Michael Bowe and James W. Dean
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199241828
- eISBN:
- 9780191596834
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241821.003.0020
- Subject:
- Economics and Finance, International
A selective, critical survey is provided of the academic literature on the financial management policy of multinational enterprises (MNEs). The focus of much of the current research is the two major ...
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A selective, critical survey is provided of the academic literature on the financial management policy of multinational enterprises (MNEs). The focus of much of the current research is the two major themes of financial management policy in relation to the increasing volatility of real and financial asset prices in the international financial environment of MNEs; and international market segmentation. The main parts of the chapter discuss the enhanced importance of recent increases in asset price volatility, the classification and management of risk exposure, the management of financial risk by MNEs, and issues relating to the effective implementation of a risk management system within the governance structure of an MNE.Less
A selective, critical survey is provided of the academic literature on the financial management policy of multinational enterprises (MNEs). The focus of much of the current research is the two major themes of financial management policy in relation to the increasing volatility of real and financial asset prices in the international financial environment of MNEs; and international market segmentation. The main parts of the chapter discuss the enhanced importance of recent increases in asset price volatility, the classification and management of risk exposure, the management of financial risk by MNEs, and issues relating to the effective implementation of a risk management system within the governance structure of an MNE.
Gustavio Bwoch and Robert Muwanga
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199556229
- eISBN:
- 9780191721823
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199556229.003.0015
- Subject:
- Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental
Macroeconomic stability and increased growth were achieved in the early 1990s despite very weak financial management and accountability systems. This chapter shows how these weaknesses became even ...
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Macroeconomic stability and increased growth were achieved in the early 1990s despite very weak financial management and accountability systems. This chapter shows how these weaknesses became even more pronounced following the adoption of the 1995 Constitution, decentralization, expanding budgetary demands, and the requirements of the Poverty Eradication Acton Plan, among others. Strengthening public financial management and accountability was critical if progress was to be sustained and if donors were to be persuaded to channel more aid through government systems. Yet in 1998 the entire government had just two professional accountants. The chapter presents the key reforms adopted to strengthen financial management and accountability, looking at changes in the areas of the legal and policy framework, institutional capacity building, and processes and systems, particularly the introduction of the Integrated Financial Management System.Less
Macroeconomic stability and increased growth were achieved in the early 1990s despite very weak financial management and accountability systems. This chapter shows how these weaknesses became even more pronounced following the adoption of the 1995 Constitution, decentralization, expanding budgetary demands, and the requirements of the Poverty Eradication Acton Plan, among others. Strengthening public financial management and accountability was critical if progress was to be sustained and if donors were to be persuaded to channel more aid through government systems. Yet in 1998 the entire government had just two professional accountants. The chapter presents the key reforms adopted to strengthen financial management and accountability, looking at changes in the areas of the legal and policy framework, institutional capacity building, and processes and systems, particularly the introduction of the Integrated Financial Management System.
Herwig C.H. Hofmann, Gerard C. Rowe, and Alexander H. TÜrk
- Published in print:
- 2011
- Published Online:
- January 2012
- ISBN:
- 9780199286485
- eISBN:
- 9780191730894
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199286485.003.0010
- Subject:
- Law, EU Law, Constitutional and Administrative Law
This chapter discusses the implementation of the budget, including the supervision of expenditure by numerous recipients of EU moneys. The presently applicable Financial Regulation (Council ...
