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Valuation of local government assets in Portugal

Alves, Jorge; Lopes, Jorge
Fonte: Instituto Politécnico de Bragança Publicador: Instituto Politécnico de Bragança
Tipo: Conferência ou Objeto de Conferência
Português
Relevância na Pesquisa
57.69144%
The questions regarding the elaboration of a register of the State assets, comprising both public and private domain goods, has been a major concern from national official bodies. Indeed, an updated register of State goods allows the possibility of producing, inter alia, a comprehensive national balance sheet of public assets and liabilities. After some failed attempts throughout the last decades, a profound reform in the public financial administration has been recently implemented in Portugal. The publication of the Official Plan for Public Accounting (POCP), from which stems one for the local government level, and the Cadastre and Register of State Goods (CIBE) constitutes a fundamental step for drawing up a register and valuation of public sector assets. The main objective of this study is to critically analyse the methodology used in the valuation of the State assets in Portugal, with a particular focus on the local government level. This is done through a review of the national legislation and the relevant international literature on this issue. In addition, a survey conducted on specific local authorities to ascertain the way they produce the balance sheet is also used in the analysis. The results of the study show that there are measurement problems in the elaboration of the financial statements...

Natural Disasters and the Dynamics of Intangible Assets

López, Ramón
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
37.366025%
Empirical evidence suggests that the higher-order effects of natural disasters, which affect intangible assets, may be even more important than the material inter-industry effects. However, most existing general equilibrium models ignore higher order effects concerning human capital. Moreover, it is recognized that natural resource dependence increases vulnerability to natural disasters. Recent studies have indeed shown the potential importance of subsistence traps caused by asset losses in low-income economies from a partial equilibrium perspective. This paper presents an analysis that allows for endogenous investments in real assets (physical capital) as well as in human capital, explicitly considering the potential for subsistence traps arising from minimum consumption and minimum natural resource irreversibility thresholds. The general equilibrium ramifications of subsistence traps are developed. The main issue is that the economy may be subject to hysteresis: A temporary shock such as a natural disaster may leave permanent consequences for the economy. An obvious permanent effect of a one-time disaster shock is that physical man-made and natural assets owned especially by poor households may end up completely wiped out. The disaster may not be the direct cause; it may be that poor households would have to obtain minimum subsistence consumption out of depleted assets. However...

Exiting a Lawless State

Hoff, Karla; Stiglitz, Joseph E.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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47.50634%
An earlier paper showed that an economy could be trapped in an equilibrium state in which the absence of the rule of law led to asset-stripping, and the prevalence of asset-stripping led to the absence of a demand for the rule of law, highlighting a coordination failure. This paper looks more carefully at the dynamics of transition from a non-rule-of-law state. The paper identifies a commitment problem as the critical feature inhibiting the transition: the inability, under a rule of law, to forgive theft. This can lead to the perpetuation of the non-rule-of-law state, even when it might seem that the alternative is Pareto-improving.

Corporate Governance and Bank Performance : A Joint Analysis of the Static, Selection, and Dynamic Effects of Domestic, Foreign, and State Ownership

Berger, Allen N.; Clarke, George R. G.; Cull, Robert; Klapper, Leora; Udell, Gregory F.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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37.151226%
The authors jointly analyze the static, selection, and dynamic effects of domestic, foreign, and state ownership on bank performance. They argue that it is important to include indicators of all the relevant governance effects in the same model. "Nonrobustness" checks (which purposely exclude some indicators) support this argument. Using data from Argentina in the 1990s, their strongest and most robust results concern state ownership. State-owned banks have poor long-term performance (static effect), those undergoing privatization had particularly poor performance beforehand (selection effect), and these banks dramatically improved following privatization (dynamic effect. However, much of the measured improvement is likely due to placing nonperforming loans into residual entities, leaving "good" privatized banks.

State Financial Institutions : Can They Be Relied on to Kick-Start Lending?

Rudolph, Heinz P.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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37.088003%
The need to kick-start lending to the real sector in response to the global financial crisis is leading many countries to expand the role of state-owned financial institutions. The effectiveness of the support by these institutions depends in large part on the nature of the shock, on their ability to leverage private commercial banks to scale up their impact, and on the existence of a sound institutional framework. While it is too early to evaluate their effectiveness, past experience with the use of such institutions is sobering. Whether countries will heed the les sons of this experience remains to be seen.

