Implications of schooling on financial assets

This working paper provides a brief introduction to asset-based approaches to poverty reduction in a globalized context. The aim is to show the added value of asset-based approaches, in terms of both better understanding poverty and developing more appropriate long-term poverty reduction solutions. The paper draws on a number of sources, including: a longitudinal research project on Intergenerational asset accumulation and poverty reduction in Guayaquil 1978-2004; a number of associated background papers; and contributions to the recent Brookings Institution/Ford Foundation Workshop on Asset-based approaches to poverty reduction in a globalized context held in Washington DC on 27-28 June 2006. The paper starts by outlining an asset accumulation framework, distinguishing between an asset index conceptual framework, as an analytical research tool, and asset accumulation policy, as an associated operational approach. It then elaborates on this framework through a number of basic questions: What is an asset? This provides a definition of an asset and description of the five most widely known: human, physical, social, financial and natural capital assets. What new insights can an understanding of asset accumulation give us about poverty reduction? Drawing on the results of the Guayaquil project, this section summarizes a number of asset accumulation stories, to show how analysis of the assets of the poor adds to our understanding of transitions out of poverty and upward mobility. What is an asset-based approach? This section summarizes the four main asset-based approaches, identifying both analytical and operational approaches, as well as examples of implementation. How does an asset index conceptual framework contribute to the diagnosis of poverty? To illustrate the utility of an asset index, this section shows how different capital assets are accumulated or eroded at different points over a 25-year period in Guayaquil. What is an asset accumulation policy? This section summarizes differences and complementarities between social protection policy and asset accumulation policy. It then describes the different components of policies to accumulate assets, distinguishing between first and second generation policies. How does an asset accumulation approach inform practice in different contexts or sectors? Drawing on workshop papers, this section shows how an asset accumulation framework informs poverty reduction analysis and operational interventions in a range of contexts and sectors. These include: communal assets in urban and rural contexts (housing, human settlements and natural resource management); asset building in post disaster and fragile state contexts; making markets work for the poor (financial assets, international assets and transnational asset accumulation); and assets, rights and citizenship. The paper ends with a brief concluding comment and discussion of priority themes for further work.

Objective. Over the past decade, federal and state governments have substantially liberalized asset limits in welfare. This article examines whether this policy change promotes asset accumulation among the target population of actual and potential welfare recipients.Methods. Utilizing household data from the Panel Study of Income Dynamics as well as state data, this study employs a difference‐in‐difference approach in order to determine whether state asset limits affect the target population's financial and vehicle asset accumulation. This study develops a new policy measure that considers the time period following the adoption of liberalized asset limits.Results. Analysis results suggest that increased asset limits may have successfully encouraged the target population's asset accumulation. The earlier a state raised its asset limit, the more likely welfare recipients were to accumulate financial assets and to possess bank accounts.Conclusion. It is recommended to liberalize asset eligibility rules to promote long‐term economic advancement of poor households.

