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Article
Publication date: 4 June 2018

Serena Santis, Giuseppe Grossi and Marco Bisogno

The purpose of this paper is to review and analyze the literature on consolidated financial statements (CFS) in the public sector published from 1980 to 2015 in public…

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1250

Abstract

Purpose

The purpose of this paper is to review and analyze the literature on consolidated financial statements (CFS) in the public sector published from 1980 to 2015 in public sector accounting and management journals, and propose a future research agenda.

Design/methodology/approach

Adopting a structured literature review methodology, the authors investigate how the CFS literature is developing and what its focus is.

Findings

The authors identify five major topics: the definition of the consolidation area; the identification of the reporting entity; the private vs public sector accounting standard dichotomy; the relationship with the statistical rules; and the usefulness of CFS.

Originality/value

The authors analyze these topics, highlighting the growing implementation of CFS in different contexts (mainly focusing on governments outside the USA) and provide suggestions for future research.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 30 no. 2
Type: Research Article
ISSN: 1096-3367

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Article
Publication date: 25 July 2018

Daniel Kipkirong Tarus and Philip Otieno Manyala

The purpose of this paper is to examine the determinants of bank interest rate spread in Sub-Saharan African countries, which were categorized into macro-specific…

Abstract

Purpose

The purpose of this paper is to examine the determinants of bank interest rate spread in Sub-Saharan African countries, which were categorized into macro-specific, bank-specific and institutional variables.

Design/methodology/approach

The authors used fixed effects estimations to analyze the data. The data were drawn from a pool of 20 Sub-Saharan African countries for a period of ten years spanning 2003–2012. The countries were categorized into low-income, lower middle-income and upper middle-income countries based on World Bank income classifications.

Findings

The results show that inflation has a negative and significant effect on interest rate spread, while operating costs and bank concentration have a positive and significant effect on interest rate spread. Similarly, government effectiveness, rule of law and political stability are negatively related to the interest rate spread.

Practical implications

The paper provides evidence that interest rate spread is determined by both bank-specific, macro-economic and institutional variables. The paper also indicates that the income status of a country is important in explaining the variations in the interest rate spread across the region. Therefore, the policy makers should design policies that take into account the variables in order to help in planning by all economic agents, including banks.

Originality/value

The paper uses data from Sub-Saharan Africa and introduces institutional variables in the model, which have been found to be critical in the context.

Details

African Journal of Economic and Management Studies, vol. 9 no. 3
Type: Research Article
ISSN: 2040-0705

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Book part
Publication date: 28 September 2018

Ramesh Babu Thimmaraya and M. Venkateshwarlu

Abstract

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Dynamics of Financial Stress and Economic Performance
Type: Book
ISBN: 978-1-78754-783-4

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Article
Publication date: 22 June 2012

Kwasi Dartey‐Baah, Kwesi Amponsah‐Tawiah and David Aratuo

The purpose of this paper is to examine the Ghanaian economy within the context of its macro‐economic indicators and the performance of the agricultural sector against the…

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1274

Abstract

Purpose

The purpose of this paper is to examine the Ghanaian economy within the context of its macro‐economic indicators and the performance of the agricultural sector against the backdrop of the exogenous economic explanation of the resource curse. This is aimed at equipping policy makers with the tools needed in identifying symptoms of the Dutch disease as it transitions from an agrarian to an oil economy.

Design/methodology/approach

This is a research paper, employing quantitative and qualitative data of the macro‐economic indicators in the last ten years (2000‐2010) and policy initiatives since the discovery of oil in commercial quantities in Ghana. Furthermore, it also examines theoretical perspectives of the Dutch disease as frames of analysis to gauge the existence of any symptoms of the latter.

Findings

The paper questions a previous World Bank (2009) report classifying the Ghanaian economy as already showing signs of the Dutch disease. The paper suggests that the macro‐economic indicators show resilience and stability of the economy which is necessary for growth. It is observed that various government policies are aimed at improving agriculture inspite of the emerging oil industry. The paper recognizes some areas of concern and recommends further studies to observe the changes in dynamics when the “petro‐dollars” begin to flow into the economy.

Originality/value

This is a pioneering work which seeks to provide early warning signals of the Dutch disease in an emerging oil economy.

Details

Society and Business Review, vol. 7 no. 2
Type: Research Article
ISSN: 1746-5680

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Article
Publication date: 1 January 2001

Tham Siew Yean and Loke Wai Heng

The conclusion of the Uruguay Round (UR) in 1994 and the subsequent establishment of the World Trade Organisation (WTO) in January 995 signaled a new era in terms of…

Abstract

The conclusion of the Uruguay Round (UR) in 1994 and the subsequent establishment of the World Trade Organisation (WTO) in January 995 signaled a new era in terms of global trade. At the same time the prolonged years of negotiations of the UR also witnessed an increase in the expansion and extension of various regional arrangements. Consequently, the global environment has shifted toward institution‐driven globalisation and regionalism concurrently. The new international horizon promises significant opportunities and challenges for Malaysian industries. The objective of this paper is to assess the ability of Malaysian manufacturing to face these opportunities and challenges by evaluating their competitiveness. The findings of this study reveal only three sub‐sectors that are competitive even before the advent of the financial crisis. Further, the crisis has worsened the competitive position of the manufacturing sector. Hence, it is imperative that current government policies work toward restoring macro‐economic and political stability. At the same time, the medium‐ and long‐term needs of this sector call for a shift in industrial policy from mere export promotion to technology and human resource promotion.

