WorldWideScience

Sample records for financial transmission rights

  1. Markets for financial transmission rights

    International Nuclear Information System (INIS)

    Kristiansen, T.

    2004-01-01

    Results of a survey of markets for financial transmission rights that facilitate competitive, open and non-discriminatory electricity market design are discussed. Specifically, the survey covered Pennsylvania, New Jersey, Maryland (PJM), New York, California, New England, Texas and New Zealand. The main emphasis was on the PJM and the New York markets, since they are the most mature. Interwowen with the results is a thorough discussion of the properties, features and the design of financial transaction rights in the various jurisdictions, the advantages, disadvantages and market performance of financial transmission rights, market performance criteria, and the mechanism for acquiring financial transmission rights. 49 refs., 14 tabs., 6 figs

  2. Essays in financial transmission rights pricing

    Science.gov (United States)

    Posner, Barry

    This work examines issues in the pricing of financial transmission rights in the PJM market region. The US federal government is advocating the creation of large-scale, not-for-profit regional transmission organizations to increase the efficiency of the transmission of electricity. As a non-profit entity, PJM needs to allocate excess revenues collected as congestion rents, and the participants in the transmission markets need to be able to hedge their exposure to congestion rents. For these purposes, PJM has developed an instrument known as the financial transmission right (FTR). This research, utilizing a new data set assembled by the author, looks at two aspects of the FTR market. The first chapter examines the problem of forecasting congestion in a transmission grid. In the PJM FTR system firms bid in a competitive auction for FTRs that cover a period of one month. The auctions take place in the middle of the previous month; therefore firms have to forecast congestion rents for the period two to six weeks after the auction. The common methods of forecasting congestion are either time-series models or full-information engineering studies. In this research, the author develops a forecasting system that is more economically grounded than a simple time-series model, but requires less information than an engineering model. This method is based upon the arbitrage-cost methodology, whereby congesting is calculated as the difference of two non-observable variables: the transmission price difference that would exist in the total absence of transmission capacity between two nodes, and the ability of the existing transmission to reduced that price difference. If the ability to reduce the price difference is greater than the price difference, then the cost of electricity at each node will be the same, and congestion rent will be zero. If transmission capacity limits are binding on the flow of power, then a price difference persists and congestion rents exist. Three

  3. Essays on electricity transmission investment and financial transmission rights

    Science.gov (United States)

    Shang, Wenzhuo

    The U.S. electric power industry has been going through fundamental restructuring and realignment since the 1990's. Many issues and problems have emerged during the transition, and both economists and engineers have been looking for the solutions fervently. In this dissertation, which consists primarily of three essays, we apply economics theory and techniques to the power industry and address two related issues, transmission investment and financial transmission rights (FTRs). The first essay takes the decentralized perspective and investigates the efficiency attribute of market-based transmission investment under perfect competition. We clarify, for the first time, the nature of the externality created by loop flows that causes transmission investment to be inefficient. Our findings have important implications for better understanding of transmission market design and creating incentives for efficient transmission investment. In the second essay, we define several rules for allocating transmission investment cost within the framework of cooperative game theory. These rules provide fair, stable or efficient cost allocations in theory and are good benchmarks against which the allocation mechanism in practice can be compared and improved upon. In the last essay, we make exploratory efforts in analyzing and assessing empirically the performance of the Midwest independent system operator (MISO) FTR auction market. We reveal some stylized facts about this young market and find that it is not efficient under the risk-neutrality assumption. We also point out and correct the drawbacks in previous related work and suggest about more complete empirical work in future. In all, this dissertation makes both theoretic and empirical analysis of the two hot issues related to the power industry and comes up with findings that have important implications for the development of this industry.

  4. Financial transmission rights meet Cournot: How TCCs curb market power

    International Nuclear Information System (INIS)

    Stoft, S.

    1999-01-01

    This paper reconsiders the problem of market power when generators face a demand curve limited by a transmission constraint. After demonstrating that the problem's importance originates in an inherent ambiguity in Cournot-Nash theory, the author reviews Oren's argument that generators in this situation capture all congestion rents. In the one-line case, this argument depends on an untested hypothesis while in the three-line case, the Nash equilibrium was misidentified. Finally, the argument that financial transmission rights (and TCCs in particular) will have zero market value is refuted by modeling the possibility of their purchase by generators. This allows transmission owners, who initially own the TCCs, to capture some of the congestion rent. In fact when total capacity exceeds line capacity by more than the capacity of the largest generator, TCCs should attain their perfectly competitive value, thereby curbing the market power of generators

  5. The inherent inefficiency of simultaneously feasible financial transmission rights auctions

    International Nuclear Information System (INIS)

    Deng, Shi-Jie; Oren, Shmuel; Meliopoulos, A.P.

    2010-01-01

    Empirical evidence from the New York ISO shows that the clearing prices for point-to-point congestion revenue rights, also known as financial transmission rights (FTRs), resulting from centralized auctions conducted by Independent System Operators differ significantly and systematically from the realized congestion revenues that determine the accrued payoffs of these rights. The question addressed by this paper is whether such deviations are due to price discovery errors which will eventually vanish or due to inherent inefficiencies in the auction structure. We show that even with perfect foresight of average congestion rents the clearing prices for the FTRs depend on the bid quantity and therefore may not be priced correctly in the financial transmission right (FTR) auction. In particular, we prove that quantity limits on the FTR bids may cause the auction clearing prices to differ from the bid prices. This phenomenon which is inherent in the theoretical properties of the optimization algorithm used to clear the auction, is further illustrated through numerical simulations with test systems. We conclude that price discovery alone would not remedy the discrepancy between the auction prices and the realized values of the FTRs. Secondary markets or frequent reconfiguration auctions are necessary in order to achieve such convergence. (author)

  6. Analysis of a monthly auction for financial transmission rights and flow-gate rights

    International Nuclear Information System (INIS)

    Biskas, P.N.; Ziogos, N.P.; Bakirtzis, A.G.

    2007-01-01

    A monthly transmission rights (TR) auction issuing both point-to-point financial transmission rights (FTRs) and flow-gate rights (FGRs) is studied in this paper. Initially, a locational marginal pricing (LMP) based energy market is presented, in which the linear security constrained optimal power flow (SCOPF) problem is solved for each hour of system operation, determining the nodal prices, the transmission link capacity prices and the transmission congestion charges (TCCs) that should be collected by the ISO in case of congestion. A monthly auction is conducted in the TR market issuing FTR obligations, FTR options and FGRs to market players, building a link between all types of transmission rights under the same market structure. Combining the advantages of financial and physical rights, the market efficiency can be enhanced by offering a variety of choices for risk management to market players. The monthly TR auction is tested on several case studies using the IEEE three-area RTS96 and useful conclusions are drawn concerning the utility of the various types of transmission rights as compared to one another, in terms of the reimbursement they provide to their holders. (author)

  7. Efficiency of financial transmission rights markets in centrally coordinated periodic auctions

    International Nuclear Information System (INIS)

    Adamson, Seabron; Noe, Thomas; Parker, Geoffrey

    2010-01-01

    Electricity market design in the United States is increasingly dominated by locational marginal pricing (LMP) of energy and transmission. LMP markets are typically coupled with periodic auctions of financial transmission rights (FTRs) to hedge transmission price risks. While LMP designs offer considerable advantages, forward price discovery in these markets requires participants to form efficient expectations on spot congestion price differences. In this paper, we examine trends in the efficiency of one of the early LMP markets, the New York Independent System Operator (NYISO), analyzing a panel data set of over 9000 contracts over a six-year period beginning September 2000. We show that NYISO FTR markets were inefficient in their early years, but that market participants learned to predict forward prices and thus efficiency improved for FTRs not solely within the New York City/Long Island sub-region. FTRs within this sub-region, which has a number of special characteristics, remain relatively inefficient. (author)

  8. Provision of financial transmission rights including assessment of maximum volumes of obligations and options

    International Nuclear Information System (INIS)

    Kristiansen, Tarjei

    2007-01-01

    This paper studies the risks faced by the providers of financial transmission rights (FTRs). The introduction of FTRs in different systems in the USA must be viewed in relationship to the organization of the market. Often, private players own the central grid, while an independent system operator (ISO) operates the grid. The revenues from transmission congestion collected in the day-ahead and balancing markets should give the ISO sufficient revenues to cover the costs associated with providing FTRs. This can be ensured if the issued FTRs fulfill the simultaneous feasibility test described by Hogan. This test on a three-node network is studied under different assumptions to find the maximum volumes, which can be sold, including contingency constraints. Next the feasibility test is analyzed when taking into account the proceeds from the FTR auction, and demonstrates that a higher volume might be issued. We introduce uncertainty under different scenarios for locational prices and calculate the maximum provided volumes. As a tool for risk management, the provider of the FTRs can use the Value at Risk approach. Finally, the provision of FTRs by private parties is discussed. (author)

  9. Advanced Computational Methods for Security Constrained Financial Transmission Rights: Structure and Parallelism

    Energy Technology Data Exchange (ETDEWEB)

    Elbert, Stephen T.; Kalsi, Karanjit; Vlachopoulou, Maria; Rice, Mark J.; Glaesemann, Kurt R.; Zhou, Ning

    2012-07-26

    Financial Transmission Rights (FTRs) help power market participants reduce price risks associated with transmission congestion. FTRs are issued based on a process of solving a constrained optimization problem with the objective to maximize the FTR social welfare under power flow security constraints. Security constraints for different FTR categories (monthly, seasonal or annual) are usually coupled and the number of constraints increases exponentially with the number of categories. Commercial software for FTR calculation can only provide limited categories of FTRs due to the inherent computational challenges mentioned above. In this paper, a novel non-linear dynamical system (NDS) approach is proposed to solve the optimization problem. The new formulation and performance of the NDS solver is benchmarked against widely used linear programming (LP) solvers like CPLEX™ and tested on large-scale systems using data from the Western Electricity Coordinating Council (WECC). The NDS is demonstrated to outperform the widely used CPLEX algorithms while exhibiting superior scalability. Furthermore, the NDS based solver can be easily parallelized which results in significant computational improvement.

  10. Transmission rights and market power

    International Nuclear Information System (INIS)

    Bushnell, J.

    1999-01-01

    Most of the concerns about physical transmission rights relate to the ability to implicitly or explicitly remove that transmission capacity from the market-place. Under a very strict form of physical right, owners could simply choose not to sell it if they don't want to use it. Modifications that require the release of spare capacity back into an open market could potentially alleviate this problem but there is concern that such releases would not occur far enough in advance to be of much use to schedulers. Similarly, the transmission capacity that is made available for use by non-rights holders can also be manipulated by the owners of transmission rights. The alternative form, financial transmission rights, provide to their owners congestion payments, but physical control of transmission paths. In electricity markets such as California's, even financial transmission rights could potentially be utilized to effectively withhold transmission capacity from the marketplace. However, methods for withholding transmission capacity are somewhat more convoluted, and probably more difficult, for owners of financial rights than for owners of physical rights. In this article, the author discusses some of the potential concerns over transmission rights and their use for the exercise of various forms of market power

  11. Essays on empirical analysis of multi-unit auctions: Impacts of financial transmission rights on the restructured electricity industry

    Science.gov (United States)

    Zang, Hailing

    This dissertation uses recently developed empirical methodologies for the study of multi-unit auctions to test the impacts of Financial Transmission Rights (FTRs) on the competitiveness of restructured electricity markets. FTRs are a special type of financial option that hedge against volatility in the cost of transporting electricity over the grid. Policy makers seek to use the prices of FTRs as market signals to incentivize efficient investment and utilization of transmission capacity. However, prices will not send the correct signals if market participants strategically use FTRs. This dissertation uses data from the Texas electricity market to test whether the prices of FTRs are efficient to achieve such goals. The auctions studied are multi-unit, uniform-price, sealed-bid auctions. The first part of the dissertation studies the auctions on the spot market of the wholesale electricity industry. I derive structural empirical models to test theoretical predictions as to whether bidders fully internalize the effect of FTRs on profits into their bidding decisions. I find that bidders are learning as to how to optimally bid above marginal cost for their inframarginal capacities. The bidders also learn to bid to include FTRs into their profit maximization problem during the course of the first year. But starting from the second year, they deviated from optimal bidding that includes FTRs in the profit maximization problems. Counterfactual analysis show that the primary effect of FTRs on market outcomes is changing the level of prices rather than production efficiency. Finally, I find that in most months, the current allocations of FTRs are statistically equivalent to the optimal allocations. The second part of the dissertation studies the bidding behavior in the FTR auctions. I find that FTRs' strategic impact on the FTR purchasing behavior is significant for large bidders---firms exercising market power in the FTR auctions. Second, trader forecasts future FTR credit

  12. Auctionable fixed transmission rights for congestion management

    Science.gov (United States)

    Alomoush, Muwaffaq Irsheid

    the transaction by the ISO, take a decision to expand the existing system, or retain the original structure of the system. Also, the thesis investigates the impact of wheeling transactions on congestion management, where we present a generalized mathematical model for the Fixed Transmission Right (FTR) auction. The auction guarantees FTR availability to all participants on a non-discriminatory basis, in which system users are permitted to buy, sell and trade FTRs through an auction. When FTRs are utilized with LMPs, they increase the efficient use of the transmission system and let a transmission customer gain advantageous features such as acquiring a mechanism to offset the extra cost due to congestion charges, providing financial and operational certainty and making system users pay for the actual use of the congested paths. The thesis also highlighted FTR trading in secondary markets to self-arrange access across different paths, create long-term transmission rights and provide more commercial certainty.

  13. Valuation anomalies for interconnector transmission rights

    International Nuclear Information System (INIS)

    McInerney, Celine; Bunn, Derek

    2013-01-01

    Whilst the acquisition of physical transmission interconnector rights between two or more electricity markets can be structured as spread options on the spot prices of electricity between connected markets, empirical evidence suggests that actual prices may be quite different. This raises issues for the valuation of transmission rights, particularly in the European context of market harmonisation, and the use of transmission rights with increasing levels of wind penetration. We examine the price differentials between the Irish and British electricity markets, where explicit transmission capacity auctions have been persistently undersubscribed and transmission rights acquired but not fully utilised. We find significant empirical indications that auction prices for transmission rights are undervalued against both arbitrage and spread option valuations. We also find significant power flows against the efficient price spread direction. A survey of a group of experts with an interest in trading power between Ireland and Britain inform a number of possible explanations for the apparent inefficiencies. These include ex-post pricing in the Irish market, intermittent wind and strategic behaviour by dominant firms. - Highlights: ► Valuation anomalies for transmission rights highlight lack of market integration. ► Exports constrained from market with ex post pricing and no hedging mechanisms. ► High start-up costs for balancing plant may deter exports from high wind regions. ► Deadband created by capacity payments based on flows versus availability

  14. Consumer financial vulnerability: identifying transmission linkages ...

    African Journals Online (AJOL)

    activates the postulated consumer financial vulnerability index (CFVI) .... words, the relationship between income, consumption, debt and saving as well as .... separation/divorce and bad financial management, as well as exogenous factors.

  15. Financial development, property rights, and growth

    OpenAIRE

    Claessens, Stijn; Laeven, Luc

    2002-01-01

    The authors analyze how property rights affect the allocation of firms' available resources among different types of assets. In particular, they investigate empirically for a large number of countries whether firms in environments with more secure property rights allocate available resources more toward intangible assets and consequentially grow faster. The authors find that improved asset...

  16. Endogenous Financial Structure and the Transmission of ECB Policy

    NARCIS (Netherlands)

    I.J.M. Arnold (Ivo); C.G. de Vries (Casper)

    1999-01-01

    textabstractThere is a widely held view that existing differences in the capital and money market structures across EMU countries are an important matter of concern for the ECB, because they might hinder the uniform transmission of monetary policy actions. We argue that many aspects of financial

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

    Science.gov (United States)

    Stubbs, Thomas; Kentikelenis, Alexander

    2017-01-01

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

  18. Transmission rights and market power on electric power networks. 2. Physical rights

    International Nuclear Information System (INIS)

    Joskow, Paul; Tirole, Jean

    1999-01-01

    This discussion paper examines physical transmission rights where the capacity of each potentially congested interface is defined and the rights to use the congested interfaces are created and allocated in some way for suppliers and consumers. The way in which the allocation of physical rights affects competition or increases the buyers or sellers market power in the power generation market when a transmission interface is congested, and how rights markets with different microstructures allocate physical rights and determine rights prices are explored. An electricity market with physical transmission rights in the absence of capacity release rules, and physical transmission rights and market power are addressed. Loop flows, and capacity release rules are discussed. (UK)

  19. The role of financial intermediaries in monetary policy transmission

    NARCIS (Netherlands)

    Beck, T.H.L.; Colciago, A.; Pfajfar, D.

    The recent financial crisis has stimulated theoretical and empirical research on the propagation mechanisms underlying business cycles, in particular on the role of financial frictions. Many issues concerning the interactions between banking and monetary policy forced policy makers to redefine

  20. GASB 34 Financial Statements Are Easier With the Right Tools.

    Science.gov (United States)

    Heinfeld, Gary; Arvizu, C. Christopher; Herrera, Michael L.

    2001-01-01

    Describes experience with certain tools and resources to help school business officials implement the Governmental Accounting Standards Board Statement 34. Focuses on Association of School Business Officials International's new Certificate of Excellence in Financial Reporting guidebook and financial-statement report-writer software called…

  1. Financial Incentives for Steering Education and Training. Getting Skills Right

    Science.gov (United States)

    OECD Publishing, 2017

    2017-01-01

    This report examines how governments use financial incentives to promote a better alignment between labour market needs, on the one hand, and the supply of skills, on the other. In doing so, it identifies: (1) innovative models that countries may be interested in learning from; (2) best practice in the design and use of financial incentives; (3)…

  2. Analysis of a yearly multi-round, multi-period, multi-product transmission rights auction

    International Nuclear Information System (INIS)

    Ziogos, N.P.; Bakirtzis, A.G.

    2008-01-01

    A yearly multi-round, multi-period, multi-product transmission rights (TR) auction issuing both point-to-point Financial Transmission Rights (FTRs) and Flow-Gate Rights (FGRs) is studied in this paper. In each round the TR market participants (buyers or sellers) submit their bid or offer prices based on past energy market performance. A Locational Marginal Pricing (LMP) based energy market is assumed. The TR market participants' bid or offer prices reflect their expectation of the average annual LMP differences between withdrawal and injections points for FTRs and of the transmission link capacity prices for FGRs. The TR auction is performed in four rounds; in each round 25% of the entire system capability is awarded. TRs that are awarded in one round are modeled as fixed injections in subsequent rounds. Market participants that have acquired TRs in one round can sell them in subsequent rounds. A market participant can submit bids or offers for on-peak, off-peak or 24-h TRs. A three-area, nine-bus test system with six TR market participants is used for the analysis of the TR auction. (author)

  3. Financial structure and monetary policy transmission in transition countries

    NARCIS (Netherlands)

    Elbourne, A.; de Haan, J.

    Using the structural vector autoregressive methodology, we present estimates of monetary transmission for the new and future EU member countries in Central and Eastern Europe. Unlike most previous research we include ten transition countries. We examine to what extent monetary transmission in these

  4. Characteristics of the transmission of autoregressive sub-patterns in financial time series

    Science.gov (United States)

    Gao, Xiangyun; An, Haizhong; Fang, Wei; Huang, Xuan; Li, Huajiao; Zhong, Weiqiong

    2014-09-01

    There are many types of autoregressive patterns in financial time series, and they form a transmission process. Here, we define autoregressive patterns quantitatively through an econometrical regression model. We present a computational algorithm that sets the autoregressive patterns as nodes and transmissions between patterns as edges, and then converts the transmission process of autoregressive patterns in a time series into a network. We utilised daily Shanghai (securities) composite index time series to study the transmission characteristics of autoregressive patterns. We found statistically significant evidence that the financial market is not random and that there are similar characteristics between parts and whole time series. A few types of autoregressive sub-patterns and transmission patterns drive the oscillations of the financial market. A clustering effect on fluctuations appears in the transmission process, and certain non-major autoregressive sub-patterns have high media capabilities in the financial time series. Different stock indexes exhibit similar characteristics in the transmission of fluctuation information. This work not only proposes a distinctive perspective for analysing financial time series but also provides important information for investors.

  5. The Asian financial crisis: identification, interdependence, and transmission

    OpenAIRE

    Lestano, M.

    2006-01-01

    The 1980s and 1990s witnessed several episodes of financial turmoil, including the sovereign debt crisis of Latin America in the 1980s, the near-breakdown of the European Exchange Rate Mechanism (ERM) in 1992-1993 and the severe crisis that swept through Asian economies in 1997-1998. Three generations of theoretical models have been proposed to describe and explain such financial crises. The so-called first-generation models ars focussed on the Latin America debt crisis, which is characterise...

  6. The Asian financial crisis : identification, interdependence, and transmission

    NARCIS (Netherlands)

    Lestano, M.

    2006-01-01

    The 1980s and 1990s witnessed several episodes of financial turmoil, including the sovereign debt crisis of Latin America in the 1980s, the near-breakdown of the European Exchange Rate Mechanism (ERM) in 1992-1993 and the severe crisis that swept through Asian economies in 1997-1998. Three

  7. Is DOD on the Right Path to Financial Auditability?

    Science.gov (United States)

    2012-03-22

    and DOD decision-making. Moreover, most of the 10 ERPs run the same software applications (i.e. SAP [Systems Applications and Programs] or PeopleSoft...Financial Readiness; GFEBS; DEAMS; Navy ERP 16. SECURITY CLASSIFICATION OF: 17. LIMITATION OF ABSTRACT 18. NUMBER OF PAGES 19a. NAME OF...Navy ERP CLASSIFICATION: Unclassified To make every dollar count, the Department of Defense (DOD) must be able to account for every dollar

  8. Monetary transmission and the financial sector in the Czech Republic

    Czech Academy of Sciences Publication Activity Database

    Havránek, T.; Horváth, R.; Matějů, Jakub

    2012-01-01

    Roč. 45, č. 3 (2012), s. 135-155 ISSN 1573-9414 R&D Projects: GA MŠk(CZ) SVV 265801/2012 Institutional support: PRVOUK-P23 Keywords : transmission mechanism * monetary policy * Czech Republic Subject RIV: AH - Economics

  9. On Long-Term Transmission Rights in the Nordic Electricity Markets

    Directory of Open Access Journals (Sweden)

    Petr Spodniak

    2017-03-01

    Full Text Available In vein with the new energy market rules drafted in the EU this paper presents and discusses two contract types for hedging the risks connected to long-term transmission rights, the financial transmission right (FTR and the electricity price area differentials (EPAD that are used in the Nordic electricity markets. The possibility to replicate the FTR contracts with a combination of EPAD contracts is presented and discussed. Based on historical evidence and empirical analysis of ten Nordic interconnectors and twenty bidding areas, we investigate the pricing accuracy of the replicated FTR contracts by quantifying ex-post forward risk premia. The results show that the majority of the studied FTR contain a negative risk premium, especially the monthly and the quarterly contracts. Reverse flow (unnatural pricing was identified for two interconnectors. From a theoretical policy point of view the results imply that it may be possible to continue with the EPAD-based system by using EPAD Combos in the Nordic countries, even if FTR contracts would prevail elsewhere in the EU. In practice the pricing of bi-directional EPAD contracts is more complex and may not always be very efficient. The efficiency of the EPAD market structure should be discussed from various points of view before accepting their status quo as a replacement for FTRs in the Nordic electricity markets.

  10. Fundamental Rights, European Private Law, and Financial Services

    NARCIS (Netherlands)

    Cherednychenko, O.O.; Micklitz, H.-W.

    2014-01-01

    Although it seems to be undisputed today that the harmonisation of private law in the EU cannot take place without due regard for fundamental rights, many questions still exist as to how and to what extent European private law can and should be influenced by fundamental rights. This chapter aims to

  11. The changing U.S. financial system : some implications for the monetary transmission mechanism

    OpenAIRE

    Gordon H. Sellon

    2002-01-01

    An important part of monetary policy is the monetary transmission mechanism, the process by which monetary policy actions influence the economy. While the transmission mechanism involves a number of channels, including exchange rates, bank credit, and asset prices, most economists consider interest rates to be the principal avenue by which monetary policy affects economic activity.> In recent decades, significant changes in the structure of financial markets and institutions in the United Sta...

  12. The transmission process of financial crises across the emerging markets: an alternative consideration

    OpenAIRE

    Abdurrahman, Korkmaz

    2012-01-01

    This paper offers an alternative consideration for the transmission process of financial crises across emerging markets. Here, we hypothesized that the interdependence effect could weaken, even disappear completely, and veer during a crisis period as a result of the contagion process. The importance of this hypothesis for the policy implication is also highlighted because it can be validated for many cases by our data.

  13. Financial market fragmentation and monetary transmission in the euro area: what do we know?

    Czech Academy of Sciences Publication Activity Database

    Horváth, Roman

    (2017) ISSN 1748-7870 R&D Projects: GA ČR GA16-09190S Institutional support: RVO:67985556 Keywords : financial market fragmentation * monetary transmission * European Central Bank Subject RIV: AH - Economics Impact factor: 0.925, year: 2016 http://library.utia.cas.cz/separaty/2017/E/horvath-0478988.pdf

  14. Women's Inheritance Rights and Intergenerational Transmission of Resources in India

    Science.gov (United States)

    Deininger, Klaus; Goyal, Aparajita; Nagarajan, Hari

    2013-01-01

    We use inheritance patterns over three generations of individuals to assess the impact of changes in the Hindu Succession Act that grant daughters equal coparcenary birth rights in joint family property that were denied to daughters in the past. We show that the amendment significantly increased daughters' likelihood to inherit land, but that…

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

    OpenAIRE

    Derviz, Alexis

    2000-01-01

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

  16. How Does the Financial Crisis Affect Volatility Behavior and Transmission Among European Stock Markets?

    Directory of Open Access Journals (Sweden)

    Faten Ben Slimane

    2013-08-01

    Full Text Available The spread of the global financial crisis of 2008/2009 was rapid, and impacted the functioning and the performance of financial markets. Due to the importance of this phenomenon, this study aims to explain the impact of the crisis on stock market behavior and interdependence through the study of the intraday volatility transmission. This paper investigates the patterns of linkage dynamics among three European stock markets—France, Germany, and the UK—during the global financial crisis, by analyzing the intraday dynamics of linkages among these markets during both calm and turmoil phases. We apply a VAR-EGARCH (Vector Autoregressive Exponential General Autoregressive Conditional Heteroscedasticity framework to high frequency five-minute intraday returns on selected representative stock indices. We find evidence that interrelationship among European markets increased substantially during the period of crisis, pointing to an amplification of spillovers. In addition, during this period, French and UK markets herded around German market, possibly explained by behavior factors influencing the stock markets on or near dates of extreme events. Germany was identified as the hub of financial and economic activity in Europe during the period of study. These findings have important implications for both policymakers and investors by contributing to better understanding the transmission of financial shocks in Europe.

  17. Characteristics of the co-fluctuation matrix transmission network based on financial multi-time series

    OpenAIRE

    Huajiao Li; Haizhong An; Xiangyun Gao; Wei Fang

    2015-01-01

    The co-fluctuation of two time series has often been studied by analysing the correlation coefficient over a selected period. However, in both domestic and global financial markets, there are more than two active time series that fluctuate constantly as a result of various factors, including geographic locations, information communications and so on. In addition to correlation relationships over longer periods, daily co-fluctuation relationships and their transmission features are also import...

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

    NARCIS (Netherlands)

    Gaay Fortman, B. de

    2003-01-01

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

  19. A Study on Some Non ـ Financial Rights of Couples in Discontinuous Matrimony

    Directory of Open Access Journals (Sweden)

    مصطفي فضائلي

    2015-12-01

    Full Text Available If a marriage occurs correctly, it will raise some given rights and commitments for couples. In personal marriage such as matrimony, some of these rights are non-financial and commitments. Discontinuous matrimony is not excluded from this issue and by approving it, couple undertake some rights that dissolution right through man and woman's fault and also duration munificence right is their responsibility. However, Iran's lawmaker and hereafter, lawyers have neglected of exact, and explicit explaining. It seems that with regard to this kind of matrimony's extension in modern society and available legal spaces for discontinuous matrimony and its results, council agents should persist in compiling explicit and clear legal provisions in order to express the results of this marriage that among them is non-financial rights of couple, until people can conclude sentences and this marriage results with full understanding. An answer which can be argued in generalis that we can also transmit continual marriage dissolution instances to discontinuous matrimony based on the fat that there is no forced loss in Islam as a rile. Also, according to jurisprudence rules, duration munificence right can be granted to couple under some conditions. Particularly for each right, there are questions, legal ambiguities and different opinions. This article aims to address these points in details.

  20. Іnheritance of money and right on deposit in a financial institution

    Directory of Open Access Journals (Sweden)

    А. М. Ісаєв

    2016-01-01

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

  1. History Classroom Interactions and the Transmission of the Recent Memory of Human Rights Violations in Chile

    Science.gov (United States)

    Oteíza, Teresa; Henríquez, Rodrigo; Pinuer, Claudio

    2015-01-01

    The purpose of this article is to examine history classroom interactions in Chilean secondary schools in relation to the transmission of historical memories of human rights violations committed by Augusto Pinochet's dictatorship from 1973 to 1990. Corpora of this research are comprised of history lessons filmed in the two types of public schools…

  2. Access to innovation - research, medical ethics, patient rights and financial resources

    Directory of Open Access Journals (Sweden)

    Maria Paula Leite Ribeiro de Faria

    2016-12-01

    Full Text Available This article deals with the identification of patient´s rights as regards the access to innovation in health care, and the reconciliation of these rights and the rights of other patients and the sustainability of the health system. Is it legitimate for the State to restrain the access of patients to innovative treatments representing their only chance of cure, or a substantial improvement in their health, in the name of economic criteria? These criteria and decisions can be assessed by the courts? It is legitimate to use, in the weighting of costs and benefits, criteria such as age of the patient, excluding the terminally ill patients from the benefit of certain treatments? And if we use the right to life as the decisive argument in the access to innovation, ensuring in all cases of survival, the newest and most expensive technology, there is no risk of harming those patients who still have healing perspectives? Since resources are limited, especially in times of financial crisis, the question of its distribution concerns the whole society, and requires the consideration of legal, medical, financial and political, and ethical criteria.

  3. 32 CFR Appendix M to Part 275 - Format for Certificate of Compliance With the Right to Financial Privacy Act of 1978

    Science.gov (United States)

    2010-07-01

    ... Certificate of Compliance With the Right to Financial Privacy Act of 1978 [Official Letterhead] [Date] Mr./Mrs..., pursuant to section 3403(b) of the Right to Financial Privacy Act of 1978, 12 U.S.C. 3401 et. seq., that...]: [Describe the specific records] Pursuant to section 3417(c) of the Right to Financial Privacy Act of 1978...

  4. Study on profits and the financial position of the Dutch power transmission system operator Tennet 2005-2009

    International Nuclear Information System (INIS)

    2010-12-01

    A study has been conducted into the profits of the grid operator of the Dutch national high-voltage power transmission system operator TenneT in the years 2005 to 2009. Also attention is paid to the financial position of TenneT. These results are taken into account with regard to method decisions for TenneT in the fifth regulatory period. [nl

  5. Global economic and financial crisis: Exploring the transmission channels and impacts on sub-saharan african economies

    Directory of Open Access Journals (Sweden)

    Sin-Yu Ho

    2016-12-01

    Full Text Available Over the past decade sub-Saharan African countries have made remarkable gains in promoting growth alongside economic stability. However, with the outbreak of the financial and economic crisis in advanced economies, will these hard-won economic gains in the region be threatened? In this paper, we seek to provide an overview of how sub-Saharan African countries are exposed to the crisis through both financial and real transmission channels, and to critically assess the impact of the crisis on different economies. To accomplish this task, we first provide an overview of the recent economic development of sub-Saharan African countries, and a brief discussion of the sources and the development of the crisis. We then proceed to explore the direct financial transmission channels of the crisis and their impacts on sub-Saharan African countries. In addition, we explore the indirect real transmission channels of the crisis and how the sub-Saharan African economies are impacted by them. Thereafter, we identify a couple of policy implications

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

    Directory of Open Access Journals (Sweden)

    Patrycja Zawadzka

    2017-09-01

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

  7. Multiband Slot-Based Dual Composite Right/Left-Handed Transmission Line

    Directory of Open Access Journals (Sweden)

    E. Abdo-Sanchez

    2012-10-01

    Full Text Available A dual Composite Right-/Left-Handed Transmission Line (CRLH TL implementation that presents multiband behaviour is proposed in this contribution. The artificial TL is realized by loading a host microstrip line with alternate rectangular stubs and slots. The required series and shunt immittances are respectively provided by the slot and the stub. Due to the distributed nature of these immittances, the resultant phase response presents theoretically infinite RH and LH alternate bands, thus being appropriate for multiband applications. The design methodology is described with the help of a proposed TLs-based equivalent circuit and highlights the simplicity for balance condition. Full wave simulated results of the dispersion characteristics and frequency response of a unit-cell and a three-cells structure are presented.

  8. The Impact of the 2008 Global Financial Crisis on the Structure of the Transmission of Price Innovations Across Financial Markets: The Case of Southwest Asian Equity Markets

    Directory of Open Access Journals (Sweden)

    Liao Qunfeng

    2016-06-01

    Full Text Available This study examines the reaction of Southeast Asian equity markets to the transmission of price innovations from major equity markets during the pre and post periods of the 2008 global financial crisis. In particular, we examine the reaction of returns indices in Malaysia, the Philippines, South Korea, Taiwan, and Thailand as endogenous variables, and compare them to the returns indices of the U.S., the Eurozone, Japan, and China as exogenous variables. The results of VAR models indicate the combined and individual impact of the price innovations from the major equity markets on the volatility of returns of selected countries is relatively trivial during either the pre- or post-financial crisis periods. However, the individual impact of the U.S. innovations is generally higher during the post-financial crisis. The ARCH and GARCH models indicate the stock markets of Southeast Asian countries are more responsive to their own price innovations during both the pre- and the post-crisis periods, although some response to U.S. and Eurozone shocks is also observed.

  9. Volatility Transmission Between Dow Jones Stock Index And Emerging Islamic Stock Index: Case Of Subprime Financial Crises

    Directory of Open Access Journals (Sweden)

    Amir Saadaoui

    2015-02-01

    Full Text Available In the course of the recent global crisis, the stock shocks are distributed and transmitted from their homes in the developed stock market to emerging stock markets. By supporting the development of emerging stock markets, this study aims to see the transmission of volatility between the Dow Jones stock index and the Dow Jones emerging Islamic stock indiex. In this study we have divided the period into three, periods, before, during and after this crisis to demonstrate the resilience of the Islamic market index in response to the global financial crisis. Another aim of this study is to provide a new guide line for investors in emerging stock market before making investment decisions. The data are daily, going from 02/01/2005 until 31/12/2012. To measure the transmission we used bivariate BEKK-GARCH and DCC-GARCH model. The result shows that there is a transmission mainly during the crisis period which means that the crisis affects all the financial assets whether Islamic or not. The same result also shows the preference to invest in both Islamic and classical stock indexes since they are less risky.

  10. The Right Mix? Gender Diversity in Top Management Teams and Financial Performance

    DEFF Research Database (Denmark)

    Opstrup, Niels; Villadsen, Anders Ryom

    2015-01-01

    in the top management teams of public organizations, and its relation to financial performance. Theory suggests that management diversity can be a positive asset for organizations. It may allow for the use of more diverse knowledge and human skill sets. The results of this study suggest that organizations......, however, may only be able to leverage these advantages if they have a supporting management structure. In a longitudinal study of top management teams in Danish municipalities, the study finds gender diversity in top management teams to be associated with higher financial performance, but only...

  11. The Choice between Rights-Preserving Issue Methods: Regulatory and Financial Aspects of Issuing Seasoned Equity in the UK

    OpenAIRE

    Korteweg, A.G.; Renneboog, L.D.R.

    2002-01-01

    This paper examines the choice between two rights-preserving issue methods of seasoned equity offers in the UK as well as the factors determining the offer price and stock market announcement reactions.Firstly, equity issues in the UK are underwritten for different reasons than in other countries.Only severely financially distressed companies choose not to underwrite their share offer. Second, the average announcement reaction to non-underwritten issues is much more negative than to underwrit...

  12. Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?

    DEFF Research Database (Denmark)

    Acharya, Viral V.; Imbierowicz, Björn; Steffen, Sascha

    for high-risk banks, even as it lowers deposit rates for both high-risk and low-risk banks. This adversely affects the balance sheets of borrowers of high-risk banks, leading to lower payouts, lower capital expenditures, and lower asset growth. These firms replace term loans drawing down existing credit......We investigate the transmission of central bank liquidity to bank deposit and loan spreads in Europe over the January 2006 to June 2010 period. We find evidence consistent with an impaired transmission channel due to bank risk. Central bank liquidity does not translate into lower loan spreads...

  13. Where Public Health Meets Human Rights: Integrating Human Rights into the Validation of the Elimination of Mother-to-Child Transmission of HIV and Syphilis.

    Science.gov (United States)

    Kismödi, Eszter; Kiragu, Karusa; Sawicki, Olga; Smith, Sally; Brion, Sophie; Sharma, Aditi; Mworeko, Lilian; Iovita, Alexandrina

    2017-12-01

    In 2014, the World Health Organization (WHO) initiated a process for validation of the elimination of mother-to-child transmission (EMTCT) of HIV and syphilis by countries. For the first time in such a process for the validation of disease elimination, WHO introduced norms and approaches that are grounded in human rights, gender equality, and community engagement. This human rights-based validation process can serve as a key opportunity to enhance accountability for human rights protection by evaluating EMTCT programs against human rights norms and standards, including in relation to gender equality and by ensuring the provision of discrimination-free quality services. The rights-based validation process also involves the assessment of participation of affected communities in EMTCT program development, implementation, and monitoring and evaluation. It brings awareness to the types of human rights abuses and inequalities faced by women living with, at risk of, or affected by HIV and syphilis, and commits governments to eliminate those barriers. This process demonstrates the importance and feasibility of integrating human rights, gender, and community into key public health interventions in a manner that improves health outcomes, legitimizes the participation of affected communities, and advances the human rights of women living with HIV.

