scholarly journals The impact of fiscal councils on the budgetary consolidation

2017 ◽  
Vol 6 (1) ◽  
pp. 15-23 ◽  
Author(s):  
Ante Žigman ◽  
Martina Jergović
Keyword(s):  
Fiscal Policy ◽  
Financial Crisis ◽  
Fiscal Rules ◽  
Easy Access ◽  
Finance Management ◽  
Time Period ◽  
Before And After ◽  
The Media ◽  
Short Time ◽  
The Impact

Fiscal councils are independent institutions that play an important role in execution of fiscal rules and budgetary discipline through their realistic and unbiased macroeconomic and budgetary analysis and projections. It is important that the fiscal councils have easy access to the media to ensure that their analyses reach the wider public, and influence creators of fiscal policy. This paper analyzes the influence of fiscal councils on budget balance and public debt in period before and after financial crisis. The member states that had functioning fiscal councils before the financial crisis, on average, manage their public finances better than those who founded them after the beginning of crisis. Additionally, supervision of the enforcements of fiscal rules from fiscal boards is already showing positive results in this short time period. Fiscal councils are extremely important to ensure a healthy basis for conducting fiscal policy and to decrease the influence of politics on public finance management.

scholarly journals A Data Driven Change-point Epidemic Model for Assessing the Impact of Large Gathering and Subsequent Movement Control Order on COVID-19 Spread in Malaysia

2020 ◽  
Author(s):  
Sarat C. Dass ◽  
Wai M. Kwok ◽  
Gavin J. Gibson ◽  
Balvinder S. Gill ◽  
Bala M. Sundram ◽  
...  
Keyword(s):  
Change Point ◽  
Movement Control ◽  
Disease Spread ◽  
Time Period ◽  
Before And After ◽  
Quantitative Understanding ◽  
Control Order ◽  
Short Time ◽  
The Impact ◽  
Second Wave

AbstractThe second wave of COVID-19 in Malaysia is largely attributed to a mass gathering held in Sri Petaling between February 27, 2020 and March 1, 2020, which contributed to an exponential rise of COVID-19 cases in the country. Starting March 18, 2020, the Malaysian government introduced four consecutive phases of a Movement Control Order (MCO) to stem the spread of COVID-19. The MCO was implemented through various non-pharmaceutical interventions (NPIs). The reported number of cases reached its peak by the first week of April and then started to reduce, hence proving the effectiveness of the MCO. To gain a quantitative understanding of the effect of MCO on the dynamics of COVID-19, this paper develops a class of mathematical models to capture the disease spread before and after MCO implementation in Malaysia. A heterogeneous variant of the Susceptible-Exposed-Infected-Recovered (SEIR) model is developed with additional compartments for asymptomatic transmission. Further, a change-point is incorporated to model the before and after disease dynamics, and is inferred based on data. Related statistical analyses for inference are developed in a Bayesian framework and are able to provide quantitative assessments of (1) the impact of the Sri Petaling gathering, and (2) the extent of decreasing transmission during the MCO period. The analysis here also quantitatively demonstrates how quickly transmission rates fall under effective NPI implemention within a short time period.

scholarly journals A data driven change-point epidemic model for assessing the impact of large gathering and subsequent movement control order on COVID-19 spread in Malaysia

PLoS ONE ◽  
2021 ◽  
Vol 16 (5) ◽  
pp. e0252136
Author(s):  
Sarat C. Dass ◽  
Wai M. Kwok ◽  
Gavin J. Gibson ◽  
Balvinder S. Gill ◽  
Bala M. Sundram ◽  
...  
Keyword(s):  
Change Point ◽  
Movement Control ◽  
Disease Spread ◽  
Time Period ◽  
Before And After ◽  
Quantitative Understanding ◽  
Control Order ◽  
Short Time ◽  
The Impact ◽  
Second Wave

The second wave of COVID-19 in Malaysia is largely attributed to a four-day mass gathering held in Sri Petaling from February 27, 2020, which contributed to an exponential rise of COVID-19 cases in the country. Starting from March 18, 2020, the Malaysian government introduced four consecutive phases of a Movement Control Order (MCO) to stem the spread of COVID-19. The MCO was implemented through various non-pharmaceutical interventions (NPIs). The reported number of cases reached its peak by the first week of April and then started to reduce, hence proving the effectiveness of the MCO. To gain a quantitative understanding of the effect of MCO on the dynamics of COVID-19, this paper develops a class of mathematical models to capture the disease spread before and after MCO implementation in Malaysia. A heterogeneous variant of the Susceptible-Exposed-Infected-Recovered (SEIR) model is developed with additional compartments for asymptomatic transmission. Further, a change-point is incorporated to model disease dynamics before and after intervention which is inferred based on data. Related statistical analyses for inference are developed in a Bayesian framework and are able to provide quantitative assessments of (1) the impact of the Sri Petaling gathering, and (2) the extent of decreasing transmission during the MCO period. The analysis here also quantitatively demonstrates how quickly transmission rates fall under effective NPI implementation within a short time period. The models and methodology used provided important insights into the nature of local transmissions to decision makers in the Ministry of Health, Malaysia.

