scholarly journals Une analyse économétrique du comportement d’intermédiation financière des sociétés de crédit populaire : le cas des caisses populaires

2009 ◽  
Vol 53 (3) ◽  
pp. 415-447 ◽  
Author(s):  
Jean-Pierre D. Chateau
Keyword(s):  
Interest Rates ◽  
Financial Management ◽  
Balance Sheet ◽  
Flow Equation ◽  
Mortgage Loans ◽  
The Public ◽  
Consumer Loans ◽  
Asset Portfolio ◽  
Key Variables ◽  
The One

Abstract Considering the Caisses populaires as a financial system, we propose an econometric model of its consolidated balance sheet built around the following four major blocks. The first one presents a dynamic sub-model of the Caisses' asset portfolio, which emphasizes their intermediation among assets on the basis of the latter interest rates. In a second block, these rates are endogenized with respect to the key variables of both the real and monetary sectors of the economy. On the liability side, the Caisses' deposit market is dealt with in a third block, namely a demand for deposits or flow equation and a supply of deposits or rate setting operation. Finally, adjustment equations for the balance sheet items not already considered, are grouped in a fourth block. The overall model is dynamized through the deposit equation. From the model's econometric estimation, we arrive at the following conclusions about financial management and liquidity policies. On the asset side of the balance sheet, the Caisses aim mainly at satisfying their members' needs for mortgages and, to a lesser but growing degree, for consumer loans. Next, for the funds remaining after satisfying internal needs, the institution proceeds to some sort of secondary, medium-term intermediation, then preferring quasi-liquid and higher yielding bonds to reserves. On the liability side, the Caisses seem to set their rate on deposits on the basis of the one for chartered banks (price leadership) as well as on the basis of the most representative asset rates, i.e. the ones on consumer and mortgage loans. Finally, the public demand for the Caisses' deposits, is more a function of the borrowing privileges offered to the members than of the intrinsic competitive rate paid on them.

Progress of Psychiatry in 1902

1903 ◽  
Vol 49 (204) ◽  
pp. 152-154
Author(s):  
H. M. Bannister
Keyword(s):  
Financial Management ◽  
Public Institutions ◽  
Partisan Politics ◽  
Political Issue ◽  
The Public ◽  
The Past ◽  
Special Events ◽  
American Psychiatry ◽  
State Of Affairs ◽  
The One

The past year has not been notable for any special events in American psychiatry, though the usual amount of activity has existed. There has been no retrogression, and signs of a better future ahead as regards political control of charitable institutions have appeared in quarters where they are most welcome. In Illinois, for example, where for ten years past politicians have controlled the institutions, recent events have made reform in this regard a political issue, and both parties are, so to speak, tumbling over each other in their zeal to utilise it to their own advantage. The scandal that excited this was not abuse of patients or bad financial management, for neither of these has been proven, but the assessment of employés for political purposes, which has at last aroused the public conscience. The outcome can hardly fail to be good, and we may hope at least for a better state of affairs than existed even before the politicians took control. It is a slow work educating the public as to the political neutrality of hospitals for the insane, but it is being done, and the prospect is that they will before very long be as free from the abuses of partisan politics in Illinois as in any of the older states of the Union. I have spoken of this matter in previous letters, but it is right that I mention it again, for it is the chief fault of our public institutions, and the one that is more than everything else responsible for their failings.

scholarly journals Government Deficits And The Public Debt: The Endless Controversy

2011 ◽  
Vol 1 (1) ◽  
pp. 22
Author(s):  
Frank J. Bonello
Keyword(s):  
Interest Rates ◽  
Federal Government ◽  
Public Debt ◽  
Relative Size ◽  
American People ◽  
Budget Deficits ◽  
Government Budget ◽  
The Public ◽  
Government Deficits ◽  
The One