Previous articleNext article FreePart I: Exchange RatesCapital Account Policies and the Real Exchange RateOlivier JeanneOlivier JeanneJohns Hopkins University and NBER Search for more articles by this author Full TextPDF Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinked InRedditEmailQR Code SectionsMoreI. IntroductionThere are debates about the extent to which emerging market and developing countries that have accumulated large amounts of foreign exchange reserves in the 2000s are doing so in order to undervalue their currency. However, we do not have a simple model of how a country can achieve persistent real exchange rate distortions through reserve accumulation. The main purpose of this paper is to present such a model and to use it to answer a few questions about undervaluation policies.Real exchange rate undervaluation is often presented, in policy debates, as the result of a monetary operation. For example, it is argued that the People's Bank of China (PBOC) has resisted the appreciation of the renminbi by pegging the nominal exchange rate and accumulating reserves. But pegging the nominal exchange rate is not the same thing as pegging the real exchange rate, and we know that in an environment without nominal frictions monetary policy has virtually no impact on real variables. It is unlikely, furthermore, that nominal frictions alone give monetary policy enough leverage to have a persistent impact on the real exchange rate. Standard estimates suggest that nominal stickiness is not persistent enough to induce large and persistent deviations of the real exchange rate from its flexible-price equilibrium value (Rogoff 1996; Chari, Kehoe, and McGrattan 2002). Thus, in order to achieve persistent real undervaluation, monetary policy must rely on something else than just nominal stickiness.I focus in this paper on the role of imperfect capital mobility. Imperfect capital mobility can be defined, for the purpose of my analysis, as any friction inducing a deviation from Ricardian equivalence in capital flows.1 Imperfect capital mobility could result from "natural causes," such as financial frictions that prevent the private sector from borrowing abroad, or deviations from rational expectations that mitigate or delay the private sector's Ricardian response to reserve accumulation. Imperfect capital mobility could also be policy-induced and result from capital account restrictions that are imposed by the government. The fact that the country that has accumulated the most reserves in the 2000s, China, also imposes tight restrictions on its capital account suggests that the link between the two is worth looking at. Thus, this paper will focus on the question of how the real exchange rate is affected by capital account policies, defined in a broad way as the accumulation of foreign assets and liabilities by the public sector plus all the policies that affect the private sector's access to foreign capital. However, most of my results can be extended to the case where Ricardian equivalence fails because of frictions other than capital account restrictions.In order to simplify and streamline the analysis, I use a model that is entirely real-there is no money and no monetary policy. I consider a small open economy that consumes a tradable good and a nontradable good. The government accumulates foreign assets and imposes controls on capital flows. This combination of policies allows the government to effectively control the level of net foreign assets for the country as a whole. The other properties of the model then follow in a straightforward way. The government controls the current account balance (since it is the change in net foreign assets) and therefore the trade balance. The real exchange rate, then, has to be consistent with the trade balance. Other things equal, accumulating more net foreign assets will depreciate the real exchange rate.I then use the model to look at several questions related to capital account policies and real exchange rates. How can we detect in the data that these policies influence the real exchange rate? Are there limits to the impact of capital account policies on real exchange rates and how are they determined? If capital account policies can lead to real exchange rate undervaluation, how different are they from trade protectionism? What is the welfare cost from resisting to currency appreciation? I also look at the recent experience of China through the lenses of the model.The paper is related to several lines of literature. First, it is related to the literature on global imbalances, the "global savings glut," and the "upstream" flow of capital from relatively poor high-growth countries to relatively rich low-growth countries. The problem in that literature is to explain high saving rates in emerging market economies. One line of explanation is precautionary savings against idiosyncratic risk (see, e.g., Mendoza, Quadrini, and Ríos-Rull 2009; Carroll and Jeanne 2009; or Sandri 2010). Chamon and Prasad (2010) argue that precautionary savings against idiosyncratic risk is the most likely cause of the high saving rate in China. Precautionary savings could also be against aggregate risk, in particular the risk of sudden stop (Durdu, Mendoza, and Terrones 2009; Jeanne and Rancière 2011). Capital outflows from high-growth countries could also result from domestic financial frictions as in Caballero, Farhi, and Gourinchas (2008) or Song, Storesletten, and Zilibotti (2011). A common feature of these contributions is that the saving rate is determined by the behavior of the private sector. Reserve accumulation and capital account policies play no role and it is by hap-penstance that a substantial share of foreign assets ends up being accumulated as reserves.The evidence, however, suggests that the upstream flow in capital is linked to public flows and in particular reserve accumulation (Aguiar and Amador 2011; Gourinchas and Jeanne 2011). My model explains the link between reserve accumulation and net capital flows as more than a coincidence. In