Top PDF Local government and utility firms’ debts

Local government and utility firms’ debts

Local government and utility firms’ debts

The existing Budget Law (NN 87/08) formally does not require the composition of con- solidated fi nancial accounts for local units and utility fi rms. Nevertheless, the accounting basis for the implementation of consolidation has been set up by International Public Sector Accounting Standards – IPSAS. A separate accounting standard (IPSAS 6), which mainly draws on International Accounting Standard (IAS) 27 prescribes the consolida- tion of fi nancial reports and accounting for controlled entities. This standard relates to the preparation and presentation of consolidated fi nancial reports and accountancy of entities that are under the control of public sector institutions (excluding public sector companies). The standard prescribes the obligation to compose and present consolidated fi nancial reports in special reports of companies that have a controlling position. Although public sector companies do not need to harmonise their fi nancial reports to this standard (although they do have to harmonise them with international accounting standards, to which all companies are subject irrespective of whether they are in the private or the public sector), the provisions of these regulations are applied in cases when a public sector entity that is not a company (for example a local unit) controls one or more companies (for example utility fi rms) from the public sector. In this case, fi nancial re- ports are consolidated in separate reports of the controlling entity. Control in the sense of this standard implies the power to manage the fi nancial and business policy of one entity by another entity in such a way that the controlling entity has some benefi t from the activity of the controlled entity. In addition, it is considered that there is also control in a case in which the controlled entity takes on debt with a guarantee from the control- ling entity, which is particularly relevant for the identifi cation of control of local units over utility fi rms in Croatia. Consolidation is carried out not only by the stated condi- tions being met but also by the items of fi nancial reports (assets, liabilities, capital, re- venue and expenditure) of the controlled and control entity being aggregated, with the elimination of items prescribed by the standard.
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Speculative attacks on debts, dollarization and optimum currency areas

Speculative attacks on debts, dollarization and optimum currency areas

The purpose of this article is to contribute to the discussion of the Þnancial aspects of dollarization and optimum currency areas. Based on the model of self-fulÞlling debt crisis developed by Cole and Kehoe [4], it is possible to evaluate the compara- tive welfare of economies, which either keep their local currency and an independent monetary policy, join a monetary union or adopt dollarization. In the two former monetary regimes, governments can issue debt denominated, respectively, in lo- cal and common currencies, which is completely purchased by national consumers. Given this ability, governments may decide to impose an inßation tax on these as- sets and use the revenues so collected to avoid an external debt crises. While the country that issues its own currency takes this decision independently, a country be- longing to a monetary union depends on the joint decision of all member countries about the common monetary policy. In this way, an external debt crises may be avoided under the local and common currency regimes, if, respectively, the national and the union central banks have the ability to do monetary policy, represented by the reduction in the real return on the bonds denominated in these currencies. This resource is not available under dollarization. In a dollarized economy, the loss of control over national monetary policy does not allow adjustments for exogenous shocks that asymmetrically affect the client and the anchor countries, but credibility is strengthened. On the other hand, given the ability to inßate the local currency, the central bank may be subject to the political inßuence of a government not so strongly concerned with Þscal discipline, which reduces the welfare of the economy. In a similar fashion, under a common currency regime, the union central bank may also be under the inßuence of a group of countries to inßate the common currency, even though they do not face external restrictions. Therefore, the local and common currencies could be viewed as a way to provide welfare enhancing bankruptcy, if it is not abused. With these peculiarities of monetary regimes in mind, we simulate the levels of economic welfare for each, employing recent data for the Brazilian economy. Keywords: dollarization, optimum currency areas, speculative attacks, debt cri- sis, sunspots
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Romanians’ Public Debts Saga

