AFRICA RESEARCH BULLETIN: ECONOMIC, FINANCIAL AND TECHNICAL SERIES, Issue 5 2010
Article first published online: 8 JUL 2010
No abstract is available for this article. [source]

INTERNATIONAL MONETARY FUND: Spring Meetings

AFRICA RESEARCH BULLETIN: ECONOMIC, FINANCIAL AND TECHNICAL SERIES, Issue 4 2010
Article first published online: 4 JUN 2010
No abstract is available for this article. [source]

INTERNATIONAL MONETARY FUND: Missions and Reviews

AFRICA RESEARCH BULLETIN: ECONOMIC, FINANCIAL AND TECHNICAL SERIES, Issue 3 2010
Article first published online: 4 MAY 2010
No abstract is available for this article. [source]

INTERNATIONAL MONETARY FUND (IMF): Varying Assessments

AFRICA RESEARCH BULLETIN: ECONOMIC, FINANCIAL AND TECHNICAL SERIES, Issue 10 2009
Article first published online: 27 NOV 200
No abstract is available for this article. [source]

INTERNATIONAL MONETARY FUND (IMF): Missions And Reviews

AFRICA RESEARCH BULLETIN: ECONOMIC, FINANCIAL AND TECHNICAL SERIES, Issue 9 2009
Article first published online: 2 NOV 200
No abstract is available for this article. [source]

INTERNATIONAL MONETARY FUND: Country Reviews

AFRICA RESEARCH BULLETIN: ECONOMIC, FINANCIAL AND TECHNICAL SERIES, Issue 3 2009
Article first published online: 1 MAY 200
No abstract is available for this article. [source]

EQUALITY, INFANCY AND EFFICIENCY IN ALLOCATING INTERNAL RESEARCH FUNDS TO FACULTY MEMBERS

ECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 2 2003
AMNON LEVY
First page of article [source]

AGENCY CONFLICTS IN DELEGATED PORTFOLIO MANAGEMENT: EVIDENCE FROM NAMESAKE MUTUAL FUNDS

THE JOURNAL OF FINANCIAL RESEARCH, Issue 4 2007
Stephen P. Ferris
Abstract Namesake funds provide a unique sample for studying the two agency conflicts that exist within a mutual fund. The first is between the fund management company and fund shareholders, and the second is between the fund management company and the fund manager. A typical namesake fund manager sits on his or her fund's board, frequently as the chairman, is the majority owner of the fund management company, and has significant investments in the fund he or she manages. Our results indicate that namesake funds charge higher fees, suggesting that the boards of namesake funds are less effective. We find that namesake funds are more tax efficient, consistent with the idea that managerial ownership helps align the interests of managers with those of shareholders. Because of fewer career concerns, namesake fund managers herd less while assuming greater unsystematic risk. We find weak evidence that namesake fund managers outperform their benchmarks and peers. Finally, we observe that namesake funds attract higher levels of investor cash flow. [source]

WINDOW DRESSING IN BOND MUTUAL FUNDS

THE JOURNAL OF FINANCIAL RESEARCH, Issue 3 2006
Matthew R. Morey
Abstract We examine portfolio credit quality holding and daily return patterns in a large sample of bond mutual funds and document evidence of window dressing. Using portfolio credit quality holdings data, we find that bond funds on average hold significantly more government bonds during disclosure than nondisclosure, presumably to present a safer portfolio to shareholders. Multiple-index market models estimated with daily returns data corroborate these findings. We detect differences in factor loadings on days surrounding disclosure dates that indicate systematic tilting of the portfolio toward higher quality instruments. [source]

STRUCTURE REGULATION, PRICE STRUCTURE, CROSS-SUBSIDIZATION AND MARGINAL COST OF PUBLIC FUNDS,

THE MANCHESTER SCHOOL, Issue 6 2009
MING CHUNG CHANG
In this paper we study the social desirability of the structure regulation which transforms a single multi-product monopoly into an oligopoly where the industry produces differentiated complementary goods. In particular, we pay special attention to the cross-subsidization which will be eliminated by the structure regulation. It is established that if horizontal externalities between the goods are not too strong, then the monopoly has a socially optimal price structure. In contrast, the oligopoly always distorts the price structure. We also demonstrate that the monopoly will cross-subsidize a product if and only if this product has a relatively low absolute advantage. [source]

