determining the specific revenue producing facilities of airports is described. The organization of the cost reporting centers to show the types of information provided by the system is analyzed.

  14. My loss is your loss ... Sometimes: loss aversion and the effect of motivational biases.

    Science.gov (United States)

    Wilson, Robyn S; Arvai, Joseph L; Arkes, Hal R

    2008-08-01

    Findings from previous studies of individual decision-making behavior predict that losses will loom larger than gains. It is less clear, however, if this loss aversion applies to the way in which individuals attribute value to the gains and losses of others, or if it is robust across a broad spectrum of policy and management decision contexts. Consistent with previous work, the results from a series of experiments reported here revealed that subjects exhibited loss aversion when evaluating their own financial gains and losses. The presence of loss aversion was also confirmed for the way in which individuals attribute value to the financial gains and losses of others. However, similar evaluations within social and environmental contexts did not exhibit loss aversion. In addition, research subjects expected that individuals who were unknown to them would significantly undervalue the subjects' own losses across all contexts. The implications of these findings for risk-based policy and management are many. Specifically, they warrant caution when relying upon loss aversion to explain or predict the reaction of affected individuals to risk-based decisions that involve moral or protected values. The findings also suggest that motivational biases may lead decisionmakers to assume that their attitudes and beliefs are common among those affected by a decision, while those affected may expect unfamiliar others to be unable to identify and act in accordance with shared values.

  15. Assessment of financial control practices in Polytechnics in Ghana. A case study of Sunyani Polytechnic

    OpenAIRE

    Prempeh, Kwadwo Boateng; Twumasi, Patrick; Kyeremeh, Kwadwo

    2015-01-01

    The study sought to assess the financial Control systems of Polytechnics in Ghana and suggest ways of improving them. Financial control systems exist to help organizations meet their goals and objectives, promote efficiency, reduce the risk of loss, and help ensure financial statement reliability and compliance with laws and regulations. The study adopts the case study design using Sunyani Polytechnic in the Brong Ahafo region, Ghana. A sample size of 50 staff members was selected for the stu...

  16. "Financial Markets Meltdown: What Can We Learn from Minsky"

    OpenAIRE

    L. Randall Wray

    2008-01-01

    In this new Public Policy Brief, Senior Scholar L. Randall Wray explains today's complex and fragile financial system, and how the seeds of crisis were sown by lax oversight, deregulation, and risky innovations such as securitization. He estimates that the combined losses throughout the entire financial sector could amount to several trillion dollars, and that the United States will feel the effects of the crisis for some time - perhaps a decade or more. Wray recommends enhanced oversight of ...

  17. Uganda; Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, and Payment Systems

    OpenAIRE

    International Monetary Fund

    2003-01-01

    This paper presents findings of Uganda’s Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, Corporate Governance, and Payment Systems. The banking system in Uganda, which dominates the financial system, is fundamentally sound, more resilient than in the past, and currently poses no threat to macroeconomic stability. A major disruption ...

  18. The Financial Component of a Strategy for the Development of Logistical Systems

    Directory of Open Access Journals (Sweden)

    Melnykova Kateryna V.

    2017-08-01

    Full Text Available The article analyzes the current scientific approaches to defining the essence of financial strategy as one of the most important components of a strategy for the development of logistical systems. Both the external and the internal environment factors that influence the development of logistical systems have been summarized. In the course of the analysis of current financial management theory and practice, the author identifies the characteristics of formation of an integrated financial-logistical strategy together with the factors that are responsible for possible financial risks in designing a strategy for the development of logistical system. The stages of formation of an integrated financial-logistical strategy and ways to improve the practice of strategic planning of logistical activities have been proposed.

  19. Chaotic dynamic behavior analysis and control for a financial risk system

    International Nuclear Information System (INIS)

    Zhang Xiao-Dan; Zheng Yuan; Liu Xiang-Dong; Liu Cheng

    2013-01-01

    According to the risk management process of financial markets, a financial risk dynamic system is constructed in this paper. Through analyzing the basic dynamic properties, we obtain the conditions for stability and bifurcation of the system based on Hopf bifurcation theory of nonlinear dynamic systems. In order to make the system's chaos disappear, we select the feedback gain matrix to design a class of chaotic controller. Numerical simulations are performed to reveal the change process of financial market risk. It is shown that, when the parameter of risk transmission rate changes, the system gradually comes into chaos from the asymptotically stable state through bifurcation. The controller can then control the chaos effectively

  20. Financial analysis as a financial management instrument

    Directory of Open Access Journals (Sweden)

    Stehlíková Beáta

    2001-12-01

    Full Text Available The financial market is one of the elements of the market-oriented economy. The financial analysis is a fundamental element of the financial controlling business. The purpose of this article is to inform briefly about horizontal and vertical financial statements analysis as the source of competitive advantage of the firm. The article is divided into two parts. First describes financial analysis and financial statements generally. Second, it presents a practical contribution of the horizontal and vertical financial statements analysis at the controlled businesses as financial management tools, which identify the financial position, market behaviour, correlations between the net profit and the prohibitively cost and operating profit, the financial activities profit, the income tax etc.Business, which the analysed firm operates in asks a provable claim on the high value of fixed assets. The capital composition of the firm is call to typify for the state-owned enterprise that was transformed to private joint-stock companies. Analysis is specially pleading for the needs considering the price of the borrowed capital in the capital structure rating. Fault factor ø value talks about needs for the cost regulation. Stair-step conception used for counting of the net profit in the accountant period indicates the financial profit, alternatively loss, as the distinguished pre-tax profit element. Picture about firm’s financial results can be completed with the information about the income tax value. Form of financial analyses presented in the article entablature the accents on the necessity to compare several accounting period and on the necessity of complex understanding of statements accounting slide “en bloc”.Financial analyse makes the decision makers possible to screen potential partners before the cooperation starts. On the other side, it makes a possibility to influence the production process, sales and financial management during the accounting

  1. Creating financial transparency in public health: examining best practices of system partners.

    Science.gov (United States)

    Honoré, Peggy A; Clarke, Richard L; Mead, Dean Michael; Menditto, Susan M

    2007-01-01

    Financial transparency is based on concepts for valid, standardized information that is readily accessible and routinely disseminated to stakeholders. While Congress and others continuously ask for an accounting of public health investments, transparency remains an ignored concept. The objective of this study was to examine financial transparency practices in other industries considered as part of the public health system. Key informants, regarded as financial experts on the operations of hospitals, school systems, and higher education, were a primary source of information. Principal findings were that system partners have espoused some concepts for financial transparency beginning in the early 20th century--signifying an 80-year implementation gap for public health. Critical features that promote accountability included standardized data collection methods and infrastructures, uniform practices for quantitative analysis of financial performance, and credentialing of the financial management workforce. Recommendations are offered on the basis of these findings to aid public health to close this gap by framing a movement toward transparency.

  2. Fairness of Financial Contribution in Iranian Health System: Trend Analysis of National Household Income and Expenditure, 2003-2010.

    Science.gov (United States)

    Fazaeli, Amir Abbas; Seyedin, Hesam; Vosoogh Moghaddam, Abbas; Delavari, Alireza; Salimzadeh, H; Varmazyar, Hasan; Fazaeli, Ali Akbar

    2015-03-18

    Social systems are dealing with the challenge of achieving fairness in the distribution of financial burden and protecting the risk of financial loss. The purpose of this paper is to present a trend analysis for the indicators related to fairness in healthcare's financial burden in rural and urban population of Iran during the eight years period of 2003 to 2010. We used the information gathered by statistical center of Iran through sampling processes for the household income and expenditures. The indicators of fairness in financial contribution of healthcare were calculated based on the WHO recommended methodology. The indices trend analysis of eight-year period for the rural, urban areas and the country level were computed. This study shows that in Iran the fairness of financial contribution index during the eight-year period has been decreased from 0.841 in 2003 to above 0.827 in 2010 and The percentage of people with catastrophic health expenditures has been increased from 2.3% to above 3.1%. The ratio of total treatment costs to the household overall capacity to pay has been increased from 0.055 to 0.068 and from 0.072 to 0.0818 in urban and rural areas respectively. There is a decline in fairness of financial contribution index during the study period. While, a trend stability of the proportion of households who suffered catastrophic health expenditures was found.

  3. African financial systems: A review

    Directory of Open Access Journals (Sweden)

    Franklin Allen

    2011-04-01

    Full Text Available We start by providing an overview of financial systems in the African continent. We then consider the regions of Arab North Africa, West Africa, East and Central Africa, and Southern Africa in more detail. The paper covers, among other things, central banks, deposit-taking banks, non-bank institutions, such as the stock markets, fixed income markets, insurance markets, and microfinance institutions.

  4. The Financial Equalization System in Germany and Ukraine

    Directory of Open Access Journals (Sweden)

    Fehr Hans

    2015-11-01

    Full Text Available Based on the experience of European countries, practical recommendations on improving the level of financial capacity of regions in Ukraine have been developed. In the article the comparative analysis of the financial equalization system in Germany and Ukraine has been conducted, different approaches to equalization on the basis of the actual redistribution have been determined, the efficiency and transparency of the use of budgetary resources in these countries have been analyzed. The research result is the substantiation of the necessity for decentralization of tax revenues in Ukraine to reduce the volume of transfers from the State Budget to the regions. Prospects for further research in this direction are developing a reform strategy for Germany and Ukraine in order to improve the socio-economic relations between the center and regions and to make the redistribution of budgetary resources more efficient. Improving the system of financial equalization involves the use of optimization techniques taking into account the inter-regional economic and geographic ties.

  5. Joint impact of ERP systems and non financial performance indicators on corporate financial performance: Evidence from French listed companies

    Directory of Open Access Journals (Sweden)

    Ahmed Kouki

    2015-01-01

    Full Text Available This paper aims to examine the joint impact of Enterprise Resource Planning systems (ERP systems and Non Financial Performance Indicators (NFPI on corporate financial performance. Our study is based on a comparative analysis between firms that adopt ERP only, firms that use NFPI only and firms that combining both strategies (ERP and NFPI during the period from 2001 to 2006.The implementation process remains highly uncertain. In fact, the use of Non Financial performance indicators is an important determinant of corporate financial performance. At the operational level, combining ERP systems with NFPI reflects a long-term business strategy to improve business process. In summary, the ERP and NFPI literatures demonstrate the vital importance of aligning business process, information technologies and key performance indicators with the strategic objectives of the firm. Results support the hypothesis in which firms that combining ERP and NFPI have significantly higher ROA than either ERP-only or NFPI-only firms.

  6. Systemic causes of hair loss.

    Science.gov (United States)

    Lin, Richard L; Garibyan, Lilit; Kimball, Alexandra B; Drake, Lynn A

    2016-09-01

    Hair loss is both a common chief complaint by patients and a clinical challenge for physicians, especially general practitioners, yet few dermatological problems yield as much patient satisfaction when resolved as hair loss. The diagnosis is often attributed to androgen-related hair loss, while other causes, some of which are life-threatening but treatable, are overlooked. We searched for relevant literature on hair loss and supported these findings with our clinical experience to identify seven major systemic etiologies of hair loss, ranging from infectious agents to consumption of unsafe supplements. Many causes are only described in the literature through case studies, though some original articles and meta-analyses are available. Careful history taking, proper examination techniques, and judicious use of laboratory tests are essential to reach at the correct diagnosis in a cost-effective manner when performing patient work-up. Such methodical evaluation of hair loss can result in the appropriate treatment plan and provide significant patient satisfaction. Key messages Hair loss is a common chief complaint and a difficult challenge for both general practitioners and dermatology consultants. We identified seven major categories of systemic hair loss etiology and present a framework for their clinical evaluation. A methodical approach to hair loss can result in the appropriate treatment plan and provide significant patient satisfaction.

  7. Parameter Estimation for Dynamic Model of the Financial System

    Directory of Open Access Journals (Sweden)

    Veronika Novotná

    2015-01-01

    Full Text Available Economy can be considered a large, open system which is influenced by fluctuations, both internal and external. Based on non-linear dynamics theory, the dynamic models of a financial system try to provide a new perspective by explaining the complicated behaviour of the system not as a result of external influences or random behaviour, but as a result of the behaviour and trends of the system’s internal structures. The present article analyses a chaotic financial system from the point of view of determining the time delay of the model variables – the interest rate, investment demand, and price index. The theory is briefly explained in the first chapters of the paper and serves as a basis for formulating the relations. This article aims to determine the appropriate length of time delay variables in a dynamic model of the financial system in order to express the real economic situation and respect the effect of the history of factors under consideration. The determination of the delay length is carried out for the time series representing Euro area. The methodology for the determination of the time delay is illustrated by a concrete example.

  8. Agent-based financial dynamics model from stochastic interacting epidemic system and complexity analysis

    International Nuclear Information System (INIS)

    Lu, Yunfan; Wang, Jun; Niu, Hongli

    2015-01-01

    An agent-based financial stock price model is developed and investigated by a stochastic interacting epidemic system, which is one of the statistical physics systems and has been used to model the spread of an epidemic or a forest fire. Numerical and statistical analysis are performed on the simulated returns of the proposed financial model. Complexity properties of the financial time series are explored by calculating the correlation dimension and using the modified multiscale entropy method. In order to verify the rationality of the financial model, the real stock market indexes, Shanghai Composite Index and Shenzhen Component Index, are studied in comparison with the simulation data of the proposed model for the different infectiousness parameters. The empirical research reveals that this financial model can reproduce some important features of the real stock markets. - Highlights: • A new agent-based financial price model is developed by stochastic interacting epidemic system. • The structure of the proposed model allows to simulate the financial dynamics. • Correlation dimension and MMSE are applied to complexity analysis of financial time series. • Empirical results show the rationality of the proposed financial model

  9. Agent-based financial dynamics model from stochastic interacting epidemic system and complexity analysis

    Energy Technology Data Exchange (ETDEWEB)

    Lu, Yunfan, E-mail: yunfanlu@yeah.net; Wang, Jun; Niu, Hongli

    2015-06-12

    An agent-based financial stock price model is developed and investigated by a stochastic interacting epidemic system, which is one of the statistical physics systems and has been used to model the spread of an epidemic or a forest fire. Numerical and statistical analysis are performed on the simulated returns of the proposed financial model. Complexity properties of the financial time series are explored by calculating the correlation dimension and using the modified multiscale entropy method. In order to verify the rationality of the financial model, the real stock market indexes, Shanghai Composite Index and Shenzhen Component Index, are studied in comparison with the simulation data of the proposed model for the different infectiousness parameters. The empirical research reveals that this financial model can reproduce some important features of the real stock markets. - Highlights: • A new agent-based financial price model is developed by stochastic interacting epidemic system. • The structure of the proposed model allows to simulate the financial dynamics. • Correlation dimension and MMSE are applied to complexity analysis of financial time series. • Empirical results show the rationality of the proposed financial model.

  10. The impact of pension systems on financial development: An empirical study

    Directory of Open Access Journals (Sweden)

    Shouji Sun

    2014-10-01

    Full Text Available The impact of pension assets on financial development is both quantitatively and qualitatively. On quantitatively, pension funds increase capital supply to financial market. On qualitatively, pension funds as institutional investors could promote corporate governance, information disclosure and transaction efficiency. Based on regression results of 55 countries and regions, we find that different pension systems formed different size of pension fund; every 1% increase of the pension funds’ assets could bring about 0.15%-0.23% increase of the market value, which could explain cross-countries difference of financial development. Based on panel data analysis, we find that the impact of pension fund on financial development is very significant especially in civil law and underdeveloped countries. By using co-integration analysis and vector auto regression model (VAR with time series data of Chile, we find positive relationship between pension funds and financial development again. The empirical results indicate that legal origin, endowment and pension fund views are not exclusive but compatible. A country cannot change its legal origin and endowment, but it can change pension policies and reform social security system. A funded pension system with accumulates pension assets could promote a country’s financial development and economic growth

  11. Structure and Connectivity Analysis of Financial Complex System Based on G-Causality Network

    Science.gov (United States)

    Xu, Chuan-Ming; Yan, Yan; Zhu, Xiao-Wu; Li, Xiao-Teng; Chen, Xiao-Song

    2013-11-01

    The recent financial crisis highlights the inherent weaknesses of the financial market. To explore the mechanism that maintains the financial market as a system, we study the interactions of U.S. financial market from the network perspective. Applied with conditional Granger causality network analysis, network density, in-degree and out-degree rankings are important indicators to analyze the conditional causal relationships among financial agents, and further to assess the stability of U.S. financial systems. It is found that the topological structure of G-causality network in U.S. financial market changed in different stages over the last decade, especially during the recent global financial crisis. Network density of the G-causality model is much higher during the period of 2007-2009 crisis stage, and it reaches the peak value in 2008, the most turbulent time in the crisis. Ranked by in-degrees and out-degrees, insurance companies are listed in the top of 68 financial institutions during the crisis. They act as the hubs which are more easily influenced by other financial institutions and simultaneously influence others during the global financial disturbance.

  12. FINANCIAL PERFORMANCE IN CREDIT INSTITUTION MANAGEMENT

    OpenAIRE

    IOV DANIELA RODICA

    2014-01-01

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

  13. Financial Performance of Health Insurers: State-Run Versus Federal-Run Exchanges.

    Science.gov (United States)

    Hall, Mark A; McCue, Michael J; Palazzolo, Jennifer R

    2018-06-01

    Many insurers incurred financial losses in individual markets for health insurance during 2014, the first year of Affordable Care Act mandated changes. This analysis looks at key financial ratios of insurers to compare profitability in 2014 and 2013, identify factors driving financial performance, and contrast the financial performance of health insurers operating in state-run exchanges versus the federal exchange. Overall, the median loss of sampled insurers was -3.9%, no greater than their loss in 2013. Reduced administrative costs offset increases in medical losses. Insurers performed better in states with state-run exchanges than insurers in states using the federal exchange in 2014. Medical loss ratios are the underlying driver more than administrative costs in the difference in performance between states with federal versus state-run exchanges. Policy makers looking to improve the financial performance of the individual market should focus on features that differentiate the markets associated with state-run versus federal exchanges.

  14. Investigation of external and internal shock in the stability of Indonesia’s financial system

    Directory of Open Access Journals (Sweden)

    Maulina Vinus

    2017-07-01

    Full Text Available The objective of this research is to develop a financial system stability index and analyze the internal and external factors that we expect to affect the stability of the Indonesian financial system. We measured the single model of financial system stability index (FSSI from year 2004M03 to2014M09 in Indonesia, and compiled a single quantitative measure based on aggregate internal factors and external factors to capture and predict the shocks of the financial system stability. Stability parameters were composed of composite indicators on different bases. In addition, we developed a comprehensive index component associated with the relevant market conditions, including banking soundness index, financial vulnerability index, and regional economic climate index. Results stated that US economic growth and economic growth of ASEAN countries positively affected financial stability. In addition, current account, exchange rate, inflation, interest rate were shown to negatively affect financial stability. The results of this study imply that internal factors have a strong influence on the financial stability. Therefore, the central bank should give a fast and correct response to the changes of external and internal financial environment, especially for internal factors through monetary policy.

  15. Development and optimization of the financial mechanism’s social insurance system in Ukraine

    OpenAIRE

    Telychko, N.

    2014-01-01

    In the article the theoretical principles of the improvement of determining of the financial mechanism’s social security system are analyzed. Was investigated the model of the financial mechanism’s social security. According to the planned objectives was proposed effective organizational structure of the financial mechanism’s social insurance system in Ukraine.

  16. Derivative financial instruments and nonprofit health care providers.

    Science.gov (United States)

    Stewart, Louis J; Owhoso, Vincent

    2004-01-01

    This article examines the extent of derivative financial instrument use among US nonprofit health systems and the impact of these financial instruments on their cash flows, reported operating results, and financial risks. Our examination is conducted through a case study of New Jersey hospitals and health systems. We review the existing literature on interest rate derivative instruments and US hospitals and health systems. This literature describes the design of these derivative financial instruments and the theoretical benefits of their use by large health care provider organizations. Our contribution to the literature is to provide an empirical evaluation of derivative financial instruments usage among a geographically limited sample of US nonprofit health systems. We reviewed the audited financial statements of the 49 community hospitals and multi-hospital health systems operating in the state of New Jersey. We found that 8 percent of New Jersey's nonprofit health providers utilized interest rate derivatives with an aggregate principle value of $229 million. These derivative users combine interest rate swaps and caps to lower the effective interest costs of their long-term debt while limiting their exposure to future interest rate increases. In addition, while derivative assets and liabilities have an immaterial balance sheet impact, derivative related gains and losses are a material component of their reported operating results. We also found that derivative usage among these four health systems was responsible for generating positive cash flows in the range of 1 percent to 2 percent of their total 2001 cash flows from operations. As a result of our admittedly limited samples we conclude that interest rate swaps and caps are effective risk management tools. However, we also found that while these derivative financial instruments are useful hedges against the risks of issuing long-term financing instruments, they also expose derivative users to credit, contract

  17. Integration of financial and management accounting systems : the mediating influence of a consistent financial language on controllership effectiveness

    OpenAIRE

    Weißenberger, Barbara E.; Angelkort, Hendrik

    2009-01-01

    To provide accounting information for management control purposes, two fundamental options exist: (a) The financial records can be used as a database for management accounting (integrated accounting system design), or (b) the management accounting system used by controllers can be based upon a so-called third set of books besides the financial and tax accounting records. Whereas the latter approach had been typical for firms in German-speaking countries until the 1980s, since then an increasi...

  18. Fairness of Financial Contribution in Iranian Health System: Trend Analysis of National Household Income and Expenditure, 2003-2010

    Science.gov (United States)

    Fazaeli, Amir Abbas; Seyedin, Hesam; Moghaddam, Abbas Vosoogh; Delavari, Alireza; Salimzadeh, H.; Varmazyar, Hasan; Fazaeli, Ali Akbar

    2015-01-01

    Background: Social systems are dealing with the challenge of achieving fairness in the distribution of financial burden and protecting the risk of financial loss. The purpose of this paper is to present a trend analysis for the indicators related to fairness in healthcare’s financial burden in rural and urban population of Iran during the eight years period of 2003 to 2010. Methods: We used the information gathered by statistical center of Iran through sampling processes for the household income and expenditures. The indicators of fairness in financial contribution of healthcare were calculated based on the WHO recommended methodology. The indices trend analysis of eight-year period for the rural, urban areas and the country level were computed. Results: This study shows that in Iran the fairness of financial contribution index during the eight-year period has been decreased from 0.841 in 2003 to above 0.827 in 2010 and The percentage of people with catastrophic health expenditures has been increased from 2.3% to above 3.1%. The ratio of total treatment costs to the household overall capacity to pay has been increased from 0.055 to 0.068 and from 0.072 to 0.0818 in urban and rural areas respectively. Conclusion: There is a decline in fairness of financial contribution index during the study period. While, a trend stability of the proportion of households who suffered catastrophic health expenditures was found. PMID:26156920

  19. Financial management systems under decentralization and their effect on malaria control in Uganda.

    Science.gov (United States)

    Kivumbi, George W; Nangendo, Florence; Ndyabahika, Boniface Rutagira

    2004-01-01

    A descriptive case study with multiple sites and a single level of analysis was carried out in four purposefully selected administrative districts of Uganda to investigate the effect of financial management systems under decentralization on malaria control. Data were primarily collected from 36 interviews with district managers, staff at health units and local leaders. A review of records and documents related to decentralization at the central and district level was also used to generate data for the study. We found that a long, tedious, and bureaucratic process combined with lack of knowledge in working with new financial systems by several actors characterized financial flow under decentralization. This affected the timely use of financial resources for malaria control in that there were funds in the system that could not be accessed for use. We were also told that sometimes these funds were returned to the central government because of non-use due to difficulties in accessing them and/or stringent conditions not to divert them to other uses. Our data showed that a cocktail of bureaucratic control systems, corruption and incompetence make the financial management system under decentralization counter-productive for malaria control. The main conclusion is that good governance through appropriate and efficient financial management systems is very important for effective malaria control under decentralization.

  20. Structure and Connectivity Analysis of Financial Complex System Based on G-Causality Network

    International Nuclear Information System (INIS)

    Xu Chuan-Ming; Yan Yan; Zhu Xiao-Wu; Li Xiao-Teng; Chen Xiao-Song

    2013-01-01

    The recent financial crisis highlights the inherent weaknesses of the financial market. To explore the mechanism that maintains the financial market as a system, we study the interactions of U.S. financial market from the network perspective. Applied with conditional Granger causality network analysis, network density, in-degree and out-degree rankings are important indicators to analyze the conditional causal relationships among financial agents, and further to assess the stability of U.S. financial systems. It is found that the topological structure of G-causality network in U.S. financial market changed in different stages over the last decade, especially during the recent global financial crisis. Network density of the G-causality model is much higher during the period of 2007–2009 crisis stage, and it reaches the peak value in 2008, the most turbulent time in the crisis. Ranked by in-degrees and out-degrees, insurance companies are listed in the top of 68 financial institutions during the crisis. They act as the hubs which are more easily influenced by other financial institutions and simultaneously influence others during the global financial disturbance. (interdisciplinary physics and related areas of science and technology)

  1. Past and future regulation to prevent a systemic financial crisis

    Directory of Open Access Journals (Sweden)

    Mario Sarcinelli

    2010-01-01

    Full Text Available The article is a revised and updated version of that published on the March 2010 issues of Moneta e Credito. It was there claimed that, up to now, the G20 has supervised the process to revitalize the real economy affected by the Great Recession through fiscal stimuli and a very easy monetary policy, and to rescue the battered financial system by injecting capital into giant banks and firms. The G20 is now turning its attention to financial regulation, with the FSB as its main operational arm. The ideas that are being proposed stress the need for disincentives toward too much risk taking (more capital, higher liquidity, limits to remunerations and bonuses, etc., particularly by big and complex financial institutions that are likely to entail systemic risks. The paper maintains that, as the disincentive approach is insufficient to deter financial managers looking for power, some kind of segmentation needs to be introduced, as suggested by Paul Volcker.

  2. Does High-Quality Financial Reporting Mitigate the Negative Impact of Global Financial Crises on Firm Performance? Evidence from the United Kingdom

    Directory of Open Access Journals (Sweden)

    Zhiwei Lin

    2014-12-01

    Full Text Available Prior literature has claimed that accounting plays a negative role in a financial crisis. The current study sought to determine whether this effect is dependent on the quality of financial reporting. Specifically, this study examined the impact of the quality of financial reporting (as measured via earnings quality on liquidity (measured by the bid-ask spread in the equity market during the 2008–2009 global financial crisis in the United Kingdom. We found, as expected, that market liquidity was much lower during the crisis than prior to the crisis; however, firms with high-quality financial reporting suffered fewer negative effects as a result of the financial crisis. The results were robust after controlling for other influences, such as return volatility, loss making, market value of equity, and other potential endogeneity problems. In addition, adopting alternative models for earnings quality did not alter our inferences. Our results support the notion that high-quality accounting information can reduce information asymmetry and hence enhance investor confidence during a financial crisis. The results suggest that a stable financial reporting system is an important part of that overall economic fabric. Our findings will help build a framework on which an overall financial crisis risk-management strategy can be developed to avoid future crises.

  3. Guernsey; Financial System Stability Assessment-Update

    OpenAIRE

    International Monetary Fund

    2011-01-01

    Guernsey is a leading international insurance center in Europe. Its economy purely depends on the performance of the financial sector. As per the 2003 assessment under the Offshore Financial Center (OFC) program, it is found that the Guernsey Financial Services Commission (GFSC)’s powers have been strengthened in recent years and many recommendations of the 2003 Financial Sector Assessment Program (FSAP) have been implemented. The GFSC has developed a strategy for addressing banks' financial ...

  4. Economic Analysis in the System of Financial Planning of Forestry Enterprises

    Directory of Open Access Journals (Sweden)

    Ievdokymov Viktor V.

    2017-12-01

    Full Text Available The aim of the article is to develop organizational and methodological provisions of economic analysis of forestry enterprises’ financial plans as a result of financial planning. The importance of financial planning as a basis for developing managerial decisions regarding the financial potential is substantiated. The characteristic of the development stages and the importance of financial potential in countries of the world is given. The stages of forecasting as the basis of enterprises’ financial plans are considered. The composition of the subsystems, methods and functions of financial planning highlighted in the scientific literature is investigated. The place of economic analysis in financial planning and in the system of financial planning of an enterprise’s economic activity is determined. There identified the directions of information disclosure in a financial plan: formation of financial results, budget settlements, cash flow, capital investments, ratio analysis, financial status, breakdown of individual items. The prospect for further research is to determine the order of applying the analytical procedures for each of these directions of economic analysis to justify the application of the analytical procedures for assessing financial potential on the basis of financial plans of forestry enterprises. This will allow to create information space for managing the financial potential of a forestry enterprise to achieve its tactical and strategic goals.

  5. A Model of System and Strategic Financial Analysis of the Crimean Health Resorts

    Directory of Open Access Journals (Sweden)

    Vadim Anatolyevich Malyshenko

    2016-06-01

    Full Text Available The subject matter of the research is the system of strategically focused financial analysis regarding an assessment of the financial condition of the enterprise. The hypothesis of the study is to assume the possibility of developing the financial and strategic model of the comprehensive assessment of the financial condition taking into account the integrated impact of environmental factors (general for the most Crimean health resorts. The methodology of the work is based on the most general principles of system analysis. The basic method of the research is the matrix method as the most common one for the system analysis. The graphical and statistical methods are also used. The result of the work is the comprehensive method of financial analysis developed as a model based on the matrix relation between the original visual profile of the internal environment and the dynamic type of external environment. The difference of the visual model of financial state from the existing graphic methods consists in fixing of the new strategic types of financial state on the basis of financial stability in visually grouped areas of financial coefficients in theme groups (configurationsprofiles with certain combinations of the forms and sizes. The new analytical instrument of «frigate model» can be applied in all analytical activities of the health resorts departments related to the analytical assessment of financial state. The advantage of «frigate model» in comparison with a classical method of the forming of the types of financial condition is that the proposed model allows to allocate more differentiated types and in addition, to identify the stages of enterprise life cycle based on the relative indicators of the analysis of financial state (objects-coefficients, and not just on the financial management. Through this, the consistency of interaction between the financial analysis and management is achieved.

  6. Study protocol for Log2Lose: A feasibility randomized controlled trial to evaluate financial incentives for dietary self-monitoring and interim weight loss in adults with obesity.

    Science.gov (United States)

    Voils, Corrine I; Levine, Erica; Gierisch, Jennifer M; Pendergast, Jane; Hale, Sarah L; McVay, Megan A; Reed, Shelby D; Yancy, William S; Bennett, Gary; Strawbridge, Elizabeth M; White, Allison C; Shaw, Ryan J

    2018-02-01

    The obesity epidemic has negative physical, psychological, and financial consequences. Despite the existence of effective behavioral weight loss interventions, many individuals do not achieve adequate weight loss, and most regain lost weight in the year following intervention. We report the rationale and design for a 2×2 factorial study that involves financial incentives for dietary self-monitoring (yes vs. no) and/or interim weight loss (yes vs. no). Outpatients with obesity participate in a 24-week, group-based weight loss intervention. All participants are asked to record their daily dietary and liquid intake on a smartphone application (app) and to weigh themselves daily at home on a study-provided cellular scale. An innovative information technology (IT) solution collates dietary data from the app and weight from the scale. Using these data, an algorithm classifies participants weekly according to whether they met their group's criteria to receive a cash reward ranging from $0 to $30 for dietary self-monitoring and/or interim weight loss. Notice of the reward is provided via text message, and credit is uploaded to a gift card. This pilot study will provide information on the feasibility of using this novel IT solution to provide variable-ratio financial incentives in real time via its effects on recruitment, intervention adherence, retention, and cost. This study will provide the foundation for a comprehensive, adequately-powered, randomized controlled trial to promote short-term weight loss and long-term weight maintenance. If efficacious, this approach could reduce the prevalence, adverse outcomes, and costs of obesity for millions of Americans. Clinicaltrials.gov registration: NCT02691260. Published by Elsevier Inc.

