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Sample records for russian financial system

  1. RUSSIAN FINANCIAL SYSTEM AND THE ISSUES OF MODERNIZATION OF ECONOMY

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    Alla L. Dyhova

    2013-01-01

    Full Text Available A serious imbalance in the development of financial relations generates the lack of integration of the financial system in General-economic system, and as a result, failure to meet its source functions mobilization and redistribution of capital for economic development. Disintegration and inconsistency of Russia's financial system have a negative impact on the modernization of the economy. Transformation of the financial system and its effectiveness is a necessary condition for the innovation economy.

  2. Comparison of Financial Stability of The Russian and Mongolian Regions Based on System of National Accounts

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    Yekaterina Aleksandrovna Zakharchuk

    2015-06-01

    Full Text Available The main purpose of the article is a comparative evaluation of the financial stability of the territories of Mongolia and the Russian Federation in the ongoing international research on the dynamics determination of the socio-economic development of both countries. In the study, the attempt to compound the existing data sources of regional development of the Russian Federation and Mongolia in uniform system for comparative evaluation of financial stability of territories on the basis of the methodology of the System of National Accounts is made. The author’s approach to build and fill the balances of the movement of financial resources in the regions by sectors of «Corporation», «Public Administration» and «Household» is presented. The comparative characteristics of socio-economic development in the context of 21 aimaks and the capital of Mongolia — Ulan Bator, and five border regions of Russia (Republic of Altai, Tuva, Buryatia, Khakassia and the Trans-Baikal Territory, as well as enlarged «macro-regions» (Mongolia as a whole, the border areas Russia together and Sverdlovsk region are determined. The analysis of the gross regional product structure of these regions is carried out. It has revealed the agricultural specialization of Mongolian regions and domination of service sector and public management in the development of added value in the Russian territories. Also, the identified features of the distribution of value added in the sector «corporation» in both countries lying in the different structural relations of SNA indicators are discovered. Investigation of the flow of financial resources for the «Governance» sector led to the conclusion of a more balanced ratio of own income and expenditure budgets of the regions of Mongolia than the border regions of the Russian Federation. As a result, in the entire set of selected areas were identified with common features and regularities of their financial development in the

  3. WHAT RUSSIAN GOVERNMENT DURING CRISIS OF GLOBAL CURRENCY-FINANCIAL SYSTEM SHOULD DO

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    S.Y. Glazjev

    2008-12-01

    Full Text Available The article is devoted to the analysis and an estimation of the reasons of crisis of global currency-financial system. The mechanism of increasing of a supply and demand disbalance of dollar that leads to falling of an US dollar exchange rate. It leads to losing of accumulation of the investors which use dollar tools.. The conclusion about insufficiency of the anti-recessionary measures undertaken by monetary US authorities was substantiated that provokes increase and expansion of the crisis phenomena in economy on a global scale. The suggestions were formulated that are directed on avoidance of superfluous risks that are caused by self-damage of a dollar financial pyramid, on transformation of Russia into the independent financial centre.

  4. Investment financing in Russian financial-industrial groups

    NARCIS (Netherlands)

    Perotti, E.C.; Gelfer, S.

    1998-01-01

    We study whether Russian Financial-Industrial Groups facilitate access by Russian firms to investment finance. We compare firms which are members of official Financial Industrial Groups and/or are owned by a large Russian bank with a control set of large firms categorized by dispersed ownership

  5. Russian financial sector: adjustment and management

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    Vitaly J. Ozira

    2006-12-01

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

  6. Investment financing in Russian financial-industrial groups

    NARCIS (Netherlands)

    Perotti, E.C.; Gelfer, S.

    1998-01-01

    We study whether Russian Financial-Industrial Groups facilitate access by Russianfirms to investment finance. We compare firms which are members of official FinancialIndustrial Groups and/or are owned by a large Russian bank with a control set of large firmscategorized by dispersed ownership or/and

  7. Judiciary on Russian Constitutional System

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    Vladislav Arkhipov

    2013-12-01

    Full Text Available This article is about new constitutional order in Russia emphasizing fundamental areas as the role of judiciary in the Russian Constitutional System from 1993 Constitution, the one which replaced the 1978 Russian Soviet Federative Socialist Republic Constitution based on communist ideology. Therefore, it is intended to examine the principle of separation of powers, constitutionally recognized human rights and liberties, relationship between international bodies’ case law of human rights and the Russian Constitutional Court, among others issues.

  8. Legal Regulation Of The Public Financial Control In Russian Empire Of The Nineteenth Century

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    Makka I. Dolakova

    2014-12-01

    Full Text Available In the present article the system of state financial control in the Russian Empire creation and development process is researched. Drawbacks in its organization effecting implementation of the financial control activities are shown. In the article it is emphasized that financial control is an important part of the state financial-economic policy. The overall goal for all branches of the state financial control is to ensure that the financial activities of the state, that are activities of formation, distribution and use of centralized and decentralized public funds of monetary resources. At the root of the financial control in the Russian Empire creation was Mikhail Speransky. During rule of the Emperor Nicholas I, activities on the State control (audit were more solid and detailed in the regulatory framework: rules on the account keeping have been established accounts and reports of ministries were established, senatorial audits were held regularly. Large-scale reforms in the mid nineteenth century, including changes in the financial sector, put the question of the state financial control modernization on the agenda. As a result of the state control (audit reform, it turned into the united audit body, with the power of documentary audit in all state institutions in the center and in regions. Specificity of the financial control was in the fact that some departments and agencies have been exempted from the control. These included the Ministry of the yard, spiritual authority, charities. Author concluded that the genuine financial control, which is the control of the representatives of population over the country's budget use in the Russian Empire was not created. It greatly affected the entire financial policy that reduced its effectiveness.

  9. The impact of financial sanctions on the Russian economy

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    Evsey Gurvich

    2015-12-01

    Full Text Available This paper examines the impact of the current Western financial sanctions on the Russian economy. Modeling the capital flow components (accounting for the influence of other factors, including falling oil prices reveals that sanctions have directly affected sanctioned state-controlled banks, oil, gas and arms companies by severely constraining foreign funding and have indirectly affected non-sanctioned companies by reducing inflows of foreign direct investment and causing funding conditions to deteriorate. The overall negative effect on gross capital inflow over 2014–2017 is estimated at approximately $280bn. However, the effect on net capital inflow is significantly lower ($160–170bn due to Russian companies’ self-adjustment, which is evidenced by their utilization of foreign assets accumulated earlier for debt repayment and an overall decrease in gross capital outflow. The sanctions’ estimated effect on GDP is significant (–2.4 p.p. by 2017, compared with a hypothetical scenario with no sanctions but 3.3 times lower than the estimated effects of the oil price shock.

  10. GLOBAL FINANCIAL CRISIS 2008 CAUSES AND CONSEQUENCES FOR RUSSIAN MACROPRUDENTIAL REGULATION

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    Егор Николаевич Поляков

    2013-09-01

    Full Text Available This article analyzes the impact of volatility in global financial markets on the economy of developing countries and the analysis of factors contributing to a greater or lesser degree of vulnerability of the financial systems of developing countries in the global crisis of 2008-2010. Particular attention is paid to the influence of the global financial crisis on the economies of the two groups of developing countries of Southeast Asia and Central and Eastern Europe. On the basis of the analysis due to the dynamics of the main macroeconomic indicators of the Russian Federation during the acute phase of the crisis. The author presents an analysis of the vulnerability of the Russian economy in the event of possible instability in global financial markets at present. The author came to the conclusion that the main reason for which in 2009 the level of GDP growth Russia won 178 seats out of 184 countries, were 2 groups of errors. The first group of errors - errors are system of macro-prudential regulation made by the Central Bank from 2002 to 2007, such as: lack of control and regulation of borrowings of the private and banking sectors to foreign markets, as well as in the domestic market in foreign currency, the loss of control over domestic financial markets, such as: the interbank lending market, the stock market. The second group of errors - errors it committed securities during the crisis. The first error of the Central Bank - a rejection Vat refinance foreign debt of non-financial sector, resulting in an acute liquidity crisis. The second error is stretched for a few months, not a one-time devaluation of the ruble. Price of the second error was 200 billion USD, which the Central Bank lost and speculators earned.DOI: http://dx.doi.org/10.12731/2218-7405-2013-9-4

  11. Clustering applications in financial and economic analysis of the crop production in the Russian regions

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    Gromov Vladislav Vladimirovich

    2013-08-01

    Full Text Available We used the complex mathematical modeling, multivariate statistical-analysis, fuzzy sets to analyze the financial and economic state of the crop production in Russian regions. We developed a system of indicators, detecting the state agricultural sector in the region, based on the results of correlation, factor, cluster analysis and statistics of the Federal State Statistics Service. We performed clustering analyses to divide regions of Russia on selected factors into five groups. A qualitative and quantitative characteristics of each cluster was received.

  12. Financial Village Standing in Indonesian Financial System

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    Herry Purnomo

    2015-12-01

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

  13. The evolution of corporate governance in the global financial crisis: the case of Russian industrial firms

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    Ichiro Iwasaki

    2016-12-01

    Full Text Available In this paper, using a unique dataset of industrial firms obtained from enterprise surveys conducted across the Russian Federation in 2005 and 2009, we trace back structural changes in the corporate governance system before and after the global financial crisis. We also empirically examine the impacts of the crisis on the organization of boards of directors and audit systems. Our survey results reveal that, in the Russian industrial sector, the quality of corporate governance has been improved through the crisis. Furthermore, we found that, corresponding to the alignment hypothesis, in firms that decisively reformed their management and supervisory bodies in response to the 2008 financial shock, the total number of worker representative directors significantly declined, as did their proportion to all board members. On the other hand, we also found that, in firms that substantially reorganized their audit system to cope with the crisis, the independence of the audit system was undermined remarkably, corresponding to the expropriation hypothesis. Findings that management behaviors predicted by the two conflicting hypotheses are simultaneously detected—and that their targets are significantly different—deserve special mention.

  14. Financial Decision Making Support System

    OpenAIRE

    Lobanova, E. N.; Zmitrovich, A. I.; Voshevoz, A. A.; Krivko-Krasko, A. V.

    2010-01-01

    In this article we consider concepts and components of the Financial Decision Making System that is being developed in the Institute of Business and Management Technology, BSU. Such system can be successfully used either for training experts in financial analytics and financial management or for financial managers and financial directors in an enterprise for the effective financial decision making.

  15. Influence Of International Financial And Economic Organizations On The Development Of Russian Law

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    Dmitriy A. Pashencev

    2015-03-01

    Full Text Available In the present article characteristics and patterns of the impact of the international financial and economic organizations on the development of Russian law in the present-day conditions are described. It is noted, that the international financial and economic organizations firmly rooted in the world. They are based on international agreements, which participants could be also non-State structures. The role of international financial and economic organizations in the development of the negative effects of globalization and the production of global financial crisis is considered. The necessity to change the economic course of our country was proved because of the crisis and sanctions, as well as the need to find new ways of structuring the international financial and economic space, including the basis of the new inter-state unions and a new reserve currency. It is shown that the Russian domestic law should be the barrier against the destabilizing influence of transnational corporations. Legal acts of the Russian Federation defining the terms and scope of cooperation with international economic and financial organizations were analyzed. It is noted, that in accordance with applicable Russian legislation, international financial institutions have the right to invest in Russian companies, including and strategic. It is proved that the situation in the modern world and its negative manifestations determine the need for a number of effective measures and require changes in legislation. It is necessary to make changes in the current Russian legislation, first of all, investment, banking, trade, etc., to develop effective legal mechanisms for the protection of domestic producers and the national market from the expansion of multinational corporations.

  16. Dynamics Of The Financial And Economic Development In The Russian Empire Of The Second Half Of The XIX Century Legal Regulation

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    Elena L. Alehina

    2014-06-01

    Full Text Available In the article dynamics of legal regulation of financial and economic relations in Russian Empire of the second half of the XIX century is researched. The role of state in the regulation of the financial and economic relations system development is shown. The main normative legal acts of the Russian Empire regulating state revenues, budgetary process, taxation, monetary circulation are analyzed. Author investigated features of the budgetary reform of 1862, showed specifics of standard and legal regulation of direct and indirect budget income and also regalia as exclusive rights of the state. Conclusions are drawn on the features of the financial and economic relations legal regulation in Russia. The role of state initiatives in the formation of new financial institutions in Russian Empire are presented. Interrelation of financial relations with financial policy of the state is researched, factors defining main directions of this policy in researched period of the Russian Empire are shown. It is noted that the state sought to use the private business potential in the separate branches of financial and economic life, first of all, in construction and operation of the railroads, and also in the mining industry. According to the author, normative legal acts of the researched in this article period affirmed a number of exclusive rights of the state in the sphere of economy which allowed the budget to receive steady, though not really high income.

  17. Red barons or robber barons? : governance and financing in Russian financial-industrial groups

    NARCIS (Netherlands)

    Perotti, E.C.; Gelfer, S.

    1999-01-01

    We study the governance role of Russian Financial-Industrial Groups (FIG) and their impact on financing of investment. We compare member firms of a group with a control set of large firms categorized by dispersed ownership or/and management and employee control. We find that investment is sensitive

  18. Red barons or robber barons? : governance and investment in Russian financial-industrial groups

    NARCIS (Netherlands)

    Perotti, E.C.; Gelfer, S.

    2001-01-01

    We study the governance role of Russian financial-industrial groups (FIG) and their impact on the allocation of capital. We compare member firms of groups with a control set of firms categorized by dispersed ownership or/and management and employee control. We distinguish between hierarchical FIGs,

  19. Russian financial market and the prospect of its innovative development

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    Ukolova Nadezhda Viktorovna

    2013-05-01

    Full Text Available A lively problem of innovative development of Russia's economy is the subject of the article. The author focuses attention on direct targeting of financial market on innovations. It may be possible in case of co-operation of state and business.

  20. Interactive Russian Grammar: The Case System

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    Rimma Gam

    2009-01-01

    Full Text Available My paper addresses a problem many of us in North American college language programs confront regularly, the solution to which regularly and frustratingly remains just out of our reach. I refer to the teaching of the most basic and most crucial element of Russian grammar, namely, its case system, and teaching it to our students whose native language, English, does not have such a system. As I teach the Russian cases, I see vividly the disconnect between grammar presented for students (simplified, episodic, based on the "pick it up along the way" principle and the learned papers on Russian grammar by linguists, which are barely comprehensible to a non-linguist. Materials in the middle are lacking-materials to help a literature professor acting as a "de facto" language instructor understand and address the needs of students as they learn this crucial segment of basic Russian grammar. This core element of Russian grammar is presented to students in the first year of college language study, is revisited in the second year, and very often by the third year students either manage to completely block it out from their memory (as if it were some traumatic experience that happened "a long time ago"-that is, before .summer break-but most importantly due to the lack of practice or demonstrate a partial or even complete lack of understanding or misunderstanding of this system forcing us to deal with it again in the third year. Not only is it frustrating for both the students and the language instructor; but from the point of view of their overall proficiency, the lack of control of the case system holds our students back. There can be no talk of advanced language proficiency without a complete and automatic mastery of this basic system. Unfortunately, regardless of the specific textbooks used, the students very often manage not to have a general idea and mastery of this system even by the third year of study.

  1. THE BANKING SYSTEM OF THE RUSSIAN FEDERATION: STATUS AND PROSPECTS

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    L. N. Sotnikova

    2015-01-01

    Full Text Available The features and current trends in the development of the banking system of the Russian Federation are highlighted in the article. The authors propose an original method of evaluation of activities of credit organizations with the use of statistical data and rating agencies. The concept of the banking system is summarized in this article. Also its structure is analyzed by the number of credit institutions and the quality of their operations. The authors identifie differences between the concepts of banking service, banking operation and banking product and propose classification according to different characteristics of banking institutions and operations that they carry out. Then the authors go to estimating the volume of banking services in Russia and their patterns in total. Separately the main passive (deposits and loans and active operations (lending to legal entities and individuals are characterized. The authors identifie the major developments in the banking system of the Russian Federation in 2014 due to political and economic sanctions by the U.S. and Eurozone countries. The article provides a vision of the authors on the further development of the banking activity in Russia and proposes specific measures to adapt the banking system of the Russian Federation in a constantly changing political and economic conditions (financial sanctions, a change of key Central Bank rates, devaluation, etc.. According to the authors' opinion the expected prospects of development of the banking system of the Russian Federation to 2015 are: the growth in savings accounts in banks; sanctions will be of a personal nature and will not affect the largest credit institutions; the active growth of the corporate loan portfolio will continue; the growth of retail lending portfolio will continue to slow; mortgage lending will increase in the total loan portfolio of the banking sector of Russia.

  2. Singapore; Financial System Stability Assessment

    OpenAIRE

    International Monetary Fund

    2004-01-01

    This paper discusses key findings of the Financial System Stability Assessment on Singapore. The Singapore financial system is highly developed, and well regulated and supervised. Singapore’s current regulation and supervision are among the best globally. The Monetary Authority of Singapore (MAS) oversees the entire financial system, and has the analytical and operational capabilities to do so effectively. Singapore is exposed to a broad array of domestic and global risks, especially in light...

  3. Russian eruption warning systems for aviation

    Science.gov (United States)

    Neal, C.; Girina, O.; Senyukov, S.; Rybin, A.; Osiensky, J.; Izbekov, P.; Ferguson, G.

    2009-01-01

    More than 65 potentially active volcanoes on the Kamchatka Peninsula and the Kurile Islands pose a substantial threat to aircraft on the Northern Pacific (NOPAC), Russian Trans-East (RTE), and Pacific Organized Track System (PACOTS) air routes. The Kamchatka Volcanic Eruption Response Team (KVERT) monitors and reports on volcanic hazards to aviation for Kamchatka and the north Kuriles. KVERT scientists utilize real-time seismic data, daily satellite views of the region, real-time video, and pilot and field reports of activity to track and alert the aviation industry of hazardous activity. Most Kurile Island volcanoes are monitored by the Sakhalin Volcanic Eruption Response Team (SVERT) based in Yuzhno-Sakhalinsk. SVERT uses daily moderate resolution imaging spectroradiometer (MODIS) satellite images to look for volcanic activity along this 1,250-km chain of islands. Neither operation is staffed 24 h per day. In addition, the vast majority of Russian volcanoes are not monitored seismically in real-time. Other challenges include multiple time-zones and language differences that hamper communication among volcanologists and meteorologists in the US, Japan, and Russia who share the responsibility to issue official warnings. Rapid, consistent verification of explosive eruptions and determination of cloud heights remain significant technical challenges. Despite these difficulties, in more than a decade of frequent eruptive activity in Kamchatka and the northern Kuriles, no damaging encounters with volcanic ash from Russian eruptions have been recorded. ?? Springer Science+Business Media B.V. 2009.

  4. THE FINANCIAL SECTOR IN THE FINANCIAL SYSTEM ECONOMY: THEORETICAL ASPECTS

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    Yu. Kovalenko

    2015-06-01

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

  5. Russian Federation Financial Sector Assessment Program : Role of State in Financial Services

    OpenAIRE

    World Bank; International Monetary Fund

    2016-01-01

    State-owned financial institutions fall into three main groups: commercial banks, hybrid banks, and development institutions. The larger state-owned commercial banks/ groups include Sberbank, the VTB Bank group, and Gazprombank. Like private commercial banks, these institutions do not have a policy mandate and are profit maximizing, and target similar market segments. The main state hybrid...

  6. External Macroeconomic Shocks and the Estonian economy: How did the Russian Financial Crisis affect Estonian Unemployment and Foreign Trade?

    OpenAIRE

    Raul Eamets; Urmas Varblane; Kaja Sostra

    2003-01-01

    In this empirical paper we examine how the Russian financial crisis affected Estonian unemployment and foreign trade. In our interpretation the Russian crisis caused depression in the Estonian economy, but at the same time it also caused a relatively fast reallocation of trade. Eastward export flows (largely foodstuffs) declined drastically while exports to Finland and Sweden largely increased. Several manufacturing firms went into bankruptcy and foreign investors benefited from relatively lo...

  7. Russian Cryptographic Algorithms in the Identity Management Systems

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    A.V. Dubovitskaya

    2011-12-01

    Full Text Available The subject of the research is to implement Russian cryptographic algorithms in the IdM-systems. The research centers on the study of the claim-based authentication protocols and the existing IdM-systems and on the development of an authentication module for Russian cryptographic algorithms.

  8. Implementation of Financial Sustainability in Organizations through Valuation of Financial Leverage Effect in Russian Practice of Financial Management

    Science.gov (United States)

    Ashmarina, Svetlana I.; Zotova, Anna S.; Smolina, Ekaterina S.

    2016-01-01

    The article considers the need of ensuring the sustainable development of organizations in the unstable external environment; financial sustainability which is understood as the optimal structure of funding sources of a business entity is proved to be the most significant factor of sustainable development. The article proves that the index of…

  9. Threats to financial system security

    Energy Technology Data Exchange (ETDEWEB)

    McGovern, D.E.

    1997-06-01

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

  10. Financial Network Systemic Risk Contributions

    NARCIS (Netherlands)

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

    2015-01-01

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

  11. Financial regulation and financial system architecture in Central Europe

    NARCIS (Netherlands)

    Scholtens, B

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

  12. Bubbles, Financial Crises, and Systemic Risk

    OpenAIRE

    Markus K. Brunnermeier; Martin Oehmke

    2012-01-01

    This chapter surveys the literature on bubbles, financial crises, and systemic risk. The first part of the chapter provides a brief historical account of bubbles and financial crisis. The second part of the chapter gives a structured overview of the literature on financial bubbles. The third part of the chapter discusses the literatures on financial crises and systemic risk, with particular emphasis on amplification and propagation mechanisms during financial crises, and the measurement of sy...

  13. African financial systems: A review

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    Franklin Allen

    2011-04-01

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

  14. Uncertainty in an Interconnected Financial System, Contagion

    OpenAIRE

    Mei Li; Frank Milne; Junfeng Qiu

    2013-01-01

    This paper studies contagion and market freezes caused by uncertainty in financial network structures and provides theoretical guidance for central banks. We establish a formal model to demonstrate that, in a financial system where financial institutions are interconnected, a negative shock to an individual financial institution could spread to other institutions, causing market freezes because of creditors' uncertainty about the financial network structure. Central bank policies to alleviate...

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

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

    Job Summary. The Financial Systems Information Officer provides end-user training in Ottawa and regional offices on the main financial information systems, which include Oracle Financials (Purchasing, Accounts Payable, Cash Management, General Ledger and Fixed Assets) and the expense management systems.

  16. Financial System and Agricultural Growth in Ukraine

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    Oliynyk-Dunn Olena

    2017-08-01

    Full Text Available Background/Purpose: An effective financial system should increase the efficiency of economic activities. This study provides evidence regarding the importance of financial development for agricultural growth in Ukraine.

  17. The Architecture of Financial Risk Management Systems

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    Iosif ZIMAN

    2013-01-01

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

  18. Evaluation of tte International System In Russian Official Discourse and Academic Analysis

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    Igor A. Istomin

    2016-01-01

    Full Text Available The article draws a comparison between Russian official and expert foreign policy discourses, focusing on representations of the power balance and relations between major states as the defining features of international system. The author attempts to identify actual and potential contribution of academics in the Russian foreign policy thinking. Conceptual documents and programme statements of national leadership elevate the notion of 'polycentric world' as a value in itself, which guides national actions on international arena. Although, until the late 2000s its rise was perceived as a welcome, but remote prospect, since the U.S. failures in Iraq and Afghanistan as well as global financial crisis expectations regarding it construction increased. They are accompanied, however, by a more critical appraisal of the concept. The mainstream Russian expert community shares normative appreciation of the polycentric global system as an intrinsic good. It also nourishes expectations of its emergence with almost inevitable certainty. Most of the time, it does not take into account concerns incorporated in the Western IR theories, regarding destabilizing effect of competition between multiple centers of power. The article demonstrates that both Russian political leadership and expert community perceive polycentric system as an international 'great power concert', which is just one and relatively rare form of it. It requires not only virtual parity in capabilities of several players, but also the lack of serious disputes among them. Meanwhile, in the Russia academic community there is a place for a critical tradition, which associates current decentralization of the international system with its chaotization and weakening governance. In recent years this approach gains additional prominence. However, the Russian debates on global order lacks more elaborated discussion regarding sources of power in international system as well as explanation of the binding

  19. The Plato System: Using the Computer to Teach Russian

    Science.gov (United States)

    Curtin, Constance; And Others

    1976-01-01

    The uses of a computer-based instructional system known as PLATO in teaching Russian, both in audio-lingual and reading-translation courses, at the University of Illinois are described. Examples of a variety of drills are given. An evaluation of the method is made. (RM)

  20. Financial Markets as Nonlinear Adaptive Evolutionary Systems

    OpenAIRE

    Hommes, C.H.

    2001-01-01

    This paper gives an overview of joint work with Buz Brock, on evolutionary adaptive belief systems (ABS) for modelling financial markets. Recent work with Andrea Gaunersdorfer is also reviewed and some recent experimental work on expectation formation in financial markets is also discussed. Financial markets are viewed as evolutionary systems between different, competing trading strategies. Agents are boundedly rational in the sense that they tend to follow strategies that have performed well...

  1. Comparative analysis of tax administration system in Russian regions

    Directory of Open Access Journals (Sweden)

    Aleksey Sergeevich Naydenov

    2011-09-01

    Full Text Available This paper presents the results of the study on tax administration attractiveness for taxpayers in the Russian Federation. The authors provide an overview of existing approaches to understanding the nature of the tax administration. To solve the problem of estimating the attractiveness of the tax administration in this study, we proposed a methodological approach based on comparative analysis of the rank of territorial systems of tax administration. In the basis of comparative analysis is the calculation of a set of indicators that characterize the tax administration system attractiveness from the standpoint of the taxpayer, with subsequent calculation of integral indexes and rankings of the Russian Federation. The results assessing the attractiveness of the tax administration system in the regions are shown. In this paper, we attempt to assess modern tax administration as one of the key economic institutions, as well as to obtain quantitative data on the status of the tax administration in Russia's regions.

  2. THE CONCEPT OF TRANSFER PRICING SYSTEM IN RUSSIAN FEDERATION

    Directory of Open Access Journals (Sweden)

    Alexey S. Besfamilnyy

    2016-01-01

    Full Text Available The article presents the author's denition of transfer prices and transfer pricing based on the analysis of the current legislation in Russia as well as on current economic practice. Considered state regulation of transfer pricing for the purpose of harmonization of relationship between government and business. Given the denition of the transfer pricing system in Russian Federation and the description of its main parts and connections between them, necessary for effective functioning.

  3. Financial system development progress in Western Balkans

    Directory of Open Access Journals (Sweden)

    Emira Kozarević

    2017-06-01

    Full Text Available Financial system supports economic growth, while its regulatory framework provides stability for investors. Develo-ping countries with bank-oriented financial systems are not attractive to investors, so prolonged status quo leads to economic deterioration. This is particularly the case with some of the most underdeveloped areas in Europe: Western Balkans. It is essential the developing countries in this region consider steps towards financial liberalization, which will help open the borders for capital flows and attract new investments. The main goal of this paper is to review and present the available information related to the banking system development in Western Balkans in terms of ownership structure, capital adequacy, loan and asset performance, return on investment and liquidity. These indicators should provide a clearer picture of the current financial systems in Western Balkans economies and their development progress – useful for comparison with other developing regions and financial transformation and liberalization efforts.

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

    NARCIS (Netherlands)

    Arons, T.M.C.

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

  5. Existence crises of actual financial management systems

    OpenAIRE

    SVASTA Mihai

    2009-01-01

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

  6. Systems of Phraseological Machine Translation of Polythematic Texts from Russian into English and from English into Russian (RETRANS and ERTRANS Systems).

    Science.gov (United States)

    Belonogov, G. G.; And Others

    1995-01-01

    Discusses the development of phraseological machine translation based on the theory that in natural languages, phraseological units cannot always be reduced to words. Describes the phraseological translation process of computer software and machine dictionary systems that translate Russian into English and English into Russian. (JMV)

  7. Financial Crisis and the Central Bank System

    Directory of Open Access Journals (Sweden)

    RICHARD POSPISIL

    2015-05-01

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

  8. FINANCIAL CRISIS AND THE CENTRAL BANK SYSTEM

    Directory of Open Access Journals (Sweden)

    Richard POSPISIL

    2015-07-01

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

  9. A proposed Russian-American NEPST program utilizing Russian launch and support systems

    Science.gov (United States)

    Ponomarev-Stepnoi, N. N.; Usov, Veniamin; Yefremov, Gennadi L.; Degtiariev, Yuri G.; Belousov, Stanislav Y.; Ogloblin, Boris G.; Bocharov, Anatoli F.

    1995-01-01

    This paper summarizes the research efforts on investigating the possibility of launching the Nuclear Electric Propulsion Space Test Program (NEPSTP) spacecraft, designed by the Applied Physics Laboratory (APL) of Johns Hopkins University, with the Russian ``Proton'' launch vehicle from the Baikonur launch site (Ponomarev-Stepnoi 1994). The NEPSTP spacecraft is designed to demonstrate a payload transportation to GEO using the TOPAZ II space nuclear power system and nuclear electric propulsion of different types (including those developed in the US, Great Britain and Russia) capable of providing spacecraft injection to GEO. The spacecraft's onboard instrumentation includes sensors to measure neutron and gamma radiation around the spacecraft, as well as positron fields surrounding the reactor, and neutral particles and the plasma resulting from operation of nuclear electric propulsion, powered by the nuclear power source. The analysis under study was prepared by the scientists from the Scientific Industrial Association (SIA) of ``Machine Building,'' RRC ``Kurchatov Institute,'' and the Central Design Bureau of Machine Building (CDBMB), on request and support of ``INERTEK'' Joint Stock Company.

  10. Russian Army Mat as a Code System Controlling Behaviour in the Russian army

    Directory of Open Access Journals (Sweden)

    Vadim Mikhailin

    2004-09-01

    Full Text Available This text is to be a shortened, restructured and based on somewhat another factological foundation version of my article “Russkii mat kak muzhskoi obstsennyi kod: problema proiskhozhdeniia i evoliutsiia statusa”, published in # 43 of Novoe Literaturnoe Obozrenie. Tracing the genesis of mat to the specific modes of behaviour, peculiar to the archaic male warrior bands, I’m going to show that the military milieu (and some other, structurally close to it social strata, has always been – and remain – absolutely adequate for the mat speaking. Moreover, mat has always carried on within these strata rather specific function connected with creating of one’s identity as a military, and its use offers various and sometimes the only possible means of impact at one’s equal or subordinate (or even superior. As a matter of fact, mat is a basis for a whole code system, controlling different military behaviour practices. The problems of the freshers’ adaptation and of the national specificities in the late Soviet and modern Russian army are to be considered with special respect.

  11. 7 CFR 550.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 6 2010-01-01 2010-01-01 false Standards for financial management systems. 550.20... Management of Agreements Financial Management § 550.20 Standards for financial management systems. (a) REE agencies shall require Cooperators to relate financial data to performance data. (b) Cooperators' financial...

  12. Russian Chrononyms in Linguistic Perspective (Review of: Atroshenko, O. V. Russian Popular Chrononymy: Systemic, Functional and Lexicographic aspects

    Directory of Open Access Journals (Sweden)

    Tatyana A. Agapkina

    2013-06-01

    Full Text Available The review deals with the ideas expressed in O. V. Atroshenko’s doctoral thesis. The author specifically considers the motivational peculiarities of chrononyms, the correlations between chrononyms and calendar sayings, the principles of use of dialect materials in such kind of study as well as the research perspectives of the basic terms of the Russian chrononymic system.

  13. Airport Economics: Management Control Financial Reporting Systems

    Science.gov (United States)

    Buchbinder, A.

    1972-01-01

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

  14. Evolution of the system of environmental taxes and charges in the Russian Federation

    Directory of Open Access Journals (Sweden)

    E. B. Shuvalova

    2017-01-01

    Full Text Available The article presents an analysis of the development of the system of taxes and fees on natural resources in the Russian Federation from 1991 to 2017. The authors note that within the period under review, the system of natural resource taxation has undergone significant changes related to the political and economic transformational processes in the Russian Federation. The last few years of modernization of the domestic economy have required a review of the attitude towards rental income, nature management and the environment as a whole. The last fact is confirmed by the fact that the current year is declared the year of ecology in our country. The aim of the study is to summarize information on the structural elements of the system of environmental taxes, fees and payments in the Russian Federation. The main focus of the authors’ attention is directed to mechanisms for regulating the consumption of natural resources by both natural and legal persons, as well as the need to restore natural potential after consumption within the framework of financial and production activities of economic entities in the Russian Federation. The main analytical materials of the study were the Russian legal framework and accompanying regulatory by-laws in the field of taxation, official explanations of the relevant authorities, accompanying analytical and statistical materials, publications of scientific and periodicals. In order to increase the objectivity of the conclusions, the following methods were used: the method of scientific abstraction, analysis, synthesis, comparison, modeling, grouping of data. In addition, an analysis of the scientific literature, the legal framework was applied. The result of the study was the identification of two basic categories of payments. Environmental taxes (mineral extraction tax, water tax, land tax, transport tax and environmental charges (collection for use of wildlife and aquatic biological resources. One-time and regular

  15. CHART OF ACCOUNTS OF THE RUSSIAN FEDERATION SHOULD BE DETAILED WITH REFORMING OF AN ACCOUNTING REPORTING ON THE BASIS OF THE INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS

    Directory of Open Access Journals (Sweden)

    Gegetsik A. Tovmasyan

    2013-01-01

    Full Text Available The article deals with the problem related to information base of accounting (financial reporting, which depends on conducting accounting and creation of detailed classification of chart of accounts of the Russian Federation. It is offered to change the structure of the balance sheet and the report on changes of the capital in the Russian Federation with introduction of “paid-in capital” indicator which not only unifies the reporting according to IFRS, but also will allow objectively estimating and predicting results and risks of both business activity and investment activity.

  16. FINANCIAL SYSTEM STRUCTURE AND STABILITY DURING TRANSITION

    Directory of Open Access Journals (Sweden)

    Firtescu Bogdan

    2012-07-01

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

  17. An automated library financial management system

    Science.gov (United States)

    Dueker, S.; Gustafson, L.

    1977-01-01

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

  18. IMPROVING THE EFFICIENCY OF THE FINANCIAL CONTROL SYSTEM IN TERMS OF THE RISK-ORIENTED MODEL

    Directory of Open Access Journals (Sweden)

    M. N. Ponkratova

    2015-01-01

    Full Text Available The imperfection of the legislative and methodological basis of fi nancial control in the Russian Federation shall determine the list of issues on illicit and misuse of budget funds, including with the use of schemes for the withdrawal of capital abroad through fi nancial instruments (cash, Bank transfers and deposits, securities and bills of exchange operations which are common practice in our country. In this regard, of particular importance is the use of a risk-oriented model of financial control, adapted to the conditions of the Russian Federation.The article discusses the risk-based model as part of a system of financial control. The concept model aimed at check point, implying the identification of reference points in the organization's and customers' risk event.

  19. 7 CFR 249.11 - Financial management system.

    Science.gov (United States)

    2010-01-01

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

  20. 20 CFR 632.32 - Financial management systems.

    Science.gov (United States)

    2010-04-01

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

  1. 2 CFR 215.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

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

  2. 10 CFR 600.121 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

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

  3. 7 CFR 248.11 - Financial management system.

    Science.gov (United States)

    2010-01-01

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

  4. 7 CFR 3019.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

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

  5. 20 CFR 437.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-04-01

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

  6. 29 CFR 1470.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

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

  7. 45 CFR 92.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 1 2010-10-01 2010-10-01 false Standards for financial management systems. 92.20...-Award Requirements Financial Administration § 92.20 Standards for financial management systems. (a) A... restrictions and prohibitions of applicable statutes. (b) The financial management systems of other grantees...

  8. 22 CFR 145.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-04-01

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

  9. 45 CFR 1183.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

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

  10. 14 CFR 1273.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

    ... 14 Aeronautics and Space 5 2010-01-01 2010-01-01 false Standards for financial management systems... Requirements Financial Administration § 1273.20 Standards for financial management systems. (a) A State must... prohibitions of applicable statutes. (b) The financial management systems of other grantees and subgrantees...