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This chapter discusses the implementation of the budget, including the supervision of expenditure by numerous recipients of EU moneys. The presently applicable Financial Regulation (Council Regulation 1605/2002), emanating from a reform process established a new framework for financial management of Union programmes, including inter alia provisions on budget implementation methods. Article 53 stipulates that the budget can be implemented in a number of ways: on a centralized basis; through shared or decentralized management; and through joint management with international organizations. Centralized administration allows the Commission to implement the budget directly through its own departments or indirectly though limited delegation to third parties. Shared management involves delegation of implementational tasks to Member States, particularly in relation to the European Agricultural Guarantee Fund and the Structural Funds. In the case of decentralized management, tasks of implementation are delegated to third countries subject to the conditions laid down in Article 56 and Part Two, Title IV of the Financial Regulation. Where the budget is implemented by joint management, certain implementing tasks are delegated to international organizations, which have to provide, in their accounting, audit, internal control, and procurement procedures, standards which offer guarantees equivalent to internationally accepted standards.Less
This chapter discusses the implementation of the budget, including the supervision of expenditure by numerous recipients of EU moneys. The presently applicable Financial Regulation (Council Regulation 1605/2002), emanating from a reform process established a new framework for financial management of Union programmes, including inter alia provisions on budget implementation methods. Article 53 stipulates that the budget can be implemented in a number of ways: on a centralized basis; through shared or decentralized management; and through joint management with international organizations. Centralized administration allows the Commission to implement the budget directly through its own departments or indirectly though limited delegation to third parties. Shared management involves delegation of implementational tasks to Member States, particularly in relation to the European Agricultural Guarantee Fund and the Structural Funds. In the case of decentralized management, tasks of implementation are delegated to third countries subject to the conditions laid down in Article 56 and Part Two, Title IV of the Financial Regulation. Where the budget is implemented by joint management, certain implementing tasks are delegated to international organizations, which have to provide, in their accounting, audit, internal control, and procurement procedures, standards which offer guarantees equivalent to internationally accepted standards.
Colin Thain and Maurice Wright
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198277842
- eISBN:
- 9780191684203
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198277842.003.0004
- Subject:
- Political Science, UK Politics, Political Economy
During the 1980s and 1990s, the planning and control of expenditure was conducted within the context of major changes in the Civil Service structure and organisation. A programme to reduce the size ...
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During the 1980s and 1990s, the planning and control of expenditure was conducted within the context of major changes in the Civil Service structure and organisation. A programme to reduce the size and scope of the public sector to make the remaining services more efficient and effective was an important part of the Conservative Party's manifesto at the 1979 general election. More significant was the Financial Management Initiative (FMI) launched in 1982, and the implementation of ‘Next Steps’ which led to the creation of Executive Agencies. The implementation of both has had, and will continue to have, profound effects upon the relations between the Treasury and the spending departments, and is the issue which runs through all the remaining chapters of this book: central control and departmental autonomy. This chapter looks at the involvement of the Treasury and other central departments in the design and implementation of FMI leading up to ‘Next Steps’.Less
During the 1980s and 1990s, the planning and control of expenditure was conducted within the context of major changes in the Civil Service structure and organisation. A programme to reduce the size and scope of the public sector to make the remaining services more efficient and effective was an important part of the Conservative Party's manifesto at the 1979 general election. More significant was the Financial Management Initiative (FMI) launched in 1982, and the implementation of ‘Next Steps’ which led to the creation of Executive Agencies. The implementation of both has had, and will continue to have, profound effects upon the relations between the Treasury and the spending departments, and is the issue which runs through all the remaining chapters of this book: central control and departmental autonomy. This chapter looks at the involvement of the Treasury and other central departments in the design and implementation of FMI leading up to ‘Next Steps’.
Lars Oxelheim and Clas Wihlborg
- Published in print:
- 2008
- Published Online:
- May 2009
- ISBN:
- 9780195335743
- eISBN:
- 9780199868964
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195335743.003.0008
- Subject:
- Economics and Finance, Financial Economics
Given the firm's objective with respect to shareholders and other stakeholders, it is naturally desirable that a risk management strategy is consistent with the objective. A firm's objective has ...