No economic topic has attracted more attention during the 1980s than the size of Federal government budget deficits and the corresponding rapid rise in the public debt. Crowding out news regarding Third World debt problems, U.S. foreign trade deficits, and the break up of American Telephone and Telegraph, Federal government budget deficits have been blamed for everything from high interest rates to the deterioration in the moral fiber of the American people. Deficits and debt have also caused political reversal: historically free spending Democrats blaming Reagan deficits for a variety of economic ills while the conservative Republican president treats the deficit with benign neglect.The purpose of this paper is not to answer all of the questions that have been raised regarding the causes and consequences of government deficits and debt. The initial concern is instead with the facts and figures on the absolute and relative size of the Federal governments recent deficits and debt. Next certain measurement issues are addressed for there is a continuing debate regarding appropriate procedures for expressing the governments budgetary outcomes. The third and final section of the paper reviews some of the arguments, theoretical and empirical, on the relation between deficits and debt on the one hand and interest rates on the other. In each section the intent is to survey rather than to present new theoretical arguments or new empirical evidence.

Taxation and the Public Services

2017 ◽  
Author(s):  
John Kenneth Galbraith
Keyword(s):  
Monetary Policy ◽  
Interest Rates ◽  
Public Services ◽  
Macroeconomic Policy ◽  
The Other ◽  
Public Expenditures ◽  
The Public ◽  
The One ◽  
The Relationship

This chapter examines the role of taxation in the culture of contentment. In the age of contentment, macroeconomic policy has come to center not on tax policy but on monetary policy. Higher interest rates, it is hoped, will curb inflation without posing a threat to people of good fortune. Those with money to lend, the economically well-endowed rentier class, will thus be rewarded. The chapter first considers the role of monetary policy in the entirely plausible and powerfully adverse attitude toward taxation in the community of contentment before discussing the relationship between taxation and public services, and between taxation and public expenditures. It shows that public services and taxation have disparate effects on the Contented Electoral Majority on the one hand, and on the less affluent underclass on the other.

Immunization

1959 ◽  
Vol 15 (05) ◽  
pp. 345-357 ◽  
Author(s):  
G. E. Wallas
Keyword(s):  
Interest Rates ◽  
Stock Exchange ◽  
Balance Sheet ◽  
Main Idea ◽  
Market Value ◽  
The Other ◽  
Suitable Choice ◽  
The One

This subject can appear difficult, but the main idea is delightfully simple. Let us consider an example. Suppose that a life office has issued policies at premiums based on a certain rate of interest, investing in Stock Exchange securities the premiums received from year to year, less claims, and that after a time the rate of interest rises permanently. The market value of the investments will fall and the office will lose if they have eventually to be sold, but will gain to the extent that future premiums can now be invested on more favourable terms. The gain is fixed but the loss will vary according to the redemption dates of the assets, since the longer the date, the greater the fall in value. Immunization consists in selecting investments such that the loss balances the gain. An alternative way of looking at it is on the basis of present values. The values of the assets on the one side of the balance sheet, and the net liabilities on the other, will both fall if interest rates rise. We want them to fall by the same amount, and as our liabilities are fixed, we must seek to achieve that result by a suitable choice of assets.

Continuing the Normative Dialog: Illuminating the Asset/Liability Theory

2010 ◽  
Vol 24 (3) ◽  
pp. 419-440 ◽  
Author(s):  
Paul B. W. Miller ◽  
Paul R. Bahnson
Keyword(s):  
Final Section ◽  
Balance Sheet ◽  
Accounting Standards ◽  
Normative Theory ◽  
Financial Accounting ◽  
Policy Makers ◽  
The Public ◽  
Financial Position ◽  
Income Measurement ◽  
The One