  7. User Impact of Literacy on Treatment Outcomes Quality Regional Financial Information System

    Directory of Open Access Journals (Sweden)

    Iskandar MUDA

    2017-06-01

    Full Text Available This study aims to determine the effectiveness of the Outcomes of the Quality Regional Financial Information System. The research is an explanatory survey exploration that explains the relationship between some variables. The population of this study is formed by 7 District Municipalities in North Sumatra. The sample comprises 197 respondents; the sampling process is a purposive random one. Variables used include User Literacy, Regional Information System, Role Ambiguity, Training and Local Government Finance Report. Treatment Outcomes Quality systems have a significant effect on the accuracy of Local Government Financial Statement Presentation. Role Ambiguity has no significant effect on the accuracy of Local Government Financial Statement Presentation. Training does not significantly influence the accuracy of Government Financial Statements literacy. The findings of this study provide recommendations for improvement of the performance manager in North Sumatra, which thus supporting the implementation of a good government system.

  8. Colombia - National Level Public Financial Management and Procurement Report : Status of the Public Financial Management and Procurement System

    OpenAIRE

    World Bank; Inter-American Development Bank

    2009-01-01

    This Public Financial Management Performance Report (PFMPR) analyzes the performance of Colombia's public financial management (PFM) institutions, systems and processes. It documents areas where performance is close to or follows international good practice, as well as opportunities to further enhance PFM contribution to the goals of strengthening fiscal discipline, enabling more efficient...

  9. A Primer on Financial System Meltdown. The Economists' View

    OpenAIRE

    Hahn, Franz R.

    2008-01-01

    Ideologues are quick to explain the current financial meltdown: it's the markets, stupid. Economists agree but add: it's politics too, stupid. Ideologues agree but counter: first and foremost it's capitalism, stupid. Economists agree but reply: §$%&?!, stupid. This is where this short paper takes us: it makes an attempt to give a brief overview of the economists' views on the ongoing financial system crisis explaining "§$%&?!, stupid".

  10. Diversification at Financial Institutions and Systemic Crises

    NARCIS (Netherlands)

    Wagner, W.B.

    2006-01-01

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

  11. Financial markets as adaptive systems

    Science.gov (United States)

    Potters, M.; Cont, R.; Bouchaud, J.-P.

    1998-02-01

    We show, by studying in detail the market prices of options on liquid markets, that the market has empirically corrected the simple, but inadequate Black-Scholes formula to account for two important statistical features of asset fluctuations: "fat tails" and correlations in the scale of fluctuations. These aspects, although not included in the pricing models, are very precisely reflected in the price fixed by the market as a whole. Financial markets thus behave as rather efficient adaptive systems.

  12. Financial Stress Indices and Financial Crises

    NARCIS (Netherlands)

    Vermeulen, Robert; Hoeberichts, Marco; Vasicek, Borek; Zigraiova, Diana; Smidkova, Katerina; de Haan, Jakob

    This paper develops a Financial Stress Index (FSI) for 28 OECD countries and examines its relationship to crises using a novel database for financial crises. A stress index measures the current state of stress in the financial system and summarizes it in a single statistic. Our results suggest that

  13. Profit and loss account in the international context

    Directory of Open Access Journals (Sweden)

    PALIU - POPA LUCIA

    2011-06-01

    Full Text Available Given that the objective of financial statements is to provide information about the financial position, financial performance and cash flows of an economic unit, useful for a wide range of users in making economic decisions, particular attention should be paid to the profit and loss account, which is the main instrument for reflecting the financial performance, because on the one hand it provides the information necessary for their evaluation, and on the other hand the information essential for determining the risk of cash flows. Even if each component of the financial statements provides different pieces of information, they should be correlated because they reflect different aspects of the same transactions or events, and in this article we will address the general aspects of profit and loss account from the perspective of profit and loss account models. In this regard, after a brief theoretical approach of the profit and loss account, we will indicate the advantages of two models of profit and loss account but without forgetting their limitations. Thus, we will provide the income statement structure on two stages of normalization: internationally and nationally.

  14. Earthquake Loss Assessment for the Evaluation of the Sovereign Risk and Financial Sustainability of Countries and Cities

    Science.gov (United States)

    Cardona, O. D.

    2013-05-01

    Recently earthquakes have struck cities both from developing as well as developed countries, revealing significant knowledge gaps and the need to improve the quality of input data and of the assumptions of the risk models. The quake and tsunami in Japan (2011) and the disasters due to earthquakes in Haiti (2010), Chile (2010), New Zealand (2011) and Spain (2011), only to mention some unexpected impacts in different regions, have left several concerns regarding hazard assessment as well as regarding the associated uncertainties to the estimation of the future losses. Understanding probable losses and reconstruction costs due to earthquakes creates powerful incentives for countries to develop planning options and tools to cope with sovereign risk, including allocating the sustained budgetary resources necessary to reduce those potential damages and safeguard development. Therefore the use of robust risk models is a need to assess the future economic impacts, the country's fiscal responsibilities and the contingent liabilities for governments and to formulate, justify and implement risk reduction measures and optimal financial strategies of risk retention and transfer. Special attention should be paid to the understanding of risk metrics such as the Loss Exceedance Curve (empiric and analytical) and the Expected Annual Loss in the context of conjoint and cascading hazards.

  15. Measuring Systemic Risk

    DEFF Research Database (Denmark)

    Acharya, Viral V.; Heje Pedersen, Lasse; Philippon, Thomas

    We present a simple model of systemic risk and we show that each financial institution's contribution to systemic risk can be measured as its systemic expected shortfall (SES), i.e., its propensity to be undercapitalized when the system as a whole is undercapitalized. SES increases...... with the institution's leverage and with its expected loss in the tail of the system's loss distribution. Institutions internalize their externality if they are ‘taxed’ based on their SES. We demonstrate empirically the ability of SES to predict emerging risks during the financial crisis of 2007-2009, in particular......, (i) the outcome of stress tests performed by regulators; (ii) the decline in equity valuations of large financial firms in the crisis; and, (iii) the widening of their credit default swap spreads....

  16. Why Do People See a Financial System as a Whole Very Important?

    Directory of Open Access Journals (Sweden)

    Dian Masyita

    2015-08-01

    Full Text Available The action of one person will affect the others and then the action of one country will affect other countries. Financial crisis is like a contagious disease, which spreads everywhere. The failure in capturing systemic risk is the interconnected market events (’network externalities’ can produce self-reinforcing cycles then create the harmful situation. What happened in the banking regulation particularly Basel II? In reality, Basel II did not work completely in 2008. Since the implementation of risk management based on Basel II has been a prerequisite for a bank, it is supposed to make a positive impact. Misplaced reliance on mathematical model and statistics in managing risk could one of the problems in the decision making process. Using system thinking, system dynamics paradigm and theory of feedback system, this paper tries to see the risk management from different perspective and to enrich the understanding of how financial systems work: what drives them and causes the behavior. Many lessons can be learnt from this financial contagion since Islamic banking and finance system has inevitably been a part of the international financial systems.

  17. ANALYSIS OF THE HARMONIC LOSSES WITH ARTIFICIAL NEURAL NETWORKS IN UNBALANCED SYSTEM LOSSES USING BALANCED ELECTRIC POWER SYSTEM DATA

    Directory of Open Access Journals (Sweden)

    Aslan İNAN

    2005-01-01

    Full Text Available The losses in the power systems should be low as possible as. Saving energy instead of loses (kWh in power utilities can supply much more energy to the consumers. The lower losses the more energy is saved and thus the power system becomes more economical. In recent years, the increasing number of applications and power ratings of the devices which have nonlinear voltage-current characteristics cause voltage waveform distortion and additional losses. While evaluating losses considering harmonics will provide more contribution to obtain more accurate results. In this study, Artificial Neural Networks (ANN method has been presented to predict the harmonic losses in unbalanced power systems by using the data from balanced power system with nonlinear loads.

  18. SOME PARADIGMS OF ARTIFICIAL INTELLIGENCE IN FINANCIAL COMPUTER SYSTEMS

    OpenAIRE

    Jerzy Balicki

    2015-01-01

    The article discusses some paradigms of artificial intelligence in the context of their applications in computer financial systems. The proposed approach has a significant po-tential to increase the competitiveness of enterprises, including financial institutions. However, it requires the effective use of supercomputers, grids and cloud computing. A reference is made to the computing environment for Bitcoin. In addition, we characterized genetic programming and artificial neural networks to p...

  19. Network centrality measures and systemic risk: An application to the Turkish financial crisis

    Science.gov (United States)

    Kuzubaş, Tolga Umut; Ömercikoğlu, Inci; Saltoğlu, Burak

    2014-07-01

    In this paper, we analyze the performance of several network centrality measures in detecting systemically important financial institutions (SIFI) using data from the Turkish Interbank market during the financial crisis in 2000. We employ various network investigation tools such as volume, transactions, links, connectivity and reciprocity to gain a clearer picture of the network topology of the interbank market. We study the main borrower role of Demirbank in the crash of the banking system with network centrality measures which are extensively used in the network theory. This ex-post analysis of the crisis shows that centrality measures perform well in identifying and monitoring systemically important financial institutions which provide useful insights for financial regulations.

  20. The System-Synergetic Approach to Development of Banking Systems under Conditions of Financial Instability

    Directory of Open Access Journals (Sweden)

    Karcheva Ganna T.

    2015-03-01

    Full Text Available The aim of the article is to study the theoretical and practical aspects of using the system-synergetic approach to the development and functioning of banking systems under conditions of financial instability. It has been grounded that the theoretical foundations for the development of banking systems are based on the system approach, according to which the banking systems belong to a class of special complex dynamic, self-motivated and open systems with an integrated structure of subsystems and functions. The study of such systems should include two aspects — system-cybernetic and system-synergetic ones. It has been proved that under stationary conditions the banking system development goes on in accordance with the systemcybernetic model, which suggests the presence of a management subsystem, which functions are performed by the central bank. Under conditions of financial instability, in the pre-crisis, crisis and post-crisis periods to study the development of banking systems the system-synergetic approach taking into account the multi-variant and alternative development of the banking system at bifurcation points is used. The criteria of the banking system entering the phase of bifurcation based on assessing the volatility of the current liabilities and possibility of building an analytical trend have been determined. The methodical approaches to evaluating the synergistic effects and level of financial stability of the banking system have been suggested, experimental calculations have been made.

  1. Emotion regulation reduces loss aversion and decreases amygdala responses to losses.

    Science.gov (United States)

    Sokol-Hessner, Peter; Camerer, Colin F; Phelps, Elizabeth A

    2013-03-01

    Emotion regulation strategies can alter behavioral and physiological responses to emotional stimuli and the neural correlates of those responses in regions such as the amygdala or striatum. The current study investigates the brain systems engaged when using an emotion regulation technique during financial decisions. In decision making, regulating emotion with reappraisal-focused strategies that encourage taking a different perspective has been shown to reduce loss aversion as observed both in choices and in the relative arousal responses to actual loss and gain outcomes. In the current study, we find using fMRI that behavioral loss aversion correlates with amygdala activity in response to losses relative to gains. Success in regulating loss aversion also correlates with the reduction in amygdala responses to losses but not to gains. Furthermore, across both decisions and outcomes, we find the reappraisal strategy increases baseline activity in dorsolateral and ventromedial prefrontal cortex and the striatum. The similarity of the neural circuitry observed to that seen in emotion regulation, despite divergent tasks, serves as further evidence for a role of emotion in decision making, and for the power of reappraisal to change assessments of value and thereby choices.

  2. New approaches in agent-based modeling of complex financial systems

    Science.gov (United States)

    Chen, Ting-Ting; Zheng, Bo; Li, Yan; Jiang, Xiong-Fei

    2017-12-01

    Agent-based modeling is a powerful simulation technique to understand the collective behavior and microscopic interaction in complex financial systems. Recently, the concept for determining the key parameters of agent-based models from empirical data instead of setting them artificially was suggested. We first review several agent-based models and the new approaches to determine the key model parameters from historical market data. Based on the agents' behaviors with heterogeneous personal preferences and interactions, these models are successful in explaining the microscopic origination of the temporal and spatial correlations of financial markets. We then present a novel paradigm combining big-data analysis with agent-based modeling. Specifically, from internet query and stock market data, we extract the information driving forces and develop an agent-based model to simulate the dynamic behaviors of complex financial systems.

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

    OpenAIRE

    João Manoel Pinho de Mello; Márcio Gomes Pinto Garcia

    2011-01-01

    Since the conquest of hyperinflation, with the Real Plan, in 1994, the Brazilian financial system has grown from early infancy to late adolescence. We describe the process of maturing with emphasis on the defining features of the Brazilian financial system over the last 20 years: 1) stabilization and the subsequent financial crisis; 2) universality of banks; 3) market segmentation through public lending; 4) institutional improvement. Further paraphrasing Díaz Alejandro (1984), we raise some h...

  4. Post-crisis financial intermediation

    Directory of Open Access Journals (Sweden)

    Ilie MIHAI

    2015-09-01

    Full Text Available The recent financial crisis that begun in 2007 in the US, which then swept around the world, has left deep scars on the already wrinkled face of the global economy. Some national and regional economies, which had money for expensive makeup, or created money[1], managed to blur or hide the scars left by the crisis, others are still facing difficulties in overcoming the effects of this. The rapacity of banks, their greed and risk ignorance, were the origin of the outbreak of the last major economic and financial crisis but unfortunately those who were responsible or, rather, irresponsible, paid little or nothing at all for the burden of their bad loan portfolio. This cost has been supported by the population, either directly by paying high interest and fees [Mihai I., 2007], or indirectly, through the use of public budgets to cover the losses of banks, most of which had private capital. In this context, we intend to examine the state of financial intermediation in Romania in the post-crisis period, and to primarily follow: (i The structure and evolution of the banking system; (ii Non-government credit situation; (iii The level of savings; (iiii Loan-deposit ratio; (v The degree of financial intermediation and disintegration phenomenon etc., and to articulate some conclusions and suggestions on the matters that have been explored.

  5. Aersol particle losses in sampling systems

    International Nuclear Information System (INIS)

    Fan, B.J.; Wong, F.S.; Ortiz, C.A.; Anand, N.K.; McFarland, A.R.

    1993-01-01

    When aerosols are sampled from stacks and ducts, it is usually necessary to transport them from the point of sampling to a location of collection or analysis. Losses of aerosol particles can occur in the inlet region of the probe, in straight horizontal and vertical tubes and in elbows. For probes in laminary flow, the Saffman lift force can cause substantial losses of particles in a short inlet region. An empirical model has been developed to predict probe inlet losses, which are often on the order of 40% for 10 μm AED particles. A user-friendly PC computer code, DEPOSITION, has been setup to model losses in transport systems. Experiments have been conducted to compare the actual aerosol particle losses in transport systems with those predicted by the DEPOSITION code

  6. 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.

  7. Empowering Physicians with Financial Literacy.

    Science.gov (United States)

    Bar-Or, Yuval

    2015-01-01

    Most doctors complete their medical training without sufficient knowledge of business and finance. This leads to inefficient financial decisions, avoidable losses, and unnecessary anxiety. A big part of the problem is that the existing options for gaining financial knowledge are flawed. The ideal solution is to provide a simple framework of financial literacy to all students: one that can be adapted to their specific circumstances. That framework must be delivered by an objective expert to young physicians before they complete medical training.

  8. ADMINISTRATIVE AND LEGAL PRINCIPLES OF FUNCTIONING OF THE FINANCIAL SYSTEM IN UKRAINE AND EUROPE: A COMPARATIVE ANALYSIS

    Directory of Open Access Journals (Sweden)

    Kateryna Chyzhmar

    2017-12-01

    Full Text Available The purpose of the article is a comparative legal analysis of the administrative and legal principles of the functioning of the financial system in Ukraine and European countries. The subject of the study is the peculiarities of the state regulation of financial systems in Great Britain, Germany, Poland, Spain, Sweden, and Ukraine. Methodology. The research is based on comparing the legal regulation of the financial system in Ukraine and in the EU countries. An analysis of European experience in the administrative regulation of financial systems and financial activity has shown that most European states support the policy of regulating the financial system as a holistic, indivisible phenomenon, gradually moving away from its understanding as a set of separate segments. A significant influence on this issue was made by the European Union, within which there was introduced a combination of the most important functions in the regulation of the EU financial system and entrusting them to a separate group of special bodies. Results of the comparative legal study showed that, unlike most European countries, in Ukraine, the administrative and legal framework for the provision of certain components of the financial sector, in particular, banking, investment, tax and budget, financial services market, etc., are not combined into a single model of state regulation of financial system, but they are scattered. In turn, the lack of a unified legal basis for state regulation of the national financial system in practice creates a situation where such regulation is carried out by a large number of state bodies of varying degrees, whose powers are repeated in some cases, which causes contradictions. Practical implications. It is found that the key difference between the regulation of financial systems in the countries of Europe lies in the very principle of perceiving the role of the state in this process and understanding the content of the financial system as a

  9. Cyst Viability, Organ Distribution and Financial Losses due to Hydatidosis in Cattle Slaughtered At Dessie Municipal Abattoir, North-eastern Ethiopia

    Directory of Open Access Journals (Sweden)

    A Melaku

    2012-08-01

    Full Text Available A cross sectional study was conducted from October 2010 to March 2011 to assess the prevalence, cyst viability, organ distribution and financial losses of bovine hydatidosis in cattle slaughtered at Dessie municipal abattoir. Postmortem inspection, cyst characterization and financial loss estimations were conducted. Out of 610 inspected cattle, 83 (13.61% were harbouring a single or multiple hydatid cysts. Significantly (P<0.05 higher infection rate was observed in poor (22.89% than medium (12.99% and good (10.40% body condition scorings but significant variation (P>0.05 was not observed in different age groups. Anatomically, the cysts were distributed 68.67% in the lung, 14.46% in the liver, 6.02% in the kidneys, 1.2% in the heart and 9.64% were found both in the lung and liver. Of the total examined cysts (195 for fertility and viability, 27 (13.85% were fertile, 44 (22.56% were calcified, 124 (63.59% were sterile. The rate of cyst calcification was higher in the liver (78.14% than other organs whilst the fertility percentage was higher in the lung (14.65%. Of the total 27 fertile cysts subjected to viability test, 13 (6.67% were viable. Size assessment made on 195 cysts indicated that 153 (78.46% were small, 41 (21.03% were medium and one (0.51% were large sized cysts. In the present study, the total annual economic loss from organ condemnation and carcass weight loss due to hydatidosis was estimated as 681,333.87 Ethiopian birr which is about 39157.12 United States dollar per annum based on the local market prices in the study period. The result of this study revealed that hydatidosis is an economically important disease of cattle which necessitates designing of appropriate strategies for its control. [Vet. World 2012; 5(4.000: 213-218

  10. 76 FR 10047 - Changes to the Public Housing Assessment System (PHAS): Financial Condition Scoring Notice

    Science.gov (United States)

    2011-02-23

    ... accepted accounting principles (GAAP)-based financial information. This notice updates and clarifies the... Housing Assessment System (PHAS): Financial Condition Scoring Notice AGENCY: Office of the Assistant... under the financial condition indicator of the Public Housing Assessment System (PHAS). This notice...

  11. Universal behavior of the interoccurrence times between losses in financial markets: independence of the time resolution.

    Science.gov (United States)

    Ludescher, Josef; Bunde, Armin

    2014-12-01

    We consider representative financial records (stocks and indices) on time scales between one minute and one day, as well as historical monthly data sets, and show that the distribution P(Q)(r) of the interoccurrence times r between losses below a negative threshold -Q, for fixed mean interoccurrence times R(Q) in multiples of the corresponding time resolutions, can be described on all time scales by the same q exponentials, P(Q)(r)∝1/{[1+(q-1)βr](1/(q-1))}. We propose that the asset- and time-scale-independent analytic form of P(Q)(r) can be regarded as an additional stylized fact of the financial markets and represents a nontrivial test for market models. We analyze the distribution P(Q)(r) as well as the autocorrelation C(Q)(s) of the interoccurrence times for three market models: (i) multiplicative random cascades, (ii) multifractal random walks, and (iii) the generalized autoregressive conditional heteroskedasticity [GARCH(1,1)] model. We find that only one of the considered models, the multifractal random walk model, approximately reproduces the q-exponential form of P(Q)(r) and the power-law decay of C(Q)(s).

  12. Universal behavior of the interoccurrence times between losses in financial markets: Independence of the time resolution

    Science.gov (United States)

    Ludescher, Josef; Bunde, Armin

    2014-12-01

    We consider representative financial records (stocks and indices) on time scales between one minute and one day, as well as historical monthly data sets, and show that the distribution PQ(r ) of the interoccurrence times r between losses below a negative threshold -Q , for fixed mean interoccurrence times RQ in multiples of the corresponding time resolutions, can be described on all time scales by the same q exponentials, PQ(r ) ∝1 /{[1+(q -1 ) β r ] 1 /(q -1 )} . We propose that the asset- and time-scale-independent analytic form of PQ(r ) can be regarded as an additional stylized fact of the financial markets and represents a nontrivial test for market models. We analyze the distribution PQ(r ) as well as the autocorrelation CQ(s ) of the interoccurrence times for three market models: (i) multiplicative random cascades, (ii) multifractal random walks, and (iii) the generalized autoregressive conditional heteroskedasticity [GARCH(1,1)] model. We find that only one of the considered models, the multifractal random walk model, approximately reproduces the q -exponential form of PQ(r ) and the power-law decay of CQ(s ) .

  13. RESEARCH OF PROCESS OF FINANCIAL MONITORING ORGANIZING IN BANKS

    Directory of Open Access Journals (Sweden)

    Viktoriia Kovalenko

    2017-03-01

    Full Text Available The article aims to study methods and tools for financial monitoring by banks. It is proved that one of the main global financial problems in recent years is increasing number of cases of banks participating in the money laundering. It causes banks huge losses, undermines the credibility of honest depositors, in addition, circulation of funds like these hurts the national economy. The article is to develop recommendations to improve the effectiveness of financial monitoring in banks. It is proved that the current model of the national financial monitoring system includes the following elements: the purpose of macroeconomic and microeconomic levels; principles; function; facilities; subjects; types of financial monitoring; methods of implementation and regulatory prevue regulation. It is proved that the major problems related to the financial monitoring of banks are the following: lack of legislatively established quality requirements of customer information; persons engaged in legalization of illegal incomes are highly qualified, which greatly facilitates them through the bank of suspicious transactions; the process of settlement bank failure in the conduct of questionable transactions. Keywords: financial monitoring, suspicious transactions, bank, money laundering, financing of terrorism.

  14. The Dynamics of the Economic-Financial Performance of the Corporate System of National Economy

    Directory of Open Access Journals (Sweden)

    Riabokin Taras V.

    2017-02-01

    Full Text Available The article is aimed at analyzing the dynamics of the economic-financial performance of the national corporate system, identifying trends in its development. An allocation of the corporate system as a structured object and its research will contribute to understanding of the dynamic properties of the corporate system itself, its actors, and the economy as a whole. An analysis of the dynamics of the economic-financial performance of the corporate system of national economy has been carried out. The national accounts of Ukraine for 2008-2015, in particular, in the sectors of both non-financial and financial corporations as the major subsystems of the corporate system, have been analyzed. Trends as to releasing goods and services, intermediate consumption, gross value added, and net value added, incomes, savings, net lending (+, and net borrowing (-, have been highlighted. Future researches should address a deeper analysis of the performance indicators of individual corporations, the corporate structures, constituting a part of the core corporate system, including the financial core, as well as efficiency of the State administration of national economy

  15. HOW ROMANIAN FINANCIAL AND INTERNAL AUDITORS ACQUIRE ACCOUNTING INFORMATION SYSTEMS KNOWLEDGE AND COMPETENCES?

    Directory of Open Access Journals (Sweden)

    Cardos Vasile - Daniel

    2011-07-01

    Full Text Available Research theme in this article we investigate how Romanian financial and internal auditors acquire accounting information systems knowledge and competences and how they use this knowledge to improve their activity in order to fulfill their mission as required by the professional standards. Objectives our main purpose is to establish through what type of courses Romanian financial and internal auditors acquiring accounting information systems knowledge and competences and how useful these courses are perceived by the auditors. Prior work audit professional organizations prescribed that auditors must acquire, maintain and develop their knowledge and competences. Information technology and information systems are considered to be a main knowledge component of professional development programs. The scientific literature indicates that auditors have to enhance their information systems knowledge in order to cope with the increasing complexity of the client's entities accounting information systems. We consider that our article embraces Curtis et al. (2009 call for research on how auditors obtain information systems knowledge. Methodology an electronic questionnaire was created and sent to Romanian financial and internal auditors, which were required to indicate the number of accounting information systems course they attended and how the knowledge gained improved their activity. Results We concluded that financial auditors acquire accounting information systems knowledge mainly by attending the courses organized by the Chamber of Financial Auditors of Romanian, while internal auditors by attending the course organized by the companies they are working with. Implications - The results of this study might be used by Romanian professional audit organizations in reconsidering their priorities regarding the accounting information systems knowledge and competence needs of their constituents. Originality/Contribution Our study is the first one to

  16. Some Tendencies in the World Financial System in 2016

    Directory of Open Access Journals (Sweden)

    Mikhail Vladimirovich Yershov

    2017-03-01

    Full Text Available The authors review problems of the global financial system in 2016. It is shown that the situation in the world financial sphere by the end of 2016 became a little less disturbing in comparison with the beginning of the year, which started with a collapse of the stock market in China that caused falling of the world stock market and generated some forecasts about the global financial crisis in the near future. The researchers note that so far it is impossible to speak with confidence about changes in the trend: first, many countries are predicted to have rather low GDP growth rates and, second, high volatility in the world commodities, equities, and foreign exchange markets remains. The structure of the paper is as follows: financial imbalances at the beginning of 2016; decrease in sharpness of a number of problems for the last months of 2016; and the situation in the European banking sector

  17. SOME PARADIGMS OF ARTIFICIAL INTELLIGENCE IN FINANCIAL COMPUTER SYSTEMS

    Directory of Open Access Journals (Sweden)

    Jerzy Balicki

    2015-12-01

    Full Text Available The article discusses some paradigms of artificial intelligence in the context of their applications in computer financial systems. The proposed approach has a significant po-tential to increase the competitiveness of enterprises, including financial institutions. However, it requires the effective use of supercomputers, grids and cloud computing. A reference is made to the computing environment for Bitcoin. In addition, we characterized genetic programming and artificial neural networks to prepare investment strategies on the stock exchange market.

  18. A process for establishing a financial assurance plan for LLW disposal facilities

    International Nuclear Information System (INIS)

    Smith, P.

    1993-04-01

    This document describes a process by which an effective financial assurance program can be developed for new low-level radioactive waste (LLW) disposal facilities. The report identifies examples of activities that might cause financial losses and the types of losses they might create, discusses mechanisms that could be used to quantify and ensure against the various types of potential losses identified and describes a decision process to formulate a financial assurance program that takes into account the characteristics of both the potential losses and available mechanisms. A sample application of the concepts described in the report is provided

  19. A process for establishing a financial assurance plan for LLW disposal facilities

    Energy Technology Data Exchange (ETDEWEB)

    Smith, P. [EG and G Idaho, Inc., Idaho Falls, ID (United States). National Low-Level Waste Management Program

    1993-04-01

    This document describes a process by which an effective financial assurance program can be developed for new low-level radioactive waste (LLW) disposal facilities. The report identifies examples of activities that might cause financial losses and the types of losses they might create, discusses mechanisms that could be used to quantify and ensure against the various types of potential losses identified and describes a decision process to formulate a financial assurance program that takes into account the characteristics of both the potential losses and available mechanisms. A sample application of the concepts described in the report is provided.

  20. Macro-Prudential Assessment of Colombian Financial Institutions’ Systemic Importance

    NARCIS (Netherlands)

    León, C.; Machado, C.; Murcia, A.

    2014-01-01

    Three metrics are designed to assess Colombian financial institutions’ size, connectedness and non-­substitutability as the main drivers of systemic importance: (i) centrality as net borrower in the money market network; (ii) centrality as payments originator in the large-value payment system

  1. 75 FR 75546 - Financial Management Service; Privacy Act of 1974, as Amended; System of Records

    Science.gov (United States)

    2010-12-03

    ... DEPARTMENT OF THE TREASURY Financial Management Service; Privacy Act of 1974, as Amended; System of Records AGENCY: Financial Management Service, Treasury. ACTION: Notice of proposed new system of records. SUMMARY: In accordance with the Privacy Act of 1974, as amended, the Financial Management Service...

  2. The Iron Law of Financial Markets: Self-fulfilling Prophecies and Speculative Booms and Busts

    Directory of Open Access Journals (Sweden)

    Ognjen Radonjić

    2016-02-01

    Full Text Available This paper discusses the factors which, in the absence of strong financial regulation, sustain the Iron Law of the Financial Markets asserting that speculative booms and busts occur more or less regularly from 17 century to the present. The first factor is that financial markets are self-fulfilling system. The second is that human nature does not change and is based on egoism, materialism, loss aversion, exaggerated hopes and fears, emulation, propensity to gamble, herd behavior and so on. Lastly, there is the extreme brevity of the financial memory. In order to enable economic authorities and/or individuals to detect timely that the unsustainable boom is under the way, we have identified the common features of historically recorded speculative episodes. Stages through which the system passes on its way from unsustainable rise to inevitable fall are: displacement, boom, overtrading, financial distress and discredit or revulsion.

  3. The topology of a causal network for the Chinese financial system

    Science.gov (United States)

    Gao, Bo; Ren, Ruo-en

    2013-07-01

    The paper builds a causal network for the Chinese financial system based on the Granger causality of company risks, studies its different topologies in crisis and bull period, and applies the centrality to explain individual risk and prevent systemic risk. The results show that this causal network possesses both small-world phenomenon and scale-free property, and has a little different average distance, clustering coefficient, and degree distribution in different periods, and financial institutions with high centrality not only have large individual risk, but also are important for systemic risk immunization.

  4. 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...

  5. Development of the cancer patient financial aid system and analysis of user satisfaction.

    Science.gov (United States)

    Park, Joon Ho; Park, Eun-Cheol; Lee, Myung Ha; Kim, Yun-Mi; Choi, Soo Mi

    2006-01-01

    A financial aid program for low income cancer patients in Korea was initiated in 2005, which required a web-based system. Therefore, the Cancer Patient Financial Aid System (CPFAS) was developed. To improve the CPFAS, we evaluated the nationwide satisfaction of public health center users.