THE INTERNATIONAL DIMENSIONS OF NEUROETHICS

DEVELOPING WORLD BIOETHICS, Issue 2 2009
SOFIA LOMBERA
ABSTRACT Neuroethics, in its modern form, investigates the impact of brain science in four basic dimensions: the self, social policy, practice and discourse. In this study, we analyzed a set of 461 peer-reviewed articles with neuroethics content, published by authors from 32 countries. We analyzed the data for: (1) trends in the development of international neuroethics over time, and (2) how challenges at the intersection of ethics and neuroscience are viewed in countries that are considered developed by International Monetary Fund (IMF) standards, and in those that are developing. Our results demonstrate a steady increase in global participation in neuroethics from 1989 to 2005, characterized by an increase in numbers of articles published specifically on neuroethics, journals publishing these articles, and countries contributing to the literature. The focus from all countries was on the practice of brain science and the amelioration of neurological disease. Indicators of technology creation and diffusion in developing countries were specifically correlated with increases in publications concerning policy implications of brain science. Neuroethics is an international endeavor and, as such, should be sensitive to the impact that context has on acceptance and use of technological innovation. [source]

The Regulatory State and Turkish Banking Reforms in the Age of Post-Washington Consensus

DEVELOPMENT AND CHANGE, Issue 1 2010
Caner Bakir
ABSTRACT The new era of the Post-Washington Consensus (PWC), promoted under the auspices of International Financial Institutions such as the International Monetary Fund and the World Bank, centres on the need to develop sound financial regulation and strong regulatory institutions, especially in the realm of banking and finance in post-financial crisis developing countries. This article uses an examination of the Turkish banking sector experience with the PWC in the aftermath of the 2001 financial crisis to show its considerable strengths and weaknesses. The authors argue that the emergent regulatory state in the bank-based financial system has a narrow focus on strengthening prudential regulation, whilst ignoring the increased ,financialization' of the Turkish economy. They identify the positive features of the new era of the PWC in terms of prudential regulation, which has become much more robust in its ability to withstand external shocks. At the same time, however, the article highlights some of the limitations of the new era which resemble the limitations of the PWC. These include the distributional impact of the regulatory reforms within the banking sector, and notably the emergence of foreign banks as the major beneficiaries of this process; weaknesses in promoting productive bank intermediation that finance the real economy and economic growth, leading to poverty reduction via growth of employment whilst stimulating financialization within the economy; and finally, the exclusive focus on prudential regulation, whilst ignoring regulatory costs, consumer protection and competition regulation. [source]

IMF Gold and the World Bank's Unfunded HIPC Deficit

DEVELOPMENT POLICY REVIEW, Issue 1 2004
Jonathan E. Sanford
The World Bank is to forgive $12.24 billion in IDA debt payments from HIPC borrowers. It has received $1 billion from the HIPC Trust Fund to help offset these losses, but still has a $11.6 billion unfunded liability. The IMF has gold worth $38 billion on hand for which it has no actual use. This article proposes that a small portion of IMF gold be sold annually, just enough to offset IDA's annual HIPC deficit, over the next twenty years. The new money would be additional and predictable, and would eliminate the prospect that IDA would have to cut back its future flow of aid because the HIPC programme had drained its resources. [source]

Is There a Place for Virtual Poverty Funds in Pro-Poor Public Spending Reform?

DEVELOPMENT POLICY REVIEW, Issue 4 2003
Lessons from Uganda's PAF
Various developing countries with weak public expenditure management systems are establishing virtual poverty funds (VPFs), drawing on the experience of Uganda's Poverty Action Fund. As a mechanism for tagging and tracking the performance of specific poverty-reducing expenditures in the budget, a VPF can be useful. However, this article argues that such devices should be treated from the outset as transitional, and as part of wider processes of strengthening public expenditure management; otherwise, they can seriously distort public expenditure allocations and management systems, potentially undermining growth. Emphasis needs to be placed on identifying the right balance of expenditures in the entire budget; improving the effectiveness and efficiency of existing allocations; and developing better public-sector policies for promoting pro-poor private sector growth. [source]

WHICH VARIABLES EXPLAIN DECISIONS ON IMF CREDIT?