equilibrium, reserve accumulation must reduce net capital inflows by reducing saving (keeping investment constant). Another way of looking at the real undervaluation policy in my model, thus, is that the accumulation of foreign assets induces "forced saving" in the domestic economy. The capital controls prevent the domestic private sector from offsetting the public accumulation of foreign assets by borrowing abroad. The model thus provides a simple explanation for the high saving rate in countries such as China.2Second, the paper is related to the literature on exchange rate undervaluation. Dooley, Folkerts-Landau, and Garber (2004) argue that China and several other emerging markets and developing countries have been resisting the appreciation of their currencies in order to promote exports-led growth, a phenomenon that they dub "Bretton Woods II." An empirical literature has studied whether real exchange rate undervaluations increase growth (see, e.g., Rodrik 2008). Policy discussions often take for granted that a country can resist the real appreciation of its currency by accumulating reserves but the literature lacks a clear model of how this comes about. In a related contribution developed independently of this paper, Ghosh and Kim (2012) show the equivalence between capital account restrictions and trade restrictions in a two-period small open economy model.Third, the paper is related to the literature about optimal capital account policies. One recent line of literature has studied the normative case for prudential capital controls aimed at smoothing the boom-bust cycle in capital flows (Bianchi 2011; Korinek 2011; Schmitt-Grohé and Uribe 2012). Another line of literature has studied the case for "mercantilist" real exchange rate undervaluations (Aizenman and Lee 2007; Korinek and Serven 2010). Costinot, Lorenzoni, and Werning (2011) study equilibrium capital account policies in a two-country model. By contrast with that literature, I take capital account policies as given and do not look at the reasons that real exchange rate undervaluation might be desirable from a welfare perspective.Fourth, the paper is a contribution to the literature on the impact of sterilized foreign exchange reserve interventions. The empirical literature until the 2000s was primarily focused on advanced economies and motivated in part by the apparent success of concerted interventions following the 1985 Plaza Accord (see Sarno and Taylor 2001 for a review). The focus of the attention has shifted more recently on how the sterilized accumulation of reserves can help emerging markets and developing countries deal with large capital inflows and resist the appreciation of their currency (see, e.g., Disyatat and Galati 2007; Adler and Tovar 2011). Adler and Tovar (2011) examine whether the impact of sterilized foreign exchange interventions for a panel of 15 economies (mostly in Latin America) covering 2004 to 2010. They find that interventions slow the pace of appreciation, but that (consistent with the model presented here) this effect is stronger for countries with more closed capital accounts. On the theoretical side, the Ricardian irrelevance result for sterilized interventions was stated by Sargent and Smith (1988), and Backus and Kehoe (1989) showed that it holds under more general conditions. However, it is possible to design realistic stochastic environments with incomplete markets in which sterilized interventions have real effects (Kumhof 2010). In the deterministic model presented here, sterilized interventions matter because of a simple policy-induced friction in international capital flows.The paper is structured as follows. Section II motivates the model by looking at the capital account policies of China. Section III presents the model. Sections IV through VII present various properties of the model and Section VIII goes back to the Chinese experience, this time examining it through the lenses of the model.II. Capital Account Policies of ChinaThe capital account is very restricted in China. On the side of inflows, foreign direct investment (FDI) is largely liberalized and even encouraged in some cases through tax incentives, but other inflows are constrained. Inward FDI in manufacturing is almost completely liberalized, with the exception of restrictions in some strategic sectors.3As for financial inflows, the financial assets that foreigners might want to invest in are equity, debt securities, and bank deposits, but their access to these assets is severely restricted. These assets are not scarce. Figure 1 reports the outstanding stocks of the different types of financial assets as shares of GDP. At $3,408 billion at the end of 2011, the Chinese stock market capitalization is significant even relative to that in advanced economies.4 The market for debt securities is less developed. The market for government bonds is not very large (about 17 percent of GDP at the end of 2010) and the local market for corporate bonds remains small and dominated by a handful of large state-owned institutions.Fig. 1. Outstanding stocks of Chinese financial assets: Bank deposits, bonds, and stock market (% of GDP, 2000–2010) Source: People's Bank of China, China Securities Regulatory Commission, Shanghai and Shenzhen Stock Exchanges.View Large ImageDownload PowerPointThe main vehicle for households' and firms' financial saving is bank deposits, which amounted to about 140 percent of GDP on average in the 2000s, and have been increasing over time. Most of those deposits are time and saving deposits that bear an interest rate.The access of foreign investors to Chinese financial assets is severely limited. For equity, two types of shares are traded in the Shanghai and Shengzhen stock markets-"A shares" that can be owned only by domestic investors, and "B shares" that can be purchased by foreigners. The value of B shares has never exceeded 3 percent of total stock market capitalization since 2000. Foreign investors can invest in financial assets other than B shares through the Qualified