首页 | 本学科首页   官方微博 | 高级检索  
相似文献
 共查询到20条相似文献,搜索用时 15 毫秒
1.
This paper provides evidence on several matters relating to accounting for government grants under International Financial Reporting Standards (IFRS). Focusing on grants related to assets, we trace the development of International Accounting Standard (IAS) 20, outline some of the problems of current accounting practice, and suggest why these have not been addressed by the standard-setter. Then, by hand-collecting data relating to 559 firms from 15 countries, we empirically analyze several issues. We show that asset grants are economically important for some firms and that the frequency of grants is significantly different across the countries. For the non-financial firms in our sample, we identify the grant-related accounting policy choice: a firm can either show the grant as deferred income or net it against the asset. The options are roughly equally popular overall but the firm’s country of domicile is strongly associated with the choice. Further, as a key element of disclosure quality for this topic, we investigate whether or not the balance sheet-related numbers relating to grants are disclosed, finding that many firms do not disclose them. Disclosure quality is better for firms which use the ‘deferred income’ option, and it is also better in countries where a higher proportion of firms has received government grants. International differences and poor disclosure are detrimental to international comparisons, so we conclude that the policy choice should be removed from the accounting standard.  相似文献   

2.
They said of the July 1997 Asian regional financial crisis that ‘…it could never happen again’. They were right. There has not been another regional crisis—just an international one! This paper owes its origins to the Asian financial crisis. The crisis sparked the development of an assessment model for the evaluation of insolvency laws. The paper reviews the considerable developments in this area, commencing with the pioneering work of the Asian Development Bank in the aftermath of the Asian financial crisis in 1997 and culminating in the, now, quite established triennial practice of the European Bank for Reconstruction and Development (EBRD) in its assessment of the insolvency laws of its ‘countries of operation’. Along the way, mention is also made of the development and application of the World Bank ‘Principles’ and the United Nations Commission on International Trade Law Legislative Guide for Insolvency Law. All of these diagnostic tools have been variously employed in an endeavour to provide a fair and acceptable basis for evaluating an insolvency law. The paper draws comparisons from these tools and concludes that there is a considerable degree of correlation between them, such that approaches taken in 1998 have remained much the same to this time. The EBRD assessment programme is singled out for fuller analysis. It was developed with the benefit of the earlier assessment models and is consistently used as a means of tracking the development of insolvency laws. Accordingly, the paper presents the survey questionnaire on which the EBRD assessment is based, explains the methodology behind it and presents the results of the last of such assessments (2009). It invites an examination of the bases on which the EBRD assessments are undertaken and whether the approach is sufficiently broad, objective and fair and its use in possibly creating aspirations for reform. One purpose of the paper is to capture and record the historical origins and development of the assessment models before it all becomes lost in the passage of time. The paper also advances the use of the EBRD assessment model as a teaching tool in courses in comparative and international insolvency law. Copyright © 2014 INSOL International and John Wiley & Sons, Ltd  相似文献   

3.
This study investigates the cultural determinism hypothesis that financial statement users from different cultural groups will have different perceptions regarding the importance of accounting information disclosure. Examination of the perceptual differences of three cultural groups from: (1) Papua New Guinea, (2) other developing countries, and (3) developed western countries, shows that while significant differences exist in accounting information perception between financial statement users from the developed western countries and developing countries (including Papua New Guinea), there appears to be no significant difference in the perceptions of users in the developing countries. In general, the results support the cultural determinism thesis in accounting. This has implications for the designing of appropriate accounting and reporting systems for use in the developing countries. It also raises questions about some of the country classifications traditionally reported in the international accounting literature. An important implication is the warning it sends to the International Accounting Standards Board and any other aspiring global standard setters about their penchant for selling Anglo-American standards, packaged as ‘international’ or ‘global’ standards, to the developing countries.  相似文献   

4.
Media ownership,concentration and corruption in bank lending   总被引:1,自引:0,他引:1  
Building on the pioneering study by Beck, Demirguc-Kunt, and Levine (2006), this study examines the effects of media ownership and concentration on corruption in bank lending using a unique World Bank data set covering more than 5,000 firms across 59 countries. We find strong evidence that state ownership of media is associated with higher levels of bank corruption. We also find that media concentration increases corruption both directly and indirectly through its interaction with media state ownership. In addition, we find that media state ownership and media concentration both accentuate the positive link between official supervisory power and lending corruption and attenuate the negative link between the regulations that empower private monitoring and corruption in lending. Media state ownership or media concentration also accentuates the positive link between banking concentration and corruption in lending. Furthermore, the links between media structure and corruption are more pronounced when the borrowing firm is privately owned.  相似文献   