ECONOMICS & POLITICS, Issue 2 2005
AN EXTREME BOUNDS ANALYSIS
This paper analyses which economic and political factors affect the chance that a country receives IMF credit or signs an agreement with the Fund. We use a panel model for 118 countries over the period 1971,2000. Our results, based on extreme bounds analysis, suggest that it is mostly economic variables that are robustly related to IMF lending activity, while most political variables that have been put forward in previous studies on IMF involvement are non-significant. To the extent that political factors matter, they seem more closely related to the conclusion of IMF agreements than to the disbursement of IMF credits. [source]

The Impact of Life Events on Perceived Financial Stress, Clothing-Specific Lifestyle, and Retail Patronage: The Recent IMF Economic Crisis in Korea

FAMILY & CONSUMER SCIENCES RESEARCH JOURNAL, Issue 1 2000
Soyeon Shim
Using Andreasen's Model of Life Change Effects as a theoretical framework, the purpose of this study was to develop and test a model that depicts the direct and indirect influence of a life event, the Korean International Monetary Fund (IMF) crisis, on financial stress, clothing-specific lifestyle, and retail patronage behavior. A total of 502 females from two major metropolitan cities in Korea responded to a survey questionnaire. A structural equation modeling technique was used to test the hypotheses. Several statistical criteria supported theoretical, causal relationships among the measurement models in the study, providing strong support for Andreasen's model. More specifically, the IMF impact had affected retail patronage behavior directly as well as indirectly through clothing-specific lifestyles and financial stress. Both clothing-specific lifestyles and financial stress had an influence on retail patronage behavior. The IMF event had a stronger direct and total impact than financial stress on changes in retail patronage behavior. Theoretical and managerial implications are discussed. [source]

WILLIAM H. REHNQUIST AWARD FOR JUDICIAL EXCELLENCE ADDRESS

FAMILY COURT REVIEW, Issue 2 2009
Hon. Jonathan Lippman
The William H. Rehnquist Award is one of the most celebrated judicial honors in the country. It is given each year to a state court judge who demonstrates the "highest level of judicial excellence, integrity, fairness, and professional ethics." The 2008 recipient, Jonathan Lippman, was recently appointed and confirmed as Chief Judge of the State of New York. Chief Judge Lippman was previously the Presiding Justice of the Appellate Division of the First Judicial Department of the New York State Supreme Court. He was appointed New York's Chief Administrative Judge by Chief Judge Judith S. Kaye and served from January 1996 to May 2007 and was responsible for the operation of a court system with a $2.4 billion budget, 1300 state-paid judges, 2300 town and village judges, and 16,000 nonjudicial personnel. Among his numerous professional activities, Chief Judge Lippman served as president of the Conference of State Court Administrators from 2005 to 2006 and was the vice-chair of the National Center for State Courts from 2005 to 2006, where he was a member of the Board of Directors from 2003 to 2007. During his tenure, Chief Judge Lippman has been the recipient of numerous awards and recognitions, including the 2006 Fund For Modern Courts Cyrus R. Vance Tribute for Vision, Integrity and Dedication to the Fair Administration of Justice Personified by Cyrus R. Vance (November 27, 2006); the New York County Lawyers' Association Conspicuous Service Award in Recognition of Many Years of Outstanding Public Service (September 28, 2006); and the Award for Excellence in Public Service of the New York State Bar Association's Committee on Attorneys in Public Service (January 24, 2006). Chief Judge Lippman received a Bachelor of Arts in Government and International Relations from New York University, Washington Square College, where he graduated cum laude in 1965. He also received his J.D. from New York University in 1968. Below is the speech he delivered after accepting the William H. Rehnquist Award from U.S. Supreme Court Chief Justice John G. Roberts. [source]

Correlation and the Pension Protection Fund,

FISCAL STUDIES, Issue 2 2006
Paul Sweeting
Abstract In this paper, I use a stochastic approach to model the effect that correlations between pension scheme assets and firm values should have on the premiums chargeable by the Pension Protection Fund. In particular, I look at the effect on the aggregate premium that should be charged considering a representative universe of companies and their pension schemes. I find that ignoring the correlations, even if the volatility of pension scheme assets is allowed for, leads to potentially serious underestimation of the aggregate premium due. [source]

Pricing Pension Insurance: The Proposed Levy Structure for the Pension Protection Fund,

