Regulation,supervision and deposit insurance for financial cooperatives: an empirical investigation

This paper analyses the impact of different regulation and supervision approaches, as well as deposit insurance schemes, on the development of financial cooperatives in developing countries, using random and fixed effects estimators. Information on laws regulating financial cooperatives, the supervisory approaches adopted, and deposit insurance schemes in sixty-five developing countries were collected—mostly—from original legislations for the period 1995–2014. Key findings suggest that indicators of financial cooperative development are positively correlated with the existence of a specialized regulation; supervision under non-bank financial supervisory authorities; and the presence of deposit insurance schemes, while general cooperative society’s regulations and banking regulations are negatively correlated with financial cooperatives’ indicators. These results are robust after controlling for economic and institutional factors as well as potential endogeneity bias.     

Mentoring as a mechanism for improvement in local government

This article reports on a scheme to secure improvement in local government using a peer mentoring network. Mentoring promoted learning, and hence improvement, in many of the participating authorities. Mentoring schemes must be carefully designed to achieve positive outcomes—it is essential to have a clear understanding of what mentoring is and how it should be administered, and to involve members and relevant partners of the mentored organization.     

Project Appraisal and Capital Investment Decision Making in the Scottish Water Industry

Restructuring the Scottish water industry has changed the way in which both project appraisal and capital investment decisions are performed. This article examines the project appraisal and subsequent capital investment decision in the case of a reed bed sewage treatment scheme which is compared with a more traditional scheme. Although the capital profiles of the schemes are similar there are major differences in the revenue costs. In addition, there are potential public benefits to the reed bed scheme. A comparison is made of management mechanisms in the pre-1996 water industry with that of restructured water authorities. In the pre-1996 water industry, local authorities had a broad remit which encouraged them to value these factors, in effect an implicit social account. The creation of water authorities with narrow remits and specific performance measures, constructed a framework that does not support the integration of social accounts into the decision making process. The paper demonstrates that investment appraisal is a product of the institutional framework in which the decisions are made. As that framework changes, mechanisms and measures of accountability shift in parallel.     

Debating Accounting Principles and Policies: the Case of Goodwill, 1880-1921

Debate surrounding the publication of FRS 10 (ASB, 1997) in the UK displayed support for a variety of accounting policies for goodwill, advocated for a variety of practical and conceptual reasons. An analysis of papers written on goodwill between 1884 and 1921 explores whether this lack of unanimity is a recent phenomenon or not. The paper concludes that during this earlier period there were a number of areas of agreement regarding goodwill but, although a majority of authorities favoured a capitalise/amortise policy, there was a significant difference of opinion relating to its treatment once recorded in the accounts. Analysis also suggests that advocated policies were derived from a desire to promote and operationalise the principle of prudence.     

Went Fundholding, Going Commissioning? Some Evidence-Based Reflections on the Prospects for Primary Care Groups

Following the publication of the White Paper, 'The New NHS: Modern, Dependable' (Cm 3807), the Labour Government has abolished GP fundholding. Family doctors retain a lead role for primary care in planning health care with the creation of Primary Care Groups (PCGs). In due course, it is expected that health authorities will relinquish direct commissioning of care to PCGs. Although fundholding is ending, its operation provides useful evidence about how GPs approach participation in the planning of health care. This article reflects on the prospects for PCGs, drawing on original research into the reasons why practices volunteered to 'go fundholding' and how those practices selected their 'lead' partner, on whom much of the fundholding burden fell.     

Competing,collaborating or controlling? Comparing benchmarking in European local government

The way that local authorities in OECD countries compare and benchmark their performance varies widely. This paper explains some of the reasons behind the variations. The current local government benchmarking schemes in Europe— their governance, coverage and impact—largely depend on the institutional characteristics of the respective administrative and local government systems (in other words, the starting conditions). There are signs that, as a result of the fiscal crisis in Europe and need to cut public sector costs, many countries (but not England and Wales) are leaning towards compulsory large-scale benchmarking projects.     

