Transition to the single currency in europe and its implications for financial institutions

This paper discusses the changeover to single currency in the European Union and provides a preliminary analysis of the timing and nature of the steps to be taken by financial institutions. It uses data from the literature and a recent survey of financial institutions operating in Europe to provide an overall view on conversion issues that both these institutions and policy-makers are facing. This paper could therefore serve as a background for future studies that pertain to the strategies of individual financial institutions, their competitive positioning for the long term, and their attempts to minimize their cost of conversion in the short term. The European Currency Unit, by virtue of its design, is a viable candidate for use as the single currency. Its current status in member countries shows that it meets the basic “money” criteria but that legal obstacles have kept it from wider use. However, these legal obstacles are being lifted. Financial institutions should start planning for potential implementation problems. The analysis of conversion costs categorized by product/service and by function shows that the move to single currency requires financial institutions to modify selected functions within a very short period of time. A lengthy dual currency period on all functions would cause duplication of efforts and large losses to banks. There are other intangible costs and benefits that are social and political, which are associated with the changeover. These are touched upon and discussed briefly in the context of the motivation behind the European Monetary Union.     

The development and diffusion of financial reporting practices in the public sector

A prevailing economic crisis in the State of New York contributed to an erosion of previous institutional patterns, instigating a problem and political process of finding a mechanism wherein economic order could be produced. One strategic response to this economic crisis which is the focal point of this paper is the development and diffusion of financial reporting practices which guide the manner with which this state reports to its important constituencies including the citizenry, the media, and the capital markets. The main findings of this paper reflect the manner in which the relative power of organized interests and actors are mobilized through the use of rules such as financial reporting practices that establish meaning in public administration.     

Foreign direct investment,financial development and economic growth

This article argues that the development of the financial system of the recipient country is an important precondition for FDI to have a positive impact on economic growth. A more developed financial system positively contributes to the process of technological diffusion associated with FDI. The article empirically investigates the role the development of the financial system plays in enhancing the positive relationship between FDI and economic growth. The empirical investigation presented in the article strongly suggests that this is the case. Of the 67 countries in data set, 37 have a sufficiently developed financial system in order to let FDI contribute positively to economic growth. Most of these countries are in Latin America and Asia.     

The impact of the financial sector on economic development: Some cross-section evidence

Conclusion This paper has attempted to analyze the effect of the development of the financial sector, as reflected by the extent of financial deepening, in the economic development of countries. The Theoretical framework integrating financial growth to real growth is basically an adaptation of the Gurley-Shaw theory of finance in the development context, but with emphasis placed upon the supply-leading role of the financial sector. The empirical results of this study although not conclusive, indicate that financial deepening leads to a higher rate of capital accumulation and a higher level of per capita income. The lack of definitiveness of our evidence in support of the financial theory of economic development is due to a lack of comparable data on financial institutions, other than banks, for the different countries. Thus, although our study lends support to the supply-leading thesis, further judgement of the thesis must await more detailed empirical analyses.     

Financing the UN development system and the future of multilateralism

This article seeks to accomplish four tasks. It explores the historical relationship between the financing instruments that dominated different phases of the evolution of the UN development system and the understanding of the concept of multilateralism. Bearing in mind this historical context, it seeks to analyse the defining characteristics of multilateral finance in the context of the UN, in particular the characteristics that make a financial instrument more or less multilateral. It then explores a number of new financial instruments and their possible impact on the future shape multilateralism takes in the UN system. The article concludes with some thoughts on financing for a new multilateralism. In order to go beyond the core/non-core stalemate, it is necessary to develop a new variable geometry based on function, which brings into play assessed, negotiated pledges, voluntary core and non-core instruments.     

Prediction and management of currency crises in latin America

In recent decades, currency crises in Latin America have often marked the beginning of prolonged periods of inflation, economic recession, and depressed foreign investment. Attempts to anticipate such financial breakdowns have met with relatively little success. As the survey of existing models indicates, there seems to be little hope for the development of a forecasting framework able to predict exchange rate movements with a sufficient degree of accuracy and anticipation that would allow policy makers to mount a timely intervention in currency markets. The analysis of past currency crises, however, shows some common elements which might help formulate benchmarks that could be used as predictive parameters in the future. This paper provides a survey of the models and tools currently used to predict exchange rate movements. It analyzes the origin and evolution of the 1994 Mexican Peso crisis, its contagion effects on other Latin American economies, and the measures taken by the affected countries to manage the crisis. We summarize some of the market solutions, economic policy measures and institutional arrangements adopted in the wake of the December 1994 events as well as some of the lessons that seem to have transpired from this experience.     

