Journal articles on the topic 'Bank failures – Government policy'
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1
Lee, Sook-Jong. "Financial Restructuring in Korea and Japan: Resolution of Non-Performing Loans and Reorganization of Financial Institutions." Journal of East Asian Studies 2, no. 2 (August 2002): 143–85. http://dx.doi.org/10.1017/s159824080000093x.
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South Korea and Japan responded to their financial crisis of the late 1990s by restructuring financial institutions. Also, financial authorities were created to supervise financial institutions and lead financial restructuring. Financial restructuring focused on the resolution of non-performing loans that had been contributing to financial failures and on strengthening their equity capital bases for sound management. Huge amounts of public funds were mobilized to pursue these policy goals. The Korean government took more drastic measures by closing or merging many failing financial institutions. Financial restructuring also facilitated bank concentration in Korea — and Japan — giving births to several mega banks. Both governments of Korea and Japan encouraged bank concentration by allowing the establishment of a financial holding company. The Korean government was more actively involved in merging banks while Japanese bank mergers were taken by business initiatives.Financial restructuring is expected to bring more market oriented business practices among financial institutions and loosen cooperative ties among financial institutions, corporations, and financial bureaucracy in both countries. Close bank-corporation ties through main bank system and corporate networks within a business group are being loosened in Japan particularly since concerned parties have come to seek market rationality over loyalty. On the other hand, the intervention in financial sector and the mediation in bank-corporation relationship by financial bureaucracy are expected to be weakened in the case of Korea. Nevertheless, discretionary power of Korea's financial bureaucracy appears stronger for the time being since it took the helmsman of determining which financial institution is out of market.
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Mas, Ignacio. "Policy-Induced Disincentives to Financial Sector Development: Selected Examples from Latin America in the 1980s." Journal of Latin American Studies 27, no. 3 (October 1995): 683–706. http://dx.doi.org/10.1017/s0022216x00011652.
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AbstractThis commentary argues that heavy-handed regulation and onerous implicit taxation of financial intermediaries in Latin America in the 1980s was softened by governments' assumption of responsibility for bank failures. This in turn induced governments to avoid dealing with bank distress, with disastrous subsequent consequences. In effect, mismanaged bank regulations were propped up by mismanaged bank exit procedures. The disincentives induced by such financial policies on bankers, depositors, creditors and regulators were pervasive. Illustrations are drawn from the experiences of four Latin American countries (Argentina, Bolivia, Nicaragua, Venezuela) in the 1980s.
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Musa, Ibrahim, Sule Magaji, and Abul-Azeez Hassan. "Analysis of Infrastructural Challenges, Cybercrime, and the Cashless Policy in Nigeria." ARIS2 - Advanced Research on Information Systems Security 2, no. 1 (August 11, 2022): 13–27. http://dx.doi.org/10.56394/aris2.v2i1.15.
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This study makes an analysis of infrastructural challenges and the cashless policy in Kaduna state, Nigeria. A survey was conducted to collect the primary data through a structured questionnaire and interviews with bank customers, bank officials, and security personnel to obtain information on infrastructural challenges since the introduction of the Cashless policy by the Central Bank of Nigeria in 2012. Frequency distribution and simple percentage methods are used to analyze the data. Findings show that infrastructural challenges include network failure and infrastructural deficiency, debiting by Automated Teller Machine (ATM) without disbursing cash to beneficiaries, problems not rectified quickly by the banks, and charging by banks for using electronic banking methods. This leads to fraud, cybercrimes, and reduced confidence in the banking system. It is recommended that banks should be made to provide the minimum infrastructure required for cashless policy to succeed. In addition, there should be adequate cyber security measures implemented by banks and the government.
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Fiordelisi, Franco, and Ornella Ricci. "“Whatever it takes”: An Empirical Assessment of the Value of Policy Actions in Banking." Review of Finance 20, no. 6 (December 17, 2015): 2321–47. http://dx.doi.org/10.1093/rof/rfv053.
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What types of policy intervention had a greater impact during the financial crisis? By using a detailed dataset of worldwide policy, we answer this question focusing on Global Systemically Important banks (G-SIBs), looking both to stock returns and Credit Default Swap (CDS) spreads reactions. As robustness checks, we also analyze a control sample of 31 large Non-Financial Companies (NFCs). Overall, we show that different policy interventions from governments and central banks have produced diverse market reactions: investors generally appreciate monetary policy interventions for G-SIBs (but not for NFCs) and do not welcome bank failures and bailouts (for both G-SIBs and NCFs).
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Winthrop, Rob. "The Real World Heritage Conservation and Development." Practicing Anthropology 24, no. 3 (July 1, 2002): 50–51. http://dx.doi.org/10.17730/praa.24.3.385323qw45w8688l.
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This is a troubled time for development policy, and for the institutions that define it. The World Bank, the International Monetary Fund, and the World Trade Organization have been subjected to an unprecedented barrage of criticism. Since the disastrous 1999 WTO meeting in Seattle, the conspicuous failures of development policy—structural adjustment, the Asian financial crisis, and the unraveling of the post-Soviet economies—have become a matter of public debate. Critics of development have directed much of their fire at the assumptions of neoliberal economics, which prescribes fiscal austerity, monetary stability, trade liberalization, and a minimalist role for government. But it is less often recognized that development economics is in the midst of its own debate, which in tandem with the voices of outside critics may portend interesting changes in the practice of institutions such as the World Bank. Through such debates, and the innovative programs they may engender, anthropologists may find new intellectual and practical connections with the field of international development.
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HANSEN, JØRGEN KARTHUM, and STEIN HANSEN. "Integrating environmental concerns into economy-wide policies in developing countries: the role of multilateral development banks." Environment and Development Economics 4, no. 1 (February 1999): 45–68. http://dx.doi.org/10.1017/s1355770x99000042.
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This study addresses the role of multilateral development banks and their effectiveness in bringing environmental considerations, issues and consequences into structural and sectoral adjustment programmes in developing countries. It addresses a series of complex generic issues showing that such programmes cannot be meaningfully studied in isolation from other aid cooperation and government development programmes. The study proposes and discusses alternative explanations on how the multilateral development banks may have influenced thinking in borrowing countries. By looking more closely at the Philippines the study provides an insight into the dynamics and diversity of such programme lending and how its design can affect resource management and the environment in benign or adverse ways. It shows what complementary remedial action can be taken when institutional barriers, policy failures and market failures threaten the environment. It provides an analysis of how awareness of such interlinkages has emerged since 1980 and manifested itself in aid cooperation in general and in economy-wide adjustment lending in particular since 1987, while gradually being absorbed in governmental development plans and programmes with varying degrees of domestic ownership. In particular, we find that there seems to have been shifts in the World Bank and the Asian Development Bank's environmental policies after the publication of the Brundtland Commission Report in 1987.
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Husnul Khotimah, Rachmadani Eka, Thohir Luth, and Hanif Nur Widhiyanti. "PERLINDUNGAN HUKUM TERHADAP BANK ATAS PERJANJIAN KREDIT KONSUMSI BAGI ORANG ASING." Jurnal Ilmiah Hukum LEGALITY 26, no. 1 (August 15, 2018): 81. http://dx.doi.org/10.22219/jihl.v26i1.6616.
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Since 2005 the rule of Bank Indonesia is already issued a policy about consumer credit facilities in order to get a place or a home for foreign people who live in Indonesia, but it is not enough to make all the bank that took place in Indonesia give that facilities. One of the reasons discrepancy of a number banks to give that credit facilities to foreign people is because the risk in case there is a failure or the person is not fulfilling the obligation. Considering the debtor is a foreigner, while the object of the guarantee is a land with a right of use that has a limited period, and until now there is still no regulations from both the Indonesian government and from Bank Indonesia that specifically provide protection against banks on consumer credit facilities for foreigners. In this paper, the writer will discuss the effort of legal protection that can be done by the Bank are preventive effort and repressive effort. Preventive legal protection efforts undertaken by banks is with credit agreements. Repressive legal protection effort, if the foreign debtors can not fulfill the obligation one of them is to stop the consumer credit agreement.
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Olomu, Michael Oluwaseun, Moses Clinton Ekperiware, and Taiwo Akinlo. "Agricultural sector value chain and government policy in Nigeria: issues, challenges and prospects." African Journal of Economic and Management Studies 11, no. 3 (March 16, 2020): 525–38. http://dx.doi.org/10.1108/ajems-03-2019-0103.
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PurposeThis paper systematically reviewed the contributions of the recent Nigerian government agricultural policies and the impacts on the agricultural value chain system in line with the structural transformation of the sector and the Nigeria's vision 20:2020. The study also suggest strategies to upgrading various segments of the agricultural value chain and argue that Nigeria's agricultural sector requires huge investments and innovative ideas to increase production and create value addition across the most profitable areas of the value chain.Design/methodology/approachThe authors systematically present evidences and data from the Central Bank of Nigeria (the apex monetary authority of Nigeria) and Nigerian Bureau of Statistics (oversees and publishes statistics for Nigeria) to estimate the impact of Government agricultural policies on the value chains system.FindingsThe study discovers that the various recent government policy interventions to tackle the austere challenges in the agricultural sector are yet to yield much significant solution. Given to the dwindling performance of the sector, the Nigerian agricultural value chain is somewhat affected with systemic and services gaps which underpin the market failures (missing markets and weak markets), although the agricultural value chain has the potential of triggering economic growth in a higher scale with a trickle-down effect to other sectors of the Nigerian economy.Practical implicationsOverall, the findings indicate strategies to upgrading the production and processing segments of the agricultural value chain and argues that Nigeria's agricultural sector requires huge investments and innovative ideas to increase production and create value addition across the most profitable areas of the value chain.Social implicationsThe study proves that enhancing value addition in the agricultural sector is imperative to achieving triple-benefits of increasing productivity by building resilient systems that leverage on finance opportunities, deepening economic inclusive growth and achieving great milestones.Originality/valueThis study is the first attempt to focus on agricultural value chain system in line with the structural transformation and the Nigeria's vision 20:2020.