  11. 45 CFR 74.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

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

  12. 36 CFR 1207.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

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

  13. 45 CFR 1174.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

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

  14. 34 CFR 74.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

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

  15. 29 CFR 95.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

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

  16. 21 CFR 1403.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-04-01

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

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

    Science.gov (United States)

    2010-01-01

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

  18. 22 CFR 135.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-04-01

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

  19. 34 CFR 80.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

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

  20. Financial Audit: Financial Reporting and Internal Controls at the Air Force Systems Command

    Science.gov (United States)

    1991-01-01

    United States General Accounting Office GAO Report 1,o, the Commander, Air Force -A0 Systems Command Janar 191FINANCI-AL AUDTFI Financial Reporting ...20332 Dear General Yates: This report presents the results of our review of the Air Force Systems Command’s financial management operations. It addresses...internal control and financial reporting improvements needed within the Air Force Systems Command. The report resulted from our examination of the

  1. Diversification at Financial Institutions and Systemic Crises

    NARCIS (Netherlands)

    Wagner, W.B.

    2006-01-01

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

  2. Size and complexity in model financial systems.

    Science.gov (United States)

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

    2012-11-06

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

  3. 22 CFR 226.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-04-01

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

  4. 20 CFR 435.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-04-01

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

  5. 22 CFR 518.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-04-01

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

  6. 40 CFR 31.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

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

  7. 15 CFR 24.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false Standards for financial management... Requirements Financial Administration § 24.20 Standards for financial management systems. (a) A State must... prohibitions of applicable statutes. (b) The financial management systems of other grantees and subgrantees...

  8. 38 CFR 43.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

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

  9. 32 CFR 34.11 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

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

  10. 28 CFR 66.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Standards for financial management... Requirements Financial Administration § 66.20 Standards for financial management systems. (a) A State must... prohibitions of applicable statutes. (b) The financial management systems of other grantees and subgrantees...

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

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Standards for financial management... Requirements Financial Administration § 143.20 Standards for financial management systems. (a) A State must... prohibitions of applicable statutes. (b) The financial management systems of other grantees and subgrantees...

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

    National Research Council Canada - National Science Library

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

    2004-01-01

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

  13. REXS : A financial risk diagnostic expert system

    Directory of Open Access Journals (Sweden)

    W. Richter

    2012-01-01

    Full Text Available

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

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

  14. Network versus portfolio structure in financial systems

    Science.gov (United States)

    Kobayashi, Teruyoshi

    2013-10-01

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

  15. 28 CFR 70.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

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

  16. The global financial crisis and national financial systems survival ...

    African Journals Online (AJOL)

    This paper focuses on global financial crisis and its implications on the economy of nations. The questions asked to which answers were given among others include: Is the globalization of finance profitable against the backdrop of the failure of banking institutions in the United States of America that has snowballed into a ...

  17. 10 CFR 600.311 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

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

  18. Financial systems, innovation and economic performance

    OpenAIRE

    Block, T.H.

    2002-01-01

    There is growing evidence of international divergence in the performance of newindustries. While the United States is at the forefront of the recent revolution ininformation technologies, European economists and policy makers are concerned thatEurope is falling behind with negative implications for long-term economicperformance. This paper investigates the role of financial systems as a crucialdeterminant of apparent differences in national abilities to promote innovativeactivities in specifi...

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

    Directory of Open Access Journals (Sweden)

    Roxana Heteș

    2013-04-01

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

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

    NARCIS (Netherlands)

    Samarina, A..

    2012-01-01

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

  1. Discussions on the Problems and Development of Chinese Financial System

    Institute of Scientific and Technical Information of China (English)

    陈睿豪

    2012-01-01

      The financial system of china has the image of planned economy from the beginning,although experiences market reform,gradually move towards mixed operation from separate operation, and increased in the international financial integration. However,there are many deficiencies and defects in current financial systems. This paper described the characteristics of current financial system, market system,supervision system and interior audit system of commercial bank. Based on these,this paper proposed some relevant suggestions on the reformations of bank and financial systems in china.

  2. 7 CFR 277.6 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

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

  3. 43 CFR 12.60 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

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

  4. 10 CFR 600.220 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

    ... 10 Energy 4 2010-01-01 2010-01-01 false Standards for financial management systems. 600.220... Post-Award Requirements § 600.220 Standards for financial management systems. (a) A State must expend... prohibitions of applicable statutes. (b) The financial management systems of other grantees and subgrantees...

  5. 32 CFR 33.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

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

  6. 49 CFR 18.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

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

  7. 45 CFR 602.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 3 2010-10-01 2010-10-01 false Standards for financial management systems. 602.20... GOVERNMENTS Post-Award Requirements § 602.20 Standards for financial management systems. (a) A State must... prohibitions of applicable statutes. (b) The financial management systems of other grantees and subgrantees...

  8. 7 CFR 3016.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

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

  9. 48 CFR 970.5232-7 - Financial management system.

    Science.gov (United States)

    2010-10-01

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

  10. 45 CFR 1157.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

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

  11. 32 CFR 32.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

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

  12. 7 CFR 246.13 - Financial management system.

    Science.gov (United States)

    2010-01-01

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

  13. 49 CFR 19.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

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

  14. 43 CFR 12.921 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

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

  15. 14 CFR 152.303 - Financial management system.

    Science.gov (United States)

    2010-01-01

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

  16. 40 CFR 35.6270 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

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

  17. 29 CFR 97.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

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

  18. Issues of Formation and Use of Financial Resources of the Social Welfare System (Case Study of the Komi Republic

    Directory of Open Access Journals (Sweden)

    Valentina Valentinovna Tikhomirova

    2016-11-01

    Full Text Available Currently, the social welfare system in the Komi Republic and in the Russian Federation on the whole is undergoing gradual reforming, the main goals of which are as follows: improving the quality of life; supporting the poor and vulnerable segments of the population; mitigating possible negative consequences of reforms; improving pension provision; further improvement of targeted social assistance; streamlining social benefits; development of the social services market. In this regard, the study of methodological basis for the formation and use of financial resources of the social welfare system becomes more and more important. The goal of this work is to develop theoretical and methodical approaches to the improvement of financial mechanism for the social welfare system in the region. The paper considers the formation and use of financial resources for social protection of population in the Republic of Komi. The author reveals specifics of formation of budgets of all levels and the powers of federal and regional authorities in the field of mutual responsibility. The paper shows the imbalance of financial resources and obligations at all levels of the budgetary system of the Russian Federation. Scientific novelty of the work consists in the fact that it defines social protection as a financial category that provides redistribution of financial resources emerging in the process of formation of centralized and decentralized financial resources, through a set of forms and types of social protection aimed to ensure its targeted provision. On the basis of the national accounts system, which in terms of methodology focuses on a single international standard, the author develops a structure of forms and types of social protection, which are the basis of its financial mechanism: state social guarantees and minimum social standards; social benefits (social insurance and social assistance benefits; and social services. The paper considers main directions

  19. Financial mechanisms and social safety-oriented model of development of the Russian economy (based on import substitution and innovation

    Directory of Open Access Journals (Sweden)

    T. I. Ovchinnikova

    2016-01-01

    Full Text Available In article features of import substitution in the socially oriented model determined as economy with the high level of the state income redistribution of subjects of managing and developed on this basis of system of social protection are considered. Import substitution is considered from the traditional point of view – creation of new productions and technologies which are implemented at the expense of own and borrowed funds of investors. The financial mechanisms for implementation of innovations promoting import substitution are offered: industry plans and road maps as availability of reference points for creation of rational amounts of the budget payments and financial resources of the entities necessary for upgrade of productions, and also the directions of financial resources for implementation of specific most important national priorities and innovative investment projects. The volume of investment into the fixed capital correlated to its cost considerably grew from 3.5% in 2003 to 11.6% in 2009, but value of this indicator isn't enough as degree of depreciation of fixed assets in economy of the region constituted 44.9% in 2009. Direct foreign investments prevail: in Krasnoyarsk Krai their share constituted in 2009 – 45.4%, Krasnodar Region – 40.5%, the Nizhny Novgorod Region – 84.5%. In the Voronezh region such entities as KBHA, Federal State Unitary Enterprise State Research and Production Space Center branch of M. V. Khrunichev the Voronezh Mechanical Plant, JSC Sozvezdiye Concern having the high technologies making safety of the country and especially needing investments function. In plans of urgent strategy of social and economic development of the Voronezh region it is supposed to increase specific weight of innovative products of such entities and to increase the level of innovative activity till 2020. The socially oriented model considering import substitution domestic technologies and products needs strengthening of the

  20. 44 CFR 13.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

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

  1. 38 CFR 49.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

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

  2. 45 CFR 2541.200 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

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

  3. 24 CFR 84.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-04-01

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

  4. 36 CFR 1210.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

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

  5. 45 CFR 2543.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-10-01

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

  6. 40 CFR 30.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

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

  7. 24 CFR 85.20 - Standards for financial management systems.

    Science.gov (United States)

    2010-04-01

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

  8. A SURVEY OF INTERNATIONAL FINANCIAL RISK MANAGEMENT SYSTEM

    National Research Council Canada - National Science Library

    SETHI Narayan; SAHOO Kalpana; SUCHARITA Sanhita

    2013-01-01

    .... Identification of different types of risks and effective management of these risks in the international financial system would help to alleviate crisis, financial losses and also helpful to the long...

  9. Cost estimating issues in the Russian integrated system planning context

    Energy Technology Data Exchange (ETDEWEB)

    Allentuck, J.

    1996-03-01

    An important factor in the credibility of an optimal capacity expansion plan is the accuracy of cost estimates given the uncertainty of future economic conditions. This paper examines the problems associated with estimating investment and operating costs in the Russian nuclear power context over the period 1994 to 2010.

  10. Russian Traditions in the System of Student Government

    Science.gov (United States)

    Gostev, A. N.; Demchenko, T. S.

    2014-01-01

    The traditions of higher education in Russia dealing with elements of student government have been weakened in recent years, but recent research shows support among Russian students for greater involvement in activities related to their lives as students. This article concludes that in order to improve student government today it will be necessary…

  11. Defense Departmental Reporting Systems - Audited Financial Statements

    National Research Council Canada - National Science Library

    Granetto, Paul

    2001-01-01

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

  12. 15 CFR 14.21 - Standards for financial management systems.

    Science.gov (United States)

    2010-01-01

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

  13. Financial overview of integrated community energy systems

    Energy Technology Data Exchange (ETDEWEB)

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

    1977-01-01

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

  14. INVESTMENTS AS A FACTOR OF STABILITY OF THE RUSSIAN HEALTHCARE SYSTEM

    Directory of Open Access Journals (Sweden)

    Lyudmila Valentinovna Tokun

    2016-01-01

    Full Text Available In this article the author examines the structure of public expenditure on health in Russia and analyzes the adequacy of the investments in the health system. Goal / Objectives. The aim of this article is to analyze the expenses of the project “Development strategy of the Russian healthcare system for the long-term period 2015–2030”. The main objectives of this article are the definition of the technical condition of the buildings and improvement of health facilities, evaluation of the value of fixed assets in the healthcare and medical equipment depreciation, evaluation of tariff s in the compulsory health insurance system. Methodology. the method of comparative analysis of 10 past years indicators is used in this article Results. From 2005 to 2014 healthcare expenditures have increased 3 times, which is comparable to GDP growth. In the same period, investments in health have increased by 2 times. The main increase in expenditures occurred in the wages. These trends may indicate a lack of attention in relation to fixed assets. In relation to the renovation and the depreciation factor, rate of growth and the level of investment cast doubt on the adequacy and sustainability of the healthcare’s material basis for the provision of necessary medical assistance. It is required to calculate the standard, which includes continuous updating of fixed assets based on the each region of RF, depending on the regional characteristics and the structure of fixed assets. Conclusions / Significance. The study concluded that at the moment the size of the annual investment in health by the federal and regional budgets do not meet the needs of even simple reproduction, not to mention the modernization and development. Planning budget investment requirements can be carried out based on a special standard ratio, which takes into account the volume, composition and structure of fixed assets. Financial stability of the Russian healthcare depends not only on

  15. Judicial Reform of the 1864 as a Stage of Russian Judicial System Democratic Development

    Directory of Open Access Journals (Sweden)

    Lyubov F. Miloserdova

    2014-03-01

    Full Text Available In the present article, author considers the place of judicial reform of 1864 in the public and social reforms of Alexander II. This paper attempts to show the place of justice in the legal system of Russian Empire in the post-reform period. Author emphasizes democratic and progressive nature of judicial reform of 1864, noting lack of preconditions for the formation of democratic judicial system under the autocracy. Author analyzes relationship and development of the judicial system and the dynamics of social relations. Author also revealed the way of judicial system in the formation of civil society prerequisites. This paper attempts to show and prove that judicial reform is actually a first step towards the formation of the Russian system of powers separation. Author concludes that undertaken by the Government of Russian Empire in the mid-nineteenth century attempt of the Russian Empire judicial system democratization had neither political nor social assumptions. In conclusion, author concludes that in the present conditions of judicial system democratization in modern Russian Federation a number of principles and institutions of judicial reform of 1864 was applied.

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

    Directory of Open Access Journals (Sweden)

    A. V. Milenkov

    2015-01-01

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

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

    OpenAIRE

    Taha, Roshaiza

    2017-01-01

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

  18. Accounting System and Financial Performance Measurements

    OpenAIRE

    Halíř, Zbyněk

    2011-01-01

    The paper concerns measuring and reporting of financial performance of an enterprise. Currently increasing emphasis is placed on performance measurement and management. Within performance measurement and management in general the role of financial performance is becoming increasingly important. The paper is concerned with measuring and reporting of financial performance of an enterprise primarily from manager’s point of view. In its first part it deals primarily with the connection between th...

  19. The Threat from European Missile Defence System to Russian National Security

    Directory of Open Access Journals (Sweden)

    Alexey I. Podberezkin

    2014-01-01

    Full Text Available The article analyses the political and military aspects of progress in the dialogue between Russia and the U.S./NATO on cooperation in missile defense; investigates the past experiences and current state of cooperation between Russia and the Alliance on missile defense issues; examines the technical features of American missile defence systems today; finds a solution to question whether or not the European Missile Defence Program actually threatens Russia's nuclear deterrent and strategic stability in general; identifies both potential benefits and possible losses for Russia stemming from the development of cooperation with the United States and NATO in countering ballistic missile threats, or from refusal to have such cooperation. Evidently, the initiative of creation of a missile defense in Europe surely belongs to the USA. Washington has enormous technological, financial, economic, military and institutional capabilities in the field of a missile defense, exceeding by far other NATO member-states. In February 2010, the President of the United States B. Obama adopted a project "European Phased Adaptive Approach" (EPAA as an alternative to G. Bush's global strategic missile defense plan. The first two stages of the Phased Adaptive Approach are focused on creating a system capable of intercepting small, medium and intermediate-range ballistic missiles. The possibility of intercepting long-range missiles is postponed to the third (2018 and forth phases (2020. Moscow finds especially troublesome the third and the fourth phases of Washington's project of creating a European segment of the global antiballistic missile system, considering prospective capabilities of the U.S. interceptor missiles 61 and the envisioned areas of their deployment. The U.S. counter-evidence is that phase four interceptors do not exist yet. Russia insists on getting the political and legal guarantees from the U.S. and NATO that their missile defense systems will not slash

  20. GUARANTEED LOAN SYSTEM REQUIREMENTS: Checklist for Reviewing Systems Under the Federal Financial Management Improvement Act

    National Research Council Canada - National Science Library

    2001-01-01

    ...), in Office of Management and Budget (OMB) Circular A-127, Financial Management Systems, and in OMB s Revised Implementation Guidance for the Federal Financial Management Improvement Act (FFMIA...

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

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

    Job Summary This position is one of six management positions reporting to the Director, Finance and Administration. The Manager is a key resource whose main function is to support the financial operations of the IDRC, the integrity of financial information as well as appropriate application of internal controls within the ...

  2. Utilizing a Russian space nuclear reactor for a US space mission: Systems integration issues

    Science.gov (United States)

    Reynolds, E.; Schaefer, E.; Polansky, G.; Lacy, J.; Bocharov, A.

    1993-09-01

    The Nuclear Electric Propulsion Space Test Program (NEPSTP) has developed a cooperative relationship with several institutes of the former Soviet Union to evaluate Russian space hardware on a US spacecraft. One component is the Topaz 2 Nuclear Power System; a built and flight qualified nuclear reactor that has yet to be tested in space. The access to the Topaz 2 reactor provides the NEPSTP with a rare opportunity; to conduct an early flight demonstration of nuclear electric propulsion at a relatively low cost. This opportunity, however, is not without challenges. Topaz 2 was designed to be compatible with Russian spacecraft and launch vehicles. It was manufactured and flight qualified by Russian techniques and standards and conforms to safety requirements of the former Soviet Union, not the United States. As it is desired to make minimal modifications to the Topaz 2, integrating the reactor system with a United States spacecraft and launch vehicle presents an engineering challenge. This paper documents the lessons learned regarding the integration of reactor based spacecraft and also some insight about integrating Russian hardware. It examines the planned integration flow along with specific reactor requirements that affect the spacecraft integration including American-Russian space system compatibility.

  3. Utilizing a Russian Space Nuclear Reactor for a United States Space Mission: Systems Integration Issues

    Science.gov (United States)

    Reynolds, Edward; Schaefer, Edward; Polansky, Gary; Lacy, Jeff; Bocharov, Anatoly

    1994-07-01

    The Nuclear Electric Propulsion Space Test Program (NEPSTP) has developed a cooperative relationship with several institutes of the former Soviet Union to evaluate Russian space hardware on a U.S. spacecraft. One component is the Topaz II Nuclear Power System; a built and flight qualified nuclear reactor that has yet to be tested in space. The access to the Topaz II reactor provides the NEPSTP with a rare opportunity; to conduct an early flight demonstration of nuclear electric propulsion at a relatively low cost. This opportunity, however, is not without challenges. Topaz II was designed to be compatible with Russian spacecraft and launch vehicles. It was manufactured and flight qualified by Russian techniques and standards and conforms to safety requirements of the former Soviet Union, not the United States. As it is desired to make minimal modifications to the Topaz II, integrating the reactor system with a United States spacecraft and launch vehicle presents an engineering challenge. This paper documents the lessons learned regarding the integration of reactor based spacecraft and also some insight about integrating Russian hardware. It examines the planned integration flow along with specific reactor requirements that affect the spacecraft integration including American-Russian space system compatibility.

  4. THE ROLE OF THE FINANCIAL SYSTEM IN MARKET ECONOMY

    Directory of Open Access Journals (Sweden)

    CĂRUNTU GENU ALEXANDRU

    2015-12-01

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

  5. Impact of the Latest Financial Crises on a Bank-Based Financial System: Case of Albania

    National Research Council Canada - National Science Library

    Rovena Bahiti; Rezarta Shkurti (Perri); Juljana Babasuli

    2011-01-01

    .... The Albanian economy is small; however, it is a part of the global economy. The effects of the crisis on the economic sectors especially on the financial system of Albania are of interest to many...

  6. Banking and Financial Systems. Curriculum Guide. First Edition.

    Science.gov (United States)

    Patton, Jan

    This curriculum guide provides course materials for teachers to use in developing a course in banking and financial systems. Following an introductory section that lists the common essential elements of the course, the guide contains six sections that cover the following course topics: (1) introduction to banking and financial systems; (2) banking…

  7. Businessmen v. Investigators: who is responsible for the Poor Russian Investment Climate?

    Directory of Open Access Journals (Sweden)

    Dmitry Gololobov

    2014-01-01

    Full Text Available This article aims to examine the extent to which Russian investigations into economic and financial crimes are influenced by such factors as systemic problems with Russian gatekeepers, the absence of a formal corporate whistle-blowing mechanism and the continuous abuse of the law by the Russian business community. The traditional critical approach to the quality and effectiveness of Russian economic and financial investigations does not produce positive results and needs to be reformulated by considering the opinions of entrepreneurs. The author considers that forcing Russian entrepreneurs, regardless of the size of their business, to comply with Russian laws and regulations may be a more efficient way to develop the business environment than attempting to gradually improve the Russian judicial system. It is also hardly possible to expect the Russian investigatory bodies to investigate what are effectively complex economic and financial crimes in the almost complete absence of a developed whistle-blowing culture. Such a culture has greatly contributed to the success of widely-publicised corporate and financial investigations in the United States and Europe. The poor development of the culture of Russian gatekeepers and the corresponding regulatory environment is one more significant factor that permanently undermines the effectiveness of economic investigations and damages the investment climate.

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

    Directory of Open Access Journals (Sweden)

    Ivana Zubac

    2012-01-01

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

  9. Comparative characteristics of application of international standards of financial reporting and Russian accounting standards in modern conditions

    OpenAIRE

    Smertina E.; Andriasyan E.

    2017-01-01

    Lately we often hear that IFRS is almost no different, but this is a fallacy and in this article we will understand what what exactly are the differences and how they are important. The first impression of Russian accountants with familiarity with IFRS is deceptive. On the one hand, many of the provisions in accounting look similar. On the other – it is unclear why for the development of IFRS have a lot to learn, the salaries of accountants higher than the average, and services on the market ...

  10. ROMANIAN BANKING SYSTEM: THE DEGREE OF FINANCIAL INTERMEDIATION AFTER THE FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    Mihaita-Cosmin POPOVICI

    2014-12-01

    Full Text Available In this paper we analyze the evolution of the Romanian banking system after the 2007 financial crisis and the country`s accession to the European Union. The first part analyzes the main elements of the banking system: ownership structure, number of employees and banking units, loans and non-performing loans. The second part analyzes the level of financial intermediation of the banking system. The results showed that majority of the capital is private and foreign, the top five banks held over half of the bank assets, number of employees decreased due to the crisis and non-performing loans share had increased by over nine times. Romanian banking system have a low degree of financial intermediation, but the new developments of the EU banking systems proved that it can be a strong point.

  11. Baby-Boomers and the Romanian Financial System

    Directory of Open Access Journals (Sweden)

    Tudor Ciumara

    2014-03-01

    Full Text Available This paper analyses the possible contribution of the over-represented “decree” generation of the 1960’s and 1970’s to the development of the Romanian financial system. Contrary to most other studies on the subject, the focus of this paper is on the financial impact this generation can have before reaching retirement age. Consequently, the analysis is centered on the interaction between the members of this generation and the local financial institutions in the next two decades. It is suggested that the time frame used for this study is better suited for the strategic analysis requirements of financial institutions. It is argued that this generation is maturing professionally and moving towards reaching its financial peak in terms of individual earnings. Therefore, one of the main conclusions of the paper is that financial institutions should adjust their strategies in order to benefit from a significant opportunity

  12. Measuring triple-helix synergy in the Russian innovation systems at regional, provincial, and national levels

    NARCIS (Netherlands)

    Leydesdorff, L.; Perevodchikov, E.; Uvarov, A.

    2015-01-01

    We measure synergy for the Russian national, provincial, and regional innovation systems as reduction of uncertainty using mutual information among the 3 distributions of firm sizes, technological knowledge bases of firms, and geographical locations. Half a million units of data at firm level in

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

    OpenAIRE

    A. V. Milenkov

    2015-01-01

    The scientific themes of the article is relevant, as in the domestic and foreign economic literature, the term "financial system" does not comply with the fundamental theory of systems in which the system views revealed as a set of interrelated and interacting elements in accordance with the set to achieve the goal. Each of the elements of multi-level financial system has its own organizational structure, consisting of institutions and organizations within the jurisdiction of the entity gover...

  14. PARTICULARITIES OF THE FINANCIAL INFORMATION SYSTEM IN NONPROFIT ORGANIZATIONS

    Directory of Open Access Journals (Sweden)

    Delia Corina MIHALȚAN

    2015-06-01

    Full Text Available Due to the crucial importance of financial information in the context of a knowledge society like ours, the present paper aims to highlight the typical aspects of the financial information system in nonprofit organizations, for the very reason that, inside it, the financial information is produced, which is so necessary to the decisional process. Starting from the hypothesis that the financial information system is influenced by the features specific of the nonprofit organizations, we have applied a methodological approach that has led us to the formulation of certain conclusions. We have studied the literature, the legislation in this domain and the practical realities of the nonprofit organizations analyzed. We concluded that the financial information system of the nonprofit organizations is structured according to the activities undertaken, the programs assumed, the type of funding, the type of target group, the budget-based activities and the presence of volunteers.

  15. HOW FINANCIAL AUDITORS USE CAATS AND PERCEIVE ERP SYSTEMS?

    Directory of Open Access Journals (Sweden)

    CARDOS Vasile-Daniel

    2010-07-01

    Full Text Available The adoption, implementation and expansion of complex information systems [IS] have an important impact on organizations. To cope with this situation, financial auditors need to use more and more computer-assisted audit techniques [CAATs] especially when auditing organizations with complex information systems such as Enterprise Resource Planning [ERP] in place. In this article we investigate the way Romanian financial auditors use CAATs during their mission and their perception regarding the effects of ERP systems on financial accounting and reporting system evaluation. Results show that even though financial auditors consider that the existence of an ERP system is influencing at least “to a great extent” their ability to evaluate the client’s information system, they are not using CAATs to the same extent.

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

    Directory of Open Access Journals (Sweden)

    A. Khemii

    2014-03-01

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

  17. Evolution of the Russian Political Party System under the Influence of Social Conformity: 1993-2011

    OpenAIRE

    Coleman, Stephen

    2014-01-01

    The Russian political party system has developed through a tumultuous era, progressing from extreme fragmentation to a smaller, more stable number of parties. Much of this change was engineered by elites and especially by President Putin, leading to the question of whether the result is a normal party system by traditional Western standards or just a tool of the government. By means of a predictive mathematical model, the analysis shows that the party system indeed has grown strong popular ro...

  18. The financial and economic crisis and pension systems: International experiences

    OpenAIRE

    Eich, Frank

    2009-01-01

    There has been much discussion in the British general and specialised media over the last year on the adverse consequences of the economic and financial crisis on the British pension system. It should come as no surprise that the crisis has also adversely affected pension systems in most other countries too. This paper contributes to the current debate on pensions in the UK by discussing how pension systems outside the UK have been affected by the economic and financial crisis, and what gover...

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

    Directory of Open Access Journals (Sweden)

    Laktionova Oleksandra A.

    2014-03-01

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

  20. On the Stability of an Islamic Financial System

    Directory of Open Access Journals (Sweden)

    Hossein Askari

    2014-06-01

    Full Text Available n an Islamic economy, the financial sector functions to support the real sector. There are no interest rate based debt instruments. Financial assets are based on risk and return sharing and are contingent claims. Real as well as monetary forces determine the rate of return. As in traditional general equilibrium theory, there is a price system comprised of a real rate of return to capital and a price level of commodities that simultaneously clears asset and commodity markets. An Islamic financial system is shown to be stable, namely the economy evolves from short-term equilibrium to a stable long-term equilibrium.

  1. EARLY WARNING SYSTEMS FOR FINANCIAL CRISES -A CRITICAL APPROACH

    Directory of Open Access Journals (Sweden)

    Constantin-Marius Apostoaie

    2013-03-01

    Full Text Available This research paper aims to analyse some Early Warning Systems (EWS for predicting financial crises. The importance of such a study is undeniable in the context of the current and future mix of policies applied by the monetary authority, in which financial stability and price stability play an important role. The EWS for crises enable the prediction of the occurrence of a crisis within a specified time period. Hence, the theoretical approach of the main early warning systems for crises, the models based on signal extraction and the logit/probit models represent an important stage in preventing and fighting financial crises.

  2. Innovation in Financial Systems. The Quest For Sustainability

    OpenAIRE

    Voicu-Doroban?u Roxana

    2012-01-01

    The paper focuses on the trials and tribulations the financial systems are facing in the current economic environment, in order to increase their economic sustainability, but also improve their social sustainability. As desperate times (characterized by an endemic crisis, reaching from the financial systems into the globalized economic network) require ‘desperate measures’, there is a certain need for improvement and innovation in instruments and behaviours exhibited by the actors in a financ...

  3. The Political Influence in the International Financial System

    Directory of Open Access Journals (Sweden)

    Denis Degtyarev

    2016-12-01

    Full Text Available This article assesses the impact of sovereign countries in global financial governance. It uses the methodology of international political economy that studies the interaction between political and economic processes in the international arena. It shows the dualistic nature of international financial institutions, which, on the one hand, represent intergovernmental organizations and, on the other hand, are financial institutions with financial goals. The author investigates the principles of sovereign equality, equitable geographical representation and equal (parity representation of groups of countries with distinct interests in the International Monetary Fund (IMF, Group of 20 (G20 and Financial Stability Board (FSB. The IMF’s decision-making mechanism is shown in detail, including its executive board and the recent redistribution of quotas among member states, with special attention on the formula for calculating quotas, its criticism and possible reform. The article shows the major causes of reducing the impact of the IMF and the formation of a new, globally distributed system of financial governance. The article shows the hierarchy (by function as well as by country representativeness of the system of global financial governance, established by 2010. It discusses the leadership of countries according to quantity and to key indicators (revenues, assets and market capitalization of global systemically important financial institutions (banks and insurance company. Based on countries’ membership in the G7 and the G20, the FSB, IMF, Organisation for Economic Co-operation and Development, and Bank for International Settlements countries are designated as at the core, semi-periphery or periphery of the international financial system in the context of the world systems theory. The influence of the technical elite, prevailing in the international financial sector, as well as the qualitative composition (education of its members are revealed. The

  4. Lithuanian financial system transformation in the context of globalization

    Directory of Open Access Journals (Sweden)

    Arturas Balkevicius

    2013-10-01

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

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

    Directory of Open Access Journals (Sweden)

    Joanna Błach

    2011-11-01

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

  6. The Financial Stress Index: Identification of Systemic Risk Conditions

    Directory of Open Access Journals (Sweden)

    Mikhail V. Oet

    2015-09-01

    Full Text Available This paper develops a financial stress measure for the United States, the Cleveland Financial Stress Index (CFSI. The index is based on publicly available data describing a six-market partition of the financial system comprising credit, funding, real estate, securitization, foreign exchange, and equity markets. This paper improves upon existing stress measures by objectively selecting between several index weighting methodologies across a variety of monitoring frequencies through comparison against a volatility-based benchmark series. The resulting measure facilitates the decomposition of stress to identify disruptions in specific markets and provides insight into historical stress regimes.

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

    Directory of Open Access Journals (Sweden)

    Mario Sarcinelli

    2010-01-01

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

  8. Civil Legislation and International Treaties: The Interaction within the Legal System of the Russian Federation

    OpenAIRE

    Eremenko, Alexander

    2010-01-01

    The article deals with analysis of theoretical aspects of the category of “international treaties” from the point of view of their place in the hierarchical structure of the legal system of the Russian Federation and their correlation to the civil legislation. The author describes the synthetic models of correlation of international treaties and national legislation and formulates these models as concepts of “super-nationalism”, “sub-constitutionalism”, “super-legalism” and “inter-legalism”....

  9. SOME PARADIGMS OF ARTIFICIAL INTELLIGENCE IN FINANCIAL COMPUTER SYSTEMS

    Directory of Open Access Journals (Sweden)

    Jerzy Balicki

    2015-12-01

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

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

    Directory of Open Access Journals (Sweden)

    Ciupac-Ulici Maria-Lenuta

    2013-07-01

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

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

    OpenAIRE

    Ivana Zubac

    2012-01-01

    From the perspective of financial or managerial accountant, subject of interest in this paper is the relationship of financial and managerial accounting in the hotel business. Being necessary functions within the business system of hotel company, their mutual connection as well as their differences are explained. The management of hotel company makes decisions based on accounting information from both parts of accounting. As support to hotel management in decision-making, finan...

  12. Research on the Stability of Open Financial System

    Directory of Open Access Journals (Sweden)

    Haijun Yang

    2015-03-01

    Full Text Available We propose a new herd mechanism and embed it into an open financial market system, which allows traders to get in and out of the system based on some transition rates. Moreover, the novel mechanism can avoid the volatility disappearance when the population scale increases. There are three kinds of heterogeneous agents in the system: optimistic, pessimistic and fundamental. Interactions especially occur among three different groups of agents instead of two, which makes the artificial financial market more close to the real one. By the simulation results of this complex system, we can explain stylized facts like volatility clustering and find the key parameters of market bubbles and market collapses.

  13. A Russian Keyword Spotting System Based on Large Vocabulary Continuous Speech Recognition and Linguistic Knowledge

    Directory of Open Access Journals (Sweden)

    Valentin Smirnov

    2016-01-01

    Full Text Available The paper describes the key concepts of a word spotting system for Russian based on large vocabulary continuous speech recognition. Key algorithms and system settings are described, including the pronunciation variation algorithm, and the experimental results on the real-life telecom data are provided. The description of system architecture and the user interface is provided. The system is based on CMU Sphinx open-source speech recognition platform and on the linguistic models and algorithms developed by Speech Drive LLC. The effective combination of baseline statistic methods, real-world training data, and the intensive use of linguistic knowledge led to a quality result applicable to industrial use.

  14. The intellectual information system of medical aid control in the scope of Russian medical insurance

    Science.gov (United States)

    Taranik, M. A.; Silich, V. A.; Silich, M. P.

    2017-01-01

    The article presents the developed intellectual information system, oriented for healthcare providers. The system solves a problem of medical aid quality control in the Russian medical insurance sphere. The main components are ISO13606, fuzzy logic and a case-based reasoning concept. The system provides medical insurance payments forecasting by the analysis of medical records and generates two evaluations based on medical standards and a set of precedents. The result of the system implementation allowed up to a 10% increase in insurance payments for the healthcare provider.

  15. Main Tendencies Of Development Of Russian Oncology Radiotherapy System Efarad

    CERN Document Server

    Vorogushin, M F; Kanaev, S V; Naumov, S F; Shishov, V A; Sidorov, A V

    2004-01-01

    The EFARAD complex incorporates therapeutic irradiators-linear medical electron accelerators LUER-20M and SL75-5-MT; TSP-100-anatomic and topometric device which provides necessary information in the form of digital projection images of patient at different angles; "Scan-plan"-treatment-planning system and computerized dose field analyzer with water phantom.

  16. The Accounting Network: how financial institutions react to systemic crisis

    CERN Document Server

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

    2016-01-01

    The role of Network Theory in the study of the financial crisis has been widely spotted in the latest years. It has been shown how the network topology and the dynamics running on top of it can trigger the outbreak of large systemic crisis. Following this methodological perspective we introduce here the Accounting Network, i.e. the network we can extract through vector similarities techniques from companies' financial statements. We build the Accounting Network on a large database of worldwide banks in the period 2001-2013, covering the onset of the global financial crisis of mid-2007. After a careful data cleaning, we apply a quality check in the construction of the network, introducing a parameter (the Quality Ratio) capable of trading off the size of the sample (coverage) and the representativeness of the financial statements (accuracy). We compute several basic network statistics and check, with the Louvain community detection algorithm, for emerging communities of banks. Remarkably enough sensible region...

  17. Evolution of Russian Corporate Governance

    OpenAIRE

    Mizobata, Satoshi

    2005-01-01

    The Russian corporate governance has evolved since the 1998 financial crisis. The author examines both normalization and preservation in the corporate structure, which can simultaneously be observed in the adaptation of Russian enterprises. The Russian corporate governance reflects the unique interests of its stakeholders and the embedded features of the society, for which the reforms are insufficient from the microeconomic aspects. Since the characteristics of corporate governance in Russia ...

  18. Analysis of the Ability of United States and Russian Trace Contaminant Control Systems to Meet U.S. 180-Day and Russian 360-Day Spacecraft Maximum Allowable Concentrations

    Science.gov (United States)

    Perry, J. L.

    2016-01-01

    As the Space Station Freedom program transitioned to become the International Space Station (ISS), uncertainty existed concerning the performance capabilities for U.S.- and Russian-provided trace contaminant control (TCC) equipment. In preparation for the first dialogue between NASA and Russian Space Agency personnel in Moscow, Russia, in late April 1994, an engineering analysis was conducted to serve as a basis for discussing TCC equipment engineering assumptions as well as relevant assumptions on equipment offgassing and cabin air quality standards. The analysis presented was conducted as part of the efforts to integrate Russia into the ISS program via the early ISS Multilateral Medical Operations Panel's Air Quality Subgroup deliberations. This analysis, served as a basis for technical deliberations that established a framework for TCC system design and operations among the ISS program's international partners that has been instrumental in successfully managing the ISS common cabin environment.

  19. Development of a Web-based financial application System

    Science.gov (United States)

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

    2013-12-01

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

  20. 25 CFR 276.7 - Standards for grantee financial management systems.

