Institutional arrangements for public debt management

This paper analyzes institutional arrangements for public debt management by reviewing the experience of OECD countries during the late 1980s and 1990s. It discusses principal-agent issues arising from the delegation of authority from the Minister of Finance to the debt management office and describes how countries have designed governance structures and control and monitoring mechanisms to deal with these issues. The paper also discusses what lessons emerging market countries and transition countries can draw from the experience of advanced OECD countries. The OECD experience clearly indicates that-regardless of whether the debt management office is located inside or outside the Ministry of Finance-four issues are of vital importance: 1) Giving priority to strategic public policy objectives rather than tactical trading objectives. 2) Strengthening the institutional capacity to deal with financial portfolio management and with the public policy aspects of debt management. 3) Modernizing debt management. 4) Creating mechanisms to ensure successful delegation and accountability to the Ministry of Finance and Parliament.Public Sector Economics&Finance,Public&Municipal Finance,Strategic Debt Management,Payment Systems&Infrastructure,Urban Economics,Public Sector Economics&Finance,Strategic Debt Management,Urban Economics,Public&Municipal Finance,Banks&Banking Reform

A framework for the analysis of mineral tax policy in sub-Saharan Africa

Given the dual role played by the Government as resource owner and tax collector in many sub - Saharan economies, it is important to separate"resource factor payments"from taxes through the use of different instruments. The instruments to be considered are: (1) a factor payment system that includes"ad rem"or"ad valorem"royalties. Production sharing, resource rent schemes, and fixed fees could also be used, but some form of unit payment is necessary and justified, because natural resources in the ground are inputs into the production process; (2) a cash flow and withholding tax system initially for the mineral sectors and eventually for other sectors of the economy. The cash flow tax would capture a share of the"economic rent"from each sector and be neutral across sectors; and (3) a depletion account to preserve the nations capital stock. Natural resources are part of an economy's capital stock, which will fall unless"replacement investment"is made as the resource is depleted.Economic Theory&Research,Environmental Economics&Policies,Banks&Banking Reform,Public Sector Economics&Finance,Health Economics&Finance

The government's role in Japanese and Korean credit markets : a new institutional economics perspective

The authors discuss the effectiveness of credit policies in the early stages of economic development in Japan and Korea. They examine the importance of institutional arrangements for managing credit policies in the two countries. They emphasize participatory government intervention, wherein credit policies could be viewed as part of an internal allocation mechanism: government, banks, and large industrial firms may be said to have formed what the authors call a"government led internal organization"(GLIO). They examine the theoretical foundations for this view and discuss the implications for the efficiency of credit allocations. They argue that in early economic development such a participatory approach may have helped overcome pervasive market imperfections. But there were also significant dangers: problems of entrenched interests and institutional inertia. In both countries, the relative importance of GLIO gradually diminished as competitive capital markets and large conglomerates ("privately led internal government organizations") expanded with economic growth.Financial Crisis Management&Restructuring,Banks&Banking Reform,Environmental Economics&Policies,Economic Theory&Research,Financial Intermediation

Competition, Corporate Governance, and regulation in Central Asia - Uzbekistan's structural reform challenges

In Uzbekistan state enterprises are being changed into shareholding companies, and private enterprises account for 45 percent of all registered firms. But business decisions to set prices, output, and investment are often not market-based, nor wholly within the purview of businesses, especially those in commercial manufacturing and services. Lines of authority for corporate governance - from state enterprises to private enterprises - are ill-defined, so there is little discipline on corporate performance and little separation between government and business. Nascent frameworks have been created for competition policy (for firms in the commercial sector) and regulatory policy (governing utilities in the infrastructure monopoly sector). Bur implementation and enforcement have been hampered by old-style instruments (such as price controls0 rooted in central planning, by lack of a strong independent regulatory rule-making authority, by the limited understanding, of the basic concepts of competition and regulatory reform, and by weak institutional capabilities for analyzing market structure and business performance. Based on fieldwork in Uzbekistan, the author recommends: 1) Deepening senior policy officials'understanding of, and appreciation of the benefits from, enterprise competition and how it affects economic growth. 2) Reforming competition policy institutions and legal frameworks in line with the country's goal of strengthening structural reforms and improving macroeconomic policy. 3) Improving the ability of government and associated institutions to assess Uzbekistan's industrial market structure and the determinants of enterprise conduct and performance. 4) Making the authority responsible for competition and regulatory policymaking into an independent agency - a"champion"of competition - answerable directly to the prime minister. 5) Strengthening incentives and institutions for corporate governance and bringing them in line with international practice. 6) Subjecting infrastructure monopolies to systemic competitive restructuring and unbundling, where appropriate. For other utilities, de-politicize tariff setting and implementation of regulations; ensure that price, pro-competitive (creating a level playing field among users); and increase transparency and accountability to the public.Environmental Economics&Policies,Economic Theory&Research,International Terrorism&Counterterrorism,Markets and Market Access,Enterprise Development&Reform,Environmental Economics&Policies,National Governance,Access to Markets,Markets and Market Access,Economic Theory&Research