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Given the firm's objective with respect to shareholders and other stakeholders, it is naturally desirable that a risk management strategy is consistent with the objective. A firm's objective has several dimensions. It can be defined in terms of a target variable such as profit, economic value, shareholders' wealth, or book value. In addition, the time horizon must be made explicit. Risk attitude with respect to the target variable is a third dimension. Determination of a risk management strategy requires also that management takes a position with respect to financial market efficiency, the existence of risk premiums, purchasing power parity, and costs of adjusting operations. These costs determine the role of financial risk management relative to the adjustment of operations and pricing. Flexibility of operations is a real option. Four types of strategies for financial risk management are discussed in this chapter based on the management's risk attitude and perception of profit opportunities in financial markets; laissez-faire (do nothing), aggressive, minimize variance, and selective hedging. These strategies can be chosen for any target variable and time horizon. Choosing a strategy is, to a large extent, an information problem. Information requirements for selective hedging, in particular, can become so overwhelming that the range of feasible strategies does not encompass it. In this situation management is faced with the need to determine what risk management objectives can be achieved with the available information.Less
Given the firm's objective with respect to shareholders and other stakeholders, it is naturally desirable that a risk management strategy is consistent with the objective. A firm's objective has several dimensions. It can be defined in terms of a target variable such as profit, economic value, shareholders' wealth, or book value. In addition, the time horizon must be made explicit. Risk attitude with respect to the target variable is a third dimension. Determination of a risk management strategy requires also that management takes a position with respect to financial market efficiency, the existence of risk premiums, purchasing power parity, and costs of adjusting operations. These costs determine the role of financial risk management relative to the adjustment of operations and pricing. Flexibility of operations is a real option. Four types of strategies for financial risk management are discussed in this chapter based on the management's risk attitude and perception of profit opportunities in financial markets; laissez-faire (do nothing), aggressive, minimize variance, and selective hedging. These strategies can be chosen for any target variable and time horizon. Choosing a strategy is, to a large extent, an information problem. Information requirements for selective hedging, in particular, can become so overwhelming that the range of feasible strategies does not encompass it. In this situation management is faced with the need to determine what risk management objectives can be achieved with the available information.
H. Kent Baker and Leigh A. Riddick (eds)
- Published in print:
- 2012
- Published Online:
- May 2013
- ISBN:
- 9780199754656
- eISBN:
- 9780199979462
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199754656.001.0001
- Subject:
- Economics and Finance, Financial Economics, International
This book reflects the new diversity of interest in international finance that summarizes and synthesizes developments in the many and varied areas that are now viewed as having international ...
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This book reflects the new diversity of interest in international finance that summarizes and synthesizes developments in the many and varied areas that are now viewed as having international content. The book attempts to differentiate between what is known, what is believed, and what is still being debated about international finance. The book consists of five major topics: (1) exchange rates and risk management, (2) international financial markets and institutions, (3) international investing, (4) international financial management, and (5) special topics. The chapters cover market integration, financial crises, and the links between financial markets and development in some detail as they relate to these areas.Less
This book reflects the new diversity of interest in international finance that summarizes and synthesizes developments in the many and varied areas that are now viewed as having international content. The book attempts to differentiate between what is known, what is believed, and what is still being debated about international finance. The book consists of five major topics: (1) exchange rates and risk management, (2) international financial markets and institutions, (3) international investing, (4) international financial management, and (5) special topics. The chapters cover market integration, financial crises, and the links between financial markets and development in some detail as they relate to these areas.
Barry Eichengreen
- Published in print:
- 2002
- Published Online:
- October 2011
- ISBN:
- 9780199257430
- eISBN:
- 9780191698453
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199257430.003.0003
- Subject:
- Economics and Finance, Financial Economics
This chapter discusses the disagreement and confusion in the management of financial crises. The dispute centres on the role of the International Monetary Fund (IMF) in crisis management. While some ...
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This chapter discusses the disagreement and confusion in the management of financial crises. The dispute centres on the role of the International Monetary Fund (IMF) in crisis management. While some argue that the IMF should provide more financial assistance and intervene regularly, others believe that it should do less. Given the lack of agreement on the basics, it is not surprising that very steps have been taken to improve crisis management. This chapter evaluates several proposals that may potentially improve the ability of the IMF in dealing with international financial crises.Less
This chapter discusses the disagreement and confusion in the management of financial crises. The dispute centres on the role of the International Monetary Fund (IMF) in crisis management. While some argue that the IMF should provide more financial assistance and intervene regularly, others believe that it should do less. Given the lack of agreement on the basics, it is not surprising that very steps have been taken to improve crisis management. This chapter evaluates several proposals that may potentially improve the ability of the IMF in dealing with international financial crises.
Jana Matthews and Jeff Dennis
- Published in print:
- 2003
- Published Online:
- October 2011
- ISBN:
- 9780195168259
- eISBN:
- 9780199849734
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195168259.003.0005
- Subject:
- Business and Management, Innovation
Money or capital is important to an entrepreneur because he or she would need a lot of it to establish a business. Only a few, however, know how to properly approach various fund sources, when to ...