Federal fiscal transfers in monetary unions: A NOEM approach

In the debate over EMU, a widely accepted view is that a federal fiscal mechanism is needed for the participating states to cope with asymmetric shocks. In this paper, we explore the properties of federal fiscal transfer schemes with regard to their capability to stabilize national consumption, production and employment. We consider direct transfers among private sectors and indirect transfers among national fiscal authorities. We show that federal fiscal arrangements can provide perfect insurance. Our analysis builds on the New Open Economy Macroeconomics framework which allows us to portray the transmission of shocks and the properties of transfers in detail. JEL Code E42 · E63 · F33 · F42     

Value added tax non-compliance in the car market

We examine value added tax (VAT) non-compliance in the European Union (EU) car market. This issue is of paramount importance because of the loss of VAT revenue, the profound distortion of market mechanisms, and the dangerous variety of fraudulent schemes employed. In addition to the usual VAT fraudulent schemes on intra-community trade, the special regimes, and the different regulations for the sale of motor vehicles in the EU member states per se, favour non-compliance in the car market. Non-compliance also takes advantage of the lack of adequate and prompt information exchange among the tax administrations of different countries and, within each country, between the tax administrations and their departments responsible for motor vehicles. We highlight the fact that the current measures are insufficient to fight VAT non-compliance and that the new rules proposed in the ‘definitive VAT system’ are inadequate to control the proliferation of scams in the car market. Accordingly, we suggest more substantial measures: well-targeted and prompt cross-checks through archives and databases, and the monitoring of their effectiveness; electronic invoices; real-time exchanges of information between the different tax and transport authorities; and increased harmonisation of the special VAT schemes that aim to eliminate one of the most exploited opportunities for illicit gain, to the detriment of the EU member states.     

Designing domestic institutions for international monetary policy cooperation: A Utopia?

In a wide variety of international macroeconomic models monetary policy cooperation is optimal, non-cooperative policies are inefficient, but optimal policies can be attained non-cooperatively by optimal design of domestic institutions/contracts. We show that given endogenous institutional design, inefficiencies of non-cooperation cannot and will not be eliminated. We model the delegation stage explicitly and show that subgame perfect, credible contracts (chosen by governments based on individual rationality) are non-zero, but are different from optimal contracts and hence lead to inefficient equilibria. Optimal contracts require cooperation at the delegation stage, which is inconsistent with the advocated non-cooperative nature of the solution. A general solution method for credible contracts and an example from international monetary policy cooperation are considered. Our results feature delegation as an equilibrium phenomenon, explain inefficiencies of existing delegation schemes and hint to a potentially stronger role for supranational authorities in international policy coordination.     

Corporate tax avoidance: is tax transparency the solution?

Corporate tax avoidance has been a matter of considerable public attention, particularly since the 2008 global financial crisis. The nature of calls for tax reform and increased regulation, advocated most prominently by tax activists and NGOs, has revolved around transparency as a possible corrective to unacceptable tax avoidance, although there is no consensus as to what the term tax avoidance encompasses and when it becomes unacceptable. We examine two responses to calls for increased transparency about the tax affairs of multinational entities: firstly, country by country reporting that provides information to tax authorities, and secondly the UK requirement for publication of tax strategies, whereby large companies put information into the public domain. We find considerable misunderstanding about the benefits of transparency in this setting. By failing to consider the limits of transparency initiatives there is a risk of dysfunctional consequences, for example additional costs in providing and processing additional information, the prospect of increased disputes as new information generates new misinterpretations and uncertainty in determining the final tax position. There is a risk that greater disclosure will not effectively address concerns about unacceptable corporate tax avoidance.     

基于资产负债表的货币当局绩效分析

在货币当局资产负债表中,资产项目影响货币政策方向,负债项目反映调控手段及资金流向。各项资产将预期为货币当局带来现金流入,采用不同配置方式将获得不同的资产收益。各项负债需要货币当局如期支付资金占用成本,不同融资方式产生不同的利息费用,影响货币政策调控总成本。虽然货币当局没有盈利需求,但站在货币当局资产利用率及货币政策成本角度考量货币当局绩效,将促使货币当局在货币政策制定及执行中降本增收、提高效率。     

The Impact of Journal Rankings on Australasian Accounting Education Scholarship – A Personal View

Abstract

The higher education environment in which academics currently find themselves is one characterised by corporatisation and commodification. The pursuit of scholarly academic research is increasingly plagued by quantification, ranking pursuits, and what might be referred to as a ‘publication’ maximisation culture. This paper provides reflective insight into the impact felt of journal rankings on Australasian accounting education research. The paper challenges the short-termism and narrow focus currently adopted by many business faculty executives, who continue to use journal rankings as the sole measure of academic performance. The paper argues that this results in incentive schemes not too dissimilar to that recently found within the financial industry. The paper concludes that such a narrow approach to measurement should be abandoned in order to encourage creativity and innovation in business research that assists in solving business problems today and well into the future.     

