Sample records for public finance applications

  1. Islamic Public Infrastructure Financing: An Analysis of Alternative Financing Instruments with Application in Developing Countries

    Islam, Saiful


    This project examines the structure of public infrastructure financing in Indonesia and examines whether financing based on Islamic principles is a feasible alternative to current financing mechanisms...

  2. Islamic Public Infrastructure Financing: An Analysis of Alternative Financing Instruments with Application in Developing Countries

    Islam, Saiful


    .... This financing mixture, however, may lead to fiscal constraints when debt service occurs. If the investment funds are unproductive, then the infrastructure project may not generate sufficient revenue to offset debt service obligations...

  3. Financing Public Service Broadcasting

    Berg, Christian Edelvold; Lund, Anker Brink


    Broadcasting (PSB) financing regimes in Europe, concluding that Denmark, Finland, Iceland, Norway, and Sweden may still be considered conventional, licence fee PSB countries, but with some interesting differences in relation to competitive and market oriented alternatives of resource provision......Recently several European countries have abolished the traditional public service licence fee system, replacing it with direct public funding. But except for Iceland, the Nordic countries have not followed suit. The article discusses this development within a comparative framework of Public Service...

  4. Public Finance Administration. Second Edition.

    Reed, B. J.; Swain, John W.

    This book is intended for the nonexpert in finance who has a public administration background. It opens with a broad introduction to public finance administration and how this job is related to public budgeting, the practice of public-sector accounting, and the economic concepts of money and value. Issues surrounding public revenue, its sources,…

  5. Corruption, Growth, and Public Finances

    Vito Tanzi; Hamid R Davoodi


    The paper discusses some channels through which corruption affects growth such as the impact of corruption on enterprises, on the allocation of talent, and on investment. It also discusses the impact of corruption on some aspects of public finance.


    Agnieszka Bem


    Full Text Available Healthcare in Poland is mainly financed by public sector entities, among them the National Health Fund (NFZ, state budget and local government budgets. The task of the National Health Fund, as the main payer in the system, is chiefly currently financing the services. The state budget plays a complementary role in the system, and finances selected groups of services, health insurance premiums and investments in healthcare infrastructure. The basic role of the local governments is to ensure access to the services, mostly by performing ownership functions towards healthcare institutions.


    Miloš POLIAK


    Full Text Available The paper deals with the issue of efficiency of public passenger transport through financial support from public funds from the perspective of improving road safety. The aim is to verify the hypothesis that financing public passenger transport from public funds is a significant tool to influence the number of passengers carried by individual automobile transport, and thus it can be used a tool for influencing road safety in a particular territory. The first part of the paper analyses the sources for financial support of public passenger transport. The next part describes the assumptions for improving road safety through increasing the support of public passenger transport. The last part analyses possible impacts of financing public passenger transport on the road safety in relation to the specified hypothesis.

  8. French public finances at risk?

    Creel Jérôme


    Full Text Available Using descriptive evidence, this paper contributes to the debate on French public finances’ consolidation by examining the long-term sustainability of France’s fiscal position. We trace the historical trends of government’s tax receipts and expenditures. We illustrate that while the level of public expenditure in France is larger than in the Euro Area, its trend is comparable to its neighbours. French net debt is comparable to Eurozone’s while French net wealth remains positive. However, the French tax system is not progressive with only 6% of compulsory levies raised that way, and too complex. The paper then acknowledges the efficient debt management of French authorities. As a conclusion, we see no risk of future unsustainability linked to the nature or the level of current French public finances.

  9. New Financing Schemes of Public Infrastructure

    Ignacio de la Riva


    Full Text Available Public works procurements and concessions are traditional legal techniques used to shape the financing of public infrastructure. Fiscal constraints faced by public administrations at the end of the 20th century, and the subsequent increase of private participation in the provision of public goods and services, encouraged the development of new legal schemes allowing a higher degree of private investment in public infrastructure; such as Public Private Partnerships, project finance, securitizations, the shadow toll, turn-key agreements, public leasing and public trusts.

  10. Bank Accounts for Public Finance Agencies Income

    Paweł Lenio


    Full Text Available The subject of this paper are bank accounts for public finance agencies income. The article describes characteristics of accounts for all three kinds of agencies: government and municipal units working in regards to statue of education and units with headquarters in foreign countries. The author presents a detailed directory of income for particular accounts and the allocation of said income. This paper also deals with the optionality of those dedicated bank accounts and the competence for erecting them. In a smaller scope there are presented the controversies of establishing bank accounts for public finance agencies income in the past, before the current statue of public finance.

  11. From public to private climate change adaptation finance : Adapting finance or financing adaptation?

    Pauw, W.P.


    Private financing is the latest mark of the privatisation of global governance. The implementation of international agreements in the fields of environment, climate change and development has always been supported by public finance from developed countries. This tradition is broken by a

  12. Financing public healthcare institutions in Ghana.

    Akortsu, Mercy Akosua; Abor, Patience Aseweh


    The financing of healthcare services has been of a major concern to all governments in the face of increasing healthcare costs. For developing countries, where good health is considered a poverty reduction strategy, it is imperative that the hospitals used in the delivery of healthcare services are well financed to accomplish their tasks. The purpose of this paper is to examine how public hospitals in Ghana are financed, and the challenges facing the financing modes adopted. To achieve the objectives of the study, one major public healthcare institution in Ghana became the main focus. The findings of the study revealed that the main sources of financing the public healthcare institution are government subvention, internally-generated funds and donor-pooled funds. Of these sources, the internally generated fund was regarded as the most reliable, and the least reliable was the donor-pooled funds. Several challenges associated with the various financing sources were identified. These include delay in receipt of government subvention, delay in the reimbursement of services provided to subscribers of health insurance schemes, influence of government in setting user fees, and the specifications to which donor funds are put. The findings of this study have important implications for improving the financing of public healthcare institutions in Ghana. A number of recommendations are provided in this regard.

  13. [Project financing in public hospital trusts].

    Contarino, F; Grosso, G; Mistretta, A


    The growing debate in recent years over how to finance public works through private capital has progressively highlighted the role of project finance (PF) and publicprivate partnerships (PPP) in general. More and more European countries are turning to PF to finance their public infrastructure development. The UK, which pioneered the adoption of project finance in this field, has been followed by Italy, Spain, France, Portugal and Germany and more recently by Greece, Czech Republic and Poland. Beginning in the late 1990's, Italy has steadily amplified its use of PF and PPPs in key sectors such as healthcare as an alternative way of funding the modernisation of its health facilities and hospitals. The trend reveal an average annual growth of 10.9% since 2002 with peaks of varying intensity over the five year period. Project finance and PPPs represent an effective response to the country's infrastructure gap and support the competitiveness of local systems and the quality of public services. None of this will transpire, however without energetic new planning efforts and adequate policy at the centre.

  14. Introduction: Alternative Public School Financing.

    Disend, David S., Ed.


    Argues that time and money are the two critical resources to allocate in any plan, and certainly regarding public education. Discusses four important elements in the debate about the use of resources: efficiency, content, effectiveness, and fairness. Outlines difficulties and questions regarding school funding. (SR)

  15. Public financing systems for radiology: experience in 12 European countries

    Kesteloot, K.


    This paper illustrates the evolution in public health care financing systems in 12 European countries, in terms of the financing of radiology services. The financing systems for radiology used by public health care financing agencies are described in detail. The implications of these new financing conditions for health care delivery are briefly sketched. The paper concludes with some strategies to help radiologists cope with the tightening financing conditions for medical imaging. (orig.) (orig.)

  16. Applying Olap Model On Public Finance Management

    Dorde Pavlovic; Branko Gledovic


    Budget control is derivate from one of the main functions of budget, that aims that the budget is control instrument of acquiring and pending of budget needs. OLAP model represents an instrument that finds its place in the budget planning process, executive phases of budget, accountancy, etc. There is a direct correlation between the OLAP model and public finance management process.

  17. Essays in development economics and public finance

    Hoseini, Mohammad


    This dissertation studies a range of topics in development economics and public finance. The first two chapters contain empirical studies on India addressing the impact of financial development on poverty and informality. Using time and state-level variation across Indian states, the first study


    Mura Petru-Ovidiu


    Full Text Available The main objective of this paper is to evaluate the sustainability of public finance in Romania and to explore the fiscal threats Romania might face in the future. A sound fiscal policy implies avoiding excessive liabilities of the government, but at the same time delivering the proper public goods and services, including the necessary safety net in times of crisis. An unsustainable fiscal position negatively impacts on macroeconomic stability; moreover, if public finances are perceived to be unsustainable in the long run, the reaction of the international financial markets could generate a fiscal crisis, which might surprise the fiscal planners. The main findings of the paper are the following: i according to the multidimensional approach of the European Commission, in the short run, it seems that Romania is free from fiscal stress, there is a low risk in the medium term, and in the long run the risk becomes medium; ii a potential medium-term fiscal sustainability risk derives from the accumulation of losses and arrears in the business and companies sectors in which the state is a majority shareholder; iii Romania records one of the lowest budget revenues to GDP ratios in EU, while the Romanian tax system is characterized by a poor tax collection, inefficient administration and excessive bureaucracy; iv the structure of public spending in Romania is characterized by the predominance of wage spending and social assistance, while the poor state of the public pension system is an important vulnerability of the public finance position; v overall, the degree of tax compliance in Romania was only 55.8% in 2013, and according to the calculations made by the Fiscal Council, tax evasion represented 16.2% of GDP in 2013. All these aspects make up a grim picture of sustainability of public finances, which has to be considered by the public decision makers regarding future fiscal policy actions.

  19. Waterloo: a Godsend for French Public Finances?

    Oosterlinck, Kim; Ureche-Rangau, Loredana; Vaslin, Jacques-Marie


    Following Waterloo, managing French public finances represented a daunting task. Defeated France had lost a substantial part of its population and territory. The country was partially occupied and France was to pay huge amounts as reparations to the victors. Furthermore, France’s reputation had been tarnished by several defaults on its debt in the preceding decades. Despite all these elements, in the ten years between 1815 and 1825, not only did France manage to place a huge amount of debt on...

  20. Impact of Tax Relief on Public Finance

    Bikas Egidijus


    Full Text Available Tax reliefs are optional, but a very important element of the taxation system. This element is used for different purposes by a country’s government institutions. Tax reliefs are a form of tax expenditure that helps to reduce budget revenues. Tax reliefs influence individual and corporate financial behaviour and can have positive or negative effects on the economic and social factors. In the last few years, expansion of tax relief has attracted worldwide attention because of the fact that, after the global financial crisis, many countries are still suffering from fiscal deficits, and expansion of tax relief has not contributed to solving this problem. Tax reliefs are presupposed to be a fiscal policy tool of significance in various subsystems of public finances. The main aim of this article is to examine the impact of personal income tax reliefs on Lithuanian public finances. To achieve this aim, statistical information was systemized; Monte Carlo method was used to group data by horizontal rows and logical links analysed, which helped to evaluate the influence of tax reliefs on public finances. In the simulations, the Monte Carlo method helped to simulate random samples, which were then examined by adapting the conclusions of the theory of probability and mathematical statistics methods.

  1. Public Finance in China since the Late Qing Dynasty

    B. Krug (Barbara)


    textabstractHow is "public finance" organized in China? Is China’s public finance system different from that of other countries? Can we detect features which link today’s system to the past? Public finance refers to more than annual state budgets and constitutional procedures. It includes foreign


    Mihaela Grubisic Seba


    Full Text Available Croatia is a typical bank-based transition economy whose capital market has been primarily used for secondary trading purposes since its re-establishment in 1990s. Except for a couple of exceptions, public offers of shares and corporate bonds have been rather rate. Private offerings of shares and short-term debt have been more frequent. However, due to secondary debt market illiquidity, the debt issues are signed up and either held until maturity or renewal, or they are traded exclusively between the institutional investors.This paper provides evidence from the field on financing preferences of Croatian public companies regarding seasoned equity and corporate debt issuance. It questiones why public offerings of corporate securities in non-financial sector after initial, mostly mandatory shares’ listing have been rare and whether making decisions on securities’ offers depend on other financial instruments’ sufficiency, costs of issunace or previous experience of companies in collecting funds in the capital market.

  3. Private Placement Debt Financing for Public Entities

    Holman, Lance S.


    Private placement financing is a debt or capital lease obligation arranged between a municipality or a 501(c) (3) not-for-profit organization and a single sophisticated institutional investor. The investor can be a bank, insurance company, finance company, hedge fund, or high-net worth individual. Private placement financing is similar to…

  4. Applications of Entropy in Finance: A Review

    Guanqun Tong


    Full Text Available Although the concept of entropy is originated from thermodynamics, its concepts and relevant principles, especially the principles of maximum entropy and minimum cross-entropy, have been extensively applied in finance. In this paper, we review the concepts and principles of entropy, as well as their applications in the field of finance, especially in portfolio selection and asset pricing. Furthermore, we review the effects of the applications of entropy and compare them with other traditional and new methods.


    I. Ovsiannykova


    Full Text Available The theoretical principles concerning the financing of public private partnership' projects are deepened and practical recommendations for improving the procedure of raising funds for projects of public-private partnerships through the use project bonds are substantiated.

  6. How federalism shapes public health financing, policy, and program options.

    Ogden, Lydia L


    In the United States, fiscal and functional federalism strongly shape public health policy and programs. Federalism has implications for public health practice: it molds financing and disbursement options, including funding formulas, which affect allocations and program goals, and shapes how funding decisions are operationalized in a political context. This article explores how American federalism, both fiscal and functional, structures public health funding, policy, and program options, investigating the effects of intergovernmental transfers on public health finance and programs.

  7. Proposals for the Reform of Constitutional Regulations on Public Finances

    Tibor András Hetei


    The main purpose of this paper is to make specific proposals in the areas of public finance and the budget process in the context of the reform of the Hungarian Constitution. In preparing the proposals the author has reviewed the prevailing constitutional regulations as well as the relevant practice of the Constitutional Court, and examined and compared the constitutional schemes of European countries. The paper finds that a number of aspects of the constitutional regulation of public finance...

  8. Risk Sharing in Corporate and Public Finance: The Contribution of Islamic Finance

    Obiyathulla Ismath Bacha


    Full Text Available Financial crises have become a recurring problem for modern economies with increasingly detrimental fallouts. Risk-sharing finance (RSF contracts may be the best instrument for addressing the problem and its fallout, and in particular the risk-sharing principles of Islamic finance offer a potential alternative. This paper offers some preliminary thoughts on the design and implementation of RSF for both private and public sector funding, for revenue and non-revenue generating projects. It is argued that such form of financing avoids the leverage of conventional debt, minimizes the costs of dilution, reduces macroeconomic vulnerability, and enhances financial inclusion. It also has the potential to be a less risky alternative for developing countries to finance public spending and economic growth. JEL Classifications: G32, P43, O16

  9. Application of Asset-backed Securitization to Finance in Public Rental Housing Project%资产支撑证券化在公共租赁住房项目融资中的应用

    王海硕; 陈建明


    At present,the construction of indemnificatory apartments in China is facing enormous financial pressure. To address the public rental housing project financing difficulties,this paper has carried on thorough discussion on the application of asset-backed securitization financing model. The paper introduces the concepts and features of asset-backed securitization model and analysis of the feasibility and operation mechanism of public rental housing projects financing in securitization. Combined with the public rental housing project in Jiangning District,the realization of asset-backed securitization is discussed. Studies have shown that asset-backed securitization can effectively solve the funding gap of public rental housing and put forward new ideas for financing problems of indemnificatory apartments.%目前,我国保障性住房建设面临巨大的融资压力。为了解决公共租赁住房项目的融资困境,对资产支撑证券化融资模式的应用进行了深入探讨。详细介绍了资产支撑证券化模式的含义与特征,分析了公共租赁住房项目证券化融资的可行性和运作机制,并结合南京市江宁区公租房项目的具体情况,构想了资产支撑证券化的实现途径。研究表明,资产支撑证券化能够有效解决公共租赁住房项目的资金缺口,为我国保障房建设融资提出了新思路。

  10. Public School Finance Programs, 1975-76.

    Tron, Esther O., Comp.

    This publication describes state funds transmitted to local agencies for the support of elementary and secondary education. Each distribution identified as a separate fund by the state is described in terms of (1) title, (2) legal citation, (3) appropriation for the school year or estimate, (4) percentage of total state funds transmitted, (5)…

  11. Public debt, secular stagnation and functional finance

    Skott, Peter


    Fiscal policy and public debt may be required to maintain full employment and avoid secular stagnation. This conclusion emerges from a range of different models, including OLG specifications and stock-flow consistent (post-) Keynesian models. One of the determinants of the required long-run debt ...

  12. Management Systems. Accounting and finance: Public Management

    Martins, J. Albuquerque


    Traditionally the differences between the organizations of the public property sector and those of the private one are pointed out. In addition to the classic failures on both of these productive sectors, based on the organizational “500 Maiores e Melhores” operating in Portugal that are divergent in resources, in the present work any substantial differences amongst these sectors’ organizations have been found. Regarding the subject to the models of management, the present study corroborate s...

  13. Diversification of the possible sources of financing public secondary ...

    Education is the most imponant factor of development. The success of public secondary school education is hinged on adequate financing. It is with funds that physical facilities are set up and maintained, equipment procured, goods and services provided and manpower employed and maintained. It is clear that the funding ...

  14. Promoting Sustainable Public Finances in the European Union

    Bergman, Michael; Hutchison, Michael M.; Hougaard Jensen, Svend E.


    New indices of fiscal rule strength are constructed and, using a dynamic panel econometric model for 27 EU countries over the period 1990–2012, we assess whether national fiscal rules alone help to promote sustainable public finances in the EU or whether they must be supported by good governance...

  15. Public School Finance Problems in Texas. An Interim Report.

    Texas Research League, Austin.

    The U.S. District Court ruling in Rodriguez vs San Antonio Independent School District, which struck down Texas' school finance system as inequitable and unconstitutional, provided the impetus for publishing this interim report. The report documents the growing cost of State-supported public school programs--the primary concern prior to the…

  16. The sustainability of the Italian public finances: an overview

    Salustri, Andrea


    The Italian international reputation in mainly related to the high level of its public debt. During the Great Recession, this fact, associated to the stagnation of productivity, raised serious doubts on its economic and financial sustainability. The doubts are legitimated also by the fact that Italy is a net borrower of capitals from abroad, as its Net International Investment Position (NIIP) is negative. The statistical analysis of the Italian public finances suggests how the deep causes of ...

  17. Managing Public Finance and Procurement in Fragile and Conflicted Settings

    Porter, Doug; Andrews, Matt; Turkewitz, Joel; Wescotttz, Clay


    Discusses ways to enhance the incentives for elites to invest political capital in achieving (1) functional results through the formal public finance management (PFM) system; (2) the effectiveness of agencies responsible for services and regulating activities; and (3) better performance of civil service officials. Using the Public Expenditure and Financial Accountability (PEFA) Performance Measurement Framework, countries affected by conflict and fragility can be compared with non-fragile poo...

  18. Money and Finance as Global Public Goods

    Guido Montani


    Full Text Available The 2007-2008 financial crisis caused not only a dramatic fall in global output and employment but also a serious deterioration of public indebtedness for many governments, forced to rescue the banking system from failure. The crisis showed that national governments are not able to regulate the global market by means of the traditional instruments of political economy. The aim of this article is to identify new supranational instruments of economic policy. As a first step, to avoid a new financial crisis, it is necessary to understand the intimate connection between the international monetary system, founded on the dollar as key currency, and the international financial system. Only some economists were able to see the causes of the recent crisis as a by-product of an asymmetric monetary system. In this article, after having discussed the monetary roots of the financial crisis, the discussion is focused on monetary sovereignty, financial sovereignty, and fiscal sovereignty as the main economic responsibilities of a national government, to show that, today, a supranational economic government should have similar powers. An appendix (disposable on the website of the author on “Global imbalances: A false objective of economic policy” shows how the balance of payments imposes wrong goals to national economic policies. The discussion is focused on (a the neo-Ricardian theory of economic integration, (b financial capital flows, and (c the Keynesian equations of an open economy.


    Z. Varnaliy


    Full Text Available The paper considers the ways to optimize financing public higher education institutions of Ukraine. Public higher education institutions acutely feel the lack of financial resources. The study describes that it is necessary to reform the models, methods and forms of financing higher education institutions. The paper explains the impact of autonomy of higher education institutions on their development. The autonomy level of university determines the possibilities for diversification from additional sources. The results found that more autonomy of higher education institutions will allow them effectively generate and use financial resources. The review outlines the diversification of financial resources public universities. One of the key factors of the university success is to implement the diversification strategy into the overall academic strategy and mission of the higher education institution. The analysis recommends the performance-based funding system and public higher education institutions achieve certain performance indicators. The performance-based funding system will promote higher competitiveness of education institutions and improve the quality of higher education in general. The conclusions suggest the development trends of financing public higher education institutions of Ukraine.

  20. Promoting sustainable public finances in the European Union

    Bergman, Ulf Michael; Hutchison, Michael M.; Jensen, Svend E. Hougaard


    New indices of fiscal rule strength are constructed and, using a dynamic panel econometric model for 27 EU countries over the period 1990–2012, we assess whether national fiscal rules alone help to promote sustainable public finances in the EU or whether they must be supported by good governance...... to implementation of fiscal programs. Supranational rules, however, do not affect the effectiveness of national fiscal rules in reducing the deficit bias. Our results are robust to alternative estimation methods and endogeneity assumptions....

  1. Alternative mechanisms of state public health institutions financing in Ukraine

    Hural, Anastasiya


    Full Text Available BACKGROUND. The main source of state public health institutions financing in Ukraine is budgetary funding. In order to overcome the underfunding, the idea of multichannel health financing was proposed in the late 1990s. The main forms of extrabudgetary financial support of public health institutions in Ukraine are voluntary health insurance, non-profit self-financing, charity and sponsorship. The study aims to deeper understand the nature of alternative financing mechanisms of state public health institutions in Ukraine and peculiarities of their use in practice.METHODS. The proposed study is exploratory. Case-study was selected as research method. Nine unstructured interviews were conducted in six health care facilities that have agreed to participate in the study. All studied facilities were in-patient.RESULTS. The sources of financial revenues of the studied institutions were as follows: reimbursement for treatment of insured patients, reimbursement for treatment of sickness funds members, payments for services (medical examinations, counseling, transportation to the hospital, rental of premises, payment for internship from the students of paid forms of medical education, charitable contributions, contracts with companies, contracts with private clinics based in public institutions’ premises (limited liability companies, private entrepreneurs, sponsorship, grants, gifts, payments for services for foreigners, and in-kind revenues. Major health facilities expenditures were the following: salaries (not covered from extrabudgetary revenues; ranged from 70% to 92% of the funds provided to the institutions from state (municipal, regional budget, energy carriers (partially covered from extrabudgetary funds, patients nutrition, medicines, materials, household expenditures, reparation of premises, and purchase of equipment (mostly covered from extrabudgetary revenues. In the studied cases, funds raised by alternative funding mechanisms amounted from




    Full Text Available Currently, Spanish universities meet the educational needs of the students with a wide offer of courses and the opportunity to study at all levels. They appear as an attractive option in the context of the relatively low cost of living compared to other countries in the EU area and under conditions of a tax system controlled by the Government. Starting from the assumption that the financing model of the academic education public institutions represents the foundation of their modernization in the current society based on changes and evolution, in this paper we propose to bring into the light of the concerns of those who are interested, through a persuasive exhibit, the Spanish model and its specific features. To this end, our debate will begin with a description of the Spanish system of academic education under the decentralized model of financing imprint, continuing with the presentation of specific skills in terms of funding on the triptych template: state - autonomous communities - universities. Subsequently, our investigative approach will focus on detailing the tertiary education financing sources: public resources, private and patrimonial revenues. The end of our presentation will be intended for conclusions, through which we aim to advance our vision regarding the investigated problems. In fact, the paper is intended to be a precursor step in carrying out a comparative study between the academic education funding mechanism in Romania and the Spanish one.

  3. Perspectives applicable to financing midstreamers: legal considerations

    Park, J. J.


    Systemic changes that have affected the sale, distribution and transportation of gas near the burner tip (collectively called 'midstream' activities) are reviewed, examining the causes of change, and the types of midstream asset transactions that are occurring, whether they involve structured financing arrangements or midstream companies. Also addressed are issues involved in transactions of this type, especially as they relate to gathering and processing agreements and construction, ownership and operation (CO and O) agreements. The two principal alternative structures (1) the financing party who does not assume operational control of the facility, and the (2) midstream company who build or acquire assets and operate them, the different implications for financing of each of the structural alternatives and the changing attitudes of producers towards midstream entities are explained. Closer examination of these new business structures reveals that they conflict with the terms and conditions of midstream agreements commonly used throughout the industry. It is recommended that these standard agreements be amended to permit midstream transactions to occur without undue restrictions. The kind of amendments suggested include automatic consent to a transfer of a facility to a Financing Party that meets certain reasonable financial tests; allowing the reconveyance from the Financing Party to the producer under a repurchase option; allowing the producer to act as Operator in place of its Financing Party

  4. Public support for social financing of health care in Switzerland.

    Perneger, Thomas V; Hudelson, Patricia M


    The purpose of this study was to identify factors associated with the public's preference for financing health care according to people's ability to pay. The authors compared voters' support in 26 Swiss cantons for a legislative proposal to replace regionally rated health insurance premiums (current system) with premiums proportional to income and wealth, and co-financed through the value added tax. The vote took place in May 2003, and the initiative was rejected, with only 27 percent of support nationwide. However, support varied more than threefold, from 13 to 44 percent, among cantons. In multivariate analysis, support was most strongly correlated with the approval rate of the 1994 law on health insurance, which strengthened solidarity between the sick and the healthy. More modest associations were seen between support for the initiative and the health insurance premium of 2003, and proportions of elderly and urban residents in the population. Hence support for more social financing of health care was best explained by past preference for a social health insurance system in the local community.

  5. Importance of public warehouse system for financing agribusiness sector

    Zakić Vladimir


    Full Text Available The aim of this study was to determine the economic viability of the use of warehouse receipts for the storage of wheat and corn, based on the analysis of trends in product prices, storage costs in public warehouses and interest rate of loans against warehouse receipts. Agricultural producers are urged to sell grain at the harvest time when the price of agricultural products is usually lowest, mostly because of their needs for financial sources. Instead of selling products, farmers can store them in the public warehouses and use short-time financing by lending against warehouse receipt with usually lowest interest rate. In following months, farmers can sell products at higher price and repay short-term loan. This study showed that strategy of using public warehouses and postponing the sale of grains after harvest is profitable strategy for agricultural producers.

  6. Initial Public Offering – Finance Source of Stock

    Sorin Claudiu Radu


    Full Text Available Capital market offers a wide range of options for financing companies, which can be tailored to meet their exact needs. Thus, they have the opportunity of primary security sale (shares and bonds on the stock exchange, which may take place through a tender, in which case the financial instruments issued by a company are underwritten at the date of issue, or through a secondary offer, in which case they are issued and offered for sale by the issuer. If the public sale offer focuses on shares and aims at transforming the issuing company into a public one, then it bears the name of IPO (Initial Public Offering. The present work aims for the evolution of IPO trends on the European market in the aftermath of the global crisis outbreak. The market of IPO carried out by BSE is also analyzed herewith.

  7. Have Public Finances in the OECD Area Been Sustainable?

    Ferraz Ricardo


    Full Text Available The aim of this article is to test, from an empirical standpoint, the existence of sustainable public finances in the Organisation for Economic Co-operation and Development (OECD area as a whole, over the most recent period of the world economy, 1973-2016. The research methods include not only standard stationarity tests, but also tests, which allow for a structural break. The relevant results of this research are a stationary public budget balance expressed as a percentage of GDP and a debt to GDP ratio that is stationary in first differences. According to the literature, this means that a “necessary and sufficient” condition is fulfilled for proving the existence of a strong sustainability. We hope this research can make a valuable contribution to the debate regarding public finances in the world economy. To obtain other relevant conclusions, additional tests will need to be performed in the future in order to assess which members are contributing to the fiscal sustainability of the OECD aggregate.

  8. JYT - Publicly financed nuclear waste management research programme

    Vuori, S.


    The nuclear waste management research in Finland is funded both by the state and the utilities (represented in cooperation by the Nuclear Waste Commission of the Finnish power companies). A coordinated research programme (JYT) comprising the publicly financed waste management studies was started in 1989 and continues until 1993. The utilities continue to carry out a parallel research programme according to their main financial and operational responsibility for nuclear waste management. The research programme covers the following main topic areas: (1) Bedrock characteristics, groundwater and repository, (2) Release and transport of radionuclides, (3) Performance and safety assessment of repositories, and (4) Waste management technology and costs

  9. JYT - Publicly financed nuclear waste management research programme

    Vuori, S.


    The nuclear waste management research in Finland is funded both by the state and the utilities (represented in cooperation by the Nuclear Waste Commission of the Finnish power companies). A coordinated research programme (JYT) comprising the publicly financed waste management studies was started in 1989 and continues until 1993. The utilities continue to carry out a parallel research programme according to their main financial and operational responsibility for nuclear waste management. The research programme covers the following main topic areas: (1) Bedrock characteristics, groundwater and repository, (2) Release and transport of radionuclides, (3) Performance and safety assessment of repositories, and (4) Waste management technology and costs

  10. Public School Finance Assessment Project Aligned with ELCC Standards

    Risen, D. Michael


    This is a detailed description of an assessment that can be used in a graduate level of study in the area of public school finance. This has been approved by NCATE as meeting all of the stipulated ELCC standards for which it is designed (1.1, 1.2, 1.3, 1.4, 1.5, 2.1, 2.2, 2.3, 2.4, 3.1, 3.2, 3.3, 4.1, 4.2, 4.3, 5.1, 5.2, 5.3.). This course of…

  11. JYT - Publicly financed nuclear waste management research programme

    Vuori, S.


    The nuclear waste management research in Finland is funded both by the state and the utilities (represented in cooperation by the Nuclear Waste Commission of the Finnish power companies). A coordinated research programme (JYT) comprising the publicly financed waste management studies was started in 1989 and continues until 1993. The utilities continue to carry out a parallel research programme according to their main financial and operational responsibility for nuclear waste management. The research programme covers the following main topic areas: (1) Bedrock characteristics, groundwater and repository, (2) Release and transport of radionuclides, (3) Performance and safety assessment of repositories, and (4) Waste management technology and costs

  12. The diversity of regulation and public financing of IVF in Europe and its impact on utilization.

    Berg Brigham, K; Cadier, B; Chevreul, K


    How do the different forms of regulation and public financing of IVF affect utilization in otherwise similar European welfare state systems? Countries with more liberal social eligibility regulations had higher levels of IVF utilization, which diminished as the countries' policies became more restrictive. Europe is a world leader in the development and utilization of IVF, yet surveillance reveals significant differences in uptake among countries which have adopted different approaches to the regulation and and public financing of IVF. A descriptive and comparative analysis of legal restrictions on access to IVF in 13 of the EU15 countries that affirmatively regulate and publicly finance IVF. Using 2009 data from the European Society of Human Reproduction and Embryology study of regulatory frameworks in Europe and additional legislative research, we examined and described restrictions on access to IVF in terms of general eligibility, public financing and the scope of available services. Multiple correspondence analysis was used to identify patterns of regulation and groups of countries with similar regulatory patterns and to explore the effects on utilization of IVF, using data from the most recent European and international IVF monitoring reports. Regulations based on social characteristics of treatment seekers who are not applicable to other medical treatments, including relationship status and sexual orientation, appear to have the greatest impact on utilization. Countries with the most generous public financing schemes tend to restrict access to covered IVF to a greater degree. However, no link could be established between IVF utilization and the manner in which coverage was regulated or the level of public financing. Owing to the lack of data regarding the actual level of public versus private financing of IVF it is impossible to draw conclusions regarding equity of access. Moreover, the regulatory and utilization data were not completely temporally matched in


    Chien-Hung WEI


    Full Text Available Transportation Build-Operate-Transfer financing projects have larger payment risks and failure possibilities than other financing projects, and these factors are essential to financing scenarios. The changes of financing scenarios not only affect private sectors' financing process but the conflict between private sectors and banks. This study broadly reviews relevant factors affecting BOT financing strategies, interviews relevant experts and then uses scenario analysis to design a questionnaire to find out the most important factors affecting BOT financing. The findings of this study are four major factors affecting public and private financing scenarios. In this paper, we also propose some suggestions as possible complements to public and private sector financing strategies.

  14. Game theory and applications in finance

    van Gulick, G.


    In finance, situations exist that give rise to allocation problems. Individuals combining their capital typically have more investment opportunities, and thus higher revenues. The proceeds of their investments have to be divided among those individuals. Also, banks and insurance companies face

  15. Manufacturing Consent for Privatization in Public Education: The Rise of a Social Finance Network in Canada

    Poole, Wendy; Sen, Vicheth; Fallon, Gerald


    Multiple forms of privatization are emerging in the Canadian public sector, including public-private partnerships. This article focuses on one approach to public-private partnerships called "social finance," and a network of public, private, and not-for-profit organizations that promotes social finance as a means of funding public…

  16. Poland’s Public Finance Convergence with the Euro Area

    Elżbieta Kawecka-Wyrzykowska


    Full Text Available Situation of Poland's public finances has been improving. Helped by solid economic growth in 2011, Poland has reduced its budget deficit in line with the Commission's recommendations. Contrary to earlier forecasts, in 2012 it was slightly above the ceiling of 3% of GDP. It should be further reduced to reach in 2015 the level of 1% of GDP in terms structural deficit. The slowdown of the economy in 2012 and probably in 2013 will not make this task easy, however.Public debt has risen steadily over the past few years but level has been in recent times still well below the 60% of GDP ceiling.The national reform programme and the convergence programme were adopted by Poland’s Council of Ministers on 25 April 2012. The convergence programme outlined in an integrated manner the fiscal consolidation efforts, the key structural reforms and the reforms that underpin macroeconomic stabilisation.In the medium to long term, Poland is faced with a number of challenges. A very low labour force participation rate, in particular of women, and the poor quality of vocational training and education are major concerns given an ageing population. The low level of public and private R&D spending, weak links between science and industry and the poor innovation performance call for improvements.Apart from programme of national reforms, crucial for future sustained economic growth and good performance of public finances, an additional factor stimulating activities towards fiscal improvement should be Poland’s participation in a strengthened economic governance architecture recently introduced in the EU.Euro adoption remains an important goal of Polish government. The uncertain situation in the euro zone has, however, postponed adoption of a clear timetable of joining the euro zone. The government decided that an additional condition to join the euro zone, apart from meeting the nominal convergence criteria (and legal conditions not discussed here, is stabilisation of

  17. Public health services and systems research: current state of finance research.

    Ingram, Richard C; Bernet, Patrick M; Costich, Julia F


    There is a growing recognition that the US public health system should strive for efficiency-that it should determine the optimal ways to utilize limited resources to improve and protect public health. The field of public health finance research is a critical part of efforts to understand the most efficient ways to use resources. This article discusses the current state of public health finance research through a review of public health finance literature, chronicles important lessons learned from public health finance research to date, discusses the challenges faced by those seeking to conduct financial research on the public health system, and discusses the role of public health finance research in relation to the broader endeavor of Public Health Services and Systems Research.

  18. Finance


    Voici la 17e édition du Rapport moral sur l’argent dans le monde, publié chaque année depuis 1994 par l’Association d’économie financière avec le soutien de la Caisse des Dépôts. Abordant une nouvelle fois les grands débats qui traversent actuellement le monde de la finance, il se consacre dans un premier temps à la lutte contre la criminalité et les délits financiers, et plus particulièrement à la lutte contre la corruption, la délinquance dans la finance et la fraude fiscale. Dans un second...




    Local public finances are an essential component of public finances together with the public finances of the central state administration. Because, besides the right of local representative bodies to decide on issues of local interest, local autonomy implies the right of communities to constitute and manage their own budgets in order to create an accurate and integrated image of the functionality of various systems of territorial administrative organization, we considered opportun...

  20. Finance


    Ces deux ouvrages tirent les enseignements de l’impact de la crise de la finance mondiale sur l’économie réelle et se focalisent, dans ce contexte, sur le financement du Mittelstand. Le banquier JASCHINSKI, lorsqu’il passe en revue le système bancaire allemand, constate ainsi que si les moyennes entreprises trouvent les crédits nécessaires auprès de leurs solides partenaires de toujours que sont les Sparkassen, les grandes sociétés, internationales, que compte le Mittelstand n’ont pas de part...

  1. Peculiarities of activities of public administration subjects in the public finance

    Світлана Миколаївна Клімова


    Full Text Available A comprehensive reform of public administration and public finances conducted in Ukraine to implement the Association Agreement between Ukraine and the EU requires a thorough research. Problems related to the functioning of public administration, investigated by V. Averyanov, M. Benio, T.Belozerskaya, S. Vitvitsky, D. Vlasenko, S. Gaiduchenko, N. Hnidyuk, O. Jafarova, A. Zelentsov, T. Karabin, T. Kolomoets. The subject of the study is public administration in the field of public finance. T. Karabin investigated the basic theory of public administration and singled out the following: 1 classical theory; 2 the theory of new public management; 3 the theory of public service. The wording of the "broad" and "narrow" understanding of public administration should be made taking into account that today the public administration in Ukraine in the narrow sense consists of: 1 the bodies of state executive power (the Cabinet of Ministers of Ukraine, central executive authorities, their territorial offices, local state administrations, etc.; 2 specialized public authorities (for example, the Accounting Chamber, the National Bank of Ukraine; 3 subjects of local self-government (village, settlement, city council, village, settlement, city mayor, executive bodies of village, settlement, city council, head of state, rayon and regional councils, representing common interests of territorial communities of villages, settlements, cities; organs of self-organization of the population . In the broad sense, non-state actors (both collective and individual should be included in the circle of subjects of the public administration of Ukraine, which delegates power and administrative powers, which are in continuous interaction with public authorities, performing the functions assigned to them. The complexity of public administration in our country is due to the variability of all elements of the system, the links between them and the environment in which the

  2. 75 FR 38158 - Korea Finance Corporation; Notice of Application


    ...Summary of Application: Applicant, a policy finance institution established by the government of the Republic of Korea (the ``Korean Government'') requests an order exempting it from all provisions of the Act in connection with the offer and sale of its debt securities in the United States (``Debt Securities'').

  3. Finance

    Spremann, Klaus


    Bisher veröffentlicht unter dem Titel: "Modern Finance" Das Buch beinhaltet ebenso einige Portraits: Die didaktische Erfahrung lehrt, dass man sich wissenschaftliche Ergebnisse und Ansätze besser merken kann, wenn eine Assoziation zu jener Person bildlich konkret wird, der wir den betreffenden Denkansatz verdanken. Aus Fragen der Finanzierung und der Investitionsentscheidungen von Unternehmen ist in der Verschmelzung mit der Analyse von Kapitalmärkten ein grosses Gebiet entstanden, da...

  4. Judges as Fiscal Activists: Can Constitutional Review Shape Public Finance?

    Kantorowicz Jarosław


    Full Text Available The judicialization of politics, or alternatively, politization of the judiciary has been much discussed over the last twenty years. Despite this, the way judges influence fiscal policy outcomes remains, to a large extent, unexplored. This paper attempts, at least partially, to fill this research gap. A judicial (constitutional review constitutes the central element of the current analysis since it is considered as a key institutional device through which Constitutional (Supreme Courts intervene in politics, including public finance. Specifically, this paper seeks to investigate empirically whether there is any systematic pattern according to which judges executing judicial review shape fiscal outcomes. The conceptual framework is based on the strategic interaction model and the assumption that the Constitutional Courts reflect public opinion (i.e. the Court as a majoritarian institution. Some preliminary results for a panel of 24 EU countries in the period 1995–2005 suggest that a strong judicial review correlates with a smaller size of government, measured as government income to GDP.

  5. The Sustanability of Public Finance in New Members States of European Union

    Adrian INCEU


    Full Text Available The issue of public finance sustainability is very important for all EU member states in the actual context after the economic crisis. This article makes an analysis of the sustainability of public finances for the new member states (which joined EU in 2004 and 2007. Firstly, we try to analyze the impact of the economic crisis on public finances sustainability. The sustainability of public finances can be reflected through the level of public debt and budget deficit for a country. For this reason the article presents the evolution of budget deficits for NMS 12 before and after the recent economic crisis. Based on the econometric regression the correlation between economic growth rate (indicator used for measuring the economic evolution and the budget deficit is revealed. Results for Romania and NMS 12 are quite similar; fact that tells us that the status of public finances is following the same trend in Romania as in the NMS 12.

  6. Model application of Murabahah financing acknowledgement statement of Sharia accounting standard No 59 Year 2002

    Muda, Iskandar; Panjaitan, Rohdearni; Erlina; Ginting, Syafruddin; Maksum, Azhar; Abubakar


    The purpose of this research is to observe murabahah financing implantation model. Observations were made on one of the sharia banks going public in Indonesia. Form of implementation of such implementation in the form of financing given the exact facilities and maximum financing, then the provision of financing should be adjusted to the type, business conditions and business plans prospective mudharib. If the financing provided is too low with the mudharib requirement not reaching the target and the financing is not refundable.

  7. Public Finance and Economic Growth. The Case of Holland in the Seventeenth Century

    Gelderblom, O.C.|info:eu-repo/dai/nl/19265473X; Jonker, J.P.B.|info:eu-repo/dai/nl/075034638


    The debate over the institutions that link economic growth to public finance tends to disregard the need for savings to finance growing public debt. In seventeenth-century Holland the structure, size, and issuing rates of the debt were determined by investors’ preferences, wealth accumulation, and

  8. Public Internal Performance Contracting - Managing and financing energy-efficiency measures in public administrations

    Irrek, Wolfgang; Thomas, Stefan; Attali, Sophie; Benke, Georg; Borg, Nils; Figorski, Arkadiusz; Filipowicz, Mariusz; Labanca, Nicola; Pindar, Andrew; Ochoa, Amalia


    Public Internal Performance Contracting (PICO) is a type of in-house 'third-party' financing or energy performance contracting scheme. In theory, once triggered, PICO provides a 'perpetual motion' finance mechanism for public authorities by which energy efficiency savings fund new investments in an upward virtuous cycle. One unit of the public authority, e.g. the technical department, delivers the financial and technical energy efficiency service to another unit of the same public administration. Remuneration takes place through cross payments between these units, according savings made in energy costs. The initial investments require 'seed funds' to kick start the process, after which the cross payments provide sufficient means to fund further measures. How can the PICO mechanism be initiated in times of tight public budgets? What difficulties are faced during the implementation process and how can these be overcome? What kind of energy-efficiency measures is PICO best suited to? And what role can national and European policy play to facilitate implementation? These are the key questions that the EU-funded PICOLight project aimed to tackle. This was done through testing and disseminating the PICO schemes, first used in Germany, in six European countries, developing these further and making the necessary adaptations. PICO schemes were piloted in seven public administrations with the technical focus on energy-efficient lighting retrofits. The experiences gathered in these pilot projects should help to introduce PICO schemes on a larger scale in public administrations in Europe. The paper presents the preliminary results from these pilot projects

  9. Risk sharing, public policy and the contribution of Islamic finance

    Hossein Askari


    Full Text Available A major reason for the recurrent episodes of financial instability is the predominance of interest-based debt and leveraging. Financial stability is achievable through risk sharing finance instead of risk shifting that characterizes contemporary finance. A risk sharing system serves the true function of finance as facilitator of real sector activities and avoids the emergence of a “paper economy” where there is gradual decoupling of finance from the real sector. Islamic finance was initially proposed as a profit-loss sharing system, but its core principle is risk sharing. In prohibiting interest-based debt instruments, Islam grounds finance on a strong risk sharing footing. Although still a young industry that has come a long way, it has not managed to develop truly risk-sharing instruments that would allow individuals, households, and firms as well as whole economies to mitigate systematic and un-systematic risks. It is suggested that governments should intervene and issue macro-market instruments to provide their treasuries with a significant source of non-interest rate based financing while promoting risk sharing. Moreover, given that evidence across the world suggests that monetary policy’s transmission mechanism may be impaired, it is suggested that these government issued securities could also impart added potency to monetary policy.