Report on Pilot Study on Migration to Accrual Accounting : Forest and Health Departments of State Government of Madhya Pradesh (India)

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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37.520151%
The objective of this study is to identify gaps between the existing cash based accounting system and the accrual based accounting system to assist Government Accounting Standards Advisory Board (GASAB) to address issues related to Property, Plant and Equipment (PPE) and inventories during actual migration to accrual accounting. This study also includes documentation of operational and implementation issues and suggested solutions to latent problems and road blocks if any so as to provide necessary inputs to GASAB for framing appropriate. Guidelines for migration of Government accounts from cash basis to accrual accounting system. The study is noteworthy that not only statement of financial position for the reporting entity has been prepared but it also discloses physical assets and current liabilities. Maintenance of proper records of various classes of assets (constructed, acquired or donated), inventories, receivables and carry over as prescribed in the financial rules and departmental regulations is a starting point for transition to accrual accounting.

Accountability in State Noncommercial Organizations in Armenia : An Approach

Vatyan, Arman
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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37.419746%
A World Bank-supported project in Armenia was successful in developing a control framework that balances the need to increase the transparency and accountability of the country s state noncommercial organizations (SNCOs), while also recognizing their financial, administrative, and managerial independence. An innovative approach involving the use of earlier results to guide later ones was used to address the dire need for SNCOs, which account for 70 percent of the total number of state organizations, to make greater efforts to responsibly administer and safeguard the government s assets. The aim was to reduce the market distortions caused by SNCOs that are engaged in significant commercial activities by addressing SNCOs heterogeneity and the need for specific fiduciary control requirements for distinct groups.

Review of State-Owned Banks in Belarus

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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37.088003%
This note reviews state-owned banks in Belarus and offers recommendations on how to strengthen them. It covers the Belarusbank, Belagroprombank, Belinvestbank, and Paritetbank (the public banks), and the recently established Development Bank of Belarus (DBB). Recommendations focus on corporate governance, funding, ownership function, mandate, lending models, and regulation and supervision. The note is based on information provided by the public banks, the Ministry of Finance, and the NBRB. However, due to their unavailability, the team did not hold meetings with the DBB and the Ministry of Economy. Thus, the analyses concerning the DBB are based on the review of its law as well as on discussions with the Ministry of Finance and the NBRB. The note is organized as follows: after this introduction, section two presents an overview of the public banks in Belarus and the role that they play in the local economy; section three discusses the details of Lending under Government Programs (LGP) and the importance for the public banks of the funding attached to these programs; section four analyzes the key features of the DBB...

Egypt Public Land Management Strategy : Volume 1. Policy Note

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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37.135654%
The main objective of the Egypt Public Land Management Strategy is to provide the Government of Egypt (GOE) with practical and politically feasible policy recommendations to reform existing public land management policies and practices in the aim of improving the business climate in Egypt. This study is presented in two volumes: Volume one with the main policy note, supported by Volume two with background notes on access to public land by investment sector. Volume one examines the overall system for public land management in Egypt and the challenges facing investors seeking to access public land for investment projects, and concludes with a roadmap for public land management reform in the aim of improving the investment climate, which has been prepared in consultation with key government stakeholders. Volume two provides background notes examining the sectoral issues and challenges facing investors in terms of access to public land and development controls for four investment sectors: (i) industrial/manufacturing (updating the Policy Note prepared in December 2004 for the Egypt ICA); (ii) tourism; (iii) agriculture and land reclamation; and (iv) real estate development (i.e. large mixed used development projects involving a land subdivision process). This assignment focuses on public land management in Egypt...

Bank Ownership and Credit over the Business Cycle : Is Lending by State Banks Less Procyclical?

Bertay, Ata Can; Demirguc-Kunt, Asli; Huizinga, Harry
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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37.525361%
This paper finds that lending by state banks is less procyclical than lending by private banks, especially in countries with good governance. Lending by state banks in high-income countries is even countercyclical. On the liability side, state banks expand potentially unstable non-deposit liabilities relatively little during booms, especially in countries with good governance. Public banks also report loan non-performance more evenly over the business cycle. Overall the results of the analysis suggest that state banks can play a useful role in stabilizing credit over the business cycle as well as during periods of financial instability. However, the track record of state banks in credit allocation remains quite poor, questioning the wisdom of using state banks as a short-term countercyclical tool.

Growth in India’s state economies before and with reforms: shares and determinants

Shand, Ric; Bhide, Shashanka
Fonte: ASARC Publicador: ASARC
Tipo: Conference paper Formato: 71141 bytes; 350 bytes; application/pdf; application/octet-stream
Português
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37.225942%
The overall growth performance of the Indian economy has been characterized by substantial regional variation in growth over the decades (Shand and Bhide 2000). This is despite the focus in successive Five-Year Plan policies and programs on reducing the incidence of poverty and of achieving balanced regional development (Bhide and Shand 1999). A close understanding of the regional patterns of growth within India is desirable for several reasons. First, central importance in policy continues to be the objective of achieving and sustaining a higher overall growth rate in the Indian economy. Policy makers need insights on past performance at state level in order to formulate future policy directions more effectively. Second, high levels of foreign and domestic investment are needed to reach the growth target. Foreign and domestic investors need information on state level performance and prospects to guide their choice of location between states. Third, there are fiscal problems in the states, which are exacerbating those at the Centre, and the issue of fiscal stability now requires these problems at state level to be addressed. Finally, with greater decentralization of policy making process consequent to the economic reforms in the 1990s...