Foreign Institutional Investor (QFII) program. This program allows about one hundred selected foreign institutional investors to invest in a limited range of Chinese domestic financial assets. The overall quota allocated to this program has remained small and the range of investable assets limited (Lardy and Douglass 2011; Cappiello and Ferrucci 2008).5 Foreign investors cannot otherwise invest in domestic debt securities or hold bank deposits.Capital outflows are restricted too. The restrictions on outbound FDI were relaxed over the past decade as authorities have begun to view it as a valuable way to secure commodities and further integrate China into the global trading system. But Chinese investors cannot, as a rule, hold foreign financial assets. The Qualified Domestic Institutional Investor (QDII) program, introduced in 2006, allows selected domestic financial institutions to invest abroad using a structure similar to that of QFIIS, but the quota allocated to this program has remained small. The state-controlled policy banks do the bulk of China's external lending, often to accompany the FDI of state-owned enterprises.Obviously, the Chinese capital controls are not perfectly tight and there have been leakages. Chinese banks can draw down their overseas claims on international banks and the corporate and household sector can take advantage of the more liberalized current account through leads and lags in trade payments and remittances. However, the large and persistent spread between the onshore yield on the renminbi and its offshore counterpart suggest that China's existing official capital controls on inflows have been binding, especially after 2002 (Ma and McCauley 2008; Cappiello and Ferrucci 2008). Furthermore, the composition of China's capital flows and external assets and liabilities reflects the constraints imposed by the capital account restrictions. As shown in figure 2, which reports the breakdown of Chinese foreign assets and liabilities at the end of 2010, most of the foreign liabilities are accounted for by FDI and most of the foreign assets take the form of foreign exchange reserves.Fig. 2. Composition of Chinese foreign assets and liabilities (%, 2010) Source: State Administration of Foreign Exchange (SAFE).View Large ImageDownload PowerPointIt should be noted that inward FDI is not completely liberalized as it is subject to authorizations from the Chinese authorities. In principle, thus, the Chinese authorities can influence the level of FDI inflows. However, it is unlikely that this influence is used for macroeconomic fine-tuning as most of the decision-making power regarding the screening and approval of FDI is held by local governments. This being said, even if it takes FDI inflows as given, the central government can still influence total net capital inflows through reserve accumulation as long as a change in international reserves is not offset one-for-one by a change in FDI inflows. The Chinese authorities could in this way indirectly control the current account balance-a key feature of the model presented in the next section.III. ModelThe model aims at capturing in the most simple possible way the essential features of the Chinese capital account documented in the previous section. The model is deterministic and in continuous time. It features a small open economy populated by an infinitely-lived representative consumer who consumes a tradable good and a nontradable good. The utility of the representative consumer is given by where ct = c(cTt, cNt) is a function of the consumption of the tradable good, cT, and the consumption of the nontradable good, cN, which is homogeneous of degree 1. I denote by pt the price of the nontradable good in terms of the tradable good, and by qt the price of the tradable good in terms of domestic consumption. I will call qt the real exchange rate (an increase in q is a real depreciation) and by an abuse of language that is common in the literature, I will sometimes call the tradable good "dollar."The domestic consumer receives exogenous flows of nontradable and tradable goods. The budget constraint of the domestic consumer is where at and at* are the consumer's holdings of bonds, respectively, denominated in consumption good and tradable good; yTt and yNt are the country's endowments of the tradable good and nontradable good; and zt is a lump-sum transfer from the government. I will call at and at* the private sector's holdings of "domestic bonds" and "foreign bonds," respectively. The assumption that the output of tradable good and non-tradable good are endowments can be interpreted as the fact that labor is not mobile between the two sectors. I will assume, to simplify the analysis, that the consumer's psychological discount rate is equal to the interest rate, ρ = r*, but this assumption can easily be relaxed.The budget constraint of the government is where bt* and bt are the government's holdings of bonds denominated in dollars and in domestic consumption good, respectively. I call bt* "international reserves." If the government accumulates foreign assets by issuing domestic liabilities, bt is negative and -bt is the government's domestic debt.Government policy consists in the announcement of paths for public assets, (bt*, bt), that satisfy the transversality condition,The impact of government policy crucially depends on the extent of capital mobility between the country and the rest of the world. With perfect capital mobility, government policy has no effect on the domestic economy and the real exchange rate (Ricardian equivalence). This result is well known, but going through the proof will allow us to make some points that are useful for future reference.First, adding the budget constraints for the representative consumer and the government, (2) and (3), using interest parity rt = r* + qt/qt as well as the fact that the consumption of nontradable good is equal to its supply in each period, cNt = yNt, one derives the consolidated budget constraint for the country as a whole,where nt* denotes the