Financial Apparatus Research Articles

Interpellating Finance – a dramaturgical model for green bond pricing

Global financial governance is turning green. Attempting to tackle climate change, financial elites seem to swing confusingly between hesitant and action aimed at relieving the contradictions that led to the crisis, and opportunistic co-optation of critical discourse. Drawing on the work of Althusser, Laclau and Butler, we describe the historical emergence of this green financial apparatus and the related proliferation of green labels and signifiers. Green labels serve as the malleable ground on which a diversity of meanings and positions are articulated and temporarily fixed. Labels are the names through which financiers are interpellated and constituted as green ideological subjects. Through an analysis of the mechanisms of green bonds pricing, and of the actors involved in a green bond boot camp, we contend that the added value of green financial instruments, called the greenium, cannot merely be attributed to the performativity of models and formulas for risk engineering. Rather, it is the material effect of a subjectivation apparatus attuned to the existing relations of production. Ultimately, the greenness which becomes encrypted in the greenium is a process of translation of language of capital valorisation, performed through the tendency of capital to reproduce relations of exploitation in transitional time.

Model for Assessing the Efficiency of the Organizational and Technical System of Management of Municipal Finances

Increasing the productivity of financial activity is one of the most relevant, but little studied areas in the modern theory of public administration. This study proposes a new concept that allows solving the problem of accumulation of inefficiency reserves in the form of an excessive number of specialists through the use of the DEA system methodology and the principles of the interdisciplinary science of service science. The basis of the proposed assessment model is based on the relationship between the population of the municipality (hereinafter - MO) and the size of the financial apparatus, identified as a result of the analysis of modern methods. The new evaluation model made it possible to obtain tabular and visual data on both effective management mechanisms and inefficient ones, i.e. having a reserve of inefficiency. For inefficient objects, objects-goals are indicated as a direction in the space of production possibilities of using information technology. The developed evaluation model can be used to evaluate the effectiveness of information systems of various management structures that have an extensive network of institutions and perform the same type of functional tasks.

Redes empresariales y administración estatal: La provisión de materiales estratégicos en el mundo hispánico durante el largo siglo XVIII

Redes empresariales y administración estatal: La provisión de materiales estratégicos en el mundo hispánico durante el largo siglo XVIII

The seizure of power in Russia by the Bolsheviks in October 1917. The policy of “war communism” as a special tribute collection from the Russian (Russian) peasantry

The article analyzes the formation of the financial and legal Marxist ideology and the seizure of power in the country by the Bolsheviks in October 1917, the scrapping of the old financial apparatus and the construction of a new one, the introduction of “war communism” during the Civil War, the crisis of monetary circulation, the carrying out of the prodrazverstka, which was actually a tribute from the peasantry.

A Financial Institutionalization Scheme for the Northeast Asian Mercantile Exchange

This study highlights the core concepts of oil hub and theorize the process in which financial apparatus bring functionality to physical structure of an oil hub, namely, financial institutionalization of oil hubs. This will be a very crucial task especially to the Korean government’s Northeast Asian (NEA) Oil Hub project which is close to its completion of the first stage in Ulsan, a southeastern port city of Korea. The second stage of oil hub project would be operational shortly. However, merely building tank terminals would not guarantee an operational oil hub unless it creates sufficient liquidity. The authors of this study use their field experiences of visiting numerous tank terminals, trading companies, and other related institutions and were able to discuss some theoretic design of the structure of oil hubs. This study attempts to provides definitions of key terms in the oil hub business and theorize the fundamentals of how an oil hub can be operational. The authors conclude that unless the project aims at creating sufficient liquidity for the NEA oil hub, it is not guaranteed to be functional. They suggest a practical way of creating liquidity by electronically combining the clearing houses of already existing mercantile exchanges of Korea, Japan, and China. The liquidity generated from this design would lead to accumulation of transactions which establishes a hub-based pricing mechanism. This would lead to the most effective way of creating a functioning oil market in Northeast Asia which would be a complement to or competition with Singapore market.