ASSESSING COMPETITION AMONG LOCAL AUTHORITIES IN ENGLAND AND WALES

The government has directed a series of initiatives at local authorities in England and Wales with a view to reducing the volume of current expenditure. In particular, in 1981 the government recommended that local authorities in England and Wales should publish various indicators of activity in their annual reports. The objective was to stimulate competition between authorities, and thereby both influence their spending plans and improve efficiency. This paper examines the trends in the published data over a five-year period to determine whether there has been any detectable increase in competition in local authorities. The results are negative.     

审计公开制度体系建设研究

实行审计公开是一项重要的制度创新,在我国政府信息公开工作体系中占有重要地位。但审计公开在我国尚处于发展初期,保障审计公开顺利推进的相关法律法规和规章制度还不够健全完善,审计公开的推进还面临制度性障碍。本课题从推进审计公开工作的实务出发,从宏观、中观、微观三个层面设计了审计公开制度体系建设的总体框架,并提出了审计公开制度建设的近期目标和远景规划。     

Experiences of the development and use of scenarios for evaluating Swedish environmental quality objectives

This paper presents and evaluates a method for encouraging long-term thinking and for considering a variety of scenarios in environmental policy processes. The Swedish environmental policy is based on 16 environmental quality objectives (EQOs) that national authorities are obliged to observe. These objectives are reviewed annually and evaluated in depth every four years. Here we describe and explore a futures study project for introducing more long-term thinking into work on the EQOs, which we tested in the in-depth evaluation in 2008. We found it difficult to design a collective scenario for a case with a wide variety of objectives and individuals with different backgrounds. However, this difficulty makes it even more important to incorporate futures studies into the work of the relevant authorities. Scenario work is often subcontracted, leading to a constant lack of futures studies expertise and thinking within authorities. Despite the difficulties, we found that experts within the authorities did begin to recognise the opportunities provided by futures studies. The project revealed an interest and need for futures studies within the authorities in charge of Swedish environmental quality objectives and our findings show that the authorities need to build up their own skills in futures studies.     

Police authorities in England and Wales: board composition and corporate governance

This article examines the corporate governance arrangements of police authorities in England and Wales. It provides empirical evidence from interviews with police authority members. Given the fundamental responsibility of police authorities for ensuring efficient and effective policing in their areas, their governance is of considerable interest and importance. The authors conclude that the main challenge for police authorities is enhancing cohesion.     

CONTROL OF LOCAL GOVERNMENT FINANCE

In recent years there has been an increasing emphasis upon more central controls over local authorities. This paper develops the possibility of giving local authorities greater freedom provided they will exercise self-discipline and adhere to accounting prudential ratios. While proposals to date have been rejected by local authorities on pragmatic grounds, this suggestion has not been considered in academic accounting literature. Academics are encouraged to address this topic and join the debate.     

论税收之债的自力执行

税收之债具有自力执行的效力。所谓税收之债的自力执行,是指税务机关行使征税职权,遇有纳税人拒不履行按期足额纳税义务时,税务机关可以直接采取强制措施迫使纳税人履行纳税义务。各国税法之所以赋予税收之债自力执行的效力,主要是基于行政效力先定、税收确实及效率原则以及税收的公益性等因素的考量。同时,为了有效防止或监督税务机关滥施行政强制现象的发生,我国税法对税务机关自力执行权的行使范围、条件和程序予以了严格限制。     

新闻出版市场准人规制:共时考量与简要评析

市场经济实行自由进入、公平竞争,大多数行业都可以这样,但是新闻出版业不允许.在中国,新闻出版业是党的宣传思想阵地,是先进文化的基本载体,是创造精神财富和物质财富的新兴产业.根据<出版管理条例>,国家对新闻出版单位实行企业准入和特殊产品准入审批制度,对业务准入实行审批指定制,对人员准入实行持证上岗制.对新闻出版市场准入规制的改革关键是要有利于新闻出版业强身健体,固本强基,壮大实力,增强活力,提高竞争力.     

Optimal Structure of Fiscal and Monetary Authorities

Why are monetary authorities not elected like fiscal authorities are? Advanced economies pair an elected fiscal authority with an independent monetary authority. Replicating the advanced economies' structure with authorities microfounded by a political economy model shows that this structure is the solution to a constrained mechanism design problem that overcomes time inconsistency and results in the highest possible welfare. Goal and instrument independence, singly and in combination, are insufficient to minimize time inconsistency, though their combination is necessary.