Two case studies on electronic distribution of government securities: the U.S. Treasury Direct System and the Philippine Expanded Small Investors Program

The case study on the U.S. Treasury Direct examines the evolution of the electronic distribution systems for marketable and nonmarketable government securities, the main objectives, and the basic legal infrastructure and the preconditions enabling the system. The U.S. experience highlights that the enabling environment and infrastructure (for example, in terms of information databases such as Pay.Gov) make a large difference in terms of both the security and convenience that customers can expect in the use of the system. The system also achieved important cost savings for the Bureau of the Public Debt. The case study on the Small Investors Program of the Philippines looks at a program that the Philippine government has been experimenting with to sell its securities directly to retail investors over the Internet. The recently revised version of the program-called the Expanded Small Investors Program-aims to increase access to government securities and distribute them more widely, develop better savings products, and enhance competition in the primary markets for these securities. The authors analyze whether the program's main goals can be achieved while mitigating the risks. Their analysis suggests thatthere are good reasons to believe that the new program will succeed. Still, regular and responsive assessments and adjustments will be required as the program moves forward.International Terrorism&Counterterrorism,Environmental Economics&Policies,Fiscal&Monetary Policy,Payment Systems&Infrastructure,Financial Intermediation,Environmental Economics&Policies,Financial Intermediation,Insurance&Risk Mitigation,Public Sector Economics&Finance,Banks&Banking Reform

Serbia - public sector accounting review : report on the enhancement of public sector financial reporting

The government’s public financial management (PFM) Reform Program 2016-2020 foresees the gradual transition of public sector financial reporting from a cash basis to an accrual basis of accounting and the application of International Public Sector Accounting Standards (IPSAS). This will significantly improve the quality of financial information and should enable better informed decision-making, more efficient use of public funds and resources and improved fiscal performance. This Report on the Enhancement of Public Sector Financial Reporting is one output of the Serbia Public Sector Accounting Reform Technical Assistance project funded by the Swiss State Secretariat for Economic Affairs (SECO) through the Strengthening Accountability and Fiduciary Environment (SAFE) Trust Fund under the Public Sector Accounting and Reporting Program (PULSAR) which provides support for the development and implementation of public sector accounting standards. This report supports the development of a plan towards that goal by assessing the institutional framework for public sector accounting as well as the gap between Serbian public sector generally accepted accounting principles (PS GAAP) and IPSAS

NATIONAL INNOVATION SYSTEM AND MACROECONOMIC POLICIES: BRAZIL AND INDIA IN COMPARATIVE PERSPECTIVE

Efforts towards economic development in Brazil and India share some common aspects. From the beginning of the 1950s to the end of the 1980s, both countries adopted import substitution policies including high tariffs and non-tariff barriers. Since the beginning of the 1990s, liberalizing economic reforms have been implemented by the respective Governments. If we compare the reach of the Brazilian reform to that of India, one could easily conclude that the former was more extensive and profound than the latter; and in conventional indicators of innovative effort such as research and development expenditures, education coverage, average years of education and literacy rate, Brazil’s results are a little bit better than those of India. However, since the beginning of the 1980s, India has been showing better general economic performance than Brazil. This paper argues and gives some empirical evidence to show that India’s performance is explained by its institutional capacity for coordinating conventional macroeconomic policies with other policies related to its National Innovation System.

DeepSoft: A vision for a deep model of software

Although software analytics has experienced rapid growth as a research area, it has not yet reached its full potential for wide industrial adoption. Most of the existing work in software analytics still relies heavily on costly manual feature engineering processes, and they mainly address the traditional classification problems, as opposed to predicting future events. We present a vision for \emph{DeepSoft}, an \emph{end-to-end} generic framework for modeling software and its development process to predict future risks and recommend interventions. DeepSoft, partly inspired by human memory, is built upon the powerful deep learning-based Long Short Term Memory architecture that is capable of learning long-term temporal dependencies that occur in software evolution. Such deep learned patterns of software can be used to address a range of challenging problems such as code and task recommendation and prediction. DeepSoft provides a new approach for research into modeling of source code, risk prediction and mitigation, developer modeling, and automatically generating code patches from bug reports.Comment: FSE 201