    Science.gov (United States)

    2010-04-01

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

  1. A climate stress-test of the financial system

    Science.gov (United States)

    Battiston, Stefano; Mandel, Antoine; Monasterolo, Irene; Schütze, Franziska; Visentin, Gabriele

    2017-03-01

    The urgency of estimating the impact of climate risks on the financial system is increasingly recognized among scholars and practitioners. By adopting a network approach to financial dependencies, we look at how climate policy risk might propagate through the financial system. We develop a network-based climate stress-test methodology and apply it to large Euro Area banks in a `green' and a `brown' scenario. We find that direct and indirect exposures to climate-policy-relevant sectors represent a large portion of investors' equity portfolios, especially for investment and pension funds. Additionally, the portion of banks' loan portfolios exposed to these sectors is comparable to banks' capital. Our results suggest that climate policy timing matters. An early and stable policy framework would allow for smooth asset value adjustments and lead to potential net winners and losers. In contrast, a late and abrupt policy framework could have adverse systemic consequences.

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

    NARCIS (Netherlands)

    Perotti, E.C.

    1993-01-01

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

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

    NARCIS (Netherlands)

    León, C.; Machado, C.; Murcia, A.

    2014-01-01

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

  4. Reorganization Law and Dilution Threats in Different Financial Systems

    NARCIS (Netherlands)

    Hege, U.; Mella-Barral, P.

    2000-01-01

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

  5. The Association of Russian Banks (ARB and Banking Community: the Practice and Prospects of Cooperation

    Directory of Open Access Journals (Sweden)

    Vitaly F. Ershov

    2014-10-01

    Full Text Available The article discusses the peculiarity of the formation and basic directions of activities of the Association of Russian Banks (ARB as the leading corporate establishment of domestic financial business. ARB consistently provides innovative projects aimed at improving the native system of credit agencies, the development of their interaction with the state, developing the ties with the international financial institutions.

  6. Terms, factors and threats of functioning the bio-socio-economic system of the Arctic zone of the Russian Federation

    Directory of Open Access Journals (Sweden)

    Ivanova M. V.

    2015-09-01

    Full Text Available The various conditions and factors determining the characteristics of functioning the economic, social and biological systems of the Russian Arctic have been considered. The results of analysis of the socio-economic development of the northern region, an assessment of the legal aspects determining the specificity of the northern regions have been given. The geopolitical situation of the Arctic zone of the Russian Federation and potential geopolitical threat to its development have been considered

  7. The System of Values of Chinese and Russian University Students: Comparative Characteristic

    Directory of Open Access Journals (Sweden)

    - Zheng Veydun

    2008-12-01

    Full Text Available Russia and China today are going through the period of transformations. The students in both states live in transitional societies which interfere with their lifestyles and systems of values. That is why the research into the system of values of both Chinese and Russian students is of vital importance today - it does not only help to understand the modern youth, their motivation and culture better; but also enables us to define their world-view, main trends of their development; help them deal with their problems. Youth values give an idea of present and upcoming values of a nation as a whole.

  8. USING THE DATABASE MANAGEMENT SYSTEM OF THE FINANCIAL STATEMENTS SUBMISSION

    Directory of Open Access Journals (Sweden)

    ALIN ISAC

    2011-01-01

    Full Text Available In administration, information technology represents a field with major implications in its functioning and the re-configuration of the computer infrastructure is responsible for a series of efficient changes concerning the development of the administrative process. Thus, our paper tries to determine the importance of Business to Government relation in increasing the flexibility of IT solutions used at the level of companies and especially in the financial accounting activity, starting from the necessity to implement the e-Government system in Romania. While revealing the company’s IT system and the financial accounting subsystem we also pointed out the stages of the accounting activities regarding the filling out of statistical reports such as fiscal declarations and annual financial statements.

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

    Science.gov (United States)

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

    2016-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Michelangelo Puliga

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

  11. Understanding financial instability through complex systems

    NARCIS (Netherlands)

    in 't Veld, D.

    2011-01-01

    This article presents an outline and some early results of the research project Understanding inancial instability through complex systems, supported by the Dutch Science Foundation NWO. The project is carried out by the Center for Nonlinear Dynamics in Economics and Finance (CeNDEF) at the

  12. Exploring Nonlinearities in Financial Systemic Risk

    NARCIS (Netherlands)

    Wolski, M.

    2013-01-01

    We propose a new methodology of assessing the effects of individual institution's risk on the others and on the system as a whole. We build upon the Conditional Value-at-Risk approach, however, we introduce the explicit Granger causal linkages and we account for possible nonlinearities in the

  13. Appraisal of Cashless Policy on the Nigerian Financial System

    African Journals Online (AJOL)

    This study therefore sought to provide such evidence by evaluating the implementation of the cashless policy since its introduction into the Nigerian financial system and also to ..... The research design used for this study is the exploratory design ... 3.2.2 Validity and Reliability of Research Instrument. Validation is based on ...

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

    African Journals Online (AJOL)

    We examined the influence of financial system activities on tax revenue collection in Nigeria for the period of 1981-2014. After given consideration for the period of banking crisis with the employment of ARDL/ Bound test, causality test, variance decomposition and impulse response techniques, our analysis showed that ...

  15. Thermal Efficiency of Cogeneration Units with Multi-Stage Reheating for Russian Municipal Heating Systems

    Directory of Open Access Journals (Sweden)

    Evgeny Lisin

    2016-04-01

    Full Text Available This paper explores the layout of an optimum process for supplying heat to Russian municipal heating systems operating in a market environment. We analyze and compare the standard cogeneration unit design with two-stage reheating of service water coming from controlled extraction locations and layouts that employ three in-line reheaters with heat the supply controlled by a rotary diaphragm and qualitative/quantitative methods (so-called “uncontrolled extraction”. Cogeneration unit designs are benchmarked in terms of their thermal efficiency expressed as a fuel consumption rate. The specific fuel consumption rate on electricity production is viewed as a key parameter of thermal efficiency.

  16. 41 CFR 105-71.120 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

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

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

    NARCIS (Netherlands)

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

    2015-01-01

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

  18. Features of cycles of Russian modernization in the context of the world-systems analysis

    Directory of Open Access Journals (Sweden)

    P. I. Pashkovsky

    2014-02-01

    Full Text Available The article describes the historical cycle of Russian modernization. It is shown that the first cycle lasted from the late XVII before the second decade of the XIX century. At this time modernization in the form of «westernization» contributed to the fact that in the XVIII century (in the period between the reigns of Peter I and Catherine II Russia integrated into the world capitalist system and she was positioned as semi­periphery. But Russia was an empire in her characteristics also she has been active in foreign policy. And her desire to overcome the peripheral processes and closer to the core of the world­system resulted in «catch­up» nature of modernization of Russian society. Russia’s victory in the Patriotic War of 1812 characterizes the overall positive outcome for her of this cycle of modernization. The second cycle dates from the late 50’s XIX – beginning of XX century. It was an example of the liberal model of modernization. As a result the lack of economic resources, «the nationalist conservatism» of the authorities, «bureaucratically directed industrialization» and accelerated modernization led to the tragedy of Russia in World War I and the revolutionary events of 1917. The choice in favor of self­sufficiency was made in the late 1920’s – early 1930’s, this marked the beginning of the third cycle of modernization of Russia in the form of industrialization, which has produced results. Economic growth continued after World War II as a result of implementation of five­year plans. The fourth cycle of Russian modernization characterized the events of «perestroika» the second half of the 1980’s and the period of post­Soviet Russia of the 1990’s. Consequently, Russian Federation is in a position semi­periphery, and most of the New Independent States – within the periphery of the world capitalist system. It is proved that the first and third cycles belonged to the imperial model of modernization, and the

  19. The system of Collective Security of the Russian Federation in the format of CSTO and preconditions of its creation

    Directory of Open Access Journals (Sweden)

    Gontar Sergey Mikhailovich

    2013-11-01

    Full Text Available The article deals with the essence of the security of the States included in the Collective Security Treaty Organization. The author gives the definition to the system of collective security in the CSTO. The main intergovernmental bodies of the Organization and the structure of the forces and means of the CSTO collective security system are outlined. The author enumerates the main sources of a military threat and threats to the national security of the Russian Federation arising at the turn of the XXI century, as well as peculiarities of their arising and development. The prerequisites for a system of collective security of the Russian Federation in the format of CSTO are identified. On the basis of the conducted research the author proposes the basic directions of activity of the Russian leadership in the field of development of the CSTO as an integral part of Eurasian security.

  20. 75 FR 79982 - Authority To Designate Financial Market Utilities as Systemically Important

    Science.gov (United States)

    2010-12-21

    ...; ] FINANCIAL STABILITY OVERSIGHT COUNCIL 12 CFR Chapter XIII Authority To Designate Financial Market Utilities... designate as systemically important a financial market utility if the Council determines that the failure, or a disruption to the functioning, of a financial market utility could create or increase the risk...

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

    Science.gov (United States)

    2010-12-03

    ... Financial Management Service; Privacy Act of 1974, as Amended; System of Records AGENCY: Financial... the Privacy Act of 1974, as amended, the Financial Management Service gives notice of a proposed new... send your comments to Peter Genova, Deputy Chief Information Officer, Financial Management Service, 401...

  2. Zvezda - The Russian pioneer in the field of life-support and escape systems for aeronautics and space

    Science.gov (United States)

    Gutman, Georges

    A review is presented of the Russian corporation, Zvezda, which has the design and development capabilities of completely integrated life-support and escape systems ranging from helicopters to high-performance combat aircraft and space vehicles. A comparative table is provided giving the statistical results of actual military aircraft ejection seat injuries reported for the principal fighters/ejection systems of the world.

  3. RUSSIAN EXPERIENCE WITH USING MONOCLONAL ANTIBODIES TO B-LYMPHOCYTES (RITUXIMAB IN SYSTEMIC VASCULITIDES ASSOCIATED WITH NEUTROPHIL CYTOPLASMIC ANTIBODIES (PRELIMINARY RESULTS OF THE RUSSIAN REGISTER NORMA

    Directory of Open Access Journals (Sweden)

    T. V. Beketova

    2014-01-01

    Full Text Available In 2013, Russia registered officially the indications for the use of monoclonal antibodies to B-lymphocytes (rituximab, RTM in systemic vasculitides associated with antineutrophil cytoplasmic antibodies (ANCA-SV. This communication presents the preliminary results of the Russian register of the RTM application in autoimmune diseases (NORMA that has included 50 patients with ANCA-SV treated in 14 cities of the Russian Federation. Twenty-five of 50 (50% patients received repeated courses of RTM. RTM has demonstrated a high efficacy and a good profile of treatment safety in patients with ANCA-SV in real-life national clinical practice. Among 25 patients who had been followed up for over 12 months, the remission was achieved in 92% of cases, a decrease in the ANCA-SV activity was observed in 8%. The efficacy of RTM increased when performing repeated courses, while it has been noted that the positive results can be obtained by prescribing a repeated course of RTM at a reduced dose (500–1000 mg. Prescription of the repeated courses was primarily required in patients with granulomatosis and polyangiitis affecting the lungs. Care should be taken when combining RTM treatment with cytostatics (primarily with cyclophosphamide because of the risk of secondary immunodeficiency and infectious adverse events (AE, which have been the most frequent serious AE (12% in patients with ANCA-SV.

  4. STUDY ON FINANCIAL OFFSHORE CENTRES, THE RISKS AND DEREGULATION OF THE INTERNATIONAL FINANCIAL SYSTEM, CAPITAL LAUNDERING AND TERRORISM FINANCING

    Directory of Open Access Journals (Sweden)

    MĂDĂLINA ANTOANETA RĂDOI

    2013-05-01

    Full Text Available After the end of the 90’s crisis, the settlement of the international financial system has taken an important place within the international organizations. There are important debates regarding the need of a compulsory reform to prevent crises. Means of preventing crises, especially within the field of foreign vulnerability assessment regard: transparency, following the international regulations and codes, refoundation of the financial compartments, liberalization of the capital movements. In addition, a set of work program is needed regarding the crises settlement and sovereign debt restructuring. Serious matters are requested regarding the adoption of fight tools against money laundering and terrorism finance. Offshore financial centers assessment is placed in the field of activity by refinancing of the financial sector, it is one of the health balance sheet elements achieved by the IMF and by the World Bank within the financial compartment assessment program.

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

    Directory of Open Access Journals (Sweden)

    Ahmed Kouki

    2015-01-01

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

  6. 36 CFR 64.12 - Standards for grantee financial management systems.

    Science.gov (United States)

    2010-07-01

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

  7. 20 CFR 627.425 - Standards for financial management and participant data systems.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false Standards for financial management and... Administrative Standards § 627.425 Standards for financial management and participant data systems. (a)(1) General. The financial management system and the participant data system of each recipient and...

  8. Using a decision support systems computer simulation model to examine HIV and tuberculosis: the Russian Federation.

    Science.gov (United States)

    Lebcir, Reda M; Choudrie, Jyoti; Atun, Rifat A; Coker, Richard J

    2009-01-01

    The aim of this paper is to describe the development and use of a computer simulation model that can be used as a Decision Support System (DSS) to tackle the critical public health issues of HIV and HIV-related tuberculosis in the Russian Federation. This country has recently witnessed an explosion of HIV infections and a worrying spread of the Multi-Drug Resistant form of Tuberculosis (MDRTB). The conclusions drawn are that a high population coverage with Highly Active Anti-Retroviral Treatment (HAART) (75% or higher), allied with high MDRTB cure rates, reduces cumulative deaths by 60%, with limited impact below this level. This research offers a simulation model that can be applied as a DSS by public health officials to inform policy making. By doing so, ways of controlling the spread of HIV and MDRTB and reduce mortality from these serious public health threats is provided.

  9. INFORMATION SOCIETY AND FINANCIAL SUSTAINABILITY OF THE ROMANIAN HEALTH SYSTEM

    Directory of Open Access Journals (Sweden)

    TATIANA BOGDAN

    2016-06-01

    Full Text Available The financial sustainability of the health systems often reveals the ability of policy makers to finance healthcare in the face of growing cost pressures, with populations ageing, new technologies and increased patient expectations for healthcare coverage and quality. Thus, the healthcare systems need to reinvent themselves by using innovative financing mechanisms coupled with electronic information and communication systems, while offering greater transparency, flexibility and choice and increasing access to the services available. The paper analyses the healthcare financing models: the national health system, the social insurance or the private insurance model so that the Romanian health care reform should preserve the best elements of its existing system while selectively adapt techniques and processes that seemed to have been successful in other countries. Moreover, the application of information and communication technologies – eHealth offers new possibilities for improving almost every aspect of healthcare, from making medical systems more powerful and responsive to providing better health information to all.

  10. DESIGNING DATABASE MODULE OF A HYBRID SYSTEM FOR FORECASTING OF INDICATORS OF SOCIO-ECONOMIC DEVELOPMENT OF THE RUSSIAN FEDERATION

    Directory of Open Access Journals (Sweden)

    Olga V. Kitova

    2016-01-01

    Full Text Available A unified database module of a hybrid system for forecasting of indicators of socio-economic development of the Russian Federation is described in the article. One of the base approaches of designing databases (“top-down” method is explained. Examples of applying modern information technologies (ORM and MVC are considered.

  11. When Language becomes Power: Russian-Speaking Teachers in the Bilingual General Education System in Estonia

    Science.gov (United States)

    Kiilo, Tatjana; Kutsar, Dagmar

    2012-01-01

    After the re-establishment of independent Estonian statehood in 1991, Russian lost its privileges as the dominant and official language in Estonia, and Estonian continued as the only official language. This paper attempts to map the position of a Russian-speaking teacher within the sociological categories of power and language, based on the…

  12. THE FEATURES OF THE RUSSIAN BANKING SUPERVISION AND REGULATION IN THE LIGHT OF BASEL II AND BASEL III IMPLEMENTATION IN THE RUSSIAN BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    K. R. Kakhrimanova

    2014-01-01

    Full Text Available The article focuses on the current situation in the Russian banking supervision and regulation and namely the process of its reforming in accordance withBaselprinciples. A special concern of the article is the features of Russian banking sector that are obstacles in full implementation of Basel II and Basel III inRussiatoday.

  13. Development of a New Transportation/Storage Cask System for Use by the DOE Russian Research Reactor Fuel Return Program

    Energy Technology Data Exchange (ETDEWEB)

    Michael J. Tyacke; Frantisek Svitak; Jiri Rychecky; Miroslav Picek; Alexey Smirnov; Sergey Komarov; Edward Bradley; Alexander Dudchenko; Konstantin Golubkin

    2007-10-01

    The United States, the Russian Federation, and the International Atomic Energy Agency (IAEA) have been working together on a program called the Russian Research Reactor Fuel Return (RRRFR) Program. The purpose of this program is to return Soviet or Russian-supplied high-enriched uranium (HEU) fuel, currently stored at Russian-designed research reactors throughout the world, to Russia. To accommodate transport of the HEU spent nuclear fuel (SNF), a new large-capacity transport/storage cask system was specially designed for handling and operations under the unique conditions at these research reactor facilities. This new cask system is named the ŠKODA VPVR/M cask. The design, licensing, testing, and delivery of this new cask system result from a significant international cooperative effort by several countries and involved numerous private and governmental organizations. This paper contains the following sections: 1) Introduction; 2) VPVR/M Cask Description; 3) Ancillary Equipment, 4) Cask Licensing; 5) Cask Demonstration and Operations; 6) IAEA Procurement, Quality Assurance Inspections, Fabrication, and Delivery; and, 7) Conclusions.

  14. 41 CFR 105-72.301 - Standards for financial management systems.

    Science.gov (United States)

    2010-07-01

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

  15. 75 FR 77044 - Financial Management Service; Privacy Act of 1974, as Amended; System of Records

    Science.gov (United States)

    2010-12-10

    ... Financial Management Service; Privacy Act of 1974, as Amended; System of Records AGENCY: Financial Management Service, Treasury. ACTION: Withdrawal of a Privacy Act Notice. SUMMARY: The Department of the Treasury is withdrawing the proposed system of records notice published on behalf of the Financial...

  16. New Valences for the Financial-Accounting System

    Directory of Open Access Journals (Sweden)

    Adrian LUPAŞC

    2009-01-01

    Full Text Available A new approach to a company’s information systems is needed, if wetake into consideration the globalization process of the economy, the intensifiedcompetition, the impose of new qualitative demands or the adjustment to newaccounting standards. The former accountant is about to be replaced by the„professional employee with accounting information”, who knows very wellhow to use the domain technologies. The need for clear, correct and significantinformation has become a must for all the departments of a company and,definitely, this is especially the case for the financial-accounting department,i.e. when we have to come up with solutions for the profitability of thecompany.

  17. Anti-correlation and subsector structure in financial systems

    Science.gov (United States)

    Jiang, X. F.; Zheng, B.

    2012-02-01

    With the random matrix theory, we study the spatial structure of the Chinese stock market, the American stock market and global market indices. After taking into account the signs of the components in the eigenvectors of the cross-correlation matrix, we detect the subsector structure of the financial systems. The positive and negative subsectors are anti-correlated with respect to each other in the corresponding eigenmode. The subsector structure is strong in the Chinese stock market, while somewhat weaker in the American stock market and global market indices. Characteristics of the subsector structures in different markets are revealed.

  18. Albania, financial management in the education system: Higher education

    OpenAIRE

    Malaj, Arben; Mema, Fatmir; Hida, Sybi

    2005-01-01

    Recently, in Albania, the debate on the autonomy of higher education is growing. The debate is twofold; one is related with the problems of financing the higher education and the other in the choice of financial management system. The main resource of financing education and also higher education in Albania is the government, which means taxpayers, and a small part of the financing is coming by the tuition fees. In the case of Albania, when the GDP per capita is still low, the level of povert...

  19. Systemic risk analysis in reconstructed economic and financial networks

    CERN Document Server

    Cimini, Giulio; Gabrielli, Andrea; Garlaschelli, Diego

    2014-01-01

    The assessment of fundamental properties for economic and financial systems, such as systemic risk, is systematically hindered by privacy issues$-$that put severe limitations on the available information. Here we introduce a novel method to reconstruct partially-accessible networked systems of this kind. The method is based on the knowledge of the fitnesses, $i.e.$, intrinsic node-specific properties, and of the number of connections of only a limited subset of nodes. Such information is used to calibrate a directed configuration model which can generate ensembles of networks intended to represent the real system, so that the real network properties can be estimated within the generated ensemble in terms of mean values of the observables. Here we focus on estimating those properties that are commonly used to measure the network resilience to shock and crashes. Tests on both artificial and empirical networks shows that the method is remarkably robust with respect to the limitedness of the information available...

  20. The Financial Management Environment (FaME): A prototype interactive hypertext-based financial planning and reporting system

    Energy Technology Data Exchange (ETDEWEB)

    Barnes, K.D.; Donato, J.M.; Flanagan, D.M. [and others

    1995-11-01

    It is critical in every government, research, and industrial organization that accurate and timely financial information be made available at all levels so that, project and business decisions can be made within funding constraints. The FaME prototype implemented at Oak Ridge National Laboratory extracts financial data from a legacy system, builds easy-to-understand reports and graphs, and presents them on-line so that people at all levels in an organization can assess the financial status of individual projects or entire organizations. Reports are presented in hypertext and graphical formats that can be read with popular World Wide Web browsers such as NCSA Mosaic or Netscape. All reports are hyper-linked in a natural way to simplify navigation and information retrieval. To protect potentially sensitive information, FAME provides access control so that individuals can retrieve only the information that is required for them to carry out their financial duties. In addition to the reports and graphs, FAME includes budget building tools to provide for financial planning. Another primary feature is that the prototype 1 utilizes equipment that already exists on the user`s desktop. The overall goal of the FAME system is to provide users with precise and meaningful information on the financial status of an organization or project at a glance.

  1. Financial Liberalization and Financial Development in Nepal

    OpenAIRE

    Khem Raj Bhetuwal Ph. D.

    2007-01-01

    An efficient financial system can effectively mobilize and allocate resources leading to robust economic growth. Financial liberalization improves the functioning of financial system by increasing the availability of funds and allowing risk diversification and increased investment. The indices of financial liberalization and financial development, generated by the principal component analysis, depict a gradual process of financial liberalization and a continuous financial sector development. ...

  2. Introducing a Learning Management System at a Russian University: Students’ and Teachers’ Perceptions

    Directory of Open Access Journals (Sweden)

    Natalya Emelyanova

    2014-02-01

    Full Text Available Learning management systems (LMS have been proven to encourage a constructive approach to knowledge acquisition and support active learning. One of the keys to successful and efficient use of LMS is how the stakeholders adopt and perceive this learning tool. The present research is therefore motivated by the importance of understanding teachers’ and students’ perceptions of LMS in order to anticipate possible issues (problems and help to build a productive learning environment and a committed user community. The paper looks at this process at a Russian university (National Research University Higher School of Economics – HSE where the system is being implemented and examines the following issues: qualification and readiness of the stakeholders to use LMS and their perceptions of the system’s convenience, effectiveness, and usefulness. The research reveals remarkable divergence of students’ and teachers’ perceptions of various aspects of LMS which must be considered when raising the effectiveness of the system and building commitment to e-learning. They are analyzed and explicated in the present paper.

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

    Science.gov (United States)

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

    2017-04-01

    In multi-purpose water systems, power asymmetry is often responsible of inefficient and inequitable water allocations. Climate Change and anthropogenic pressure are expected to exacerbate such disparities at the expense of already disadvantaged groups. The intervention of a third party, charged with redefining water sharing policies to give greater consideration to equity and social justice, may be desirable. Nevertheless, to be accepted by private actors, this interposition should be coupled with some form of compensation. For a public agency, compensation measures may be burdensome, especially when the allowance is triggered by natural events whose timing and magnitude are subject to uncertainty. In this context, index based insurance contracts may represent a viable alternative option and reduce the cost of achieving socially desirable outcomes. In this study we explore soft measures to achieve global change mitigation by designing a hybrid coordination mechanism composed of i) a direct normative constraint and ii) an indirect financial compensatory tool. The performance of an index-based insurance (i.e. hedging) contract to be used as a compensation tool is evaluated relative to more traditional alternatives. First, the performance of the status quo system, or baseline (BL), is contrasted to an idealized scenario in which a central planner (CP) maximizes global efficiency. Then, the CP management is analyzed in order to identify an efficient water rights redistribution to be legally imposed on the advantaged stakeholders in the BL scenario. Finally, a hedging contract is designed to compensate those stakeholders more negatively affected by the legal constraint. The approach is demonstrated on a multi-purpose water system in Italy, where different decision makers individually manage the same resource. The system is characterized by a manifest power asymmetry: the upstream users, i.e., hydropower companies, are free to release their stored water in time

  4. Implementation of a Shared Resource Financial Management System

    Science.gov (United States)

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

    2010-01-01

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

  5. THE SYSTEMIC CRISIS OF THE CIVILIZATION OF THE WEST IN UNDERSTANDING OF MODERN RUSSIAN AND FOREIGN SCIENTISTS – COMPARATIVE ANALYSIS

    Directory of Open Access Journals (Sweden)

    Ilya Leonidovich Morozov

    2017-03-01

    Full Text Available This article discusses the most characteristic of the concept of foreign (by J. Jacobs, C. Huntington, P. Buchanan, T. Sarrazin and Russian (by A.I. Utkin, A.S. Panarin, I.N. Panarin of political scientists, devoted to the identification and analysis of systemic problems of the West, leading its further development in the civilizational impasse and find ways of gathering the negative trend of further developments. Purpose: to reveal General and specific features in Russian and foreign political and futurological concepts, dedicated to understanding the crisis of modern Western civilization. Research methodology: when working with the texts analyzed was used the comparative method, system method. The results of the study: the similarity of understanding of both foreign and Russian scientists causality of the observed crisis of modern Western civilization, identified the key factors of the crisis: the rejection of the strategy of industrial production on its own territory, the loss of “national will” and the transition to a mass political psychological model of tolerance, understood as tolerance and compliance requirements by migrating to the West of the peoples, the mass psychology of consumerism, constant military operations in the Western countries in different regions of the world, the erroneous policy of confrontation with Russia. The negative trend of politicization and simplification in the study of the topic by Russian analysts, caused by market conditions of the moment. The scope of the results: the activity of institutions of the Russian state authorities responsible for the adoption and implementation of foreign policy decisions; the academic development of new concepts in the theory of politics and international relations.

  6. The Comparison of Innovative and Strategic Priorities of Small and Large Companies in Russian local production systems

    OpenAIRE

    Kuznetsova, Svetlana

    2016-01-01

    Industrial companies are the core of the national innovation system. However, large, medium and small enterprises differ significantly in their role in the innovation system, resource potential, strategic priorities and objectives. The paper focuses on a comparative analysis of the strategic priorities of innovative activities of Russian companies of different size. We have identified three types of companies: small innovative companies, large and medium-sized companies with a traditional bus...

  7. 76 FR 44763 - Authority To Designate Financial Market Utilities as Systemically Important

    Science.gov (United States)

    2011-07-27

    ... 1320 RIN 4030-AA01 Authority To Designate Financial Market Utilities as Systemically Important AGENCY... Council (the ``Council'') the authority to designate a financial market utility (``FMU'') that the Council... spreading among financial institutions or markets and thereby threaten the stability of the United States...

  8. 7 CFR 3560.302 - Accounting, bookkeeping, budgeting, and financial management systems.

    Science.gov (United States)

    2010-01-01

    ... Financial Management § 3560.302 Accounting, bookkeeping, budgeting, and financial management systems. (a) General. Borrowers must establish the accounting, bookkeeping, budgeting and financial management... management plan. (3) Borrowers must notify the Agency of any changes in their accounting, bookkeeping, budget...

  9. 75 FR 13329 - Implications of Financial Accounting System (FAS) 166 on SBA Guaranteed Loan Programs

    Science.gov (United States)

    2010-03-19

    ... ADMINISTRATION Implications of Financial Accounting System (FAS) 166 on SBA Guaranteed Loan Programs AGENCY... Administration (SBA) is soliciting information and views from the public on: (1) The effect that the accounting changes mandated by the Financial Accounting Standards Board (FASB) in Financial Accounting Standard (FAS...

  10. The Russian economy twenty years after the end of the socialist economic system

    Directory of Open Access Journals (Sweden)

    Julian Cooper

    2013-01-01

    Full Text Available It is now more than twenty years since the collapse of the Soviet Union and the beginning of transition to a market economy. The non-market, ‘planned’ economic system of the old order had its own specific mode of functioning, which over time had a profound impact on the structure of the economy. The article explores the extent to which the far-reaching economic transformation undertaken in post-communist Russia since the end of 1991 has overcome the legacies of the Soviet system. Has the socialist economic order that existed for over sixty years disappeared entirely, or are there still survivals and legacies that shape and influence, at least in part, the present-day Russian economy? These issues are examined by focussing on one particular sector that played a dominant role in the USSR, namely the defence industry and the military economy more generally. It is concluded that there are indeed significant survivals and legacies of the socialist past: market transformation is still incomplete.

  11. FINANCES – A SYSTEM OF FINANCIAL RELATIONS. A STUDY ON THE COMPANY’S FINANCIAL STRUCTURE

    Directory of Open Access Journals (Sweden)

    RĂSCOLEAN ILIE

    2015-12-01

    Full Text Available In this study, we would like to analyze the financial structure of a company, both from a theoretical and from an empirical perspective. The choice of the funding sources and the decision of funding, represented by the determination of the most adequate financial structure for a company, has been, in time, one of the greatest concerns of the financial theory and practice. The identification and the determination of the funding sources has a strong impact on the economic entities, because more often than not they turn to external funding sources, being unable to fund themselves exclusively out of their own resources. Thus, the choice of the funding variant represents for the company leadership a fundamental decision concerning the financial policy of the company. Consequently, by the measures meant to optimize the activity – taken by managers – it is actually the company’s financial structure that is determined. The aim of this paper is to demonstrate that the multiple possibilities of combining the potential funding sources have consequences on the structure of a company’s capital.

  12. Russian Contract Procurement Document

    Energy Technology Data Exchange (ETDEWEB)

    Tobin, J G

    2010-03-29

    This contract supports the enhancement of physical protection or nuclear material control and accounting systems at institutes or enterprises of the newly independent states under the material protection control and accounting (MPC&A) program. The contract is entered into pursuant to the MPC&A Program, a gratuitous technical assistance program, in accordance with the bilateral Agreements between the Russian Federation and the United States of America concerning the Safe and Secure Transportation, Storage and Destruction of Weapons and the Prevention of Weapons Proliferation of June 1992, as extended and amended by Protocol signed of June 1999, Agreement between the Government of the Russian Federation regarding Cooperation in the Area of Nuclear Materials Physical Protection, Control and Accounting of October 1999 and the Russian Federation law of May 1999 on the taxation exemption of gratuitous technical assistance with Russian Federation under registration No.DOE001000.

  13. Fifty years dynamics of Russian forests: Impacts on the earth system

    Science.gov (United States)

    Shvidenko, Anatoly; Schepaschenko, Dmitry; Kraxner, Florian

    2015-04-01

    The paper presents a succinct history of Russian forests during the time period of 1960-2010 and reanalysis of their impacts on global carbon and nitrogen cycles. We present dynamics of land cover change (including major categories of forest land) and biometric characteristics of forests (species composition, age structure, growing stock volume etc.) based on reconciling all relevant information (data of forest and land inventories, official forest management statistics, multi-sensor remote sensing products, data of forest pathological monitoring etc.). Completeness and reliability of background information was different during the period of the study. Forest inventory data and official statistics were partially modified based on relevant auxiliary information and used for 1960-2000. The analysis for 2001-2010 was provided with a crucial use of multi-sensor remote sensing data. For this last period a hybrid forest mask was developed at resolution of 230m by integration of 8 remote sensing products and using geographical weighted regression and data of crowdsourcing. During the considered 50 years forested areas of Russia substantially increased by middle of 1990s and slightly declined (at about 5%) after. Indicators needed for assessment of carbon and nitrogen cycles of forest ecosystems were defined for the entire period (aggregated estimates by decades for 1960-2000 and yearly for 2001-2010) based on unified methodology with some peculiarities following from availability of information. Major results were obtained by landscape-ecosystem method that uses as comprehensive as possible empirical and semi-empirical information on ecosystems and landscapes in form of an Integrated Land Information System and complimentary combines pool- and flux-based methods. We discuss and quantify major drivers of forest cover change (socio-economic, environmental and climatic) including forest management (harvest, reforestation and afforestation), impacts of seasonal weather on

  14. Strategy for monitoring and ensuring safe operation of Russian gas transportation systems

    Directory of Open Access Journals (Sweden)

    Dudin Sergey

    2017-01-01

    Full Text Available The authors examined the legislative framework of the Russian Federation operating in the field of industrial safety, and described how to obtain a license to operate hazardous production facilities. The paper demonstrates that the importance should be given to the quality and completeness of the background information, as well as the choice of inspection strategy in evaluating the technical condition of the line section of main gas pipelines. As a part of a package of measures to ensure industrial safety and technical reliability of existing gas pipelines it is proposed to carry out conditioning of their line sections. The paper describes general requirements for pipeline inspection, which include: detection efficiency of dangerous damages and major leaks, maximum accuracy of detection of the defect location, continuity of monitoring throughout the entire range of operation modes of the pipeline, cost recovery at the stages of development and operation of control systems, forecasting the state of the pipeline and the effects of accidents. In practice, these parameters have the prevailing significance.

  15. Place Of Canon Law Of The Russian Empire In The System Io Humanitarian

    Directory of Open Access Journals (Sweden)

    Alexandra A. Dorskaya

    2014-12-01

    Full Text Available In the present article author examines place of canon law in the system of humanitarian sciences in the Russian Empire at the end of XVIII - early XX centuries. Author reveals interaction of canon law with philosophy, philology, jurisprudence. In particular, author shows influence of various philosophical schools on the development of the canon law science, value of foreign researches translation for the development of national science of canon law starting from the end of the XVIII century. It is found that all researchers in the field of canon law had special scientific works on philosophy. Interference of cannon law and theological science – dogmatic theology, moral theology, liturgy, church geography, chronology, statistics, history, archeology, pastoral theology is considered. In the article works of leading specialists in the field of canon law the second half of XIX - early XX centuries that were left as a significant legacy after the Archimandrite Gabriel, I.S. Berdnikova, N.A. Zaozerskii, I.M. Skvortsov and others are analyzed. In conclusion author shows complexity and urgency of the problem in the process of church (canon law study at the present stage, when there is some struggle between the secular and religious science.

  16. TYPICAL SAFETY MANAGEMENT SYSTEM OF AN OPERATOR IN THE RUSSIAN FEDERATION

    Directory of Open Access Journals (Sweden)

    Alexander Michaylovich Lushkin

    2017-01-01

    Full Text Available In order to implement the concept of acceptable risk all airlines should have the Safety Management System (SMS from 01.01.2009 - at the request of ICAO and from 01.01.2010 - at the request of the Federal Air Transport Agen- cy. State requirements for SMS have not been formulated clearly. Leading airlines, in an effort to meet international stand- ards, develop and implement SMS on their own. So the implemented SMS differ in control settings (level of safety, proce- dures and methodological support of the processes of safety management. The summary of the best experience in develop- ment, implementation and improvement of SMS in leading airlines, allows to create a standard SMS to the airline, where the basic procedures required by the standards are systematized. The standard SMS is formed on experience in design, implementation and development of corporate SMS in three leading Russian airlines, in which the author worked in 2006-2015, and can be the basis of an SMS of the airlines operat- ing the planes and helicopters. Taken into account in a typical SMS requirements of international and national standards, research results, developed and implemented methodical maintenance of management procedures level of safety, contribut- ed to the successful passage of IATA periodic audits on developing standards of operational safety IOSA by the airline members and achieve the best level of safety not only in Russia but also in the world.

  17. Russian and Foreign Experience of Integration of Agent-Based Models and Geographic Information Systems

    Directory of Open Access Journals (Sweden)

    Konstantin Anatol’evich Gulin

    2016-11-01

    Full Text Available The article provides an overview of the mechanisms of integration of agent-based models and GIS technology developed by Russian and foreign researchers. The basic framework of the article is based on critical analysis of domestic and foreign literature (monographs, scientific articles. The study is based on the application of universal scientific research methods: system approach, analysis and synthesis, classification, systematization and grouping, generalization and comparison. The article presents theoretical and methodological bases of integration of agent-based models and geographic information systems. The concept and essence of agent-based models are explained; their main advantages (compared to other modeling methods are identified. The paper characterizes the operating environment of agents as a key concept in the theory of agent-based modeling. It is shown that geographic information systems have a wide range of information resources for calculations, searching, modeling of the real world in various aspects, acting as an effective tool for displaying the agents’ operating environment and allowing to bring the model as close as possible to the real conditions. The authors also focus on a wide range of possibilities for various researches in different spatial and temporal contexts. Comparative analysis of platforms supporting the integration of agent-based models and geographic information systems has been carried out. The authors give examples of complex socio-economic models: the model of a creative city, humanitarian assistance model. In the absence of standards for research results description, the authors focus on the models’ elements such as the characteristics of the agents and their operation environment, agents’ behavior, rules of interaction between the agents and the external environment. The paper describes the possibilities and prospects of implementing these models

  18. The index approach to the analysis of spatial distribution and dynamics of the input indicators of the russian innovation system

    Directory of Open Access Journals (Sweden)

    Karpuhin Aleksandr Anatolyevich

    2012-03-01

    Full Text Available The author examines the question of concentration-tratnyh indicators of the Russian innovation system, using the index method. Empirical base of research were statistics as a tool used by a package of data analysis of the social sciences SPSS Base. The objects of investigation were the Federal District, as well as major research centers - Moscow and St. Petersburg, as of 2000-2009.