scholarly journals Land Policy and Food Prices: Evidence from a Land Consolidation Program in Rwanda

2021 ◽  
Vol 19 (1) ◽  
pp. 63-73
Author(s):  
Aimable Nsabimana ◽  
Fidele Niyitanga ◽  
Dave D. Weatherspoon ◽  
Anwar Naseem
Keyword(s):  
Food Prices ◽  
Land Policy ◽  
Land Consolidation ◽  
Easy Access ◽  
Food Crops ◽  
White Potato ◽  
Before And After ◽  
Price Differences ◽  
The Impact ◽  
Over Time

Abstract Rwanda’s “Crop Intensification Program (CIP)” is primarily a land consolidation program aimed at improving agricultural productivity and food security. The program, which began in 2007, focuses on monocropping and commercialization of six priority crops: maize, wheat, rice, white potato, beans, and cassava. CIP has facilitated easy access to improved seed stocks, fertilizer, extension services, and postharvest handling and storage services. Although studies have documented the impact of CIP on changes in farm yield, incomes, and productivity, less is known about its impact on food prices. In this study, we examine the crop-food price differences in intensive monocropped CIP and non-intensive monocropped CIP zones in Rwanda. Specifically, the study evaluates price variations of beans and maize along with complementary food crops in intensive and non-intensive monocropped zones before and after the introduction of the CIP policy. We find that the CIP policy is not associated with differences in CIP crop prices between the intensive and non-intensive monocropped zones. Over time, prices increased for CIP crops but generally, the crop prices in the two zones were cointegrated. Prices for non-CIP crops in the two different zones did show price differentials prior to the implementation of CIP, with the prices in intensive monocropped zones being greater than in the non-intensive monocropped zones. Moreover, the prices in intensive areas are cointegrated with prices in non-intensive areas for maize and beans and these prices are converging. This indicates that farmers who intensively produced one CIP crop were able to go to the market and purchase other food crops and that price differences between zones have decreased over time, potentially making the CIP intensive farmers better off.

scholarly journals INTELLECTUAL CAPITAL, FINANCIAL CRISIS AND PERFORMANCE OF ISLAMIC BANKS: DOES SHARIAH GOVERNANCE MATTER?

2017 ◽  
Vol 18 (1) ◽  
Author(s):  
Tasawar Nawaz
Keyword(s):  
Financial Crisis ◽  
Intellectual Capital ◽  
Economic Performance ◽  
Islamic Banks ◽  
Knowledge Resources ◽  
Finance Industry ◽  
Before And After ◽  
And Performance ◽  
Shariah Governance ◽  
The Impact

This paper empirically examines the impact of intellectual capital (IC) and Shariah governance on economic performance of 47 Islamic banks (IBs) operating in the Gulf Cooperation Council (GCC) region in pre- and post-financial crisis period. The analysis suggests that higher IC efficiency helps IBs to improve their odds of survival at all times i.e. before- and after-crisis. Further, higher IC efficiency helps IBs to maintain their profitability i.e. ROA and market valuation i.e. Tobin’s Q at all times. Arguably, knowledge-resources i.e. IC is the main line of defence for IBs against negative shocks. Lastly, the study reveals that Shariah governance alone may fall short in explaining the growth trends in Islamic finance industry. Keywords: Intellectual Capital; Shariah Governance; Financial Crisis; Islamic Worldview; Economic Performance.

scholarly journals The Effect of Disclosure and Transparency Criteria In Saudi Banks on The Financial Ratios Indicators

2019 ◽  
Vol 25 (116) ◽  
pp. 290-303
Author(s):  
Mohammad Kamal Kamel Afaneh
Keyword(s):  
Performance Indicators ◽  
Banking Sector ◽  
Saudi Arabian ◽  
Financial Statements ◽  
Monetary Authority ◽  
Financial Indicators ◽  
Return On Assets ◽  
Time Period ◽  
Before And After ◽  
The Impact

The study aimed to measure the effect of applying the disclosure and transparency standards criteria adopted by the Saudi Arabian Monetary Authority on improving performance indicators in the Saudi banking sector, by measuring the extent of the impact of the bank's financial indicators represented by liquidity, profitability and return on assets in Saudi banks by applying the criteria of disclosure and transparency, which is one of the Main principles in the list of governance, which was approved by the Saudi Arabian Monetary Authority. The analytical approach was followed to achieve the goal of the study, as the financial statements of Saudi banks were analyzed during a period of 8-year to test four hypotheses related to measuring the presence of statistically significant differences between the performance indicators of banks before and after applying the disclosure and transparency standards imposed on Saudi banks. The results of the research confirmed the existence of an inverse relationship between the bank’s liquidity and the percentage of Saudi banks ’profits. The more liquidity, the lower the profitability level of banks, which indicates that the high liquidity in Saudi banks has led to a low profitability in this time period, and the study recommended that The need to pay attention to the concept of disclosure and transparency among all related parties in Saudi banks, and banks should find a balance between liquidity and profitability  

scholarly journals The impact of the financial crisis on earnings management: Empirical evidence from Italian and Spanish listed companies