Aspects of the characteristics of financial reports from governments through organizational commitment

The purpose of this research is to demonstrate that the capacity of the financial apparatus and the clarity of the objectives of the budget have an impact on the characteristics of government financial reports and the clarity of the objectives of the budget on the characteristics of government financial statements. Organizational commitment is capable of moderating the relationship between the capacity of the financial apparatus and the clarity of the objectives of the budget with the characteristics of the financial reports of the government. This is a quantitative study of primary data. The population in this study was responsible for making the financial reports of the Makassar City Regional Apparatus Organization using a purposeful sampling technique by the head of administration and accounting staff, so that the sample was fifty-four people. A questionnaire survey collected data and tested it through Partial Least Square (PLS) analysis. The results demonstrate that the capacity of the financial apparatus and the clarity of the budget objectives have a significant impact on the characteristics of government financial reports. The organizational commitment, however, was unable to moderate the relationship between the capacity of the financial apparatus and the clarity of the budgetary objectives with regard to the characteristics of government financial reporting.

O Programa de Aceleração do Crescimento (PAC): uma análise preliminar sobre as implicações do PAC-1 nos investimentos em infraestruturas sociais e urbanas

Neste artigo, analisa-se a Política de Saneamento Básico no Brasil, tomando como referência ações direcionadas ao abastecimento de água e esgotamento sanitário, buscando entender a tendência no segundo mandato do Governo Lula – marcadamente sob referência das proposições da primeira etapa do Programa de Aceleração do Crescimento (PAC). A análise empreendida se apoia na direção teórico-metodológica do materialismo dialético crítico, entendendo-o como capaz de compreender tendências, determinações e contradições que permeiam o objeto analisado. Os resultados da pesquisa apontam que os rebatimentos dessa dinâmica estiveram pautados na ampliação do crescimento e do investimento em infraestrutura, materializada, inicialmente, na redefinição do aparato normativo e financeiro para o setor, que, todavia, reverberou interesses do capital, sob o mote público/privado, que permeia o atendimento às necessidades sociais de acesso à água e esgoto. Portanto, essa configuração se reafirma no contexto do PAC sem alterar significativamente o déficit de atendimento às demandas por Saneamento Básico.

DIMENSI KARAKTERISTIK LAPORAN KEUANGAN PEMERINTAH

This research to prove the commitment of the leadership, the capacity of the financial apparatus, the implementation of the Regional Financial Accounting Standards, and the internal control function have an influence on the characteristics of government financial reports. This research is a quantitative study using primary data. The population in this study were senior auditors of the South Sulawesi Representative Audit Board using a purposive sampling technique so that the sample was sixty-eight auditors. The data were collected by using a questionnaire method. The analytical method used in testing the hypothesis is multiple linear regression analysis. The results of the study prove that the commitment of the leadership, the capacity of the financial apparatus, the application of the Regional Financial Accounting Standards, and the internal control function significantly influence the characteristics of government financial reports.Keywords: leadership commitment, the capacity of financial Apparatur, the implementation of government accounting standards, internal control, the quality of local government financial statements.

Too much to account for. The Crown of Aragon and the collapse of the auditing system in late-medieval Sicily