  19. Systems Sustainability: Implementation of Enhanced Maintenance Programs at the Kurchatov Institute, the All-Russian Research Institute of Experimental physics and the All-Russian Scientific Institute for Technical Physics

    Energy Technology Data Exchange (ETDEWEB)

    Coppinger, M.; Pikula, M.; Randolph, J.D.; Windham, M.

    1999-09-20

    Implementation of quality maintenance programs is essential to enhancing sustainable continuous operations of United States funded Materials Protection, Control and Accountability (MPC and A) equipment/systems upgrades at various Russian nuclear facilities. An effective maintenance program is expected to provide assurances to both parties for achieving maximum continuous systems operations with minimum down time. To be effective, the program developed must focus on minimum down time for any part of a system. Minimum down time is realized through the implementation of a quality maintenance program that includes preventative maintenance, necessary diagnostic tools, properly trained technical staff, and an in-house inventory of required spare parts for repairing the impacted component of the system. A centralized maintenance management program is logistically essential for the success of this effort because of the large volume of MPC and A equipment/systems installed at those sites. This paper will discuss current programs and conditions at the Russian Research Center-Kurchatov Institute, the All-Russian Scientific Institute for Technical Physics and the All-Russian Research Institute of Experimental Physics and will address those steps necessary to implement an upgraded program at those sites.

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

    Directory of Open Access Journals (Sweden)

    Jiming Zheng

    2017-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Oksana Snizhko

    2014-08-01

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

  2. TНEORETICAL FOUNDATIONS OF THE SYSTEM OF STATE FINANCIAL SECURITY

    Directory of Open Access Journals (Sweden)

    Dmitriy Bezzubov

    2016-11-01

    Full Text Available Purpose: The article the problem of formation of economic security. Disclosed principles, functions and methods of providing financial security. The ways of improving the mechanism of providing financial security. Methods: Formulate continuous logic in building the theoretical foundations of the system of financial security. It is shown that this idea may have the same conceptual framework: description, values, goals, mechanisms. Logic afford to provide clarity to ensure the integrity of financial security. Results: For economic growth and the successful functioning of the national economy neohidno a clear, stable, efficient tax system. The current tax system is an excessive burden for producers. Discussion: Aspects of the main approaches to the formation of a system of financial security of the state in terms of legal crisis and transformation vidchyznyanoho legislation. Definition of financial security as part of national security, which forms the economic direction counter threats.

  3. Managing Counterparty Risk in an Unstable Financial System

    Science.gov (United States)

    Belmont, David

    2012-01-01

    The recent flow of headlines excoriating bankers and financiers for malfeasance, fraud, and collusion has been almost biblical in proportion. Counterparties that appeared creditworthy based on financial statements and ratings have revealed that they are impaired either due to computer errors, control failures, malfeasance, or potential regulatory…

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

    Science.gov (United States)

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

    2013-11-01

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

  5. Systemic risk and hierarchical transitions of financial networks

    Science.gov (United States)

    Nobi, Ashadun; Lee, Jae Woo

    2017-06-01

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

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

    Directory of Open Access Journals (Sweden)

    Marius Constantin Apostoaie

    2011-12-01

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

  7. Western Area Power Administration. Combined power system financial statements

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-02-26

    This report presents the results of the independent certified public accountants` audit of the Western Area Power Administration`s combined power system statements of assets, Federal investment and liabilities, and the related combined statements of revenues, expenses and accumulated net revenues, and cash flows. The auditors` report on Westerns internal control structure disclosed three new reportable conditions concerning the lack of: (1) a reconciliation of stores inventory from subsidiary ledgers to summary financial information, (2) communication of interest during construction and related adjustments to interest on Federal investment, and (3) a system to prevent and detect power billing errors. None of the conditions were considered to be material weaknesses. Western provided concurrence and corrective action plans. The auditors` report on Western`s compliance with laws and regulations also disclosed two new instances of noncompliance. Western failed to calculate nonreimbursable expenses in accordance with the Grand Canyon Protection Act and had an unexplained difference in gross Federal investment balances used to calculate interest on Federal investment. Western provided concurrence and corrective action plans for the instances.

  8. Multifractal structures for the Russian stock market

    Science.gov (United States)

    Ikeda, Taro

    2018-02-01

    In this paper, we apply the multifractal detrended fluctuation analysis (MFDFA) to the Russian stock price returns. To the best of our knowledge, this paper is the first to reveal the multifractal structures for the Russian stock market by financial crises. The contributions of the paper are twofold. (i) Finding the multifractal structures for the Russian stock market. The generalized Hurst exponents estimated become highly-nonlinear to the order of the fluctuation functions. (ii) Computing the multifractality degree according to Zunino et al. (2008). We find that the multifractality degree of the Russian stock market can be categorized within emerging markets, however, the Russian 1998 crisis and the global financial crisis dampen the degree when we consider the order of the polynomial trends in the MFDFA.

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

    Science.gov (United States)

    Rusnak, James E.

    1987-01-01

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

  10. Efforts to Implement a Financial-Management Information System in Iraq

    Science.gov (United States)

    2008-01-28

    Everything was paper intensive." The CPA, which then managed the budget, conceived the Iraqi Financial Management Information System (IFMIS) as a solution...Iraqi financial management information system , it entered into a broadbased contract with BearingPoint, Inc. for that purpose. That contract had

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

    Directory of Open Access Journals (Sweden)

    Charbel Salloum

    2013-12-01

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

  12. USA IN THE EMERGING SYSTEM OF GLOBAL FINANCIAL REGULATION

    Directory of Open Access Journals (Sweden)

    V. K. Kulakova

    2016-01-01

    Full Text Available In the globalizing world of fi nancial and economic interdependence, a polycentric, multi-level, and hierarchical system of global financial regulation is emerging. The article highlights two vectors of recent development in international fi nancial regulation: the rise of cooperation through the mechanisms of the Group of Twenty (G-20 on the one hand, and the efforts to maintain the US leading role in global fi nance, on the other hand. In the circumstances of the global fi nancial crisis of 2008, the G-20 countries initiated an international reform of fi nancial regulation. According to G-20 decisions, international standardsetting organizations developed transnational regulatory regimes in the fi elds of banking, derivatives and bankruptcy resolution, and the states now implement these regimes in their jurisdictions. The so-called “soft law system”, which is not legally binding, allows the states to sustain national sovereignty in their fi nancial policy. The United States play a leading role in the international fi nancial reform, as well as in the shaping of the global fi nancial regulation system. The American regulators push for extraterritorial application of the US norms and take other unilateral actions on the international arena. The article also touches upon legitimacy problems of the emerging system of global fi nancial regulation. The most important constrains are the excessive infl uence of the fi nancial industry (“regulatory capture”, the weakness of civil society participation, and also the fact that for the rest of the world the American norms lack legitimacy, as they are adopted by regulators assigned by offi cials elected by population of a foreign territory.

  13. Economic Efficiency of Selected Financial System Institutions of Local Government

    Directory of Open Access Journals (Sweden)

    Urszula Rabiej

    2014-03-01

    Full Text Available Functioning of local government units, as for as the economic sphere is concerned, is based on the financial law regulations. Those regulations aim at solving economic and social problems. The analysis of economic efficiency concerning implemented regulations is of particular importance for changing the EU’s attitude towards the influence, which EU has on functioning of the local governments. Implementing the local budgets, based on regulations which economic efficiency hasn’t been evaluated on the stage of legislation, may have a negative impact on local community and the economic situation of the country. Frequent changes of financial law cause actions, which financial effects cannot be predicted. What is more, those unstable regulations make it impossible to plan essential parts of a budget in a right way. That has a great importance in terms of correctness of long-term financial perspectives of the local government units.

  14. Complex systems: from nuclear physics to financial markets

    Science.gov (United States)

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

    2010-11-01

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

  15. Intrinsic Multi-Scale Dynamic Behaviors of Complex Financial Systems

    Science.gov (United States)

    Ouyang, Fang-Yan; Zheng, Bo; Jiang, Xiong-Fei

    2015-01-01

    The empirical mode decomposition is applied to analyze the intrinsic multi-scale dynamic behaviors of complex financial systems. In this approach, the time series of the price returns of each stock is decomposed into a small number of intrinsic mode functions, which represent the price motion from high frequency to low frequency. These intrinsic mode functions are then grouped into three modes, i.e., the fast mode, medium mode and slow mode. The probability distribution of returns and auto-correlation of volatilities for the fast and medium modes exhibit similar behaviors as those of the full time series, i.e., these characteristics are rather robust in multi time scale. However, the cross-correlation between individual stocks and the return-volatility correlation are time scale dependent. The structure of business sectors is mainly governed by the fast mode when returns are sampled at a couple of days, while by the medium mode when returns are sampled at dozens of days. More importantly, the leverage and anti-leverage effects are dominated by the medium mode. PMID:26427063

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

    Directory of Open Access Journals (Sweden)

    Maulina Vinus

    2017-07-01

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

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

    Directory of Open Access Journals (Sweden)

    Mateusz Muszyński

    2015-12-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2015-06-12

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

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

    Directory of Open Access Journals (Sweden)

    Voicu-Dan Dragomir

    2007-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Melnykova Kateryna V.

    2017-08-01

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

  1. FY16 Analysis report: Financial systems dependency on communications

    Energy Technology Data Exchange (ETDEWEB)

    Beyeler, Walter E.

    2017-03-01

    Within the Department of Homeland Security (DHS), the Office of Cyber and Infrastructure Analysis (OCIA)'s National Infrastructure Simulation and Analysis Center (NISAC) develops capabilities to support the DHS mission and the resilience of the Nation’s critical infrastructure. At Sandia National Laboratories, under DHS/OCIA direction, NISAC is developing models of financial sector dependence on communications. This capability is designed to improve DHS's ability to assess potential impacts of communication disruptions to major financial services and the effectiveness of possible mitigations. This report summarizes findings and recommendations from the application of that capability as part of the FY2016 NISAC program plan.

  2. Study on the application of intelligent control technology in the financial system

    Science.gov (United States)

    Chen, Liyu; Chen, Qiang

    2011-02-01

    By comprehensively using the intelligent control theory, this paper has discussed key technologies such as the architectural design of the financial intelligent system and the design of the intelligent analysis model and template. It has also conducted exploratory research on the theoretical framework, design and development of financial intelligent software.

  3. Specificities of Spatial System Transformation and Strategies of the Russian Arctic Redevelopment under the Conditions of Climate Changes

    Directory of Open Access Journals (Sweden)

    Vladimir Nikolaevich Leksin

    2017-09-01

    Full Text Available A bunch of papers has been published by foreign and Russian researchers on climate change impact on the environment and regional socioeconomic development. The bulk of them is focused on analyzing drivers and impact assessments for the Arctic region characterized by the most intensive climate change worldwide. The paper puts to the fore a nontrivial issue of considering the climate change impact factor within the methodology and practice of the strategic process of the Russian Arctic redevelopment. The issue above is complicated by the imperative of ranking of the salience of the climate change socioeconomic implications as priorities of the governance and public administration of the comprehensive development of the macro-region under consideration. The lack of the effective tools for consolidation of the needed resources further exacerbates it. The summary of the findings of the national and international researchers in the area of climate change impact on environment, settlements and economic activity in the Arctic Zone of the Russian Federation (AZRF is introduced to substantiate the policy decisions made. We have specified the methodological issues related to peculiarities and role of the climate change factor plays in policy decisions within the context of contemporary knowledge on patterns of spatial systems transformation, their capabilities of selforganization and adaptation to externalities. The authors have revealed the general regularities and specificity of the AZRF transformation as a spatial system and the impact of climate change produced on this process. We have particularly emphasized the issues of adaptation to climate change of the AZRF indigenous population whose health and economic activities experience increased risks associated with high intensiveness of the climatic fluctuations. Recommendations for using scenario (variation approach to redesigning strategies and programs of AZRF development are substantiated

  4. The Impact of CRM System Use on Companies’ Customer Understanding: The Case of the Russian Ophthalmology Market

    Directory of Open Access Journals (Sweden)

    Denis Klimanov

    2015-06-01

    Full Text Available As the customer relationship management process comes to play an increasingly important role in business success, a number of authors are attempting to evaluate the impact of various CRM process components on the quality of company interaction with customers and, ultimately, on company performance. This paper explores the impact of CRM systems on the quality of companies’ customer understanding. This understanding is measured in the context of an international pharmaceutical company in the Russian market. The field research is based on quantitative data from online questionnaires and telephone interviews. The sample consists of 64 company representatives and 217 ophthalmologists. The authors developed and tested a model of physician loyalty drivers and studied employees’ perceptions of the CRM system. The findings of this paper demonstrate that, despite the fact that a CRM system is actively used and perceived as a crucial part of the customer relationship management process within the company, understanding of key customer loyalty drivers needs to be significantly improved. The paper contributes to existing theory by evaluating the link between the use of CRM applications and customer relationship performance as well as by developing a physician prescription loyalty influencers framework in the context of the Russian pharmaceutical market. This research could be used by other pharmaceutical companies as well in order to understand the influence of their CRM applications on customer loyalty and also to identify the drivers of physicians’ prescriptions.

  5. ASPECTS OF THE EURO AREA FINANCIAL SYSTEM FRAGMENTATION

    Directory of Open Access Journals (Sweden)

    Alina Georgeta ALINICA

    2014-03-01

    Full Text Available With the emergence of the global financial and economic crisis, a number of side effects have been felt both in the U.S. and especially within Europe, particularly in the euro area. Among those, it stands out the financial-banking market fragmentation issue, a phenomenon discussed and analysed by financial experts, analysts, researchers and political leaders. The term fragmentation can be seen in antithesis with the concept of integration, the presence of one not involving the entirely cancellation of the existence and the effects of the second. However, a reduction in the effects of fragmentation may contribute to the increase of the economic and monetary integration, which is the desired facet for a fully functional European Union (EU. Moreover, in order to create a viable Economic and Monetary Union (EMU, it is essential to reverse the phenomenon of fragmentation of financial markets and restore the path of European integration. Thus, this article proposes to follow the conduct of the phenomenon of fragmentation in the euro area in order to develop some measures which would allow the diminishing of its negative effects.

  6. The barriers to achieve financial protection in Iranian health system ...

    African Journals Online (AJOL)

    Background: The move to universal health coverage and consequently health promotion is influenced by political, socio-economic and other contextual factors in a country. Iran, as a developing country with an upper-middle national income, has developed policies to achieve universal health coverage through financial ...

  7. The financial performance of hospitals belonging to health networks and systems.

    Science.gov (United States)

    Bazzoli, G J; Chan, B; Shortell, S M; D'Aunno, T

    2000-01-01

    The U.S. health industry is experiencing substantial restructuring through ownership consolidation and development of new forms of interorganizational relationships. Using an established taxonomy of health networks and systems, this paper develops and tests four hypotheses related to hospital financial performance. Consistent with our predictions, we find that hospitals in health systems that had unified ownership generally had better financial performance than hospitals in contractually based health networks. Among health network hospitals, those belonging to highly centralized networks had better financial performance than those belonging to more decentralized networks. However, health system hospitals in moderately centralized systems performed better than those in highly centralized systems. Finally, hospitals in networks or systems with little differentiation or centralization experienced the poorest financial performance. These results are consistent with resource dependence, transaction cost economics, and institutional theories of organizational behavior, and provide a conceptual and empirical baseline for future research.

  8. Actuarial neutrality and financial incentives for early retirement in the Austrian pension system

    OpenAIRE

    Christl, Michael; Kucsera, Dénes

    2016-01-01

    This paper studies actuarial neutrality in the Austrian pension system. It is often argued that actuarial neutrality constitutes an incentive for people to retire. We show that there are almost no financial incentives within the Austrian pension corridor, when we use the traditional definition of actuarial neutrality. Taking taxation into account, our results suggest that financial incentives for early retirement stem mainly from the Austrian tax system and not from the pension system itself.

  9. Review of the monograph V. Yu. Lukyanova “Technical regulation in the system of the Russian legislation”

    Directory of Open Access Journals (Sweden)

    Albina S. Panova

    2017-09-01

    Full Text Available Objective to carry out a comprehensive analysis of a monograph by V.Yu. Lukyanova devoted to one of the main elements of the legal institution of technical regulation ndash the technical norm. Methods dialectic approach to the cognition of social phenomena which enables to analyze them in historical development and functioning in the context of the integrity of objective and subjective factors it determined the choice of the following research methods formallegal comparative legal etc. Results the main approaches of the reviewed monograph were assessed which refer to the nature of technical norm its position in the legislation on technical regulation. The reviewed monograph consists of an introduction two sections conclusion and bibliography. The introduction describes technical regulation at the modern stage of development substantiates the topicality of the research and briefly describes its structure. The first section is devoted to the legal nature of technical regulation. It explores such issues as the development of concepts about the acts stipulating the mandatory requirements to products the content of technical regulation the forms of adopting technical regulations and their juridical force. The work also analyzes the role of technical regulation in the legislation system of the Russian Federation. In conclusion the author proposes a systematicparametric model of technical regulation in the Russian Federation. Scientific novelty for the first time the assessment is given to the provisions of the reviewed monograph which refer to the nature of technical norm limitations of its action both in time and space and by the circle of persons the position in the modern Russian legislation. The conclusion is made that the monograph by V.Yu. Lukyanova should be published. Practical significance the reviewer concludes that the monograph by V.Yu. Lukyanova can be used by specialists in the sphere of technical regulation and standardization research

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

    NARCIS (Netherlands)

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

    2015-01-01

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

  11. Radio tower of V. G. Shukhov in the energy supply system of the Russian capital

    Science.gov (United States)

    Pryadko, Igor

    2017-10-01

    Today, when solving the problems of energy supply of buildings, it is important to turn to past experience, to evaluate the effectiveness of solutions that pertain to the period of the formation of an industrial Russian city of the XX century. In this regard, it is important to preserve those objects of industrial architecture that were intended, among other things, for solving problems of energy supply. Even now the architectural legacy of V.G. Shukhov, an outstanding Russian engineer and inventor, triggers discussions and debates. In particular, an impassionate debate arose over the best procedures for the preservation of his architectural works. In the meantime, while debatorslock their horns, the architectural works, designed by this phenomenal engineer and architect, keep decaying. The mission of this article is to assess the impact of the structures, designed by V.G. Shukhov, produced on the conceptual design of an industrial city, and to understand what particular losses the decay of his projects may involve. Another mission, pursued by the author, is to demonstrate the scale of V.G.Shukhov’s work performed in the capacity of an engineer and an inventor. The subject of this research is limited to the study of the restoration effort applied to the Shukhov radio and television tower, also known as the Shabolovka tower.

  12. Processing of grammatical gender in a three-gender system: experimental evidence from Russian.

    Science.gov (United States)

    Akhutina, T; Kurgansky, A; Polinsky, M; Bates, E

    1999-11-01

    Four experiments investigated the effect of grammatical gender on lexical access in Russian. Adjective-noun pairs were presented auditorily, using a cued-shadowing technique in which subjects must repeat the second word (the target noun), following adjectives that are either concordant or discordant with the noun's gender. Experiment 1 demonstrates gender priming with unambiguous adjectives and phonologically transparent masculine or feminine nouns. Experiment 2 examines priming for transparent nouns against a neutral baseline (possible only for feminines and neuters), revealing that priming is due primarily to inhibition from discordant gender. Experiment 3 demonstrates gender priming with phonologically opaque masculine and feminine nouns. Experiment 4 returns to transparent masculine and feminine nouns with a different kind of baseline, using three versions of a single word root (prost--simple, in the feminine adjectival form prostaja, masculine adjectival form prostoj, and the adverbial form prosto), and shows that gender can also facilitate lexical access, at least for feminine nouns. We conclude that Russian listeners can exploit gender agreement cues "on-line," helping them to predict the identity of an upcoming word.

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

    Directory of Open Access Journals (Sweden)

    Iskandar MUDA

    2017-06-01

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

  14. The Financial System Governing Over Rights and Obligations of Spouses in Iranian and British Laws

    OpenAIRE

    Sayeed Mohammad Sadri; Mohammadyar Arshadi; Hassan Badini; Samin Abbasi

    2015-01-01

    The financial system governing over the spouses may be divided into conventional and legal categories where the conventional system is caused by agreement due to will of spouses as well as the principle of free will; of course, there is not free will in determination of financial relations among the spouses in Iranian and British laws for marriage as it exists in other contracts and this is also because of the certain sensitivity that is enforced by the legislator regarding this subject. The ...

  15. The research of the design of intelligent financial decision support system

    Science.gov (United States)

    Chen, Liyu; Chen, Qiang

    2011-02-01

    In accordance with the increasingly updating of information technology, the intelligent control technology is the integrated utilization of modern administrative technology and method. This article discusses problems of the objective of design, the development method, environment and overall structure of the intelligent financial decision support system in order to provide certain theories for the improvement of the intelligent financial decision support system as a reference.

  16. Basic of Features investment activity of Russian companies abroad

    Directory of Open Access Journals (Sweden)

    O N Yashina

    2014-12-01

    Full Text Available The article analyzes the characteristics of the development of investment activity of Russian companies abroad. Particular attention is paid to the analysis of the nature of changes in the investment strategy of Russian business abroad after the global financial crisis of 2008. Emphasizes that government support of major Russian companies commodity sector, including geopolitical reasons, leads to conservation of backward economic structure and export of our country, and to maintain the status quo of the largest economic agents. However, the activities of Russian foreign midsize businesses are concentrated in high-tech industries, can act as one of the most significant modernization of the Russian economy.

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

    Directory of Open Access Journals (Sweden)

    Ciobanu (Sireteanu Elena

    2011-12-01

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

  18. Application of the satellite system of the earth's gravity field measurement (GRACE) for the evaluation of water balance in large Russian river catchments

    Science.gov (United States)

    Frolova, Natalia; Zotov, Leonid; Grigoriev, Vadim; Sazonov, Alexey; Kireeva, Maria; Krylenko, Inna

    2017-04-01

    Space-based Earth observing systems provided a substantially large amount of information to the scientific community in recent decades. Cumulative effects of redistribution of masses in the Earth system can be seen in the changes of the gravity field of the Earth. Gravity Recovery and Climate Experiment (GRACE) satellites, launched 17.03.2002 from Plesetsk, provide a set of monthly Earth's gravity field observations. GRACE data is very useful for hydrological and climatological studies, especially over large territory, not completely covered by the meteorological and hydrological networks, like Russia. Possible application of the satellite gravity survey data obtained under the GRACE for solving various hydrological problems is discussed. The GRACE-based monthly gravity field data are transformed into the maps of water level equivalent and averaged for the catchments of the largest rivers of Russia. The temporal variability of the parameter is analyzed. Possible application of the GRACE data for the evaluation of particular components of water balance within the largest river basins of the European part of Russia is discussed. After averaging over 15 large Russian rivers basins annual component shows amplitude increase since 2009. Trend component grows until 2009 and then reaches a plateau. It is mostly dominated by Siberian rivers. Map for the trend show gravity field increase in Siberia, at Back Sea and decrease over Caspian Sea since 2003. GRACE satellite gravimetry data can be used for estimating terrestrial water storage (TWS) in a river basin scale. Terrestrial water storage (TWS) is the integrated sum of all basin storages (surface water bodies, soil and ground aquifer, snowpack and glaciers) and the ability to estimate TWS dynamics is useful for understanding the basin's water cycle, its interconnection with the local climate, physics of predictability of extreme hydrological events. Despite the importance of the TWS estimates, reliable ground

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

    Directory of Open Access Journals (Sweden)

    Lijian Wang

    2014-05-01

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

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

    Science.gov (United States)

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

    2014-07-01

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

  1. Russian Law and Globalization

    Directory of Open Access Journals (Sweden)

    David Fishman

    2016-01-01

    Full Text Available The Faculty of Law of the University of Helsinki is committed to diverse and internationally collaborative approaches to studying various legal systems in the context of comparative law, and UHLS and the Law Faculty of the National Research University, Higher School of Economics have developed an ongoing program to undertake this effort. The original annual conference series on the Development of Russian Law was launched in 2008 as an initiative to further knowledge and critical thinking about Russian law during its period of transition and modernization. The conference is held annually and brings together legal practitioners and scholars from Russia, Finland and elsewhere to discuss important matters of Russian law, legal reform, and legal practice. Prior years’ Conference themes have included discussions of legal reforms, the justice system, the Russian legal profession, human rights, civil and business law, legal policy, rule-of-law and market economy.This year’s program was designed to attract law faculty, scholars from different disciplines, and also practicing lawyers, to address a wide range of topics grouped around the general theme of how the phenomenon and challenges of globalization affect Russian legal system development. The call for papers included: (i Relationships between Russian domestic and international law, (ii The impacts of international legal institutions on the development of Russian law(s, (iii Globalization in the field of business law, (iv Global law & Russian legal theory, (v Regional models of legal cooperation and Russia’s participation, (vi Transnational legal problems in areas such as constitutionalism and rule-of-law, (vii Theoretical and applied implications of the concept of global transplants, and (viii A global human rights agenda, including Russia’s place in this agenda.This was a very ambitious and multi-faceted undertaking. Through a process of careful evaluation, the Conference organizers produced

  2. The Financial Crisis and the Systemic Failure of Academic Economics

    DEFF Research Database (Denmark)

    Colander, David; Föllmer, Hans; Haas, Armin

    The economics profession appears to have been unaware of the long build-up to the current worldwide financial crisis and to have significantly underestimated its dimensions once it started to unfold. In our view, this lack of understanding is due to a misallocation of research efforts in economics....... We trace the deeper roots of this failure to the profession's focus on models that, by design, disregard key elements driving outcomes in real-world markets. The economics profession has failed in communicating the limitations, weaknesses, and even dangers of its preferred models to the public...

  3. Recommendations for an Executive Information System (EIS) for the NASA Accounting and Financial Information System (NAFIS)

    Science.gov (United States)

    Goss, Ernest Preston

    1991-01-01

    The objectives were to: (1) survey state-of-the-art computing architectures, tools, and technologies for implementing an Executive Information System (EIS); (2) review MSFC capabilities and efforts in developing an EIS for Shuttle Projects Office and the Payloads Project Office; (3) review management reporting requirements for the NASA Accounting and Financial Information System (NAFIS) Project in the areas of cost, schedule, and technical performance, and insure that the EIS fully supports these requirements; and (4) develop and implement a pilot concept for a NAFIS EIS. A summary of the findings of this work is presented.

  4. THE INFLUENCE OF EUROPEAN FINANCIAL STABILITY FACILITY ON SYSTEM OF GOVERNANCE IN EUROPEAN UNION COUNTRIES

    OpenAIRE

    ELENA CLAUDIA ªERBAN; GABRIELA ÞUÞUEANU

    2012-01-01

    The European Financial Stability Facility (EFSF), as a company which was agreed by the countries that share the euro on May 9th 2010 and incorporated in Luxembourg under Luxembourgish law on June 7th 2010, have to preserve financial stability of Europe’s monetary union by providing temporary financial assistance to euro area Member States if needed. This article examines in witch way EFSF can influence the system of governance in an emerging economy. We argue that “good governance practices” ...

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

    Directory of Open Access Journals (Sweden)

    Daniel VILSANOIU

    2010-01-01

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

  6. Applying a Stochastic Financial Planning System to an Individual: Immediate or Deferred Life Annuities?

    DEFF Research Database (Denmark)

    Konicz, Agnieszka Karolina; Mulvey, John M.

    2013-01-01

    Individuals are often faced with financial decisions that have long-term implications for themselves and their families, but they have few sources of unbiased assistance. The authors suggest that a stochastic financial planning system, properly constructed and calibrated, can be applied to a number...... of such financial decisions, especially in the retirement arena. They present as an example the choice to purchase a life annuity for a middle-aged person. Buyers must choose whether to purchase before retirement or at the date of retirement. The article provides some guidelines on whether or not to purchase...

  7. Public Participation and the Rights of the Child: Reflection on International Law Standards in the Legal System of the Russian Federation

    Directory of Open Access Journals (Sweden)

    Mariya Riekkinen

    2016-01-01

    Full Text Available This article deals with the much debated issue of children’s public participation from the perspective of legal practices in the Russian Federation. Having emerged at the level of national jurisdictions, the practice of engaging minors in decision-making processes on issues of public significance – or the practice of public participation of children – is stipulated by the UN Committee on the Rights of the Child, based on Article 12 of the UN Convention on the Rights of the Child. Public participation of minors implies that children have clearly defined opportunities to take part in decision-making processes concerning those political and public matters affecting their interests.Albeit limited by the clause “regarding the issues concerning them,” the claims for such participation are dictated by emerging standards of international law. The author has examined the process of devising these standards in Russian public law. Moreover, an analysis of the evolution of academic views on public participation of children in Russian legal scholarship is also included in this article.Relying extensively on the method of legal analysis and the comparative analysis of the conformity of national public law standards with respect to international law, the author proposes several legal amendments to the Federal law “On the Basic Guarantees of the Rights of the Child in the Russian Federation,” which would lead to anchoring more solidly the participatory right of minors in the legal system of the Russian Federation.

  8. Phenomenon of organic carbon change in natural waters (system "catchment - Lake") of Russian Federation

    Science.gov (United States)

    Dinu, Marina; Tatyana, Moiseenko; Tatyana, Kremleva; Natalia, Gashkina

    2015-04-01

    In the last two decades in the Russian Federation was found significant increase in the concentration of dissolved organic carbon in many aqueous systems. Most obviously, these changes may be related to global warming. It is known that increasing the temperature dominate during dry periods and increases the concentration of nutrients, primary production increases, leading to an increase of the dissolved organic matter. At the same time, it is known that some of the increase in DOC may be largely due to a decrease of anthropogenic sulfur deposition and increasing organic matter in the soil. The European Russia (ER) is a region with substantial industrial emissions of sulphur. In the central part of ER are concentrated metallurgical productions. This has resulted in high concentrations of anthropogenic sulphate and an increase in the prevalence of acidification as well as a rise in metal concentrations in the lakes of North Kola. However, over the last 30 years, sulfur emissions in ?ola North have decreased substantially. The aim of this work was to explain the mechanisms to improve the content of natural organic matter and to assess its role in the processes of acidification and recovery of water quality while reducing the deposition of technogenic acid. The increasing of organic matter content in lake waters is being also observed for the totality of lakes in the Kola North. This conforms to the data reported by Skjelkvale et al. (2001a) which demonstrates the significant increase of DOC. Some authors explain the increased DOC levels by reduction in strong acid flow and return of water chemistry to its natural parameters of specifying organic matter concentrations in water. It is known that DOC level has a direct relationship with water color. In analyzing long-term study data with regard to the group of 75 lakes (obtained during 1990-2010) DOC is increased year-over-year, but the color decreased. The following chemical processes developing in water can explain

  9. Organic compounds in hydrothermal systems on the Russian Far East: relevance to the origin of life

    Science.gov (United States)

    Kompanichenko, Vladimir

    instance, Simoneit et al. (2) established that the light oil associated with the Uzon caldera in Kamchatka was formed by pyrolysis of buried algal mats. More interesting would be to determine that the aromatics and alkanes are products of a Fischer-Tropsch type synthesis. Intermediately the possible in-put of the abiotic organics is confirmed with the availability of Cl-alkanes in the hot solution because these compounds cannot be produced in a living organism. Besides, concentrations of even and uneven carbon atoms are similar in the juvenile hot water from the central zone of Kuldur field (the intracontinental part) that indicates their probable abiotic origination, while the uneven carbon atoms much prevail over the even ones (in 5 times) in the lower-temperature meteoric water on the flank. The detected organic compounds could enter into the composi-tion of various prebiotic microsystems or aggregates existed in the changeable hydrothermal media suitable for the origin of life. It follows of the inversion approach to the origin of life (Kompanichenko, 2008) that synthesis of other biologically important molecules (sugars, ATP, nucleotides), which are not typical for hydrothermal medium, started at the moment of the in-version the ratio "free energy contribution to entropy contribution" in the network of chemical reactions. The re-organized and turned into negentropy way network might promote the syn-thesis of these molecules under higher temperature conditions than revealed for the laboratory experiments in Vitro (50-60C). References. 1. Mukhin L.M., Bondarev V.B., Vakin E.A., Iljukhina I.I., Kalinichenko V.I., Milekhina E.I., Safonova E.N., 1979. Amino acids in hydrothermal systems in Southern Kam-chatka. Doklady AN USSR 244 (4), 974-977, (In Russian). 2. Simoneit, B., Deamer, D.W. and Kompanichenko, V. 2009. Characterization of hydrothermally generated oil from the Uzon Caldera, Kamchatka. Applied Geochemistry 24: 303-309. 3. Kompanichenko V.N. 2008. Three stages of

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

    Directory of Open Access Journals (Sweden)

    Ioana-Iuliana TOMULEASA

    2014-04-01

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

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

    Directory of Open Access Journals (Sweden)

    Dikan Larysa V.

    2013-03-01

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

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

    Directory of Open Access Journals (Sweden)

    Dai Jiaxu

    2017-03-01

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

  13. Forest-fire model as a supercritical dynamic model in financial systems

    Science.gov (United States)

    Lee, Deokjae; Kim, Jae-Young; Lee, Jeho; Kahng, B.

    2015-02-01

    Recently large-scale cascading failures in complex systems have garnered substantial attention. Such extreme events have been treated as an integral part of self-organized criticality (SOC). Recent empirical work has suggested that some extreme events systematically deviate from the SOC paradigm, requiring a different theoretical framework. We shed additional theoretical light on this possibility by studying financial crisis. We build our model of financial crisis on the well-known forest fire model in scale-free networks. Our analysis shows a nontrivial scaling feature indicating supercritical behavior, which is independent of system size. Extreme events in the supercritical state result from bursting of a fat bubble, seeds of which are sown by a protracted period of a benign financial environment with few shocks. Our findings suggest that policymakers can control the magnitude of financial meltdowns by keeping the economy operating within reasonable duration of a benign environment.

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

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    Muhammad Abdul Majid Makki

    2012-06-01

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

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

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    Aleisky González-Duany

    2017-06-01

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

  16. The impact of the financial crisis on the currency and the monetary system

    Directory of Open Access Journals (Sweden)

    Petre DEACONU

    2010-09-01

    Full Text Available The present-day economic and financial crisis (depression appears unprecedented in the last half century. The international financial crisis has been extended to the Romanian economy. However, in terms of direct impact, the Romanian banking system was less affected by not being exposed to toxic assets, and because of prudential and administrative measures taken by the NBR. Indirectly, however, the international financial crisis and especially its obvious consequence – the recession in developed countries - has expanded to the Romanian economy, on several channels. The shopping channel slowed export growth and even reduced them. The financial channel has limited the access to external financing, and thus restricted the lending volume, generating private external debt service difficulties. On the exchange rate channel, the reduction in external financing reflected in national currency depreciation. On the confidence channel, there was a withdrawal of investors from Eastern Europe countries. Among the measures adopted by the central bank, the most notable were targeting inflation and currency interventions. By adopting inflation targeting, the central bank opted to make more room in establishing foreign exchange market, and after the onset of the current international financial crisis, including the 2009-2010, adopted a controlled floating exchange rate. This does not mean intervention in the forex market on a discretionary basis. NBR policy on foreign exchange intervention has been guided by the philosophy that high exchange rate volatility is harmful for both the inflation target and the financial health of the real and financial sector.

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

    Directory of Open Access Journals (Sweden)

    Shouji Sun

    2014-10-01

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

  18. Professional Growth of Primary School Teacher during the Inter-Certification Period in the System of Lifelong Pedagogical Education of the Russian Federation

    Science.gov (United States)

    Poperechna, Lesia

    2014-01-01

    This article reveals the organizational experience of the professional development of primary school teachers during the inter-certification period in the system of lifelong pedagogical education of the Russian Federation. The issue of international experience features in practical implementation of teaching experience during the…

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

    Directory of Open Access Journals (Sweden)

    Riabokin Taras V.

