Fewer foreign students and fees will reduce US GDP

2020 ◽  
Keyword(s):  
Foreign Students ◽  
Limited Range ◽  
Economic Benefits ◽  
State Budget ◽  
Content Type ◽  
League Tables ◽  
The Us ◽  
Value Diversity ◽  
World Class ◽  
Second Tier

Significance The value of higher education as a services export, the economic benefits international students generate in every state and the US tech sector's need to source scarce world-class talent are strong countervailing forces. Impacts Universities value diversity of students but this will diminish if trends favour wealthy students drawn from a limited range of countries. Second-tier public institutions facing state budget cuts risk job cuts and department closures if the supply of foreign students stops. Universities in China and Singapore that are rising in world league tables will attract students who would have gone to US institutions. The administration will try again to deport foreign students at any university that persists with remote-only tuition next year.

Brain drain negates remittances in Latin America

2017 ◽  
Keyword(s):  
Latin America ◽  
Interest Rates ◽  
Economic Benefits ◽  
Policy Uncertainty ◽  
Content Type ◽  
Mexican Families ◽  
The Us ◽  
Key Drivers ◽  
Money Transfers ◽  
Outward Migration

Subject The mixed impacts of outward migration. Significance Mexico saw a record inflow of money transfers in May and is set to register another year of fairly strong growth in family remittances in 2017. However, a report from the IMF on the economic impact of migration and remittances shows that while Mexico is benefiting on both fronts, other countries in Latin America and the Caribbean (LAC) are negatively affected. Impacts Increasing remittances will benefit millions of poor Mexican families at a time of sluggish growth and higher interest rates. Economic benefits of remittances will not be fully offset by the losses posed to some Caribbean countries by migrant outflows. The US labour market, and remittance- and immigration-related policy uncertainty, will be key drivers of remittances this year.

Partners will struggle to save the Iran nuclear deal

2018 ◽  
Keyword(s):  
Global Economy ◽  
Dispute Settlement ◽  
Economic Benefits ◽  
Dispute Settlement Mechanism ◽  
Nuclear Facilities ◽  
Content Type ◽  
High Profile ◽  
Comprehensive Plan ◽  
The Us ◽  
Trade Partner

Significance Trump described the Joint Comprehensive Plan of Action (JCPOA) as "defective at its core". Iran's compliance has repeatedly been verified, but the agreement has never operated as intended. Uncertainty over Washington's future commitment reduced economic benefits to Tehran and blocked Iran's reintegration into the global economy. Impacts Except for a few high-profile deals, Europe is eclipsed as an Iranian trade partner by China, which could gain from a JCPOA breakdown. A US or Israeli strike on Iran might target utility infrastructure rather than nuclear facilities, given the environmental risks. If Iran used the dispute settlement mechanism against the US violation, it could risk automatic 'snapback' of multilateral sanctions.

Contested Syrian oil will have limited economic impact

2019 ◽  
Keyword(s):  
Exchange Rate ◽  
Private Sector ◽  
Economic Impact ◽  
Economic Benefits ◽  
Oil Fields ◽  
Content Type ◽  
Financial Position ◽  
The Us ◽  
The Exchange Rate

Significance This depreciation reflects the underlying weakness of the government’s financial position. Political and territorial advances in favour of President Bashar al-Assad -- most recently, the deployment of government forces along the Turkish border to the east of the river Euphrates -- have not yielded clear economic benefits. Impacts Sustained political and economic turbulence in Lebanon could further reduce the supply of US currency for the Syrian market. The US presence will complicate the government's reassertion of control over oil fields, but Russia could help resolve this problem. Pressure on business to support the exchange rate, with the threat of 'anti-corruption' investigations, could sap private sector confidence. US sanctions and crises in Lebanon and Iraq will reduce Iran’s ability to contribute to the Syrian economy.