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Money or capital is important to an entrepreneur because he or she would need a lot of it to establish a business. Only a few, however, know how to properly approach various fund sources, when to approach these sources, and what each source considers when reviewing the credentials of the business. This chapter introduces three fundamental ways for achieving finance growth: self financing, which involves reinvesting earned profits; debt financing, which involves acquiring loans; and equity, which involves shares and partial ownership of the company. The chapter emphasizes that a company's failure cannot solely be attributed to insufficient capital as this may also be brought about by poor financial management.Less
Money or capital is important to an entrepreneur because he or she would need a lot of it to establish a business. Only a few, however, know how to properly approach various fund sources, when to approach these sources, and what each source considers when reviewing the credentials of the business. This chapter introduces three fundamental ways for achieving finance growth: self financing, which involves reinvesting earned profits; debt financing, which involves acquiring loans; and equity, which involves shares and partial ownership of the company. The chapter emphasizes that a company's failure cannot solely be attributed to insufficient capital as this may also be brought about by poor financial management.
Colin Thain and Maurice Wright
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198277842
- eISBN:
- 9780191684203
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198277842.003.0009
- Subject:
- Political Science, UK Politics, Political Economy
The Treasury and the spending departments have a dynamic relationship and this is explored in this chapter as it looks into the concepts of policy community and policy network that can be used to ...
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The Treasury and the spending departments have a dynamic relationship and this is explored in this chapter as it looks into the concepts of policy community and policy network that can be used to identify and characterize the principal players and their roles, and to explain the behavioural and policy ‘rules of the game’ regulating the relationships of spending departments and Treasury. Exchange of information is crucial and the communication channels to which decisions between officials are conveyed are examined. This is important especially in determining the robustness of a department's financial management and the reliability and quality of people running the organization. Credibility is established through information delivered in a two-way process in which Expenditure Controllers must be able to bring what is promised on a proposal and equally the Finance Division or Policy Division must also be reliable.Less
The Treasury and the spending departments have a dynamic relationship and this is explored in this chapter as it looks into the concepts of policy community and policy network that can be used to identify and characterize the principal players and their roles, and to explain the behavioural and policy ‘rules of the game’ regulating the relationships of spending departments and Treasury. Exchange of information is crucial and the communication channels to which decisions between officials are conveyed are examined. This is important especially in determining the robustness of a department's financial management and the reliability and quality of people running the organization. Credibility is established through information delivered in a two-way process in which Expenditure Controllers must be able to bring what is promised on a proposal and equally the Finance Division or Policy Division must also be reliable.
Tariq Banuri and Juliet B. Schor (eds)
- Published in print:
- 1992
- Published Online:
- October 2011
- ISBN:
- 9780198283645
- eISBN:
- 9780191684463
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198283645.001.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
WIDER (The World Institute for Development Economics Research), established in 1984, started work in Helsinki in 1985, with the financial support of the Government of Finland. Its principal purpose ...
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WIDER (The World Institute for Development Economics Research), established in 1984, started work in Helsinki in 1985, with the financial support of the Government of Finland. Its principal purpose is to help identify and meet the need for policy-oriented socio-economic research on pressing global and developmental problems and their inter-relationships. WIDER's research projects are grouped into three main themes: hunger and poverty; money, finance, and trade; and development and technological transformation. The 1980s ushered in a ‘globalization’ of finance, and governments began rejecting the task of engaging in international financial management. A new doctrine — global neoclassicism — arose, based on the idea that government regulation of financial markets was futile and foolish. The book tackles the question of whether national policy autonomy is still possible, in the process challenging the new orthodoxy, and the dangers attendant upon deregulation. The chapters explore the ‘political economy’ of financial openness, and the political nature of recent developments such as the ascendency of private financial interests and a reduced role for government regulation. The book includes both general historical and theoretical approaches, as well as case studies of various countries, such as Australia, Mexico, and Pakistan.Less
WIDER (The World Institute for Development Economics Research), established in 1984, started work in Helsinki in 1985, with the financial support of the Government of Finland. Its principal purpose is to help identify and meet the need for policy-oriented socio-economic research on pressing global and developmental problems and their inter-relationships. WIDER's research projects are grouped into three main themes: hunger and poverty; money, finance, and trade; and development and technological transformation. The 1980s ushered in a ‘globalization’ of finance, and governments began rejecting the task of engaging in international financial management. A new doctrine — global neoclassicism — arose, based on the idea that government regulation of financial markets was futile and foolish. The book tackles the question of whether national policy autonomy is still possible, in the process challenging the new orthodoxy, and the dangers attendant upon deregulation. The chapters explore the ‘political economy’ of financial openness, and the political nature of recent developments such as the ascendency of private financial interests and a reduced role for government regulation. The book includes both general historical and theoretical approaches, as well as case studies of various countries, such as Australia, Mexico, and Pakistan.
