167 research outputs found
Are failproof banking systems feasible? Desirable?
No full textIn recent years, instability of the banking system has returned as a major problem in many countries, particularly in the developing world. In many cases, this instability has been so threatening to financial intermediation and the functioning of the payments system that governments have felt compelled to intervene and restructure banks, often at considerable cost to the public budget. One response to these problems has been a proposal to create failproof banking systems - to radically transform the structure, priorities, and operation of the banking and financial system. Banks would be limited to issuing deposits, holding essentially riskless portfolios, and operating the payments system. To minimize the resulting disruptions to the financial system, banks would be authorized (and encouraged) to set up holding companies and then transfer to holding company affiliates all the functions - including lending - that banks would no longer be permitted to perform. So while the failproof banking proposal would severely restrict the activity of banks, it would not restrict the activities of banking organizations that convert to a holding company form of organization. This proposal would produce major public benefits. It would assure a nation of a smoothly functioning banking and payments system, would substantially reduce the resources committed to banking supervision, would prevent bank-type regulation from expanding to the rest of the financial system, and would place banking and nonbanking organizations on a level playing field for the financial activities in which they compete. There are two major problems with the proposal. First, it might be difficult to implement because of too few riskless assets in a nation's financial system. (The author suggests several modifications that would alleviate this problem in some countries.) Second, the proposal might hurt the financial market by: (a) increasing interest rates for higher-risk borrowers, forcing them out of the market; and (b) transfering greater risk to the nonbank sector of the financial system, making it more susceptible to crisis. Although the proposal would benefit developing countries (more prone to banking instability) more than industrial countries, it would also be more difficult to implement in developing countries. And the adverse effects of the proposal would be felt more severely in the financial markets of developing countries than in industrial countries, which have deeper, more responsive financial markets.Banks&Banking Reform,Financial Intermediation,Financial Crisis Management&Restructuring,Banking Law,Settlement of Investment Disputes
The combined incidence of taxes and public expenditures in the Philippines
No full textIncidence studies of fiscal policy in developing countries typically examine either the distribution of tax burdens or the incidence of public expenditures. But the central issue for policymakers is the combined or net incidence of fiscal activities. One reason that combined incidence studies are so rare is that they require detailed data on both taxation and public spending. The authors show that the net incidence of fiscal policy in a country with average data - the Philippines - can be estimated using a variety of data sources and tools, using simplifying assumptions. For 20 years, the Philippine economy has experienced a series of balance of payments crises triggered by fiscal crises. It has had an unsatisfactory record of poverty alleviation. The authors examine net fiscal incidence to find out how poverty will be affected by the rise in taxes and the cut in spending. They found that: 1) the incidence pattern of taxes is basically neutral. Contrary to expectations, indirect taxes are only slightly regressive; and 2) it is the pattern of expenditures that drives the combined incidence, which is progressive.Public Sector Economics&Finance,Environmental Economics&Policies,Health Systems Development&Reform,Economic Theory&Research,Health Economics&Finance,Environmental Economics&Policies,Public Sector Economics&Finance,Economic Theory&Research,Health Economics&Finance,Banks&Banking Reform
Evaluating public expenditures when governments must rely on distortionary taxation
No full textAnderson and Martin provide simple, robust rules for evaluating public spending in distorted economies. Their analysis integrates, within a clean unified framework, previous treatments of project evaluation as special cases. In this paper, the authors use a general system of fiscal accounting for marginal changes in the provision of public that allows them to account for various approaches to the funding of government projects. They obtain two key results that seem likely to be useful for project evaluation. Firstly, the shadow prices of traded (as well as non-traded) goods are not generally equal to their world prices, but differ from world prices by an amount that depends upon the impact of the project on government revenues and on the Marginal Cost of Funds (MCF). Secondly, the costs of a government project need to be adjusted by the Marginal Cost of Funds before being compared with the benefits accruing from the project. The analysis leads to operational rules for project evaluation that are only slightly more complex than the border pricing rule. To conduct the analysis, the authors utilize a framework that makes explicit the role of government in providing public goods and services subject to a budget constraint. They consider first in Section 1 a general welfare analysis of the provision of a public good which is purchased from the rest of the world and paid for out of distortionary tax revenue. In Section 2 they consider the nature of the resulting shadow prices in more detail. In Section 3 the authors consider the role of the MCF in evaluating the cost of project inputs. Section 4 deals with user charges for public goods, which are of course only feasible when such goods are excludable. Section 5 places the results in the context of the earlier literature in order to clarify the relationship between their results and those obtained by earlier authors. Section 6 provides some simple numerical examples to highlight the potential importance allowing for the costs of raising funds.Public Sector Economics&Finance,Environmental Economics&Policies,Markets and Market Access,Economic Theory&Research,Banks&Banking Reform,Public Sector Economics&Finance,Access to Markets,Markets and Market Access,Economic Theory&Research,Environmental Economics&Policies