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MAN, KWONG CHI. "Finance and the Northern Expedition: From the Northeast Asian Perspective, 1925–1928." Modern Asian Studies 48, no. 6 (February 11, 2014): 1695–739. http://dx.doi.org/10.1017/s0026749x13000139.
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AbstractThis paper looks at the problems faced by the Chinese silver-backed currencies in Manchuria during the period of Northern Expedition (1925–1928), the Chinese attempt to overcome these problems, and the reasons for its failure. Manchuria was a peculiar territory during the interwar period (1919–1939), where several currencies, backed by silver or gold, competed against one another. The Chinese silver banknote, first introduced at the turn of the twentieth century, was challenged by gold-backed Japanese yen issued by the Bank of Korea, and by the Russian ruble. This competition was set in the context of the struggle for political control over the area between China (the Qing Dynasty and its successor, the Chinese Republic), Russia (and its successor the Soviet Union), and the Japanese Empire, as well as the war between the southern Nationalists (Kuomintang) and the militarists (warlords) who controlled the Chinese central government in Beijing and Manchuria. This paper suggests that the difficult financial situation determined the course followed by the warlords, and that their failure was the result of the complex regional context, and the failures in their military strategy rather than of their fiscal policy.
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Kapsis, Ilias. "Competition law and policy for the EU banking sector in a period of increased economic uncertainty." International Journal of Law and Management 54, no. 4 (July 6, 2012): 284–301. http://dx.doi.org/10.1108/17542431211245323.
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PurposeThe purpose of this article is to discuss the long‐term impact of the current financial and economic crisis on competition in the European Union (EU) banking sector.Design/methodology/approachThe article first discusses the long term role of competition in the banking sector, commenting on policy developments prior to the crisis. Then the impact of the crisis is discussed focusing on two main areas of policy state: aids and bank regulation and supervision. The article culminates with the conclusions.FindingsThe main findings about state aids are that the efforts of the Commission to ensure that aided companies would not use the government support to distort competition seem to be working. However, given that the full impact on competition of these aids may take years to be felt, the Commission should be prepared to take action where necessary to ensure that competition will be protected. The provision of state aids could not have been avoided due to the grave systemic risks associated with bank failures. In respect of regulation and supervision, the article concluded that there is a lot of work to be done in this area to ensure that mistakes that led to the crisis will not be repeated but also that there is need for the Commission to ensure that the reforms to the regulatory and supervisory architecture do not occur at the expense of competition.Originality/valueThe article contains proposals about policy adjustments, thus contributing to the ongoing debate about the role of competition policy in the efforts to address the impact of the crisis.
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Babangida, Bashir Kurfi, and Barjoyai Bardai. "Determining Factors That Improve Youths’ Economic Empowerment in Katsina State, Nigeria." International Journal of Research and Innovation in Social Science 06, no. 06 (2022): 798–808. http://dx.doi.org/10.47772/ijriss.2022.6626.
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Suffice it to say, that the government poverty alleviation and empowerment programmes are unsustainable, and formal financial institutions such as commercial banks are incapable of combating and reducing poverty, particularly among the Youths, as evidenced by the failure of several programmes and schemes to produce the expected results, despite government efforts to improve the standard of living of its citizens. Notwithstanding, Katsina state remains among the states with higher poverty rate, with the highest underemployment/unemployment rate. Which stemmed the incidences of violent crimes in the area. This serves as the motivation of the study to identify other factors that may be effective in empowering the Youths economically. To achieve the goals, the study employs a quantitative approach through structured questionnaire. The study samples were selected using a multistage sampling technique from microfinance services Youths’ beneficiaries in Katsina state, Nigeria. The result revealed that the variables that represented the main determinant of economic empowerment in the study; microcredit, micro-savings, financial training, and advisory services interacted positively which implies positive linear relationship with economic empowerment. The study suggests that MFBs should make microcredit more attainable to their youth clients to effectively fulfil their mission of empowering youth economically. Microfinance banks should be recognised as poor people’s banks, with one-digit loan rates. The Nigerian Central Bank should provide MFIs with adequate policy guidance in order to deliver Youths-friendly financial services. The outcomes of this research would be relevant to policy issues specifically the regulators such as the Central Bank of Nigeria.
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Yin, Gaofeng, Hanning Song, Jian Wang, Stephen Nicholas, and Elizabeth Maitland. "The COVID-19 Run on Medical Resources in Wuhan China: Causes, Consequences and Lessons." Healthcare 9, no. 10 (October 13, 2021): 1362. http://dx.doi.org/10.3390/healthcare9101362.
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The COVID-19 run on medical resources crashed Wuhan’s medical care system, a medical disaster duplicated in many countries facing the COVID-19 pandemic. In a novel approach to understanding the run on Wuhan’s medical resources, we draw from bank run theory to analyze the causes and consequences of the COVID-19 run on Wuhan’s medical resources and recommend policy changes and government actions to attenuate runs on medical resources in the future. Like bank runs, the cause of the COVID-19 medical resource run was rooted in China’s local medical resource context and a sudden realignment of expectations, reflecting shortages and misallocations of hospital resources (inadequate liquidity and portfolio composition); high level hospitals siphoning-off patients from lower level health providers (bank moral hazard and adverse selection problem); patients selecting high-level hospitals over lower-level health care (depositor moral hazard problem); inadequate government oversight and uncontrolled risky hospital behavior (inadequate bank regulatory control); biased medical insurance schemes (inadequate depositor insurance); and failure to provide medical resource reserves (failure as lender of last resort). From Wuhan’s COVID-19 run on medical resources, we recommend that control and reform by government enlarge medical resource supply, improve the capacity of primary medical care, ensure timely virus information, formulate principles for the allocation of medical resources that suit a country’s national conditions, optimize the medical insurance schemes and public health fund allocations and enhance the emergency support of medical resources.
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Liu, Kerry. "Chinese banking failure: the case of Baoshang Bank and its implications." Journal of Financial Economic Policy 13, no. 4 (September 24, 2020): 424–41. http://dx.doi.org/10.1108/jfep-01-2020-0013.
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Purpose On May 24, 2019, the People’s Bank of China (China’s central bank) announced that the Baoshang Bank had been taken over because of credit risk. The Baoshang Bank failure has caused concerns over the stability of the Chinese financial system and the Chinese economy. This study aims to examine the case of Baoshang Bank’s failure and its theoretical implications including the relation between ownership structure and bank performance, the monetary transmission during a banking crisis and the market response to Baoshang Bank failure. Then this study discusses policy implications. Design/methodology/approach This study adopts a two-stage least squared model to examine the relation between ownership structure and bank performance, a series of rolling regressions to examine the monetary transmission and event studies to examine the market response to Baoshang Bank failure. Findings This study finds that there is a nonlinear relation between ownership structure and bank performance, the interest pass-through has broken down after the Baoshang Bank failure and the Baoshang Bank failure and the gradual exit of implicit guarantee from the Chinese government are considered to be positive to the Chinese banking sector. Originality/value First, although previous studies on ownership structure and bank performance classified different types of larger shareholders and found that this nonlinear relation is insignificant, this study finds a significant relation by innovatively using a combined ownership. Second, further contributing to the studies on monetary transmission in banking crisis based on international data, this study based on Chinese data sets finds that the interest rate pass-through has broken down after the Baoshang Bank failure.
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Forbes, William Patrick, Sheila O. Donohoe, and Jörg Prokop. "Financial regulation, collective cognition, and nation state crisis management." Journal of Risk Finance 16, no. 3 (May 18, 2015): 284–302. http://dx.doi.org/10.1108/jrf-10-2014-0157.
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Purpose – The purpose of this cross-national study is to evaluate the communality and differences in experiences and policy responses in the run up to the 2007-2009 credit crisis and during its critical early stages in Germany, Ireland and the UK. The importance of shared cognitive illusions regarding the power and stability of financial markets is emphasised. Design/methodology/approach – A multiple case study approach is used which draws on publicly available information to trace developments leading up to bank failures (or near failures) and the evolution of government responses drawing upon alternative paradigms used to justify State intervention. Findings – Findings emphasise the role of state regulatory bodies and their response to the crisis as a primary source of the “rules of the game” in financial markets, here it is the “game of bank bargains” and a potential source of repair. Given the degree of interconnectedness, opacity and complexity of financial markets investors/politicians/regulators will fall victim to cognitive biases which affect their decisions. Research limitations/implications – This case study method allows identification of patterns in decision-makers’ behaviour and yields richer insights than a quantitative approach but is limited in its generalisability. Practical implications – This paper offers practical implications in suggesting that a pivotal step in effective crisis management requires directly addressing sources of uncertainty, namely, time pressure, complexity and opacity of underlying cause–effect relationships, empowering decision-makers to act responsibly. Originality/value – This paper is novel in its illustration of the collective cognitive paradigm for justifying regulatory action across three countries using six case studies.