country's net foreign assets,Second, using the first-order condition, qt = ∂ct/∂cTt, and again cNt = yNt, the real exchange rate can be written in reduced form as a function of cTt and yNt,The equilibrium under perfect capital mobility is then characterized by the following two conditions,The first equation says that the marginal utility of consuming the tradable good must be constant over time (since the dollar interest rate is equal to the consumer's psychological discount rate). The second equation is the country's intertemporal budget constraint. Together, these conditions pin down the path for the consumption of tradable good, (cTt)t≥0, and through the country's budget constraint (5), the path for the country's total net foreign assets, (nt*)t≥0, but they do not determine the individual components of foreign assets.6 In particular, an open market operation in which the government purchases reserves by issuing domestic debt has no impact on the domestic economy. This is clear if the government makes the transaction with foreign investors, since in this case nothing changes for the domestic private sector. This is also true if the government's debt is not traded internationally and must be sold to the domestic private sector. In this case, the domestic private sector simply finances the purchase of domestic government debt by selling foreign assets (or issuing foreign liabilities) to foreign investors. Government policy is irrelevant if the domestic private sector is connected to the international financial market through the frictionless trade of one asset or liability.7The situation is quite different if the access of the domestic private sector to foreign borrowing and lending is restricted. To simplify, let us consider the extreme case where the government is the only agent in the economy that can enter into financial relationships with the rest of the world Denoting by (a closed capital account).8 Let us assume that domestic government debt can be held only by the domestic private sector (at + bt = 0) and that foreign assets can be held only by the government (at* = 0). This assumption is meant to capture Chinese-style capital account policies in which the access of foreign investors to domestic financial assets and the access of domestic private investors to foreign assets are very limited. Then, the country's net foreign assets are equal to its reserves and its consolidated budget constraint can be written,By setting the path for reserves, , the government completely determines the paths for the consumption of the tradable good, , and for the trade balance, . It also determines the path for the real exchange rate, .This result is, as a matter of accounting, obvious. If the government can determine the country's total net foreign assets, then it can also determine the current account balance (the change in the country's net foreign assets) and the trade balance (the change in the country's net foreign assets minus the return on these assets). In particular, the government can induce "forced saving" in the domestic economy by forcing the private sector to buy domestic debt and by using the proceeds to buy foreign assets. With a closed capital account, the domestic private sector cannot undo this operation by selling assets to-or borrowing from-the rest of the world. Denoting by cT(q, yN) the level of tradable good consumption when the real exchange rate is q, we have the following result.Proposition 1. With a closed capital account, the government can implement any real exchange rate path, (qt)t≥0, satisfying the country's external budget constraintProof. See discussion above.Inequality (8) is binding if the stock of reserves satisfy the transversality condition as an equality,But the left-hand side of (9) could be strictly positive if the government lets the rest of the world play a Ponzi game with domestic reserves (which is equivalent to "throwing away" a fraction of the reserves, as in Korinek and Serven 2010).A realistic application of the model is the case where the government uses capital account policies to resist a real exchange rate appreciation resulting from a takeoff in the tradable good sector. One can capture this case in the model by assuming that the endowment of tradable good, yTt, increases over time. This could lead to a trade deficit if the consumption of tradable good, reflecting the anticipation of higher future tradable income, exceeds the endowment.I will assume that (for a reason outside of the model), the government tries to smooth the trade balance by limiting trade deficits, or even maintaining a surplus. This is possible if the government closes the capital account and accumulates reserves. More formally, I will define an episode of "resistance to real exchange rate appreciation" as follows.First, I denote with tilde the values of the variables in the undistorted equilibrium (with free capital mobility). For example, is the path for the consumption of tradable good when the domestic consumer has unrestricted access to foreign borrowing and lending, and is the path for foreign exchange reserves that is consistent with the undistorted equilibrium (assuming that reserves are the only foreign assets). An episode of resistance to appreciation is when the government depreciates the real exchange relative to the undistorted level by purchasing reserves.Definition 2. There is resistance to real exchange rate appreciation between time 0 and time t if:• The government closes the capital account between time 0 and time t.• The government accumulates more reserves than in the undistorted equilibrium while the capital account is closed: for 0 < s ≤ t.• The initial real exchange rate is depreciated relative to its undistorted value: .The difference is a measure of the initial real exchange rate undervaluation. Note that the resistance to appreciation is assumed to last a finite time t, after which there is free capital mobility and Ricardian equivalence applies. After time t, the economy follows its undistorted path conditional on the init