  10. Finance


    Régulièrement au cœur de l'actualité, les trois agences de notation (Standard & Poor's, Moody's et Fitch) règnent sur le monde de la finance internationale. Mais quelles sont-elles et à qui appartiennent-elles véritablement ? Détenues par de puissants fonds d'investissements, elles ont progressivement renforcé leurs rôles et pouvoirs. L'auteur interpelle le citoyen sur un système dans lequel les fonds d'investissements profitent des agences de notation (et de leur rôle de « gardien des marché...

  11. Finance


    Les investisseurs financiers et a fortiori les hedge fonds sont accusés de tous les maux. Ces « sauterelles » tomberaient sur les entreprises allemandes pour s’enrichir en les dépeçant. Un journaliste économique du quotidien des affaires Frankfurter Allgemeine Zeitung publie là un portrait objectif et factuel de ces « nouvelles stars » de la finance mondiale. Un portrait de branche, doublé d’une analyse de l’impact sur le « capitalisme rhénan » de la montée en puissance de ces nouveaux acteur...

  12. Public and private health-care financing with alternate public rationing rules.

    Cuff, Katherine; Hurley, Jeremiah; Mestelman, Stuart; Muller, Andrew; Nuscheler, Robert


    We develop a model to analyze parallel public and private health-care financing under two alternative public sector rationing rules: needs-based rationing and random rationing. Individuals vary in income and severity of illness. There is a limited supply of health-care resources used to treat individuals, causing some individuals to go untreated. Insurers (both public and private) must bid to obtain the necessary health-care resources to treat their beneficiaries. Given individuals' willingnesses-to-pay for private insurance are increasing in income, the introduction of private insurance diverts treatment from relatively poor to relatively rich individuals. Further, the impact of introducing parallel private insurance depends on the rationing mechanism in the public sector. We show that the private health insurance market is smaller when the public sector rations according to need than when allocation is random. Copyright © 2010 John Wiley & Sons, Ltd.

  13. Private equity, public affair: Hydropower financing in the Mekong Basin

    Merme, V.; Ahlers, R.; Gupta, J.


    Large-scale hydropower development is increasingly popular. Although international finance is a significant driver of hydropower market expansion, financial data is relatively obscure and literature remains scarce. This article tracks the financial process in hydropower development in the Mekong

  14. Parties heed (with caution): Public knowledge of and attitudes towards party finance in Britain.

    vanHeerde-Hudson, Jennifer; Fisher, Justin


    Despite comprehensive reform ( Political Parties, Elections and Referendums Act ) and recent review (Phillips Review in 2007) of party finance in Britain, public opinion of party finance remains plagued by perceptions of corruption, undue influence from wealthy donors, carefree and wasteful spending and, more generally, from the perception that there is just 'too much money' in politics. In this article we argue that knowledge of and attitudes to party finance matter, not least because advocates of reform have cited public opinion as evidence for reform. However, because attitudes to party finance are part of a broader attitudinal structure, opinion-led reforms are unlikely to succeed in increasing public confidence. Using data generated from YouGov's online panel (N=2,008), we demonstrate that the public know little of the key provisions regulating party finance and attitudes to party finance can be explained along two underlying dimensions - Anti-Party Finance and Reformers . As such, we consider whether parties and politicians should be freed from the constraints of public opinion in reforming party finance.

  15. Financing renewable energy for Village Power application

    Santibanez-Yeneza, G.


    When one talks of rural development, no doubt, the issue of rural energy is not far behind. As a significant component of any development strategy, rural energy is seen as the engine for growth that can bring about economic upliftment in the countryside. Many approaches to rural energy development have been tried. These approaches differ from country to country. But regardless of structure and approach, the goal remain essentially the same: to provide rural communities access to reliable energy services at affordable prices. In recent years, as global concern for the environment has increased, many governments have turned to renewable energy as a more environment friendly alternative to rural electrification. Technological advances in renewable energy application has helped to encourage this use. System reliability has improved, development costs have, to some extent been brought down and varied application approaches have been tried and tested in many areas. Indeed, there is huge potential for the development of renewable energy in the rural areas of most developing countries. At the rural level, renewable energy resources are almost always abundantly available: woodwaste, agricultural residues, animal waste, small-scale hydro, wind, solar and even sometimes geothermal resources. Since smaller scale systems are usually expected in these areas, renewable energy technologies can very well serve as decentralized energy systems for rural application. And not only for rural applications, new expansion planning paradigms have likewise led to the emergence of decentralized energy systems not only as supply options but also as corrective measures for maintaining end of line voltage levels. On the other hand, where renewable energy resource can provide significant blocks of power, they can be relied upon to provide indigenous power to the grids.

  16. Local Public Finance Management in the People’s Republic of China: Challenges and Opportunities

    Asian Development Bank (ADB)


    The People’s Republic of China is a highly decentralized unitary state with local governments having a dominant share of public service delivery responsibility. Local governance is critically linked to a local public finance system that creates incentives and accountability mechanisms. To ensure the policy response, this project focused on the three interrelated areas in local public finance management, i.e., local budgeting, local debt management and local taxation, and produced policy optio...

  17. Internationally Recommended Best Practices in Transportation Financing Public-Private Partnerships (P3s)

    Martin, Lawrence; Lawther, Wendell; Hodge, Graeme


    Transportation financing public-private partnerships (P3s) are a common practice in many countries. However, they represent a relatively new approach to transportation infrastructure financing for state and local governments in the United States. In a transportation financing P3 project, a private...... sector partner designs-builds-finances-operates- maintains (DBFOM) a transportation infrastructure asset (road, highway, bridge, tunnel, etc.) with an emphasis on financing. Under this type of arrangement, the private sector partner is primarily responsible for securing all or substantially all...... of the funding necessary to construct new transportation infrastructure and/or rehabilitate existing transportation infrastructure. This study reviews the international experience of national and sub-national governments with transportation financing P3s. The primary purpose of this study is to identify...

  18. Legal Assessment of the Legal Force Exclusion of the 1st Prudential Procedure in the Act on Public Finance

    Marcin Tyniewicki


    Full Text Available By the amendment of the Act on Public Finance of 26 July 2013, Polish legislature made a temporary suspension – till the end of 2013 – of the application of the provisions governing the Ist prudential procedure. This procedure has a crucial meaning for reducing the growth of budget deficit and in consequence – reducing public debt growth. In case of such crucial provisions for public finance, any amendments should be carried out in situations really justified and exceptional as well as with careful respecting of principles of proper legislation. In these aspects mentioned amendment rises a number of objections. For example, rapid pace of parliamentary works causes doubts about correctness of the legislative process. Therefore, in this article the author tries to make a legal assessment of the amendment of the Act on Public Finance of 26 July 2013, both from the formal and legal point of view and taking into the consideration the importance of provisions governing the prudential procedure for whole sphere of Polish public finance.

  19. Consequences of fiscal deficit and public debt in financing the public sector

    Tešić Aleksandra


    Full Text Available The aim of this paper is to highlight the important issues of the budget deficit and public debt and their impact on economic growth. This paper considers the twin deficit hypothesis, which argues that there is a strong correlation between the current account deficit for an economy and government budget deficits. In the last ten years, Serbia is faced with a situation of simultaneous fiscal deficit and current account deficit. However, the growth of gross domestic product and the maturity of the debt obligation indicate that the debt burden increases, the weak development of the economy and the debt, and the power of the state and threatened to open debt crisis, the emergence of foreign insolvency. To explore the effects of budget deficits and public debt in macroeconomic relations and aggregates applied the methods of descriptive statistics, and used the official data of the relevant national and international institutions. The main results of the analysis indicate a crisis of public finances, which are accumulated for many years, with a growing budget deficit and the dominant external financing of the budget deficit.

  20. Public Finance and Regulation of Nonpublic Education: Retrospect and Prospect.

    Encarnation, Dennis J.

    The issue in government treatment of nonpublic education has never been whether governments should finance or regulate nonpublic schools, but rather how and how much, according to the author. This paper explores financial and regulatory policies shaping government involvement in nonpublic education. It first examines the types and magnitudes of…

  1. The Bibliometric Analysis of The Postgraduate Theses Written on Public Finance in Turkey (2003-2017

    Furkan BEŞEL


    Full Text Available This study was conducted for the purpose of examining postgraduate theses in the field of public finance. Council of Higher Education's National Thesis Center database has been analyzed with the technique of examining 1714 undergraduate theses documents conducted in the "Public Finance", "Financial Law" and "Finance and Economics" departments the period of 2003-2017. Postgraduate theses are comparatively analyzed by the topics of types of thesis, distribution according to years, gender distribution of thesis authors, dissertation of thesis authors, consultant distribution, consultant title distribution, jury distribution, permission status distribution, minute distribution, partial number distribution, page number averages, the most frequently used words in the headline and abstracts, the distribution of content and methods. It is aimed that this research will lead researchers to determine the content, shape and elements of study of graduate theses to be carried out in future field of public finance.

  2. Public Education Finance Systems in the United States and Funding Policies for Populations with Special Educational Needs

    Verstegen, Deborah A.


    This research investigates state finance policies for public education using survey methodology. The purpose is to update previous work and the existing knowledge base in the field as well as to provide a compendium of finance and policy options that are used across the states to finance public elementary and secondary schools. Chief state school…


    Tatjana HORVAT


    Full Text Available Public preschool educational institutions in Slovenia are mostly financed by public money, it means bay state and municipalities. They are also financed by parents. So, it is important that preschool institutions are using public money transparent and responsible, for this reason public preschool institution should have internal controls in financing. The internal auditor as independent professional should verify if internal controls works. The purpose of this paper is to investigate how internal controls in financing public educational institution works it means which internal controls are important in financing the preschool institution - on the selected institution to show and check how internal controls work. For this reason we divide internal controls in the financing in two phases: (1 internal controls in the preparation of the annual financial plan and financial planning of financial resources for institution’s programs and activities, (2 internal controls in obtaining financial resources. We used methods of internal auditing and research approaches as sampling, unstructured interviews and analysis of documents. The results showed that selected preschool institution should work on rules of recovery and monitoring of claims. The findings provide useful academic insight to setting internal controls as well as practical guidance for preschool institutions.

  4. 76 FR 55427 - Horizon Technology Finance Corporation, et al.; Notice of Application


    .... Applicants: Horizon Technology Finance Corporation (the ``Company''), Horizon Technology Finance Management... Technology Finance Corporation, et al.; Notice of Application August 31, 2011. AGENCY: Securities and... Blass, Branch Chief, at (202) 551-6821 (Division of Investment Management, Office of Investment Company...

  5. The Importance of Venture Capital Financing System in Financing Entrepreneurship: Applications in Turkey

    Erkan Poyraz; Yusuf Tepeli


    The prominent concept of venture capital is examined as a financing model to the financing of entrepreneurship according to related literature. Venture capital is used with success in developed countries for a long time. Venture capital is a modern financing model that allows entrepreneurs to perform dynamic, creative, and innovative investment ideas as well as management, marketing and business support without requesting financial strength from those entrepreneurs. However, venture capital h...

  6. Between Public - Private Partnerships and public finance in the public infrastructure sector: The water and sanitation sector in Albania

    Fjona Zeneli


    Full Text Available It’s known in the literature that public-private partnerships (PPPs are one the main instruments that permit private collaboration in projects that are public otherwise. It’s also clear that their implementation is different depending on the rules of the countries, their market level of acceptance etc. The first objective of this paper is to revise PPPs projects in the water sector in Albania, seen in the context of alternative financing ways for joint-stock companies of Albanian water sector, due to the nature of the market (a developing emerging market, in the context of bad financial times after 2008 (the start of the international financial crisis. The second objective is to describe the development of the Albanian legislation for management contracts introduced for the first time in the waters and sanitation sector in 2004 and privatization practices in public sector. The main conclusion is that in the developing markets creating possibilities for private sector participation in the infrastructure public services (especially in the drinking water and sanitation sector will be seen with skepticism because of failed previous privatization practices or the sensitivity degree of the water sector related to the penetration level of private factor in the sector. Public finance will be explored as a convenient alternative.

  7. Public financing and entrepreneurship: behaviour and regional heterogeneity of SMEs

    Antonio García-Tabuenca


    Full Text Available The existence of restrictions for small- and medium-sized enterprises(SMEs to access long-term credit has led governments to establish institutionalsystems to facilitate such access and reduce the cost of credit, with the conditionthat its feasibility is justified (and assessed and there are no distortions as regardscompetition. Very few empirical in-depth studies exist regarding this field of academicresearch, and scarce attention has been paid from a regional perspective.Due to the characteristics of the business structures in the different regions, as wellas the existence of agglomeration economies and the regional dispersion of the entrepreneurshiprate, this paper analyses the effects of the productive financing supportmodel, provided by the Government of Spain, through the Instituto de CréditoOficial (ICO [Official Credit Institute], on the behaviours and performances of thebeneficiary companies. In the last decade, this source of financing has assigned30,000 million euro. The results show the general acceptance of this policy due toits adaptation to the interests of the companies and its contribution to the improvementof the economic-financial efficiency indicators. Regionally, no substantialdifferences have been observed, but the results of this research show a greater contributionto the dynamism of the more progressive regions.

  8. Public-Privat e Partnership in the System of Regional Healthcare Financing

    Margarita Yur’evna Molchanova


    Full Text Available Healthcare financing reform in the Russian Federation, besides its positive consequences, has led to the emergence of several major organizational and economic problems that hinder the expansion of financing sources for this sphere, which also involves public-private partnership (PPP. The paper highlights the regional specifics of such healthcare projects compared to similar projects of other spheres of the national economy. The author describes the problems of PPP projects implementation in healthcare; they include the insufficiency of substantiation of public-private partnership application in healthcare, and the absence of typical models for establishment of relations between PPP participants. The paper presents the healthcare priorities put forward by the author; these priorities are based on the theory of the life cycle of a service. The author presents her own model for organizing a regional concession, which is the most common form of public-private partnership in healthcare so far. The cluster brings together on a voluntary basis the legally independent organizations that are interested in improving the quality and increasing the accessibility of health services. These can include medical institutions of various forms of ownership located in the region, clinics, facilities, institutions that train healthcare workers, authorities, etc. The author shows that a favorable environment for the formation and implementation of PPP projects can be created under the cluster approach to the organization of healthcare. When establishing the medical cluster, the main task is to organize interaction between all its subjects in the interest of the overall development of healthcare in the region and the implementation of one’s own interests

  9. Financing U.S. Renewable Energy Projects Through Public Capital Vehicles: Qualitative and Quantitative Benefits

    Mendelsohn, M.; Feldman, D.


    This paper explores the possibility of financing renewable energy projects through raising capital in the public markets. It gives an overview of the size, structure, and benefits of public capital markets, as well as showing how renewable energy projects might take advantage of this source of new funds to lower the cost of electricity.

  10. The Concept of Public Goods, the State, and Higher Education Finance: A View from the BRICs

    Carnoy, Martin; Froumin, Isak; Loyalka, Prashant K.; Tilak, Jandhyala B.


    Because higher education serves both public and private interests, the way it is conceived and financed is contested politically, appearing in different forms in different societies. What is public and private in education is a political--social construct, subject to various political forces, primarily interpreted through the prism of the state.…

  11. 75 FR 71744 - Fifth Street Finance Corp., et al.; Notice of Application


    ... Street Finance Corp., et al.; Notice of Application November 18, 2010. AGENCY: Securities and Exchange... Street Finance Corp. (``Fifth Street''), Fifth Street Management LLC, Fifth Street Mezzanine Partners IV... regulated as a business development company (``BDC'') under the Act. Fifth Street is a specialty finance...

  12. Terminological and Definitional Problems of Deficit and Debt in the Polish and EU Law of Public Finance

    Ewa Lotko


    Full Text Available In the Polish and the EU public finances law there are serious terminological difficulties concerning the deficit and the debt. They arise first from the terminological chaos in this field and second from the parallel application of the EU and the Polish methodology of calculating of deficit and debt. Thus, the paper aims to explain the terminological and definitional problems of deficit and debt in the public finances law using unobtrusive research consisting of the detailed analysis of the Polish and EU legislation. Although there is no doubt that it would be desirable to order the applied terms, in the current legal situation, it would be extremely difficult, as it would require the changes to the Constitution, laws, and modification of translations of UE acts. The solution to the problem, presenting additional advantages, could consist of full transition to the EU methodology by the renouncement from the Polish methodology.

  13. Anatomy of public-private partnerships : Creation, financing, and renegotiations

    Miranda Sarmento, J.J.; Renneboog, Luc


    This paper presents the main reasons why public-private partnerships (PPPs) are adopted as well as the possible disadvantages for the public and private sectors. By means of two case studies on bridge construction and railway infrastructure (Fertagus and Lusoponte), we elucidate how a PPP is

  14. A study on satisfaction with publicly financed health services in China.

    Zhai, Shaoguo; Wang, Pei; Wang, Anli; Dong, Quanfang; Cai, Jiaoli; Coyte, Peter C


    With implementation of Chinese universal healthcare, the performance of urban and rural residents' healthcare and the degree of satisfaction with publicly financed health services have become a hot issue in assessing health reforms in China. An evaluation model of health services in community and evaluation indexes of health-system performance have been put forward in related researches. This study examines variation in satisfaction with publicly financed health services among urban and rural residents in five Chinese cities and assesses their determinants. The data are derived from a survey of 1198 urban and rural residents from five nationally representative regions concerning their perceptions of satisfaction with China's publicly financed health services. The respondents assessed their degree of satisfaction with publicly financed health services on a 5-point Likert scale. It is a kind of questionaire scale that features the answers for 1-5 points labeled very unsatisfied, unsatisfied, neither unsatisfied nor satisfied, satisfied and very satisfied linking to each factor or variable, where a score of 1 reflects the lowest degree of satisfaction and a score of 5 represents the highest degree. The logistic regression methods are used to identify the variables into its determining components. The overall satisfaction degree representing satisfaction of all factors (variables) is 3.02, which is at the middle level of a 1-5 Likert scale, inferring respondents' neutral attitude to publicly financed health services. According to the correlation test, the factors with characteristic root greater than 0.5 are chosen to take the factor analysis and 12 extracted factors can explain 77.97% of original 18 variables' total variance. Regression analysis based on the survey data finds that health records, vaccinations, pediatric care, elder care, and mental health management are the main factors accounting for degree of satisfaction with publicly financed health services for

  15. Corporate ownership of the public debt: mapping the new aristocracy of finance

    Hager, S. B.


    In various writings Karl Marx made references to an ‘aristocracy of finance’ in Western Europe and the United States that dominated ownership of the public debt. Drawing on original research, this article offers the first comprehensive analysis of public debt ownership within the US corporate sector. The research shows that over the past three decades, and especially in the context of the current crisis, a new aristocracy of finance has emerged, as holdings of the public debt have become rapi...

  16. Application of waqf for social and development finance

    Salman Ahmed Shaikh


    Full Text Available Purpose - This paper aims to discuss the application of waqf (endowment in the social finance sector for funding social and development projects and services. Design/methodology/approach - The study is qualitative. It reviews literature and provides descriptive data to present its main idea. Findings - Most Muslim-majority countries are generally income-poor, and the governments are generally weak in their tax collection, effective governance and capacity for development spending. Private sector financial institutions are scarce and mostly cater to the people who can meet the income-based lending criteria. Thus, the institution of waqf can fill the gap as a social finance institution by providing intermediation services for effectively utilising perpetual social savings. Flexibility in the rules of waqf enables it to serve beneficiaries directly or through financial institutions and to provide a wide range of social services. Research limitations/implications - This conceptual research highlights the need and potential of waqf without discussing the regulatory and operational details of how to effectively institutionalize it in different regions. Practical implications - The institution of waqf can harness the potential of selfless charitable giving in an effective way for better economic impact in the targeted social segments of society. Originality value - The paper suggests the establishment of waqf-based training and vocational centres which will increase opportunities of self-employment and contribute in upward social mobility of beneficiaries.


    Vezure Oana Sabina


    Full Text Available The difficulties faced by local authorities as a result of the austerity conditions in which they work, the elements inherited from the previous regime, the need for additional resources to optimize public finance to meet the needs, optimally, if possible, citizens, require the design and continue the reform of public finances at the local level that correspond to these requirements. Optimization of the reform process in local public finances depend to a great extent on the use of financial levers of fiscal efficiency, fulfilment of the functions of public finance, the way resources are provided and how their administration for economic and social development. The uneven development of economic weakness of the assembly reflect and are unacceptable because, in their turn, become a source of economic and political instability. Responsibility for ensuring sufficient local revenue must not belong to a large measure, the central authorities, the context in which local authorities should prioritize finding solutions to supplement the local budget and obtain funds from the central budget. At the same time, cannot be intended directions of reform in the field of public administration without taking into account the financial implications reflected in the budgets for each level of Government, pyramid-shaped, from central to local level.

  18. Principal Curves for Statistical Divergences and an Application to Finance

    Ana Flávia P. Rodrigues


    Full Text Available This paper proposes a method for the beta pricing model under the consideration of non-Gaussian returns by means of a generalization of the mean-variance model and the use of principal curves to define a divergence model for the optimization of the pricing model. We rely on the q-exponential model so consider the properties of the divergences which are used to describe the statistical model and fully characterize the behavior of the assets. We derive the minimum divergence portfolio, which generalizes the Markowitz’s (mean-divergence approach and relying on the information geometrical aspects of the distributions the Capital Asset Pricing Model (CAPM is then derived under the geometrical characterization of the distributions which model the data, all by the consideration of principal curves approach. We discuss the possibility of integration of our model into an adaptive procedure that can be used for the search of optimum points on finance applications.

  19. The Student Equity Effects of the Public School Finance System in Louisiana.

    Geske, Terry G.; LaCost, Barbara Y.


    Investigates the student equity effects of Louisiana's public school finance program in terms of fiscal neutrality and revenue inequality over a nine-year period, using regression techniques. Overall, Louisiana's system became less equal over the time period examined, while revenue distribution became more equal. Includes 35 references. (MLH)

  20. Financing Child Care. A Public Policy Report from the Ewing Marion Kauffman Foundation. Winter 2002.

    Ewing Marion Kauffman Foundation, Kansas City, MO.

    This public policy report focuses on financing child care in the United States. The report contains brief articles on the following topics: (1) child care wages in comparison to other positions; (2) benefits to businesses when employees have high-quality child care; (3) resources for funding early education systems; (4) comparison of the cost of…

  1. Financing Albanian Higher Education: Growth between the Public and Private Sectors

    Pere, Engjell; Minxhozi, Luljeta


    In many countries, reforms in higher education have follow-on effects on social and economic development. This article relates mainly to economic and financial issues regarding the development of higher education. Starting from the notable increase in demand for higher education and the budgetary constraints on public education financing, we argue…

  2. 75 FR 21146 - Public Input on Reform of the Housing Finance System


    ...Consistent with the Obama Administration's commitment to openness and transparency and the President's Open Government Initiative, the Department of the Treasury (Treasury) and the Department of Housing and Urban Development (HUD) seek public input on establishing a more stable and sound housing finance system.


    S. B. Vasiliev


    Full Text Available The article examines the basic approach to evaluating efficiency of financing transport infrastructure projects realized in the framework of public private partnership. The main ways of the project realization are identified, and their main advantages and disadvantages are described. Detailed elaboration and structuring of infrastructure projects are grounded.

  4. [Financing of the scientific publication and protection of the scientific knowledge].

    Oliveira Filho, Renato Santos de; Hochman, Bernardo; Nahas, Fabio Xerfan; Ferreira, Lydia Masako


    The main purpose of a study is its publication on a scientific journal. Research financing agencies are important institutions so that studies can be developed and published. The most important research financing agencies that are discussed in this article are: "Coordenação de Aperfeiçoamento de Pessoal de Nível Superior" (CAPES), "Conselho Nacional de Desenvolvimento Científico e Tecnológico" (CNPq) and "Fundação de Amparo à Pesquisa do Estado de São Paulo" (FAPESP). CAPES' activities can be grouped in four different strategy lines: a) it evaluates the stricto sensu, at the post-graduation level; b) it provides access and development of scientific research; c) it provides investment on the development of high qualified human resources in Brazil and abroad, and d) it promotes international scientific cooperation. Although CAPES does not support directly scientific publications, almost all actions of this agency contribute to the development of scientific research and publication. CNPq has two main purposes: financing researches and development of human resources. It provides the researchers with financial aid to scientific publication. The grants for editing were specifically created for supporting the national scientific and technical publications edited by Brazilians institutions or societies. CNPq can also support Congresses, Symposiums and similar short-term courses. The Plataforma Lattes is also a branch of CNPq on which the Curriculum Lattes is available. This site has the curriculum vitae of the scientific community and is of great value for researchers. FAPESP also finances journal publications, articles and books that bring up original results of studies made by researchers from the state of São Paulo. It finances, partially, the travel expenses of innovative papers authors in meetings within the country or abroad. Brazilian authors are increasing the number of international publications. Universities, research institutes, financing agencies and

  5. The Public Finances, the Utility of the Taxpayer and the Public Services – towards a New Connecting Model?

    Marcel Ioan Bolos


    Full Text Available Public finances from everywhere have followed along the centuries, as it was natural, some periods when they had to accommodate to the needs resulted from the economic and social life. Their mission was not at all a simple one. To conceive the taxes and rates (dues system, to ensure a performing and an efficient budgetary process, to finance some categories of public expenses, to ensure a fiscal decentralization which would not lead to severe interferences within the public field are only a few of the problems of major importance that they had to deal with. And also the challenges that have come upon public finances are not to be neglected. We may bring to mind here the opposed interests of the taxpayer, interested in obtaining a higher level of goods and public services and of the public authorities who, trying to satisfy the needs of taxpayers, have obtained almost all the time a quite high level of taxes and rates (dues. The purpose of this paper is, though, the setting up of these apparently opposed interests in an equation. We have also tried to” measure” the dependence degree of the utility felt by the taxpayer, as a consequence of the growth with one unit of the quantity of public services performed by the authorities.

  6. Do Sound Public Finances Require Fiscal Rules or Is Market Pressure Enough?

    Bergman, Michael; Hutchison, Michael M.; Hougaard Jensen, Svend E.

    This paper discusses the balance between market pressure and fiscal rules in order to keep public finances on a sustainable path. We provide empirical evidence on market assessments of sovereign default risk to economic news, announcements of national austerity programs, EU programs designed...... to support government finances, and banking fragility emanating from several countries in the euro area affected by the European sovereign debt crisis. We find that, in general, the quality of market signals is an insufficient indicator alone to accurately guide the conduct of fiscal policy, particularly...

  7. Do Sound Public Finances Require Fiscal Rules Or Is Market Pressure Enough?

    Bergman, Ulf Michael; Hutchison, Michael; Jensen, Svend E. Hougaard

    This paper discusses the balance between market pressure and fiscal rules in order to keep public finances on a sustainable path. We provide empirical evidence on market assessments of sovereign default risk to economic news, announcements of national austerity programs, EU programs designed...... to support government finances, and banking fragility emanating from several countries in the euro area affected by the European sovereign debt crisis. We find that, in general, the quality of market signals is an insufficient indicator alone to accurately guide the conduct of fiscal policy, particularly...

  8. 42 CFR 413.149 - Depreciation: Allowance for depreciation on assets financed with Federal or public funds.


    ... 42 Public Health 2 2010-10-01 2010-10-01 false Depreciation: Allowance for depreciation on assets... SKILLED NURSING FACILITIES Capital-Related Costs § 413.149 Depreciation: Allowance for depreciation on assets financed with Federal or public funds. (a) Principle. Depreciation is allowed on assets financed...

  9. Mixed, private, and public educational financing regimes: economic growth and income inequality effects

    Trabelsi Salwa


    Full Text Available The issue of mixed educational financing is rarely evoked in the literature, although the financial contribution of parents in the public educational system can be significant. This paper presents a comparative analysis of the mixed system and public and private ‘extreme’ systems in terms of economic growth and social disparity. For developing countries and for heterogeneous individuals, the mixed system is widely preferred. For homogeneous agents the public and private systems cannot lead to better economic performance than the mixed system. The public system always reduces social inequality, in contrast to the mixed and private systems, which generate the same level of inequality.

  10. Impact of intellectual property rights from publicly financed research and development on research alliance governance mode decisions

    Staphorst, L


    Full Text Available Recently, demands to generate more economic benefit from publicly financed Research and Development (R&D) in South African has resulted in the enactment of the Technology Innovation Agency (TIA) and the Intellectual Property Rights from Publicly...


    M. Moses Antony RAJENDRAN


    Full Text Available Tax is very important for each and every Government. As we are all know that taxation can be classified into direct and indirect taxes. Every Government need revenue to lead the economic, infrastructure, medical, transport, education, telecom, electricity, staff, research, to concession, subsidies, free facility for the unable sector community in the country. To generate the income Government has a constitution as a law to charge a tax for different sectors of people which brought into different categories of the people. No Tax, No Income; No Income, No Revenue; No Revenue, No Government. Government is a public which is common to the all of the people in the country. Whether the direct or indirect tax, the tax must be charged on the basis of the effort of the people income. Some people earn money with their hard work. Some people earn money easily. The easily earned income must be taxed more than the hard earned money. Ethiopian Taxation system is very important for raising income of the Government.


    Moses Antony RAJENDRAN


    Full Text Available Tax is very important for each and every Government.  As we are all know that taxation can be classified into direct and indirect taxes. Every Government need revenue to lead the economic, infrastructure, medical, transport, education, telecom, electricity, staff, research, to  concession, subsidies, free facility for the unable sector community in the country.  To generate the income Government has a constitution as a law to charge a tax for different sectors of people which brought into different categories of the people.  No Tax,  No Income; No Income, No Revenue; No Revenue, No Government.  Government is a public which is common to the all of the people in the country. Whether the direct or indirect tax, the tax must be charged on the basis of the effort of the people income.  Some  people earn money with their hard work.  Some people earn money easily.  The easily earned income must be taxed more than the hard earned money.  Ethiopian Taxation system is very important for raising income of the Government.

  13. Policy Pathways: Joint Public-Private Approaches for Energy Efficiency Finance



    This Policy Pathway outlines, through the experiences and lessons learned from country examples, the critical elements to put in place a public-private partnership to finance energy efficiency. It focuses on three mechanisms - dedicated credit lines, risk guarantees, and energy performance service contracts and presents the planning, implementing, monitoring, and evaluating phases of implemention. Accelerating and scaling up private investment in energy efficiency is crucial to exploit the potential of energy efficiency. However many barriers remain to private investment such as access to capital, uncertainty of future energy prices, transaction costs, perceived higher risk, and lack of knowledge. As part of the IEA 25 Energy Efficiency Policy Recommendations, the IEA recommends that governments support private investment in energy efficiency. A joint public-private approach can use public finance and regulatory policy to support the scaling up of private investment in energy efficiency.


    Oliviero Antonio Carboni


    Full Text Available This paper studies the equilibrium dynamics of a growth model with public finance where two different allocations of public resources are considered. The model simultaneously determines the optimal shares of consumption, capital accumulation, taxes and composition of the two different public expenditures which maximize a representative household's lifetime utilities in a centralized economy. The analysis supplies a closed form solution. Moreover, with one restriction on the parameters ( we fully determine the solutions path for all variables of the model and determine the conditions for balanced growth.

  15. Hydropower projects financing through the public private partnership a future powered by hydro

    Oprea, Traian; Teleanu, Mihai; Dobrescu, Dan


    /////In the frame of economy type that characterized Romania before 1990, the infrastructure and public utilities development, from which the hydropower sector is integral part, was ensured from public funds. The power generation belongs to the public services, which make profits on an average or long terms, in the benefit of the society. The demand for these services is increasing because of both economical increasing and the private sector weight in economy increasing. But, the quality increasing of these services needs investments, that is access to the long-term loans. Romanian banks are not prepared for long-run loans, and the international agencies don't have sufficient investment funds for all necessary projects. One of the options is or, could be, the transfer of entirely responsibility for infrastructure in the private sector hands, but this is not feasible in many cases. For this reason the government can choose a middle way realizing a private public partnership for solving the problem of the investment funds. In a general manner, this scenario consists in the fact of appealing to the private sector to finance, build and operate, for a limited period, an infrastructure, power or tourism project, necessary to the development. The impact zone between the public sector interest and private sector interest defined the concept of 'private public partnership' in its multiple alternatives (BOT, BOO, BOOT, ROT, etc.). The first official mentioning of a project in private public development under the name of BOOT 'Build, Own, Operate, Transfer' has been used in Turkey, in 1984, by the prime-minister ever since, Turgut Ozal, as part of a huge development program through the privatization in the power sector, infrastructure and tourism. The 'private public partnership' concept was studied and promoted, beginning with '95 years by the European Community too, with the view of this financing model utilization to the infrastructure projects development. One of the most

  16. Financing schemes increasing energy efficiency and renewable energy use in public and private buildings. Comparative study


    What are the solutions to the municipal budget cuts? How can the cities finance their energy transition? What can we do to make it a driving force to boost the local economy and job creation? What are the new financial cash flows for this new economy? One of the solutions is to rethink financing solutions, and the local authorities that are engaged in energy transition are the best placed to do so. Many cities have voluntarily committed to reducing CO_2 emissions on their territories, notably by increasing energy efficiency and the use of renewable energy sources. Nearly 6,500 cities are committed to the objective to meet and exceed the European Union 20% CO_2 reduction objective by 2020. They have already developed their Baseline Emissions Inventories and Sustainable Energy Action Plans and thus are well aware of the energy flows on their territories, energy saving potential and the cost-effectiveness of the planned measures. The next step is to secure their financing sources and here both the private and public sector play a key role. Governments at all levels (European, national, regional and local), financial institutions, businesses, citizens and other local stakeholders should channel part of their funds to measures that help achieving our common energy and climate goals. Local authorities' role is to motivate and coordinate players on their territory. For its part, the European Union increased the amount allocated to energy efficiency and renewable energy projects in its 2014-2020 budget, giving a signal that a shift towards a low carbon economy is one of its top priorities. This could be a significant boost for local energy transition. However, the European Commission also announced that the EU budget should be spent in a more sustainable way and announced a progressive move from grants to loans and innovative financial instruments, in particular for projects that are viable on the current market. Many front-running Covenant signatories dedicate their human

  17. Public financing of the Medicare program will make its uniform structure increasingly costly to sustain.

    Baicker, Katherine; Shepard, Mark; Skinner, Jonathan


    The US Medicare program consumes an ever-rising share of the federal budget. Although this public spending can produce health and social benefits, raising taxes to finance it comes at the cost of slower economic growth. In this article we describe a model incorporating the benefits of public programs and the cost of tax financing. The model implies that the "one-size-fits-all" Medicare program, with everyone covered by the same insurance policy, will be increasingly difficult to sustain. We show that a Medicare program with guaranteed basic benefits and the option to purchase additional coverage could lead to more unequal health spending but slower growth in taxation, greater overall well-being, and more rapid growth of gross domestic product. Our framework highlights the key trade-offs between Medicare spending and economic prosperity.

  18. Public policy for start-up entrepreneurship with venture capital and bank finance

    Keuschnigg, Christian; Nielsen, Søren Bo


    This paper proposes and analyses a model of start-up investment. Innovative entrepreneursare commercially inexperienced and can benefit from venture capital support. Only part ofthem succeed in matching with a venture capitalist while the rest must resort to standard bankfinance. We consider a nu...... a number of policies to promote entrepreneurship and venture capitalbacked innovation.JEL Classification: D82, G24, G28, H24.Keywords: venture capital bank finance, matching, moral hazard, public policy....


    Vincent Geloso


    Full Text Available This paper tackles the issue of the institutional decisions made by the British when they conquered the French colony of Quebec in 1760 by examining why toleration was the chosen policy course. Past experiences and the dire state of British public finances pushed the British government to adopt toleration of Catholics and of French legal institution in the colony as a policy designed to preserve the empire financially and strategically.

  20. A Public Finance Perspective on Climate Policy: Six Interactions That May Enhance Welfare

    Siegmeier, Jan; Mattauch, Linus; Franks, Max; Klenert, David; Schultes, Anselm; Edenhofer, Ottmar


    Climate change economics mostly neglects sizeable interactions of carbon pricing with other fiscal policy instruments. Conversely, public finance typically overlooks the effects of future decarbonization efforts when devising instruments for the major goals of fiscal policy. We argue that such a compartmentalisation is undesirable: policy design taking into account such interdependencies may enhance welfare and change the distribution of mitigation costs within and across generations. This cl...

  1. Quality of Public Finance and Economic Growth in the Czech Republic

    Irena Szarowská


    Full Text Available Quality of public finances belongs to a key policy challenge as its improvement should lead to a long-term economic growth. The aim of the paper is to investigate if the key channels and tools used by the public finance (structure of revenue system, size of the government and composition of expenditure, level and sustainability of fiscal position affect economic growth in the Czech Republic in the period 1995-2013. The empirical model is based on the methodology of Barro and Sala-i-Martin (2003 and the model of Mankiw et al. (1992 which is adapted to the framework of this study. The results of dynamic regressions suggest that economic growth is affected by public finance variables only partly and traditional sources of economic growth (human capital or openness play bigger role. Provided evidence shows that total tax burden as well as the structure of revenue system (especially implicit tax rates on labour and consumption should be primarily used as tools for maintain macroeconomic objectives. On the contrary, changes in size and composition of expenditure, balance and debt report not statistically significant impact.




    Full Text Available Nowadays in Romania, projects financed from nonrefundable external funds post-accession are an important additional source of funding for public institutions of academic education in the somber context of the budgetary underfunding and under the significant decrease in the number of the students that are paying tuition fees. In these circumstances, this paper focuses on the accounting codification and instrumentation of the operations afferent to the projects financed from structural funds, materializing into a pragmatic approach in which we aim to present the accounting reflection of the specific accounting operations in the case of the University of Craiova, as public beneficiary of post-accession external grants, based on the principle of expenses reimbursement. In order to achieve our desideration, we shall consider issues related to the interpretation of the applicable referential in full correlation with the practice size in the context of the accounting capitalization of the financial allocations facilitated by the contracts signed between the public institutions of higher education and the pan-European financier.

  3. Productivity losses and public finance burden attributable to breast cancer in Poland, 2010-2014.

    Łyszczarz, Błażej; Nojszewska, Ewelina


    Apart from the health and social burden of the disease, breast cancer (BC) has important economic implications for the sick, health system and whole economy. There has been a growing interest in the economic aspects of breast cancer and analyses of the disease costs seem to be the most explored topic. However, the results from these studies are hardly comparable. With this study we aim to contribute to the field by providing estimates of productivity losses and public finance burden attributable to BC in Poland. We used retrospective prevalence-based top-down approach to estimate the productivity losses (indirect costs) of BC in Poland in the period 2010-2014. Human capital method (HCM) and societal perspective were used to estimate the costs of: absenteeism of the sick and caregivers, presenteeism of the sick and caregivers, disability, and premature mortality. We also used figures illustrating public finance burden attributable to the disease. Deterministic sensitivity analysis was performed to assess the stability of the estimates. A variety of data sources were used with the social insurance system and Polish National Cancer Registry being the most important ones. Productivity losses associated with BC in Poland were €583.7 million in 2010 and they increased to €699.7 million in 2014. Throughout the period these costs accounted for 0.162-0.171% of GDP, an equivalent of 62,531-65,816 per capita GDP. Losses attributable to disability and premature mortality proved to be the major cost drivers with 27.6%-30.6% and 22.0%-24.6% of the total costs respectively. The costs due to caregivers' presenteeism were negligible (0.1% of total costs). Public finance expenditure for social insurance benefits to BC sufferers ranged from €50.2 million (2010) to €56.6 million (2014), an equivalent of 0.72-0.79% of expenditures for all diseases. Potential losses in public finance revenues accounted for €173.9 million in 2010 and €211.0 million in 2014. Sensitivity


    Elena V. Krylova


    Full Text Available The article deals with the individual, the most important, in my opinion, aspects of the financing in the public order. Government purchases are considered as a complex, multi-tiered system of interrelated categories, the functioning of which should ensure the achievement of maximum effectiveness and efficiency of budget allocation. In this case, the participants of procurement procedures occurs responsible for quality results execution of the state order. The problems arising in the implementation of public contracts are set out proposals to improve the effectiveness of the financial mechanism under the contract system. 

  5. Private Financing of Public Goods by Means of 'Eco-Goods' Schemes

    Ueda, Yoshifumi; Wegener, Andreas; Svendsen, Gert Tinggaard


    With a view to applying to the problem of collective action for the global commons, we analyze a three-stage game model where public goods are provided by the costly leadership of a social entrepreneur for undertaking 'eco-goods' scheme. We derive (i) the conclusion that the social entrepreneur can...... finance more for the collective action under not-for-profit constraint than without the constraint, and (ii) the conditions under which he prefers the not-for-profit constraint on a rational basis. The main results are applied to some social experiments on the natural common-pools of a public-goods nature...

  6. To finance the ecological transition: our analyses and proposals. Contribution to the public consultation on the financing of the ecological transition

    Azam, Genevieve; Combes, Maxime; Gadrey, Jean; Harribey, Jean-Marie


    The financing of ecological transition is a key issue which conditions the nature of the transition and its ecological efficiency, the acceptability of measures with respect to requirements in terms of social justice, and the sustainability of undertaken actions. This publication is an answer to a public consultation launched by the French government with the publication of a White Paper on these issues. The authors first analyse, discuss and criticise the content of the White Paper. For them, it reduces the approach to a normative one, is based on a decoupling between economic growth and use of resources, propagates a technical-scientific illusion, often indicates selective and incomplete data, and addresses the energy issue through a supply-based approach. In the next part, the authors discuss how transition financing is addressed in the White Paper. In the third part, proposals are made according to three main principles: ecological transition is a social, political, and cultural process which must be supported, financed and implemented at all territorial levels; transition can be financed only if it comes with a strict legal framework which will define what is possible and what is not any longer; financing must be conditioned to results in terms of sobriety and of ecological and social efficiency, including the creation, qualification and sustainability of jobs. A set of programmes is also presented with associated measures on energy efficiency and sobriety, on a fair use of common good, on a re-localisation of activities, and a support of international initiatives. Some proposals are also made regarding financing tools

  7. Massive financing of the energy transition - SFTE feasibility study: synthesis report, Energy renovation of public buildings


    The Energy Shift Financing Agency's (SFTE) project aims to establish a broad partnership between public and private entities to stimulate the economy and deliver between euros 180 bn and euros 420 bn of investment in Europe over 10 years for the benefit of medium-sized projects (in the order of euros 1 m) that are necessary for the energy transition. It will enable EU banks to finance the energy renovation of public buildings under excellent - cheap and long-term - conditions. A feasibility study has been conducted by the AFTER association with an exemplary consortium of public and private stakeholders in France: local authorities, industry players, banks/financial institutions, NGOs, Plan Batiment Durable. Many European institutions have expressed their interest in the initiative. Now the implementation of the SFTE project requires a commitment from European and national public authorities. Such a proactive real-estate policy would significantly contribute to economic recovery, cut costs, CO_2 emissions and the external deficit and improve energy independence, and could quickly create jobs. This document is the French version of the synthesis report of the SFTE project feasibility study. Two notes are attached to the document: one about the SFTE project adaptation to the Juncker's 315 bn euros investment plan, and the other about the selection of public buildings energy retrofitting in the Juncker plan and the French-German proposals

  8. Indirect costs of diabetes and its impact on the public finance: the case of Poland.

    Torój, Andrzej; Mela, Aneta


    Growing public and private expenditure on healthcare results i.a. from the spreading of chronic diseases. Diabetes belongs to the most frequent ones, beyond neoplasms and cardiological diseases, and hence generates a significant burden for the public finance in terms of the direct costs. However, the economy suffers also from the indirect cost of diabetes that manifests itself in the loss in Gross Domestic Product (GDP) and general government revenues. This paper aims to measure this indirect cost, both in terms of GDP drop (social perspective) and public revenue drop (public finance perspective), in the case of Poland in 2012-2014. We use a modified human capital approach and unique dataset provided by the Social Security institution in Poland and the Polish Central Statistical Office. Diabetes is a substantial and growing burden for the Polish economy. In the years 2012, 2013 and 2014 the indirect cost (output loss) amounted to 1.85 bn USD, 1.94 bn USD and 2.00 bn USD respectively. Estimated indirect cost of diabetes can be a useful input for health technology analyses of drugs or economic impact assessments of public health programmes.