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Booth, Sue, and Jillian Whelan. "Hungry for change: the food banking industry in Australia." British Food Journal 116, no. 9 (August 26, 2014): 1392–404. http://dx.doi.org/10.1108/bfj-01-2014-0037.
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Purpose – Over the last 20 years, food banks in Australia have expanded nationwide and are a well-organised “industry” operating as a third tier of the emergency food relief system. The purpose of this paper is to overview the expansion and operation of food banks as an additional self-perpetuating “tier” in the response to hunger. Design/methodology/approach – This paper draws on secondary data sourced from the internet; as well as information provided by Foodbank Australia and Food Bank South Australia (known as Food Bank SA) to outline the history, development and operation of food banks. Food banking is then critically analysed by examining the nature and framing of the social problems and policies that food banking seeks to address. This critique challenges the dominant intellectual paradigm that focuses on solving problems; rather it questions how problem representation may imply certain understandings. Findings – The issue of food banks is framed as one of food re-distribution and feeding hungry people; however, the paper argue that “the problem” underpinning the food bank industry is one of maintaining food system efficiency. Food banks continue as a neo-liberal mechanism to deflect query, debate and structural action on food poverty and hunger. Consequently their existence does little to ameliorate the problem of food poverty. Practical implications – New approaches and partnerships with stakeholders remain key challenges for food banks to work more effectively to address food poverty. Social implications – While the food bank industry remains the dominant solution to food poverty in Australia, debate will be deflected from the underlying structural causes of hunger. Originality/value – This paper contributes to the limited academic literature and minimal critique of the food bank industry in Australia. It proposes that the rapid expansion of food banks is a salient marker of government and policy failure to address food poverty.
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Repousis, Spyridon. "Greek fiscal crisis and measures to safeguard financial stability." Journal of Financial Regulation and Compliance 23, no. 4 (November 9, 2015): 415–30. http://dx.doi.org/10.1108/jfrc-12-2014-0050.
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Purpose – The purpose of this paper is to present measures and policies followed during the Greek fiscal crisis to safeguard financial stability. Design/methodology/approach – Greece since 2009 was subjected to the Excessive Deficit Procedure and a government debt crisis due to the arrival of the global economic crisis leading to a major economic and banking crisis. Two huge bailout loans and programs helped Greece avoid default. However the second bailout loan and participation of banks in the Private Sector Involvement caused losses to the banking system that amounted to €37.7 billion. To deal with the prospect of potential bank failure Bank of Greece the central bank in cooperation with national and international authorities developed many strategies to safeguard financial stability such as cash management and liquidity operations establishment and operation of Greek Financial Stability Fund (GFSF) institutional framework for recapitalization and resolution of credit institutions. Findings – The first step was to support bank liquidity pressures. In the face of these pressures the Eurosystem’s monetary policy operations provided lending to euro that ended 2010 and accounted to €97.6 billion. The second step was to establish a legal and regulatory framework for bank resolution and assess funds needed to recapitalize banks through stress tests and diagnostic assessments. Results showed that during 2012–2014 the Greek banking sector would require approximately €40.5 billion for strengthening its capital base of which €27.5 billion corresponded to the four “core banks”. Bank of Greece and GFSF managed to complete a €48.2 billion bank recapitalization in June 2013 of which the first €24.4 billion was injected into the four biggest Greek banks. In return Bank of Greece received a number of shares in those banks which it can now sell again during the upcoming years. The third step of policies was to implement resolution and restructuring measures. From October 2011 to March 2014 12 banks resolved through the new legal and regulatory framework under either a transfer order (order to transfer assets and liabilities to a transferee credit institution) or establishment of a bridge bank. All policies succeeded to safeguard Greek financial stability and restore bank losses that resulted from Greek public debt “haircut”. Originality/value – To the best of the author’s knowledge this is the first paper examining this issue.
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BELL, STEPHEN, and ALEX PARK. "The Problematic Metagovernance of Networks: Water Reform in New South Wales." Journal of Public Policy 26, no. 1 (February 24, 2006): 63–83. http://dx.doi.org/10.1017/s0143814x06000432.
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This paper argues that we need to bring government back into discussions about network governance, via the concept of metagovernance which uses water reform in an Australian state as an example. Metagovernance is defined as the government of governance, and is a vital but under researched and under theorised problem because it is difficult and contentious. The paper identifies a range of metagovernance failures in this case and suggests that the lessons learnt by the Australian authorities from the experience have led to some rethinking about the benefits and desirable scope of network governance.
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Dalal, Anjali. "What Does It Take to Clean the Ganga? Gendered Dimensions of Protest and Policy Perspectives." Indian Journal of Gender Studies 27, no. 2 (June 2020): 183–204. http://dx.doi.org/10.1177/0971521520910966.
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In the last two decades, pollution in the river Ganga has become a serious issue, affecting the socio-economic activities and the health of the communities living on the banks and adjacent areas of the river. The impact has been greater on women, because their day-to-day activities for survival are intimately connected with this water resource. The response of the government has been to drastically improve its environmental policies. Social activists on the other hand continued to mobilize civil society in regional protests, which finally led to the beginning of the ‘Save Ganga’ movement. Yet, both the strategies to clean the river pollution have been colossal failures. An analysis was undertaken of various government policies, reports and court judgements on the river’s pollution and a primary survey was done on three sites: Garhwal in Uttarakhand and in Varanasi and Kanpur in Uttar Pradesh to gauge the nature of women’s participation in the movements. It was found that there was greater participation by women in the hilly Garhwal region than in the plains of Uttar Pradesh. The research proved that women’s knowledge and experiences in environmental conservation had led to greater sustainability, in contrast to the results of the modern-technocratic approach of state officials and so-called environmentalists. The article seeks to locate the failure of the project of cleaning the river to the lack of gender sensitive environmental policies and insufficient participation of women in ecological activism.
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Hindmoor, Andrew, and Allan McConnell. "Who saw it coming? The UK’s great financial crisis." Journal of Public Policy 35, no. 1 (February 21, 2014): 63–96. http://dx.doi.org/10.1017/s0143814x1400004x.
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AbstractWho foresaw the UK banking crisis? This paper addresses this issue through detailed empirical work on the content of the Chancellor of the Exchequer’s speeches, Bank of EnglandFinancial Stability Reports, Financial Service Authority reports and speeches by Bank of England officials, editorials in theTimesandFinancial Times, bank annual reports and financial statements, credit rating reports, share price movements, Parliamentary questions, Treasury select committee reports and the output of academic economists. We find that few people inside or outside government recognised the existence of significant financial vulnerabilities in the financial system in the years prior to the collapse of Northern Rock in September 2007. We use the conceptual lenses of individual, institutional and paradigmatic pathologies to provide explanations for this failure to detect looming crisis conditions. We argue ultimately that regulators and commentators were blinded by faith in market forces and the risk-tempering properties of securitisation.
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Danso, Eugene. "Anatomy of the Privatization of State-Owned Enterprises (SOEs) in Ghana: Implication for Policy and Accountability." Journal of Public Administration and Governance 9, no. 4 (November 21, 2019): 181. http://dx.doi.org/10.5296/jpag.v9i4.15600.
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With the administrative and operational functions of State-Owned Enterprises (SOEs) becoming increasingly complex and sophisticated among developing countries by the 1980s, privatization was recommended by the IMF/World Bank as a remedy to these institutional deficiencies . This is contingent on the neoclassical debate that private ownership rather than public ownership of management and operations of SOEs results in prudent policy process and accountability. Therefore, this study sought to assess the validity of this assertion by employing the Principal-Agent theory in assessing the level of accountability between the citizens (principal) and the government (agent) during private ownership of service delivery. As a qualitative study, this paper adopts unobtrusive content analysis of an empirical study of the privatization of Ghana Water Company Limited (GWCL). The government (agent) under the Principal-Agent theory is to ensure that the private operator, Aqua Vitens Rand Limited (AVRL) respects the terms of divestiture, while upholding the principles of accountability. However, the findings of the study suggest that the failure of government (agent) to uphold core accountability mechanisms such as transparency, accessibility to information, sense of ownership, responsiveness, and conformity to established monitoring and evaluation measures, contributed to the inability to achieve key performance targets, leading to the unsuccessful policy outcome of the privatization contract. This paper, therefore, argues that the failure to adopt accountability mechanisms in the divestiture of SOEs will inevitably compromise administrative policy outcomes.
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Agarwal, Sumit, David Lucca, Amit Seru, and Francesco Trebbi. "Inconsistent Regulators: Evidence from Banking *." Quarterly Journal of Economics 129, no. 2 (March 7, 2014): 889–938. http://dx.doi.org/10.1093/qje/qju003.