    2017-02-01

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

  20. Simple Fuzzy Score for Russian Public Companies Risk of Default

    OpenAIRE

    Sergey Ivliev

    2010-01-01

    The model is aimed to discriminate the 'good' and the 'bad' companies in Russian corporate sector based on their financial statements data based on Russian Accounting Standards. The data sample consists of 126 Russian public companies- issuers of Ruble bonds which represent about 36% of total number of corporate bonds issuers. 25 companies have defaulted on their debt in 2008-2009 which represent around 30% of default cases. No SPV companies were included in the sample. The model shows in-sam...

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

    Directory of Open Access Journals (Sweden)

    Cardos Vasile - Daniel

    2011-07-01

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

  2. The Use of Migrant Labour — Threat or Advantage for Russian Economical Development?

    Directory of Open Access Journals (Sweden)

    Viktoria Aleksandrovna Koretskaya-Garmash

    2016-06-01

    Full Text Available The article is devoted to a relevant problem of labour migration, the potentially possible threats and advantages of attracting and using of foreign migrant labour in the framework of the Russian economy are considered. The purpose of this work is to establish the how the migration processes influence over the current state of the Russian economy, and whether it is possible to meet the demand in the labour force by attracting labour migrants. The research method is the analysis of the statistical indicators of the Russian regions’ development, of demographic, migratory and financial situations in the Russian Federation. The results of the study are presented in the form of a quantitative assessment of the potential threats to the internal market due to the use of external migrant labour, which has already led to the Russian economic disruption, the devaluation of the Russian ruble, the growth of current account deficit, the load on the pension system of Russia. Therefore, we must not forget the positive aspects — rejuvenation of the age composition of the population, occupation of vacant jobs by the workers in the disadvantaged Russian regions, the increasing size of tax revenues to the Russian budget system by filing patents on employment activity. The presented results of the study can be used by public authorities in the migration policy, labour and social work for the development of the state programme stimulating internal and external migrants for employment in the regions with a shortage of manpower. The conducted research allows to define the relationship between labour migrants and economic activity of local population, to characterize the reasons of external labour migration and to analyse the consequences of migration for the host country

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

    Directory of Open Access Journals (Sweden)

    Laptes R.

    2014-12-01

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

  4. RUSSIAN MODERNISATION AND NEW GLOBAL DISPOSITION

    Directory of Open Access Journals (Sweden)

    Iosif Diskin

    2012-01-01

    Full Text Available Abstract: The need to overcome dependence from energy commodities, as well as to create macro-social system enabling human potential of Russian citizens, defines the priorities of Russian modernisation. Russian economy should be focused on creation of innovative products and sectors with high added value. Today such activity demands cooperation with other major powers with due account of their changing role in the international system.

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

    Science.gov (United States)

    Shen, Xiangguang; Song, Xiaozhong

    2009-07-01

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

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

    Directory of Open Access Journals (Sweden)

    Myrvete Badivuku-Pantina

    2012-09-01

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

  7. Russian practice of English language teaching in e-learning management system in universities of economics (MESI and PRUOE

    Directory of Open Access Journals (Sweden)

    S. S. Khromov

    2016-01-01

    Full Text Available The article deals with topical issues of the using distance learning technologies, and blended model of studying foreign languages in universities. The authors investigated the possibility of distance learning technologies in the modern linguistic education. The practical side of blended model of foreign languages teaching is shown on the example of Learning Management System “Virtual Campus” at Plekhanov Russian University of economics and Moscow state university of economics, statistics and informatics.The purpose of the research is the following: 1 to analyze advantages of virtual campus in the Russian education system in teaching foreign languages in universities; 2 to demonstrate the difference between distance and e-learning in teaching foreign languages; 3 to demonstrate what language and speech competencies are developed with an electronic campus; 4 to describe the virtual campus tools; 5 to conduct a pedagogical experiment demonstrating virtual campus opportunities in teaching foreign languages; 6 to prove an innovative character and productivity of a blended learning model in teaching foreign languages. Material of the research. As a material of the research were used the following: 1 records of the lessons in the virtual campus (forums, tests, written tasks, commentaries; 2 paper and electronic text books; 3 students’ and teachers’ polls; 4 the results of students’ testing.Methods of the research. During the experiment the following methods were applied: descriptive, project, comparative and statistic methods. The results of the research. The following results have been obtained during the experiment - an innovation character and the productivity of a blended model usage in teaching foreign languages in universities which can be demonstrated in the following have been proved: 1 in developing communicative and language competencies; 2 in developing an individual student trajectory; 3 in expanding

  8. Financial benchmarking

    OpenAIRE

    Palanevich, Yana

    2014-01-01

    This bachelor thesis is focused on financial benchmarking of KBJ VELKOOBCHODY s.r.o. The aim of this study is to evaluate the financial situation of the company and to compare the results within the same field and with the best companies in this branch as well as direct competitors. The purpose is to gain an overview of the financial health of the company and also the relevation of strengths and weaknesses through Benchmarking diagnostic system of financial indicators INFA. The theoretical pa...

  9. CONCEPTUAL MODEL OF FINANCIAL INDEXES FOR INFORMATIVE SYSTEM IN NAPS OF UKRAINE

    Directory of Open Access Journals (Sweden)

    Alla V. Kilchenko

    2011-10-01

    Full Text Available The actual task of modern information society forming is a construction and introduction of the information systems in educational management. The article contains the analysis of subject domain of the informative system in the National Academy of Pedagogical Sciences of Ukraine, description of financial documents and facilities for automations of their treatment in the integrated environment of Windows SharePoint Services – Microsoft Word. The conceptual model of information is presented, it is shown, as on its basis facilities of automation of work are built with financial documents. The CRT forms of document life cycle are resulted in the information system: conceptual model of information, logical model of data, physical model of data, template, a document, eventual document with the automatic filling of indexes of financial documents.

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

    Directory of Open Access Journals (Sweden)

    Pidvysotska Lyudmyla J.

    2017-06-01

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

  11. An Analysis of XBRL Adoption Towards Systemic Risk of Financial Institutions Listed in NYSE

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    Andreas Suwardi

    2017-12-01

    Full Text Available This research aims to test the impact of the mandatory adoption of XBRL towards the systemic risk of American financial institutions listed in New York Stock Exchange (NYSE by utilizing 45 NYSE listed financial institutions for the time period of 2007-2012. The measure of systemic risk is based on SRisk by Acharya et al. (2012 which is available in the NYU Stern V-Lab. XBRL is a dummy variable, in which 0 represents a pre XBRL adoption period (2007-2008 while 1 represents an XBRL reporting environment (2011-2012. It is further interacted with Corporate Governance, which is measured using an index developed by Brown & Caylor (2006. The result proves that XBRL do not significantly impact systemic risk of financial institutions listed in NYSE. The findings have been determined after having controlled firm size, capital ratio, leverage ratio and performance.

  12. The Financial Management System: A Pivotal Tool for Fiscal Viability. CDS Spotlight. ECAR Research Bulletin

    Science.gov (United States)

    Lang, Leah; Pirani, Judith A.

    2014-01-01

    This spotlight focuses on data from the 2013 CDS to better understand how higher education institutions approach financial management systems. Information provided for this spotlight was derived from Module 8 of Core Data Service (CDS), which asked several questions regarding information systems and applications. Responses from 525 institutions…

  13. Qualitative Phenomenological Study of Data Management Information System Deployments: Financial Services Industry

    Science.gov (United States)

    Kerns, Dannie J.

    2014-01-01

    The qualitative phenomenological study explored the lived experiences of financial services industry change managers to understand the genesis of low data management information system project adoption rates. The goal of the study was to find methods to improve data management information system adoption rates. The participant pool consisted of 19…

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

    NARCIS (Netherlands)

    Polzin, Friedemann|info:eu-repo/dai/nl/413317404; Sanders, Mark|info:eu-repo/dai/nl/175620059; Täube, Florian

    2017-01-01

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

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

    NARCIS (Netherlands)

    Polzin, F.H.J.; Sanders, M.W.J.L.; Täube, Florian

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

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

    National Research Council Canada - National Science Library

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

    2004-01-01

    .... The USACE Civil Works principal financial statements consist of a consolidated balance sheet, a consolidated statement of net cost, a consolidated statement of changes ill net position, a combined...

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

    Energy Technology Data Exchange (ETDEWEB)

    McGovern, D.E.

    1996-07-01

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

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

    Directory of Open Access Journals (Sweden)

    Dian Masyita

    2015-08-01

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

  19. Russian Capital in Latvia: Trends and Perspectives

    Directory of Open Access Journals (Sweden)

    N A Volgina

    2015-12-01

    Full Text Available The article deals the issue of the positions of Russian capital in Latvian market. The paper aims to estimate the volume and dynamics of Russian capital inflows into Latvia in compliance with Russian economic interests; to identify key sectors of Latvian economy that Russian capital is interested to invest in; to systemize information concerning Russian firms investing in Latvia; to assess the role of Russian capital in Latvian economy in comparison with other foreign investors; to propose author’s view on challenges and perspectives of Latvian-Russian investment cooperation in the situation of economic sanctions and geo-political conflict in east Ukraine. The author underlines that at the end of 2013, investments of Russian business to Latvia constituted about 5.0% of the total FDI stock and by that time Russia was the 7th largest investor with 0.5 bln euro of capital invested. The main sectors of Russian interests in Latvia are - gas supply, transport communications (transit corridors, banking and real estate. The article concludes that though the future of Russian-Latvian economic relations in the short-run is on a substantial pressure of geopolitical factors, the economic interests in mutual investment relations will prevail in the long-run perspectives.

  20. Adaptive Strategies in the Russian Vocational Education and Training System: Institutional Barriers and Rent-Seeking Behavior

    Directory of Open Access Journals (Sweden)

    Vyacheslav V.Volchik

    2017-09-01

    Full Text Available The process of institutional change is going very rapidly in the Russian vocational education and training (VET system. If implemented reforms are inconsistent with present working rules and institutions in the field, it causes inefficiencies of the VET system and may result in institutional traps. The actors involved in the VET system are working in an increasingly demanding environment. They have to adapt their behaviors to complicated and constantly changing rules. Seeking to meet the requirements of students and employers, who operate under resource constraints, educational organizations undertake curriculum reductions to minimize costs. These measures usually result in low education outcomes and poor quality of education. In an attempt to identify adaptive behavioral patterns of actors involved in the educational process, we have conducted and analyzed 50 in-depth interviews with lecturers, managers and students within the educational organizations of Rostov region that offer VET programs. Our research aims to contribute to the understanding of the mechanisms of adaptation among academic staff members and VET students using the concepts of institutional economics and qualitative research methods.

  1. Financial Institutes of Nanoindustry Development in Russia

    Directory of Open Access Journals (Sweden)

    Strukova Tatyana Vladimirovna

    2015-05-01

    Full Text Available At the present stage Russia’s nanoindustry can be formed on the basis of new and old specialized financial and non-financial institutes, which form a milti-layered structure providing targeted investments for innovative projects. The active state fiscal policy plays a decisive role in the national nanoindustry formation at different stages of its development and approval. The article substantiates the need for state regulation of the nanoindustry development funding mechanism in Russia. The author characterizes the main principles, subjects, methods, tools and sources of nanoindustrialization financial mechanism. The article presents the system of Russian financial institutes of development, allowing to identify the goals, objectives, forms and tools for implementation of the functions of each of them in the process of innovative development. The author reveals the essence, types, role and interests of development institutes in the process of public and public-private funding of national innovation system. The problems of innovative projects funding, caused by the specific features of the Russian economy are designated; a number of measures aimed at coordinating the activities of financial institutions and consolidating the public and private financial resources in priority sectors and industries of the economy is proposed. The author substantiates the necessity of building a mechanism of institutional, organizational and informational interaction of the federal target programs regulation bodies focused on the development of innovative activity system, federal executive bodies and exchange institutes, as well as the coordinating mechanism allowing to maximize the effectiveness of using methods and tools for innovation support.

  2. Stabilization of the Monetary and Financial Market as a Necessary Condition for the Transition to Sustainable Development

    Directory of Open Access Journals (Sweden)

    Sergey Yurievich Glazyev

    2016-03-01

    Full Text Available In the absence of the effective system of state regulation, the monetary and financial market not only does not carry out the function of the financing of value-adding investment, but it is also a source of destabilization of the Russian economy. In the article, the analysis of the policy instruments of the Central Bank of the Russian Federation is provided. The reasons and consequences of the financial and currency speculation and transition to free ruble exchange rate are considered. The concept of «inflation targeting» is investigated and the conclusion that the transition to the inflation targeting declared by the Central Bank of Russia did not achieve the stated goals is drawn. The need for using the instruments as the control parameters, corresponding to a host of factors of currency system instead of using only refinancing rate is reasoned. The arguments to apply the currency restrictions are considered. The assessment of a current situation of the Russian monetary and financial system is given as uncontrollable. The manipulation of the Russian monetary and financial market from the foreign financial institutions connected with issuers of world currencies is identified as the main political consequence of the currency and monetary policy. The aggravation of stagflation and of crisis phenomena in the Russian economy at the further realization of similar monetary policy is forecasted. In the article, a number of measures for stabilization of the Russian economy by the state regulation of the monetary and credit sphere, which would secure the monetary and financial market against external and internal threats, is offered.

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

    Energy Technology Data Exchange (ETDEWEB)

    None

    1978-01-31

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

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

    Directory of Open Access Journals (Sweden)

    SORANA VĂTAVU

    2011-01-01

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

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

    Science.gov (United States)

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

    2017-12-01

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

  6. A arquitetura do sistema financeiro internacional contemporâneo The architecture of the current international financial system

    Directory of Open Access Journals (Sweden)

    Maryse Farhi

    2009-09-01

    Full Text Available This paper discusses some features of financial institutions and instruments which originated the financial crisis triggered by increasing default rate, household real estate and financial asset depreciation combined with U.S. subprime mortgages. The first part presents major crisis events in a chronological order. The second part describes the interconnection of the institutions and markets which engendered a global shadow financial system. The third part focuses on an overview of measures taken by government authorities and large banks to bring about possible solutions for the global financial crisis.

  7. The Kazakhstan-European Union Partnership: Modernization of the Republic’s Financial System

    Directory of Open Access Journals (Sweden)

    Marczak Jarosław

    2016-12-01

    Full Text Available This study examines the issue of the modernization of the Kazakh financial system considering the new, Enhanced Partnership and Cooperation Agreement with the European Union (EU (January 19, 2015 and the Kazakh State program “Path to Europe, 2009–2011”. It describes new opportunities for the establishment of a long-term partnership and cooperation between Kazakhstan and the EU for the restructuring of Kazakhstan’s financial system and its convergence with international standards and European regulations. Specifically, this study covers the financial policy and the objectives of the Republic’s financial sector management; legislation regulating the financing activity of business entities, particularly its transparency and accessibility to foreign investors; contradictions between the legal framework of the state on financial relations and international standards, European directives, conventions, and recommendations; and the security of financing activities of European companies. This study employs general scientific methods (theoretical analysis and generalization, comparative legal, logical, etc. and the functional approach.

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

    Directory of Open Access Journals (Sweden)

    CARAIMAN ADRIAN-COSMIN

    2015-12-01

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

  9. ON A SYSTEM FOR INFORMATION ANALYSIS (SCIENCE INDEX OF INNOVATIVE ACTIVITIES OF RUSSIAN ORGANIZATIONS IN THE FIELD OF RADIATION HYGIENE AND MEDICINE

    Directory of Open Access Journals (Sweden)

    V. I. Evdokimov

    2013-01-01

    Full Text Available Science Index system for information analysis is one of effective modern indexes of innovative activity of Russian research and educational personnel, research and educational institutions. However, it should be noted that this assessment system does not yet include such important parameters as data on patent analysis and dissertation research. The article describes information search and preliminary bibliometric assessment of publication activity of the authors and some research institutions and periodicals in the field of radiation hygiene and medicine.

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

    Directory of Open Access Journals (Sweden)

    N.G. Vygovska

    2016-12-01

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

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

    Directory of Open Access Journals (Sweden)

    Prokopenko Zhanna V.

    2017-03-01

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

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

    Directory of Open Access Journals (Sweden)

    Renata Karkowska

    2013-12-01

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

  13. The Features of Financing the System of Compulsory State Pension Insurance in the Conditions of Financial Crisis

    Directory of Open Access Journals (Sweden)

    Rudyk Volodymyr K.

    2017-12-01

    Full Text Available The article covers the issues of financial provision of the system of compulsory State pension insurance in the conditions of financial crisis. The financial status of the solidarity pension system, constituting the first level of the national pension system was analyzed. The article researches the financial failure of the solidarity pension system to confront the challenges of the financial crisis in the society, the absence of mechanisms of prompt response to it. It has been determined that a multilevel pension systems can react more quickly to the manifestation of financial crises. Attention is drawn to the fact that accumulative pension programs have considerable financial potential and thus are an important source of raising pension amounts for citizens of retirement age. The necessity of introduction of the second level of the national pension system, i.e. the compulsory State accumulative pension insurance, has been substantiated. The model of financial provision of the system of compulsory State pension insurance in the conditions of financial crisis has been proposed.

  14. Il sistema finanziario internazionale: crisi o ristrutturazione? (The international financial system: crisis or reform?

    Directory of Open Access Journals (Sweden)

    R. PARBONI

    2013-12-01

    Full Text Available Alla fine degli anni settanta e primi anni ottanta un'importante evoluzione ha avuto luogo nei compiti e le funzioni delle istituzioni finanziarie internazionali ufficiali. Questa evoluzione è in diretta opposizione alla situazione del decennio precedente, durante il quale i flussi finanziari ufficiali hanno perso importanza rispetto a quelli privati, soprattutto rispetto a quelli gestiti da banche internazionali. Dopo essere diventati apparentemente obsoleti, il Fondo Monetario Internazionale e la Banca Mondiale hanno riacquistato importanza e la questione della riforma del sistema finanziario internazionale è tornata al centro del dibattito. Il presente articolo esamina gli sviluppi all'interno del sistema finanziario internazionale negli ultimi anni e le loro implicazioni per il futuro. Infine, l'autore affronta la necessità di una riforma.In the late seventies and early eighties an important evolution took place in the tasks and functions of official international financial institutions. This evolution is in direct opposition to the prevailing situation of the previous decade, during which time official financial flows lost importance over private ones, especially compared to those handled by international banks. After becoming seemingly obsolete, the International Monetary Fund and the World Bank have regained prominence and the issue of reform of the international financial system has returned to the centre of debate. The present article looks at the developments within the international financial system in recent years and their implications for the future. The new tasks of official international financial institutions are dealt with and the solidity of the financial system is analysed. The insolvency of debtors and bank balances is then considered as well as the lender of last resort. Finally, the author addresses the need for reform.JEL: F33, G23

  15. Building an Islamic financial information system based on policy managements

    Directory of Open Access Journals (Sweden)

    Izzat Alsmadi

    2015-10-01

    The flexible design of the architecture can also be effective where rules can be screened and revisited often without the need to restructure the authorization system implemented. Authorization rules described here are not necessarily the perfect reflection of Shariah opinions. They are only shown as a proof of concept and a demonstration of how such rules can be written and implemented.

  16. Privacy Impact Assessment for the Integrated Financial Management System

    Science.gov (United States)

    This system contact information and Social Security Numbers for individuals who owe, or are owed money by the EPA. Learn how this data is collected, how it will be used, access to the data, the purpose of data collection, and record retention policies.

  17. A financial evaluation of two contrasting silvicultural systems ...

    African Journals Online (AJOL)

    The Loblolly pine (Pinus taeda L.) plantation area in north-east Uruguay was 108 000 ha in 2008. Recent industrial capacity developments have resulted in major structural changes. Silvicultural system selection depends on site productivity, costs, timber prices and public policies. This study aimed to assess economic ...

  18. Creating and Using a Computer Networking and Systems Administration Laboratory Built under Relaxed Financial Constraints

    Science.gov (United States)

    Conlon, Michael P.; Mullins, Paul

    2011-01-01

    The Computer Science Department at Slippery Rock University created a laboratory for its Computer Networks and System Administration and Security courses under relaxed financial constraints. This paper describes the department's experience designing and using this laboratory, including lessons learned and descriptions of some student projects…

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

    DEFF Research Database (Denmark)

    Andersen, Morten Thøtt; Frigaard, Peter Bak

    2015-01-01

    Most of today’s renewable energy systems rely heavily on investments as well as public financial support. This support is often given by means of a higher sales price for each kWh produced, i.e. feed-in tariffs (FITs), green certificates or Renewable Obligation Certificates (ROCs), or by a fixed...

  20. E-Business Reporting: Towards a Global Standard for Financial Reporting Systems Using XBRL

    Science.gov (United States)

    Long, Margaret J.

    2013-01-01

    Reporting systems can provide transparency into financial markets necessary for a sustainable, prosperous global economy. The most widely used global platform for exchanging electronic information about companies to regulatory bodies is XBRL. Standards for this platform are in the process of becoming legally harmonized, but not all countries are…

  1. Financial performance of a mobile pyrolysis system used to produce biochar from sawmill residues

    Science.gov (United States)

    Dongyeob Kim; Nathaniel McLean Anderson; Woodam Chung

    2015-01-01

    Primary wood products manufacturers generate significant amounts of woody biomass residues that can be used as feedstocks for distributed-scale thermochemical conversion systems that produce valuable bioenergy and bioproducts. However, private investment in these technologies is driven primarily by financial performance, which is often unknown for new technologies with...

  2. Reconstruction of the Financial System in Early Childhood Education in China

    Science.gov (United States)

    Cai, Yingqi; Feng, Xiaoxia

    2007-01-01

    This paper presents a profile about the financial system of the early childhood education (ECE) in China. The problems discussed are related to (1) segmentation of Tiao and Kuai (some education institutions are directly administered by provincial governments, and some were affiliated to the relative administrative departments of the state), (2)…

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

    Directory of Open Access Journals (Sweden)

    E. GRILLI

    1999-06-01

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

  4. Educational Financing and Budgeting in Uzbekistan. Financial Management of Education Systems. Working Document.

    Science.gov (United States)

    Ziyaev, Muzafar K.; Rakhmonov, Ahadjon; Sultanov, Murtazo S.

    This book provides an indepth description and analysis of financial management and budgetary procedures for education in Uzbekistan. The Uzbek approach is different from that of other newly independent countries of the former Soviet Union. The country chose a policy of maintaining the advantages of the former system of education while introducing…

  5. 0-1 Test for Chaos in a Fractional Order Financial System with Investment Incentive

    Directory of Open Access Journals (Sweden)

    Baogui Xin

    2013-01-01

    weighted integral thought, the fractional order derivative's economics meaning is given. The 0-1 test algorithm and the improved Adams-Bashforth-Moulton predictor-corrector scheme are employed to detect numerically the chaos in the proposed fractional order financial system.

  6. Financial Accounting for Local and State School Systems: 2014 Edition. NCES 2015-347

    Science.gov (United States)

    Allison, Gregory S.

    2015-01-01

    The 2014 edition of "Financial Accounting for Local and State School Systems" updates the 2009 (see ED505993) and 2003 editions of the handbook. The 2003 edition was the work of the NCES National Forum on Education Statistics, Core Finance Data Task Force. That task force systematically rewrote nearly the entire text, incorporating new…

  7. Ukraine : System of Financial Oversight and Governance of State-Owned Enterprises

    OpenAIRE

    World Bank

    2011-01-01

    The report focuses on the system of financial oversight and governance of state-owned enterprises in Ukraine. State-owned enterprises (SOEs) continue to represent a significant share of Ukraine's economy, and play a dominant role in sectors such as rail, transport, utilities, energy and telecommunications. These enterprises play an important role for the government by remitting dividend pa...

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

    Directory of Open Access Journals (Sweden)

    Alina Ligia Dumitrescu

    2013-04-01

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

  9. Financial problems facing the manufacturers of small wind energy conversion systems. Final report

    Energy Technology Data Exchange (ETDEWEB)

    Bolle, T G

    1979-11-01

    The financial barriers faced by the manufacturers of small wind energy conversion systems (SWECS) are assessed and found to be similar to those faced by other start up businesses. However, these problems are found to be aggravated by the high expectations for accelerated SWECS industry growth in the face of moderate government support and lack of investment capital. The underlying conditions of limited SWECS entrepreneur business experience, the highly competitive venture capital market, the inability of existing financial institutions to aid infant busineses and public unawareness of SWECS are reviewed. Specific manufacturer-oriented recommendations and federal, state and regulatory policy-oriented recommendations are made. In addition, the dynamics of the SWECS commercialization process are assessed and the variety of financial institutions playing a role in this process is detailed. Issues related to inflation, tax policy, regulation and federal R and D procurement policies are analyzed.

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

    Science.gov (United States)

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

    2015-01-01

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

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

    Science.gov (United States)

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

    2015-01-01

    The financial crisis illustrated the need for a functional understanding of systemic risk in strongly interconnected financial structures. Dynamic processes on complex networks being intrinsically difficult to model analytically, most recent studies of this problem have relied on numerical simulations. Here we report analytical results in a network model of interbank lending based on directly relevant financial parameters, such as interest rates and leverage ratios. We obtain a closed-form formula for the “critical degree” (the number of creditors per bank below which an individual shock can propagate throughout the network), and relate failures distributions to network topologies, in particular scalefree ones. Our criterion for the onset of contagion turns out to be isomorphic to the condition for cooperation to evolve on graphs and social networks, as recently formulated in evolutionary game theory. This remarkable connection supports recent calls for a methodological rapprochement between finance and ecology. PMID:26207631

  12. System sight at a problem of efficiency of enterprises’s operaton of the Russian chemical complex

    Directory of Open Access Journals (Sweden)

    Svyatoslav Arkadyevich Nikitin

    2011-06-01

    Full Text Available Chemical industry plays an important role in the development of the domestic economy as one of the basic facilities of Russia's economy, laying the foundation for its long-term and stable development. As a major supplier of raw materials, intermediates, and products of various materials (plastics, chemical fibers, tires, paints and varnishes, dyes, fertilizers, feed additives, pharmaceuticals, medical equipment etc. in almost all sectors of industry, agriculture, health care, human services, commerce, science, culture and education, defense industry, chemical complex has direct impact on the efficiency of their operation and development in these new directions. Therefore, the condition and development of domestic chemistry determines the level of national competitiveness, economic growth and Russia's wealth. However, like most industries in Russia today, chemical industry is going through a difficult period. The presence of a set of common economic problems (identified by technological backwardness and high depreciation, low innovation activity of domestic enterprises of the chemical complex, a lack of effectiveness of the investment process, infrastructure and resource constraints etc., as well as internal management problems causes the rapid growth of interest of uncompetitive Russian chemical products on the world market. Under these conditions, not only a radical adjustment of the internal control systems and chemical plants, but also a significant organizational and economic change is required. Thus, unless we take measures to improve the domestic chemical industry in the coming years, almost all of it grow back and may get into the situation of struggle for survival.

  13. Satellite Power System (SPS) financial/management scenarios

    Science.gov (United States)

    Vajk, J. P.

    1978-01-01

    The possible benefits of a Satellite Power System (SPS) program, both domestically and internationally, justify detailed and imaginative investigation of the issues involved in financing and managing such a large-scale program. In this study, ten possible methods of financing a SPS program are identified ranging from pure government agency to private corporations. The following were analyzed and evaluated: (1) capital requirements for SPS; (2) ownership and control; (3) management principles; (4) organizational forms for SPS; (5) criteria for evaluation; (6) detailed description and preliminary evaluation of alternatives; (7) phased approaches; and (8) comparative evaluation. Key issues and observations and recommendations for further study are also presented.

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

    Science.gov (United States)

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

    2013-12-15

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

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

    Directory of Open Access Journals (Sweden)

    Pavel Năstase

    2015-05-01

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

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

    Directory of Open Access Journals (Sweden)

    Zahra Kavosi

    2014-10-01

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

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

    Directory of Open Access Journals (Sweden)

    Stošić Ivan

    2017-01-01

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

  18. The new start for Russian-African relations

    Directory of Open Access Journals (Sweden)

    Evgeniy Nikolaevich Korendyasov

    2016-12-01

    Full Text Available Russia's return to Africa is widely discussed in the Russian and foreign scientific and expert circles, on the pages of newspapers and magazines. This covers a broad range of problems of country, regional and global scale, put forward and voiced conflicting estimates and judgments. Abroad, actively promoted the interpretation of the “return” of Russia to the continent as a new direction of neo-imperial ambitions of the new Russia and its aspirations to weaken the position of the West, “golden” its image in the developing countries, in the eyes of Africans. Author analyzes the impact of the emerging political, economic and social realities of the XXI century on the development prospects of the African continent in general, and on the Russian-African relations in particular. The author concludes that the increase in the weight and role of the continent in world politics and economy today requires a rethinking of the Russian approaches to the problems of scale Russian-African partnership and the formation of its long-term vision, building on the existing political, diplomatic and investment and the country's financial resources. The new dynamics of Russian-African relations is connected, first of all, with the development of partnerships in those areas where Russia has competitive potential, production capacities, high competence and experience. Including the development of natural resources, nuclear power and hydropower, military-technical cooperation, the establishment of satellite information and communication systems, cooperation in the sphere of education, health, the fight against epidemics, natural catastrophes. Russia is confident enough to overcome the deep recession of relations with Africa, recorded in the late 80's and 90-ies of XX century. However, it would be premature to claim that full-blooded “return” of Russia to the continent has already taken place. Scaling up comprehensive cooperation will depend, first, on the

  19. Russian Model Of The Administrative Justice

    Directory of Open Access Journals (Sweden)

    Natalja I. Jaroshenko

    2014-12-01

    Full Text Available On December 25, 2014 it would be twenty-one year since the Constitution of the Russian Federation was adopted on the national referendum on December 12, 1993. During this time, almost all constitutional provisions are implemented. The key point of course was the judicial reform in Russia, launched simultaneously with the adoption of Constitution of the Russian Federation. Adopted the new Civil Procedural Code, Criminal Procedural Code, Arbitration Procedural Code of the Russian Federation, Federal Constitutional Law "On the Constitutional Court of the Russian Federation", Federal Constitutional Law "On the courts of general jurisdiction in Russia", Federal Constitutional Law "On the Supreme Court of the Russian Federation". However, during twenty-one year of Russian Constitution work, the question on establishment of administrative courts in our country has not been resolved. Merger of the Supreme Court and the Supreme Arbitration Court of the Russian Federation, which happened in the year 2014, also shown the need to resolve the status of administrative courts in Russia. Previously submitted to the State Duma of the Federal Assembly of the Russian Federation the draft of the Federal Constitutional Law "On the Federal Administrative Courts in the Russian Federation" and is on the revision, which does not correspond to changes in the judicial system of the Russian Federation. Despite the failure of the Federal Constitutional Law "On the Federal Administrative Courts in the Russian Federation", in the opinion of the author, and it should be called that way, it Russia has already developed an own model of the Russian administrative justice, which is very specific.

  20. On the social-labour relations in the Russian penitentiary system

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    Oleg A. Pogudin

    2014-01-01

    Full Text Available Objective to state irrationality of the existing wagesforming system of the sentenced to imprisonment as the most important component of sociallabor relations in the penitentiary system and to justify the necessity of its reorganization including by restoring the functions of labour norms. Methods dialectical method of studying the phenomena and processes abstractlogical method method of analysis synthesis comparison of empirical and statistical data. Results the position is justified according to which the pay increase of convicts is based on the development and technological reequipment of industrial production of the criminalexecutive system and is intended to be linked with both positive dynamics of production and economic activity of the criminalexecutive system and effective the institution of their work rating. Scientific novelty the strategic relationship is identified between the wages of convicts and the state of industrial production in the penitentiary system. The futility is proved of solving social and labour problems in the penitentiary system on the quotinstitutional principlesquot that ignore the content of the objective law of value. Practical value is manifested in the ability to improve the management of social and labor processes for example to ensure the effective application of quotsocial liftsquot system to convicts in the penitentiary system including normsetting activities of its central authority.

  1. [Assessment of financial flow in the health system of Serbia in a period 2003-2006].

    Science.gov (United States)

    Gajić-Stevanović, Milena; Teodorović, Nevenka; Dimitrijević, Snezana; Jovanović, Dragan

    2010-05-01

    The main goal of every health policy is not merely the establishment of the health system sustainability, but the accessability of health services to the whole population, as well. This objective is shared in European Union countries, and the consequence is the implementation of National Health Accounts (NHA). NHA, as a tool for evidence-based management, provides data regarding financial flow in health at national level and allows international comparability. The aim of this study was to determine Serbian overall health spending patterns by National Health Accounts, and to determine health care indices to provide policy makers with internationally comparable health indicators. A retrospective analysis of healthcare expenditures was obtained from the published final financial reports of relevant state institutions during a period of 2003 to 2006. The various sources of data on healthcare expenditures were connected according to instructions by the OECD "A System of Health Accounts (SHA)" Version 1.0. The obtained results showed: health expenditures in Serbia made up 8.6%, 8.3%, 8.7% and 9% of the GDP in 2003, 2004, 2005 and 2006, respectively; the Health Insurance Fund was a predominant financing source of the public sector with 93% in 2006; the largest part of the total health expenditures went towards hospitals and for health services; the expenditure per capita in 2006 was 365 US$; Serbian population finances the state institutions "out of pocket" with 21.28% of their sources, which was 7.3% of the total healthcare expenditures, and the private institutions with 78.72% of their financial sources, which is 27% of the total healthcare expenditures. In 2006 Serbia allocated financial resources out of GDP in the amount similar to the European Unity, while comparing to the countries of the region, these funds were less only than in Bosnia and Hertzegovina. This allocating of financial resources in total, however, was low as the consequence of relatively low level of

  2. 25 CFR 900.43 - What are the general financial management system standards that apply to a tribal organization...

    Science.gov (United States)

    2010-04-01

    ... ASSISTANCE ACT Standards for Tribal or Tribal Organization Management Systems Standards for Financial... 25 Indians 2 2010-04-01 2010-04-01 false What are the general financial management system standards that apply to a tribal organization carrying out a self-determination contract? 900.43 Section 900...

  3. 32 CFR 37.605 - What is the general policy on participants' financial, property, and purchasing systems?

    Science.gov (United States)

    2010-07-01

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

  4. [The new financial compensation system PEPP: an ethical analysis].

    Science.gov (United States)

    Vollmann, J

    2014-11-01

    The new compensation system for psychiatric and psychosomatic institutions (German acronym: PEPP) not only constitutes a change in billing practices, but also necessitates an ethical investigation and analysis of possible consequences of the new legislation for those affected in practice. Following the presentation of the new PEPP and its consequences for psychiatric practice, problems and areas of conflict will be analyzed from an ethical perspective and discussed. Ethical conflicts exist in the following areas: (1) in the attempt to standardize inpatient care and invoicing for mental illnesses, (2) in poorer treatment for severely ill patients in view of degressive per diem rates, (3) in false incentives due to threshold values e.g. for 1:1 health professional-patient ratios in the case of coercive measures and (4) due to the inappropriate use of a supposed normative neutral quantitative economic model for a qualitative work area that often takes place in human border zones such as complex inpatient care of severely mentally ill patients. The ethical analysis of PEPP reveals that apart from the limited opportunities to improve efficiency, there is a considerable ethical risk of loss of quality in psychiatric inpatient care in particular for severely and chronically mentally ill patients.

  5. Russian Ballistic Missile Defense: Rhetoric and Reality

    Science.gov (United States)

    2015-06-01

    Viktor Y esin, noted since retirement for his off-message commentary, offered a more reserved estimate. According to him, the Mos- cow system, "once it...great-power status, competitiveness on the global arms market, and, in Russian eyes , the flourishing of the Russian economy. This, together with

  6. Accreditation in the Russian Federation. New Legislation

    Directory of Open Access Journals (Sweden)

    Serghei Zapryagaev

    2014-07-01

    Full Text Available Objective is to introduce a new approach to accreditation in the Russian Federation. New Russian legislation in higher education significantly alters the structure of the accreditation system. The most important element of this reform is the emergence of public accreditation. Some problems and their solutions are discussed in this paper

  7. EFFECTS OF INTEGRATED FINANCIAL MANAGEMENT INFORMATION SYSTEM ON PERFORMANCE OF PUBLIC SECTOR IN NIGERIA

    OpenAIRE

    Oyinlola, Olabisi Michael; Folajin, Oyetayo Oyewale; Balogun, Jimoh Oladosu

    2017-01-01

    The purpose of this study is to analyse the effectiveness of Integrated Financial Management Information System (IFMIS) on performance of public sector in Nigeria. Public finance management has come under immense scrutiny by donor community as well as general public in a call for enhanced accountability of the government expenditures for an improved public service delivery. To analyse the effectiveness of identified factors on the use of the system, descriptive and inferential statistics were...