2019 ◽  
Vol 16 (2) ◽  
pp. 121-130 ◽  
Author(s):  
Francesco De Luca ◽  
Francesco Paolone
Keyword(s):  
Financial Crisis ◽  
Financial Markets ◽  
Performance Indicators ◽  
Listed Companies ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Time Period ◽  
Security Offerings ◽  
The Impact ◽  
Giving Bad News

Our study adopts a reliable and widely acknowledged model to detect accounts manipulation in order to assess the impact of the financial crisis on Italian and Spanish listed companies’ propensity to manage their earnings. The analysis is conducted on 565 publicly traded companies on the Italian and Spanish financial markets during the time period 2005-2013. We find a lower propensity to manipulate earnings in both countries during the pre-crisis period (2005-2008) as suggested by a decrease in the number of high-risk manipulators until 2008 included. With the spread of the financial crisis, companies become more manipulators. We believe that the reason for this is to avoid giving bad news to markets, investors, and lenders after that the crisis may have impacted too negatively on firms’ performance indicators and financial equilibrium. Our empirical results provide various implications for further studies related to managements’ incentives concurrently with security offerings.

scholarly journals The Impact of Domestic and Foreign Environment on China’s EconomicDevelopment

2020 ◽  
Vol 1 (1) ◽  
Author(s):  
Mengya Cao
Keyword(s):  
Financial Crisis ◽  
Economic Crisis ◽  
World Economy ◽  
Industrial Structure ◽  
Negative Impact ◽  
Economic Losses ◽  
The World ◽  
World Economic ◽  
Short Time ◽  
The Impact

In recent years, the financial crisis has affected the economies of all countries in the world. At that time, it seriously restricted the development of the world economy. From a modern perspective, the difficult period of the world economic crisis caused by the financial crisis has passed, but the negative impact of the economic crisis can not be eliminated in a short time. Dispersed, the crisis has brought both opportunities and challenges to the country as well as heavy economic losses. Under the background of economic globalization, only by making a scientific and effective analysis of the world economic situation and keeping up with the trend of the world economy, can we effectively promote the domestic economic development and industrial structure, and enable our economy to develop healthily and substantially.

Fiscal Policy Under Labour

2010 ◽  
Vol 212 ◽  
pp. R34-R48 ◽  
Author(s):  
Alan Budd
Keyword(s):  
Fiscal Policy ◽  
Financial Crisis ◽  
Previous Experience ◽  
Fiscal Rules ◽  
Budget Deficits ◽  
Labour Government ◽  
New Approach ◽  
Preceding Period ◽  
The Uk

The incoming Labour Government of 1997 promised a new approach to the conduct of fiscal policy. Two lessons to be learnt from previous experience were: (1) adjust for the cycle and build in a margin for uncertainty; (2) set stable fiscal rules and explain clearly fiscal policy. Although the claims for novelty were exaggerated there was a serious attempt to expand the supporting explanatory material at the time of the Budget and the Pre-Budget Report (which was itself an innovation). It started well, with the most significant tightening of fiscal policy occurring in 1997–8; but it ended with a record postwar deficit, a debt/GDP ratio heading for more than 75 per cent of GDP and the suspension of the fiscal rules. While the Treasury was not alone in failing to forecast the financial crisis and its consequences, doubts about the policy were being raised before 2007. Although the fiscal rules were met over the preceding period and projected to be met in future, a succession of current budget deficits and a tendency, from 2001 onwards, for over-optimism in fiscal projections left the UK less well equipped than it might have been to meet the challenges of the crisis.

scholarly journals CEO Compensation in the U.S.: Are CEOs Underpaid or Overpaid ?

2018 ◽  
Vol 7 (3) ◽  
pp. 78
Author(s):  
Phillip James ◽  
Il-woon Kim
Keyword(s):  
Firm Performance ◽  
Financial Crisis ◽  
Regression Models ◽  
Ceo Compensation ◽  
Accounting Performance ◽  
Time Period ◽  
Multiple Regression Models ◽  
Before And After ◽  
The Usa ◽  
Compensation Packages

This study investigates the adequacy of CEO compensation from the perspective of using accounting measures to assess the performance of CEOs. The main objective of this research is to determine to what extent compensation packages received by American CEOs represent an underpayment of CEOs based on the performance of their firms when firm performance is defined in terms of accounting measures. CEO compensation data are obtained from Compustat, 10K SEC filings, and Forbes listing of CEO data.  The analysis covers a two-phased time period i.e., before and after the financial crisis in the USA. CEO compensation data are analyzed for the years 2004, 2005, 2006, and 2007 (pre-financial crisis) and for years 2009 to 2013 (post financial crisis). Multiple regression models consisting of six accounting performance measures are used to perform the analysis to determine the extent of CEO underpayment or overpayment. Having examined 1151 CEO compensation packages to determine if CEO underpayment exist in light of what is an overwhelming literature supporting CEO overpayment, the results show that 67.33% of the CEOs were in fact underpaid based on their firms performance, and only 32.67% (376 CEOs) were overpaid based on firm performance.

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