Tail dependence structure of the foreign exchange market: A network view

This paper examines the impact of financial literacy training on household asset accumulation using data collected from a randomised controlled trial implemented in Ghana. Financial assets are measured using account holdings and savings while durable assets and their decomposed components are captured using their total values. After testing for baseline balance, impact is estimated using treatment effect models. We find that financial literacy training plays a significant role in accumulation of both financial and durable assets, but the impact is more evident in the accumulation of productive durable assets. Our overall findings on productive and non-productive assets are robust to alternative conceptualisations of what constitutes productive and non-productive assets. Our results also show that financial literacy training has an impact on the accumulation of both total and productive assets in female-beneficiary households, as well as enhancing account holdings for females, although this effect was larger for males. The analyses for different age cohorts also revealed that financial literacy training results in higher asset accumulation among younger household heads.

Abstract. The article describes the approaches to defining the essence of understanding «public finance» and «public finance management» in the context of administrative and financial decentralization. A study on the current state of economic development of Ukraine is carried and the public financial management system is analyzed. The dynamics of the ratio of revenues and expenditures of the State and local budgets is shown and the national and subnational levels in the financing of public expenditures are described. The sequence of achieving a new level of welfare of the population is presented and the ways of state influence on local economic development are outlined. The content of the state’s activity on financial resources management and public importance of finances is given. Particular attention is paid to the financial capacity of UTC and the existing positive developments within the decentralization reform in Ukraine. The need to improve the management of public finances was emphasized, as it was evidenced by the size of the budget deficit. The division of budget expenditures by functional classification between the national and subnational levels is presented and the decline of financial independence of subnational budgets is witnessed. An assessment of the level of confidence in financial asset management services of territorial communities based on the calculation of the relevant index is made, and the relationship between the selected indicators (the monetary expenditures of the population; deposits of individuals in investment funds; population savings; volume of capital investments; volume of investments in Ukraine; assets of investment funds) and the level of public confidence in the management of UTC financial assets is researched. Keywords: financial management, public finance, financial capacity of territorial communities, financial assets. JEL Classification H70, H89, R59, Q01 Formulas: 1; fig.: 5; tabl.: 3; bibl.: 20.

Effective financial management is critical to school success. Financial management and finance in education are crucial. Since educational institutions are not profit-driven, the community and parents must ensure that each is used to improve the quality and quantity of instruction. Numerous researchers have explored the best financial management practices in education, but more research is needed. Comprehensive research is required to determine the best educational financial management approaches. Financial management practices like budgeting, resource allocation, cost control, and financial responsibility must be studied in educational settings. According to this study, different approaches in different educational environments affect student progress, school effectiveness, and economic viability. Further comparative research on financial management methods in educational institutions or across nations is needed. This study reviews the literature on efficient financial management practices in education. The systematic literature review (SLR) method and 7P flow diagram are used for analytical systematic reviews. This study addresses demographic questions in current scholarly works on optimal financial management approaches in education, including nation, research methodology, and participant count. Examining the latest academic works on education's strategic trajectory and financial management components will help determine the best financial management methods for education and future study. The systematic research shows excellent financial management strategies in education. Western and Southeast Asian demographic literature shows little research on the best financial management strategies for schooling. This comprehensive and systematic review of educational literature on optimal tactics and fiscal administration seeks to identify education's best practices. This research's structure and review of difficulties will improve school leaders' strategic financial management. It will underpin future research and policymaking. By filling this research gap, education policymakers, school administrators, and financial managers can get evidence-based advice on the best financial management strategies to improve resource allocation, educational quality, and long-term financial viability.

The study explored NGOs’ strategies toward asset accumulation and poverty reduction in Zimbabwe using a case study of three NGOs in the Chegutu District. Despite several NGOs operating in the Chegutu District, asset problems are conspicuously reflected by income struggles, school children dropping out of school and the social exclusion of the communities. Thus, the study analyzed the role of NGOs in asset accumulation and the relationship between asset accumulation and poverty reduction. It emerged that NGOs are using ISALS, nutritional gardens, service provision, income-generating activities (IGAs) and vocational training (VT) to engender the accumulation of financial, social, physical and human assets. As households accumulate sufficient levels of financial assets through interventions like ISALS, VT and nutritional gardens, there is improved social wellbeing, shedding light on the nexus between asset accumulation and poverty reduction. The study was qualitative in nature with data collected through the use of in-depth interviews and FGDs.