Digitization of indigenous materials : problems and solutions in the Context of Kerala University
No full textThe paper evaluates the ICT infrastructure available at Kerala University (KU) in India. KU has automated its library system and has powerful ICT infrastructures for more than a decade. But they are found to be lacking information relevant to KU, which exist only in traditional media at various sources under it. Information generated by the research in KU is also not digitized and added to the system. The study reveals that archives, libraries and other document collections as they exist now in KU limit mainly to collection, preservation and services using original exhibits, printed documents, manuscripts and non?print materials like microforms. Even a decade after having required ICT infrastructures KU has not cared to digitise its content and make it accessible online. Identifies the institutions under KU where unique content not otherwise available exists and the different media in which they are recorded. Various projects that have transformed content like that existing in KU are examined. The solutions used in such projects are discussed. The problem of local scripts to be dealt by KU and the projects, which handled scripts relevant to KU, are examined. Make suggestions in selecting relevant DL solutions and for ensuring the conservation of the unique knowledge content available at KU
The implications of foreign aid fungibility for development assistance
No full textA foreign aid or foreign lending policy that focuses exclusively on project financing may have unintended consequences, report the authors. New research shows that aid intended for crucial social and economic sectors often merely substitutes for spending that recipient governments would have undertaken anyway and the funds that are thereby freed up are spent for other purposes. If the aid funds something that would have been done anyway, traditional ways of evaluating the aid's effectiveness are not really accurate. Ifaid funds are fungible and the recipient's public spending program is unsatisfactory, project lending may not be cost-effective. If the recipient's public spending program is satisfactory, perhaps the donor should finance a portion of it instead of financing individual projects. One solution to the problem of fungibility, then, is that donors could tie assistance to an overall public spending program (in the recipient country) that provides adequate resources to crucial sectors. To make this kind of reform operational, the authors propose a new lending instrument: a public expenditure reform loan (PERL). A PERL would tie an institution's lending strategy to the recipient country's achievement of mutually agreed-upon development goals. Everyone agrees that better donor coordination is needed, but it has been difficult to achieve because some donors tend to prefer projects (usually with the national flag flying over them). By agreeing on a public expenditure program and financing a portion of it, the World Bank credibly ask other donors to do the same.Payment Systems&Infrastructure,Development Economics&Aid Effectiveness,Gender and Development,Decentralization,Economic Adjustment and Lending,Development Economics&Aid Effectiveness,Poverty Assessment,National Governance,Economic Adjustment and Lending,Public Sector Economics&Finance
Development of natural gas and pipeline capacity markets in the United States
No full textDeregulation of the U.S. natural gas industry has been under way since the late 1970s. The industry was deregulated to create competitive markets in natural gas and its pipeline transportation, in the expectation that competition would guide transactions toward a more efficient outcome. The author provides an overview of the deregulation process and its effect on the development and functioning of natural gas and gas transportation markets in the United States. He analyzes the trading of pipeline capacity in primary and secondary markets and the regulation of pipeline transportation, identifies mechanisms that pipeline companies use to coordinate bilateral transactions, and summarizes deregulation's main achievements in the U.S. natural gas industry. Industry achievements in the past 15 years show that expectations were not realistic. The United States enjoys a highly competitive interstate transportation market. Both markets have benefited from the deregulation of natural gas production and marketing and the liberalization of natural gas prices. Introducing open access to interstate pipelines and their unbundling from gas sales has allowed end users to participate in the efficiency gains in upstream markets. All this has contributed to declining retail prices for all major consumer categories. Deregulation is far from complete, however. Current regulation of interstate pipeline companies and the secondary transportation market does not promote efficient allocation of transportation contracts. Flexible pricing of transportation contracts should be introduced in both the primary and secondary transportation markets. But deregulation of retail markets remains the most important task and the bigger challenge facing industry regulators. Small-volume end users (such as residential or commercial customers) are captive to local distribution utilities, without access to competitive wholesale markets. All end users should be able to choose a natural gas supplier and receive natural gas at the minimum cost to society.Oil&Gas,Water and Industry,Markets and Market Access,Economic Theory&Research,Environmental Economics&Policies,Transport and Environment,Water and Industry,Oil Refining&Gas Industry,Oil&Gas,Carbon Policy and Trading
Membership in the CFA zone : Odyssean journey or Trojan horse?