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Abstract We find that regulators can implement identical rules inconsistently due to differences in their institutional design and incentives, and this behavior may adversely impact the effectiveness with which regulation is implemented. We study supervisory decisions of U.S. banking regulators and exploit a legally determined rotation policy that assigns federal and state supervisors to the same bank at exogenously set time intervals. Comparing federal and state regulator supervisory ratings within the same bank, we find that federal regulators are systematically tougher, downgrading supervisory ratings almost twice as frequently as do state supervisors. State regulators counteract these downgrades to some degree by upgrading more frequently. Under federal regulators, banks report worse asset quality, higher regulatory capital ratios, and lower return on assets. Leniency of state regulators relative to their federal counterparts is related to costly outcomes, such as higher failure rates and lower repayment rates of government assistance funds. The discrepancy in regulator behavior is related to different weights given by regulators to local economic conditions and, to some extent, differences in regulatory resources. We find no support for regulator self-interest, which includes “revolving doors” as a reason for leniency of state regulators.
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Sambajee, Pratima, and Mehdi Zulficar Azad Dhomun. "Government and SMEs in the Maldives and Mauritius." International Journal of Entrepreneurial Behavior & Research 21, no. 6 (September 7, 2015): 778–95. http://dx.doi.org/10.1108/ijebr-12-2014-0230.
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Purpose – The purpose of this paper is to compare and contrast the role of government in the development of SMEs in the Maldives and Mauritius. Using tourism SMEs, it seeks to identify, analyse and compare strategies deployed by SMEs operating in an “enabling” and a “constrained” business environment. Design/methodology/approach – An inductive approach to qualitative research is undertaken using seventeen semi-structured interviews with key stakeholders identified though a stakeholder analysis. Using multiple sources (six government officials, eight SME owner/managers, one private bank owner, one academic and one resort owner), variations and consensus in the data were identified through thematic analysis. Findings – The Maldivian Government is less proactive in supporting its SMEs compared to the Mauritian Government. Its failure to facilitate access to finance and provide business support services has led the Maldivian SMEs to use multiple methods of bootstrapping to sustain existing businesses and/or start new ones. In contrast, despite operating in a more enabling business environment, Mauritian SMEs were found to engage in similar strategies due to lack of trust in government-led initiatives. Practical implications – Policy-makers in island economies can use the findings to inform decision making in SME development planning. Originality/value – While this research adds to the sparse literature on government and SME development in island economies, it also highlights the relevance of bootstrapping for SMEs operating in economically constrained environments.
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Kramarz, Teresa. "Using the Courts to Protect the Environment in Argentina: Accountability Pitfalls When Judges Have the Last Word." Case Studies in the Environment 2, no. 1 (2018): 1–13. http://dx.doi.org/10.1525/cse.2017.000992.
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In July 2006, 17 neighbors and health professionals living in the basin of one of the most polluted rivers in the world—the Matanza-Riachuelo—brought a case before the Supreme Court of Argentina. They claimed extensive health damages due to the level of contamination of the basin. The lawsuit was filed against the federal, provincial, and city governments, as well as 44 private companies [1]. This case study introduces readers to the growing pattern of judicialization of environmental policies. This trend was initially celebrated by many activists since a Supreme Court responsive to people’s demands and focused on protecting the environment could address long-standing policy failures of the executive and legislative branches of government. However, this case study examines two main ways in which judicialization may generate an accountability crisis for communities affected by environmental disasters. First, it raises a theoretical argument that a Court that takes on managerial functions beyond its adjudicative role distorts the normal horizontal accountability functions that are part of the division of powers between the three branches of government. Second, it empirically demonstrates that a Court’s involvement in policy formulation does not guarantee effectiveness and precludes vertical accountability, since citizens cannot vote judges out of office. The case suggests that judicializing environmental politics is fraught with risks to democratic accountability. These must be considered carefully before embracing the judiciary as a band-aid remedy to an executive branch that fails to protect people and the environment.
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Pasaribu, Sahat M., and Mat Syukur. "Policy Support for Climate Risk Adaptation the Role of Microfinance." Analisis Kebijakan Pertanian 8, no. 1 (August 26, 2016): 1. http://dx.doi.org/10.21082/akp.v8n1.2010.1-11.
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Agricultural development in Indonesia is being faced by the unpredictable climate situation. With such a high risk, however, Indonesia should be able to provide sufficient food for all of the people and access to food at affordable prices. In this regard, the climate field school is important to improve farmer’s konowledge to anticipate such climate change. While adapting to the climate change, agricultural activities should be protected and reduced the risk to the lowest possible level. Agricultural insurance is introduced to protect the farms, share the risk, and favor the farmers. Rice farm insurance, in particular, is applicable to share the risk of harvest failure caused by flood, drought and pest and disease infestations. Government support to provide subsidy for premium payment is encouraged. Such subsidy would be reduced gradually and integrated in the farm cost of production. In the absence of agricultural bank in Indonesia, microfinance institution is required to provide sufficient fund to cover cost of production. For a short-term follow up action, the current Rural Agribusiness Development Program (PUAP) is expected to help farmers through its microfinance institution in funding the farm activities. The role of microfinance is part of the climate change anticipation strategy and is very significant to help farmers to envisage the effect of harvest failure risk.
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Harahap, Abi Jumroh. "Analisis Hukum Pemberian Kredit kepada Usaha Kecil di Provinsi Sumatera Utara." JUPIIS: JURNAL PENDIDIKAN ILMU-ILMU SOSIAL 8, no. 1 (December 29, 2015): 125. http://dx.doi.org/10.24114/jupiis.v7i2.3118.
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For empowering economic of the people (small enterprises), the government has enacted some regulations to provide facilities including credit for enterpreneur even resolving the marketing problem such as Law No. 20 of 2008 on Micro, Small, and Medium Enterprises. This is a legal research of normative with the empirical approach based on the phenomenon in social field, then all of data is displayed systematically to be analyzed deductively. The population consists of 32 regency/city located in the North Sumatra Province, but sample is selected purposively namely five regency/city of them. Duration of the research is 2 years which is oriented on: to improve the policy of government considering small enterprises empowerment in Indonesia spesifically in North Sumatra, scientific publication in a local journal having international serial number (ISSN) or national acredited journal and textbook or handbook. Financial limitedness for developing micro, small and medium enterprises (UMKM) is the clasical problem found frequently in the developing countries. This effects to level of production and its development. The public grants provided by government for developing UMKM is distributed through the special financial agencies such as the bank for industrial development and agribusiness. The commercial banks are hoped to be able to participate in the sector by quota of credit, subsidy, tax income, and guarantee for failure.
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Karim, Mohamed, Khalid Sobhi, Mohamed El Moussaoui, and Othmane Erguigue. "Industrial Policy and Promising Niches in Morocco. A Quantitative Analysis." Journal of Economics and Public Finance 7, no. 2 (February 15, 2021): p12. http://dx.doi.org/10.22158/jepf.v7n2p12.
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Since 2000, Morocco has launched important institutional and economic reforms based on strategies to correct market failures in important sectors of the economy. These strategies have included tax exemptions and other financial incentives, facilitating access to land and simplifying administrative procedures, and launching major public infrastructure projects, all of which have combined to create a new investment dynamic in strategic sectors such as agriculture, industry, and energy. These efforts have affected many sectors: the Azur Vision 2020 plan for tourism, the Green Morocco Plan for agriculture, the Halieutis 2020 Plan for fishing, Maroc Plus Export for export, the Emergence Plan (2005) for industry followed by the National Pact for Industrial Emergence, 2009-2015 and the new Industrial Acceleration Plan, 2014-2020. For example, to support the new Industrial Acceleration Plan, the government has provided a grant, a financial support of about 2% of GDP over 6 years. The government has also offered ad hoc support to attract foreign investors in large private projects likely to generate significant positive externalities. One example is the project to set up a Renault Company plant in Tangiers, which aims to produce and export 400,000 cars per year (World Bank, 2017).This note highlights the industrial sectors that can offer the best potential for growth, attract private investors and contribute to the creation of decent jobs. It will also identify ways to accelerate investment in Morocco. These industrial investments may include purely private investments or those made with the support of international financial institutions. The note analyzes investment and sectoral integration opportunities using the input model (outputs and employment elasticity indicators), the evaluation of the industrial acceleration plan, and sets out the measures taken by the CVE to promote VSEs. Only one classic sector is selected is highlighted for their investment potential and their commitment to reform in the sectors. It is the food industry.The note follows the diagram below:1) An introduction to the economic, political and social frameworks, including key indicators 2) A sector analysis to identify one to three sectors that are likely to be the subject of accelerated investment and in which reforms will have a particularly high chance of improving the business and investment climate and having an impact on development. 3) A mapping of the most relevant initiatives, technical assistance, grants and loans, and investments by donors and other stakeholders, such as development finance institutions. In the selected sector(s).4) An analysis of the existing reform agenda in the respective sector(s) and the identification of areas where there is a high likelihood of effective cooperation to support the implementation of these reforms.
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Baral, Ravindra Prasad. "Corporate Governance Mechanisms in Commercial Banks of Nepal." Janapriya Journal of Interdisciplinary Studies 9, no. 1 (December 31, 2020): 120–34. http://dx.doi.org/10.3126/jjis.v9i1.35282.