Bosnia's paralysed institutions add to sense of chaos

2020 ◽  
Keyword(s):  
Economic Crisis ◽  
State Level ◽  
The State ◽  
Local Elections ◽  
State Budget ◽  
Content Type ◽  
The Us ◽  
The Eu ◽  
Level Government ◽  
Political Disputes

Significance Intensified political disputes between the main parties are holding up the state budget for 2020, including funding for local elections in November. They also threaten to weaken the response to the looming socio-economic crisis from the COVID-19 pandemic. Impacts The US entry ban on former senior SDA member Amir Zukic is seen as an attempt to persuade the party to behave more responsibly. The EU is in a contest with China, Russia and Turkey to retain influence in the region. Pre-election positioning may explain the defection of Fahrudin Radoncic’s Union for a Better Future party from the state-level government.

Rising state budget gaps could rein in the US rebound

2020 ◽  
Keyword(s):  
Federal Reserve ◽  
Behavioural Change ◽  
Bond Market ◽  
Municipal Bonds ◽  
Municipal Bond ◽  
State Budget ◽  
Content Type ◽  
Us States ◽  
Fiscal Constraints ◽  
The Us

Significance Fiscal constraints limit the ability of US states to practise counter-cyclical fiscal policy, and some states and municipalities had budgetary troubles even before the pandemic. Pension deficits are a particular problem. The USD500bn Federal Reserve (Fed) programme to buy states' municipal bonds has been barely used. Impacts The Biden administration will be tested in trying to get the Senate, which is likely to remain Republican, to provide money to states. If a city files for bankruptcy, contagion could spread statewide and, more broadly, the US municipal bond market could be disrupted. Even if a vaccine is widely distributed in 2021, recovery will remain fragile as a result of permanent scarring and behavioural change.

OCIE issues risk alert on the most frequently identified advisory fee and expense compliance issues

2018 ◽  
Vol 19 (4) ◽  
pp. 1-3
Author(s):  
Robert Van Grover
Keyword(s):  
Design Methodology ◽  
Best Practice ◽  
Investment Management ◽  
Content Type ◽  
Informed Decisions ◽  
Policies And Procedures ◽  
The Us ◽  
Investment Advisers ◽  
Practical Implications

Purpose To summarize and interpret a Risk Alert issued on April 12, 2018 by the US SEC’s Office of Compliance Inspections and Examinations (OCIE) on the most frequent advisory fee and expense compliance issues identified in recent examinations of investment advisers. Design/methodology/approach Summarizes deficiencies identified by the OCIE staff pertaining to advisory fees and expenses in the following categories: fee billing based on incorrect account valuations, billing fees in advance or with improper frequency, applying incorrect fee rates, omitting rebates and applying discounts incorrectly, disclosure issues involving advisory fees, and adviser expense misallocations. Findings In the Risk Alert, OCIE staff emphasized the importance of disclosures regarding advisory fees and expenses to the ability of clients to make informed decisions, including whether or not to engage or retain an adviser. Practical implications In light of the issues identified in the Risk Alert, advisers should assess the accuracy of disclosures and adequacy of policies and procedures regarding advisory fee billing and expenses. As a matter of best practice, advisers should implement periodic forensic reviews of billing practices to identify and correct issues relating to fee billing and expenses. Originality/value Expert guidance from experienced investment management lawyer.

Absence of the weekend effect and industry-style portfolios

2019 ◽  
Vol 12 (4) ◽  
pp. 463-475
Author(s):  
Selma Izadi ◽  
Abdullah Noman
Keyword(s):  
New York ◽  
Stock Market ◽  
Structural Breaks ◽  
Stock Exchange ◽  
Structural Break ◽  
Weekend Effect ◽  
Content Type ◽  
Market Portfolio ◽  
The Us ◽  
Using Data