ABSTRACT This study focuses on the accounting and auditing system of the Kingdom of Sicily during the reign of Alfonso V of Aragon (1416–58), known as the Magnanimous. In particular, it discusses the operation of and the relationships between the two offices entrusted with the management of the kingdom’s accounts: the century-old magna curia rationum and the new office of the conservator maior regii patrimonii (established in 1414), modelled on the Castilian contaduría mayor de hacienda. This essay adopts the approach associated with the ‘archival turn’, to show that studying the accounting and bookkeeping practices, as well as their developments and innovations, is crucial to understand the operation of the Sicilian auditing system and its function in the broader political system of the Crown of Aragon. As a result of the perpetual state of conflict generated by the political agenda of Alfonso the Magnanimous in Italy and of his increasing war-funding demands, the Aragonese strategically exploited the new accounting and bookkeeping practice of the conservator to increase royal influence over the local financial apparatus. Relying on the exceptional amount of original accounting and financial records preserved at the State Archives of Palermo, this study is the first detailed examination of the auditing system and accounting practice of late-medieval Sicily. At the same time, the analysis shows that the operation and the transformations of the accounting system of a polity such as Sicily is fully intelligible only if examined in connection with the broader government of the political union of which that polity was a constituent member.

Динамика экономического и социально-правового развития английского общества в эпоху Елизаветы Тюдор

By the time Elizabeth Tudor came to power, proclaimed in 1558, Queen of England and Ireland, the state was going through a difficult period, which was characterized by a whole complex of internal and external socio-economic problems. Partly forced by these circumstances, Elizabeth engaged in reforming the economic system and the economy of the country, creating a powerful administrative and financial apparatus that met the urgent needs of the government, which ultimately led to irreversible social changes in the country. Parliament, in turn, sought to strengthen its role in public Affairs against the will of Elizabeth. In the face of this confrontation, the absolute monarchy in England began to develop in its own way, different from the continental experience, which contributed to the formation of the socio-economic and political foundations of the future British Empire.

Factors Affecting Quality of Village Financial Statement

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Financial Inclusion: A Correlational Study of Factors in Rural Uttarakhand

Inclusive development is the key to general economic growth for any economy. In any place in the world, providing financial services to this overlooked section of society is a testing assignment. The Government in India has concerns about large underprivileged population that is still reluctant to be a part of standard monetary exercises. A slew of innovation in financial services such as technology and a couple of development endeavors are being mooted and implemented. The paper is planned to dissect current status of financial services in rural regions of Uttarakhand and to recognise factors impacting interest of financial services in this area. The study suggests that though access to financial services in rural territorial areas is reasonable, there is still room for improvement in financial infrastructure. The findings confirm the relationship among ancillary, support systems, financial apparatus and intended financial inclusive measures. The exhaustive correlational study also establishes the fact that working on constructive elements and variables would bring positive results in the field of financial inclusion drive in rural and suburban areas of Uttarakhand.

Angola's Façade Democracy

Following the Angolan ruling party's crushing defeat of the opposition in the first postwar elections, held in September 2008, the Movement for the Total Liberation of Angola (MPLA) has proceeded to consolidate in the last year its hegemonic rule in the country, effectively giving rise to another African hybrid regime. The regime's security and financial apparatus and national institutions have since been further molded to serve the Presidency and the military and business elites. Having acquired its democratic credentials and secure of the strength of its relevance in the international petroleum arena, Luanda has transformed a once failed state into a reformed autocracy.

Trabalho escravo no Brasil atual

Through an analysis of the situation of peasants expelled from their land and their political organizations, the article probes through certain aspects of slave labor still present in the rural worker's lives. The author both gives data denouncing contemporary instances of slave labor exploitation, and studies more theoretical aspects of the interplay between sophisticated financial apparatus of capitalist enterprizes and its reliance on the exploitation of cheap labor force seen as slave labor, exposing its effective close interdependence. On the other hand, the juridical system as part of the State, makes the peasant'struggle for land illegal.

The General Education and Vocational School Reform and the Financial Apparatus

April 1984 Plenum of the CPSU Central Committee endorsed the final version of The Fundamental Directions of General Education and Vocational School Reform [Osnovnye napravleniia reformy obshcheobrazovatel'noi i professional'noi shkoly] (revised to take account of the suggestions and observations made during the public debate); supported in all respects the seminal position statements made, and the conclusions drawn, on issues relating to the development of public education which were contained in the speech that comrade Konstantin U. Chernenko, General Secretary of the CPSU Central Committee, gave to the Plenum; and pointed out the need to make those position statements and conclusions the basis of the activity undertaken by Party, soviet and economic bodies, social organizations, and labor collectives.