  14. Does Lack of Financial Stability Impair the Transmission of Monetary Policy?

    DEFF Research Database (Denmark)

    Acharya, Viral V.; Imbierowicz, Björn; Steffen, Sascha

    We investigate the transmission of central bank liquidity to bank deposit and loan spreads in Europe over the January 2006 to June 2010 period. When the European Central Bank (ECB) allocated liquidity to banks in a competitive tender at the beginning of the crisis, higher “aggregate” central bank...... banks refinance term loans drawing down loan commitments. They have lower payouts, lower capital expenditures and lower asset growth compared with borrowers of low risk banks. Our results suggest a differential transmission of central bank liquidity of low versus high risk banks, and an impaired...... liquidity (i.e. the total liquidity in the banking system that is held at the ECB) reduces bank deposit rates of low risk banks but has no effect on deposit rates of high risk banks or on corporate loan spreads of high or low risk banks. After the ECB started to fully allot all liquidity requested by banks...

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

    Directory of Open Access Journals (Sweden)

    David G Mayes

    2012-10-01

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

  16. A compact very wideband amplifying filter based on RTD loaded composite right/left-handed transmission lines.

    Science.gov (United States)

    Abu-Marasa, Mahmoud O Mahmoud; El-Khozondar, Hala Jarallah

    2015-01-01

    The composite right/left-handed (CRLH) transmission line (TL) is presented as a general TL possessing both left-handed (LH) and right-handed (RH) natures. RH materials have both positive permittivity and positive permeability, and LH materials have both negative permittivity and negative permeability. This paper aims to design and analyze nonlinear CRLH-TL transmission line loaded with resonant tunneling diode (RTD). The main application of this design is a very wideband and compact filter that amplifies the travelling signal. We used OrCAD and ADS software to analyze the proposed circuit. CRLH-TL consists of a microstrip line which is loaded with complementary split-rings resonators (CSRRs), series gaps, and shunt inductor connected parallel to the RTD. The designed structure possess a wide band that ranges from 5 to 10.5 GHz and amplifies signal up to 50 %. The proposed design is of interest to microwave compact component designers.

  17. Decision support for mitigating the risk of tree induced transmission line failure in utility rights-of-way.

    Science.gov (United States)

    Poulos, H M; Camp, A E

    2010-02-01

    Vegetation management is a critical component of rights-of-way (ROW) maintenance for preventing electrical outages and safety hazards resulting from tree contact with conductors during storms. Northeast Utility's (NU) transmission lines are a critical element of the nation's power grid; NU is therefore under scrutiny from federal agencies charged with protecting the electrical transmission infrastructure of the United States. We developed a decision support system to focus right-of-way maintenance and minimize the potential for a tree fall episode that disables transmission capacity across the state of Connecticut. We used field data on tree characteristics to develop a system for identifying hazard trees (HTs) in the field using limited equipment to manage Connecticut power line ROW. Results from this study indicated that the tree height-to-diameter ratio, total tree height, and live crown ratio were the key characteristics that differentiated potential risk trees (danger trees) from trees with a high probability of tree fall (HTs). Products from this research can be transferred to adaptive right-of-way management, and the methods we used have great potential for future application to other regions of the United States and elsewhere where tree failure can disrupt electrical power.

  18. A systematic review of the health, social and financial impacts of welfare rights advice delivered in healthcare settings

    Directory of Open Access Journals (Sweden)

    Howel Denise

    2006-03-01

    Full Text Available Abstract Background Socio-economic variations in health, including variations in health according to wealth and income, have been widely reported. A potential method of improving the health of the most deprived groups is to increase their income. State funded welfare programmes of financial benefits and benefits in kind are common in developed countries. However, there is evidence of widespread under claiming of welfare benefits by those eligible for them. One method of exploring the health effects of income supplementation is, therefore, to measure the health effects of welfare benefit maximisation programmes. We conducted a systematic review of the health, social and financial impacts of welfare rights advice delivered in healthcare settings. Methods Published and unpublished literature was accessed through searches of electronic databases, websites and an internet search engine; hand searches of journals; suggestions from experts; and reference lists of relevant publications. Data on the intervention delivered, evaluation performed, and outcome data on health, social and economic measures were abstracted and assessed by pairs of independent reviewers. Results are reported in narrative form. Results 55 studies were included in the review. Only seven studies included a comparison or control group. There was evidence that welfare rights advice delivered in healthcare settings results in financial benefits. There was little evidence that the advice resulted in measurable health or social benefits. This is primarily due to lack of good quality evidence, rather than evidence of an absence of effect. Conclusion There are good theoretical reasons why income supplementation should improve health, but currently little evidence of adequate robustness and quality to indicate that the impact goes beyond increasing income.

  19. 32 CFR Appendix C to Part 504 - Certificate of Compliance With the Right to Financial Privacy Act of 1978-Sample Format

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 3 2010-07-01 2010-07-01 true Certificate of Compliance With the Right to... FINANCIAL INSTITUTIONS Pt. 504, App. C Appendix C to Part 504—Certificate of Compliance With the Right to... Union, Fort Ord, CA 93941. Dear Mr./Mrs. _____: I certify, pursuant to section 3403(b) of the Right to...

  20. 互联网金融消费者权益保护问题研究%The Research on Internet Financial Consumer Rights and Interests Protection

    Institute of Scientific and Technical Information of China (English)

    赵锋

    2015-01-01

    如何在支持互联网金融创新发展的同时,有效保护互联网金融消费者的合法权益,是一个亟待研究的重要课题。本文在总结互联网金融概念、模式的基础上,深入分析了互联网金融消费者权益受侵害的表现形式和当前互联网金融消费者权益保护面临的困境,提出了完善互联网金融消费者权益保护的政策建议。%It is an important subject to be studied how to support the development of Internet financial innovation, and at the same time, protect the lawful rights and interests of the Internet financial consumers effectively. The paper, on the basis of summarizing the concept and mode of the Internet finance, deeply analyzes the forms of the infraction of the Internet financial consumers’ rights and interests and the current plight of the Internet financial consumers' rights and interests protection. Finally, the paper proposes the policy suggestions on perfecting the protection of the rights and interests of the Internet financial consumers.

  1. 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.

  2. Risk management in electricity markets emphasizing transmission congestion

    International Nuclear Information System (INIS)

    Kristiansen, Tarjei

    2004-01-01

    This thesis analyzes transmission pricing, transmission congestion risks and their associated hedging instruments as well as mechanisms for stimulating investments in transmission expansion. An example of risk management in the case of a hydropower producer is included. After liberalization and restructuring of electricity markets, risk management has become important. In particular the thesis analyzes risks due to transmission congestion both in the short- and long-term (investments) for market players such as generators, loads, traders, independent system operators and merchant investors. The work is focused on the northeastern United States electricity markets and the Nordic electricity markets. The first part of the thesis reviews the literature related to the eight research papers in the thesis. This describes the risks that are relevant for an electricity market player and how these can be managed. Next, the basic ingredients of a competitive electricity market are described including the design of the system operator. The transmission pricing method is decisive for hedging against transmission congestion risks and there is an overview of transmission pricing models considering their similarities and differences. Depending on the transmission pricing method used, locational or area (zonal) pricing, the electricity market players can use financial transmission rights or Contracts for Differences, respectively. In the long-term it is important to create mechanisms for investments in transmission expansion and the thesis describes one possible approach and its potential problems. The second part comprises eight research papers. It presents empirical analyses of existing markets for transmission congestion derivatives, theoretical analyses of transmission congestion derivatives, modeling of merchant long-term financial transmission rights, theoretical analysis of the risks of the independent system operator in providing financial transmission rights, an analysis

  3. Secondary markets for transmission rights in the North West European Market. Position Paper of the North West European Market Parties Platform

    International Nuclear Information System (INIS)

    Van Haaster, G.

    2006-06-01

    The most important way to acquire cross border transmission rights in the North West European electricity market is through explicit auctions. Although market driven flexibility and therefore efficiency can be further enhanced. One way to this is to introduce a secondary market for transmission rights. In this paper the North West European Market Parties Platform (NWE MPP) proposes a model that is developed and preferred by the market parties. The paper will provide a converging contribution to the congestion management discussions in the North Western European region

  4. From the financial crisis to the real economy: using firm-level data to identify transmission channels

    NARCIS (Netherlands)

    Claessens, C.A.M.F.; Tong, H.; Wei, S-J.

    2012-01-01

    Using accounting data for 7722 non-financial firms in 42 countries, we examine how the 2007-2009 crisis affected firm performance and how various linkages propagated shocks across borders. We isolate and compare effects from changes in business cycle, international trade, and external financing

  5. Financing investment in the European electricity transmission network: Consequences on long-term sustainability of the TSOs financial structure

    International Nuclear Information System (INIS)

    Henriot, Arthur

    2013-01-01

    This article focuses on the ability of European TSOs to meet the demand for substantial investments in the electricity transmission grid over the next two decades. We employ quantitative analysis to assess the impact of the required capital expenditures under a set of alternative financing strategies. We consider a best-case scenario of full cooperation between the European TSOs. It appears that under current trends in the evolution of transmission tariffs, only half the volumes of investment currently planned could be funded. A highly significant increase in transmission tariffs will be required to ensure the whole-scale investments can be delivered. Finally, alternative strategies can dampen the impact on tariffs but they can only partially substitute for this increase in charges paid by network users. -- Highlights: •We applied balance-sheet modelling to a single European Electricity TSO. •Investments planned will not be achievable under current tariffs evolution. •A three-fold higher growth of transmission network tariffs would be necessary. •New financing strategies can dampen the impact on tariffs, to a minor extent

  6. Web-based simulation tools for the allocation of cross-border transmission rights and implementation aspects in South-East Europe

    Energy Technology Data Exchange (ETDEWEB)

    Vukasovic, Milan [Market Management Department (UMM), VERBUND - Austrian Power Grid AG, IZD-Tower, Wagramer Strasse 19, 1220 Vienna (Austria)

    2008-09-15

    In South-East Europe (SEE), system operators (SO) started with the gradual implementation of market-based methods for the transmission capacity allocation. In this paper, the special web-based simulating software, developed for the daily explicit auction and allocation of tie-lines transmission rights on the borders of TSO-EPCG (Transmission System Operator of Montenegro), is presented as well as the monthly results achieved with its implementation. Details on the aforementioned simulator are given. After that, a small, coordinated flow-based internet simulator is created for the testing purposes, using PHP/MySQL and MATLAB as the development tools. The main advantages of the coordinated flow-based auction over the explicit NTC-based method are clearly underlined. Therefore, the proposed method can be a successful substitution for the currently applied market-based methods, and a step towards the open electricity market in SEE. (author)

  7. Web-based simulation tools for the allocation of cross-border transmission rights and implementation aspects in South-East Europe

    International Nuclear Information System (INIS)

    Vukasovic, Milan

    2008-01-01

    In South-East Europe (SEE), system operators (SO) started with the gradual implementation of market-based methods for the transmission capacity allocation. In this paper, the special web-based simulating software, developed for the daily explicit auction and allocation of tie-lines transmission rights on the borders of TSO-EPCG (Transmission System Operator of Montenegro), is presented as well as the monthly results achieved with its implementation. Details on the aforementioned simulator are given. After that, a small, coordinated flow-based internet simulator is created for the testing purposes, using PHP/MySQL and MATLAB as the development tools. The main advantages of the coordinated flow-based auction over the explicit NTC-based method are clearly underlined. Therefore, the proposed method can be a successful substitution for the currently applied market-based methods, and a step towards the open electricity market in SEE. (author)

  8. The Choice between Rights-Preserving Issue Methods : Regulatory and Financial Aspects of Issuing Seasoned Equity in the UK

    NARCIS (Netherlands)

    Korteweg, A.G.; Renneboog, L.D.R.

    2002-01-01

    This paper examines the choice between two rights-preserving issue methods of seasoned equity offers in the UK as well as the factors determining the offer price and stock market announcement reactions.Firstly, equity issues in the UK are underwritten for different reasons than in other

  9. Left or right? Sources of political orientation: the roles of genetic factors, cultural transmission, assortative mating, and personality.

    Science.gov (United States)

    Kandler, Christian; Bleidorn, Wiebke; Riemann, Rainer

    2012-03-01

    In this study, we used an extended twin family design to investigate the influences of genetic and cultural transmission as well as different sources of nonrandom mating on 2 core aspects of political orientation: acceptance of inequality and rejecting system change. In addition, we studied the sources of phenotypic links between Big Five personality traits and political beliefs using self- and other reports. Data of 1,992 individuals (224 monozygotic and 166 dizygotic twin pairs, 92 unmatched twins, 530 spouses of twins, 268 fathers, and 322 mothers) were analyzed. Genetically informative analyses showed that political attitudes are genetically but not environmentally transmitted from parents to offspring and that a substantial proportion of this genetic variance can be accounted for by genetic variance in personality traits. Beyond genetic effects and genotypic assortative mating, generation-specific environmental sources act to increase twins' and spouses' resemblance in political beliefs. The results suggest multiple sources of political orientations in a modern democracy.

  10. [Conditions for universal access to health in Latin America: social rights, social protection and financial and political constraints].

    Science.gov (United States)

    Sojo, Ana

    2011-06-01

    After a brief review of the concept of health equity and its social and sectoral determinants, some macroeconomic aspects of health expenditure in Latin America are considered. Given the significant contemporary tensions with regard to social rights and the definition of health benefits, three emblematic experiences are analyzed in very different health systems, namely those of Chile, Colombia and Mexico. They cover different aspects, such as the guarantee of health benefits, the reduction of forms of implicit rationing and/or barriers to admission, and also aspects related to the quality of services.

  11. Transmission investment and planning in deregulated market environment : a literature survey (part 1)

    International Nuclear Information System (INIS)

    Wen, F.; Wu, F.F.

    2005-01-01

    This paper is the first half of a 2-part paper that provided details of a comprehensive survey of issues related to transmission investment and expansion planning in the electricity market. The lack of adequate transmission capacity has played an important role in recent power crises, and deregulation has had a significant impact on the investment and planning process of transmission systems. The main objective of transmission investment is to meet load demands as cheaply as possible. In a deregulated market, there is no longer centrally coordinated planning of new generation. Transmission planning is generally not coordinated with generation planning. There is considerable uncertainty with regard to transmission capacity requirements due to long lead times for transmission construction. Generating plants and transmission lines are built according to investor assessments and private interests, and current transmission systems were not designed to handle supply and demand patterns in competitive markets. It was recommended that new transmission plans should meet reliability requirements while minimizing expected unserved energy. It was concluded that reliability criteria must be redefined to account for the fact that transmission systems are more stressed under deregulation. Two popular financial transmission rights were also discussed, notably (1) point-to-point financial transmission rights (FTR); and (2) financial flowgate rights (FGR)

  12. Transmission assets investment timing using net present value curves

    International Nuclear Information System (INIS)

    Garcia, Reinaldo C.; Contreras, Javier; Correia, Pedro F.; Munoz, Jose I.

    2010-01-01

    Improvement and expansion of the transmission grid is still an unresolved issue in the new competitive environment. In current electricity markets, transmission lines have become assets that need financial instruments for investors who wish to ensure steady long-term returns and to withstand short-term market volatility. The timing and the combination of new transmission investments is key to analyze their long-term effects. This paper presents the concept of net present value (NPV) curve to estimate the best investment time for the investor, where the curve is constructed by calculating the NPVs resulting from the investment in successive years. A specific contract model based on financial transmission rights (FTR) is used for the NPV evaluation of transmission assets, and the stochastic properties of all variables related to the investment market structure are considered. The model is applied to the IEEE 24-bus Reliability Test System (RTS) showing the approach capabilities as a decision-aid tool for transmission investors.

  13. 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.

  14. Transmission issues

    International Nuclear Information System (INIS)

    Bradford, J.; Wilson, L.; Thon, S.; Millar, N.

    2005-01-01

    This session on transmission issues focused on the role that transmission plays in electricity markets and the importance of getting the market structure right in terms of generation divestiture with buy back contracts, demand side responsive programs, transmission upgrades and long term contracts. The difficulties of distinguishing between market power and scarcity were examined along with some of the complications that ensue if transmission experiences congestion, as exemplified by the August 2003 blackout in eastern North America. The presentations described the best ways to handle transmission issues, and debated whether transmission should be deregulated or follow market forces. Issues of interconnections and reliability of connections were also debated along with the attempt to integrate renewables into the grid. Some presentations identified what new transmission must be built and what must be done to ensure that transmission gets built. The challenges and business opportunities for transmission in Alberta were discussed with reference to plans to invest in new infrastructure, where it is going outside of the province and how it works with other jurisdictions. Manitoba's Conawapa Hydro Project and its 2000 MW tie line to Ontario was also discussed. Some examples of non-optimal use of interconnections in Europe were also discussed in an effort to learn from these mistakes and avoid them in Canada. tabs., figs

  15. Righting wrongs and reforming rights.

    Science.gov (United States)

    Ivey, Laurie C

    2014-03-01

    Discusses issues faced by LGBT people, such as a lack of equal civil rights and the need for extra legal and financial protection for families because partners cannot be married. The author notes that, in our society, it is no longer acceptable to be racist, but it is still okay to be homophobic. The many campaigns against gay marriage and efforts in the legislature to prevent change toward equal civil rights and protections are prime examples. In our current political climate, two things are very clear: (a) homophobia is freely tolerated and (b) the times are changing as we inch closer to equal rights every day. We are "righting wrongs and reforming rights."

  16. Transmission investment in the Peruvian electricity market: Theory and applications

    International Nuclear Information System (INIS)

    Ruiz, Erix; Rosellón, Juan

    2012-01-01

    This research presents an application of the mechanism in (HRV) to promote electricity transmission network expansion in the Peruvian electricity transmission system known as SEIN (Sistema Eléctrico Interconectado Nacional). The HRV mechanism combines the merchant and regulatory approaches to promote investment into transmission grids. This mechanism gives incentives for efficient investment in expansion of the network by rebalancing over time the fixed and variable charges of a two-part tariff in the framework of a wholesale electricity market with locational pricing. The expansion of the network is carried out through the sale of Financial Transmission Rights (FTRs) for the congested lines. The mechanism is applied for 103 nodes of the SEIN using detailed characteristics of generators, nodes and transmission lines. Under Laspeyres weights and linear cost of expansion of transmission capacity, it is shown that prices converge to lower price levels as a result of increased transmission capacity.

  17. Charge It Right. FDIC Money Smart Financial Education Curriculum = Uso Correcto de su Tarjeta de Credito. FDIC Money Smart Plan de Education para Capacitacion en Finanzas.

    Science.gov (United States)

    Federal Deposit Insurance Corp., Washington, DC.

    This module on managing a credit card is one of ten in the Money Smart curriculum, and includes an instructor guide and a take-home guide. It was developed to help adults outside the financial mainstream enhance their money skills and create positive banking relationships. It is designed to enable participants to describe the costs and benefits of…

  18. O Brasil e a crise financeira global: avaliando os canais de transmissão nas contas externas Brasil and the global financial crisis: assessing the trasmission channels in the external accounts

    Directory of Open Access Journals (Sweden)

    Daniela Magalhães Prates

    2011-04-01

    Full Text Available Este trabalho analisa alguns dos impactos da crise financeira global em curso sobre as contas externas do Brasil. Seus mecanismos de transmissão, comerciais e financeiros, são examinados de forma detalhada, de modo a avaliar a potencial emergência de novas vulnerabilidades. Argumenta-se que o desempenho das contas externas depende da interação entre fatores exógenos, que têm sido predominantes, e a características estruturais da economia. Conclui-se com recomendações de política econômica.In this paper we analyze some impacts of the current global financial crisis on Brazilian external accounts. Financial and trade transmission mechanisms are examined in detail in order to access new potential external vulnerabilities. We argue that external accounts performance depends on the interaction between external factors, which have been more relevant, and structural characteristics of the economy. We conclude with policy recommendations.

  19. 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...

  20. Right place, wrong species: a 20-year review of rabies virus cross species transmission among terrestrial mammals in the United States.

    Directory of Open Access Journals (Sweden)

    Ryan M Wallace

    Full Text Available In the continental US, four terrestrial mammalian species are reservoirs for seven antigenic rabies virus variants. Cross species transmission (CST occurs when a rabies virus variant causes disease in non-reservoir species.This study analyzed national surveillance data for rabies in terrestrial mammals. The CST rate was defined as: number of rabid non-reservoir animals/number of rabid reservoir animals. CST rates were analyzed for trend. Clusters of high CST rate counties were evaluated using space-time scanning statistics.The number of counties reporting a raccoon variant CST rate >1.0 increased from 75 in 1992 to 187 in 2011; counties with skunk variant CST rates >1.0 remained unchanged during the same period. As of 2011, for every rabid raccoon reported within the raccoon variant region, there were 0.73 cases of this variant reported in non-reservoir animals. Skunks were the most common non-reservoir animal reported with the raccoon rabies variant. Domestic animals were the most common non-reservoir animal diagnosed with a skunk rabies virus variant (n = 1,601. Cross species transmission rates increased fastest among domestic animals.Cross species transmission of rabies virus variants into non-reservoir animals increases the risk of human exposures and threatens current advances toward rabies control. Cross species transmission in raccoon rabies enzootic regions increased dramatically during the study period. Pet owners should vaccinate their dogs and cats to ensure against CST, particularly in regions with active foci of rabies circulation. Clusters of high CST activity represent areas for further study to better understand interspecies disease transmission dynamics. Each CST event has the potential to result in a rabies virus adapted for sustained transmission in a new species; therefore further understanding of the dynamics of CST may help in early detection or prevention of the emergence of new terrestrial rabies virus variants.

  1. Merchant electricity transmission expansion: A European case study

    Energy Technology Data Exchange (ETDEWEB)

    Kristiansen, T. [RBS Sempra Commodities, 155 Bishopsgate, London EC2M3TZ (United Kingdom); Rosellon, J. [Centro de Investigacion y Docencia Economicas (CIDE), Division de Economia, Carretera Mexico-Toluca 3655, Lomas de Santa Fe, 01210 Mexico D.F. (Mexico); German Institute for Economic Research (DIW Berlin), Mohrenstrasse 58, 10117, Berlin (Germany)

    2010-10-15

    We apply a merchant transmission model to the trilateral market coupling (TLC) arrangement among the Netherlands, Belgium and France as an example, and note that it could further be applied to other market splitting or coupling of Europe's different national power markets. In this merchant framework the system operator allocates financial transmission rights (FTRs) to investors in transmission expansion based upon their preferences, and revenue adequacy. The independent system operator (ISO) preserves some proxy FTRs to manage potential negative externalities that may result from expansion projects. This scheme could help European market coupling arrangements attract additional investment. (author)

  2. Merchant electricity transmission expansion: A European case study

    International Nuclear Information System (INIS)

    Kristiansen, T.; Rosellon, J.

    2010-01-01

    We apply a merchant transmission model to the trilateral market coupling (TLC) arrangement among the Netherlands, Belgium and France as an example, and note that it could further be applied to other market splitting or coupling of Europe's different national power markets. In this merchant framework the system operator allocates financial transmission rights (FTRs) to investors in transmission expansion based upon their preferences, and revenue adequacy. The independent system operator (ISO) preserves some proxy FTRs to manage potential negative externalities that may result from expansion projects. This scheme could help European market coupling arrangements attract additional investment. (author)

  3. Fundamental rights, contract law and the protection of the weaker party: a comparative analysis of the constitutionalisation of contract Law, with emphasis on risky financial transactions

    NARCIS (Netherlands)

    Cherednychenko, O.O.

    2007-01-01

    Originally, contract law was considered to be immune from the effect of fundamental rights, the function of which was limited to being individual defences against the vigilant eye of the State. This traditional view, however, has recently been put under pressure as a result of fundamental rights

  4. Financial crises: A culture of complacency

    OpenAIRE

    Tucker, J.

    2010-01-01

    The aim of this paper is to consider the role of complacency in financial crises over the last two decades, with a closer look at the ongoing Subprime Mortgage Financial Crisis. The theme of complacency and the concept of financial crisis are both explored. Financial crises are better understood by explaining their economic drivers and the fundamental role of complacency in the various transmission mechanisms involved. These drivers are then illustrated by means of recent selected financial c...

  5. Financial Statements

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

    Financial Statements and accompanying notes provided on .... to good governance principles. there is the risk that ...... responsibilities of the centre's internal auditor includes reviewing internal controls, including accounting and financial.

  6. Financial Derivatives

    OpenAIRE

    Janečková, Alena

    2011-01-01

    1 Abstract/ Financial derivatives The purpose of this thesis is to provide an introduction to financial derivatives which has been, from the legal perspective, described in a not satisfactory manner as quite little literature that can be found about this topic. The main objectives of this thesis are to define the term "financial derivatives" and its particular types and to analyse legal nature of these financial instruments. The last objective is to try to draft future law regulation of finan...

  7. Financial Literacy and Financial Behaviour

    NARCIS (Netherlands)

    Sayinzoga, Aussi; Bulte, Erwin H.; Lensink, Robert

    2016-01-01

    We organise a field experiment with smallholder farmers in Rwanda to measure the impact of financial literacy training on financial knowledge and behaviour. The training increased financial literacy of participants, changed their savings and borrowing behaviour and had a positive effect on the

  8. Financial Transmission Mechanism between Financial Centers and Peripheries

    Directory of Open Access Journals (Sweden)

    Yuki Masujima

    2014-08-01

    Full Text Available The  causes  of  contagion  effects  during  periods  of  crisis  are  still  unable  to  be  fully explained  by  fundamental  factors.  This  paper  focuses  on  non-fundamental  explanatory factors  such  as  inancial  centers'  shock  ampliication  effects  induced  by  global  portfolio investors  and  extends  Kaminsky  and  Reinhart  (2003's  center-periphery  framework  by introducing three time zones for the analysis of conditional distribution of 37 countries' daily stock returns from 1994 to 2003, and accessibility of stock markets to investigate if inancial centers stabilize or amplify shocks. Centers such as U.S. and Germany played a vital role in propagating turmoil in G7 countries and spreading shocks to countries in other regions during periods of crisis, whereas Japan ampliied turmoil in Asian peripheries only within the same region. In contrast, an emerging center, Hong Kong, appears to have much stronger shock-ampliication effects on developing countries than the three centers.  ";} // -->activate javascript

  9. Transmission pricing and expansion methodology: lessons from Argentina

    International Nuclear Information System (INIS)

    Anderson, K.P.; McCarthy, A.

    1999-01-01

    This paper focuses on the pricing of electric transmission service in Argentina and on the mechanisms for expanding the transmission system as of late 1998. We also discuss the pricing of energy and generating capacity, since locational differences in their prices constitute charges for transmission service. We find that the methods in place for pricing transmission service are, in the main, consistent with the principles of efficient pricing but that the incentives and mechanisms established for expanding transmission are deficient in some respects. Most notable is the failure to provide for transmission rights, given the system's heavy reliance on user-driven expansion. We find that Argentina can improve upon its pioneering effort to implement user-driven expansion and indeed is exploring ways to do so. The most important tasks are to investigate (a) whether a system of financial transmission rights can be made to work as part of the process of user-driven expansion and (b) whether a backstop role for centrally planned expansion can be preserved without inhibiting or preempting the user-driven process. (author)

  10. Right patient, Right blood

    DEFF Research Database (Denmark)

    Selberg, Hanne; Madsen, Trine Stougaard

    2014-01-01

    Right patient, Right Blood Simulation based training in blood transfusion practice in nursing education Background: In spite of strict checking procedures to handling transfusion of blood severe adverse reactions are likely to happen and the major cause of morbidity occurs to be liable to human...

  11. Financial mathematics

    CERN Document Server

    Jothi, A Lenin

    2009-01-01

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

  12. Electromagnetic fields originated by transmission power lines and the electromagnetic compatibility in shared rights of way; Campos electromagneticos producidos por lineas de transmision y la compatibilidad electromagnetica en derechos de via compartidos

    Energy Technology Data Exchange (ETDEWEB)

    Perez Rebolledo, Hugo; Zavala Silva, Moises; Galvan Diego, Arturo [Instituto de Investigaciones Electricas, Cuernavaca (Mexico)

    1999-12-31

    This article describes the different types of electromagnetic interference by power lines in rights of way areas. The calculations of the electromagnetic fields obtained under a power line with the purpose of establishing acceptable interference limits, are shown. These calculations were conducted for different transmission power lines configurations. A good correlation was obtained among the measured magnetic fields and the calculated one under a power transmission line. For cases of fault currents to ground the ground potentials were estimated in order to obtain the minimum distance where buried pipes can be installed to operate in a safe way. [Espanol] Este articulo describe los diferentes tipos de interferencia electromagnetica producida por lineas de potencia en derechos de via. Se muestran los calculos de los campos electromagneticos obtenidos bajo una linea de potencia, con la intencion de establecer los limites aceptables de interferencia. Estos calculos se efectuaron para diferentes configuraciones de lineas de transmision. Se obtuvo una buena correlacion entre los campos magneticos medidos y el calculado bajo una linea de transmision. Para casos de corriente de falla a tierra se determinaron los potenciales a tierra, a fin de obtener la distancia minima en donde se pueden instalar las tuberias enterradas para operar de manera segura.

  13. Electromagnetic fields originated by transmission power lines and the electromagnetic compatibility in shared rights of way; Campos electromagneticos producidos por lineas de transmision y la compatibilidad electromagnetica en derechos de via compartidos

    Energy Technology Data Exchange (ETDEWEB)

    Perez Rebolledo, Hugo; Zavala Silva, Moises; Galvan Diego, Arturo [Instituto de Investigaciones Electricas, Cuernavaca (Mexico)

    1998-12-31

    This article describes the different types of electromagnetic interference by power lines in rights of way areas. The calculations of the electromagnetic fields obtained under a power line with the purpose of establishing acceptable interference limits, are shown. These calculations were conducted for different transmission power lines configurations. A good correlation was obtained among the measured magnetic fields and the calculated one under a power transmission line. For cases of fault currents to ground the ground potentials were estimated in order to obtain the minimum distance where buried pipes can be installed to operate in a safe way. [Espanol] Este articulo describe los diferentes tipos de interferencia electromagnetica producida por lineas de potencia en derechos de via. Se muestran los calculos de los campos electromagneticos obtenidos bajo una linea de potencia, con la intencion de establecer los limites aceptables de interferencia. Estos calculos se efectuaron para diferentes configuraciones de lineas de transmision. Se obtuvo una buena correlacion entre los campos magneticos medidos y el calculado bajo una linea de transmision. Para casos de corriente de falla a tierra se determinaron los potenciales a tierra, a fin de obtener la distancia minima en donde se pueden instalar las tuberias enterradas para operar de manera segura.

  14. 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...

  15. 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...

  16. 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.

  17. Financial Literacy, Financial Education, and Economic Outcomes

    Science.gov (United States)

    Hastings, Justine S.; Madrian, Brigitte C.; Skimmyhorn, William L.

    2013-01-01

    In this article, we review the literature on financial literacy, financial education, and consumer financial outcomes. We consider how financial literacy is measured in the current literature and examine how well the existing literature addresses whether financial education improves financial literacy or personal financial outcomes. We discuss the…

  18. First half 2006 financial results

    International Nuclear Information System (INIS)

    2006-09-01

    Areva provides technological solutions for highly reliable nuclear power generation and electricity transmission and distribution. The group is the world leader in nuclear power and the only company to cover all industrial activities in this field. This Press release presents the first half 2006 financial results: the overall performance and the performance by division (front end, reactors and services, back end, transmission and distribution). (A.L.B.)

  19. Volatility in financial markets: The impact of the global financial crisis

    OpenAIRE

    Valls Ruiz, Natàlia

    2014-01-01

    This dissertation focuses on volatility in financial markets, with a special concern for: (i) volatility transmission between different financial markets and asset categories and, (ii) the effect of macroeconomic announcements on the returns, volatility and correlation of stock markets. These issues are analysed taking into account the phenomenon of asymmetric volatility and incorporating the period of financial turmoil caused by the Global Financial Crisis. The study focuses the attention on...

  20. Towards an optimal transmission system

    International Nuclear Information System (INIS)

    Calviou, M.

    2005-01-01

    This presentation provided background on National Grid USA and discussed transmission investment in the United States (US) and United Kingdom. It also discussed barriers to transmission investments and improvements, thoughts on solutions and a long-term vision. The presentation identified that transmission investment should follow from clear reliability rules designed to promote better operation and management; investment does not necessarily mean new rights-of-way; and transmission investment should target benefits to customers. It was stated that US transmission investment levels have decreased. A comparison between US and UK transmission investment was presented along with a chart of increasing US congestion costs. Barriers to investment in US transmission include vertical integration; misperception of transmission as a market product; federal and state jurisdiction issues; fragmentation in transmission ownership and operation; rate cap based plans that impact transmission; lack of clarity in cost allocation; and the site selection process. Possible solutions include policy and incentives, promoting independence and resolving structural issues. tabs., figs

  1. Neuroglial Transmission

    DEFF Research Database (Denmark)

    Gundersen, Vidar; Storm-Mathisen, Jon; Bergersen, Linda Hildegard

    2015-01-01

    as a signaling substance recently shown to act on specific lactate receptors in the brain. Complementing neurotransmission at a synapse, neuroglial transmission often implies diffusion of the transmitter over a longer distance and concurs with the concept of volume transmission. Transmission from glia modulates...... synaptic neurotransmission based on energetic and other local conditions in a volume of tissue surrounding the individual synapse. Neuroglial transmission appears to contribute significantly to brain functions such as memory, as well as to prevalent neuropathologies....

  2. Financial assurances

    International Nuclear Information System (INIS)

    Paton, R.F.

    1990-01-01

    US Ecology is a full service waste management company. The company operates two of the nation's three existing low-level radioactive waste (LLRW) disposal facilities and has prepared and submitted license applications for two new LLRW disposal facilities in California and Nebraska. The issue of financial assurances is an important aspect of site development and operation. Proper financial assurances help to insure that uninterrupted operation, closure and monitoring of a facility will be maintained throughout the project's life. Unfortunately, this aspect of licensing is not like others where you can gauge acceptance by examining approved computer codes, site performance standards or applying specific technical formulas. There is not a standard financial assurance plan. Each site should develop its requirements based upon the conditions of the site, type of design, existing state or federal controls, and realistic assessments of future financial needs. Financial assurances at U.S. Ecology's existing sites in Richland, Washington, and Beatty, Nevada, have been in place for several years and are accomplished in a variety of ways by the use of corporate guarantees, corporate capital funds, third party liability insurance, and post closure/long-term care funds. In addressing financial assurances, one can divide the issue into three areas: Site development/operations, third party damages, and long-term care/cleanup

  3. from left to right : Mr Michel Della Negra (Last spokeperson of CMS), Prof. Tejinder ("Jim") Virdee (actual spokeperson of CMS), Mr Robert Aymar (CERN Director General) and Mr Sigurd Lettow (Chief Financial Officer of CERN) assist to the Lowering of the final element (YE-1) of the Compact Muon Solenoid (CMS) detector into its underground experimental cavern.

    CERN Multimedia

    Maximilien Brice

    2008-01-01

    from left to right : Mr Michel Della Negra (Last spokeperson of CMS), Prof. Tejinder ("Jim") Virdee (actual spokeperson of CMS), Mr Robert Aymar (CERN Director General) and Mr Sigurd Lettow (Chief Financial Officer of CERN) assist to the Lowering of the final element (YE-1) of the Compact Muon Solenoid (CMS) detector into its underground experimental cavern.

  4. 24 CFR 886.314 - Financial default.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Financial default. 886.314 Section... Program for the Disposition of HUD-Owned Projects § 886.314 Financial default. In the event of a financial default under the project mortgage, HUD shall have the right to make subsequent housing assistance...

  5. Transmission eigenvalues

    Science.gov (United States)

    Cakoni, Fioralba; Haddar, Houssem

    2013-10-01

    In inverse scattering theory, transmission eigenvalues can be seen as the extension of the notion of resonant frequencies for impenetrable objects to the case of penetrable dielectrics. The transmission eigenvalue problem is a relatively late arrival to the spectral theory of partial differential equations. Its first appearance was in 1986 in a paper by Kirsch who was investigating the denseness of far-field patterns for scattering solutions of the Helmholtz equation or, in more modern terminology, the injectivity of the far-field operator [1]. The paper of Kirsch was soon followed by a more systematic study by Colton and Monk in the context of developing the dual space method for solving the inverse scattering problem for acoustic waves in an inhomogeneous medium [2]. In this paper they showed that for a spherically stratified media transmission eigenvalues existed and formed a discrete set. Numerical examples were also given showing that in principle transmission eigenvalues could be determined from the far-field data. This first period of interest in transmission eigenvalues was concluded with papers by Colton et al in 1989 [3] and Rynne and Sleeman in 1991 [4] showing that for an inhomogeneous medium (not necessarily spherically stratified) transmission eigenvalues, if they existed, formed a discrete set. For the next seventeen years transmission eigenvalues were ignored. This was mainly due to the fact that, with the introduction of various sampling methods to determine the shape of an inhomogeneous medium from far-field data, transmission eigenvalues were something to be avoided and hence the fact that transmission eigenvalues formed at most a discrete set was deemed to be sufficient. In addition, questions related to the existence of transmission eigenvalues or the structure of associated eigenvectors were recognized as being particularly difficult due to the nonlinearity of the eigenvalue problem and the special structure of the associated transmission

  6. Methodology for prioritizing projects considering the generation, transmission and distribution integrated planning and the financial restraints; Metodologia para priorizacao de projetos, considerando o planejamento integrado de geracao, transmissao e distribuicao e as restricoes financeiras

    Energy Technology Data Exchange (ETDEWEB)

    Souza, Denis Claudio Cruz de; Andrade, Eduardo Leopoldino de; Pimentel, Elson Luiz de Almeida; Pinto, Everton Barroso [Companhia Energetica de Minas Gerais (CEMIG), Belo Horizonte, MG (Brazil)

    1995-12-31

    This technical report presents a methodology for economical evaluation and work design priorities in the electric system and the experience of CEMIG, an electric power utility of State of Minas Gerais - Southeast Brazil, in defining its transmission expansion plan. It is presented and discussed the concept of integrated projects for expansion, involving generation, transmission, distribution, automation and telecommunication works 3 refs., 3 figs., 1 tab.

  7. 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.