FISCAL STUDIES, Issue 4 2005
David McCarthy
The UK Pension Protection Fund (PPF), established by the 2004 Pensions Act to protect beneficiaries of defined benefit pension schemes when the sponsor becomes insolvent and the scheme is underfunded, is required to finance itself through a levy on participating schemes. In July 2005, the PPF issued a consultative document setting out its proposal for the structure of the levy. In this paper, we provide a critique of the proposal and, in particular, its heavy reliance on securing levy income from the weakest schemes. We propose an alternative structure for the levy that recognises the limits on capacity to pay and also mitigates some other undesirable features of the proposal. [source]

Defining Accountability Up: the Global Economic Multilaterals

GOVERNMENT AND OPPOSITION, Issue 2 2004
Miles Kahler
Critics of the global economic multilaterals (GEMs) , the International Monetary Fund, the World Bank, and the World Trade Organization , allege that these organizations fail the test of democratic accountability. Two distinct measures of democratic accountability have been applied to the GEMs. To the degree that these organizations display ,accountability deficits', those deficiencies are the result of choices by the most influential national governments. Three techniques have been deployed to enhance the accountability of the GEMs: transparency (more information for those outside the institution), competition (imitation of democratic accountability) and changes in rules of representation (accountability to stakeholders rather than shareholders). Each of these may impose costs, however, and may conflict with other valued aims of the organizations. [source]

Evaluating the Performance-Based Research Fund; Framing the Debate , Edited by Leon Bakker, Jonathan Boston, Lesley Campbell and Roger Smyth

HIGHER EDUCATION QUARTERLY, Issue 3 2007
Ian McNay
First page of article [source]

Keeping Capital Flowing: The Role of the IMF,

INTERNATIONAL FINANCE, Issue 3 2004
Michael D. Bordo
In this paper, we examine the role of the International Monetary Fund (IMF) in maintaining the access of emerging market economies to international capital markets. We find evidence that both macroeconomic aggregates and capital flows improve following the adoption of an IMF programme, although they may initially deteriorate somewhat. Consistent with theoretical predictions and earlier empirical findings, we find that IMF programmes are most successful in improving capital flows to countries with bad, but not very bad, fundamentals. In such countries, IMF programmes are also associated with improvements in the fundamentals themselves. [source]

The International Financial Architecture: Old Issues and New Initiatives

INTERNATIONAL FINANCE, Issue 1 2002
Peter B. Kenen
Reform of the international financial architecture has made progress but has not dealt decisively with the need to involve private sector creditors in resolving debt-related crises. It has relied unduly on voluntary approaches combined with large-scale official financing. A comprehensive approach requires the use of temporary standstills to protect debtors against litigation. These can help to resolve ,liquidity' crises as well as ,solvency' crises. Proposals by Krueger (2001, 2002) provide a way to resolve the problem of a sovereign debtor with an unsustainable debt burden but offer no solution to problems involving private sector debt or to liquidity crises. They would also require an amendment to the Articles of Agreement of the International Monetary Fund, which could prove difficult. This paper proposes a less radical approach , adding rollover clauses and collective-action clauses to sovereign and private debt contracts, backed by strict limits on IMF financing. It resembles, but goes further than, the contractual approach favoured by the US Treasury. [source]

An innovative approach to the theory and practice of organizational analysis: my journey with Elliott Jaques

INTERNATIONAL JOURNAL OF APPLIED PSYCHOANALYTIC STUDIES, Issue 4 2005
Aldo Schlemenson
Abstract This article highlights the author's experience working with Elliott Jaques and his theory for over 35 years in Argentina. It examines the development of Jaques' theoretical approach to organizational theory over two decades, transforming from a psychological to a social theoretical framework. Emphasis is put in the notions of the organizational structure, the hierarchical managerial system, stratification, and the managerial accountability in a manner that allows for a systematic analysis. The "time-span of discretion" instrument is the means for evaluating jobs and for having access to extant organization. This approach allows a process of change combining effectiveness with a humanistic democratization of the workplace and ethics. This article provides examples of projects implemented in the public administration area, verifying the consistency of the theory and its practical applications, in particular concerning individual capabilities, the talent pool, and their evaluation. It contains a Foreword by Dr Carlos Silvani, International Monetary Fund, Washington, D.C. Copyright © 2005 John Wiley & Sons, Ltd. [source]