Romanians’ Public Debts Saga

Mostly uninspired, the government’s policies purposefully maintained the confusion between the liberalism of market economy and the libertinism of a hybrid economy in the first years of transition. Following the decisive involvement only of the NBR in building and running a new monetary policy, the actual construction of a new social and economic order could have been approached openly. The electoral constraints of 1996 [9] underlined the lack of strength of the macro-economic policies-mix with a view to promoting the reforms, although the economy recorded a positive growth, however expensive and far under the necessary standards of quality. The external unbalance, caused by the growth of import and stagnation of export, affected the credibility of the stabilization efforts, reflecting the true nature of the solutions, most of which having been adopted to impress the voters. As the offer of goods and services was not big enough for the constantly growing internal demand, the offer-demand balance was accomplished at the expense of a growing external unbalance, with a current account deficit of 7.2% of the NGP, accompanied by inflation, too. If we also take into consideration the fact that the electricity bill for the transitional winters meant mobilizing significant currency resources, one can easily deduce the reason of an insufficient degree of covering the imports at the expense of the exports that went worse. Therefore, the country began a new cycle of external debt! Among the basic landmarks and recommendations of the stand-by agreement signed in 1997 with the IMF – and many of them still seem to linger as an echo over the years – one can find the same commitments to diminish the deficit of the public budget, of the quasi-fiscal deficits, plus the necessity to consolidate the fiscal vigilance and discipline. In 1996, the political puzzle had been transformed after the local and general rounds of elections, and a new loan was contracted on a very unfriendly external market, which generated in 1999 a historic peak of the external debt service of about 30% ratio of the medium and long-term debt of the country. Also the banking system had to be purged during the same period following the accumulation of latent vulnerabilities which both the agglomeration of non-performing credits and the deepening of the economy’s external unbalance had generated.
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RECENT TRENDS IN FOREIGN DIRECT INVESTMENTS IN ROMANIA

RECENT TRENDS IN FOREIGN DIRECT INVESTMENTS IN ROMANIA

Moreover, we can guide the company's consolidated revenues through cross marketing strategies to sales development to the most profitable markets. "Such marketing strategy deals not therefore market segments according to the characteristics of each country, but rather according to those differences between buyers, which transcend national borders" (Cerna, 2006, p 231). In the production area, the essential advantage of FDI is that allow the creation of products at lower costs. Thus, (trans-border) multinational companies have faster access to the most convenient means of production (raw materials, equipment, workforce, etc.), through the development of global communications, the global organization and global access to financial resources. In addition, in terms of organization, there may also take place strategic alliances between such firms.
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Rev. Saúde Pública  vol.44 número6

Rev. Saúde Pública vol.44 número6

Table 3 shows the opportunities for strengthening public policy and dengue control programs, consid- ering the low participation of sectors outside of the health services. When considering the involvement in policy-making, our results suggest a high degree of operational feasibility for the health sector, as well as the state, jurisdictional and municipal levels. We found a medium level of opportunity in regards to intersectoral cooperation, due to unfamiliarity or non-compliance with legal responsibilities on the part of the other sectors. In regards to the registry system for probable and confi rmed dengue cases, we assigned a medium degree of feasibility for improvement among health personnel, municipal councils and the community,
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ANALYSIS OF THE PROBLEM AREAS IN THE KRASNODAR TRANSPORT NETWORK AND ACTIVITIES TO DISCHARGE THEM

ANALYSIS OF THE PROBLEM AREAS IN THE KRASNODAR TRANSPORT NETWORK AND ACTIVITIES TO DISCHARGE THEM

municipalities. In this connection it is necessary to consider and to conceptualize the notion of "network of local politics", highlight it institutionalized (eg, local government) and non institutionalized actors (such as local community network), describe their communication channels, and methods and tools used. All this will help to build a theoretical model of the "network of local politics" allows analyzing social and political processes at the municipal level. The need for this kind of analysis is connected with the diversification of the local authorities in various regions of Russia and uneven socio-economic development of regions due to various socio-cultural characteristics, geographical and other contexts
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School of Economics and Management

School of Economics and Management

More recently, empirical evidence has showed that some fourth-stage countries, like Ireland and New Zealand -that have a developed country profile in terms of GDP per capita, level of structural development and economic and social infrastructure- still face low outward FDI intensities that sustain a negative NOI position. This is the result of their fewer endowment and generation of knowledge, or technologically-intensive intangible assets (Durán and Úbeda, 2001). The distinguishable feature of this type of countries – called late investors (i.e., recently industrialised or developed countries) – is not a negative sign of their NOI position but an exponential growth in their stock of direct investment abroad over a continued period of time.
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The role of non-scholar organisations in environmental education: a case study from Portugal

The role of non-scholar organisations in environmental education: a case study from Portugal