  8. Financial crimes and financial misdemeanours

    OpenAIRE

    Bamford, Colin

    2007-01-01

    The author argues that undesirable behaviour in the financial markets has not been countered by appropriate controls. Article by Colin Bamford (Barrister, 3-4 South Square) published in Amicus Curiae - Journal of the Society for Advanced Legal Studies. The Journal is produced by the Society for Advanced Legal Studies at the Institute of Advanced Legal Studies, University of London.

  9. Quantifying Transmission.

    Science.gov (United States)

    Woolhouse, Mark

    2017-07-01

    Transmissibility is the defining characteristic of infectious diseases. Quantifying transmission matters for understanding infectious disease epidemiology and designing evidence-based disease control programs. Tracing individual transmission events can be achieved by epidemiological investigation coupled with pathogen typing or genome sequencing. Individual infectiousness can be estimated by measuring pathogen loads, but few studies have directly estimated the ability of infected hosts to transmit to uninfected hosts. Individuals' opportunities to transmit infection are dependent on behavioral and other risk factors relevant given the transmission route of the pathogen concerned. Transmission at the population level can be quantified through knowledge of risk factors in the population or phylogeographic analysis of pathogen sequence data. Mathematical model-based approaches require estimation of the per capita transmission rate and basic reproduction number, obtained by fitting models to case data and/or analysis of pathogen sequence data. Heterogeneities in infectiousness, contact behavior, and susceptibility can have substantial effects on the epidemiology of an infectious disease, so estimates of only mean values may be insufficient. For some pathogens, super-shedders (infected individuals who are highly infectious) and super-spreaders (individuals with more opportunities to transmit infection) may be important. Future work on quantifying transmission should involve integrated analyses of multiple data sources.

  10. Force transmissibility versus displacement transmissibility

    Science.gov (United States)

    Lage, Y. E.; Neves, M. M.; Maia, N. M. M.; Tcherniak, D.

    2014-10-01

    It is well-known that when a single-degree-of-freedom (sdof) system is excited by a continuous motion of the foundation, the force transmissibility, relating the force transmitted to the foundation to the applied force, equals the displacement transmissibility. Recent developments in the generalization of the transmissibility to multiple-degree-of-freedom (mdof) systems have shown that similar simple and direct relations between both types of transmissibility do not appear naturally from the definitions, as happens in the sdof case. In this paper, the authors present their studies on the conditions under which it is possible to establish a relation between force transmissibility and displacement transmissibility for mdof systems. As far as the authors are aware, such a relation is not currently found in the literature, which is justified by being based on recent developments in the transmissibility concept for mdof systems. Indeed, it does not appear naturally, but the authors observed that the needed link is present when the displacement transmissibility is obtained between the same coordinates where the applied and reaction forces are considered in the force transmissibility case; this implies that the boundary conditions are not exactly the same and instead follow some rules. This work presents a formal derivation of the explicit relation between the force and displacement transmissibilities for mdof systems, and discusses its potential and limitations. The authors show that it is possible to obtain the displacement transmissibility from measured forces, and the force transmissibility from measured displacements, opening new perspectives, for example, in the identification of applied or transmitted forces. With this novel relation, it becomes possible, for example, to estimate the force transmissibility matrix with the structure off its supports, in free boundary conditions, and without measuring the forces. As far as force identification is concerned, this

  11. Data transmission

    National Research Council Canada - National Science Library

    Tugal, Dogan A; Tugal, Osman

    1989-01-01

    This updated second edition provides working answers to today's critical questions about designing and managing all types of data transmission systems and features a new chapter on local area networks (LANs...

  12. First half 2005 financial results

    International Nuclear Information System (INIS)

    2005-01-01

    With manufacturing facilities in over 40 countries and a sales network in over 100, AREVA offers customers technological solutions for nuclear power generation and electricity transmission and distribution. The group also provides interconnect systems to the telecommunications, computer and automotive markets. This document presents the first half 2005 financial results of the group: 1 - overall performance: sales revenue, operating income, consolidated net income, operating cash flow, balance sheet; 2 - outlook; 3 - performance by business division: front-end division, reactors and services division, back end division, transmission and distribution division, connectors division

  13. Financial Statements Analysis

    OpenAIRE

    Tănase Alin-Eliodor

    2014-01-01

    This article focuses on analyzing of a consolidated financial statements of a hypothetically SME. The interpretation of the financial position and performances is based on the more than 40 financial key ratios computed by using financial data from consolidated income statement, consolidated financial position and cash flow. However additional data from notes to financial statements are provided.

  14. Competition and Profitability in European Financial Services

    DEFF Research Database (Denmark)

    Balling, Morten; Lierman, F.; Mullineux, A.

    Financial services firms play a key role in the European economy. The efficiency and profitability of these firms and the competition among them have an impact on allocation of savings, financing of investment, economic growth, the stability of the financial system and the transmission of monetary...... policy. This collection of research contributions includes evaluations of trends in the European financial service industry and examinations of the driving forces of efficiency, competition and profitability of financial firms and institutions in Europe. The papers have been written by leading academics...... and researchers in the field, who specialize in strategic, systematic and policy issues related to the European financial services industry. This edited collection will be will be essential reading for students and academics but will also be of interest to financial practitioners and government officials...

  15. Understanding Financial Statements. Financial Matters. Board Basics.

    Science.gov (United States)

    McCarthy, John H.; Turner, Robert M.

    1998-01-01

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

  16. Accounting-related transmission issues

    International Nuclear Information System (INIS)

    Niehaus, M.; Bjorn, P.; Pate, G.

    1999-01-01

    Various initiatives have been undertaken by the Federal Energy Regulatory Commission (FERC) to deregulate wholesale electric energy markets. These initiatives have focused on restructuring the transmission systems in the US and recently have culminated in a proposal requiring formation of and participation in regional transmission organizations. The overall form of regulation selected to determine rates for transmission entities as well as underlying regulatory decisions reached on key issues will have profound implications for transmission entities. For example, traditional cost-based regulation would require one set of accounting and reporting rules, while incentive-based regulation may not be subject to those same rules. An overview of some of the major accounting and financial reporting issues that will need to be considered is presented

  17. Electrical transmission

    Energy Technology Data Exchange (ETDEWEB)

    Sayers, D P

    1960-05-01

    After briefly tracing the history of electricity transmission, trends in high voltage transmission and experiments being conducted on 650 kV are discussed. 5000 miles of the U.K. grid are operated at 132 kV and 1000 at 275 kV, ultimately to provide a super grid at 380 kV. Problems are insulation, radio interference and the cost of underground lines (16 times that of overhead lines). Also considered are the economics of the grid as a means of transporting energy and as a means of spreading the peak load over the power stations in the most efficient manner. Finally, the question of amenities is discussed.

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

    OpenAIRE

    World Bank

    2012-01-01

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

  19. FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

    Directory of Open Access Journals (Sweden)

    Sigit Setiawan

    2015-05-01

    Full Text Available This study is intended to analyze the current levels of financial depth and financial access in Indonesia and to analyze the factors affecting them. The analysis method used was a combination of descriptive quantitative, benchmarking, and literature reviews. The conclusion is that the financial depth in Indonesia has not shown a satisfactory level since it was the lowest, or the second lowest ranked country among the sampled countries. Meanwhile, the financial access in Indonesia is relatively better than its financial depth, especially for financial markets, in which Indonesia ranks in the lower average group. From literature reviews, it can be inferred that the main factor driving the poor financial depth in Indonesia is non-competitiveness of the institutions; whereas the driving force of poor financial access in Indonesia are geographical constraints, poverty, a high income gap, and a less than effective national financial development policy.

  20. What are GPs' preferences for financial and non-financial incentives in cancer screening? Evidence for breast, cervical, and colorectal cancers.

    Science.gov (United States)

    Sicsic, Jonathan; Krucien, Nicolas; Franc, Carine

    2016-10-01

    General practitioners (GPs) play a key role in the delivery of preventive and screening services for breast, cervical, and colorectal cancers. In practice, GPs' involvement varies considerably across types of cancer and among GPs, raising important questions about the determinants of GPs' implication in screening activities: what is the relative impact of financial and non-financial incentives? Are GPs' preferences for financial and non-financial incentives cancer-specific? Is there preference heterogeneity and how much does it differ according to the screening context? This study investigates the determinants of GPs' involvement in cancer screening activities using the discrete choice experiment (DCE) methodology. A representative sample of 402 GPs' was recruited in France between March and April 2014. Marginal rates of substitution were used to compare GPs' preferences for being involved in screening activities across three types of cancers: breast, cervical, and colorectal. Variability of preferences was investigated using Hierarchical Bayes mixed logit models. The results indicate that GPs are sensitive to both financial and non-financial incentives, such as a compensated training and systematic transmission of information about screened patients, aimed to facilitate communication between doctors and patients. There is also evidence that the level and variability of preferences differ across screening contexts, although the variations are not statistically significant on average. GPs appear to be relatively more sensitive to financial incentives for being involved in colorectal cancer screening, whereas they have higher and more heterogeneous preferences for non-financial incentives in breast and cervical cancers. Our study provides new findings for policymakers interested in prioritizing levers to increase the supply of cancer screening services in general practice. Copyright © 2016 Elsevier Ltd. All rights reserved.

  1. Alternative approaches to transmission investment

    Energy Technology Data Exchange (ETDEWEB)

    Thon, S. [AltaLink Management Ltd., Calgary, AB (Canada)

    2004-07-01

    AltaLink is Canada's first stand-alone power transmission company, serving all major centres in Alberta and 85 per cent of Alberta's population. It has more than $1 billion in assets, 11,500 km of transmission lines and 300 substations. It was noted that there has not been any significant investment in power transmission in Alberta for the past 20 years, partly because transmission assets have a very long lifespan. The new role of the power grid is to ensure reliability, safety, efficiency, market effectiveness and supply diversity. The benefits and costs of AltaLink's 500 kV North-South upgrade project were outlined. It was noted that a healthy transmission system is the basis for economic growth throughout the province and for the development of Alberta's resource base. The transmission policy in Alberta endorses that all consumers pay postage stamp tariffs. It also promotes a proactive plan for transmission projects, the time to maximum rate (TMR) in limited cases only, a congestion-free grid under normal conditions, the financial commitment of generators, specific time limits on permitting processes, and regional interconnections to benefit all customers. tabs., figs.

  2. FINANCIAL INSTABILITY, FINANCIAL DEVELOPMENT AND POVERTY

    Directory of Open Access Journals (Sweden)

    Ionescu Cristian

    2012-12-01

    Full Text Available There is a positive relationship between financial development and economic growth in short-run and long-run. Financial development is beneficial to the reduction of poverty. But the financial instability which accompanies financial development is is costly for the poor and reduces the positive effect of financial development on the reduction of poverty. The paper aims to analyze in detail the relationship and the (direct and indirect effects between these variables, taking into account their economic and social importance. It is also highlighted the correlation between the financial economy and the real economy, emphasizing the impact on social welfare involved by the interaction of the above mentioned variables.

  3. Evidence that NMDA-dependent limbic neural plasticity in the right hemisphere mediates pharmacological stressor (FG-7142)-induced lasting increases in anxiety-like behavior. Study 1--Role of NMDA receptors in efferent transmission from the cat amygdala.

    Science.gov (United States)

    Adamec, R E

    1998-01-01

    The anxiogenic beta-carboline, FG-7142, produces intense anxiety in humans and anxiety-like behavior in animals. FG-7142 also mimics the effects of exogenous stressors. In cats, FG-7142 lastingly changes defensive and aggressive behavior. Long-term potentiation (LTP) of neural transmission between limbic structures known to modulate feline defensive response to threat accompany behavioral changes. A series of three reports describes experiments designed to test the hypothesis that behavioral changes depend upon an N-methyl-D-aspartate (NMDA) receptor-based LTP of efferent transmission from the amygdala. This first study characterizes the dose and time effects of injection of the NMDA receptor blocker 7-amino-phosphono-heptanoic acid (AP7) on efferent transmission from the cat amygdala to the ventromedial hypothalamus (VMH). Effects of doses of 0.5-10mg/kg (i.v.) of AP7 on potentials evoked in the VMH by single pulse stimulation of the basal amygdala were examined. In order to localize the action of the drug, concurrent measurements were taken of potentials evoked in the VMH by stimulation of the efferent fibers from the amygdala to the VMH (ventral amygdalofugal pathway, VAF). There was a dose-dependent reduction in the amygdalo-VMH evoked potential. The greatest reduction occurred at 5 mg/kg. Effects peaked at 10 min, and persisted for at least 1 h after injection. In contrast, AP7 increased the VAF-VMH-evoked potential at 10 min after injection, with a maximal increase at 5mg/kg. The data suggest that NMDA receptors intrinsic to the amygdala modulate excitatory efferent transmission from amygdala to VMH in the cat. It is speculated that a glutamatergic projection to gamma-aminobutyric acid tonic inhibitory systems in the VMH accounts for the VAF-VMH results.

  4. Whose Rights?

    DEFF Research Database (Denmark)

    Aktor, Mikael

    2016-01-01

    The debate over ritual infant male circumcision has increasingly been thematized as a Human Rights issue. But the claims on such rights seem highly conflicting. In particular, the rights of the child seems to conflict with the freedom of religion of parents, the rights of religious and ethnic...... minorities, and the rights of family and privacy. This disagreement is also present among scholars of religion. A reading of public statements by scholars of religion in the ongoing Danish (and Norwegian) debate reveals the lack of consensus of the study of religion when it comes to matters that are of great...... concern both for religious minorities and for individual citizens. This chapter examines the Law and Human Rights documents behind these conflicting claims and discusses the role of the scholar of religion in the debate....

  5. 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

  6. FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

    OpenAIRE

    Sigit Setiawan

    2015-01-01

    This study is intended to analyze the current levels of financial depth and financial access in Indonesia and to analyze the factors affecting them. The analysis method used was a combination of descriptive quantitative, benchmarking, and literature reviews. The conclusion is that the financial depth in Indonesia has not shown a satisfactory level since it was the lowest, or the second lowest ranked country among the sampled countries. Meanwhile, the financial access in Indonesia is relativel...

  7. Recourse right

    International Nuclear Information System (INIS)

    Lopes, M.R.M.

    1979-01-01

    The recourse right concerning nuclear power plants is analysed. It is emphasized that in the Brazilian civil liability legislation, the operator has this right against who admitted it through a written contract or against the individual who has acted or omitted to act whith the intent to provoke nuclear incidents. (A.L.S.L.) [pt

  8. Strengthening financial management, providing financial safeguard mechanism

    International Nuclear Information System (INIS)

    Sun Wumei

    2010-01-01

    This article reviewed the history of Zhong He Shanxi Uranium Enrichment Company, summarizing an efficient and systematical financial management method during both construction period and operational period of the company. It related to fundamental financial management structure building, integrated budgeting, fund management, cost management, asset management, tax planning and HR management. of financial staffs. (author)

  9. 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

  10. Financial Globalization and Inequality

    OpenAIRE

    Kunieda, Takuma

    2008-01-01

    This paper investigates how financial globalization and financial development affect income inequality within a country. We demonstrate that when a country is financially closed to the world market, the Gini coefficient is monotonically decreasing with respect to the degree of financial development, whereas when a country becomes so small due to financial globalization that financial development in the country does not affect the world interest rate, the Gini coefficient is monotonically incr...

  11. Large Retailers’ Financial Services

    OpenAIRE

    Risso, Mario

    2010-01-01

    Over the last few years, large retailers offering financial services have considerably grown in the financial services sector. Retailers are increasing the wideness and complexity of their offer of financial services. Large retail companies provide financial services to their customers following different strategic ways. The provision of financial services in the retailers offer is implemented in several different ways related to the strategies, the structures and the degree of financial know...

  12. Surface rights

    Directory of Open Access Journals (Sweden)

    Regina Célia Corrêa Landim

    2009-06-01

    Full Text Available In many cities of Brazil, social inequality is illustrated by violence, poverty, and unemployment located next to luxurious residential towers and armored passenger cars. In the face of this situation, the National Movement of Urban Reform encouraged the inclusion of the social function of property in Brazil's new constitution of 1988. Surface rights represent an urbanistic instrument in the city statute that is best aligned to the constitutional principles and urban policies. The current article compares two laws that govern the principle of surface rights and provides a brief history of the evolution of the state based on illuminism and the consequent change in paradigm affecting individual rights, including property and civil rights, and their interpretation under the Constitution. The article concludes by suggesting the use of land surface rights in a joint operation, matching the ownership of the property with urban planning policies and social interest.

  13. Hydropower generation and storage, transmission constraints and market power

    International Nuclear Information System (INIS)

    Johnsen, T.A.

    2001-01-01

    We study hydropower generation and storage in the presence of uncertainty about future inflows, market power and limited transmission capacity to neighboring regions. Within our simple two-period model, market power leads to too little storage. The monopolist finds it profitable to produce more than the competitive amount in the first period and thereby stores little water in the first of two periods in order to become import constrained in the second period. In addition, little storage reduces the probability of becoming export constrained in the second period, even if the second period exhibits large inflow. Empirical findings for an area in the western part of Norway with only hydropower and high ownership concentration at the supply side, fit well to our theoretical model. We apply a numerical model to examine various policies to reduce the inefficiencies created by the local monopoly. Transmission investments have two effects. First, the export possibilities in the first period increase. More export leads to lower storage in the first period. Second, larger import capacity reduces the market power problem in the second period. The two opposite effects of transmission investments in a case with market power may be unique to hydropower systems. Introducing financial transmission rights enhance the market power of the monopolist in our model. Price caps in both or in the second period only, reduce the strategic value of water storage. (Author)

  14. Financial Frictions

    DEFF Research Database (Denmark)

    Vestergaard Jensen, Mads

    at a pre-specified price, no later than a pre-specified date. For example, an option can grant the right to buy 100 General Electric shares for USD 31 each no later than October 21, 2016. An interesting issue is determining when an option is optimally exercised. Merton (1973) shows that in a world without......A call option on a stock is a common and widely used derivative. On an average trading day in 2015, more than 800,000 such options traded on the Chicago Board Options Exchange, the largest options exchange in the United States. Each option grants its owner the right to buy 100 of a specific stock...

  15. 49 CFR 1180.9 - Financial information.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 8 2010-10-01 2010-10-01 false Financial information. 1180.9 Section 1180.9... OF TRANSPORTATION RULES OF PRACTICE RAILROAD ACQUISITION, CONTROL, MERGER, CONSOLIDATION PROJECT, TRACKAGE RIGHTS, AND LEASE PROCEDURES General Acquisition Procedures § 1180.9 Financial information. The...

  16. Financial Literacy and Financial Planning in France

    Directory of Open Access Journals (Sweden)

    Luc Arrondel

    2013-07-01

    Full Text Available We study financial literacy in France using the PATER survey and following the Lusardi and Mitchell (2011c approach. We find that some subpopulations are less financially literate than others: women, young and old people as well as less-educated people are more likely to face difficulties when dealing with fundamental financial concepts such as risk diversification and inflation and interest compounding. We also find some differences in financial knowledge depending on the political opinion of the respondents. Finally we show that these differences in financial knowledge are correlated with differences in the propensity to plan: people who score higher on the financial literacy questions are more likely to be engaged in the preparation of a clearly defined financial plan.

  17. Transmission line capital costs

    International Nuclear Information System (INIS)

    Hughes, K.R.; Brown, D.R.

    1995-05-01

    The displacement or deferral of conventional AC transmission line installation is a key benefit associated with several technologies being developed with the support of the U.S. Department of Energy's Office of Energy Management (OEM). Previous benefits assessments conducted within OEM have been based on significantly different assumptions for the average cost per mile of AC transmission line. In response to this uncertainty, an investigation of transmission line capital cost data was initiated. The objective of this study was to develop a database for preparing preliminary estimates of transmission line costs. An extensive search of potential data sources identified databases maintained by the Bonneville Power Administration (BPA) and the Western Area Power Administration (WAPA) as superior sources of transmission line cost data. The BPA and WAPA data were adjusted to a common basis and combined together. The composite database covers voltage levels from 13.8 to 765 W, with cost estimates for a given voltage level varying depending on conductor size, tower material type, tower frame type, and number of circuits. Reported transmission line costs vary significantly, even for a given voltage level. This can usually be explained by variation in the design factors noted above and variation in environmental and land (right-of-way) costs, which are extremely site-specific. Cost estimates prepared from the composite database were compared to cost data collected by the Federal Energy Regulatory Commission (FERC) for investor-owned utilities from across the United States. The comparison was hampered because the only design specifications included with the FERC data were voltage level and line length. Working within this limitation, the FERC data were not found to differ significantly from the composite database. Therefore, the composite database was judged to be a reasonable proxy for estimating national average costs

  18. Transmission : key to the Alberta market

    International Nuclear Information System (INIS)

    Lyons, D.

    2003-01-01

    AltaLink is Canada's first independent transmission company with 11,000 kilometres (km) of lines and 250 substations. It possesses a unique ownership structure with strong technical partners and financial capability. No major transmission system has been built in the last fifteen years in Alberta. The author examined the situation of power transmission in Alberta, indicating that developments should include capacity increase out of Fort McMurray, and better market integration with both British Columbia and the Pacific Northwest. An efficient and effective market requires ample transmission capacity, which would allow for trade and competition, access for efficient generators, and access to regional markets. New transmission must be planned and achieved in a proactive manner. Generation developers must be assured that transmission will be available, and that tariffs and loss factors will be predictable and stable. figs

  19. Addressing the Role of Risk Management and Digital Finance Technology on Financial Inclusion

    OpenAIRE

    Boskov, Tatjana; Drakulevski, Ljubomir

    2017-01-01

    Financial inclusion focuses on population which is “unbanked” to get into the formal financial system. The new patterns of financial inclusion rely on digital technologies, and “fin-tech” continues to revolutionize the nature of provision. Very important fact is that 78% of access on financial services in developing countries involves mobile money. Financial digital technologies improve data transmission, analysis and give the small companies the opportunity to develop low-cost di...

  20. Financial planning

    OpenAIRE

    Χατζηγώγου, Αρτεμις Π.

    2003-01-01

    Σκοπός της μελέτης αυτής, είναι η συγκέντρωση όλων των στοιχείων εκείνων που συνθέτουν μια οργανωμένη διαδικασία έρευνας, που είναι γνωστή ως Financial Planning. Θα μπορούσαμε εναλλακτικά να πούμε, ότι βασικά ο χρηματοοικονομικός σχεδιασμός προγραμματίζει, εξευρίσκει και χρησιμοποιεί τα κεφάλαια με τέτοιο τρόπο ώστε η συνεισφορά τους να είναι μεγαλύτερη στην αποτελεσματική λειτουργία της οικονομικής μονάδας. Παρέχει τις γνώσεις των χρηματιστικών αγορών από όπου αντλούνται τα κεφάλαια. Οδηγεί ...

  1. Pre-IPO Operational and Financial Decisions

    OpenAIRE

    Volodymyr Babich; Matthew J. Sobel

    2004-01-01

    Many owners of growing privately held firms make operational and financial decisions in an effort to maximize the expected present value of the proceeds from an initial public offering (IPO). We ask: ÜWhat is the right time to make an IPO?Ý and ÜHow should operational and financial decisions be coordinated to increase the likelihood of a successful IPO?Ý Financial and operational decisions in this problem are linked because adequate financial capital is crucial for operational decisions to be...

  2. Financial Risk Management

    OpenAIRE

    Catalin-Florinel Stanescu; Laurentiu Mircea Simion

    2011-01-01

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

  3. Transcending Transmission

    DEFF Research Database (Denmark)

    Schoeneborn, Dennis; Trittin, Hannah

    2013-01-01

    Purpose – Extant research on corporate social responsibility (CSR) communication primarily relies on a transmission model of communication that treats organizations and communication as distinct phenomena. This approach has been criticized for neglecting the formative role of communication...... in the emergence of organizations. This paper seeks to propose to reconceptualize CSR communication by drawing on the “communication constitutes organizations” (CCO) perspective. Design/methodology/approach – This is a conceptual paper that explores the implications of switching from an instrumental...... to a constitutive notion of communication. Findings – The study brings forth four main findings: from the CCO view, organizations are constituted by several, partly dissonant, and potentially contradictory communicative practices. From that viewpoint, the potential impact of CSR communication becomes a matter...

  4. Human rights

    NARCIS (Netherlands)

    Gaay Fortman, B. de

    2006-01-01

    Human rights reflect a determined effort to protect the dignity of each and every human being against abuse of power. This endeavour is as old as human history. What is relatively new is the international venture for the protection of human dignity through internationally accepted legal standards

  5. Deconstructing Rights

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

    Karen Kershaw

    Kerala, India. Parallel Sessions II ... limits of a coming political community ... economies on women's rights & decentralization. Deconstructing ... resorts around all water sources inland and coastal, high-rise buildings ... None work in fishing industry (they have family links) ... ACCESS TO POWER gained by individual women ...

  6. Why Ecologists Should Care about Financial Markets.

    Science.gov (United States)

    Galaz, Victor; Gars, Johan; Moberg, Fredrik; Nykvist, Björn; Repinski, Cecilia

    2015-10-01

    Financial actors such as international banks and investors play an important role in the global economy. This role is shifting due to financial innovations, increased sustainability ambitions from large financial actors, and changes in international commodity markets. These changes are creating new global connections that potentially make financial markets, actors, and instruments important aspects of global environmental change. Despite this, the way financial markets and actors affect ecosystem change in different parts of the world has seldom been elaborated in the literature. We summarize these financial trends, explore how they connect to ecosystems and ecological change in both direct and indirect ways, and elaborate on crucial research gaps. Copyright © 2015 Elsevier Ltd. All rights reserved.

  7. FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

    OpenAIRE

    Sigit Setiawan

    2015-01-01

    This study is intended to analyse the current levels of financial depth and financial access in Indonesia and to analyse the factors affecting them. The analysis method used was a combination of descriptive quantitative, benchmarking, and literature reviews. The conclusion is that the financial depth in Indonesia has not shown a satisfactory level since it was the lowest, or the second lowest ranked country among the sampled countries. Meanwhile, the financial access in Indonesia is relativel...

  8. Financial Ratios and Perceived Household Financial Satisfaction

    Directory of Open Access Journals (Sweden)

    Scott Garrett

    2013-08-01

    Full Text Available This paper tests the relative strength of three objective measures of financial health (using the solvency, liquidity, and investment asset ratio in predicting a household’s subjective feeling of current financial satisfaction. Using a sample of 6,923 respondents in the 2008 Health and Retirement Study this paper presents evidence of two main findings: 1 the solvency ratio is most strongly associated with financial satisfaction levels based on a cross-sectional design and 2 changes in the investment asset ratio are most strongly associated with changes in financial satisfaction over time.

  9. Financial Depth and Financial Access in Indonesia

    OpenAIRE

    Setiawan, Sigit

    2015-01-01

    This study is intended to analyse the current levels of financial depth and financial access in Indonesia and to analyse the factors affecting them. The analysis method used was a combination of descriptive quantitative, benchmarking, and literature reviews. The conclusion is that the financial depth in Indonesia has not shown a satisfactory level since it was the lowest, or the second lowest ranked country among the sampled countries. Meanwhile, the financial access in Indonesia is relativel...

  10. 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

  11. Forest rights

    DEFF Research Database (Denmark)

    Balooni, Kulbhushan; Lund, Jens Friis

    2014-01-01

    One of the proposed strategies for implementation of reducing emissions from deforestation and forest degradation plus (REDD+) is to incentivize conservation of forests managed by communities under decentralized forest management. Yet, we argue that this is a challenging road to REDD+ because...... conservation of forests under existing decentralized management arrangements toward a push for extending the coverage of forests under decentralized management, making forest rights the hard currency of REDD+....

  12. Financial stability, monetary policy and budgetary coordination in EMU

    Directory of Open Access Journals (Sweden)

    Claudiu Tiberiu ALBULESCU

    2012-08-01

    Full Text Available A series of recent studies analyze the impact of financial crisis on the fiscal soundness in the Euro area countries. Even if their documented results present the transmission mechanisms of the financial instability toward the fiscal sector, a more realistic problem is related to the contribution of the fiscal and budgetary disequilibrium to the financial instability propagation. In this line, we show, based on a simple econometric model, that, beside the expansionary monetary policy, the budgetary deficit conducts to the financial stability deterioration. The financial stability of the Euro area is measured based on an aggregate financial stability index, constructed by employing the IMF methodology used for the financial stress index.

  13. Practical C++ financial programming

    CERN Document Server

    Oliveira, Carlos

    2015-01-01

    Practical C++ Financial Programming is a hands-on book for programmers wanting to apply C++ to programming problems in the financial industry. The book explains those aspects of the language that are more frequently used in writing financial software, including the STL, templates, and various numerical libraries. The book also describes many of the important problems in financial engineering that are part of the day-to-day work of financial programmers in large investment banks and hedge funds. The author has extensive experience in the New York City financial industry that is now distilled in

  14. Financial Literacy, Confidence and Financial Advice Seeking

    NARCIS (Netherlands)

    Kramer, Marc M.

    2016-01-01

    We find that people with higher confidence in their own financial literacy are less likely to seek financial advice, but no relation between objective measures of literacy and advice seeking. The negative association between confidence and advice seeking is more pronounced among wealthy households.

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

    OpenAIRE

    Miethe, Jakob; Pothier, David

    2016-01-01

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

  16. Materiality in Financial Audit

    OpenAIRE

    Adriana Claudia GHIMIS

    2012-01-01

    The financial audit aims toward increasing the credibility of financial informaiton. The purpose of the paper is to outline the most important topics regarding the definition and application of significance limit.

  17. CMS Financial Reports

    Data.gov (United States)

    U.S. Department of Health & Human Services — This section contains the annual CMS financial statements as required under the Chief Financial Officers (CFO) Act of 1990 (P.L. 101-576). The CFO Act marked a major...

  18. Financial Key Ratios

    OpenAIRE

    Tănase Alin-Eliodor

    2014-01-01

    This article focuses on computing techniques starting from trial balance data regarding financial key ratios. There are presented activity, liquidity, solvency and profitability financial key ratios. It is presented a computing methodology in three steps based on a trial balance.

  19. Quarterly Financial Report

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

    acray

    2011-06-30

    Jun 30, 2011 ... 2 IDRC QUARTERLY FINANCIAL REPORT JUNE 2011. Consolidated .... spending on capacity-building projects as well as to management's decision to restrict capacity- building ...... The investments in financial institutions.

  20. Financial Integrity Benchmarks

    Data.gov (United States)

    City of Jackson, Mississippi — This data compiles standard financial integrity benchmarks that allow the City to measure its financial standing. It measure the City's debt ratio and bond ratings....

  1. 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.

  2. Transmission system planning in Ontario

    Energy Technology Data Exchange (ETDEWEB)

    Barrie, D; Macedo, F X; Mcconnach, J S [Ontario Hydro, Toronto, ON (Canada)

    1994-12-31

    In recent years, new and modified approaches to planning the large transmission system that serves the province of Ontario, Canada, have been necessary to accommodate the rapidly changing planning environment including slower uncertain growth, ageing of facilities, integration of demand side management and non utility generation options, increased competitiveness, increased financial stresses and affordable constraints. This paper describes some of the new and modified approaches and tools that have been adopted or are being developed by Ontario Hydro to cope with this changing environment. (author) 9 refs., 4 figs.

  3. Financial Services Industry

    Science.gov (United States)

    2006-01-01

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

  4. Measures of Financial Capacity: A Review.

    Science.gov (United States)

    Ghesquiere, Angela R; McAfee, Caitlin; Burnett, Jason

    2017-05-23

    Capacity to manage finances and make financial decisions can affect risk for financial exploitation and is often the basis for legal determinations of conservatorship/guardianship. Several structured assessments of financial capacity have been developed, but have not been compared regarding their focus, validity, or reliability. Therefore, we conducted a review of financial capacity measures to examine these factors. We searched electronic databases, reference lists in identified articles, conference proceedings and other grey literature for measures of financial capacity. We then extracted data on the length and domains of each measure, the population for which they were intended, and their validity and reliability. We identified 10 structured measures of financial capacity. Most measures could be completed in 25-30 min, and were designed to be administered to older adults with some level of cognitive impairment. Reliability and validity were high for most. Measurement of financial capacity is complex and multidimensional. When selecting a measure of financial capacity, consideration should be made of the population of focus and the domains of capacity to be assessed. More work is needed on the cultural sensitivity of financial capacity measures, their acceptability, and their use in clinical work. Better understanding of when, and to whom, to administer different financial capacity measures could enhance the ability to accurately detect those suffering from impaired financial capacity, and prevent related negative outcomes like financial exploitation. © The Author 2017. 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.

  5. Financial Advice: Who Pays

    Science.gov (United States)

    Finke, Michael S.; Huston, Sandra J.; Winchester, Danielle D.

    2011-01-01

    Using a cost-benefit framework for financial planning services and proprietary data collected in the summer of 2008, the client characteristics that are associated with the likelihood of paying for professional financial advice, as well as the type of financial services purchased, are identified. Results indicate that respondents who pay for…

  6. 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...

  7. Invest in Financial Literacy

    Science.gov (United States)

    Bush, Sarah B.; McGatha, Maggie B.; Bay-Williams, Jennifer M.

    2012-01-01

    The current state of the economy elevates the need to build awareness of financial markets and personal finance among the nation's young people through implementing a financial literacy curriculum in schools. A limited amount of time spent on financial literacy can have a positive effect on students' budgeting skills. This knowledge will only add…

  8. Marketing Financial Aid

    Science.gov (United States)

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

    1978-01-01

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

  9. Financial Markets and Compliance

    NARCIS (Netherlands)

    van de Laar, T.A.H.M.; Bleker, Sylvie; Houben, Raf

    2017-01-01

    This chapter will focus on the goals of financial market regulation through the rules of economics, the strategies financial regulation employs to achieve these goals and the insights this provides for the compliance profession. For an overview of the goals and strategies of financial regulation

  10. Essays on financial liberalization

    NARCIS (Netherlands)

    Bumann, Silke

    2015-01-01

    This thesis investigates the effect of financial liberalization on economic growth, income inequality and financial instability. Chapter 1 describes aim and scope of the thesis. Chapter 2 provides a meta-analysis of the literature on financial liberalization and economic growth. It is found that

  11. Exclusive Rights and State Aid

    DEFF Research Database (Denmark)

    Ølykke, Grith Skovgaard

    2017-01-01

    Exclusive rights are granted in order to regulate markets as one of several possible tools of public intervention. The article considers the role of State aid law in the regulation of exclusive rights. Whereas the right of Member States to organise markets as monopolies and the choice of provider...... are regulated by free movement rules and Article 106 TFEU, State aid law regulates the terms of the right to ensure that the beneficiary is not granted an economic advantage. Exclusive rights may be granted on various terms: for a payment, in combination with compensation or as compensation. The two former...... kinds of terms are regulated under State aid law which requires market terms. The granting of exclusive rights as compensation is analysed on the basis of the Eventech judgment, and it is found that when no financial transaction is included in the grant, it resembles a decision to organise a market...

  12. Does financial literacy improve financial inclusion? Cross country evidence

    OpenAIRE

    Grohmann, Antonia; Klühs, Theres; Menkhoff, Lukas

    2017-01-01

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

  13. COMPANY ACTIVITY FINANCIAL RISK

    Directory of Open Access Journals (Sweden)

    Caruntu Genu Alexandru

    2012-12-01

    Full Text Available In economic and financial activity, risk is an inherent financial decisions, encountered in daily agenda of managers of companies. Unexpected changes in the price of a product development not only affect the financial results of a company, but can cause even bankruptcy. In fact, the nature of financial decisions involve uncertainty. Financial decisions are made based on cash flows under future contracts, which are par excellence incerte.Activitatea an enterprise that holds any weight in the industry is subject to risks, since it can not predict with certainty different components of its outcome (cost, quantity, price and operating cycle (purchase, processing, sales.

  14. FINANCIAL INSTABILITY IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Cristian, IONESCU

    2014-11-01

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

  15. Interactive Financial Charts- Agency Financial Reports

    Data.gov (United States)

    General Services Administration — For a visual depiction of GSA's Balance Sheet and Statement of Net Cost, please use the interactive charts to view the financial results for fiscal years 2007-2013.

  16. THE GLOBAL FINANCIAL CRISIS AND NATIONAL FINANCIAL ...

    African Journals Online (AJOL)

    propose solutions aimed at reducing the effects of global financial crisis by ... rates of return leading to more investment and higher growth for developing countries. .... capital can without notice turn into outflows as it did in Russia and East Asia.

  17. Presenting practice financial information.

    Science.gov (United States)

    Webster, Lee Ann H

    2007-01-01

    Medical practice leadership teams, often consisting primarily of physicians with limited financial backgrounds, must make important business decisions and continuously monitor practice operations. In order to competently perform this duty, they need financial reports that are relevant and easy to understand. This article explores financial reporting and decision-making in a physician practice. It discusses reports and tools, such as ratios, graphs, and comparisons, that practices typically include in their reports. Because profitability and cash flow are often the most important financial considerations for physician practices, reports should generally focus on the impact of various activities and potential decisions upon these concerns. This article also provides communication tips for both those presenting practice financial information and those making the decisions. By communicating effectively, these leaders can best use financial information to improve decision-making and maximize financial performance.