Barry Eichengreen
- Published in print:
- 2002
- Published Online:
- October 2011
- ISBN:
- 9780199257430
- eISBN:
- 9780191698453
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199257430.003.0005
- Subject:
- Economics and Finance, Financial Economics
This chapter discusses some successful initiatives for the prevention and management of international financial crises. On the prevention front, the focus on enhancing transparency, strengthening ...
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This chapter discusses some successful initiatives for the prevention and management of international financial crises. On the prevention front, the focus on enhancing transparency, strengthening prudential supervision, and rationalizing exchange rate regimes has made a difference. This is highlighted in the Argentinean crises, which had a weaker spill over than in the Mexican Tequila of 1995, the Asian crisis of 1997, and the Russian default of 1998. On the management front, the successful initiatives include the augmentation of the resources of the International Monetary Fund, and the extension of Paris Club compatibility to Eurobond shareholders.Less
This chapter discusses some successful initiatives for the prevention and management of international financial crises. On the prevention front, the focus on enhancing transparency, strengthening prudential supervision, and rationalizing exchange rate regimes has made a difference. This is highlighted in the Argentinean crises, which had a weaker spill over than in the Mexican Tequila of 1995, the Asian crisis of 1997, and the Russian default of 1998. On the management front, the successful initiatives include the augmentation of the resources of the International Monetary Fund, and the extension of Paris Club compatibility to Eurobond shareholders.
Walter Kickert
- Published in print:
- 2014
- Published Online:
- May 2015
- ISBN:
- 9780197265734
- eISBN:
- 9780191771941
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197265734.003.0006
- Subject:
- Political Science, Political Economy
This chapter analyses the fiscal problems of Dutch local government in the 1980s and the way that municipalities handled the fiscal squeeze of that time. It first explores the causes of the 1980s ...
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This chapter analyses the fiscal problems of Dutch local government in the 1980s and the way that municipalities handled the fiscal squeeze of that time. It first explores the causes of the 1980s fiscal squeeze, that is, the decrease in municipal revenues (particularly in block-grant funding from central government through the ‘Municipal Fund’) and increase in expenditures, partly as a result of recession. It then describes the local government responses to the fiscal squeeze, that is, what cutback measures were taken and what strategies were employed, and explores the linked reform of the financial management system and adoption of ‘divisionalised business model’ structures. Thirdly, empirical evidence about the causes and effects of Dutch local public management reform is considered. Finally, the chapter discusses the longer-term effects that went beyond management reform, that is, developments in local democracy in the 1990s.Less
This chapter analyses the fiscal problems of Dutch local government in the 1980s and the way that municipalities handled the fiscal squeeze of that time. It first explores the causes of the 1980s fiscal squeeze, that is, the decrease in municipal revenues (particularly in block-grant funding from central government through the ‘Municipal Fund’) and increase in expenditures, partly as a result of recession. It then describes the local government responses to the fiscal squeeze, that is, what cutback measures were taken and what strategies were employed, and explores the linked reform of the financial management system and adoption of ‘divisionalised business model’ structures. Thirdly, empirical evidence about the causes and effects of Dutch local public management reform is considered. Finally, the chapter discusses the longer-term effects that went beyond management reform, that is, developments in local democracy in the 1990s.
Edith Sparks
- Published in print:
- 2006
- Published Online:
- September 2014
- ISBN:
- 9780807830611
- eISBN:
- 9781469602479
- Item type:
- chapter
- Publisher:
- University of North Carolina Press
- DOI:
- 10.5149/9780807868201_sparks.9
- Subject:
- Society and Culture, Gender Studies
This chapter analyzes the importance of financial management, focusing on how female proprietors face the challenges of complex financial transactions on a daily basis. It argues that compared to men ...