Covariations in the currency ratio and the velocity of money in underdeveloped countries 1

This paper investigates the effects of various socioeconomic variables on fertility rates, with special reference to the United States. Most of the results are consistent with the earlier cross‐sectional results of Adelman, Drakatos, et. al. More specifically it appears that such socioeconomic variables as age structure, education, per capita income, population, density, and urbanization influence birth rates in both developing and developed countries. Both linear and logarithmic forms are used to estimate birth rates. In the final portions of the paper an attempt is made to reconcile those cases in which the results were not consistent with some of the earlier findings.     

建立社区矫正体系的思考

推进监狱行刑方式的改革,探索社区矫正体系的建立,已成为扩大非监禁刑的一种趋势。建立我国社区矫正体系是21世纪非监禁刑得以完善和发展的好时期,社区矫正体系应该和监狱行刑系统一起,构成国家统一的刑事执行体系。     

Emerging powers and the UN development system: canvassing global views

The importance of emerging powers in the UN development system is undeniable, but their influence over the shape of the post-2015 agenda is less clear. This article examines recent survey data by the Future UN Development System (funds) Project in order to better gauge the perceptions of the world organisation’s problems and prospects.     

Decentralisation and recentralisation in the historical development of the local government system in zimbabwe

Local government as an institution constitutes one of the many resources at the disposal of central government for achieving certain ends. The local government system is therefore a means directly related to some perceived ends although in certain cases it can also be pursued as an end in itself. In many countries including Zimbabwe the ends of local government are often unclear and multidimensional including the promotion of local democracy and participation in national politics and development; providing structural framework for the provision of local services, promoting local administrative efficiency and in rather few cases, providing a framework for local economic development.

In many countries local government system is used to either strengthen a top-down hierarchical approach or a bottom-up or horizontal approach to administration and national economic development. Such goals of local government inevitably result in different types of philosophy, administrative theories and strategies, decentralisation models, organisational structures, centre-local relations and the nature of powers ceded to local government by central government. The main theme of this paper is that within the context of Zimbabwe, there has been a major discrepancy between the largely territorial goals or ends to be achieved by post colonial local government transformation and its continuing functional organisation inherited from colonialism. This contradiction is described in the title as decentralisation and recentralisation.     

论劳动教养制度存在的哲学基础

劳动教养是存是废受到社会各界的普遍关注,它的法律性质和合理性均受到质疑,学理上多对其持批评态度甚至主张取消它的存在。笔者认为,现行劳动教养制度的确存在一些理论上的困惑,但从社会发展阶段看,劳动教养制度仍然有着其存在的哲学基础,具有其他法律不可替代的作用,如果理顺它的法律性质和地位,改善其监督机制,不仅可以实现其维护社会秩序的价值,而且能够和其他行政法律协调一致,同样可以实现法律的公正价值。     

从未成年人保护看国家监护制度的构建

本文从未成年人保护的立场出发,针对我国未成年人监护制度相对滞后、公力干预消极被动以及目前未成年人家庭私力监护中恶性事件不断发生的现实状况,借鉴西方国家未成年人监护制度的实践经验,引入国家公力机制、加强国家公力干预和监督,对我国未成年人国家监护制度进行了初步设计,以弥补家庭个体监护的不足和缺陷。     

Capital flows and financial stability: the mexican experience

This paper argues that capital inflows that are not well absorbed by the private sector will cause financial instability under a fixed exchange rate regime. Whether capital inflows, particularly portfolio inflows, are good or bad as perceived by the recipient emerging market depends on how they are allocated and used. They can, if absorbed properly, contribute to a reduction in the cost of capital and to domestic capital formation and economic growth. On the other hand, they can also flood the domestic market, build up official reserves, and appreciate the real exchange rate. Moreover, they are very sensitive to political and economic shocks. Empirical analysis of Mexico's recent experience reveals that the capital influx into Mexico in the past decade did not contribute much to capital formation and economic growth. Instead, they were to a large degree absorbed by official reserves and imports for consumption. Capital inflows were a major factor in Mexico's real exchange rate appreciation. Capital flows in Mexico are found to be adversely affected by U.S. interest rates.     

浅析印度国内市场准入法律制度

了解一个国家的市场准入情况和对外投资政策是实现对外投资的重要步骤,印度是一带一路提倡沿线中重要的发展中国家,通过对印度投资市场准入法律制度的研究和调查能够帮助中国企业了解印度当地的政策制度和法律法规,规避相应的风险,加强中国对印度的投资。