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

    Science.gov (United States)

    Lucas, Iris; Cotsaftis, Michel; Bertelle, Cyrille

    2017-12-01

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

  9. Information Security Monitoring Process Research in Russian Federation Banking System Organization

    Directory of Open Access Journals (Sweden)

    Anton Sergeevich Zaytsev

    2013-09-01

    Full Text Available In this article the author considers documents and scientific articles that should be used to configure monitoring and information security incident management process in an organization of banking system of Russia. Also key principles of monitoring configuration were marked up and a technique of monitoring configuration was proposed. Principles of monitoring system configuration were defined and a set of documents used to legitimate monitoring and information incident management process was considered.

  10. MONETARY POLICY SHOCKS AND ISLAMIC BANKS DEPOSITS IN INDONESIAN DUAL BANKING SYSTEM AFTER THE FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    Ahmad Affandi

    2017-03-01

    Full Text Available Use of riba (usury in the economic system remained a key factor that led to financial crisis since theinception of modern economy in the late of 17th century. Implementation of interest based monetary policystipulated rampant speculation as common practices in the global financial sector. Although Islamic bankingwas governed by syariah (Divine Law, which was assumed to be resilient from distress, the volatility ofinterest movement would generally affect Islamic banks operations in a dual banking system. This paperwould look at this issue and would empirically explore the dynamic inter-relationships between deposits ofIslamic banks with monetary policy variables in Indonesia. In terms of market share, as of 2009, Islamicbanking asset in Indonesia was a meager 2%. The industry had been affected by few monetary policy shockson its deposits and financing. The study would employ vector auto regression model (VAR to explore thedynamics between the variables. The study would focus on data from 2004 to 2008 or performance after theAsian financial crisis. The results from these tests determined that shariah based deposits played significantrole in transmitting monetary policy effects to the economy. This study found that Islamic banking depositsin Indonesia were not sensitive to monetary policy changes. This study also concluded that IndonesianIslamic banks were resilient to financial crisis.

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

    Science.gov (United States)

    Zeng, Yayun; Wang, Jun; Xu, Kaixuan

    2017-04-01

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

  12. SYSTEM OF TRAINING AND RETRAINING OF MANAGERIAL STAFF FOR THE COMPREHENSIVE DEVELOPMENT OF THE ARCTIC ZONE OF THE RUSSIAN FEDERATION

    Directory of Open Access Journals (Sweden)

    V. Tsukerman

    2015-01-01

    Full Text Available The work discusses the problems of training and retraining of administrative staff as the most important factor of development based on programoriented management of complex development of the Russian Arctic. Diff erent ways and areas of training and retraining of managerial staff for the Russian Arctic. The analysis of the dynamics of the number of students, graduate students and faculty of educational institutions of higher education. The analysis showed a defi cit of managerial staff and mismatch problems of innovative development of economy and social sphere of the Russian Arctic. The need for interdisciplinary collaboration, including a detailed study severovedeniya. The experience of the functioning of the universities in small towns Arctic countries. Presented proposals for adjustment of legislative regulation of the educational sphere.

  13. Feasibility analysis of a hydrogen backup power system for Russian telecom market

    Science.gov (United States)

    Borzenko, V. I.; Dunikov, D. O.

    2017-11-01

    We performed feasibility analysis of 10 kW hydrogen backup power system (H2BS) consisting of a water electrolyzer, a metal hydride hydrogen storage and a fuel cell. Capital investments in H2BS are mostly determined by the costs of the PEM electrolyzer, the fuel cell and solid state hydrogen storage materials, for single unit or small series manufacture the cost of AB5-type intermetallic compound can reach 50% of total system cost. Today the capital investments in H2BS are 3 times higher than in conventional lead-acid system of the same capacity. Wide distribution of fuel cell hydrogen vehicles, development of hydrogen infrastructure, and mass production of hydrogen power systems will for sure lower capital investments in fuel cell backup power. Operational expenditures for H2BS is only 15% from the expenditures for lead acid systems, and after 4-5 years of exploitation the total cost of ownership will become lower than for batteries.

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

    Directory of Open Access Journals (Sweden)

    Ekaterina Aleksandrovna Zaharchuk

    2017-03-01

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

  15. Volatility behavior of visibility graph EMD financial time series from Ising interacting system

    Science.gov (United States)

    Zhang, Bo; Wang, Jun; Fang, Wen

    2015-08-01

    A financial market dynamics model is developed and investigated by stochastic Ising system, where the Ising model is the most popular ferromagnetic model in statistical physics systems. Applying two graph based analysis and multiscale entropy method, we investigate and compare the statistical volatility behavior of return time series and the corresponding IMF series derived from the empirical mode decomposition (EMD) method. And the real stock market indices are considered to be comparatively studied with the simulation data of the proposed model. Further, we find that the degree distribution of visibility graph for the simulation series has the power law tails, and the assortative network exhibits the mixing pattern property. All these features are in agreement with the real market data, the research confirms that the financial model established by the Ising system is reasonable.

  16. Dynamic Analysis and Adaptive Sliding Mode Controller for a Chaotic Fractional Incommensurate Order Financial System

    Science.gov (United States)

    Hajipour, Ahmad; Tavakoli, Hamidreza

    2017-12-01

    In this study, the dynamic behavior and chaos control of a chaotic fractional incommensurate-order financial system are investigated. Using well-known tools of nonlinear theory, i.e. Lyapunov exponents, phase diagrams and bifurcation diagrams, we observe some interesting phenomena, e.g. antimonotonicity, crisis phenomena and route to chaos through a period doubling sequence. Adopting largest Lyapunov exponent criteria, we find that the system yields chaos at the lowest order of 2.15. Next, in order to globally stabilize the chaotic fractional incommensurate order financial system with uncertain dynamics, an adaptive fractional sliding mode controller is designed. Numerical simulations are used to demonstrate the effectiveness of the proposed control method.

  17. The Two-Level System of Higher Education: Western Traditions and Russian Reality

    Science.gov (United States)

    Druzhilov, S. A.

    2011-01-01

    The law on the two-level system of higher education has now gone into effect in Russia: the bachelor's degree will correspond to the first level of higher education, while the master's degree will correspond to the second level. These levels entail separate state educational standards and separate final certification. In the process of adopting…

  18. Introducing a Learning Management System at a Russian University: Students' and Teachers' Perceptions

    Science.gov (United States)

    Emelyanova, Natalya; Voronina, Elena

    2014-01-01

    Learning management systems (LMS) have been proven to encourage a constructive approach to knowledge acquisition and support active learning. One of the keys to successful and efficient use of LMS is how the stakeholders adopt and perceive this learning tool. The present research is therefore motivated by the importance of understanding teachers'…

  19. Russian and Brazil media systems at the modern stage of mass communication

    Directory of Open Access Journals (Sweden)

    Filippova Viktoria Alexandrovna

    2015-03-01

    Full Text Available The article describes the main characteristics of modern mass communication and media systems in Russia and Brazil. The so-called first-level media - are of elite character, aimed at the ruling classes. They are strengthening their position in the global space and almost are blurring geographical and cultural boundaries. Media audience of the second level is national, they usually focus on the middle and lower segment of the audience, if to divide it by income, education and culture. Informatization and digitalization of media lead to the formation of hybrid media systems, where there is a growing role of new media, in particular, social networks and Twitter. It is important to emphasize that the nature of the social, spiritual and cultural changes caused by informatization, depends not only on information technology, but also on the social conditions of the socioeconomic system where the implemented processes of mass communication are realized. The paper discusses the factors that determine the possibility of functioning of media systems at the present stage: the willingness of the reader to consume information and pay for it by the example of Russia and Brazil, describes the processes of globalization, information technology and digitalization of society and the media. It is presented media preferences and trust in the media in Russia and Brazil in the XXI century, as well as the main indicators of the advertising market in these countries.

  20. A New Research on Belozerye Hydronymy (Review of: Makarova, A. A. Russian Lake Names of Belozerye: Systemic and Functional Aspects

    Directory of Open Access Journals (Sweden)

    Irma I. Mullonen

    2013-06-01

    Full Text Available The review of A. A. Makarova’s dissertation gives a positive evaluation of the comprehensive (phonetic, semantic, structural and derivational research of the lake hydronymy of Belozerye, the region of long and active ethnic and linguistic contacts between the Russian and Finno-Ugric peoples, suggesting new etymologies and a reconstruction of the historical ethnolinguistic map of the key area of the Russian North. The author also analyzes the principles of lexicographic presentation of lake hydronymy, applied by A. A. Makarova in her Dictionary of Belozerye Lake Hydronymy including 2 500 articles which describe about 4 500 lake names.

  1. In place of fear: aligning health care planning with system objectives to achieve financial sustainability.

    Science.gov (United States)

    Birch, Stephen; Murphy, Gail Tomblin; MacKenzie, Adrian; Cumming, Jackie

    2015-04-01

    The financial sustainability of publicly funded health care systems is a challenge to policymakers in many countries as health care absorbs an ever increasing share of both national wealth and government spending. New technology, aging populations and increasing public expectations of the health care system are often cited as reasons why health care systems need ever increasing funding as well as reasons why universal and comprehensive public systems are unsustainable. However, increases in health care spending are not usually linked to corresponding increases in need for care within populations. Attempts to promote financial sustainability of systems such as limiting the range of services is covered or the groups of population covered may compromise their political sustainability as some groups are left to seek private cover for some or all services. In this paper, an alternative view of financial sustainability is presented which identifies the failure of planning and management of health care to reflect needs for care in populations and to integrate planning and management functions for health care expenditure, health care services and the health care workforce. We present a Health Care Sustainability Framework based on disaggregating the health care expenditure into separate planning components. Unlike other approaches to planning health care expenditure, this framework explicitly incorporates population health needs as a determinant of health care requirements, and provides a diagnostic tool for understanding the sources of expenditure increase. © The Author(s) 2014 Reprints and permissions: sagepub.co.uk/journalsPermissions.nav.

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

    Science.gov (United States)

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

    2017-06-01

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

  3. Russian Contract Law for Foreigners

    Directory of Open Access Journals (Sweden)

    Andrey Shirvindt

    2015-01-01

    Full Text Available The book by Maria Efremova, Svetlana Yakovleva and Jane Henderson aims to serve as a short introduction to Russian contract law for a foreign lawyer. Assuming that the target readership are mainly English lawyers the book’s second aim, expressly stated by the authors (pp. i, 1, is to make lawyers from common law countries familiar with codified law, with Russian law being just an example. The book covers most of the general law of obligations as well as some questions of formation and invalidity of contracts that belong to the general part of the Civil Сode, with this preceded by a brief introduction into the Russian law dealing with its history, federal structure and state agencies of Russia, its court system, sources of law and legal profession.

  4. OVERVIEW OF RUSSIAN CIVIL JUSTICE

    Directory of Open Access Journals (Sweden)

    D. Maleshin

    2016-01-01

    Full Text Available Contemporary Russian civil procedure is not a pure Continental model because it also has procedural features of the common law system, as well as some other original and exceptional features. This article examines the main aspects of Russian civil justice: its main principles; judicial organization, including the structure of the courts and the division between courts of general jurisdiction and arbitrazh (commercial courts, and the Intellectual Property Court; sources of procedural law; bar organization; the jurisdiction of the courts; actions and proceedings; legal costs; evidence; administrative procedure; class actions; enforcement proceedings; and arbitration and mediation.

  5. Management of Vertically Integrated Systems Formation and Development in the Russian Economy

    Directory of Open Access Journals (Sweden)

    Kozhevnikov Sergei Aleksandrovich

    2017-01-01

    Full Text Available The article reviews the essence, nature, features and basic approaches to the interpretation of vertical integration. It proves that one of the key conditions for modernizing and neo-industrializing domestic economy and transforming Russia into an industrialized country is overcoming technological fragmentation of business entities, as was the case in the Soviet Union and is now observed in the developed countries. In this situation, it is vertical integration which can ensure the diversification and restructuring of the economy, the linkage between the extractive and processing industries. Based on the results of analyzing the activities of major multinational corporations (Royal Dutch Shell, Sinopec Corp., Valio Ltd. etc. it has been proved that these integrated systems supply competitive products with high degrees of processing and serve as growth drivers in developed economies. To justify this, the author calculated the companies’ value added multiplier. Currently, vertically integrated systems such as PhosAgro PJSC, LUKOIL PJSC, Miratorg agro-industrial holding company, KamAZ OJSC, Arkhangelsk pulp and paper mill PJSC operate in various economic sectors. The article shows that most of these companies’ level of technological integration is still not optimal; the formation of a full production chain is an additional factor in their development and competitive recovery. Accordingly, the author believes that the key objective of federal and regional authorities should be the transformational change in the economy by eliminating its disintegration and restoring processing chains of value added in priority economic sectors. The example of metallurgical industries integration (Steel Manufacture PJSC and machine-building integration (Mashinostroitel Corporation JSC shows many positive internal and external impacts of this kind of association. The creation of vertically integrated systems implies the development of a public policy which, through

  6. Oil Prices, Credit Risks in Banking Systems, and Macro-Financial Linkages across GCC Oil Exporters

    Directory of Open Access Journals (Sweden)

    Saleh Alodayni

    2016-11-01

    Full Text Available This paper assesses the effect of the recent 2014–2015 oil price slump on the financial stability in the Gulf Cooperation Council (GCC region. The first objective of this paper is to assess how oil price shock propagates within the macroeconomy and how the macro shocks transmit to GCC banks’ balance sheets. This part of the paper implements a System Generalized Method of Moments (GMM and a Panel Fixed Effect Model to estimate the response of nonperforming loans (NPLs to its macroeconomic determinants. The second objective of this paper is to assess any negative feedback effects between the GCC banking systems and the economy. The paper, therefore, implements a Panel VAR model to explore the macro-financial linkages between GCC banking systems and the real economy. The results indicate that oil price, non-oil GDP, interest rate, stock prices, and housing prices are major determinants of NPLs across GCC banks and the overall financial stability in the region. Credit risk shock tends to propagate disturbances to non-oil GDP, credit growth, and stock prices across GCC economies. A higher level of NPLs restricts banks’ credit growth and can dampen economic growth in these economies. The results support the notion that disturbances in banking systems lead to unwanted economic consequences for the real sector.

  7. Financialization and financial profit

    Directory of Open Access Journals (Sweden)

    Arturo Guillén

    2014-09-01

    Full Text Available This article starts from the critical review of the concept of financial capital. I consider it is necessary not to confuse this category with of financialization, which has acquired a certificate of naturalization from the rise of neoliberalism. Although financial monopoly-financial capital is the hegemonic segment of the bourgeoisie in the major capitalist countries, their dominance does not imply, a fortiori, financialization of economic activity, since it depends of the conditions of the process reproduction of capital. The emergence of joint stock companies modified the formation of the average rate of profit. The "promoter profit" becomes one of the main forms of income of monopoly-financial capital. It is postulated that financial profit is a kind of "extraordinary surplus-value" which is appropriated by monopoly-financial capital by means of the monopolistic control it exerts on the issue and circulation of fictitious capital.

  8. THE INFORMATIONAL VALENCES OF THE FINANCIAL SIGNALS SYSTEM USED IN THE EVALUATION OF COMPANIES GLOBAL PERFORMANCE

    Directory of Open Access Journals (Sweden)

    elena0202r@gmail.com

    2008-05-01

    Full Text Available For a long period of time the analysis of company’s performance has been approached preponderant or only for financial point of view, but in the last half of century, because of an environment characterized by intensified competition, there have been elaborated and developed a number of measurement tools, the goal of which is to reflect all the factors involved in a company’s performance.The practic goal of performance measurement, the standard it refers to and the measuring tools are tightly correlated with the objectives of each of the company’s stakeholders. In order to obtain a good quantification of company’s performance is necessary to use a system of indicators that may provide reliable information for evaluating the degree to which firm’s objectives are reached. In this system, financial indicators remain, an essential tool of management, regardless the changes which affect the company’s environment.

  9. Numerical analysis for finite-range multitype stochastic contact financial market dynamic systems.

    Science.gov (United States)

    Yang, Ge; Wang, Jun; Fang, Wen

    2015-04-01

    In an attempt to reproduce and study the dynamics of financial markets, a random agent-based financial price model is developed and investigated by the finite-range multitype contact dynamic system, in which the interaction and dispersal of different types of investment attitudes in a stock market are imitated by viruses spreading. With different parameters of birth rates and finite-range, the normalized return series are simulated by Monte Carlo simulation method and numerical studied by power-law distribution analysis and autocorrelation analysis. To better understand the nonlinear dynamics of the return series, a q-order autocorrelation function and a multi-autocorrelation function are also defined in this work. The comparisons of statistical behaviors of return series from the agent-based model and the daily historical market returns of Shanghai Composite Index and Shenzhen Component Index indicate that the proposed model is a reasonable qualitative explanation for the price formation process of stock market systems.

  10. Numerical analysis for finite-range multitype stochastic contact financial market dynamic systems

    Energy Technology Data Exchange (ETDEWEB)

    Yang, Ge; Wang, Jun [School of Science, Beijing Jiaotong University, Beijing 100044 (China); Fang, Wen, E-mail: fangwen@bjtu.edu.cn [School of Economics and Management, Beijing Jiaotong University, Beijing 100044 (China)

    2015-04-15

    In an attempt to reproduce and study the dynamics of financial markets, a random agent-based financial price model is developed and investigated by the finite-range multitype contact dynamic system, in which the interaction and dispersal of different types of investment attitudes in a stock market are imitated by viruses spreading. With different parameters of birth rates and finite-range, the normalized return series are simulated by Monte Carlo simulation method and numerical studied by power-law distribution analysis and autocorrelation analysis. To better understand the nonlinear dynamics of the return series, a q-order autocorrelation function and a multi-autocorrelation function are also defined in this work. The comparisons of statistical behaviors of return series from the agent-based model and the daily historical market returns of Shanghai Composite Index and Shenzhen Component Index indicate that the proposed model is a reasonable qualitative explanation for the price formation process of stock market systems.

  11. Race, Urban Context, and Russian Roulette: Findings from the National Violent Death Reporting System, 2003-2006

    Science.gov (United States)

    Wasserman, Ira; Stack, Steven

    2011-01-01

    Previous work on Russian roulette has focused on data from large cities. It is unclear if the epidemiological patterns based on large cities will replicate for the nation as a whole, and if the influence of minority status will be moderated by urban context. The present investigation fills these gaps by providing descriptive epidemiological data…

  12. Economic Factors of Russian Inequality

    Science.gov (United States)

    Bobkov, Vyacheslav N.; Vakhtina, Margarita A.; Simonova, Marina V.

    2016-01-01

    The relevance of the researched problem is connected with the high level of economic inequality in Russia. The article goal is to show that the current Russian institutional system is not directed to decrease the economic inequality but on the contrary it continues to make and deepen it. The leading approach to study of this problem is the…

  13. Deflation Expectation Financial System and Decline in Money Multiplier(in Japanese)

    OpenAIRE

    IIDA Yasuyuki

    2005-01-01

    The money multiplier is in a continuous downward trend now since the bubble burst, and, in addition, the trend has accelerated after 2000. It is said that the monetary policy is difficult because the money multiplier has declined. To think about the monetary policy for the future, we should think about the cause of the decline of the money multiplier. I want to verify two typical hypotheses "Deflation Expectation Hypothesis" and "Financial System Hypothesis" for the decision of the money mult...

  14. Interpreting Financial Market Crashes as Earthquakes: A New early Warning System for Medium Term Crashes

    OpenAIRE

    Gresnigt, Francine; Kole, Erik; Franses, Philip Hans

    2014-01-01

    This discussion paper has led to a publication in the Journal of Banking and Finance , 2015, 56, 123-139. We propose a modeling framework which allows for creating probability predictions on a future market crash in the medium term, like sometime in the next five days. Our framework draws upon noticeable similarities between stock returns around a financial market crash and seismic activity around earthquakes. Our model is incorporated in an Early Warning System for future crash days. Testing...

  15. Mexico; Financial Sector Assessment Program Update: Technical Note: Industrial Organization and Competition: Pension System in Mexico

    OpenAIRE

    International Monetary Fund

    2007-01-01

    The technical note on Mexico’s Financial Sector Assessment Program update analyzes that the private pension system’s regulator in Mexico has introduced innovate rules. Mexico, as with many other countries in Latin America, has adopted an individual capitalization pension system. The design of these pension reforms confers the administration of pension funds to private companies. Under these schemes, competition plays a key role, keeping prices low, a good quality of service, and an efficient ...

  16. LOGISTICS INVENTORY MANAGEMENT IN CONDITIONS OF SYSTEMIC RISK AND FINANCIAL CONSTRAINTS OF THE ENTERPRISE

    Directory of Open Access Journals (Sweden)

    E. V. Kovrik

    2014-01-01

    Full Text Available The article substantiates the need for a modified Wilson`s formula for calculating economical order quantity of material resources in terms of infl ation. The results of calculations showed that taking into account the financial loss (opportunity cost allows for a more reasonable approach to the estimation of inventories control parameters. The indirect effect of the work consists of developing a tool to generate online inventory management system parameters under different conditions of economic situation

  17. Getting it all together. Systems should link their strategic and financial planning.

    Science.gov (United States)

    Barron, E; Westermann, D A

    1995-04-01

    Foreseeing dramatic changes in healthcare delivery, the leaders of the Franciscan Health System (FHS) decided in the early 1990s to more closely link their strategic and financial planning. Though this cooperation was tentative at first, by 1993 both our planners and our chief financial officers shared certain assumptions about the future--above all, that the coming delivery model was managed care provided by integrated delivery systems (IDSs). Having agreed on our assumptions, we translated them into a vision statement, from which we derived four strategic goals: Advance the healing mission of our sponsors; Create a culture of continuous improvement in leadership, quality, innovation, cost-effectiveness, and measurable customer value; Create an environment that values and empowers those with whom we work; Develop, through partnering, an IDS that provides affordable care to our communities; Our goals established, we charted what we call a "crosswalk" between the strategic and financial aspects of our budgeting. We found that we had to think in a new way about capital. For example, we began investing as heavily in "soft" items like research, partnerships, and new services as in the traditional "bricks and mortar." This process is new for us, and developing it has not always been comfortable. But we believe it has helped us to more wisely allocate FHS's resources and thus give our system greater stability.

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

    Science.gov (United States)

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

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

  19. Association of bond, market, operational, and financial factors with multi-hospital system bond issues.

    Science.gov (United States)

    Carpenter, C E; McCue, M J; Hossack, J B

    2001-01-01

    Despite the growth of multi-hospital systems in the 1990s, their performance in the tax-exempt bond market has not been adequately evaluated. The purpose of this study is to compare bonds issued by multi-hospital systems to those issued by individual hospitals in terms of bond, market, operational, and financial characteristics. The study sample includes 2,078 newly issued, tax-exempt, revenue bonds between 1991 and 1997. The findings indicate that multi-hospital systems issued larger amounts of debt at a lower cost, were more likely to be insured, had higher debt service coverage and higher operating margins.

  20. Adaptive Fuzzy Control for Uncertain Fractional-Order Financial Chaotic Systems Subjected to Input Saturation.

    Science.gov (United States)

    Wang, Chenhui

    2016-01-01

    In this paper, control of uncertain fractional-order financial chaotic system with input saturation and external disturbance is investigated. The unknown part of the input saturation as well as the system's unknown nonlinear function is approximated by a fuzzy logic system. To handle the fuzzy approximation error and the estimation error of the unknown upper bound of the external disturbance, fractional-order adaptation laws are constructed. Based on fractional Lyapunov stability theorem, an adaptive fuzzy controller is designed, and the asymptotical stability can be guaranteed. Finally, simulation studies are given to indicate the effectiveness of the proposed method.

  1. Adaptive Fuzzy Control for Uncertain Fractional-Order Financial Chaotic Systems Subjected to Input Saturation.

    Directory of Open Access Journals (Sweden)

    Chenhui Wang

    Full Text Available In this paper, control of uncertain fractional-order financial chaotic system with input saturation and external disturbance is investigated. The unknown part of the input saturation as well as the system's unknown nonlinear function is approximated by a fuzzy logic system. To handle the fuzzy approximation error and the estimation error of the unknown upper bound of the external disturbance, fractional-order adaptation laws are constructed. Based on fractional Lyapunov stability theorem, an adaptive fuzzy controller is designed, and the asymptotical stability can be guaranteed. Finally, simulation studies are given to indicate the effectiveness of the proposed method.

  2. Financial Analysis of a Grid-connected Photovoltaic System in South Florida

    OpenAIRE

    Moradi, Hadis; Abtahi, Amir; Zilouchian, Ali

    2017-01-01

    In this paper the performance and financial analysis of a grid-connected photovoltaic system installed at Florida Atlantic University (FAU) is evaluated. The power plant has the capacity of 14.8 kW and has been under operation since August 2014. This solar PV system is composed of two 7.4 kW sub-arrays, one fixed and one with single axis tracking. First, an overview of the system followed by local weather characteristics in Boca Raton, Florida is presented. In addition, monthly averaged daily...

  3. Improvement of the Russian system of medical care at the site of space crew landing

    Science.gov (United States)

    Rukavishnikov, Ilya; Bogomolov, Valery; Polyakov, Alexey

    The crew members are delivered to ISS and return back to the Earth on the space craft "Soyuz TMA" at present time. The technical means providing the safe landing of space crews are reliable enough. In spite of that the complex of negative factors (long lasting alternating and shock overloads, effects of landing apparatus rotation on vestibular system) affects the crew during landing and can reach the extreme values under the certain conditions. According to this fact there is a possibility of appearance of bodily damages of different weight besides the traditional functional disturbances. The group of search and rescue on the landing site includes the medical specialists appropriately equipped to stop the symptoms of medical contingency (strong vestibule-vegetative reactions, traumas of different weight, etc.) Medical evacuation complex which provides the acceptable conditions for the cosmonauts including the conditions for medical care is delivered to the landing site as well. The long term experience of search and rescue assurance at the landing site have shown that the specialists successfully cope with this task. In some cases it was required to give the medical help which allowed to improve the general condition and physical capacity of crewmembers and provide their evacuation to the places of postflight rehabilitation. At the same time the solution of some of the problems from our point of view could increase the efficacy of medical care for the landing crew. The organization of the training on emergency under the field conditions for medical specialists on the regular basis (not less that once a year) is extremely important. The equipment of medical specialists requires the regular improvement and modernization due to the fast changing medical technologies and standards. Wearable medical sets must provide the first aid performing in accordance to the modern medical requirements. It is also necessary to include in the list of equipment the textbook of

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

    Science.gov (United States)

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

    2016-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Katarzyna Sekścińska

    2016-08-01

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

  6. Using digital game-based technologies in a system of studying russian as aforeign language in modern university

    Directory of Open Access Journals (Sweden)

    A. V. Matokhina

    2017-01-01

    Full Text Available According to the State Educational Standard of the Russian Federation, the main objectives of teaching Russian as a foreign language are training communication and independent working skills, learning neutral and scientific styles of speech, motivating to study at Russian universities, preparing to pass certification and qualification examinations, adapting to live in Russia, etc. One of the promising trends in teaching foreign languages is the use of educational computer games. By now, digital gamebased technologies for studying Russian as a foreignlanguage have been implemented in a number of desktop and mobile applications, however, they are all intended for teaching Russian language as a discipline, and are not focused on adapting international students who have come to a new language environment. In this article, a learning game is presentedfor studying Russian as a foreign language with immersing a user into a virtual language environment in different life situations. The game includes seven game levels; each level consists of several sections, devoted to a specific real life situation with a set of assignments of increasing complexity for writing or translating some words, phrases or sentences. For each type of assignment a template with empty text fields is used, for importing files with corresponding data and their on-screen display special functions are implemented. Such approach allows to use the same template several times for the same type of assignment or to load different files for filling out the assignment text fields, depending on the number of player’s attempts. The database of tasks, level scripts and graphical content for each section are developed. Each level is matched with a game character, accompanying the player and helping him to complete the assignments. The player can choose a character, andchoose any section of the level. The assignments are stored in a coded format, for uploading files with data matched to

  7. INTERNATIONAL FINANCIAL INSTITUTIONS SYSTEM AS A FACTOR OF TRANSFORMATION OF NATIONAL CURRENCY SYSTEM

    Directory of Open Access Journals (Sweden)

    Andrii Oliinyk

    2016-11-01

    Full Text Available The purpose of the paper is to analyze theoretical and practical aspects of the features of the IFI influence on transformation of national currency systems of such organizations’ member states. Defining features of interaction policy among national economies and IFI in the monetary sphere, considering countries’ socio-economic parameters of development, will allow monetary authorities to achieve the optimum level of development of its economy. Methodology. Theoretical base of the study are the provisions of general scientific theory of knowledge studied phenomena and processes, in particular: methods of induction and deduction (in determining classification criteria of IFIs impact on national currency system, analysis and synthesis (in determining the features and priorities of national currency system, comparisons, associations and analogies (the justification of characteristics of advantages and disadvantages of IFI. The information base for scientific research is scientific papers and publications of domestic and foreign scientists-economists, materials of scientific-practical conferences, legislative and normative documents, the IMF, World Bank and Asian Infrastructure Investment Bank materials. Results. Theoretical approaches to the definition of the national currency system and international financial organizations, including its classification, are proposed. It is proved that the IMF makes active impact on national currency policy formation through regulation and supervision, while the World Bank and AIIB are related in a passive way. The IFI regulation trends are to implement floating exchange regime, liberal currency transactions, cancel currency restrictions in member countries. Although it refers to all countries, some of them with large population, trading, underdeveloped institutions of democracy could avoid some IFI pressure. Practical implications. The study accents attention on the specifics of the IFI activity in terms of

  8. Automated drug dispensing systems in the intensive care unit: a financial analysis.

    Science.gov (United States)

    Chapuis, Claire; Bedouch, Pierrick; Detavernier, Maxime; Durand, Michel; Francony, Gilles; Lavagne, Pierre; Foroni, Luc; Albaladejo, Pierre; Allenet, Benoit; Payen, Jean-Francois

    2015-09-09

    To evaluate the economic impact of automated-drug dispensing systems (ADS) in surgical intensive care units (ICUs). A financial analysis was conducted in three adult ICUs of one university hospital, where ADS were implemented, one in each unit, to replace the traditional floor stock system. Costs were estimated before and after implementation of the ADS on the basis of floor stock inventories, expired drugs, and time spent by nurses and pharmacy technicians on medication-related work activities. A financial analysis was conducted that included operating cash flows, investment cash flows, global cash flow and net present value. After ADS implementation, nurses spent less time on medication-related activities with an average of 14.7 hours saved per day/33 beds. Pharmacy technicians spent more time on floor-stock activities with an average of 3.5 additional hours per day across the three ICUs. The cost of drug storage was reduced by €44,298 and the cost of expired drugs was reduced by €14,772 per year across the three ICUs. Five years after the initial investment, the global cash flow was €148,229 and the net present value of the project was positive by €510,404. The financial modeling of the ADS implementation in three ICUs showed a high return on investment for the hospital. Medication-related costs and nursing time dedicated to medications are reduced with ADS.

  9. Acquisition and allocation of human, financial, and physical resources in the health care system.

    Science.gov (United States)

    Abraham, Sam

    2011-01-01

    Based on the current financial status and forthcoming changes in the health care system, governing boards give chief executive officers the responsibility to manage human, financial, and physical resources. The role and degree of involvement of chief executive officers in managing resources--the resource allocation process, retention and recruitment, technology adaptation, reimbursement, and expansion of the outpatient program--are illustrated in this article. A new strategy for diverting resources to tap into the outpatient market is the appropriate direction to choose during days when the economy is down and people are not seeking inpatient treatment as in the past. Reimbursement in the future will depend on customer satisfaction scores; therefore, a dedicated and loyal staff is the most important resource for any service organization.

  10. Considerations on the Integration of Environmental Information in the Entity's Financial Accounting System

    Directory of Open Access Journals (Sweden)

    Victor Munteanu

    2016-03-01

    Full Text Available Starting with the ’70, environmental accounting was prone to debates within the scientific community. During the different stages in the environment accounting evolution, the development of this concept took place around the 90’s as an answer to the limitations of traditional accounting, like the lack of an adequate treatment for the internalization of environment externalities and poor allocation of environment protection costs. All these have led to accounting evolution through integration of social and environmental dimensions in the financial system and management of an enterprise. Instruments of environmental management accounting developed by practitioners and theorists in the field, are, for most an adaptation of the traditional methods used by management accounting. These instruments cover cost control, financial analysis and performance evaluation.

  11. Nonlinear multi-analysis of agent-based financial market dynamics by epidemic system.

    Science.gov (United States)

    Lu, Yunfan; Wang, Jun; Niu, Hongli

    2015-10-01

    Based on the epidemic dynamical system, we construct a new agent-based financial time series model. In order to check and testify its rationality, we compare the statistical properties of the time series model with the real stock market indices, Shanghai Stock Exchange Composite Index and Shenzhen Stock Exchange Component Index. For analyzing the statistical properties, we combine the multi-parameter analysis with the tail distribution analysis, the modified rescaled range analysis, and the multifractal detrended fluctuation analysis. For a better perspective, the three-dimensional diagrams are used to present the analysis results. The empirical research in this paper indicates that the long-range dependence property and the multifractal phenomenon exist in the real returns and the proposed model. Therefore, the new agent-based financial model can recurrence some important features of real stock markets.

  12. An evaluation system for financial compensation in traditional Chinese medicine services.

    Science.gov (United States)

    Dou, Lei; Yin, Ai-Tian; Hao, Mo; Lu, Jun

    2015-10-01

    To describe the major factors influencing financial compensation in traditional Chinese medicine (TCM) and prioritize what TCM services should be compensated for. Two structured questionnaires-a TCM service baseline questionnaire and a service cost questionnaire-were used to collect information from TCM public hospitals on TCM services provided in certain situations and service cost accounting. The cross-sectional study examined 110 TCM services provided in four county TCM public hospitals in Shandong province. From the questionnaire data, a screening index system was established via expert consultation and brainstorming. Comprehensive evaluation of TCM services was performed using the analytic hierarchy process method. Weighted coefficients were used to measure the importance of each criterion, after which comprehensive evaluation scores for each service were ranked to indicate what services should receive priority for financial compensation. Economy value, social value, and efficacy value were the three main criteria for screening for what TCM services should be compensated for. The economy value local weight had the highest value (0.588), of which the profit sub-criterion (0.278) was the most important for TCM financial compensation. Moxibustion was tied for the highest comprehensive evaluation scores, at 0.65 while Acupuncture and Massage Therapy were tied for the second and third highest, with 0.63 and 0.58, respectively. Government and policymakers should consider offer financial compensation to Moxibustion, Acupuncture, Massage Therapy, and TCM Orthopedics as priority services. In the meanwhile, it is essential to correct the unreasonable pricing, explore compensation methods, objects and payment, and revise and improve the accounting system for the costs of TCM services. Copyright © 2015 Elsevier Ltd. All rights reserved.

  13. Active control strategy for synchronization and anti-synchronization of a fractional chaotic financial system

    Science.gov (United States)

    Huang, Chengdai; Cao, Jinde

    2017-05-01

    This paper is concerned with the issues of synchronization and anti-synchronization for fractional chaotic financial system with market confidence by taking advantage of active control approach. Some sufficient conditions are derived to guarantee the synchronization and anti-synchronization for the proposed fractional system. Moreover, the relationship between the order and synchronization(anti-synchronization) is demonstrated numerically. It reveals that synchronization(anti-synchronization) is faster as the order increases. Finally, two illustrative examples are exploited to verify the efficiency of the obtained theoretical results.

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

    Directory of Open Access Journals (Sweden)

    I. V. Mizina

    2016-07-01

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

  15. Terms of trade and Russian economic development

    Directory of Open Access Journals (Sweden)

    Georgy Idrisov

    2016-09-01

    Full Text Available The paper discusses economic development trends in Russia in late 2014 and 2015 and reviews the basic mechanisms of how changes in the terms of trade affect the economic development of countries from a historical perspective and with a particular focus on those changes in the Russian economy that occurred in late 2014 and 2015. The authors demonstrate that structural reforms aimed at diversification of production and exports are necessary for sustainable economic development, for social stability and for reducing the impact of variability in the terms of trade on the Russian economy. During periods of instability in the government agenda's measures for the real and financial sectors, it is necessary not only to compensate economic agents losses caused by changes in the terms of trade but also to improve the economic structure and to develop and enhance the stability of the financial markets.