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This chapter analyzes the importance of financial management, focusing on how female proprietors face the challenges of complex financial transactions on a daily basis. It argues that compared to men proprietors, women were especially poorly prepared as financial managers. The financial-management skills required in the operation of a business are best mastered through training and experience, and this is the sort of background that most female proprietors lacked.Less
This chapter analyzes the importance of financial management, focusing on how female proprietors face the challenges of complex financial transactions on a daily basis. It argues that compared to men proprietors, women were especially poorly prepared as financial managers. The financial-management skills required in the operation of a business are best mastered through training and experience, and this is the sort of background that most female proprietors lacked.
Min Zhan, Steven G. Anderson, and Jeff Scott
- Published in print:
- 2013
- Published Online:
- May 2013
- ISBN:
- 9780199755950
- eISBN:
- 9780199332526
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199755950.003.0049
- Subject:
- Social Work, Communities and Organizations
This study examines the effects of a financial management training program for low-income audiences on financial knowledge and practices. Findings show that substantial pre-training knowledge ...
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This study examines the effects of a financial management training program for low-income audiences on financial knowledge and practices. Findings show that substantial pre-training knowledge deficiencies existed among immigrant participants on basic financial management issues. The program was effective in improving the financial knowledge and related financial behaviors of immigrant participants, and immigrants gained more in financial knowledge from the training than other participants. Implications are discussed for developing programs to improve the financial capacity of low-income immigrants.Less
This study examines the effects of a financial management training program for low-income audiences on financial knowledge and practices. Findings show that substantial pre-training knowledge deficiencies existed among immigrant participants on basic financial management issues. The program was effective in improving the financial knowledge and related financial behaviors of immigrant participants, and immigrants gained more in financial knowledge from the training than other participants. Implications are discussed for developing programs to improve the financial capacity of low-income immigrants.
Andrew Green
- Published in print:
- 2007
- Published Online:
- September 2009
- ISBN:
- 9780198571346
- eISBN:
- 9780191724138
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198571346.003.0011
- Subject:
- Public Health and Epidemiology, Public Health, Epidemiology
The resource allocation and budgeting process is one of the most powerful stages of planning. Resource allocation refers to the distribution of resources, and in particular finance, from the centre ...
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The resource allocation and budgeting process is one of the most powerful stages of planning. Resource allocation refers to the distribution of resources, and in particular finance, from the centre to peripheral levels. Budgeting implies the more detailed determination of precisely how these funds are to be used. This chapter first outlines the major types of budget. It then looks at the main approaches to budgeting and resource allocation, and lastly discusses financial management issues relevant to the planner.Less
The resource allocation and budgeting process is one of the most powerful stages of planning. Resource allocation refers to the distribution of resources, and in particular finance, from the centre to peripheral levels. Budgeting implies the more detailed determination of precisely how these funds are to be used. This chapter first outlines the major types of budget. It then looks at the main approaches to budgeting and resource allocation, and lastly discusses financial management issues relevant to the planner.
Colin Thain and Maurice Wright
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198277842
- eISBN:
- 9780191684203
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198277842.003.0005
- Subject:
- Political Science, UK Politics, Political Economy
One of the most far-reaching reforms of the British Civil Service in the twentieth century is the Next Steps initiative unveiled in 1988. It was designed to improve efficiency and quality of service ...
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One of the most far-reaching reforms of the British Civil Service in the twentieth century is the Next Steps initiative unveiled in 1988. It was designed to improve efficiency and quality of service rendered by public agencies and one of the examples being shown in this chapter concerns the actions of the Department of Transport. The formulation of the initiative went through debates in the Whitehall and upon announcement of the policy it evolved and was implemented from 1988 to 1993. Both the Next Steps and Financial Management Initiative contributed to the context of many debates about the control of public expenditure by the Treasury. The Next Step undertaking only proved the reality of Treasury power by inserting a degree of caution about the need to balance value-for-money with the need for continued control of expenditure.Less
One of the most far-reaching reforms of the British Civil Service in the twentieth century is the Next Steps initiative unveiled in 1988. It was designed to improve efficiency and quality of service rendered by public agencies and one of the examples being shown in this chapter concerns the actions of the Department of Transport. The formulation of the initiative went through debates in the Whitehall and upon announcement of the policy it evolved and was implemented from 1988 to 1993. Both the Next Steps and Financial Management Initiative contributed to the context of many debates about the control of public expenditure by the Treasury. The Next Step undertaking only proved the reality of Treasury power by inserting a degree of caution about the need to balance value-for-money with the need for continued control of expenditure.