The historical origins of US exchange market intervention policy,

INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 2 2007
Michael D. Bordo
Abstract This paper examines the historical precedents of US exchange market intervention. Before 1934 we describe operations by the Second Bank of the United States, the US Treasury and the Federal Reserve. We then examine the operations of the Exchange Stabilization Fund, created in 1934 as a Treasury Department agency. Our study, based on unique, unpublished sources, analyses ESF dealings with the Banque de France and the Bank of England before and after the Tripartite Agreement of 1936. Finally, using unique data we discuss US efforts from 1961 through 1972 to defend the dollar's parity under the Bretton Woods System. Copyright © 2007 John Wiley & Sons, Ltd. [source]

Towards regional monetary cooperation in East Asia: lessons from other parts of the world

INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 2 2005
Masahiro Kawai
Abstract This paper discusses regional monetary cooperation for East Asia, by drawing lessons from the European Payments Union, the CFA Franc Zone and the Arab Monetary Fund. Along with the well-known experience of the European Monetary System, these experiences suggest that effective monetary cooperation should include: (1) a surveillance mechanism; (2) a regional financing facility; (3) a common unit of account; and (4) exchange rate coordination. In East Asia, the existing mechanisms of regional surveillance must be strengthened, and the liquidity support mechanism under the Chiang Mai Initiative must evolve into a common pool of foreign exchange reserves. Over the longer term, the region may need to create its own common unit of account and to develop a framework for exchange rate coordination. Copyright © 2005 John Wiley & Sons, Ltd. [source]

Travelling through Memory Lane: Theological Education in the World Council of Churches1

INTERNATIONAL REVIEW OF MISSION, Issue 1 2009
John S. Pobee
The paper highlights crucial stages in the development of the programme on Ecumenical Theological Education (ETE) in the World Council of Churches which in its earlier incarnations goes back to the Accra Conference of the International Missionary Council and the emergence of the Theological Education Fund (TEF). In referring to the Oslo world conference on theological education 1996 some key areas of the mandate of ETE and of its future perspectives are developed, including its relation to the WOCATI network and its strategic importance for the WCC. [source]

Risk management in a globalizing world: An empirical analysis of individual preferences in 26 European countries

INTERNATIONAL SOCIAL SECURITY REVIEW, Issue 3 2009
Ferry Koster
Abstract The risks that individuals face in everyday life, such as illness and unemployment, can be covered using market, government, or community mechanisms. The market can function with a lower level of solidarity compared to the other two mechanisms; the government mechanism requires the highest level of compulsory solidarity and communities are associated with voluntary solidarity. Social context affects individual preferences with regard to any one of these mechanisms. This article investigates to what extent these preferences are influenced by globalization: the economic, social and political openness of countries. The dataset used in this study combines data from the European Values Study 1999-2000 (EVS), the International Monetary Fund (IMF), and the KOF Index of Globalization, and contains information about 31,554 people living in 26 European countries. The results derived from logistic multilevel analysis show that preferences towards the organization of solidarity are related to the different dimensions of globalization. [source]

Pension reform in China

INTERNATIONAL SOCIAL SECURITY REVIEW, Issue 3 2008
Felix Salditt
Abstract This article analyses China's progress in creating a national old-age insurance system, providing a detailed description of the system and an assessment of the degree to which it has so far realised its primary goal of social security for more people. Since 1997, there have been many reforms, but despite progress, the scope of the system is limited, with the coverage rate among urban employees being below 50 per cent. The rural population largely remains outside the system, and it seems likely that the majority of the population will be dependent on family support for many years to come. There is a "demographic window" until around 2015 to address these shortcomings. Extending coverage through improved compliance by employees and companies as well as the continuing financial commitment towards the National Social Security Fund are crucial to create the financial and institutional basis that can cushion the effects of a much older population in the years ahead. [source]

Governance of social security regimes: Trends in Senegal

INTERNATIONAL SOCIAL SECURITY REVIEW, Issue 3-4 2003
Ahmadou Yéri Diop
The main aim of this article is to analyse the Senegalese experience in the management of social security institutions. The keyword which occurs and reoccurs is autonomy. Except for Côte d'Ivoire, which has experimented with the same system since 2000, the Senegalese experience is unique in French-speaking sub-Saharan Africa. The article reviews the institutional pluralism which is another unique feature of the Senegalese situation, the genuine autonomy of management which exists and its results, illustrated by the example of the Social Security Fund. The results obtained in terms of financial stability, better quality of service and the installation of an efficient information system prove that this is the way of the future. Finally, the paper highlights the distribution of powers between the various bodies of the Fund. [source]