  18. Energy Transmission and Infrastructure

    Energy Technology Data Exchange (ETDEWEB)

    Mathison, Jane

    2012-12-31

    The objective of Energy Transmission and Infrastructure Northern Ohio (OH) was to lay the conceptual and analytical foundation for an energy economy in northern Ohio that will: • improve the efficiency with which energy is used in the residential, commercial, industrial, agricultural, and transportation sectors for Oberlin, Ohio as a district-wide model for Congressional District OH-09; • identify the potential to deploy wind and solar technologies and the most effective configuration for the regional energy system (i.e., the ratio of distributed or centralized power generation); • analyze the potential within the district to utilize farm wastes to produce biofuels; • enhance long-term energy security by identifying ways to deploy local resources and building Ohio-based enterprises; • identify the policy, regulatory, and financial barriers impeding development of a new energy system; and • improve energy infrastructure within Congressional District OH-09. This objective of laying the foundation for a renewable energy system in Ohio was achieved through four primary areas of activity: 1. district-wide energy infrastructure assessments and alternative-energy transmission studies; 2. energy infrastructure improvement projects undertaken by American Municipal Power (AMP) affiliates in the northern Ohio communities of Elmore, Oak Harbor, and Wellington; 3. Oberlin, OH-area energy assessment initiatives; and 4. a district-wide conference held in September 2011 to disseminate year-one findings. The grant supported 17 research studies by leading energy, policy, and financial specialists, including studies on: current energy use in the district and the Oberlin area; regional potential for energy generation from renewable sources such as solar power, wind, and farm-waste; energy and transportation strategies for transitioning the City of Oberlin entirely to renewable resources and considering pedestrians, bicyclists, and public transportation as well as drivers

  19. RTE - Consolidated financial statements 2016

    International Nuclear Information System (INIS)

    2017-01-01

    RTE's 2016 revenue stands at 4 446 million euro with a net income of 403 million euro. RTE continued its sustained investment programme with 1 519 million euro of investments aimed to reinforce electrical power supply security, develop cross-border capacities, accelerate digital transformation, and adapt the network to contribute to the success of energy transition. In 2016, favourable weather conditions were not sufficient to fully offset lower interconnection revenues resulting from narrowing electricity-price differentials with neighbouring countries and the strengthening of the tariff reduction policy for electricity-intensive customers. Effects of tariff reduction will be offset over the next financial years in accordance with the law on energy transition for green growth. In light of these factors, RTE's 2016 revenue of 4 446 million euro was down slightly compared to 2015 (-3%). 2016 net income of 403 million euro was up 6% compared to 2014 (379 million euro). 2015 net income (215 million euro) was exceptionally low due to the effect of the European Commission's decision dated 22 July 2015 regarding the tax treatment of provisions created between 1986 and 1997 for the renewal of the General Transmission Network ('RAG') facilities. 2016 net income was the result of good operating expense management and sustained revenue performance. 1 519 million euro of investments were made in 2016, 8% more than in 2015. As part of its industrial project launched in 2016, RTE strengthened its policy of adapting the network to the challenges of the energy transition and reoriented some investments in order to accelerate the implementation of digital technologies, with a view to ultimately having the top electrical and digital network in Europe. The level of investments in 2016 led to a slight increase in net debt (+3% for a net debt of 8 539 million euro at the end of 2016), which remains consistent with the maintenance of the company's financial balances. The strength of

  20. Survey of Transmission Cost Allocation Methodologies for Regional Transmission Organizations

    Energy Technology Data Exchange (ETDEWEB)

    Fink, S.; Porter, K.; Mudd, C.; Rogers, J.

    2011-02-01

    The report presents transmission cost allocation methodologies for reliability transmission projects, generation interconnection, and economic transmission projects for all Regional Transmission Organizations.

  1. Uncertainty: the Curate's egg in financial economics.

    Science.gov (United States)

    Pixley, Jocelyn

    2014-06-01

    Economic theories of uncertainty are unpopular with financial experts. As sociologists, we rightly refuse predictions, but the uncertainties of money are constantly sifted and turned into semi-denial by a financial economics set on somehow beating the future. Picking out 'bits' of the future as 'risk' and 'parts' as 'information' is attractive but socially dangerous, I argue, because money's promises are always uncertain. New studies of uncertainty are reversing sociology's neglect of the unavoidable inability to know the forces that will shape the financial future. © London School of Economics and Political Science 2014.

  2. Oil prices and financial stress: A volatility spillover analysis

    International Nuclear Information System (INIS)

    Nazlioglu, Saban; Soytas, Ugur; Gupta, Rangan

    2015-01-01

    This paper examines whether there is a volatility transmission between oil prices and financial stress by means of the volatility spillover test. We employ WTI crude oil prices and Cleveland financial stress index for the period 1991–2014 and divide the sample into pre-crisis, in-crisis, and post-crisis periods due to the downward trend in oil price in 2008. The volatility model estimations indicate that oil prices and financial stress index are dominated by long-run volatility. The volatility spillover causality test supports evidence on risk transfer from oil prices to financial stress before the crisis and from financial stress to oil prices after the crisis. The impulse response analysis shows that the volatility transmission pattern has similar dynamics before and after the crisis and is characterized by higher and long-lived effects during the crisis. Our results have implications for both policy makers and investors, and for future work. -- Highlights: •Volatility spillover between oil prices and financial stress index is examined. •Analysis is conducted for sub-periods: pre-crisis, in-crisis, and post-crisis •Oil prices spill on financial stress before the crisis, but spillover reversed after the crisis. •Volatility transmission pattern has similar dynamics before and after the crisis. •Implications for investors and policy makers are discussed

  3. Long-term financial transportation rights : An experiment

    NARCIS (Netherlands)

    Henze, B.; Noussair, C.N.; Willems, Bert; Kristainsen, T.; Rosellon, J.

    2013-01-01

    One challenge facing operators of network infrastructure, such as gas pipelines and electricity grids, is that large new investments in capacity must be undertaken as overall demand increases. In the European Union alone, roughly 200 Billion Euro must be invested in the energy transport networks

  4. Financial intermediation and monetary transmission through conventional and Islamic channels

    NARCIS (Netherlands)

    Zaheer, S.

    2013-01-01

    This thesis studies the salient features of Islamic banking and finance (IBF) in comparison to conventional banking and finance (CBF).The study explains the balance sheet products used by Islamic banks as well as analyzes the proposed tools for monetary policy in IBF. Next, the dissertation

  5. FINANCIAL RISK COVERAGE IN THE CONTEXT OF GLOBALIZATION FINANCIAL MARKETS

    Directory of Open Access Journals (Sweden)

    María Esperanza González-del Foyo

    2016-01-01

    Full Text Available In a globalized environment, the increase of risks that assume the international commerce makes necessary the to articulate the instruments of covering. The enterprise activity and the country in matter will condition in a great measure the type of covering that be needed to contract, the principal consist in: knowing the risks, evaluate its incidence, decide to cover it or assume it and in both cases the right choise most be the aplication of the strategy thatt be more efective. The States put under disposition of the enterprises a series of public mechanismes to help them to promote its internationalitation . One of the pillars where this politics rest is the use of mechanismes of riskes cover in the internacional commerce. In correspondence with the previous, to reflect on the aplications of the financial risk and the formulation of strategies to cover them in conditions of globalization of the financial markets, constitute the objetive of this article. 

  6. 32 CFR Appendix G to Part 275 - Releasing Information Obtained From Financial Institutions

    Science.gov (United States)

    2010-07-01

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

  7. The World Financial Crisis

    OpenAIRE

    F. Gerard Adams

    2009-01-01

    The world financial crisis of 2008 is a consequence of new financial technologies, new accounting methods and new international linkages. These developments have come at a time when governments have returned to an old-fashioned freemarket philosophy. This paper links the systemic financial/economic crisis of 2008 to the new economy developments, globalisation and policy philosophy perspectives of recent decades. It raises the question of how to re-establish confidence once traditional thinkin...

  8. Taxing Financial Activity

    OpenAIRE

    Jack M. Mintz

    2003-01-01

    In most countries, substantial business activity is related to financial intermediation: banking, trusts, investment companies and insurance. Financial businesses play a crucial role in the economy by matching lenders with borrowers as well as facilitating governance of businesses through close monitoring of funds lent to businesses. Financial institutions also reduce risk faced by investors by pooling investments over many different types of business activities and insuring against property,...

  9. DIAGNOSIS OF FINANCIAL POSITION STRUCTURE

    Directory of Open Access Journals (Sweden)

    CĂRUNTU GENU ALEXANDRU

    2017-02-01

    Full Text Available The analysis of financial position structure aimed at issues that highlight on the one hand the economic relations between asset side and liability side and on the other hand the changes that are achieved as a result of internal and external factors. In order to establish the causes that led over time to changing the structure of financial position we analyze the structure of assets, liabilities and equity. The balance sheet is a summary representing only a snapshot at a certain time that changes continuously and through which are presented economic goods, rights and obligations of the company at year-end. The balance sheet is the universal working tool that contains information on the company's heritage and performance. To achieve its purpose, namely to generate profit in conditions of intense competition the firm constitutes a heritage structure, an economic fixed and circulating capital appropriate to future needs.

  10. RTE - 2012 financial results

    International Nuclear Information System (INIS)

    Ricour, Olivia; Marguier, Marina; Lartigau, Thierry

    2013-01-01

    The mission of RTE, the French electricity Transportation grid, a public service assignment, is to balance the electricity supply and demand in real time. This report presents RTE's financial results for 2012: increase of investments for services to clients, performance results, financial balance, stability of the economical model. RTE's regulated economical model, main financial indicators, 2007-2012 investments, 2012 investments by category, 2012 turnover, 2012 costs structure, taxes, financial balance sheet at the end of 2012, and the share of electricity transport in the electricity price are presented in appendixes

  11. Domesticizing Financial Economies

    DEFF Research Database (Denmark)

    Deville, Joe; Lazarus, Jeanne; Luzzi, Mariana

    show. Third, the “domestication of financial economies”: financial literacy programs developed by governmental bodies, international organizations, and banks have become a ubiquitous layer attached to the assemblage of financial economies in many countries. And last but not least, “domesticizing social...... practices as well as the precise way financial providers are evaluating, sorting and targeting their consumers. We believe these diverse trends are starting to converge, and the ambitions of this paper are both to organize scattered literature and to reflect upon the consequences of the new field...

  12. 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...

  13. Financial Stylized Facts in the Word of Mouth Model

    Science.gov (United States)

    Misawa, Tadanobu; Watanabe, Kyoko; Shimokawa, Tetsuya

    Recently, we proposed an agent-based model called the word of mouth model to analyze the influence of an information transmission process to price formation in financial markets. Especially, the short-term predictability of asset return was focused on and an explanation in the view of information transmission was provided to the question why the predictability was much clearly observed in the small-sized stocks. This paper, to extend the previous study, demonstrates that the word of mouth model also has a consistency with other important financial stylized facts. This strengthens the possibility that the information transmission among investors plays a crucial role in price formation. Concretely, this paper addresses two famous statistical features of returns; the leptokurtic distribution of return and the autocorrelation of return volatility. The reasons why these statistical facts receive especial attentions of researchers among financial stylized facts are their statistical robustness and practical importance, such as the applications to the derivative pricing problems.

  14. Need depriving effects of financial insecurity: Implications for well-being and financial behaviors.

    Science.gov (United States)

    Weinstein, Netta; Stone, Dan N

    2018-06-28

    Evidence suggests that experiencing financial insecurity lowers well-being and increases problematic financial behaviors. The present article employs a self-determination theory (SDT; R. M. Ryan & Deci, 2000a) perspective to understand the mechanisms by which experiencing financial insecurity contributes to these detrimental outcomes. Informed by SDT, we expected that the basic psychological needs for autonomy, competence, and relatedness would drive these effects. Studies were concerned with individuals' general experiences of financial insecurity (using community samples; Studies 1 and 2), and employed manipulations involving self-reflection (Study 3) and hypothetical scenarios (Study 4). Findings demonstrated that financially insecure conditions undermined basic psychological needs and lowered well-being (measured in terms of self-esteem, depression, and anxiety). In addition, lower satisfaction of basic psychological needs linked financial insecurity to a greater likelihood of engaging in financial cheating (Studies 2 and 3) and risky financial decisions (Study 4). Importantly, this pattern of effects remained in evidence across socioeconomically diverse samples and income levels. We discuss implications for future interventions to improve the wellness of individuals in financially insecure circumstances. (PsycINFO Database Record (c) 2018 APA, all rights reserved).

  15. Financial Wealth Distribution in Revised Financial Accounts

    Directory of Open Access Journals (Sweden)

    Václav Rybáček

    2012-09-01

    Full Text Available Financial statistics undergo dynamic evolution as apparent consequence of their rising importance. Structureof assets, source of fi nancing, price changes or net fi nancial position, all these indicators can detect oncomingfi nancial instability. Financial statistics as a logical extension of the national accounts provide such information.Th e aim of the following text is to present fi nancial statistics, relation between particular accounts, the impact of extraordinary revision carried out in 2011, and also to analyse current wealth distribution as described by fi nancial statistics.

  16. The Usefulness of Financial Statements in Making Financial Diagnosis

    Directory of Open Access Journals (Sweden)

    Mitica Pepi

    2016-01-01

    Full Text Available Our research aims to develop an analysis of the usefulness of financial statements and financial investment in making the diagnosis. Financial analysis is by definition an activity that performance condition is diagnosed entity of the financial year. Financial analysis shall be determined by strengths and weaknesses of financial management based on which will underpin future strategy of the entity to maintain and develop it into a competitive environment. Results of financial analysis depends on the quality, accuracy, relevance and effectiveness of economic information collected and processed. The primary sources of information for financial analysis are the financial statements, which are considered as raw material in the analysis.

  17. Corporate financial restructuring in Asia: implications for financial stability

    OpenAIRE

    Michael Pomerleano

    2007-01-01

    Corporate financial fragility preceding the Asian financial crisis heightened vulnerabilities. Many countries in the region undertook significant corporate financial restructuring after the crisis, with some countries bouncing back much faster than others. These sounder corporate financial practices bode well for financial stability.

  18. Financial Services Marketing.

    Science.gov (United States)

    Olson, Lucretia Maria

    This manual contains student assignments in the financial services area of the marketing process. The individualized competency-based materials are intended to enhance and supplement instruction or to provide the basis for a course of instruction by the teacher-coordinator. Information on skills needed in jobs in financial marketing is first…

  19. Sources of Financial Sociability

    DEFF Research Database (Denmark)

    Thompson, Grahame

    2011-01-01

    This article investigates the sources of sociability in modern financial systems as a prelude to assessing the prospects for financial regulation. Three sources are identified: sociality dependent upon contract, upon relational interdependency, and upon the operation of will and passion. Each of ...

  20. Financial Rogue Waves

    International Nuclear Information System (INIS)

    Yan Zhenya

    2010-01-01

    We analytically give the financial rogue waves in the nonlinear option pricing model due to Ivancevic, which is nonlinear wave alternative of the Black-Scholes model. These rogue wave solutions may he used to describe the possible physical mechanisms for rogue wave phenomenon in financial markets and related fields.

  1. Household financial behavior

    NARCIS (Netherlands)

    Brounen, Dirk; Koedijk, Kees; Pownall, Rachel

    2016-01-01

    Greater personal responsibility toward financial decision-making is being advocated on a global basis. Individuals and households are encouraged to take a more active approach to personal finance. In this paper, we examine behavioral factors, which lead households toward savings and financial

  2. Understanding financial statements.

    Science.gov (United States)

    Tarantino, D P

    2001-01-01

    In his premier column for The Physician Executive, David Tarantino takes a look at those critical "financials" that can make or break a business. If you're considering a career move, you need to know the financial condition of future employers. Learn how to read the statements and glean valuable information from the numbers.

  3. Optimal Fragile Financial Networks

    NARCIS (Netherlands)

    Castiglionesi, F.; Navarro, N.

    2007-01-01

    We study a financial network characterized by the presence of depositors, banks and their shareholders. Belonging to a financial network is beneficial for both the depositors and banks' shareholders since the return to investment increases with the number of banks connected. However, the network is

  4. Consolidating Financial Statements.

    Science.gov (United States)

    Wood, Marcia R.

    This publication is designed to be a desktop reference and assist financial officers in both public and independent institutions of higher education in the preparation of consolidated financial statements. Chapter 1 covers generally accepted accounting principles and other accounting literature, and summarizes reporting rules of the Financial…

  5. Illiquidity and financial crisis

    NARCIS (Netherlands)

    A.M. Pacces (Alessio)

    2013-01-01

    textabstractThis article analyzes the determinants of liquidity crises based on the dynamics of banking and finance under Knightian uncertainty. In this perspective, the facts of the global financial crisis seem to confirm Minsky's hypothesis of endogenous financial instability derived from Keynes's

  6. Financial Sector Assessment : Morocco

    OpenAIRE

    World Bank

    2003-01-01

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

  7. Financial Sector Assessment : Turkey

    OpenAIRE

    World Bank

    2007-01-01

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

  8. Financial Sector Assessment : Mongolia

    OpenAIRE

    World Bank

    2012-01-01

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

  9. Trusts and Financialization

    DEFF Research Database (Denmark)

    Harrington, Brooke

    2017-01-01

    the global spread of financialization: by privileging the rentier–investor within the 15 world economy; by perpetuating a distinctively Anglo-American approach to finance internationally; and by increasing the autonomy of finance vis-a-vis the nation-state. This study shares the primarily descriptive......This article identifies trusts as a legal structure associated with the global spread of financialization. Although trusts originated in Medieval England, they have acquired a new significance in contemporary finance by virtue of their advantages in terms of 10 profit maximization and capital...... and conceptual intent of Krippner’s work on financialization, but extends it in two ways: by comparing trusts to the better- known corporate form of organizing financial activity, and by showing how private 20 capital is implicated in the financialized economy alongside corporate wealth....

  10. Fundamentals of Financial Statements Audit

    OpenAIRE

    World Bank

    2011-01-01

    The purpose of an audit is to enhance the degree of confidence of intended users in the financial statements. The objective of an audit of financial statements is to enable an auditor to express an opinion as to whether the financial statements are prepared, in all material respects, in accordance with International Financial Reporting Standards or another identified financial reporting fr...

  11. Framework for Financial Ratio Analysis of Audited Federal Financial Reports

    National Research Council Canada - National Science Library

    Brady, Richard

    1999-01-01

    .... With the passage of the Chief Financial Officers Act of 1990, Congress called for the production of financial statements that fully disclose a federal entity's financial position and results of operations...

  12. 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.

  13. Why Financial Advice Cannot Substitute for Financial Literacy?

    OpenAIRE

    M. Debbich

    2015-01-01

    This paper examines the ability of financial advice provided by sellers of financial services to substitute for financial literacy of customers. I set up a simple theoretical model in which an informed financial advisor communicates with a less informed customer of financial services. Given the existence of a conflict of interest from the advisor's perspective, the model predicts that only well financially sophisticated customers receive relevant information from the advisor. This fact tends ...

  14. Disclosure of Non-Financial Information: Relevant to Financial Analysts?

    OpenAIRE

    ORENS, Raf; LYBAERT, Nadine

    2013-01-01

    The decline in the relevance of financial statement information to value firms leads to calls from organizational stakeholders to convey non-financial information in order to be able to judge firms' financial performance and value. This literature review aims to report extant literature findings on the use of corporate non-financial information by sell-side financial analysts, the information intermediaries between corporate management and investors. Prior studies highlight that financial ana...

  15. Financial globalisation uncertainty/instability is good for financial development

    OpenAIRE

    Asongu, Simplice A.; Koomson, Isaac; Tchamyou, Vanessa S.

    2015-01-01

    Purpose – This study assesses the effect of time-dynamic financial globalisation uncertainty on financial development in 53 African countries for the period 2000-2011. Design/methodology/approach – Financial globalisation uncertainty is estimated as time-dynamic to capture business cycle disturbances while all dimensions identified by the Financial Development and Structure Database of the World Bank are employed, namely: financial depth (money supply and liquid liabilities), financial sy...

  16. Financial innovation, macroeconomic volatility and the great moderation

    OpenAIRE

    Zaghini, Andrea; Bencivelli, Lorenzo

    2012-01-01

    In the paper we propose an assessment of the role of financial innovation in shaping US macroeconomic dynamics. We extend an existing model by Christiano, Eichenbaum and Evans which studied the transmission of monetary policy impulses to business and corporate sector financing variables just before the Great Moderation period. By investigating the properties of the model over a longer time span we show that in the later period a change in the monetary policy transmission mechanism is likely t...

  17. Monetary policy implications of financial innovation: In-depth analysis

    OpenAIRE

    Bernoth, Kerstin; Gebauer, Stefan; Schäfer, Dorothea

    2017-01-01

    In this policy brief, we argue that the financial innovations triggered by the FinTech industry have the potential to affect the transmission of monetary policy as well as the informational content of important monetary indicators. The growing FinTech industry could contribute substantially to the emergence of nonbank finance as a substitute for traditional commercial bank finance. While the overall effect of nonbank finance on monetary policy transmission is not yet clear, we argue that regu...

  18. Space power transmission

    Energy Technology Data Exchange (ETDEWEB)

    Kuribayashi, Shizuma [Mitsubishi Heavy Industries, Ltd., Tokyo, (Japan)

    1989-10-05

    There being a conception to utilize solar energy by use of a space power station (SPS), a method to bring that universal grace to mankind is wireless energy transmission. The wireless energy transmission is regarded to be microwave transmission or laser beam transmission. The microwave transmission is to transmit 2.45GHz band microwave from the SPS to a receiving station on the ground to meet power demand on earth. The microwave, as small in attenuation in atmosphere and resistant against rain and cloud, is made candidate and, however, problematic in influence on organism, necessary large area of receiving antenna and many other points to be studied. While the laser transmission, as more convergent of beam than the microwave transmission, is advantageous with enabling the receiving area to be small and, however, disadvantageous with being not resistant against dust, rain and cloud, if used for the energy transmission between the space and earth. 2 refs., 2 figs.

  19. Transmission on Balance 2006

    International Nuclear Information System (INIS)

    2007-02-01

    Every year he Dutch Transmission System Operator (TSO) TenneT issues the title publication 'Transmission on Balance'. This report provides information about the main technical operating results in the past year.

  20. Be Vigilant on Financial Statements.

    Science.gov (United States)

    Freed, DeBow

    2002-01-01

    Highlights areas on university's financial statements that warrant careful review by trustees and suggests ways they can check to see whether an institution's financial statements are clear and valid indicators of its financial status. (EV)

  1. 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

  2. ICU Telemedicine Program Financial Outcomes.

    Science.gov (United States)

    Lilly, Craig M; Motzkus, Christine; Rincon, Teresa; Cody, Shawn E; Landry, Karen; Irwin, Richard S

    2017-02-01

    ICU telemedicine improves access to high-quality critical care, has substantial costs, and can change financial outcomes. Detailed information about financial outcomes and their trends over time following ICU telemedicine implementation and after the addition of logistic center function has not been published to our knowledge. Primary data were collected for consecutive adult patients of a single academic medical center. We compared clinical and financial outcomes across three groups that differed regarding telemedicine support: a group without ICU telemedicine support (pre-ICU intervention group), a group with ICU telemedicine support (ICU telemedicine group), and an ICU telemedicine group with added logistic center functions and support for quality-care standardization (logistic center group). The primary outcome was annual direct contribution margin defined as aggregated annual case revenue minus annual case direct costs (including operating costs of ICU telemedicine and its related programs). All monetary values were adjusted to 2015 US dollars using Producer Price Index for Health-Care Facilities. Annual case volume increased from 4,752 (pre-ICU telemedicine) to 5,735 (ICU telemedicine) and 6,581 (logistic center). The annual direct contribution margin improved from $7,921,584 (pre-ICU telemedicine) to $37,668,512 (ICU telemedicine) to $60,586,397 (logistic center) due to increased case volume, higher case revenue relative to direct costs, and shorter length of stay. The ability of properly modified ICU telemedicine programs to increase case volume and access to high-quality critical care with improved annual direct contribution margins suggests that there is a financial argument to encourage the wider adoption of ICU telemedicine. Copyright © 2016 American College of Chest Physicians. Published by Elsevier Inc. All rights reserved.

  3. Framing financial culture

    DEFF Research Database (Denmark)

    Just, Sine Nørholm; Mouton, Nicolaas T.O.

    2014-01-01

    between competing frames leads to the conclusion that this political “blame game” is related to struggles over how to define the scandal, how to conceptualize its causes, and policy recommendations. Banks may have lost the battle of “Liborgate,” but the war over the meaning of financial culture is far...... from over. Originality/value – The paper is theoretically and methodologically original in its combination of the theories of framing and stasis, and it provides analytical insights into how sense is made of financial culture in the wake of the financial crisis....

  4. The Geography of Financial Literacy

    OpenAIRE

    Christopher Bumcrot; Judy Lin; Annamaria Lusardi

    2013-01-01

    This paper explores how well equipped today’s households are to make complex financial decisions in the face of often high-cost and high-risk financial instruments. Specifically we focus on financial literacy. Most importantly, we describe the geography of financial literacy, i.e., how financial literacy is distributed across the fifty US states. We describe the correlation of financial literacy and some important aggregate variables, such as state-level poverty rates. Finally, we examine the...

  5. Childhood roots of financial literacy

    OpenAIRE

    Grohmann, Antonia; Kouwenberg, Roy; Menkhoff, Lukas

    2015-01-01

    Financial literacy predicts informed financial decisions, but what explains financial literacy? We use the concept of financial socialization and aim to represent three major agents of financial socialization: family, school and work. Thus we compile twelve relevant childhood characteristics in a new survey study and examine their relation to financial literacy, while controlling for established socio-demographic characteristics. We find in a mediation analysis that both family and school pos...

  6. Consumer's Negative emotions, Financial Decisions, Financial Advice

    OpenAIRE

    Konstantaki, Violetta

    2007-01-01

    Abstract The purpose of this study is to explore the consumers decision making process. In particular, this study attempts to examine consumers negative emotions, which elicit during a decision processing. Especially, the case of a financial decision will be examined. Moreover, consumers negative emotion will be investigated in relation with consumers coping behaviour. To be more specific, the option of seeking advice as a successful consumers coping behaviour will be explor...

  7. Financial satisfaction and financial stressors in marital satisfaction.

    Science.gov (United States)

    Archuleta, Kristy L; Britt, Sonya L; Tonn, Teresa J; Grable, John E

    2011-04-01

    Using a sample of 310 married respondents from one U.S. Midwestern state, a test was conducted to examine the association of financial satisfaction and financial stressors in a spouse's decision to stay married to the same person or leave the relationship. The role of demographic and socioeconomic variables, religiosity, psychological constructs, financial satisfaction, and financial stressors as factors influencing marital satisfaction was tested. Financial stressors were measured using a list of financial stressors adapted from the literature. Financial satisfaction was measured with a one-item scale. The Kansas Marital Satisfaction Scale was used as a validation tool to assess whether individuals would marry or not marry again. Religiosity and financial satisfaction were positively associated with marital satisfaction. A negative interaction between financial satisfaction and financial stressors was also noted. Findings suggest that respondents who are financially satisfied tend to be more stable in their marriages.

  8. Surface rights on Aboriginal lands

    International Nuclear Information System (INIS)

    McElhanney, W.L.

    1998-01-01

    Several issues regarding access and activity by petroleum industry on Aboriginal and Metis lands are discussed. Some alternative means by which both industry and Aboriginal groups can approach the matter of surface rights are presented. A historical account of how surface rights have been interpreted in the past was given. It was emphasized that the approach to surface rights compensation and negotiation for both aboriginal and industry parties must begin with adequate consultation. Rigid adherence to the usual past practice of geologically identifying locations, surveying and requesting a lease will no longer suffice. The aboriginal community must be consulted with as much lead time as possible, even assisted financially to identify traditional use areas that require protection, or cannot be disturbed, or require particular mitigation measures. Once this has been done, the operator can proceed to outline the scope of his project, detailing the timing, location, business and employment opportunities and other economic opportunities to the community. 21 refs

  9. Financial Performance Analysis Of Financial Service Cooperative

    Directory of Open Access Journals (Sweden)

    Eyo Asro Sasmita

    2015-08-01

    Full Text Available This research is aimed to test and identify empirical evidence regarding the effect of capital structure and loan to financial performance of cooperative where the relationship between loan and financial performance is moderated by non-performing loan. The population of this research is 257 Financial Service Cooperative hereinafter referred to as KJK as the abbreviation for Koperasi Jasa Keuangan of Urban Village Community Economic Empowerment hereinafter referred to as PEMK as the abbreviation for Pemberdayaan Ekonomi Masyarakat Kelurahan in Jakarta 2011 to 2013. Sample is determined by using purposive sampling method. The data is secondary data which is obtained from the Revolving Fund Management Unit hereinafter referred to as UPDB as the abbreviation for Unit Pengelola Dana Bergulir Jakarta. Hypothesis is tested by using multiple linear regression analysis with SPSS 20.00. The number of sample used in this research is 120. Research findings explain that 1 Capital Structure hereinafter referred to as SM as the abbreviation for Struktur Modal has positive and significant impact on financial performance hereinafter referred to as KIN as the abbreviation for Kinerja Keuangan because the probability value of 0000 is smaller than amp945 0.05. Calculation shows that if the capital structure rises 1 assuming that the loan and non-performing loan variables remain the same then the financial performance will increase 0.017. 2 Loans hereinafter referred to as PIN as the abbreviation for Pinjaman given has positive and significant impact on KIN because the probability value of 0001 is smaller than amp945 0.05. If the loan rises 1 assuming that the capital structure and non-performing loan variables remain the same then the KIN will increase 0.013. 3 Non-performing loan has negative and significant effect on KIN because the probability value of 0000 is smaller than amp945 0.05. PBR varible increase 1 assuming that the loan and capital structure variables

  10. Basic Financial Accounting

    DEFF Research Database (Denmark)

    Wiborg, Karsten

    This textbook on Basic Financial Accounting is targeted students in the economics studies at universities and business colleges having an introductory subject in the external dimension of the company's economic reporting, including bookkeeping, etc. The book includes the following subjects...

  11. Morocco - Financial Services

    Data.gov (United States)

    Millennium Challenge Corporation — The final evaluation of the Financial Services Project (FSP), undertaken by North South Consultants Exchange (NSCE), was undertaken from 17 April to end of September...

  12. CEA financial report 2007

    International Nuclear Information System (INIS)

    2007-01-01

    This document provides financial data on the CEA for the year 2007. The management report (budget, resources, expenditures) and the accounting are detailed. The main management events of the year 2007 are presented. (A.L.B.)

  13. Rio 2016 financial statements

    OpenAIRE

    2015-01-01

    These documents include the report from independent auditors balance sheet, the statement of income, the statement of changes in equity, the statement of cash flows and the explanatory notes to the financial statements.

  14. Financial Services Industry

    National Research Council Canada - National Science Library

    Arezo, Gullab; Billingslea, Willie D; Brooks, James V; Brown, Jeffery D; Cotton, Cheryl; Determan, Deborah A; Dzurenko, Monte S; Egentowich, John; Greenwald, Michael N; Keegan, Matthew

    2006-01-01

    .... The financial services industry impacts the daily lives of all Americans. They rely on it to save for their retirement and their children's education, pay their bills, insure against risks, and buy their homes and automobiles...

  15. Enron: a financial Tchernobyl?

    International Nuclear Information System (INIS)

    Nicolet, J.L.; Alazard, C.; Charron, J.L.

    2004-01-01

    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)

  16. Financial report - Annex H

    International Nuclear Information System (INIS)

    Sotic, O.

    1988-01-01

    This Annex includes financial report of the RA Reactor engineering group from 1987-1988. detailed data concerning operating and continual and investment maintenance costs, amortization related to the reactor, fuel elements and heavy water [sr

  17. Financial report - Annex H

    International Nuclear Information System (INIS)

    Sotic, O.

    1986-01-01

    This Annex includes financial report of the RA Reactor engineering group from 1981-1985. detailed data concerning operating and continual and investment maintenance costs, amortization related to the reactor, fuel elements and heavy water [sr

  18. Iceland's Financial Crisis

    National Research Council Canada - National Science Library

    Jackson, James K

    2008-01-01

    .... The collapse of the banks also raises questions for U.S. leaders and others about supervising banks that operate across national borders, especially as it becomes increasingly difficult to distinguish the limits of domestic financial markets...

  19. FINANCIAL CRISES AND TURKEY

    Directory of Open Access Journals (Sweden)

    MERT URAL

    2013-06-01

    Full Text Available Since the last three decades, in developed and developing counties the liberalization and openness efforts have been witnessed. However, financial liberalization attempts (both internal and external without having macroeconomic stability lead to financial crises in many developing countries. Macroeconomic instabilities create fragile financial markets paving the way for future economic crises. The Turkish Economy, completed the liberalization process with foreign trade liberalization in 1980 and by removing controls on capital accounts in 1989. However, since 1990’s economy got into ‘growth-instability-crisis’ vicious circle, because of the fluctuations in the financial structure. By employing a factor analysis (principal components analysis, this work, aims to obtain the factors that effect crises in Turkey.

  20. The automotive transmission book

    CERN Document Server

    Fischer, Robert; Jürgens, Gunter; Najork, Rolf; Pollak, Burkhard

    2015-01-01

    This book presents essential information on systems and interactions in automotive transmission technology and outlines the methodologies used to analyze and develop transmission concepts and designs. Functions of and interactions between components and subassemblies of transmissions are introduced, providing a basis for designing transmission systems and for determining their potentials and properties in vehicle-specific applications: passenger cars, trucks, buses, tractors, and motorcycles. With these fundamentals the presentation provides universal resources for both state-of-the-art and future transmission technologies, including systems for electric and hybrid electric vehicles.

  1. Conceptual Models and Guidelines for Clinical Assessment of Financial Capacity.

    Science.gov (United States)

    Marson, Daniel

    2016-09-01

    The ability to manage financial affairs is a life skill of critical importance, and neuropsychologists are increasingly asked to assess financial capacity across a variety of settings. Sound clinical assessment of financial capacity requires knowledge and appreciation of applicable clinical conceptual models and principles. However, the literature has presented relatively little conceptual guidance for clinicians concerning financial capacity and its assessment. This article seeks to address this gap. The article presents six clinical models of financial capacity : (1) the early gerontological IADL model of Lawton, (2) the clinical skills model and (3) related cognitive psychological model developed by Marson and colleagues, (4) a financial decision-making model adapting earlier decisional capacity work of Appelbaum and Grisso, (5) a person-centered model of financial decision-making developed by Lichtenberg and colleagues, and (6) a recent model of financial capacity in the real world developed through the Institute of Medicine. Accompanying presentation of the models is discussion of conceptual and practical perspectives they represent for clinician assessment. Based on the models, the article concludes by presenting a series of conceptually oriented guidelines for clinical assessment of financial capacity. In summary, sound assessment of financial capacity requires knowledge and appreciation of clinical conceptual models and principles. Awareness of such models, principles and guidelines will strengthen and advance clinical assessment of financial capacity. © The Author 2016. Published by Oxford University Press. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

  2. Financial Capacity and its Cognitive Predictors in Progressive Multiple Sclerosis.

    Science.gov (United States)

    Gerstenecker, Adam; Myers, Terina; Lowry, Kathleen; Martin, Roy C; Triebel, Kristen L; Bashir, Khurram; Marson, Daniel C

    2017-12-01

    Financial capacity is a cognitively-complex activity of daily living that has been shown to decline in a number of neurocognitive disorders. Although it has been well established that cognitive decline is common in multiple sclerosis (MS), little is known about possible financial capacity impairment in people with MS. Thus, the objective of the current study is to investigate financial capacity and its neurocognitive correlates in MS. Data from 22 people with progressive MS and a healthy comparison group composed of 18 adults were analyzed. MS diagnoses were made by a board-certified neurologist with experience in MS. Study participants were administered the Financial Capacity Instrument, a performance-based measure of financial capacity, and neuropsychological battery. Overall financial capacity and most complex financial domains were significantly poorer for people with progressive MS in relation to the healthy comparison group, and a number of cognitive variables were associated with financial capacity declines. Financial capacity is a complex cognitively-mediated functional ability that was impaired in 50% of the current sample of people with progressive MS. These results indicate that people with progressive MS are at greater risk for showing impairment in complex financial tasks and should be clinically monitored for possible deficits in financial capacity. © The Author 2017. Published by Oxford University Press. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

  3. Financial Resources of NGOs

    Directory of Open Access Journals (Sweden)

    Nicoleta Ciucescu

    2012-12-01

    Full Text Available Due to the low funding levels registered in recent years in the NGO sector in Romania, many NGOs have faced a number of difficulties, some of them have ceased to carry on business. Financial position of the governmental sector is poor, especially for large organizations that are strictly dependent on foreign funds. For the good functioning of NGOs activity, it is requiring a constant concern for finacial fundraising. The article aims to present the diversity of financial resources of NGOs.

  4. Le directeur financier

    OpenAIRE

    Mattiacci , Noëllie

    2015-01-01

    Following multiple economic crises, the Chief Financial Officer has become a major player within the company. Its missions have unquestionably evolved. Initially, he performed accounting missions ensuring effective financial management. Today, it occupies the strategic functions necessary to the development of the company. This diversity of skills allows him to have a global and cross-enterprise vision. Despite its leading role, no study was conducted concerning the determination of the legal...

  5. Financial Reporting Through IFRS

    OpenAIRE

    Doina Maria Tilea; Vasile Bleotu; Alexandra Ana Maria Serban

    2013-01-01

    Financial reporting using the latest version of IFRS (2011), a result of the IASB research in cooperation with the standardizers of the national accounting standards in order to achieve convergence in accounting standards around the world on the one hand, and on the other hand to provide a set of highly qualitative global accounting standards, requires transparent and comparable information of general purpose financial statements.

  6. Nuclear financial risk

    International Nuclear Information System (INIS)

    Heising, C.D.; George, V.P.

    1986-01-01

    This study examines the economy-wide financial risk associated with reactor accidents as a result of various regulatory response options that might be imposed after a serious accident, including partial or complete nuclear moratoria. The authors find that such risks may be two to three times greater than the plant-specific financial risk estimates that have previously been calculated by others (ie 500 million (1985) dollars per reactor year versus 5 to 50 million dollars). (author)

  7. Chaotic Financial Tornadoes

    Science.gov (United States)

    Jakimowicz, Aleksander

    In contemporary economies classic business cycles are increasingly changing their form undergoing a transformation into phenomena that have been nicknamed financial tornados. A generalization of the Lotka-Volterra model can be used to describe these fast-changing processes. Economically speaking, the most useful are such dynamical systems in which wormholes appear. This article features application of a model with one population of prey and two populations of predators in order to explain the global financial crisis and the consequent phenomena.

  8. First half financial report

    International Nuclear Information System (INIS)

    2003-01-01

    Delivering products and services to nuclear power plants operators, AREVA operates in every sector of the civilian nuclear power and fuel cycle industry. This first half financial report provides information on highlights concerning the nuclear power and the connectors, income statement, performance by division (front end division, reactors and services division, back end division and connectors division), cash flow, balance sheet, post-closing events and consolidated financial statements. (A.L.B.)

  9. DOE financial assurance presentation

    International Nuclear Information System (INIS)

    Huck, R.