Improving Russia's policy on foreign direct investment

Foreign direct investment brings host countries capital, productive facilities, and technology transfers as well as employment, new job skills, and management expertise. It is important to the Russian Federation, where incentives for competition are limited and incentives to becoming efficient are blunted by interregional barriers to trade, weak creditor rights, and administrative barriers to new entrants. The authors ague that the old policy paradigm of foreign direct investment (established before World War II and prevalent in the 1950s and 1960s) still governs Russia. In this paradigm there are only two reasons for foreign direct investment: access to inputs for production and access to markets for outputs. Such kinds of foreign direct investment, although beneficial, are often based on generating exports that exploit cheap labor or natural resources, or are aimed at penetrating protected local markets, not necessarily at world standards for price and quality. They contend that Russia should phase out high tariffs and non-tariff protection for the domestic market, most tax preferences for foreign investors (which don't increase foreign direct investment but do reduce fiscal revenues), and many restrictions on foreign investment. They recommend that Russia switch to a modern approach to foreign direct investment by: 1) Amending the newly enacted foreign direct investment law so that it will grant non-discriminatory"national treatment"to foreign investors for both right of establishment, and post-establishment operations, abolish conditions (such as local content restrictions) inconsistent with the World Trade Organization agreement on trade-related investment measures (TRIMs), and make investor-state dispute resolution mechanisms more efficient (giving foreign investors the chance to seek neutral binding international arbitration, for example). 2) Strengthening enforcement of property rights. 3) Simplifying registration procedures for foreign investors, to make them transparent and rules-based. 4) Extending guarantee schemes covering basic non-commercial risks.Environmental Economics&Policies,Labor Policies,International Terrorism&Counterterrorism,Economic Theory&Research,Payment Systems&Infrastructure,Environmental Economics&Policies,Foreign Direct Investment,Economic Theory&Research,National Governance,International Terrorism&Counterterrorism

A case study of Egypt's project Implemented by the World Bank and the African Development Bank

학위논문(석사) -- 서울대학교대학원 : 국제대학원 국제학과(국제협력전공), 2021.8. 마흐머드.This study examines the mutual accountability mechanisms and levels between donors and recipient countries to demonstrate the impact of the international level of Accountability on the domestic level. Explore the nature of domestic and mutual Accountability for assistance. Exploring the different accountability mechanisms in the Paris Declaration, Accra, and Busan Agenda, by analyzing project implemented by the World Bank and African Development Bank in Egypt to enhance the aid effectiveness through better accountability mechanisms.이 연구는 국제적 책무성 수준이 국내적 책무성 수준에 미치는 영향을 설명하기 위해 상호 책무성의 메커니즘, 그리고 공여국과 수원국의 상호 책무성 수준들을 살펴본다. 국제 원조에 있어 국내 책무성 및 상호 책무성의 성격을 알아본다. 또한, 세계은행, 이집트의 아프리카개발은행에 의해 수행된 프로젝트를 분석함으로써 파리 선언, 아크라 행동 강령, 부산 어젠다의 상호 책무성 메커니즘의 차이를 알아본다.Chapter I 1 1.1 INTRODUCTION 1 1.2 PROBLEM STATEMENT 2 1.3 RESEARCH OBJECTIVES 2 1.4 SOURCE OF KNOWLEDGE 3 1.5 SCOPE AND LIMITATION 3 Chapter II. Literature Review 4 2.1 Definition 4 2.2 Mutual accountability in International Cooperation 5 Chapter III. Research design 8 3.1 overview 8 3.2 Principal-Agent theory 9 3.2.1 Agency costs 10 3.2.2 Agency problems 11 3.2.3 Theorizing accountability 12 3.2.4 Accountability problems in development cooperation 14 3.2.5 Answerability and enforceability 14 3.2.6 The broken feedback loop 15 3.3 METHODOLOGY 17 3.4 Analytical framework 18 3.4.1 International level 18 3.4.2 Domestic level 20 Chapter IV. Mutual Accountability in Egypt 21 4.1 Background 21 4.2 Egypt's political and economic situation. 22 4.2 Accountability and monitoring in the 2014 constitution 22 4.3 Accountability and monitoring for the economic development plan 24 4.4 The role of Ministry of International Cooperation. 27 Chapter V. The WB position on Mutual Accountability 29 5.1 Overview 29 5.2 World Bank Strategy 30 5.3 World Bank Project's cycle 32 5.4 Country Strategy Report 37 5.4.1 The framework of the Arab Republic of Egypt's strategic partnership for the fiscal years 2015-2019. 37 Chapter VI. The AFDB position on Mutual Accountability 41 6.1 overview 41 6.2 African Development Bank's Strategy 41 6.2 African Development Bank's project cycle 44 6.3 Country Strategy Report 49 6.3.1 The Egyptian partnership framework 50 Chapter VII. Case study 53 Chapter VIII Key Finding 61 8.0 Analysis 61 8.1 Conclusion 65 8.2 Recommendations 65 Bibliography 67 국문초록 71석