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Corporate governance in banking sector has received great attention among policymakers, practitioners and academicians in Nepal due to governance failures in some financial institutions in recent period. This study attempts to examine the corporate governance mechanisms adopted by Nepalese commercial banks by using a panel data of 30 commercial banks from 2012 to 2016. The internal corporate governance mechanisms are board structure and composition, board committees, director independence, transparency and disclosure, director remuneration, and shareholders rights. The study employs ANOVA test to examine differences in corporate governance mechanisms among state-owned, joint venture, and domestic banks. The study findings reveal that the corporate governance practices in financial institutions of Nepal is somewhat satisfactory; however, significant improvements are required especially in case of state-owned banks and local private banks. In order to achieve the policy of government of Nepal to enhance financial system stability, one of the major areas for policy focus should be to promote enhancement of corporate governance standards in the financial institutions as the stability of the banking sector depends largely on corporate governance practices they adopt. Promoting director independence, improving transparency and disclosure, and enhancing shareholders’ right are found to be important for improving standard of corporate governance in Nepal.
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Khawaja, M. Idrees, and Sajawal Khan. "Pass-through of Change in Policy Interest Rate to Market Rates." Pakistan Development Review 47, no. 4II (December 1, 2008): 661–74. http://dx.doi.org/10.30541/v47i4iipp.661-674.
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Monetary policy has been aggressively used by the central Bank of Pakistan, in this decade, first to bolster growth and then to contain rampant inflation. Despite the sufficiently tight monetary policy that has remained in vogue in recent times, the inflation is still around 20 percent. This has raised questions about the effectiveness of monetary policy. One possible reason for the lesser effectiveness, if not failure, of monetary policy in taming inflation could be that in recent times, inflation was primarily supply driven and that the monetary tightening was in part offset by fiscal expansion, on the back of heavy bank borrowing by the government. However one cannot rule out the possibility that market imperfections might have also impeded the effectiveness of monetary policy in taming inflation to the desired extent. Incomplete and slow pass through of changes in policy interest rate to deposit rate and lending rate is a kind of imperfection that constrains the effectiveness of monetary policy. This study examines the pass through of policy interest rate to different market rates. Monetary theory predicts that the change in policy interest rate influences the cost capital which in turn influences consumption, savings, investments, and hence output. However if the impact of the change in policy rate on the cost of capital is less than one for one or if the change in policy rate fails to influence the cost capital immediately then the impact on output would become visible only with a certain lag and the impact would be less than one for one. This implies that if for example only 70 percent of the change in policy rate is passed on to cost of capital, then to manage an increase of 100 basis points in cost capital the policy rate should be raised by 143 basis points. This example serves to emphasise that for effective monetary management knowledge of the magnitude of passthrough of policy rate and the lag structure with which the policy rate influences cost of capital is important. Substantive empirical evidence confirms that changes in policy interest rate are transmitted to the output with a certain lag and that the pass-through of changes in policy rate to output or to other elements of the transmission channel may be less than one for one. Given the policy implications of the information, on the magnitude of pass through and the lag structure with which the policy rate influences different market rates, this Paper seeks to measure the pass-through of the changes in six month Treasury bill rate to six month KIBOR, six month weighted average deposit rate and weighted average lending rate. The study is focused on Pakistan.
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Peplow, Daniel, and Sarah Augustine. "The Submissive Relationship of Public Health to Government, Politics, and Economics: How Global Health Diplomacy and Engaged Followership Compromise Humanitarian Relief." International Journal of Environmental Research and Public Health 17, no. 4 (February 22, 2020): 1420. http://dx.doi.org/10.3390/ijerph17041420.
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This paper describes efforts by public health practitioners to address a health crisis caused by economic development policies that are unrestrained by either environmental, public health, or human rights mandates. Economic development projects funded by international funding institutions like the Inter-American Development Bank that reduce poverty when measured in terms of Gross Domestic Product (GDP) per capita in the transborder region between Suriname and French Guiana harm minority populations where commercial activities destroy, alter, and remove the resources upon which local communities depend. In this study, the structural causes of a community health crisis affecting Indigenous people in the transborder region between Suriname and French Guiana was addressed by seeking gatekeepers in government who have access to policy-making processes. We found that deeply rooted economic development policies structured social, economic, and political alliances and made them resistant to feedback and reform. We concluded that work must be focused beyond the simple exchange of public health information. Public health practitioners must become politically active to create new policy commitments and new patterns of governance that advance development as well as improve health outcomes. Failure to do so may result in public health practitioners becoming ‘engaged followers’ that are complicit in the inhumanity that springs from their acquiescence to the authority of government officials when their policies are the cause of preventable death, disease, and disability.
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Krishna, Ujjwal, and Chris Roche. "Article Locating Leadership and Political Will in Social Policy: The Story of India’s MGNREGA." Politics and Governance 8, no. 4 (November 25, 2020): 168–79. http://dx.doi.org/10.17645/pag.v8i4.3342.
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The term ‘political will’ is often conveniently used to explain the success or failure of any policy or programme. It has emerged as the “sine qua non of policy success which is never defined except by its absence” (Hammergren, 1998, p. 12). Therefore, a structured examination of the term is necessary to analyse social policy and programming. The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), enacted by India’s United Progressive Alliance government in 2005, offers a compelling case to examine the role of ‘political will’ in the formulation of a major programme. The evolution of the MGNREGA, which has been described by the World Bank as the largest antipoverty state-run employment-generation scheme anywhere in the world (Dutta, Murgai, Ravallion, & van de Walle, 2014), depended significantly on leadership and political commitment in the legislature and the executive, as well as their coordination and substantive engagement with civil society, represented through non-governmental organisations and activists. We explore the complex power relations between the diverse range of actors involved in the MGNREGA, and gauge the role of leadership and political will in the formulation of the MGNREGA, as carried out by the United Progressive Alliance government between 2005 and 2014, in contrast to the manner in which it was reframed and retained by its successor dispensation, the National Democratic Alliance from 2014 onwards. We then examine the MGNREGA, utilising a framework which expands our understanding of political will as being contingent upon leadership at the individual, collective and societal levels (Hudson, Mcloughlin, Roche, & Marquette, 2018), thereby providing us with greater explanatory power.
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James, Scott C. "Building a Democratic Majority: The Progressive Party Vote and the Federal Trade Commission." Studies in American Political Development 9, no. 2 (1995): 331–85. http://dx.doi.org/10.1017/s0898588x00001358.
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On 30 May 1914, Theodore Roosevelt fired the opening shots of the midterm elections against the party of Woodrow Wilson. Roosevelt framed the off-year elections as a referendum on the failures of the New Freedom, the Democrats' three-pronged program to curb the power of the trusts. Rather than bringing monopolies to heal, the former president asserted, Democratic policy had simply driven the economy into recession. “[T]he Democratic party,” Roosevelt explained on another occasion “has been engaged in what is fundamentally an effort to restore the unlimited competition of two generations back and to subject this to only an ineffective and weak government control”. To all, Roosevelt's counsel was constant: the prudent course of citizens that fall was to register a vote for social and industrial progress, to support the Progressive party candidate for Congress.
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Baryshych, Luka, and Dieudonne Dusengumukiza. "GENERALIZED AUTOREGRESSIVE CONDITIONAL HETEROSKEDASTICITY MODELING OF ONEYEAR MATURITY GOVERNMENT BONDS OF GREECE DURING SOVEREIGN DEBT CRISIS OF EUROZONE IN 2010." Scientific Bulletin of Mukachevo State University. Series “Economics” 1(13) (2020): 184–91. http://dx.doi.org/10.31339/2313-8114-2020-1(13)-184-191.
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ination of international trade imbalances, the impact of the global crisis from 2007 to 2012, failure in bailout approaches of European governments that troubled banking industries and private bondholders, high-risk lending and borrowing policies enforced by unrestricted credit requirements during the period from 2002 to 2008 and fiscal policy choices related to government revenues and expenses. The objective is to model the boiling state of the Greek local financial market before the peak of the Sovereign Debt Crisis of Eurozone in 2009, modelling the insights of foreign investors and credit rating organizations. We will identify a set of primary risk factors and their effect on both the local economy and the markets involved to validate the analysis done. In this paper will use both statistical analysis and macroeconomic data modelling techniques to identify a set of primary risk factors or economic variables and their effect on both the local economy of Greece and the markets involved. The selected method of modeling is Generalized autoregressive conditional heteroskedasticity models. The research is based on the data provided by World Bank Data Portal. Results obtained are fitted of 2006-2009 years data Autoregressive Conditional Heteroskedasticity (ARCH) and Generalized Autoregressive Conditional Heteroskedasticity (GARCH) models, forecasting market volatility in 2010 and on. We have discovered, that the Auto Regressive Integrated Moving Average model is not suitable for this problem as there was no notable autocorrelation. The volatility seems to fade out. This observation coincides with reality, as the crisis is about to peak and descend. Systemic risk indicators, primarily used for forecasting state-wide risk, are usually built on insider data of rating agencies or financial institutions. In this paper we obtain results close to Systemic Stress Indicator provided by European Central Bank (ECB) using ARCH and GARCH models on public data. The practical importance is model generation principle, which allows creating a risk indicator based on public financial data. Key words: economy, Single Financial Market, macroeconomic models, commodities prices, risk indicators.
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Tabouratzi, Efthalia, Christos Lemonakis, and Alexandros Garefalakis. "Determinants of failure in Greek manufacturing SMEs." Corporate Ownership and Control 14, no. 3 (2017): 45–55. http://dx.doi.org/10.22495/cocv14i3art5.