Sirin Sung and Fran Bennett
- Published in print:
- 2007
- Published Online:
- March 2012
- ISBN:
- 9781861349415
- eISBN:
- 9781447303466
- Item type:
- chapter
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781861349415.003.0009
- Subject:
- Sociology, Social Research and Statistics
This chapter offers an analysis of a recent Economic and Social Research Council-funded project considering the difficulties associated with researching the complexities of the management of ...
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This chapter offers an analysis of a recent Economic and Social Research Council-funded project considering the difficulties associated with researching the complexities of the management of household money and budgeting within long-term heterosexual relationships. The study interviewed heterosexual couples living on means-tested benefits or tax credits and considered how they received, organised, and used such income, and how this affected gender relations and inequalities within the household. The chapter is organised as follows. The second section outlines existing typologies of household financial management and research on gendered patterns of money management. The third section presents the main findings on money management from the study in the light of the existing literature. The themes of this section include complexity, continuity in traditional gendered patterns of money management, and teasing out the relationship between managing money day to day and control over household finances; it looks at several potential indicators of financial control. The final section concludes by discussing some of the issues that emerged in a wider context.Less
This chapter offers an analysis of a recent Economic and Social Research Council-funded project considering the difficulties associated with researching the complexities of the management of household money and budgeting within long-term heterosexual relationships. The study interviewed heterosexual couples living on means-tested benefits or tax credits and considered how they received, organised, and used such income, and how this affected gender relations and inequalities within the household. The chapter is organised as follows. The second section outlines existing typologies of household financial management and research on gendered patterns of money management. The third section presents the main findings on money management from the study in the light of the existing literature. The themes of this section include complexity, continuity in traditional gendered patterns of money management, and teasing out the relationship between managing money day to day and control over household finances; it looks at several potential indicators of financial control. The final section concludes by discussing some of the issues that emerged in a wider context.
Inge Kaul and Pedro Conceiçāo
- Published in print:
- 2006
- Published Online:
- October 2011
- ISBN:
- 9780195179972
- eISBN:
- 9780199850709
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195179972.003.0001
- Subject:
- Economics and Finance, International
This chapter discusses the reasons for studying and revisiting public finance. It explains that the reengineering of public finance in response to the rebalancing of markets and states has brought a ...
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This chapter discusses the reasons for studying and revisiting public finance. It explains that the reengineering of public finance in response to the rebalancing of markets and states has brought a host of changes to public financial management and has also led to the emergence of various issues affecting public finance including contracting out, private solutions to externalities and private financing of public sector projects. In addition, globalization has also led to greater scrutiny and more international debates concerning modes of public finance.Less
This chapter discusses the reasons for studying and revisiting public finance. It explains that the reengineering of public finance in response to the rebalancing of markets and states has brought a host of changes to public financial management and has also led to the emergence of various issues affecting public finance including contracting out, private solutions to externalities and private financing of public sector projects. In addition, globalization has also led to greater scrutiny and more international debates concerning modes of public finance.
Georgios A. Antonopoulos, Alexandra Hall, Joanna Large, Anqi Shen, Michael Crang, and Michael Andrews
- Published in print:
- 2018
- Published Online:
- January 2019
- ISBN:
- 9781447346968
- eISBN:
- 9781447346982
- Item type:
- book
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781447346968.001.0001
- Subject:
- Law, Criminal Law and Criminology
The trade in counterfeit goods is growing. Recent EU studies on Fast Moving Consumer Goods indicate that 6.5% of all sports(wear) goods, 7.8% of cosmetics and 12.7% of luggage/handbags sold in the EU ...