  16. KrasMAS: Implementation of a nuclear material computerized accounting system at the Mining and Chemical Combine through the Russian/US cooperative MPC and A program

    Energy Technology Data Exchange (ETDEWEB)

    Dorofeev, K.V.; Zhidkov, V.V. [Mining and Chemical Combine, Zheleznogorsk (Russian Federation); Martinez, B.J.; Perry, R.T.; Scott, S.C. [Los Alamos National Lab., NM (United States)

    1998-12-31

    The Russian/US Mining and Chemical Combine (Gorno-Kimichesky Kombinat, GKhK, also referred to as Krasnoyarsk-26) Material Protection, Control and Accounting (MPC and A) project was initiated in June 1996. A critical component of the ongoing cooperative MPC and A enhancements at the GKhK is the implementation of a computerized nuclear material control and accountability (MC and A) system. This system must meet the MC and A requirements of the GKhK by integrating the information generated by numerous existing and new MC and A components in place at the GKhK (e.g., scales, bar-code equipment, NDA measurement systems). During the first phase of this effort, the GKhK adapted CoreMAS (developed at Los Alamos National Laboratory) for use in the PuO{sub 2} storage facility. This included formulation of Web-based user interfaces for plant personnel, Russification of the existing user interface, and at the functional level, modification of the CoreMAS stored procedures. The modified system is referred to as KrasMAS and builds upon completed work on CoreMAS. Ongoing efforts include adding GKhK specific report forms and expanding the functionality of the system for implementation at the radiochemical processing and reactor plants of the GKhK. Collaborations with other Russian facilities for appropriate parts of these efforts will be pursued.

  17. 76 FR 17047 - Authority To Designate Financial Market Utilities as Systemically Important

    Science.gov (United States)

    2011-03-28

    ... OVERSIGHT COUNCIL 12 CFR Part 1320 RIN 4030-AA01 Authority To Designate Financial Market Utilities as... significant liquidity or credit problems spreading among financial institutions or markets and thereby... financial markets to support and facilitate the transferring, clearing or settlement of financial...

  18. Report: Manchester Band of Pomo Indians Needs to Improve Its Financial Management System and Demonstrate Completion of Grant Work

    Science.gov (United States)

    Report #16-P-0320, September 21, 2016. The Manchester Band of Pomo Indians' inadequate financial management system, and shortfalls in completing grant tasks, resulted in all costs claimed being questioned.

  19. Financial Management: Implementation of the Data Quality Management Control Program for the Military Health System (D-2002-141)

    National Research Council Canada - National Science Library

    2002-01-01

    DoD health care managers should read this report. Military health care data is used for a variety of critical purposes, including managing patient care, determining the optimal health care system, and for financial management...

  20. THE IMPACT OF LIBERALIZED FINANCIAL SYSTEM ON SAVINGS, INVESTMENT AND GROWTH IN NIGERIA

    Directory of Open Access Journals (Sweden)

    MATTHEW, A. Oluwatoyin

    2011-12-01

    Full Text Available For the past twenty years, an enhanced financial sectoral deregulation has been a major economic tool in the agenda of most less developed economies and Nigeria is no exception. The discouraging level of growth with reference to the savings and investment culture of the people and government involvement in these economies has call to question whether financial sector liberalization have an impact on savings and investment in the economy and by extension on the level of growth and development of such economies. This study attempted to take a cursory look at the issue by examining the impact of financial system liberalization on savings and investment and by extension growth and development in Nigeria between 1997 and 2008. Some of the policy recommendations centred on the government creating an enabling environment for private investment to thrive. This will go a long way in helping to promote private investment with significant benefits in the long run for growth and development to the advantage of the citizenry and the economy at large.

  1. Features of financial and economic support of penal system in Ukraine

    Directory of Open Access Journals (Sweden)

    Kravchuk G.V.

    2017-03-01

    Full Text Available Current economic and social problems in the country are displayed on all areas of functioning of the state. In particular, the absence of stable development of industrial sector and high level of shadowing cause a negative impact on revenues to state and local budgets. The penal system of Ukraine, according to the current legislation, is financed by the general and special funds of the State Budget of Ukraine; but taking into account the general trends of the limited cost of maintenance of this type of objects arises the question about optimization of the level of funding of the whole system. The formation of the required financing system institutions of the penal system is an urgent task today because the level of the financial costs of prisoners in the country is relatively very low and does not meet international standards. The world experience of financial support of institutions of punishment shows the feasibility of shifting costs to the state on the special funds that are generated due to the implementation of productive activities through the employment of prisoners themselves who produce competitive products with its further sale. That question of optimal sources of financing of the penitentiary system is solved in this article.

  2. Detailed requirements document for the Interactive Financial Management System (IFMS), volume 1

    Science.gov (United States)

    Dodson, D. B.

    1975-01-01

    The detailed requirements for phase 1 (online fund control, subauthorization accounting, and accounts receivable functional capabilities) of the Interactive Financial Management System (IFMS) are described. This includes information on the following: systems requirements, performance requirements, test requirements, and production implementation. Most of the work is centered on systems requirements, and includes discussions on the following processes: resources authority, allotment, primary work authorization, reimbursable order acceptance, purchase request, obligation, cost accrual, cost distribution, disbursement, subauthorization performance, travel, accounts receivable, payroll, property, edit table maintenance, end-of-year, backup input. Other subjects covered include: external systems interfaces, general inquiries, general report requirements, communication requirements, and miscellaneous. Subjects covered under performance requirements include: response time, processing volumes, system reliability, and accuracy. Under test requirements come test data sources, general test approach, and acceptance criteria. Under production implementation come data base establishment, operational stages, and operational requirements.

  3. Adult informal caregivers reporting financial burden in Hawaii, Kansas, and Washington: Results from the 2007 Behavioral Risk Factor Surveillance System.

    Science.gov (United States)

    Kusano, Claudia T; Bouldin, Erin D; Anderson, Lynda A; McGuire, Lisa C; Salvail, Florentina R; Simmons, Katrina Wynkoop; Andresen, Elena M

    2011-10-01

    Given the unpaid nature of the work, informal caregiving can create a financial burden for caregivers. Little has been done to identify specific predictors of experiencing financial burden. This study investigated demographic and health factors comparing caregivers who reported having or not having financial burden. Data are derived from adult caregivers (N = 3,317) as part of the 2007 Behavioral Risk Factor Surveillance System in Hawaii, Kansas, and Washington. The adjusted odds ratios for reporting a financial burden were estimated for demographic and other risk factors. Caregivers who reported a financial burden were younger, had lower incomes, were more likely to be current smokers, have had a stroke, and rate their health as fair or poor compared to caregivers who did not report a financial burden. Caregivers who were younger (ages 18-34), resided with care recipients, spent 20-39 hours per week providing care, and reported having a disability were at a statistically significantly higher odds of reporting a financial burden. Given the current economic difficulties faced by many Americans, further insights into the perceived financial burdens experienced by informal caregivers as well as linkages to policy and programs designed to support caregivers are critical for public health professionals to address the expanding needs in states and communities. Published by Elsevier Inc.

  4. A new accounting system for financial balance based on personnel cost after the introduction of a DPC/DRG system.

    Science.gov (United States)

    Nakagawa, Yoshiaki; Takemura, Tadamasa; Yoshihara, Hiroyuki; Nakagawa, Yoshinobu

    2011-04-01

    A hospital director must estimate the revenues and expenses not only in a hospital but also in each clinical division to determine the proper management strategy. A new prospective payment system based on the Diagnosis Procedure Combination (DPC/PPS) introduced in 2003 has made the attribution of revenues and expenses for each clinical department very complicated because of the intricate involvement between the overall or blanket component and a fee-for service (FFS). Few reports have so far presented a programmatic method for the calculation of medical costs and financial balance. A simple method has been devised, based on personnel cost, for calculating medical costs and financial balance. Using this method, one individual was able to complete the calculations for a hospital which contains 535 beds and 16 clinics, without using the central hospital computer system.

  5. Russian Innovative Potential in the Conditions of Economic Sanctions: Reserves of Grown

    Directory of Open Access Journals (Sweden)

    Rustem M. Nureev

    2016-12-01

    Full Text Available The paper analyzes the impact of economic sanctions in general for innovative development of Russia, as well as individual sectors of oil, gas, financial and banking sector. It is shown that the ban on exports to the Russian oil and gas technology has led to the freezing of existing and refusal to enter into new projects. Increased production and export of US oil and gas have led to an increase in excess of the global scope of these types of raw materials and led to long-term downward trend in world energy prices. In recent years there has been a sharp decline in the net inflow of foreign direct investment in Russia, which exacerbates the problem of domestic sources of domestic innovation policy. The effect of sanctions on the development of the Russian economy as a whole and its individual regions is condifered. The paper describes the approaches to the definition of the innovation potential of the Russian region, identified several levels of manifestation of the region's potential and its characteristics, provides a definition of the region's innovation potential, discussed the factors influencing the development of the region's innovative capacity. The current state of the regional innovation system of the Russian Federation is analysed. The paper describes the main tasks of the Russian Federation Innovative Development Strategy for the period up to 2020. The degree of implementation of the Strategy, problems and prospects of realization of the basic provisions of the Strategy, the impact of the implementation of the Strategy on the Russian economy, its position in the index business are analysed in the paper.

  6. Tax forecasting as part of a macro financial controlling system: the case of Ukraine

    Directory of Open Access Journals (Sweden)

    Tetiana Paientko

    2017-09-01

    Full Text Available Tax forecasting as part of a macro financial controlling system: the case of Ukraine The current system of forecasting and tax planning in Ukraine is oriented to the needs of the government, its goal being to calculate the desired amounts of tax revenue. Fiscal authorities apply administrative pressure on businesses to implement tax plans. In Ukraine, tax forecasting is a process that is focused on achieving short-term goals without taking into account the impact of such actions on the future economic environment, therefore negatively affecting the quality of forecasts. The aim of this article is to justify the directions of tax forecasting improvement in the macro financial controlling system. Elements of tax forecasting and the planning system are examined. The main methods of tax forecasting that are applied by the Ministry of Finance of Ukraine are analyzed. The need to improve the methodology for tax fore-casting, taking into account the expectations of economic agents, is proved. Tools and criteria for effec-tive tax planning and forecasting in Ukraine for controlling bases are developed.

  7. Regional Inflation and Financial Dollarization

    NARCIS (Netherlands)

    Brown, M.; de Haas, R.; Sokolov, V.

    2013-01-01

    Abstract: We exploit variation in consumer price inflation across 71 Russian regions to examine the relationship between the perceived stability of the local currency and financial dollarization. Our results show that regions with higher inflation experience an increase in the dollarization of

  8. Russian Language Analysis Project

    Science.gov (United States)

    Serianni, Barbara; Rethwisch, Carolyn

    2011-01-01

    This paper is the result of a language analysis research project focused on the Russian Language. The study included a diverse literature review that included published materials as well as online sources in addition to an interview with a native Russian speaker residing in the United States. Areas of study include the origin and history of the…

  9. Russian Language Course

    CERN Multimedia

    2009-01-01

    The Russian Cultural Circle is organising a new course of "Russian for Beginners", and is continuing a course for Advanced Students (3rd year). Interested persons are invited to contact: Mrs M. Mikhailova e-mail : mailto:mmmacha@hotmail.com Tel. 022 788 27 53

  10. The Russians are coming

    DEFF Research Database (Denmark)

    Nordby, Johannes Riber

    2014-01-01

    Russian meddling in Ukraine should serve as a lesson for defence policymakers in Copenhagen as they prepare to engage Moscow in the Arctic......Russian meddling in Ukraine should serve as a lesson for defence policymakers in Copenhagen as they prepare to engage Moscow in the Arctic...

  11. MANAGEMENT OF FINANCIAL STABILITY OF ENTERPRISES

    Directory of Open Access Journals (Sweden)

    Vladimir P. Bogko

    2013-01-01

    Full Text Available The priorities for improving the management of the enterprises financial stability in the current context are considered in the article. The scientifically based proposals for developing methodological foundations and tools of such management are developed. The implementation of these proposals allows to reduce financial risks of an enterprise in the terms of unsustainable development of Russian economy.

  12. THE DEVELOPMENT OF RUSSIAN REGIONAL PASSENGER RAIL SYSTEM MESSAGES USING FOREIGN EXPERIENCE (For example: Österreichischen Bundesbahnen AG.; Deutsche Bahn AG.

    Directory of Open Access Journals (Sweden)

    A. Vlasov

    2016-01-01

    Full Text Available The paper addressed the problem of the organization of passenger transport in the regions of Russia, who are faced with the cancellation of commuter trains. The analysis of the situation and studied the experience of foreign railway companies, which for many years have clearly spent a system of suburban passenger traffic.The purpose / goal. The aim of the article is to study foreign experience in order to use and / or adaptation to the Russian conditions. We study the experience of foreign carriers. ArticleObjectives: To study the problems arising in the regional transport system on the railways in passenger traffic; study of foreign experience with its use in modern Russian conditions.Methodology. In conducting this study, the main sources of raw data were the materials anddocuments of foreign enterprises, state statistical materials, the works of well-known economists. The basis of the teaching materials are put comparative analysis methods.Results. This article provides practical recommendations that can be used in the creation of regional integrated transport system, which in addition to a convenient schedule and a flexible pricing policy, implemented a number of new properties that have not yet been studied as an essential element in the railway passenger transport.

  13. Synchronization of variable-order fractional financial system via active control method

    Science.gov (United States)

    Xu, Yufeng; He, Zhimin

    2013-06-01

    In this paper, we study the chaotic dynamics of a Variable-Order Fractional Financial System (VOFFS). The Variable-Order Fractional Derivative (VOFD) is defined in Caputo type. A necessary condition for occurrence of chaos in VOFFS is obtained. Numerical experiments on the dynamics of the VOFFS with various conditions are given. Based on them, it is shown that the VOFFS has complex dynamical behavior, and the occurrence of chaos depends on the choice of order function. Furthermore, the chaos synchronization of the VOFFS is studied via active control method. Numerical simulations demonstrate that the active control method is effective and simple for synchronizing the VOFFSs with commensurate or incommensurate order functions.

  14. Out-of-pocket expenditure and financial protection in the Chilean health care system-A systematic review.

    Science.gov (United States)

    Koch, Kira Johanna; Cid Pedraza, Camilo; Schmid, Andreas

    2017-05-01

    Protection against financial risk due to medical spending is an explicit health guarantee within Chile's AUGE health reform. This paper seeks to analyze the degree to which out-of-pocket expenditure still expose Chilean households to financial catastrophe and impoverishment, and to explore inequalities in financial protection. A systematic literature review was conducted to identify empirical studies analyzing financial protection in Chile. The search included databases as well as grey literature, i.e. governmental and institutional webpages. The indicators are based on the conceptual framework of financial protection, as portrayed in the World Health Report 2013. We identify n=16 studies that fulfill the inclusion criteria. Empirical studies indicate that 4% of Chilean households faced catastrophic health expenditure defined as out-of-pocket expenditure exceeding 30% of household's capacity to pay, while less than 1% were pushed into poverty in 2012. In contrast to prior studies, recent data report that even publicly insured who should be fully protected from co-payments were affected by catastrophic health expenditure. Also in the private insurance system financial catastrophe is a common risk. Despite health reform efforts, financial protection is insufficient and varies to the disadvantage of the poor and vulnerable groups. More research is required to understand why current mechanisms are not as effective as expected and to enable according reforms of the insurance system. Copyright © 2017 Elsevier B.V. All rights reserved.

  15. Information management and globalisation : utilising information management systems in financial systems

    OpenAIRE

    2012-01-01

    M.Comm. The Financial Services industry is in the throes of significant changes and challenges. Managers confronted with the metoric of the "information age" may experience a variety of emotions, ranging from excitement to suspicion or even outright scepticism. What has changed is that more and more businesses are defining their strategies in terms of information or knowledge. Today we hear and read much about "the learning organisation", "working knowledge", "knowledge networks", "busines...

  16. The Local Budgets in the System of Financial-Economic Management

    Directory of Open Access Journals (Sweden)

    Chugunov Оleksii I.

    2017-07-01

    Full Text Available The article is aimed at disclosure of the economic essence and the role of local budgets in the system of financial-economic regulation. The theoretical aspects of local budgeting system have been covered. It has been substantiated that the main challenges in the context of economic transformations are the following: improving the local budgeting system in view of European standards; applying contemporary financial-budgetary methods and instruments; creating effective incentives to ensure that local governments are motivated to increase their own income base as well as their responsibility level for the use of budgetary resources; ensuring that local budgets are adequately income-based, and improving the efficiency of use of available budgetary resources. The strategic planning of indicators of local budgets is increasingly important as a lever for the influence of local government bodies on the processes of balanced reproduction of priority sectors of the economy. One of the effective instruments for strategic planning is elaboration of a budget strategy for development of territorial units.

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

    Science.gov (United States)

    Sinha, Sitabhra; Thess, Maximilian; Markose, Sheri

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

  18. Russian Field” in Advertising Naming

    Directory of Open Access Journals (Sweden)

    Tatyana P. Romanova

    2013-12-01

    Full Text Available The article deals with commercial names having reference to the cultural space of Russia. Their connotative meaning includes a ‘Russian ethno-cultural marker’ (REM actualized in the advertising discourse by a multi-coded text constituted by an integrated complex of semantic, stylistic, and symbolic verbal and visual signs. The article analyzes the verbal means of expression of the REM in commercial naming: lexical, semantic, and stylistic features of the names; national precedent phenomena reflected by the words designating elements of Russian spiritual and material culture; notions of Russian history; ethnonyms; culture-specific vocabulary; archaic words; precedent personal names and toponyms; Russian colloquial expressions. The author also analyzes graphic elements and models of commercial names formation as supplementary REM actualizers. The article focuses on three major functions of REM-names: informational, phatic, and connotative functions, outlining their spheres of use in commercial discourse, particularly in the commercial naming of Russian state enterprises and brands and in labeling exported goods and services. The Russian ethnically marked names represent an open, dynamically developing system which can be represented as a field structure whose center is constituted by commercial names including ethnonyms, culture-specific vocabulary and words designating national precedent phenomena, and the periphery by all Russian names.

  19. Sustainable development of Russian regions

    Directory of Open Access Journals (Sweden)

    V. D. Kuz’menkova

    2016-01-01

    Full Text Available Sustainable development of administrative-territorial units (ATU refers to the main directions of Russian Federation state policy to ensure the security of the national economy to meet the vital needs of people and the preservation of such a possibility for the future generations. The article describes and analyzes the factors that have the most significant impact on the level of ATE development. The dynamics of the gross output of agriculture in Russia and its critical evaluation are presents. It was revealed that the development of the region is the basis of the national economy security. At present, the concept of “sustainable development” in Russia is relevant and the role of regions in the sustainable development of the Russian Federation is constantly increasing. Stability of self-financing of the regional economy is achieved through conducting effective fiscal, financial, credit, tax and price policy, establishment of equal inter-budgetary relations with the federal center, the development of the securities market, increasing the volume of exports. Conducted research allowed: to identify the main factors influencing the sustainable development of Russia regions. The reasons for the backlog of economy of the Smolensk region of the nationwide growth rate and direction of their elimination are examined. Formation of the forecast of domestic agriculture development in the period up to 2020 should be based on the priority position of the industry in the agricultural sector, which is determined by its decisive role in meeting the population’s needs for basic food products. Prospective volumes of production of major agricultural products are based on the need to meet the challenges provided by the Russian Federation Government Decree.

  20. Numerical studies of triplet and Russian quadruplet quadrupole lens systems with the given spot size on the target, for use in a microprobe

    Energy Technology Data Exchange (ETDEWEB)

    Brazhnik, V.A.; Lebed, S.A.; Ponomarev, A.G.; Storizhko, V.E. [Ukrainian Academy of Sciences, Sumy (Ukraine). Applied Physics Institute; Dymnikov, A.D. [University of St Petersburg, Stary (Russian Federation). Institute of Computational Mathematics and Control Processes; Jamieson, D.N.; Legge, S.A. [Melbourne Univ., Parkville, VIC (Australia). School of Physics

    1993-12-31

    In a nuclear microprobe the focusing system is an essential component which determines the beam spot size, i.e. the microprobe resolution. A small beam cross section at the target is the most important of the many conflicting requirements imposed on the beam The second most important factor is the current of the beam which at the given brightness is proportional to the phase volume (or emittance) of the beam. Existing microprobes frequently use a triplet or a Russian quadruplet as the focusing systems. This paper describes the numerical studies of some optimal quadrupole lens systems consisting of three or four lenses suitable for use in a nuclear microprobe taking into account geometrical aberrations of third order. The maximum emittance of changed particle beams for these systems has been found. It is shown how the maximum emittance depends on the spot size. 2 refs., 2 figs.

  1. [Russian oxygen generation system "Elektron-VM": hydrogen content in electrolytically produced oxygen for breathing by International Space Station crews].

    Science.gov (United States)

    Proshkin, V Yu; Kurmazenko, E A

    2014-01-01

    The article presents the particulars of hydrogen content in electrolysis oxygen produced aboard the ISS Russian segment by oxygen generator "Elektron-VM" (SGK) for crew breathing. Hydrogen content was estimated as in the course of SGK operation in the ISS RS, so during the ground life tests. According to the investigation of hydrogen sources, the primary path of H2 appearance in oxygen is its diffusion through the porous diaphragm separating the electrolytic-cell cathode and anode chambers. Effectiveness of hydrogen oxidation in the SGK reheating unit was evaluated.

  2. IMBALANCES IN THE FINANCIAL SYSTEM OF UKRAINE AND THEIR TRANSMISSION TO THE SYSTEMATIC RISKS IN THE MONETARY STABILITY

    Directory of Open Access Journals (Sweden)

    O. Liubkina

    2013-10-01

    Full Text Available The article examines the current state and major imbalances in the financial market of Ukraine, which are the source of risk to the national economy and can significantly affect the monetary stability during the post-crisis period and the period of recession. Threats that are associated with peculiarities of the institutional structure of the financial market of Ukraine are analyzed, namely, on the one hand, the importance of banking institutions, and on the other – functional inadequacy of the banking systems in ensuring monetary and financial stability. The analysis shows that the weaknesses of the banking system have led to the accumulation of risks and structural misbalances in the Ukrainian economy which pose a danger to stability in the financial sector. Conclusions and measures are substantiated for the use of tools of monetary policy in order to strengthen monetary and financial stability. Among them are: the necessity of changes in the methodological tools of assessment of the financial stability and accumulation of systemic risk in the economy, measures to manage the inflation risk as the main internal risk for Ukraine, ways of enhancement of interaction between the banking system and the national economy through the interest rate benchmark.

  3. INTEGRATION LEVEL OF FINANCIAL AND MANAGEMENT ACCOUNTING SYSTEMS WITH THE ACCOUNTING CONVERGENCE PROCESS AND THE EFFECTIVENESS OF CONTROLLERSHIP

    Directory of Open Access Journals (Sweden)

    Andréia Carpes Dani

    2014-09-01

    Full Text Available This study aims to verify the integration level between the financial and management accounting systems as a result of the convergence process with the international accounting standards and of the effectiveness of controllership in Brazilian companies. A descriptive research was undertaken, based on the application of the questionnaire by Angelkort and Weißenberger (2011 to the 500 Best and Biggest of Revista Exame, issue 2011, using a sample of 32 companies that answered the research. The correlations between the integration level of the financial and management accounting systems and the variables “consistency of financial language”, “quality of services provided” and “degree of influence in decision making”, during the convergence period with the international accounting standards, were positive and moderate. It was also observed that the period before the accounting convergence (2004 till 2007 showed a better integration level of the financial and management accounting systems than the accounting convergence period (2008 till 2011. In conclusion, the accounting convergence process increased the integration level of the financial and management accounting systems in the investigated companies, as well as the effectiveness of controllership, particularly in the consistency of the financial language, in the quality of the services provided and in the influence of the controllers’ services on these companies’ decisions.

  4. Polyfactorial corruption index in the Russian regions: methodology of estimation

    National Research Council Canada - National Science Library

    Sidorenko, Elina L

    2016-01-01

    Objective to summarize criminological social and economic indicators of development of the Russian Federation subjects to identify and assess the hidden system dependencies between social indicators...

  5. Organizational, interface, and financial barriers to the commercial development of community energy systems

    Energy Technology Data Exchange (ETDEWEB)

    Schladale, R.; Ritschard, R.

    1979-12-01

    The scope of this analysis was limited to systems producing electricity - the output of a community energy system typically falling in the range 10 kW to 150 MW. The purpose of this study was to identify the barriers that groups and individuals will face when attempting to commercialize community energy systems. Three particular classes of barriers were investigated: those within the organization attempting the commercialization, those that arise from attempts to link the community system with an electric utility, and those that impede the flow of investment capital into community energy systems. In summary, three general observations regarding community energy systems may be distilled from this study. First, although many barriers exist to the commercialization of the systems, few if any appear unresolvable. Perhaps most challenginng will be the problem of expanding the use of cogeneration and municipal sold waste while at the same time maintaining or improving ambient air quality. Second, the financial subsidies required to make community systems competitive are not extraordinary. Indeed, with the exception of photovoltaics they should not amount to more than about 10% of capital cost of the new systems, and mass production may eliminate the need for subsidies altogether at some point in the future. Third, the administrative and regulatory procedures required to make community energy systems viable appear to be taking shape in a positive and timely fashion.

  6. The instruments of financial planning

    OpenAIRE

    Durnov, V.

    2011-01-01

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

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

    NARCIS (Netherlands)

    Denters, H.M.G.

    2009-01-01

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

  8. S/sup 3/ Financial Projection Model: preliminary user's manual and system overview

    Energy Technology Data Exchange (ETDEWEB)

    Masso, J. F.

    1976-11-30

    The S/sup 3/ Financial Projection Model is an effort undertaken to construct a pipeline economic model in order to satisfy the requirements of the US ERDA program: Energy Study of Pipeline Transportation System. A brief outline of this process is described in Appendix A, Background on the S/sup 3/ Development of a Pipeline Economic Model. A general overview of the model is presented first to indicate the rationale underlying the model and to show the linkages between the various submodels. An understanding of the basic accounting definitions and self-evident relationships between line items in the general financial accounting reports is a prerequisite for the effective application of the model. Particular attention has been paid in this system description to defining the methods of calculations utilized by the model and to describing the optional capital investment planning techniques that may be exercised with the model. The mathematical relationships underlying various planning techniques are defined and the methods for applying these techniques are discussed with illustrations and sample input data specifications. Decision tables are used to show complex decision rules applied within the model to determine the logical flow of a particular computational routine. The complete set of source data and model options are described along with the procedures for input data preparation and actual program operation.

  9. Agent-based model with multi-level herding for complex financial systems

    Science.gov (United States)

    Chen, Jun-Jie; Tan, Lei; Zheng, Bo

    2015-02-01

    In complex financial systems, the sector structure and volatility clustering are respectively important features of the spatial and temporal correlations. However, the microscopic generation mechanism of the sector structure is not yet understood. Especially, how to produce these two features in one model remains challenging. We introduce a novel interaction mechanism, i.e., the multi-level herding, in constructing an agent-based model to investigate the sector structure combined with volatility clustering. According to the previous market performance, agents trade in groups, and their herding behavior comprises the herding at stock, sector and market levels. Further, we propose methods to determine the key model parameters from historical market data, rather than from statistical fitting of the results. From the simulation, we obtain the sector structure and volatility clustering, as well as the eigenvalue distribution of the cross-correlation matrix, for the New York and Hong Kong stock exchanges. These properties are in agreement with the empirical ones. Our results quantitatively reveal that the multi-level herding is the microscopic generation mechanism of the sector structure, and provide new insight into the spatio-temporal interactions in financial systems at the microscopic level.

  10. Financial arrangements for health systems in low-income countries: an overview of systematic reviews.

    Science.gov (United States)

    Wiysonge, Charles S; Paulsen, Elizabeth; Lewin, Simon; Ciapponi, Agustín; Herrera, Cristian A; Opiyo, Newton; Pantoja, Tomas; Rada, Gabriel; Oxman, Andrew D

    2017-09-11

    One target of the Sustainable Development Goals is to achieve "universal health coverage, including financial risk protection, access to quality essential health-care services and access to safe, effective, quality and affordable essential medicines and vaccines for all". A fundamental concern of governments in striving for this goal is how to finance such a health system. This concern is very relevant for low-income countries. To provide an overview of the evidence from up-to-date systematic reviews about the effects of financial arrangements for health systems in low-income countries. Secondary objectives include identifying needs and priorities for future evaluations and systematic reviews on financial arrangements, and informing refinements in the framework for financial arrangements presented in the overview. We searched Health Systems Evidence in November 2010 and PDQ-Evidence up to 17 December 2016 for systematic reviews. We did not apply any date, language, or publication status limitations in the searches. We included well-conducted systematic reviews of studies that assessed the effects of financial arrangements on patient outcomes (health and health behaviours), the quality or utilisation of healthcare services, resource use, healthcare provider outcomes (such as sick leave), or social outcomes (such as poverty, employment, or financial burden of patients, e.g. out-of-pocket payment, catastrophic disease expenditure) and that were published after April 2005. We excluded reviews with limitations important enough to compromise the reliability of the findings. Two overview authors independently screened reviews, extracted data, and assessed the certainty of evidence using GRADE. We prepared SUPPORT Summaries for eligible reviews, including key messages, 'Summary of findings' tables (using GRADE to assess the certainty of the evidence), and assessments of the relevance of findings to low-income countries. We identified 7272 reviews and included 15 in this

  11. Financial arrangements for health systems in low-income countries: an overview of systematic reviews

    Science.gov (United States)

    Wiysonge, Charles S; Paulsen, Elizabeth; Lewin, Simon; Ciapponi, Agustín; Herrera, Cristian A; Opiyo, Newton; Pantoja, Tomas; Rada, Gabriel; Oxman, Andrew D

    2017-01-01

    Background One target of the Sustainable Development Goals is to achieve "universal health coverage, including financial risk protection, access to quality essential health-care services and access to safe, effective, quality and affordable essential medicines and vaccines for all". A fundamental concern of governments in striving for this goal is how to finance such a health system. This concern is very relevant for low-income countries. Objectives To provide an overview of the evidence from up-to-date systematic reviews about the effects of financial arrangements for health systems in low-income countries. Secondary objectives include identifying needs and priorities for future evaluations and systematic reviews on financial arrangements, and informing refinements in the framework for financial arrangements presented in the overview. Methods We searched Health Systems Evidence in November 2010 and PDQ-Evidence up to 17 December 2016 for systematic reviews. We did not apply any date, language, or publication status limitations in the searches. We included well-conducted systematic reviews of studies that assessed the effects of financial arrangements on patient outcomes (health and health behaviours), the quality or utilisation of healthcare services, resource use, healthcare provider outcomes (such as sick leave), or social outcomes (such as poverty, employment, or financial burden of patients, e.g. out-of-pocket payment, catastrophic disease expenditure) and that were published after April 2005. We excluded reviews with limitations important enough to compromise the reliability of the findings. Two overview authors independently screened reviews, extracted data, and assessed the certainty of evidence using GRADE. We prepared SUPPORT Summaries for eligible reviews, including key messages, 'Summary of findings' tables (using GRADE to assess the certainty of the evidence), and assessments of the relevance of findings to low-income countries. Main results We

  12. Valuing physically and financially-induced flexibility in large-scale water resources systems

    Science.gov (United States)

    Tilmant, Amaury; Pina, Jasson; Côté, Pascal

    2017-04-01

    In a world characterized by rapid changes in terms of water demands and supplies, there is a growing and persistent need for institutional reforms that promote cross-sectoral, adaptive management processes and policies. Yet, in many regions throughout the world, the continued expansion of supply-side infrastructure is still perceived as the way to go despite the rising financial, social and environmental costs. This trend is further compounded by the risks posed by climate change; reservoir storage, for example, is still perceived as a key element of climate change adaptation strategies in many countries. There is a growing concern that such strategies may result in a rigidity trap whereby the physical and institutional infrastructure become inflexible and unable to adapt to changes because they are mutually reinforcing each other. However, several authors have recently advocated for adaptive, flexible, management techniques involving a more diversified portfolio of measures whose management is regularly updated as new information about supplies and demands becomes available. Despite being conceptually attractive, such a management approach presents several challenges to policy makers. One of them is the sheer amount of information that must be processed each time a management decision must be taken. To address this issue, we propose an optimization framework that can be used to determine the optimal management of a large portfolio of physical and financial assets using various hydro-climatic information. This optimization framework is illustrated with the management of a power system in Quebec involving various power stations, reservoirs, power and energy contracts as well as hydrologic and climatic data. The results can be used to assess the economic value of the flexibility induced by either the physical assets (power stations and reservoirs) or by the financial ones (contracts), an information we believe is important to highlight the benefits of adaptive

  13. Financial history and financial economics

    OpenAIRE

    Turner, John D.

    2014-01-01

    This essay looks at the bidirectional relationship between financial history and financial economics. It begins by giving a brief history of financial economics by outlining the main topics of interest to financial economists. It then documents and explains the increasing influence of financial economics upon financial history, and warns of the dangers of applying financial economics unthinkingly to the study of financial history. The essay proceeds to highlight the many insights that financi...

  14. Louisiana State University System General Purpose Financial Statements and Independent Auditor's Reports as of and for the Year Ended June 30, 1998, with Supplemental Information Schedules.

    Science.gov (United States)

    Louisiana State Legislative Auditor, Baton Rouge.

    This report presents results of a financial audit of the Louisiana State University (LSU) system. The auditors also rendered opinions on financial statements of separate, incorporated foundations which oversee the investment of various university endowments, the financial statements for which were prepared by other auditors. An accompanying letter…

  15. Corporate targeting: Nike on the Russian market

    Directory of Open Access Journals (Sweden)

    Sekulović Ana

    2006-01-01

    Full Text Available Nike Corporation is one of leading global players in sports apparel and footwear market. Strategic development of Nike Co has always been based on superior marketing and engagement of world-class sportspersons in its advertising campaigns. When USSR collapsed, Nike immediately started with penetration on Russian market. By relying on its outstanding innovativeness in product development and marketing, Nike has become one of three biggest players in the market. As its distributor for Russian market, Nike has chosen Serbia-based company, Delta Sport. The strategy of penetration on Russian market is based on four major pillars: sport marketing, public relations retail marketing and advertising. The most relevant competitors on Russian market are Reebok and Adidas. Trying to increase its market share in the Russian Federation, Nike has used following competitive advantages: global brand, retail discounts and cost decrease. Regarding further development of the company's activities on Russian market, long-term objectives are as follows: maintaining the leading position, unfurling production on whole RF and CIS territories, new contracts and improvement of contracts with existing partners, expanding of retail network, establishment of own production on RF and CIS markets, and orientation of marketing department toward "Sport Marketing". Delta Sport, as an agent of Nike Co, has certain freedom in creating business policy but it still has to comply with basic principles adopted for the whole corporation. The most important factors considered when selecting a strategy are: positive sides of firm, its goals and interests top management relationships, financial resources, personnel qualifications influence of external environment, and time factor. Delta Sport has entirely adopted these principles and also developed internal ones, which are complementary with Nike's.

  16. CHANGES INSIDE THE ROMANIAN BANKING SYSTEM IN THE FRAME OF THE FINANCIAL AND BANKING CRISIS

    Directory of Open Access Journals (Sweden)

    RADULESCU MAGDALENA

    2013-08-01

    Full Text Available After the year 1990, bashfully at first, but then more and more prominently, the countries of Central andEastern Europe have become major loan recipients from foreign banks, either cross-border, or local through opensubsidiaries in the emerging European countries. The Romanian banking system continues to be among the mostdynamic economic areas in Romania. Further on characterized by a relatively low level of financial intermediation,the Romanian banking market is considered to have potential for the possible buyers, especially in the crisis periodwhen many small banks looked for a merger with another small or medium bank for consolidation reasons. Althoughthe Romanian banking system faced crisis pretty well comparative with the rest of the world countries, if we considerits equity, its profits kept on decreasing every year and the rate of the non-performing loans increased.

  17. ECONOMIC-LAW COLLISIONS IN FINANCIAL MARKETS RESEARCH

    Directory of Open Access Journals (Sweden)

    S. Naumenkova

    2013-11-01

    Full Text Available In the article different approaches in interpretation of the notion “financial market” itself, in investigating its functions and instruments are analyzed. The author shows specific usage of particular instruments of financial markets in different countries, draws a conclusion about growth of significance of instrumental structure of financial market for the Russian Federation.