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The globalization and the global financial crisis provide a new extremely competitive environment for small and medium sized enterprises (SMEs). During the latest years, the increased number of firms’ default has generated the need of understanding the factors of firms’ default, as SMEs in periods of financial crisis suffer from lack of financial resources and expensive bank lending. We use a sample of 3600 Greek manufacturing firms (9 Sectors), covering the time period of 2003-2011 (9 years). We run a panel regression model with correction for fixed effects in both the cross-section and period dimensions using as dependent variable the calculated Z-Score of each firm, and as independent variables several financial ratios, as well as the exporting activity and the use of International Financial Reporting Standards (IFRS Accounting Standards).We find that firms presenting higher performance in terms of ROA and sales and higher leverage levels that enhance their liquidity as well are healthier in terms of Z-score than their less profitable counterparts and acquire lower rates of probability of default: in other words, less risk. The results of the study can lead to policy implications for both Managers and the Government in order to enhance the growth of Greek manufacturing sector.
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Dermer, Philip J. "Trip Notes on a Return to Israel and The West Bank: Reflections on U.S. Peacemaking, the Security Mission, and What Should be Done." Journal of Palestine Studies 39, no. 3 (2010): 66–81. http://dx.doi.org/10.1525/jps.2010.xxxix.3.66.
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The following document, previously unpublished, was written in March 2010 by a recently retired ( June 2009) U.S. Army colonel with thirty years experience in the Middle East, including tours of duty and advisory roles (in both military/security and civilian domains) from North Africa to the Persian Gulf. The subject of the informal report is the author's first two trips as a "civilian" to Israel and the West Bank, where he had served two tours of duty, most recently as U.S. military attachéé in Tel Aviv during Israel's 2005 unilateral disengagement from Gaza and the formation of the U.S. Security Coordinator's (USSC) mission to reform Palestinian Authority (PA) security forces. Written as an internal document for military colleagues and government circles, the report has been circulating widely——as did the author's earlier briefings on travel or missions in Syria, Lebanon, Jordan, Egypt, and especially Iraq——among White House senior staff, the Joint Chiefs of Staff, the Defense Intelligence Agency, CENTCOM (U.S. Central Command), EUCOM (U.S. European Command), and the USSC team. The document's focus is the state of the "peace process" and the current situation in the West Bank, with particular attention to the PA security forces and the changes on the ground since the author's last tour there ended in mid-2007. But the real interest of the paper lies in the message directed at its intended audience of military and government policy officials——that is, its frank assessment of the deficiencies of the U.S. peace effort and the wider U.S. policy-making system in the Israel-Palestine arena, with particular emphasis on the disconnect between the situation on the ground and the process led by Washington. The critique has special resonance in light of the emerging new thinking in the administration fueled by the military high command's unhappiness (expressed by CENTCOM commander General David Petraeus and Joint Chiefs of Staff chairman Admiral Michael Mullen) with the State Department's handling of Middle East diplomacy, especially with regard to the Israeli-Palestinian conflict, on the grounds that diplomatic failures are having a negative impact on U.S. operations elsewhere in the region. For most JPS readers, the report has additional interest as an insider's view of the U.S. security presence in the Israel-Palestine arena. It also reflects a military approach that is often referenced but largely absent in public discourse and academic writings. The author, in addition to his tours of duty and peacekeeping missions in various Middle Eastern countries, has served as advisor to two U.S. special Middle East envoys, the U.S. negotiating team with Syria, General Petraeus, Lieutenant General Keith Dayton, Vice President Dick Cheney, and, more generally, to CENTCOM, the Department of Defense, and the Joint Chiefs of Staff, among others. In retirement, he has worked with CENTCOM as a key primary subject matter expert in the development of analyses and solutions for its area of responsibility, leads predeployment briefings for army units heading to Iraq, and travels frequently to Iraq and elsewhere in the region as an independent consultant. He is currently in Afghanistan with the CENTCOM commander's Afghanistan-Pakistan Center of Excellence. The report, made available to JPS, is being published with the author's permission.
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Gupta, Muskan. "Privatization in India." International Journal for Research in Applied Science and Engineering Technology 10, no. 2 (February 28, 2022): 123–26. http://dx.doi.org/10.22214/ijraset.2022.40200.
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Abstract: Privatization generally is defined as the process of transfer of ownership, it can also be permanent or just for the years for which a particular contracted has been drafted between the parties. It is basically a route from public ownership to private ownership. On the other side it is also a strategy that provides advantage to a few at the price of many. In the 1960's and 1970's academicians, economists and politicians favored state ownership over personal possession within the production and provision of products and services. By the tip of the 1980's, however, there was a reversal of public policy from state domination of the assembly and provision of products and services to non-public ownership and operation. This was due partly to what the globe Bank observed as “state failure”, that was characterized by inefficient service delivery, unprofitable SOEs, high government debt, and stagnant economic process rates. Consequently, privatization caught on in several countries as a policy tool to foster potency, encourage investment, free public resources for investment in infrastructure and social programs to boost economic process and spatial arrangement equity. This paper also discusses the causes and reasons for privatization to happen in India and what are its pros and cons.
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Petcharat, Areeyapat, Yohan Lee, and Jae Bong Chang. "Choice Experiments for Estimating the Non-Market Value of Ecosystem Services in the Bang Kachao Green Area, Thailand." Sustainability 12, no. 18 (September 16, 2020): 7637. http://dx.doi.org/10.3390/su12187637.
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Bang Kachao, the largest green area in the Bangkok metropolitan area, delivers significant ecosystem services to sustain society free of charge. It is therefore difficult to achieve socially optimal services because of inefficient allocation of resources, over-consumption, and negative externalities resulting from market failures. This study’s purpose is to assess consumers’ willingness to pay (WTP) for enhancing ecosystem services from the Bang Kachao Green Area and to investigate factors influencing the WTP of Bangkok residents. A choice experiment was applied by interviewing 200 respondents living in the Bangkok metropolitan area. The data were collected between July and September 2016 and analyzed using a conditional logit model. The results reveal that the respondents are willing to pay 42 USD per year to improve the ecosystem services in Bang Kachao. The respondents demand clean air the most, followed by food, recreation, and bird diversity. The government of Bangkok may take proactive steps to promote agroforestry and ecotourism in Bang Kachao. A Payment for Ecosystem Services (PES) scheme may ensure the provision of ecosystem services in Bang Kachao.
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Tieng, Matur. "A Systematic Assessment of Budgeting and Budgetary Management system of South Sudan: The Case of the Ministry of Finance and Economic Planning." Technium Social Sciences Journal 40 (February 8, 2023): 174–83. http://dx.doi.org/10.47577/tssj.v40i1.6499.
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The purpose of this study was to assess the budgetary management system by the Ministry of Finance and Economic Planning to manage the budget effectively and efficiently to meet the financial objective of the government of South Sudan. The study undertook a critical review of all financial policy documents including the appropriation bills, the Public Financial Management and Accountability Act 2011, and other assessment reports conducted by the other individuals and institutions on the financial management system of the government of South Sudan. A self-administered questionnaire was used to collect first-hand information from the spending agencies of the government about how the budget is being managed on their behalf. And to find out whether the current budget management system meets the expectations of the spending agencies. Among the major trending issues found during this study were lack of transparency in the budget management, lack of inclusive participation of all stakeholders in the budget planning, weak internal and external control mechanism, lack of qualified staff in the accounts and budget departments, lack of timely and adequate budgetary information sharing, and failure of the parliament to exercise its oversight role on the planning and implementation of the budget, among others. The study concluded that significant reform in the financial management system in South Sudan is needed, as well as the deployment of qualified accountants to all spending agencies. This will ensure proper budget discipline among all spending agencies since the qualified workforce is at the driving will of the financial system. The Treasury Single Account be implemented without any objection by some spending agencies such as the security sector. And the custodian of the system be the Central Bank of South Sudan since it is the fiscal agent of the government.
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Brownbridge, Martin. "Resolving Bank Failures in Uganda: Policy Lessons from Recent Bank Failures." Development Policy Review 20, no. 3 (July 2002): 279–91. http://dx.doi.org/10.1111/1467-7679.00171.
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Bilal, Ahmad Raza, and Mirza Muhammad Ali Baig. "Transformation of agriculture risk management." Agricultural Finance Review 79, no. 1 (February 4, 2019): 136–55. http://dx.doi.org/10.1108/afr-05-2018-0038.
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Purpose The purpose of this paper is to investigate the balanced role of internal and external compliance in risk evaluation process of specialized agriculture financing. The authors examine the adaptive behavior of risk managers to determine the role of proposed transformation for risk monitoring (RM) and control process in risk mitigation and avoidance of agriculture credit failure. Design/methodology/approach A self-administered survey was conducted to collect data from 353 risk-related officers and managers in Zarai Taraqiati Bank Limited (ZTBL) Pakistan. The authors used a previously tested scale for the main constructs. The descriptive analyses were used to gauge the model capacity for determining the strength of proposed risk patterns in agriculture risk management. Findings The results reveal that risk evaluation process in ZTBL is reasonably efficient in mitigating risks. Given the sensitive nature of farm credit, there is a need of fundamental reforms in risk policy manuals in line with central bank’s agriculture prudential regulations and Basel-III standards. The results fully support H1 and H2, while H3 is partially validated. The result patterns indicate serious issues in risk evaluation process in agriculture finance that is causing higher delinquency in farm credit. Research limitations/implications Based on highlighted issues, the authors recommend valuable guidelines in the RM review system for agriculture financing products at ZTBL. Practical implications The authors propose remodeling of agriculture risk management and offer valuable insights to the agriculture financial regulators and government in taking policy initiatives in the pre-and-post agriculture risk evaluation process. The proposed model enables RM process to improve farm credit delinquency, particularly in ZTBL and other agriculture banking networks in commercial banks. Originality/value This is the first study to empirically investigate RM evaluation process in agriculture risk management of ZTBL in Pakistan, thus, offers new horizon of farm credit regulatory compliance in agricultural sector of Pakistan.