No full textFor most of the 13 African members of the CFA Franc Zone, the 1980s have been a decade of slow or negative growth in per capita gross domestic product, worsening balance of payments, debt crises, financial crises declining competitiveness, and an apparent failure to adjust to the changed environment they inherited from the 1970s. This paper reassesses the costs and benefits of membership in the CFA Franc Zone in light of its members'poor performance in the 1980s. The assessment is based on comparisons of the members'performance indicators with indicators for comparator groups: other countries in sub-Saharan Africa, other low- and middle-income countries, and other exporters of fuel and primary goods. Performance indicators for members of the CFA Zone deteriorated more than indicators for other groups. Growth and investment rates fell more for CFA countries. This decline is attributed to the CFA members'declining competitiveness as other countries undertook adjustment programs that emphasized depreciation of the real exchange rate. The burden of adjustment appears to have fallen disproportionately on reduced spending, particularly reduced investment.Achieving Shared Growth,Environmental Economics&Policies,Macroeconomic Management,Economic Theory&Research,Economic Stabilization
Integration of Photovoltaic-Based Transformerless High Step-Up Dual-Output–Dual-Input Converter with Low Power Losses for Energy Storage Applications
No full textThe synchronous integration of numerous input and output loads is possible with multi-input (MI) and multi-output (MO) DC–DC converters. In this paper, the non-isolated DC–DC converter described, which has a high step-up capability and multiple ports for outputs and inputs for energy storage system (ESS) applications. The voltage level of the converter is changeable. The capacity to provide the large voltage increases with a low duty cycle portion, the ease with which each duty cycle can be controlled, and minimal power losses are all advantages of the proposed design. The proposed system offers advantages for applications requiring energy storage. In the continuous conduction mode (CCM), the operation principles, steady-state evaluation, and extracting of the voltage and current coefficients are performed. The supply sources can be inserted or withdrawn without causing a cross-regulation issue in the proposed converter. Ultimately, the functionality of the proposed structure is examined using simulation and the laboratory prototype that has been implemented. The proposed converter achieved 94.3% efficiency at maximum power. In addition, the proposed converter attained minimum losses with a difference of 28.5 W when compared to a conventional converter
Government expenditures as a citizens'evaluation of public output : public choice and the benefit principle of taxation
No full textCombining elements from the theories of public choice and benefit taxation, the author develops a framework in which private citizens can evaluate public activities. Why, and under what circumstances, do bureaucrats increase the size of the public sector and the amount of public spending in their own self interest? What does the private sector think public output should be, what is actual public output, and how does the private sector evaluate that output? The author applies the theoretical results of an attempt to answer these questions in four Central European countries (Czechoslovakia, Hungary, Poland, and Slovenia), using actual data for 1989-91 and projections for 1992. Interpreting indirect evidence, he shows that the private sector would prefer less government activity in all countries, from a low of 5 percent less public spending (in Poland) to a high of one-third less (in Slovenia). If those governments were to follow those guidelines, their spending-to-GDP ratios would more closely resemble the 1987-89 average for a selected group of European market economies. The author also introduces a more rigorous, if not necessarily more objective, approach to determining optimal government spending. This approach requires little information, but uses a static model and requires faith in the direction of causality for some key variables. To the extent that one can accept those limitations, the model may be a useful operational tool in public spending evaluation.Public Sector Economics&Finance,National Governance,Economic Theory&Research,Environmental Economics&Policies,Fiscal&Monetary Policy
Real time SOC estimation for Li-ion batteries in Electric vehicles using UKBF with online parameter identification
No full textAbstract In the recent era, Lithium ion batteries plays a significant role in EV industry due to their high specific energy density, power density, low self-discharge rate, and prolonged lifespan. Modeling the battery precisely and estimating its State of Charge with great precision is essential to improve the performance of the lithium-ion batteries. Though numerous methods has been proposed for estimating the SOC, accurate estimation approach is not proposed yet since all these approaches consider the discrete-time dynamics of the battery. Hence in this proposed approach, the implementation of Thevenin 2RC battery model in conjunction with the Unscented Kalman Bucy Filter (UKBF) for SOC estimation is suggested. Thevenin 2RC battery model is used to captures the nonlinear relationship between the battery’s voltage, current, and SOC. The UKBF is then used to estimate the SOC by fusing the battery model with noisy measurements of the battery’s voltage and current. The UKBF is able to handle the nonlinearity of the battery model and the noise in the measurements, resulting in a more accurate estimate of the SOC by capturing the continuous-time dynamics of the battery. The model is simulated in Matlab Simulink. With similar covariance noise and measurement noise taken into consideration, the battery’s SOC is estimated using the EKF, UKF, and UKBF. The performance comparison indicate that the UKBF approach provides an accurate estimation of the SOC, with a significantly lower RMSE of 0.003276
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