Once the domain of governmental and non-governmental organizations involved in social mobilization and environmental issues, environmental education has gained in importance in educational systems. Environmental education (EE) has progressively opened up to include educational activity such as citizenship, and health care. At the same time, the urgency and permanence of environmental problems in contemporary societies and their connections with particular scientific areas, such as the more obvious case of nature sciences, has assured to them an undisputed place in basic educational formation of citizens in modern societies, if nothing else a set of proposed pedagogies based on experimental observation or playing while learning. Likewise, while the environment has come to be a specific sector of collective and public action, as well as a sphere of state administration, environmental issues must include the economy and other socio- political equilibriums as well as sustainability. Hence there is a need for education for sustainable development (ESD).
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WP 090 Local Labor Market Conditions and Crime: Evidence from the Brazilian Trade Liberalization

WP 090 Local Labor Market Conditions and Crime: Evidence from the Brazilian Trade Liberalization

Second, we believe that our empirical exercise improves upon the existing literature by providing a more convincing identification strategy. The main concerns in this context are the endogeneity of labor market conditions to crime and the presence of unobserved factors determining both simultaneously. For these reasons, recent papers have used instruments for labor market conditions based on Bartik shocks, combining initial employment compo- sition across industries and subsequent changes in aggregate employment, exchange rates, oil prices, and military contracts (Raphael and Winter-Ebmer, 2001; Gould et al., 2002; Lin, 2008; Fougère et al., 2009). Still, no paper in this literature uses a clear and well- defined natural experiment. The natural experiment that we explore – the 1990s trade liberalization in Brazil – presents a series of advantages relative to the instruments that have been used previously: (i) in contrast to standard Bartik shocks, we know precisely the source of the shock: changes in tariffs implemented during the trade liberalization episode; (ii) the exogeneity and exclusion restrictions are plausibly satisfied, meaning that it is unlikely that a major national trade reform was driven by local crime conditions and it is difficult to think of an effect of trade policy on crime that would not have worked through labor markets; 4 (iii) it captures an event that is discrete in time and permanent;
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O uso do poder público de compra em políticas industriais: uma comparação entre Brasil e Japão

O uso do poder público de compra em políticas industriais: uma comparação entre Brasil e Japão

A consequence of such changes was an increased use of the open competitive bidding by the central government. In fact, before the General Agreement on Tariffs and Trade (GATT) came into force in Japan in 1981, the country made limited use of open competitive bidding and designated competitive bidding was more widely employed (Gier, 1996:620). It was common for local government to extensively use mechanisms and legal provisions to prioritize local firms in their procurement processes. Gier (1996:639-640) argues that providing preferential treatment for local firms by local governments was an “unwritten law” in public bids. This was implemented by establishing preconditions that firms located in other prefectures could not fulfil, such as requiring suppliers to maintain their headquarters within the local government’s jurisdiction to be eligible to participate in a public bid. Although the use of designated competitive bidding is still frequent by local governments, the Japanese central government currently conducts approximately 80% of its procurement processes through open competitive bids (Griek, 2014:27-28).
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THE FINANCIAL LEVERAGE OF LARGE PORTUGUESE FIRMS IN THE EUROPEAN CONTEXT

THE FINANCIAL LEVERAGE OF LARGE PORTUGUESE FIRMS IN THE EUROPEAN CONTEXT

This paper studies the leverage, cost of debt servicing ability and structure of debt maturity of large Portuguese firms, over the pre-crisis (2006-2009) and post-crisis (2010- 2013) periods through a comparative analysis with other European peers. We document that large Portuguese firms have been reducing their leverage since the end of 2009. We find that this decrease in leverage is not a consequence higher Equity levels but rather a result of asset ’s downsizing. We also document that Portuguese firms are still more leveraged than their European peers, even though this difference has decreased over time. High corporate debt levels are transversal across industries.
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Assessing and Explaining the Relative Efficiency of Local Government: Evidence for Portuguese Municipalities

Assessing and Explaining the Relative Efficiency of Local Government: Evidence for Portuguese Municipalities

Milligan, Moretti and Oreopoulos (2004) analyse the beneficial outcomes deriving from educational attainment, exploring the potential positive externalities of education as “enhanced political behaviour”. They find that education is related to several measures of political interest and involvement in U.S and U.K. This effect was supposed to be exercised through the following channels: (i) the “quality” of participation of a given subset of citizens (as Hamilton (1983)); and (ii) enlarged participation among citizens (or, as is the same, as being negatively related with what Grossman, Mavros and Wassmer (1999) labelled as “rationale ignorance” and “rationale abstention”, respectively). According to Milligan, Moretti, Oreopoulos (2004), “The first channel is important if education equips citizens with the cognitive skills they need to be effective participants in a representative democracy. In this case, education increases citizen’s ability to select able leaders, understand the issues upon which they will vote, act as a check on the potential excess of the government, and recognize corruption in leaders”.
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Status of hearing-impaired tour guides of Angeles city, Pampanga, Philippines: a basis for a proposed intervention program