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Katwesigye, L., Edward, S, and Kalibwani, R. "CHALLENGES AND OPPORTUNITIES OF AGRICULTURAL COOPERATIVES IN COFFEE PRODUCTION AND MARKETING IN BUSHENYI AND SHEEMA DISTRICTS IN UGANDA." International Journal of Agriculture, Environment and Bioresearch 07, no. 06 (2022): 165–77. http://dx.doi.org/10.35410/ijaeb.2022.5782.
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Cooperatives are important vehicles for community development because of their capacity to mobilize local resources into critical masses. Their potential to respond to socio-economic needs of community cannot be underrated. Despite efforts by many governments to uplift their operations and sustainability, they continue to face sustainability challenges. The study was addressing the challenges and opportunities of agricultural cooperatives in coffee production and marketing in Bushenyi and Sheema Districts in Uganda. The specific objectives were to; identify the challenges that hamper cooperative growth and available opportunities for their growth and sustainability. The study was a descriptive-cross sectional survey engaging both qualitative and quantitative approaches for data collection and analysis. Information was collected from 360 cooperative members and other key informants using questionnaire and interviews. Data was analysed using SPSS version 21 to generate both descriptive and inferential statistics. The study identified various challenges hampering cooperative growth such as; inadequate supply of inputs, inadequate member participation, lack of trust, poor coordination, lack of democracy, failure to serve the members’ interest, lack of capital resources, poor power relations with the local government, corruption and mis-use of fund. The study also confirmed that; indorsing democracy, active participation, fighting corruption, building trust, and strengthening governance were the available opportunities for sustaining cooperative growth. This could however be achieved through policy measures like tough penalties against corrupt, prioritizing training and education, cooperative tax exemption, creating cooperative bank, emphasizing democracy and equal participation, strengthening governance structures as well as introducing reward systems. As a result of the significant results, the study concludes that there are different socio-economic and institution challenges hampering the potential of cooperatives in promoting agricultural development in Bushenyi/Sheema districts. It therefore recommends the reestablishment of a Cooperative Bank to provide loans necessary for agricultural cooperatives with suitable interests. It also recommends the need to create more awareness about the benefits of cooperatives to members and general population. Fighting corruption is also paramount.
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Treadwell, Greg. "FOI scholarship reflects a return to secrecy." Pacific Journalism Review 22, no. 1 (July 31, 2016): 121. http://dx.doi.org/10.24135/pjr.v22i1.16.
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When Mexican president Enrique Peña Nieto launched the third summit of the Open Government Partnership (OGP) in October 2015, protesters disputed his highly scripted account of his government’s transparency. The OGP may be growing but increasingly scholars and journalists are reporting a degradation of freedom of information (FOI), even in comparatively open societies like Aotearoa/New Zealand. Stemming from a doctoral review of FOI scholarship, this article traces FOI’s origins and role in democratic governance and finds scholarssituate access to state-held information as a fundamental human right. However, it describes scepticism among journalism practitioners and researchers alike about the realpolitik success of FOI regimes. Researchers have recorded tendencies back to state secrecy since the declaration of the so-called war on terror and document various other FOI failures, from blatant disregard for the law to an ever-growing structural pluralism that is casting shadows over state expenditure. This article also considers literature on Aotearoa-New Zealand’s FOI regime, work largely produced by legal-studies and policy-studies scholars. It outlines what research does exist within journalism studies but contends a lack of more significant contributions has restricted our understanding of the regime.
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Lupenko, Yurii, and Yurii Radionov. "The Financial System Stability: The Essence, Vulnerability, Ways to Provide." Oblik i finansi, no. 4(94) (2021): 81–90. http://dx.doi.org/10.33146/2307-9878-2021-4(94)-81-90.
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The state financial system must function smoothly and respond promptly to destabilizing exogenous and endogenous factors that can arise at any time. Therefore, ensuring the financial system's stability and improving its mechanisms is an important component of public policy. The purpose of the article is to reveal the essence of the financial system's stability, identify internal factors of the financial vulnerability of Ukraine that may affect the effectiveness of the country's financial system, and find ways to overcome them. The content of the concept of "stability of the financial system" is revealed. It is established that the use of different terminology indicates the complexity and, at the same time, the versatility of this term. According to international experience, the country's central bank has a decisive role in assessing the stability of the financial system; in Ukraine, this function is performed by the National Bank of Ukraine. It was found that inefficient use of budget funds is one of the key factors in the financial system's vulnerability. The state of execution of the State Budget of Ukraine in 2020 is analyzed. It has been established that over the last decade, the budget has been executed with a deficit, and the existence of a significant budget deficit leads to a movement in the “debt spiral”. The Government borrows a significant amount of money to implement the budget, and therefore it is becoming increasingly difficult to attract them on reasonable terms. Failure to receive the funds leads to late spending. Thus, the budget deficit, public debt, and inefficient use of budget funds are the internal factors that increase the financial system's vulnerability and undermine its stability.
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Radygin, A., and R. Entov. "Government Failures: Theory and Policy." Voprosy Ekonomiki, no. 12 (December 20, 2012): 4–30. http://dx.doi.org/10.32609/0042-8736-2012-12-4-30.
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The article deals with the evolution of approaches to the problem of “government failures”. This trend of modern economic theory, which has arisen in opposition to the concepts of “market failures” can be seen as a search for a new strategy of political and economic analysis of the resource allocation mechanisms, as well as historical social institutions and their effect on the efficiency of economic processes. Special attention is paid to the problem of information retrieval, ways of funding the state, the impact of rent‑seeking behavior, the role of the political process, negative externalities as a result of the lack of coordination, and of the overall presence of the state in the economy. Interdisciplinary approach to “government failures” takes into account the influence of legal rules and institutions on the nature of allocation of public resources, as illustrated by the examples of modern Russian economy.
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Wheelock, David C. "Government Policy and Banking Market Structure in the 1920s." Journal of Economic History 53, no. 4 (December 1993): 857–79. http://dx.doi.org/10.1017/s0022050700051342.
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This article investigates interstate differences in banking market structure during the 1920s. It finds that the number of banks per capita and the ratio of state-chartered to federally chartered banks were highest in states with deposit insurance systems, low minimum capital requirements, and branching restrictions. In the 1920s banking consolidation was greatest where falling incomes caused high failure rates, in states with deposit insurance, and where branching increased. After 1920, the high failure rate of insured state banks caused the ratio of state–chartered to federally chartered banks to decline relatively more in states with insurance systems.
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Nyikos, Györgyi, and Zsuzsanna Kondor. "National Development Banks in Europe – A Contribution to Sustainable Finance." Central European Public Administration Review 20, no. 1 (May 30, 2022): 135–65. http://dx.doi.org/10.17573/cepar.2022.1.06.
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Purpose: The paper explains critical changes to investment funding occurred over the past fifteen years in the European Union and explores the added value that National Development Banks create for sustainable finance. The delivery of the European Green Deal and the recovery from the Covid-19 pandemic require an unprecedented scale of resources. The need to adopt a new sustainable investment approach and adjust the operation of the financial system has become inevitable. Existing research has underlined the role national development banks play in counter-cyclical measures and promotion of the government’s public policy goals. However, their standing in the sustainable finance landscape has enjoyed less attention so far. The paper, therefore, looks at how the remit of the Banks has evolved and assesses their progress and further development needs in relation to promoting sustainable finance. Design/Methodology/Approach: The research has followed a two-phase design. The first phase has included the examination of the operational setting of National Development Banks and their impact on overcoming market failures and improving access to finance. The second phase concentrated on drawing a comparison between the new regulatory requirements, in particular the European Green Deal, the EU Taxonomy Regulation and the functioning of the National Development Banks. The methodology has included a detailed literature review, desk research, data collection and re-assessment of earlier surveys, which has been used for prescriptive comparative analysis and cluster analysis. Findings: The paper concludes that National Development Banks, despite their common goals and mandates, demonstrate important variations in terms of government involvement in strategic direction and decision-making and the Banks’ actual contribution to national policy goals. The outcome confirms the hypothesis that recent changes to the EU strategic and regulatory framework only require minor amendments to the direction of NDB investments. Their original setup and objectives are already in accordance with the new expectations and they invest mostly in economic sectors that the new taxonomy system classifies as sustainable. Practical Implications/ Originality/Value: This is important for the scholarly discourse on the essential conditions for sustainable finance. Meanwhile, the results provide usable guidance for development banks/funding agencies in Europe, too. The paper offers a solid ground for continued explorations of the European financial sector, whereas the recently adopted Digital Finance Package could further widen the agenda of the research direction.
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nwabugo, Nwagbara, eucharia. "The story of structural adjustment programme in nigeria from the perspective of the organized labour." Australian Journal of Business and Management Research 01, no. 07 (February 10, 2012): 34–41. http://dx.doi.org/10.52283/nswrca.ajbmr.20110107a03.