Budgetary institutions and expenditure outcomes : binding governments to fiscal performance

The authors examine how institutional arrangements affect incentives that govern the size, allocation, and use of budgetary resources. They use a diagnostic questionnaire to elicit the relative strengths and weaknesses of specific systems in terms of instilling fiscal discipline, strategically assigning spending priorities, and making the best use of limited resources. In applying their methodology to a sample of seven countries (Australia, Ghana, Indonesia, Malawi, New Zealand, Thailand and Uganda) they also examine how donor assistance affects expenditure outcomes. In New Zealand, reform focused on achieving general fiscal discipline and technical efficiency. In Australia, reform focused on strategic priorities and a shift from central to line agencies. The two countries took different paths, but both sought to alter incentives that affect the size, allocation, and use of resources and to improve transparency and accountability. Systems in Indonesia and Thailand were reasonably effective in instilling fiscal discipline, butIndonesia seemed better at allocating resources to protect basic social services and alleviate poverty during fiscal austerity periods. Thailand's overcentralized system did not capitalize on useful information from line agencies and lower levels of government. Donors play a central role in spending outcome in the three African countries. Donors provided incentives for short-term fiscal discipline, but the imposed spending cuts impeded the prioritizing of expenditures and multiple donor projects fragmented budgets. Donor conditionality on the composition of expenditures and donor-driven attempts to improve technical efficiency, were ineffective. Lack of transparency and accountability meant rules were not enforced and budgets were often remade in an ad hoc, centralized way, so that the flow of resources to line agencies was unpredictable.Business Environment,Decentralization,Environmental Economics&Policies,Public Sector Economics&Finance,Health Economics&Finance,Poverty Assessment,Health Economics&Finance,National Governance,Public Sector Economics&Finance,Environmental Economics&Policies

The way of chinese medical reform : new trends in the era of the “internet+” and big data

Mestrado em Desenvolvimento e Cooperação InternacionalA China é um país com uma população imensa, com recursos médicos insuficientes e distribuição desigual. Portanto, existem muitos problemas no serviço de saúde. Devido ao desenvolvimento atrasado do sistema médico, a qualidade dos recursos médicos é baixa, o custo é alto e a eficiência dos serviços médicos é baixa. Um dos principais fatores explicativos dessa situação é a falta de apoio do governo e seguro médico imperfeito. Para resolver esse problema, o governo começou a reformar o sistema de segurança médica. Desde a reforma do seguro médico de 1988, após várias mudanças, o sistema de seguro médico da China amadureceu gradualmente. A tese descreve brevemente a estrutura básica, o conteúdo e o caminho da mudança nos cuidados de saúde. E as deficiências do atual sistema de seguro médico. A análise introduz o papel da "Internet+" e da "big data" na reforma do sistema de seguro médico e avalia as potencialidades da sua introdução e operacionalização para a gestão e governança do sistema de saúde.China is a population republic country has insufficient medical resources and uneven distribution. Therefore, there are many medical problems. Due to the backward development of the medical system, the quality of medical resources is poor, the efficiency of medical services is low, and the cost is high, which brings many difficulties for the Chinese people to seek medical treatment. However, one of the main factors of these problems is the lack of government support and imperfect medical insurance. To solve this problem, the government began to reform the medical security system. Since the 1988 medical insurance reform, after several changes, China's medical insurance system has gradually matured. The thesis will briefly describe the basic framework, content and path of change in health care. And the shortcomings of the current medical insurance system. According to the characteristics of the times, talk about the impact of "Internet +" and "Big Data" on the current Chinese industry, including people's lives. Therefore, the analysis introduces the positive role of big data Internet for the reform of medical insurance system, and provides convenience for the management and governance of medical insurance system. Analyze whether "Internet +" and "Big Data" can lead to new trends in the reform of the health care system.info:eu-repo/semantics/publishedVersio

The Strategic Role of Human Resources and Empowerment through the Commitment of the Government in Alleviating Poverty on Fishermen Society Coastal of South Minahasa District Indonesia

The strategic role of human resources is challenging changes came fast and widespread problem. The government's commitment is needed to support the fishermen seashores especially those that are in the South Minahasa District. This study aims to analyze the strategic role of Human Resources to Government Commitment , Empowerment to Commitment and Strategic Human Resources to Empowerment and Government Commitment in alleviating Poverty. Research conducted at the Fishermen Society Coastal South Minahasa regency. The population in the implementation of the research is Fisherman working on the coast numbered around 250 fishermen. This research was taken precision sampling 5% to maintain a representative of the study sample. Sample of 153 people. The analysis techniques used in the study using Structural Equation Modeling (SEM). The results of this study indicate that the strategic human resources positive and significant effect on the commitment of the command for 0.714. Empowerment positive and significant impact on the government's commitment for 0.873 as well positioned for empowerment human resources positive and significant effect of 0.34. The government's commitment to alleviate poverty in coastal communities should be carried out by providing a wide range of access to the right information, there needs to be accountability and the involvement of coastal fishermen in decision-making