    1990-01-01

    The presentation topic is California's approach to license application review in meeting financial assurances for the proposed Ward Valley site. The purpose of the presentation is to provide information on specific financial assurance provisions contained in 10 CFR Part 61 and how California intends to satisfy those requirements. Also, as rate setter, California intends to demonstrate how it will assure allowable costs to the rate base though a financial prudency review. The key provisions of financial assurance are: 10 CFR Section 61.61 - This provision requires an applicant to demonstrate its ability to finance licensed activities; 10 CFR Section 61.62 - This provision requires an applicant to provide assurance that sufficient funds will be available for site closure and stabilization; and 10 CFR Section 61.63 - This provision requires an applicant to provide 'a copy of a binding arrangement, such as a lease, between the applicant and the disposal site owner, so that sufficient funds will be available to cover the costs of the institutional control period.' To assist California in its determination of financial assurance compliance to be demonstrated by the applicant for Part 61 requirements, is NUREG guidance document 1199 'Standard Format and Content of a License Application for a Low-Level Radioactive Waste (LLRW) Disposal Facility.' The detailed financial assurance provisions of NUREG 1199 are then embodied in NUREG 1200, 'Standard Review Plant for the Review of a License Application for a LLRW Disposal Facility.'

  10. Vector financial rogue waves

    International Nuclear Information System (INIS)

    Yan, Zhenya

    2011-01-01

    The coupled nonlinear volatility and option pricing model presented recently by Ivancevic is investigated, which generates a leverage effect, i.e., stock volatility is (negatively) correlated to stock returns, and can be regarded as a coupled nonlinear wave alternative of the Black–Scholes option pricing model. In this Letter, we analytically propose vector financial rogue waves of the coupled nonlinear volatility and option pricing model without an embedded w-learning. Moreover, we exhibit their dynamical behaviors for chosen different parameters. The vector financial rogue wave (rogon) solutions may be used to describe the possible physical mechanisms for the rogue wave phenomena and to further excite the possibility of relative researches and potential applications of vector rogue waves in the financial markets and other related fields. -- Highlights: ► We investigate the coupled nonlinear volatility and option pricing model. ► We analytically present vector financial rogue waves. ► The vector financial rogue waves may be used to describe the extreme events in financial markets. ► This results may excite the relative researches and potential applications of vector rogue waves.

  11. Pellicle transmission uniformity requirements

    Science.gov (United States)

    Brown, Thomas L.; Ito, Kunihiro

    1998-12-01

    Controlling critical dimensions of devices is a constant battle for the photolithography engineer. Current DUV lithographic process exposure latitude is typically 12 to 15% of the total dose. A third of this exposure latitude budget may be used up by a variable related to masking that has not previously received much attention. The emphasis on pellicle transmission has been focused on increasing the average transmission. Much less, attention has been paid to transmission uniformity. This paper explores the total demand on the photospeed latitude budget, the causes of pellicle transmission nonuniformity and examines reasonable expectations for pellicle performance. Modeling is used to examine how the two primary errors in pellicle manufacturing contribute to nonuniformity in transmission. World-class pellicle transmission uniformity standards are discussed and a comparison made between specifications of other components in the photolithographic process. Specifications for other materials or parameters are used as benchmarks to develop a proposed industry standard for pellicle transmission uniformity.

  12. 36 CFR 64.15 - Financial reporting requirements and reimbursements.

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 1 2010-07-01 2010-07-01 false Financial reporting requirements and reimbursements. 64.15 Section 64.15 Parks, Forests, and Public Property NATIONAL PARK SERVICE... RIGHTS-OF-WAY § 64.15 Financial reporting requirements and reimbursements. Payments to applicants will...

  13. Rich Dad, Smart Dad: Decomposing the Intergenerational Transmission of Income

    OpenAIRE

    Lefgren, Lars; Lindquist, Matthew; Sims, David

    2009-01-01

    We construct a simple model, consistent with Becker and Tomes (1979), that decomposes the intergenerational income elasticity into the causal effect of financial resources, the mechanistic transmission of human capital, and the role that human capital plays in the determination of father’s permanent income. We show how a particular set of instrumental variables could separately identify the money and human capital transmission effects. We further outline two instrumental variables methods for...

  14. Financial Coaching's Potential for Enhancing Family Financial Security

    Science.gov (United States)

    Collins, J. Michael; Olive, Peggy; O'Rourke, Collin M.

    2013-01-01

    Financial coaching is an emerging complement to financial education and counseling. As defined in this article, financial coaching is a process whereby participants set goals, commit to taking certain actions by specific dates, and are then held accountable by the coach. In this way, financial coaching is designed to help participants bridge the…

  15. Financial Literacy as the Foundation for Individual Financial Behavior

    Science.gov (United States)

    Dwiastanti, Anis

    2015-01-01

    Research that is dealing with financial literacy turns to be such an important thing to be conducted. It is due to the fact that financial literacy level of Indonesian society is still very low. A good financial literacy is necessary for every individual to manage his/her finances to achieve prosperity. To have a good level of financial literacy,…

  16. Late Financial Distress Process Stages and Financial Ratios

    DEFF Research Database (Denmark)

    Sormunen, Nina; Laitinen, Teija

    2012-01-01

    stage affects the classification ability of single financial ratios and financial distress prediction models in short-term financial distress prediction. The study shows that the auditor's GC task could be supported by paying attention to the financial distress process stage. The implications...... of these findings for auditors and every stakeholder of business firms are considered....

  17. EDF - 2007 results, 2007 Financial report

    International Nuclear Information System (INIS)

    Gadonneix, Pierre

    2008-01-01

    As the world's biggest electricity generator, the EDF Group covers every sector of expertise, from generation to trading and transmission grids. EDF builds on the expertise of its people, its R and D and engineering skills, its experience as a leading industry operator and the attentive support of its customers to deliver competitive solutions that successfully reconcile economic growth with climate protection. This document presents the 2007 annual results and Consolidated financial statements of the Group at 31 December 2007: Consolidated income statements; Consolidated balance sheets; Consolidated cash flow statements; Changes in consolidated equity; Notes to the consolidated financial statements: Group accounting standards; Summary of the principal accounting and valuation methods; Public electricity distribution concessions in France and concession agreements for other activities; Comparability; Significant events and transactions of 2007 and 2006; Changes in the scope of consolidation; Segment reporting; Sales; Fuel and energy purchases; Other external expenses; Contractual obligations and commitments; Personnel expenses; Other operating income and expenses; Impairments / reversals; Other operating income and expenses; Financial result; Income taxes; Goodwill; Other intangible assets; Property, plant and equipment operated under French public electricity distribution concessions; Property, plant and equipment operated under concessions for other activities; Property, plant and equipment used in generation and other tangible assets owned by the Group; Investments in companies accounted for under the equity method; Current and non-current financial assets; Inventories, including work-in-process; Trade receivables; Other receivables; Cash and cash equivalents; Held-for-sale assets and liabilities; Equity; Provisions; Specific French public electricity distribution concession liabilities for existing assets and assets to be replaced; Current and non

  18. East Asian Financial Cycles: Asian vs. Global Financial Crises

    OpenAIRE

    Akira Kohsaka; Jun-ichi Shinkai

    2014-01-01

    We examine the role of financial shocks in business cycles in general and in financial crises in particular in East Asia (Indonesia, Korea, Malaysia and Thailand) since the 1990s. Estimating a Financial Conditions Index, we found that financial shocks explain most of business downturns in all the economies in the Asian Financial Crisis (AFC) in 1997-98, but that the effects of financial shocks are diverse across economies in the Global Financial Crisis (GFC) in 2008-09. In the GFC, the financ...

  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. Do generation firms in restructured electricity markets have incentives to support social-welfare-improving transmission investments?

    International Nuclear Information System (INIS)

    Sauma, Enzo E.; Oren, Shmuel S.

    2009-01-01

    This paper examines the incentives that generation firms have in restructured electricity markets for supporting long-term transmission investments. In particular, we study whether generation firms, which arguably play a dominant role in the restructured electricity markets, have the incentives to fund or support incremental social-welfare-improving transmission investments. We examine this question in a two-node network and explore how such incentives are affected by the ownership of financial transmission rights (FTRs) by generation firms. In the analyzed two-node network, we show both (1) that the net exporter generation firm has the correct incentives to increase the transmission capacity incrementally up to a certain level and (2) that, although a policy that allocates FTRs to the net exporter generation firm can be desirable from a social point of view, such a policy would dilute the net-importer-generation-firm's incentives to support transmission expansion. Moreover, if all FTRs were allocated or auctioned off to the net exporter generation firm, then it is possible to increase both consumer surplus and social welfare while keeping the net exporter generation firm revenue neutral. (author)

  1. Financial Analysis of the Financial Institutions Sector in Kosovo

    Directory of Open Access Journals (Sweden)

    Vlora Prenaj

    2015-12-01

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

  2. Credit policy, inflation and growth in a financially repressed economy

    NARCIS (Netherlands)

    van Wijnbergen, S.J.G.

    1983-01-01

    This paper analyzes credit policy in an open economy macro-model incorporating stylized facts about the financial sector of less developed countries. The Keynes-Wicksell growth model is applied in view of the transmission channel of monetary policy into the supply side of the economy via the cost of

  3. Evaluating a Financial Assessment Tool: The Financial Checkup

    OpenAIRE

    Johnson, Alena C.

    2001-01-01

    The purpose of this study was to evaluate The Financial Checkup program. The program consisted of a booklet called The Financial Checkup and a 1-1 y, hour workshop explaining the booklet. The booklet helps individuals evaluate their financial situation on an annual basis. It includes a net worth statement, an income and expense statement, financial ratios, a revolving savings worksheet, a retirement worksheet, a life insurance worksheet, a financial goals worksheet, and a budget worksheet. Th...

  4. Framework for financial ratio analysis of audited federal financial reports

    OpenAIRE

    Brady, Richard T.

    1999-01-01

    Federal agencies have traditionally prepared financial reports to monitor and report the obligation and expenditure of federal funding. With the passage of the Chief Financial Officers Act of 1990, Congress called for the production of financial statements that fully disclose a federal entity's financial position and results of operations. The disclosure of this type of information, it was believed, would enable decision-makers to understand the financial implications of budgetary, policy and...

  5. AIDS and human rights.

    Science.gov (United States)

    Tarantola, D; Mann, J

    1995-01-01

    HIV/AIDS is a health problem that is inseparable from individual and collective behavior and social forces, particularly linked with societal respect for human rights and dignity. In its second decade, the HIV/AIDS pandemic continues to thrive. Where organized communities have access to adequate information, education, and services, the incidence of infection has begun to decline. Elsewhere, HIV continues to reach new populations and new geographic areas. Lessons learned in more than a decade of prevention work point to new directions for expanding national responses, at a time when the UNAIDS program, to be launched in January 1996, offers opportunities for innovative, broad-based, coordinated, and expanded global action. Prevention activities have shown that the spread of HIV can be effectively reduced. Public health interventions, including providing information and applying prevention methods, reduce the probability of infection, the risk of transmission, and the chances of not accessing appropriate care or support once infection has set in. These are proximal interventions that yield the short-term benefits of the decline of incidence and improved quality and duration of life for those infected. Societal vulnerability translates today into the focus the pandemic has on individuals, communities, and nations that are disadvantaged, marginalized, or discriminated against for reasons of gender, age, race, sexual orientation, economic status, or cultural, religious, or political affiliation. A fully expanded response to HIV/AIDS requires a combination of risk-reduction (proximal) and contextual interventions--those directed at reducing vulnerability through social change to enable people to exert control over their own health. Contextual actions can be implemented in the short term (changing laws, policies, practices that discriminate, promoting human rights, developing the most vulnerable communities) and in the long term (cultural changes, gender equality in

  6. Financial integration and financial development in transition economies: What happens during financial crises?

    Directory of Open Access Journals (Sweden)

    Igor Masten

    2011-12-01

    Full Text Available

    This paper provides an empirical analysis of the role of financial development and financial integration in the growth dynamics of transition countries. We focus on the role of financial integration in determining the impact of financial development on growth, distinguishing “normal times” from periods of financial crises. In addition to confirming the significant positive effect on growth exerted by financial development and financial integration, our estimates show that a higher degree of financial openness tends to reduce the contractionary effect of financial crises, by cushioning the effect on the domestic supply of credit. Consequently, the high reliance on international capital flows by transition countries does not necessarily increase their financial fragility. This implies that financial protectionism is a self-defeating policy, at least for transition countries.

  7. RURAL FINANCIAL MARKETS: AN OVERVIEW

    OpenAIRE

    Spio, Kojo; Groenewald, Jan A.

    1997-01-01

    The paper seeks to present an in depth overview of rural financial markets in developing countries. Attention is given to the role of financial markets in the development process, approaches to rural finance in developing countries, and formal and informal financial markets. The pro and cons of the various financial markets were also considered.

  8. ICAF Financial Services Industry Study

    Science.gov (United States)

    2005-06-01

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

  9. Some considerations on using monetary policy to promote financial stability

    Directory of Open Access Journals (Sweden)

    Petria, N.

    2010-12-01

    Full Text Available The current period of crisis on credit markets has highlighted the crucial role of the behaviour of banks in the transmission mechanism of monetary policy. This paper summarises our considerations on how monetary policy, as the main instrument, acts in order to promote financial stability and to stabilize the banking system. Central banks have a variety of tools for implementing monetary policy, but the tool that has received the most attention in literature is the interest rate. We observe that the financial crisis that erupted in the summer of 2007 has refocused attention on other channels of monetary policy, notably the transmission of policy through the supply of credit and overall conditions in the capital markets. Monetary policy has important macroeconomic effects only to the extent that it moves financial market prices that really matter—like long-term interest rates, stock market values, and exchange rates.

  10. Positive rights, negative rights and health care.

    Science.gov (United States)

    Bradley, Andrew

    2010-12-01

    In the current debate about healthcare reform in the USA, advocates for government-ensured universal coverage assume that health care is a right. Although this position is politically popular, it is sometimes challenged by a restricted view of rights popular with libertarians and individualists. The restricted view of rights only accepts 'negative' rights as legitimate rights. Negative rights, the argument goes, place no obligations on you to provide goods to other people and thus respect your right to keep the fruits of your labour. A classic enumeration of negative rights includes life, liberty, and the pursuit of happiness. Positive rights, by contrast, obligate you either to provide goods to others, or pay taxes that are used for redistributive purposes. Health care falls into the category of positive rights since its provision by the government requires taxation and therefore redistribution. Therefore, the libertarian or individualist might argue that health care cannot be a true right. This paper rejects the distinction between positive and negative rights. In fact, the protection of both positive and negative rights can place obligations on others. Furthermore, because of its role in helping protect equality of opportunity, health care can be tied to the rights to life, liberty, and the pursuit of happiness. There is, therefore, good reason to believe that health care is a human right and that universal access should be guaranteed. The practical application, by governments and non-governmental organisations, of several of the arguments presented in this paper is also discussed.

  11. Transmission Integration | Grid Modernization | NREL

    Science.gov (United States)

    Transmission Integration Transmission Integration The goal of NREL's transmission integration integration issues and provide data, analysis, and models to enable the electric power system to more and finding solutions to address them to enable transmission grid integration. Capabilities Power

  12. First half 2010 financial results

    International Nuclear Information System (INIS)

    2010-01-01

    The Supervisory Board of the AREVA group presents in this document the financial statements submitted by the Executive Board for the semester ended June 30, 2010. Areva backlog continued to rise in the first half of the year. Areva's revenue is up by more than 6% for the first six months to more than 4 billion euros. The performance of Areva's recurring business continues to improve, reflecting optimization plans deployed in all of the group's business units. However, Areva booked in the first half a non cash reversible accounting adjustment on the value of certain mining assets, following the publication in the second quarter of new prospective data on uranium prices, as well as an additional provision on the EPR project in Finland. Cumulated provisions on OL3 rose to 2.6 billion euros. Capitalizing on lessons learned from this project, Areva has reduced strongly the engineering hours needed for the completion of the nuclear steam supply system for the Taishan 1 and 2 EPR reactors. Net income attributable to owners of the parent rose to 843 million euros, including the 1.3 billion euro gain on the disposal of the Transmission and Distribution business, or 23.82 euros per share. For the full year of 2010, the group anticipates a substantial revenue and backlog growth, an increase in operating income excluding particular items, a negative operating income, and a strong increase in net income attributable to owners of the parent, which includes the capital gain on disposal of the Transmission and Distribution business. First half 2010 financial results in brief: - Backlog of euro 44.1 bn: +euro 1.2 bn compared with June 30, 2009; - Revenue of euro 4.158 bn: +6.4% compared with first half 2009; - Operating income excl. particular items: euro 213 m, for a 5.1% margin; - Operating income: -euro 485 m; - Net income group share: euro 843 m including the euro 1.27 bn gain on the sale of the T and D business; - Earnings per share: euro 23.82; - Net debt of euro 5.152 bn

  13. 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

  14. PROFITABILITY AND FINANCIAL STABILITY

    Directory of Open Access Journals (Sweden)

    CĂRUNTU CONSTANTIN

    2011-09-01

    Full Text Available The business activity allows identifying two categories of flows: flows of results and cash flows. Flows affect the income and expenses, participating in training result, the company's profitability. Financial flows involved in their formation both monetary items (which drive the monetary input or output and thus implies a cash flow, and non-cash items (affecting the result, without leading to a cash flow. Are equally identifiable cash flows that do not involve an immediate effect on the outcome or effect on the result equivalent to that spread on the treasury. Financial equilibrium in a general manner evokes the idea of harmony between different elements of a system, which in finance is harmonization of resources with the needs. Financial equilibrium can be defined by the company's ability to secure payment of its proceeds without interruption to current liabilities incurred in implementing its object of activity or tax laws, so it can avoid the risk of bankruptcy. Maintaining financial stability is the essential condition of survival of the enterprise, financial and balanced assessment must take into account the concrete conditions of the occurrence of default.

  15. 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...

  16. 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...

  17. 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...

  18. Series Transmission Line Transformer

    Science.gov (United States)

    Buckles, Robert A.; Booth, Rex; Yen, Boris T.

    2004-06-29

    A series transmission line transformer is set forth which includes two or more of impedance matched sets of at least two transmissions lines such as shielded cables, connected in parallel at one end ans series at the other in a cascading fashion. The cables are wound about a magnetic core. The series transmission line transformer (STLT) which can provide for higher impedance ratios and bandwidths, which is scalable, and which is of simpler design and construction.

  19. Drivers of Tuberculosis Transmission.

    Science.gov (United States)

    Mathema, Barun; Andrews, Jason R; Cohen, Ted; Borgdorff, Martien W; Behr, Marcel; Glynn, Judith R; Rustomjee, Roxana; Silk, Benjamin J; Wood, Robin

    2017-11-03

    Measuring tuberculosis transmission is exceedingly difficult, given the remarkable variability in the timing of clinical disease after Mycobacterium tuberculosis infection; incident disease can result from either a recent (ie, weeks to months) or a remote (ie, several years to decades) infection event. Although we cannot identify with certainty the timing and location of tuberculosis transmission for individuals, approaches for estimating the individual probability of recent transmission and for estimating the fraction of tuberculosis cases due to recent transmission in populations have been developed. Data used to estimate the probable burden of recent transmission include tuberculosis case notifications in young children and trends in tuberculin skin test and interferon γ-release assays. More recently, M. tuberculosis whole-genome sequencing has been used to estimate population levels of recent transmission, identify the distribution of specific strains within communities, and decipher chains of transmission among culture-positive tuberculosis cases. The factors that drive the transmission of tuberculosis in communities depend on the burden of prevalent tuberculosis; the ways in which individuals live, work, and interact (eg, congregate settings); and the capacity of healthcare and public health systems to identify and effectively treat individuals with infectious forms of tuberculosis. Here we provide an overview of these factors, describe tools for measurement of ongoing transmission, and highlight knowledge gaps that must be addressed. © The Author 2017. Published by Oxford University Press for the Infectious Diseases Society of America.

  20. Does financial education impact financial literacy and financial behavior, and if so, when?

    OpenAIRE

    Kaiser, Tim; Menkhoff, Lukas

    2017-01-01

    A meta-analysis of 126 impact evaluation studies finds that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs). However, intervention impacts are highly heterogeneous: financial education is less effective for low-income clients as well as in low- and lowe...

  1. Dynamisms of Financialization

    DEFF Research Database (Denmark)

    Pedraza-Acosta, Isabel; Mouritsen, Jan

    2018-01-01

    and conditioned by calculative devices that mediate financialization processes? Drawing on a study of a French multinational corporation whose accounting devices – one concerning performance that requires suppliers to be ‘poor’ and another concerning risk that requires suppliers to be ‘rich’ – the article focuses......This article analyses the dominant ideological mode of rationality of financialization, its operationalization via accounting devices and deployments in political intra- and inter-organizational processes, and its dynamisms in global production networks. It asks how are political processes informed...... the suppliers went bankrupt, the multinational corporation was devoid of its industrial competencies. Financialization is ambiguous. Its devices are not inherently facilitative of systemic powers but reflect an ideological mode of rationality and political processes that produce overflows. The associated...

  2. ISSUERS OF FINANCIAL INSTRUMENTS

    Directory of Open Access Journals (Sweden)

    Cristian GHEORGHE

    2016-05-01

    Full Text Available The rules laid down by Romanian Capital Market Law and the regulations put in force for its implementation apply to issuers of financial instruments admitted to trading on the regulated market established in Romania. But the issuers remain companies incorporated under Company Law of 1990. Such dual regulations need increased attention in order to observe the legal status of the issuers/companies and financial instruments/shares. Romanian legislator has chosen to implement in Capital Market Law special rules regarding the administration of the issuers of financial instruments, not only rules regarding admitting and maintaining to a regulated market. Thus issuers are, in Romanian Law perspective, special company that should comply special rule regarding board of administration and general shareholders meeting.

  3. Financial Analysts’ Forecasts

    DEFF Research Database (Denmark)

    Stæhr, Simone

    . The primary focus is on financial analysts in the task of conducting earnings forecasts while a secondary focus is on investors’ abilities to interpret and make use of these forecasts. Simply put, financial analysts can be seen as information intermediators receiving inputs to their analyses from firm...... in the decision making and the magnitude of these constraints does sometimes vary with personal traits. Therefore, to the extent that financial analysts are subjects to behavioral biases their outputs to the investors are likely to be biased by their interpretation of information. Because investors need accuracy...... management and providing outputs to the investors. Amongst various outputs from the analysts are forecasts of earnings. According to decision theories mostly from the literature in psychology all humans are affected by cognitive constraints to some degree. These constraints may lead to unintentional biases...

  4. Human rights to in vitro fertilization.

    Science.gov (United States)

    Zegers-Hochschild, Fernando; Dickens, Bernard M; Dughman-Manzur, Sandra

    2013-10-01

    The Inter-American Court of Human Rights (the Court) has ruled that the Supreme Court of Costa Rica's judgment in 2000 prohibiting in vitro fertilization (IVF) violated the human right to private and family life, the human right to found and raise a family, and the human right to non-discrimination on grounds of disability, financial means, or gender. The Court's conclusions of violations contrary to the American Convention on Human Rights followed from its ruling that, under the Convention, in vitro embryos are not "persons" and do not possess a right to life. Accordingly, the prohibition of IVF to protect embryos constituted a disproportionate and unjustifiable denial of infertile individuals' human rights. The Court distinguished fertilization from conception, since conception-unlike fertilization-depends on an embryo's implantation in a woman's body. Under human rights law, legal protection of an embryo "from conception" is inapplicable between its creation by fertilization and completion of its implantation in utero. © 2013.

  5. 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.

  6. Communication rights: Fundamental human rights for all.

    Science.gov (United States)

    McLeod, Sharynne

    2018-02-01

    The right to communicate includes the right to "freedom of opinion and expression" and rights and freedoms "without distinction of … language". The 70th anniversary of the Universal Declaration of Human Rights is a time to celebrate and reflect on communication as a human right, particularly with respect to Article 19 and its relationship to national and international conventions, declarations, policies and practices. This review profiles articles from the special issue of International Journal of Speech-Language Pathology (volume 20, issue 1) addressing communication rights from four perspectives: (1) communication rights of all people; (2) communication rights of people with communication disabilities; (3) communication rights of children and (4) communication rights relating to language. Divergent perspectives from across the globe are considered. First-hand accounts of people whose right to communicate is compromised/upheld are included and perspectives are provided from people with expertise and advocacy roles in speech-language pathology, audiology, linguistics, education, media, literature and law, including members of the International Communication Project. Three steps are outlined to support communication rights: acknowledge people - adjust the communication style - take time to listen. Future advocacy for communication rights could be informed by replicating processes used to generate the Yogyakarta Principles.

  7. Transformation of Rights to Education

    Directory of Open Access Journals (Sweden)

    Ali Tarik GÜMÜŞ

    2012-05-01

    Full Text Available Everyone has the right to education from birth, and this right should be available equally to everyone by the state. Basically, the state imposes important responsibilities in regard to providing education services in respect to the right to life in a manner worthy of human dignity towards individuals directly connected to the right to education.The right to education in the classification of fundamental rights and freedoms found in the second generation or the social and economic rights. After World War II, this right significantly institutionalized andmany new constitutions were enacted. Social and economic rights in constitutions of these states had important responsibilities installed as a constitutional assignment.Usually social and economic rights in constitutions in respect to the criteria "the means of economic dependence" is limited. Yet during this period the states were strongly willing to spend strongly in order to implement the right to education. However, since the mid-1970s, states have fallen into economic crisis. In order to adopt a solution to solve this crisis, there has been an emphasis on neo-liberal ideas. So that states a different approach from that period have led to enter into. In the new era that has survived from this, the process of globalization has accelerated and world-wide, neo-liberal shaped ideas, within the framework have led to the establishment of a new order.During this period globalization is taking shape as a process of international exchange that is characterized by a growing interconnectedness between political, social, cultural and economic systems beyond national borders. Thus in this process, important changes are taking place regarding the right to education. This change process is especially the case with respect to economic globalization. In this context economic globalization refers to a related process: the integration of world financial markets. In this process, as national economies open to

  8. Regulating household financial advice

    Directory of Open Access Journals (Sweden)

    Benjamin F. Cummings

    2012-08-01

    Full Text Available This paper reviews economic theory related to investment advice. This theory explains 1 why financial advisors need to be carefully regulated for the benefit of both the investment advice industry and for consumers, 2 why principles-based regulation (e.g., a fiduciary standard is more efficient than rules-based regulation, 3 why dual regulation of financial professionals providing investment or insurance advice is inefficient and inequitable policy, and 4 why the application of a universal and uniform fiduciary standard will be difficult to implement.

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

    OpenAIRE

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

    2017-01-01

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

  10. Corporate Investments in Asian Emerging Markets: Financial Conditions, Financial Development, and Financial Constraints

    OpenAIRE

    Wang, Jianxin; Gochoco-Bautista, Maria Socorro; Sotocinal, Noli

    2013-01-01

    Motivated by the literature on the finance–growth nexus, this paper explores the mechanisms through which finance affects corporate investments and capital accumulation. We separate the effects of financial conditions from those of financial development. Based on a sample of firms from five Asian emerging economies, we find that (1) financial conditions and financial development affect corporate investments through different channels. Financial conditions affect firms' growth opportunities an...

  11. Financial methods in competitive electricity markets

    Science.gov (United States)

    Deng, Shijie

    The restructuring of electric power industry has become a global trend. As reforms to the electricity supply industry spread rapidly across countries and states, many political and economical issues arise as a result of people debating over which approach to adopt in restructuring the vertically integrated electricity industry. This dissertation addresses issues of transmission pricing, electricity spot price modeling, as well as risk management and asset valuation in a competitive electricity industry. A major concern in the restructuring of the electricity industries is the design of a transmission pricing scheme that will ensure open-access to the transmission networks. I propose a priority-pricing scheme for zonal access to the electric power grid that is uniform across all buses in each zone. The Independent System Operator (ISO) charges bulk power traders a per unit ex ante transmission access fee based on the expected option value of the generated power with respect to the random zonal spot prices. The zonal access fee depends on the injection zone and a self-selected strike price determining the scheduling priority of the transaction. Inter zonal transactions are charged (or credited) with an additional ex post congestion fee that equals the zonal spot price difference. The unit access fee entitles a bulk power trader to either physical injection of one unit of energy or a compensation payment that equals to the difference between the realized zonal spot price and the selected strike price. The ISO manages congestion so as to minimize net compensation payments and thus, curtailment probabilities corresponding to a particular strike price may vary by bus. The rest of the dissertation deals with the issues of modeling electricity spot prices, pricing electricity financial instruments and the corresponding risk management applications. Modeling the spot prices of electricity is important for the market participants who need to understand the risk factors in

  12. Cultural Transmission of Civicness

    DEFF Research Database (Denmark)

    Ljunge, Jan Martin

    2012-01-01

    This paper estimates the intergeneration transmission of civicness by studying second generation immigrants in 29 European countries with ancestry in 83 nations. There is significant transmission of civicness both on the mother’s and the father’s side. The estimates are quantitatively significant...

  13. Cultural Transmission of Civicness

    DEFF Research Database (Denmark)

    Ljunge, Jan Martin

    This paper estimates the intergeneration transmission of civicness by studying second generation immigrants in 29 European countries with ancestry in 83 nations. There is significant transmission of civicness both on the mother’s and the father’s side. The estimates are quantitatively significant...

  14. Poverty and price transmission

    DEFF Research Database (Denmark)

    Elleby, Christian

    A key parameter determining the welfare impact from a world market shock is the transmission elasticity which measures the average domestic response to an international price change. Many studies have estimated price transmission elasticities for a large number of countries but the variation in t...

  15. Transmission market support system

    International Nuclear Information System (INIS)

    Reinschmidt, K.F.; Coles, B.C.

    1995-01-01

    An interactive, computer-based market support system has been developed for transmission access that is efficient, equitable, and fair to all parties concerned with electrical transmission: utilities, electric generators, owners of transmission networks, and wholesale purchasers of electrical power. Each participant transmits electronically to the computer system his proposed price schedule for buying, selling, or transmitting power for each future time period. The price for transmission on a single line in one direction can differ from the price in the other direction. The total quantity offered in the transmission bid represents the capacity of the line, and the flow on the line cannot exceed this value. The system automatically computes the prices that clear the market; that is, the price that each generator receives at each bus, the price that each transmission operator receives on each line, and the price that each customer pays at each bus. The computer system maximizes the benefits to all three classes while satisfying the electrical characteristics of the transmission system by means of load flow calculations. Customers never pay more than their bid prices (but may pay less), and generators and transmission operators never receive less than their bid prices (but may receive more). The price at each bus applies to all buyers and sellers at that bus: all buyers at the same bus pay the same price and all generators at a bus receive the same price

  16. Pricing transmission services

    International Nuclear Information System (INIS)

    Haaden, E.

    1995-01-01

    The price structure for transmission of electric power through the main lines in Sweden is analyzed. After deregulation of the electricity market, the main transmission lines are owned by a separate national company, with no interests from the power producers. Comparisons are made to ideal marginal price structures. 6 refs

  17. Eliminating Perinatal HIV Transmission

    Centers for Disease Control (CDC) Podcasts

    In this podcast, CDC’s Dr. Steve Nesheim discusses perinatal HIV transmission, including the importance of preventing HIV among women, preconception care, and timely HIV testing of the mother. Dr. Nesheim also introduces the revised curriculum Eliminating Perinatal HIV Transmission intended for faculty of OB/GYN and pediatric residents and nurse midwifery students.

  18. 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

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

    Science.gov (United States)

    2010-07-01

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

  1. Double Outlet Right Ventricle

    Science.gov (United States)

    ... Right Ventricle Menu Topics Topics FAQs Double Outlet Right Ventricle Double outlet right ventricle (DORV) is a rare form of congenital heart disease. En español Double outlet right ventricle (DORV) is a rare form of congenital ...

  2. Electric transmission technology

    International Nuclear Information System (INIS)

    Shah, K.R.

    1990-01-01

    Electric transmission technology has matured and can transmit bulk power more reliably and economically than the technology 10 years ago.In 1882, Marcel Depres transmitted 15 kW electric power at 2 kV, using a constant direct current; present transmission voltages have risen to ± 600 kV direct current (DC) and 765 kV alternating current (AC), and it is now possible to transmit bulk electric power at voltages as high as ± 1000 kV DC and 1500 kV AC. Affordable computer systems are now available to optimize transmission reliably. New materials have reduced the bulk of insulation for lines and equipment. New conducting materials and configurations have reduced losses in transmission. Advances in line structures and conductor motion, understanding of flashover characteristics of insulators and air-gaps and electrical performance of lines have resulted in more compact urban transmission lines. (author). 15 refs., 7 tabs., 11 figs

  3. Microwave energy transmission

    Energy Technology Data Exchange (ETDEWEB)

    Matsumoto, Hiroshi [Kyoto Univ. (Japan)

    1989-03-05

    Laying stress on the technological problems and effect on the environment of microwave energy transmission, recent scientific and engineering problems and related subjects are described. Because no fuel is required for the solar power generation, the power generation system can not be considered as an expensive one when the unit cost of energy is taken into consideration. Some of the important technological problems in the microwave energy transmission are accurate microwave beam control technology to receiving stations and improvement in the efficiency of transmission system. Microwave energy beam has effects on living bodies, communication, and plasma atmosphere of the earth. Microwave energy transmission using a space flyer unit is scheduled. Its objective is the development of microwave wireless transmission technology and the study of the correlation between high power microwave and ionosphere plasma. Experiments on such a small scale application as a microwave driven space ship to bring results seem also important. 12 refs., 13 figs.

  4. Increasing Financial Security

    Science.gov (United States)

    Kiss, Elizabeth

    2006-01-01

    Earning, spending, saving and investing, and using credit are important aspects of money management that teens need to understand as they move into adulthood. Family and consumer sciences (FCS) professionals have a long history of addressing this important life skill. This brief article describes the High School Financial Planning Program (HSFPP),…

  5. Fighting the Financial Crisis

    DEFF Research Database (Denmark)

    Hull Kristensen, Peer

    2015-01-01

    This paper is concerned to show how the Danish political elite interpreted and responded to the consequences of the 2008 financial crisis for the Danish economy. In particular, the paper describes how this interpretive construction focused primarily on three features of the Danish context to the ...

  6. International Financial Reporting Standards

    DEFF Research Database (Denmark)

    Pontoppidan, Caroline Aggestam

    2011-01-01

    The advance of International Financial Reporting Standards (IFRS) across the globe has accelerated over the last few years. This is placing increasing demands on educators to respond to these changes by an increased focus on IFRS in the curricula of accounting students. This paper reviews a range...

  7. A Financial Marriage

    Institute of Scientific and Technical Information of China (English)

    LAN XINZHEN

    2010-01-01

    @@ Love is in the air as financial church bells ring,ushering in a bonding between CITIC Securities Co.Ltd.land Crédit Agricole S.A.(CASA).The Chinese company and the French bank are planning to establish a global investment bank and strategic brokerage alliance,said a memorandum of understanding signed by the two sides on May 3.

  8. Financial Giffen Goods

    DEFF Research Database (Denmark)

    Poulsen, Rolf; Rasmussen, Kourosh Marjani

    2008-01-01

    In the basic Markowitz and Merton models, a stock’s weight in efficient portfolios goes up if its expected rate of return goes up. Put differently, there are no financial Giffen goods. By an example from mortgage choice we illustrate that for more complicated portfolio problems Giffen effects do...

  9. Medical students' financial dilemma

    African Journals Online (AJOL)

    1991-05-18

    May 18, 1991 ... A study conducted at the University of Cape Town. R. P. COLBORN ... The financial position of 5th- and 6th-year medical students at the University of .... USA and the UK10,ll appear to have similar problems. Subjects and ...

  10. Financial Derivatives in China

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    Francis Repka sees bright prospects for the future development of the financial derivatives market in China. Repka,Vice President of the Asian Bond Finance Department of Societe Generale, says the situation in France just after the birth of derivatives was very similar to the situation in China today.

  11. Issue of Financial Capability

    Science.gov (United States)

    Hasek, Roman; Petraskova, Vladimira

    2010-01-01

    For most people, including students, it is not easy to have a good grasp of the basic terms in the field of finance and of their interrelations, in particular due to the fact that the offer for financial products keeps changing and its statement is frequently unclear, insincere and confusing. The Pedagogical Faculty of the University of South…

  12. Consolidated financial statements

    OpenAIRE

    Blaha, Miroslav

    2010-01-01

    This work provides basic information about consolidation and consolidated financial statements. In the beginning there are definisions of the members of the group under discussion and their relationship. Hereafter concepts of consolidation, accounting methods and methods of consolidation are discussed. It also compares approach of different accounting systems to consolidation.

  13. Consumer financial behavior

    NARCIS (Netherlands)

    van Raaij, W.F.

    2014-01-01

    Consumer financial behavior is a domain between micro-economics, behavioral finance, and marketing. It is based on insights and behavioral theories from cognitive, economic, and social psychology (biases, heuristics, social influences), in the context of and sometimes in conflict with micro-economic

  14. PENGARUH RIGHT ISSUE TERHADAP KINERJA KEUANGAN PERUSAHAAN

    Directory of Open Access Journals (Sweden)

    Ibnu Khajar

    2010-03-01

    Full Text Available Penelitian ini menyelidiki pengaruh right issue terhadap kinerja keuangan perusahaan yang go public di Bursa Efek Indonesia. Sampel meliputi dua puluh satu perusahaan yang melakukan right issue dari tahun 2003-2006. Variabel penelitian adalah kinerja keuangan yang diukur dengan rasio likuiditas, leverage, profitabilitas, aktivitas, dan rasio pasar. Paired t-test dan uji Wilcoxon digunakan untuk menentukan perbedaan kinerja keuangan sebelum dan sesudah right issue. Dari rasio kinerja likuiditas, leverage, profitabilitas, aktivitas, dan rasio pasar (Rasio Lancar, Hutang Jumlah Untuk Jumlah Aktiva, Net Profit Margin, Asset Turn Over dan Rasio Price Earning pada dua tahun sebelum dan dua tahun setelah right issue, hanya dua rasio-Harga Earning ratio dan Current Ratio secara signifikan berbeda pada sebelum dan sesudah right issue. Kedua rasio ini meningkat secara signifikan. This study investigated the effect of right issue on the financial performance of companies that go public on the Indonesian Stock Exchange. The sample included twenty-one company that does the right issue from the years 2003-2006. Research variable is financial performance as measured by the liquidity ratio, leverage, profitability, activity, and the ratio of the market. Paired t-test and Wilcoxon test used to determine differences in financial performance before and after the rights issue. From the performance ratios of liquidity, leverage, profitability, activity, and the market ratio (Current Ratio, Total Debt To Total Assets, Net Profit Margin, Asset Turn Over and Price Earning Ratio at two years before and two years after the right issue, only two ratio--Price Earning Ratio and Current Ratio are significantly different at the before and after the rights issue. Both these ratios increased significantly.