  6. Financial Liberalization and Financial Fragility

    OpenAIRE

    Enrica Detragiache; Asli Demirgüç-Kunt

    1998-01-01

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

  7. FINANCIAL SYSTEM OF JAPAN: THE LEGAL REGULATION OF DISPUTES BETWEEN FINANCIAL SERVICES PROVIDERS AND CONSUMERS

    Directory of Open Access Journals (Sweden)

    E. E. Frolova

    2018-01-01

    Full Text Available Purpose: the article examines the main problems associated the regulatory acts of Japan – The Financial Instruments and Exchange Act, The Banking Act, The  Insurance Business Act, lists the types of financial disputes subject to alternative settlement, identified the parties to the financial dispute. To achieve this goal, the article must solve the following tasks: to determine whether there are institutions in Japan that provide services for resolving financial disputes; to investigate the main problems associated with the definition of the concept and types of financial dispute, the conditions for the transfer of a financial dispute to the competent authority.Methods: this article is based on an interdisciplinary concept of research, which allowed to distinguish the distinctive features of the legal regulation of the settlement of financial disputes in Malaysia.Results: acts of Japan – The Financial Instruments and Exchange Act, The Banking Act, The Insurance Business Act, – refer to financial disputes – disputes resolved by "Designated Dispute Resolution Organizations", the so-called "financial DDRO". Financial disputes are disputes between suppliers and consumers of financial services. The Financial Instruments and Exchange Act details the persons, whose activities fall within the definition of financial provider services. A brief list of financial service providers is available on the website of Japan's main financial regulator, the Financial Services Agency. The list include: Japanese banking institutions, branches and representative offices of foreign banks, business operators of financial instruments, insurance companies, trust companies, financial markets, foreign audit firms. However, unlike other countries of the Asia-Pacific region, consumers of financial services can be both physical and legal entities.Conclusions and Relevance: the materials presented in the article show the special role of "Designated Dispute Resolution

  8. Eastern European financial systems : the creation of inside money

    NARCIS (Netherlands)

    Perotti, E.C.

    1993-01-01

    This paper offers a classification of credit markets in transition economies. It describes a continuum of systems by identifying its polar cases: countries where the entire financial system still relies on outside money, mostly republics of the former Soviet Union; and those where a more

  9. Measuring Systemic Risk

    DEFF Research Database (Denmark)

    Heje Pedersen, Lasse

    We present a simple model of systemic risk and we show that each financial institution’s contribution to systemic risk can be measured as its systemic expected shortfall (SES), i.e., its propensity to be undercapitalized when the system as a whole is undercapitalized. SES increases...... with the institution’s leverage and with its expected loss in the tail of the system’s loss distribution. Institutions internalize their externality if they are “taxed” based on their SES. We demonstrate empirically the ability of SES to predict emerging risks during the financial crisis of 2007-2009, in particular......, (i) the outcome of stress tests performed by regulators; (ii) the decline in equity valuations of large financial firms in the crisis; and, (iii) the widening of their credit default swap spreads....

  10. Assessment of financial management of the National Health Fund in 2005-2011

    Directory of Open Access Journals (Sweden)

    Agata Gastecka

    2015-04-01

    Full Text Available After many reforms of the Polish health care system, the current entity responsible for financing medical services to the insured patients is the National Health Fund. Despite the constantly increasing funds being allocated to the health care system, it still remains underfunded. A tool that facilitates the evaluation and assessment of the viability, stability and profitability of a business is called the financial analysis. The primary source of data necessary for the preparation of the financial analysis comes from the financial statement which includes the balance sheets, profit and loss account, notes, cash flow statement, and statement of changes in equity. On the basis of the information contained in these documents one can understand the structure of assets, earnings, revenues and expenses, as well as the level of indebtedness and liquidity. The National Health Fund has a monopoly on the health insurance market. Therefore, the financial management conducted by this entity should be based on the rationalization of the expenditure in terms of revenue and stable income generation. The financial analysis carried out between 2005 and 2011 showed that the total assets of the entity were dominated by the current assets which can be justified by the nature of the business. The structure of equity relative compared to the foreign capital did not show positive trends. Since 2009, the bad financial situation was manifested by the profit and loss accounts, which reached negative values and costs exceeding the revenue. The ratio analysis showed a high debt rates experienced by the health care payers. At the same time, however, the liquidity has been maintained.

  11. IMPLICATIONS OF THE FINANCIAL SYSTEM ON THE CAPITAL STRUCTURE OF THE ENTERPRISE

    Directory of Open Access Journals (Sweden)

    Toderascu (Sandu Carmen

    2013-07-01

    Full Text Available This paper aims to identify the types of financing structures of the economy that exist in European Union countries highlighting the features of each structure. For each type of financing system of the economy identified we observe the financial resources available to companies. Depending on these we identify how there are financed the companies in each market, more exactly what capital structure do they have, and moreover what is the optimal capital structure in each case. So, by this analysis, we want to see if the financing system of an economy influences the optimal structure of the companies operating in the capital market from that country. In various stages of development of the financial system, the company financing depends on the general characteristics of the environment in which the enterprise operates. The financing system existing in a country plays an important role on the capital structure of an enterprise because according to the specific of each country the enterprises have access to more or fewer financial resources. We also analyze the supply of financial resources within each system, exactly the actual money that businesses can have on those markets and key management decisions on enterprises financing. In this paper we combine the theoretical analysis with the empirical results obtained by the studies realized by European Commission. It is important to keep in mind that the results obtained by the analysis realized in the last years may be influenced by the manifestation of the global financial crisis. An important result of this analyze is that the external environment and the disturbances in the external environment have a significant influence on the financing of businesses operating in a country. This was proved again by the impact of the current financial crisis on the activities of the enterprises on each market from European Union.

  12. Earning management in Brazilian financial institutions

    Directory of Open Access Journals (Sweden)

    Adriana Bruscato Bortoluzzo

    2016-06-01

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

  13. Analyzing Systemic Risk in CEE Markets in 2007–2008 Financial Crisis

    Directory of Open Access Journals (Sweden)

    Renata Karkowska

    2013-01-01

    Full Text Available The purpose of the article is to attempt to answer the question ofhow the crisis affected the banking systems of cee countries, withspecial emphasis on liquidity risk. It seems that this problem hasparticularly affected emerging economies. First, the liquidity riskbegan to exert considerable influence on the functioning bankingsystem and, indirectly, the whole economy. In this paper authorwanted to answer the following questions: What are the channelsof transmission systemic risk on cee markets? What is the role ofbig world banking groups in these financial systems? This conceptis applied to ten Central Eastern European countries, whichexperienced a financial crisis. In the research author hypothesizedabout interconnectedness of liquidity in financial systemsand solvency problems of big banking groups operating in CEE.

  14. Hires and Losses Tracking System

    Data.gov (United States)

    Social Security Administration — This database contains data about the hires and losses of employees for the Office of Systems-those who join or leave the Office of Systems and those who transfer...

  15. Convergences and Divergences between Financial Reporting Systems of Romania and Spain

    Directory of Open Access Journals (Sweden)

    Laptes R.

    2014-12-01

    Full Text Available The main objective of this paper is to perform a comparative study regarding the theory and practice of financial statements in Romania and Spain. To achieve this goal, we performed a documentary research of the main papers of this area and of the applicable accounting regulations from Romania and Spain, research that allowed us to identify convergences and divergences about financial statements in both countries. The main conclusion of this study is that, while Romania experiences improving its financial reporting system by conformism, respectively by assigning through legislation forms adapted to European accounting regulations, Spain chooses a flexible development, trying to realize a complete presentation of the accounting information published in the annual financial statements.

  16. THE IMPACT OF THE FINANCIAL AND ECONOMIC GLOBAL CRISIS OVER THE ROMANIAN BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    Ciobanu (Sireteanu Elena

    2011-12-01

    Full Text Available This paper analyzes the evolution of the Romanian banking system during 2007 - 2010 compared to the same segment of financial market dynamics in the Member States. Also seeks to detect the effects of the global financial and economic crisis on lending activity, the management of liquidity risk and thereby the effect on the profitability of the Romanian banking sector and outline the prospects of further development. The macroeconomic and financial international background has undergone negative changes, especially in the autumn of 2008. Romania's financial system has evolved but strongly marked by the virulent manifestations of global financial and economic crisis. The banking system which is the dominant component in the financial system is well capitalized, has resisted, until now, these pressures, without recording any bankruptcy. As a lending crunch from the increase in provision expenses, against the backdrop of bad loans it seems to be a poor performance of the banking system for the future period, taking into account the negative financial result recorded at the end of 2010. Given the high degree of capitalization, liquidity level indicators, on this, consider that local banks are well placed to support the real economy on long-term lending conditions imposed by prudential regulations in the field. Currently, at the level of the Romanian banking system, we consider it is necessary to continue the measures imposed by the monetary authority to ensure the reduction of uncertainty and reassure market participants in future developments, as trust is the essential factor for the crisis. In this sense, we consider very important the debate, the direct involvement of representatives of the central bank and academic themes reflecting the current state of the Romanian financial system, lessons learned from the crisis and Romania's objectives for the future - providing a sustainable process of nominal and real convergence of the Romanian economy

  17. Annual report and summary financial statement 1991-1992

    International Nuclear Information System (INIS)

    1993-01-01

    The 1991-92 Annual Report for Scottish Hydro-Electric PLC is presented. It includes key financial statistics, the financial calendar, details of the Board of Directors, the Chairman's Statement, the Chief Executives' review of operations, operational statistics, a summary financial statement, a summary group profit and loss account, summary balance sheets, the Auditors' Report and a customer map. (UK)

  18. Macro-Prudential Policies to Mitigate Financial System Vulnerabilities

    NARCIS (Netherlands)

    Claessens, S.; Ghosh, S.R.; Mihet, R.

    2014-01-01

    Macro-prudential policies aimed at mitigating systemic financial risks have become part of the policy toolkit in many emerging markets and some advanced countries. Their effectiveness and efficacy are not well-known, however. Using panel data regressions, we analyze how changes in balance sheets of

  19. 46 CFR 252.23 - Financial and other reporting requirements.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 8 2010-10-01 2010-10-01 false Financial and other reporting requirements. 252.23... SERVICES Operation § 252.23 Financial and other reporting requirements. (a) Voyage report. The operator... total loss covered by a policy of insurance. (d) Financial statements. The operator shall submit, in...

  20. How the ownership structures cause epidemics in financial markets: A network-based simulation model

    Science.gov (United States)

    Dastkhan, Hossein; Gharneh, Naser Shams

    2018-02-01

    Analysis of systemic risks and contagions is one of the main challenges of policy makers and researchers in the recent years. Network theory is introduced as a main approach in the modeling and simulation of financial and economic systems. In this paper, a simulation model is introduced based on the ownership network to analyze the contagion and systemic risk events. For this purpose, different network structures with different values for parameters are considered to investigate the stability of the financial system in the presence of different kinds of idiosyncratic and aggregate shocks. The considered network structures include Erdos-Renyi, core-periphery, segregated and power-law networks. Moreover, the results of the proposed model are also calculated for a real ownership network. The results show that the network structure has a significant effect on the probability and the extent of contagion in the financial systems. For each network structure, various values for the parameters results in remarkable differences in the systemic risk measures. The results of real case show that the proposed model is appropriate in the analysis of systemic risk and contagion in financial markets, identification of systemically important firms and estimation of market loss when the initial failures occur. This paper suggests a new direction in the modeling of contagion in the financial markets, in particular that the effects of new kinds of financial exposure are clarified. This paper's idea and analytical results may also be useful for the financial policy makers, portfolio managers and the firms to conduct their investment in the right direction.

  1. Reorganization Law and Dilution Threats in Different Financial Systems

    NARCIS (Netherlands)

    Hege, U.; Mella-Barral, P.

    2000-01-01

    In a market-based financial system, credit is held by dispersed creditors, and out-of-court renegotiation of debt is more likely to fail because of hold-out problems; in a bank-based system, out-of-court renegotiation stands good chances to succeed. Since out-of-court renegotiation is a substitute

  2. RHIC Beam Loss Monitor System Initial Operation

    International Nuclear Information System (INIS)

    Witkover, R. L.; Michnoff, R. J.; Geller, J. M.

    1999-01-01

    The RHIC Beam Loss Monitor (BLM) System is designed to prevent beam loss quenching of the superconducting magnets, and acquire loss data. Four hundred ion chambers are located around the rings to detect losses. The required 8-decade range in signal current is compressed using an RC pre-integrator ahead of a low current amplifier. A beam abort may be triggered if fast or slow losses exceed programmable threshold levels. A micro-controller based VME module sets references and gains and reads trip status for up to 64 channels. Results obtained with the detectors in the RHIC Sextant Test and the prototype electronics in the AGS-to-RHIC (AtR) transfer line are presented along with the present status of the system

  3. Loss energy states of nonstationary quantum systems

    International Nuclear Information System (INIS)

    Dodonov, V.V.; Man'ko, V.I.

    1978-01-01

    The concept of loss energy states is introduced. The loss energy states of the quantum harmonic damping oscillator are considered in detail. The method of constructing the loss energy states for general multidimensional quadratic nonstationary quantum systems is briefly discussed

  4. Localized motion in random matrix decomposition of complex financial systems

    Science.gov (United States)

    Jiang, Xiong-Fei; Zheng, Bo; Ren, Fei; Qiu, Tian

    2017-04-01

    With the random matrix theory, we decompose the multi-dimensional time series of complex financial systems into a set of orthogonal eigenmode functions, which are classified into the market mode, sector mode, and random mode. In particular, the localized motion generated by the business sectors, plays an important role in financial systems. Both the business sectors and their impact on the stock market are identified from the localized motion. We clarify that the localized motion induces different characteristics of the time correlations for the stock-market index and individual stocks. With a variation of a two-factor model, we reproduce the return-volatility correlations of the eigenmodes.

  5. Intervention in systemic banking crises

    NARCIS (Netherlands)

    Homar, T.

    2016-01-01

    Systemic banking crises often continue into recessions with large output losses. Governments and central banks intervene to preserve the key functions of the financial system and to mitigate the adverse impact of financial distress on economic growth. This thesis investigates how effective

  6. Impulsive Synchronization and Adaptive-Impulsive Synchronization of a Novel Financial Hyperchaotic System

    Directory of Open Access Journals (Sweden)

    Xiuli Chai

    2013-01-01

    Full Text Available The impulsive synchronization and adaptive-impulsive synchronization of a novel financial hyperchaotic system are investigated. Based on comparing principle for impulsive functional differential equations, several sufficient conditions for impulsive synchronization are derived, and the upper bounds of impulsive interval for stable synchronization are estimated. Furthermore, a nonlinear adaptive-impulsive control scheme is designed to synchronize the financial system using invariant principle of impulsive dynamical systems. Moreover, corresponding numerical simulations are presented to illustrate the effectiveness and feasibility of the proposed methods.

  7. The Development of Financial Information System and Business Intelligence Using Data Mining Concepts

    OpenAIRE

    PVD PRASAD

    2014-01-01

    One of the most emerging technologies is finance, becoming more amenable to data-driven modeling as large sets of financial data become available everywhere. So we are applying the data mining techniques in financial information system with Business Intelligence. A Business Intelligence System (BIS) can be described as an interactive, computer-based system designed to help decision-makers to solve unstructured problems. Using a combination of models, analytical techniques, and...

  8. RHIC beam loss monitor system design

    International Nuclear Information System (INIS)

    Witkover, R.; Zitvogel, E.; Michnoff, R.

    1997-01-01

    The Beam Loss Monitor (BLM) System is designed to prevent the quenching of RHIC magnets due to beam loss, provide quantitative loss data, and the loss history in the event of a beam abort. The system uses 400 ion chambers of a modified Tevatron design. To satisfy fast (single turn) and slow (100 msec) loss beam criteria and provide sensitivity for studies measurements, a range of over 8 decades is needed. An RC pre-integrator reduces the dynamic range for a low current amplifier. This is digitized for data logging. The output is also applied to an analog multiplier which compensates the energy dependence, extending the range of the abort comparators. High and low pass filters separate the signal to dual comparators with independent programmable trip levels. Up to 64 channels, on 8 VME boards, are controlled by a micro-controller based VME module, decoupling it from the front-end computer (FEC) for real-time operation. Results with the detectors in the RHIC Sextant Test and the electronics in the AGS-to-RHIC (AtR) transfer line will be presented

  9. Firm Financial Performance: An Empirical Investigation on Romanian SMEs

    OpenAIRE

    Ionescu Alexandra; Horga Maria-Gabriela; Nancu Dorinela

    2013-01-01

    Firm's financial performance is reflected by its profit and loss account. Still, all financial statements are needed in order to have a complete view on a firm's financial performance. As a general rule, several financial indicators are calculated in this sense. Hence, it would be of great interest to reduce the number of financial indicators into fewer, more synthetic ones. However, the new indicators should reflect the same information as the first ones. Statistics offers this possibility t...

  10. The multi-layer network nature of systemic risk and its implications for the costs of financial crises

    NARCIS (Netherlands)

    Poledna, S.; Molina-Borboa, J.L.; Martínez-Jaramillo, S.; van der Leij, M.; Thurner, S.

    2015-01-01

    The inability to see and quantify systemic financial risk comes at an immense social cost. Systemic risk in the financial system arises to a large extent as a consequence of the interconnectedness of its institutions, which are linked through networks of different types of financial contracts, such

  11. DEVELOPMENT PROSPECTS OF LONDON AS THE WORLD’S FINANCIAL CENTER IN THE CONDITIONS OF BREXIT

    Directory of Open Access Journals (Sweden)

    Zhanna Sydorova

    2017-09-01

    Full Text Available The purpose of the study is to examine the role of London as the global financial center in the modern international financial system under the conditions of Britain's withdrawal from the European Union. Methodology. During the study, the comparative method, methods of statistics and economic-mathematical modeling were used. The methodological and theoretical basis of the study is the fundamental provisions of international economic relations, the study of economists in the field of international monetary and financial relations. Information basis is analytical reports of international financial centers and statistical databases of international organizations. Results. Nowadays, London has all the necessary factors for success: open economy, developed financial infrastructure, stability of taxation system, geographical location, long-term government support, transparent policy, investor diversity and multi-culture. It is revealed that a growing variety of financial instruments is a characteristic feature of London as a modern global financial center. As a result, London is gradually winning the battle for the title of the world's leading financial center. The Government of the United Kingdom constantly develops growth strategies of the City of London, creates favorable conditions for the work of international companies, and attracts highly qualified specialists from other countries in the field of finance and law. The competent policy of the state and the wide range of services provided for the successful transactions on stock exchanges and commodity markets help London to maintain undisputed leadership in the global financial market and minimize losses associated with Brexit. At the same time, the decision of the UK to withdraw from the EU had a negative impact on the stability of the country's banking system, it had provoked a decline in the country's credit ratings, a drop in the pound sterling against the dollar and the euro. Another problem

  12. The early indicators of financial failure: a study of bankrupt and solvent health systems.

    Science.gov (United States)

    Coyne, Joseph S; Singh, Sher G

    2008-01-01

    This article presents a series of pertinent predictors of financial failure based on analysis of solvent and bankrupt health systems to identify which financial measures show the clearest distinction between success and failure. Early warning signals are evident from the longitudinal analysis as early as five years before bankruptcy. The data source includes seven years of annual statements filed with the Securities and Exchange Commission by 13 health systems before they filed bankruptcy. Comparative data were compiled from five solvent health systems for the same seven-year period. Seven financial solvency ratios are included in this study, including four cash liquidity measures, two leverage measures, and one efficiency measure. The results show distinct financial trends between solvent and bankrupt health systems, in particular for the operating-cash-flow-related measures, namely Ratio 1: Operating Cash Flow Percentage Change, from prior to current period; Ratio 2: Operating Cash Flow to Net Revenues; and Ratio 4: Cash Flow to Total Liabilities, indicating sensitivity in the hospital industry to cash flow management. The high dependence on credit from third-party payers is cited as a reason for this; thus, there is a great need for cash to fund operations. Five managerial policy implications are provided to help health system managers avoid financial solvency problems in the future.

  13. Developing an online collaborative system within the domain of financial auditing

    Directory of Open Access Journals (Sweden)

    Pavel Năstase

    2015-05-01

    Full Text Available The research paper, focused on a rather technical approach, has the goal to design a system that brings together diverse audit stakeholders and investigates how an audit database available online can be implemented in SharePoint, as part of an on-line audit system which is collaborative and national. The online audit database covers various information needs for both financial auditors and the employees of the Chamber of Financial Auditors of Romania. For rapid deployment, we used various tools: Microsoft SQL Server 2008 R2, SharePoint Server 2010, SharePoint Designer 2010 and various implementation features: external content types, external lists, business data web parts etc. In this paper, we use two research methods: the first one is empiric, based on formulating a questionnaire and the interpretation of the results, while the second is the analysis of the implementation process by using a step-by-step approach. The online audit database stores information about the results of previous audits, the opinions issued as result of audits, the results of online electronic inspections, audit firms, audited entities, risks identified etc. The conclusion was that the online database, which is updated through Internet, is feasible to implement in SharePoint, for multiple audit stakeholders including financial auditors who can sell their financial audit services benefiting from the transparency that the system provides.

  14. INSTABILITY IN THE CEE BANKING SYSTEM. EVIDENCE FROM THE RECENT FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    Renata Karkowska

    2013-12-01

    Full Text Available Sparked by the recent great recession and the role of financial markets, considerable interest exists among researchers within both the academic and public community in measuring and modeling systemic risk. This article introduces a new framework for measuring systemic risk by using a risk-adjusted balance sheet approach. In this regard, the analysis of 21 largest commercial banks operating in 7 countries from Central and Eastern Europe, shows potential risk which could threaten all the financial system. The paper concludes new directions for measuring systemic risk by using Merton model. It shows how risk management tools can be applied in new ways to measure and analyze systemic risk in European banking system.

  15. Financial and Managerial Accounting for Elementary and Secondary School Systems. Third Edition.

    Science.gov (United States)

    Tidwell, Sam B.

    This book describes recent improvements in governmental accounting, auditing, and financial reporting for school business officials. Applications of financial accounting and reporting principles in typical transactions of school systems are illustrated by questions, cases, and problems at the end of each chapter. The first of the two sections,…

  16. Forecasting Financial Stress

    OpenAIRE

    Jan Willem Slingenberg; Jakob de Haan

    2011-01-01

    This paper uses a Financial Stress Index (FSI) for 13 OECD countries to examine which variables can help predicting financial stress. A stress index measures the current state of stress in the financial system and summarizes it in a single statistic. We employ three criteria for indicators to be used in constructing a multi-country FSI (the index covers the entire financial system, indicators used are available at a high frequency for many countries for a long period, and are comparable) to c...

  17. Changing Methodologies in Financial Audit and Their Impact on Information Systems Audit

    OpenAIRE

    Daniel VILSANOIU; Mihaela SERBAN

    2010-01-01

    This paper tries to provide a better understanding of the relation between financial audit and information systems audit and to assess the influence the change in financial audit methodologies had on IS audit. We concluded that the COSO Internal Control – Integrated Framework was the starting point for fundamental changes in both financial and IS audit and that the Sarbanes-Oxley Act should be viewed as an enabler rather than an enforcer in establishing strong governance models. Finally, ou...

  18. Systemic risk with endogenous loss given default

    NARCIS (Netherlands)

    IJtsma, Pieter; Spierdijk, Laura

    2017-01-01

    When many financial institutions fail simultaneously, the remaining institutions in the system are unlikely to have sufficient liquidity to acquire all failed institutions. As a result, some assets will have to be liquidated and sold to outsiders at firesale prices, giving rise to a potentially high

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

    Science.gov (United States)

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

    2016-01-01

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

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

    Science.gov (United States)

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

    2016-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Michelangelo Puliga

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

  2. Combined Effects of Glucocorticoid and Noradrenergic Activity on Loss Aversion.

    Science.gov (United States)

    Margittai, Zsofia; Nave, Gideon; Van Wingerden, Marijn; Schnitzler, Alfons; Schwabe, Lars; Kalenscher, Tobias

    2018-01-01

    Loss aversion is a well-known behavioral regularity in financial decision making, describing humans' tendency to overweigh losses compared to gains of the same amount. Recent research indicates that stress and associated hormonal changes affect loss aversion, yet the underlying neuroendocrine mechanisms are still poorly understood. Here, we investigated the causal influence of two major stress neuromodulators, cortisol and noradrenaline, on loss aversion during financial decision making. In a double-blind, placebo-controlled between-subject design, we orally administered either the α2-adrenergic antagonist yohimbine (increasing noradrenergic stimulation), hydrocortisone, both substances, or a placebo to healthy young men. We tested the treatments' influence on a financial decision-making task measuring loss aversion and risk attitude. We found that both drugs combined, relative to either drug by itself, reduced loss aversion in the absence of an effect on risk attitude or choice consistency. Our data suggest that concurrent glucocorticoid and noradrenergic activity prompts an alignment of reward- with loss-sensitivity, and thus diminishes loss aversion. Our results have implications for the understanding of the susceptibility to biases in decision making.

  3. Impact of trained oncology financial navigators on patient out-of-pocket spending.

    Science.gov (United States)

    Yezefski, Todd; Steelquist, Jordan; Watabayashi, Kate; Sherman, Dan; Shankaran, Veena

    2018-03-01

    Patients with cancer often face financial hardships, including loss of productivity, high out-of-pocket (OOP) costs, depletion of savings, and bankruptcy. By providing financial guidance and assistance through specially trained navigators, hospitals and cancer care clinics may be able mitigate the financial burdens to patients and also minimize financial losses for the treating institutions. Financial navigators at 4 hospitals were trained through The NaVectis Group, an organization that provides training to healthcare staff to increase patient access to care and assist with OOP expenses. Data regarding financial assistance and hospital revenue were collected after instituting these programs. Amount and type of assistance (free medication, new insurance enrollment, premium/co-pay assistance) were determined annually for all qualifying patients at the participating hospitals. Of 11,186 new patients with cancer seen across the 4 participating hospitals between 2012 and 2016, 3572 (32%) qualified for financial assistance. They obtained $39 million in total financial assistance, averaging $3.5 million per year in the 11 years under observation. Patients saved an average of $33,265 annually on medication, $12,256 through enrollment in insurance plans, $35,294 with premium assistance, and $3076 with co-pay assistance. The 4 hospitals were able to avoid write-offs and save on charity care by an average of $2.1 million per year. Providing financial navigation training to staff at hospitals and cancer centers can significantly benefit patients through decreased OOP expenditures and also mitigate financial losses for healthcare institutions.

  4. OBJECTIVES AND FUNCTIONS OF FINANCIAL STATEMENTS UNDER ACCOUNTING INFORMATION SYSTEM AT TRADE ENTITIES

    Directory of Open Access Journals (Sweden)

    CARAIMAN ADRIAN-COSMIN

    2015-12-01

    Full Text Available As Radu said (2009, pag. 91 [6] logical approach developed by accounting, presentation of an exact image of the heritage, the financial situation and financial results, based on a rational thought, a gradual knowledge domain investigated, concepts, tools and processes that allow a better understanding of the essence of economic phenomena and processes. Theoretical framework brings together a number of concepts that are considered fundamental to regulatory or accounting systems applied at the level of the entity to have clearly specified the coordinates of the base and are able to achieve cohesion between the objective of financial statements as true and fair view, financial information and policy characteristics and estimation techniques as a form of expression towards the recognition and presentation of economic reality. The author considers, in the context of the defined system applied within the accounting entities in general, that principles, presents not only a crucial premise, as well as needed necessity in order to show an exact image of the performance and financial position of the entity.

  5. System Losses and Assessment Trade Study

    Energy Technology Data Exchange (ETDEWEB)

    David Shropshire; Steve Piet; Nick Soelberg; Robert Cherry; Roger Henry; David Meikrantz; Greg Teske; Eric Shaber; Candido Pereira

    2009-09-01

    This Advanced Fuel Cycle Initiative (AFCI) study has developed new analysis methods to examine old and new technology options toward the goal of improving fuel cycle systems. We have integrated participants and information from AFCI Systems Analysis, Transmutation Fuels, Separations, and Waste Form Campaigns in the Systems Losses and Assessment Trade Study. The initial objectives of this study were to 1) increase understanding of system interdependencies and thereby identify system trade-offs that may yield important insights, 2) define impacts of separations product purity on fuel manufacture and transmutation reactivity, 3) define impacts from transuranic (TRU) losses to waste, 4) identify the interrelationships involved in fuels and separations technology performance, and 5) identify system configuration adjustments with the greatest potential for influencing system losses. While bounding and analyzing this initial problem, we also identified significantly higher-level programmatic drivers with broad implications to the current fuel cycle research charter and the general issue of a DOE complex wide need for a comprehensive and integrated nuclear material management as addressed by the new DOE Order 410.2 titled “Management of Nuclear Materials”. The initial modeling effort developed in this study for a much smaller subset of material (i.e., commercial fuel) and a selected transmutation scheme (i.e., fast reactor recycling) is a necessary first step towards examining a broader set of nuclear material management options, dispositioning strategies and integrated waste management options including potential areas of research leverage. The primary outcome from this initial study has been an enhanced integration among Campaigns and associated insights and analysis methods. Opportunities for improved understanding between the groups abound. The above lanthanide-actinide example highlights the importance of evaluating options via integration across the Campaigns

  6. Entropy and Recurrence Measures of a Financial Dynamic System by an Interacting Voter System

    Directory of Open Access Journals (Sweden)

    Hong-Li Niu

    2015-04-01

    Full Text Available A financial time series agent-based model is reproduced and investigated by the statistical physics system, the finite-range interacting voter system. The voter system originally describes the collective behavior of voters who constantly update their positions on a particular topic, which is a continuous-time Markov process. In the proposed model, the fluctuations of stock price changes are attributed to the market information interaction amongst the traders and certain similarities of investors’ behaviors. Further, the complexity of return series of the financial model is studied in comparison with two real stock indexes, the Shanghai Stock Exchange Composite Index and the Hang Seng Index, by composite multiscale entropy analysis and recurrence analysis. The empirical research shows that the simulation data for the proposed model could grasp some natural features of actual markets to some extent.

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

    Directory of Open Access Journals (Sweden)

    Prokopenko Zhanna V.

    2017-03-01

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

  8. Corporate Financial Reporting System and Developments Herein: An Exploratory Study from Pakistan

    Directory of Open Access Journals (Sweden)

    Muhammad Abdul Majid Makki

    2012-06-01

    Full Text Available To capture international opportunities of capital accumulation for corporate sector and to contribute in the development of economy, the government of Pakistan acted speedily to harmonize with international financial reporting system immediately after establishment.This study presents a comprehensive detail of Pakistan’s adopted efforts along with a critical-eye on developments and improvements in the reporting system with the passage of time. It scrutinizes major milestones in development of the financial reporting framework of Pakistan. We traced financial reporting practices in Indian subcontinent era and found them unsatisfactory. Hindustan was under the colonial power of Great Britain; therefore its impact on accounting and financial reporting in Pakistan was dominant afterindependence. Examples of this influence are enforcement of companies’ act 1913 and auditor’s certificate rules shows. We examined the institutional development from establishment of Pakistan till now and divided that era in 1947-1971, 1971-1999 andperiod of 21stcentury which played vital role in improvement of financial reporting practices in the country. These milestones are established with view of crucial events toward advances in accounting. In early years of Pakistan PIA (Pakistan Institute ofAccountants was first private body but after it ICAP (Institute of Chartered Accountants of Pakistan made by government was an important step. Next major step was taken in 1971; it was the formation of SECP (Securities and Exchange Commission of Pakistan.Its structure and provisions provided for external reporting of corporations are discussed. Companies’ Ordinance 1984 was another beneficial footstep toward this journey. After discussing all the institutional developments and improvements in financial reportingsystem of Pakistan, we addressed the current status of financial reporting in the 2000s.Study concludes that major improvements and advances made in the

  9. Case Mix Management Systems: An Opportunity to Integrate Medical Records and Financial Management System Data Bases

    Science.gov (United States)

    Rusnak, James E.