Education is an important foundation for the sustainable development of a nation, but it faces challenges in providing quality education. Resource management is essential in addressing these issues because it controls and directs resources to carry out school operations efficiently. Using the PRISMA paradigm, this systematic review examined the literature on resource management, with a focus on financial and human resources. Studies included in this review are focused on the challenges, practices, and recommendations of resource management in educational institutions, written in the English language and conducted between 2020 and 2024, from Google Scholar. Out of 46 records identified from database searching, 12 articles from six countries revealed three themes for the challenges of financial resource management, namely: limited funds, inadequate education and training, and misappropriation of budget. In terms of financial management practices, the analysis showed four themes for financial resource management, namely: budget planning procedures, reporting, financial resource empowerment, and partnership. Meanwhile, three themes appeared for the recommendations to improve financial resource management, such as collaboration, financial management processes, and financial management. These findings make it necessary to implement efficient financial resource management techniques to enhance educational institutions. However, managing resources posed challenges for schools. Thus, further approaches to solving the aforementioned issues may be investigated by researchers in the future. They can also explore problems, viewpoints, and strategies used by school administrators to manage resources other than those included in this study, such as technology and physical resources.

The objectives of this study are: 1) To determine the influence of work environment, work discipline and work motivation on the performance of Employees of the Financial and Regional Asset Management Agency of Southeast Sulawesi Province, 2) To determine the influence of work environment on the performance of Employees of the Financial and Regional Asset Management Agency of Southeast Sulawesi Province, 3) To determine the influence of work discipline on the performance of Employees of the Financial and Regional Asset Management Agency of Southeast Sulawesi Province, 4) To determine the influence of work motivation on the performance of Employees of the Financial and Regional Asset Management Agency of Southeast Sulawesi Province. This study uses a quantitative approach by distributing questionnaires to 50 respondents who are employees of the Financial and Regional Asset Management Agency of Southeast Sulawesi Province. Data analysis was conducted using multiple linear analysis with the help of SPSS software. The results of the study indicate that: 1) work environment variables, work discipline and motivation affect performance simultaneously, 2) work environment variables affect performance partially, 3) work environment variables affect performance partially, 4) work environment variables affect performance partially. The coefficient of determination (adjusted R Square) value of 0.617 means that 64.1% of performance is influenced by the Work Environment, Work Discipline and Motivation, while 35.9% is influenced by variables not explained in this study.

One common solution to resolve poverty is providing microfinance to the poor. Microfinance has been claimed to positively impact the livelihoods of the poor through accumulation of social, human, financial, natural, and physical assets. This paper empirically examines if microfinance contributes to the reduction of poverty in the Mekong Delta region of Vietnam. Analysing household survey data collected in 2006, from Hoa An commune in the Mekong Delta area, it investigates if microfinance leads to accumulation of assets. It further investigates how poor women are enabled to adopt livelihood strategies that lead to poverty reduction. Information is collected by implementing a household survey. This is further supplemented with qualitative information from Participatory Rural Appraisal, interviews with key informants and focus group discussions with members and non-members of the microfinance programs in the area. The main findings suggest that the process of accumulation of assets, leads to creation of livelihoods that result in increased household income and poverty reduction.

PurposeThis study aims to experimentally evaluate the effects of strategic planning and financial system management on the performance of higher education institutions. Additionally, it examines how financial system management mediates the relationship between strategic planning and organizational performance in higher education (HE).Design/methodology/approachThis study adopts a quantitative approach. Offline and online questionnaires were distributed to academic staff at private universities in Indonesia to gather data for hypothesis testing. The SPSS macro was used to analyze responses from 249 participants and assess the proposed associations.FindingsThe findings indicate that strategic planning and financial system management have a direct impact on institutional performance. Strategic planning exerts a significant and positive influence on financial system management. Furthermore, financial system management serves as a significant mediating variable in the relationship between strategic planning and organizational performance.Practical implicationsTo effectively implement quality management in higher education, administrators must recognize the distinct roles of strategic planning and financial system management in improving organizational performance. To achieve optimal performance, higher education institutions must allocate resources to establish robust strategic planning and financial management practices.Originality/valueAlthough numerous studies have explored the relationship between strategic planning and organizational performance in higher education, research on financial system management in this context remains limited. This study is among the first to adopt a multidimensional approach to both strategic planning and financial system management in higher education, providing insights into their interdependence and practical significance for institutional leaders.