Status of hearing-impaired tour guides of Angeles city, Pampanga, Philippines: a basis for a proposed intervention program

to his presentation. This made things dicult for the participants of the training to absorb all the information that Mr. Zerrudo was giving. There are terminologies used that are too deep and un- familiar for the participants since Mr. Zerrudo is talking about the content of tour guiding, and it is an unusual topic for the participants. The hearing- impaired guides also raised their concern about the limited time of the training, it did not give them enough time to conduct a research about the pla- ces that they must conduct a mock tour. Even a module or a script regarding the tourist destina- tion of Angeles Pampanga would be good enough for the hearing-impaired tour guides. In this way, the concern of the training ocer of DOT Region III regarding the credibility of the hearing-impaired tour guides about the information that they are gi- ving can be resolved, since all information that the tour guides got are from their oce. As compared by the USTGS-CCCPET Director, to the training provided by DOT National Oce, it is more prepa- red and has a complete module for the participants that made things a little easier to the participants. The city has a huge business opportunity as aforementioned by the training ocer of DOT Re- gion III but this opportunity is set back to the hearing-impaired guides as complained by one of the participants during the FGD. The city had con- ducted programs to marginalize the skills of the hearing-impaired to normal people, yet there is es- tablishment who neglects. The City of Dreams has a beautiful tagline when it comes to employment except for attitude, and train for skills (Olinda, 2018) the hearing-impaired community can do it, if only the human-resources of the companies trust them, if only the community can trust them, this is commended by the ocial hearing impaired inter- preters. The Republic Act 7277, 9442, and 10524 must be enacted in order for the community of PWD could be employed. The Republic Act 10524 grants discount for the PWD that are traveling, if an establishment employs a PWD, and the facili- ties are PWD friendly, the government accepts a
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Desafios na implementação de iniciativas de  e-government local:  o caso do projecto ALO Digital

Desafios na implementação de iniciativas de e-government local: o caso do projecto ALO Digital

Em Portugal, a preocupação com o e-Government tem vindo a registar-se a um nível cada vez maior ao longo dos anos. O surgimento de programas dedicados ao desenvolvimento da Sociedade de Informação e do Conhecimento tem, igualmente, ocupado um lugar central nas políticas do governo português. A Sociedade em Rede tem vindo, assim, a ser construída através da adopção de estratégias e políticas governamentais que se vão disseminando um pouco por todo o território nacional (Castells e Cardoso, 2005). Uma das estratégias desenvolvidas ao abrigo de políticas de governo electrónico local, focada numa visão integrada entre quatro concelhos (Vila Franca de Xira, Amadora, Odivelas e Loures), refere-se ao Projecto ALO Digital, inserido no Programa Operacional para a Sociedade do Conhecimento (POSC) das Cidades e Regiões Digitais, que se propõe fomentar uma cooperação intermunicipal com o intuito de dinamizar e desenvolver a qualidade dos serviços disponibilizados aos cidadãos e agentes económicos.
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Efficiency of Local Government Spending: Evidence for the Lisbon Region

Efficiency of Local Government Spending: Evidence for the Lisbon Region

Card and Krueger’s (1992) and Krueger’s (1997) empirical research demonstrates, for example, that the levels of local provision of educational services strongly depend on factors such as the “composition” of local communities. Schwab and Oates (1991) defined an analytical model where several aspects related to the composition of the local residents were explicitly controlled for, in order to identify the possible determinants of optimal distribution of individuals between jurisdictions. They concluded that the decentralisation of public responsibilities does not necessarily lead to an efficient outcome. Other studies, concerned with the increasing devolution of public responsibilities to local governments, also concluded for the reduced operational or ‘managerial’ capacity of local managers as being one factor that negatively influenced the efficacy and efficiency of local decision-making processes (see Deller and Rudnicki (1992)).
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Administração pública local da república de Angola e o e-government: proposta de um portal municipal

Administração pública local da república de Angola e o e-government: proposta de um portal municipal