    1987-01-01

    Due to previous systems selections, many hospitals (health care facilities) are faced with the problem of fragmented data bases containing clinical, demographic and financial information. Projects to select and implement a Case Mix Management System (CMMS) provide an opportunity to reduce the number of separate physical files and to migrate towards systems with an integrated data base. The number of CMMS candidate systems is often restricted due to data base and system interface issues. The hospital must insure the CMMS project provides a means to implement an integrated on-line hospital information data base for use by departments in operating under a DRG-based Prospective Payment System. This paper presents guidelines for use in selecting a Case Mix Mangement System to meet the hospital's financial and operations planning, budgeting, marketing, and other management needs, while considering the data base implications of the implementation.

  10. 75 FR 77044 - Financial Management Service; Privacy Act of 1974, as Amended; System of Records

    Science.gov (United States)

    2010-12-10

    ... DEPARTMENT OF THE TREASURY Financial Management Service; Privacy Act of 1974, as Amended; System of Records AGENCY: Financial Management Service, Treasury. ACTION: Withdrawal of a Privacy Act Notice... behalf of the Financial Management Service. DATES: December 10, 2010. FOR FURTHER INFORMATION CONTACT...

  11. Financial Risk Factor Analysis for Facility Gas Leakages of H2 and NG

    Directory of Open Access Journals (Sweden)

    In-Bok Lee

    2016-09-01

    Full Text Available Fuel cells may be the key to a more environmentally-friendly future because they emit low carbon dioxide per unit of energy supplied. However, little work has investigated the potential financial risks pertaining to fuel cell systems. Often used in the analysis of the safety of systems involving flammable or hazardous materials, risk factor analysis has recently been used to analyze the potential financial losses that may occur from industrial hazards. Therefore, this work undertakes a financial risk factor analysis to determine the costs of leakages of hydrogen and natural gas, which are used in fuel cell systems. Total leakage was calculated from an analysis of several leakage rates and modes. The impact of applying appropriate detection and prevention systems was also investigated. The findings were then used to analyze the consequences for various sections of the system and to calculate the overall cost based on facility outage or damage, and the cost of taking safety precautions. This provides a basis for comparison among proposed potential reactionary measures.

  12. Theoretical grounds of internal audit in the system of state financial control in Ukraine

    Directory of Open Access Journals (Sweden)

    Dikan Larysa V.

    2013-03-01

    Full Text Available The article considers modern directions of reformation of the system of state financial control connected with introduction of the state internal financial control. It considers economic essence of the state internal financial control in the context of its components. It justifies the place of the internal audit in the system of the state internal financial control in Ukraine. It considers existing definitions of internal audit in legislative acts. It generalises views of scientists on interpretation of the “internal audit” notion. It provides definitions united in approaches. It conducts a critical analysis of generalised approaches. It offers the authors’ view on the essence of internal audit in budget institutions, which has certain positive features compared to existing ones.

  13. DATA ACQUISITION FOR SNS BEAM LOSS MONITOR SYSTEM

    International Nuclear Information System (INIS)

    YENG, Y.; GASSNER, D.; HOFF, L.; WITKOVER, R.

    2003-01-01

    The Spallation Neutron Source (SNS) beam loss monitor system uses VME based electronics to measure the radiation produced by lost beam. Beam loss signals from cylindrical argon-filled ion chambers and neutron detectors will be conditioned in analog front-end (AFE) circuitry. These signals will be digitized and further processed in a dedicated VME crate. Fast beam inhibit and low-level, long-term loss warnings will be generated to provide machine protection. The fast loss data will have a bandwidth of 35kHz. While the low level, long-term loss data will have much higher sensitivity. This is further complicated by the 3 decade range of intensity as the Ring accumulates beam. Therefore a bandwidth of 100kHz and dynamic range larger than 21 bits data acquisition system will be required for this purpose. Based on the evaluation of several commercial ADC modules in preliminary design phase, a 24 bits Sigma-Delta data acquisition VME bus card was chosen as the SNS BLM digitizer. An associated vxworks driver and EPICS device support module also have been developed at BNL. Simulating test results showed this system is fully qualified for both fast loss and low-level, long-term loss application. The first prototype including data acquisition hardware setup and EPICS software (running database and OPI clients) will be used in SNS Drift Tube Linac (DTL) system commissioning

  14. Diffraction measurements using the LHC Beam Loss Monitoring System

    Science.gov (United States)

    Kalliokoski, Matti

    2017-03-01

    The Beam Loss Monitoring (BLM) system of the Large Hadron Collider protects the machine from beam induced damage by measuring the absorbed dose rates of beam losses, and by triggering beam dump if the rates increase above the allowed threshold limits. Although the detection time scales are optimized for multi-turn losses, information on fast losses can be recovered from the loss data. In this paper, methods in using the BLM system in diffraction studies are discussed.

  15. GOLD NETTING TO STRENGTHEN FINANCIAL SYSTEM STABILITY

    Directory of Open Access Journals (Sweden)

    Ahamed Kameel Mydin Meera

    2017-08-01

    Full Text Available Economic and financial crises seem to occur with increased frequency. Indeed now most countries, including several advanced economies like the US, Europe and Japan, are in serious economic recession. Employment and business opportunities have been much dampened. Inflation seems to be soaring globally and nations are witnessing widening gaps in income and wealth distribution. Many of these advanced economies are also facing shrinking population sizes that translate into aging problems and labor shortages. On top of those, there are environmental issues, including global warming. All these, in turn, have caused regional and global political conflicts and turmoil. The Arab Spring and the sovereign debt problems faced by some European countries like Greece are examples of this. Sustainability of economics and environment is thus of paramount concern of today. This paper considers those problems and suggests Interest-free Gold-based Electronic Netting System (IGENS as an effective way of injecting liquidity into the economy, practically free, that can spur business and employment while bringing about structural stability, inflation checked with both economic and environmental sustainability. Netting or muqassah is a transaction allowed in shari’ah and is practiced worldwide in different forms. Examples include the highly successful WIR Bank of Switzerland, various Local Exchange Trading Schemes (LETS and Bilateral and Multilateral Payment Arrangements between central banks.   Keywords:  Global crisis, Payment system, Gold, Netting, Muqassah, Liquidity, Sustainability, Financial system stability JEL Classification: E40, E42, E51

  16. HOW ROMANIAN FINANCIAL AND INTERNAL AUDITORS ACQUIRE ACCOUNTING INFORMATION SYSTEMS KNOWLEDGE AND COMPETENCES?

    OpenAIRE

    Cardos Vasile - Daniel

    2011-01-01

    Research theme - in this article we investigate how Romanian financial and internal auditors acquire accounting information systems knowledge and competences and how they use this knowledge to improve their activity in order to fulfill their mission as required by the professional standards. Objectives - our main purpose is to establish through what type of courses Romanian financial and internal auditors acquiring accounting information systems knowledge and competences and how useful these ...

  17. EFFECT OF INTERNAL CONTROL SYSTEMS ON FINANCIAL MANAGEMENT IN BARINGO COUNTY GOVERNMENT, KENYA

    OpenAIRE

    Lagat, Cornelius; Okelo, Caroline

    2018-01-01

    This study intended to establish the effect of internal control systems on financial management in Baringo County government in Kenya. Internal control systems are integral components of the management processes of a public sector institution which should be established in order to provide reasonable assurance that the financial operations are carried out transparently and accountably. The study adopted the Committee of Sponsoring Organizations of the Tread way Commission (COSO) theoretical f...

  18. 50 CFR 253.14 - Economic and financial requirements.

    Science.gov (United States)

    2010-10-01

    ... 50 Wildlife and Fisheries 7 2010-10-01 2010-10-01 false Economic and financial requirements. 253... Obligation Guarantee Program § 253.14 Economic and financial requirements. (a) Income and expense projections... protect the U.S. against the industry's cyclical economics and other risks of loss. (b) Working capital...

  19. Financial Policies and the Prevention of Financial Crises in Emerging Market Countries

    OpenAIRE

    Frederic S. Mishkin

    2001-01-01

    This paper outlines a set of financial policies that can help make financial crises less likely in emerging market countries. To justify these policies, the paper first explains what a financial crisis is, the factors that promote a financial crisis and the dynamics of a financial crisis. It then examines twelve basic areas of financial policies to prevent financial crises: 1) prudential supervision, 2) accounting and disclosure requirements, 3) legal and judicial systems, 4) market-based dis...

  20. An analysis of the early-warning system in emerging markets for reducing the financial crisis

    Science.gov (United States)

    Shen, Xiangguang; Song, Xiaozhong

    2009-07-01

    The large number of financial crises in emerging markets over the past ten years has left many observers, both from academia and financial institutions, puzzled by an apparent lack of homogenous causal relations between endogenous economic variables and the bursting of large financial shocks. The frequency of financial crises in the last 20 years can be attributed to the lack of a comprehensive theory of financial regulation to guide policy makers. Existing theories fail to define the range of regulatory models, the causes of regulatory failure, and how to measure and prevent it. Faulty design of regulatory models, and the lack of ongoing performance monitoring incorporating early warning systems, is disrupting economic and social development. The main aim of this article is to propose an early warning system (EWS) which purposes issuing warning signal against the possible financial crisis in the emerging market, and makes the emerging market survived the first wave of the crisis be able to continue their operation in the following years.

  1. The financial accounting model from a system dynamics' perspective

    NARCIS (Netherlands)

    Melse, E.

    2006-01-01

    This paper explores the foundation of the financial accounting model. We examine the properties of the accounting equation as the principal algorithm for the design and the development of a System Dynamics model. Key to the perspective is the foundational requirement that resolves the temporal

  2. On the adaptive sliding mode controller for a hyperchaotic fractional-order financial system

    Science.gov (United States)

    Hajipour, Ahamad; Hajipour, Mojtaba; Baleanu, Dumitru

    2018-05-01

    This manuscript mainly focuses on the construction, dynamic analysis and control of a new fractional-order financial system. The basic dynamical behaviors of the proposed system are studied such as the equilibrium points and their stability, Lyapunov exponents, bifurcation diagrams, phase portraits of state variables and the intervals of system parameters. It is shown that the system exhibits hyperchaotic behavior for a number of system parameters and fractional-order values. To stabilize the proposed hyperchaotic fractional system with uncertain dynamics and disturbances, an efficient adaptive sliding mode controller technique is developed. Using the proposed technique, two hyperchaotic fractional-order financial systems are also synchronized. Numerical simulations are presented to verify the successful performance of the designed controllers.

  3. Financial Feasibility of Public Bike Rental Systems in Spain

    Energy Technology Data Exchange (ETDEWEB)

    Hernandez-Diaz, A.G.; Sastre, J.; Lopez-Sanchez, A.D.; Cuello, M.; Molina, J.

    2016-07-01

    In recent years, many public bike rental systems have proliferated in Spain. Unfortunately, many have had to close because of their poor financial feasibility. The aim of this paper is twofold. On the one hand, a benchmarking of the main public bicycle systems in Spain is conducted, analysing the growth in the last decades, with special emphasis on successful systems and on the recently failed. In addition, the financial feasibility of some successful systems in Spain is analysed: Seville, Valencia and Barcelona. Thus, major factors directly related to the viability of such systems are discussed. A proper and correct knowledge of these factors is essential when making decisions in mobility policies. The main factors on which the management company may decide are: pricing policy (annual and weekly rate), advertising rates, and system dimensions (number of docking stations, anchors and bicycles). There are other external factors not directly controlled by the company (subscribers, occupancy rate of advertising space and system maintenance cost) but which are crucial to their feasibility. To achieve the aforementioned objectives, mobility studies in Seville (1400 surveys) and Barcelona (1000 surveys) were conducted in order to achieve more accurate parameter values (time cycling, distances, used rate, frequencies, etc.). Despite the similarities between the systems in Valencia and Seville, they have shown very different profitability. The high profitability in Valencia and Barcelona is highlighted in contrast to the case of the Seville system. (Author)

  4. The implications of risk management information systems for the organization of financial firms

    OpenAIRE

    Michael S. Gibson

    1998-01-01

    Financial dealer firms have invested heavily in recent years to develop information systems for risk measurement. I take it as given that technological progress is likely to continue at a rapid pace, making it less expensive for financial firms to assemble risk information. I look beyond questions of risk measurement methodology to investigate the implications of risk management information systems. By examining several theoretical models of the firm in the presence of asymmetric information,...

  5. May the Soul of the IFS Financial System Definition RIP in Developing Countries

    Directory of Open Access Journals (Sweden)

    Simplice A. Asongu

    2015-03-01

    Full Text Available In this paper, we dissect with great acuteness contemporary insufficiencies of the IFS (2008 definition of the financial system and conclude from sound theoretical underpinnings and empirical justifications that the foundation, on which it is based, while solid for developed countries, holds less ground in developing countries. Perhaps one of the deepest empirical hollows in the financial development literature has been the equation of financial depth in the perspective of money supply to liquid liabilities. This equation has put on the margin (and skewed burgeoning phenomena of mobile banking, knowledge economy (KE, inequality…etc. We conclude that the informal financial sector, a previously missing component in the IFS conception and definition of the financial system can only be marginalized at the cost of misunderstanding recent burgeoning trends in mobile phone penetration, KE and poverty. Hence, the IFS definition has incontrovertibly fought its final dead battle and lost in the face of soaring trends highlighted above. Despite the plethora of econometric and policy-making sins the definition has committed in developing countries through bias estimates and misleading inferences, may its soul RIP.

  6. The development of payment services as an example of disintermediation in the financial system

    Directory of Open Access Journals (Sweden)

    Agnieszka Alińska

    2016-10-01

    Full Text Available The reasons for disintermediation on in the financial systems can be found on both sides of supply and demand. This progressing phenomenon is a result of numerous changes in the post-crisis financial sector landscape. In this article, the authors analyse the underlying causes of the shift away from formal financial institutions in the area of financial services as well as present the Polish payment services market as an example of banks’ receding role in the tradional intermediation between market players.

  7. Prolonged Financial Distress After the Deepwater Horizon Oil Spill Predicts Behavioral Health.

    Science.gov (United States)

    Buckingham-Howes, Stacy; Holmes, Katherine; Glenn Morris, J; Grattan, Lynn M

    2018-03-13

    The economic impact of disasters is well known; however, the link between financial loss and behavioral health problems is unknown. Participants included 198 adults of ages 21 to 82, living within 10 miles of the Gulf Coast during the Deepwater Horizon Oil Spill and were involved in the fishing, harvesting, seafood processing, or service/tourism industries. The functional impact of financial resource loss at 2.5 years post spill was measured using the 26-item Financial Life Events Checklist (FLEC). Individuals responded to financial distress by reducing social events and utility bills and changing food-shopping habits. The FLEC significantly predicted higher drug use (Drug Abuse Screening Test), alcohol use (Alcohol Use Disorders Identification Test), mood problems (Profile of Mood States), and depressive symptoms (Beck Depression Inventory II) (p values ≤ 0.05) 4.5 years after the spill. This preliminary study supports the notion that the functional impact of financial loss has a long-term impact on behavioral health after an oil spill.

  8. Heterogeneity and Self-Organization of Complex Systems Through an Application to Financial Market with Multiagent Systems

    Science.gov (United States)

    Lucas, Iris; Cotsaftis, Michel; Bertelle, Cyrille

    2017-12-01

    Multiagent systems (MAS) provide a useful tool for exploring the complex dynamics and behavior of financial markets and now MAS approach has been widely implemented and documented in the empirical literature. This paper introduces the implementation of an innovative multi-scale mathematical model for a computational agent-based financial market. The paper develops a method to quantify the degree of self-organization which emerges in the system and shows that the capacity of self-organization is maximized when the agent behaviors are heterogeneous. Numerical results are presented and analyzed, showing how the global market behavior emerges from specific individual behavior interactions.

  9. EFFECTS OF THE GLOBAL FINANCIAL CRISIS IN THE BANKING SYSTEM OF KOSOVO

    Directory of Open Access Journals (Sweden)

    Myrvete Badivuku-Pantina

    2012-09-01

    Full Text Available Financial crises are phenomena that happened before and continue to happen even nowadays. There were many financial crises in the last century, starting with the Great Depression of 1929 and continuing with other financial crisis, and it was believed that people would learn from their previous experiences and would not allow the crisis to happen again. But the financial crisis of 2007, created the impression that no one wanted to learn for the real causes of their occurrence and consequences, often disastrous for countries and the globe, and as such allowed the crisis to be repeated. Effects of the 2007 financial crisis, which originally started in the USA’s mortgage market and which was quickly spread all over the world, even to this date it still continues to have effect on real economies of many states, e.g. Greece. The spread of the crisis was primarily due to globalization and commercial trades among countries. Because of the dependence of economies on one another it was created the domino effect and all the countries were affected from the crisis. As a result, the crisis seems to have revealed the disadvantages of globalization. Finances of the world were shocked and rapid fluctuations were reflected in the stock prices. Kosovo, as a new and small country in the Western Balkans is not much globalized and open which was beneficial in preventing it from being affected from the global financial crisis. Its economy has slightly felt the effect of the crisis because the banking system in Kosovo is not much open to the international financial markets as they operate mostly with their clients’ deposits. The purpose of this research is to assess the implications of the global financial crisis in the banking system of Kosovo, and also to identify the measures that the Central Bank and the Government should undertake in order to protect the economy from external implications.

  10. The Impact of Financial Support System on Technology Innovation: A Case of Technology Guarantee System in Korea

    Directory of Open Access Journals (Sweden)

    Woo-Seok Jang

    2008-04-01

    Full Text Available We analyzed the impact of financial support system on technological innovation of small and medium manufacturing firms in Korea, with a special interest in technology guarantee system. This was done using a sample of 1,014 Korean manufacturing firms of which 43% were venture companies. Our study provides two important conclusions. First, the result of empirical analysis indicates that financial support systems have a significant influence on both product innovation and process innovation of SMEs in Korea. Second, a more important conclusion of this research is that technology guarantee system impacts on product innovation; however not on process innovation. This result implies that technology guarantee system attaches more importance to technological innovations related with product development than to those related with process enhancement.

  11. Financial overview of integrated community energy systems

    Energy Technology Data Exchange (ETDEWEB)

    Croke, K. G.; Hurter, A. P.; Lerner, E.; Breen, W.; Baum, J.

    1977-01-01

    This report is designed to analyze the commercialization potential of various concepts of community-scale energy systems that have been termed Integrated Community Energy Systems (ICES). A case analysis of alternative ICES concepts applied to a major metropolitan development complex is documented. The intent of this study is twofold: (1) to develop a framework for comparing ICES technologies to conventional energy supply systems and (2) to identify potential problems in the commercialization of new systems approaches to energy conservation. In brief, the ICES Program of the ERDA Office of Energy Conservation is intended to identify the opportunities for energy conservation in the community context through analysis, development, and/or demonstration of: location and design of buildings, building complexes, and infrastructure links; engineering and systems design of existing, emerging, and advanced energy production and delivery technologies and systems; regulatory designs for public planning, administration, and regulation of energy-conserving community development and energy services; and financial planning for energy-conserving community development and energy supply systems.

  12. Heat Loss Evaluation of the SMART-ITL Primary System

    International Nuclear Information System (INIS)

    Ryu, Sung Uk; Bae, Hwang; Kim, Dong Eok; Park, Keun Tae; Park, Hyun Sik; Yi, Sung Jae

    2013-01-01

    It is considered that the heat loss rate is one of the critical factors affecting the transient behavior of an integral effect test facility. This paper presents the experimental results of the heat loss rate for the primary system of a SMART-ITL (System-Integrated Modular Advanced ReacTor-Integral Test Loop) facility including the pressurizer (PZR). To evaluate the heat loss rate of the primary system, two different approaches were pursued, i. e., integral and differential approaches. The integral approach is a constant temperature method which controls the core and PZR powers at a desired temperature condition and the differential approach is a natural cooling-down measurement method that lasts for a long period of time. In the present work, the heat losses derived from integral and differential approaches were acquired for the primary system of the SMART-ITL. The results obtained by the two approaches were very similar. In addition, an empirical correlation with respect to the difference between the wall temperature and the ambient temperature was proposed to represent the heat loss characteristics of the SMART-ITL facility. The estimated heat losses could be used to estimate the heat loss during the tests and code simulations

  13. Belgium: risk adjustment and financial responsibility in a centralised system.

    Science.gov (United States)

    Schokkaert, Erik; Van de Voorde, Carine

    2003-07-01

    Since 1995 Belgian sickness funds are partially financed through a risk adjustment system and are held partially financially responsible for the difference between their actual and their risk-adjusted expenditures. However, they did not get the necessary instruments for exerting a real influence on expenditures and the health insurance market has not been opened for new entrants. At the same time the sickness funds have powerful tools for risk selection, because they also dominate the market for supplementary health insurance. The present risk-adjustment system is based on the results of a regression analysis with aggregate data. The main proclaimed purpose of this system is to guarantee a fair treatment to all the sickness funds. Until now the danger of risk selection has not been taken seriously. Consumer mobility has remained rather low. However, since the degree of financial responsibility is programmed to increase in the near future, the potential profits from cream skimming will increase.

  14. INNOVATIONS IN FINANCIAL ANALYTICS

    Directory of Open Access Journals (Sweden)

    T. V. Teplova

    2012-01-01

    Full Text Available In this paper as the main feature of innovation in the financial health of a company analyst view the shift to two circuits of key interests of owners of capital (financial stakeholders. Justifi ed by differences key financial systems within the contour ownership interest and the lender three projections: liquidity, the current economic efficiency and growth. In the paper as the main feature of the innovation in the analysis of the financial health of a company is considered a transition to the two circuits of the interests of the key owners of financial capital (financial stakeholders. Justifi ed differences of key financial indicator systems in the framework of the outline of the interests of the owner and the lender by three projections: liquidity, efficiency and the quality of growth. The examples of Russian companies have different interpretations of financial targets and indicators with a choice of activities.

  15. Outsourcing critical financial system operations.

    Science.gov (United States)

    Cox, Nora; Pilbauer, Jan

    2018-01-01

    Payments Canada provides Canada's national payments systems and is responsible for the clearing and settlement infrastructure, processes and rules that underpin the exchange of billions of dollars each day through the Canadian economy. Strategic sourcing is a reality for this small organisation with a broad scope of national regulations and global standards to comply with. This paper outlines Payments Canada's approach to outsourcing its critical financial system operations, which centres on four key principles: strong relationship management; continuous learning, recording and reporting; evaluating the business landscape; and a commitment to evolving the organisation to greater resilience. This last point is covered in detail with an exploration of the organisation's resilience and security strategy as well as its risk appetite. As Payments Canada progresses to its future state, which includes modernising its core payment systems, underlying rules and standards, risk management for the industry as a whole will remain at the forefront of its collective mind. The expectation is that outsourcing will remain a fundamental element of its operating model in future, a strategy that will ensure the organisation can focus on its core business competencies and eliminate the need to develop and support in-house expertise in commodity areas.

  16. Fair value and accounting standard for financial instrument

    Directory of Open Access Journals (Sweden)

    Holban (Oncioiu Ionica

    2009-06-01

    Full Text Available The measurement of assets and liabilities at fair value, with its subsequent gains or lossesrecognized in profit or loss, should be limited to financial investments that are readily convertible into cash orcash equivalents in active markets, and are not constrained by any business purpose. On the other hand, eventhough assets and liabilities are exposed to changes in the market price, those that are expected to obtainfuture funds and are constrained by some business purpose (non-financial investments should not bemeasured at fair value through profit and loss. Under the Accounting Standard for Financial Instruments, fairvalue measurement is required in certain circumstances similar to IFRS or US GAAP. This paper describeshow the fair value is used under the Standard and purposes to decide whether fair value measurement isrequired or not based on the type of investment.

  17. The financial impact of deployments on reserve health care providers.

    Science.gov (United States)

    Petinaux, Bruno

    2008-08-01

    This study retrospectively surveyed the financial impact of deployments on 17 U.S. Army Reserve health care providers. Due to multiple mobilizations, 29 separate deployments were reported. The deployments, mostly between 2001 and 2005, typically lasted 3 months during which 86% reported no civilian income and 76% reported no civilian benefits. Solo practice providers reported the greatest financial losses due to continuing financial responsibility related to their civilian practice despite being deployed. Overall, 2 deployments did not change, 9 increased, and 16 decreased the medical officer's income. Two were not reported. In this small retrospective convenience sample study, solo practice U.S. Army Reserve health care providers were found to be at highest risk of financial losses during military deployments. This being said, no price can be put on the privilege of serving our men and women in uniform.

  18. Selected financial and operating ratios of public power systems

    International Nuclear Information System (INIS)

    Moody, D.

    1993-01-01

    In 1992, the American Public Power Association published its fourth report on financial and operating ratios. Based on 1990 data for the largest public power distribution systems, the report examined 21 categories of ratio indicators that can be used by public power distribution systems to assess their performance relative to the utilities of of comparable size and in the same geographic region. The 394 utilities summarized in the report are those that are required to file financial statements with the Energy Information Administration (EIA). Ratios were calculated from financial and operating data reported by utilities to the EIA. Data are presented for the following ratios: (1) revenue per kW/hr; (2) revenue for customer; (3) debt to total assets; (4) operating ratio; (5) current ratio; (6) times interest earned; (7) net income per revenue dollar; (8) uncollectible accounts per revenue dollar; (9) retail MW hr sales per manpower generation employee; (10) retail customers per nonpower generation employee; (11) total operation and maintenane expense per kW hr sold; (12) total operation and maintenance expense per retail customer; (13) total power supply expense kW hr sold; (14) purchased power cost per kW hr; (15) production expense per not kW hr; (16) retail customers for with reader; (17) distribution operation and maintenance expenses per retail customer; (18) distribution operation and maintenance expenses per circuit mile; (19) customer accounting, customer service and sales expenses per retail customers; (20) administration and general expenses per retail customer; (21) labor expense per worker-hour; (22) OSHA incidence rate; and (23) the system average interruptible duration index

  19. Incentive-based Financial Support Scheme for Immature Renewable Energy Systems

    DEFF Research Database (Denmark)

    Andersen, Morten Thøtt; Frigaard, Peter Bak

    2015-01-01

    Most of today’s renewable energy systems rely heavily on investments as well as public financial support. This support is often given by means of a higher sales price for each kWh produced, i.e. feed-in tariffs (FITs), green certificates or Renewable Obligation Certificates (ROCs), or by a fixed...... amount, being a percentage of the construction costs of the facility. All these ways of financing have different downsides. The feed-in tariff based kWh prices have some incentives to improve the technology, but enables infeasible solutions to stay financially supported even while R&D is in status quo....... The fixed amount only helps with installation costs, which should not be an issue once the technology is sufficiently feasible. This means that the current ways of granting financial support all lack incentives for increasing production or decreasing construction costs. This paper presents a unique scheme...

  20. The Financial Analysis with Focus of Risks in the Banking System

    Directory of Open Access Journals (Sweden)

    Aleisky González-Duany

    2017-06-01

    Full Text Available The article consists in exposes the importance, need and convenience to develop a financial analysis with focus of risks in the banking activity to avoid damages and to take exactly and opportunity decisions. This analysis linked with bank risks will allow to the banking system measuring the efficiency in the different services that you render, detecting the different inherent risks to the financial activity with a former focus before, for the sake of giving fulfillment to the organizational goals

  1. Tritium loss in molten flibe systems

    Energy Technology Data Exchange (ETDEWEB)

    Longhurst, G.R.; Anderl, R.A. [Idaho National Eng. and Environ. Lab., Idaho Falls, ID (United States); Scott Willms, R. [Los Alamos National Lab., NM (United States)

    2000-04-01

    An emerging issue relative to beryllium technology in fusion involves tritium interactions with molten beryllium-bearing salts. Innovative designs for fusion reactors, both magnetic and inertially confined, feature the molten salt mixture 2LiF.BeF{sub 2}, commonly called Flibe, as a tritium breeder and coolant. Tritium is bred in the Flibe as neutrons from the plasma are absorbed by Li atoms, which then transmute to tritium and helium. Transmutation of tritium from Be also occurs. Among the issues to be resolved for such coolant systems is the potential loss of tritium from the Flibe coolant to the walls of the system, particularly through heat exchanger tubes, and from there into secondary coolants or working fluids and the environment. Effectively removing tritium from Flibe in clean-up units is also important. In quiescent or low Reynolds number flow, tritium movement through Flibe is governed by diffusion. For Flibe in turbulent flow, as in heat exchanger tubes, transport is by turbulent mixing, and the same flow conditions and structural design features that maximize heat transfer to the heat exchanger walls will enhance the transport of tritium to those same surfaces. Analyses have been performed to estimate the fractional loss of tritium through heat exchanger tubes and release rates from Flibe droplets in vacuum disengagers in molten Flibe systems. The calculations suggest unacceptably large losses of tritium through heat exchanger tubes. The gravity of the implications of these estimates calls for experimental verification to determine if tritium losses through molten Flibe heat exchangers or other Flibe systems can really be so high and whether vacuum disengagers will really work. There is also a need for better information on evolution of tritium from Flibe droplets in a vacuum. Several experiments are presently being planned to address these issues and are discussed. These include experiments to induce tritium in Flibe using spontaneous fission neutrons

  2. Tritium loss in molten flibe systems

    International Nuclear Information System (INIS)

    Longhurst, G.R.; Anderl, R.A.; Scott Willms, R.

    2000-01-01

    An emerging issue relative to beryllium technology in fusion involves tritium interactions with molten beryllium-bearing salts. Innovative designs for fusion reactors, both magnetic and inertially confined, feature the molten salt mixture 2LiF.BeF 2 , commonly called Flibe, as a tritium breeder and coolant. Tritium is bred in the Flibe as neutrons from the plasma are absorbed by Li atoms, which then transmute to tritium and helium. Transmutation of tritium from Be also occurs. Among the issues to be resolved for such coolant systems is the potential loss of tritium from the Flibe coolant to the walls of the system, particularly through heat exchanger tubes, and from there into secondary coolants or working fluids and the environment. Effectively removing tritium from Flibe in clean-up units is also important. In quiescent or low Reynolds number flow, tritium movement through Flibe is governed by diffusion. For Flibe in turbulent flow, as in heat exchanger tubes, transport is by turbulent mixing, and the same flow conditions and structural design features that maximize heat transfer to the heat exchanger walls will enhance the transport of tritium to those same surfaces. Analyses have been performed to estimate the fractional loss of tritium through heat exchanger tubes and release rates from Flibe droplets in vacuum disengagers in molten Flibe systems. The calculations suggest unacceptably large losses of tritium through heat exchanger tubes. The gravity of the implications of these estimates calls for experimental verification to determine if tritium losses through molten Flibe heat exchangers or other Flibe systems can really be so high and whether vacuum disengagers will really work. There is also a need for better information on evolution of tritium from Flibe droplets in a vacuum. Several experiments are presently being planned to address these issues and are discussed. These include experiments to induce tritium in Flibe using spontaneous fission neutrons

  3. Enron: a financial Tchernobyl?; Enron: un Tchernobyl financier?

    Energy Technology Data Exchange (ETDEWEB)

    Nicolet, J.L. [Expert Judiciaire, Pres la Cours d' Appel de Versailles, 78 (France); Alazard, C.; Charron, J.L. [Professeurs agreges d' Economie et Gestion, DECF, Lycee de Sevres, 92 (France)

    2004-07-01

    ENRON is almost more striking as an epitome, a model, than as a scandal. It is the perfect illustration of the occurrence of a major financial risk with strong contaminating repercussions. Close examination of the measures taken after this scandal, and the many other scandals (WorldCom, Vivendi etc.) which followed it, indicates that financial risk does not only, as might be imagined on more superficial analysis, take its roots in fraudulent behaviour. On the contrary, fraudulent behaviour appears merely to act as a catalyst. The authors suggest that a global approach integrating the concepts of industrial risk management provides a far more appropriate prism through which to interpret and develop effective controls for financial risks. After recalling the main facts, they apply the concepts of cindynics (the science of danger) to the Enron case and rapidly reach a first major conclusion: the financial system does not have its foundations in any reliable system of measurement. (authors)

  4. Defense Departmental Reporting Systems - Audited Financial Statements

    National Research Council Canada - National Science Library

    Granetto, Paul

    2001-01-01

    .... The Chief Financial Officers Act requires the Inspector General, DoD, to audit the financial statements of DoD organizations in accordance with generally accepted Government auditing standards...