Governance Reforms of State-Owned Enterprises; Lessons from Four Case Studies (Egypt, Iraq, Morocco, and Tunisia)

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Report; Economic & Sector Work; Economic & Sector Work :: Institutional and Governance Review (IGR)
Português
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46.88425%
The state-owned enterprise (SOE) landscape has become increasingly diverse. There used to be some relatively well-defined criteria, but with the growing complexity of state participation in the economy, there is no longer a uniform definition, and especially because the definition of a SOE has always been country-specific. SOE reforms can have major positive impacts not only by reducing fiscal risks by decreasing hidden subsidies, direct transfers, and overstaffing, but also by strengthening competition and developing capital markets. SOE reforms in developing countries began in the 1960s because of the poor performance of many of the SOEs. The reform movement sought to strengthen the internal capacity of SOEs. To enrich the discussion about possible avenues for performance-enhancing SOE reforms, this report presents the main principles of good governance of SOEs with references to the Organization for Economic Co-operation and Development (OECD) guidelines on corporate governance of SOEs (OECD 2005). This document is divided into six parts: (1) an effective legal and regulatory framework for SOEs; (2) the state as an owner; (3) equitable treatment of shareholders; (4) relations with stakeholders; (5) transparency and disclosure; and (6) the responsibilities of the boards of SOEs.

Ukraine : System of Financial Oversight and Governance of State-Owned Enterprises

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Financial Accountability Study; Economic & Sector Work
Português
Relevância na Pesquisa
47.557344%
The report focuses on the system of financial oversight and governance of state-owned enterprises in Ukraine. State-owned enterprises (SOEs) continue to represent a significant share of Ukraine's economy, and play a dominant role in sectors such as rail, transport, utilities, energy and telecommunications. These enterprises play an important role for the government by remitting dividend payments to the national treasury to fund the country's development agenda. At the same time, these same enterprises government receive fiscal support through a transfer of budgetary resources, issuance of guarantees for enterprise debt, facilitation to lines of credit, and other financial instruments. Ukraine's SOE sector has a wide range of ownership and management schemes. The basic legal framework for SOE oversight, defined in the Commercial Code of Ukraine, provides for the delegation of responsibilities across several ministries/agencies. As a result, there are overlapping roles across different government institutions...

Dividing the Spoils; Pensions, Privatization, and Reform in Russia's Transition

Kapstein, Ethan B.; Milanovic, Branko
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research; Publications & Research :: Policy Research Working Paper
Português
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37.186958%
The authors present a political economy model in which policy is the outcome of an interaction between three actors: government (G), managers and workers (W), and transfer recipients (P). The government's objective is to stay in power, for which it needs the support of either P or W. It can choose slow privatization with little asset stripping and significant taxation, thus protecting the fiscal base out of which it pays pensioners relatively well (as in Poland). Or it can give away assets and tax exemptions to managers and workers, who then bankroll it and deliver the vote, but it thereby loses taxes and pays little to pensioners (as in Russia). The authors apply this model to Russia for the period 1992-96. An empirical analysis of electoral behavior in the 1996 presidential election shows that the likelihood of someone voting for Yeltsin did not depend on that person's socioeconomic group per se. Those who tended to vote for Yeltsin were richer, younger, and better educated and had more favorable expectations for the future. Entrepreneurs...

Tajikistan : Fiscal Risks from State-Owned Enterprises

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Expenditure Review
Português
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47.22594%
This policy note is part of the World Bank's Programmatic Public Expenditure Review (PER) work program for FY2012-2014. The PER consists of a series of fiscal policy notes, which aim at providing the Government of Tajikistan with recommendations to strengthen budgetary processes and analysis. This policy note, the fifth in the series continues the fiscal policy dialogue conducted in the previous notes. It is structured as follows. Chapter 2 reviews the role of state-owned enterprises (SOE) in Tajikistan's economy and identifies key issues. Chapter 3 assesses the fiscal risks posed by SOEs, especially those in the energy sector. Chapter 4 puts forth possible solutions. Chapter 5 summarizes the main conclusions of this note: 1) despite privatizations and attempts at restructuring, Tajikistan still has a large, inefficient, and heavily indebted public sector; 2) the lack of comprehensive information about the sector undermines budget credibility and budget integrity; 3) multiple but uncoordinated functions...