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The process of achieving the set objectives of structural adjustment programme (SAP) produced adverse social effects that put to question the sincerity of purpose of the SAP policy designers and implementers. To be able to generate conclusions concerning how the politics of enhancing the “well-being” of the people via SAP played out in the Nigerian society, in terms of how well the programme served the intended purpose, questions have to be asked, and responses elicited. Earlier attempts at appraising the SAP were geared toward examining the successes or failures of the adjusting countries in implementing the policies. Such appraisal gave rise to concern on the issue of good governance as a necessary and inevitable prerequisite of effective economic reform. At the same time, not much effort was made at ascertaining the social fallouts of the entire reform process. Even when the outburst of public outcry within the adjusting countries necessitated the recognition of the importance of the social dimension of SAP, little effort was made at understanding the problem from the perspective of the aggrieved populace. What we see is a proliferation of World Bank sponsored studies on the issue that hardly take cognizance of the people’s feelings. Thus the findings of such studies cannot be said to be representative of the views of all the stakeholders. This paper attempts to fill this gap by examining organized labour’s/interest groups’ response to SAP from the lens of the public sector workers and why they reacted the way they did toward the entire process. A sample of 357 respondents was randomly selected from university teachers, students and other public servants within Calabar metropolis. The findings, which were described in simple percentages, show significant relationship between economic hardship, repressive attitude of government, political uncertainty and interest groups’ protests against SAP. The author recommends the provision of adequate safety nets whenever stringent policies are to be introduced so as to cushion the adverse effect on the people; utilization of the collective bargaining tool by the parties in industrial relations as well as the implementation of SAP with ‘a human face’, among others.
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Kiganda, Evans Ovamba, Scholastica Adhiambo, and Nelson Obange. "Exports as a Determinant of Inflation in Kenya: Disaggregated Econommetric Analysis." European Scientific Journal, ESJ 13, no. 10 (April 30, 2017): 417. http://dx.doi.org/10.19044/esj.2017.v13n10p417.
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The purpose of this study was to examine exports as a determinant of inflation in Kenya: A disaggregated econometric analysis with specific objectives of establishing the relationship between domestic exports and inflation in Kenya and determining the relationship between re - exports and inflation in Kenya. This was occasioned by inconclusive and incomprehensive analysis on the relationship between exports and inflation given mixed results and failure by scholars to disaggregate total exports into domestic exports and re-exports. Correlation research design was employed using monthly time series obtained from Central Bank of Kenya (CBK) data spanning 132 months from January 2005 to December 2015.Vector Autoregressive (VAR) techniques of cointegration, Granger causality and impulse response analysis were employed. Results indicated a significant positive and negative long run relationship between domestic exports and re- exports with inflation in Kenya respectively that were supported by the impulse response analysis. A unidirectional causality running from domestic exports to inflation and re-exports to inflation was also established. The study concluded that domestic exports and re-exports determine inflation in Kenya with domestic exports having greater influence and therefore recommended that the government of Kenya needs to advocate for a trade policy that aims at reducing exports of domestically produced products and increase re-exports. This will ensure that only surplus is exported to reduce shortage of domestically produced commodities hence a reduction in price for the products.
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Khan, Shujaat A. "Islamic Banking in Pakistan." American Journal of Islam and Society 12, no. 4 (January 1, 1995): 576–78. http://dx.doi.org/10.35632/ajis.v12i4.2363.
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The book under review is a revised edition of Muhammad AkramKhan's Islamic Banking in Pakistan. In this slender yet eloquent volumethe author, who has many other published works in the field of Islamiceconomics and finance to his credit, examines a cornerstone of governmentpolicy during the early 1980s: the Islamization of banking inPakistan. He gives a candid and coherent account of this major development and asserts that it failed because of the lukewarm attitudes of theadministration and political leadership as well as because of the pervertedoutlook of the bureaucrats, elites, and bankers. In the final analysis, hesuggests some concrete measures that are designed to help policy makersand strategists in reconstructing the financial institutions within the frameworkof Islamic laws. The subject matter of this book has been dividedinto six chapters, which are preceded by Muzaffar Hussain's preface andfollowed by concluding remarks, endnotes, an exhaustive bibliography,and an index.In chapter one, Akram provides an historical overview of the processof Islamization of banking, makes some important observations, anddraws logical conclusions. He points out that the Council of IslamicIdeology, a constitutional body consisting of scholars of all shades andschools of thought, categorically prohibited interest (riba) in all of itsvarious forms. However, no sincere effort was ever made by the governmentto eliminate interest and to build an interest-free economy. Theprocess of Islamization, which was initiated in the early 1980s andslowed down during the latter part of the decade, finally came to a completehalt in early 1992. The government, instead of invigorating theIslamization process, filed an appeal in the Supreme Court against theShari'ah Court's decision calling for the abolition of all interest-basedactivities by June 1992.In chapter two, the author goes to the roots of the problem andshows that a lack of political will was the single most important factorcausing the systematic failure of this experiment in Pakistan. He showsthe futility of inconsistent policies and inappropriate strategies pursuedby the State Bank of Pakistan, such as allowing banks to continueinterest-based operations side by side with interest-free activities.Given freedom of choice, banks and other financial institutions showeda much higher interest in such interest-based financing techniques asmark-up and buy-back agreements and little or no interest in suchmodes of finance as musharakah, mudarabah, and ijarah, all of whichare based on Islamic principles associated with profit-loss sharing. Heobserves that the situation was aggravated further when the governmentexcluded the management of public finance from the jurisdictionof the Shari‘ah court and continued its own interest-based activities asusual ...
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Bernauer, Thomas, and Vally Koubi. "Banking Crisis vs. Credit Crunch? A Cross-Country Comparison of Policy Responses to Dilemmas in Banking Regulation." Business and Politics 6, no. 2 (August 2004): 1–22. http://dx.doi.org/10.2202/1469-3569.1091.
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Restrictive policies aimed at reducing the likelihood of bank failure during recessions tend to increase the probability of a credit crunch. In this paper we infer governments' policy responses to this dilemma by studying the cyclical behavior of bank capital in 1369 banks from 28 OECD countries during the period 1992–98. We find significant differences across countries. In the US and Japan, bank capital is counter-cyclical, that is, the typical bank strengthens its capital base during periods of weak economic activity. In the other countries, there is no relationship between the level of macroeconomic activity and bank capital. From these findings we infer that severe banking crises in the US and Japan may have made policymakers there more vigilant towards “unhealthy” banks, even when this implies an increase in the risk of a credit crunch. In countries without such crisis experience, policymakers seem to be less concerned about future banking crises. Our results suggest that the strong push by the US for the 1988 Basle Accord may have been a reflection of this increased sensitivity. They also suggest that, to the extent business cycles do not develop in synchronicity across countries and policymakers respond differently to the banking crisis-credit crunch dilemma, current reforms of the Basle Accord, which are designed to tighten regulatory requirements, may encounter difficulties.
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Ul'chenko, N. "Turkey in Light of the Double Parliamentary Elections 2015." World Economy and International Relations 60, no. 5 (2016): 84–94. http://dx.doi.org/10.20542/0131-2227-2016-60-5-84-94.
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The article investigates the main achievements and failures in Turkey’s economic and social development during the period of the Justice and Development Party (JDP) in power (since 2002). The major successes of the JDP government are related to attainment of financial and economic stability, which created a base for sustainable economic growth with the help of the increasing inflow of foreign direct investments. At the same time, the social policy of the state has become more active, including noticeable achievements in solving the housing problem. Certain positive developments were attained in the democratization process, particularly in expanding civilian control over the military elites and reducing the likelihood of military involvement in domestic political processes, as well as in terms of ethnic minorities rights recognition (primarily of Kurds). As for negative trends during the JDP period, they refer to the so called majoritarian understanding of democracy with an inevitable emergence of new social strata excluded from the official system of interest groups. This has ultimately led to the restriction of identification possibilities for secular segments of the population, who share classical values of Turkish republicanism and secularism. Such understanding of democracy has inavoidably resulted in establishing of control over media, restrictions on the freedom of speech, growth of intolerance towards the opposition, politicization of the judicial system, etc. The article also discusses tactical moves, to which the JDP elite and the President of Turkey R.T. Erdogan (who has close ties with the ruling party) have resorted in order to ensure the party's victory in the early parliamentary elections of November 2015. They took place once, prior to the June elections where JDP failed to win the majority required for forming a single-party government. Essentially, a hostage to the JDP's victory was the Kurdish problem, on which JDP had to radicalize its positions in order to get back the voices of nationalist-minded voters and, at the same time, to reduce popularity of the Pro-Kurdish Peoples' Democratic Party – another competitor for electorate. But, as a result, the split between political groups in the country over disagreements on the question of democratic freedoms was supplemented by the rift between national groups. The economic situation in Turkey is also not stable enough, because its economic prosperity relied heavily on active use of external financing. The decrease in its availability due to changes in the international financial market actualizes the threat of falling into a so called middle income trap with long period of low economic growth. Therefore, although JDP had managed to re-obtain the status of a ruling party, the price of victory is high: the country and its government will have to face a number of challenges and serious problems in the economy, internal and foreign policy. The lack of capability to find a constructive response to them can lead to radicalization in the nature of political power in Turkey.