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The trade in counterfeit goods is growing. Recent EU studies on Fast Moving Consumer Goods indicate that 6.5% of all sports(wear) goods, 7.8% of cosmetics and 12.7% of luggage/handbags sold in the EU are in some way counterfeit. The WTO has an oft-repeated estimate of 7% of all global commerce as counterfeit. The World Economic Forum goes further, suggesting that counterfeiting and piracy cost the global economy an estimated $1.77 trillion in 2015, which is nearly 10% of the global trade in merchandise. Much work and popular scrutiny has examined flows of counterfeit goods. However, there remains a general lack of information on the financing of the counterfeit trade. Drawing upon cross-disciplinary research, the book offers a unique account into the financing of the trade in counterfeit goods. Focusing on tangible goods, it addresses the ways in which capital is secured to allow counterfeiting businesses to be initiated and sustained, how entrepreneurs and customers settle payments, the costs of conducting business in the counterfeiting trade, and how profits from the business are spent and invested. The book covers the UK context, whilst also considering the distinctly transnational nature of the trade.Less
The trade in counterfeit goods is growing. Recent EU studies on Fast Moving Consumer Goods indicate that 6.5% of all sports(wear) goods, 7.8% of cosmetics and 12.7% of luggage/handbags sold in the EU are in some way counterfeit. The WTO has an oft-repeated estimate of 7% of all global commerce as counterfeit. The World Economic Forum goes further, suggesting that counterfeiting and piracy cost the global economy an estimated $1.77 trillion in 2015, which is nearly 10% of the global trade in merchandise. Much work and popular scrutiny has examined flows of counterfeit goods. However, there remains a general lack of information on the financing of the counterfeit trade. Drawing upon cross-disciplinary research, the book offers a unique account into the financing of the trade in counterfeit goods. Focusing on tangible goods, it addresses the ways in which capital is secured to allow counterfeiting businesses to be initiated and sustained, how entrepreneurs and customers settle payments, the costs of conducting business in the counterfeiting trade, and how profits from the business are spent and invested. The book covers the UK context, whilst also considering the distinctly transnational nature of the trade.
Frank Partnoy
- Published in print:
- 2019
- Published Online:
- September 2019
- ISBN:
- 9780226599403
- eISBN:
- 9780226599540
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226599540.003.0006
- Subject:
- Law, Company and Commercial Law
In this chapter, I argue that financial risk poses unique challenges that justify a differential application of corporate law oversight standards. The steps in my argument are as follows. First, I ...
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In this chapter, I argue that financial risk poses unique challenges that justify a differential application of corporate law oversight standards. The steps in my argument are as follows. First, I show how modern firms with significant exposure to financial risk are different in fundamental ways that matter crucially to the application of oversight standards. Second, I argue that, notwithstanding these differences, the major Delaware oversight cases were correctly decided, though the result might have been the opposite if complaints had been framed differently, with relevant and important facts. Third, I argue that the federal case involving the JPMorgan “London Whale” episode was wrongly decided. I am not arguing for any change in the oversight standards themselves. Instead, my argument is that Delaware law already provides ample support and justification for holding directors to a higher standard with respect to the oversight of financial risk. The complexities of financial risk pose unique challenges that the Delaware courts should take into account when assessing director oversight failures. Such an approach would not subject directors to unwarranted exposure for oversight failures, or have negative implications for business, and it would not change Delaware’s approach to cases that do not involve financial risk.Less
In this chapter, I argue that financial risk poses unique challenges that justify a differential application of corporate law oversight standards. The steps in my argument are as follows. First, I show how modern firms with significant exposure to financial risk are different in fundamental ways that matter crucially to the application of oversight standards. Second, I argue that, notwithstanding these differences, the major Delaware oversight cases were correctly decided, though the result might have been the opposite if complaints had been framed differently, with relevant and important facts. Third, I argue that the federal case involving the JPMorgan “London Whale” episode was wrongly decided. I am not arguing for any change in the oversight standards themselves. Instead, my argument is that Delaware law already provides ample support and justification for holding directors to a higher standard with respect to the oversight of financial risk. The complexities of financial risk pose unique challenges that the Delaware courts should take into account when assessing director oversight failures. Such an approach would not subject directors to unwarranted exposure for oversight failures, or have negative implications for business, and it would not change Delaware’s approach to cases that do not involve financial risk.