  5. Theory of earthquakes interevent times applied to financial markets

    Science.gov (United States)

    Jagielski, Maciej; Kutner, Ryszard; Sornette, Didier

    2017-10-01

    We analyze the probability density function (PDF) of waiting times between financial loss exceedances. The empirical PDFs are fitted with the self-excited Hawkes conditional Poisson process with a long power law memory kernel. The Hawkes process is the simplest extension of the Poisson process that takes into account how past events influence the occurrence of future events. By analyzing the empirical data for 15 different financial assets, we show that the formalism of the Hawkes process used for earthquakes can successfully model the PDF of interevent times between successive market losses.

  6. Financial implications of ventral hernia repair: a hospital cost analysis.

    Science.gov (United States)

    Reynolds, Drew; Davenport, Daniel L; Korosec, Ryan L; Roth, J Scott

    2013-01-01

    Complicated ventral hernias are often referred to tertiary care centers. Hospital costs associated with these repairs include direct costs (mesh materials, supplies, and nonsurgeon labor costs) and indirect costs (facility fees, equipment depreciation, and unallocated labor). Operative supplies represent a significant component of direct costs, especially in an era of proprietary synthetic meshes and biologic grafts. We aim to evaluate the cost-effectiveness of complex abdominal wall hernia repair at a tertiary care referral facility. Cost data on all consecutive open ventral hernia repairs (CPT codes 49560, 49561, 49565, and 49566) performed between 1 July 2008 and 31 May 2011 were analyzed. Cases were analyzed based upon hospital status (inpatient vs. outpatient) and whether the hernia repair was a primary or secondary procedure. We examined median net revenue, direct costs, contribution margin, indirect costs, and net profit/loss. Among primary hernia repairs, cost data were further analyzed based upon mesh utilization (no mesh, synthetic, or biologic). Four-hundred and fifteen patients underwent ventral hernia repair (353 inpatients and 62 outpatients); 173 inpatients underwent ventral hernia repair as the primary procedure; 180 inpatients underwent hernia repair as a secondary procedure. Median net revenue ($17,310 vs. 10,360, p costs for cases performed without mesh were $5,432; median direct costs for those using synthetic and biologic mesh were $7,590 and 16,970, respectively (p financial loss was $8,370. Outpatient ventral hernia repairs, with and without synthetic mesh, resulted in median net losses of $1,560 and 230, respectively. Ventral hernia repair is associated with overall financial losses. Inpatient synthetic mesh repairs are essentially budget neutral. Outpatient and inpatient repairs without mesh result in net financial losses. Inpatient biologic mesh repairs result in a negative contribution margin and striking net financial losses. Cost

  7. The Construction and Empirical Analysis of Financial Risk Early Warning System in Colleges and Universities

    Directory of Open Access Journals (Sweden)

    Dai Jiaxu

    2017-03-01

    Full Text Available In recent years, China's higher education into the period of rapid development, high growth will inevitably bring high demand for financial support, but the government investment can not keep up with the pace of development of colleges and universities, so many colleges and universities choose bank loans, blind expansion will be out of control Resulting in college financial crisis. This paper proposes a method to construct the financial risk evaluation model of colleges and universities. The model is based on the specific risk index system, and uses the analytic hierarchy process and Delphi expert scoring method as the theoretical basis. The model can calculate the type and level of financial risk in colleges and universities, and provide support for the system decision-making.

  8. Changing Methodologies in Financial Audit and Their Impact on Information Systems Audit

    Directory of Open Access Journals (Sweden)

    Daniel VILSANOIU

    2010-01-01

    Full Text Available This paper tries to provide a better understanding of the relation between financial audit and information systems audit and to assess the influence the change in financial audit methodologies had on IS audit. We concluded that the COSO Internal Control – Integrated Framework was the starting point for fundamental changes in both financial and IS audit and that the Sarbanes-Oxley Act should be viewed as an enabler rather than an enforcer in establishing strong governance models. Finally, our research suggests that there is a direct causality effect between the employment of BRA (business risk audit methodologies and the growing importance of IS audit.

  9. 32 CFR 37.615 - What standards do I include for financial systems of for-profit firms?

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 1 2010-07-01 2010-07-01 false What standards do I include for financial... SECRETARY OF DEFENSE DoD GRANT AND AGREEMENT REGULATIONS TECHNOLOGY INVESTMENT AGREEMENTS Award Terms Affecting Participants' Financial, Property, and Purchasing Systems Financial Matters § 37.615 What...

  10. Il crescente indebolimento del sistema finanziario internazionale (The ongoing weakening of the international financial system

    Directory of Open Access Journals (Sweden)

    H.P. GRAY

    2013-10-01

    Full Text Available A hegemon-by-committee, or a group of nations playing the role of a dominant financial power, is necessary for the international financial system to withstand crises arising from drastic shifts of funds among national currencies, accompanied by large movements of exchange rates. These wide fluctuations in exchange rates and subsequent financial transactions can trigger a collapse of prices in dollar-denominated financial assets in US financial markets, thus undermining the global economy. With no single nation apparently capable of playing the hegemon, international cooperation is imperative. An important theme of the paper is that allocative efficiency may not be compatible with adequate financial stability efficiency.JEL: F31, G28

  11. MODERN APPROACHES TO THE IMPLEMENTATION OF MONETARY POLICY AND THE REGULATION OF FINANCIAL SYSTEMS

    Directory of Open Access Journals (Sweden)

    Radu CUHAL

    2013-01-01

    Full Text Available This study determines the modern approaches to the implementation of monetary policy and regulation of financial systems. Set of measures to prevent and overcome the financial crisis is grounded taking into consideration different areas of research and the IMF. New tasks of monetary policy in central banks are specified and they are intended to ensure the financial stability of the state (within the common fiscal policy. The main directions of elaboration and implementation of new monetary policy mechanism, which is intended to ensure the effective solution of problems in macro prudential supervision and financial stability, are examined.

  12. Modern approaches to the implementation of monetary policy and the regulation of financial systems

    Directory of Open Access Journals (Sweden)

    Basistîi Nicolae

    2013-01-01

    Full Text Available This study determines the modern approaches to the implementation of monetary policy and regulation of financial systems. Set of measures to prevent and overcome the financial crisis is grounded taking into consideration different areas of research and the IMF.New tasks of monetary policy in central banks are specified and they are intended to ensure the financial stability of the state (within the common fiscal policy.The main directions of elaboration and implementation of new monetary policy mechanism, which is intended to ensure the effective solution of problems in macro prudential supervision and financial stability, are examined.

  13. 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 ...

  14. Turkey Financial Reporting Standard - 9 "Financial Instruments" by Standard Classification of Financial Instruments and Application Examples

    Directory of Open Access Journals (Sweden)

    Emine Çına Bal

    2013-09-01

    Full Text Available According to IAS 39, financial assets are classified into four classes. This quadruple classification for financial assets in IAS 39 has reduced into the groups as valued at fair value in the form of financial assets valued at amortized cost by IFRS 9. At the implementing example of this study, stock held for trading is taken, and how to take into account the positive and negative differences in fair value using profit and loss accounts are shown. Another implementing example of our study is related to an investment in an equity investment that is not held for trading purposes. Changes will be occur later in the fair value of these financial assets are presented, as mentioned in the standard, in other comprehensive income subsequent. At the example related to purchase of bonds in the implementation part of the study, first the cost of bond at the date of purchase (purchase price + commission expenses, etc., cash flows will be obtained in the future from this bond (interest and principal payments equalizing discount rate (internal rate of return is calculated. Accordingly, an amortized cost table that shows interest income of each period, cash flows sourced from obtained interests and the cost bond at he and of each year is created. According to this table, accounting records considering each year-end valuation of the bond is shown.

  15. Patient attitudes about financial incentives for diabetes self-management: A survey.

    Science.gov (United States)

    Blondon, Katherine S

    2015-06-10

    To study the acceptability of incentives for behavior changes in individuals with diabetes, comparing financial incentives to self-rewards and non-financial incentives. A national online survey of United States adults with diabetes was conducted in March 2013 (n = 153). This survey was designed for this study, with iterative testing and modifications in a pilot population. We measured the demographics of individuals, their interest in incentives, as well as the perceived challenge of diabetes self-management tasks, and expectations of incentives to improve diabetes self-management (financial, non-financial and self-rewards). Using an ordered logistic regression model, we assessed the association between a 32-point score of the perceived challenge of the self-management tasks and the three types of rewards. Ninety-six percent of individuals were interested in financial incentives, 60% in non-financial incentives and 72% in self-rewards. Patients were less likely to use financial incentives when they perceived the behavior to be more challenging (odds ratio of using financial incentives of 0.82 (95%CI: 0.72-0.93) for each point of the behavior score). While the effectiveness of incentives may vary according to the perceived level of challenge of each behavior, participants did not expect to need large amounts to motivate them to modify their behavior. The expected average amounts needed to motivate a 5 lb weight loss in our population and to maintain this weight change for a year was $258 (interquartile range of $10-100) and $713 (interquartile range of $25-250) for a 15 lb weight loss. The difference in mean amount estimates for 5 lb and 15 lb weight loss was significant (P < 0.001). Individuals with diabetes are willing to consider financial incentives to improve diabetes self-management. Future studies are needed to explore incentive programs and their effectiveness for diabetes.

  16. 32 CFR 37.605 - What is the general policy on participants' financial, property, and purchasing systems?

    Science.gov (United States)

    2010-07-01

    ...' financial, property, and purchasing systems? 37.605 Section 37.605 National Defense Department of Defense OFFICE OF THE SECRETARY OF DEFENSE DoD GRANT AND AGREEMENT REGULATIONS TECHNOLOGY INVESTMENT AGREEMENTS Award Terms Affecting Participants' Financial, Property, and Purchasing Systems § 37.605 What is the...

  17. Development of a system dynamics model for financially sustainable management of municipal watermain networks.

    Science.gov (United States)

    Rehan, R; Knight, M A; Unger, A J A; Haas, C T

    2013-12-15

    This paper develops causal loop diagrams and a system dynamics model for financially sustainable management of urban water distribution networks. The developed causal loop diagrams are a novel contribution in that it illustrates the unique characteristics and feedback loops for financially self-sustaining water distribution networks. The system dynamics model is a mathematical realization of the developed interactions among system variables over time and is comprised of three sectors namely watermains network, consumer, and finance. This is the first known development of a water distribution network system dynamics model. The watermains network sector accounts for the unique characteristics of watermain pipes such as service life, deterioration progression, pipe breaks, and water leakage. The finance sector allows for cash reserving by the utility in addition to the pay-as-you-go and borrowing strategies. The consumer sector includes controls to model water fee growth as a function of service performance and a household's financial burden due to water fees. A series of policy levers are provided that allow the impact of various financing strategies to be evaluated in terms of financial sustainability and household affordability. The model also allows for examination of the impact of different management strategies on the water fee in terms of consistency and stability over time. The paper concludes with a discussion on how the developed system dynamics water model can be used by water utilities to achieve a variety of utility short and long-term objectives and to establish realistic and defensible water utility policies. It also discusses how the model can be used by regulatory bodies, government agencies, the financial industry, and researchers. Crown Copyright © 2013. Published by Elsevier Ltd. All rights reserved.

  18. A Comparison of Global Financial Market Recovery after the 2008 Global Financial Crisis

    Directory of Open Access Journals (Sweden)

    Foo Jennifer

    2017-06-01

    Full Text Available The Financial Crisis of 2007-2009 plunged countries into a Great Recession and focused the world’s attention on the global stock markets. The global contagion has a major impact on global stock markets, with the U.S. DJIA falling to 6,547.05 on March 9, 2009 from a high of 14,164.53 on October 9, 2007, with a loss of more than 54%. Other stock markets also had a precipitous drop during the financial crisis. However, some equity markets have recovered while others have not. This paper looks at how global markets compared in their recovery. This paper also investigates the advanced countries’ recovery relative to the emerging and developing countries in the aftermath of the financial crisis and their ability to climb back to the pre-financial crisis levels. Analysis is provided for 31 stock indexes from January 2005 to March 2013. In 2013 the majority of analysed stock markets recovered from the crises regardless of if they belong to the group of developed or emerging markets.

  19. AIP Diffraction measurements using the LHC Beam Loss Monitoring System

    CERN Document Server

    Kalliokoski, Matti

    2017-01-01

    The Beam Loss Monitoring (BLM) system of the Large Hadron Collider protects the machine from beam induced damage by measuring the absorbed dose rates of beam losses, and by triggering beam dump if the rates increase above the allowed threshold limits. Although the detection time scales are optimized for multi-turn losses, information on fast losses can be recovered from the loss data. In this paper, methods in using the BLM system in di ff raction studies are discussed.

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

    Directory of Open Access Journals (Sweden)

    Valeriy Dudnyk

    2015-11-01

    Full Text Available The object of the work is study of methods for analyzing the current financial and economic performance of a company as well as the usage of existing methods for the assessment of the company in the current and future periods. Analysis of financial and economic performance provides not only assessment of the current situation of a company, but a projection of its future behavior. Thus, the results can be used for planning and prediction. Different ways of handling of economic information are currently used in activity analysis to study the factors influencing the performance of a company and to account its reserves. An objective assessment of the financial and economic situation of the modern enterprise is the crucial part of justified decision-making. It forms the basis for determining the development strategy and acts as one of the key indicators for investors and creditors. Tracking and evaluating the effectiveness of a company requires above all comprehensive assessment of its financial and economic activities, monitoring the implementation of decisions, and identification of reserves for improvement. The process of activity analysis requires generalization of models which allow using their results both as a guide for future development of the economic system as well as a base for comparison and evaluation of the present state of the company. This enables justified decision making in particular situations and clarifies usage of existing methods for assessment of the company in the current and future periods. Results. Financial and economic activities of a company require comprehensive analysis, which may be carried out in the following steps: formulating and analyzing business objectives of the company, forming the information basis, constructing a comparison table, analyzing the data, producing a comprehensive rating score of the financial and economic situation of the company. Comprehensive rating score should take into account all

  1. Financial Statements

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

    users make on the basis of the financial information. .... IDRC's brand and reputation could impact partner- .... building and to provide internal services in support of the ...... maintains books of accounts, information systems, and financial and management controls that .... The significant accounting policies of the Centre are: a.

  2. Prospect Theory for Online Financial Trading

    Science.gov (United States)

    Liu, Yang-Yu; Nacher, Jose C.; Ochiai, Tomoshiro; Martino, Mauro; Altshuler, Yaniv

    2014-03-01

    Prospect theory is widely viewed as the best available descriptive model of how people evaluate risk in experimental settings. According to prospect theory, people make decisions based on the potential value of losses and gains rather than the final outcome. People are risk-averse with respect to gains and risk-seeking with respect to losses, a phenomenon called ``loss aversion''. Despite of the fact that prospect theory has been well studied in behavioral economics at the theoretical level, there exist very few empirical research and most of them has been undertaken with micro-panel data. Here we analyze the trading activities of over 1.5 million members of an online financial trading community over 28 months, aiming to explore the large-scale empirical aspect of prospect theory. By analyzing and comparing the behaviour of ``winners'' and ``losers'', i.e., traders with positive or negative final net profit, we find clear evidence of the loss aversion phenomenon, an essence in prospect theory. This work demonstrates an unprecedented large-scale empirical evidence of prospect theory. It has immediate implication in financial trading, e.g., developing new trading strategies by minimizing the effect of loss aversion. It also provides opportunity to augment online social trading, where users are allowed to watch and follow the trading activity of others, by predicting potential winners based on their historical trading behaviour.

  3. Assessing efficiency of formation of the bank’s system of financial controlling

    Directory of Open Access Journals (Sweden)

    Chmutova Irina N.

    2014-01-01

    Full Text Available The article offers a scientific and methodical approach to assessment of efficiency of formation of the bank’s system of financial controlling, which takes into account two components – assessment of efficiency of team work on introduction of financial controlling as an investment project. This would allow identification of expediency of investments into the project on introduction and taking into account not only professional level of the team but also psychological distinctive features of its each member. In order to determine correlations of the assessment components the article forms a matrix that would serve as a basis for development of the necessary complex of actions with respect to increase of the bank’s financial controlling efficiency.

  4. Money matters: Rapid post-earthquake financial decision-making

    Science.gov (United States)

    Wald, David J.; Franco, Guillermo

    2016-01-01

    Post-earthquake financial decision-making is a realm beyond that of many people. In the immediate aftermath of a damaging earthquake, billions of dollars of relief, recovery, and insurance funds are in the balance through new financial instruments that allow those with resources to hedge against disasters and those at risk to limit their earthquake losses and receive funds for response and recovery.

  5. Household Financial Distress and Initial Endowments

    DEFF Research Database (Denmark)

    Olafsson, Arna

    2016-01-01

    ( 4000 g). I also find evidence that the collapse reduced the sex ratio, indicating selection in utero due to maternal prenatal stress exposure. My results imply large welfare losses from financial distress that have hitherto been ignored...

  6. The Financial Crisis, A Problem Of Economic Ethics And Of Morality?

    Directory of Open Access Journals (Sweden)

    Napoleon POP

    2012-09-01

    Full Text Available Many experts interested in explaining and understanding the deepness of latest financial crisis, far away yet to be solved, have gone beyond the appearances capture only by the economic science. It is more than sure that bubble on US prime rate real estate market was a only the detonator of much more complex mechanism built in time behind the scene of the financial system. Two things are more perceivable, the lack of comprehensive, but not overburdened, regulations and the sophisticated financial products less understood even by the managers of the financial institutions using them. A question still remains. Who was actually in charge with the explosion and the changing nature of the derivatives products, as innovation in every field of human activity is not always to be blamed? When the crisis burst, we were talking about toxic financial products with a huge capability to contaminate the entire globe. When the things became a little calmer, we started to call them exotic financial products and now it is a vague feeling of forgetting about the bad impact they produced, focusing ourselves on the new and more needed regulation of the global financial system, leaving aside the human behavior. What we see is that financial world became huge as compared with the real economy and, as a long time and well experienced former banker said, huge money are looking for more huge yields, producing more money out of nothing. That simple thought brings us to the ethic in economics and morality in the financial system, completely reversed from the normality, if just have a look to the anti cycle movement between the bonus policy and the losses or failures of some banks in the latest years. The connection is to be found in the risky management of the risks in very exposed markets to the information asymmetry, moral hazard and herd behavior. We let you know that this article is an inspiring root for an extensive study dedicated to the global money, in search of

  7. Estimated crop loss due to coconut mite and financial analysis of controlling the pest using the acaricide abamectin.

    Science.gov (United States)

    Rezende, Daniela; Melo, José W S; Oliveira, José E M; Gondim, Manoel G C

    2016-07-01

    Reducing the losses caused by Aceria guerreronis Keifer has been an arduous task for farmers. However, there are no detailed studies on losses that simultaneously analyse correlated parameters, and very few studies that address the economic viability of chemical control, the main strategy for managing this pest. In this study the objectives were (1) to estimate the crop loss due to coconut mite and (2) to perform a financial analysis of acaricide application to control the pest. For this, the following parameters were evaluated: number and weight of fruits, liquid albumen volume, and market destination of plants with and without monthly abamectin spraying (three harvests). The costs involved in the chemical control of A. guerreronis were also quantified. Higher A. guerreronis incidence on plants resulted in a 60 % decrease in the mean number of fruits harvested per bunch and a 28 % decrease in liquid albumen volume. Mean fruit weight remained unaffected. The market destination of the harvested fruit was also affected by higher A. guerreronis incidence. Untreated plants, with higher A. guerreronis infestation intensity, produced a lower proportion of fruit intended for fresh market and higher proportions of non-marketable fruit and fruit intended for industrial processing. Despite the costs involved in controlling A. guerreronis, the difference between the profit from the treated site and the untreated site was 18,123.50 Brazilian Real; this value represents 69.1 % higher profit at the treated site.

  8. Indicators of financial crises do work! : an early-warning system for six Asian countries

    NARCIS (Netherlands)

    Lestano, [No Value; Jacobs, Jan; Kuper, Gerard H.

    2003-01-01

    Indicators of financial crisis generally do not have a good track record. This paper presents an early warning system for six countries in Asia, in which indicators do work.We distinguish three types of financial crises, currency crises, banking crises and debt crises, and extract four groups of

  9. FINANCIAL PERFORMANCE IN CREDIT INSTITUTION MANAGEMENT

    Directory of Open Access Journals (Sweden)

    IOV DANIELA RODICA

    2014-05-01

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

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

    Directory of Open Access Journals (Sweden)

    Bojana Olgić Draženović

    2005-06-01

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

  11. Reliability of Beam Loss Monitors System for the Large Hadron Collider

    CERN Document Server

    Guaglio, Gianluca; Santoni, C

    2004-01-01

    The employment of superconducting magnets, in the high energies colliders, opens challenging failure scenarios and brings new criticalities for the whole system protection. For the LHC beam loss protection system, the failure rate and the availability requirements have been evaluated using the Safety Integrity Level (SIL) approach. A downtime cost evaluation is used as input for the SIL approach. The most critical systems, which contribute to the final SIL value, are the dump system, the interlock system, the beam loss monitors system and the energy monitor system. The Beam Loss Monitors System (BLMS) is critical for short and intense particles losses, while at medium and higher loss time it is assisted by other systems, such as the quench protection system and the cryogenic system. For BLMS, hardware and software have been evaluated in detail. The reliability input figures have been collected using historical data from the SPS, using temperature and radiation damage experimental data as well as using standar...

  12. Reliability of Beam Loss Monitor Systems for the Large Hadron Collider

    CERN Document Server

    Guaglio, Gianluca; Santoni, C

    2005-01-01

    The increase of beam energy and beam intensity, together with the use of super conducting magnets, opens new failure scenarios and brings new criticalities for the whole accelerator protection system. For the LHC beam loss protection system, the failure rate and the availability requirements have been evaluated using the Safety Integrity Level (SIL) approach. A downtime cost evaluation is used as input for the SIL approach. The most critical systems, which contribute to the final SIL value, are the dump system, the interlock system, the beam loss monitors system, and the energy monitor system. The Beam Loss Monitors System (BLMS) is critical for short and intense particles losses at 7 TeV and assisted by the Fast Beam Current Decay Monitors at 450 GeV. At medium and higher loss time it is assisted by other systems, such as the quench protection system and the cryogenic system. For BLMS, hardware and software have been evaluated in detail. The reliability input figures have been collected using historical data...

  13. Preservation of beam loss induced quenches, beam lifetime and beam loss measurements with the HERA-p beam-loss-monitor system

    International Nuclear Information System (INIS)

    Wittenburg, K.

    1994-01-01

    The beam-loss-monitors (BLMs) in the HERA-Proton-ring (HERAp) must fulfil the following requirements: They have to measure losses sensitive and fast enough to prevent the superconducting magnets from beam loss induced quenching; the dynamic range of the monitors must exceed several decades in order to measure losses during beam lifetimes of hundreds of hours as well as the much stronger losses that may quench superconducting magnets; they have to be insensitive to the synchrotron radiation of the adjacent electron-ring (HERAe); and their radiation hardness must allow a monitor-lifetime of a few years of HERA operation. These requirements are well satisfied by the HERAp-BLM-System. (orig.)

  14. The LCLS Undulator Beam Loss Monitor Readout System

    Energy Technology Data Exchange (ETDEWEB)

    Dusatko, John; Browne, M.; Fisher, A.S.; Kotturi, D.; Norum, S.; Olsen, J.; /SLAC

    2012-07-23

    The LCLS Undulator Beam Loss Monitor System is required to detect any loss radiation seen by the FEL undulators. The undulator segments consist of permanent magnets which are very sensitive to radiation damage. The operational goal is to keep demagnetization below 0.01% over the life of the LCLS. The BLM system is designed to help achieve this goal by detecting any loss radiation and indicating a fault condition if the radiation level exceeds a certain threshold. Upon reception of this fault signal, the LCLS Machine Protection System takes appropriate action by either halting or rate limiting the beam. The BLM detector consists of a PMT coupled to a Cherenkov radiator located near the upstream end of each undulator segment. There are 33 BLMs in the system, one per segment. The detectors are read out by a dedicated system that is integrated directly into the LCLS MPS. The BLM readout system provides monitoring of radiation levels, computation of integrated doses, detection of radiation excursions beyond set thresholds, fault reporting and control of BLM system functions. This paper describes the design, construction and operational performance of the BLM readout system.

  15. The Beam Loss Detection System of the LHC Ring

    CERN Document Server

    Gschwendtner, E; Ferioli, G; Friesenbichler, W; Kain, V

    2002-01-01

    At the Large Hadron Collider (LHC) a beam loss system will be installed in the arc, dispersion suppressor and the straight regions for a continuous surveillance of particle losses. These beam particles deposit their energy partially in the super-conducting coils leading to temperature increase, possible magnet quenches and damages. The primary and secondary halo of the beam is absorbed by the collimation system. The tertiary halo will be lost at aperture limits in the ring. Its loss distribution along the magnets has been studies. At the positions, where most of the beam losses are expected, simulations of the particle fluences outside the cryostat and induced by lost protons at the aperture have been performed with the Monte Carlo Code Geant 3.2.1. This allows determining the most suitable positions of the detectors, the needed number of monitors and the impact on the dynamic range of the detectors. The design of the beam loss monitor system is presented that meet the required sensitivity, dynamic range and ...

  16. Financial decentralization and its impact on local finance system of Ukraine

    Directory of Open Access Journals (Sweden)

    I. V. Mizina

    2016-07-01

    Full Text Available The article researches the influence of the process of financial decentralization system on local finance system in Ukraine. Author determined the basic transformations of local finances system as a result of reform measures and ways to adapt to new conditions. The basic characteristics of the changing role of public authorities and local governments, their relationships and relationships in the system, strengthening public participation in decision­making of local importance are revealed. The main requirements of local finances taking into account the impact of fiscal decentralization processes are formulated. They include the formation of an effective and sustainable framework for the mobilization of financial resources within each territorial community; providing sufficient resources for sustainable and dynamic development at the local level; improve management of local finances with the application process and project approaches. An action plan to change the system of local finance Ukraine in the context of fiscal decentralization on a 5­year period is proposed. The action plan envisages normalization of regulatory provisions in the area of local finance, training local government officials, development resources, monitoring and evaluating the effectiveness of the current system of local finance.

  17. The AGS Booster beam loss monitor system

    International Nuclear Information System (INIS)

    Beadle, E.R.; Bennett, G.W.; Witkover, R.L.

    1991-01-01

    A beam loss monitor system has been developed for the Brookhaven National Laboratory Booster accelerator, and is designed for use with intensities of up to 1.5 x 10 13 protons and carbon to gold ions at 50-3 x 10 9 ions per pulse. This system is a significant advance over the present AGS system by improving the sensitivity, dynamic range, and data acquisition. In addition to the large dynamic range achievable, it is adaptively shifted when high losses are detected. The system uses up to 80 argon filled ion chambers as detectors, as well as newly designed electronics for processing and digitizing detector outputs. The hardware simultaneously integrates each detector output, interfaces to the beam interrupt systems, and digitizes all 80 channels to 21 bits at 170 KHz. This paper discuses the design, construction, and operation of the system. 4 refs., 2 figs

  18. Hopf-pitchfork bifurcation and periodic phenomena in nonlinear financial system with delay

    International Nuclear Information System (INIS)

    Ding Yuting; Jiang Weihua; Wang Hongbin

    2012-01-01

    Highlights: ► We derive the unfolding of a financial system with Hopf-pitchfork bifurcation. ► We show the coexistence of a pair of stable small amplitudes periodic solutions. ► At the same time, also there is a pair of stable large amplitudes periodic solutions. ► Chaos can appear by period-doubling bifurcation far away from Hopf-pitchfork value. ► The study will be useful for interpreting economics phenomena in theory. - Abstract: In this paper, we identify the critical point for a Hopf-pitchfork bifurcation in a nonlinear financial system with delay, and derive the normal form up to third order with their unfolding in original system parameters near the bifurcation point by normal form method and center manifold theory. Furthermore, we analyze its local dynamical behaviors, and show the coexistence of a pair of stable periodic solutions. We also show that there coexist a pair of stable small-amplitude periodic solutions and a pair of stable large-amplitude periodic solutions for different initial values. Finally, we give the bifurcation diagram with numerical illustration, showing that the pair of stable small-amplitude periodic solutions can also exist in a large region of unfolding parameters, and the financial system with delay can exhibit chaos via period-doubling bifurcations as the unfolding parameter values are far away from the critical point of the Hopf-pitchfork bifurcation.

  19. Implementation of a Shared Resource Financial Management System

    Science.gov (United States)

    Caldwell, T.; Gerlach, R.; Israel, M.; Bobin, S.

    2010-01-01

    CF-6 Norris Cotton Cancer Center (NCCC), an NCI-designated Comprehensive Cancer Center at Dartmouth Medical School, administers 12 Life Sciences Shared Resources. These resources are diverse and offer multiple products and services. Previous methods for tracking resource use, billing, and financial management were time consuming, error prone and lacked appropriate financial management tools. To address these problems, we developed and implemented a web-based application with a built-in authorization system that uses Perl, ModPerl, Apache2, and Oracle as the software infrastructure. The application uses a role-based system to differentiate administrative users with those requesting services and includes many features requested by users and administrators. To begin development, we chose a resource that had an uncomplicated service, a large number of users, and required the use of all of the applications features. The Molecular Biology Core Facility at NCCC fit these requirements and was used as a model for developing and testing the application. After model development, institution wide deployment followed a three-stage process. The first stage was to interview the resource manager and staff to understand day-to-day operations. At the second stage, we generated and tested customized forms defining resource services. During the third stage, we added new resource users and administrators to the system before final deployment. Twelve months after deployment, resource administrators reported that the new system performed well for internal and external billing and tracking resource utilization. Users preferred the application's web-based system for distribution of DNA sequencing and other data. The sample tracking features have enhanced day-to-day resource operations, and an on-line scheduling module for shared instruments has proven a much-needed utility. Principal investigators now are able to restrict user spending to specific accounts and have final approval of the

  20. Pathways towards instability in financial networks

    Science.gov (United States)

    Bardoscia, Marco; Battiston, Stefano; Caccioli, Fabio; Caldarelli, Guido

    2017-02-01

    Following the financial crisis of 2007-2008, a deep analogy between the origins of instability in financial systems and complex ecosystems has been pointed out: in both cases, topological features of network structures influence how easily distress can spread within the system. However, in financial network models, the details of how financial institutions interact typically play a decisive role, and a general understanding of precisely how network topology creates instability remains lacking. Here we show how processes that are widely believed to stabilize the financial system, that is, market integration and diversification, can actually drive it towards instability, as they contribute to create cyclical structures which tend to amplify financial distress, thereby undermining systemic stability and making large crises more likely. This result holds irrespective of the details of how institutions interact, showing that policy-relevant analysis of the factors affecting financial stability can be carried out while abstracting away from such details.