5.
For many developing countries, migrant workers' remittances comprise a substantial proportion of foreign exchange earnings. The most important macroeconomic requisite for inducing remittances through official channels is a realistic single rate of exchange for the currency of the labor exporting country. Convenient facilities for holding remittances in approved foreign currency accounts with banks in the country of origin are another useful incentive for attracting migrants' funds. In addition, policies must be formulated to ensure the optimal use, sectoral and regional, of cash remittances. There is a choice between consumption, saving, and investment. Generally, remittances have contributed little to the longterm development potential of most labor exporting countries. This reflects the lack of a coherent policy to mobilize the savings from remittances into productive investment. The 1st priority, given the lack of financial and managerial skills in many migrant households, is the creation of a specialized institution or specialized units within existing banks for remittances. It is important as well to ensure that remittances are utilized to inculcate a savings psychology among recipients. This can be achieved through the creation of contractual savings schemes and the linkage of savings to credit facilities. Such measures are contingent upon an adequate spread of banking facilities in rural areas and the development of an appropriate intermediate financial technology in the labor exporting countries. Institutional banking will have to adapt lending procedures to the viability of projects rather than to the availability of collateral. Advantageous interest rates in rural areas are also necessary to redress the urban bias of the financial system in developing countries.  相似文献   

6.
This paper examines the concept of ‘country risk’ and relates it to the construction of efficient loan portfolios in international banking. Applicability of conventional portfolio-theoretic concepts to the management of country lending exposure is examined, as are the requisites of country review systems for national exposure management. The issue of international banking regulation is assessed in this context, focusing on the dangers inherent in national and international regulatory initiatives for optimum global capital allocation.  相似文献   

7.
In 2005 the World Bank decided to undertake a review of the internal controls under the COSO framework which governed the operational compliance of its concessionary funding agency, the International Development Association (IDA). This was the first such review within the Bank and the first by any international financial institution. This article describes the purpose, scope, methodology and execution of that review, touching also on the main findings. The review involved both entity and transactions level design and controls testing, it used creative empirical tools to establish ‘pass rates’ and it provided the basis to uncover a material weakness and several significant deficiencies.  相似文献   

8.
The main purpose of the present work is to build a bridge between three concepts: the current international monetary system, financialization and the Washington consensus. Under this approach, the current international monetary non-system (that replaced the Bretton Woods system) imposed by Nixon in 1971 led to the oil shocks that in turn intensified the inflationary pressures of the rest of the decade. The bold resolution to end inflation in 1979 via high interest rates brought about a process of financialization that was cause and consequence of trade and financial liberalization. Interest rates eventually went back to levels comparable to those prevailing before the Volcker shock, which brought about a decline in firms’ demand for credit that obliged banks to seek for other clients, i.e. the rest of the world and households. The ideas embedded in the Washington consensus contributed to the development of this financialization/liberalization process, and these gained strength as the previous regime (characterized by low unemployment rates and high inflation) was being replaced by the current regime paradoxically called the ‘Great Moderation’. The process of financialization can be explained by the analysis of the capital structure of U.S. firms.  相似文献   

9.
Does Economic Analysis Improve the Quality of Foreign Assistance?   总被引:1,自引:0,他引:1  
The World Bank undertakes an annual expenditure of around $60million on country-specific economic analysis and advice forits member developing countries. What is the impact of thiseconomic and sector work on the quality of World Bank lending?It would be useful to know whether past analytical work hasgenerated measurable economic benefits that would justify itscontinued provision in an environment of increasingly scarceresources. This article sets out an idealized model of decisionmaking inwhich a country manager makes a broad allocation of resourcesbetween lending services and economic and sector work. Giventhat decision, the task manager for each project makes project-specificdecisions with respect to the allocation of resources betweenpreparation and supervision. The analysis indicates that economicand sector work has a significant positive impact on the qualityof World Bank loans. The results provide clear evidence of underinvestmentin economic and sector work. And the analysis shows that resourcescould be switched from preparation and supervision to economicand sector work to the benefit of both the quality of programsand level of disbursements.  相似文献   

10.
IMF治理机制基本框架的演变、困境与变革前景   总被引:1,自引:0,他引:1  
作为二战后建立起来的最重要的国际金融组织,IMF在维护国际金融稳定方面发挥了重要作用。文章介绍了IMF治理机制的基本框架及演变,分析了其治理结构中存在的问题,如决策权更多地被欧美发达国家所主导,危机处理能力不足等,指出IMF应顺应国际经济金融格局的变化,不断完善机构自身治理,更好地反映发展中国家的权益,提升维护国际金融稳定的能力。  相似文献   

11.
Julius O. Ihonvbere 《Futures》1992,24(10):987-1002
This article examines how well the developing countries fared at the end of the 1980s; identifies contemporary constraints on growth and development in developing formations; and makes projections on the future of Third World economies in view of the developments discussed.  相似文献   

12.
I exploit the 1998 Russian default as a negative liquidity shock to international banks and analyze its transmission to Peru. I find that after the shock international banks reduce bank‐to‐bank lending to Peruvian banks and Peruvian banks reduce lending to Peruvian firms. The effect is strongest for domestically owned banks that borrow internationally, intermediate for foreign‐owned banks, and weakest for locally funded banks. I control for credit demand by examining firms that borrow from several banks. These results suggest that international banks transmit liquidity shocks across countries and that negative liquidity shocks reduce bank lending in affected countries.  相似文献   