  9. Portugal and the Global Financial Crisis – short-sighted politics, deteriorating public finances and the bailout imperative

    Paulo T. Pereira,; Lara Wemans,


    The aim of this paper is twofold. On the one hand to explain the institutional, economic and political foundations of the Portuguese bailout in April 2011. On the other hand, to clarify the impact of the global financial crisis (GFC) in Portuguese public finances, and the interaction between domestic fiscal policy and monitoring and recommendations from the European Commission (EC) and the European Council (ECo). A long run perspective (1974-2011) on management of public finances ...


    WEI, Chien-Hung; CHUNG, Ming-Chih


    Transportation Build-Operate-Transfer financing projects have larger payment risks and failure possibilities than other financing projects, and these factors are essential to financing scenarios. The changes of financing scenarios not only affect private sectors' financing process but the conflict between private sectors and banks. This study broadly reviews relevant factors affecting BOT financing strategies, interviews relevant experts and then uses scenario analysis to design a questionnai...

  11. Privatization Financing Alternatives: Blending Private Capital and Public Resources for a Successful Project

    BT Oakley; JH Holbrook; L Scully; MR Weimar; PK Kearns; R DiPrinzio


    The U.S. Department of Energy (DOE) launched the Contract Reform Initiative in 1994 in order to improve the effectiveness and effkiency of managing major projects and programs. The intent of this initiative is to help DOE harness both technical and market forces to reduce the overall cost of accomplishing DOE's program goals. The new approach transfers greater risk to private contractors in order to develop incentives that align contractor performance with DOE's objectives. In some cases, this goal can be achieved through public-private partnerships wherein the govermhent and the contractor share risks associated with a project in a way that optimizes its economics. Generally, this requires that project risks are allocated to the party best equipped to manage and/or underwrite them. While the merits of privatization are well documented, the question of how privatized services should be financed is often debated. Given the cost of private sector equity and debt, it is difficult to ignore the lure of the government's "risk free" cost of capital. However, the source of financing for a project is an integral part of its overall risk allocation, and therefore, participation by the government as a financing source could alter the allocation of risks in the project, diminishing the incentive structure. Since the government's participation in the project's financing often can be a requirement for financial feasibility, the dilemma of structuring a role for the government without undermining the success of the project is a common and difficult challenge faced by policymakers around the world. However, before reverting to a traditional procurement approach where the government enters into a cost-plus risk profile, the government should exhaust all options that keep the private entity at risk for important aspects of the project. Government participation in a project can include a broad range of options and can be applied with precision to bridge a

  12. Financing the energy renovation of public buildings through Internal Contracting. Infinite Solutions Guidebook

    Schilken, Peter; Turner, Ian; Kuehnbach, Matthias; Simic, Ivan; Kuharic, Boris; Laranjeira, Celia; Rodrigues, Carlos; Couceiro, Carla; Presotto, Agnese; Mazzeschi, Alessandro; Cleto, Joao


    Meeting the European energy and climate policy objectives will require the mobilisation of substantial energy efficiency and renewable energy investments at the local level. Given both the substantial effort necessary to finance the energy transition and restricted municipal budgets, it is clear that these objectives cannot be met through traditional public financing such as grants or direct investment, but by finding a new approach to financing solutions. This Energy Cities guidebook is built upon a comprehensive analysis of Stuttgart's Internal Contracting scheme and a detailed questioning of it by the learning authorities within the INFINITE Solutions project. It is intended to offer guidelines to municipalities as well as universities, hospitals or other institutions interested in applying Internal Contracting to improve their energy consumption and efficiency performance. The approach of this guidebook is developed as follows: The concept of contracting - especially Internal Contracting - is introduced. Universal guidance is offered on how to implement an Internal Contracting scheme and keep it working over the long term. The Internal Contracting scheme is presented in practice. Several cities describe their individual approaches to Internal Contracting and the various ways they have been able to adapt the scheme

  13. Public finance of rotavirus vaccination in India and Ethiopia: an extended cost-effectiveness analysis.

    Verguet, Stéphane; Murphy, Shane; Anderson, Benjamin; Johansson, Kjell Arne; Glass, Roger; Rheingans, Richard


    An estimated 4% of global child deaths (approximately 300,000 deaths) were attributed to rotavirus in 2010. About a third of these deaths occurred in India and Ethiopia. Public finance of rotavirus vaccination in these two countries could substantially decrease child mortality and also reduce rotavirus-related hospitalizations, prevent health-related impoverishment and bring significant cost savings to households. We use a methodology of 'extended cost-effectiveness analysis' (ECEA) to evaluate a hypothetical publicly financed program for rotavirus vaccination in India and Ethiopia. We measure program impact along four dimensions: 1) rotavirus deaths averted; 2) household expenditures averted; 3) financial risk protection afforded; 4) distributional consequences across the wealth strata of the country populations. In India and Ethiopia, the program would lead to a substantial decrease in rotavirus deaths, mainly among the poorer; it would reduce household expenditures across all income groups and it would effectively provide financial risk protection, mostly concentrated among the poorest. Potential indirect benefits of vaccination (herd immunity) would increase program benefits among all income groups, whereas potentially decreased vaccine efficacy among poorer households would reduce the equity benefits of the program. Our approach incorporates financial risk protection and distributional consequences into the systematic economic evaluation of vaccine policy, illustrated here with the case study of public finance for rotavirus vaccination. This enables selection of vaccine packages based on the quantitative inclusion of information on equity and on how much financial risk protection is being bought per dollar expenditure on vaccine policy, in addition to how much health is being bought. Copyright © 2013 Elsevier Ltd. All rights reserved.

  14. Who benefits from public health financing in Zimbabwe? Towards universal health coverage.

    Shamu, Shepherd; January, James; Rusakaniko, Simbarashe


    Zimbabwe's public health financing model is mostly hospital-based. Financing generally follows the bigger and higher-level hospitals at the expense of smaller, lower-level ones. While this has tended to perpetuate inequalities, the pattern of healthcare services utilisation and benefits on different levels of care and across different socioeconomic groups remains unclear. The purpose of this study was therefore to assess the utilisation of healthcare services and benefits at different levels of care by different socioeconomic groups. We conducted secondary data analysis of the 2010 National Health Accounts survey, which had 7084 households made up of 26,392 individual observations. Results showed significant utilisation of health services by poorer households at the district level (concentration index of -0.13 [CI:-0.2 to -0.06; p < .05]), but with mission hospitals showing equitable utilisation by both groups. Provincial and higher levels showed greater utilisation by richer households (0.19; CI: 0.1-0.29; p < .05). The overall results showed that richer households benefited significantly more from public health funds than poorer households (0.26; CI: 0.2-0.4; p < .05). Richer households disproportionately benefited from public health subsidies overall, particularly at secondary and tertiary levels, which receive more funding and provide a higher level of care.

  15. Financing of the site search by a public corporation (organization model)

    Selmer, P.


    The paper is focussed on the development of a concept concerning the final deposit of radioactive waste in Germany in connection with the search of an appropriate site for the repository. The main features of the so called organization model are described, the financing of the site search under constitutional law and the principles of tax law is discussed in this context. Other topics are the legitimacy of a final disposal organization in the form of a public corporation with compulsory membership including unconstitutional contributions, and aspects of basic rights and constitutional legality

  16. The Government Finance Database: A Common Resource for Quantitative Research in Public Financial Analysis.

    Pierson, Kawika; Hand, Michael L; Thompson, Fred


    Quantitative public financial management research focused on local governments is limited by the absence of a common database for empirical analysis. While the U.S. Census Bureau distributes government finance data that some scholars have utilized, the arduous process of collecting, interpreting, and organizing the data has led its adoption to be prohibitive and inconsistent. In this article we offer a single, coherent resource that contains all of the government financial data from 1967-2012, uses easy to understand natural-language variable names, and will be extended when new data is available.


    E.N. Sidorova


    Full Text Available This article considers the problems of financial support of the regional and municipal economy development. Formation of the institutional basis for the budgeting process and budgets interactions between the territories of different levels are shown on the base of retrospective analysis of foundation and development of budget federalism in Russia. Attraction of entrepreneurial sector resources on the conditions of public-private partnership is discussed as additional finance source and definite particularities of this process are described in line with the possibilities of their appliance.

  18. Equity in health personnel financing after Universal Coverage: evidence from Thai Ministry of Public Health's hospitals from 2008-2012.

    Ruangratanatrai, Wilailuk; Lertmaharit, Somrat; Hanvoravongchai, Piya


    Shortage and maldistribution of the health workforce is a major problem in the Thai health system. The expansion of healthcare access to achieve universal health coverage placed additional demand on the health system especially on the health workers in the public sector who are the major providers of health services. At the same time, the reform in hospital payment methods resulted in a lower share of funding from the government budgetary system and higher share of revenue from health insurance. This allowed public hospitals more flexibility in hiring additional staff. Financial measures and incentives such as special allowances for non-private practice and additional payments for remote staff have been implemented to attract and retain them. To understand the distributional effect of such change in health workforce financing, this study evaluates the equity in health workforce financing for 838 hospitals under the Ministry of Public Health across all 75 provinces from 2008-2012. Data were collected from routine reports of public hospital financing from the Ministry of Public Health with specific identification on health workforce spending. The components and sources of health workforce financing were descriptively analysed based on the geographic location of the hospitals, their size and the core hospital functions. Inequalities in health workforce financing across provinces were assessed. We calculated the Gini coefficient and concentration index to explore horizontal and vertical inequity in the public sector health workforce financing in Thailand. Separate analyses were carried out for funding from government budget and funding from hospital revenue to understand the difference between the two financial sources. Health workforce financing accounted for about half of all hospital non-capital expenses in 2012, about a 30 % increase from the level of spending in 2008. Almost one third of the workforce financing came from hospital revenue, an increase from only one

  19. An extended cost-effectiveness analysis of schizophrenia treatment in India under universal public finance.

    Raykar, Neha; Nigam, Aditi; Chisholm, Dan


    Schizophrenia remains a priority condition in mental health policy and service development because of its early onset, severity and consequences for affected individuals and households. This paper reports on an 'extended' cost-effectiveness analysis (ECEA) for schizophrenia treatment in India, which seeks to evaluate through a modeling approach not only the costs and health effects of intervention but also the consequences of a policy of universal public finance (UPF) on health and financial outcomes across income quintiles. Using plausible values for input parameters, we conclude that health gains from UPF are concentrated among the poorest, whereas the non-health gains in the form of out-of-pocket private expenditures averted due to UPF are concentrated among the richest income quintiles. Value of insurance is the highest for the poorest quintile and declines with income. Universal public finance can play a crucial role in ameliorating the adverse economic and social consequences of schizophrenia and its treatment in resource-constrained settings where health insurance coverage is generally poor. This paper shows the potential distributional and financial risk protection effects of treating schizophrenia.




    As estruturas do tipo Project Finance, cada vez mais, vêm sendo utilizadas para o financiamento de projetos de investimento, principalmente, quando se trata de obras infraestruturais. Para tanto, uma grande estruturação jurídica é utilizada de forma a garantir uma adequada alocação de riscos às partes interessadas do projeto. Esta gestão riscos do projeto é de fundamental importância para garantir a viabilidade financeira e sucesso de um financiamento estruturado, como o Projec...

  1. In search of financial sufficiency in the Spanish public university: From financing to the cost control and cost management

    Santiago Aguilà


    Full Text Available Purpose: The current socio-economic context characterized by restrictive budgetary policies in the countries of the European Union has led to a reduction in public funding in the Spanish public university raising the deficit in many universities. That is why, while they are completing the implementation of a cost accounting model (Modelo Canoa to quantify their real financial needs, are also increasing academic rates with the limits established in the Decree-Law 14/2012 of 20 April as practically the only resource. This fact may ultimately affect demand. It is urgent to find therefore new sources of private funding as well as implementing techniques to control and reduce costs justified by the extreme financial situations of some universities. Design/methodology: These new sources of private funding as well as the specific techniques of control and cost management that are used in public universities outside of Spain are described. It has also made a poll to the managers of the Spanish public universities considering the diversification of funding sources and the feasibility of adopting specific techniques of control and cost management to help the achievement of financial sufficiency. Findings: Especially in the US universities, financing is more diversified and not depend so much of the increase in public rates. Specific techniques of control and cost management are also used and they are applicable to the Spanish case according to the opinion of the managers. Research limitations/implications: 82% of managers have completed the proposed poll. Originality/value: Identifying sources of private funding and specific techniques of control and cost management applicable to the Spanish public universities.

  2. Universal public finance of tuberculosis treatment in India: an extended cost-effectiveness analysis.

    Verguet, Stéphane; Laxminarayan, Ramanan; Jamison, Dean T


    Universal public finance (UPF)-government financing of an intervention irrespective of who is receiving it-for a health intervention entails consequences in multiple domains. First, UPF increases intervention uptake and hence the extent of consequent health gains. Second, UPF generates financial consequences including the crowding out of private expenditures. Finally, UPF provides insurance either by covering catastrophic expenditures, which would otherwise throw households into poverty or by preventing diseases that cause them. This paper develops a method-extended cost-effectiveness analysis (ECEA)-for evaluating the consequences of UPF in each of these domains. It then illustrates ECEA with an evaluation of UPF for tuberculosis treatment in India. Using plausible values for key parameters, our base case ECEA concludes that the health gains and insurance value of UPF would accrue primarily to the poor. Reductions in out-of-pocket expenditures are more uniformly distributed across income quintiles. A variant on our base case suggests that lowering costs of borrowing for the poor could potentially achieve some of the health gains of UPF, but at the cost of leaving the poor more deeply in debt. © 2014 The Authors. Health Economics published by John Wiley Ltd.

  3. On Politics and Education Finance: A Bibliography of Joel S. Berke, James W. Guthrie, and Michael W. Kirst. Vance Bibliographies, Public Administration Series: Bibliography P-821.

    Quay, Richard H.

    A bibliography of Joel S. Berke, James W. Guthrie, and Michael W. Kirst on politics and educational finance is presented. Specific topics include the following: whether financial support of public schools should be assumed completely by states, school finance policies and practices, school finance reform versus the spending and tax limitation…

  4. Financing end-use solar technologies in a restructured electricity industry: Comparing the cost of public policies

    Jones, E.; Eto, J.


    Renewable energy technologies are capital intensive. Successful public policies for promoting renewable energy must address the significant resources needed to finance them. Public policies to support financing for renewable energy technologies must pay special attention to interactions with federal, state, and local taxes. These interactions are important because they can dramatically increase or decrease the effectiveness of a policy, and they determine the total cost of a policy to society as a whole. This report describes a comparative analysis of the cost of public policies to support financing for two end-use solar technologies: residential solar domestic hot water heating (SDHW) and residential rooftop photovoltaic (PV) systems. The analysis focuses on the cost of the technologies under five different ownership and financing scenarios. Four scenarios involve leasing the technologies to homeowners in return for a payment that is determined by the financing requirements of each form of ownership. For each scenario, the authors examine nine public policies that might be used to lower the cost of these technologies: investment tax credits (federal and state), production tax credits (federal and state), production incentives, low-interest loans, grants (taxable and two types of nontaxable), direct customer payments, property and sales tax reductions, and accelerated depreciation


    Nataliya Melnichuk


    Full Text Available The article highlights the essence of budgetary control. The features of control in the public sector performance are grounded as well as the relationship between verifiability and the controllability. It is proved that the achievement of public finance management needs its controllability. There is no alternative verifiability by ensuring controllability of budget resources. The classification criteria of budgetary control types according to the different classification criteria are developed. It has allowed to distinguish its following types: scheduled, unscheduled, previous, current, next, state, municipal, specialized, departmental, public, external, internal, solid, selective, comprehensive, effective, ineffective, centralized, decentralized, legislative, realizable, further, active, passive, available, projected, intermediate, final, mixed. The purpose of the article is to provide a classification criteria of budgetary control development, taking into account the role and functions of control in public finance management. The subject of the study is a set of financial relationships arising during the budgetary control due to appropriation of financial resources. Methodology. The following methods have been used in the process of writing: cognition, induction, deduction, analysis and synthesis. Results of the survey. Thus, the main directions of budgetary control implementation we can consider the following ones: monitoring compliance with procedures for preparation, review and approval of state and local budgets; the implementation of revenue and expenditure of the budget at the national and local levels control; detection of theft of public funds, as well as their misuse; accuracy of accounting control; increasing the revenue base of the state budget detection; preventive measures to combat corruption and bribery in the public sector. The author’s approach to classification criteria of budgetary control types, unlike existing ones

  6. Financing Public Higher Education: The Impact of Responsibility Center Management on a Public Research University

    Pappone, David J.


    To explore the impacts on public universities of implementing an incentive-based budgeting system, this dissertation focuses on one university's extensive experience with Responsibility Center Management. The financial and non-financial impacts of Responsibility Center Management will be considered by examining the extent to which commonly held…

  7. Finance structure and public enlightenment program of the first Turkish nuclear power plant project (a case study)

    Lutfi Sarici, E.


    This paper deals with four closely related subjects. These are: the positioning of nuclear energy in Turkey's energy planning by presenting supply and demand figures of electricity, giving emphasis to resource availability, pointing out the necessity of diversification of resources; the ongoing situation for realization of the Akkuyu Project with its updated milestones, alternative offers requested for the Akkuyu Nuclear Power Plant and member companies of the consortiums who already have submitted the three bids; the financing of big-scale energy investment projects in developing countries by giving special emphasis to the Akkuyu Nuclear Power Plant Project including the financing requirements in the Bid Specifications, OECD rules for financing, the requirements of financial agents, and financing means of domestic participation; public enlightenment during establishment of nuclear power in Turkey. (author)

  8. Public finances in Romania during and after the economic crisis 2008-2009

    Stelian Dan CÂMPEAN


    Full Text Available The aim of this article is to present Romania’s problems and solutions during and after the economic crisis of 2008-2009. The paper starts with the definitions of public finances and economic crisis and also a brief description of Romania’s economy, continuing with a deeper analysis of the determinants and symptoms of the recession in the country, as well as the perspectives for further development. The financial assessment of Romania’s situation in the broader EU context can be understood by looking at the GDP and the country’s economic activities in relation to it, and by reviewing the information supplied by the National Bank of Romania and others institutions and selected literature. The article is complemented by author’s opinions.

  9. 75 FR 65197 - Use of Public Housing Capital Funds for Financing Activities


    ..., lenders cannot view PHAs or their stand-alone projects as market-rate financing, but rather that private.... Response: This CFFP final rule permits PHAs to size their financing either on the project level, or on an... Funds for Financing Activities; Final Rule #0;#0;Federal Register / Vol. 75 , No. 203 / Thursday...


    José Alonso Borba


    Full Text Available There are problems in Finance and Accounting that can not be easily solved by means of traditional techniques (e.g. bankruptcy prediction and strategies for investing in common stock. In these situations, it is possible to use methods of Artificial Intelligence. This paper analyzes empirical works published in international journals between 2000 and 2007 that present studies about the application of Neural Networks, Fuzzy Logic and Genetic Algorithms to problems in Finance and Accounting. The objective is to identify and quantify the relationships established between the available techniques and the problems studied by the researchers. Analyzing 258 papers, it was noticed that the most used technique is the Artificial Neural Network. The most researched applications are from the field of Finance, especially those related to stock exchanges (forecasting of common stock and indices prices.

  11. Private management and public finance in the Italian water industry: A marriage of convenience?

    Massarutto, Antonio; Paccagnan, Vania; Linares, Elisabetta


    In many countries, reforms of water and sanitation utilities have favored private sector participation. The drivers of this trend are the need to improve efficiency, professional capabilities of service operations, and willingness to relieve public budgets of the heavy burden of investment. Scant attention has been devoted to the great impact this strategy can have on water bills because of the higher cost of capital that is implicit, given the economic risk that the private sector is required to accept. Since it is a capital-intensive industry with a long economic life of its assets, the water industry is particularly vulnerable to the cost of capital. This creates the case for publicly-supported financial schemes in order to keep this cost as low as possible and guarantee long-run viability as well as affordability. The Italian water industry is an excellent case study to investigate the importance of this situation: in the last 15 years, a far-reaching reform has been introduced with the aim of substituting a financing model, based entirely on public spending, with one delegating financial responsibilities to operators through full-cost recovery. Our simulations show that delegating all responsibilities and risks to the private sector can lead to unsustainable price increases once replacement of existing assets are required. The solution is not to give up full-cost recovery, but rather to search for risk allocation patterns that are more coherent with the risk profile of the water industry and help keeping the cost of capital low.

  12. Tax levy financing for local public health: fiscal allocation, effort, and capacity.

    Riley, William J; Gearin, Kimberly J; Parrotta, Carmen D; Briggs, Jill; Gyllstrom, M Elizabeth


    Local health departments (LHDs) rely on a wide variety of funding sources, and the level of financing is associated with both LHD performance in essential public health services and population health outcomes. Although it has been shown that funding sources vary across LHDs, there is no evidence regarding the relationship between fiscal allocation (local tax levy); fiscal effort (tax capacity); and fiscal capacity (community wealth). The purpose of this study is to analyze local tax levy support for LHD funding. Three research questions are addressed: (1) What are tax levy trends in LHD fiscal allocation? (2) What is the role of tax levy in overall LHD financing? and (3) How do local community fiscal capacity and fiscal effort relate to LHD tax levy fiscal allocation? This study focuses on 74 LHDs eligible for local tax levy funding in Minnesota. Funding and expenditure data for 5 years (2006 to 2010) were compiled from four governmental databases, including the Minnesota Department of Health, the State Auditor, the State Demographer, and the Metropolitan Council. Trends in various funding sources and expenditures are described for the time frame of interest. Data were analyzed in 2012. During the 2006-2010 time period, total average LHD per capita expenditures increased 13%, from $50.98 to $57.63. Although the overall tax levy increase in Minnesota was 25%, the local tax levy for public health increased 5.6% during the same period. There is a direct relationship between fiscal effort and LHD expenditures. Local funding reflects LHD community priorities and the relative importance in comparison to funding other local programs with tax dollars. In Minnesota, local tax levy support for local public health services is not keeping pace with local tax support for other local government services. These results raise important questions about the relationship between tax levy resource effort, resource allocation, and fiscal capacity as they relate to public health

  13. Impact of demographic ageing on sustainability of public finance in Serbia

    Zdravković Aleksandar


    Full Text Available Population ageing is a global phenomenon without precedent in the history of humanity having implications in all facets of life. From an economic point of view, population ageing is certainly one of the biggest challenges of modern time. A consequence of these global demographic tendencies reflected in growing number of pensioners which negatively affects sustainability of public pension systems financed by the principle of intergenerational solidarity (Pay-As-You-Go - widely represented in public pension schemes of European countries. In this paper, impact of demographic ageing on pension systems is analyzed in the context of sustainability of public finance in Serbia in the period 2010-2050. Although the comparative analysis of the pension expenditure share in gross domestic product (GDP does not point to significant differences between Serbia and the countries in the neighborhood and the European Union, the growth trend of subsidizing the Pension Fund from the government budget endangers medium-term sustainability of the public pension system in Serbia, bearing in mind that the implementation of measures proposed in pension reforms can be valorized only in the long run. The main objective of the analysis is projecting long-term pension expenditure as a share of GDP. The projections were formed indirectly by modeling the average pension expenditure, because this variable incorporates both growth in the total pension expenditure and growth in the number of pensioners as a result of demographic trends, and better reflects the actual growth of pension expenditure. For the purposes of the analysis, in addition to the projection of real GDP growth, size of the inactive population aged 65 and over, as the main contingent of the pension system users and the total number of pensioners, was projected by means of stochastic cohort component methodology. Based on these projections and assumptions about the growth rate of average pension expenditure

  14. Managing Projects with the Public, -bringing Partnering, Contracts and Financing together in Building Public Services

    Koch, Christian


    of opportunity shows that on the operational level the contractual, financial and skill basis for the project has to be mobilized, negotiated, partly stabilized and renegotiated. The participating actors thus have to develop a new set of skills in dealing with municipalities and managing operations in PPPs....... of projects have had trouble to develop. The paper views PPP as an interaction between an emergent governance frame and operational activities in the project. PPP is an element of a networked public sector and the paper takes a network and political process approach to the shaping of PPP in Denmark....... It is analysed how the governance frame for these type of projects constituted a window of opportunity in the late nineties for “sale and lease back” arrangements, combined with partnering and more traditional design-build contracts. A case of a municipality renewing its school services, exploiting this window...

  15. Analysis of Financing Model of Public Rental Construction%公租房建设融资模式研究



    The construction of public rental needs much money and usually takes a long time , thus it can not only rely on limited financial investment , so financing becomes a bottleneck restricting the construction of public rental .At present, bank loans and project financing are two main financing models of the public rental , while PPP, REITs and other ways are rarely used .This paper introduces the traditional financing methods , focusing on the PPP and REITs . The paper summarizes the pros and cons of nine financing models and concludes that bank loans , project financing , BT, BOT, PPP, TOT, bonds, public rental REITs and ABS can pave the way for opening up social capital into the field of investment and construction of public rental channel .It is suggested that China raise housing finance though multiple channels , and seek to comply with China's specific situation of public rental financing model .%公租房建设资金需求量大、占用时间长,依靠有限的财政投入难以满足,因此,公租房融资成为制约公租房建设的瓶颈。目前,公租房融资主要使用银行贷款、项目融资等方式,而其他市场化融资方式使用较少。为拓宽公租房融资渠道,应积极引入并大力发展REITs、PPP等模式。其中,REITs模式的市场化程度较高,专业性更强,要求有完善的法律体系作保障;而PPP模式强调在政府引导下引入私人资本,以分担风险和成本。总体来说,REITs、PPP都将是中国公租房融资有益尝试。

  16. Modelling the impact of raising tobacco taxes on public health and finance.

    Goodchild, Mark; Perucic, Anne-Marie; Nargis, Nigar


    To investigate the potential for tobacco tax to contribute to the 2030 agenda for sustainable development by reducing tobacco use, saving lives and generating tax revenues. A model of the global cigarette market in 2014--developed using data for 181 countries--was used to quantify the impact of raising cigarette excise in each country by one international dollar (I$) per 20-cigarette pack. All currencies were converted into I$ using purchasing power parity exchange rates. The results were summarized by income group and region. According to our model, the tax increase would lead the mean retail price of cigarettes to increase by 42%--from 3.20 to 4.55 I$ per 20-cigarette pack. The prevalence of daily smoking would fall by 9%--from 14.1% to 12.9% of adults--resulting in 66 million fewer smokers and 15 million fewer smoking-attributable deaths among the adults who were alive in 2014. Cigarette excise revenue would increase by 47%--from 402 billion to 593 billion I$--giving an extra 190 billion I$s in revenue. This, in turn, could help create the fiscal space required to finance development priorities. For example, if the extra revenue was allocated to health budgets, public expenditure on health could increase by 4% globally. Tobacco taxation can prevent millions of smoking-attributable deaths throughout the world and contribute to achieving the sustainable development goals. There is also potential for tobacco taxation to create the fiscal space needed to finance development, particularly in low- and middle-income countries.

  17. Modelling the impact of raising tobacco taxes on public health and finance

    Perucic, Anne-Marie; Nargis, Nigar


    Abstract Objective To investigate the potential for tobacco tax to contribute to the 2030 agenda for sustainable development by reducing tobacco use, saving lives and generating tax revenues. Methods A model of the global cigarette market in 2014 – developed using data for 181 countries – was used to quantify the impact of raising cigarette excise in each country by one international dollar (I$) per 20-cigarette pack. All currencies were converted into I$ using purchasing power parity exchange rates. The results were summarized by income group and region. Findings According to our model, the tax increase would lead the mean retail price of cigarettes to increase by 42% – from 3.20 to 4.55 I$ per 20-cigarette pack. The prevalence of daily smoking would fall by 9% – from 14.1% to 12.9% of adults – resulting in 66 million fewer smokers and 15 million fewer smoking-attributable deaths among the adults who were alive in 2014. Cigarette excise revenue would increase by 47% – from 402 billion to 593 billion I$ – giving an extra 190 billion I$s in revenue. This, in turn, could help create the fiscal space required to finance development priorities. For example, if the extra revenue was allocated to health budgets, public expenditure on health could increase by 4% globally. Conclusion Tobacco taxation can prevent millions of smoking-attributable deaths throughout the world and contribute to achieving the sustainable development goals. There is also potential for tobacco taxation to create the fiscal space needed to finance development, particularly in low- and middle-income countries. PMID:27034518

  18. Leveraging public finance to achieve endgame for tobacco - possible national and global strategies

    Pranay Lal


    Full Text Available Background Calls for institutional investors to divest (sell off tobacco stocks threaten the industry´s share values, publicise its bad behaviour, and label it as a politically unacceptable ally. The rise of the socially responsible investment movement, increasing litigation against major tobacco companies, and an increasing emphasis on tobacco industry delegitimisation as a tobacco control strategy created a climate within which tobacco divestment was open for serious discussion. Methods This survey enquired from 19 environment (including groups working against GHGs, asbestos and Big Oil, social and development sectors (groups working on IFC exclusion criteria on the role of public finance, and the arguments to support divestment from "sin" or exclusion sectors. Results In general the respondents to this survey presented the the following arguments which support divestment: • Global obligations to the WHO´s Framework Convention on Tobacco Control, and the other global treaties like the SDG. •\tEthical argument: Governments and their agencies that hold public funds can no longer support tobacco control and tobacco industry. •\tFiscal argument: high costs of national and global litigations make companies, public funded organisations and governments prone to heavy litigation costs and potential costs for damages •\tPublic health argument: Because tobacco industry continue to hold important policy positions, they block and interfere tobacco control efforts. Conclusions To begin a campaign for divestment would require preliminary work by civil society institutions which includes: • Tracking and monitoring institutions and investments • Collaborating with organisations which advocate for ethical or socially responsible investments. • Developing a policy research and advocacy roadmap with stakeholders towards and end date for divestment

  19. Leveraging energy efficiency to finance public-private social housing projects

    Copiello, Sergio


    The Italian housing model relies on a high rate of privately owned houses. In comparison, few dwellings are built and managed by the public sector. The social housing stock has been built mainly during some post-second world war decades; instead, since the early nineties, it underwent a privatization process. Such a model is inefficient and iniquitous in the long run. Therefore, after being disregarded for several years, social housing has gone back to be among the main agenda items. Nonetheless, due to the lack of public grants, new funding sources are required. The government now fosters an increasing involvement of private finance through Public-Private Partnership schemes. A first outcome can be found in some pioneering experiences. Their comparative analysis allows bringing out worthwhile findings, which are useful to steer housing policies. Moderate to low yields entail the need to involve new kinds of private entities, particularly those adopting a venture philanthropy approach. Meanwhile, building energy performance measures are a crucial driver of feasibility. They allow the tenants to be willing to pay agreed rents somehow higher than both social rents of protected tenancies and fair rents of regulated tenancies. - Highlights: •In Italy, the provision of affordable dwellings was disregarded for years. •Recently, instead, social housing has come back to be among the main agenda items. •Latest regulations try to tie together social housing and Public-Private Partnership. •Social tenants may be asked to pay more than in protected and regulated tenancies. •Energy-efficient measures allow keeping the tenants neutral about the rent increase.

  20. How to Allocate Public Funding to Nongovernmental Development Organizations: A Critical Assessment of the Dutch Co-Financing System

    Ruben, R.; Schulpen, L.W.M.


    The Dutch co-financing system for nongovernmental development organizations (NGDOs) is unique in Europe. Almost a quarter of public development aid is channeled through a selective group of NGDOs that have to satisfy a broad range of institutional and operational criteria. The procedures for

  1. Incorporating financial protection into decision rules for publicly financed healthcare treatments.

    Smith, Peter C


    Almost all health systems seek to offer some form of publicly financed healthcare insurance, and governments must therefore choose the size of the benefit package and the types of treatments to cover. Conventionally, the usual approach of economists has been to recommend choices on the basis of cost effectiveness of treatments, using metrics such as the 'cost per quality adjusted life year'. However, this approach is based on the assumption of health maximization subject to a budget constraint and ignores the potential impact of any additional concern with protecting individuals from the financial consequences of a health shock. Furthermore, it does not take account of the possible availability of complementary privately funded health care. This paper develops a model in which risk-averse individuals care about health but also place a value on protection from the financial consequences of rare but costly events. The paper shows how conventional cost-effectiveness analysis can readily be augmented to take account of financial protection objectives. The results depend on whether or not there exists a market in complementary privately funded health care. They have important implications for the methodology adopted by health technology assessment agencies and for the broader design of publicly funded health systems. Copyright © 2012 John Wiley & Sons, Ltd.


    Ionel BOSTAN


    Full Text Available The activity to prevent embrittlement sustainability of public finances should manifest itself permanently, regardless of economic circumstances - national or European. This, more so as it was set by the Stability and Growth Pact (SGP, which introduces new rules on fiscal policy. Regulations and exercise adequate of financial control and public audit are intended to give certain guarantees on landing approach this topic (most on enhancing sustainability of public finances. Therefore, our approach aims to reveal some aspects of fiscal consolidation by means of financial law focused on exercise fiscal control and public audit. Our references aim the current regulatory of this important organization and functioning rule of law activities and results reported.

  3. Financing and cost-effectiveness analysis of public-private partnerships: provision of tuberculosis treatment in South Africa

    Kumaranayake Lilani


    Full Text Available Abstract Background Public-private partnerships (PPP could be effective in scaling up services. We estimated cost and cost-effectiveness of different PPP arrangements in the provision of tuberculosis (TB treatment, and the financing required for the different models from the perspective of the provincial TB programme, provider, and the patient. Methods Two different models of TB provider partnerships are evaluated, relative to sole public provision: public-private workplace (PWP and public-private non-government (PNP. Cost and effectiveness data were collected at six sites providing directly observed treatment (DOT. Effectiveness for a 12-month cohort of new sputum positive patients was measured using cure and treatment success rates. Provider and patient costs were estimated, and analysed according to sources of financing. Cost-effectiveness is estimated from the perspective of the provider, patient and society in terms of the cost per TB case cured and cost per case successfully treated. Results Cost per case cured was significantly lower in PNP (US $354–446, and comparable between PWP (US $788–979 and public sites (US $700–1000. PPP models could significantly reduce costs to the patient by 64–100%. Relative to pure public sector provision and financing, expansion of PPPs could reduce government financing required per TB patient treated from $609–690 to $130–139 in PNP and $36–46 in PWP. Conclusion There is a strong economic case for expanding PPP in TB treatment and potentially for other types of health services. Where PPPs are tailored to target groups and supported by the public sector, scaling up of effective services could occur at much lower cost than solely relying on public sector models.

  4. 7 CFR Exhibit C to Subpart E of... - FmHA or Its Successor Agency Under Public Law 103-354 Financed Contract


    ... or Its Successor Agency Under Public Law 103-354 Financed Contract To: Area Director, Office of... 7 Agriculture 12 2010-01-01 2010-01-01 false FmHA or Its Successor Agency Under Public Law 103-354 Financed Contract C Exhibit C to Subpart E of Part 1901 Agriculture Regulations of the Department of...

  5. Willingness to pay for publicly financed health care services in Central and Eastern Europe: evidence from six countries based on a contingent valuation method.

    Tambor, Marzena; Pavlova, Milena; Rechel, Bernd; Golinowska, Stanisława; Sowada, Christoph; Groot, Wim


    The increased interest in patient cost-sharing as a measure for sustainable health care financing calls for evidence to support the development of effective patient payment policies. In this paper, we present an application of a stated willingness-to-pay technique, i.e. contingent valuation method, to investigate the consumer's willingness and ability to pay for publicly financed health care services, specifically hospitalisations and consultations with specialists. Contingent valuation data were collected in nationally representative population-based surveys conducted in 2010 in six Central and Eastern European (CEE) countries (Bulgaria, Hungary, Lithuania, Poland, Romania and Ukraine) using an identical survey methodology. The results indicate that the majority of health care consumers in the six CEE countries are willing to pay an official fee for publicly financed health care services that are of good quality and quick access. The consumers' willingness to pay is limited by the lack of financial ability to pay for services, and to a lesser extent by objection to pay. Significant differences across the six countries are observed, though. The results illustrate that the contingent valuation method can provide decision-makers with a broad range of information to facilitate cost-sharing policies. Nevertheless, the intrinsic limitations of the method (i.e. its hypothetical nature) and the context of CEE countries call for caution when applying its results. Copyright © 2014 Elsevier Ltd. All rights reserved.

  6. Financing of the site search by a public corporation (organization model)

    Waldhoff, C.


    The topics of the paper are the modifcation of the radioactive waste final deposit concept and the financing form, corporations with compulsory membership, existing examples and their justification, special features of the final deposit corporation including limitations of the functional self-administration within the nuclear management and constitutional aspects of the financing

  7. An introduction to mathematical finance with applications understanding and building financial intuition

    Petters, Arlie O


    This textbook aims to fill the gap between those that offer a theoretical treatment without many applications and those that present and apply formulas without appropriately deriving them. The balance achieved will give readers a fundamental understanding of key financial ideas and tools that form the basis for building realistic models, including those that may become proprietary. Numerous carefully chosen examples and exercises reinforce the student’s conceptual understanding and facility with applications. The exercises are divided into conceptual, application-based, and theoretical problems, which probe the material deeper. The book is aimed toward advanced undergraduates and first-year graduate students who are new to finance or want a more rigorous treatment of the mathematical models used within. While no background in finance is assumed, prerequisite math courses include multivariable calculus, probability, and linear algebra. The authors introduce additional mathematical tools as needed. The entire...

  8. Mobilizing Public Markets to Finance Renewable Energy Projects: Insights from Expert Stakeholders

    Schwabe, P.; Mendelsohn, M.; Mormann, F.; Arent, D. J.


    Financing renewable energy projects in the United States can be a complex process. Most equity investment in new renewable power production facilities is supported by tax credits and accelerated depreciation benefits, and is constrained by the pool of potential investors that can fully use these tax benefits and are willing to engage in complex financial structures. For debt financing, non-government lending has largely been provided by foreign banks that may be under future lending constraints due to economic and regulatory conditions. To discuss renewable energy financing challenges and to identify new sources of capital to the U.S. market, two roundtable discussions were held with renewable energy and financing experts in April 2012. This report summarizes the key messages of those discussions and is designed to provide insights to the U.S. market and inform the international conversation on renewable energy financing innovations.


    Steliana SANDU


    Full Text Available This paper is based on the Romania country review, produced as internal working papers for the research project “Monitoring and analysis of policies and public financing instruments conducive to higher levels of R&D investment”. The aim of the project is to serve as support for policy developments in Europe, notably in the framework of CREST activities. It is running by a consortium of 7 partners:· UNU-MERIT (The Netherlands, consortium leader·Technopolis (The Netherlands· PREST – University of Manchester (United Kingdom· ZEW (Germany· Joanneum Research (Austria· Wiseguys Ltd. (United Kingdom and INTRASOFT International (Luxembourg. Each country review provides expert’s view on the policy mix and its is to provide an exploratory analysis of the current policy mixes in place and detect the most important areas of interactions between instruments as well as new modes of policy governance that are particularly adapted (or detrimental for the building of policy mixes.

  10. Crowdsourcing applications for public health.

    Brabham, Daren C; Ribisl, Kurt M; Kirchner, Thomas R; Bernhardt, Jay M


    Crowdsourcing is an online, distributed, problem-solving, and production model that uses the collective intelligence of networked communities for specific purposes. Although its use has benefited many sectors of society, it has yet to be fully realized as a method for improving public health. This paper defines the core components of crowdsourcing and proposes a framework for understanding the potential utility of crowdsourcing in the domain of public health. Four discrete crowdsourcing approaches are described (knowledge discovery and management; distributed human intelligence tasking; broadcast search; and peer-vetted creative production types) and a number of potential applications for crowdsourcing for public health science and practice are enumerated. © 2013 American Journal of Preventive Medicine Published by American Journal of Preventive Medicine All rights reserved.

  11. Aspects on the Role of Public Finances in Achieving Governmental Objectives

    Popa Florina


    The paper brings forward aspects concerning the elements of structure, functions and role ofpublic finances in the economy, important instrument of adjustment the economic and social lifeand removing economic imbalances generated by the game of market economy, left free.

  12. “Investments and public finance in a green, low carbon, economy”

    Carraro, Carlo; Favero, Alice; Massetti, Emanuele


    The paper evaluates the impacts on investments and public finance of a transition to a green, low carbon, economy induced by carbon taxation. Four global tax scenarios are examined using the integrated assessment model WITCH. Taxes are levied on all greenhouse gases (GHGs) and lead to global GHG concentrations equal to 680, 560, 500 and 460 ppm CO 2 -eq in 2100. Investments in the power sector increase with respect to the Reference scenario only with the two highest taxes. Investments in energy-related R and D increase in all tax scenarios, but they are a small fraction of GDP. Investments in oil upstream decline in all scenarios. As a result, total investments decline with respect to the Reference scenario. Carbon tax revenues are high in absolute terms and as share of GDP. With high carbon taxes, tax revenues follow a “carbon Laffer” curve. The model assumes that tax revenues are flawlessly recycled lump-sum into the economy. In all scenarios, the power sector becomes a net recipient of subsidies to support the absorption of GHGs. In some regions, with high carbon taxes, subsidies to GHG removal are higher than tax revenues at the end of the century. - Highlights: ► Costs, investments and tax revenues induced by carbon taxes are only loosely related. ► Investments in power generation increase only with stabilization targets below 550 ppm CO 2 -eq. ► The carbon taxes induce an overall contraction of investments. ► Tax revenues can be as high as 20% of GDP and follow a “carbon” Laffer curve. ► Subsidies for absorption of GHG may be higher than carbon taxes at the end of the century.

  13. Public financing of research projects in Poland – its image and consequences?

    Feldy Marzena


    Full Text Available Both the size of appropriation as well as their distribution have had a profound impact on the shape and activities of the science sector. The creation of a fair system of distribution of public resources to research that will also facilitate the effective implementation of the pursued scientific policy goals represents a major challenge. The issue of the determination of the right proportions of individual distribution channels remains critical. Despite this task being the responsibility of the State, establishing cooperation in this respect with the scientific community is desirable. The implementation of solutions that raise the concerns of scientists leads to system instability and reduced effectiveness which is manifest among others in a lower level of indicators of scientific excellence and innovation in the country. These observations are pertinent to Poland where the manner in which scientific institutes operate were changed under the 2009–2011 reform. A neoliberal operating model based on competitiveness and rewarding of top rated scientific establishments and scientists was implemented. In light of these facts, the initiation of research that will provide information on how the implemented changes are perceived by the scientific community seems to be appropriate. The aim of this article is in particlar presenting how the project model of financing laid down under the reform is perceived and what kind of image has been shaped among Polish scientists. In order to gain a comprehensive picture of the situation, both the rational and emotional image was subject to analysis. The conclusions regarding the perception of the project model were drawn on the basis of empirical materials collected in a qualitative study the specifics of which will be presented in the chapter on methodology. Prior to that, the author discusses the basic models for the distribution of state support for science and characterises the most salient features of the

  14. Maternal and reproductive health financing in Burundi: public-sector contribution levels and trends from 2010 to 2012.

    Chaumont, Claire; Muhorane, Carmen; Moreira-Burgos, Isabelle; Juma, Ndereye; Avila-Burgos, Leticia


    An understanding of public financial flows to reproductive health (RH) at the country level is key to assessing the extent to which they correspond to political commitments. This is especially relevant for low-income countries facing important challenges in the area of RH. To this end, the present study analyzes public expenditure levels and trends with regards to RH in Burundi between the years 2010 to 2012, looking specifically at financing agents, health providers, and health functions. The analysis was performed using standard RH sub-account methodology. Information regarding public expenditures was gathered from national budgets, the Burundi Ministry of Public Health information system, and from other relevant public institutions. Public RH expenditures in Burundi accounted for $41.163 million international dollars in 2012, which represents an increase of 16 % from 2010. In 2012, this sum represented 0.57 % of the national GDP. The share of total public health spending allocated to RH increased from 15 % in 2010 to 19 % in 2012. In terms of public agents involved in RH financing, the Ministry of Public Health proved to play the most important role. Half of all public RH spending went to primary health care clinics, while more than 70 % of this money was used for maternal health; average public RH spending per woman of childbearing age stagnated during the study period. The flow patterns and levels of public funds to RH in Burundi suggest that RH funding correctly reflects governmental priorities for the period between 2010 and 2012. In a context of general shrinking donor commitment, local governments have come to play a key role in ensuring the efficient use of available resources and the mobilizing of additional domestic funding. A strong and transparent financial tracking system is key to carrying out this role and making progress towards the MDG Goals and development beyond 2015.