  15. Financial literacy: an interface between financial information and ...

    African Journals Online (AJOL)

    D.G. Gouws is in the School of Financial Management Sciences, University of Pretoria, and Ms ... connection between the financial numbers and the real business world context. ...... The Origin of Wealth: Evolution, Complexity, and the Radical.

  16. The role of 'financial myths' in financial crises

    OpenAIRE

    Eric S. Rosengren

    2011-01-01

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

  17. APPLICATION OF FINANCIAL ETHICS IN ANNUAL FINANCIAL REPORTING OF BANKS

    Directory of Open Access Journals (Sweden)

    Ayuba A. Aminu

    2016-03-01

    Full Text Available The importance of financial ethics and its application in financial reporting of banks cannot be ignored as it assists in building public confidence and fostering professionalism. However, the non-compliance and conformity with Nigerian Financial Regulatory Authorities prudential guidelines in the preparation of financial statements lead to incomplete or false information. The objective of the study is to examine the application of financial ethics in annual financial reporting of banks. The study employed primary and secondary data and stratified and purposive sampling techniques were used in which 20 questionnaires were administered to respondents. ANOVA and chi-square were in analysis and the findings revealed that there are significant unethical practices in the preparation of financial reports of banks in Nigeria. The study recommends that more emphasis and attention should be given to ethical standards in all banks and banks should give out clear reports of their financial activities to the regulatory authorities.

  18. The Financial Crisis: Origins, Causes And Conclusions

    Directory of Open Access Journals (Sweden)

    Eneida Permeti

    2015-03-01

    Full Text Available The crisis in recent years took start in response to a crisis of the real estate market in the United States in 2007. The year 2009 has seen an economic crisis and between 2010 and 2011 it was known the spreading of the crisis sovereign debt and public finances of many countries. The financial markets failed in their main task: the allocation of risk. The products and services traded in the financial market are characterized by the immateriality and legal complexity. It means a high uncertainty degree and a high risk. Therefore is very important to protect the investors and this means: give them the right information, right legislation, market confidence and a product that respond to their needs. The crisis causes are: weaknesses in the regulatory, malfunction of the rating agencies, political errors and conflicts of interest. This means that we need: more rules, more capital, less debt, more transparency. The financial markets and the economy have always moved in harmony and savers have undertaken a countercyclical behavior, against trend or against the cycle and for investing in financial markets with the probability in favor we need a map that comes from the statistics.

  19. Financial Literacy and Financial Education: Review and Policy Implications

    OpenAIRE

    Annamaria Lusardi

    2006-01-01

    In recent years, as workers have gained an unprecedented degree of control over their pensions and savings, the importance of financial literacy and financial education has increased considerably. Large changes in the structure of financial markets, labor markets, and demographics in developed countries have led to this change. Consumers have a bewildering array of complex financial products – from reverse mortgages to annuities – to choose from, making saving decisions increasingly complex. ...

  20. Personal Financial Literacy and Financial Planning in Klang Valley, Malaysia

    OpenAIRE

    Hoe, Siew Yee

    2008-01-01

    The financial planning industry in Malaysia is still very much at its inception stage. Currently, regulators- Bank Negara Malaysia and Securities Commission of Malaysia have started to regulate the industry by imposing requirements for whoever wanted to venture into the financial planning profession. The title of ‘Financial Planner’ is now highly legalized by the authorities. Empirical studies have been done by overseas scholars and found that the lack of personal financial literacy has been ...

  1. Materiality from financial towards non-financial reporting

    OpenAIRE

    Chiara Mio

    2013-01-01

    The article aims at discussing the evolution of the concept of materiality in financial and, more specifically, non-financial reporting. Materiality will play a central role in the next years in order for reports to reach conciseness, which is at present one of the main goals both financial and non-financial reporting (in particular Integrated Reporting) aims to achieve. The article reviews the most relevant materiality frameworks and definitions and provides further insights for the advancem...

  2. Enhancing Financial Security in Agricultural Business: Financial and Property Aspects

    OpenAIRE

    Yuliya Bezdushna

    2014-01-01

    The article provides the analysis of information support for the developing agrarian businesses financial security activities. The impact of financial statements on financial security has been proved through generalization procedure of such calculating indicators as operating margin, return on assets, total liquidity ratio and financial autonomy ratio. A causal effect between mass underestimation of operating fixed assets in accounting and inflated profitability rates in agribusinesses operat...

  3. Financial Stress and Financial Counseling: Helping College Students

    Science.gov (United States)

    Britt, Sonya L.; Canale, Anthony; Fernatt, Fred; Stutz, Kristen; Tibbetts, Racquel

    2015-01-01

    This study had two distinct purposes. First, to determine the predictors of financial stress among college students who sought free peer-based financial counseling from a large Midwestern university (N = 675). Secondly, to determine the effectiveness of the particular financial counseling center from a subsample of those who sought help (N = 97).…

  4. Workplace Financial Education Facilitates Improvement in Personal Financial Behaviors

    Science.gov (United States)

    Prawitz, Aimee D.; Cohart, Judith

    2014-01-01

    Based on the life-cycle theory of consumption, this quasi-experimental study of 995 employees examined changes in financial behaviors following employee-needs-driven workplace financial education. Repeated-measures ANOVA compared participants and non-participants on perceived financial wellness and savings ratios; main effects indicated that both…

  5. Inmate Perceptions of Financial Education Needs: Suggestions for Financial Educators

    Science.gov (United States)

    Call, Lindsay Larson; Dyer, W. Justin; Wiley, Angela R.; Day, Randal D.

    2013-01-01

    Recently, national attention has turned to the need for increased financial education, particularly for low-income populations. Incarcerated individuals represent a growing low-income group with unique needs that could likely benefit from financial education. However, few studies have examined the specific financial education needs of inmates,…

  6. Financial Literacy and Financial Behaviour: Experimental Evidence from Rural Rwanda

    NARCIS (Netherlands)

    Sayinzoga, Aussi; Bulte, E.H.; Lensink, Robert

    We organise a field experiment with smallholder farmers in Rwanda to measure the impact of financial literacy training on financial knowledge and behaviour. The training increased financial literacy of participants, changed their savings and borrowing behaviour and had a positive effect on the new

  7. FINANCIAL INFORMATION, EFFECTS OF FINANCIAL INFORMATION ON ECONOMIC DECISION

    Directory of Open Access Journals (Sweden)

    TAK ISA

    2010-12-01

    Full Text Available Financial information has, indisputably, an important effect in economics. To form an effective capital market, financial information must be reliable and accurate. Misleading financial information always has a negative impact on economic decision taken by users. It is known that financial information as the cornerstone of financial markets, can improve economic performance in several ways. Nowadays we are facing economic crisis due to irregularities of presentation of financial statements to users. Misunderstandings cause economic recession. Detection of fraudulent financial information, is an important issue facing the auditing profession. Currently, bankruptcy of companies around the world, leaves millions of people without jobs, this is caused by financial information which is manipulated by companies. The purpose of this paper is to analyze the effects of errors and manipulation committed in the financial information sector on the real economy. Also one of the purposes of this paper is to analyze error and fraud in financial statements how it effects the real economy and the reasons for committing fraud in financial statements. Also, several suggestions are included in this study about actions that can be taken to prevent errors and manipulation in financial information.

  8. Financial Planners: Educating Widows in Personal Financial Planning

    Science.gov (United States)

    Korb, Brian R.

    2010-01-01

    Widows constitute a growing segment of the U.S. population; however, very little has been done to educate them on the basics of personal financial planning. The creation and implementation of financial planning education programs for widows can help them become more financially literate and free them from anxiety and fear. Interviews with eight…

  9. Wave transmission in nonlinear lattices

    International Nuclear Information System (INIS)

    Hennig, D.; Tsironis, G.P.

    1999-01-01

    The interplay of nonlinearity with lattice discreteness leads to phenomena and propagation properties quite distinct from those appearing in continuous nonlinear systems. For a large variety of condensed matter and optics applications the continuous wave approximation is not appropriate. In the present review we discuss wave transmission properties in one dimensional nonlinear lattices. Our paradigmatic equations are discrete nonlinear Schroedinger equations and their study is done through a dynamical systems approach. We focus on stationary wave properties and utilize well known results from the theory of dynamical systems to investigate various aspects of wave transmission and wave localization. We analyze in detail the more general dynamical system corresponding to the equation that interpolates between the non-integrable discrete nonlinear Schroedinger equation and the integrable Albowitz-Ladik equation. We utilize this analysis in a nonlinear Kronig-Penney model and investigate transmission and band modification properties. We discuss the modifications that are effected through an electric field and the nonlinear Wannier-Stark localization effects that are induced. Several applications are described, such as polarons in one dimensional lattices, semiconductor superlattices and one dimensional nonlinear photonic band gap systems. (Copyright (c) 1999 Elsevier Science B.V., Amsterdam. All rights reserved.)

  10. SOME CONSIDERATIONS ON LOCAL FINANCIAL AUTONOMY IN THE CONTEXT OF THE CURRENT FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    Vezure Oana Sabina

    2012-03-01

    Full Text Available Financing of local authorities is currently at the Centre of the political discourse is a daily concern. Romania faces, usually with an attempt to offset the need for control and reduction of public spending with greater financial autonomy of local authorities. At the time, it was searched and searches for a path, a means to achieve a fair distribution of financial resources between the various levels of administration, budget reductions to all of them. If strengthening democracy means to strengthen local autonomy, then it means you have created a system for financing local authorities to be efficient, fair and pointing towards the economic needs of States. In other words, decentralization and local financing and the principle of subsidiarity are mutually dependent. Rightly, the decentralisation of financial management is considered to be the "backbone" of the administrative system of decentralisation, the financial resources being those which are operational link between the needs of local communities and the rules necessary to satisfy them. Thus, the lack of financial resources of the local self-government can result in failure to meet the needs of its members, which at the same time failure of administrative decentralization. The decentralisation of financial management can also be seen as the Government of some specific functions on the line of management authority and the tax revenue to the local public authorities.

  11. 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

  12. Corporate Information Management Financial Statements

    National Research Council Canada - National Science Library

    Gimble, Thomas

    1995-01-01

    The audit objective was to determine whether the OASD(C31) methods for preparing FY 1996 CIM, general purpose financial statements will result in auditable and complete general purpose financial statements...

  13. Financial Management: An Organic Approach

    Science.gov (United States)

    Laux, Judy

    2013-01-01

    Although textbooks present corporate finance using a topical approach, good financial management requires an organic approach that integrates the various assignments financial managers confront every day. Breaking the tasks into meaningful subcategories, the current article offers one approach.

  14. Understanding Trust in Financial Services

    DEFF Research Database (Denmark)

    Hansen, Torben

    2012-01-01

    Although the financial crisis has elevated the interest for factors such as consumer financial healthiness, broad-scope trust, financial knowledge, and consumer relationship satisfaction, no existing model describes how these factors may influence consumer financial relationship trust...... healthiness, broad-scope trust, knowledge, and satisfaction positively affect narrow-scope trust in financial services. Furthermore, it is found that broad-scope trust negatively moderates the relationships between financial healthiness and narrow-scope trust and between satisfaction and narrow-scope trust....... This research extends prior research by developing a conceptual framework explaining how these constructs affect consumers' trust in their financial service provider. Based on two surveys comprising 764 pension consumers and 892 mortgage consumers, respectively, the results of this study indicate that financial...

  15. ICAF Financial Services Industry Study

    National Research Council Canada - National Science Library

    Allison, Douglas; Barry, Kevin; Beaver, Philip; Browne, Michael; Cubillos, Claudio; Hanger, Wallace; Kluchko, Luke; LaDue, Charles; McGhee, Michael; Mitsoff, Gregory

    2005-01-01

    .... The industry includes those firms that provide financial services to organizations or individuals, the government agencies that regulate the industry, and the markets that facilitate the exchange of financial assets...

  16. Radiology applications of financial accounting.

    Science.gov (United States)

    Leibenhaut, Mark H

    2005-03-01

    A basic knowledge of financial accounting can help radiologists analyze business opportunities and examine the potential impacts of new technology or predict the adverse consequences of new competitors entering their service area. The income statement, balance sheet, and cash flow statement are the three basic financial statements that document the current financial position of the radiology practice and allow managers to monitor the ongoing financial operations of the enterprise. Pro forma, or hypothetical, financial statements can be generated to predict the financial impact of specific business decisions or investments on the profitability of the practice. Sensitivity analysis, or what-if scenarios, can be performed to determine the potential impact of changing key revenue, investment, operating cost or financial assumptions. By viewing radiology as both a profession and a business, radiologists can optimize their use of scarce economic resources and maximize the return on their financial investments.

  17. Financial Literacy Education for Women

    Science.gov (United States)

    Jarecke, Jodi; Taylor, Edward W.; Hira, Tahira K.

    2014-01-01

    Exploring the pedagogical approaches of four women's financial literacy education programs, this chapter provides an overview of trends and needs in financial education for women and offers pedagogical strategies for teaching women about finance.

  18. Cost characteristics of transmission

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    FERC regulation of transmission is predicated, at least in part, on a belief that, in the absence of regulation, some utilities would be able to exercise monopoly power and the ability to extract monopoly profits. This monopoly power follows from the view that transmission facilities inevitably are a natural monopoly for both economic and social/regulatory reasons. In the first part of this section the authors present the argument that transmission is a natural monopoly. They then consider the impact of this on regulation and the problems that that view creates

  19. Understanding Ebola Virus Transmission

    Directory of Open Access Journals (Sweden)

    Seth Judson

    2015-02-01

    Full Text Available An unprecedented number of Ebola virus infections among healthcare workers and patients have raised questions about our understanding of Ebola virus transmission. Here, we explore different routes of Ebola virus transmission between people, summarizing the known epidemiological and experimental data. From this data, we expose important gaps in Ebola virus research pertinent to outbreak situations. We further propose experiments and methods of data collection that will enable scientists to fill these voids in our knowledge about the transmission of Ebola virus.

  20. Financial inclusion: Policies and practices

    OpenAIRE

    Thankom Arun; Rajalaxmi Kamath

    2015-01-01

    As a key enabler for development, financial inclusion is firmly placed on the agenda of most governments as a key policy priority. Against this background, this round table provides a global and regional perspective on the policies and practices of financial inclusion. Using macro data, the collection reveals the diversity in the efforts towards achieving financial inclusion and the need for a progressive approach in financial inclusion. Further to this, the round table provides the regional ...

  1. Malaysia; Financial Sector Stability Assessment

    OpenAIRE

    International Monetary Fund

    2013-01-01

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

  2. Gender issues of financial analysts

    OpenAIRE

    Jingwen Ge

    2013-01-01

    Increased attention has been drawn to the gender disparity in workplace. This dissertation is dedicated to provide sight to the gender issues in financial analysts. Profound literature reviews are conducted about gender issues and financial analysts, respectively in order to comprehend the existing gender concerns in the business world, and role and functions of financial analysts. Research proposals are described to answer the following question: whether women financial analysts are more lik...

  3. Liquidity management through financial planning

    OpenAIRE

    Kameníková Katarína

    2001-01-01

    One of the basic goals of financial management is to provide financial property and capital for running of the firm, as well as for its development, that means provide optimal firm´s liquidity.To improve liquidity is possible provide through various ways. In present time there is increasing importance of financial planning., where planning of liquidity presents one of its integral part. Therefore I deal in presented paper with possible liquidity improvement through calculation of financial pl...

  4. Financial Integration and Asset Returns

    OpenAIRE

    P Martin; H Rey

    2000-01-01

    The paper investigates the impact of financial integration on asset return, risk diversification and breadth of financial markets. We analyse a three-country macroeconomic model in which (i) the number of financial assets is endogenous; (ii) assets are imperfect substitutes; (iii) cross-border asset trade entails some transaction costs; (iv) the investment technology is indivisible. In such an environment, lower transaction costs between two financial markets translate to higher demand for as...

  5. The Geography of Financial Literacy

    Directory of Open Access Journals (Sweden)

    Christopher Bumcrot

    2013-07-01

    Full Text Available This paper explores how well equipped today’s households are to make complex financial decisions in the face of often high-cost and high-risk financial instruments. Specifically we focus on financial literacy. Most importantly, we describe the geography of financial literacy, i.e., how financial literacy is distributed across the fifty US states. We describe the correlation of financial literacy and some important aggregate variables, such as state-level poverty rates. Finally, we examine the extent to which differences in financial literacy can be explained by states’ demographic and economic characteristics. To assess financial literacy, five questions were added to the 2009 National Financial Capability Study, covering fundamental concepts of economics and finance encountered in everyday life: simple calculations about interest rates and inflation, the workings of risk diversification, the relationship between bond prices and interest rates, and the relationship between interest payments and maturity in mortgages. We constructed an index of financial literacy based on the number of correct answers provided by each respondent to the five financial literacy questions. The financial literacy index reveals wide variation in financial literacy across states. Much of the variation is attributable to differences in the demographic makeup of the states; however, a handful of states have either higher or lower levels of financial literacy than is explained by demographics alone. Also, there is a significant correlation between the financial literacy of a state and that state’s poverty level. The findings indicate directions for policy makers and practitioners interested in targeting areas where financial literacy is low.

  6. Financial literacy of university students

    OpenAIRE

    Rodrigues, Cristina S.; Vieira, Filipa Dionísio; Amaral, António Manuel Pereira da Silva; Martins, F. Vitorino

    2012-01-01

    The current financial crisis highlights real problems profoundly related to the level of financial knowledge. Some studies suggest that many individuals, including small business owners, do not have adequate financial skills to be able to handle their finances. The term "financial literacy" summarizes the set of knowledge, skills and attitudes necessary to enable recognition and understanding of the foundations of personal finance. Informed and literate individuals are able to make responsibl...

  7. Financial stability or economic stability?

    OpenAIRE

    Ana POPA; Laura GIURCA VASILESCU

    2010-01-01

    This paper is based on the dilemma: effect or cause in the analysis of the economic and financial crisis? The first finding of the study is that it has always been easier to consider that the mistakes from the financial field caused the economic crisis. Currently, in the European Union and Romania there is a concern for aggressive action against financial instability. The second finding is that the crisis phenomenon manifest synergetic, thus the deterioration in the macro and micro- financial...

  8. Financial management of construction contractors.

    OpenAIRE

    Lacaria, Chris J.

    1994-01-01

    The scope of this paper is to discuss the financial management of a construction contractor. This paper attempts to approach this subject in a logical and systematic way. It communicates the importance of financial analysis and planning along with cash planning and profit planning. This report is not intended to be an all inclusive discussion of financial management in construction. Contractor's Financial Management is an extremely important subject. It has been told ...

  9. Canada; Financial Sector Stability Assessment

    OpenAIRE

    International Monetary Fund

    2014-01-01

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

  10. Market liquidity and financial stability.

    OpenAIRE

    Crockett, A.

    2008-01-01

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

  11. 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

  12. EDF - 2004 annual results, Financial statements 2004

    International Nuclear Information System (INIS)

    Gadonneix, Pierre; Camus, Daniel

    2005-01-01

    As the world's biggest electricity generator, the EDF Group covers every sector of expertise, from generation to trading and transmission grids. EDF builds on the expertise of its people, its R and D and engineering skills, its experience as a leading industry operator and the attentive support of its customers to deliver competitive solutions that successfully reconcile economic growth with climate protection. This document presents the 2004 annual results of the Group (key figures, financial results, strategy and perspectives) as well as its Consolidated financial statements at 31 December 2004: 1. Accounting principles and methods; 2. French law of 9 August 2004 on the Public Electricity and Gas Services and Electricity and Gas Companies; 3. Significant events of 2004; 4. Changes in the scope of consolidation; 5. Information by business segment and geographical area; 6. Sales; 7. Purchases and other external expenses; 8. Average workforce; 9. Other operating income and expenses; 10. Net (increase) decrease in provisions; 11. Interest expenses; 12. Foreign exchange result; 13. Other financial income and expenses; 14. Income taxes

  13. Transmissions in vehicles 2010

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2010-07-01

    Within the international VDI congress 'Gears in vehicles 2010' of the VDI Wissensforum GmbH (Duesseldorf, Federal Republic of Germany) between 22nd and 23rd June, 2010, in Friedrichshafen (Federal Republic of Germany), the following lectures were held: (1) 8HP70H - The moldhybrid transmission from ZF - Cjallenges and achievements (P. Gutmann); (2) GETRAG boosted range extender - A highly flexible electric powertrain for maximum CO{sub 2} reduction (S. Huepkes); (3) E-Transmission between full-hybrid and E-drive (P. Tenberge); (4) Reducing NO{sub x} and particulate emissions in electrified drivelines (R. Kuberczyk); (5) Simulation aided HEV and EV development: from the component to the whole powertrain (A. Gacometti); (6) Investigations on operating behaviour of the optimized CVT hybrid driveline (B.-R. Hoehn); (7) Customer-oriented dimensioning of electrified drivetrains (M. Eghtessad); (8) Decentralized optimal control strategy for parallel hybrid electric vehicles (A. Frenkel); (9) The new generation 6-speed automatic transmission AF40 (G. Bednarek); (10) Customized mechatronic solutions for integrated transmission control units (M. Wieczorek); (11) The optimal automatic transmission for front-transverse applications - Planetary transmissions or dual clutch transmissions? (G. Gumpoltsberger); (12) The new shift-by-wire gearshift lever for the Audi A8 - Requirements and concept (T. Guttenbergere); (13) The new shift-by-wire gearshift lever for the Audi A8 - Realization (A. Giefer); (14) Fuel-efficient transmissions of the future: Calculation of the efficiency factor for vehicle transmissions (B. Volpert); (15) HT-ACM: A new polymer generation for static and dynamic gearbox sealing solutions (E. Osen); (16) 'Energy efficiency equipped solutions by SKF' for power train applications - A contribution to CO{sub 2} - emission reduction and sustainability (T. Bobke); (17) 6-Ratio planetary shift transmission controlled by 4 external brakes, and design

  14. 49 CFR 1152.29 - Prospective use of rights-of-way for interim trail use and rail banking.

    Science.gov (United States)

    2010-10-01

    ... statement must be in the following form: Statement of Willingness To Assume Financial Responsibility In... user continuing to meet the financial obligations for the right-of-way. The CITU will also provide that... to the user continuing to meet the financial obligations for the right-of-way. The NITU will also...

  15. Pension Plan Types and Financial Literacy in Later Life.

    Science.gov (United States)

    Li, Yang; Burr, Jeffrey A; Miller, Edward Alan

    2017-09-09

    The ongoing shift from defined benefit (DB) to defined contribution (DC) pension plans means that middle-aged and older adults are increasingly being called upon to manage their own fiscal security in retirement. Yet, half of older Americans are financially illiterate, lacking the knowledge and skills to manage financial resources. This study investigates whether pension plan types are associated with varying levels of financial literacy among older Americans. Cross-sectional analyses of the 2010 Health and Retirement Study (HRS) (n = 1,281) using logistic and linear regression models were employed to investigate the association between different pension plans and multiple indicators of financial literacy. The potential moderating effect of gender was also examined. Respondents with DC plans, with or without additional DB plans, were more likely to correctly answer various financial literacy questions, in comparison with respondents with DB plans only. Men with both DC and DB plans scored significantly higher on the financial literacy index than women with both types of plans, relative to respondents with DB plans only. Middle-aged and older adults, who are incentivized by participation in DC plans to manage financial resources and decide where to invest pension funds, tend to self-educate to improve financial knowledge and skills, thereby resulting in greater financial literacy. This finding suggests that traditional financial education programs may not be the only means of achieving financial literacy. Further consideration should be given to providing older adults with continued, long-term exposure to financial decision-making opportunities. © The Author 2017. 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.

  16. DIAGNOSIS OF FINANCIAL EQUILIBRIUM

    Directory of Open Access Journals (Sweden)

    SUCIU GHEORGHE

    2013-04-01

    Full Text Available The analysis based on the balance sheet tries to identify the state of equilibrium (disequilibrium that exists in a company. The easiest way to determine the state of equilibrium is by looking at the balance sheet and at the information it offers. Because in the balance sheet there are elements that do not reflect their real value, the one established on the market, they must be readjusted, and those elements which are not related to the ordinary operating activities must be eliminated. The diagnosis of financial equilibrium takes into account 2 components: financing sources (ownership equity, loaned, temporarily attracted. An efficient financial equilibrium must respect 2 fundamental requirements: permanent sources represented by ownership equity and loans for more than 1 year should finance permanent needs, and temporary resources should finance the operating cycle.

  17. Weathering the financial storm

    DEFF Research Database (Denmark)

    Ólafsson, Tjörvi; Pétursson, Thórarinn G.

    2011-01-01

    The recent global financial tsunami has had economic consequences that have not been witnessed since the Great Depression. But while some countries suffered a particularly large contraction in economic activity on top of a system-wide banking collapse, others came off relatively lightly. In this ......The recent global financial tsunami has had economic consequences that have not been witnessed since the Great Depression. But while some countries suffered a particularly large contraction in economic activity on top of a system-wide banking collapse, others came off relatively lightly...... pegs outside EMU were hit particularly hard, while inflation targeting seemed to mitigate the crisis. Finally, we find some evidence suggesting a role for international real linkages and institutional credibility. Our key results are robust to various alterations in the empirical setup and we are able...

  18. The convergence between self-reports and observer ratings of financial skills and direct assessment of financial capabilities in patients with schizophrenia: more detail is not always better.

    Science.gov (United States)

    Harvey, Philip D; Stone, Laura; Lowenstein, David; Czaja, Sara J; Heaton, Robert K; Twamley, Elizabeth W; Patterson, Thomas L

    2013-06-01

    Despite multiple lines of evidence suggesting that people with schizophrenia tend to overestimate their ability to perform everyday tasks such as money management, self-report methods are still widely used to assess functioning. In today's technology driven financial world patients are faced with increasingly complex financial management tasks. To meet these challenges adequate financial skills are required. Thus, accurate assessments of these abilities are critical to decisions regarding a patient's need for support such as a financial trustee. As part of the larger VALERO study, 195 patients with schizophrenia were asked to self-report their everyday financial skills (five common financial tasks) with the Independent Living Skills Survey (ILSS). They were also assessed with performance-based measures of neuro-cognition and functional capacity with a focus on financial skills. In addition, a friend, relative, or clinician informant was interviewed with the ILSS and a best estimate rating of functioning was generated. Scores on the performance-based measures of financial skills and neuropsychological tests were uncorrelated with self-reported financial activities. Interviewer and all informant judgments of financial abilities were also minimally correlated with performance on functional skill tests. Discrete financial skills appear to be challenging for clinicians to rate with accuracy without the use of direct assessments. Direct assessment of financial skills seems prudent when making determinations about the need for guardianship or other financial supervision. Copyright © 2013 Elsevier B.V. All rights reserved.

  19. 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…

  20. MANIPULATION OF THE FINANCIAL STATEMENTS

    OpenAIRE

    Gulin Danimir

    2008-01-01

    An increase in concentration of quoted companies on a relatively small number of stock markets requires a better equalisation of financial reporting framework. Globalisation of financial markets requires harmonisation of financial standards. In 1998, an agreement between IOSCO (International Organisation of Securities Commission) and IASC (International Accounting Standards Committee) on application of International Accounting Standards on American stock exchanges was consequently reached. Si...

  1. 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

  2. Financial crisis and monetary policy

    NARCIS (Netherlands)

    Karatas, B.

    2014-01-01

    Written in the midst of the Global Financial Crisis, the goal of this dissertation is to investigate causes of financial crises in general in order to provide empirical evidence of the driving forces of various crises types. Specifically, this thesis analyses the most common types of financial

  3. Strategic Planning and Financial Management

    Science.gov (United States)

    Conneely, James F.

    2010-01-01

    Strong financial management is a strategy for strategic planning success in student affairs. It is crucial that student affairs professionals understand the necessity of linking their strategic planning with their financial management processes. An effective strategic planner needs strong financial management skills to implement the plan over…

  4. 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

  5. "Financial Bubbles" and Monetary Policy

    Science.gov (United States)

    Tikhonov, Yuriy A.; Pudovkina, Olga E.; Permjakova, Juliana V.

    2016-01-01

    The relevance of this research is caused by the need of strengthening a role of monetary regulators to prevent financial bubbles in the financial markets. The aim of the article is the analysis of a problem of crisis phenomena in the markets of financial assets owing to an inadequate growth of their cost, owing to subjective reasons. The leading…

  6. 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 ...

  7. Minority Language Rights.

    Science.gov (United States)

    O Riagain, Padraig; Shuibhne, Niamh Nic

    1997-01-01

    A survey of literature since 1990 on minority languages and language rights focuses on five issues: definition of minorities; individual vs. collective rights; legal bases for minority linguistic rights; applications and interpretations of minority language rights; and assessments of the impact of minority rights legislation. A nine-item annotated…

  8. Communication impacting financial markets

    Science.gov (United States)

    Vitting Andersen, Jørgen; Vrontos, Ioannis; Dellaportas, Petros; Galam, Serge

    2014-10-01

    Since the attribution of the Nobel prize in 2002 to Kahneman for prospect theory, behavioral finance has become an increasingly important subfield of finance. However the main parts of behavioral finance, prospect theory included, understand financial markets through individual investment behavior. Behavioral finance thereby ignores any interaction between participants. We introduce a socio-financial model (Vitting Andersen J. and Nowak A., An Introduction to Socio-Finance (Springer, Berlin) 2013) that studies the impact of communication on the pricing in financial markets. Considering the simplest possible case where each market participant has either a positive (bullish) or negative (bearish) sentiment with respect to the market, we model the evolution of the sentiment in the population due to communication in subgroups of different sizes. Nonlinear feedback effects between the market performance and changes in sentiments are taken into account by assuming that the market performance is dependent on changes in sentiments (e.g., a large sudden positive change in bullishness would lead to more buying). The market performance in turn has an impact on the sentiment through the transition probabilities to change an opinion in a group of a given size. The idea is that if for example the market has observed a recent downturn, it will be easier for even a bearish minority to convince a bullish majority to change opinion compared to the case where the meeting takes place in a bullish upturn of the market. Within the framework of our proposed model, financial markets stylized facts such as volatility clustering and extreme events may be perceived as arising due to abrupt sentiment changes via ongoing communication of the market participants. The model introduces a new volatility measure which is apt of capturing volatility clustering and from maximum-likelihood analysis we are able to apply the model to real data and give additional long term insight into where a market is

  9. Translation of Financial Statements

    OpenAIRE

    Dalthan Simas; Otavio De Medeiros

    2005-01-01

    This paper has the purpose of surveying and critically analyzing the effects of accounting procedures which are closely related to groups of companies operating multinationally. These are the methods for translation of financial statements, e.g. the Temporal and the Closing- rate Methods, as far as those methods are embodied in accounting standards which have been either recommended or adopted by countries such as the UK and US. We conclude that with regard to changing prices, General Price L...

  10. Emotion and financial markets

    OpenAIRE

    Lucy F. Ackert; Bryan K. Church; Richard Deaves

    2003-01-01

    Psychologists and economists hold vastly different views about human behavior. Psychologists contend that economists' models bear little relation to actual behavior. This view is supported by a large body of psychological research that shows that emotional state can significantly affect decision making. ; Economists, on the other hand, argue that psychological studies have no theoretical basis and offer little empirical evidence about people's decision-making processes. The reigning financial...

  11. Financial Statement Math

    OpenAIRE

    2007-01-01

    game tool Game Tool Interactive Media Element The purpose of this interactive exercise is to help you understand the math in the income statement and balance sheet., Give the proper mathematical computations in order to correctly prepare the income statement and the balance sheet.The exercise is divided into 3 parts: The income Statement, The Balance Sheet - Assets, The Balance Sheet - Liabilities, GB3050 Financial Reporting and Analysis

  12. PROFITABILITY AND FINANCIAL STABILITY

    OpenAIRE

    CĂRUNTU CONSTANTIN; LĂPĂDUŞI MIHAELA LOREDANA

    2011-01-01

    The business activity allows identifying two categories of flows: flows of results and cash flows. Flows affect the income and expenses, participating in training result, the company's profitability. Financial flows involved in their formation both monetary items (which drive the monetary input or output and thus implies a cash flow), and non-cash items (affecting the result, without leading to a cash flow). Are equally identifiable cash flows that do not involve an ...

  13. Offshoring and financial markets

    OpenAIRE

    Battisti, Gianfranco

    2014-01-01

    During the 20th century all economic structures underwent the impact of two epochal phenomena, the communications revolution and the financialization of economy. As a consequence of the never ending technological progress, the first has repeatedly reduced the friction of distance, provoking a radical change in the map of locational advantages. The result was a new model of international distribution of production that projected its effects to the core of business management, triggering a disi...

  14. Financial Sector Assessment : Turkey

    OpenAIRE

    World Bank; International Monetary Fund

    2016-01-01

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

  15. Basic Financial Accounting

    DEFF Research Database (Denmark)

    Wiborg, Karsten

    This textbook on Basic Financial Accounting is targeted students in the economics studies at universities and business colleges having an introductory subject in the external dimension of the company's economic reporting, including bookkeeping, etc. The book includes the following subjects......: business entities, the transformation process, types of businesses, stakeholders, legislation, the annual report, the VAT system, double-entry bookkeeping, inventories, and year-end cast flow analysis....

  16. The US Financial Crisis

    DEFF Research Database (Denmark)

    Campbell, John L.

    2011-01-01

    Many comparative political economists hold that market performance depends on the presence of institutional complementarities. Some argue that when institutions reinforce similar incentives markets work best. Others disagree and argue that for markets to function well institutions must compensate...... for each other's shortcomings rather than reinforce each other's incentives. This paper uses evidence from the US financial crisis of 2008 to adjudicate this debate. It argues that different types of institutional complementarities are necessary in combination to ensure market stability and successful...

  17. Transmission issues in Alberta

    International Nuclear Information System (INIS)

    Levson, D.

    2002-01-01

    This paper outlined the major issues and concerns facing users of the transmission system in Alberta. They include congestion management issues that make investors uncertain about power generation. It is necessary to know the difference between which transmission price signals will be faced by low cost cogeneration at Fort McMurray and Cold Lake coal-fired generation near Edmonton compared to combined cycle gas generation near Calgary. Import and export policy tariffs are another concern. Most new generation opportunities in Alberta require access to export markets, but transmission facilities for export need policy support and appropriate tariffs. It was noted that the past actions of Alberta's Transmission Administrator and balancing pool may be distorting market signals for ancillary service markets, and that loss studies and calculations need upgrading

  18. Kansas Electric Transmission Lines

    Data.gov (United States)

    Kansas Data Access and Support Center — This data set is a digital representation of the EletcircTransmission lines for the State of Kansas as maintained by the Kansas Corporation Commission. Data is...

  19. ECRH transmission system

    International Nuclear Information System (INIS)

    Tancredi, J.

    1983-01-01

    Hughes, Electron Dynamics Division is developing gyrotrons for ECRH requirements. In the development program, techniques have been evolved for transmission system components. These techniques include over-moded waveguide tapers, high average power windows, and rf water loads for testing

  20. Electric Power Transmission Lines

    Data.gov (United States)

    Department of Homeland Security — Transmission Lines are the system of structures, wires, insulators and associated hardware that carry electric energy from one point to another in an electric power...

  1. Financial problems and cooperation

    Energy Technology Data Exchange (ETDEWEB)

    Izquierdo, J.

    1994-12-31

    For a Bank, an usual way to attract new clients is by offering better interest rates depending on the amount of money that the client deposits in an account: {open_quotes}The more money you have the higher interest rate you get{close_quotes}. For a company is also a common practice to offer their clients discounts connected with the number of units of the product they order: {open_quotes}The more you order, the lower price per unit you pay{close_quotes}. From these situations arises the possibility to take profit if the clients cooperate and join their money or their orders. Hence, we define a new class of cooperative games called Financial Games. We study basic properties and necessary conditions for a game to belong to this class of games and we define the concept of duality for Financial games. The core is always non-empty and, moreover, Financial games are always totally balanced. We look at some special amputations lying in the Core and we study the reduced game on the j{sup th} player at {rvec x} where x{sub j} = b{sub j} = v(N) {minus} v(N {minus} j).

  2. Financial aspects of decommissioning

    International Nuclear Information System (INIS)

    Chirica, T.; Havris, A.

    2003-01-01

    European Commission adopted recently two proposals of Directives designed to pave the way for a Community approach to the safety of nuclear power plants and the processing of radioactive waste. Nuclear safety cannot be guaranteed without making available adequate financial resources. With regard, in particular, to the decommissioning of nuclear facilities, the Directive defines the Community rules for the establishment, management and use of decommissioning funds allocated to a body with legal personality separate from that of the nuclear operator. In order to comply with the acquis communautaire, Romanian Government issued the Emergency Ordinance no. 11/2003 which set up the National Agency for Radioactive Waste (ANDRAD) and soon will be established the financial mechanism for raising the necessary funds. Societatea Nationala 'Nuclearelectrica' S.A. operates, through one of its branches, Cernavoda NPP Unit 1 and has to prepare its decommissioning strategy and to analyze the options to assure the financing for covering the future costs. The purpose of this paper is to clarify the financial systems' mechanisms to the satisfaction of the nuclear operator obligations, according to the disbursement schedule foreseen by decommissioning projects . The availability of cash to pay for all the decommissioning expenditure must be foreseen by setting up assets and establishing a suitable financing plan. The different practices of assets management shall be presented in this paper on the basis of the international experience. Some calculation samples shall be given as an illustration. (author)

  3. EDF - Quarterly Financial Information

    International Nuclear Information System (INIS)

    Trivi, Carole; Boissezon, Carine de; Hidra, Kader

    2014-01-01

    EDF's sales in the first quarter of 2014 were euro 21.2 billion, down 3.9% from the first quarter of 2013. At constant scope and exchange rates, sales were down 4.2% due to mild weather conditions, which impacted sales of electricity in France, gas sales abroad and trading activities in Europe. UK sales were nonetheless sustained by B2B sales due to higher realised wholesale market prices. In Italy, sales growth was driven by an increase in electricity volumes sold. The first quarter of 2014 also saw the strengthening of the Group's financial structure with the second phase of its multi-annual hybrid funding programme (nearly euro 4 billion equivalent) as well as the issue of two 100-year bonds in dollars and sterling aimed at significantly lengthening average debt maturity. 2014 outlook and 2014-2018 vision: - EDF Group has confirmed its financial objectives for 2014; - Group EBITDA excluding Edison: organic growth of at least 3%; - Edison EBITDA: recurring EBITDA target of euro 1 billion and at least euro 600 million in 2014 before effects of gas contract re-negotiations; - Net financial debt / EBITDA: between 2x and 2.5x; - Pay-out ratio of net income excluding non-recurring items post-hybrid: 55% to 65%. The Group has reaffirmed its goal of achieving positive cash flow after dividends, excluding Linky, in 2018

  4. 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.