Details

Humanomics, vol. 17 no. 1
Type: Research Article
ISSN: 0828-8666

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Article
Publication date: 17 August 2012

D.M. Nachane and M. Shahidul Islam

The global crisis, originating in the US financial sector, affected the Asian region primarily through three channels – declining trade volumes, exchange rate pressure and…

Abstract

Purpose

The global crisis, originating in the US financial sector, affected the Asian region primarily through three channels – declining trade volumes, exchange rate pressure and asset deflation. The purpose of this paper is to focus on how the crisis impacted the four major economies of South Asia, viz. Bangladesh, India, Pakistan and Sri Lanka and how, by a combination of swift actions on the monetary, fiscal and exchange rate fronts, the worst consequences of the crisis were averted.

Design/methodology/approach

The regulatory and supervisory systems in these four economies are then benchmarked against certain desirable norms, which have emerged out of post‐crisis international deliberations.

Findings

It is felt that the South Asian regulatory systems perform fairly well visàvis these norms.

Practical implications

The paper also touches upon the major highlights of the crisis impact, policy responses and post‐crisis recovery in the Southeast Asian region.

Originality/value

The several similarities and the few contrasts between the two regions on these aspects are also presented.

Details

South Asian Journal of Global Business Research, vol. 1 no. 2
Type: Research Article
ISSN: 2045-4457

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Article
Publication date: 1 August 2004

Masudul Alam Choudhury and Mohammad Ziaul Hoque

The theme of micro‐foundation of economic theory has not been adequately addressed. This is true even of those who pioneered the area of micro‐foundation of…

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3392

Abstract

The theme of micro‐foundation of economic theory has not been adequately addressed. This is true even of those who pioneered the area of micro‐foundation of macro‐economics. The great missing link in economic theory, both of micro‐economics and macro‐economics, is the inability to methodologically integrate ethical and moral values through preference mapping. This missing methodology disables the study of institutions, policy formulation and normative statements of structural transformation. On the other hand, such issues are once again haunting the human race in the murky and troubled global relations today – from capitalism to war to governance. This paper addresses the preference mapping and embedding of ethical and moral issues as endogenous dynamics in economic theory. The approach is rigorous and methodological.

Details

International Journal of Social Economics, vol. 31 no. 8
Type: Research Article
ISSN: 0306-8293

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Book part
Publication date: 23 August 2012

Sanghamitra Bandyopadhyay

The distribution dynamics of incomes across Indian states are examined using the entire income distribution. Unlike standard regression approaches, this approach allows us…

Abstract

The distribution dynamics of incomes across Indian states are examined using the entire income distribution. Unlike standard regression approaches, this approach allows us to identify specific distributional characteristics such as polarisation and stratification. The period between 1965 and 1997 exhibits the formation of two convergence clubs: one at 50% and another at 125% of the national average income. Income disparities across the states declined over the sixties and then increased from the seventies to the nineties. Conditioning exercises reveal that the formation of the convergence clubs is associated with the disparate distribution of macro-economic factors such as capital expenditure and fiscal deficits. In particular, capital expenditure, fiscal deficits and education expenditures are found to be associated with the formation of the upper convergence club.

Details

Inequality, Mobility and Segregation: Essays in Honor of Jacques Silber
Type: Book
ISBN: 978-1-78190-171-7

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Article
Publication date: 1 October 2001

Cedric Pugh and Alireza Dehesh

Since 1980, property cycles have emerged emphatically as a phenomenon of urban development in both developed and developing countries. Among the many things which need to…

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4721

Abstract

Since 1980, property cycles have emerged emphatically as a phenomenon of urban development in both developed and developing countries. Among the many things which need to be explained is the continuing high levels of financial investment in property sectors, even well past the time when supply exceeds demand and vacancy rates continue to grow. Various intellectuals have put forward new theories and some situational explanations of the periodic over‐capitalisation in property. The economic adversities are not confined to the property and finance sectors. They extend into the socio‐economic performance of national economies, and in some cases they have international linkages and impacts. Gives exposition and evaluation relating to cyclicity in the USA, the UK, Japan, and some developing countries in Asia. The aim is mainly centred on explanation and theory, extending earlier published work in the authors’ research programmes in property cycles, urban development, and experience in both developing and developed countries. The economic, social, and political significance of property cycles is enormous.

Details

Property Management, vol. 19 no. 4
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 6 November 2018

Wouter Thierie and Lieven De Moor

The purpose of this paper is to develop a better understanding of the debt structuring of project finance (PF) loans and the main drivers affecting the maturity of bank…

Abstract

Purpose

The purpose of this paper is to develop a better understanding of the debt structuring of project finance (PF) loans and the main drivers affecting the maturity of bank loans in infrastructure deals. When banks grant loans to a project, they have two decision variables: the interest margin or the spread and the maturity of the loan. Although several studies analyze the drivers of the spread, few studies in the literature look at the maturity of bank loans. As infrastructure projects are typically highly leveraged, the structuring of bank lending is an important parameter in the financial viability of the project.

Design/methodology/approach

The paper develops a regression analysis of the loan’s maturity on four categories: characteristics of the project, political risk of the country where the project is executed, the macro-economic setting and the regulatory framework. By using a new data set of InfraDeals containing data on bank loans of more than 1,800 infrastructure projects worldwide from 1997 to 2016, this paper reveals new insights on the debt structuring of banks for PF loans.

Findings

The results indicate that the maturity of bank loans granted to infrastructure deals is predominantly driven by political risk and regulation, rather than the structuring of the project. This implicates that the region where the deal is closed weighs more heavily than the specificities of the project itself.

Originality/value

The results have important policy implications. The paper allows to develop a better understanding on how political risk and new regulation, like Basel III, might affect the PF market. The paper is the first one finding empirical evidence of the impact of Basel III regulation on PF lending. By delving deeper into the political risk variable, the authors formulate several recommendations to mitigate political risk.

Details

International Journal of Managing Projects in Business, vol. 12 no. 3
Type: Research Article
ISSN: 1753-8378

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