  15. Solar Photovoltaic Financing: Deployment on Public Property by State and Local Governments

    Cory, K.; Coughlin, J.; Coggeshall, C.


    State and local governments have grown increasingly aware of the economic, environmental, and societal benefits of taking a lead role in U.S. implementation of renewable energy, particularly distributed photovoltaic (PV) installations. Recently, solar energy's cost premium has declined as a result of technology improvements and an increase in the cost of traditional energy generation. At the same time, a nationwide public policy focus on carbon-free, renewable energy has created a wide range of financial incentives to lower the costs of deploying PV even further. These changes have led to exponential increases in the availability of capital for solar projects, and tremendous creativity in the development of third-party ownership structures. As significant users of electricity, state and local governments can be an excellent example for solar PV system deployment on a national scale. Many public entities are not only considering deployment on public building rooftops, but also large-scale applications on available public lands. The changing marketplace requires that state and local governments be financially sophisticated to capture as much of the economic potential of a PV system as possible. This report examines ways that state and local governments can optimize the financial structure of deploying solar PV for public uses.

  16. The development plan: the public and public finance Plan de desarrollo: lo público y las finanzas públicas

    Giraldo César


    Full Text Available The development plan takes a traditional approach to public finance which consists of analyzing if financing is sufficient, which is no longer valid since government programs should not necessarily be financed with public resources and undertaken by the State; they could be financed with private resources and undertaken by the private sector. Paradoxically, this is how i t is expressed in' the Plan: "State intervention does not mean that the supply of social services should be exclusively by the State. On the contrary, this Plan considers that this policy should mobilize all classes to participa te in the direction, execution, and evaluation of the resul ts of social programs".El plan de desarrollo adopta un enfoque tradicional de las finanzas publicas que consiste en analizar si el financiamiento es suficiente y que ya no tiene validez puesto que los programas de gobierno no necesariamente deben ser financiados con recursos publicos y acometidos por el estado; pueden ser financiados con recursos privados y acometidos por el sector privado. Paradojicamente, asi lo expresa el plan: "La intervencion del Estado no significa que la oferta de servicios sociales deba ser exclusivamente estatal. Por el contrario, en este plan se considera que esta politica debe movilizar a todos los estamentos para participar en la direccion, ejecucion y evaluacion de resultados de los programas sociales".

  17. Control of Database Applications at the Defense Finance and Accounting Service Indianapolis Center


    The Defense Finance and Accounting Service Financial Systems Organization, under the control of the Deputy Director for Information Management, Defense Finance and Accounting Service, is responsible...


    Turan YAY


    Full Text Available What are the main functions of the state? Which functions must be fulfilled by the state, which functions must be not? How should the state fulfill these responsibilities? What must be the main principles of the state, related to public expenditures, taxation and debt policies? In this paper, the place of the role and functions of the state in Adam Smith’s thought system will be discussed. In this context, especially the related parts of the Wealth of Nations and Lectures on Jurisprudence will be focused on and evaluated in the light of contemporary public finance theory

  19. European Union at the end of 1997: who is within the public finance “sustainability” zone?



    Full Text Available The Maastricht Treaty of 1992 contains regulations on the eligibility of European Union (EU member countries to join the single currency. 'Sustainability' of a country's public finance position is one of the four criteria for membership of the single currency. One major finding is the extremely important role to be played by the policies aimed at regulating the level of the medium- and long-term rates of interest within a framework of financial and fiscal stability. Belgium and Italy, which have higher debt/GDP ratios, may achieve convergence sooner through privatisation of public debt enterprises.

  20. Financing Preference Behaviour for Private Finance Initiative (PFI Projects

    Yati Md Lasa


    Full Text Available Project Financing Initiative (PFI projects require the private sector to invest an enormous amount of capital for the development of public projects. The private sector has to seek cost-effective financing sources for their survival in the long-term concession. Conventional financing uses widely; however, Islamic financing promises better financing through profit and loss sharing. This paper reviews financing preferences for PFI projects and the factors influencing the choice of funding. The results show that religious perspective, quality of services, financing facilities and reputation are the factors that are expected will influence the financing preference behaviour, either Islamic or conventional finance.

  1. Leaving Equity Behind? A Quantitative Analysis of Fiscal Equity in Nevada's Public Education Finance System

    Verstegen, Deborah A.


    Over time, issues of justice and fairness in education finance have been addressed by the courts in all but five states. The key focus has been on illegitimate disparities in funding between rich and poor school districts caused by the happenstance of unequal local wealth. Recently, attention has turned to the relationship between funding gaps and…

  2. The Equity of Public School Finance in Missouri: 1977-1981. A Research Report.

    Ryan, Sharon; Walker, Anne

    Updated were statistics of an earlier study done by the Education Commission of the States (ECS) in 1980, entitled "The Missouri School Finance Study." The recent results differed from the earlier study's, illustrating the extent to which revenues per pupil depended on local property wealth and income. The results of the first study…

  3. The Impact of Immigrants on Public Finances: A Forecast Analysis for Denmark

    Hansen, Marianne; Schultz-Nielsen, Marie Louise; Tranæs, Torben

    All over Europe, ageing populations threaten nations' financial sustainability. In this paper we examine the potential of immigration to strengthen financial sustainability. We look at a particularly challenging case, namely that of Denmark, which has extensive tax-financed welfare programmes...

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

    Hendrikse, R.P.


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

  5. Taking a Step Forward in Public Health Finance: Establishing Standards for a Uniform Chart of Accounts Crosswalk.

    Honoré, Peggy A; Leider, Jonathon P; Singletary, Vivian; Ross, David A


    In its 2012 report on the current and future states of public health finance, the Institute of Medicine noted, with concern, the relative lack of capacity for practitioners and researchers alike to make comparisons between health department expenditures across the country. This is due in part to different accounting systems, service portfolios, and state- or agency-specific reporting requirements. The Institute of Medicine called for a uniform chart of accounts, perhaps building on existing efforts such as the Public Health Uniform National Data Systems (PHUND$). Shortly thereafter, a group was convened to work with public health practitioners and researchers to develop a uniform chart of accounts crosswalk. A year-long process was undertaken to create the crosswalk. This commentary discusses that process, challenges encountered along the way and provides a draft crosswalk in line with the Foundational Public Health Services model that, if used by health departments, could allow for meaningful comparisons between agencies.

  6. Exécution des marchés publics mise en oeuvre administrative et financière

    Serr, Fabien


    L'exécution des marchés publics constitue la phase critique de mise en oeuvre de tous les éléments préparés lors de la passation du marché ; c'est aussi la période de gestion administrative, financière et technique des événements prévus ou non sur un chantier. Cet ouvrage opérationnel et juridique détaille la mise en oeuvre du marché et décrypte, au travers de 27 chapitres, chaque phase de l'exécution administrative et financière de tout type de marché : suivi, sous-traitance, garantie, paiement, décompte, réception, recours amiables, etc. Exécution des marchés publics permet de : - disposer d'une vue d'ensemble de l'exécution des marchés publics ; - s'approprier le cadre juridique de l'exécution (Code des marchés publics, textes réglementaires ou législatifs, CCAG et règles de la comptabilité publique, etc.) ; - maîtriser les différentes phases de l'exécution et leur articulation ; - respecter l'ensemble des étapes, les points de procédures à suivre, etc. De nombreux tabl...

  7. A MCDM approach for project finance selection: An application in the renewable energy sector

    García-Bernabeu, Ana


    Full Text Available Renewable energy (RE is emerging as a solution in order to replace fossil fuels and become the primary source of energy consumption. Investments in the RE sector involve huge amounts of capital but also many risks. Public sector plays an important role in promoting RE projects but due to the need for reducing public expenditure the private sector becomes essential in financing this type of projects. Project Finance is widely used in RE projects and is especially attractive to the private sector because it can fund major projects off balance sheet. The objective of this paper is to present a decision making tool for helping the private sector on the selection process of RE projects to be funded. The problem could be considered as a multiple criteria decision-making problem where both, financial and non-financial criteria have to be taken into account. Objective aggregation weights for those criteria are obtained using the Moderate Pessimism Decision Making approach and a final ranking of the projects is obtained.

  8. Statistics for Finance

    Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard

    Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics...

  9. The Public Administration Accounting in the Light Public Finance Managements Reform and Changes of the New Accounting Directive of the European Parliament and the European Council

    Košovská Iveta


    Full Text Available The role of public administration accounting is to secure a database of relevant information essential for the management of public finances and need for presenting of operations results of our country within the European Union (EU. The accounting of public administration entities should provide a true and fair view on the assets and liabilities, as well as the financial situation and the use of public appropriations. After the entry of the Slovak Republic (SR to the European Union (EU the International Public Sector Accounting Standards began to be applied in our legislation. They provide a uniform basis for the data consolidation as well as more efficient information for the economic decisions of individual users

  10. Essays in household finance

    Djordjevic, Ljubica


    Household finance is a young and vibrant research field that continuously attracts public attention. There may be very few matters that people care so much about as their personal finance. Recent rise of academic interest in household finance is to a great extent due to households’ more active role

  11. Publication misrepresentation among anesthesiology residency applicants.

    Neuman, Stephanie A; Long, Timothy R; Rose, Steven H


    Publication misrepresentation has been documented among applicants for residency positions in several specialties. However, these data are not available for anesthesiology applicants. Our purpose in this study was to document the prevalence of publication misrepresentation among applicants to a single anesthesiology residency, to compare anesthesiology publication misrepresentation data with similar data in other specialties, and to determine how often publication misrepresentation leads to an unfair competitive advantage in the application process. Applications to the Mayo School of Graduate Medical Education anesthesiology core residency in Rochester, Minnesota, were reviewed for publication misrepresentations using Medline and PubMed databases, Mayo Clinic library databases, and/or review by a qualified medical librarian. Misrepresented publications underwent further review to identify fraudulent publications and/or citation errors that provide an unfair competitive advantage. The authors found that 2.4% of the applications (13 of 532) included fraudulent publications, 6.6% of the applications with at least 1 publication (13 of 197) included ≥1 that was fraudulent, and 2.9% of all cited publications (15 of 522) were fraudulent. In addition, 0.9% of the applications (5 of 532) contained a citation error that, although not grossly fraudulent, could have favorably affected the applicant's competitiveness for a residency position. Misrepresented publications were fairly common among anesthesiology residency applicants. However, only a small percentage of applicants listed misrepresented publications that were clearly fraudulent or contained a citation error that conferred a competitive advantage. Identification of fraudulent publications on Electronic Residency Application Service applications is important to maintain the integrity of the application process.

  12. Impact of Publicly Financed Health Insurance Schemes on Healthcare Utilization and Financial Risk Protection in India: A Systematic Review.

    Prinja, Shankar; Chauhan, Akashdeep Singh; Karan, Anup; Kaur, Gunjeet; Kumar, Rajesh


    Several publicly financed health insurance schemes have been launched in India with the aim of providing universalizing health coverage (UHC). In this paper, we report the impact of publicly financed health insurance schemes on health service utilization, out-of-pocket (OOP) expenditure, financial risk protection and health status. Empirical research studies focussing on the impact or evaluation of publicly financed health insurance schemes in India were searched on PubMed, Google scholar, Ovid, Scopus, Embase and relevant websites. The studies were selected based on two stage screening PRISMA guidelines in which two researchers independently assessed the suitability and quality of the studies. The studies included in the review were divided into two groups i.e., with and without a comparison group. To assess the impact on utilization, OOP expenditure and health indicators, only the studies with a comparison group were reviewed. Out of 1265 articles screened after initial search, 43 studies were found eligible and reviewed in full text, finally yielding 14 studies which had a comparator group in their evaluation design. All the studies (n-7) focussing on utilization showed a positive effect in terms of increase in the consumption of health services with introduction of health insurance. About 70% studies (n-5) studies with a strong design and assessing financial risk protection showed no impact in reduction of OOP expenditures, while remaining 30% of evaluations (n-2), which particularly evaluated state sponsored health insurance schemes, reported a decline in OOP expenditure among the enrolled households. One study which evaluated impact on health outcome showed reduction in mortality among enrolled as compared to non-enrolled households, from conditions covered by the insurance scheme. While utilization of healthcare did improve among those enrolled in the scheme, there is no clear evidence yet to suggest that these have resulted in reduced OOP expenditures or

  13. Health and economic benefits of public financing of epilepsy treatment in India: An agent-based simulation model.

    Megiddo, Itamar; Colson, Abigail; Chisholm, Dan; Dua, Tarun; Nandi, Arindam; Laxminarayan, Ramanan


    An estimated 6-10 million people in India live with active epilepsy, and less than half are treated. We analyze the health and economic benefits of three scenarios of publicly financed national epilepsy programs that provide: (1) first-line antiepilepsy drugs (AEDs), (2) first- and second-line AEDs, and (3) first- and second-line AEDs and surgery. We model the prevalence and distribution of epilepsy in India using IndiaSim, an agent-based, simulation model of the Indian population. Agents in the model are disease-free or in one of three disease states: untreated with seizures, treated with seizures, and treated without seizures. Outcome measures include the proportion of the population that has epilepsy and is untreated, disability-adjusted life years (DALYs) averted, and cost per DALY averted. Economic benefit measures estimated include out-of-pocket (OOP) expenditure averted and money-metric value of insurance. All three scenarios represent a cost-effective use of resources and would avert 800,000-1 million DALYs per year in India relative to the current scenario. However, especially in poor regions and populations, scenario 1 (which publicly finances only first-line therapy) does not decrease the OOP expenditure or provide financial risk protection if we include care-seeking costs. The OOP expenditure averted increases from scenarios 1 through 3, and the money-metric value of insurance follows a similar trend between scenarios and typically decreases with wealth. In the first 10 years of scenarios 2 and 3, households avert on average over US$80 million per year in medical expenditure. Expanding and publicly financing epilepsy treatment in India averts substantial disease burden. A universal public finance policy that covers only first-line AEDs may not provide significant financial risk protection. Covering costs for both first- and second-line therapy and other medical costs alleviates the financial burden from epilepsy and is cost-effective across wealth

  14. The Illustrated Wavelet Transform Handbook: Introductory Theory and Applications in Science, Engineering, Medicine and Finance

    Kingsbury, J Ng and N G [Department of Engineering, University of Cambridge, Trumpington Street, Cambridge CB2 1PZ (United Kingdom)


    . The treatment on finance touches on the use of wavelets by other authors in studying stock prices, commodity behaviour, market dynamics and foreign exchange rates. The treatment on geophysics covers what was omitted from the fourth chapter, namely, seismology, well logging, topographic feature analysis and the analysis of climatic data. The text concludes with an assortment of other application areas which could only be mentioned in passing. Unlike most other publications in the subject, this book does not treat wavelet transforms in a mathematically rigorous manner but rather aims to explain the mechanics of the wavelet transform in a way that is easy to understand. Consequently, it serves as an excellent overview of the subject rather than as a reference text. (book review)[abstract truncated

  15. The Illustrated Wavelet Transform Handbook: Introductory Theory and Applications in Science, Engineering, Medicine and Finance

    Kingsbury, J Ng and N G


    treatment on finance touches on the use of wavelets by other authors in studying stock prices, commodity behaviour, market dynamics and foreign exchange rates. The treatment on geophysics covers what was omitted from the fourth chapter, namely, seismology, well logging, topographic feature analysis and the analysis of climatic data. The text concludes with an assortment of other application areas which could only be mentioned in passing. Unlike most other publications in the subject, this book does not treat wavelet transforms in a mathematically rigorous manner but rather aims to explain the mechanics of the wavelet transform in a way that is easy to understand. Consequently, it serves as an excellent overview of the subject rather than as a reference text. Keeping the mathematics to a minimum and omitting cumbersome and detailed proofs from the text, the book is best-suited to those who are new to wavelets or who want an intuitive understanding of the subject. Such an audience may include graduate students in engineering and professionals and researchers in engineering and the applied sciences. (book review)

  16. Integration of Public Finance Administration into ISO 9001 Total Quality Management

    Hakan KİTAPÇI


    Full Text Available In Chronology; although they show different progress from each others, today Total Quality Management (TQM and Internal Auditing are two management concepts that are in mutual interaction and provide help for development of each other. TQM is a human based management concept that aims to increase customer satisfaction and enhance quality with decreasing cost in organizations. Internal Auditing is an independent, objective assurance and consultancy action on organization’s efficiency, productivity and accordance with laws and regulations. In this study; interrelation of public financial administration and TQM, how they interact each other and their size are displayed with searching lots of related scientific resources and a sample from public is given about application. In this study internal auditing is accepted as a management philosophy which has an important in TQM, and also which Exhausted risk, IT systems, internal Auditing Process, relationship with environment, performance and quality. At the end of study we can easily say that the new financial system realizes the ISO 9001 standards a high degree.

  17. Capital budgeting under relational contracting: optimal ranking and duration criteria for schemes of concession, project-financing and public-private partnership

    Biondi, Yuri


    International audience; Project-financing and public-private partnership schemes are joint projects of investment that are generally submitted to investment valuation criteria based on compound discounting. However, the theoretical basis of these criteria is at issue nowadays. According to recent studies on relational contracting economics and behavioral finance, joint projects of investment can be considered as special relational environments where the project's returns improve on alternativ...

  18. Private sector finance for adaptation

    Atteridge, A.; Pauw, W.P.; Terpstra, P.; Bedini, F.; Bosi, L; Costella, C.


    An emphasis on private finance has emerged in climate finance discussions, particularly in the context of international climate change negotiations. This is partly because the overall volume of finance needed to support adaptation in developing countries is beyond what many expect public finance to


    Molina Arenaza, Hércules; Del Carpio Gallegos, Javier


    This article analizes and compares the various aspects related to the "Project Finance" technique using projects financing in the Capital Market, both in developed countries and in developing countries. Likewise, the application's technique is illustrated by Antamina mining enterprise. El artículo analiza y compara los diferentes aspectos relacionados con la técnica del Project finance usado en el financiamiento de proyectos en el mercado de capitales, tanto en los países desarrollados com...

  20. Models of public-private engagement for health services delivery and financing in Southern Africa: a systematic review.

    Whyle, Eleanor Beth; Olivier, Jill


    In low- and middle-income countries (LMICs), the private sector-including international donors, non-governmental organizations, for-profit providers and traditional healers-plays a significant role in health financing and delivery. The use of the private sector in furthering public health goals is increasingly common. By working with the private sector through public -: private engagement (PPE), states can harness private sector resources to further public health goals. PPE initiatives can take a variety of forms and understanding of these models is limited. This paper presents the results of a Campbell systematic literature review conducted to establish the types and the prevalence of PPE projects for health service delivery and financing in Southern Africa. PPE initiatives identified through the review were categorized according to a PPE typology. The review reveals that the full range of PPE models, eight distinct models, are utilized in the Southern African context. The distribution of the available evidence-including significant gaps in the literature-is discussed, and key considerations for researchers, implementers, and current and potential PPE partners are presented. It was found that the literature is disproportionately representative of PPE initiatives located in South Africa, and of those that involve for-profit partners and international donors. A significant gap in the literature identified through the study is the scarcity of information regarding the relationship between international donors and national governments. This information is key to strengthening these partnerships, improving partnership outcomes and capacitating recipient countries. The need for research that disaggregates PPE models and investigates PPE functioning in context is demonstrated. © The Author 2016. Published by Oxford University Press in association with The London School of Hygiene and Tropical Medicine. All rights reserved. For permissions, please e-mail:

  1. How You Pay Determines What You Get: Alternative Financing Options as a Determinant of Publicly Funded Health Care in Canada

    Ronald D. Kneebone


    Full Text Available A Canadian returning home from a visit to a physician has no idea of the cost of providing the service just received. This is true for two reasons. One is because he or she does not receive a bill to pay. The other reason has to do the myriad of ways provincial governments fund the provision of health care. Health care is financed by a wide variety of types of taxation, by intergovernmental transfers determined by opaque and changing rules, by borrowing against future taxes and by drawing down savings. Confusion over how health care is funded creates a fiscal illusion that it is cheaper than it really is; a fiscal illusion that grows larger the less provincial governments rely on taxing individuals. In this paper it is shown that when provincial health spending is financed in ways other than taxation, it grows two to three times more quickly than it would have otherwise. From 2001-2008 alone, these distortions amounted to $6.75 billion at the national level, draining funds from other government services many of which have been shown to keep Canadians healthier and so reduce their demand for health care. Simply put, when Canadians are clear about the true cost of health care they more effectively play the traditional role of consumers by guarding against waste and inefficiency and so contribute to a more efficient and effective publicly-funded health care system.

  2. The Public Finance Stance and the Economic Growth: the Case of European Union

    Ioan Talpos; Bogdan Dima; Mihai Ioan Mutascu; Cosmin Enache


    This paper is studying the impact of public budget deficit on the economic growth. We have tested the connection between budget deficit and economic growth, using econometrical analysis (the Pool Data Model). Within this framework, we have quantified the intensity of connections between public budget deficit and economic growth in the case of European Union 25.

  3. 75 FR 70940 - Notice of Proposed Information Collection for Public Comment: 2011 Rental Housing Finance Survey


    ...The proposed information collection requirement described below will be submitted to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). The Department is soliciting public comments on the subject proposal.

  4. Anatomy of Public-Private Partnerships : Their Creation, Financing, and Renegotiations

    Miranda Sarmento, J.; Renneboog, L.D.R.


    Abstract: This paper presents the main reasons why public-private partnerships (PPPs) are adopted as well as the possible disadvantages for the public and private sectors. By means of two case studies on bridge construction and railway infrastructure (Fertagus and Lusoponte), we elucidate how a PPP


    Marcin SIKORA


    Full Text Available The article discusses the issue of financing pro-ecological investments by the public funds, basing on the example of Voivodeship Fund for Environmental Protection and Water Management in Zielona Góra in the years 2009-2013. It also defines the essence of the implementation of these investments by the regional business sector in terms of the regional development process. Furthermore, apart from providing the compilation of the basic information concerning ecological funds, focusing on the origin, division, and the rules of their functioning, the analysis of the volume of expenditure in the years 2009-2013 has also been performed in the form of individual instruments supporting pro-ecological investments of the business entities in the region of Lubuskie Province. The summary contains the conclusions and forecasts for the coming years.


    E. B. Gokzhaeva


    Full Text Available The article examines the state of most objects of housing and communal sector, which is characterized by serious physical and moral depreciation. In the article the author suggests the ways of attracting private capital in the housing and communal services, on the basis of the analysis of the of European States` experience. The experience of the European countries with respect to the distribution of responsibility in the construction and operation of infrastructure has been systematized .The author  proposed to link the growth of infrastructure sectors with projected in the medium term the growth of indicators of socio-economic development of the region, which are defined by strategic goals, simultaneously  planning the interventions on the development of the housing sector in the short term. One of the promising tools of financing infra-structural projects are, in our view, infrastructural bonds, which can be used in the utility industry, but only in the framework of concession agreements at the level of Russian Federation subjects. The study showed the features of quasinfrastructural bonds  the process of their creation in the Russian Federation.

  7. 12 CFR 221.119 - Applicability of plan-lender provisions to financing of stock options and stock purchase rights...


    ... experience that in some nonqualified plans, particularly stock purchase plans, the credit arrangement is... financing of stock options and stock purchase rights qualified or restricted under Internal Revenue Code... PURCHASING OR CARRYING MARGIN STOCK (REGULATION U) Interpretations § 221.119 Applicability of plan-lender...

  8. Time Value of Money and Its Applications in Corporate Finance: A Technical Note on Linking Relationships between Formulas

    Chen, Jeng-Hong


    Time Value of Money (TVM) is the most important chapter in the basic corporate finance course. It is imperative to understand TVM formulas because they imply important TVM concepts. Students who really understand TVM concepts and formulas can learn better in chapters of TVM applications. This technical note intends to present more complete TVM…

  9. On the selection of financing instruments to push the development of new technologies: Application to clean energy technologies

    Olmos, Luis; Ruester, Sophia; Liong, Siok-Jen


    Achieving climate policy goals requires mobilizing public funds to bring still immature clean technologies to competitiveness and create new technological options. The format of direct public support must be tailored to the characteristics of technologies addressed. Based on the experience accumulated with innovation programs, we have identified those features of innovation that should directly condition the choice of direct support instruments. These include the funding gap between the cost of innovation activities and the amount of private funds leveraged; the ability of technologies targeted to compete for public funds in the market; the probability that these technologies fail to reach the market; and the type of entity best suited to conduct these activities. Clean innovation features are matched to those of direct support instruments to provide recommendations on the use to be made of each type of instrument. Given the large financing gap of most clean energy innovation projects, public grants and contracts should finance a large part of clean pre-deployment innovation. However, public loans, equity investments, prizes and tax credits or rebates can successfully support certain innovation processes at a lower public cost. Principles derived are applied to identify the instrument best suited to a case example. - Highlights: ► Public financing instruments must be tailored to the features of supported innovation. ► Instruments should trigger desired innovation at the lowest public cost possible. ► They should strike the right balance between technology selection and competition. ► Public funds mobilized through them should reach the innovating entity. ► Public loans, equity investments, prizes, and rebates should be used in specific cases.

  10. How a new 'public plan' could affect hospitals' finances and private insurance premiums.

    Dobson, Allen; DaVanzo, Joan E; El-Gamil, Audrey M; Berger, Gregory


    Two key health reform bills in the House of Representatives and Senate include the option of a "public plan" as an additional source of health coverage. At least initially, the plan would primarily be structured to cover many of the uninsured and those who now have individual coverage. Because it is possible, and perhaps even likely, that this new public payer would pay less than private payers for the same services, such a plan could negatively affect hospital margins. Hospitals may attempt to recoup losses by shifting costs to private payers. We outline the financial pressures that hospitals and private payers could experience under various assumptions. High uninsured enrollment in a public plan would bolster hospital margins; however, this effect is reversed if the privately insured enter a public plan in large proportions, potentially stressing the hospital industry and increasing private insurance premiums.

  11. Exporting climate change and environmental degradation. How Dutch public money is used to finance the oil industry

    Hamilton, J.; Stockman, L.; Muttitt, G.; Horta, K.; Kochladze, M.; Lisitsyn, D.; Barannikova, N.


    According to this report Dutch public money is being used to support oil production in developing countries through Multilateral Development Banks (MDBs) such as the World Bank and European Bank for Reconstruction and Development (EBRD), and other International Financial Institutions (IFIs) such as Atradius (the Dutch Export Credit Agency) and the European Investment Bank (EIB). The Dutch government contributes to MDBs in two ways: through financial contributions using public money and by voting on the boards of the banks. This report demonstrates the need for far greater parliamentary oversight over the Dutch role in MDBs to keep the use of Dutch public money in line with Dutch government policy. Three case studies illustrate that recent oil projects financed and supported by MDBs and other Dutch government departments are failing the poor and undermining national and international targets on development and climate change: the Cameroon Pipeline in West Africa; the Baku-T'bilisi-Ceyhan pipeline system in the South Caucasus and the Sakhalin-II Oil and Gas Project in far eastern Russia.

  12. Leveraging finances for public health system improvement: results from the Turning Point initiative.

    Bekemeier, Betty; Riley, Catharine M; Berkowitz, Bobbie


    Reforming the public health infrastructure requires substantial system changes at the state level; state health agencies, however, often lack the resources and support for strategic planning and systemwide improvement. The Turning Point Initiative provided support for states to focus on large-scale system changes that resulted in increased funding for public health capacity and infrastructure development. Turning Point provides a test case for obtaining financial and institutional resources focused on systems change and infrastructure development-areas for which it has been historically difficult to obtain long-term support. The purpose of this exploratory, descriptive survey research was to enumerate the actual resources leveraged toward public health system improvement through the partnerships, planning, and implementation activities funded by the Robert Wood Johnson Foundation as a part of the Turning Point Initiative.

  13. A study on the Impact of Public Debt on the Finances of Kerala

    Dr. V Johnson


    The Public Debt of Kerala has been on the rise ever since her attainment of statehood in 1956, instigated by budgetary imbalances culminating into huge yearly deficits. As future projections for Public Debt shows that it is likely to touch the colossal figure of Rs250000 crores in 2020 as against Rs210789 crores in 2017-18. The deficit debt fiasco originates from the revenue expenditure mismatch as reflected by the fiscal indicators is the fountain of the deteriorating financial position of t...

  14. A 'financial revolution' reconsidered; public finance in Holland during the Dutch Revolt, 1568-1648

    Fritschy, W.


    The formation of the Dutch state has recurrently been related to a 'financial revolution' dating from the 1540s, which created a market for provincial 'renten' (annuities) funded by provincial excises and eagerly bought by 'rentiers' in the province of Holland. New research into Holland's public

  15. Policy Perspectives on State Elementary and Secondary Public Education Finance Systems in the United States

    Verstegen, Deborah A.


    The purpose of this article is to describe and compare individual state funding systems for public elementary and secondary education in the United States. States' major education funding systems are described as well as funding mechanisms for students with disabilities; English language learners (ELL); gifted and talented students; and low income…

  16. Public-private partnerships in practice: collaborating to improve health finance policy in Ghana and Kenya.

    Suchman, Lauren; Hart, Elizabeth; Montagu, Dominic


    Social health insurance (SHI), one mechanism for achieving universal health coverage, has become increasingly important in low- and middle-income countries (LMICs) as they work to achieve this goal. Although small private providers supply a significant proportion of healthcare in LMICs, integrating these providers into SHI systems is often challenging. Public-private partnerships in health are one way to address these challenges, but we know little about how these collaborations work, how effectively, and why. Drawing on semi-structured interviews conducted with National Health Insurance (NHI) officials in Kenya and Ghana, as well as with staff from several international NGOs (INGOs) representing social franchise networks that are partnering to increase private provider accreditation into the NHIs, this article examines one example of public-private collaboration in practice. We found that interviewees initially had incomplete knowledge about the potential for cross-sector synergy, but both sides were motivated to work together around shared goals and the potential for mutual benefit. The public-private relationship then evolved over time through regular face-to-face interactions, reciprocal feedback, and iterative workplan development. This process led to a collegial relationship that also has given small private providers more voice in the health system. In order to sustain this relationship, we recommend that both public and private sector representatives develop formalized protocols for working together, as well as less formal open channels for communication. Models for aggregating small private providers and delivering them to government programmes as a package have potential to facilitate public-private partnerships as well, but there is little evidence on how these models work in LMICs thus far.

  17. Public policy and risk financing strategies for global catastrophe risk management - the role of global risk initiatives

    McSharry, Patrick; Mitchell, Andrew; Anderson, Rebecca


    Decision-makers in both public and private organisations depend on accurate data and scientific understanding to adequately address climate change and the impact of extreme events. The financial impacts of catastrophes on populations and infrastructure can be offset through effective risk transfer mechanisms, structured to reflect the specific perils and levels of exposure to be covered. Optimal strategies depend on the likely socio-econonomic impact, the institutional framework, the overall objectives of the covers placed and the level of both the frequency and severity of loss potential expected. The diversity of approaches across different countries has been documented by the Spanish "Consorcio de Compensación de Seguros". We discuss why international public/private partnerships are necessary for addressing the risk of natural catastrophes. International initiatives such as the Global Earthquake Model (GEM) and the World Forum of Catastrophe Programmes (WFCP) can provide effective guidelines for constructing natural catastrophe schemes. The World Bank has been instrumental in the creation of many of the existing schemes such as the Turkish Catastrophe Insurance Pool, the Caribbean Catastrophe Risk Insurance Facility and the Mongolian Index-Based Livestock Insurance Program. We review existing schemes and report on best practice in relation to providing protection against natural catastrophe perils. The suitability of catastrophe modelling approaches to support schemes across the world are discussed and we identify opportunities to improve risk assessment for such schemes through transparent frameworks for quantifying, pricing, sharing and financing catastrophe risk on a local and global basis.

  18. Assessing public and private sector contributions in reproductive health financing and utilization for six sub-Saharan African countries.

    Nguyen, Ha; Snider, Jeremy; Ravishankar, Nirmala; Magvanjav, Oyunbileg


    The present study provides evidence to support enhanced attention to reproductive health and comprehensive measures to increase access to quality reproductive health services. We compare and contrast the financing and utilization of reproductive health services in six sub-Saharan African countries using data from National Health Accounts and Demographic and Health Surveys. Spending on reproductive health in 2006 ranged from US$4 per woman of reproductive age in Ethiopia to US$17 in Uganda. These are below the necessary level for assuring adequate services given that an internationally recommended spending level for family planning alone was US$16 for 2006. Moreover, reproductive health spending shows signs of decline in tandem with insufficient improvement in service utilization. Public providers played a predominant role in antenatal and delivery care for institutional births, but home deliveries with unqualified attendants dominated. The private sector was a major supplier of condoms, oral pills and IUDs. Private clinics, pharmacies and drug vendors were important sources of STI treatment. The findings highlight the need to commit greatly increased funding for reproductive health services as well as more policy attention to the contribution of public, private and informal providers and the role of collaboration among them to expand access to services for under-served populations. Copyright © 2011 Reproductive Health Matters. Published by Elsevier Ltd. All rights reserved.

  19. Public-private partnership conceptual framework and models for the funding and financing of water services infrastructure in municipalities from selected provinces in South Africa

    Ruiters, Cornelius; Matji, Maselaganye P


    This paper presents public-private partnership (PPP) framework models for funding and financing of water services infrastructure at local government (municipalities) level (sphere) in South Africa. Data were assembled from various stakeholders, viz., private and public sector institutions in the Gauteng and Limpopo Provinces of South Africa. The framework for PPPs identified three models, viz. state, hybrid and private sector models. In the 'state model' the water services value chain is 100%...

  20. The effect of the 2007 crisis on mexico´s public finance

    Sergio Enrique Beltrán Noriega


    Full Text Available At the end of the last century and beginning of this, the effects on the global economy have been impacting the economic, political and financial situation of several nations, having a significant impact on the economies of Latin America, and among other aspects affecting trade, capital flows, foreign direct investment and remittances. This analysis identifies and analyzes the mechanisms that cause macroeconomic imbalances in economies with emphasis on Latin America, through literature review of classic and modern economic theories, and data collection of specialized institutions. The empirical results shows that the economy gets these results by some factors such as demographic structure, the aspect of taxation, energy dependence, the credit and public sector, and the impact of social system in the current account.

  1. Benefits Awareness: Educating Industry, Finance, and the Public About Space Commercialization

    Powers, Blake; Nall, Mark; Casas, Joseph C.; Henderson, Robin N. (Technical Monitor)


    For space to be truly commercialized, businesses of all sizes and types must be involved, from foundries to agricultural research initiatives. Achieving this goal, however, requires three separate but integrated educational efforts to support it. The first is to educate industry leaders about the possibilities available through such research, while dispelling some of the myths and misinformation educate the financial community about the economic benefits that result both from the research and the leveraging of private research dollars through the use of space and microgravity research. The third is to educate the public about the tangible benefits that come directly to them from such efforts, the economic benefits to national economies from same, and the other less tangible benefits that will cascade from commercial operations. Together, these steps will educate and provide the framework necessary to help advance space commercialization.


    Kelmara Mendes Vieira


    Full Text Available Personal financial education is primordial in society, as it influences directly the economic decisions of individuals. This way, the present survey, based on a project that developed and implemented a financial education course for young people, aims to measure the financial literacy level of the students, before and after the course. The sample comprised 302 elementary school students from public schools in Santa Maria, aged between 11 and 17. The results show that the students had a low financial knowledge, which improved after the course, and the variables “math grades”, “parental education” and “total household monthly incomes” are significant to the financial literacy level of students.

  3. Evaluation of publicly financed and privately delivered model of emergency referral services for maternal and child health care in India.

    Shankar Prinja

    Full Text Available BACKGROUND: Emergency referral services (ERS are being strengthened in India to improve access for institutional delivery. We evaluated a publicly financed and privately delivered model of ERS in Punjab state, India, to assess its extent and pattern of utilization, impact on institutional delivery, quality and unit cost. METHODS: Data for almost 0.4 million calls received from April 2012 to March 2013 was analysed to assess the extent and pattern of utilization. Segmented linear regression was used to analyse month-wise data on number of institutional deliveries in public sector health facilities from 2008 to 2013. We inspected ambulances in 2 districts against the Basic Life Support (BLS standards. Timeliness of ERS was assessed for determining quality. Finally, we computed economic cost of implementing ERS from a health system perspective. RESULTS: On an average, an ambulance transported 3-4 patients per day. Poor and those farther away from the health facility had a higher likelihood of using the ambulance. Although the ERS had an abrupt positive effect on increasing the institutional deliveries in the unadjusted model, there was no effect on institutional delivery after adjustment for autocorrelation. Cost of operating the ambulance service was INR 1361 (USD 22.7 per patient transported or INR 21 (USD 0.35 per km travelled. CONCLUSION: Emergency referral services in Punjab did not result in a significant change in public sector institutional deliveries. This could be due to high baseline coverage of institutional delivery and low barriers to physical access. Choice of interventions for reduction in Maternal Mortality Ratio (MMR should be context-specific to have high value for resources spent. The ERS in Punjab needs improvement in terms of quality and reduction of cost to health system.

  4. Report on the behalf of the Commission for finances, general economy and budgetary control on the finance bill project for 2018 (nr 235). Appendix Nr 18 - Ecology, sustainable development and mobility: energy, climate and after-mines, public service for energy, financing the support to communities for rural electrification, energy transition - Nr 273

    Giraud, Joel; Aubert, Julien


    After some general statements and recommendations regarding public policy issues expressed within the mission for Ecology, Sustainable Development and Mobility, and more particularly on some specific budgetary allocations related to the public policy for energy and its specific programmes, this report presents some key budget-related data. It outlines and discusses how the budget for 2018 commits the French energy policy in an ecological and supportive transition, and then states some critics about the bill project readability. It comments the adequacy between the budgetary effort and ambitions of the energy policy, notably by commenting the financing increase or decrease of some specific programmes. In the next part, the author focuses on the way to find a new momentum for nuclear energy in France. In this respect, he discusses known benefits of nuclear power, increasing risks which threaten the sector (ageing reactors, EPR construction delays, unresolved issue of management for some nuclear wastes, AREVA dismantling and EDF's fragile financial situation). He also discusses conditions to be met to find out sustainable solution to this crisis as the application of the energy transition trajectory will require a decrease of the number of operated nuclear reactors, ways to open perspectives by keeping on supporting research and by adopting a dynamic exporting approach, and the importance of a maintained attention in terms of nuclear safety. The report of Commission debates and hearing is provided

  5. The welfare implications of public healthcare financing: a macro-micro simulation analysis of Uganda.

    Kabajulizi, Judith; Keogh-Brown, Marcus R; Smith, Richard D


    Studies on global health and development suggest that there is a strong correlation between the burden of disease and a country's level of income. Poorer countries tend to suffer more deaths from preventable causes such as communicable, maternal, perinatal and nutritional conditions, compared with high-income countries. In low-income countries, the government health expenditure share in the general government budget is low and out-of-pocket payments for healthcare relatively high. They also rely heavily on external resources for health funding, yet sustainability of external resource flows is not guaranteed. This article explores increasing public healthcare funding from domestic resources mobilization, and evaluates the impact of measures to achieve this on sectoral growth and poverty reduction rates in Uganda using a dynamic computable general equilibrium model. This article shows that increasing the government health budget share, facilitates expanded healthcare services, improved population health, higher sectoral growth and reduced poverty. The agricultural sector is predicted to post the highest growth when compared with services and industry sectors under both domestic taxation and aid funding scenarios, while national poverty is predicted to decline from 31 to 12% of the population by 2020. This article demonstrates that the most effective measure is to frontload investment in healthcare and generate additional domestic funding for health from a household tax earmarked for health. © The Author 2017. Published by Oxford University Press in association with The London School of Hygiene and Tropical Medicine. All rights reserved. For permissions, please e-mail:

  6. Global Fund financing of public-private mix approaches for delivery of tuberculosis care.

    Lal, S S; Uplekar, Mukund; Katz, Itamar; Lonnroth, Knut; Komatsu, Ryuichi; Yesudian Dias, Hannah Monica; Atun, Rifat


    To map the extent and scope of public-private mix (PPM) interventions in tuberculosis (TB) control programmes supported by the Global Fund. We reviewed the Global Fund's official documents and data to analyse the distribution, characteristics and budgets of PPM approaches within Global Fund supported TB grants in recipient countries between 2003 and 2008. We supplemented this analysis with data on contribution of PPM to TB case notifications in 14 countries reported to World Health Organization in 2009, for the preparation of the global TB control report. Fifty-eight of 93 countries and multi-country recipients of Global Fund-supported TB grants had PPM activities in 2008. Engagement with 'for-profit' private sector was more prevalent in South Asia while involvement of prison health services has been common in Eastern Europe and central Asia. In the Middle East and North Africa, involving non-governmental organizations seemed to be the focus. Average and median spending on PPM within grants was 10% and 5% respectively, ranging from 0.03% to 69% of the total grant budget. In China, India, Nigeria and the Philippines, PPM contributed to detecting more than 25% TB cases while maintaining high treatment success rates. In spite of evidence of cost-effectiveness, PPM constitutes only a modest part of overall TB control activities. Scaling up PPM across countries could contribute to expanding access to TB care, increasing case detection, improving treatment outcomes and help achieve the global TB control targets. © 2011 Blackwell Publishing Ltd.

  7. Education Finance in Egypt: Problems and a Possible Solution. Occasional Paper. RTI Press Publication OP-0017-1401

    Healey, F. Henry; Crouch, Luis; Hanna, Rafik


    Egypt, currently in the throes of major political change, will likely undergo reforms of various sorts in the next few years. Some of these reforms are likely to give local entities, including schools, greater control over education finances. In 2007, the Government of Egypt began to decentralize some non-personnel recurrent finances from the…

  8. La politique de financement public du sport au Cameroun. Quels enjeux pour quelle politique fiscale ?

    Obam Richard Evina


    Pour ce faire, cinq paliers doivent être successivement franchis. Le premier serait constitué par l'adoption d'une loi sur l'organisation et la promotion des activités physiques et sportives au Cameroun ayant comme caractéristiques essentielles l'obligation de constitution des clubs en société anonyme à objet sportif (SAOS avant toute affiliation à une Fédération et la création d'une Direction Nationale de Contrôle et de Gestion (DNCG ; Le deuxième palier consisterait dans l'opérationnalisation de la loi de 2006 sur le partenariat public-privé qui permettrait aux entreprises privées d'intervenir dans le domaine de la construction des infrastructures sur le modèle Build-operate-transfer (BOT ; Le troisième palier serait l'adoption d'un dispositif fiscal incitatif pour le mécénat, le sponsoring, le bénévolat, le marchandising et les droits télé ; Enfin, outre la dynamisation de la coopération internationale dans la perspective de diversification des financements viendrait parachever cette architecture de reconstruction du mouvement sportif camerounais.

  9. NPS transportation innovative finance options


    This paper provides a summary of innovative transportation finance techniques and discusses their applicability to the National Park Service (NPS). The primary finding of this analysis is that while NPS is engaging in innovative finance techniques su...

  10. Education Resourcing in Post-Apartheid South Africa: The Impact of Finance Equity Reforms in Public Schooling: Research Article

    Motala, Shireen


    Through an analysis of recent quantitative data on equity and school funding in South Africa, this article aims to explicate the patterns and typology of inequality in post-apartheid South Africa, and to deepen our understanding of the construct of equity. It also aims to understand the application of equity in the context of public schooling…

  11. Finance computationnelle et gestion des risques ingénierie financière avec applications Excel (Visual Basic) et Matlab

    Racicot, François-Éric


    Ce manuel propose un exposé rigoureux de la gestion des risques en finance. Les aspects théoriques de la question sont abordés par des démonstrations claires et des rappels élaborés des bases mathématiques de la finance computationnelle. Le texte est émaillé de nombreux programmes écrits en langages Visual Basic (Excel), Matlab et EViews qui prépareront l'étudiant à sa carrière de spécialiste en ingénierie financière.