Kyrgyz Republic - Public Expenditure Review : Fiscal Policies for Growth and Poverty Reduction, Volume 1. Main Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Expenditure Review; Economic & Sector Work
Português
Relevância na Pesquisa
47.17127%
The Kyrgyz Republic suffered severe shocks during the early years of independence, loosing its traditional markets in the Former Soviet Union republics, as well as substantial transfers and subsidies from the Soviet Union, that included a falling GDP during the first five years of transition. These circumstances prompted the Kyrgyz Republic to adopt a wide range of reforms to accelerate the transition to a market economy, emphasizing price and trade liberalization, and the shift of ownership of state assets to the private sector, including land, and most state-owned enterprises (SOEs). Since the mid-l990s, the economy has shown steady signs of recovery. Despite these favorable developments, the Kyrgyz Republic remains the second poorest of the FSU republics, and one of the poorest countries in the world. Absolute poverty affected about half of the population in spite of progress made in 2001, and, although poverty is highest in rural areas, there are large regional disparities, where transient poverty is high as a result of high consumption volatility. Access to public services such as water and sewerage...

State Ownership: A Residual Role?

Perotti, Enrico
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
57.399834%
The author reviews the state of thinking on the governance role of state ownership. He argues that a gradual transfer of operational control and financial claims over state assets remains the most desirable goal, but it needs to be paced to avoid regulatory capture, and the capture of the privatization process itself. In addition, the speed of transfer should be timed on the progress in developing a strong regulatory governance system, to which certain residual rights of intervention must be vested. In many countries institutional weakness limits regulatory capacity and reliability, yet the author's conclusion is that in such environments, maintaining state control undermines the very emergence of institutional capacity, and so the balance should tip toward progressively less direct state control. After all, what are "institutions" if not governance mechanisms with some degree of autonomy from both political and private interests? The gradual creation of institutions partially autonomous from political power must become central to the development of an optimal mode of regulatory governance. The author offers some suggestions about creating maximum accountability in regulatory governance...

West Bank and Gaza - Improving Governance and Reducing Corruption

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Economic & Sector Work :: City Development Strategy (CDS)
Português
Relevância na Pesquisa
37.135654%
In the past decade, the Palestinian Authority (PA) has worked to strengthen economic governance and combat corruption, both essential to sustained economic growth and improved delivery of public services. This report finds the PA has made significant progress in its public institutions, establishing a strong governance environment in many critical areas. But it also identifies areas where reforms are underway but incomplete or, in some areas, not yet under consideration. Major reforms have been put in place to strengthen the PA's public financial management (PFM) systems and better manage its equity holdings, two crucial components in the public finance sector. In other important areas, such as public procurement, public sector employment, regulation of the private sector, and the work of anti-corruption institutions, reforms are underway but have not been fully implemented. This analysis relies on an understanding of the relationship between good economic governance, public service delivery, and corruption. Studies show a direct correlation between weak governance systems and the quality of public service delivery. Weak governance systems...

Assets, Livelihoods, and Social Policy

Moser, Caroline; Dani, Anis A.
Fonte: Washington, DC : World Bank Publicador: Washington, DC : World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
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37.135654%
This series "New Frontiers of Social Policy" aims to promote social development through systematic attention to the underlying social context and the social outcomes of development interventions and public policy. This book series has been conceived and produced for the broader development community, rather than for social policy specialists alone. This book is particularly, although not exclusively, relevant to those concerned with the one-third of the world's population that still depends on the informal economy for its livelihood. By making the case for an asset-based social policy, it moves well beyond social welfare palliatives for needy households toward public actions that give people the means and opportunities to accumulate assets and have greater control over their livelihoods. To be successful, an asset-based social policy needs to address several challenges, initial inequality, informality, imbalance in asset building opportunity, and inadequate state effectiveness, endemic in many developing countries.

Competition, Corporate Governance, and Regulation in Central Asia : Uzbekistan's Structural Reform Challenges

Broadman, Harry G.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research; Publications & Research :: Policy Research Working Paper
Português
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In Uzbekistan state enterprises are being changed into shareholding companies, and private enterprises account for 45 percent of all registered firms. But business decisions to set prices, output, and investment are often not market-based, nor wholly within the purview of businesses, especially those in commercial manufacturing and services. Lines of authority for corporate governance - from state enterprises to private enterprises - are ill-defined, so there is little discipline on corporate performance and little separation between government and business. Nascent frameworks have been created for competition policy (for firms in the commercial sector) and regulatory policy (governing utilities in the infrastructure monopoly sector). Bur implementation and enforcement have been hampered by old-style instruments (such as price controls0 rooted in central planning, by lack of a strong independent regulatory rule-making authority, by the limited understanding, of the basic concepts of competition and regulatory reform, and by weak institutional capabilities for analyzing market structure and business performance. Based on fieldwork in Uzbekistan, the author recommends: 1) Deepening senior policy officials' understanding of, and appreciation of the benefits from...