13.
为借鉴国际先进经验,做好小贷公司评价体系课题研究,人民银行研究局和国家开发银行联合赴美国、法国和意大利三国考察了国际小额信贷评价体系的发展状况、建设理念、技术方法和运作模式。在与相关机构和行业专家进行座谈和交流的基础上,考察团深入考察了国际小额信贷评价体系发展的历史沿革,了解了国际小额信贷评价体系的框架,并对国际小贷评级公司的主要评级方法进行了比较分析。最后,考察团就如何促进我国小额信贷行业的发展提出了几点启示。  相似文献   

14.
世界银行碳基金运作模式对发展我国政策性碳基金的启示   总被引:3,自引:0,他引:3  
现有的清洁发展机制项目倾向于完成低成本的大型项目减排,而较少关注东道国的可持续发展。有必要通过国家层面的政策性碳基金介入我国的清洁发展机制项目领域,调节和促进项目对我国可持续发展的贡献。本文在分析世界银行系列碳基金运作特点的基础上,提出了借鉴其经验发展我国碳基金的政策建议。  相似文献   

15.
This paper analyzes the trade-off between official liquidity provision and debtor moral hazard in international financial crises. In the model, crises are caused by the interaction of bad fundamentals, self-fulfilling runs and policies by three classes of optimizing agents: international investors, the local government and an international official lender. Limited contingent liquidity support helps to prevent liquidity runs by raising the number of investors willing to lend to the country for any given fundamentals, i.e., it can have catalytic effects. The influence of the official lender is increasing in the size of its interventions and the precision of its information. Unlike the conventional view stressing debtor moral hazard, our model identifies circumstances in which official lending actually strengthens a government's incentive to implement desirable but costly policies.  相似文献   

16.
Recent developments in international banking have raised new problems and policy issues as well as new opportunities for banks. To put these developments in perspective and analyze a number of policy issues of current concern is the purpose of the paper. In particular it sets out to explain three important aspects: the dollar's pre-eminence in spite of the ‘multinationalization’ of international banking, the more rapid growth of the international compared with the domestic banking sector, and the dominant role of banks in the expansion of international finance rather than other financial intermediaries or direct lending.  相似文献   

17.
This paper analyzes the channels through which financial liberalization affects bank risk-taking in an international sample of 4333 banks in 83 countries. Our results indicate that financial liberalization increases bank risk-taking in both developed and developing countries but through different channels. Financial liberalization promotes stronger bank competition that increases risk-taking incentives in developed countries, whereas in developing countries it increases bank risk by expanding opportunities to take risk. Capital requirements help reduce the negative impact of financial liberalization on financial stability in both developed and developing countries. However, official supervision and financial transparency are only effective in developing countries.  相似文献   

18.
The paper defines ‘international banking’ more as a geographical expression than as a particular type of activity and points out that the internationalization of the world's major banking systems was in many cases an evolutionary phenomenon governed by market or institutional developments. It analyses both the development of international banking structures, stressing the process that brought banks to prefer international retail activity rather than wholesale, and the relationship between domestic and international banking. Finally, the paper deals with the not easy to resolve problem of the establishment of lender of last resort facilities in international banking.  相似文献   

19.
This paper presents the novel results from an internationally coordinated project by the International Banking Research Network (IBRN) on the cross-border transmission of conventional and unconventional monetary policy through banks. Teams from seventeen countries use confidential micro-banking data for the years 2000 through 2015 to explore the international transmission of monetary policies of the United States, euro area, Japan, and United Kingdom. Two other studies use international data with different degrees of granularity. International spillovers into lending to the private sector do occur, especially for US policies, and bank-specific heterogeneity influences the magnitudes of transmission. The effects are supportive of the international bank lending channel and the portfolio channel of monetary policy transmission. They also show that the frictions that banks face matter; in particular, foreign currency funding and hedging considerations can be a key source of heterogeneity. The forms of bank balance sheet heterogeneity that differentiate spillovers across banks are not uniform across countries. International spillovers into lending can be large for some banks, even while the average international spillovers of policies into nonbank lending generally are not large.  相似文献   

20.
Because of the presumed guns vs. butter trade-off, defense expenditures in developing countries are coming under increased scrutiny from the international lending agencies as well as key donors. As a result, defense expenditure cuts have often taken place despite rising security concerns. Empirically we find that developing countries may have more options than previously believed in their quest for adequate security and sustained economic growth. Specifically the main finding of the study is that key combinations of reforms and governance measures are likely to exist and are capable of neutralizing many of the adverse economic effects often associated with defense expenditures. The key is to coordinate economic liberalization and governance reforms in the civilian sector with the requirements for improved security in the defense sector.  相似文献   

设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号