  12. Financing renewable energies. Windows for new opportunities

    Pontenagel, I.


    Renewable Energies are recognized as indispensable for a sustainable energy economy. Their progressive market introduction, however, depend very much on their economic competitiveness. A wide range of Renewable Energies are already cost competitive today. But still a shortage of information as well as mental and structural barriers are hindering their rapid market penetration. This volume publishes the results of two conferences, held by EUROSOLAR and dealing with the problems of Financing Renewable Energies. In five chapters - Banking Concepts for Financing Renewable Energies - Public Frameworks for Renewable Energy Market Introduction - Financing Renewable Energies in Developing Countries - Green Power - Market Structures and Players - Renewable Energy Financing Applications a variety of new concepts and fresh ideas are presented. (orig.)

  13. To finance the transition

    Regnier, Yannick; Maciel, Guillaume; Zeroual, Bouchra; Leca, Christel; Guillou, Maelle; Mossalgue, Marc; Raguet, Alex; Sabot, Guillaume; Coton, Patrice; Olesen, Gunnar Boye; Friggens, Sam; Pouyet, Regis; Blanc, Nicolas; Laurent, Pierre; Ruedinger, Andreas


    A set of brief articles illustrates the emergence of innovating and operational financing tools aimed at supporting energy transition in France and in Europe. As far as France is concerned, different examples are evoked: raising local savings, crowd-funding for renewable energies, citizen investment, cooperation between industries, communities and citizens, a semi-public company with citizen participation, the case of the Nancy urban community, a joint experience by a local public company and an investment fund. As far as Europe is concerned, the following topics or examples are evoked: local policies as lever for European financing, the Danish example of citizen-based financing, crowd-funding in the UK, the European emergence of cooperatives. As far as banks and institutions are concerned, the following topics are addressed: tools implemented by the Caisse des Depots for energy transition, the roles of banks and of public institutions in the financing of energy transition

  14. Central Statistical Office as a source of information that is relevant in determining the state of the public finances of the Republic of Poland. The financial management of the Central Statistical Office

    Wojciech Bożek


    Full Text Available In the elaboration the author discussed the meaning of the public statistics in public finances, the structure and the financial activity of the Central Statistical Office (CSO and other units of public sector, which is related with it. Besides, the author indicates example of legal solutions in the Polish order financial which underlines the importance and actualness of undertaken subject matter. Also, the author underlines the meaning of the public statistics in the process of the efficient financial management public and conducts of the transparent economy with public measures. The author constates that the catalogue of tasks of CSO, from the perspective of public finance, is extensive and dynamic.

  15. Application of finance project for leverage of small size hydroelectric enterprising; Aplicacao do project finance para alavancagem de empreendimentos hidreletricos de pequeno porte

    Santos, Silvana dos


    In the same way that the majority of the countries, project financing of substructure in Brazil, in project finance modality, depend on a skillful structure of guaranties and contracts to become possible. In the case of projects of centrals of generation of electrical energy, that financial engineering becomes still more complicated. In Brazil, due to particularities of the sectors of electricity, the arrangements of guaranties requested but creditors pass to present levels of complexity and exigency well elevated. The contractual appliances that give support to the project finance, originally projected to developed countries, request an extreme adaptation to these particularities. The development of Brazil is directly related to its capacity in expanding the offer of electric energy in the just measure of the national necessity. In this context, the small central hydroelectric (PCH's) represent, actually, an efficient and fast form to complete the offer of energy in such a way to supply the crescent demand the national market. For its characteristics, that type of undertaking can be developed by small manager, from among which are the owners of the areas in which on can find these hydraulic potentials which, however they do not dispose of capital to integral raising. These undertakings are tasks, normally, of low global cost, at the rate of US$ 1.000,00/k W, and of a smaller ambient impact, compared to the return that they give to the enterprise and to the Brazilian electric system as a whole, by having to receive special attention in the planned politics to the sector and to merit a series of incentives to become business still more attractive. By thinking in the found difficulty by small enterprises in rising undertakings of generation of electric energy of small port through the convectional mechanisms of financing is being proposed in that work a well-founded methodology in the concepts of the modality of financing project finance. (author)

  16. Application of finance project for leverage of small size hydroelectric enterprising; Aplicacao do project finance para alavancagem de empreendimentos hidreletricos de pequeno porte

    Santos, Silvana dos


    In the same way that the majority of the countries, project financing of substructure in Brazil, in project finance modality, depend on a skillful structure of guaranties and contracts to become possible. In the case of projects of centrals of generation of electrical energy, that financial engineering becomes still more complicated. In Brazil, due to particularities of the sectors of electricity, the arrangements of guaranties requested but creditors pass to present levels of complexity and exigency well elevated. The contractual appliances that give support to the project finance, originally projected to developed countries, request an extreme adaptation to these particularities. The development of Brazil is directly related to its capacity in expanding the offer of electric energy in the just measure of the national necessity. In this context, the small central hydroelectric (PCH's) represent, actually, an efficient and fast form to complete the offer of energy in such a way to supply the crescent demand the national market. For its characteristics, that type of undertaking can be developed by small manager, from among which are the owners of the areas in which on can find these hydraulic potentials which, however they do not dispose of capital to integral raising. These undertakings are tasks, normally, of low global cost, at the rate of US$ 1.000,00/k W, and of a smaller ambient impact, compared to the return that they give to the enterprise and to the Brazilian electric system as a whole, by having to receive special attention in the planned politics to the sector and to merit a series of incentives to become business still more attractive. By thinking in the found difficulty by small enterprises in rising undertakings of generation of electric energy of small port through the convectional mechanisms of financing is being proposed in that work a well-founded methodology in the concepts of the modality of financing project finance. (author)

  17. Public participation in GIS via mobile applications

    Brovelli, Maria Antonia; Minghini, Marco; Zamboni, Giorgio


    Driven by the recent trends in the GIS domain including Volunteered Geographic Information, geo-crowdsourcing and citizen science, and fostered by the constant technological advances, collection and dissemination of geospatial information by ordinary people has become commonplace. However, applications involving user-generated geospatial content show dramatically diversified patterns in terms of incentive, type and level of participation, purpose of the activity, data/metadata provided and data quality. This study contributes to this heterogeneous context by investigating public participation in GIS within the field of mobile-based applications. Results not only show examples of how to technically build GIS applications enabling user collection and interaction with geospatial data, but they also draw conclusions about the methods and needs of public participation. We describe three projects with different scales and purposes in the context of urban monitoring and planning, and tourism valorisation. In each case, an open source architecture is used, allowing users to exploit their mobile devices to collect georeferenced information. This data is then made publicly available on specific Web viewers. Analysis of user involvement in these projects provides insights related to participation patterns which suggests some generalized conclusions.

  18. Application of Sharī‘ah contracts in contemporary Islamic finance: A maqāṣid perspective

    Younes Soualhi


    Full Text Available This research exposes the underlying maqāṣid embedded in Sharī‘ah contracts as applied in Islamic banking and finance. It addresses the problem of not observing maqāṣid in nominated and combined Sharī‘ah contracts as well as the problem of not sufficiently imbuing maqāṣid in products developed by Islamic financial institutions. As a benchmark of the maqāṣid of wealth, the research adopts Ibn ‘Āshūr’s classification of maqāṣid to evaluate the conformity of Sharī‘ah contracts to Maqāṣid al-Sharī‘ah namely, justice, circulation, transparency, and firmness. The study focuses on three markets related to the application of Sharī‘ah contracts, namely, banking, Islamic capital market, and takāful. The study concludes that, by and large, the application of Sharī‘ah contracts has observed Maqāṣid al-Sharī‘ah during its development and initial application stages of Islamic finance products; however, offering such products in the market has raised economic questions as to their viability and economic values. In addition, the malpractice of some Sharī‘ah contracts has long raised concerns as to the maqāṣid compliance of such products. The research recommends a de-sophistication of Islamic financial engineering to minimise the possibility of convergence with conventional finance. The research also emphasises product differentiation based on less complicated combined Sharī‘ah contracts.

  19. The Finance Curse

    Christensen, John; Shaxson, Nick; Wigan, Duncan


    The Global Financial Crisis placed the utility of financial services in question. The crash, great recession, wealth transfers from public to private, austerity and growing inequality cast doubt on the idea that finance is a boon to the host economy. This article systematizes these doubts......, economic instability, inequality, conflict, rent-seeking and corruption. The Finance Curse produces similar effects, often for similar reasons. Beyond a point, a growing financial sector can do more harm than good. Unlike the Resource Curse, these harms transcend borders. The concept of a Finance Curse...

  20. 24 CFR 882.405 - Financing.


    ... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Financing. 882.405 Section 882.405... § 882.405 Financing. (a) Types. Any type of public or private financing may be utilized with the... Contract as security for financing. An Owner may pledge, or offer as security for any loan or obligation...

  1. Project financing

    Cowan, A.


    Project financing was defined ('where a lender to a specific project has recourse only to the cash flow and assets of that project for repayment and security respectively') and its attributes were described. Project financing was said to be particularly well suited to power, pipeline, mining, telecommunications, petro-chemicals, road construction, and oil and gas projects, i.e. large infrastructure projects that are difficult to fund on-balance sheet, where the risk profile of a project does not fit the corporation's risk appetite, or where higher leverage is required. Sources of project financing were identified. The need to analyze and mitigate risks, and being aware that lenders always take a conservative view and gravitate towards the lowest common denominator, were considered the key to success in obtaining project financing funds. TransAlta Corporation's project financing experiences were used to illustrate the potential of this source of financing

  2. Corporate finance

    P. Quiry; Y. Le Fur; A. Salvi; M. Dallocchio; P. Vernimmen


    Corporate Finance: Theory and Practice, 3rd Edition, the website and the newsletter are all written and created by an author team who are both investment bankers/corporate financiers and academics. This book covers the theory and practice of Corporate Finance from a truly European perspective. It shows how to use financial theory to solve practical problems and is written for students of corporate finance and financial analysis and practising corporate financie...

  3. Consumer Finance

    Peter Tufano


    Although consumer finance is a substantial element of the economy, it has had a smaller footprint within financial economics. In this review, I suggest a functional definition of the subfield of consumer finance, focusing on four key functions: payments, risk management, moving funds from today to tomorrow (saving/investing), and from tomorrow to today (borrowing). I provide data showing the economic importance of consumer finance in the American economy. I propose a historical explanation fo...

  4. An introduction to continuous-time stochastic processes theory, models, and applications to finance, biology, and medicine

    Capasso, Vincenzo


    This textbook, now in its third edition, offers a rigorous and self-contained introduction to the theory of continuous-time stochastic processes, stochastic integrals, and stochastic differential equations. Expertly balancing theory and applications, the work features concrete examples of modeling real-world problems from biology, medicine, industrial applications, finance, and insurance using stochastic methods. No previous knowledge of stochastic processes is required. Key topics include: * Markov processes * Stochastic differential equations * Arbitrage-free markets and financial derivatives * Insurance risk * Population dynamics, and epidemics * Agent-based models New to the Third Edition: * Infinitely divisible distributions * Random measures * Levy processes * Fractional Brownian motion * Ergodic theory * Karhunen-Loeve expansion * Additional applications * Additional  exercises * Smoluchowski  approximation of  Langevin systems An Introduction to Continuous-Time Stochastic Processes, Third Editio...

  5. Project financing

    Alvarez, M.U.


    This paper presents the basic concepts and components of the project financing of large industrial facilities. Diagrams of a simple partnership structure and a simple leveraged lease structure are included. Finally, a Hypothetical Project is described with basic issues identified for discussion purposes. The topics of the paper include non-recourse financing, principal advantages and objectives, disadvantages, project financing participants and agreements, feasibility studies, organization of the project company, principal agreements in a project financing, insurance, and an examination of a hypothetical project

  6. Royalty financing for the oil and gas industry

    Read, F. M. D.


    Key concepts in royalty financing for the oil and gas industry are described. The basic significance of royalty financing for a public company is that financing is 'off balance sheet', and can be used to achieve objectives that neither debt, equity, nor outright sale of assets or farm-outs can accomplish. Royalty financing can provide increased available capital or debt reduction while maintaining the full gross share of reserve and production volumes on the books. This paper provides an overview of the field of royalty financing, with an appreciation of the benefits, reviews each of the financial alternatives (debt, equity, farmout and or sale of assets to reduce capital requirements), and provides examples of specific application of royalty financing. It is claimed that this type of financing, which has been available to the mining sector for some time, is a useful alternative to other financing instruments to acquire new oil and gas assets, to develop new areas, to implement enhanced recovery projects or to carry out mergers and acquisitions. Used judiciously, royalty financing can provide significant benefits to both the working interest owner and his shareholders, as well as the royalty company

  7. The Public Community College in America: Its History, Present Condition, and Future Outlook with Special Reference to Finance.

    Edwards, Nancy Joan

    The development, current status, and future prospects of community colleges are examined in this study with special emphasis on finance and funding concerns. Introductory material outlines study objectives, methodology, and purposes; defines key terms; and emphasizes the importance of college planning. Chapter 1 presents a history of the community…

  8. Annotated Bibliography on School Finance: Policy and Political Issues; Federal Government; State Issues; Non-Public Schools; Accountability.

    Gipson, Joella

    Limited to periodical literature, this annotated bibliography on school finance contains 81 references grouped in 5 categories: (1) policy and politica issues, (2) federal government, (3) state issues, (4) aid to nonpublic schools, and (5) accountability. Following the bibliographic citations, annotations range from 4 to 15 lines and conclude by…

  9. BOOK REVIEW: The Illustrated Wavelet Transform Handbook: Introductory Theory and Applications in Science, Engineering, Medicine and Finance

    Ng, J.; Kingsbury, N. G.


    treatment on finance touches on the use of wavelets by other authors in studying stock prices, commodity behaviour, market dynamics and foreign exchange rates. The treatment on geophysics covers what was omitted from the fourth chapter, namely, seismology, well logging, topographic feature analysis and the analysis of climatic data. The text concludes with an assortment of other application areas which could only be mentioned in passing. Unlike most other publications in the subject, this book does not treat wavelet transforms in a mathematically rigorous manner but rather aims to explain the mechanics of the wavelet transform in a way that is easy to understand. Consequently, it serves as an excellent overview of the subject rather than as a reference text. Keeping the mathematics to a minimum and omitting cumbersome and detailed proofs from the text, the book is best-suited to those who are new to wavelets or who want an intuitive understanding of the subject. Such an audience may include graduate students in engineering and professionals and researchers in engineering and the applied sciences.

  10. Behavioral finance

    Kapor Predrag


    Full Text Available This paper discuss some general principles of behavioral finance Behavioral finance is the dynamic and promising field of research that mergers concepts from financial economics and cognitive psychology in attempt to better understand systematic biases in decision-making process of financial agents. While the standard academic finance emphasizes theories such as modern portfolio theory and the efficient market hypothesis, the behavioral finance investigates the psychological and sociological issues that impact the decision-making process of individuals, groups and organizations. Most of the research behind behavioral finance has been empirical in nature, concentrating on what people do and why. The research has shown that people do not always act rationally, nor they fully utilise all information available to them.

  11. 7 CFR 3560.71 - Construction financing.


    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Construction financing. 3560.71 Section 3560.71... Construction financing. (a) Construction financing plan. Prior to loan approval, applicants must submit to the Agency for its concurrence a plan for the construction financing and securing of the loan. (b) Interim...

  12. Relationship finance, market finance and endogenous business cycles

    Deidda, Luca Gabriele; Fattouh, Bassam


    This paper develops an overlapping generation model with asymmetric information in the credit market such that the interplay between relationship finance supplied by investors who monitor investment decisions ex-ante and market finance supplied by investors who relay on public information can be the source of endogenous business fluctuations. Monitoring helps reducing the inefficiency caused by moral hazard. However, the incentives of entrepreneurs to demand relationship finance to induce mon...

  13. Study of the legal and regulatory framework applicable to the participative financing of renewable energies

    Poize, Noemie; Milin, Christophe; Guillerminet, Marie-Laure; Galiano, Mila


    In the context created by the French law on energy transition and green growth, this study addresses participative projects which are levers for the financing of renewable energy production, and also contribute to the local dimension of projects. More precisely, the authors focus on participative projects in which a financial participation of citizen and/or local communities is present, with or without access to governance, directly or indirectly. The authors first propose a typology of these projects, based on existing initiatives, and then an overview of the legal and regulatory framework in effect before the law on energy transition. They comment and discuss articles contained by this law which address citizen participation. They discuss their impact on the current project typology

  14. Changes in the Concept of Public Greenery on the Basis of an Analysis of Czech Municipal Financing

    Rousek Pavel


    Full Text Available The public sector is an inseparable part of every economy. It performs a number of functions such as providing public services, environmental protection, defense, security, education, health, justice and many others. Each institution’s duty is to care for its own property. Public spaces, parks and other public greenery are mostly owned by municipalities. Taking care of public greenery is a part of public spending because the source of money is municipal budgets.

  15. Financing Investment

    Hirth, Stefan; Flor, Christian Riis

    Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...

  16. Application of the Analytic Hierarchy Process to Identify the Most Suitable Lessor of Freight Car Finance Leasing

    Lei Lei


    Full Text Available Finance leasing (also “equipment leasing” saves the cost, improves the efficiency and benefit, larger the manufacture supply channels, which is an optimal solution for equipment supply with uncertain freight demand. The article collects the definitions of Finance Leasing based on the four pillars theory of finance leasing, also divides the lessors in Freight Car finance leasing into three categories according to their major business: manufacturers, banks as the representative financial institutions, firms that specialized in finance leasing. To identify the most suitable lessor for each railway department, an indicator system is built and operated by Yaahp (a software based on Analytic Hierarchy Process.

  17. 7 CFR 97.19 - Publication of pending applications.


    ... 7 Agriculture 3 2010-01-01 2010-01-01 false Publication of pending applications. 97.19 Section 97... LABORATORY TESTING PROGRAMS PLANT VARIETY AND PROTECTION The Application § 97.19 Publication of pending applications. Information relating to pending applications shall be published in the Official Journal...

  18. 7 CFR 1738.21 - Interim financing.


    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Interim financing. 1738.21 Section 1738.21... Interim financing. (a) Upon notification by RUS that an applicant's application is considered complete, the applicant may enter into an interim financing agreement with a lender other than RUS or use its...

  19. 75 FR 29547 - Federal Acquisition Regulation; Information Collection; Contract Financing


    ...; Information Collection; Contract Financing AGENCIES: Department of Defense (DoD), General Services... previously approved information collection requirement concerning contract financing. Public comments are... substantially changed the statutory authorities for Government financing of contracts. Sections 2001(f) and 2051...

  20. CIMPA-UNESCO-MESR-MINECO-MOROCCO research school entitled Statistical Methods and Applications in Finance and Actuarial Science

    Essaky, El; Vives, Josep


    This book is the outcome of the CIMPA School on Statistical Methods and Applications in Insurance and Finance, held in Marrakech and Kelaat M'gouna (Morocco) in April 2013. It presents two lectures and seven refereed papers from the school, offering the reader important insights into key topics. The first of the lectures, by Frederic Viens, addresses risk management via hedging in discrete and continuous time, while the second, by Boualem Djehiche, reviews statistical estimation methods applied to life and disability insurance. The refereed papers offer diverse perspectives and extensive discussions on subjects including optimal control, financial modeling using stochastic differential equations, pricing and hedging of financial derivatives, and sensitivity analysis. Each chapter of the volume includes a comprehensive bibliography to promote further research.

  1. Financing Innovation

    William R. Kerr; Ramana Nanda


    We review the recent literature on the financing of innovation, inclusive of large companies and new startups. This research strand has been very active over the past five years, generating important new findings, questioning some long-held beliefs, and creating its own puzzles. Our review outlines the growing body of work that documents a role for debt financing related to innovation. We highlight the new literature on learning and experimentation across multi-stage innovation projects and h...

  2. High-Definition Television: Applications for This New Technology. Fact Sheet for the Chairman, Subcommittee on Telecommunications and Finance, Committee on Energy and Commerce, House of Representatives.

    General Accounting Office, Washington, DC. Information Management and Technology Div.

    Prepared in response to a request for information from the chairman of the House of Representatives Subcommittee on Telecommunications and Finance, Committee on Energy and Commerce, this report provides information on 14 high-definition television (HDTV) applications spanning national defense, medical research, space exploration, and electronic…

  3. Quantitative Finance

    James, Jessica


    Quantitative finance is a field that has risen to prominence over the last few decades. It encompasses the complex models and calculations that value financial contracts, particularly those which reference events in the future, and apply probabilities to these events. While adding greatly to the flexibility of the market available to corporations and investors, it has also been blamed for worsening the impact of financial crises. But what exactly does quantitative finance encompass, and where did these ideas and models originate? We show that the mathematics behind finance and behind games of chance have tracked each other closely over the centuries and that many well-known physicists and mathematicians have contributed to the field.

  4. Heuristic query optimization for query multiple table and multiple clausa on mobile finance application

    Indrayana, I. N. E.; P, N. M. Wirasyanti D.; Sudiartha, I. KG


    Mobile application allow many users to access data from the application without being limited to space, space and time. Over time the data population of this application will increase. Data access time will cause problems if the data record has reached tens of thousands to millions of records.The objective of this research is to maintain the performance of data execution for large data records. One effort to maintain data access time performance is to apply query optimization method. The optimization used in this research is query heuristic optimization method. The built application is a mobile-based financial application using MySQL database with stored procedure therein. This application is used by more than one business entity in one database, thus enabling rapid data growth. In this stored procedure there is an optimized query using heuristic method. Query optimization is performed on a “Select” query that involves more than one table with multiple clausa. Evaluation is done by calculating the average access time using optimized and unoptimized queries. Access time calculation is also performed on the increase of population data in the database. The evaluation results shown the time of data execution with query heuristic optimization relatively faster than data execution time without using query optimization.

  5. Shaping public finance accounting and budgeting system in accordance with political regime radical change: evolution not revolution in Poland 1918-2015

    Wojciech Nowak


    Full Text Available In the wake of the 2007–2008 financial crisis, long-term tendencies to enhance public sector structures, mechanisms, and methods of accountability seemed to increase, at least within the EU. This crisis afflict- ed Poland to a lesser degree, and the changes occurring in the Polish public sector didn’t come from it directly. Their causes have their roots in the need to reduce public debt and further adapt to the systems and standards of the Eurosphere. These changes have taken place in the context of unique historical transformations from the political regime of a market economy before World War II to the post World War II political regime of a centrally planned economy, and then from this political regime of centrally planned economy to the 21st century market economy. Historical and theoretical perspectives have been adopted. The results of our deliberations point out that the public finance sector change is of an evolu- tionary character rather than a revolutionary one. In addition, the evolution determinants and tempos come from the socio-political environment. The issue undertaken in this paper is of the character of pri- mary research, but the form of the paper is closer to a scientific essay than a research paper.

  6. The Influence of Urinary Incontinence on Publicly Financed Home Care Services to Low-Income Elderly People.

    Baker, Dorothy I.; Bice, Thomas W.


    A retrospective cohort design is used to estimate the effect of urinary incontinence (UI) on the public costs of home care services to elderly individuals. Multivariate analyses controlling for other individual, household, and supply characteristics demonstrate that those with UI generate significantly greater public costs for home care services.…

  7. Mainstreaming Disaster Risk Management for Finance: Application of Real Options Method for Disaster Risk Sensitive Project


    Full Text Available This paper discusses the application of real options analysis for a project that is in the process of construction and was affected by a natural disaster. The use of the analytical method has become a way of thinking in making decisions that should be taught to business school students. The case in this paper is based on an MBA thesis at the University of Gadjah Mada that was intended as a showcase for application of real options to address real business problems. It shows one of the strategies in mainstreaming disaster risk management in the business school that also answers the needs of businesses in the disaster-prone country.


    Popeanga Vasile


    Full Text Available Total public debt represents all monetary obligations of the state (government, public institutions, financial, administrative-territorial units at a time, resulting from internal and external loans (in lei and foreign currencies contracted on short, medium and long term, and the state treasury and its own obligations for the amounts advanced temporarily to cover the budget deficit. Loans may be contracted by the state through the Ministry of Finance, in his own name or guaranteed by it. Public debt is expressed in local currency or foreign currency, depending on where the contracts and loan conditions. In order to evaluate Romania's public debt, obligations denominated in another currency than the national currency is calculated using the exchange rate of National Bank of Romania. Also, total public debt of a country can be expressed in absolute values (to know the load on that country's economy which is subject to its creditors, the relative values as a percentage of GDP (to allow comparison over time and between countries and the average size per capita (to allow comparisons and analysis in time and space. Total public debt is calculated and separately manages its two forms, namely domestic public debt and external public debt. Ministry of Finance shall prepare and submit annually to the Government for approval and to Parliament for information, report on public debt, which contains information on government debt portfolio, debt service, public indebtedness indicators and information about primary and secondary market securities state and how to implement the medium-term strategy in managing government debt for the previous year. In order to make comparisons quick and effective on public debt dynamics in Romania, Excel 2010 has new features such as charts and sparkline slicers features which can help discover trends and statistics in accordance with existing data. The aim of this article is accurate assessment of Romania's public debt and its

  9. Sensitivity Analysis Of Financing Demand In Syariah Banking



    Full Text Available This study aims to analyze the Sensitivity of Demand Financing in syariah banking with a focus on the elasticity of financing demand income elasticity and cross elasticity. The type of data used in this study is secondary data quantitative and time series obtained from the publication of BPS BI and OJK. The data analysis technique begins by estimating multiple linear regression equations using the Eviews Application further measuring the sensitivity using elasticity. The research variables consist of revenue gross domestic product and conventional bank interest rate as independent variables and demand for financing as a dependent variable. The results obtained for the results gross domestic product and interest rate of conventional banks simultaneously affect the demand for financing in Islamic banking with a significant level of 5 obtained probability value F statistic amp945 005. Partially revenue share and gross domestic product have a significant effect on demand for financing. While the variable interest rate of conventional banks partially does not have a significant effect on demand for financing in Islamic banking. The ability of the three independent variables to explain the dependent variable of 99.06 the rest of 0.04 influenced by other factors outside this study. The sensitive value of demand for financing in syariah banking during the observation period was 3.94 amp400P 1 so that it can be said that demand for financing in syariah banking is elastic. The elasticity of income demand for financing in syariah banking during the observation period of 3.08 amp400I 1 is categorized as luxuries goods. The cross elasticity value of financing demand in syariah banking during the observation period is 0.52 or positive amp400C 0 it can be categorized that the interest rate of a conventional bank is a substitute of profit sharing.

  10. Essays on Some Recent Penalization Methods with Applications in Finance and Marketing

    G.I. Nalbantov (Georgi)


    textabstractThe subject of this PhD research is within the areas of Econometrics and Artificial Intelligence. More concretely, it deals with the tasks of statistical regression and classification analysis. New classification methods have been proposed, as well as new applications of established ones

  11. DefenseLink Feature: Personal Finance

    Multimedia / Photos Videos Publications Bloggers DoD Websites Personal Finance Resources As part of the finance director said here recently. Story Security Expert Advises Troops to Safeguard Personal, Financial education in personal finance that commanders say goes a long way in promoting battle readiness. Story

  12. Sustainable finance

    Boersma-de Jong, Margreet F.


    Presentation for Springschool of Strategy, University of Groningen, 10 October 2012. The role of CSR is to stimulate ethical behaviour, and as a result, mutual trust in society. Advantage of CSR for the company and the evolution of CSR. From CSR to Sustainable Finance: how does CSR influence

  13. Financing Vidalia

    Lagassa, G.


    This article examines the innovative techniques the participants in the Vidalia, Mississippi hydropower project used to overcome the numerous obstacles to the financing of the project. The topics of the article are early obstacles, funding and permitting, hydrology questions, matching income to debt, unorthodox provisions and a tough closing


    HEALTH & FINANCE. Patrick Thokwa Masobe. Patrick Thokwa Masobe completed his undergraduate studies at Grinnel/. University in the USA, and a Master. Degreefrom the University of London in. 1995. He is wrrently employed by the national Department of Health, where he led the task team charged with making.

  15. Computational Finance

    Rasmussen, Lykke

    One of the major challenges in todays post-crisis finance environment is calculating the sensitivities of complex products for hedging and risk management. Historically, these derivatives have been determined using bump-and-revalue, but due to the increasing magnitude of these computations does...

  16. Opportunities and Difficulties in the Implementation of Projects Financed Through the Interreg IVC Program in Romania. Case Study: The Project "Public Policies and Social Enterprises"

    Daniela PÎRVU


    Full Text Available In Europe today, economic success is often dependent on a region’s capacity to develop networks with other regions. Cooperation and experience sharing between regions can be a key trigger in stimulating a dynamic, forwardlooking regional development process. The EU has an important role to play in brokering and supporting partnerships between regions within the Union. Thousands of projects developed over many years under the INTERREG initiative have demonstrated the benefits for regions of working in partnership, sharing ideas and charting new and innovative ways of harnessing European investment. The analysis of the implementation of the projects financed through the INTERREG IVC Program proves that the development of the interregional European cooperation is constrained by the practical difficulties generated by various administrative systems and by the differences among competences on the levels of the public administration of the European Union member states.

  17. Public Relations Applications in Librarianship and Television

    Erol Yılmaz


    Full Text Available Public relations is an indispensable management function for an organization to reach its target audiences so as to serve them better and, at the same time, to upgrade its status in society as an organization. Television, as mass communication medium, is used effectively in public relations in librarianship. Researches showed that planned public relations is not utilized in the field of librarianship in our country, and television is not made use of for this purpose.

  18. Exploring the private finance initiative as a route to finance for renewable energy projects



    This report reviews the private financing of public sector Renewable Energy projects through the Private Finance Initiative (PFI), and the relevance of such a technique to the renewables industry generally. (author)

  19. Bitcoin and Islamic Finance

    Bergstra, J.A.


    It is argued that a Bitcoin-style money-like informational commodity may constitute an effective instrument for the further development of Islamic Finance. The argument involves the following elements: (i) an application of circulation theory to Bitcoin with the objective to establish the

  20. Stability, Empirical Estimates and Scenario Generation in Stochastic Optimization - Applications in Finance

    Kaňková, Vlasta


    Roč. 53, č. 6 (2017), s. 1026-1046 ISSN 0023-5954 R&D Projects: GA ČR GA15-10331S Institutional support: RVO:67985556 Keywords : stochastic programming * stochastic dominance * empirical estimates * financial applications Subject RIV: BB - Applied Statistics, Operational Research OBOR OECD: Statistics and probability Impact factor: 0.379, year: 2016

  1. Some applications of linear difference equations in finance with wolfram|alpha and maple

    Dana Rıhová


    Full Text Available The principle objective of this paper is to show how linear difference equations can be applied to solve some issues of financial mathematics. We focus on the area of compound interest and annuities. In both cases we determine appropriate recursive rules, which constitute the first order linear difference equations with constant coefficients, and derive formulas required for calculating examples. Finally, we present possibilities of application of two selected computer algebra systems Wolfram|Alpha and Maple in this mathematical area.

  2. The role of negotiated developer obligations in financing large public infrastructure after the economic crisis in the Netherlands

    Gielen, Demetrio Munoz; Lenferink, Sander


    The economic crisis that started in 2009 has negatively impacted in the Netherlands the available financial resources for urban development. Dutch municipalities struggle since then with falling local financial sources, especially since active public land policy, traditionally an important

  3. The European Recovery Economic Plan and Quality of Public Finances – Instruments for Monitoring and Improving Fiscal and Economic Systems

    Mircea SOROCEANU


    Full Text Available “To promote a growth and employment orientated and efficient allocation of resources, Member States should re-direct the composition of public expenditure towards growth-enhancing categories in line with the Lisbon strategy, adapt tax structures to strengthen growth potential, ensure that mechanisms are in place to assess the relationship between public spending and the achievement of policy objectives, and ensure the overall coherence of reform packages”. [The Lisbon Strategy, integrated guideline no 3].

  4. Multivariate nonparametric regression and visualization with R and applications to finance

    Klemelä, Jussi


    A modern approach to statistical learning and its applications through visualization methods With a unique and innovative presentation, Multivariate Nonparametric Regression and Visualization provides readers with the core statistical concepts to obtain complete and accurate predictions when given a set of data. Focusing on nonparametric methods to adapt to the multiple types of data generatingmechanisms, the book begins with an overview of classification and regression. The book then introduces and examines various tested and proven visualization techniques for learning samples and functio

  5. Control Improvement for Jump-Diffusion Processes with Applications to Finance

    Bäuerle, Nicole; Rieder, Ulrich


    We consider stochastic control problems with jump-diffusion processes and formulate an algorithm which produces, starting from a given admissible control π, a new control with a better value. If no improvement is possible, then π is optimal. Such an algorithm is well-known for discrete-time Markov Decision Problems under the name Howard’s policy improvement algorithm. The idea can be traced back to Bellman. Here we show with the help of martingale techniques that such an algorithm can also be formulated for stochastic control problems with jump-diffusion processes. As an application we derive some interesting results in financial portfolio optimization.

  6. A Stroock formula for a certain class of Lévy processes and applications to finance

    M. Eddahbi


    Full Text Available We find a Stroock formula in the setting of generalized chaos expansion introduced by Nualart and Schoutens for a certain class of Lévy processes, using a Malliavin-type derivative based on the chaotic approach. As applications, we get the chaotic decomposition of the local time of a simple Lévy process as well as the chaotic expansion of the price of a financial asset and of the price of a European call option. We also study the behavior of the tracking error in the discrete delta neutral hedging under both the equivalent martingale measure and the historical probability.

  7. Multi-factor models and signal processing techniques application to quantitative finance

    Darolles, Serges; Jay, Emmanuelle


    With recent outbreaks of multiple large-scale financial crises, amplified by interconnected risk sources, a new paradigm of fund management has emerged. This new paradigm leverages "embedded" quantitative processes and methods to provide more transparent, adaptive, reliable and easily implemented "risk assessment-based" practices.This book surveys the most widely used factor models employed within the field of financial asset pricing. Through the concrete application of evaluating risks in the hedge fund industry, the authors demonstrate that signal processing techniques are an intere

  8. 37 CFR 1.211 - Publication of applications.


    ... disparaging material. (e) The publication fee set forth in § 1.18(d) must be paid in each application... publication fee which must be paid within three months from the date of mailing of the notice of allowance to... not published under this section, the publication fee (if paid) will be refunded. [65 FR 57058, Sept...

  9. Financing and insurance problems

    Laurenge, M.-T.


    The author analyses the papers presented at the Paris Conference on the maturity of nuclear energy. It is evident that financing possibilities will be a determinant factor in the rate of development of nuclear power during the years to come. After having evaluated the capital requirements necessitated for the development of nuclear programmes, the parties intervening have examined the means at the disposal of electricity manufacturers to meet these needs (self-financing, recourse to external financing, regrouping, on an international scale of the electricity manufacturers of the setting up of high capacity plants). As concerns the insurance problems, they are becoming more and more involved as nuclear applications, are further diversified and intensified. The parties intervening have discussed new tarification techniques likely to be applied and pointed out the possibilities offered by regrouping or pooling of insurers (Market Pool) which allow for a maximum of risks to be covered without exceeding the means proper to each company concerned [fr

  10. Statistics and finance an introduction

    Ruppert, David


    This textbook emphasizes the applications of statistics and probability to finance. Students are assumed to have had a prior course in statistics, but no background in finance or economics. The basics of probability and statistics are reviewed and more advanced topics in statistics, such as regression, ARMA and GARCH models, the bootstrap, and nonparametric regression using splines, are introduced as needed. The book covers the classical methods of finance such as portfolio theory, CAPM, and the Black-Scholes formula, and it introduces the somewhat newer area of behavioral finance. Applications and use of MATLAB and SAS software are stressed. The book will serve as a text in courses aimed at advanced undergraduates and masters students in statistics, engineering, and applied mathematics as well as quantitatively oriented MBA students. Those in the finance industry wishing to know more statistics could also use it for self-study. David Ruppert is the Andrew Schultz, Jr. Professor of Engineering, School of Oper...


    Radu Riana Iren


    Full Text Available Full of reforms, accounting science always tried to approach the concerned user requirements as return on capital employed and the complete picture of the operations that occurred during the financial year. For public sector entities, international financial reporting practices are referring to International Accounting Standards for the Public Sector (IPSAS. In this paper we intend to present a parallel between International Financial Reporting Standards (IFRS and IPSAS conjunction with the main aspects of budgetary lending highlighted through a case study aimed at the budget-funded institutions Galati Local Council in 2011-2013.

  12. 40 CFR 166.24 - Public notice of receipt of application and opportunity for public comment.


    ... 40 Protection of Environment 23 2010-07-01 2010-07-01 false Public notice of receipt of application and opportunity for public comment. 166.24 Section 166.24 Protection of Environment ENVIRONMENTAL... of the applicant's description of the emergency conditions including the pest and the site or crop to...

  13. 37 CFR 1.221 - Voluntary publication or republication of patent application publication.


    ... filing system requirements and be accompanied by the publication fee set forth in § 1.18(d) and the..., the Office will not publish the application and will refund the publication fee. (b) The Office will... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Voluntary publication or...

  14. Household Finance

    Campbell, John


    The welfare benefits of financial markets depend in large part on how effectively households use these markets. The study of household finance is challenging because household behavior is difficult to measure accurately, and because households face constraints that are not captured by textbook models, including fixed costs, uninsurable income risk, borrowing constraints, and contracts that are non-neutral with respect to inflation. Evidence on participation, diversification, and the exercise ...

  15. 24 CFR 884.114 - Financing.


    ... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Financing. 884.114 Section 884.114... HOUSING PROJECTS Applicability, Scope and Basic Policies § 884.114 Financing. (a) Types. Eligible projects... contract as security for financing. (1) An Owner may pledge, or offer as security for any loan or...

  16. Risk, Politics, and Money: The Need for a Value-Based Model for Financing Public Health Preparedness and Response


    evaluating the costs associated with natural and man-made disasters and events. In this era of fiscal conservatism , one of the biggest challenges in...associated with natural and man-made disasters and events. In this era of fiscal conservatism , one of the biggest challenges in designing and funding...In this era of fiscal conservatism , one of the biggest challenges in designing and funding public health preparedness is deciding exactly how much

  17. Treasury Single Account – Transparency and Accountability in Public Finance Management in Nigeria: The Journey So Far

    C. J. Igbokwe-Ibeto


    Full Text Available The purpose of this article is to evaluate and critique the policy of Treasury Single Account (TSA adopted by the Nigerian government as an essential tool for enhancing transparency and accountability in public sector financial. Theoretically, it is expected that TSA would bring about mutual benefit, halt economic injustice and engender financial discipline, transparency, accountability, a new economic and political order in Nigeria. However, in the public sector management and political economy of Nigeria,  its impact has been a mixed bag of the good, the bad and the ugly. Within the framework of New Public Management approach, the paper explores the gamut of issues surrounding the implementation of TSA and concludes that, for an administration that has social contract with Nigerians in terms of service delivery; it has the obligation to aggregating states’ resources to provide social services, amenities and infrastructural development to the people. Any step taking to ensure accountability and transparency by revenue generating agencies of government should be seen as a step in the right direction. However, while change is desirable, we feel there is need to exercise caution on account of the peculiar nature and character of the Nigerian state and society. Given the catalogue of challenges facing the operations TSA, it recommends among others, that the adoption of TSA in the country’s public sector should progress slowly and wisely. Institutions and institutional rules should be strengthened, be accountable and made autonomous of cabals and individual who might want to manipulate the system for group or personal interests.

  18. Novel software system development for finance

    Maad, Soha


    This paper addresses the need for novel software system development (SSD) practices in finance. It proposes Empirical Modelling as a novel approach for SSD in finance. This approach aims at finding a suitable framework for studying both the traditional and the emerging computing culture to SSD in finance. First, the paper studies the change in the financial industry and identifies key issues of the application of computer-based technology in finance. These key issues are framed in a wider age...

  19. Optimal Assignment Problem Applications of Finite Mathematics to Business and Economics. [and] Difference Equations with Applications. Applications of Difference Equations to Economics and Social Sciences. [and] Selected Applications of Mathematics to Finance and Investment. Applications of Elementary Algebra to Finance. [and] Force of Interest. Applications of Calculus to Finance. UMAP Units 317, 322, 381, 382.

    Gale, David; And Others

    Four units make up the contents of this document. The first examines applications of finite mathematics to business and economies. The user is expected to learn the method of optimization in optimal assignment problems. The second module presents applications of difference equations to economics and social sciences, and shows how to: 1) interpret…

  20. Corporate Finance: its organization and epistemological basis

    Luiz Henrique Herling


    Full Text Available This study aims to show how they are organized studies in financial management and what is the paradigm that support the theories presented until today, contextualizing how financial management is organized within the science of Directors in historical and evolutionary terms . Based on the decisions of the financial manager of investment , financing and operations , the study seeks to show that the philosophical basis that supports the theories developed . Yet for better understanding separates financial management in personal finance , financial markets and corporate finance , the latter being the main focus of the study . In the literature we can divide and stratify studies in corporate finance for a better understanding . By analyzing under an evolutionary approach notes a growing chains in other studies in finance , such as public finance, behavioral finance and here called green finance.

  1. Drinking Water Mapping Application (DWMA) - Public Version

    U.S. Environmental Protection Agency — The Drinking Water Mapping Application (DWMA) is a web-based geographic information system (GIS) that enhances the capabilities to identify major contaminant risks...

  2. Financiamento da assistência farmacêutica no sistema único de saúde Financing of pharmaceutical services in Brazilian public health system

    Fabiola Sulpino Vieira


    Full Text Available Objetivos. Descrever e discutir a evolução do financiamento da assistência farmacêutica no Sistema Único de Saúde - SUS. Métodos. Foram identificados os valores alocados para aquisição de medicamentos, para o Programa Farmácia Popular e para estruturação de serviços farmacêuticos públicos. Os valores referentes ao financiamento da União, por meio do Ministério da Saúde, foram obtidos do sistema Siga Brasil e, dos Estados, do Distrito Federal e dos municípios, do Sistema de Informações sobre Orçamentos Públicos em Saúde - SIOPS. Resultados. Entre 2005 e 2009 houve aumento de 65,3% nos recursos financeiros da União para aquisição de medicamentos. No mesmo período, ampliou-se o volume de transferências feitas às esferas subnacionais. Verificou-se que os Estados e o Distrito Federal aumentaram em 112,4% o volume de recursos próprios alocados no financiamento de medicamentos e que para os municípios este crescimento foi de 22,7%. Em 2008, a participação das despesas com medicamentos em relação às despesas com saúde foi de 7,8%. O gasto total com medicamentos em 2009 foi de 8,9 bilhões de reais. Observou-se aumento de 20,6 vezes no valor alocado no Programa Farmácia Popular e, no caso dos recursos destinados à estruturação de serviços, crescimento de 41,6%, chegando a 10,1 milhões de reais em 2009. Conclusão: Houve ampliação do financiamento de medicamentos no SUS entre 2005 e 2009.Objectives. To describe and discuss developments in the financing of pharmaceutical services in the Brazilian public health system - SUS. Methods. The amounts allocated for drug procurement, for the Farmácia Popular Program and for structuring of public pharmaceutical services were identified. The values regarding the financing of the Federal government were obtained from the Siga Brasil database. Data regarding states, Federal District and municipalities were obtained from Information System on Public Health Budget - SIOPS

  3. Unlocking Land Values to Finance Urban Infrastructure : Land-Based Financing Options for Cities

    George E. Peterson


    Raising capital to finance urban infrastructure is a challenge. One solution is to 'unlock' urban land values - such as by selling public lands to capture the gains in value created by investment in infrastructure projects. Land-based financing techniques are playing an increasingly important role in financing urban infrastructure in developing countries. They complement other capital fina...