  1. Long radiation detector system for beam loss monitoring

    Energy Technology Data Exchange (ETDEWEB)

    Balsamo, J.; Fewell, N.M.; Klein, J.D.; Witkover, R.L.

    1977-01-01

    The Long Radiation Monitor (LRM) system installed at the 200 MeV linac at Brookhaven National Laboratory is described. This system allows observation of both the spatial and temporal character of the losses in the linac and its transport lines. An array of large diameter gas filled coaxial cables are used as extended ion chambers to detect the losses. The output signals are available as a histogram, video waveforms, and numerical data via the computer. A fast beam interrupt is also provided. The detector characteristics and details of the processing electronics are presented. Results of studies of longitudinal, steering and focusing losses are described.

  2. Long radiation detector system for beam loss monitoring

    International Nuclear Information System (INIS)

    Balsamo, J.; Fewell, N.M.; Klein, J.D.; Witkover, R.L.

    1977-01-01

    The Long Radiation Monitor (LRM) system installed at the 200 MeV linac at Brookhaven National Laboratory is described. This system allows observation of both the spatial and temporal character of the losses in the linac and its transport lines. An array of large diameter gas filled coaxial cables are used as extended ion chambers to detect the losses. The output signals are available as a histogram, video waveforms, and numerical data via the computer. A fast beam interrupt is also provided. The detector characteristics and details of the processing electronics are presented. Results of studies of longitudinal, steering and focusing losses are described

  3. Managing water utility financial risks through third-party index insurance contracts

    Science.gov (United States)

    Zeff, Harrison B.; Characklis, Gregory W.

    2013-08-01

    As developing new supply capacity has become increasingly expensive and difficult to permit (i.e., regulatory approval), utilities have become more reliant on temporary demand management programs, such as outdoor water use restrictions, for ensuring reliability during drought. However, a significant fraction of water utility income is often derived from the volumetric sale of water, and such restrictions can lead to substantial revenue losses. Given that many utilities set prices at levels commensurate with recovering costs, these revenue losses can leave them financially vulnerable to budgetary shortfalls. This work explores approaches for mitigating drought-related revenue losses through the use of third-party financial insurance contracts based on streamflow indices. Two different types of contracts are developed, and their efficacy is compared against two more traditional forms of financial hedging used by water utilities: Drought surcharges and contingency funds (i.e., self-insurance). Strategies involving each of these approaches, as well as their use in combination, are applied under conditions facing the water utility serving Durham, North Carolina. A multireservoir model provides information on the scale and timing of droughts, and the financial effects of these events are simulated using detailed data derived from utility billing records. Results suggest that third-party index insurance contracts, either independently or in combination with more traditional hedging tools, can provide an effective means of reducing a utility's financial vulnerability to drought.

  4. Evaluating the Level of Internal Control System in the Management of Financial Security of Bank

    Directory of Open Access Journals (Sweden)

    Pidvysotska Lyudmyla J.

    2017-06-01

    Full Text Available The article is aimed at studying the organization and technology of evaluation process of the internal control system of bank in order to ensure financial security management of its activities. The work of the internal audit service on monitoring and evaluating the performance of the bank’s internal control system was analyzed. It has been found that improving the level of financial security of commercial banks is conditional upon improvements in the quality of audits and the provision of sound and objective conclusions. The interrelation of the tasks of internal audit service and the tasks of bank’s financial security management has been determined. Methodological recommendations on evaluation of the bank’s internal control system on the basis of results of audit have been proposed.

  5. Significance of losses in water distribution systems in India.

    Science.gov (United States)

    Raman, V

    1983-01-01

    Effective management of water supply systems consists in supplying adequate quantities of clean water to the population. Detailed pilot studies of water distribution systems were carried out in 9 cities in India during 1971-81 to establish the feasibility of a programme of assessment, detection, and control of water losses from supply systems. A cost-benefit analysis was carried out. Water losses from mains and service pipes in the areas studied amounted to 20-35% of the total flow in the system. At a conservative estimate, the national loss of processed water through leaks in the water distribution systems amounts to 10(12) litres per year, which is equivalent to 500 million rupees.It is possible to bring down the water losses in the pipe mains to 3-5% of the total flow, and the cost incurred on the control programme can be recovered in 6-18 months. Appropriate conservation measures will help in achieving the goals of the International Water Supply and Sanitation Decade to provide clean water for all.

  6. Disturbance observer-based adaptive sliding mode hybrid projective synchronisation of identical fractional-order financial systems

    Science.gov (United States)

    Khan, Ayub; Tyagi, Arti

    2018-05-01

    In this paper, we have studied the hybrid projective synchronisation for incommensurate, integer and commensurate fractional-order financial systems with unknown disturbance. To tackle the problem of unknown bounded disturbance, fractional-order disturbance observer is designed to approximate the unknown disturbance. Further, we have introduced simple sliding mode surface and designed adaptive sliding mode controllers incorporating with the designed fractional-order disturbance observer to achieve a bounded hybrid projective synchronisation between two identical fractional-order financial model with different initial conditions. It is shown that the slave system with disturbance can be synchronised with the projection of the master system generated through state transformation. Simulation results are presented to ensure the validity and effectiveness of the proposed sliding mode control scheme in the presence of external bounded unknown disturbance. Also, synchronisation error for commensurate, integer and incommensurate fractional-order financial systems is studied in numerical simulation.

  7. Reliability of Beam Loss Monitors System for the Large Hadron Collider

    Science.gov (United States)

    Guaglio, G.; Dehning, B.; Santoni, C.

    2004-11-01

    The employment of superconducting magnets in high energy colliders opens challenging failure scenarios and brings new criticalities for the whole system protection. For the LHC beam loss protection system, the failure rate and the availability requirements have been evaluated using the Safety Integrity Level (SIL) approach. A downtime cost evaluation is used as input for the SIL approach. The most critical systems, which contribute to the final SIL value, are the dump system, the interlock system, the beam loss monitors system and the energy monitor system. The Beam Loss Monitors System (BLMS) is critical for short and intense particle losses, while at medium and higher loss time it is assisted by other systems, such as the quench protection system and the cryogenic system. For BLMS, hardware and software have been evaluated in detail. The reliability input figures have been collected using historical data from the SPS, using temperature and radiation damage experimental data as well as using standard databases. All the data have been processed by reliability software (Isograph). The analysis ranges from the components data to the system configuration.

  8. Reliability of Beam Loss Monitors System for the Large Hadron Collider

    International Nuclear Information System (INIS)

    Guaglio, G.; Dehning, B.; Santoni, C.

    2004-01-01

    The employment of superconducting magnets in high energy colliders opens challenging failure scenarios and brings new criticalities for the whole system protection. For the LHC beam loss protection system, the failure rate and the availability requirements have been evaluated using the Safety Integrity Level (SIL) approach. A downtime cost evaluation is used as input for the SIL approach. The most critical systems, which contribute to the final SIL value, are the dump system, the interlock system, the beam loss monitors system and the energy monitor system. The Beam Loss Monitors System (BLMS) is critical for short and intense particle losses, while at medium and higher loss time it is assisted by other systems, such as the quench protection system and the cryogenic system. For BLMS, hardware and software have been evaluated in detail. The reliability input figures have been collected using historical data from the SPS, using temperature and radiation damage experimental data as well as using standard databases. All the data have been processed by reliability software (Isograph). The analysis ranges from the components data to the system configuration

  9. Data Acquisition System for Electron Energy Loss Coincident Spectrometers

    International Nuclear Information System (INIS)

    Zhang Chi; Yu Xiaoqi; Yang Tao

    2005-01-01

    A Data Acquisition System (DAQ) for electron energy loss coincident spectrometers (EELCS) has been developed. The system is composed of a Multiplex Time-Digital Converter (TDC) that measures the flying time of positive and negative ions and a one-dimension position-sensitive detector that records the energy loss of scattering electrons. The experimental data are buffered in a first-in-first-out (FIFO) memory module, then transferred from the FIFO memory to PC by the USB interface. The DAQ system can record the flying time of several ions in one collision, and allows of different data collection modes. The system has been demonstrated at the Electron Energy Loss Coincident Spectrometers at the Laboratory of Atomic and Molecular Physics, USTC. A detail description of the whole system is given and experimental results shown

  10. The instruments of financial planning

    OpenAIRE

    Durnov, V.

    2011-01-01

    The paper analyzes financial planning efficiency for enterprise management improvement. The author describes the system of financial tools and considers in detail financial planning methods, their strengths and weaknesses

  11. Mapping Systemic Risk: Critical Degree and Failures Distribution in Financial Networks.

    Directory of Open Access Journals (Sweden)

    Matteo Smerlak

    Full Text Available The financial crisis illustrated the need for a functional understanding of systemic risk in strongly interconnected financial structures. Dynamic processes on complex networks being intrinsically difficult to model analytically, most recent studies of this problem have relied on numerical simulations. Here we report analytical results in a network model of interbank lending based on directly relevant financial parameters, such as interest rates and leverage ratios. We obtain a closed-form formula for the "critical degree" (the number of creditors per bank below which an individual shock can propagate throughout the network, and relate failures distributions to network topologies, in particular scalefree ones. Our criterion for the onset of contagion turns out to be isomorphic to the condition for cooperation to evolve on graphs and social networks, as recently formulated in evolutionary game theory. This remarkable connection supports recent calls for a methodological rapprochement between finance and ecology.

  12. Mapping Systemic Risk: Critical Degree and Failures Distribution in Financial Networks.

    Science.gov (United States)

    Smerlak, Matteo; Stoll, Brady; Gupta, Agam; Magdanz, James S

    2015-01-01

    The financial crisis illustrated the need for a functional understanding of systemic risk in strongly interconnected financial structures. Dynamic processes on complex networks being intrinsically difficult to model analytically, most recent studies of this problem have relied on numerical simulations. Here we report analytical results in a network model of interbank lending based on directly relevant financial parameters, such as interest rates and leverage ratios. We obtain a closed-form formula for the "critical degree" (the number of creditors per bank below which an individual shock can propagate throughout the network), and relate failures distributions to network topologies, in particular scalefree ones. Our criterion for the onset of contagion turns out to be isomorphic to the condition for cooperation to evolve on graphs and social networks, as recently formulated in evolutionary game theory. This remarkable connection supports recent calls for a methodological rapprochement between finance and ecology.

  13. Retrospective financial analysis of medication therapy management services from the pharmacy's perspective.

    Science.gov (United States)

    McDonough, Randal P; Harthan, Aaron A; McLeese, Kelly E; Doucette, William R

    2010-01-01

    To determine the net financial gain or loss for medication therapy management (MTM) services provided to patients by an independent community pharmacy during 16 months of operation. Retrospective study. Independent community pharmacy in Iowa City, IA, from September 1, 2006, to December 31, 2007. Patients receiving MTM services during the specified period who had proper documentation of reimbursement for the services. MTM services were provided to the patient and documented by the pharmacist or student pharmacist. Net financial gains or losses for providing MTM services. Sensitivity analyses included costs that might be incurred under various conditions of operation. 103 initial and 88 follow-up MTM visits were conducted during a 16-month time period. The total cost for these services to the pharmacy was $11,191.72. Total revenue from these services was $11,195.00; therefore, the pharmacy experienced a net financial gain of $3.28. Sensitivity analyses were conducted, revealing the net gain/loss to the pharmacy if a student pharmacist was used and the net gain/loss if the pharmacist needed extra training to provide the services. Using a student pharmacist resulted in a net gain of $6,308.48, while extra training for the pharmacist resulted in a net loss of $1,602.72. The MTM service programs showed a positive financial gain after 16 months of operation, which should encourage pharmacists to incorporate these services into their practice.

  14. Systemic risk and hierarchical transitions of financial networks

    Science.gov (United States)

    Nobi, Ashadun; Lee, Jae Woo

    2017-06-01

    In this paper, the change in topological hierarchy, which is measured by the minimum spanning tree constructed from the cross-correlations between the stock indices from the S & P 500 for 1998-2012 in a one year moving time window, was used to analyze a financial crisis. The hierarchy increased in all minor crises in the observation time window except for the sharp crisis of 2007-2008 when the global financial crisis occurred. The sudden increase in hierarchy just before the global financial crisis can be used for the early detection of an upcoming crisis. Clearly, the higher the hierarchy, the higher the threats to financial stability. The scaling relations were developed to observe the changes in hierarchy with the network topology. These scaling relations can also identify and quantify the financial crisis periods, and appear to contain the predictive power of an upcoming crisis.

  15. FINANCIAL COMUNICATION THROUGH THE FINANCIAL STATEMENTS ACORDING TO THE INTERNATIONAL ACCOUNTING SETTLEMENTS

    OpenAIRE

    Elena Hlaciuc; Camelia Mihalciuc; Anisoara Apetri

    2008-01-01

    The major financial statements are designed to provide a picture of theoverall financial position and performance of the business. In order to provide thisoverall picture, the accounting system will normally produce five major financialreports on a regular recurring basis. These financial statements, taken together,provide on overall picture of the financial health of the business. It says that who hasthe information has the power, and the way that it gets from the receiver iscommunication. F...

  16. A diverse and resilient financial system for investments in the energy transition

    NARCIS (Netherlands)

    Polzin, F.H.J.|info:eu-repo/dai/nl/413317404; Sanders, M.W.J.L.|info:eu-repo/dai/nl/175620059; Täube, Florian

    Diversity makes the financial system more resilient. In addition, there is a diverse investment demand to make the transition to a more sustainable energy system. We need, among others, investment in energy transition, circular resource use, better water management and reducing air pollution. The

  17. Awareness of financial skills in dementia.

    Science.gov (United States)

    Van Wielingen, L E; Tuokko, H A; Cramer, K; Mateer, C A; Hultsch, D F

    2004-07-01

    The present study examined the relations among levels of cognitive functioning, executive dysfunction, and awareness of financial management capabilities among a sample of 42 community-dwelling persons with dementia. Financial tasks on the Measure of Awareness of Financial Skills (MAFS) were dichotomized as simple or complex based on Piaget's operational levels of childhood cognitive development. Severity of global cognitive impairment and executive dysfunction were significantly related to awareness of financial abilities as measured by informant-participant discrepancy scores on the MAFS. For persons with mild and moderate/severe dementia, and persons with and without executive dysfunction, proportions of awareness within simple and complex financial task categories were tabulated. Significantly less awareness of financial abilities occurred on complex compared with simple tasks. Individuals with mild dementia were significantly less aware of abilities on complex items, whereas persons with moderate/severe dementia were less aware of abilities, regardless of task complexity. Similar patterns of awareness were observed for individuals with and without executive dysfunction. These findings support literature suggesting that deficits associated with dementia first occur for complex cognitive tasks involving inductive reasoning or decision-making in novel situations, and identify where loss of function in the financial domain may first be expected. Copyright Taylor & Francis Ltd

  18. Complex systems: from nuclear physics to financial markets

    International Nuclear Information System (INIS)

    Speth, J.; Drozdz, S.; Gruemmer, F.

    2010-01-01

    We compare correlations and coherent structures in nuclei and financial markets. In the nuclear physics part we review giant resonances which can be interpreted as a coherent structure embedded in chaos. With similar methods we investigate the financial empirical correlation matrix of the DAX and Dow Jones. We will show, that if the time-zone delay is properly accounted for, the two distinct markets largely merge into one. This is reflected by the largest eigenvalue that develops a gap relative to the remaining, chaotic eigenvalues. By extending investigations of the specific character of financial collectivity we also discuss the criticality-analog phenomenon of the financial log-periodicity and show specific examples.

  19. Complex systems: from nuclear physics to financial markets

    Science.gov (United States)

    Speth, J.; Drożdż, S.; Grümmer, F.

    2010-11-01

    We compare correlations and coherent structures in nuclei and financial markets. In the nuclear physics part we review giant resonances which can be interpreted as a coherent structure embedded in chaos. With similar methods we investigate the financial empirical correlation matrix of the DAX and Dow Jones. We will show, that if the time-zone delay is properly accounted for, the two distinct markets largely merge into one. This is reflected by the largest eigenvalue that develops a gap relative to the remaining, chaotic eigenvalues. By extending investigations of the specific character of financial collectivity we also discuss the criticality-analog phenomenon of the financial log-periodicity and show specific examples.

  20. CVFA: Coal vendor financial advisor

    International Nuclear Information System (INIS)

    Goote, W.G.; Andersen, S.

    1992-01-01

    An expert system for determining coal vendor financial viability in fuel purchasing contracts at an electric utility is described. The system blends rules, data objects, and financial knowledge to provide a rational basis for accepting or rejecting coal contracts given the financial capability of the coal vendor. The discussion concludes with a critique of managerial issues in the development of the system and its use in decision making. 3 refs., 1 fig

  1. Banks, markets, and financial stability

    OpenAIRE

    Eder, Armin; Fecht, Falko; Pausch, Thilo

    2014-01-01

    In a theoretical model of the Diamond-Dybvig style, in which deposit-taking banks and financial markets coexist, bank behavior is analyzed taking into account a positive ex-ante probability of a future financial crisis. We focus on the role of the interaction of market liquidity and banks' funding liquidity in the propagation of shocks in the financial system. Our findings suggest that in particular bank-dominated financial systems are prone to contagious bank runs due to asset price deterior...

  2. The effects of for-profit multihospital system ownership on hospital financial and operating performance.

    Science.gov (United States)

    Lynch, J R; McCue, M J

    1990-11-01

    The financial and operating performance of independent not-for-profit hospitals acquired by US for-profit multi-hospital systems in 10 Southern states between the years 1978 and 1982 was explored. The impact of system ownership on acquired hospitals was investigated by comparing the average financial performance of hospitals in the two years immediately prior to acquisition to the average for 1984 and 1985 and by comparing changes in the performance of acquired hospitals with changes in matched independent facilities. Findings suggest that for-profit multi-hospital systems were able to improve many of the financial and operating problems of acquired facilities. In comparison to independent not-for-profit hospitals, acquired hospitals were found to increase access to long-term debt, make improvements to plant and equipment, improve profitability, and increase efficiency to a greater extent. Prices in acquired hospitals rose more than those in independents and liquidity decreased to a greater extent.

  3. Financial cost-benefit analysis of investment possibilities in district heating system on wood residues

    Directory of Open Access Journals (Sweden)

    Stošić Ivan

    2017-01-01

    Full Text Available The purpose of this research is to provide feasibility analysis of a long-term sustainable development concept for district heating based on wood residues. In this paper, the experimental study has been conducted starting from the data collected by field researches in municipality of Trstenik (town in Serbia with district heating system currently based on heavy fuel oil and lignite. Using the method of Financial Cost-Benefit Analysis, this study evaluates financial efficiency of investment in district heating plant based on wood residues and energy savings in district heating system. Findings show that such investment could be profitable from the financial point of view: Net Present Value of investment is positive, Financial Rate of Return is high (30.69%, and the pay-back period is relatively favourable (7 years. Moreover, the presented SWOT indicates that there are realistic prospects of implementation of district heating based on wood residues. However, this does not mean everything will go smoothly and easily, keeping in mind a number of challenges that each new concept of district heating contains immanently. Nevertheless, the results of this research could provide useful inputs for the decision makers when selecting appropriate models for improving performance of municipal district heating systems.

  4. Complexity and multifractal behaviors of multiscale-continuum percolation financial system for Chinese stock markets

    Science.gov (United States)

    Zeng, Yayun; Wang, Jun; Xu, Kaixuan

    2017-04-01

    A new financial agent-based time series model is developed and investigated by multiscale-continuum percolation system, which can be viewed as an extended version of continuum percolation system. In this financial model, for different parameters of proportion and density, two Poisson point processes (where the radii of points represent the ability of receiving or transmitting information among investors) are applied to model a random stock price process, in an attempt to investigate the fluctuation dynamics of the financial market. To validate its effectiveness and rationality, we compare the statistical behaviors and the multifractal behaviors of the simulated data derived from the proposed model with those of the real stock markets. Further, the multiscale sample entropy analysis is employed to study the complexity of the returns, and the cross-sample entropy analysis is applied to measure the degree of asynchrony of return autocorrelation time series. The empirical results indicate that the proposed financial model can simulate and reproduce some significant characteristics of the real stock markets to a certain extent.

  5. Review of Family Financial Decision Making: Suggestions for Future Research and Implications for Financial Education

    Science.gov (United States)

    Kim, Jinhee; Gutter, Michael S.; Spangler, Taylor

    2017-01-01

    This article reviews the theories and literature in intrahousehold financial decisions, spousal partners and financial decision making, family system and financial decision process, children, and financial decisions. The article draws conclusions from the literature review and discusses directions for future research and educational programs. Most…

  6. The financial viability of an SOFC cogeneration system in single-family dwellings

    Science.gov (United States)

    Alanne, Kari; Saari, Arto; Ugursal, V. Ismet; Good, Joel

    In the near future, fuel cell-based residential micro-CHP systems will compete with traditional methods of energy supply. A micro-CHP system may be considered viable if its incremental capital cost compared to its competitors equals to cumulated savings during a given period of time. A simplified model is developed in this study to estimate the operation of a residential solid oxide fuel cell (SOFC) system. A comparative assessment of the SOFC system vis-à-vis heating systems based on gas, oil and electricity is conducted using the simplified model for a single-family house located in Ottawa and Vancouver. The energy consumption of the house is estimated using the HOT2000 building simulation program. A financial analysis is carried out to evaluate the sensitivity of the maximum allowable capital cost with respect to system sizing, acceptable payback period, energy price and the electricity buyback strategy of an energy utility. Based on the financial analysis, small (1-2 kW e) SOFC systems seem to be feasible in the considered case. The present study shows also that an SOFC system is especially an alternative to heating systems based on oil and electrical furnaces.

  7. FINANCIAL CRIME IN THE ROMANIAN BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    LUMINIŢA DRAGNE

    2012-05-01

    Full Text Available The crime in the financial and banking system, through the disasters it produces, damages and large amount of victims, generates the largest economy damages, both national and international level. This phenomenon occurs and is manifested in a specific environment, the economy and finances one, takes different forms and operates with appropriate techniques. Most of the times, the banking system from Romania, has been used for personal grounds, which leads to serious damage of the Romanian economy. Insufficiently matured economic or imperfect judicial environments are only some of the factors that led to the commission of crimes in this area. Also, this type of crime has been determined, among other things, by the economic status, the social structure or the stage of development of the society.

  8. Calorimetric Measuring Systems for Characterizing High Frequency Power Losses in Power Electronic Components and Systems

    DEFF Research Database (Denmark)

    Blaabjerg, Frede; Pedersen, John Kim; Ritchie, Andrew Ewen

    2002-01-01

    High frequency power losses in power electronic components and systems are very difficult to measure. The same applies to the efficiency of high-efficiency systems and components. An important method to measure losses with high accuracy is the calorimetric measuring systems. This paper describes...... to calibrate such systems are proposed and different applications of the system are given. Two practical examples end the description of the research. It is concluded that such systems have a relative long time-constant but they are accurate and useful for precise power loss measurement....

  9. ANNUAL FINANCIAL STATEMENTS A SOURCE FOR THE FINANCIAL DSECISIONS OF INSOLVENT COMPANIES

    Directory of Open Access Journals (Sweden)

    Hada Teodor

    2010-12-01

    Full Text Available The paper presents the importance of financial statements in determining the insolvency of a company. The first part of the article presents a case study and the main signals of bankruptcy: negative working capital, negative equity capitals, losses, etc. In the end of the paper we detail issues that are not observable and that are related to the actual management of the company.

  10. Global Spent Fuel Logistics Systems Study (GSFLS). Volume 3. GSFLS technical and financial analysis. Interim report

    International Nuclear Information System (INIS)

    1978-01-01

    This report is a part of the interim report documentation for the Global Spent Fuel Logistics System (GSFLS) study. The technical and financial considerations underlying a global spent fuel logistics systems have been studied and are reported herein. The Pacific Basin is used as a model throughout this report; however the stated methodology and, in many cases, considerations and conclusions are applicable to other global regions. Spent fuel discharge profiles for Pacific Basin Countries were used to determine the technical systems requirements for alternative concepts. Functional analyses and flows were generated to define both system design requirements and logistics parameters. A technology review was made to ascertain the state-of-the-art of relevant GSFLS technical systems. Modular GSFLS facility designs were developed using the information generated from the functional analysis and technology review. The modular facility designs were used as a basis for siting and cost estimates for various GSFLS alternatives. Various GSFLS concepts were analyzed from a financial and economic perspective in order to provide total concepts costs and ascertain financial and economic sensitivities to key GSFLS variations. Results of the study include quantification of GSFLS facility and hardware requirements; drawings of relevant GSFLS facility designs; system cost estimates; financial reports - including user service charges; and comparative analyses of various GSFLS alternatives

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

    Directory of Open Access Journals (Sweden)

    Vivek Moorthy

    2012-06-01

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

  12. Energetic and financial evaluation of solar assisted heat pump space heating systems

    International Nuclear Information System (INIS)

    Bellos, Evangelos; Tzivanidis, Christos; Moschos, Konstantinos; Antonopoulos, Kimon A.

    2016-01-01

    Highlights: • Four solar heating systems are presented in this work. • Various combinations between solar collectors and heat pumps are presented. • The systems are compared energetically and financially. • The use of PV and an air source heat pump is the best choice financially. • The use of PVT with a water source heat pump is the best solution energetically. - Abstract: Using solar energy for space heating purposes consists an alternative way for substituting fossil fuel and grid electricity consumption. In this study, four solar assisted heat pump heating systems are designed, simulated and evaluated energetically and financially in order to determine the most attractive solution. The use of PV collectors with air source heat pump is compared to the use of FPC, PVT and FPC with PV coupled with a water source heat pump. A sensitivity analysis for the electricity cost is conducted because of the great variety of this parameter over the last years. The final results proved that for electricity cost up to 0.23 €/kW h the use of PV coupled with an air source heat pump is the most sustainable solution financially, while for higher electricity prices the coupling of PVT with an water source heat pump is the best choice. For the present electricity price of 0.2 €/kW h, 20 m"2 of PV is able to drive the air source heat pump with a yearly solar coverage of 67% leading to the most sustainable solution. Taking into account energetic aspects, the use of PVT leads to extremely low grid electricity consumption, fact that makes this technology the most environmental friendly.

  13. Financial performance of the teaching pharmacies in Isfahan: an economic evaluation.

    Science.gov (United States)

    Sabzghabaee, A M; Etebari, M; Sajjadi, H; Badri, Sh; Hosseini-Biuki, S M; Sheikhaboumasoudi, R

    2009-07-01

    Teaching pharmacies are amongst the important cornerstones of a healthcare system for drug supplying, pharmacy education and pharmacy practice research. Assessment of the Iranian healthcare system costs shows that after personnel charges, drug outlay is the second expensive factor. This great financial mass requires integral audit and management in order to provide costumers satisfaction in addition to financial viability. Teaching pharmacies are required to realize financial viability as well as providing several educational and drug servicing goals, which makes microeconomic analysis important. The aim of this study was to evaluate the financial performance of the teaching pharmacies affiliated with the Isfahan University of Medical Sciences (with the abrreviated names as: SHM, ISJ, AZH for the confidentialiy of the financial data). This is a descriptive and cross-sectional study done in 2008. The target pharmacies of this study were all the 3 teaching pharmacies affiliated with the Isfahan University of Medical Sciences. The data collecting template was prepared using the standard scientific methods according to the goals of this research The goals also nominated necessary items needed in economic profit evaluation. The data collection template was completed by reference to the teaching pharmacies financial documents and reports, used as a base for calculating the total income and the total costs in 2007-2008 financial year. The difference between these two balances showed the value of profits or loss. The profit/cost ratio was also calculated, using the proportion of the total income to the total costs. The collected data was statistically analyzed using the Excel software (Microsoft 2007). For the financial year 2007-2008, the difference between the total income and the total costs was -831.6 million Rials (excess costs to income) for the SHM pharmacy, + 25.4 billion Rials for the ISJ pharmacy and -429.5 million Rials for the AZH pharmacy. According to our

  14. Implications of Risk Management Practices on Financial ...

    African Journals Online (AJOL)

    Implications of Risk Management Practices on Financial Performance of Sugar ... The respondents were functional heads of the companies under the survey. ... of downside losses in order to minimize the negative impact of risk on returns.

  15. The financial and health burden of diabetic ambulatory care sensitive hospitalisations in Mexico.

    Science.gov (United States)

    Lugo-Palacios, David G; Cairns, John

    2016-01-01

    To estimate the financial and health burden of diabetic ambulatory care sensitive hospitalisations (ACSH) in Mexico during 2001-2011. We identified ACSH due to diabetic complications in general hospitals run by local health ministries and estimated their financial cost using diagnostic related groups. The health burden estimation assumes that patients would not have experienced complications if they had received appropriate primary care and computes the associated Disability-Adjusted Life Years (DALYs). The financial cost of diabetic ACSH increased by 125% in real terms and their health burden in 2010 accounted for 4.2% of total DALYs associated with diabetes in Mexico. Avoiding preventable hospitalisations could free resources within the health system for other health purposes. In addition, patients with ACSH suffer preventable losses of health that should be considered when assessing the performance of any primary care intervention.

  16. General Fund Enterprise Business System Did Not Provide Required Financial Information

    Science.gov (United States)

    2012-03-26

    Management of the General Fund Enterprise Business System,” January 14, 2008 Army AAA Report No. A-2010-0187- FFM , “General Fund Enterprise Business System...A-2009-0232- FFM , “General Fund Enterprise Business System – Federal Financial Management Improvement Act Compliance, Examination of Releases...1.4.1, 1.4.2, 1.4.3, and 1.4.4 Requirements,” September 30, 2009 AAA Report No. A-2009-0231- FFM , “General Fund Enterprise Business System – Federal

  17. Economic and Financial Diagnosis - Fundamental Method in Management Accounting

    Directory of Open Access Journals (Sweden)

    Riana Iren RADU

    2012-11-01

    Full Text Available The purpose of the „financial analysis - financial diagnosis phrase is to characterize in a more relevant and more conservative manner the company situation, in order to develop, based on optimal decisions for the establishment and use of resources” . Analysis of company's financial position at a time, usually at the end of the year, permits to assess the size and development of heritage, and making judgments on how to achieve financial balance. In this paper an analysis is made based on diagnostic key economic and financial indicators, calculated using information from the balance sheet and profit and loss account in the period 2006-2011 to Navrom Company Galati, to can measurable effects of the economic crisis on the company.

  18. 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.

  19. Achieving a Financially Secure Retirement: A Retirement Community Case Study

    Science.gov (United States)

    Dong, Francis Henry

    2014-01-01

    In the wake of recent events, especially the Great Recession of 2007-2009, affecting the economy, resulting in job losses, personal financial distress, and gloomy perceptions of their future well-being, many Americans are concerned about their financial quality of life in retirement. The media is replete with a plethora of advertisements for…

  20. Effects of Financial System Size and Structure on the Real Economy. What Do We Know and What Do We Not Know?

    OpenAIRE

    Volz, Ulrich

    2015-01-01

    This paper provides an overview of the findings in the empirical economics and finance literature on the effects that various financial system characteristics have on real economic outcomes. Starting with a brief overview of the nexus between the deepening of financial systems and economic growth and development, the paper reviews to what extent financial market concentration, system diversity, the size of institutions, and the type and mandate of financial institutions have on outcomes such ...