  5. Airspace: Antarctic Sound Transmission

    OpenAIRE

    Polli, Andrea

    2009-01-01

    This paper investigates how sound transmission can contribute to the public understanding of climate change within the context of the Poles. How have such transmission-based projects developed specifically in the Arctic and Antarctic, and how do these works create alternative pathways in order to help audiences better understand climate change? The author has created the media project Sonic Antarctica from a personal experience of the Antarctic. The work combines soundscape recordings and son...

  6. Offshore Transmission Technology

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2012-10-15

    The purpose of this document is to give an overview of offshore electricity transmission technologies. In particular this document is concerned with the use of High Voltage Direct Current (HVDC) systems and more specifically with the development of Voltage Source Converter (VSC) technology. This report outlines the current state of the main technology groups required for offshore HVDC transmission as well as giving examples of offshore projects (both current and future). Finally some indications of likely unit costs for HV assets are given.

  7. Eliminating Perinatal HIV Transmission

    Centers for Disease Control (CDC) Podcasts

    2012-11-26

    In this podcast, CDC’s Dr. Steve Nesheim discusses perinatal HIV transmission, including the importance of preventing HIV among women, preconception care, and timely HIV testing of the mother. Dr. Nesheim also introduces the revised curriculum Eliminating Perinatal HIV Transmission intended for faculty of OB/GYN and pediatric residents and nurse midwifery students.  Created: 11/26/2012 by Division of HIV/AIDS Prevention.   Date Released: 11/26/2012.

  8. Optical analog transmission device

    International Nuclear Information System (INIS)

    Ikawa, Shinji.

    1994-01-01

    The present invention concerns a device such as electro-optical conversion elements, optoelectric-electric elements and optical transmission channel, not undergoing deleterious effects on the efficiency of conversion and transmission due to temperature, and aging change. That is, a sine wave superposing means superposes, on a detector signal to be transmitted, a sine-wave signal having a predetermined amplitude and at a frequency lower than that of the detector signal. An optoelectric conversion means converts the electric signal as the signal of the sine-wave signal superposing means into an optical signal and outputs the same to an optical transmitting channel. The optoelectric conversion means converts the transmitted signal to an electric signal. A discriminating means discriminates the electric signal into a detector signal and a sine-wave signal. A calculating means calculates an optical transmitting efficiency of the transmitting channel based on the amplitude of the discriminated sine-wave signal. A processing means compensates an amplitude value of the detector signals discriminated by the discriminating means based on the optical transmission efficiency. As a result, an optical analog transmission device can be attained, which conducts optical transmission at a high accuracy without undergoing the defective effects of the optical transmission efficiency. (I.S.)

  9. National transmission grid study

    Energy Technology Data Exchange (ETDEWEB)

    Abraham, Spencer [USDOE Office of the Secretary of Energy, Washington, DC (United States)

    2003-05-31

    The National Energy Policy Plan directed the U.S. Department of Energy (DOE) to conduct a study to examine the benefits of establishing a national electricity transmission grid and to identify transmission bottlenecks and measures to address them. DOE began by conducting an independent analysis of U.S. electricity markets and identifying transmission system bottlenecks using DOE’s Policy Office Electricity Modeling System (POEMS). DOE’s analysis, presented in Section 2, confirms the central role of the nation’s transmission system in lowering costs to consumers through increased trade. More importantly, DOE’s analysis also confirms the results of previous studies, which show that transmission bottlenecks and related transmission system market practices are adding hundreds of millions of dollars to consumers’ electricity bills each year. A more detailed technical overview of the use of POEMS is provided in Appendix A. DOE led an extensive, open, public input process and heard a wide range of comments and recommendations that have all been considered.1 More than 150 participants registered for three public workshops held in Detroit, MI (September 24, 2001); Atlanta, GA (September 26, 2001); and Phoenix, AZ (September 28, 2001).

  10. Right heart ventriculography

    Science.gov (United States)

    Angiography - right heart ... moved forward into the right side of the heart. As the catheter is advanced, the doctor can ... is injected into the right side of the heart. It helps the cardiologist determine the size and ...

  11. Integrated Financial Management Program

    Science.gov (United States)

    Pho, Susan

    2004-01-01

    Having worked in the Employees and Commercial Payments Branch of the Financial Management Division for the past 3 summers, I have seen the many changes that have occurred within the NASA organization. As I return each summer, I find that new programs and systems have been adapted to better serve the needs of the Center and of the Agency. The NASA Agency has transformed itself the past couple years with the implementation of the Integrated Financial Management Program (IFMP). IFMP is designed to allow the Agency to improve its management of its Financial, Physical, and Human Resources through the use of multiple enterprise module applications. With my mentor, Joseph Kan, being the branch chief of the Employees and Commercial Payments Branch, I have been exposed to several modules, such as Travel Manager, WebTads, and Core Financial/SAP, which were implemented in the last couple of years under the IFMP. The implementation of these agency-wide systems has sometimes proven to be troublesome. Prior to IFMP, each NASA Center utilizes their own systems for Payroll, Travel, Accounts Payable, etc. But with the implementation of the Integrated Financial Management Program, all the "legacy" systems had to be eliminated. As a result, a great deal of enhancement and preparation work is necessary to ease the transformation from the old systems to the new. All this work occurs simultaneously; for example, e-Payroll will "go live" in several months, but a system like Travel Manager will need to have information upgraded within the system to meet the requirements set by Headquarters. My assignments this summer have given me the opportunity to become involved with such work. So far, I have been given the opportunity to participate in projects resulting from a congressional request, several bankcard reconciliations, updating routing lists for Travel Manager, updating the majordomo list for Travel Manager approvers and point of contacts, and a NASA Headquarters project involving

  12. Topics on Electricity Transmission Pricing

    Energy Technology Data Exchange (ETDEWEB)

    Bjoerndal, Mette

    2000-02-01

    Directorate (NVE). To prevent cross-subsidization, the largest state-owned firm was split to form Statkraft SF, Norway's largest generation company, and Statnett SF, the major transmission company. Statnett is also the system operator of the entire Norwegian power system. Many distribution companies, usually publicly owned, are still part of vertically integrated companies, but there is strict separation of the financial accounts for transmission/distribution and generation/marketing. Trading is accomplished through several channels. The largest organized market is the common Norwegian-Swedish pool, NordPool. NordPool ASA is owned by Statnett Marked (which is a subsidiary of Statnett) and the Swedish grid-company, Svenska Kraftnaet. NordPool also supports the Finnish and Danish markets, thus through cooperation with the grid-companies of Denmark (Eltra) and Finland (Fingrid), locational markets are provided in these countries as well. Unlike England and Wales, only part of actual production is traded on this market. In addition, independent brokers offer various energy-contracts and facilitate bilateral contracts. In 1998 22% of the energy was traded on the hourly day-ahead (spot) market of NordPool. NordPool also organizes a forward and futures market and settles contracts from the regulation market organized by Statnett. The regulation market is a realtime market used to settle imbalances in real time. In total, close to 30% of the energy traded is organized through NordPool, and this share is increasing year by year. The efficiency of the market is heavily affected by the operation and pricing of the transmission system, and the topic of this thesis concerns the interaction of the transmission network and the energy markets. Throughout, the findings are illustrated by means of simple examples. This is to enhance readability and intuition. Chapter 2 is devoted to power flow models, whereas chapter 3 provides an overview of models developed to efficiently coordinate the

  13. Topics in Electricity Transmission Pricing

    Energy Technology Data Exchange (ETDEWEB)

    Bjoerndal, Mette

    2000-02-01

    Directorate (NVE). To prevent cross-subsidization, the largest state-owned firm was split to form Statkraft SF, Norway's largest generation company, and Statnett SF, the major transmission company. Statnett is also the system operator of the entire Norwegian power system. Many distribution companies, usually publicly owned, are still part of vertically integrated companies, but there is strict separation of the financial accounts for transmission/distribution and generation/marketing. Trading is accomplished through several channels. The largest organized market is the common Norwegian-Swedish pool, NordPool. NordPool ASA is owned by Statnett Marked (which is a subsidiary of Statnett) and the Swedish grid-company, Svenska Kraftnaet. NordPool also supports the Finnish and Danish markets, thus through cooperation with the grid-companies of Denmark (Eltra) and Finland (Fingrid), locational markets are provided in these countries as well. Unlike England and Wales, only part of actual production is traded on this market. In addition, independent brokers offer various energy-contracts and facilitate bilateral contracts. In 1998 22% of the energy was traded on the hourly day-ahead (spot) market of NordPool. NordPool also organizes a forward and futures market and settles contracts from the regulation market organized by Statnett. The regulation market is a realtime market used to settle imbalances in real time. In total, close to 30% of the energy traded is organized through NordPool, and this share is increasing year by year. The efficiency of the market is heavily affected by the operation and pricing of the transmission system, and the topic of this thesis concerns the interaction of the transmission network and the energy markets. Throughout, the findings are illustrated by means of simple examples. This is to enhance readability and intuition. To start with, chapter 2 is devoted to power flow models, whereas chapter 3 provides an overview of models developed to efficiently

  14. Topics on Electricity Transmission Pricing

    International Nuclear Information System (INIS)

    Bjoerndal, Mette

    2000-02-01

    -subsidization, the largest state-owned firm was split to form Statkraft SF, Norway's largest generation company, and Statnett SF, the major transmission company. Statnett is also the system operator of the entire Norwegian power system. Many distribution companies, usually publicly owned, are still part of vertically integrated companies, but there is strict separation of the financial accounts for transmission/distribution and generation/marketing. Trading is accomplished through several channels. The largest organized market is the common Norwegian-Swedish pool, NordPool. NordPool ASA is owned by Statnett Marked (which is a subsidiary of Statnett) and the Swedish grid-company, Svenska Kraftnaet. NordPool also supports the Finnish and Danish markets, thus through cooperation with the grid-companies of Denmark (Eltra) and Finland (Fingrid), locational markets are provided in these countries as well. Unlike England and Wales, only part of actual production is traded on this market. In addition, independent brokers offer various energy-contracts and facilitate bilateral contracts. In 1998 22% of the energy was traded on the hourly day-ahead (spot) market of NordPool. NordPool also organizes a forward and futures market and settles contracts from the regulation market organized by Statnett. The regulation market is a realtime market used to settle imbalances in real time. In total, close to 30% of the energy traded is organized through NordPool, and this share is increasing year by year. The efficiency of the market is heavily affected by the operation and pricing of the transmission system, and the topic of this thesis concerns the interaction of the transmission network and the energy markets. Throughout, the findings are illustrated by means of simple examples. This is to enhance readability and intuition. To start with, chapter 2 is devoted to power flow models, whereas chapter 3 provides an overview of models developed to efficiently coordinate the allocation of transmission

  15. Choosing the Right Systems Integration

    Directory of Open Access Journals (Sweden)

    Péči Matúš

    2014-12-01

    Full Text Available The paper examines systems integration and its main levels at higher levels of control. At present, the systems integration is one of the main aspects participating in the consolidation processes and financial flows of a company. Systems Integration is a complicated emotionconsuming process and it is often a problem to choose the right approach and level of integration. The research focused on four levels of integration, while each of them is characterized by specific conditions. At each level, there is a summary of recommendations and practical experience. The paper also discusses systems integration between the information and MES levels. The main part includes user-level integration where we describe an example of such integration. Finally, we list recommendations and also possible predictions of the systems integration as one of the important factors in the future.

  16. The Psychology and Neuroscience of Financial Decision Making.

    Science.gov (United States)

    Frydman, Cary; Camerer, Colin F

    2016-09-01

    Financial decisions are among the most important life-shaping decisions that people make. We review facts about financial decisions and what cognitive and neural processes influence them. Because of cognitive constraints and a low average level of financial literacy, many household decisions violate sound financial principles. Households typically have underdiversified stock holdings and low retirement savings rates. Investors overextrapolate from past returns and trade too often. Even top corporate managers, who are typically highly educated, make decisions that are affected by overconfidence and personal history. Many of these behaviors can be explained by well-known principles from cognitive science. A boom in high-quality accumulated evidence-especially how practical, low-cost 'nudges' can improve financial decisions-is already giving clear guidance for balanced government regulation. Copyright © 2016 The Authors. Published by Elsevier Ltd.. All rights reserved.

  17. Selecting the Right Software.

    Science.gov (United States)

    Shearn, Joseph

    1987-01-01

    Selection of administrative software requires analyzing present needs and, to meet future needs, choosing software that will function with a more powerful computer system. Other important factors to include are a professional system demonstration, maintenance and training, and financial considerations that allow leasing or renting alternatives.…

  18. Financial inclusion: Policies and practices

    Directory of Open Access Journals (Sweden)

    Thankom Arun

    2015-12-01

    Full Text Available As a key enabler for development, financial inclusion is firmly placed on the agenda of most governments as a key policy priority. Against this background, this round table provides a global and regional perspective on the policies and practices of financial inclusion. Using macro data, the collection reveals the diversity in the efforts towards achieving financial inclusion and the need for a progressive approach in financial inclusion. Further to this, the round table provides the regional perspectives on the policies and practices of financial inclusion in India, South Africa, and Australia.

  19. 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.

  20. Wireless data signal transmission system

    DEFF Research Database (Denmark)

    2014-01-01

    The present invention relates to a method for providing a radio frequency signal for transmission, a system for providing a radio frequency signal for transmission and a method for wireless data transmission between a transmitter and a receiver.......The present invention relates to a method for providing a radio frequency signal for transmission, a system for providing a radio frequency signal for transmission and a method for wireless data transmission between a transmitter and a receiver....

  1. College Students and Financial Distress: Exploring Debt, Financial Satisfaction, and Financial Anxiety

    Science.gov (United States)

    Archuleta, Kristy L.; Dale, Anita; Spann, Scott M.

    2013-01-01

    The impact of financial concerns on overall mental health has become a popular topic among researchers and practitioners. In this exploratory study, possible associations of financial anxiety were explored using a sample of 180 college students who sought services at a university peer financial counseling center in a Midwestern state. Of…

  2. THE ROLE OF FINANCIAL EDUCATION IN DEVELOPING THE FINANCIAL SERVICES MARKET

    OpenAIRE

    Ivanka Daneva

    2015-01-01

    Considering the current complexity of financial markets and of financial instruments and services, financial education is part of population’s financial literacy and it ranks as paramount factor in the complex for the financial markets development.

  3. on International Financial Reporting Standards

    Directory of Open Access Journals (Sweden)

    Edyta Łazarowicz

    2016-07-01

    Full Text Available The article analyses and assesses proposals for changes concerning the objective of financial reportingbased on International Financial Reporting Standards (IFRS, presented in comments on the exposuredraft of the Conceptual Framework for Financial Reporting (2015. The majority of respondents thinkthat the objective of financial reporting should give more prominence to the importance of providinginformation about management’s stewardship. Moreover, some respondents suggest introducing thedefinition of stewardship into the Conceptual Framework and presenting implications of shifts in theobjective of financial reporting for the future standard setting and for preparing financial statements.Based on the analysis of comment letters and the review of accounting literature, the conclusion is thatthe objective of financial reporting should be changed. It is, however, disputable, if stewardship should bea separate object. There is too little research on the relation between the stewardship and decisionusefulnessobjectives. The findings of this research could show accounting standard-setters the potentialtrade-offs and conflicts between these objectives.

  4. Public health financial management competencies.

    Science.gov (United States)

    Honoré, Peggy A; Costich, Julia F

    2009-01-01

    The absence of appropriate financial management competencies has impeded progress in advancing the field of public health finance. It also inhibits the ability to professionalize this sector of the workforce. Financial managers should play a critical role by providing information relevant to decision making. The lack of fundamental financial management knowledge and skills is a barrier to fulfilling this role. A national expert committee was convened to examine this issue. The committee reviewed standards related to financial and business management practices within public health and closely related areas. Alignments were made with national standards such as those established for government chief financial officers. On the basis of this analysis, a comprehensive set of public health financial management competencies was identified and examined further by a review panel. At a minimum, the competencies can be used to define job descriptions, assess job performance, identify critical gaps in financial analysis, create career paths, and design educational programs.

  5. Financial Stress, Financial Literacy, Counselling and the Risk of Homelessness

    Directory of Open Access Journals (Sweden)

    Adam Steen

    2013-09-01

    Full Text Available Poor financial literacy may lead to poor life choices. These life choices can create or contribute to financial stress with adverse consequences - not the least of which may be homelessness. These issues are relatively well understood, but there is limited research on the link between financial stress, financial literacy and counselling, and homelessness. Specifically, there has been little research on how improved financial literacy and appropriate financial counselling might help to prevent homelessness. This paper synthesises existing literature on this topic and considers these issues using the ABCX family stress model of Hill (1958 using data from an Australian program aimed at alleviating family homelessness, the Home Advice Program. We provide evidence that suggests that case management and support which incorporates financial counselling and financial literacy can assist in moderating the impact of financial stress and help those at risk of homelessness. The findings have implications for public policy in the areas of financial education, consumer finance, and social services provision.

  6. First half 2005 financial results; Resultats du 1. semestre 2005

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2005-07-01

    With manufacturing facilities in over 40 countries and a sales network in over 100, AREVA offers customers technological solutions for nuclear power generation and electricity transmission and distribution. The group also provides interconnect systems to the telecommunications, computer and automotive markets. This document presents the first half 2005 financial results of the group: 1 - overall performance: sales revenue, operating income, consolidated net income, operating cash flow, balance sheet; 2 - outlook; 3 - performance by business division: front-end division, reactors and services division, back end division, transmission and distribution division, connectors division.

  7. Measuring financial performance: an overview of financial statements.

    Science.gov (United States)

    Dalsted, N L

    1995-07-01

    Financial management has emerged as a critical component in the long-term viability of today's ranches and farms. Proper and timely financial reporting and analysis of financial statements are valuable tools that agricultural producers can use to monitor, coordinate, and plan their operational production and marketing schemes and strategies. A side note to preparation of financial statements. With the concerns over lender liability issues associated with statements either assisted with or prepared by a lending officer, agricultural producers will be responsible for preparing their own statements. The lending institutions may prepare their own statements in their assessment of the financial condition of a business and or individual, but, ultimately, the responsibility of financial statements is the borrower's. Some of the material presented in this article provides important input for use in such analytical programs as the National Cattlemen's Association, Integrated Resource Committees, and Standard Performance Analysis (SPA). SPA techniques and associated software have been or currently are under development for cow-calf, stocker, seedstock, and sheep enterprises. Critical to the analysis is having complete and correct financial statements. These analytical programs build on the financial statements. These analytical programs build on the financial statements as recommended by the FFSTF. Proper financial reporting is critical not only to a SPA assessment but also to the overall financial management of today's farms and ranches. Recognizing the importance of financial management in production agriculture is not enough, taking a proactive stance in one's financial plan is paramount to success. Failure to do so will only enhance the exit rates of producers from production agriculture.

  8. ACCOUNTING, TAX AND FINANCIAL APPROACHES CONCERNING THE CONCEPT OF EQUITY

    Directory of Open Access Journals (Sweden)

    Mihaela TULVINSCHI

    2016-12-01

    Full Text Available Substantiating the concept of equity is an issue of interest to specialists in accounting, taxation and finance. The purpose of this article is to present three of the sensitive issues generated by the concept of equity. One aspect considered is the demarcation of financial liabilities from the equity instruments. The distinction between equity and debt instruments is necessary because it has consequences on financial reporting. A second part of the study focuses on the fiscal side, trying to find the answer to the question: Are there deferred taxes recognized in equity? Deferred tax liabilities will be presented at the end of the year in equity and not debt, because they are related to gains recorded directly in equity. The third part of the article discusses the financial importance of equity, focusing on subscription and attribution rights as financial instruments used when raising capital. By creating subscription rights it is desired to obtain immediate funds needed to finance the entity.

  9. 5 CFR 2635.403 - Prohibited financial interests.

    Science.gov (United States)

    2010-01-01

    ... Section 2635.403 Administrative Personnel OFFICE OF GOVERNMENT ETHICS GOVERNMENT ETHICS STANDARDS OF ETHICAL CONDUCT FOR EMPLOYEES OF THE EXECUTIVE BRANCH Conflicting Financial Interests § 2635.403... other property rights, deeds of trust, and liens, and extends to any right to purchase or acquire any...

  10. Human Rights, History of

    NARCIS (Netherlands)

    de Baets, Antoon; Wright, James

    2015-01-01

    In this article, six basic debates about human rights are clarified from a historical perspective: the origin of human rights as moral rights connected to the natural law doctrine and opposed to positive rights; the wave of criticism of their abstract and absolute character by nineteenth-century

  11. Rights, goals, and capabilities

    NARCIS (Netherlands)

    van Hees, M.V.B.P.M

    This article analyses the relationship between rights and capabilities in order to get a better grasp of the kind of consequentialism that the capability theory represents. Capability rights have been defined as rights that have a capability as their object (rights to capabilities). Such a

  12. Financial burden in recipients of allogeneic hematopoietic cell transplantation.

    Science.gov (United States)

    Khera, Nandita; Chang, Yu-hui; Hashmi, Shahrukh; Slack, James; Beebe, Timothy; Roy, Vivek; Noel, Pierre; Fauble, Veena; Sproat, Lisa; Tilburt, Jon; Leis, Jose F; Mikhael, Joseph

    2014-09-01

    Although allogeneic hematopoietic cell transplantation (HCT) is an expensive treatment for hematological disorders, little is known about the financial consequences for the patients who undergo this procedure. We analyzed factors associated with its financial burden and its impact on health behaviors of allogeneic HCT recipients. A questionnaire was retrospectively mailed to 482 patients who underwent allogeneic HCT from January 2006 to June 2012 at the Mayo Clinic, to collect information regarding current financial concerns, household income, employment, insurance, out-of-pocket expenses, and health and functional status. A multivariable logistic regression analysis identified factors associated with financial burden and treatment nonadherence. Of the 268 respondents (56% response rate), 73% reported that their sickness had hurt them financially. All patients for whom the insurance information was available (missing, n = 13) were insured. Forty-seven percent of respondents experienced financial burden, such as household income decreased by >50%, selling/mortgaging home, or withdrawing money from retirement accounts. Three percent declared bankruptcy. Younger age and poor current mental and physical functioning increased the likelihood of financial burden. Thirty-five percent of patients reported deleterious health behaviors because of financial constraints. These patients were likely to be younger, have lower education, and with a longer time since HCT. Being employed decreased the likelihood of experiencing financial burden and treatment nonadherence due to concern about costs. A significant proportion of allogeneic HCT survivors experience financial hardship despite insurance coverage. Future research should investigate potential interventions to help at-risk patients and prevent adverse financial outcomes after this life-saving procedure. Copyright © 2014 American Society for Blood and Marrow Transplantation. Published by Elsevier Inc. All rights reserved.

  13. Reconfiguring the Financial Markets

    Directory of Open Access Journals (Sweden)

    Ion Bucur

    2009-12-01

    Full Text Available The debut of the new millennium is marked by the increased economic and social imbalances. An important task of economic science is to identify the causes and factors that contributed to the radical transformation of the unfolding conditions of economic activity. The existence of different perspectives to approach the new realities may offer greater opportunities for decrypting the conditions that generated so far unknown developments, as well as for shaping solutions to promote new paths of progress and civilization. The defining with profound implications on the economy and society is represented by the globalization. From this perspective, we have analysed the new dimensions of capital accumulation and economic growth in the context of deregulation and liberalization of the international capital movements. In this context, we have noticed the increasing influence of the financial markets on the economy, the tendency to remove the finances from the real economy requirements, the growing role of external financing using more volatile capital goods, increased competition regarding the access to financing, the significant increase of power of the international capital markets whose characteristic is represented by the increased instability, the implications of the investors’ obsession with an excessive profitableness of their own funds and the expansion of using sophisticated financial products. Realities of today’s financial markets, which are the subject of numerous studies and analysis, have contributed to the association of the arguments that are contesting the thesis on the virtues of self-regulation markets and promoting a new paradigm, within which finances should subordinate the requirements of a balanced and sustained economic growth.

  14. Financial profile of Hydro-Quebec : 1998-2001

    International Nuclear Information System (INIS)

    1999-01-01

    Hydro-Quebec is a publicly owned company with a single shareholder, the Quebec government. It is ranked among North America's largest distributors of green energy. This report provides financial highlights including revenue, expenditure, net income, total assets, long term debt, shareholder's equity and the financial position of the utility. Operating statistics are also provided. This includes electricity sold both in and out of Quebec, total installed capacity, peak requirements for winter, total number of customer accounts, and the number of permanent employees. Because of the January ice storm, Hydro-Quebec's major priority in 1998 was to reinforce its transmission and distribution system to meet customer expectations. From February to December 1998, about 3,000 km of line were built, rebuilt or consolidated. By 2001, the utility will have looped several of its high-voltage transmission systems. Plans are also underway to build four new high-voltage lines and an interconnection with Ontario, using advanced technologies. tabs., figs

  15. Offshoring and financial markets

    Directory of Open Access Journals (Sweden)

    Gianfranco Battisti

    2014-06-01

    Full Text Available The paper analyses the nature and extent of the offshore world, a grey area that is playing a major role in present-day economy. The main institutions moulding this peculiar environment are discussed: preferential tax regimes, tax havens and offshore financial centers. Their role in the globalised world is outlined after a scrutiny of the specialized literature, reports by non-governmental bodies and companies’ advertisings. Finally, we present a tentative reconstruction of its geographical organization, inclusive of cartographic representations of the main international networks.

  16. Analyzing Chinese Financial Reporting

    Institute of Scientific and Technical Information of China (English)

    SABRINA; ZHANG

    2008-01-01

    If the world’s capital markets could use a harmonized accounting framework it would not be necessary for a comparison between two or more sets of accounting standards. However,there is much to do before this becomes reality.This article aims to pres- ent a general overview of China’s General Accepted Accounting Principles(GAAP), U.S.General Accepted Accounting Principles and International Financial Reporting Standards(IFRS),and to analyze the differ- ences among IFRS,U.S.GAAP and China GAAP using fixed assets as an example.

  17. Financial and Non Financial Factors on Going-Concern Opinion

    Directory of Open Access Journals (Sweden)

    Junaidi Junaidi

    2012-09-01

    Full Text Available Company's ability to survive is a fundamental uncertainty faced in the preparation and auditing financial statements. Provision of going-concern opinion on these financial statements the company is still being debated. Public Accountant Professional Standards in section 341 states that the auditor is responsible for evaluating whether there is a major doubt on the ability of entities in the continued survival of the appropriate period of time, not more than one year from the date of the financial statements being audited. This research analyzed the financial and non financial factors that affected the provision of going-concern opinion. This research used samples of 63 companies with 315 observations, taken from years 2005-2009. The logistic regression analysis showed that the company's financial condition variables, mitigating evidence, and disclosure significantly influence the acceptance of going-concern opinion. Enterprise risk was not significant at propensity of going-concern opinion.

  18. Creating a robust and integrated electrical transmission system

    International Nuclear Information System (INIS)

    McLain, S.

    2004-01-01

    The service territory for Puget Sound Energy (PSE) was presented in terms of electric power and gas transmission. Issues affecting the Puget Sound area include high growth and the west coast energy crisis which has had an adverse financial impact on the power industry. The transmission system is basically at capacity and has been impacted by imports and exports between the United States and Canada. Other issues include the separation between energy resources and transmission, modernizing the power grid, and challenges for independent power producers (IPPs). The Northwest Transmission Assessment Committee (NTAC), which was formed under the Northwest Power Pool, has the potential to bring interested parties to study constrained paths and to plan a single utility concept for the region. It is expected that new challenges such as financing and risk management will emerge once the technical solutions are identified and agreed upon. The issue of enforceable and mandatory reliability standards was also discussed. 1 fig

  19. Genesis nature of financial strategy

    Directory of Open Access Journals (Sweden)

    O.V. Pashchenko

    2015-03-01

    Full Text Available The article is devoted to the study of the origin and history of the interpretation of the genesis of «strategy», «financial strategy», its elements and composite types. Scientists studied different views on the concept of strategy. Several specific positions founders of different approaches to define the strategy of schools operating strategies involved in the formulation and implementation of the concept of «strategy». Evaluation of different schools of strategies that deepened understanding of the industry and its strategy in the early stages of formation. Based on the works of various scholars studied by the author actually proposed interpretation of the concept strategy. The general industry and functional strategies which include the following strategies: innovation, resource, financial, production, marketing and human resources. Allocated financial strategy and its significant impact on other strategies. Author developed financial sector strategy and financial strategy of competitive enterprise. The importance of financial strategies under conditions of companies and the industry as a whole, as well as components of development of financial strategy. Deals with the factors that must be considered in the development and implementation of financial strategies. The systems analysis strategies and the impact on financial results, the estimation of their attractiveness and risk. Considered classification on the basis of financial strategies and sectoral orientation of the financial sector strategy based on company size, its form and noted the importance of this trait in systematizing strategies. The expediency of the financial strategy. Defined competitive advantage and efficiency of business and industry through the implementation of various financial strategies.

  20. Financial Statements in Providing Financial Security of Agricultural Enterprises

    OpenAIRE

    Olha Vdovenko

    2014-01-01

    In conditions of severe market competition and economic turmoil financial security of agricultural businesses largely depends on the effectiveness of management decisions, reporting being the information support to ensure such decision making. Thus, the practice of preparing accounting figures and their adjustment has a direct effect on agricultural businesses financial security. Having been generalized at the industry level, statistical and financial statements are used for the development o...

  1. 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 ...

  2. Financial Management, Profile of the Air Force Financial Managers

    National Research Council Canada - National Science Library

    1997-01-01

    ... are confined to comparable organizations and financial management positions in the services. These positions most often include comptrollers, deputy comptrollers, and budget officers located at operational...

  3. Transmission positron microscopes

    International Nuclear Information System (INIS)

    Doyama, Masao; Kogure, Yoshiaki; Inoue, Miyoshi; Kurihara, Toshikazu; Yoshiie, Toshimasa; Oshima, Ryuichiro; Matsuya, Miyuki

    2006-01-01

    Immediate and near-future plans for transmission positron microscopes being built at KEK, Tsukuba, Japan, are described. The characteristic feature of this project is remolding a commercial electron microscope to a positron microscope. A point source of electrons kept at a negative high voltage is changed to a point source of positrons kept at a high positive voltage. Positional resolution of transmission microscopes should be theoretically the same as electron microscopes. Positron microscopes utilizing trapping of positrons have always positional ambiguity due to the diffusion of positrons

  4. ETR transmission systems

    International Nuclear Information System (INIS)

    Metzler, D.

    1983-01-01

    The presentation concentrates on factors associated with transmission systems for reactors and/or reactor relevant devices. For present day mirrors and their upgrades where power levels are in the few hundred kW range, waveguide systems with mode control are preferred. Beyond the early 1990's time frame are the ETR DEMO and reactor devices. These require injected power levels of about 75 MW. If only power oscillators are available at that time, then a MARS like transmission system may be appropriate or possibly a guided wave waveguide

  5. Transmission grid security

    CERN Document Server

    Haarla, Liisa; Hirvonen, Ritva; Labeau, Pierre-Etienne

    2011-01-01

    In response to the growing importance of power system security and reliability, ""Transmission Grid Security"" proposes a systematic and probabilistic approach for transmission grid security analysis. The analysis presented uses probabilistic safety assessment (PSA) and takes into account the power system dynamics after severe faults. In the method shown in this book the power system states (stable, not stable, system breakdown, etc.) are connected with the substation reliability model. In this way it is possible to: estimate the system-wide consequences of grid faults; identify a chain of eve

  6. Financial top 100

    International Nuclear Information System (INIS)

    Jaremko, G.

    1999-01-01

    The way in which the oil industry has rebounded from a difficult financial year was discussed. In 1998, oil prices fell by about 30 per cent from 1997 prices to average US$14.40. In the second quarter of 1999, the rebounding international markets raised oil prices by about one-third to an average US$17.60. Recent surveys have shown that the oil and gas industry will experience major changes in the decade ahead. It was forecasted that in 25 years, total Canadian oil production could near three million barrels per day, an increase of 36 per cent from today's 2.2 million. However, as conventional reserves are running out, production of conventional oil is expected to be diminished by about two-thirds. Naturally-occurring, light refinery-ready oil is forecasted to come mostly from the east coast, whereas western output will be dominated by oil sands. Natural gas will continue to be a huge growth opportunity in the west because of new pipeline expansions and exports to the United States. This paper presented a list of Canada's financial top 100 oil and gas companies which emerged with the best endurance. The list included statistics from 1997 and 1998 for gross revenues, total assets, net income, cash/operating activities, capital expenditures, closing share prices (with percentage change), and market capitalization. 1 fig., 1 tab

  7. FINANCIAL DIAGNOSIS OF STOCKS

    Directory of Open Access Journals (Sweden)

    SUCIU GHEORGHE

    2014-12-01

    Full Text Available Financial diagnosis is a part of a company’s general diagnosis. The role of the financial diagnosis is to establish the situation of the company at a given time, to see if it is viable, to help the decision-makers to take the best measures to continue or cease the activity, or to sell, buy or liquidate the company. Each entity is unique and arbitrarily applying some analysis models used by other companies can lead to significant errors. One cannot analyze in the same way a company that produces household products and a trade company. In the first one, the working capital must be positive, because permanent capitals must finance the fixed assets which have a high value, and the working capital will finance the operating cycle. In case of a trade company, a negative working capital might represent a positive activity, because the duration of the operating cycle is much shorter, and short term sources can also finance the company’s tangible assets.

  8. [Relevance of safety measures to avoid HTLV transmission by transfusion in 2014].

    Science.gov (United States)

    Laperche, S; Pillonel, J

    2014-11-01

    In high-income countries, the safety of blood transfusion related to viruses has reached a very high level, especially thanks to the implementation of multiple measures aimed at reducing the transfusion risk. The cost-effectiveness of these preventive measures is frequently discussed due to global financial resources, which are more and more limited. Hence, the revision of safety strategies is a key issue, especially when these strategies are redundant, as those implemented to avoid Human T-cell Lymphotropic Virus (HTLV) transmission, which are based on both antibodies screening and leucoreduction of blood products. The residual risk of the transmission of HTLV by transfusion has been recently estimated at 1 in 20 million donations (2010-2012) in France (excluding overseas territories). This estimation did not take into account the leucoreduction, which appears to be a very efficient preventive measure as the virus is strictly intra-cellular. To help decision-making, we have evaluated some parameters related to HTLV blood transmission. Firstly, the probability that an incident occurring during the leucoreduction process affects a HTLV-positive blood donation has been estimated at 1 in 178 million. Estimation of clinical consequences of HTLV-positive transfusions would affect 1 to 2 transfused-patients without leucoreduction, and one recipient every 192 years in case of 10% failures of the filtration method. Obviously, despite a risk, which appears to be controlled, HTLV screening will be disputed as soon as the efficiency of leucoreduction to totally prevent virus blood transmission will be proven and when pathogen inactivation methods are generalized to all blood cellular products. Copyright © 2014 Elsevier Masson SAS. All rights reserved.

  9. [Right lung cancer with right aortic arch].

    Science.gov (United States)

    Kawaguchi, Yasuo; Noriyuki, T; Kuroda, Y; Kuranishi, F; Nakahara, M; Fukuda, T; Ishizaki, Y; Hotta, R; Akimoto, E; Mori, H

    2008-02-01

    An abnormal shadow was detected on chest X-ray mass screening in an asymptomatic 63-year-old man. The further examinations revealed the shadow to be primary lung cancer (Rt. S6. adenocarcinoma, cT2N0M0, c-stage IB) with right aortic arch. We used 3 dimentional-computed tomography (3D-CT) to assess an anatomical feature of vessels in detail. The right lower lobectomy and the dissection of medi astinal lymph nodes was performed. We confirmed no abnormal anatomy of pulmonary artery and vein at surgery, and it was possible to perform right lower lobectomy with the common procedure. Since lymph node was found by intraopetrative pathological examination, since no metastasis from interlobar to subcarinal lymph node was found, we did not perform dissection of upper mediastinal dissection, which was equivalent to ND2a lymph nodes dissection of the left lung cancer in General Rule for Clinical and Pathological Record of Lung Cancer. The patient with right aortic arch is known to have variant anatomy of other intrathoracic vessels occasionally. 3D-CT was quite useful in assessing anatomical feature, and enabled us to perform safe operation.

  10. SUBPRIME CRISIS AND FINANCIAL CONTAGION: EVIDENCE FROM TUNISIA

    Directory of Open Access Journals (Sweden)

    Mongi GHARSELLAOUI

    2013-01-01

    Full Text Available The purpose of this paper is to study the subprime crisis while focusing on the phenomenon of financial contagion. Subprime crisis is a crisis that has hit the U.S. mortgage sector and helped to trigger the financial crisis of 2007-2009. In the context of this study, we are interested in exposing the subprime crisis and the contagion first point. The second point will be reserved for the transmission channels of contagion and the third point; we will try to assess the impact of liquidity on the capital market returns. This study shows that the Tunisian financial market does not seem to be very influenced by the subprime crisis. This can be explained by the intrinsic characteristics of the Tunisian market, an underdeveloped market and elemental thing that can make him more or less immune to that crisis.