  4. Rural Public Transportation Technologies: User Needs and Applications. Final Report


    The Rural Public Transportation Technologies: User Needs and Applications Study was conducted as part of the U.S. DOT's overall Rural Intelligent Transportation System (ITS) Program. The study examined the opportunities and challenges of planning and...

  5. Rural public transportation technologies : user needs and applications : final report


    The Rural Public Transportation Technologies: User Needs and Applications study was conducted as part of the U.S. Department of Transportations (DOT) overall Rural Intelligent Transportation System (ITS) Program. The study examined the opportuniti...

  6. Rural Public Transportation Technologies: User Needs and Applications. Executive Summary


    The Rural Public Transportation Technologies: User Needs and Applications study was conducted as part of the U.S. Department of Transportation's (DOT) overall Rural Intelligent Transportation System (ITS) Program. The study examined the opportunities...

  7. Cross-Cutting public policy requirements applicable to federal grants

    There are cross-cutting public policy requirements applicable to Federal grants, including those awarded by the EPA. Some of those requirements are included here because they have been part of appropriations acts for several years without change.

  8. Financing the Electronic Library: Models and Options.

    Waters, Richard L.; Kralisz, Victor Frank


    Places the cost considerations associated with public library automation in a framework of public finance comfortable to most administrators, discusses the importance of experience with use patterns in the electronic library in opening up new and innovative financing methods, and stresses the role of the library in the information industry. (JL)

  9. 37 CFR 1.215 - Patent application publication.


    ... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Patent application publication. 1.215 Section 1.215 Patents, Trademarks, and Copyrights UNITED STATES PATENT AND TRADEMARK OFFICE, DEPARTMENT OF COMMERCE GENERAL RULES OF PRACTICE IN PATENT CASES National Processing Provisions Publication...

  10. Specialized financing techniques

    Shepherd, J.


    Specific financing techniques applicable to wind energy projects in Canada are discussed. A limited partnership is the classic Canadian approach to tax-advantaged financing. For a typical wind project, the limited partners would get an internal rate of return of around 8% over 20 years as well as income tax deductions on Class 34 investments. This rate can be improved if the investors borrow some of the money; they get tax-free cash flow while having deductible loan interest, raising their rate of return after taxes to ca 9-10%. Special situation investors can get to take all of the Class 34 deduction right away, raising their return up to the 12% range. These investors include principal business corporations (such as utilities or oil companies), or companies who have sold their business. A second type of financing structure is related to inflation-indexed debt. The loan is structured like a mortgage, with the annual payments indexed to inflation but nevertheless low enough to provide an early positive cash flow from the project. Other possible financing structures are the immigrant investor fund and the provincial incentive corporations

  11. Statistics for Finance

    Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard

    Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics...... that rarely connect concepts to data and books on econometrics and time series analysis that do not cover specific problems related to option valuation. The book discusses applications of financial derivatives pertaining to risk assessment and elimination. The authors cover various statistical...... and mathematical techniques, including linear and nonlinear time series analysis, stochastic calculus models, stochastic differential equations, Itō’s formula, the Black–Scholes model, the generalized method-of-moments, and the Kalman filter. They explain how these tools are used to price financial derivatives...

  12. Research on Evolution Model of PROT Project Financing Entropy about Commercial Public Infrastructure%经营性公共基础设施PROT项目融资熵演进模型研究

    王艳伟; 黄宜


    经营性公共基础设施项目融资,目前由于种种原因正面临着在融资过程中而不得不中止的窘地。该文尝试从熵的角度研究这种现象发生的原因。首先,借助系统理论和熵理论,对项目融资熵的概念进行了界定;其次,通过PROT项目融资熵产生的原因及机理分析,建立了PROT项目融资熵数学模型,通过该模型对项目融资熵的演进机理进行了详细剖析。%Financing for commercial public infrastructure projects is currently facing the quandary of being sus-pended due to various reasons.The paper attempts to study this phenomenon from the perspective of entropy. Firstly,the concept of project financing entropy is defined with the adoption of system theory and entropy theory. Secondly,a mathematical entropy model of PROT project financing is established through analysis of the causes and mechanisms of PROT project financing entropy.A detailed analysis of project financing entropy evolution mechanism is finally carried out through the model.

  13. 项目融资在大型住宅房地产开发中的应用%Project Financing in Large Residential Real Estate Development Application

    姜永铭; 史闻东


      大型住宅房地产项目开发日益成为我国房地产开发商的共同偏好。而大型项目的开发意味着大规模的资金投入,在国家对房地产业持续宏观调控的背景下,如何筹集足够的开发资金是房地产开发商面临的最为关键的问题。项目融资作为一种重要的国际金融工具,其独特的融资机制和在分散风险方面的特殊作用,使其在实际应用中发挥了重要作用,已成为大型工程项目建设资金筹集的卓有成效且日趋成熟的融资手段。然而,项目融资在房地产开发领域特别是大型住宅房地产开发领域尚未得到真正意义上的应用。因此,文章就项目融资在大型住宅房地产开发中的应用问题进行探索性研究,以期拓展项目融资的应用领域,增加房地产企业融资渠道,降低房地产企业融资风险。%  Large residential real estate project development is increasingly becoming a common preference for real estate de-velopers in China. The development of large-scale projects means that the large-scale capital investment in the context of su-stained macroeconomic regulation and control of the state of the real estate industry, how to raise enough funds for developing the most critical issues facing the real estate developers. Project financing is a kind of important international financial tool, its unique financing mechanism and risk disperse special effects, so that in the practical application has played an important role, has become a large -scale project construction funds very fruitful and increasingly mature financing means. However, the project financing in the field of real estate development especially large residential real estate development area has yet to get a real sense of application. Therefore, this article on the project financing in large residential real estate development in the application of exploratory study, in order to expand the application of the

  14. Massive financing of the energy transition - SFTE feasibility study: synthesis report, Energy renovation of public buildings. A euros 120 bn investment programme for the European Union's three-year Juncker Plan, Massive financing of the energy transition in schools, hospitals and other public buildings. A euros 420 bn investment programme for the European Union, Massive financing of the energy transition in schools, hospitals, etc. for a competitive EU


    The SFTE project aims to establish a broad partnership between public and private entities to stimulate the economy and deliver between euros 180 bn and euros 420 bn of investment in Europe over 10 years for the benefit of medium-sized projects (in the order of euros 1 m) that are necessary for the energy transition. It will enable EU banks to finance the energy renovation of public buildings under excellent - cheap and long-term - conditions. A feasibility study has been conducted by the AFTER association with an exemplary consortium of public and private stakeholders in France: local authorities, industry players, banks/financial institutions, NGOs, Plan Batiment Durable. Many European institutions have expressed their interest in the initiative. Now the implementation of the SFTE project requires a commitment from European and national public authorities. Such a proactive real-estate policy would significantly contribute to economic recovery, cut costs, CO_2 emissions and the external deficit and improve energy independence, and could quickly create jobs. This document is the English version of the synthesis report of the SFTE project feasibility study. Two notes are attached to the document: one is a note to decision makers on the adaptation of the project to the euro 315 bn investment plan proposed by Jean-Claude Juncker, and the other is a technical note to decision makers

  15. Project Financing

    S. GATTI


    Στην εισαγωγή της παρούσας εργασίας δίνεται ο ορισμός του project financing, τα ιστορικά στοιχεία και οι τάσεις αγοράς του. Στο πρώτο κεφάλαιο αναφέρεται γιατί οι εταιρείες προτιμούν την χρηματοδότηση με project financing. Γίνεται λόγος για τα πλεονεκτήματά του έναντι της άμεσης χρηματοδότησης, καθώς και για τα μειονεκτήματα του project financing. Στο δεύτερο κεφάλαιο παρουσιάζονται τα χρηματοοικονομικά στοιχεία και ο ρόλος του χρηματοοικονομικού συμβούλου. Στην τρίτη ενότητα γίνεται η αναγνώ...

  16. PPP as a modern concept for providing public goods and services and its application in Serbia

    Drljača-Kanazir Svetlana


    Full Text Available Public-private partnership (hereinafter: PPP is an unconventional and modern pattern used to finance the construction and exploitation of public goods, which introduces the market based principles of operation in the public sector in the leading word economies as a result of market deregulation and liberalization. The purpose of this paper is to present the basic PPP characteristics, models of funding, and to highlight that this concept of financing the public goods and services is not sufficiently used in Serbia despite the fact that the necessary legal framework and educated staff in the public private and financial sectors, and active promotion of the concept as such are in place. This paper is intended to point that PPP is the only sustainable model of public infrastructure development (roads, tunnels, bridges, power generation plants, etc. in Serbia which is struggling with the significant budget deficit, huge public debt, high unemployment rate and a stagnating economy.

  17. Behavioural Finance: Theory and Survey

    Daiva Jurevičienė


    Full Text Available The paper analyses the importance of behavioural finance theories in household decision-making process. Behavioural finance theories investigate emotional characteristics to explain subjective factors and irrational anomalies in financial markets. In this regard, behavioural theories and behavioural anomalies in the decision-making process are examined; the application opportunities in the financial market are described. The aim of investigation is to determine the basic features and slopes of behavioural finance in concordance with financial decisions of a household. The survey method was applied to ascertain financial behaviour of literate households.

  18. Division of Finance Homepage

    Top Department of Administration logo Alaska Department of Administration Division of Finance Search Search the Division of Finance site DOF State of Alaska Finance Home Content Area Accounting Charge Cards You are here Administration / Finance Division of Finance Updates IRIS Expenditure Object Codes

  19. Considerations regarding the constitutional obligation determining the financing source for budgetary expenditures

    Florentina Camelia Stoica


    Full Text Available This study examines the relation between constitutionality and opportunity in order to adopt regulations in matters of economy and finance. The analysis concerns in particular the regulation process on budgetary expenditures, respectively the constitutional obligation to indicate the source of financing for these expenses. The legal and jurisprudential landmarks identified are likely to reveal the delicate issues of balancing the concurring interests, as well as the constitutionalisation tendency of certain obligations imposed by the law of public finances and, respectively, the Fiscal Responsibility Law in the sense of transforming them into “constitutional criteria” through the application of Article 138 (5 of the Constitution.

  20. Application of SharePoint Portal Technologies in Public Enterprises

    Dragan Đokić


    Full Text Available Nowadays, systematic reforms are realized acrossmany countries. One of the characteristics of these reforms is necessity for rationalization of expenses in governmental and public enterprises. Rationalization of expenses can be achieved by more extensive application of information and communication technologies based on internet technologies and cloud computing. These systems include huge number of services, applications, resources, users and roles. At the same time, concepts of scalability, availability, ubiquity and pervasiveness need to be applied. This paper deals with application of portal technologies for enhanced content management, document management, and collaboration within public enterprises. The goal is to achieve efficient exchange of information on all hierarchical levels, as well as mechanisms of reporting and performance measurements, such as business intelligence and key performance indicators. The model is based on SharePoint portal technologies. A case study of application within the public enterprise Post of Serbia is described.

  1. Applications of aerospace technology in the public sector

    Anuskiewicz, T.; Johnston, J.; Zimmerman, R. R.


    Current activities of the program to accelerate specific applications of space related technology in major public sector problem areas are summarized for the period 1 June 1971 through 30 November 1971. An overview of NASA technology, technology applications, and supporting activities are presented. Specific technology applications in biomedicine are reported including cancer detection, treatment and research; cardiovascular diseases, diagnosis, and treatment; medical instrumentation; kidney function disorders, treatment, and research; and rehabilitation medicine.

  2. Participatory financing for green growth

    Laville, Dorine; Phantharangsi, Maryvonne; Monnoyer-Smith, Laurence; Demeulenaere, Laurence; Lequeux, Typhaine; Cuny, Alicia


    As for the French Ministry of the Environment, participatory financing can be an innovating and mobilising tool to finance projects related to the energy and ecological transition, and as such a financing is promoted by the law on energy transition for a green growth, this publication presents this type of financing. It evokes its legal framework, its different forms (loan to companies, loan to individuals, gift, capital investment), its safe legal framework (definition of different types of status). It outlines how it can be a lever for energy and ecological transition even if green projects are difficult to quantify. It evokes the future introduction of a label, and the introduction of legal and regulatory measures to develop the renewable energy sector

  3. Creative Bus Financing.

    Malone, Wade


    Alternative ways of financing school bus purchases include financing privately through contractors or commercial banks, financing through sources such as insurance companies and pension funds, leasing the buses, or contracting for transportation services. (Author/MLF)

  4. Finance and Management Services

    Substance Misuse and Addiction Prevention Finance & Management Services Health Care Services Juvenile health care provider about vitamin D and the risks and benefits of supplementation. Finance and Management Services The Division of Finance and Management Services (FMS) provides financial, administrative

  5. An economic theory of Islamic finance

    Mabid Ali Al-Jarhi


    Full Text Available Purpose - This paper aims to provide an economic rationale for Islamic finance. Design/methodology/approach - Its methodology is simple. It starts with listing the contributions to economic analysis relevant to the required rationale in the theories of banking, finance, price, money and macroeconomics, to identify the main rationale for Islamic finance. A concise description of the author’s model for an Islamic economic system, within which Islamic finance can be operational, is provided. Findings - The paper finds distinct advantages of Islamic finance, when properly applied within the author’s model. Islamic finance can therefore be a candidate as a reform agenda for conventional finance. It opens the door for significant monetary reform in currently prevalent economic systems. Research limitations/implications - The first limitation of the paper is that the distinct benefits of Islamic finance are all of macroeconomic types which are external to Islamic banking and finance institutions. They are therefore not expected to motivate such institutions to apply Islamic finance to the letter, without regulators interference to ensure strict application. The second limitation is the necessity to set up enabling institutional and regulatory arrangements for Islamic finance. Originality/value - The results are unique as they challenge the received doctrine and provide non-religious rationale for Islamic finance.

  6. Innovative Financing of Higher Education: Changing Options and Implications

    Panigrahi, Jinusha


    With the onset of new public management, there is a shift in the methods of financing of higher education institutions across the countries of the world, particularly emerging market economies, from public financing to private financing of higher education. Many countries adopted this shift very quickly while others have moved towards a gradual…

  7. Social security financing.


    After nearly 2 years of study, the 1979 Advisory Council on Social Security submitted its findings and recommendations in December. In February the Bulletin published the Executive Summary of the Council's report. Because of the continuing wide public interest in the future of social security financing, the Council's detailed findings and recommendations on that subject are published below. The Council unanimously reports that all current and future beneficiaries can count on receiving the payments to which they are entitled. Among the recommendations it calls for are partial financing with nonpayroll-tax revenues. Suggested changes include hospital insurance (HI) financed through portins of personal and corporate income taxes and a part of the HI insurance payroll tax diverted to cash benefits with the balance of this tax repealed. The Council also recommends that the social security cash benefits program be brought into long-run actuarial balance--with a payroll-tax rate increase in the year 2005. It rejects the idea of a value-added tax as being inflationary. Parenthetical remarks represent additional views of the Council members cited.

  8. Financing rail capital projects : historical lessons, contemporary cases.


    Two large questions informed the research for this article: first, how and why did the mid20th century shift from private to public ownership, financing and operation of : passenger railways affect the subsequent financing and development of high ...

  9. Behavioral finance: Finance with normal people

    Meir Statman


    Behavioral finance substitutes normal people for the rational people in standard finance. It substitutes behavioral portfolio theory for mean-variance portfolio theory, and behavioral asset pricing model for the CAPM and other models where expected returns are determined only by risk. Behavioral finance also distinguishes rational markets from hard-to-beat markets in the discussion of efficient markets, a distinction that is often blurred in standard finance, and it examines why so many investors believe that it is easy to beat the market. Moreover, behavioral finance expands the domain of finance beyond portfolios, asset pricing, and market efficiency and is set to continue that expansion while adhering to the scientific rigor introduced by standard finance.

  10. Financing energy projects: experience of the International Finance Corporation

    Bond, Gary; Carter, Laurence


    This paper provides an overview of the recent trend towards private ownership and financing of power projects in the developing countries, focusing on the role played by both private and public agencies in meeting the large financing challenges. The paper draws upon the operational experience of the International Finance Corporation, which has been involved in the financing of more than 30 private power projects in the developing countries over the past three decades. Among the issues that affect implementation of private power projects is the balancing of risk and reward to equity investors and to commercial lenders. The paper discusses the principal sources of risk and the strategies used to manage them. A related issue is the competition for capital on the international markets, and the techniques that are being devised to bring more finance to the power sector. Finally, the paper considers the role of government in bringing private investors to the power sector, and the approaches being adopted to balance the needs of investors with the needs of the public. (author)

  11. Tools for computational finance

    Seydel, Rüdiger U


    Computational and numerical methods are used in a number of ways across the field of finance. It is the aim of this book to explain how such methods work in financial engineering. By concentrating on the field of option pricing, a core task of financial engineering and risk analysis, this book explores a wide range of computational tools in a coherent and focused manner and will be of use to anyone working in computational finance. Starting with an introductory chapter that presents the financial and stochastic background, the book goes on to detail computational methods using both stochastic and deterministic approaches. Now in its sixth edition, Tools for Computational Finance has been significantly revised and contains:    Several new parts such as a section on extended applications of tree methods, including multidimensional trees, trinomial trees, and the handling of dividends; Additional material in the field of generating normal variates with acceptance-rejection methods, and on Monte Carlo methods...

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

    I. V. Mizina


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

  13. 32 CFR 705.19 - Financing.


    ... 32 National Defense 5 2010-07-01 2010-07-01 false Financing. 705.19 Section 705.19 National Defense Department of Defense (Continued) DEPARTMENT OF THE NAVY UNITED STATES NAVY REGULATIONS AND OFFICIAL RECORDS PUBLIC AFFAIRS REGULATIONS § 705.19 Financing. (a) The financial requirements for...

  14. Complications in financing new nuclear power plants

    Rubow, L.; Bataklieva, L.


    Historical Financing Approach; Recent Financing Complexities; Typical NPP Project Structure; Project Funding; Technical Developments; Financing Drivers; Conflicting Goals; Different Motivation/ Values: Public vs. Private and other financial aspects are discussed. Some suggestions for consideration are given, such as: Stronger involvement of Government. Stronger involvement of off takers as investors: – Large industrial entities – Utilities/ Distribution companies – Smaller, aggregated industrial entities. Return to corporate finance model (e.g. balance sheet based on existing operating assets), More creative BOO(T) structures, EPCM project execution structures; Better communication with outside stake holders, i.e., why nuclear is best option


    Liliia Savchuk


    Full Text Available In the article the peculiarities of financing healthcare in Ukraine. Analyzed various sources of funding for the sector. Health expenditure per capita of the population in Ukraine and around the world have been investigated. On the basis of the analysis found that the size of budget financing are inefficient and do not meet the resource needs of the industry. Clarified the problems of resource provision of health care and the shortcomings of public Finance mechanisms. Asked to review the existing allocation mechanism of the industry and the rapid transition to a model of budgetary-insurance medicine. Keywords: realm healthcare, financing sources, government budget, expenditure, insurance medicine. JEL: H 51

  16. School Finance Reform. At Issue

    Weston, Margaret


    Californians are very concerned about funding for their K-12 public schools. They consistently say that K-12 education should be protected from spending cuts over and above any other area of the state budget. California's system of school finance is in trouble. Many studies have found it to be inequitable, with wide variation in per-pupil funding.…

  17. Entangled geographies of "Irish" finance

    Hendrikse, R.P.


    This paper dissects the financial crisis through an analysis of financial development in Ireland. Although a single system, Irish finance is split in two. Illustrative of national financial developments, this paper details how public officials aimed to create a financial center in Cork. Exemplifying

  18. Guideposts for Low Carbon Finance

    Pizer, Billy


    The author proposes four guideposts for efficient low carbon finance: remove subsidies for high-carbon technologies, improve the cost-effectiveness of low-carbon subsidies, encourage private sector innovation and maintain transparent public policy tools that support cost-benefit accounting

  19. Nuclear fuel financing

    Lurf, G.


    Fuel financing is only at its beginning. A logical way of developing financing model is a step by step method starting with the financing of pre-payments. The second step will be financing of natural uranium and enrichment services to the point where the finished fuel elements are delivered to the reactor operator. The third step should be the financing of fuel elements during the time the elements are inserted in the reactor. (orig.) [de

  20. "Money in Finance"

    L. Randall Wray


    This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The role of government as both regulator of private institutions and provider of finance is also discussed, and related topics such as liquidity and saving are explored. We conclude with a look at some of the new innovations in finance, and at the global financial...

  1. Publication misrepresentation among neurosurgery residency applicants: an increasing problem.

    Kistka, Heather M; Nayeri, Arash; Wang, Li; Dow, Jamie; Chandrasekhar, Rameela; Chambless, Lola B


    OBJECT Misrepresentation of scholarly achievements is a recognized phenomenon, well documented in numerous fields, yet the accuracy of reporting remains dependent on the honor principle. Therefore, honest self-reporting is of paramount importance to maintain scientific integrity in neurosurgery. The authors had observed a trend toward increasing numbers of publications among applicants for neurosurgery residency at Vanderbilt University and undertook this study to determine whether this change was a result of increased academic productivity, inflated reporting, or both. They also aimed to identify application variables associated with inaccurate citations. METHODS The authors retrospectively reviewed the residency applications submitted to their neurosurgery department in 2006 (n = 148) and 2012 (n = 194). The applications from 2006 were made via SF Match and those from 2012 were made using the Electronic Residency Application Service. Publications reported as "accepted" or "in press" were verified via online search of Google Scholar, PubMed, journal websites, and direct journal contact. Works were considered misrepresented if they did not exist, incorrectly listed the applicant as first author, or were incorrectly listed as peer reviewed or published in a printed journal rather than an online only or non-peer-reviewed publication. Demographic data were collected, including applicant sex, medical school ranking and country, advanced degrees, Alpha Omega Alpha membership, and USMLE Step 1 score. Zero-inflated negative binomial regression was used to identify predictors of misrepresentation. RESULTS Using univariate analysis, between 2006 and 2012 the percentage of applicants reporting published works increased significantly (47% vs 97%, p < 0.001). However, the percentage of applicants with misrepresentations (33% vs 45%) also increased. In 2012, applicants with a greater total of reported works (p < 0.001) and applicants from unranked US medical schools (those not

  2. An Exploratory Study of the Effects of Project Finance on Project Risk Management : How the Distinguishing Attributes of Project Finance affects the Prevailing Risk Factor?

    Chan, Ka Fai


    Project finance is a financing arrangement for projects, and it is characterised by the creation of a legally independent project company financed with non- or limited recourse loans. It is observed that the popularity of project finance is increasing in the recent decades, despite of the impact of Asian financial crisis. Especially in emerging markets, project finance is very common among the public-private partnership projects. It is possible that project finance yields some benefits in pro...

  3. Veřejné finance a finační trhy

    Kahoun, Jakub


    Bachelor thesis deals with public finance and financial markets. Author analyzes the basic terms of the solved problems in the theoretical part: public finance, public budgets, public revenues, public expenditures, public debt, financial markets and their relations. The analytical part is trying to find an answer to the question, what tools the state have to finance the national debt and how to finance it from the government bond yield.

  4. Automating Finance

    Moore, John


    In past years, higher education's financial management side has been riddled with manual processes and aging mainframe applications. This article discusses schools which had taken advantage of an array of technologies that automate billing, payment processing, and refund processing in the case of overpayment. The investments are well worth it:…

  5. Resolved, That the Federal Government Should Fully Finance a Defensible Minimum Education for All Children in the Public Schools. An Affirmative Position.

    Hack, Walter G.

    This report discusses several kinds of Federal aid to education and decides that a Federal foundation program is the best type. Arguments in favor of such a program are that (1) contemporary societal problems require a national policy (including a federally financed education program), (2) equity of financial responsibility for the educational…

  6. Is health care financing in Uganda equitable?

    Zikusooka, C M; Kyomuhang, R; Orem, J N; Tumwine, M


    Health care financing provides the resources and economic incentives for operating health systems and is a key determinant of health system performance. Equitable financing is based on: financial protection, progressive financing and cross-subsidies. This paper describes Uganda's health care financing landscape and documents the key equity issues associated with the current financing mechanisms. We extensively reviewed government documents and relevant literature and conducted key informant interviews, with the aim of assessing whether Uganda's health care financing mechanisms exhibited the key principles of fair financing. Uganda's health sector remains significantly under-funded, mainly relying on private sources of financing, especially out-of-pocket spending. At 9.6 % of total government expenditure, public spending on health is far below the Abuja target of 15% that GoU committed to. Prepayments form a small proportion of funding for Uganda's health sector. There is limited cross-subsidisation and high fragmentation within and between health financing mechanisms, mainly due to high reliance on out-of-pocket payments and limited prepayment mechanisms. Without compulsory health insurance and low coverage of private health insurance, Uganda has limited pooling of resources, and hence minimal cross-subsidisation. Although tax revenue is equitable, the remaining financing mechanisms for Uganda are inequitable due to their regressive nature, their lack of financial protection and limited cross-subsidisation. Overall, Uganda's current health financing is inequitable and fragmented. The government should take explicit action to promote equitable health care financing by establishing pre-payment schemes, enhancing cross-subsidisation mechanisms and through appropriate integration of financing mechanisms.

  7. Finance & Stochastic

    Giandomenico, Rossano


    The study analyses quantitative models for financial markets by starting from geometric Brown process and Wiener process by analyzing Ito’s lemma and first passage model. Furthermore, it is analyzed the prices of the options, Vanilla & Exotic, by using the expected value and numerical model with geometric applications. From contingent claim approach ALM strategies are also analyzed so to get the effective duration measure of liabilities by assuming that clients buy options for protection and ...


    Jerzy Piotr Gwizdała


    Full Text Available In Poland, as in other European Union countries, the project finance structure is used to finance investments in the field of energy. This method investment financing is often used in the world. The upward trend inhibition in recent periods has been due to the global financial crisis and financial instability in the euro zone. On account of the necessity to develop the energy infrastructure associated with renewable sources, the considerable strengthening in the use of project finance techniques can be expected. The particular progression may be observed in the case of public-private partnership (ppp, where public investments are carried out by private companies. Companies, in case of investment realization in the field of ppp, almost always use project finance, because it is a beneficial way to separate the risks associated with an investment from the balance sheet of the compa-ny.


    Guilherme Luz Tortorella


    Full Text Available During the last decade, there has been a demand for public services to enhance management practices and attain results comparable to those experienced in the private sector. The need for achieving higher quality standards in public services has highlighted the importance of exploring new management techniques to account for the obsolescence in those organizations’ administrative models, with particular emphasis on healthcare services. This paper reports the application of one such new management technique, named Value Stream Mapping (VSM, in the sterilized unit of a public healthcare organization. We present here the benefits of analyzing healthcare processes using VSM, contributing to the existing body of knowledge on Lean management by examining the validity of applying its principles and practices in contexts other than manufacturing.

  10. Maximising the value of supply chain finance

    Vliet, van der K.; Reindorp, M.J.; Fransoo, J.C.


    Supply Chain Finance (SCF) arrangements aim to add value by taking a cooperative approach to financing the supply chain. Interest in SCF has been increasing, and decision makers need a comprehensive view of possible applications and their potential. By means of theoretical and empirical exploration,

  11. 7 CFR 3560.570 - Construction financing.


    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Construction financing. 3560.570 Section 3560.570 Agriculture Regulations of the Department of Agriculture (Continued) RURAL HOUSING SERVICE, DEPARTMENT OF... financing. The requirements established in § 3560.71 apply to all applications involving off-farm labor...

  12. 7 CFR 3560.620 - Construction financing.


    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Construction financing. 3560.620 Section 3560.620 Agriculture Regulations of the Department of Agriculture (Continued) RURAL HOUSING SERVICE, DEPARTMENT OF... financing. The requirements established in § 3560.71 apply to all applications involving on-farm labor...

  13. Application of GIS technology in public health: successes and challenges.

    Fletcher-Lartey, Stephanie M; Caprarelli, Graziella


    The uptake and acceptance of Geographic Information Systems (GIS) technology has increased since the early 1990s and public health applications are rapidly expanding. In this paper, we summarize the common uses of GIS technology in the public health sector, emphasizing applications related to mapping and understanding of parasitic diseases. We also present some of the success stories, and discuss the challenges that still prevent a full scope application of GIS technology in the public health context. Geographical analysis has allowed researchers to interlink health, population and environmental data, thus enabling them to evaluate and quantify relationships between health-related variables and environmental risk factors at different geographical scales. The ability to access, share and utilize satellite and remote-sensing data has made possible even wider understanding of disease processes and of their links to the environment, an important consideration in the study of parasitic diseases. For example, disease prevention and control strategies resulting from investigations conducted in a GIS environment have been applied in many areas, particularly in Africa. However, there remain several challenges to a more widespread use of GIS technology, such as: limited access to GIS infrastructure, inadequate technical and analytical skills, and uneven data availability. Opportunities exist for international collaboration to address these limitations through knowledge sharing and governance.

  14. Exploring the Perceived Measures of Privacy: RFID in Public Applications

    Mohammad Alamgir Hossain


    Full Text Available The purpose of this study is to explore the measures that may protect privacy of the users - in the context of RFID use in public applications. More specifically, this study investigates what the users perceive to have securing their privacy, particularly for the RFID applications in public uses. Qualitative research approach has been utilised for this study. The author conducted two focus-group discussion sessions and eight in-depth interviews in two countries: one from Australasia region (Australia and the other from Asia (Bangladesh, assuming that the status, and the perceptions and tolerance of the citizens on privacy issues are different in the stated regions. The explored factors have been analysed from privacy perspectives. The findings show that, in developed and developing countries, the basic perceptions of the users on privacy protection are complimentary; however, privacy is a more serious concern in Australia than in Bangladesh. Data analysis proposed some attributes that may improve users’ privacy perceptions when RFID is used in public applications. This study is the single initiative that focuses on privacy of RFID users from national-use context. As practical implication, the proposed attributes can be exercised by the deploying agencies that implement RFID technology for citizens’ use.

  15. Information report submitted by application of article 145 of the regulation by the Finance Commission in conclusion of the Mission of assessment and control (MEC) on Future Investment Programmes (PIA) for ecological transition financing. Nr 3867

    Sas, Eva; Rohfritsch, Sophie; Carre, Olivier; Claeys, Alain


    This report first indicates and comments the main comments made by the French Finance Commission about the significant decrease of programmed financing of ecological transition, about the fact that cross-compliance of financial supports does not compensate this decrease, about the quality of steering of investment programmes by the different operators. Then, a first part outlines that energy transition is a major challenge for Future Investment Programme (PIA) by discussing PIA strategy, the financing of the different levers of energy transition, and the effects of the PIA on budgetary credits. It discusses the risks of weakening of dynamics underway, outlines possible improvements regarding management and assessment, and obstacles to be overcome to invest in energy transition (to improve access of small and medium companies to investment programmes, to adapt support modalities), and outlines how ecological transition is a challenge for the third PIA. Propositions are then stated

  16. 360度绩效考评在政府财政绩效管理中的应用%The Application of 360-degree Feedback in the Government Finance Performance



    基于目前我国财政绩效管理中存在着资金管理效益低下、绩效考评主体单一、监督机制缺失等问题,分析将360度绩效考评方法引入财政绩效管理中的优势,具体表现为:信息充足、可信度高、有利于提高政府行政能力和增强大众监督。从主体确定、权重设计、实施步骤三个方面探讨360度财政绩效考评框架,提出在应用中应创造和谐氛围、加强主体培训、充分利用网络引入媒体监督等对策建议。%There are some problems in the government finance performance,such as inefficient fund management,unitary evaluation subject,and lack of supervision mechanism.In view of these problems,the paper analyzes the advantages of 360-degree feedback being introduced into the government finance performance.Its advantages are: adequate in information,high in credibility,and beneficial for government executive ability improvement and public supervision enhancement.The paper discusses the basic performance appraisal framework from the aspects of subject deciding,weight design and implementation steps,and then offers some proposals for the application,such proposals as creating a harmonious atmosphere,strengthening subject training,and introducing media supervision by making full use of Internet.

  17. Nuclear industry (Finance) Act 1981


    The purpose of the Act is to enable British Nuclear Fuels Limited to make borrowings backed by Government guarantees in order to finance its ten year investment programme. More specifically, the Act raises the financial limit applicable to British Nuclear Fuels Limited from pound 500 million to pound 1,000 million. (NEA) [fr

  18. 77 FR 42945 - Delegation of Certain Functions Under Section 570(e) of the Foreign Operations, Export Financing...


    ... Certain Functions Under Section 570(e) of the Foreign Operations, Export Financing, and Related Programs... the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1997 (Public Law...

  19. Finance/security/life.

    Langley, P.


    What is the contemporary relation between finance and security? This essay encourages further research into the securitization of finance by developing the notion of ‘finance/security/life’. A focus on the intersections of finance/security/life will be shown to prompt a broadened range of critical, cross-disciplinary concerns with the various ways in which financial markets are positioned as vital to securing wealth, welfare and wellbeing.

  20. Discontinuation of approval of modifications in notes, guaranteed under Title VI or VII of the Public Health Service Act, proposed to permit use of the notes as collateral for tax-exempt financings--PHS. Final rule.


    The Department of Health and Human Services (HHS) adds a new section to regulations for making and guaranteeing loans for construction and modernization of hospitals and medical facilities and to regulations for guaranteeing loans for the construction of teaching facilities for health professions personnel. Under these regulations HHS will not approve the modification of the terms of an existing loan guaranteed under Title VI or Title VII of the Public Health Service (PHS) Act if the modification would permit use of the guarantee (or guaranteed loan) as collateral for tax-exempt financing.

  1. Financing petroleum agreements

    Robson, C.J.V.


    This chapter describes the typical type of financing agreements which are currently used to finance North Sea petroleum projects whether they are in the cause of development or have been developed and are producing. It deals with the agreements which are entered into to finance borrowings for petroleum projects on a non-resource or limited resource basis. (UK)

  2. Finance-growth nexus: Insights from an application of threshold regression model to Malaysia's dual financial system

    Alaa Alaabed


    Full Text Available The purpose of this paper is to test the growing converging views regarding the destabilizing and growth-halting impact of interest-based debt financial system. The views are as advocated by the followers of Keynes and Hyman Minsky and those of Islam. Islam discourages interest rate based debt financing as it considers it not very conducive to productive activities and human solidarity. Likewise, since the onset of the crisis of 2007/2008, calls by skeptics of mainstream capitalism have been renewed. The paper applies a threshold regression model to Malaysian data and finds that the relationship between growth and financial development is non-linear. A threshold is estimated, after which credit expansion negatively impacts GDP growth. While the post-threshold negative relationship is found to be statistically significant, the estimated positive relationship at lower levels of financial development is insignificant. The findings provide support to the above views and are hoped to guide monetary authorities to better growth-promoting policy-making.

  3. On a numerical method for solving integro-differential equations with variable coefficients with applications in finance

    Kudryavtsev, O.; Rodochenko, V.


    We propose a new general numerical method aimed to solve integro-differential equations with variable coefficients. The problem under consideration arises in finance where in the context of pricing barrier options in a wide class of stochastic volatility models with jumps. To handle the effect of the correlation between the price and the variance, we use a suitable substitution for processes. Then we construct a Markov-chain approximation for the variation process on small time intervals and apply a maturity randomization technique. The result is a system of boundary problems for integro-differential equations with constant coefficients on the line in each vertex of the chain. We solve the arising problems using a numerical Wiener-Hopf factorization method. The approximate formulae for the factors are efficiently implemented by means of the Fast Fourier Transform. Finally, we use a recurrent procedure that moves backwards in time on the variance tree. We demonstrate the convergence of the method using Monte-Carlo simulations and compare our results with the results obtained by the Wiener-Hopf method with closed-form expressions of the factors.

  4. Energy Finance Data Warehouse Manual

    Lee, Sangkeun [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Chinthavali, Supriya [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Shankar, Mallikarjun [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Zeng, Claire [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Hendrickson, Stephen [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States)


    The Office of Energy Policy and Systems Analysis s finance team (EPSA-50) requires a suite of automated applications that can extract specific data from a flexible data warehouse (where datasets characterizing energy-related finance, economics and markets are maintained and integrated), perform relevant operations and creatively visualize them to provide a better understanding of what policy options affect various operators/sectors of the electricity system. In addition, the underlying data warehouse should be structured in the most effective and efficient way so that it can become increasingly valuable over time. This report describes the Energy Finance Data Warehouse (EFDW) framework that has been developed to accomplish the defined requirement above. We also specifically dive into the Sankey generator use-case scenario to explain the components of the EFDW framework and their roles. An excel-based data warehouse was used in the creation of the energy finance Sankey diagram and other detailed data finance visualizations to support energy policy analysis. The framework also captures the methodology, calculations and estimations analysts used for the calculation as well as relevant sources so newer analysts can build on work done previously.

  5. Financing wind projects

    Manson, J.


    This presentation reviewed some of the partnership opportunities available from GE Energy. GE Energy's ecomagination commitment has promised to double research investment, make customers true partners and reduce greenhouse gases (GHGs). GE Energy's renewable energy team provides a broad range of financial products, and has recently funded 30 wind farms and 2 large solar projects. The company has a diverse portfolio of technology providers and wind regimes, and is increasing their investment in technology. GE Energy recognizes that the wind industry is growing rapidly and has received increased regulatory support that is backed by strong policy and public support. It is expected that Canada will have 3006 wind projects either planned or under construction by 2007. According to GE Energy, successful wind financing is dependent on the location of the site and its wind resources, as well as on the wind developer's power sales agreement. The success of a wind project is also determined by clear financing goals. Site-specific data is needed to determine the quality of wind resource, and off-site data can also be used to provide validation. Proximity to load centres will help to minimize capital costs. Power sales agreements should be based on the project's realistic net capacity factor as well as on the cost of the turbines. The economics of many wind farms is driven by the size of the turbines used. Public consultations are also needed to ensure the success of wind power projects. It was concluded that a good partner will have staying power in the wind power industry, and will understand the time-lines and needs that are peculiar to wind energy developers. refs., tabs., figs


    Cristina, GRADEA


    Full Text Available Public financing of infrastructure proved under performing at uneconomic prices, and because of political interference in the management of funds, understanding the problem leading to the adoption of private funding variant, an effective way of private funding being the financing of the project. Project financing is a concept that assessed by means of financing a specific technique. In this context, those granting funds usually through loans typically are only interested in cash flows and project profit, which are a source of funds for repayment of loans; they are less interested in the creditworthiness of those employed in the project (organizations, governments, communities and so on. This approach has led to the emergence of new ways of financing projects, new types of projects, such as regional and rural development.

  7. Stakeholder Choices in Adaptation and Public Finance Planning for Coastal Hazard Mitigation in a Changing World: Highlights from Case Studies in Santos, Brazil, Broward County, FL, US and Selsey, UK (The METROPOLE Project)

    Muller-Karger, F. E.; Merrill, S.; Pelling, M.; Marengo, J. A.; Reynolds, C. J.; Langbehn, K.; Paterson, S.; Nunes, L. H.; Kartez, J.; Lockman, J. T.


    Better integration of the human dimensions (values, beliefs, cultural identity, place, risk perceptions, communications, decision making) with scientific, technical, and economic data is required to advance effective municipal planning for adaptation to changes that can be expected to occur based on a changing climate. The international METROPOLE project offers practical insights and a path forward for coastal communities around the world with results from applied research carried out by social scientists, natural scientists, and practitioners working in coastal municipalities in Brazil, the United Kingdom, and the United States. Decision makers were interviewed to assess the Adaptive Capacity of their communities, and stakeholders were engaged in workshops to discuss the risks due to projected sea level rise (SLR) in terms of impacts and costs to property. The team investigated the social, cultural, and governance factors that shape decision making. Municipal leaders and local experts selected the SLR scenarios and adaptation options to be modelled using COAST, a state-of-the-art tool. The visualizations and risk maps integrated scientific and local economic data, and illustrated the potential impacts on 10,000 properties in each study area. Stakeholders voted on parameters to determine the cost-benefit ratio of potential adaptation options. Stakeholder priorities for local adaption planning, agreement with the need for increased fees/taxes, and acceptability of possible public finance mechanisms were evaluated with pre- and post-workshop surveys. The research identified similar patterns of adaptation "priorities" and new insight into how stakeholders consider public finance mechanisms for local action, in the context of "fiscal benefits and burdens." The research suggests implications for small towns, land-use policy changes, implementing adaptation options which deliver short and long-term benefits, and, for state and local governments to develop finance policy

  8. Estimating mobilized private climate finance for developing countries - A Norwegian pilot study

    Torvanger, Asbjørn; Narbel, Patrick; Lund, Harald Francke


    The point of departure for this study is the available data in Norway on climate finance for developing countries. The bottleneck in tracking mobilized private climate finance is availability and quality of data. The main challenge is that Norwegian public institutions sourcing public support for climate finance have not yet implemented sufficient systems for measurement, reporting and verification of mobilized private climate finance. In addition, climate finance tracking is constrained by m...

  9. [The LORAS Project and quality assurance. In four years from input- to outcome-oriented financing in public health. 1: The LORAS Project].

    Lenz, M J; Hochreutener, M A


    This series of three articles is a summary of the operations, findings and results of the hospital reform projects in the Canton of Zurich, termed LORAS. With the aid of the LORAS project within four years Zurich hospitals have been transformed. Whereas they used to adhere to input-oriented covering of deficits they now operate with outcome-oriented prospective financing of output. Part 1 describes the whole Project. Part 2 focuses on the development of outcome-measurement. Part 3 finally describes the implementation of the outcome-measurement in the canton of Zurich.

  10. [The LORAS project and quality assurance. In four years from input- to outcome-oriented financing in public health. 2: LORAS project outcome parts 1 & 98].

    Lenz, M J; Hochreutener, M A


    This series of three articles is a summary of the operations, findings and results of the hospital reform projects in the Canton of Zurich, termed LORAS. With the aid of the LORAS project within four years Zurich hospitals have been transformed. Whereas they used to adhere to input-oriented covering of deficits they now operate with outcome-oriented prospective financing of output. Part 1 describes the whole project. Part 2 focuses on the development of outcome-measurement. Part 3 finally describes the implementation of the outcome-measurement in the canton of Zurich.

  11. Naložbeni pokojninski skladi, dolgoročna vzdržnost javnih financ in finančna stabilnost v Sloveniji = Supplementary pension schemes, long-term sustaniability of public finances and financial stability in Slovenia

    Aleš Berk Skok


    Full Text Available Demographic pressures urge authorities to find solutions for their publicpension systems. Supplementary (capital market based pensionschemes have become a prerequisite mechanism for avoiding povertyof nations. In this contribution we stress the need for the Sloveniangovernment to reform the existing embryonic supplementary pensionsystem, which will above all be basedon competitive principles.Besides the well funded collective pillar, we argue that governmentshould introduce individual retirement accounts which would serve asa mechanism to provide individuals with an incentive to save for theirretirement use. By accomplishing that, Slovenia would not only solvefiscal pressures stemming from the unsustainable public pension systembut would also substantially underpin underdeveloped nationalfinancial markets and institutions.

  12. Financial and Economic Crisis and Corporate Finance Development

    LI Xinhe


    Financial and economic crisis has challenged the ideological and methodological basis,the basic assumptions and the universal applicability of the research conclusions of the mainstream corporate finance.In order to construct corporate finance appropriate to the state of financial crisis,it is necessary to adjust the objective function of corporate finance,modify the corporate financing theory,extend corporate investment theory,enrich corporate working capital management theory,and adjust corporate dividend policy theory.

  13. Light mobility applications towards public education and research

    Ceviz, Y.; Eroglu, M.; Akfidan, T.; Altinel, S.; Yazici, M.S. [UNIDO-ICHET - International Centre for Hydrogen Energy Technologies, Istanbul (Turkey)


    International Center for Hydrogen Energy Technologies (ICHET) has been implementing measures to demonstrate potential benefits of the ''hydrogen and fuel cell systems'' in developing countries. As part of applied R and D activities, various prototype vehicles (a small tri-wheel scooter, a four-passenger cart integrated with a 2 kW fuel cell, a mobile caravan with wind, solar and fuel cell power and a forklift with the necessary fuelling options and controls) were demonstrated utilizing hydrogen as fuel. Performance analysis, sizing of the various system components and modeling will be carried out as part of applied R and D program. A long-term objective of the projects is to push for use of fuel cell powered light mobile vehicles in public places and encourage local industry to manufacturer similar vehicles and explore market potential for such use. As a benefit of this activity, public awareness on applications of renewable and fuel cell technologies will increase and viability of such systems will be demonstrated to change public perception. (orig.)