  1. 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 ...

  2. Integrated system for automated financial document processing

    Science.gov (United States)

    Hassanein, Khaled S.; Wesolkowski, Slawo; Higgins, Ray; Crabtree, Ralph; Peng, Antai

    1997-02-01

    A system was developed that integrates intelligent document analysis with multiple character/numeral recognition engines in order to achieve high accuracy automated financial document processing. In this system, images are accepted in both their grayscale and binary formats. A document analysis module starts by extracting essential features from the document to help identify its type (e.g. personal check, business check, etc.). These features are also utilized to conduct a full analysis of the image to determine the location of interesting zones such as the courtesy amount and the legal amount. These fields are then made available to several recognition knowledge sources such as courtesy amount recognition engines and legal amount recognition engines through a blackboard architecture. This architecture allows all the available knowledge sources to contribute incrementally and opportunistically to the solution of the given recognition query. Performance results on a test set of machine printed business checks using the integrated system are also reported.

  3. Losses, inefficiencies and waste in the global food system.

    Science.gov (United States)

    Alexander, Peter; Brown, Calum; Arneth, Almut; Finnigan, John; Moran, Dominic; Rounsevell, Mark D A

    2017-05-01

    Losses at every stage in the food system influence the extent to which nutritional requirements of a growing global population can be sustainably met. Inefficiencies and losses in agricultural production and consumer behaviour all play a role. This paper aims to understand better the magnitude of different losses and to provide insights into how these influence overall food system efficiency. We take a systems view from primary production of agricultural biomass through to human food requirements and consumption. Quantities and losses over ten stages are calculated and compared in terms of dry mass, wet mass, protein and energy. The comparison reveals significant differences between these measurements, and the potential for wet mass figures used in previous studies to be misleading. The results suggest that due to cumulative losses, the proportion of global agricultural dry biomass consumed as food is just 6% (9.0% for energy and 7.6% for protein), and 24.8% of harvest biomass (31.9% for energy and 27.8% for protein). The highest rates of loss are associated with livestock production, although the largest absolute losses of biomass occur prior to harvest. Losses of harvested crops were also found to be substantial, with 44.0% of crop dry matter (36.9% of energy and 50.1% of protein) lost prior to human consumption. If human over-consumption, defined as food consumption in excess of nutritional requirements, is included as an additional inefficiency, 48.4% of harvested crops were found to be lost (53.2% of energy and 42.3% of protein). Over-eating was found to be at least as large a contributor to food system losses as consumer food waste. The findings suggest that influencing consumer behaviour, e.g. to eat less animal products, or to reduce per capita consumption closer to nutrient requirements, offer substantial potential to improve food security for the rising global population in a sustainable manner.

  4. INTEGRATION LEVEL OF FINANCIAL AND MANAGEMENT ACCOUNTING SYSTEMS WITH THE ACCOUNTING CONVERGENCE PROCESS AND THE EFFECTIVENESS OF CONTROLLERSHIP

    Directory of Open Access Journals (Sweden)

    Andréia Carpes Dani

    2014-09-01

    Full Text Available This study aims to verify the integration level between the financial and management accounting systems as a result of the convergence process with the international accounting standards and of the effectiveness of controllership in Brazilian companies. A descriptive research was undertaken, based on the application of the questionnaire by Angelkort and Weißenberger (2011 to the 500 Best and Biggest of Revista Exame, issue 2011, using a sample of 32 companies that answered the research. The correlations between the integration level of the financial and management accounting systems and the variables “consistency of financial language”, “quality of services provided” and “degree of influence in decision making”, during the convergence period with the international accounting standards, were positive and moderate. It was also observed that the period before the accounting convergence (2004 till 2007 showed a better integration level of the financial and management accounting systems than the accounting convergence period (2008 till 2011. In conclusion, the accounting convergence process increased the integration level of the financial and management accounting systems in the investigated companies, as well as the effectiveness of controllership, particularly in the consistency of the financial language, in the quality of the services provided and in the influence of the controllers’ services on these companies’ decisions.

  5. IMBALANCES IN THE FINANCIAL SYSTEM OF UKRAINE AND THEIR TRANSMISSION TO THE SYSTEMATIC RISKS IN THE MONETARY STABILITY

    Directory of Open Access Journals (Sweden)

    O. Liubkina

    2013-10-01

    Full Text Available The article examines the current state and major imbalances in the financial market of Ukraine, which are the source of risk to the national economy and can significantly affect the monetary stability during the post-crisis period and the period of recession. Threats that are associated with peculiarities of the institutional structure of the financial market of Ukraine are analyzed, namely, on the one hand, the importance of banking institutions, and on the other – functional inadequacy of the banking systems in ensuring monetary and financial stability. The analysis shows that the weaknesses of the banking system have led to the accumulation of risks and structural misbalances in the Ukrainian economy which pose a danger to stability in the financial sector. Conclusions and measures are substantiated for the use of tools of monetary policy in order to strengthen monetary and financial stability. Among them are: the necessity of changes in the methodological tools of assessment of the financial stability and accumulation of systemic risk in the economy, measures to manage the inflation risk as the main internal risk for Ukraine, ways of enhancement of interaction between the banking system and the national economy through the interest rate benchmark.

  6. Macroprudential policy and financial stability

    Directory of Open Access Journals (Sweden)

    Bogdan CHIRIACESCU

    2013-02-01

    Full Text Available This paper tries a conceptual framing of the issue of financial stability in economic theory and also to identify solutions to address episodes of financial instability. An essential reference is Minsky's financial instability hypothesis, which argues that a fundamental feature of the financial system is that it swings between robustness and fragility and these pendulum swings are an integral part of the process that generates the business cycle. Studies show that the effects of banking crises on economic activity are important both in magnitude and duration. Recently, macroprudential policy stood out as a central pillar in promoting financial stability in a broad sense. Regarding specific objectives of macroprudential policy, the prevalent vision refers to limiting systemic risk and macroeconomic costs of financial crises, but there are also important nuances.

  7. Decision-making, financial risk aversion, and behavioral biases: The role of testosterone and stress.

    Science.gov (United States)

    Nofsinger, John R; Patterson, Fernando M; Shank, Corey A

    2018-05-01

    We examine the relation between testosterone, cortisol, and financial decisions in a sample of naïve investors. We find that testosterone level is positively related to excess risk-taking, whereas cortisol level is negatively related to excess risk-taking (correlation coefficient [r]: 0.75 and -0.21, respectively). Additionally, we find support for the dual-hormone hypothesis in a financial context. Specifically, the testosterone-to-cortisol ratio is significantly related to loss aversion. Individuals with a higher ratio are 3.4 times more likely to sell losing stocks (standard error [SE]: 1.63). Furthermore, we find a positive feedback loop between financial success, testosterone, and cortisol. Specifically, financial success is significantly related to higher post-trial testosterone and cortisol by a factor of 0.53 (SE: 0.14). Finally, we find that in a competitive environment, testosterone level increases significantly, leading to greater risk-taking than in noncompetitive environment. Overall, this study underscores the importance of the endocrine system on financial decision-making. The results of this study are relevant to a broad audience, including investors looking to optimize financial performance, industry human resources, market regulators, and researchers. Copyright © 2018 Elsevier B.V. All rights reserved.

  8. Stress testing in financial institutions

    Directory of Open Access Journals (Sweden)

    Mirković Vladimir

    2014-01-01

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

  9. An evaluation system for financial compensation in traditional Chinese medicine services.

    Science.gov (United States)

    Dou, Lei; Yin, Ai-Tian; Hao, Mo; Lu, Jun

    2015-10-01

    To describe the major factors influencing financial compensation in traditional Chinese medicine (TCM) and prioritize what TCM services should be compensated for. Two structured questionnaires-a TCM service baseline questionnaire and a service cost questionnaire-were used to collect information from TCM public hospitals on TCM services provided in certain situations and service cost accounting. The cross-sectional study examined 110 TCM services provided in four county TCM public hospitals in Shandong province. From the questionnaire data, a screening index system was established via expert consultation and brainstorming. Comprehensive evaluation of TCM services was performed using the analytic hierarchy process method. Weighted coefficients were used to measure the importance of each criterion, after which comprehensive evaluation scores for each service were ranked to indicate what services should receive priority for financial compensation. Economy value, social value, and efficacy value were the three main criteria for screening for what TCM services should be compensated for. The economy value local weight had the highest value (0.588), of which the profit sub-criterion (0.278) was the most important for TCM financial compensation. Moxibustion was tied for the highest comprehensive evaluation scores, at 0.65 while Acupuncture and Massage Therapy were tied for the second and third highest, with 0.63 and 0.58, respectively. Government and policymakers should consider offer financial compensation to Moxibustion, Acupuncture, Massage Therapy, and TCM Orthopedics as priority services. In the meanwhile, it is essential to correct the unreasonable pricing, explore compensation methods, objects and payment, and revise and improve the accounting system for the costs of TCM services. Copyright © 2015 Elsevier Ltd. All rights reserved.

  10. The 2000 DOD Financial Management Improvement Plan

    National Research Council Canada - National Science Library

    2001-01-01

    The Federal Financial Management Improvement Act of 1996 requires DoD financial management systems to comply substantially with Federal financial management system requirements, Federal accounting standards, and the U.S...

  11. Forecasting Fire Insurance Loss Ratio in Misr Insurance Company

    Directory of Open Access Journals (Sweden)

    Tarek TAHA

    2017-06-01

    Full Text Available Loss ratio is one of the most important indicator that has many strategic decisions applications, such as pricing, underwriting, investment, reinsurance and reserving decisions. It serves as an early warning of financial solvency of insurance companies and it can be judged on the strength of the financial position of these companies. The aim of this study is to identify the reliable time series-forecasting model to forecast loss ratio estimates of fire segment in Misr insurance company. Box-Jenkins Analysis is applied on actual reported loss ratios data for Misr insurance company for the period 1980/1981– 2013/2014. The study concludes that the best forecasting model is ARMA(1,1.

  12. Case Mix Management Systems: An Opportunity to Integrate Medical Records and Financial Management System Data Bases

    OpenAIRE

    Rusnak, James E.

    1987-01-01

    Due to previous systems selections, many hospitals (health care facilities) are faced with the problem of fragmented data bases containing clinical, demographic and financial information. Projects to select and implement a Case Mix Management System (CMMS) provide an opportunity to reduce the number of separate physical files and to migrate towards systems with an integrated data base. The number of CMMS candidate systems is often restricted due to data base and system interface issues. The h...

  13. Financial Crisis and Economic Restructuring in Southeast Asia

    Directory of Open Access Journals (Sweden)

    Yul Kwon

    1998-06-01

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

  14. Qualitative Phenomenological Study of Data Management Information System Deployments: Financial Services Industry

    Science.gov (United States)

    Kerns, Dannie J.

    2014-01-01

    The qualitative phenomenological study explored the lived experiences of financial services industry change managers to understand the genesis of low data management information system project adoption rates. The goal of the study was to find methods to improve data management information system adoption rates. The participant pool consisted of 19…

  15. 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.

  16. Getting it all together. Systems should link their strategic and financial planning.

    Science.gov (United States)

    Barron, E; Westermann, D A

    1995-04-01

    Foreseeing dramatic changes in healthcare delivery, the leaders of the Franciscan Health System (FHS) decided in the early 1990s to more closely link their strategic and financial planning. Though this cooperation was tentative at first, by 1993 both our planners and our chief financial officers shared certain assumptions about the future--above all, that the coming delivery model was managed care provided by integrated delivery systems (IDSs). Having agreed on our assumptions, we translated them into a vision statement, from which we derived four strategic goals: Advance the healing mission of our sponsors; Create a culture of continuous improvement in leadership, quality, innovation, cost-effectiveness, and measurable customer value; Create an environment that values and empowers those with whom we work; Develop, through partnering, an IDS that provides affordable care to our communities; Our goals established, we charted what we call a "crosswalk" between the strategic and financial aspects of our budgeting. We found that we had to think in a new way about capital. For example, we began investing as heavily in "soft" items like research, partnerships, and new services as in the traditional "bricks and mortar." This process is new for us, and developing it has not always been comfortable. But we believe it has helped us to more wisely allocate FHS's resources and thus give our system greater stability.

  17. Reliability of Beam Loss Monitor Systems for the Large Hadron Collider

    International Nuclear Information System (INIS)

    Guaglio, G.; Dehning, B.; Santoni, C.

    2005-01-01

    The increase of beam energy and beam intensity, together with the use of super conducting magnets, opens new failure scenarios and brings new criticalities for the whole accelerator protection system. For the LHC beam loss protection system, the failure rate and the availability requirements have been evaluated using the Safety Integrity Level (SIL) approach. A downtime cost evaluation is used as input for the SIL approach. The most critical systems, which contribute to the final SIL value, are the dump system, the interlock system, the beam loss monitors system, and the energy monitor system. The Beam Loss Monitors System (BLMS) is critical for short and intense particles losses at 7 TeV and assisted by the Fast Beam Current Decay Monitors at 450 GeV. At medium and higher loss time it is assisted by other systems, such as the quench protection system and the cryogenic system. For BLMS, hardware and software have been evaluated in detail. The reliability input figures have been collected using historical data from the SPS, using temperature and radiation damage experimental data as well as using standard databases. All the data has been processed by reliability software (Isograph). The analysis spaces from the components data to the system configuration

  18. Reliability of Beam Loss Monitor Systems for the Large Hadron Collider

    Science.gov (United States)

    Guaglio, G.; Dehning, B.; Santoni, C.

    2005-06-01

    The increase of beam energy and beam intensity, together with the use of super conducting magnets, opens new failure scenarios and brings new criticalities for the whole accelerator protection system. For the LHC beam loss protection system, the failure rate and the availability requirements have been evaluated using the Safety Integrity Level (SIL) approach. A downtime cost evaluation is used as input for the SIL approach. The most critical systems, which contribute to the final SIL value, are the dump system, the interlock system, the beam loss monitors system, and the energy monitor system. The Beam Loss Monitors System (BLMS) is critical for short and intense particles losses at 7 TeV and assisted by the Fast Beam Current Decay Monitors at 450 GeV. At medium and higher loss time it is assisted by other systems, such as the quench protection system and the cryogenic system. For BLMS, hardware and software have been evaluated in detail. The reliability input figures have been collected using historical data from the SPS, using temperature and radiation damage experimental data as well as using standard databases. All the data has been processed by reliability software (Isograph). The analysis spaces from the components data to the system configuration.

  19. Impact of weight loss on markers of systemic inflammation in obese ...

    African Journals Online (AJOL)

    Background: Weight loss studies were conducted in children without asthma have demonstrated a reduction in systemic inflammation. However, the impact of weight loss in the obese paediatric population with asthma has not been investigated. Objective: To measure the effects of weight loss on markers of systemic ...

  20. CENTRAL BANKS AND FINANCIAL STABILITY - Literature review

    Directory of Open Access Journals (Sweden)

    Adina APÃTÃCHIOAE

    2013-06-01

    Full Text Available Financial stability is a feature of the financial system, reflecting its ability to determine an efficient allocation of the resources and to manage financial risk by its own self-regulating mechanisms. Since the condition of financial systems changes over time, due to various shocks that components suffers, financial stability is a dynamic feature, but the system itself is constantly attempting to recover under the action of specific auto regulatory mechanisms. It is generally accepted that central banks play an important role in ensuring financial stability, there are a number of specific features that can help them achieve financial stability. Recent phenomena such as deregulation, globalization, the intensification of innovation, and so on, have supplemented the functions of central banks and at the same time, led to an intensification of links between banking and other large sectors of the financial system: insurance and financial markets.The objective of this article is to present the different views in the literature on the role of the central bank in ensuring financial stability and the new challenges that she must confront in assuming this new mandate. The role of central banks in ensuring financial stability is in the forefront and should be expanded beyond the traditional functions of stability, which determined that monetary and stability policies to converge. Moreover, due to vulnerabilities manifested by the financial markets in recent decades and that capital flows have become more intense, these vulnerabilities may spread rapidly, increasing the fragility of all markets and, for this reason, ensuring financial stability has become a key objective of public policies. Especially, since the stability of financial systems stimulates economic development and improved living standards, the competent authorities pays a particular attention to these issues

  1. Perspectives of the Evolution of Romanian Financial Market in the Context of Global Financial Market

    OpenAIRE

    Dalia SIMION; Daniel TOBA

    2008-01-01

    Economical financial reality proves that, in time, globalisation has an impact not only on commodities economy but also on all financial domains, leading to remodelling of financial arrangement, increase of business opportunities but as well competition between financial institutions. Due to the expansion of financial markets, the consequences of globalisation processes converge to an efficiency of economic systems, through an increase of financing capacity and quick transformation of investm...

  2. Features of financial and economic support of penal system in Ukraine

    Directory of Open Access Journals (Sweden)

    Kravchuk G.V.

    2017-03-01

    Full Text Available Current economic and social problems in the country are displayed on all areas of functioning of the state. In particular, the absence of stable development of industrial sector and high level of shadowing cause a negative impact on revenues to state and local budgets. The penal system of Ukraine, according to the current legislation, is financed by the general and special funds of the State Budget of Ukraine; but taking into account the general trends of the limited cost of maintenance of this type of objects arises the question about optimization of the level of funding of the whole system. The formation of the required financing system institutions of the penal system is an urgent task today because the level of the financial costs of prisoners in the country is relatively very low and does not meet international standards. The world experience of financial support of institutions of punishment shows the feasibility of shifting costs to the state on the special funds that are generated due to the implementation of productive activities through the employment of prisoners themselves who produce competitive products with its further sale. That question of optimal sources of financing of the penitentiary system is solved in this article.

  3. The beam loss monitoring system for HLS storage ring

    CERN Document Server

    Li Yu Xiong; Li Wei; Li Jue Xin; Liu Zu Ping; Shao Bei Bei

    2001-01-01

    A beam loss monitoring system has been established at HLS. This paper gives its principle and scientific grounds. Study on the ring's TBA structure and utilization of Monte-Carlo calculation to the shower electrons is important in its design. The system composition and performance are also introduced. The detector BLMs, data acquisition devices and host PC are linked via CAN bus. This system is helpful to analyze beam loss distribution and regulate the machine operation parameters.

  4. Financial history and financial economics

    OpenAIRE

    Turner, John D.

    2014-01-01

    This essay looks at the bidirectional relationship between financial history and financial economics. It begins by giving a brief history of financial economics by outlining the main topics of interest to financial economists. It then documents and explains the increasing influence of financial economics upon financial history, and warns of the dangers of applying financial economics unthinkingly to the study of financial history. The essay proceeds to highlight the many insights that financi...

  5. 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...

  6. New Valences for the Financial-Accounting System

    Directory of Open Access Journals (Sweden)

    Adrian LUPAŞC

    2009-01-01

    Full Text Available A new approach to a company’s information systems is needed, if wetake into consideration the globalization process of the economy, the intensifiedcompetition, the impose of new qualitative demands or the adjustment to newaccounting standards. The former accountant is about to be replaced by the„professional employee with accounting information”, who knows very wellhow to use the domain technologies. The need for clear, correct and significantinformation has become a must for all the departments of a company and,definitely, this is especially the case for the financial-accounting department,i.e. when we have to come up with solutions for the profitability of thecompany.

  7. Global financial crisis

    Directory of Open Access Journals (Sweden)

    MSc. Jusuf Qarkaxhija

    2011-03-01

    Full Text Available The most recent developments in economy are a clear indicator of many changes, which are a result of this high rate pacing, which also demonstrates as such. Market economy processes occur as a result of intertwining of many potential technological and human factors, thereby creating a system of numerous diver-gences and turbulences. Economics, a social science, is characteri-sed with movements from a system to another system, and is har-monized with elements or components which have impacted the development and application of economic policies as a result. This example can be illustrated with the passing from a commanded system (centralized to a self-governing (decentrali-zed system, while the movement from a system to another is known as transi-tion. Such transition in its own nature bears a number of problems of almost any kind (political, economic, social, etc., and is charac-terised with differences from a country to another. Financial crisis is a phenomenon consisting of a perception of economic policies and creation of an economic and financial stabi-lity in regional and global structures. From this, one may assume that each system has its own changes in its nature, and as a result of these changes, we have the crisis of such a system. Even in the economic field, if we look closely, we have such a problem, where development trends both in human and technological fields have created a large gap between older times and today, thereby crea-ting dynamics with a high intensity of action. If we dwell on the problem, and enter into the financial world, we can see that the so-called industrialized countries have made giant leaps in deve-lopment, while countries in transition have stalled in many fields, as a result of a high rate of corruption and unemployment in these countries, and obviously these indicators are directly connected, thereby stroking the financial system in these countries. Corruption is an element, which directly and indirectly

  8. Financial Development in 205 Economies, 1960 to 2010

    OpenAIRE

    Martin Čihák; Asli Demirgüč-Kunt; Erik Feyen; Ross Levine

    2013-01-01

    This paper describes our construction of the Global Financial Development Database and uses the data to compare financial systems around the world. The database provides information on financial systems in 205 economies over the period from 1960 to 2010 and includes measures of (1) size of financial institutions and markets (financial depth), (2) degree to which individuals and firms can and do use financial services (access), (3) efficiency of financial intermediaries and markets in intermed...

  9. Volatility behavior of visibility graph EMD financial time series from Ising interacting system

    Science.gov (United States)

    Zhang, Bo; Wang, Jun; Fang, Wen

    2015-08-01

    A financial market dynamics model is developed and investigated by stochastic Ising system, where the Ising model is the most popular ferromagnetic model in statistical physics systems. Applying two graph based analysis and multiscale entropy method, we investigate and compare the statistical volatility behavior of return time series and the corresponding IMF series derived from the empirical mode decomposition (EMD) method. And the real stock market indices are considered to be comparatively studied with the simulation data of the proposed model. Further, we find that the degree distribution of visibility graph for the simulation series has the power law tails, and the assortative network exhibits the mixing pattern property. All these features are in agreement with the real market data, the research confirms that the financial model established by the Ising system is reasonable.

  10. Methods Research about Accuracy Loss Tracing of Dynamic Measurement System Based on WNN

    International Nuclear Information System (INIS)

    Lin, S-W; Fei, Y T; Jiang, M L; Tsai, C-Y; Cheng Hsinyu

    2006-01-01

    The paper presents a method of achieving accuracy loss of the dynamic measurement system according to change of errors on different period of the system. WNN, used to trace the accuracy loss of dynamic measurement system, traces the total precision loss during a certain period to every part of the system, and the accuracy loss of every part can be get, so retaining the accuracy and optimum design of the system is possible. Take tracing the accuracy loss of a simulated system for an example to testify the method

  11. CONSIDERATIONS REGARDING FINANCIAL STABILITY

    Directory of Open Access Journals (Sweden)

    MERCEA PATRICIA AMALIA

    2018-02-01

    Full Text Available International economic conditions are projected to have a favorable path in 2018. Thus, accelerating investment in infrastructure and real estate in China, as well as expectations of fiscal loosening in the United States, lead to an increased expectation for enhancement of global trade flows and to strengthen investor confidence. Instead, Britain's decision to leave the European Union, as well as political uncertainty in some euro-zone countries, may cause temporary distortions but also implications for economies in the european region. On the other hand, the divergence of the Federal Reserve and the European Central Bank's monetary policies, as the US expects further increases in interest rates, can be reflected in the activity of the government bond market as a result of the reorientation of investors to assets with higher yield, a trend amplified by the context of the economic environment with low interest rates. Recent developments in the field of financial technology innovation are an important challenge for conventional financial market (payment and settlement infrastructures, especially in the context of multiple public and private initiatives and projects developed over the last few years. The digitization of financial services is an international concern due to the complexity of this phenomenon, and the lack of harmonized regulations and / or standards in the field. On the one hand, technological innovation in the field of payment systems has the potential to create a number of social benefits by improving access to financial services (financial inclusion. On the other hand, the integration of new technologies in the financial and banking field may imply additional information security risks, especially on payment and settlement systems. Financial technology innovation projects have also been developed by central banks in Europe, but also in America and Asia (for example in the UK, the Netherlands, Sweden, Canada, China and India. They

  12. INSTABILITY MODELING OF FINANCIAL PYRAMIDS

    OpenAIRE

    Girdzijauskas, Stasys; Moskaliova, Vera

    2005-01-01

    The financial structures that make use of money flow for “easy money” or cheating purpose are called financial pyramids. Recently financial pyramids intensively penetrates IT area. It is rather suitable way of the fraud. Money flow modeling and activity analysis of such financial systems allows identifying financial pyramids and taking necessary means of precautions. In the other hand even investing companies that function normally when market conditions changes (e.g. interest rates) eventual...

  13. Market-based approach to financial architecture

    NARCIS (Netherlands)

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

    2013-01-01

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

  14. The cost of vision loss in Canada. 2. Results.

    Science.gov (United States)

    Cruess, Alan F; Gordon, Keith D; Bellan, Lorne; Mitchell, Scott; Pezzullo, M Lynne

    2011-08-01

    This study was conducted to provide the financial underpinnings necessary for effective planning for the provision of eye health services in Canada. Canada is facing an aging demographic and all the major eye diseases are diseases associated with aging. It is essential that we have information based on the best available data to support national and provincial vision health plans. The design associated with the prevalence-based approach used in this study was outlined previously in detail in The Cost of Vision Loss in Canada: Methodology. The methods associated with the prevalence-based approach used in this study were previously outlined in detail in The Cost of Vision Loss in Canada: Methodology. The financial cost of VL in Canada in 2007 was estimated to be $15.8 billion per annum: $8.6 billion (54.6%) represents direct health system expenditure; $4.4 billion (28.0%) was productivity lost due to lower employment, higher absenteeism, and premature death of Canadians with VL; $1.8 billion (11.1%) was the dead weight losses (DWL) from transfers including welfare payments and taxation forgone; $0.7 billion (4.4%) was the value of the care for people with VL; $305 million (1.9%) was other indirect costs such as aids and home modifications and the bring forward of funeral costs. Additionally, the value of the lost well-being (disability and premature death) was estimated at a further $11.7 billion. In per capita terms, this amounts to a financial cost of $19370 per person with VL per annum. Including the value of lost well-being, the cost is $33704 per person per annum. There is a growing awareness in Canada and around the world of the impact of VL on health costs and on the economy in general. This awareness is supported by the growing number of independent studies on the cost of vision loss both nationally and globally. Because most of these studies are limited by the minimal amount of available data, the overall cost of vision loss is likely underestimated

  15. Nonlinear Fluctuation Behavior of Financial Time Series Model by Statistical Physics System

    Directory of Open Access Journals (Sweden)

    Wuyang Cheng

    2014-01-01

    Full Text Available We develop a random financial time series model of stock market by one of statistical physics systems, the stochastic contact interacting system. Contact process is a continuous time Markov process; one interpretation of this model is as a model for the spread of an infection, where the epidemic spreading mimics the interplay of local infections and recovery of individuals. From this financial model, we study the statistical behaviors of return time series, and the corresponding behaviors of returns for Shanghai Stock Exchange Composite Index (SSECI and Hang Seng Index (HSI are also comparatively studied. Further, we investigate the Zipf distribution and multifractal phenomenon of returns and price changes. Zipf analysis and MF-DFA analysis are applied to investigate the natures of fluctuations for the stock market.

  16. Hedging Financial Risks in the Economic Practices of Small Business: Current Imperatives

    Directory of Open Access Journals (Sweden)

    Kolomiyets Ganna M.

    2017-04-01

    Full Text Available The article considers the need to update approaches to hedging the financial risks of small businesses. Reducing the probability of financial costs and losses is of continuing relevance. It appears to be especially critical for small businesses. Small business plays a significant role in the country’s economic system as creator of jobs and as a producer of goods and services that adapts quickly to changing consumer requirements. However, its access to credit resources has certain limitations. The instability of the economic environment by individual factors can affect small businesses not less, and sometimes even more than large and medium-sized businesses. Design of the risk-management in terms of small business needs to be updated. In the current context, there is a need in re-evaluating that the efficient financial risk management can only be carried out in a complex of all the enterprise’s risks, with an increase in the planning horizon and the identification of obstacles to achieving the objective set.

  17. The CDS and the Government Bonds Markets During the Last Financial Crisis

    Directory of Open Access Journals (Sweden)

    Križanič France

    2015-11-01

    Full Text Available Financial market had developed a special instrument to insure the buyers of bonds. This instrument is so called Credit Default Swap (CDS. The CDS price is a kind of insurance premium that the buyer of CDS pays to the seller of CDS in exchange for compensation of possible loss in operation. Paper analyses causality between CDS price and dynamics of bond yields and influence of macroeconomic factors on it in four selected countries during the last financial crisis. Analysis results show that there is no important macroeconomic variable included in the analysis that preceded the CDS prices connected with German government bonds. Sellers of CDS were apparently aware of the systemic nature of the financial crisis in the euro area. In the case of the United Kingdom, Russia and Slovenia we can observe the unemployment rate as the most important macroeconomic variable that preceded the CDS prices for government bonds.

  18. Prospect theory for online financial trading.

    Science.gov (United States)

    Liu, Yang-Yu; Nacher, Jose C; Ochiai, Tomoshiro; Martino, Mauro; Altshuler, Yaniv

    2014-01-01

    Prospect theory is widely viewed as the best available descriptive model of how people evaluate risk in experimental settings. According to prospect theory, people are typically risk-averse with respect to gains and risk-seeking with respect to losses, known as the "reflection effect". People are much more sensitive to losses than to gains of the same magnitude, a phenomenon called "loss aversion". Despite of the fact that prospect theory has been well developed in behavioral economics at the theoretical level, there exist very few large-scale empirical studies and most of the previous studies have been undertaken with micro-panel data. Here we analyze over 28.5 million trades made by 81.3 thousand traders of an online financial trading community over 28 months, aiming to explore the large-scale empirical aspect of prospect theory. By analyzing and comparing the behavior of winning and losing trades and traders, we find clear evidence of the reflection effect and the loss aversion phenomenon, which are essential in prospect theory. This work hence demonstrates an unprecedented large-scale empirical evidence of prospect theory, which has immediate implication in financial trading, e.g., developing new trading strategies by minimizing the impact of the reflection effect and the loss aversion phenomenon. Moreover, we introduce three novel behavioral metrics to differentiate winning and losing traders based on their historical trading behavior. This offers us potential opportunities to augment online social trading where traders are allowed to watch and follow the trading activities of others, by predicting potential winners based on their historical trading behavior.

  19. Prospect theory for online financial trading.

    Directory of Open Access Journals (Sweden)

    Yang-Yu Liu

    Full Text Available Prospect theory is widely viewed as the best available descriptive model of how people evaluate risk in experimental settings. According to prospect theory, people are typically risk-averse with respect to gains and risk-seeking with respect to losses, known as the "reflection effect". People are much more sensitive to losses than to gains of the same magnitude, a phenomenon called "loss aversion". Despite of the fact that prospect theory has been well developed in behavioral economics at the theoretical level, there exist very few large-scale empirical studies and most of the previous studies have been undertaken with micro-panel data. Here we analyze over 28.5 million trades made by 81.3 thousand traders of an online financial trading community over 28 months, aiming to explore the large-scale empirical aspect of prospect theory. By analyzing and comparing the behavior of winning and losing trades and traders, we find clear evidence of the reflection effect and the loss aversion phenomenon, which are essential in prospect theory. This work hence demonstrates an unprecedented large-scale empirical evidence of prospect theory, which has immediate implication in financial trading, e.g., developing new trading strategies by minimizing the impact of the reflection effect and the loss aversion phenomenon. Moreover, we introduce three novel behavioral metrics to differentiate winning and losing traders based on their historical trading behavior. This offers us potential opportunities to augment online social trading where traders are allowed to watch and follow the trading activities of others, by predicting potential winners based on their historical trading behavior.