  18. Russian translations for Cochrane.

    Science.gov (United States)

    Yudina, E V; Ziganshina, L E

    2015-01-01

    Cochrane collaboration has made a huge contribution to the development of evidence-based medicine; Cochrane work is the international gold standard of independent, credible and reliable high-quality information in medicine. Over the past 20 years the Cochrane Collaboration helped transforming decision-making in health and reforming it significantly, saving lives and contributing to longevity [1]. Until recently, Cochrane evidence were available only in English, which represents a significant barrier to their wider use in non-English speaking countries. To provide access to evidence, obtained from Cochrane Reviews, for health professionals and general public (from non-English-speaking countries), bypassing language barriers, Cochrane collaboration in 2014 initiated an international project of translating Plain language summaries of Cochrane Reviews into other languages [2, 3]. Russian translations of Plain language summaries were started in May 2014 by the team from Kazan Federal University (Department of Basic and Clinical Pharmacology; 2014-2015 as an Affiliated Centre in Tatarstan of the Nordic Cochrane Centre, since August 2015 as Cochrane Russia, a Russian branch of Cochrane Nordic, Head - Liliya Eugenevna Ziganshina) on a voluntary basis. To assess the quality of Russian translations of Cochrane Plain Language Summaries (PLS) and their potential impact on the Russian speaking community through user feedback with the overarching aim of furthering the translations project. We conducted the continuous online survey via Google Docs. We invited respondents through the electronic Russian language discussion forum on Essential Medicines (E-lek), links to survey on the Russian Cochrane.org website, invitations to Cochrane contributors registered in Archie from potential Russian-speaking countries. We set up the survey in Russian and English. The respondents were asked to respond to the questionnaire regarding the relevance and potential impact of the Cochrane Russian

  19. Lack of Critical Slowing Down Suggests that Financial Meltdowns Are Not Critical Transitions, yet Rising Variability Could Signal Systemic Risk.

    Directory of Open Access Journals (Sweden)

    Vishwesha Guttal

    Full Text Available Complex systems inspired analysis suggests a hypothesis that financial meltdowns are abrupt critical transitions that occur when the system reaches a tipping point. Theoretical and empirical studies on climatic and ecological dynamical systems have shown that approach to tipping points is preceded by a generic phenomenon called critical slowing down, i.e. an increasingly slow response of the system to perturbations. Therefore, it has been suggested that critical slowing down may be used as an early warning signal of imminent critical transitions. Whether financial markets exhibit critical slowing down prior to meltdowns remains unclear. Here, our analysis reveals that three major US (Dow Jones Index, S&P 500 and NASDAQ and two European markets (DAX and FTSE did not exhibit critical slowing down prior to major financial crashes over the last century. However, all markets showed strong trends of rising variability, quantified by time series variance and spectral function at low frequencies, prior to crashes. These results suggest that financial crashes are not critical transitions that occur in the vicinity of a tipping point. Using a simple model, we argue that financial crashes are likely to be stochastic transitions which can occur even when the system is far away from the tipping point. Specifically, we show that a gradually increasing strength of stochastic perturbations may have caused to abrupt transitions in the financial markets. Broadly, our results highlight the importance of stochastically driven abrupt transitions in real world scenarios. Our study offers rising variability as a precursor of financial meltdowns albeit with a limitation that they may signal false alarms.

  20. Lack of Critical Slowing Down Suggests that Financial Meltdowns Are Not Critical Transitions, yet Rising Variability Could Signal Systemic Risk.

    Science.gov (United States)

    Guttal, Vishwesha; Raghavendra, Srinivas; Goel, Nikunj; Hoarau, Quentin

    2016-01-01

    Complex systems inspired analysis suggests a hypothesis that financial meltdowns are abrupt critical transitions that occur when the system reaches a tipping point. Theoretical and empirical studies on climatic and ecological dynamical systems have shown that approach to tipping points is preceded by a generic phenomenon called critical slowing down, i.e. an increasingly slow response of the system to perturbations. Therefore, it has been suggested that critical slowing down may be used as an early warning signal of imminent critical transitions. Whether financial markets exhibit critical slowing down prior to meltdowns remains unclear. Here, our analysis reveals that three major US (Dow Jones Index, S&P 500 and NASDAQ) and two European markets (DAX and FTSE) did not exhibit critical slowing down prior to major financial crashes over the last century. However, all markets showed strong trends of rising variability, quantified by time series variance and spectral function at low frequencies, prior to crashes. These results suggest that financial crashes are not critical transitions that occur in the vicinity of a tipping point. Using a simple model, we argue that financial crashes are likely to be stochastic transitions which can occur even when the system is far away from the tipping point. Specifically, we show that a gradually increasing strength of stochastic perturbations may have caused to abrupt transitions in the financial markets. Broadly, our results highlight the importance of stochastically driven abrupt transitions in real world scenarios. Our study offers rising variability as a precursor of financial meltdowns albeit with a limitation that they may signal false alarms.

  1. Directions of Improving the Financial Support of Export Activity of Innovative Companies in Russia and Abroad

    Directory of Open Access Journals (Sweden)

    Olga Valeryevna Nikulina

    2015-12-01

    Full Text Available In modern conditions the support of export activity is an important component of economic policy in foreign countries and Russia. Export activity of the innovative companies has special value for Russia. Consideration of financial support export activities of innovative companies gains particular relevance in the functioning of Russia in the WTO. The purpose of this study is the development and validation of practical advice on formation of an effective system of stimulating the export activities of innovative companies based on the use of financial instruments by adhering to the WTO principles and modalities. The authors used statistical analysis to evaluate the effectiveness of the instruments and the comparison to identify weaknesses in the Russian financial instruments to support exports. In determining the main directions of improving, the study used the method of forecasting on the basis of the results of the analysis and comparison. The article described the main instruments of financial support of innovation activities in Russia. The authors carried out a comparative analysis of the system to stimulate export activities in Russia and abroad. The article developed and substantiated recommendations on the formation of an effective system of state support for export of innovative companies. Conclusions drew that the Russian system of financial support of export activities requires adjusting in accordance with the rules of the WTO and the OECD, the extension of existing instruments through the use of “green” subsidies and the creation of a unified export Agency.

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

    Directory of Open Access Journals (Sweden)

    Christoffel J. Hendriks

    2012-12-01

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

  3. Management of bank risks in the system of internal financial monitoring

    Directory of Open Access Journals (Sweden)

    O.V. Lysenok

    2015-09-01

    Full Text Available Risk is an integral part of banking activities. That is why there are many researches on definition, measurement and monitoring of banking risks. Nowadays it is important to improve the risk management process of legalization (laundering of proceeds from crime or terrorist financing, especially in the present conditions of socio-economic development. This will improve the quality of financial monitoring in the country as a whole and will reduce the risk of attracting banks to laundering money from crime. The article reviews and examines modern management techniques and risk assessment of laundering proceeds from crime. The authors make suggestions to strengthen the tracking and detection of illegal schemes and appropriate approaches to «launder» criminal money. They also offer an appropriate model to manage the risks which accompany the process of laundering the proceeds from crime. According to the study carried out the authors provide their conclusions and recommendations to improve risk management in the system of internal financial monitoring of banks.

  4. Russian River Analysis

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — This document is an analysis and summary of progress toward achieving the interim management objectives for the Russian River during the 1979 season. Additionally,...

  5. Investment process financing in Russian business: assessment, trends, problems

    Directory of Open Access Journals (Sweden)

    Lyudmila Aleksandrovna Kormishkina

    2014-07-01

    Full Text Available In modern conditions the provision of investment process financing is the most important task of state economic policy aimed at achieving sustainable growth and dynamic development of the Russian economy in general. This problem solution requires further theoretical consideration and development of appropriate methodological, methodical and practical recommendations. Financing of investment activity development should be based on the systemic approach, which considers this process as an element of the financial support system of the state innovation development. It is necessary to conduct research in order to expand the financial component of this support, encourage the investment process development, enhance financial relations in the sphere of forming and using the intellectual property objects and develop a complex of measures to study the innovations implementation possibilities. Although economic science pays a lot of attention to various aspects of the issue, there is currently no research work, devoted to the study of sources of the investment process financing. Development of methodical and practical recommendations to establish the system of its financing, taking into account modern world economic trends is required. The authors have revealed the enterprises’ general economic profit while promoting sustainable economic growth by means of provision of financial resources for it. The closeness of the relationship is calculated on the basis of regression models that characterize the sectoral distribution of gross profit. The correlation-regression analysis has helped to assess the influence of the main sources of the RF fixed assets on the investment index. The economic nature of the sources determines its value and dynamics

  6. Financial Sector Assessment

    OpenAIRE

    World Bank; International Monetary Fund

    2017-01-01

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

  7. Russian Language Classes

    CERN Multimedia

    2008-01-01

    The Russian Cultural Circle is organising a new Russian course for beginners and will continue its course for advanced students (3rd year), both from September onwards. Anyone interested in taking part is invited to contact Mrs M. Mikhailova (e-mail: mailto:mmmacha@hotmail.com or tel. 022 788 27 53) or Mrs C. Kukowka (e-mail: mailto:christinekukowka@orange.fror tel. ++ 33 4 50 42 43 22 after 8.00 p.m.).

  8. L'evoluzione dei sistemi finanziari locali nell'era dell'euro (The Evolution of Local Financial System in the Euro Era

    Directory of Open Access Journals (Sweden)

    Pietro Alessandrini

    2000-09-01

    Full Text Available In the next few years, the Italian financial system will face the challenges of an increasingly competitive environment. The need for change is however constrained by the traditional structure of the Italian economy (with large numbers of small firms and marked regional disparities. This paper focuses on the role and on the future prospects of local financial systems. We identify and address four sets of problems: (a the relationship between the real and the financial sectors at the regional level; (b the integration between central and peripheral financial markets; (c the role of local banks; and (d the introduction of financial innovations consistent with different levels of regional development.

  9. Characteristics and contemporary challenges of the international monetary and financial system

    Directory of Open Access Journals (Sweden)

    Kovačević Radovan

    2015-01-01

    Full Text Available A well-functioning international monetary system (IMS should provide a satisfactory international liquidity and facilitate money and capital flows in the world economy. In a crisis, the IMS is expected to facilitate capital flows in order to eliminate imbalances leading to the crisis. The main leverage of the IMS in the postwar period was the dollar convertibility into gold, which enabled the US currency to become a global reserve currency. US monetary policy in this monetary system has a basic mission to generate international liquidity. When President Nixon suspended convertibility of the dollar to gold in 1971, this situation led to the collapse of the Bretton Woods system, the dollar began to float freely, but remained the key global reserve currency until today. The 2008 global financial crisis reminded us about the weakness of the current IMS, because the unstable value of the dollar created the risk of US dollar-denominated reserve assets. The current crisis has renewed the objections by the countries with the largest foreign exchange reserves in the world about 'exorbitant privilege' of the U.S. dollar in the IMS, as Charles De Gaulle once called it. The monetary policy impulses in the countries whose currencies belong to the club of leading world currencies (primarily the US, Eurozone and Japan are transferred outside the borders of these countries and affect other countries in the globalized world economy. This paper deals with the consequences of the present IMS structure, which is characterized by the dominant role of the dollar and the euro in international trade and financial flows. The paper studies the channels of US and Eurozone monetary spillovers into the international environment, and their consequences for other countries.

  10. IMPROVING FINANCIAL ANALYSIS OF ORGANIZATIONS IN ORDER TO PREVENT THEIR INSOLVENCY

    Directory of Open Access Journals (Sweden)

    V. N. Alferov

    2012-01-01

    Full Text Available The current regulatory analysis of the financial condition of insolvent organizations have some disadvantages also does not account the features of the analysis based on the consolidated financial statements under IFRS and GAAP. In this work on the basis of the comparative analysis of financial condition of a number of large Russian companies, calculated on their accounting statements prepared under Russian accounting standards, IFRS and GAAP, proposals are developed to improve the analysis of financial condition of insolvent institutions.

  11. IMPROVING FINANCIAL ANALYSIS OF ORGANIZATIONS IN ORDER TO PREVENT THEIR INSOLVENCY

    Directory of Open Access Journals (Sweden)

    V. N. Alferov

    2013-01-01

    Full Text Available The current regulatory analysis of the financial condition of insolvent organizations have some disadvantages also does not account the features of the analysis based on the consolidated financial statements under IFRS and GAAP. In this work on the basis of the comparative analysis of financial condition of a number of large Russian companies, calculated on their accounting statements prepared under Russian accounting standards, IFRS and GAAP, proposals are developed to improve the analysis of financial condition of insolvent institutions.

  12. Flash crashes, bursts, and black swans: parallels between financial markets and healthcare systems.

    Science.gov (United States)

    West, Bruce J; Clancy, Thomas R

    2010-11-01

    As systems evolve over time, their natural tendency is to become increasingly more complex. Studies in the field of complex systems have generated new perspectives on management in social organizations such as hospitals. Much of this research appears as a natural extension of the cross-disciplinary field of systems theory. This is the 16th in a series of articles applying complex systems science to the traditional management concepts of planning, organizing, directing, coordinating, and controlling. In this article, Dr Clancy, the editor of this column, and co-author, Dr West, discuss how the collapse of global financial markets in 2008 may provide valuable insight into mechanisms of complex system behavior in healthcare. Dr West, a physicist and expert in the field of complex systems and network science, is author of a chapter in the book, On the Edge: Nursing in the Age of Complexity (Lindberg C, Nash S, Linberg C. Bordertown, NJ: Plexus Press; 2008) and his most recent book, Disrupted Networks: From Physics to Climate Change (West BJ, Scafetta N. Singapore: Disrupted Networks, World Scientific Publishing; 2010).

  13. The Chinese-Russian Investment Cooperation: Current State, Problems and Development Prospects

    Directory of Open Access Journals (Sweden)

    - Wang Yuesheng

    2010-06-01

    Full Text Available In process of growth of investments of the Chinese enterprises to Russia variety of problems has gradually come to light. Sometimes there were simply failures to an investment of financial assets. Authors of article have tried to find an explanation and ways of the decision of similar failures. Stimulus of the Chinese direct investments to Russia, working out of system investment strategy can serve by the government of China, at simultaneous acceptance by the Russian government of measures for maintenance of the Chinese enterprises in Russia.

  14. Macroeconomic policy interaction: State dependency and implications for financial stability in UK: A systemic review

    Directory of Open Access Journals (Sweden)

    Muhammad Ali Nasir

    2016-12-01

    Full Text Available The association between economic and financial stabilities and influence of macroeconomic policies on the financial sector creates scope of active policy role in financial stability. As a contribution to the existing body of knowledge, this study has analysed the implications of macroeconomic policy interaction/coordination for financial stability, proxied by financial assets, i.e. equity and bonds price oscillation. The critical review and analysis of the existing literature on the subject suggests that there is also ample evidence of interdependence between monetary and fiscal policies and this interrelation necessitates coordination between them for the sake of financial stability. There is also a case for analysing the symmetry of financial markets responses to macroeconomic policy interaction. On methodological and empirical grounds, it is vital to test the robustness of policy recommendations to overcome the limitation of a single empirical approach (Jeffrey–Lindley’s paradox. Hence, the Frequentist and Bayesian approaches should be used in commentary manner. The policy interaction and optimal policy combination should also be analysed in the context of institutional design and major financial events to gain insight into the implications of policy interaction in the periods of stable economic and financial environments as well as period of financial and economic distress.

  15. Efficiency of Working Capital Management in the System of Financial Safety of Trade Enterprises

    Directory of Open Access Journals (Sweden)

    Krutova Anzhelika S.

    2016-08-01

    Full Text Available The article investigates theoretical and methodological and practical aspects of managing the financial security of enterprises of wholesale and retail trade in Ukraine, summarizes the scientific approaches to assessing enterprise financial security. There justified the influence of the level of efficiency of working capital management on improving the indicators of profitability of financial and economic activity, business activity; increasing financial sustainability and stability of development; ensuring an acceptable level of financial safety of trade enterprises. The main results of financial and economic activities of Ukrainian trade enterprises for the period 2010-2015 that influenced the level of their financial security are analyzed, the negative trends in the dynamics of receiving net profit, low profitability of sales and unprofitableness of using the current assets are highlighted. There revealed a significant disproportion in the structure of capital formation sources, high deficit of own financial resources, trend of financing the current assets entirely from borrowed funds, rapid growth of the level of credit interest rates. There performed an estimation of indicators of financial sustainability by means of the coefficient and aggregate approaches, which indicated the unstable and crisis financial condition of the majority of enterprises of wholesale and retail trade in Ukraine. There determined reserves of increasing financial security with the identification of the key components in the subsystems of financial security, criteria and indicators for an objective assessment of the financial status, taking into account the influence of the external environment, which will allow making sound management decisions regarding the analysis, prevention and neutralization of real and potential threats to trade enterprises.

  16. Financial Stability and Financial Inclusion

    OpenAIRE

    Peter J. Morgan; Victor Pontines

    2014-01-01

    Developing economies are seeking to promote financial inclusion, i.e., greater access to financial services for low-income households and firms, as part of their overall strategies for economic and financial development. This raises the question of whether financial stability and financial inclusion are, broadly speaking, substitutes or complements. In other words, does the move toward greater financial inclusion tend to increase or decrease financial stability? A number of studies have sugge...

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

    Science.gov (United States)

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

    2015-03-18

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

  18. [Financial allocations in the System for Social Protection in Health in Mexico: challenges for strategic purchasing].

    Science.gov (United States)

    González-Block, Miguel Ángel; Figueroa, Alejandro; García-Téllez, Ignacio; Alarcón, José

    2016-01-01

    The financial coordination of the System of Social Protection in Health (SPSS) was analyzed to assess its support to strategic purchasing. Official reports and surveys were analyzed. SPSS covers a capita of 2 765 Mexican pesos, equivalent to 0.9% of GDP. The Ministry of Health contributed 35% of the total, state governments 16.7% and beneficiaries 0.06%. The National Commission for Social Protection in Health received 48.3% of resources, allocating 38% to State Social Protection Schemes in Health and paying 7.4% of the total directly to providers.The state contribution is in deficit while family contributions tend not to be charged. SPSS has not built funds specialized in strategic purchasing, capable of transforming historical budgets.The autonomy of providers is key to reduce out-of-pocket spending through the supply of quality services.

  19. The necessity of implementation of ERP systems within the actual economical-financial crisis

    Directory of Open Access Journals (Sweden)

    Gavrila A.

    2009-06-01

    Full Text Available Initially started in the USA as a subprime crisis, the actual financial crisis tends to be transformedin one of the most powerful economical crisis that was known in the last ten years, and some of the analystspredict that this crisis is even worse than the one that took place in the ’30 years. In these conditions, seems tobe very natural that all the companies to look up for surviving solutions during this period, and one of themost popular methods to fight against the negative effects of the crisis applied by all the companies is the costreduction. We may consider also that such a period could represent in the same time an opportunity for thecompanies to reconsider the business processes and repositioned in the actual context of the market, and forthis a considerable help could be implementation of an ERP system.

  20. Development of village doctors in China: financial compensation and health system support.

    Science.gov (United States)

    Hu, Dan; Zhu, Weiming; Fu, Yaqun; Zhang, Minmin; Zhao, Yang; Hanson, Kara; Martinez-Alvarez, Melisa; Liu, Xiaoyun

    2017-07-01

    Since 1968, China has trained about 1.5 million barefoot doctors in a few years' time to provide basic health services to 0.8 billion rural population. China's Ministry of Health stopped using the term of barefoot doctor in 1985, and changed policy to develop village doctors. Since then, village doctors have kept on playing an irreplaceable role in China's rural health, even though the number of village doctors has fluctuated over the years and they face serious challenges. United Nations declared Sustainable Development Goals in 2015 to achieve universal health coverage by 2030. Under this context, development of Community Health workers (CHWs) has become an emerging policy priority in many resource-poor developing countries. China's experiences and lessons learnt in developing and maintaining village doctors may be useful for these developing countries. This paper aims to synthesis lessons learnt from the Chinese CHW experiences. It summarizes China's experiences in exploring and using strategic partnership between the community and the formal health system to develop CHWs in the two stages, the barefoot doctor stage (1968 -1985) and the village doctor stage (1985-now). Chinese and English literature were searched from PubMed, CNKI and Wanfang. The information extracted from the selected articles were synthesized according to the four partnership strategies for communities and health system to support CHW development, namely 1) joint ownership and design of CHW programmes; 2) collaborative supervision and constructive feedback; 3) a balanced package of incentives, both financial and non-financial; and 4) a practical monitoring system incorporating data from the health system and community. The study found that the townships and villages provided an institutional basis for barefoot doctor policy, while the formal health system, including urban hospitals, county health schools, township health centers, and mobile medical teams provided training to the barefoot

  1. FINANCIAL RISKS ANALYSIS FOR A COMMERCIAL BANK IN THE ROMANIAN BANKING SYSTEM

    OpenAIRE

    Imola Driga

    2012-01-01

    The main goal of every bank is managing the risks arising from bankingtransactions in order to have a profitable activity. Bank managers must identify and manageall risks associated with each business they enter into, since exposure to significant risksreduces the present value of expected future cash flow. The main financial risks associatedwith the activities of a bank arise as a result of the bank's operations in the financial sector.Financial risks a bank is confronted consist of credit r...

  2. The Accessibility of Higher Education in the Russian Regions

    Science.gov (United States)

    Gromov, A. D.; Platonova, D. P.; Semyonov, D. S.; Pyrova, T. L.

    2017-01-01

    This article provides a comparative analysis of accessibility of higher education across Russian regions in terms of the following three factors: the availability of admission opportunities; financial affordability; and geographic accessibility. The study will be of interest to government agencies in higher education at various levels, analysts…

  3. Silvopastoral System Economical and Financial feasibility with Jatropha curcas L. in Manabí, Ecuador

    Directory of Open Access Journals (Sweden)

    Diana Rade L

    2017-09-01

    Full Text Available Objective. To assess the economic and financial feasibility of traditional silvopastoral systems for the biofuels production as a contribution to the sustainability of “Piñón for Galapagos” project. Materials and methods. A survey was conducted to 450 small livestock producer in 10 cantons of the Manabí province in order to collect basic agronomic knowledge, management, establishment and costs involved in production of the Piñón ((Jatropha curcas L./Savoy (Megathyrsus maximus silvopastoral systems. For Piñón CP041 production recording plantation in live fence were stablished and for the tradition Piñón, the production of 10 sites were recorded, both systems since 2009. With those data were calculated the following economic indicators: ratio benefit/cost, net present value (NPV, internal rate ratio (IRR and land expectation value (LEV. Results. The study exhibited a production decrease of Piñón with the passage of time. The CP041 INIAP improved silvopastoral system Piñón showed a B/C 1.07, NPV of USD$ 404.11, LEV US$ 970.23 and IRR of 18%. Followed by silvopastoral system with a local Piñón with a B/C 1.06, NPV of USD$ 363.66, LEV USD$ 873.10 and IRR of 17% and finally silvopastoral system without harvesting Piñón with a B/C 1.05, NPV of USD$ 285.72, LEV USD$ 685.99 and IRR of 15%. Conclusions. The alternative biofuels production was the silvopastoral systems (INIAP CP041/Savoya in Manabí and is economically feasible. This system does not compete for arable land for food production and would not affect food security.

  4. 76 FR 10047 - Changes to the Public Housing Assessment System (PHAS): Financial Condition Scoring Notice

    Science.gov (United States)

    2011-02-23

    ... public about HUD's process for issuing scores under the financial condition indicator of the Public... information. This notice updates and clarifies the audit flags and tier classification chart. DATES: Effective... the scoring process for PHAS indicator 2, financial condition, under the PHAS. The purpose of the...

  5. Financial Accounting for Local and State School Systems: 2009 Edition. NCES 2009-325

    Science.gov (United States)

    Allison, Gregory S.; Honegger, Steven D.; Johnson, Frank

    2009-01-01

    This handbook has been designed as the national standard for state and local education agencies to use in tracking and reporting financial data for school districts to use in preparing their comprehensive annual financial reports (CAFRs). The purpose of the handbook is to ensure that education fiscal data can be reported in a comprehensive manner.…

  6. THE GLOBAL FINANCIAL CRISIS AND NATIONAL FINANCIAL ...

    African Journals Online (AJOL)

    language, globalization of finance is evident as the integration of the financial systems of many countries of the world. On the other hand, financial crisis describes ..... Berger, A. N (2000) “ The Ability of Banks to Lend to Informationally Opaque Small. Business” FRB Chicago Working Paper Series. Bossone, B.; Honohan, P.

  7. Sources of Financial Sociability

    DEFF Research Database (Denmark)

    Thompson, Grahame

    2011-01-01

    This article investigates the sources of sociability in modern financial systems as a prelude to assessing the prospects for financial regulation. Three sources are identified: sociality dependent upon contract, upon relational interdependency, and upon the operation of will and passion. Each...... of the article which is to explore further the nature of ‘irrationality’ as manifest in financial crises. When the contours of both these aspects of financial calculation have been elaborated, the article moves on to consider how they might shape regulatory responses to the seeming inevitability of financial...

  8. COMPARATIVE STUDY OF PHRASEOLOGY AS A PRINCIPLE OF NATIONALLY-ORIENTED TEACHING RUSSIAN TO CHINESE STUDENTS

    Directory of Open Access Journals (Sweden)

    Anna Novikova

    2012-01-01

    Full Text Available The article characterizes national - orientation principle in teaching Chinese students Russian phraseology. Basing on the observations of Russian linguists and methodists, and on her own experience of teaching Chinese students, the author pays attention to the following aspects of the problem: the main differences between Russian and Chinese phraseological systems; difficulties in comparing Russian and Chinese phraseological units; the most common mistakes made by Chinese students while using Russian phraseological units. According to the author, describing and considering the above-mentioned problems helps to make the process of teaching Chinese students Russian phraseological units more effective.

  9. The Theoretical and Practical Aspects of Forming the Financial Support for the Health Care System

    Directory of Open Access Journals (Sweden)

    Goncharuk Svitlana M.

    2017-04-01

    Full Text Available The objectives of the article are: defining the theoretical and methodological foundations for financial support for health care institutions; disclosure of the concept and substance of the targeted budget programs in the health care system; a critical analysis of the current practice in the use of performance indicators for the targeted budget programs; improving the methods for managerial decision-making in the course of implementation of the targeted budget programs; determining ways to improve the effectiveness and efficiency of the targeted budget programs in the health care system. In order to develop the health care sector, there’s a necessity to define the order and mechanisms for the priority financing, as well as the personnel and material-technical provision of health care institutions. There is also a need for the State support and regulation of an adequate financing for health care programs to achieve equal access in different regions of Ukraine. It is important further to define the specifics of the health sector’s targeted programs that will facilitate management of them.

  10. Russian Sentence Adverbials

    DEFF Research Database (Denmark)

    Lorentzen, Elena; Durst-Andersen, Per

    2015-01-01

    and modal SAs; and (3) into temporal and areal SAs. It is demonstrated that many adverbials consist of micro-groups involving three and only three members where one is first person oriented, the other is second person oriented and the last one is third person oriented. This indicates that Russians have one...... way or the other to take their starting point in the previous discourse. It is, however, stressed that the specificity of the Russian language is found in modal adverbials where a division between external and internal reality exists. We end the examination by discussing the function of word order...

  11. Specialty pharmacies and other restricted drug distribution systems: financial and safety considerations for patients and health-system pharmacists.

    Science.gov (United States)

    Kirschenbaum, Bonnie E

    2009-12-15

    To discuss the role of restricted drug distribution systems in the implementation of risk evaluation and mitigation strategies (REMS), health-system pharmacists' concerns associated with the use of specialty pharmacies and other restricted drug distribution systems, reimbursement policies for high-cost specialty drugs, supply chain models for traditional and specialty drugs, and emerging trends in the management of and reimbursement for specialty pharmaceuticals. Restricted drug distribution systems established by pharmaceutical manufacturers, specialty pharmacies, or other specialty suppliers may be a component of REMS, which are required by the Food and Drug Administration for the management of known or potential serious risks from certain drugs. Concerns of health-system pharmacists using specialty suppliers include access to pharmaceuticals, operational challenges, product integrity, financial implications, continuity of care, and patient safety. An ambulatory care patient taking a specialty drug product from home to a hospital outpatient clinic or inpatient setting for administration, a practice known as "brown bagging," raises concerns about product integrity and institutional liability. An institution's finances, tolerance for liability, and ability to skillfully manage the processes involved often determine its choice between an approach that prohibits brown bagging but is costly and one that permits the practice under certain conditions and is less costly. The recent shift from a traditional supply chain model to a specialty pharmacy supply chain model for high-cost pharmaceuticals has the potential to increase pharmaceutical costs for health systems. A dialogue is needed between health-system pharmacists and group purchasing organizations to address the latter's role in mitigating the financial implications of this change and to help clarify the safety issues. Some health plans have shifted part of the cost of expensive drugs to patients by establishing a

  12. European Banking Recovery and Resolution Directive: Potential Impacts on European Systemic Important Financial Institutions

    Directory of Open Access Journals (Sweden)

    Clements Akinsoyinu

    2015-09-01

    Full Text Available The great recession heralded in by the subprime mortgage crisis, took a dramatic turn for worse as a result of collapse of the Lehman Brothers bank in September 2008. The crisis deemed to be the most devastating after the Great Depression of 1929, had a debilitating effect on world economies, developing and advanced alike.  The extent of its devastation which  is still being felt in Europe and many parts of the globe reminds us the interconnectedness of financial institutions, particularly those tagged TBTF or SIFIs. Policy makers scrambled to curtail the ugly effect of the crisis by rescuing the SIFIs within their jurisdiction largely through bailout mechanism and provision of implicit guarantee for the debts of failing/failed institutions. As soon as the tide is stemmed, they cast their gaze on new crisis resolution and recovery measures that could rein in systemic risks associated with SIFIs, prevent future crises and reduce the concomitant moral hazards in the current resolution measures. This paper assesses ex ante the potential impact of implementing the new Banking recovery and resolution directives on Europe’s TBTF banksThe great recession heralded in by the subprime mortgage crisis, took a dramatic turn for worse as a result of collapse of the Lehman Brothers bank in September 2008. The crisis deemed to be the most devastating after the Great Depression of 1929, had a debilitating effect on world economies, developing and advanced alike.  The extent of its devastation which  is still being felt in Europe and many parts of the globe reminds us the interconnectedness of financial institutions, particularly those tagged TBTF or SIFIs. Policy makers scrambled to curtail the ugly effect of the crisis by rescuing the SIFIs within their jurisdiction largely through bailout mechanism and provision of implicit guarantee for the debts of failing/failed institutions. As soon as the tide is stemmed, they cast their gaze on new crisis

  13. Financial capital appraisal in the system of industrial enterprise development management

    Directory of Open Access Journals (Sweden)

    Akhtyamov M.K.

    2017-01-01

    Full Text Available The paper studies an objective appraisal of financial capital value in industrial enterprise development management. The authors draw attention to a limited scope of work in the area of financial management under application of a traditional approach to appraisal of enterprise financial capital value and describe a new advanced approach to this problem solving. The paper focuses on reformation of balance sheet statement, in which economic benefit and reserves of financial capital are included by the authors; the author’s methodology for appraisal of financial capital value and its application sphere are denoted. In accordance with a case study, we confirm possibility of more accurate appraisal of enterprise investment opportunities by taking into account economic benefit from reserve of liquidity and borrowing capacity, which increases financial capital value. The practical approval results affirm that application of proprietary methodology for appraisal of financial capital and its elements has practical utility in solving problems of determination of required amount of attracted foreign investments and problems of determination of fair value of company take of an external investor, which are aimed at minimizing risks of corporate ownership dissemination and improving managerial efficiency of an industrial enterprise.

  14. Studying Russian and Soviet History.

    Science.gov (United States)

    Ascher, Abraham, Ed.

    These essays were written to assist teachers in the task of making Russian history intelligible to young U.S. students. In "An Approach to Russian History," Edward Keenan proposes that students need to gain a better understanding of how Russians perceive themselves and their history. In "Pre-Petrine Russia," Andrzej S. Kaminski…

  15. Mechanisms of the Russian monocentrism conservation: historical and politological essay

    Directory of Open Access Journals (Sweden)

    E. A. Trofimov

    2017-04-01

    The conducted research broadens the nature the «Russian powerconcept, deprives it of the mythological core, and allows developing (borrowing from the general civilization paradigm alternative mechanisms of Russian political management that orient the «stateto serving individuals and peaceful coexistence with various actors of the world political system.

  16. INFORMATIONAL CONFRONTATION BETWEEN THE RUSSIAN FEDERATION AND THE USA DURING THE “TULIP REVOLUTION” IN KYRGYZSTAN

    Directory of Open Access Journals (Sweden)

    Lina Yuryevna Medovkina

    2017-10-01

    Full Text Available In the present article the author considers the problem of informational confrontation between the Russian Federation and the USA during the “Tulip Revolution” of 2005 in Kyrgyzstan. Kyrgyzstan became the first post-socialist country in Central Asia where there had been a color revolution. It is noted that in 2004 the US State Department awarded grants to non-governmental organizations of Kyrgyzstan as help for the independent media and for dissemination of propaganda information. Financial and human resources provided by the United States gave the united Kyrgyz opposition enough financial and moral support to have the opportunity to go on the offensive on Russia in the information field. The confrontation in the information field of the Russian Federation and the United States during the “Tulip Revolution” was won by the West and lost by Russia, as their technology of counteraction to information influence were weak. The purpose of the research is the study of information confrontation between the Russian Federation and the USA during the “Tulip Revolution” of 2005 in Kyrgyzstan. Method or methodology of work. Content analysis, methods of organizing and synthesizing of information are used as methodological basis. The methodological approaches are presented by the system analysis of the considered phenomenon. The results of the study can be used as an objective confirmation of application of information confrontation methods in the conflict between states. Scope of application: state information policy.

  17. Valuation Bases and Accounting System Entries in Financial Analysis of the Municipal Real Property

    Directory of Open Access Journals (Sweden)

    Daniela Feschiyan

    2013-08-01

    Full Text Available The paper introduces a conceptual framework for an accounting of the municipal real property, and defines a respective system of indicators. The development of this framework is seen as an important prerequisite for the efficient property management. It aims to overcome the lack or poor accessibility of the information, and thus to ensure the successful municipal real property management in a strategic context. The developing of the applied approach implies that accounting indicators are divided into three main groups – values, revenues, and costs. Beside the above mentioned classification, the municipal revenues and costs are classified also as existing and proposed. The existing indicators are defined by International Accounting Standards in public sector, and some of them are considered as being appropriate for the inclusion in the financial analysis as accounting system entries. The proposed indicators are perceived as appropriate to carry out a detailed analysis of the municipal property at a lower level of desegregations. The first two paragraphs explain the main bases for the municipal property valuation - historical cost, current price, market value, present value, with a special emphasis on the use of the historical value, and the types of valuation respectively. The next three paragraphs are concentrated mainly on the accounting indicators for the municipal property assessment. The sixth paragraph represents several major accounting bases - an accounting value, a carrying value, a market value, an accumulated depreciation, revenues from the sale of assets and services, costs by economic elements, revenues from future periods and costs for future periods, and revenues from other events and costs for other events. The seventh section presents a brief comparative analysis of accounting systems of 6 municipalities in South-Eastern Europe and the last paragraph highlights the identified “good practices”.

  18. RUSSIAN LANGUAGE COURSES

    CERN Multimedia

    2000-01-01

    Russian Language Courses will be given at CERN from mid-September. For details, please call the teacher, Mrs Mascha Mikhailova, tel. + 41 22 782 62 29. At CERN, please send an e-mail to esthel.laperriere@cern.ch.

  19. Financial costs of ecologically nonsustainable farming practices in a semiarid system

    CSIR Research Space (South Africa)

    Herling, MC

    2009-11-01

    Full Text Available Nonsustainable ostrich farming practices have degraded large areas of the Little Karoo, a semiarid region in South Africa. The Little Karoo lies within the Succulent Karoo biome, a recognized biodiversity hotspot. A financial feasibility analysis...

  20. National Aeronautics and Space Administration: Leadership and Systems Needed to Effect Financial Management Improvements

    National Research Council Canada - National Science Library

    Kutz, Gregory

    2002-01-01

    ...). This implied that NASA not only could generate reliable information once a year for external financial reporting purposes but also could provide accurate, reliable information for day-today decision-making...