  14. 37 CFR 1.291 - Protests by the public against pending applications.


    ... against pending applications. 1.291 Section 1.291 Patents, Trademarks, and Copyrights UNITED STATES PATENT... Processing Provisions Protests and Public Use Proceedings § 1.291 Protests by the public against pending applications. (a) A protest may be filed by a member of the public against a pending application, and it will...

  15. Financing Distributed Generation

    Walker, A.


    This paper introduces the engineer who is undertaking distributed generation projects to a wide range of financing options. Distributed generation systems (such as internal combustion engines, small gas turbines, fuel cells and photovoltaics) all require an initial investment, which is recovered over time through revenues or savings. An understanding of the cost of capital and financing structures helps the engineer develop realistic expectations and not be offended by the common requirements of financing organizations. This paper discusses several mechanisms for financing distributed generation projects: appropriations; debt (commercial bank loan); mortgage; home equity loan; limited partnership; vendor financing; general obligation bond; revenue bond; lease; Energy Savings Performance Contract; utility programs; chauffage (end-use purchase); and grants. The paper also discusses financial strategies for businesses focusing on distributed generation: venture capital; informal investors (''business angels''); bank and debt financing; and the stock market.




    Full Text Available Financing (funding is essentially the purchase of funds necessary for a business. This can be done from internal sources (company’s own funds or external (borrowed funds. The high value of goods traded in international trade makes revenues generated from internal resources not sufficient to settle the value of the goods. Thus, it is frequent to resort to borrowed funds. In International Business Transactions, external financing is done both by classical techniques of credit (credit supplier and buyer credit and modern techniques of financing (factoring, forfeiting, leasing all trade tailored. In terms of the length of financing, accounting funding is short-term (1-12 months and long-term financing (over a year. In principle, export and import operations prevailing short-term financing techniques, while international investment and industrial cooperation actions are specific long-term funding

  17. Financing Distributed Generation

    Walker, A.


    This paper introduces the engineer who is undertaking distributed generation projects to a wide range of financing options. Distributed generation systems (such as internal combustion engines, small gas turbines, fuel cells and photovoltaics) all require an initial investment, which is recovered over time through revenues or savings. An understanding of the cost of capital and financing structures helps the engineer develop realistic expectations and not be offended by the common requirements of financing organizations. This paper discusses several mechanisms for financing distributed generation projects: appropriations; debt (commercial bank loan); mortgage; home equity loan; limited partnership; vendor financing; general obligation bond; revenue bond; lease; Energy Savings Performance Contract; utility programs; chauffage (end-use purchase); and grants. The paper also discusses financial strategies for businesses focusing on distributed generation: venture capital; informal investors (''business angels''); bank and debt financing; and the stock market

  18. The Housing Finance Revolution

    Richard K. Green; Susan M. Wachter


    While other countries dismantled their segmented housing finance systems and linked housing finance to capital markets through deregulated depositories, the US linked housing finance to capital markets through depository deregulation and securitization. Elsewhere securitization has not developed. The US provided the underpinnings for its mortgage security infrastructure with the creation of FNMA in 1938 and in order to create liquidity in the mortgage market required the standardization of mo...

  19. Project Finance: Basic Components

    Alfieri Li Ojeda, Jaime


    The natural speed of the contemporary world demands large investment projects which require specialized financial techniques such as Project Finance, defined as a fund to finance investment projects of great magnitude. Every Project Finance involves a wide range of elements such as promoters, government, contractors andsuppliers, among others, that will ensure project success. La rapidez del mundo contemporáneo exige que los grandes proyectos de inversión requieran de técnicas financieras ...

  20. What is project finance?

    João M. Pinto


    Project finance is the process of financing a specific economic unit that the sponsors create, in which creditors share much of the venture’s business risk and funding is obtained strictly for the project itself. Project finance creates value by reducing the costs of funding, maintaining the sponsors financial flexibility, increasing the leverage ratios, avoiding contamination risk, reducing corporate taxes, improving risk management, and reducing the costs associated with market ...

  1. Financing nuclear power

    Sheriffah Noor Khamseah Al-Idid Syed Ahmad Idid


    Global energy security and climate change concerns sparked by escalating oil prices, high population growth and the rapid pace of industrialization are fueling the current interest and investments in nuclear power. Globally, a significant number policy makers and energy industry leaders have identified nuclear power as a favorable alternative energy option, and are presently evaluating either a new or an expanded role for nuclear power. The International Atomic Energy Agency (IAEA) has reported that as of October 2008, 14 countries have plans to construct 38 new nuclear reactors and about 100 more nuclear power plants have been written into the development plans of governments for the next three decades. Hence as new build is expected to escalate, issues of financing will become increasingly significant. Energy supply, including nuclear power, considered as a premium by government from the socio-economic and strategic perspective has traditionally been a sector financed and owned by the government. In the case for nuclear power, the conventional methods of financing include financing by the government or energy entity (utility or oil company) providing part of the funds from its own resources with support from the government. As national financing is, as in many cases, insufficient to fully finance the nuclear power plants, additional financing is sourced from international sources of financing including, amongst others, Export Credit Agencies (ECAs) and Multilateral Development Institutions. However, arising from the changing dynamics of economics, financing and business model as well as increasing concerns regarding environmental degradation , transformations in methods of financing this energy sector has been observed. This paper aims to briefly present on financing aspects of nuclear power as well as offer some examples of the changing dynamics of financing nuclear power which is reflected by the evolution of ownership and management of nuclear power plants

  2. Financing Constraints and Entrepreneurship

    William R. Kerr; Ramana Nanda


    Financing constraints are one of the biggest concerns impacting potential entrepreneurs around the world. Given the important role that entrepreneurship is believed to play in the process of economic growth, alleviating financing constraints for would-be entrepreneurs is also an important goal for policymakers worldwide. We review two major streams of research examining the relevance of financing constraints for entrepreneurship. We then introduce a framework that provides a unified perspecti...

  3. 43 CFR 29.6 - Financing, accounting, and audit.


    ... 43 Public Lands: Interior 1 2010-10-01 2010-10-01 false Financing, accounting, and audit. 29.6 Section 29.6 Public Lands: Interior Office of the Secretary of the Interior TRANS-ALASKA PIPELINE LIABILITY FUND § 29.6 Financing, accounting, and audit. (a)(1) The Operator of the Pipeline shall notify...

  4. 中国城市公共交通运营财税可持续框架体系研究%Framework and Architecture of Sustainable Financing for Urban Public Transport in China

    刘向龙; 许飒; 李成; 刘好德


    Under the background of the transit priority development strategy of China, the finance sus⁃tainable development problems of urban public transportation which caused by the long time low-fare policy were analyzed systematically. These problems include that the operation costs of the public transport company increased greatly as the quick growth of the salary and energy price, led to more se⁃rious losses, unsustainable urban public transport subsidies from government, the attractiveness of low-fare policy for passenger diminishing and so on, which making it more difficult to improve the quality of service effectively. To promote the building of a sustainable financing mechanism of urban public trans⁃port, the relationship between the service quality, costs, fares and financial subsidies were studied sys⁃tematically, starting from the demand of three main benefits of urban public transport, which include passengers, operation companies and government, and a service-oriented financing mechanism and ar⁃chitecture which build up the relationship with the operation costs, subsidies, price and the service qual⁃ity was pointed out, so as to support for the financing sustainable development of urban public transport in China.%在国家“公交优先”发展战略背景下,系统分析了中国大部分城市所采取的公交执行票价远低于成本票价的低票价政策,指出这种政策使得公交票价的制定与成本脱钩且长期不变,导致城市公交企业运营成本急剧攀升、企业经营难以为继、城市公共财政补贴不可持续、低票价对于客流吸引力逐渐减弱等一系列问题,进而引发公共交通服务质量难以有效提升。为构建可持续的城市公共交通运营财税机制,从城市公共交通三个利益主体即乘客、企业、政府对于公共交通的相关诉求出发,系统性研究了公共交通服务质量、成本、票价、财政补贴间的相互

  5. The great opportunity: Evolutionary applications to medicine and public health.

    Nesse, Randolph M; Stearns, Stephen C


    Evolutionary biology is an essential basic science for medicine, but few doctors and medical researchers are familiar with its most relevant principles. Most medical schools have geneticists who understand evolution, but few have even one evolutionary biologist to suggest other possible applications. The canyon between evolutionary biology and medicine is wide. The question is whether they offer each other enough to make bridge building worthwhile. What benefits could be expected if evolution were brought fully to bear on the problems of medicine? How would studying medical problems advance evolutionary research? Do doctors need to learn evolution, or is it valuable mainly for researchers? What practical steps will promote the application of evolutionary biology in the areas of medicine where it offers the most? To address these questions, we review current and potential applications of evolutionary biology to medicine and public health. Some evolutionary technologies, such as population genetics, serial transfer production of live vaccines, and phylogenetic analysis, have been widely applied. Other areas, such as infectious disease and aging research, illustrate the dramatic recent progress made possible by evolutionary insights. In still other areas, such as epidemiology, psychiatry, and understanding the regulation of bodily defenses, applying evolutionary principles remains an open opportunity. In addition to the utility of specific applications, an evolutionary perspective fundamentally challenges the prevalent but fundamentally incorrect metaphor of the body as a machine designed by an engineer. Bodies are vulnerable to disease - and remarkably resilient - precisely because they are not machines built from a plan. They are, instead, bundles of compromises shaped by natural selection in small increments to maximize reproduction, not health. Understanding the body as a product of natural selection, not design, offers new research questions and a framework for

  6. Application in the Nordic countries of ICRP publication 26


    The radiation protection institutes of the five Nordic countries, Denmark, Finland, Iceland, Norway and Sweden, published in 1976 a joint report on the applicability of international radiation protection recommendations in the Nordic countries. The report was mainly based on the set of recommendations issued by the International Commission on Radiological Protection (ICRP). In the report it was stated that 'if the basic recommendations of ICRP are subsequently revised, it is the intention of the radiation protection institutes to consider equivalent changes in the recommended basis for regulatory texts and, if there is full agreement, jointly to announce changes which may be made in respect to the principles which have been recommended here'. In 1977 ICRP published its revised basic recommendations (ICRP Publication 26) which resulted from the examination of new information during the last decade and since the Commission's previous basic recommendations (ICRP Publication 9 adopted in 1965. In 1978 the representatives of the radiation protection institutes of the Nordic countries agreed at their meeting in Helsinki to prepare a joint policy document on the application of the revised ICRP recommendations in the Nordic countries. In common with the previous joint report of the Nordic radiation protection institutes of 1976 the present recommendations deal only with ionizing radiation. In the new recommendations ICRP has more clearly than in the previous recommendations systematized the basic principles in radiation protection by crystallizing its system of dose limitation in three main points: a) no practice shall be adopted unless its introduction produces a positive net benefit; b) all exposures shall be kept as low as reasonably achievable, economic and social factors being taken into account; and C) the dose equivalent to individuals shall not exceed the limits recommended for the appropriate circumstances by the Commission. The levels for basic dose

  7. Science Shaping Sustainable Finance

    Rodriguez Osuna, V.; Vorosmarty, C. J.; Koehler, D.; Klop, P.; Spengler, J.; Buonocore, J.; Cak, A. D.; Tessler, Z. D.; Corsi, F.; Green, P. A.; Sánchez, R.


    Sustainable investment is confronting a period of rapid growth and fundamental change. However, the methods used to evaluate corporate sustainability are failing to keep pace with this new reality. In contrast to the 1990s when corporate data on pollution or occupational health were not available in the public domain, today's investors can take advantage of rich data streams, owing to voluntary corporate disclosures of their business practices. Yet, the data companies declare are hardly standardized, difficult to verify, and thus run the risk of creating unreliable assertions, a form of "green-washing". A partnership comprising a pension fund, an asset manager and two research universities has created a science-based approach to quantify context and place it into a decision-making framework for investors. We have tested this framework on US$2.5 billion of assets held by a large European pension fund with an initial focus on four domains—water, climate change, human health and food security. Our standardized metrics enable coherent comparison of individual company and portfolios over time. To place a company's impact on water systems or climate change into context requires geographically co-locating company operations, combining these with estimates of industrial emissions or mitigation potential, baseline Earth system science data and geopolitical and demographic statistics. Recent developments regarding the Paris Accord are a warning that progress toward a sustainable future requires rethinking the roles that the public and private sectors can play in effecting meaningful change. The finance sector, if given the proper guideposts, could rapidly transform fraught public policy challenges like climate adaptation or the global loss of biodiversity into business opportunities. By utilizing a science-based yardstick to evaluate and compare companies on the basis of their impacts, attention could be drawn to companies that are verifiably contributing to sustainability.

  8. Energy investments and ways of financing them

    Diel, R.


    The energy investments to be financed within the framework of the Federal Republic's energy programme require a growing proportion of external financing. The lending possibilities here are, however, also bound to the general regulations of the financial system where the credit solvency of the borrower, i.e. the earnings of the electricity industry, is a major criterion. Considering the promising market situation of the electricity industry, an elevation of the present credit line and a relaxation of the demands made on the balance relations should be justifiable, as even in this case the problems of financing cannot be solved by the exclusive application of conventional methods. (orig./AK) [de

  9. Fractionalization of the complex-valued Brownian motion of order n using Riemann-Liouville derivative. Applications to mathematical finance and stochastic mechanics

    Jumarie, Guy


    The (complex-valued) Brownian motion of order n is defined as the limit of a random walk on the complex roots of the unity. Real-valued fractional noises are obtained as fractional derivatives of the Gaussian white noise (or order two). Here one combines these two approaches and one considers the new class of fractional noises obtained as fractional derivative of the complex-valued Brownian motion of order n. The key of the approach is the relation between differential and fractional differential provided by the fractional Taylor's series of analytic function f(z+h)=E α (h α D z α ).f(z), where E α is the Mittag-Leffler function on the one hand, and the generalized Maruyama's notation, on the other hand. Some questions are revisited such as the definition of fractional Brownian motion as integral w.r.t. (dt) α , and the exponential growth equation driven by fractional Brownian motion, to which a new solution is proposed. As a first illustrative example of application, in mathematical finance, one proposes a new approach to the optimal management of a stochastic portfolio of fractional order via the Lagrange variational technique applied to the state moment dynamical equations. In the second example, one deals with non-random Lagrangian mechanics of fractional order. The last example proposes a new approach to fractional stochastic mechanics, and the solution so obtained gives rise to the question as to whether physical systems would not have their own internal random times

  10. Exposure of the general public due to wireless LAN applications in public places

    Schmid, G.; Preiner, P.; Lager, D.; Ueberbacher, R.; Georg, R.


    The typical exposure caused by wireless LAN applications in public areas has been investigated in a variety of scenarios. Small-sized (internet cafe) and large-scale (airport) indoor scenarios as well as outdoor scenarios in the environment of access points (AP) supplying for residential areas and public places were considered. The exposure assessment was carried out by numerical GTD/UTD computations based on optical wave propagation, as well as by verifying frequency selective measurements in the considered scenarios under real life conditions. In the small-sized indoor scenario the maximum temporal peak values of power density, spatially averaged over body dimensions, were found to be lower than 20 mW/m 2 , corresponding to 0.2% of the reference level according to the European Council Recommendation 1999/519/EC. Local peak values of power density might be 1-2 orders of magnitude higher, spatial and time-averaged values for usual data traffic conditions might be 2-3 orders of magnitude lower, depending on the actual data traffic. In the considered outdoor scenarios, exposure was several orders of magnitude lower than in indoor scenarios due to the usually larger distances to the AP antennas. (authors)

  11. Financing - general considerations


    Various aspects of the problems of financing a multinational regional fuel cycle centre (RFCC) are briefly discussed. Some of the points covered are: financing by participants; floating long-term loans on capital markets outside the countries of the participants; and export credits for the purchase of equipment manufactured outside the countries of the participants

  12. Caring finance practices

    I.P. van Staveren (Irene)


    textabstractThe 2008 financial crisis has demonstrated the failure of both utilitarian and deontological ethics in finance. Alternatives do not need to be created from nothing, because the crisis itself has stimulated the emergence of ethically sound finance practices from within the sector. This




    Full Text Available The study of behavioral finance combines the investigation and expertise from research and practice into smart portfolios of individual investors’ portfolios. Understanding cognitive errors and misleading emotions drive investors to their long-term goals of financial prosperity and capital preservation. 10 years ago, Behavioral Finance was still considered an incipient, adolescent science. First Nobel Prize in Economics awarded to the study of Behavioral Economics in 2002 established the field as a new, respected study of economics. 2013 Nobel Prize was awarded to three economists, one of them considered the one of the founders of the Behavioral Finance. As such, by now we are entering the coming of age of behavioral finance. It is now recognized as a science of understanding investors behaviors and their biased patterns. It applies quantitative finance and provides practical models grounded on robust understanding of investors behavior toward financial risk. Financial Personality influences investment decisions. Behavioral portfolio construction methods combine classic finance with rigorously quantified psychological metrics and improves models for financial advice to enhance investors chances in reaching their lifetime financial goals. Behavioral finance helps understanding psychological profile dissimilarities of individuals and how these differences manifest in investment decision process. This new science has become now a must topic in modern finance.

  14. Geothermal Financing Workbook

    Battocletti, E.C.


    This report was prepared to help small firm search for financing for geothermal energy projects. There are various financial and economics formulas. Costs of some small overseas geothermal power projects are shown. There is much discussion of possible sources of financing, especially for overseas projects. (DJE-2005)

  15. Financing Sustainable Development

    Fejerskov, Adam Moe; Funder, Mikkel; Engberg-Pedersen, Lars

    . But what are in fact the interests and modes of operation of such actors in the context of development financing, and to what extent do they align with the aims of the SDGs? And how do national governments of developing countries themselves perceive and approach these new sources of financing?...

  16. Financing landfill gas projects

    Bull, R.


    The problems of financing landfill gas projects in the UK in the last few years are discussed. The approach of the author in setting up a company to finance such projects in the power generation field and a separate company to design and supply turnkey packages is reported. (UK)

  17. Financing climate change adaptation

    Bouwer, L.M.; Aerts, J.C.J.H.


    This paper examines the topic of financing adaptation in future climate change policies. A major question is whether adaptation in developing countries should be financed under the 1992 United Nations Framework Convention on Climate Change (UNFCCC), or whether funding should come from other sources.

  18. Financing medical office buildings.

    Blake, J W


    This article discusses financing medical office buildings. In particular, financing and ownership options from a not-for-profit health care system perspective are reviewed, including use of tax-exempt debt, taxable debt, limited partnerships, sale, and real estate investment trusts (REITs).

  19. Mobilizing private finance to drive an energy industrial revolution

    Mathews, John A.; Kidney, Sean; Mallon, Karl; Hughes, Mark


    While uptake of renewable energies as a solution to climate change is widely discussed, the issue of public vs. private financing is not yet adequately explored. The debates over the Kyoto Protocol and its successor, culminating in the COP15 Climate Change Conference in Copenhagen in December 2009, maintained a strong preference for public over private financing. Yet it is also clear to most observers that the energy revolution will never happen without the involvement of private finance to drive private investment. In this Viewpoint, we discuss the ways in which private financing could be mobilized to drive the energy industrial revolution that is needed if climate change mitigation is to succeed.

  20. Financing Canadian international operations

    Beagle, G.


    A primer on financing international operations by Canadian corporations was provided. Factors affecting the availability to project finance (location, political risk), the various forms of financing (debt, equity, and combinations), the main sources of government backed financing to corporations (the International Finance Corporation) (IFC), the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), the Overseas Property Insurance Corporation (OPIC), government or agency guarantees, political risk coverage, the use of offshore financial centres, and the where, when and how these various organizations operate, were reviewed. Examples of all of the above, taken from the experiences of Canadian Occidental Petroleum of Calgary in the U.S., in South America, in the Middle and Far East, and in Kazakhstan, were used as illustrations. figs

  1. 基于BT与REITs的公共租赁房项目融资模式——BTR%BTR: A Project Financing Model of Low-renting Public Housing Base on BT and REITs

    刘方强; 李世蓉


    针对REITs的经营模式都是收购已有地产并出租的特点,提出公租房项目融资新模式-BTR模式(即BT+REITs模式).对这种项目融资模式的产生背景及运作程序进行详细分析,并对使用该模式进行项目融资的优缺点、使用中应注意的问题进行讨论.%According to the characteristic of operation mode of REITs, which is purchase and rental of real estate,this paper puts forward the new mode of project finance-BTR ( namely BT+REITs ) for low-renting public housing construction. This paper analyses the background and the operation procedures of this mode in detail, discusses its advantages and disvantages in use.

  2. 7 CFR 1980.452 - FmHA or its successor agency under Public Law 103-354 evaluation of application.


    ... examiner's report and if so determine the loan classification. (c) Analyze lender's liability ledger on the... successor agency under Public Law 103-354 1940-3 will not be mailed to the Finance Office. Notice of... to the Finance Office to obligate before the 6-day reservation period and directs the State Director...

  3. Applied Computational Intelligence for finance and economics

    Isasi Viñuela, Pedro; Quintana Montero, David; Sáez Achaerandio, Yago; Mochón, Asunción


    This article introduces some relevant research works on computational intelligence applied to finance and economics. The objective is to offer an appropriate context and a starting point for those who are new to computational intelligence in finance and economics and to give an overview of the most recent works. A classification with five different main areas is presented. Those areas are related with different applications of the most modern computational intelligence techniques showing a ne...

  4. 75 FR 53999 - Office of the Secretary: Notice of Applications for Certificates of Public Convenience and...


    ... Public Convenience and Necessity and Foreign Air Carrier Permits Filed Under Subpart B (Formerly Subpart Q) Notice of Applications for Certificates of Public Convenience and Necessity and Foreign Air... following Applications for Certificates of Public Convenience and Necessity and Foreign Air Carrier Permits...

  5. 78 FR 63273 - Notice of Applications for Certificates of Public Convenience and Necessity and Foreign Air...


    ... Public Convenience and Necessity and Foreign Air Carrier Permits Filed Under Subpart B (Formerly Subpart Q) Notice of Applications for Certificates of Public Convenience and Necessity and Foreign Air... following Applications for Certificates of Public Convenience and Necessity and Foreign Air Carrier Permits...

  6. 12 CFR 516.50 - Who must publish a public notice of an application?


    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Who must publish a public notice of an application? 516.50 Section 516.50 Banks and Banking OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY APPLICATION PROCESSING PROCEDURES Publication Requirements § 516.50 Who must publish a public notice of an...

  7. 29 CFR 785.4 - Application to Walsh-Healey Public Contracts Act.


    ... 29 Labor 3 2010-07-01 2010-07-01 false Application to Walsh-Healey Public Contracts Act. 785.4... Considerations § 785.4 Application to Walsh-Healey Public Contracts Act. The principles set forth in this part... employees performing work subject to the provisions of the Walsh-Healey Public Contracts Act. [35 FR 15289...

  8. 40 CFR 166.20 - Application for a specific, quarantine, or public health exemption.


    ..., or public health exemption. 166.20 Section 166.20 Protection of Environment ENVIRONMENTAL PROTECTION... EMERGENCY CONDITIONS Specific, Quarantine, and Public Health Exemptions § 166.20 Application for a specific, quarantine, or public health exemption. (a) General information required in an application for a specific...

  9. 20 CFR 422.527 - Private printing and modification of prescribed applications, forms, and other publications.


    ... publication prescribed by the Administration must obtain prior approval if he or she intends to charge a fee..., or distribution; the intended users of the application, form, or publication; the fee to be charged... prescribed applications, forms, and other publications. 422.527 Section 422.527 Employees' Benefits SOCIAL...


    Cezar Corneliu MANDA


    Full Text Available The paper, on the coordinates of the analysis of the problematic of financing culture institutions within the European Union member states, performs a comparative analysis focused on the financing mechanism available to the cultural sector, created both at the level of the public, and of the private sector. For the comparative analysis, the paper selected several EU member states, grouped on four geographical areas (North, South, East and Center. The analysis performed in the paper emphasized that most EU member states make significant efforts to finance the cultural sector, but the effects of the economic crisis have had a negative impact on this financing, causing, from this perspective, a gap between the states in the north and center of the EU, on the one hand, and the states in the south and east of the EU, on the other hand and outlining a cultural Europe with two peripheries.

  11. Studies in taxation, public finance, and related subjects: a compendium. Volume 5. [Twenty-eight studies of the Congressional Research Service


    This volume had its origin in studies prepared for the US Congress by the Congressional Research Service (CRS), Library of Congress. The CRS works exclusively for the Congress, conducting research, analyzing legislation, and providing information at the request of Committees, Members, and their staffs. Research of the CRS is made available to the Congress, without partisan bias, in many forms including studies, reports, compilations, digests, and background briefings. Due to budget constraints, the CRS distributes its publications solely to the Congress. Their limited circulation prompted the Fund for Public Policy Research to select for publication twenty-eight highly informative CRS studies. They are published with the hope that availability of the information will contribute to the public's intelligent consideration of matters of national importance. A separate abstract was prepared for each of three of the studies.




    Full Text Available The State Treasury focuses all the financial resources of the public sector. Given this quality of the State Treasury we examined how transparently its activity is reflected. The methods of scientific research applied have helped us to examine specific issues from the taxpayer's position, and their need of conclusive information about the services of the public sector, which should be consistent with the efforts of citizens regarding the payment of taxes and fees.

  13. The challenge of financing nuclear power plants

    Csik, B.J.


    To date, more then 500 nuclear power reactors have been successfully financed and built. Experience in recent nuclear projects confirms that nuclear power will not cease to be a viable option due to a worldwide financing constraint. For financing nuclear plants there are special considerations: large investment; long lead and construction times; complex technology; regulatory risk and political risk. The principal preconditions to financing are a national policy supporting nuclear power; creditworthiness; economic competitiveness; project feasibility; assurance of adequate revenues; acceptability of risks; and no open-ended liabilities. Generally, nuclear power plants are financed conventionally through multi-sources, where a package covers the entire cost. The first source, the investor/owner/operator responsible for building and operating the plant, should cover a sizable portion of the overall investment. In addition, bond issues, domestic bank credits etc. and, in case of State-owned or controlled enterprises, donations and credits from public entities or the governmental budget, should complete the financing. A financially sound utility should be able to meet this challenge. For importing technology, bids are invited. Export credits should form the basis of foreign financing, because these have favorable terms and conditions. Suppliers from several countries may join in a consortium subdividing the scope of supply and involve several Export Credit Agencies (ECAs). There are also innovative financing approaches that could be applied to nuclear projects. Evolutionary Reactors with smaller overall investment, shorter construction times, reliance on proven technology, together with predictable regulatory regimes and reliable long-term national policies favorable to nuclear power, should make it easier to meet the future challenges of financing. (author)

  14. The Determinants of Debt Financing

    Zhao, Chenkai


    Debt financing is an important part in capital structure. Over the fifty years, most scholars and researchers focus primarily on the balance between debt financing and equity financing. And only few research involve in types of debt financing, as well as the determinant of debt financing. This study is aim to analyse the determinate of debt financing, which examine that the influence by eight different elements. This dissertation examined by quantitative techniques with 591 UK listed comp...

  15. Commodities, energy and environmental finance

    Ludkovski, Michael; Sircar, Ronnie


    This volume is a collection of chapters covering the latest developments in applications of financial mathematics and statistics to topics in energy, commodity financial markets and environmental economics. The research presented is based on the presentations and discussions that took place during the Fields Institute Focus Program on Commodities, Energy and Environmental Finance in August 2013. The authors include applied mathematicians, economists and industry practitioners, providing for a multi-disciplinary spectrum of perspectives on the subject. The volume consists of four sections: Electricity Markets; Real Options; Trading in Commodity Markets; and Oligopolistic Models for Energy Production. Taken together, the chapters give a comprehensive summary of the current state of the art in quantitative analysis of commodities and energy finance. The topics covered include structural models of electricity markets, financialization of commodities, valuation of commodity real options, game-theory analysis of ...

  16. Financing pharmaceuticals in transition economies.

    Kanavos, P


    This paper (a) provides a methodological taxonomy of pricing, financing, reimbursement, and cost containment methodologies for pharmaceuticals; (b) analyzes complex agency relationships and the health versus industrial policy tradeoff; (c) pinpoints financing measures to balance safety and effectiveness of medicines and their affordability by publicly funded systems in transition; and (d) highlights viable options for policy-makers for the financing of pharmaceuticals in transition. Three categories of measures and their implications for pharmaceutical policy cost containing are analyzed: supply-side measures, targeting manufacturers, proxy demand-side measures, targeting physicians and pharmacists, and demand-side measures, targeting patients. In pursuing supply side measures, we explore free pricing for pharmaceuticals, direct price controls, cost-plus and cost pricing, average pricing and international price comparisons, profit control, reference pricing, the introduction of a fourth hurdle, positive and negative lists, and other price control measures. The analysis of proxy-demand measures includes budgets for physicians, generic policies, practice guidelines, monitoring the authorizing behavior of physicians, and disease management schemes. Demand-side measures explore the effectiveness of patient co-payments, the impact of allowing products over-the-counter and health promotion programs. Global policies should operate simultaneously on the supply, the proxy demand, and the demand-side. Policy-making needs to have a continuous long-term planning. The importation of policies into transition economy may require extensive and expensive adaptation, and/or lead to sub-optimal policy outcomes.

  17. Equity in health care financing: The case of Malaysia.

    Yu, Chai Ping; Whynes, David K; Sach, Tracey H


    Equitable financing is a key objective of health care systems. Its importance is evidenced in policy documents, policy statements, the work of health economists and policy analysts. The conventional categorisations of finance sources for health care are taxation, social health insurance, private health insurance and out-of-pocket payments. There are nonetheless increasing variations in the finance sources used to fund health care. An understanding of the equity implications would help policy makers in achieving equitable financing. The primary purpose of this paper was to comprehensively assess the equity of health care financing in Malaysia, which represents a new country context for the quantitative techniques used. The paper evaluated each of the five financing sources (direct taxes, indirect taxes, contributions to Employee Provident Fund and Social Security Organization, private insurance and out-of-pocket payments) independently, and subsequently by combined the financing sources to evaluate the whole financing system. Cross-sectional analyses were performed on the Household Expenditure Survey Malaysia 1998/99, using Stata statistical software package. In order to assess inequality, progressivity of each finance sources and the whole financing system was measured by Kakwani's progressivity index. Results showed that Malaysia's predominantly tax-financed system was slightly progressive with a Kakwani's progressivity index of 0.186. The net progressive effect was produced by four progressive finance sources (in the decreasing order of direct taxes, private insurance premiums, out-of-pocket payments, contributions to EPF and SOCSO) and a regressive finance source (indirect taxes). Malaysia's two tier health system, of a heavily subsidised public sector and a user charged private sector, has produced a progressive health financing system. The case of Malaysia exemplifies that policy makers can gain an in depth understanding of the equity impact, in order to help

  18. Equity in health care financing: The case of Malaysia

    Sach Tracey H


    Full Text Available Abstract Background Equitable financing is a key objective of health care systems. Its importance is evidenced in policy documents, policy statements, the work of health economists and policy analysts. The conventional categorisations of finance sources for health care are taxation, social health insurance, private health insurance and out-of-pocket payments. There are nonetheless increasing variations in the finance sources used to fund health care. An understanding of the equity implications would help policy makers in achieving equitable financing. Objective The primary purpose of this paper was to comprehensively assess the equity of health care financing in Malaysia, which represents a new country context for the quantitative techniques used. The paper evaluated each of the five financing sources (direct taxes, indirect taxes, contributions to Employee Provident Fund and Social Security Organization, private insurance and out-of-pocket payments independently, and subsequently by combined the financing sources to evaluate the whole financing system. Methods Cross-sectional analyses were performed on the Household Expenditure Survey Malaysia 1998/99, using Stata statistical software package. In order to assess inequality, progressivity of each finance sources and the whole financing system was measured by Kakwani's progressivity index. Results Results showed that Malaysia's predominantly tax-financed system was slightly progressive with a Kakwani's progressivity index of 0.186. The net progressive effect was produced by four progressive finance sources (in the decreasing order of direct taxes, private insurance premiums, out-of-pocket payments, contributions to EPF and SOCSO and a regressive finance source (indirect taxes. Conclusion Malaysia's two tier health system, of a heavily subsidised public sector and a user charged private sector, has produced a progressive health financing system. The case of Malaysia exemplifies that policy makers

  19. Development of Green Business as an Approach to Financing the Greening of Economy

    Natal’ya Nikolaevna Yashalova


    Full Text Available The issues of green economy development are in the focus of attention of Russian and foreign scientists. Its formation was influenced by environmental activities financing sources. The article presents the description of budgetary and extra-budgetary environmental protection financing. Special attention is paid to the need to strengthen private financial support of environmentally determined activities, which can be implemented as part of development of ecopreneurship. The purpose of this article is to identify the trends in budgetary and extra-budgetary environmental protection financing and resource conservation in the Russian Federation and to rationalize theoretically the necessity of business participation in financing of environment-related business ideas, which is aimed at supporting the greening of economic activity at the regional level. The methods of empirical and statistical research, systematization and generalization of information have been used. SWOT analysis has identified the strengths and weaknesses of green business, as well as the opportunities for and threats to its development. The study systematizes the information on the sources of financing of environment-related activities, identifies their strengths and weaknesses, and analyzes statistical data on financial aspects of environmental protection. It has been established that the financing of environmental activities in the regions is carried out according to the residual principle; most of the sources of environment financing are unavailable to economic entities; indirect assistance in the implementation of environment-related management finds absolutely no application. The material presented in this paper can be used by public authorities in the development of measures to facilitate the transition to green economy and may also be applicable in the educational process. The authors conclude that the successful transition of Russian regions to the path of sustainable

  20. Essays in Household Finance

    Hanspal, Tobin

    This Ph.D. thesis, entitled Essays in Household Finance, analyzes the determinants and implications of investment biases, personal experiences in financial markets, and financing disruptions on households, individual investors, and entrepreneurs and small business owners. The first essay...... on risk taking is the potential bias resulting from inertia and inattention, which has been shown to be endemic in household finance. If individuals are inert or inattentive, it is difficult to establish whether changes in risk taking are caused by personal experiences or whether the change in risk taking...

  1. Computing for Finance

    CERN. Geneva


    The finance sector is one of the driving forces for the use of distributed or Grid computing for business purposes. The speakers will review the state-of-the-art of high performance computing in the financial sector, and provide insight into how different types of Grid computing – from local clusters to global networks - are being applied to financial applications. They will also describe the use of software and techniques from physics, such as Monte Carlo simulations, in the financial world. There will be four talks of 20min each. The talk abstracts and speaker bios are listed below. This will be followed by a Q&A panel session with the speakers. From 19:00 onwards there will be a networking cocktail for audience and speakers. This is an EGEE / CERN openlab event organized in collaboration with the regional business network A webcast of the event will be made available for subsequent viewing, along with powerpoint material presented by the speakers. Attendance is free and open to all. R...

  2. “Reprodução Proibida”: Financiamento público e direitos de cópia privados | Reproduction forbidden: public financing and private copyrights

    Jorge A. S. Machado


    Full Text Available Resumo Esse texto apresenta um sumário das pesquisas realizadas pelo Grupo de Políticas Públicas para Acesso à Informação GPOPAI desde 2006 sobre o financiamento público de conteúdos científicos. Os resultados apontam que, apesar do intenso investimento público no Brasil, o setor privado vem se apropriando e impondo barreiras ao acesso a livros técnico-científicos e artigos científicos – neste caso, em especial, as editoras estrangeiras. No que se refere ao software produzido na academia, os dados apontam para uma completa indiferença da comunidade e à ausência de políticas públicas para o seu acesso. De modo geral, os resultados indicam para a necessidade de uma reforma na lei de direitos autorais, de modo a atualizá-la face as novas tecnologias de informação e comunicação e a atender ao interesse público do acesso ao conhecimento que as tecnologias digitais proporcionam. Palavras-chave acesso ao conhecimento, direitos autorais, financiamento público, ciência Abstract This paper presents a summary of research conducted since 2006 on public funding of scientific contents by the Public Policy Group for Access to Information (GPOPAI. The results suggest that in the case of technical and scientific books and scientific articles, the private sector is creating and imposing barriers to access to knowledge, despite of intensive public investments in Brazil. In relation to software produced by universities, the community is completely indifferent and there is a lack of public policies for its access. Overall, the results indicate the need for a profound reform and update of copyright law regarding new information and communication technologies, considering the public interest in access to knowledge. Keywords access to knowledge, copyright, public investiment, science

  3. Rate of Unverifiable Publications Among Ophthalmology Residency Applicants Invited to Interview.

    Tamez, Heather M; Tauscher, Robert; Brown, Eric N; Wayman, Laura; Mawn, Louise A


    Unverifiable publications in applications for ophthalmology residencies could be a serious concern if they represent publication dishonesty. To determine the rate of unverifiable publications among applicants offered an interview. Retrospective review of 322 ophthalmology residency applications for entering classes 2012 to 2017 at Vanderbilt University School of Medicine, Nashville, Tennessee. Full-length publications reported in the applications were searched in PubMed, Google, Google Scholar, and directly on the journal's website. Applications were deemed unverifiable if there was no record of the publication by any of these means or if substantial discrepancies existed, such as incorrect authorship, incorrect journal, or a meaningful discrepancy in title or length (full-length article vs abstract). Inability to locate publication with search, incorrect author position, applicant not listed as an author, article being an abstract and not a published paper, substantial title discrepancy suggesting an alternative project, and incorrect journal. Of the 322 applicants offered interviews during the 6-year study period, 22 (6.8%) had 24 unverifiable publications. Two hundred thirty-nine of these applicants (74.2%) reported at least 1 qualifying publication; of this group, 22 (9.2%) had an unverifiable publication. The applications with unverifiable publications were evenly distributed across the years of the study (range, 2-6 per cycle; Pearson χ25 = 3.65; P = .60). Two applicants had 2 unverifiable publications each. Two of the 22 applicants (9.1%) with unverifiable publications were graduates of medical schools outside the United States. Among the unverifiable publications, the most common reason was inability to locate the publication (13 [54%]). Additional issues included abstract rather than full-length publication (5 [20.8%]), incorrect author position (4 [16.7%]), applicant not listed as an author on the publication (1 [4.2%]), and substantial title

  4. Financing Universal Coverage in Malaysia: a case study

    Chua, Hong Teck; Cheah, Julius Chee Ho


    One of the challenges to maintain an agenda for universal coverage and equitable health system is to develop effective structuring and management of health financing. Global experiences with different systems of health financing suggests that a strong public role in health financing is essential for health systems to protect the poor and health systems with the strongest state role are likely the more equitable and achieve better aggregate health outcomes. Using Malaysia as a case study, this...

  5. Financial accounting as a method of household finance capacity valuation

    A. B. Untanov


    Full Text Available The article presents existing household finance capacity investigations. Comparison conducting allowed to determinate collisions and flaws of previous works. That substantiates to find a new approach in household finance capacity valuation necessity. The article contains theoretical research of household finance fundamental categories. In particular, it notes significant difference between domestic and foreign experience of household finance determination. Although emphasizing key similarities allows identifying household finance capacity composition. Moreover, the article provides a public and corporate finance sectors experience, which contains a huge knowledge of finance capacity investigations. Used research allows classify finance capacity not only as a resource valuation, but also as an economic entity’s ability to generate financial result. In terms of resource valuation, the paper suggests assessing both financial resources in classical meaning and any other property, which participating household economic activity and could be evaluated. The author’s position in terms of household finance capacity valuation is suggested. A broad definition of finance capacity causes applying conceptually different approach in this paper. Thus, comparative analysis method is suggested to substantiate household and corporate firm similarities. Used method allows forming household financial accounting, which leads to clear determination of household finance capacity composition and structure. Specificity forming household financial accounting is considered. An author’s position in regards existing contradictions with early research is suggested.

  6. Financing the health care Internet.

    Robinson, J C


    Internet-related health care firms have accelerated through the life cycle of capital finance and organizational destiny, including venture capital funding, public stock offerings, and consolidation, in the wake of heightened competition and earnings disappointments. Venture capital flooded into the e-health sector, rising from $3 million in the first quarter of 1998 to $335 million two years later. Twenty-six e-health firms went public in eighteen months, raising $1.53 billion at initial public offering (IPO) and with post-IPO share price appreciation greater than 100 percent for eighteen firms. The technology-sector crash hit the e-health sector especially hard, driving share prices down by more than 80 percent for twenty-one firms. The industry now faces an extended period of consolidation between e-health and conventional firms.

  7. Stochastic Processes in Finance and Behavioral Finance

    Steinbacher, Matjaz


    In the paper, we put some foundations for studying asset pricing and finance as a stochastic and behavioral process. In such process, preferences and psychology of agents represent the most important factor in the decision-making of people. Individuals have their own ways of acquiring the information they need, how to deal with them and how to make predictions and decisions. People usually also do not behave consistent in time, but learn. Therefore, in order to understand the behavior on the ...

  8. Protecting Public Education: From Tax Giveaways to Corporations. Property Tax Abatements, Tax Increment Financing, and Funding for Schools. NEA Research Working Paper.

    National Education Association, Washington, DC. Research Div.

    This report describes a study aimed to help education advocates protect public schools and services from the effects of certain types of economic development subsidies. These subsidies include cutting companies' property taxes and granting long-term diversions of certain districts' property taxes to corporations making investment in those…

  9. Fomento à publicação científica e proteção do conhecimento científico Financing of the scientific publication and protection of the scientific knowledge

    Renato Santos de Oliveira Filho


    tecnológicas, no Brasil ou no exterior, para apresentação de trabalho de sua autoria, não publicado, que exponha resultados inéditos. O Brasil vem aumentando sua participação nas publicações científicas internacionais. A nova realidade exige, além da publicação, uma preocupação com a proteção do conhecimento. A mudança da cultura da publicação para a da publicação com proteção do conhecimento é recente no país, tanto por parte das empresas, dos institutos de pesquisa, das universidades como das agências de fomento à pesquisa. Os pesquisadores devem-se conscientizar da necessidade de proteção do conhecimento e as agências de fomento considerar, como critérios de avaliação de produtividade científica, um peso mais equilibrado entre as publicações científicas, os resultados patenteáveis e o know how.The main purpose of a study is its publication on a scientific journal. Research financing agencies are important institutions so that studies can be developed and published. The most important research financing agencies that are discussed in this article are: "Coordenação de Aperfeiçoamento de Pessoal de Nível Superior" (CAPES, "Conselho Nacional de Desenvolvimento Científico e Tecnológico" (CNPq and "Fundação de Amparo à Pesquisa do Estado de São Paulo" (FAPESP. CAPES' activities can be grouped in four different strategy lines: a it evaluates the stricto sensu, at the post-graduation level; b it provides access and development of scientific research; c it provides investment on the development of high qualified human resources in Brazil and abroad, and d it promotes international scientific cooperation. Although CAPES does not support directly scientific publications, almost all actions of this agency contribute to the development of scientific research and publication. CNPq has two main purposes: financing researches and development of human resources. It provides the researchers with financial aid to scientific publication


    Roman Angela


    Full Text Available Through their contribution to the creation of added value and new jobs, the small and medium enterprises (SMEs have a significant role in the economic and social development of a country. However, these enterprises are facing numerous obstacles that limit their performance, growth and development. Among the difficulties faced by SMEs, the access to finance is often reported as a major obstacle to the deployment and expansion of their activity. The access to finance is crucial for efficient allocation of financial resources and entrepreneurial development, which explains the major interest given to this subject both by the academic literature and the policy makers. The paper aims to highlight the difficulties faced by SMEs in securing financing resources, emphasizing the differences between countries and also between SMEs and large enterprises. Knowing the difficulties in SMEs financing is essential for policy makers in order to design and implement appropriate measures, which will help to improve the access to financing for these enterprises. Thus, another issue addressed, synthetically, in this paper aims the measures taken by public authorities in order to support the access to financing for SMEs. The research methodology used in this paper starts with a literature review in order to highlight the importance of the subject addressed in our research. The analysis conducted in this paper is based on data and statistics provided mainly by the World Bank surveys, by certain empirical studies and by the National Council of Small and Medium Sized Private Enterprises in Romania. Based on the methodology used, the paper indicates the difficulties in SMEs financing and the crucial importance of enhancing the public authorities concerns regarding their alleviation, especially by adopting measures focused on increasing financial development, which would ensure greater availability of financing for businesses and thus economic growth. The limited

  11. Financing universal health coverage—effects of alternative tax structures on public health systems: cross-national modelling in 89 low-income and middle-income countries

    Reeves, Aaron; Gourtsoyannis, Yannis; Basu, Sanjay; McCoy, David; McKee, Martin; Stuckler, David


    Summary Background How to finance progress towards universal health coverage in low-income and middle-income countries is a subject of intense debate. We investigated how alternative tax systems affect the breadth, depth, and height of health system coverage. Methods We used cross-national longitudinal fixed effects models to assess the relationships between total and different types of tax revenue, health system coverage, and associated child and maternal health outcomes in 89 low-income and middle-income countries from 1995–2011. Findings Tax revenue was a major statistical determinant of progress towards universal health coverage. Each US$100 per capita per year of additional tax revenues corresponded to a yearly increase in government health spending of $9·86 (95% CI 3·92–15·8), adjusted for GDP per capita. This association was strong for taxes on capital gains, profits, and income ($16·7, 9·16 to 24·3), but not for consumption taxes on goods and services (−$4·37, −12·9 to 4·11). In countries with low tax revenues (tax revenue per year substantially increased the proportion of births with a skilled attendant present by 6·74 percentage points (95% CI 0·87–12·6) and the extent of financial coverage by 11·4 percentage points (5·51–17·2). Consumption taxes, a more regressive form of taxation that might reduce the ability of the poor to afford essential goods, were associated with increased rates of post-neonatal mortality, infant mortality, and under-5 mortality rates. We did not detect these adverse associations with taxes on capital gains, profits, and income, which tend to be more progressive. Interpretation Increasing domestic tax revenues is integral to achieving universal health coverage, particularly in countries with low tax bases. Pro-poor taxes on profits and capital gains seem to support expanding health coverage without the adverse associations with health outcomes observed for higher consumption taxes. Progressive tax

  12. Financing universal health coverage--effects of alternative tax structures on public health systems: cross-national modelling in 89 low-income and middle-income countries.