  20. Concurrent credit portfolio losses.

    Science.gov (United States)

    Sicking, Joachim; Guhr, Thomas; Schäfer, Rudi

    2018-01-01

    We consider the problem of concurrent portfolio losses in two non-overlapping credit portfolios. In order to explore the full statistical dependence structure of such portfolio losses, we estimate their empirical pairwise copulas. Instead of a Gaussian dependence, we typically find a strong asymmetry in the copulas. Concurrent large portfolio losses are much more likely than small ones. Studying the dependences of these losses as a function of portfolio size, we moreover reveal that not only large portfolios of thousands of contracts, but also medium-sized and small ones with only a few dozens of contracts exhibit notable portfolio loss correlations. Anticipated idiosyncratic effects turn out to be negligible. These are troublesome insights not only for investors in structured fixed-income products, but particularly for the stability of the financial sector. JEL codes: C32, F34, G21, G32, H81.

  1. The financial and health burden of diabetic ambulatory care sensitive hospitalisations in Mexico

    Directory of Open Access Journals (Sweden)

    David G Lugo-Palacios

    2016-01-01

    Full Text Available Objective.To estimate the financial and health burden of diabetic ambulatory care sensitive hospitalisations (ACSH in Mexico during 2001-2011. Materials and methods. We identified ACSH due to diabetic complications in general hospitals run by local health ministries and estimated their financial cost using diagnostic related groups. The health burden estimation assumes that patients would not have experienced complications if they had received appropriate primary care and computes the associated DisabilityAdjusted Life Years (DALYs. Results. The financial cost of diabetic ACSH increased by 125% in real terms and their health burden in 2010 accounted for 4.2% of total DALYs associated with diabetes in Mexico. Conclusion. Avoiding preventable hospitalisations could free resources within the health system for other health purposes. In addition, patients with ACSH suffer preventable losses of health that should be considered when assessing the performance of any primary care intervention.

  2. Fluctuation behaviors of financial time series by a stochastic Ising system on a Sierpinski carpet lattice

    Science.gov (United States)

    Fang, Wen; Wang, Jun

    2013-09-01

    We develop a financial market model using an Ising spin system on a Sierpinski carpet lattice that breaks the equal status of each spin. To study the fluctuation behavior of the financial model, we present numerical research based on Monte Carlo simulation in conjunction with the statistical analysis and multifractal analysis of the financial time series. We extract the multifractal spectra by selecting various lattice size values of the Sierpinski carpet, and the inverse temperature of the Ising dynamic system. We also investigate the statistical fluctuation behavior, the time-varying volatility clustering, and the multifractality of returns for the indices SSE, SZSE, DJIA, IXIC, S&P500, HSI, N225, and for the simulation data derived from the Ising model on the Sierpinski carpet lattice. A numerical study of the model’s dynamical properties reveals that this financial model reproduces important features of the empirical data.

  3. Commissioning and operational scenarios of the LHC beam loss monitor system

    International Nuclear Information System (INIS)

    Holzer, E.B.

    2007-01-01

    One of the most critical elements for the protection of CERN's Large Hadron Collider (LHC) is its beam loss monitoring (BLM) system. It must prevent quenches in the super conducting magnets and damage of machine components due to beam losses. The contribution will discuss the commissioning procedures of the BLM system and envisaged operational scenarios. About 4000 monitors will be installed around the ring. When the loss rate exceeds a predefined threshold value, a beam abort is requested. Magnet quench and damage levels vary as a function of beam energy and loss duration. Consequently, the beam abort threshold values vary accordingly. By measuring the loss pattern, the BLM system helps to identify the loss mechanism. Furthermore, it will be an important tool for commissioning, machine setup and studies. Special monitors will be used for the setup and control of the collimators. (author)

  4. COMPARATIVE FINANCIAL STATEMENTS. CONVERGENCE VERSUS DIVERGENCE

    Directory of Open Access Journals (Sweden)

    Nicolae ECOBICI

    2010-09-01

    Full Text Available In this paper I compared the Romanian financial statements with the US GAAP financial statements in terms of two criteria: first the reference period and secondly the shape, structure and content of financial statements. Nowadays the two accounting systems, the French and Anglo-Saxon, tend to harmonize. I will present the convergences and the divergences between the financial statements of Romania, subject to OMFP 3055/2009, in parallel with the Anglo-Saxon accounting system.

  5. Econometric Model – A Tool in Financial Management

    Directory of Open Access Journals (Sweden)

    Riana Iren RADU

    2011-06-01

    Full Text Available The economic situation in Romania requires from the trader a rigorous analysis of vulnerabilities and opportunities offered by the external environment and a careful analysis of internal environmental conditions in which the entity operates. In this context particular attention is paid to indicators presented in the financial statements. Many times they are a model for economic forecasts, future plans, basic business and businesses that use them with a good forecasting activity. In this paper we propose to analyze the comparative evolution of the main financial indicators highlighted in financial statements (profit and loss through a multi-equation econometric model, namely dynamic Keynesian model.

  6. 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.

  7. The returns and risks of investment portfolio in a financial market

    Science.gov (United States)

    Li, Jiang-Cheng; Mei, Dong-Cheng

    2014-07-01

    The returns and risks of investment portfolio in a financial system was investigated by constructing a theoretical model based on the Heston model. After the theoretical model and analysis of portfolio were calculated and analyzed, we find the following: (i) The statistical properties (i.e., the probability distribution, the variance and loss rate of equity portfolio return) between simulation results of the theoretical model and the real financial data obtained from Dow Jones Industrial Average are in good agreement; (ii) The maximum dispersion of the investment portfolio is associated with the maximum stability of the equity portfolio return and minimal investment risks; (iii) An increase of the investment period and a worst investment period are associated with a decrease of stability of the equity portfolio return and a maximum investment risk, respectively.

  8. Securing Stability and Inclusiveness: G20 Summit Success in Controlling Financial Crises

    Directory of Open Access Journals (Sweden)

    John Kirton

    2017-08-01

    Full Text Available The G20 summit system has successfully controlled financial crises, restoring global financial stability after the shock from the US in 2008 and preventing the third shock from Europe in 2010 from resulting in a global contagion. After the G20 finance ministers effectively responded to the Asian-turned-global financial crisis in 1999, they failed to prevent the greater American-turned-global financial crisis in 2008, yet their leaders together responded effectively to it, then prevented the escalating euro crisis from going global, and finally reduced the likelihood of another global financial crisis emanating from a systemically significant country. Since 2013, the G20 has also enhanced economic equality between rich and poor countries, but has not fully made up for the loss in economic growth experienced in 2008 to 2013 or eliminated the socioeconomic scarring created during that period. This increasing success was driven by the changing conditions of the forces identified in the systemic hub model of G20 governance. The first was steadily escalating shocks in finance and economics, and related fields, from 1997 to 2012. The sources of these shifted from emerging Asia to a newly-vulnerable United States, Europe and then China in a much reduced form. With such shocks exposing and equalizing the vulnerability of the major powers, the formal multilateral organizations created by the United States and its Atlantic allies in the 1940s and their subsequent informal supplements such as the G7 could not cope. Among its many international institutional competitors, the G20 alone contained, as full, equal members, the countries that increasingly possessed the collectively predominant and internally equalizing capabilities required to respond effectively. They increasingly, if unevenly, became more internationally and domestically open and interconnected financial systems, economies and societies, albeit with some setbacks after 2013. The often high

  9. Significance of losses in water distribution systems in India

    OpenAIRE

    Raman, V.

    1983-01-01

    Effective management of water supply systems consists in supplying adequate quantities of clean water to the population. Detailed pilot studies of water distribution systems were carried out in 9 cities in India during 1971-81 to establish the feasibility of a programme of assessment, detection, and control of water losses from supply systems. A cost-benefit analysis was carried out. Water losses from mains and service pipes in the areas studied amounted to 20-35% of the total flow in the sys...

  10. Financial globalization and crises: overview

    NARCIS (Netherlands)

    Beck, T.; Claessens, S.; Schmukler, S.L.; Caprio, G.; Beck, T.; Claessens, S.; Schmukler, S.L.

    2013-01-01

    Financial globalization, the integration of countries with the global financial system, has increased substantially since the 1970s and particularly with more force since the 1990s. Financial globalization has shown to pose both benefits and risks to developed countries and developing countries

  11. Financial integration and liquidity crises

    NARCIS (Netherlands)

    Castiglionesi, Fabio; Feriozzi, F.; Lorenzoni, G.

    2017-01-01

    This paper analyzes the effects of financial integration on the stability of the banking system. Financial integration allows banks in different regions to smooth local liquidity shocks by borrowing and lending on a common interbank market. We show under which conditions financial integration

  12. The impact of the financial crisis on the currency and the monetary system

    Directory of Open Access Journals (Sweden)

    Petre DEACONU

    2010-09-01

    Full Text Available The present-day economic and financial crisis (depression appears unprecedented in the last half century. The international financial crisis has been extended to the Romanian economy. However, in terms of direct impact, the Romanian banking system was less affected by not being exposed to toxic assets, and because of prudential and administrative measures taken by the NBR. Indirectly, however, the international financial crisis and especially its obvious consequence – the recession in developed countries - has expanded to the Romanian economy, on several channels. The shopping channel slowed export growth and even reduced them. The financial channel has limited the access to external financing, and thus restricted the lending volume, generating private external debt service difficulties. On the exchange rate channel, the reduction in external financing reflected in national currency depreciation. On the confidence channel, there was a withdrawal of investors from Eastern Europe countries. Among the measures adopted by the central bank, the most notable were targeting inflation and currency interventions. By adopting inflation targeting, the central bank opted to make more room in establishing foreign exchange market, and after the onset of the current international financial crisis, including the 2009-2010, adopted a controlled floating exchange rate. This does not mean intervention in the forex market on a discretionary basis. NBR policy on foreign exchange intervention has been guided by the philosophy that high exchange rate volatility is harmful for both the inflation target and the financial health of the real and financial sector.

  13. Balancing Responsibilities – Financial Literacy

    OpenAIRE

    Gail Pearson; Philip N Stoop; Michelle Kelly-Louw

    2017-01-01

    In Australia there is an obligation to promote the informed participation of financial consumers while in South Africa there is an obligation to educate consumers. The Australian obligation is concerned with the financial system as a whole while the South African obligation has generally been focused on general financial education as a tool to promote financial inclusion. There is no obligation for consumers to attain a minimum standard of literacy in credit or finance generally. Financial li...

  14. New Paradigm for Local Financial Management: A Review of Local Budgeting System

    Directory of Open Access Journals (Sweden)

    Hendra Karianga

    2016-12-01

    Full Text Available Fiscal decentralization gives authority to the head of region and regional parliament to manage the local budget. The outcomes of the research indicate that the Good Financial Governance principle has been subject to frequent study in its understanding as a new paradigm for local financial management. As it turns out in practice, however, it has certain weaknesses, particularly in view of the accountability and legitimacy aspects of its establishment. In fact, the local budget has become a vehicle for corruption by the state administration is in the center of power, local autonomy shift some corruptor from the center to the local. The issue is how to manage the local budget in order to minimize corruption. If the commitment of the management of local budget is based on new principles in the local financial management, it believed that the local budget is governed annually by the local government will lead to the people’s welfare in the region. Based on such view, the Good Financial Governance principles appears to be the ideal approach to be applied in managing the local budgeting system.

  15. Applying a Stochastic Financial Planning System to an Individual: Immediate or Deferred Life Annuities?

    DEFF Research Database (Denmark)

    Konicz, Agnieszka Karolina; Mulvey, John M.

    2013-01-01

    of such financial decisions, especially in the retirement arena. They present as an example the choice to purchase a life annuity for a middle-aged person. Buyers must choose whether to purchase before retirement or at the date of retirement. The article provides some guidelines on whether or not to purchase......Individuals are often faced with financial decisions that have long-term implications for themselves and their families, but they have few sources of unbiased assistance. The authors suggest that a stochastic financial planning system, properly constructed and calibrated, can be applied to a number...... deferred life annuities, and who might most benefit from such a purchase....

  16. Sampled-Data Consensus of Linear Multi-agent Systems With Packet Losses.

    Science.gov (United States)

    Zhang, Wenbing; Tang, Yang; Huang, Tingwen; Kurths, Jurgen

    In this paper, the consensus problem is studied for a class of multi-agent systems with sampled data and packet losses, where random and deterministic packet losses are considered, respectively. For random packet losses, a Bernoulli-distributed white sequence is used to describe packet dropouts among agents in a stochastic way. For deterministic packet losses, a switched system with stable and unstable subsystems is employed to model packet dropouts in a deterministic way. The purpose of this paper is to derive consensus criteria, such that linear multi-agent systems with sampled-data and packet losses can reach consensus. By means of the Lyapunov function approach and the decomposition method, the design problem of a distributed controller is solved in terms of convex optimization. The interplay among the allowable bound of the sampling interval, the probability of random packet losses, and the rate of deterministic packet losses are explicitly derived to characterize consensus conditions. The obtained criteria are closely related to the maximum eigenvalue of the Laplacian matrix versus the second minimum eigenvalue of the Laplacian matrix, which reveals the intrinsic effect of communication topologies on consensus performance. Finally, simulations are given to show the effectiveness of the proposed results.In this paper, the consensus problem is studied for a class of multi-agent systems with sampled data and packet losses, where random and deterministic packet losses are considered, respectively. For random packet losses, a Bernoulli-distributed white sequence is used to describe packet dropouts among agents in a stochastic way. For deterministic packet losses, a switched system with stable and unstable subsystems is employed to model packet dropouts in a deterministic way. The purpose of this paper is to derive consensus criteria, such that linear multi-agent systems with sampled-data and packet losses can reach consensus. By means of the Lyapunov function

  17. GLOBAL FINANCIAL CRISIS 2008 CAUSES AND CONSEQUENCES FOR RUSSIAN MACROPRUDENTIAL REGULATION

    Directory of Open Access Journals (Sweden)

    Егор Николаевич Поляков

    2013-09-01

    Full Text Available This article analyzes the impact of volatility in global financial markets on the economy of developing countries and the analysis of factors contributing to a greater or lesser degree of vulnerability of the financial systems of developing countries in the global crisis of 2008-2010. Particular attention is paid to the influence of the global financial crisis on the economies of the two groups of developing countries of Southeast Asia and Central and Eastern Europe. On the basis of the analysis due to the dynamics of the main macroeconomic indicators of the Russian Federation during the acute phase of the crisis. The author presents an analysis of the vulnerability of the Russian economy in the event of possible instability in global financial markets at present. The author came to the conclusion that the main reason for which in 2009 the level of GDP growth Russia won 178 seats out of 184 countries, were 2 groups of errors. The first group of errors - errors are system of macro-prudential regulation made by the Central Bank from 2002 to 2007, such as: lack of control and regulation of borrowings of the private and banking sectors to foreign markets, as well as in the domestic market in foreign currency, the loss of control over domestic financial markets, such as: the interbank lending market, the stock market. The second group of errors - errors it committed securities during the crisis. The first error of the Central Bank - a rejection Vat refinance foreign debt of non-financial sector, resulting in an acute liquidity crisis. The second error is stretched for a few months, not a one-time devaluation of the ruble. Price of the second error was 200 billion USD, which the Central Bank lost and speculators earned.DOI: http://dx.doi.org/10.12731/2218-7405-2013-9-4

  18. 48 CFR 970.3270 - Standard financial management clauses.

    Science.gov (United States)

    2010-10-01

    ... Standard financial management clauses. (a) The following DEAR and FAR clauses are standard financial... Accounting Standards. (b) The following DEAR clauses are standard financial management clauses. The... systems: (1) 970.5232-7, Financial management system. (2) 970.5232-8, Integrated accounting. (c) Any...

  19. Hurricane Loss Analysis Based on the Population-Weighted Index

    Directory of Open Access Journals (Sweden)

    Grzegorz Kakareko

    2017-08-01

    Full Text Available This paper discusses different measures for quantifying regional hurricane loss. The main measures used in the past are normalized percentage loss and dollar value loss. In this research, we show that these measures are useful but may not properly reflect the size of the population influenced by hurricanes. A new loss measure is proposed that reflects the hurricane impact on people occupying the structure. For demonstrating the differences among these metrics, regional loss analysis was conducted for Florida. The regional analysis was composed of three modules: the hazard module stochastically modeled the wind occurrence in the region; the vulnerability module utilized vulnerability functions developed in this research to calculate the loss; and the financial module quantified the hurricane loss. In the financial module, we calculated three loss metrics for certain region. The first metric is the average annual loss (AAL which represents the expected loss per year in percentage. The second is the average annual dollar loss which represents the expected dollar amount loss per year. The third is the average annual population-weighted loss (AAPL—a new measure proposed in this research. Compared with the AAL, the AAPL reflects the number of people influenced by the hurricane. The advantages of the AAPL are illustrated using three different analysis examples: (1 conventional regional loss analysis, (2 mitigation potential analysis, and (3 forecasted future loss analysis due to the change in population.

  20. Financialization and financial profit

    Directory of Open Access Journals (Sweden)

    Arturo Guillén

    2014-09-01

    Full Text Available This article starts from the critical review of the concept of financial capital. I consider it is necessary not to confuse this category with of financialization, which has acquired a certificate of naturalization from the rise of neoliberalism. Although financial monopoly-financial capital is the hegemonic segment of the bourgeoisie in the major capitalist countries, their dominance does not imply, a fortiori, financialization of economic activity, since it depends of the conditions of the process reproduction of capital. The emergence of joint stock companies modified the formation of the average rate of profit. The "promoter profit" becomes one of the main forms of income of monopoly-financial capital. It is postulated that financial profit is a kind of "extraordinary surplus-value" which is appropriated by monopoly-financial capital by means of the monopolistic control it exerts on the issue and circulation of fictitious capital.

  1. North Dakota University System Annual Financial Report, Fiscal Year Ended June 30, 2007

    Science.gov (United States)

    North Dakota University System, 2007

    2007-01-01

    This report provides financial data for the North Dakota University System (the "System") for the fiscal year ended June 30, 2007. The Management Discussion and Analysis; the Statement of Net Assets; the Statement of Revenues, Expenses, and Changes in Net Assets; and the Statement of Cash Flows provide information on the System as a…

  2. Financial incentives for DSM [demand-side management]: Theory and practice

    International Nuclear Information System (INIS)

    Reid, M.W.

    1990-01-01

    Recent efforts to provide incentives for electric utilities in the USA to undertake demand-side management (DSM) programs are reviewed. The major need for incentives is seen as the overcoming of disincentives inherent in traditional regulation that affect utilities' interest in, and motivation for, DSM programs. These disincentives include the failure to recover all program costs, loss of revenues, and loss of financial opportunity. In addition, utilities seldom perceive DSM as a low-risk proposition; principal areas of concern include regulatory risk, competitive risk, and balance sheet risk. In view of these disincentives and risks, any DSM program therefore should provide for full and timely recovery of all program costs; adjust for DSM-induced revenue losses; and counterbalance risk and loss of financial opportunity by providing a bonus above cost. Three utility-specific incentive proposals are presented for the case of utilities in New York, Massachusetts, and Pennsylvania. Each of these programs meets the goal of overcoming the disincentives that surround utility DSM programs. The most significant differences across the mechanisms are found in the bonus component. Mechanisms that reduce the utility's uncertainty about the receipt of a bonus by providing it in a lump sum will likely prove more powerful motivators than those that spread the bonus out over a period of years. Use of preapproved per-unit or per-customer impact measurements reduces uncertainty and thus increases the apparent value of the bonus. Annual review of program plans and assumed impacts, supported by continuing evaluation activities, minimizes the risk that the utilities will gamble with the system or receive excessive awards. 6 refs

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

    Directory of Open Access Journals (Sweden)

    Lucas Marc Fuhrer

    2012-11-01

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

  4. A Versatile Beam Loss Monitoring System for CLIC

    CERN Document Server

    Kastriotou, Maria; Farabolini, Wilfrid; Holzer, Eva Barbara; Nebot Del Busto, Eduardo; Tecker, Frank; Welsch, Carsten

    2016-01-01

    The design of a potential CLIC beam loss monitoring (BLM) system presents multiple challenges. To successfully cover the 48 km of beamline, ionisation chambers and optical fibre BLMs are under investigation. The former fulfils all CLIC requirements but would need more than 40000 monitors to protect the whole facility. For the latter, the capability of reconstructing the original loss position with a multi-bunch beam pulse and multiple loss locations still needs to be quantified. Two main sources of background for beam loss measurements are identified for CLIC. The two-beam accelerator scheme introduces so-called crosstalk, i.e. detection of losses originating in one beam line by the monitors protecting the other. Moreover, electrons emitted from the inner surface of RF cavities and boosted by the high RF gradients may produce signals in neighbouring BLMs, limiting their ability to detect real beam losses. This contribution presents the results of dedicated experiments performed in the CLIC Test Facility to qu...

  5. Real-Time System Supervision for the LHC Beam Loss Monitoring System at CERN

    CERN Document Server

    Zamantzas, C; Effinger, E; Emery, J; Jackson, S

    2014-01-01

    The strategy for machine protection and quench prevention of the Large Hadron Collider (LHC) at the European Organisation for Nuclear Research (CERN) is mainly based on the Beam Loss Monitoring (BLM) system. The LHC BLM system is one of the most complex and large instrumentation systems deployed in the LHC. In addition to protecting the collider, the system also needs to provide a means of diagnosing machine faults and deliver feedback of the losses to the control room as well as to several systems for their setup and analysis. In order to augment the dependability of the system several layers of supervision has been implemented internally and externally to the system. This paper describes the different methods employed to achieve the expected availability and system fault detection.

  6. 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.

  7. Building financial and insurance resilience in the context of climate change

    Directory of Open Access Journals (Sweden)

    Miškić Miroslav

    2017-01-01

    Full Text Available The key challenge for individuals, businesses and governments would be the building financial and insurance resilience in changing climate. It becomes important issue for the financial management to create financial protection and insurance means to manage the financial losses, reducing the economic impact of disaster events, and supporting better recovery. In accordance with that the Paper provides an overview of the field and desk research of potential income implications of climate change for the financial management of disaster risks and losses. Desk research is based on Serbian case and its experience with the 2014 floods. Key findings of the field research provided in Serbia in 2016 on managing the risk of natural disasters, floods, fires, earthquakes as a part of organizational risk in 92 manufacturing firms, banks and insurance companies is also provided in the Paper. The methods used are: statistical description, X2 test and liner regression models. The results of both researches on risk management of floods showed that: companies calculate the impact of this risk to their year revenues as small, also a non-strategic approach of the Serbian government can be seen, as a financial gap of 65% in covering the losses. The research results pointed also to low awareness of the problem on the corporate and national level. The contribution of the Paper is to support further development of country and local plans for more effectively reducing the economic disruption of disaster events and policy approaches to supporting the penetration of disaster finance and insurance coverage and the capacity of insurance markets to absorb these risks. Also, to support the improvement of the culture of risk management of business sector in this field.

  8. 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 ...

  9. Self-Organization, Resilience and Robustness of Complex Systems Through an Application to Financial Market from an Agent-Based Approach

    Science.gov (United States)

    Lucas, Iris; Cotsaftis, Michel; Bertelle, Cyrille

    This paper introduces the implementation of a computational agent-based financial market model in which the system is described on both microscopic and macroscopic levels. This artificial financial market model is used to study the system response when a shock occurs. Indeed, when a market experiences perturbations, financial systems behavior can exhibit two different properties: resilience and robustness. Through simulations and different scenarios of market shocks, these system properties are studied. The results notably show that the emergence of collective herding behavior when market shock occurs leads to a temporary disruption of the system self-organization. Numerical simulations highlight that the market can absorb strong mono-shocks but can also be led to rupture by low but repeated perturbations.

  10. Financial constraints and Islamic finance: Lesson learned from external financing perspective

    Directory of Open Access Journals (Sweden)

    Achmad Tohirin

    2016-10-01

    Full Text Available This study examines the presence of financial constraints and explores the role of profit-loss sharing (PLS in mitigating the problem of the financial constraints stemmed from the capital market imperfections. Using Malaysian listed companies’ data, this study finds that the financial constraints are present in the capital market. This finding implies the imperfect capital market. In Islamic PLS framework, there are two options of financing contracts that may be enforced in the capital market as financing mechanisms, i.e. al-musharakah and al-mudharabah. These schemes promote sharing of information and mutual trust between financiers and ‘borrowers’. In these contracts, there are strict terms and conditions to be adhered to by both parties so that the contracts pursue to be valid. Besides, PLS mechanism may reduce the cost of capital since the profit and loss are shared rather than be burdened only on one shoulder. In this regard, the imperfect market problems namely asymmetric information, agency problem and transaction cost can be reduced if not be overcome.

  11. Financial study of an integrated nuclear desalination system in Tunisia: the Tundesal Project

    International Nuclear Information System (INIS)

    Bouzguenda Benzarti, Neila; Albouy, Michel; Nisan, Simon

    2006-01-01

    This paper focuses on a case study of financing an integrated nuclear desalination system at la Skhira site in Tunisia. More specifically, it shows the financial characteristics of the study, known as the TUNDESAL project, the main financing mechanisms that can be used, and the principal actions required to attract the potential investors and lenders. The paper describes: - The specific financial considerations corresponding to the particular characteristics of nuclear desalination projects: high capital costs, high level of risks and uncertainties, relatively long construction lead times and social and environmental concerns; - The main risks involved in nuclear energy projects; - The profitability study of the TUNDESAL project with the application of the Discounted Cash Flow Analysis; - The main financing sources for the project; - The financing schemes that can be used for project implementation and comparison between these schemes in terms of benefits generated, after covering project costs and repayment of lenders and investors; - The main actions to be done for making the project financially attractive in order to gain the confidence of investors and international financial institutions (optimal allocation of project risks and uncertainties, a suitable and flexible energy and water tariffs policy). Analysis has shown that in particular conditions of Tunisia, the most attractive financial scheme could be the 'project financing + leasing'. (authors)

  12. The Financial Accounting Model from a System Dynamics' Perspective

    OpenAIRE

    Melse, Eric

    2006-01-01

    This paper explores the foundation of the financial accounting model. We examine the properties of the accounting equation as the principal algorithm for the design and the development of a System Dynamics model. Key to the perspective is the foundational requirement that resolves the temporal conflict that resides in a stock and flow model. Through formal analysis the accounting equation is redefined as a cybernetic model by expressing the temporal and dynamic properties of its terms. Articu...

  13. Dynamic Analysis and Adaptive Sliding Mode Controller for a Chaotic Fractional Incommensurate Order Financial System

    Science.gov (United States)

    Hajipour, Ahmad; Tavakoli, Hamidreza

    2017-12-01

    In this study, the dynamic behavior and chaos control of a chaotic fractional incommensurate-order financial system are investigated. Using well-known tools of nonlinear theory, i.e. Lyapunov exponents, phase diagrams and bifurcation diagrams, we observe some interesting phenomena, e.g. antimonotonicity, crisis phenomena and route to chaos through a period doubling sequence. Adopting largest Lyapunov exponent criteria, we find that the system yields chaos at the lowest order of 2.15. Next, in order to globally stabilize the chaotic fractional incommensurate order financial system with uncertain dynamics, an adaptive fractional sliding mode controller is designed. Numerical simulations are used to demonstrate the effectiveness of the proposed control method.

  14. Financial Management in the Strategic Systems Project Office.

    Science.gov (United States)

    SSPO, the largest program office in the Navy and in existence for over 20 years, has perfected time tested financial management procedures which may...serve as a model for the student of program management. This report presents an overview of the SSPO financial management concepts and general

  15. Managing Counterparty Risk in an Unstable Financial System

    Science.gov (United States)

    Belmont, David

    2012-01-01

    The recent flow of headlines excoriating bankers and financiers for malfeasance, fraud, and collusion has been almost biblical in proportion. Counterparties that appeared creditworthy based on financial statements and ratings have revealed that they are impaired either due to computer errors, control failures, malfeasance, or potential regulatory…

  16. Erecting a Sturdy Financial Structure.

    Science.gov (United States)

    West, Jeffrey J.

    1998-01-01

    Explanation of the technological setting in which college and university financial systems have developed is provided for financial officers, to aid in devising a plan for the chart of accounts and erecting an efficient, logical, flexible financial structure. Topics include software/hardware advances, understanding the demand for financial…

  17. 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.

  18. New delivery technology for financial services and the changing role of financial intermediaries

    OpenAIRE

    Buhl, Hans Ulrich

    1998-01-01

    New delivery technology for financial services and the changing role of financial intermediaries / H. U. Buhl ; A. Will. - In: Business Information Systems ´98 / W. Abramowicz (ed.). - Poznan : Akad. Ekonomiczna w Poznaniu, 1998. - S. 203-215

  19. New expected loss impairment model – a challenge for the banks in Bulgaria

    Directory of Open Access Journals (Sweden)

    Nadezhda Popova-Yosifova

    2017-05-01

    Full Text Available This article introduces some of the leading works on loan impairment published by supervisory authorities, auditing companies and researchers. It makes analysis of the impairment model on the basis of the expected credit losses introduced with the requirements of International Financial Reporting Standard (IFRS 9 Financial Instruments effective for periods beginning on or after 1 January 2018. There are a number of research works which show that the senior bankers may in some ways manage the financial result through the impairment, where it is assumed that the new impairment model will bring higher recognized losses. It also makes a comparative analysis of the announced information on the loan impairment and the preparation for the introduction of the IFRS 9 Financial Instruments requirements into the annual financial statements of the public banks in Bulgaria for the period 2013 – 2016.

  20. Assessment of financial flow in the health system of Serbia in a period 2003-2006

    Directory of Open Access Journals (Sweden)

    Gajić-Stevanović Milena

    2010-01-01

    Full Text Available Background/Aim. The main goal of every health policy is not merely the establishment of the health system sustainability, but the accessibility of health services to the whole population, as well. This objective is shared in European Union countries, and the consequence is the implementation of National Health Accounts (NHA. NHA, as a tool for evidence-based management, provides data regarding financial flow in health at national level and alows international comparability. The aim of this study was to determine Serbian overall health spending patterns by National Health Accounts, and to determine health care indices to provide policy makers with internationally comparable health indicators. Methods. A retrospective analysis of healthcare expenditures was obtained from the published final financial reports of relevant state institutions during a period of 2003 to 2006. The various sources of data on healthcare expenditures were connected according to instructions by the OECD 'A System of Health Accounts (SHA' Version 1.0. Results. The obtained results showed: health expenditures in Serbia made up 8.6%, 8.3%, 8.7% and 9 % of the GDP in 2003, 2004, 2005 and 2006, respectively; the Health Insurance Fund was a predominant financing source of the public sector with 93% in 2006; the largest part of the total health expenditures went towards hospitals and for health services; the expenditure per capita in 2006 was 365 US$; Serbian population finances the state institutions 'out of pocket' with 21.28% of their sources, which was 7.3% of the total healthcare expenditures, and the private institutions with 78.72% of their financial sources, which is 27% of the total healthcare expenditures. In 2006 Serbia allocated financial resources out of GDP in the amount similar to the European Unity, while comparing to the countries of the region, these funds were less only than in Bosnia and Herzegovina. This allocating of financial resources in total, however, was

Some links on this page may take you to non-federal websites. Their policies may differ from this site.