Purpose The existence of the weekend effect has been reported from the 1950s to 1970s in the US stock markets. Recently, Robins and Smith (2016, Critical Finance Review, 5: 417-424) have argued that the weekend effect has disappeared after 1975. Using data on the market portfolio, they document existence of structural break before 1975 and absence of any weekend effects after that date. The purpose of this study is to contribute some new empirical evidences on the weekend effect for the industry-style portfolios in the US stock market using data over 90 years. Design/methodology/approach The authors re-examine persistence or reversal of the weekend effect in the industry portfolios consisting of The New York Stock Exchange (NYSE), The American Stock Exchange (AMEX) and The National Association of Securities Dealers Automated Quotations exchange (NASDAQ) stocks using daily returns from 1926 to 2017. Our results confirm varying dates for structural breaks across industrial portfolios. Findings As for the existence of weekend effects, the authors get mixed results for different portfolios. However, the overall findings provide broad support for the absence of weekend effects in most of the industrial portfolios as reported in Robins and Smith (2016). In addition, structural breaks for other weekdays and days of the week effects for other days have also been documented in the paper. Originality/value As far as the authors are aware, this paper is the first research that analyzes weekend effect for the industry-style portfolios in the US stock market using data over 90 years.

The effect of Medicare Part D on prescription drug composition and demand

2015 ◽  
Vol 42 (2) ◽  
pp. 170-185 ◽  
Author(s):  
David Zimmer
Keyword(s):  
Prescription Drug ◽  
Medicare Part D ◽  
Medicare Part ◽  
Part D ◽  
Content Type ◽  
The Us ◽  
Upper Respiratory ◽  
Nationally Representative ◽  
The Impact ◽  
Shed Light

Purpose – The US Medicare Modernization Act of 2003 introduced optional prescription drug coverage, beginning in 2006, widely known as Medicare Part D. This paper uses up-to-date nationally representative survey data to investigate the impact of Part D not only on drug spending and consumption, but also on the composition of drug consumption. The paper aims to discuss these issues. Design/methodology/approach – Specifically, the paper investigates whether Part D impacted the number of therapeutic classes for which drugs were prescribed, and also whether Part D lead to increased usage of drugs for specific medical conditions that typically receive drug-intensive therapies. Findings – In addition to confirming findings from previous studies, this paper shows that Part D increased the number of therapeutic classes to which seniors receive drugs by approximately four classes. Part D also lead to increased usage of drugs used to treat upper respiratory disease, hypertension, and diabetes. Originality/value – While mostly concurring with previous studies on the spending impacts of Part D, this paper is the first to shed light on other impacts of Part D, specifically with respect to its impact on therapeutic classes for which drugs are prescribed.

Asset recovery in corruption cases

2016 ◽  
Vol 19 (1) ◽  
pp. 4-20 ◽  
Author(s):  
Peter Leasure
Keyword(s):  
Vice President ◽  
Comparative Case Study ◽  
Content Type ◽  
Case Study Analysis ◽  
Asset Recovery ◽  
The Us ◽  
Quasi Experimental ◽  
The Usa ◽  
The Republic

Purpose – Asset recovery proceedings increasingly target corrupt foreign officials who acquire lavish assets as a result of capital gained through criminal acts. One extremely difficult issue arising in asset recovery proceedings is whether the capital used to acquire the assets can be traced to a criminal act. The purpose of this paper is to critique US tracing procedure through comparative analysis. Design/methodology/approach – A prominent series of cases brought by the USA and France against assets owned by Teodoro “Teodorín” Nguema Obiang, second Vice President of the Republic of Equatorial Guinea, produced mixed results on the tracing element. This paper utilizes a qualitative comparative case analysis to examine the US and French cases. Findings – The US results reflect serious weaknesses in the US law as compared to more effective French asset recovery procedure. Originality/value – Though this paper is certainly a comparative case study analysis, nearly identical facts and two different jurisdictions reaching separate conclusions bring us in the legal community as close as we can realistically come to quasi-experimental research. Comparative research in this area is severely lacking and sorely needed. The mechanisms identified in the French system clearly show flaws that are present in the US system.

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