SYNOPSIS: This paper responds to the call in Dichev (2008) for rekindling the public discussion of normative accounting theories and analyses. Our goal is to enable and encourage members of the accounting academy to participate productively in dialogs with policy makers and to bring normative theory and analysis into their classrooms to help prepare students for more productive careers as practitioners or educators. Toward that end, we begin by explaining our position on the functional role for normativism. Next we offer up five guidelines to be applied in constructing and analyzing normative accounting theories. The guidelines are then used to frame a discussion of our version of the normative asset/liability theory of income measurement and financial position, especially its advantage of basing accounting measures on observed empirical data without relying on assumptions, predictions, and allocations. This theory is similar to and yet distinct from the one described in the Financial Accounting Standards Board’s Conceptual Framework and is quite different from the “balance sheet approach” criticized by Dichev. In the final section of the paper we use the guidelines to address several points in Dichev’s article and to suggest ways his analysis could be improved.

scholarly journals Population Borrowing Behavior: Trends and Risks

2019 ◽  
Vol 26 (3) ◽  
pp. 15-22 ◽  
Author(s):  
I. M. Shneiderman ◽  
A. V. Yarasheva
Keyword(s):  
Interest Rates ◽  
Durable Goods ◽  
Foreign Currency ◽  
Mortgage Loans ◽  
The Past ◽  
Consumer Loans ◽  
Data Dynamics ◽  
Federal Districts ◽  
The Russian Federation ◽  
Future Growth

The article deals with current issues related to modern processes of lending to the population in Russia. The article aims to identify possible risks and consequences of over-lending to individuals based on the analysis of statistical data. Research objectives include analysing data dynamics of volume of the issued housing loans for the past 13 years, including mortgage loans; tracing the dynamics of household debt (total and for this type of lending) in rubles and foreign currency in macro-regions (Federal districts) of the Russian Federation; and describing the features and trends of car loans in our country. Results of the study revealed an uneven increase in the amount of debt on loans of the population living in different macro-regions of Russia. The authors concluded that the share of personal debt to credit institutions on mortgages «inside» of housing loan debt from 2006 to 2018 has more than tripled. In general, reasons for changes in the credit behaviour of Russians lie in lowered interest rates and the fear of their future growth, chances of refinancing previously taken loans, concerns about rising inflation, pent-up demand for housing and durable goods. A further increase in the growth of consumer loans and the volume of public debt on them may lead to the overheating of the credit market.

scholarly journals Japan's Public Sector Balance Sheet

2019 ◽  
Vol 19 (212) ◽  
Author(s):  
Yugo Koshima
Keyword(s):  
Public Sector ◽  
Interest Rates ◽  
Public Debt ◽  
Population Aging ◽  
Balance Sheet ◽  
Debt Management ◽  
Net Worth ◽  
The Public ◽  
Low Interest Rates ◽  
High Level

This paper compiles and reviews the evolution of Japan’s Public Sector Balance Sheet (PSBS). In the past, large crossholdings of assets and liabilities within the public sector played a role in sustaining a high level of public debt and low interest rates. The Fiscal Investment and Loan Fund (FILF) channeled all postal deposits and pension savings to financing of public sector borrowing. After the FILF refrom in 2000, however, the Post Bank and pension funds shifted their assets to the portfolio investments and are seeking to maximize risk-adjusted returns. This has changed the implications of crossholdings for public debt management. In the future, population aging is expected to add more pressures on the PSBS, which already saw a considerable decrease of net worth over the last three decades.

scholarly journals Institutional Variations in Saving Behaviour in Pakistan

1993 ◽  
Vol 32 (4II) ◽  
pp. 1293-1311 ◽  
Author(s):  
Zafar Iqbal
Keyword(s):  
Interest Rates ◽  
Direct Foreign Investment ◽  
Substitution Effect ◽  
Policy Formulation ◽  
Theoretical Background ◽  
Institutional Agents ◽  
The Public ◽  
Key Variables ◽  
Private Savings ◽  
Insight Into