Sub-Saharan Africa (SSA) bears a disproportionate HIV/AIDS burden, with adolescents heavily affected. Parental loss to AIDS has orphaned millions, exacerbating economic and psychosocial challenges. Economic empowerment interventions (EEIs) promote asset accumulation and financial stability, but the role of depression in moderating their effectiveness remains underexplored. This study examines the impact of an EEI on economic security among HIV/AIDS-orphaned adolescents in Southern Uganda, exploring depression as a moderator. Data from 1383 HIV-orphaned adolescents (10-16 years) were collected from 48 primary schools in Masaka, Uganda (2011-2016), under the Bridges to the Future study. Mixed-effects regression models assessed EEI impact on economic security, measured through physical assets (20-item index) and financial assets (savings yes/no). Depression (Child Depression Inventory) was included as a moderator. Participants' mean age was 12.68 years. The intervention significantly increased financial (χ²(8) = 32.79, p < 0.001) and physical assets (χ²(8) = 23.18, p = 0.003). Depression moderated both physical (χ²(12) = 52.89, p < 0.001) and financial asset accumulation (χ²(8) = 23.60, p = 0.023). Gender differences were also observed: the intervention positively impacted physical assets for females (χ²(8) = 38.41, p < 0.001) but not males (χ²(8) = 3.41, p = 0.906), while financial assets improved significantly for males (χ²(8) = 18.89, p = 0.015) but not females (χ²(8) = 13.33, p = 0.101). The EEI enhanced economic security among HIV/AIDS-orphaned adolescents, with gender-specific effects. Additionally, depression moderated asset accumulation, highlighting the need to integrate mental health support and adopt gender-sensitive approaches in EEIs to promote sustainable economic security. Trial Registration. ClinicalTrials.gov registration no. NCT01447615.

In supporting the progress and development of an organization, it is very necessary to be carried out seriously and continuously in all fields and all aspects of life. The availability of quality human resources and have a high work ethic is the main capital of an organization to be aligned with other organizations. Without the individuals of each individual to try to progress without the need to be forced, an organization does not mean anything. In the financial and Asset Management Agency Regions Ulu Ogan Ogan, it has not been implemented organizational culture so well that Akunta Sector Employee Morale nAnd reporting is not optimal. The problem faced is how the influence of organizational culture on employee morale in the field of accounting and reporting in the Regional Financial and Asset Management Agency of Ogan Komering Ulu. The purpose of this study was to determine the influence of organizational culture on Morale Employees Sector Akunta n si and Reporting on Financial Management Board and Asset Ogan Ogan Ulu and useful as a reference for further research on organizational culture and Morale Employees Sector Akunta n si Dan Reporting. Hypothesis, positive effect on the organizational culture Employee Morale Affairs Akunta n si and Reporting on Financial Management Board and AssetOgan Komering Ulu. Data collection and management using literature study and field studies using observation, questionnaires, interviews and documentation. From the results of the discussion obtained by the correlation between organizational culture in an effort to improve the Employee Morale in the Field of Accounting and Reporting at the Financial Management Agency and the Ogan Komering Ulu Regional Assets obtained r value of 0.57. After consultation with conservative standards, it is located between 0,400-0,599 which is included in the medium relations. So that it can be said that there is a moderate influence between organizational culture on employee morale in the field of Accounting and Reporting at the Ogan Komering Ulu Regional Financial and Asset Agency.

Citation (2023), "Prelims", Caruana, J., Bisogno, M. and Sicilia, M. (Ed.) Measurement in Public Sector Financial Reporting: Theoretical Basis and Empirical Evidence (Emerald Studies in Public Service Accounting and Accountability), Emerald Publishing Limited, Bingley, pp. i-xxiv. https://doi.org/10.1108/978-1-80117-161-820231012