  11. Statistical inference for financial engineering

    CERN Document Server

    Taniguchi, Masanobu; Ogata, Hiroaki; Taniai, Hiroyuki

    2014-01-01

    This monograph provides the fundamentals of statistical inference for financial engineering and covers some selected methods suitable for analyzing financial time series data. In order to describe the actual financial data, various stochastic processes, e.g. non-Gaussian linear processes, non-linear processes, long-memory processes, locally stationary processes etc. are introduced and their optimal estimation is considered as well. This book also includes several statistical approaches, e.g., discriminant analysis, the empirical likelihood method, control variate method, quantile regression, realized volatility etc., which have been recently developed and are considered to be powerful tools for analyzing the financial data, establishing a new bridge between time series and financial engineering. This book is well suited as a professional reference book on finance, statistics and statistical financial engineering. Readers are expected to have an undergraduate-level knowledge of statistics.

  12. Financial Literacy: Empirical Sociological Approaches

    Directory of Open Access Journals (Sweden)

    Henye Livia Kovacsne

    2015-05-01

    Full Text Available The recent financial crises that started in the USA and spread all over Europe highlighted the importance of research in the field of financial culture. A variety of research projects pointed out that the general population’s financial literacy is lacking basic knowledge. The ever changing economic climate, demographic changes, tendencies in the financial processing sector and the acceleration in product innovation put considerable pressure on the everyday decision making process of a household. The overview of the international and national research on the subject proves that the improving of the population’s, especially the young people’s financial literacy is a priority both in leading economic countries and in Hungary, too. The idea of financial culture is as complex as the variety of research into the topic proves it. This article aims to point out the complicated nature of the notion and the variety of research that has been inserted into it.

  13. A REVIEW OF FINANCIAL EDUCATION

    Directory of Open Access Journals (Sweden)

    Fatih Temizel

    2015-07-01

    Full Text Available This study determines the importance of financial education in contemporary societies. A review of various organizations for increasing financial education whose individual and societal importance has been internationally accepted is also offered. Towards this end initiatives undertaken by international organizations and national authorities are examined. Aspects of these initiatives that can be offered as best practices for developing nations are identified. For the Turkish case financial education examples that can be organized under public authority leadership, with NGO participation are collated. Various experiences about measuring and increasing financial literacy are examined. Among these are the implementations in Australia, Japan, England and the United States. It is put forth, in light of international experience, that increasing access to financial education and efficiency of financial services are possible through, informing, education and consulting.

  14. 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.

  15. Chapter 2: The Financial Crisis

    OpenAIRE

    Hans-Werner Sinn; John Hassler; Gilles Saint-Paul; Giancarlo Corsetti; Michael P. Devereux; Tim Jenkinson; Jan-Egbert Sturm; Xavier Vives

    2009-01-01

    The financial turmoil that originated in 2007 and developed into an unprecedented crisis battering financial and real markets is the latest manifestation, on a grand scale and with new attributes, of a welldefined pathology in the process of market liberalization and integration in the post-Bretton Woods era. At the root of the crisis lies a fundamental inconsistency between financial globalisation – the process of liberalization and deregulation driving the impressive growth of world finan...

  16. Essays on financial analysts' forecasts

    OpenAIRE

    Rodriguez, Marius del Giudice

    2006-01-01

    This dissertation contains three self-contained chapters dealing with specific aspects of financial analysts' earnings forecasts. After recent accounting scandals, much attention has turned to the incentives present in the career of professional financial analysts. The literature points to several reasons why financial analysts behave overoptimistically when providing their predictions. In particular, analysts may wish to maintain good relations with firm management, to please the underwriter...

  17. 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...

  18. 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.

  19. Analisis Financial Deepening di Indonesia

    OpenAIRE

    Ruslan, Dede

    2011-01-01

    This paper aims to analize the financial deepening on Indonesia economy. The focusof analysize is to identifiying effect of interest rate, exchange rate and Gross DomesticProduct (GDP) to financial deepening on Indonesian economy for 1980-2007. Methodeof analysize is linier regression model. The result of analysize are Gross DomesticProduct (GDP) and interest rate have significant effect to financial deepening onIndonesian economy.

  20. Financial accounting for radiology executives.

    Science.gov (United States)

    Seidmann, Abraham; Mehta, Tushar

    2005-03-01

    The authors review the role of financial accounting information from the perspective of a radiology executive. They begin by introducing the role of pro forma statements. They discuss the fundamental concepts of accounting, including the matching principle and accrual accounting. The authors then explore the use of financial accounting information in making investment decisions in diagnostic medical imaging. The paper focuses on critically evaluating the benefits and limitations of financial accounting for decision making in a radiology practice.

  1. financial analysis of the company

    OpenAIRE

    Pojerová, Jana

    2008-01-01

    The main goal of this bachelor thesis called "Company Financial Analysis" is to evaluate the financial situation of ZS Kosova Hora a.s. in the years 2005 2013 using standard methods of financial analysis. To achieve this goal horizontal and vertical analyses, ratio analysis, pyramidal decomposition of the ROE indicator and solvency and bankruptcy models have been used. In all these areas the selected company has been compared with a selected sample of other agricultural enterprises and its fi...

  2. CONSOLIDATED FINANCIAL STATEMENTS UNDER IFRS

    OpenAIRE

    Tănase Alin-Eliodor; Calotă Traian-Ovidiu

    2013-01-01

    This article is focuses on accounting consolidation techniques and the preparation of consolidation worksheets for the components of financial statements (statement of comprehensive income, statement of changes in equity, and financial position). The presented group includes parent company, two subsidiaries (only one fully controlled by the parent company) and a jointly controlled entity. The financial statements are presented under the following standards IFRS 3 Business Combination, IAS 27 ...

  3. Nigeria; Financial Sector Stability Assessment

    OpenAIRE

    International Monetary Fund

    2013-01-01

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

  4. Canada and international financial institutions

    OpenAIRE

    Robert Lafrance; James Powell

    1996-01-01

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

  5. 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

  6. Dynamic bifurcations on financial markets

    International Nuclear Information System (INIS)

    Kozłowska, M.; Denys, M.; Wiliński, M.; Link, G.; Gubiec, T.; Werner, T.R.; Kutner, R.; Struzik, Z.R.

    2016-01-01

    We provide evidence that catastrophic bifurcation breakdowns or transitions, preceded by early warning signs such as flickering phenomena, are present on notoriously unpredictable financial markets. For this we construct robust indicators of catastrophic dynamical slowing down and apply these to identify hallmarks of dynamical catastrophic bifurcation transitions. This is done using daily closing index records for the representative examples of financial markets of small and mid to large capitalisations experiencing a speculative bubble induced by the worldwide financial crisis of 2007-08.

  7. Right Brain Drawing.

    Science.gov (United States)

    Whalen, Adryce C.

    1985-01-01

    The author describes activities of a weekly enrichment class providing right-brain tasks to gifted elementary students. Activities, which centered on artistic creativity, were taken from "Drawing On the Right Side of the Brain" by B. Edwards. (CL)

  8. Watching Handball Transmissions

    DEFF Research Database (Denmark)

    Frandsen, Kirsten

    2010-01-01

    and competent when mastering the game and in relation to others. The study shows that entertainment concerns both affective involvement and identity formation, as social and cultural meaning seem to be at the root of involvement. Even though both men and women find great joy in the transmissions, their viewing...

  9. Intergenerational Transmission of Volunteering

    NARCIS (Netherlands)

    Bekkers, René

    2007-01-01

    In this article, I investigate the strength of intergenerational transmission of volunteering for non-profit associations in The Netherlands. Data from the Family Survey of the Dutch Population 2000 reveal that there are significant relations between current volunteering and parental volunteering in

  10. Open access to transmission

    International Nuclear Information System (INIS)

    Keith, D.M.

    1996-01-01

    For the past 12 to 15 years, the US electric power and energy industry and its federal regulators have been going through a prolonged exercise leading to opening up the national interconnected transmission grid for all qualified wholesale users to have open and equal access. The debates have been painful in a sense that not all parties - especially some of the transmission system owning utilities - believe that the concept of Open Access is achievable, due to technical constraints on the systems. The present Open Access activity is limited to wholesales transaction under the federal jurisdiction, but several states are either experimenting with or considering retail wheeling. In fact, the FERC - Federal Energy Regulatory Commission - has already expanded its view to embrace retail transmission, if the retail transaction involves the use of the interstate transmission systems which are under FERC's jurisdiction. This paper delves into some of the results of the technical cost and pricing analysis for open access. The statutes and resulting regulations are not addressed herein. (author). 1 fig

  11. Intergenerational transmission of volunteerism

    NARCIS (Netherlands)

    Bekkers, R.H.F.P.

    2007-01-01

    In this article, I investigate the strength of intergenerational transmission of volunteering for non-profit associations in The Netherlands. Data from the Family Survey of the Dutch Population 2000 reveal that there are significant relations between current volunteering and parental volunteering in

  12. Financial Literacy, Financial Education and Economic Outcomes. NBER Working Paper No. 18412

    Science.gov (United States)

    Hastings, Justine S.; Madrian, Brigitte C.; Skimmyhorn, William L.

    2012-01-01

    In this article we review the literature on financial literacy, financial education, and consumer financial outcomes. We consider how financial literacy is measured in the current literature, and examine how well the existing literature addresses whether financial education improves financial literacy or personal financial outcomes. We discuss the…

  13. Benin - Access to Financial Services

    Data.gov (United States)

    Millennium Challenge Corporation — The performance evaluation undertaken included administrative financial data from MFIs and MSMEs which received grants under the Benin Compact as well as survey data...

  14. Genesis of enterprise financial security

    Directory of Open Access Journals (Sweden)

    Davydenko N. M.

    2015-05-01

    Full Text Available The article analyzes the scientific approaches to the definition of «financial security of entities», advantages and disadvantages of these approaches are highlighted. The own definition of financial security of entities is given. The composition of elements of enterprise financial security and principles of its provision are defined. Тhe role of individual elements of financial security to ensure high efficiency operation and development of enterprises is significant and has a direct impact on their solvency, liquidity and profitability.

  15. 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...

  16. Psychosocial factors and financial literacy.

    Science.gov (United States)

    Murphy, John L

    2013-01-01

    This study uses data from the Health and Retirement Study (HRS) to analyze the psychological and social variables associated with financial literacy. The HRS is a nationally representative longitudinal survey of individuals older than age 50 and their spouses. An ordinary least squares linear regression analysis explores the relationship between financial literacy and several economic and psychosocial variables. After controlling for earnings, level of education, and other socioeconomic variables in this exploratory study, I find that financial satisfaction and religiosity are correlated with financial literacy.

  17. Balancing Responsibilities – Financial Literacy

    Directory of Open Access Journals (Sweden)

    Gail Pearson

    2017-03-01

    Full Text Available 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 literacy is one among a number of strategies directed towards inducing changes in consumer behaviour. It sits between the old regulatory model which relies on disclosure of information for effective and rational decision-making and a newer regulatory model which takes into account individuals' perceptions and behavioural biases and may seek to accommodate for these by imposing obligations on financial services providers beyond the mere disclosure of information. Financial literacy is generally the ability to understand how money works, how a person can earn money or make it more. It specifically refers to the set of skills and knowledge that allows people to make informed and effective decisions with all of their financial resources. This article discusses Australian and South African legal obligations and social responsibilities aimed at promoting the financial literacy of consumers.

  18. Endogenous money, circuits and financialization

    OpenAIRE

    Malcolm Sawyer

    2013-01-01

    This paper locates the endogenous money approach in a circuitist framework. It argues for the significance of the credit creation process for the evolution of the economy and the absence of any notion of ‘neutrality of money’. Clearing banks are distinguished from other financial institutions as the providers of initial finance in a circuit whereas other financial institutions operate in a final finance circuit. Financialization is here viewed in terms of the growth of financial assets an...

  19. Constitutional Rights in Indonesia

    OpenAIRE

    Judhariksawan

    2018-01-01

    The constitution is fundamental to the life of the modern state as a major foothold in state governance. Includes the guarantee of constitutional rights of citizens. The The constitution is the basis of state organizers to be implemented so that the state is obliged to guarantee the fulfillment of citizens' constitutional rights. Human rights have become an important part of the modern constitution. This study will describe how human rights guarantees become part of consti...

  20. Special Section: Human Rights

    Science.gov (United States)

    Frydenlund, Knut; And Others

    1978-01-01

    Eleven articles examine human rights in Europe. Topics include unemployment, human rights legislation, role of the Council of Europe in promoting human rights, labor unions, migrant workers, human dignity in industralized societies, and international violence. Journal available from Council of Europe, Directorate of Press and Information, 67006…

  1. Inalienable Rights of Children

    Science.gov (United States)

    Zirbes, Laura

    2017-01-01

    Rights are statements of claim. The very conception of human rights cannot be understood without reference to the aggressive disposition to invade, violate, or override them. When socially sensitive leaders rise to the acceptance of these rights,... gradually such expressions of social conviction are either set aside due to some less idealistic…

  2. Teaching Human Rights Law.

    Science.gov (United States)

    Berman, Howard R.

    1985-01-01

    The international community has developed a system of human rights law relevant to many areas of legal encounter, which American law schools have been slow to incorporate into curricula. Teaching human rights law provides an opportunity for law schools to enrich the learning process and contribute creatively to the respect for rights in society.…

  3. Consumer rights and protections

    Science.gov (United States)

    ... care consumer rights; Rights of the health care consumer ... RIGHTS AND PROTECTIONS Here are ways that the health care law protects consumers. You must be covered, even if you have a pre-existing condition. No insurance plan can reject you, ...

  4. The right data for the right decision

    International Nuclear Information System (INIS)

    Chockie, A.D.; Olson, J.L.; Thurber, J.A.

    1988-01-01

    This paper identifies and discusses a number of issues associated with the development and use of performance indicators for commercial nuclear power plants. The paper reviews the objectives of various users of performance indicators and addresses the problem of applying the right performance indicators to the needs of these users. The analysis concludes with a brief discussion of how the different user objectives of performance indicators can lead to conflicts over the definition and implementation of performance indicator systems

  5. Financial analysts and their opinion about nuclear

    International Nuclear Information System (INIS)

    Vos, Patrick H. de

    1999-01-01

    Electrabel is a Belgian utility with business activities ranging from electricity generation and transmission (market share 88 %) to direct distribution of electricity to industrial customers. Electrabel is listed at the Brussels stock market and ranks among the three highest market capitalisation. The Electrabel owns the following NPPs: Doel 1, Tihange 1, Doel 2, Doel, Tihange, Doel 4, Tihange 3, Chooz B and Tricastin. Electrabel opted for an integrated communication strategy, that is to say that the release of information relating to its image, both inside and outside the company, to the media and financial circles and even the marketing and logistics of communication must present a consistent message overall; it is only the language that is adapted to each target public. The communication policy aims mainly to provide communication that is as objective as possible in conjunction with our discussion partners, that is to say on the basis of a long-term professional relationship in a climate of mutual confidence

  6. Sull'innovazione finanziaria. (On financial innovation

    Directory of Open Access Journals (Sweden)

    G. VACIAGO

    2013-12-01

    Full Text Available Negli ultimi anni, in tutti i paesi - anche se in misura diversa - molti cambiamenti hanno avuto luogo nella struttura finanziaria che hanno accompagnato lo sviluppo di nuovi strumenti, mercati e intermediari finanziari. Una crescente letteratura descrive e analizza questi cambiamenti, genericamente raggruppati sotto l'etichetta di "innovazione finanziaria". Al fine di chiarire i costi ei benefici di ciò che si intende per innovazione finanziaria, è necessario esaminare congiuntamente sia le sue cause ei suoi effetti. A tal fine, è in primo luogo necessario considerare alcune domande molto generali che finora ancora devono essere risolte  Il presente lavoro esamina lo stato attuale della teoria dell'innovazione finanziaria, per poi illustrare le caratteristiche principali del processo innovativo in atto. Questo porta ad alcune considerazioni sulle implicazioni che ne derivano per il modus operandi della politica monetaria e, più in generale, per la definizione di meccanismi di trasmissione di questa politica.In recent years, in all countries - albeit to varying degrees - many changes have taken place in the financial structure which have accompanied the development of new instruments, markets and financial intermediaries. A growing literature describes and analyses these changes, generically grouped together under the label of "financial innovation". In order to clarify the costs and benefits of what is meant by financial innovation, it is necessary to jointly examine both its causes and its effects. To this end, it is first necessary to consider some very general questions that thus far have yet to be answered in any certain or unambiguous way, if they have been considered in the scientific literature at all. The present work examines the current state of the theory of financial innovation, to then illustrate the main features of the innovation process currently taking place. This leads to some considerations on the resulting implications

  7. A conceptual framework to the planning under financial restrictions; Um arcabouco conceitual para o planejamento sob restricoes financeiras

    Energy Technology Data Exchange (ETDEWEB)

    Ramos, D.S. [Companhia Energetica de Sao Paulo, SP (Brazil); Morozowski Filho, M. [Santa Catarina Univ., Florianopolis, SC (Brazil); Nahas, E.T.; Anjos, J.C.E. [Eletricidade de Sao Paulo SA, SP (Brazil)

    1991-12-31

    The necessary adaptations on planning methodology, to permit the elaboration of electric power transmission program, into financial costs limitation environment, are presented. The priority evaluation, its implication on electric supply quality and the costs limitation impact on transmission lines expansion project, are also discussed. 1 fig., 4 refs.

  8. The Ethics of the Financial Crisis and Financial Reform

    NARCIS (Netherlands)

    I.P. van Staveren (Irene)

    2012-01-01

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

  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. Financial Development, Financial Structure, and Macroeconomic Volatility: Evidence from China

    Directory of Open Access Journals (Sweden)

    Feng Wei

    2016-11-01

    Full Text Available Using annual data from 1997–2014 of 30 provinces, municipalities, and autonomous regions, subdividing trended and cyclical volatility of macroeconomics and inflation, considering different indicators of financial development and financial structure, this paper investigated the impact of financial development and financial structure on macroeconomic volatility. The empirical results found that (1 the trended and cyclical volatility of the previous macroeconomic period had a significantly positive impact on that of the current period, and the impact of trended volatility was greater than that of cyclical volatility; (2 financial development had a significantly negative impact on macroeconomic cyclical volatility through inflation cyclical volatility, but inflation trended volatility would amplify macroeconomic volatility; financial markets have no significant effect on macroeconomic volatility; financial structure measured with the ratio of stock market turnover and the efficiency of the financial development had a significant positive impact on macroeconomic cyclical volatility; and (3 inflation trended volatility had a significantly negative impact on macroeconomic cyclical volatility and trended volatility, while inflation cyclical volatility had a significantly positive impact on macroeconomic cyclical volatility.

  11. Understanding Financial Innovation: An Introduction to Derivative Financial Products.

    Science.gov (United States)

    Robinson, J. N.

    1992-01-01

    Explains the use of forwards, futures, swaps, and options in international currency trading. Argues that pricing options are based on the same basic principles as pricing other financial instruments. Concludes that, although financial markets have developed several new products, hedging and speculation involve similar processes. (CFR)

  12. Terrorism and financial supervision

    Directory of Open Access Journals (Sweden)

    Anatoli van der Krans

    2005-12-01

    Full Text Available This article presents an analysis of how legislators on international, European and national level combat the financing of terrorism. The central question in this article is whether European regulations concerning the prevention of money laundering and the financing of terrorism, are effective, proportional and mutually harmonious. Now that many regulations in this field have been established by intra-national bodies, it is important to examine how these regulations are further elaborated in the respective national systems. This article gives a broad overview of legislative initiatives of the UN, USA, FATF, EU and Council of Europe. The Netherlands for numerous reasons serves as a legal example. It is concluded that measures taken or proposed to avoid or at least reduce the financing of terrorism are quite effective to prevent abuse of the financial system. On the other hand, these measures increase the risk of underground or illegal financing, which is even more difficult to control.

  13. Preventing Financial Crime

    DEFF Research Database (Denmark)

    Boll, Karen

    This paper investigates the Swedish tax authority’s (Skatteverkets) compliance initiative called Preventing Financial Crime. In Sweden tax evasion related to organised moon-lighting is defined as a major risk to the revenue collection and to the legitimacy of Skatteverket. The traditional approach...... on this, the paper shows that the Swedish tax officials seek to motivate large construction contractors and municipalities to take preventive measures in relation to their sub-contractors to avoid and abate tax evasion. The paper shows the challenges in engaging and involving these external stakeholders...... has implications for how tax authorities (and other state authorities) reform their coercive regulation. If they decide to pursue a voluntary based approach where the actions of external partners play a central role, then the analysis helps to show some of the implied challenges and potentials....

  14. Advanta Financial Corporation

    International Nuclear Information System (INIS)

    Smyth, R. J.

    1998-01-01

    Services provided by Advanta Financial Corporation to the oil and gas industry are described. These services include industrial equipment leasing, and sale and lease back of new or used equipment in the $ 250,000 to $ 2 million range. Office equipment is provided on a 12 to 60 month capital lease with 100 per cent financing on new equipment. Service equipment is also available on 12 to 60 month capital lease and 0 to 25 per cent equity is required. Production equipment is leased on 12 to 84 month capital and operating lease agreement and requires 0 to 25 per cent equity. The process of concluding a lease in each category is described, including documentation requirements, equipment description, engineering summary, equipment schedule and acceptance, evidence of insurance and fiscal arrangements. In general, flexibility in the arrangements is the key to success in an aggressive and highly competitive industry

  15. Financial Literacy and Financial Sophistication in the Older Population

    Science.gov (United States)

    Lusardi, Annamaria; Mitchell, Olivia S.; Curto, Vilsa

    2017-01-01

    Using a special-purpose module implemented in the Health and Retirement Study, we evaluate financial sophistication in the American population over the age of 50. We combine several financial literacy questions into an overall index to highlight which questions best capture financial sophistication and examine the sensitivity of financial literacy responses to framing effects. Results show that many older respondents are not financially sophisticated: they fail to grasp essential aspects of risk diversification, asset valuation, portfolio choice, and investment fees. Subgroups with notable deficits include women, the least educated, non-Whites, and those over age 75. In view of the fact that retirees increasingly must take on responsibility for their own retirement security, such meager levels of knowledge have potentially serious and negative implications. PMID:28553191

  16. Financial Literacy and Financial Sophistication in the Older Population.

    Science.gov (United States)

    Lusardi, Annamaria; Mitchell, Olivia S; Curto, Vilsa

    2014-10-01

    Using a special-purpose module implemented in the Health and Retirement Study, we evaluate financial sophistication in the American population over the age of 50. We combine several financial literacy questions into an overall index to highlight which questions best capture financial sophistication and examine the sensitivity of financial literacy responses to framing effects. Results show that many older respondents are not financially sophisticated: they fail to grasp essential aspects of risk diversification, asset valuation, portfolio choice, and investment fees. Subgroups with notable deficits include women, the least educated, non-Whites, and those over age 75. In view of the fact that retirees increasingly must take on responsibility for their own retirement security, such meager levels of knowledge have potentially serious and negative implications.

  17. 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...

  18. Liquidity management through financial planning

    Directory of Open Access Journals (Sweden)

    Kameníková Katarína

    2001-12-01

    Full Text Available One of the basic goals of financial management is to provide financial property and capital for running of the firm, as well as for its development, that means provide optimal firm´s liquidity.To improve liquidity is possible provide through various ways. In present time there is increasing importance of financial planning., where planning of liquidity presents one of its integral part. Therefore I deal in presented paper with possible liquidity improvement through calculation of financial planning in chosen slovac magnesite firm, exploitating and elaborating magnesite raw material.For creating of financial plann of liquidity I chosed to use one of the practical methods - method of financial indexes. Such method presents process of planning optimal liquidity with providing of required rentability. Such plann must provide balance between income and outcome, as well as secure achievment of expected profit.I used tools of financial planning for calculation of possible liquidity improvement in mentioned firm, where present financial situation is characterised by law liquidity, but high rentability. Such position presents transitive crisis situation, therefore firm must create new financial property or decrease liabilities, in order to overcome negative state of liquidity.Performed calculation showed, that change in balance sheet due to the growth of financial property will improve liquidity, rentability will be maintained, therefore firm will be able to transit from crisis situation.Providing of liquidity will present one of possible way how to care for financial health of firm. But such process is not simple, it must be done with connection to the changes of internal and external conditions of the firm.

  19. Fiscal and monetary policy interactions in an endogenous growth model with financial intermediaries

    OpenAIRE

    Espinosa, Marco A.; Yip, Chong K.

    1995-01-01

    We review some inflationary and growth claims surrounding fiscal and monetary policy interactions. While financial intermediation has long been acknowledged as a key mechanism in the transmission of these interactions, only recently have economists incorporated the explicit modeling of such intermediaries in their analyses. Here we model financial intermediaries explicitly. We find that the relation between growth and inflation depends crucially on the agents' degree of relative risk aversion...

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

    OpenAIRE

    International Monetary Fund

    2013-01-01

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

  1. The Transmission of Liquidity Shocks to the Real Economy

    DEFF Research Database (Denmark)

    Dursun-de Neef, Özlem

    2012-01-01

    This paper uses the 2007-2009 financial crisis as a negative liquidity shock on banks to analyze their lending behavior and study the differences between US and euro-area banks. When faced with a negative liquidity shock, US banks transmitted liquidity shocks to the real economy by reducing...... of the Federal Reserve in the US and the ECB in the euro area has led to differences in the transmission of liquidity shocks to the real economy....

  2. The right and development: the nuclear right

    International Nuclear Information System (INIS)

    Coimbra, Guilhermina Lavos.

    1986-02-01

    The author analyses some juridical instruments signed among Brazil and his commercial partners in the nuclear field: the way as it has been reflected and it has modeled the Brazilian Nuclear Program - BNP. It is very much important a Nuclear Law/Bill of the Nuclear Rights directed to the uranium and the BNP defense. It is compared the Brazilian petroleum situation, before 1952, with the present uranium situation. It is purposed a Constitutional disposal, protecting the uranium and all the other nuclear strategic minerals state monopoly, to be inserted in the next Brazilian Constitution and the URANIOBRAS creation, similar to PETROBRAS. (author). 163 refs

  3. THE RESALE RIGHT

    Directory of Open Access Journals (Sweden)

    Ana-Maria MARINESCU

    2017-05-01

    Full Text Available The article analyses one of the most important rights of the authors of original works of art namely: the resale right. It will be analyzed the subject matter of the resale right, the works of art to which the resale right relates, the rates applicable to the resale right, the persons entitled to receive royalties, the term of protection of the resale right, third-country nationals entitled to receive royalties and the right to obtain information. Also, the article will refer to the EU Directive in the field: Directive 2001/84/EC of the European Parliament and of the Council of 27 September 2001 on the resale right for the benefit of the author of an original work of art. It will be the subject of the article, also, the European Court of Justice jurisprudence related to the resale right, for example the judgment in the case C-518/08 (VEGAP vs. ADAGP, underlying that, in the light of the objectives pursued by Directive 2001/84, Member States may make their own legislative choice in determining the categories of persons capable of benefiting from the resale right after the death of the author of a work of art. One of parts of the article, will analyses the collective management for the resale right, especially: the terms of the collective management, forms of the collective management and examples. For all the above mentioned reasons, the article will refer to the main aspects of the resale right in a comprehensive manner and will analyses in a scientifically manner this very important right of the authors of original works of art.

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

    Science.gov (United States)

    Van Gunten, Tod; Navot, Edo

    2018-02-01

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

  5. Bulgaria : Country Financial Accountability Assessment

    OpenAIRE

    World Bank

    2003-01-01

    Bulgaria's ambitious program of reforms in several areas, including public financial management (PFM), focuses greatly on its entry into the European Union (EU). Thus, the country has a well developed system, and structure of financial management, that relies heavily on information technology (such as in the area of cash management), and has independent external audits, and parliamentary o...

  6. Mexico : Country Financial Accountability Assessment

    OpenAIRE

    World Bank

    2004-01-01

    This Country Financial Accountability Assessment (CFAA) summarizes the status of implementation of financial management measures of the Federal public sector, showing both strengths, and areas for improvement, and, reflects input contributions in each area of public management. The main strength observed was the existence of clear rules governing the Federal Government's administrative fin...

  7. Financial Services and Emerging Markets

    NARCIS (Netherlands)

    B. Karreman (Bas)

    2011-01-01

    textabstractThis study addresses the organization and strategy of firms in emerging markets with an explicit application to financial services. Given the relevance of a well-functioning financial system for economic growth, understanding the organization and strategy of firms contributing to the

  8. Jordan Banks Financial Soundness Indicators

    Directory of Open Access Journals (Sweden)

    Imad Kutum

    2015-09-01

    Full Text Available The aim of this research paper is to examine the Jordanian banks using financial soundness indicators. This is to establish if Jordanian banks were affected because of the 2007/2008 financial crisis and determine the underlying reasons. The research paper was conducted on 25 banks in Jordan listed in the countries securities exchange. The research methodology used consisted of examining the banks financial records in order to derive four crucial Basel III ratio such as the capital adequacy ratio, the leverage ratio, the liquidity ratio and finally the Total Provisions (As % Of Non-Performing Loans %. The results revealed that out of the four hypotheses under examination Jordan Banks do not meet Basel financial Indicators for Capital Adequacy Ratio, Jordan Banks does not meet Basel financial Indicators for Liquidity Ratio , Jordan Banks do not meet Basel financial Indicators for Leverage Ratio and Jordan Banks do not meet Basel financial Indicators for Total Provisions (As % Of Non-Performing Loans ratio. Only one hypothesis was accepted based on the research outcomes. The rest of the hypothesis was rejected since the average trend line did not go below the Basel III required ratio level. The general outcome of the research revealed that Jordanian banks were not affected significantly by the financial crisis.

  9. Financial Planning with Fractional Goals

    OpenAIRE

    Goedhart, Marc; Spronk, Jaap

    1995-01-01

    textabstractWhen solving financial planning problems with multiple goals by means of multiple objective programming, the presence of fractional goals leads to technical difficulties. In this paper we present a straightforward interactive approach for solving such linear fractional programs with multiple goal variables. The approach is illustrated by means of an example in financial planning.

  10. The Objective of Financial Reporting.

    Science.gov (United States)

    Schermann, Kenneth R.

    1986-01-01

    Alerts public school business officials to a financial reporting concepts statement to be issued by the Governmental Accounting Standards Board in late 1986. The new directive will outline four objectives concerned with accountability procedures, resource management and compliance information, operating results, and future financial capabilities.…

  11. Stakeholder relations and financial performance

    NARCIS (Netherlands)

    Scholtens, B.; Zhou, Y.

    2008-01-01

    We analyze how shareholder performance can be associated with stakeholder relations. As such, we try to find out whether there is an association between financial performance and stakeholder relations with respect to different theoretical notions about the firm. Financial performance is

  12. Complexity theory and financial regulation

    NARCIS (Netherlands)

    Battiston, Stefano; Farmer, J.D.; Flache, Andreas; Garlaschelli, Diego; Haldane, Andrew G.; Heesterbeek, Hans; Hommes, Cars; Jaeger, Carlo; May, Robert; Scheffer, Marten

    2016-01-01

    Traditional economic theory could not explain, much less predict, the near collapse of the financial system and its long-lasting effects on the global economy. Since the 2008 crisis, there has been increasing interest in using ideas from complexity theory to make sense of economic and financial

  13. The Importance of Financial Literacy

    Science.gov (United States)

    Kezar, Adrianna; Yang, Hannah

    2010-01-01

    In this article, the authors argue that campus communities must play a more active role in developing financial literacy than they currently do--and not just by providing counseling in moments of emergency. They argue that financial literacy, as a life skill, as a requisite to citizenship, and as a critical intellectual competency, is an essential…

  14. Teaching OOP with Financial Literacy

    Science.gov (United States)

    Zhu, Hongwei

    2011-01-01

    Students lose interest in learning programming when the materials are not related to their lives. A challenge facing most students is that they lack the financial literacy necessary to manage their debts. An approach is developed to integrate financial literacy into an object-oriented programming (OOP) course. The approach is effective in…

  15. A survey of transmission tariffs in North America

    International Nuclear Information System (INIS)

    Lusztig, C.; Feldberg, P.; Orans, R.; Olson, A.

    2006-01-01

    One goal of electricity restructuring is to facilitate voluntary transactions in workably competitive wholesale electricity markets. Unfettered wholesale trading, however, can only take place under open and comparable access to transmission by all market participants at non-discriminatory tariffs. Since a rich body of literature exists for topics like nodal pricing, transmission rights, ancillary services, and optimal dispatch, this paper's focus is to survey the transmission tariffs actually used in North America to achieve open and comparable transmission access. In doing so, it provides a practical guide to developing a transmission tariff, illustrated by the survey's role in shaping the tariff filed by a company like the British Columbia Transmission Company (BCTC) with its regulator, the British Columbia Utilities Commission (BCUC). (author)

  16. Mechanisms, Transmissions and Applications

    CERN Document Server

    Corves, Burkhard

    2012-01-01

    The first Workshop on Mechanisms, Transmissions and Applications -- MeTrApp-2011 was organized by the Mechatronics Department at the Mechanical Engineering Faculty, “Politehnica” University of Timisoara, Romania, under the patronage of the IFToMM Technical Committees Linkages and Mechanical Controls and Micromachines. The workshop brought together researchers and students who work in disciplines associated with mechanisms science and offered a great opportunity for scientists from all over the world to present their achievements, exchange innovative ideas and create solid international links, setting the trend for future developments in this important and creative field. The topics treated in this volume are mechanisms and machine design, mechanical transmissions, mechatronic and biomechanic applications, computational and experimental methods, history of mechanism and machine science and teaching methods.

  17. Wireless transmission of power

    International Nuclear Information System (INIS)

    Grotz, T.

    1991-01-01

    This paper reports that it has been proven by researchers that electrical energy can be propagated around the world between the surface of the Earth and the ionosphere at extremely low frequencies in what is known as the Schumann Cavity. Experiments to data have shown that electromagnetic waves with frequencies in the range of 8 Hz, the fundamental Schumann Resonance frequency, propagate with litter attenuation around the planet within the Schumann Cavity. It is the intent of this research to determine if the Schumann Cavity can be resonated, if the power that is delivered to the cavity propagated with very low losses, and if power can be extracted at other locations within the cavity. Experimental data collected and calculations made in recent years support the hypothesis that wireless power transmission is a viable and practical alternative to the present systems of power transmission

  18. Regional transmission subsystem planning

    Energy Technology Data Exchange (ETDEWEB)

    Costa Bortoni, Edson da [Quadrante Softwares Especializados Ltda., Itajuba, MG (Brazil); Bajay, Sergio Valdir; Barros Correia, Paulo de [Universidade Estadual de Campinas, SP (Brazil). Faculdade de Engenharia Mecanica; Santos, Afonso Henriques Moreira; Haddad, Jamil [Escola Federal de Engenharia de Itajuba, MG (Brazil)

    1994-12-31

    This work presents an approach for the planning of transmission systems by employing mixed--integer linear programming to obtain a cost and operating characteristics optimized system. The voltage loop equations are written in a modified form, so that, at the end of the analysis, the model behaves as a DC power flow, with the help of the two Kirchhoff`s laws, exempting the need of interaction with an external power flow program for analysis of the line loading. The model considers the occurrence of contingencies, so that the final result is a network robust to the most severe contingencies. This whole technique is adapted to the regional electric power transmission subsystems. (author) 9 refs., 4 figs.

  19. EDF - 2006 full-year results, 2006 Financial report

    International Nuclear Information System (INIS)

    Gadonneix, Pierre

    2007-04-01

    As the world's biggest electricity generator, the EDF Group covers every sector of expertise, from generation to trading and transmission grids. EDF builds on the expertise of its people, its R and D and engineering skills, its experience as a leading industry operator and the attentive support of its customers to deliver competitive solutions that successfully reconcile economic growth with climate protection. This document presents the 2006 annual results and Consolidated financial statements of the Group at 31 December 2006: Consolidated income statements, Consolidated balance sheets, Consolidated cash flow statements, Changes in consolidated equity, Notes: Group accounting policies, Summary of accounting and valuation methods, Public distribution concessions in France, Comparability, Significant events and transactions of 2006 and 2005, Changes in the scope of consolidation, Segment reporting, Sales, Fuel and energy purchases, Other external expenses, Contractual obligations and commitments, Personnel expenses, Other operating income and expenses, Impairments / reversals, Other income and expenses, Financial result, Income taxes, Goodwill, Other intangible assets, Property, plant and equipment, Investments in companies accounted for under the equity method, Financial assets, Inventories including work-in-process, Trade receivables, Other receivables, Cash and cash equivalents, Held-for-sale assets and liabilities, Equity, Provisions, Special concession liabilities, Current and non-current financial liabilities, Derivatives, Other liabilities, Contribution of joint ventures, Related parties, Environment, Subsequent events, Transition to standards IAS 32 and 39 concerning financial instruments, Scope of consolidation

  20. Available transmission capacity assessment

    Directory of Open Access Journals (Sweden)

    Škokljev Ivan

    2012-01-01

    Full Text Available Effective power system operation requires the analysis of vast amounts of information. Power market activities expose power transmission networks to high-level power transactions that threaten normal, secure operation of the power system. When there are service requests for a specific sink/source pair in a transmission system, the transmission system operator (TSO must allocate the available transfer capacity (ATC. It is common that ATC has a single numerical value. Additionally, the ATC must be calculated for the base case configuration of the system, while generation dispatch and topology remain unchanged during the calculation. Posting ATC on the internet should benefit prospective users by aiding them in formulating their requests. However, a single numerical value of ATC offers little for prospect for analysis, planning, what-if combinations, etc. A symbolic approach to the power flow problem (DC power flow and ATC offers a numerical computation at the very end, whilst the calculation beforehand is performed by using symbols for the general topology of the electrical network. Qualitative analysis of the ATC using only qualitative values, such as increase, decrease or no change, offers some new insights into ATC evaluation, multiple transactions evaluation, value of counter-flows and their impact etc. Symbolic analysis in this paper is performed after the execution of the linear, symbolic DC power flow. As control variables, the mathematical model comprises linear security constraints, ATC, PTDFs and transactions. The aim is to perform an ATC sensitivity study on a five nodes/seven lines transmission network, used for zonal market activities tests. A relatively complicated environment with twenty possible bilateral transactions is observed.