    Reeves, Aaron; Gourtsoyannis, Yannis; Basu, Sanjay; McCoy, David; McKee, Martin; Stuckler, David


    How to finance progress towards universal health coverage in low-income and middle-income countries is a subject of intense debate. We investigated how alternative tax systems affect the breadth, depth, and height of health system coverage. We used cross-national longitudinal fixed effects models to assess the relationships between total and different types of tax revenue, health system coverage, and associated child and maternal health outcomes in 89 low-income and middle-income countries from 1995-2011. Tax revenue was a major statistical determinant of progress towards universal health coverage. Each US$100 per capita per year of additional tax revenues corresponded to a yearly increase in government health spending of $9.86 (95% CI 3.92-15.8), adjusted for GDP per capita. This association was strong for taxes on capital gains, profits, and income ($16.7, 9.16 to 24.3), but not for consumption taxes on goods and services (-$4.37, -12.9 to 4.11). In countries with low tax revenues (tax revenue per year substantially increased the proportion of births with a skilled attendant present by 6.74 percentage points (95% CI 0.87-12.6) and the extent of financial coverage by 11.4 percentage points (5.51-17.2). Consumption taxes, a more regressive form of taxation that might reduce the ability of the poor to afford essential goods, were associated with increased rates of post-neonatal mortality, infant mortality, and under-5 mortality rates. We did not detect these adverse associations with taxes on capital gains, profits, and income, which tend to be more progressive. Increasing domestic tax revenues is integral to achieving universal health coverage, particularly in countries with low tax bases. Pro-poor taxes on profits and capital gains seem to support expanding health coverage without the adverse associations with health outcomes observed for higher consumption taxes. Progressive tax policies within a pro-poor framework might accelerate progress toward achieving major

  13. Access to finance from different finance provider types

    Wulandari, Eliana; Meuwissen, Miranda P.M.; Karmana, Maman H.; Oude Lansink, Alfons G.J.M.


    Analysing farmer knowledge of the requirements of finance providers can provide valuable insights to policy makers about ways to improve farmers’ access to finance. This study compares farmer knowledge of the requirements to obtain finance with the actual requirements set by different finance


    Viorica CERBUSCA


    Full Text Available The paper highlights the problems faced by the SMEs in accessing adequate financing as one of the most significant barriers of the sector. Financial access is critical for SMEs’ growth and development. At the same time, the author emphasize that there is no unique way of financing SMEs. The need depends on the stage of maturity and size of the enterprise. In order to facilitate the SME access to finance it is necessary to adapt the best international practices and to adapt them at the local condition. Article aims to present microfinancing as a tool that could improve the SME access to finance, thus contributing to the economic development of the country by creating new jobs, new products and services

  15. Export development financing

    Balint, J.


    The main activities of the Export Development Corporation (EDC) were described, as well as some of the changes currently being implemented. EDC is Canada's official export credit agency, providing risk management services such as insurance, loans, guarantees, equity and leasing. EDC's project finance initiative started in 1991, and focused mainly on the up-front process. It has established itself as a recognized leader in project financing. It has over 15 years experience in a variety of sectors and countries. Energy projects financed to date include hydro projects in India, Argentina and Pakistan, and thermal projects in Thailand, China, Indonesia and Egypt. Lending criteria used to select projects were outlined, along with the risks endemic to project financing

  16. Financing Alternatives Comparison Tool

    FACT is a financial analysis tool that helps identify the most cost-effective method to fund a wastewater or drinking water management project. It produces a comprehensive analysis that compares various financing options.

  17. Interacting agents in finance

    Hommes, C.; Durlauf, S.N.; Blume, L.E.


    Interacting agents in finance represent a behavioural, agent-based approach in which financial markets are viewed as complex adaptive systems consisting of many boundedly rational agents interacting through simple heterogeneous investment strategies, constantly adapting their behaviour in response

  18. Clean Energy Finance Tool

    State and local governments interested in developing a financing program can use this Excel tool to support energy efficiency and clean energy improvements for large numbers of buildings within their jurisdiction.

  19. Finance and Economic Development

    Panizza, Ugo


    Published by Palgrave Macmillan This chapter reviews the literature on finance and economic development. It starts with a description of the roles of finance, a definition of financial efficiency, and a discussion of whether countries may have financial sectors that are ‘too large’ compared to the size of the domestic economy. Next, the author describes several indicators of financial development and reviews the literature on the relationship between financial development and economic growth....

  20. International energy financing

    Vedavalli, Rangaswamy


    Some of the innovative financing options being considered by developing countries and economies in transition as ways of mobilizing international energy financing are discussed. Build-Own-Operate (BOO) and Transfer (BOOT) is the most commonly adopted approach. This involves limited resource financing of a project on the basis of the associated cash flow and risks and not on the credit of the project owners. The World Bank has set up the Multilateral Investment Guarantee Agency to provide, on a fee basis, guarantees against certain non-commercial forms of risk in order to promote international capital flow to developing countries. In 1989, the World Bank introduced the Expanded Co-financing Operations (ECO) programme as an instrument to catalyze the flow of private finance into developing countries and to improve their access to international financial markets. Other financial instruments currently being established include: leasing of equipment or whole plants by foreign investors; private ownership or operation of generation and distribution facilities; exchange of specific export goods for energy imports; developing instruments to finance local costs; revenue bonds; tax-exempt bonds; sale of electricity futures to those seeking more stable, longer term electricity price contracts. (UK)

  1. Individual responsibility for what? : A conceptual framework for exploring the suitability of private financing in a publicly funded health-care system

    Tinghög, Gustav; Carlsson, Per; Lyttkens, Carl H.


    Policymakers in publicly funded health-care systems are frequently required to make intricate decisions on which health-care services to include or exclude from the basic health-care package. Although it seems likely that the concept of individual responsibility is an essential feature of such decisions, it is rarely explicitly articulated or evaluated in health policy. This paper presents a tentative conceptual framwork for exploring when health-care services contain characteristics that fac...

  2. Equity in health personnel financing after Universal Coverage: evidence from Thai Ministry of Public Health?s hospitals from 2008?2012

    Ruangratanatrai, Wilailuk; Lertmaharit, Somrat; Hanvoravongchai, Piya


    Background Shortage and maldistribution of the health workforce is a major problem in the Thai health system. The expansion of healthcare access to achieve universal health coverage placed additional demand on the health system especially on the health workers in the public sector who are the major providers of health services. At the same time, the reform in hospital payment methods resulted in a lower share of funding from the government budgetary system and higher share of revenue from hea...

  3. Applications of health information exchange information to public health practice.

    Kierkegaard, Patrick; Kaushal, Rainu; Vest, Joshua R


    Increased information availability, timeliness, and comprehensiveness through health information exchange (HIE) can support public health practice. The potential benefits to disease monitoring, disaster response, and other public health activities served as an important justification for the US' investments in HIE. After several years of HIE implementation and funding, we sought to determine if any of the anticipated benefits of exchange participation were accruing to state and local public health practitioners participating in five different exchanges. Using qualitative interviews and template analyses, we identified public health efforts and activities that were improved by participation in HIE. HIE supported public health activities consistent with expectations in the literature. However, no single department realized all the potential benefits of HIE identified. These findings suggest ways to improve HIE usage in public health.

  4. Moving From Policy to Implementation: A Methodology and Lessons Learned to Determine Eligibility for Healthy Food Financing Projects

    Harries, Caroline; Koprak, Julia; Young, Candace; Weiss, Stephanie; Parker, Kathryn M.; Karpyn, Allison


    Public health obesity prevention experts have recently emphasized a policy systems and environmental change approach. Absent, however, are studies describing how practitioners transition from policy adoption to implementation. In the realm of food policy, financing programs to incentivize healthy food retail development in communities classified as “underserved” are underway at the local, state, and national levels. Implementing these policies requires a clear definition of eligibility for program applicants and policy administrators. This article outlines a methodology to establish eligibility for healthy food financing programs by describing the work of The Food Trust to coadminister programs in 3 distinct regions. To determine program eligibility, qualitative assessments of community fit are needed and national data sources must be locally verified. Our findings have broad implications for programs that assess need to allocate limited public/private financing resources. PMID:24594793

  5. Exploring Higher Education Financing Options

    Nkrumah-Young, Kofi K.; Powell, Philip


    Higher education can be financed privately, financed by governments, or shared. Given that the benefits of education accrue to the individual and the state, many governments opt for shared financing. This article examines the underpinnings of different options for financing higher education and develops a model to compare conditions to choices and…

  6. Financing energy projects in Africa

    Godier, Kevin; Marks, Jon


    Contains Executive Summary and Chapters on: Overview of financing trends in Africa; Multilateral support - Bedrock of Africa's first generation energy projects; ECA insurance and financing; Bilateral development finance; Offshore commercial bank lending; Local commercial bank finance; Capital markets; Legal ramifications ; Risk factors; Conclusions. (Author)

  7. Issues to improve the prospects of financing nuclear power plants


    A changing global environment with increasing energy consumption and a need for international energy security is influencing nuclear power projects and the means of obtaining financial backing for such projects. The development of a national nuclear infrastructure can provide significant benefits that influence financial resources. The effects of other factors - such as financing arrangements for capital intensive plants, international design acceptance, harmonization of codes and standards, and assurances of fuel cycle services - need to be considered. An improvement in international cooperation may lower investment risks and contribute to reducing costs. The effects of all these issues need to be assessed and means for supporting the application of nuclear power in the current changing social and commercial environment need to be developed. A key question addressed in this publication is whether financing is the real barrier to nuclear power development or if financing difficulties are simply a consequence of other barriers. It recognizes that there is no single solution and that circumstances in different countries, with different starting points, ambitions and drivers, inevitably affect the balance of approaches followed. The importance of credible, practical, costed and substantiated plans is emphasized. Risks have to be mitigated through an effective strategy and the allocation of risks between parties must be logical. A project has to be demonstrably viable to attract financing. There are three broad areas which must be addressed to improve prospects of investment in nuclear power reactor construction. The first area, and probably the most important, is government and utility commitment and preparedness to adopt and implement a nuclear power programme using internationally recognized standards of safety. The second area is the application of lessons learned from technological and project developments. The third area is financing itself. The conclusions

  8. Exploring alternatives for financing health care in Ethiopia: An ...

    In addition, the newly adopted health care financing strategy was looked at from the perspective of policy analysis. Results: Health financing has been a major challenge for Ethiopia. The prospect of relying solely on public resources seems impractical and the absolute total expenditure on health is quite a small fraction of ...

  9. The Finance of Non Government Schools in Bangladesh.

    Puttick, Edwin B.; And Others

    The educational system in Bangladesh is unique in its finance and management structure. Elementary and higher education are mostly publicly financed, while secondary and intermediate education are mainly private organized. This study concentrates on private schools at the secondary, intermediate, and college level; and the difference in access…


    Shaqir M. REXHEPI


    Full Text Available The study on how is Internal Control System developed in public institutions is of a special importance for modalities, forms and the manner of the application of relevant strategies for the functioning of internal control environment in public institutions. In this paper, there is treated the existing situation of internal control system environment of public finances and its implementation in public sector. For internal control system environment in public finances to function effectively, there should exist a coherent control environment which includes responsibilities for financial management from managers of Publicly Owned Enterprises and with complete functioning of internal audit, which exists in the function of development to add value. In Kosovo public institutions, this framework is offered by legislation and by institutional mechanism for the implementation of legislation according to these parameters.

  11. Guidebook to financing CDM projects

    Kamel, S.


    One of the challenges facing Clean Development Mechanism (CDM) projects today is their limited ability to secure financing for the underlying greenhouse gas emission reduction activities, particularly in the least developed countries. Among the key reasons for this is the fact that most financial intermediaries in the CDM host countries have limited or no knowledge of the CDM Modalities and Procedures. Moreover, approaches, tools and skills for CDM project appraisal are lacking or are asymmetrical to the skills in comparable institutions in developed countries. Consequently, developing country financial institutions are unable to properly evaluate the risks and rewards associated with investing or lending to developers undertaking CDM projects, and therefore have, by-and-large, refrained from financing these projects. In addition, some potential project proponents lack experience in structuring arrangements for financing a project. This Guidebook - commissioned by the UNEP Risoe Centre as part of the activities of the Capacity Development for CDM (CD4CDM) project ( - addresses these barriers by providing information aimed at both developing country financial institutions and at CDM project proponents. It should be noted that while the Guidebook was developed particularly with the CDM in mind, most sections will also be relevant for Joint Implementation (JI) project activities. For more detailed information on JI modalities and procedures please consult: The purpose of this Guidebook is two-fold: 1) To guide project developers on obtaining financing for the implementation of activities eligible under the CDM; and 2) To demonstrate to developing country financial institutions typical approaches and methods for appraising the viability of CDM projects and for optimally integrating carbon revenue into overall project financing. The target audiences for the Guidebook are therefore, primarily: 1) CDM project proponents in

  12. Fields of application of SSM : a categorization of publications

    de Water, H. van; Schinkel, M.; Rozier, R.

    In this article, we introduce a classification scheme for publications of articles on SSM. Generally speaking, the publications can be divided into empirically orientated and theoretically orientated papers. Within each of these two categories a further subdivision is made. This subdivision consists

  13. Educational Finance Policy: A Search for Complementarities.

    Geske, Terry G.


    An overview of recent state level policy developments and policy analysis research as related to equity and efficiency objectives in public school finance is presented. Emphasis is placed on identifying complementarities, rather than the tradeoffs, between equity and efficiency criteria. (Author/LC)

  14. On Extreme Events in Banking and Finance

    M.R.C. Oordt (Maarten)


    textabstractUncertainty and new developments spread at an astonishing speed across the globe in financial markets. The recent extreme events in banking and finance triggered many new questions among academics, policy makers and the general public. Is global diversification at financial

  15. Financing, recycling, PR: solutions from Europe


    Foratom Congress, the gathering of Europe's nuclear industry forums, performs an important review of the major difficulties and issues challenging the nuclear industry. Some of the problems such as financing and public relations which dominated discussions during the three-day meeting in Madrid are described. The Pu recycling situation in Europe is also considered.

  16. Tracking Changes in European Housing Finance

    Lunde, Jens; Whitehead, Christine


    The article discusses the changing trends in the housing finance industry of Europe. The article further mentions that the modus operandi of the industry has remained stable amid economic fluctuations in the overall housing sector between 1990-2015. Moreover, the need to reduce the public spending...

  17. Innovation and Public Procurement: Terminology, Concepts, and Applications

    Obwegeser, Nikolaus; Müller, Sune Dueholm


    as well as research gaps and opportunities for future research are identified. Based on analysis of existing research, the proposed framework provides an overview of state- of-the-art knowledge, a unified terminology, and a holistic understanding of innovation in public procurement. The framework is both...... review of the literature on innovation in public procurement. From categorizing publications based on innovation drivers, concepts, and research approaches, the emerging structure of the field is described and synthesized into a framework of innovation in public procurement. The proposed framework......The growing awareness of public procurement as an innovation policy tool has recently sparked the interest of both policy makers and researchers. While an increasing number of studies is being published every year, an overview of the field is missing. Researchers, practitioners, and policy makers...

  18. Applications of health information exchange information to public health practice

    Kierkegaard, Patrick; Kaushal, Rainu; Vest, Joshua R.


    Health information exchange (HIE) can support several aspects of public health practice by increasing the availability, timeliness, and comprehensiveness individual-level patient information. The potential benefits to disease monitoring, disaster response, and other public health activities served...... as an important justification for the US’ investments in HIE. After several years of HIE implementation and funding, we sought to determine if any of the anticipated benefits of exchange participation were accruing to state and local public health practitioners participating in five different exchanges. Using...... qualitative interviews and template analyses, we identified public health efforts and activities that were improved by participation in HIE. We derived the codes for the template analysis through a literature review. HIE supported public health activities consistent with expectations in the literature...

  19. Innovative Forms of Financing the Creation and Development of Small Business

    Yermak Svitlana O.


    Full Text Available For small enterprises, unlike large ones, the issue of fundraising emerges both in the process of their creation, development and current activity. Small enterprises are experiencing quite a high demand for additional sources of financing. The aim of the research is to study innovative forms of financing the creation and development of small enterprises, their advantages and disadvantages. At present in addition to traditional ways of raising capital, such as bank loans or public offering of shares among external investors (IPOs, there exist a number of alternative options. Among them the most common are grants, international programs, loans from international banks and financial institutions, such as EBRD (European Bank for Reconstruction and Development, IFC (International Finance Corporation, NEFCO (Nordic Environment Finance Corporation, KfW (Kreditanstalt f?r Wiederaufbau, fundraising, crowdsourcing, crowdfunding, and angel investment. The article studies in detail the last two ways of financing: their essence, components, positive and negative features, experience of application in Ukraine and the world. The research shows that crowdfunding is suitable for business development at the early stages, that is, for those enterprises that require, for example, to complete prototyping and start mass production of their first product. Business angels can be a good choice for enterprises that already have a permanent customer base and want to grow their business.

  20. Clean coal technology: Export finance programs


    Participation by US firms in the development of Clean Coal. Technology (CCT) projects in foreign countries will help the United States achieve multiple national objectives simultaneously--addressing critical goals related to energy, environmental technology, industrial competitiveness and international trade. US participation in these projects will result in an improved global environment, an improvement in the balance of payments and an increase in US jobs. Meanwhile, host countries will benefit from the development of economically- and environmentally-sound power facilities. The Clean Air Act Amendments of 1990 (Public Law 101-549, Section 409) as supplemented by a requirement in the Energy Policy Act of 1992 (Public Law 102-486, Section 1331(f)) requires that the Secretary of Energy, acting through the Trade Promotion Coordinating Committee Subgroup on Clean Coal Technologies, submit a report to Congress with information on the status of recommendations made in the US Department of Energy, Clean Coal Technology Export Programs, Report to the United States Congress, February 1992. Specific emphasis is placed on the adequacy of financial assistance for export of CCTS. This report fulfills the requirements of the Act. In addition, although this report focuses on CCT power projects, the issues it raises about the financing of these projects are also relevant to other CCT projects such as industrial applications or coal preparation, as well as to a much broader range of energy and environmental technology projects worldwide.

  1. Financing of the National Churches in the Nordic Countries, England and Scotland

    Kjems, Sidsel; Bille, Trine

    This article analyses the financing of seven national churches in a large comparative study. The national churches in the Nordic countries and in England and Scotland are compared. They have many similarities in terms of history, intertwinement with the state, type and level of religiosity...... of the population, public role and public responsibilities, but the level of financing differs greatly. The purpose of the article is to discuss possible explanations for the differences in the level of financing. Adjusting for cost of public service tasks and for GDP leaves a large difference in financing among...... the seven national churches. We suggest that the source of finance is a determinant factor for the level of finance of national churches. Comparing the sources and level of financing of seven national churches in the Nordic countries, England and Scotland shows that financing by a taxation right yields...

  2. Advice presented on behalf of the commission of finances, economy and plan about the law project (no. 1613) relative to the electric and gas public utilities and to the power and gas companies; Avis presente au nom de la Commission des finances, de l'economie generale et du plan sur le projet de loi (no. 1613), relatif au service public de l'electricite et du gaz et aux entreprises electriques et gazieres

    Carayon, B.


    The aim of this report is to present to the French deputies the advice of the commission of finances and economy about the law project relative to the change of status of the power and gas public utilities in the framework of the deregulation of European energy markets. This law changes the juridical status of the two state monopolies Electricite de France (EdF) and Gaz de France (GdF) into two anonymous companies and creates two additional companies for the management of the power and gas networks. It ensures also the transposition of the European directives from June 26, 2003 (2003/54/CE and 2003/55/CE). It contains some proper dispositions and modifies various existing French laws, in particular the law no. 46-628 from April 8, 1946 about the electricity and gas nationalization and the law no. 2000-108 from February 10, 2000 relative to the modernization and development of the electric public utility. The first part of the document reports on the general discussions and comments made by the commission about the law project while the second part concerns the detailed analysis of the articles 16 and 22 about the pension funds of EdF and GdF agents and the change of the status of both utilities. The amendments adopted by the commission for these articles conclude the report. (J.S.)

  3. Offsets - An opportunity of Financing

    PRIN, Coralie


    to the local institution. The offset valuation mechanisms leads to benefits for all parties: the project is implemented and this implementation is free of charge. For the Government: the project contributes to achieve its priorities without having to be financed on public funds. For the Obligor: its Offset obligation is compensated for a monetary value depending on the direct investment cost. Offset regulations are implemented in over 100 countries worldwide and are of common use on important public procurement markets. Examples of Countries implementing Offset regulations are: Austria, Brazil, Finland, Italy, Romania and many other

  4. The marginal cost of public funds: theory and applications

    Dahlby, Bev


    ... with Externalities 3.4.1 Environmental Externalities 3.4.2 Public Expenditure Externalities 3.5 The MCF with Imperfect Competition in Commodity Markets 3.5.1 The MCF under Monopoly 51 54 55 58 63 63 ...

  5. Corporate financing and anticipated credit rating changes

    Hung, Chi-Hsiou D.; Banerjee, Anurag; Meng, Qingrui


    Firm circumstances change but rating agencies may not make timely revisions to their\\ud ratings, increasing information asymmetry between firms and the market. We examine\\ud whether firms time the securities market before a credit rating agency publicly reveals\\ud its decision to downgrade a firm's credit rating. Using quarterly data, we show that\\ud firms adjust their financing structures before credit rating downgrades are publicly\\ud revealed. More specifically, firms on average increase t...

  6. Financing aspects of electricity saving's in Brazil

    Pacca, S.A.; Sauer, I.L.


    Programs regarding to energy saving in Brasil arised by the early 80's from the concern with oil products consumption. The situation has changed and electricity is growing in importance when energy conservation is discussed. Thus, the government, following examples from abroad, has been trying to overcome the barriers that obstruct a massive process evolution towards energy saving, since the potential is spread out in many society segments. One important issue is related to financing energy conservation. This paper attempts to analyze the utilities efforts allied to public and private banks investments towards energy conservation financing. (author)

  7. Financing tourist activity

    Vujović Slavoljub


    Full Text Available This paper researches which of the possible financing models (self-financing, loan, mutual fund, issuing securities and leasing is the most convenient for tourism financing on the grounds of opinions and views of student population. Taking into account that future social and economic development depends on student population, that in every society intellectual endeavor (science and art exists ever since man exists, that the overall progress of mankind is based on the great intellectual endeavor of former civilizations, as well as the fact that Western Serbia has remarkable natural and anthropogenic characteristics suitable for valorization for the purpose of tourism development, the research questions were formulated and the research was performed. The methods used were: analysis, correlation, deduction and induction. Field research has been of the primary importance and it was based on questionnaires, interviews and in-depth interview. [Projekat Ministarstva nauke Republike Srbije, br. 46001 i br. 47007

  8. Small finance banks: Challenges

    Jayadev M


    Full Text Available A recent innovation in the Indian banking structure has been the formation of a new banking institution—small finance banks (SFBs. These banks are expected to penetrate into financial inclusion by providing basic banking and credit services with a differentiated banking model to the larger population. In this context the new SFBs have multiple challenges in coming out with a new, differentiated business model. The challenges include building low cost liability portfolio, technology management, and balancing the regulatory compliances. This paper also presents the top of mind views of three senior executives of new small finance banks.

  9. Financing renewables - wind energy

    Armstrong, J.


    This paper describes the status of the wind energy markets world-wide, in Europe and in the UK. It outlines the main methods of financing wind energy installations and discusses why different institutional structures have led to different markets in the UK and in Germany, with some concern about the state of the UK onshore industry. The paper looks ahead to the opening up of the potentially much larger offshore wind resource, concluding that in this area, existing UK development and financing structures are well suited. (Author)

  10. Guidebook to Geothermal Finance

    Salmon, J. P.; Meurice, J.; Wobus, N.; Stern, F.; Duaime, M.


    This guidebook is intended to facilitate further investment in conventional geothermal projects in the United States. It includes a brief primer on geothermal technology and the most relevant policies related to geothermal project development. The trends in geothermal project finance are the focus of this tool, relying heavily on interviews with leaders in the field of geothermal project finance. Using the information provided, developers and investors may innovate in new ways, developing partnerships that match investors' risk tolerance with the capital requirements of geothermal projects in this dynamic and evolving marketplace.

  11. For a public management of funds dedicated to nuclear dismantling: the TESEN (fund for the Energy transition and a fair phasing out nuclear), and its assignment to the financing of energy transition

    Autissier, Isabelle; Germa, Philippe


    The report outlines that the cost of nuclear energy in France is largely under-assessed because of the under-evaluation of the future dismantling of nuclear installations and of the management of radioactive wastes. It outlines that provisions made for this dismantling are insufficient, opaque and very risky. This report proposes the creation of a fund independent from nuclear operators to make pay the actual cost of nuclear energy and reduce the French electrical dependence on this energy, to secure long-term financing to finance the dismantling, to bring the financing for the decades to come to finance energy transition, to finance energy transition at reasonable rates, and to clarify the governance for phasing out nuclear

  12. Changing project finance climate; Project finance wo meguru kankyo henka

    Madono, S. [The Export-Import Bank of Japan, Tokyo (Japan)


    Development of conditions under which project financing (PF) functions is described. PF, a method with which funds are procured for a project on the security of the assets of and the cash flow involving the project, established its position as a popular financial means. Into the 1990, however, PF underwent a complete change, when it came to be actively employed as a means for the procurement of money for what is called `infrastructure building project for invigorating the private sector` in the developing countries. PF has now come to be utilized for the financing of projects in various fields besides the field of resources exploitation. In particular, PF is now utilized in schemes such as BOT (build, operate, transfer) in public enterprises, for instance, electric power utilities in developing countries. The gravest problem found in the private sector invigorating type PF is that the sponsor, operator, exporter, and lender on their respective levels are experiencing rising risks because of intensified competition in the presence of a great number of projects. Such risks involve the exchange rate, the completion of work, and the relations between the borrower and operator. 2 figs.

  13. Renewable energy sources, finance and sustainability outlook and latest evolution

    Paesani, P.


    Environment-related reasons, pressure by public opinion, and above all the strong belief that green technologies will be highly profitable pave the way to higher investments of private finance on renewable energy sources [it

  14. Cyberinfrastructure for Data Authorship, Publication and Application Interoperability

    Helly, J. J.


    Since the mid-1990s, at the San Diego Supercomputer Center (SDSC) at the University of California, San Diego (UCSD), we have been building digital library systems for a range of disciplines and evolving the underlying cyberinfrastructure components through generations of deployed, operational systems. These include applications for coastal resource management (California Coastal Atlas), blue-water oceanography (SIOExplorer), deep-ocean drilling (Integrated Ocean Drilling Program Site Survey Data Bank), atmospheric science (Center for Multi-scale Modeling of Atmospheric Processes (CMMAP)) and geospatial data-sharing across the State of California (CSDI). SIOExplorer and IODP SSDB are operational for about ten years under the control of staff at SIO using earlier versions of the technologies we propose to leverage here. Recently, CLIDEEP (Climate Impacts on the Deep Ocean), a part of International Network for Scientific Investigation of Deep-Sea Ecosystems (INDEEP), has been added to the list of projects to which this technology will be applied thereby entraining a new community of ecologists in best-management practices for scientific data and data publication. Since those earlier systems were made operational, continuing developments have led to the evolution of the Digital Library Framework and Digital Library System technologies to facilitate the production of multi-lateral metadata conforming to a variety of metadata standards (e.g., Dublin Core, FGDC, ISO19139) and to automate the production of the metadata required to obtain a digital object identifier (DOI) from the CrossRef system and DataCite cross-referencing systems. Since the emergence of CrossRef, there is now also a citation service called DataCite. For about the past two years, a Data Citation Standards and Practices Task Group under the International Council for Science / Committee on Data for Science and Technology (ICTSI/CODATA) was formed to develop a report for its international membership

  15. 76 FR 50231 - Mobile Medical Applications Draft Guidance; Public Workshop


    ... workshop discussion, a ``mobile medical app'' is a mobile application that meets the definition of ``device... applications are subject to regulation as devices when they meet the definition of a device in section 201(h... man * * * '' or ``* * * intended to affect the structure or any function of the body of man or other...

  16. Statistical causal inferences and their applications in public health research

    Wu, Pan; Chen, Ding-Geng


    This book compiles and presents new developments in statistical causal inference. The accompanying data and computer programs are publicly available so readers may replicate the model development and data analysis presented in each chapter. In this way, methodology is taught so that readers may implement it directly. The book brings together experts engaged in causal inference research to present and discuss recent issues in causal inference methodological development. This is also a timely look at causal inference applied to scenarios that range from clinical trials to mediation and public health research more broadly. In an academic setting, this book will serve as a reference and guide to a course in causal inference at the graduate level (Master's or Doctorate). It is particularly relevant for students pursuing degrees in Statistics, Biostatistics and Computational Biology. Researchers and data analysts in public health and biomedical research will also find this book to be an important reference.

  17. Putting together a public-private financing partnership in electrical distribution : the Moroccan experience; Le montage financier d'un partenariat public-prive en matiere d'electrification : L'experience marocaine

    Boughaba, F.; Dhaiby, N. [Office National de l' Electricite, Casablanca (Morocco)


    In Third World countries, the vast majority of the rural population does not have access to electricity. The factors that affect rural electrification policies include economic, demographic, social, and cultural factors and the fact that each country has its own policy regarding electrification. Since 1963, Morocco has been aware that rural electrification represents an important aspect of sustainable development. The government of Morocco has implemented several initiatives to overcome the challenge of rural electrification. This paper presents a brief historical overview of key dates in the rural electrification in Morocco. In particular, the authors discussed Morocco's Global Rural Electrification Program (PERG), outlining its global approach, master plan, and implementation. To finance this endeavour, Morocco relies on several international institutions ready to help in accordance with the priorities determined by the State. For example, funds have been provided by the Agence Francaise de Developpement (AFD), Japan Bank for International Cooperation (JBIC), Islamic Development Bank (IDB), the KFW and the FADES. The socio-economic impact of rural electrification was also reviewed, noting increased economic activity and a 30 per cent reduction in emigration from electrified villages. Households also benefit from improved hygiene and quality of life. 1 tab.

  18. From Statehouse to Schoolhouse: Education Finance Apportionment Systems in the United States

    Verstegen, Deborah A.; Knoeppel, Robert C.


    This research investigates state finance policies for public elementary and secondary education using survey methodology. The purpose is to update the existing knowledge base in the field as well as to provide a compendium of finance and policy options that are being used across the states to finance school for lawmakers, educators and others.…

  19. Are tax subsidies for private medical insurance self-financing? Evidence from a microsimulation model.

    López Nicolás, Angel; Vera-Hernández, Marcos


    This paper develops an empirical strategy to estimate whether subsidies to private medical insurance are self-financing in countries where public and private insurance coexist and the latter covers the same treatments as the former. We construct a simulation routine based on a micro-econometric discrete choice model that allows us to evaluate the impact of premium changes on the utilization of outpatient and inpatient health care services. As an application, we estimate the budgetary effects of scrapping a subsidy from the purchase of individual private policies, using micro-data from Catalonia. Our results suggest that the subsidy is not self-financing. This result is driven by the fact that private medical insurance holders make concurrent use of public and private services, and by the price inelasticity of the demand for private policies.

  20. Introducing Commercial Finance into the Water Sector in Developing Countries

    Bender, Kevin


    This guidance note provides an introduction to the role of commercial finance in the water and sanitation sector. Its aim is to help readers (development specialists) explore applications in their own countries. The note focuses primarily on commercial bank loans, and throughout the document the term commercial finance refers to commercial loans from domestic banks. However, much of the gu...

  1. Incentive Structure of Financing a Project: An Islamic Finance Approach

    Lone, Fayaz Ahmad; Quadir, Abdul


    Financing is an important component in any project. Without finance, it is impossible to run any project as it is considered the lifeblood of the business. But due to the presence of predetermined rate of interest, economists have provided alternative approach for financing the project. In this paper a model using Profit and Loss Sharing (PLS) system and comparison of it with the conventional financing model is developed. Thrust in this paper is towards establishing a new theoretical reasonin...

  2. Project financing versus corporate financing under asymmetric information

    Anton Miglo


    In recent years financing through the creation of an independent project company or financing by non-recourse debt has become an important part of corporate decisions. Shah and Thakor (JET, 1987) argue that project financing can be optimal when asymmetric information exists between firm's insiders and market participants. In contrast to that paper, we provide an asymmetric information argument for project financing without relying on corporate taxes, costly information production or an assump...

  3. Financing CFM through REDD

    Skutsch, Margaret


    The Technology and Sustainable Development section of the Clean Technology and Environmental Policy Group, University of Twente, is working on a project financed by Netherlands Development Cooperation entitled “Kyoto: Think Global, Act Local” which will run from 2003 to 2009. The project is

  4. Financing a nuclear programme

    Cameron, R.


    Nuclear power plant construction projects have many characteristics in common with other types of large infrastructure investment, both within the power generation sector and elsewhere. However, nuclear power itself has special features that can make nuclear financing particularly challenging. These features include the high capital cost, the relatively long period required to recoup investments, the often controversial nature of nuclear projects. The need for clear solutions and financing schemes for radioactive waste management and decommissioning and the need for nuclear power plants to operate at high capacity factors, preferably under base load conditions. During the previous major expansion of nuclear power in the 1970 and 1980, many nuclear projects suffered very large construction delays and cost overruns. The legacy of such problems increases the risks perceived by potential investors. A recent study undertaken jointly by the Iea and the Nea showed that the competitiveness of nuclear power strongly depends on the cost of financing due to the high share of fixed capital costs in the total lifetime costs of nuclear power. A key issue in this context is the long-term predictability of carbon pricing arrangements, which, for the time being and despite positive evolutions in this respect, most notably in Europe, does not yet exist. This paper will consider how the risks can be mitigated and examine in detail various models for corporate finance and the role of government assistance in providing a suitable financial basis. (Author)


    The fifth Chief of Staff Division, namely Finance, is the end result of ... 1946 was able to report in 1948 that there had ... the same time however, the Secretary referred ... mended that because 'the existing dual arrange- ... tigate the division of functions in the Department. ... randum discussing the different arguments sur-.

  6. Frontiers in Pension Finance

    Broeders, D.W.G.A.; Eijffinger, S.C.W.; Houben, A.


    How to deliver adequate pension benefits at reasonable costs is a huge challenge confronting our ageing societies. This book delivers a comprehensive overview of the latest insights into pension finance, pension system design, pension governance and risk based supervision. It combines

  7. Financing emerging energies

    Row, J.


    This paper discusses the financing of emerging energies in Canada. Transforming energy markets will involve billions of dollars of investment from businesses and residents. Many different types of return on investment can be expected. These benefits will continue to grow over time and provide a permanent i ncome

  8. Nuclear Physicists in Finance

    Mattoni, Carlo


    The financial services industry presents an interesting alternative career path for nuclear physicists. Careers in finance typically offer intellectual challenge, a fast pace, high caliber colleagues, merit-based compensation with substantial upside, and an opportunity to deploy skills learned as a physicist. Physicists are employed at a wide range of financial institutions on both the ``buy side'' (hedge fund managers, private equity managers, mutual fund managers, etc.) and the ``sell side'' (investment banks and brokerages). Historically, physicists in finance were primarily ``quants'' tasked with applying stochastic calculus to determine the price of financial derivatives. With the maturation of the field of derivative pricing, physicists in finance today find work in a variety of roles ranging from quantification and management of risk to investment analysis to development of sophisticated software used to price, trade, and risk manage securities. Only a small subset of today's finance careers for physicists require the use of advanced math and practically none provide an opportunity to tinker with an apparatus, yet most nevertheless draw on important skills honed during the training of a nuclear physicist. Intellectually rigorous critical thinking, sophisticated problem solving, an attention to minute detail and an ability to create and test hypotheses based on incomplete information are key to both disciplines.

  9. Campaign Finance: Reporter Guide

    Wieder, Ben


    Campaign finance might seem like the exclusive province of political reporters, but there are many good reasons why authors should be paying attention--both in races for education positions and in other key races at the local, state, and federal levels with implications for education. Basic math is a necessary skill and familiarity with a…

  10. Public participation in town-planning applications: Tlokwe Local ...

    Although public participation is deemed important in South Africa, negative perceptions of its legitimacy are widely acknowledged. Inclusive town-planning processes, as instruments to address inequality, have a significant role in enhancing democracy. This article reports on a study done from a communicative planning ...

  11. Maximizing Accessibility of Academic Publications: Applications of Electronic Publishing Technology

    Jeffress, Laura; Lyle, Stacey D.


    Professors at higher education institutions often feel pressure to "publish or perish" in order to maintain their standing in the academic community, yet a large number of these publications languish in obscure technical journals or are presented only once at a conference or online journal. While these methods achieve the goal of…

  12. Competition with evolution in ecology and finance

    Sprott, J.C.


    A variant of the multi-species Lotka-Volterra model is studied in which species competing for fixed finite resources are replaced by new randomly chosen species whenever they become extinct. The model exhibits chaos, punctuated equilibria, leptokurtosis, and self-organized criticality. It has application to ecology, finance, and possibly other diverse systems

  13. 资产证券化在中国铁路融资中的应用%The application of Asset Securitization in China's Railway Financing



    铁路建设存在周期长、资金需求浩大、资产回报率较低等特点,长久以来,铁路建设资金来源传统固化,主要依靠银行贷款、铁路建设专项基金及铁路债券等资金供给模式,现代成熟有效的融资工具在铁路融资模式中应用甚微。随着铁路建设资金缺口进一步扩大,铁路单一化、传统化的融资模式严重制约铁路事业的快速发展。以资产证券化这一现代融资工具为出发点并结合铁路资产的特有属性进行研究,发现资产证券化在我国铁路融资中具有可操作性,是拓宽铁路资金来源的有益补充。%Railway construction has a long cycle, huge demand for funds and assets return rate low. For a long time, the traditional source of funds for railway construction mainly relys on the fund supply mode,such as bank loans,special fund for railway construction,railway bond and so on. And the modern mature effective financing mode had been used little in railway financing. With the further expansion of railway construction fund gap, the single and traditional railway financing model has seriously restricted the rapid development of the railway industry. The study on the specific attributes of the asset securitization,a modern financing tool as the starting point and combining the railway assets shows that asset securitization in China railway financing is operational and a useful complement to broaden the sources of funding for railway.

  14. Financing of Renewable Energy Projects

    Santizo, Rodolfo; Berganza, Jose


    The paper describes the role of the Banco Centroamericano de Integracion Economica in financing renewable energy projects in Central America. Also decribes the different financing modes to the goverment and private sectors

  15. Finance and the nuclear industry

    Radtke, G.G.


    The subject is discussed under the headings: the energy situation today; energy investment and capital requirements (finding the necessary funds); further possibilities; future financing (project financing); summary. (U.K.)

  16. From Finance Capitalism to Financialization

    Hansen, Per H.


    In this article I interpret 150 years of financial history with a focus on shifts in the role of finance in society. I argue that over time the role of finance has shifted twice from that of servant to that of master of society, and that this process has been driven by sense making through...... narratives that legitimized and shaped these changes. When finance became a master rent seeking, cultural capture and out-of control financial innovation resulted in financial and social instability. Finance as a master was the characteristic of finance capitalism from around 1900......–1931 and of financialization from around 1980 to today. Finance capitalism and financialization were enabled by a dominant narrative that legitimized the power of finance. The shifts in the role of finance happened when crises undermined the meaning of the existing narrative and created for a new narrative able to make sense...

  17. Water Finance Webinars and Forums

    The Center hosts a series of water finance forums. These forums bring together communities with drinking water, wastewater, and stormwater project financing needs in an interactive peer-to-peer networking format.

  18. Alternative windpower ownership structures: Financing terms and project costs

    Wiser, R.; Kahn, E.


    Most utility-scale renewable energy projects in the United States are developed and financed by private renewable energy companies. Electric output is then sold to investor-owned and public utilities under long-term contracts. Limited partnerships, sale/leaseback arrangements, and project-financing have historically been the dominant forms of finance in the windpower industry, with project-finance taking the lead more recently. Although private ownership using project-finance is still the most popular form of windpower development, alternative approaches to ownership and financing are becoming more prevalent. U.S. public and investor-owned electric utilities (IOUs) have begun to participate directly in windpower projects by owning and financing their own facilities rather than purchasing windpower from independent non-utility generators (NUGs) through power purchase agreements (PPAs). In these utility-ownership arrangements, the wind turbine equipment vendor/developer typically designs and constructs a project under a turnkey contract for the eventual project owner (the utility). The utility will also frequently sign an operations and maintenance (O&M) contract with the project developer/equipment vendor. There appear to be a number of reasons for utility involvement in recent and planned U.S. wind projects. One important claim is that utility ownership and self-finance provides substantial cost savings compared to contracting with private NUGs to supply wind-generated power. In this report, we examine that assertion.

  19. Stopping Illicit Procurement: Lessons from Global Finance

    Hund, Gretchen; Kurzrok, Andrew J.


    Government regulators and the financial sector cooperate to combat money laundering and terrorist financing. This information-sharing relationship is built upon a strong legislative foundation and effective operational procedures. As with money-laundering and terrorist financing, halting the illicit procurement of dual-use commodities requires close coordination between government and industry. However, many of the legal and operational features present in financial threat cooperation do not exist in the export control realm. This article analyzes the applicability of financial industry cooperative measures to nonproliferation.




    This paper discusses an emerging heterodoxy in the academic literature on entre- preneurial technology finance that is based on the idea of "bootstrapping." Bootstrap finance is a third approach (emphasizing funding technology ventures through revenue and other non-traditional sources), alongside the orthodoxies of traditional business finance (emphasizing debt) and contemporary venture finance (emphasizing venture capital and public equity). The paper also reports the results of an original ...