A desconcentração faz parte do conjunto de processos inerentes a mudança estrutural, e consiste na regionalização dos serviços. Este facto, não significa necessariamente mais eficiência, diminuição de custos, maior eficácia no serviço prestado aos cidadãos; resume-se apenas, e tão só, numa maior proximidade dos serviços junto dos cidadãos e o destaque de alguns serviços do centro administrativo. Por outro lado, diferentemente a este processo, temos à descentralização, cuja sua utilização permite um aumento da flexibilidade do sistema, permitindo simultaneamente, uma maior adaptação das políticas às pressões e expectativas locais, ou seja, torna o sistema mais democrático. Com isto, reforçam-se os poderes tanto ao nível local como regional, uma vez que passam a dispor de maior autoridade e responsabilidade sobre as decisões que podem eventualmente pôr em causa o futuro da sua área geográfica; importa salientar, que o processo de descentralização não significa propriamente, menos custos, maior eficiência, inovação e melhoria automática dos serviços, mas ao responsabilizar o poder político local e regional perante os seus eleitores directos, para além de tornar a relação administração – cidadãos, mais transparente e directa, pode propiciar condições de mudança cultural. Sendo que o sucesso do processo de descentralização dependente de factores como o tipo de serviços prestados, das economias de escala, dos processos de gestão implementados, da qualidade dos gestores e estrutura do poder político local ou regional (Rocha, 2011).
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Local e-government: a situação das Juntas de Freguesia do Conselho de Vila Nova de Gaia

Local e-government: a situação das Juntas de Freguesia do Conselho de Vila Nova de Gaia

Face ao peso e importância do sector público na economia Portuguesa esta discussão tor- na-se ainda mais relevante. Os dados mais recentes disponibilizados pela Direcção-Geral de Estudos e Previsão do Ministério das Finanças revelam que em 2004 a despesa pública cor- rente correspondeu a 43,7% do Produto Interno Bruto (PIB). Ainda quanto ao peso do estado, de acordo com os indicadores de população do Instituto Nacional de Estatística (INE ) a popu- lação empregada em Dezembro de 2004 era de 5.122.800, destes cerca de 15% (Martins, 2003) correspondem a efectivos na administração pública central e local, das empresas públicas e demais institutos conexos. Os Sistemas de Informação que operam este sector da economia revelam-se fundamentais e possuem impacto tanto do ponto de vista económico como social.
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Fighting depopulation in Portugal: local and central government policies in times of crisis

Fighting depopulation in Portugal: local and central government policies in times of crisis

20 Regardless of the twelve steps announced in October 2016 for a forestry reform, there was no preventing a tragic summer in 2017, with over sixty people dead in the fire of Pedrógão Grande on the 17 th June and another forty five people on the 15 th October. Summer fires in Portugal are directly associated with depopulation and abandonment of agricultural fields. The typical Portuguese landscape was essentially made out of bush traditionally used for grazing. With the introduction of monoculture and the emigration of farmers to urban areas or abroad, subsistence agriculture was practically abolished from the Portuguese rural areas. There are practically no more shepherds, vegetable gardeners and local people to take care of the land. Fires may start with neglect or crime, but they strive on dry bush, destroying the landscape and threatening peoples’ lives and jobs. There are numerous published studies on the subject by agronomist and forest engineers (Oliveira, 2017, among others). Regardless of science, public policies haven’t been effective on the long term. There is an urgent need to enforce strategic solutions, both at national and local levels, in order to manage territories and prevent fires. Some of them might include more responsibility and workforce for municipalities to enforce cleaning of abandoned lands and properties. This would certainly be more cost effective than fighting fires and rebuilding what is destroyed by them. After these tragedies, one of the above mentioned forest engineers, Tiago Oliveira, was appointed president of a Mission to Install an Integrated System for Rural Fires’ Management (24 th
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O desenvolvimento do e-government na esfera local a partir de dimensões políticas, tecnológicas e sociais

O desenvolvimento do e-government na esfera local a partir de dimensões políticas, tecnológicas e sociais

This paper presents a model to identify variables of relevance for the development of e-government in the local sphere. Its purpose is to contribute to the understanding of the local context from analytical information and to assist the planning of e-government by municipal managers. It also stimulates regional development by helping public servants to understand relevant variables in the local context for solving social problems. The method used was the quantitative method, with the participation of municipalities in the extreme south of Brazil. We have identified that in most municipalities, e-government is still in the early stages, where information technology is basically used as a means of communication. We also identified that the variables technological infrastructure, financial resources, population, municipal budget and illiteracy rate have been shown to be more likely to influence the maturity stage of e-government.
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