Savings and investment are two variables that play a significant role in accumulation. Variations in these key variables have a significant impact on economic growth, employment and inflation. A thorough understanding of their determlnants provides an important insight into the development process and aids in policy formulation. Such knowledge is also necessary to trace the consequences on growth and employment which may work through savings and investment behaviour. A particularly useful approach to understanding the macro-behaviour of saving and investment is to conduct an empirical analysis in terms of institutional agents. In fact, most of the current work in Pakistan is restricted to estimating aggregate savings functions which are not sufficient for analysis of savings behaviour mainly because various institutional agents may respond differently to economic signals. For example, foreign interest rates may attract private savings to transfer abroad, while the public sector may generate its own savings in response to increasing foreign interest rates. It can also be argued that the inflow of foreign capital may encourage private savings through direct foreign investment and discourage public savings through the substitution effect. Many other examplescan be quoted on theoretical background. Therefore, it may be useful to estimate disaggregated saving functions. The question, "are there institutional variations in the savings behaviour of household. corporate and public sectors in Pakistan?" will be the main focus of this paper.

scholarly journals An Evaluation of Turkish Mortgage System from the Perspective of Global Economic Crisis

2011 ◽  
Author(s):  
Mustafa Topaloğlu
Keyword(s):  
Interest Rates ◽  
Economic Crisis ◽  
Mortgage Market ◽  
Mortgage Loans ◽  
Subprime Mortgage ◽  
Consumer Loans ◽  
The World ◽  
World Economic ◽  
The Law ◽  
The Cost

Turkish mortgage system was established by the law number 5582 and the title of "The Law Amending the Laws Related to Housing Finance System" in 2007. Even though the entry into force of this act expressed as "Pay the rent as the landlord-performing”, no bring up short of the interest rates of a housing loan were observed. In fact, Mortgage application could not be branch out yet. The distinguishing feature of the mortgage system, mortgage collateral pools of consumer loans with guaranteed by mortgage backed securities to be issued, sold in the capital market, also called the mortgage money is the safeguard of cheap funds. Using this fund for financing provided by banks as a result of re-housing resource for the consumer to pay the cost of housing loan interest rate is relatively go into a decline. Meanwhile, after the abundance of finance in the world, the so-called subprime mortgage, loans to non-qualified borrower, triggered the world economic crisis occurred. May well be, Turkey was unimpressed the crisis because of the not being set secondary mortgage market. All the public in charge of economy has introduced prevention of packages of measures.

Motivasi dan kepuasan kerja pegawai puskesmas BLUD dan non-BLUD Kabupaten Semarang

2018 ◽  
Vol 2 (3) ◽  
pp. 111
Author(s):  
Aswindar Adhi Gumilang ◽  
Tri Pitara Mahanggoro ◽  
Qurrotul Aini
Keyword(s):  
Public Health ◽  
Job Satisfaction ◽  
Financial Management ◽  
Work Motivation ◽  
P Value ◽  
The Public ◽  
The Status ◽  
The Difference ◽  
Demand For Health ◽  
Public Demand

The public demand for health service professionalism and transparent financial management made some Puskesmas in Semarang regency changed the status of public health center to BLUD. The implementation of Puskesmas BLUD and non-BLUD requires resources that it can work well in order to meet the expectations of the community. The aim of this study is to know the difference of work motivation and job satisfaction of employees in Puskesmas BLUD and non-BLUD. Method of this research is a comparative descriptive with a quantitative approach. The object of this research are work motivation and job satisfaction of employees in Puskesmas BLUD and non-BLUD Semarang regency. This Research showed that Sig value. (P-value) work motivation variable was 0.019 smaller than α value (0.05). It showed that there was a difference of work motivation of employees in Puskemas BLUD and non-BLUD. Sig value (P-value) variable of job satisfaction was 0.020 smaller than α value (0.05). It showed that there was a difference of job satisfaction of BLUD and non-BLUD. The average of non-BLUD employees motivation were 76.59 smaller than the average of BLUD employees were 78.25. The average of job satisfaction of BLUD employees were 129.20 bigger than the average of non-BLUD employee were 124.26. Job satisfaction of employees in Puskesmas BLUD was higher than non-BLUD employees.

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