The Collapse of the Gold Exchange Standard

viet Union. If that were true (and I very much doubt itl) Montana itself would have to be a very open economy in order to profit from them. One can easily imagine the problems this state would have if the financial apparatus in the United States broke down. But the position of Montana vis-at-vis the United States is not very different from that of many nations in the world confronted with the threat of international financial breakdown.

SOME IMPLICATIONS OF THE GROWTH OF FINANCIAL INTERMEDIARIES

THERE IS A GROWING impression that secular inflationary forces pose a serious threat to a fully employed market economy. Whether the authorities of the Federal Reserve can contain these forces through general monetary controls is increasingly questioned in light of the rapid postwar growth of non-commercial bank financial intermediaries whose operations are not directly controllable by these authorities. The rapid growth of these financial intermediaries is not open to question.' The public has shown a rising preference for holding financial assets in the form of deposits and shares of intermediaries rather than in commercial bank deposits. In terms of total assets of principal financial institutions (commercial banks, life insurance companies, savings and loan associations, and mutual savings banks), the share of commercial banks has dropped from 70 to 55 per cent between 1945 and 1956, and over these same years deposit liabilities of commercial banks have declined from 64 to 52 per cent of total liabilities. Interestingly, the relative drop in commercial bank deposits has taken place solely in their demand deposits. Some students apparently feel that the relative decline of commercial banks in financial operations has seriously reduced the power of the Federal Reserve to control inflation. They contend that the central banker, in attempting to promote sustainable economic conditions by controlling the over-all quantity and quality of liquidity and finance, is manipulating a relatively shrinking sector of the total financial apparatus and that its controls are increasingly

The Structure of the Postwar Money Market

An interesting financial development of recent years is the renewal of activity in the money market. Transactions follow a quite different pattern from that of the 1920's, to which one must turn for a comparably active period. There have been important changes in the mechanics of money market operations, traceable to fundamental shifts in business and government finance. A survey of the functioning of the money market under present-day conditions affords an opportunity to examine the economic purpose served by this portion of the financial apparatus. Briefly, government securities have largely displaced other types of open nlarket paper. Commercial banks have come to rely heavily on purchases and sales of government securities to adjust their reserve positions. The long standing tie between the money market and the stock market has been almost severed. The Federal Reserve System has become an integral part of the market. Very large amounts of funds move in and out of the money market, yet fluctuations in money rates are of very small magnitude. Over the past 20 years the entire structure has undergone substantial modifications. The United States money market, which has always centered in New York, did not reach a stage of development comparable to that of the London money market until the second decade of the present century. Although the Federal Reserve System had been created in part to release the banking system from its close ties with the stock market, the money market in the 1920's was dominated by brokers' loans. Other segments of the money market, namely those concerned with the government's floating debt, bankers' acceptances, and open market commercial paper, were overshadowed by the call money market. Although commercial banks continue to supply brokers with $500-1,000 million of funds, they do not rely on brokers' paper as a marginal outlet for surplus funds. Consequently, the call loan rate has ceased to be a significant index of the condition of the money market. The shift from brokers' loans to government securities took place as a result of the great depression and of war finance. In the aftermath of the 1929 stock market crash brokers' loans declined to one-twentieth of their boom level. The imposition of a series of government controls, particularly margin regulation, prohibition of interest on interbank deposits, and barring of loans by others, contributed to the shrinkage by restricting both demand and supply factors. The falling off of international trade and the tendency for a large portion of what remained to be conducted without financing through the money market drastically reduced the volume of bankers' acceptances. The low level of domestic industrial activity was reflected in a sharp reduction in volume of open market commercial paper. Although business activity has reached very high levels in recent years, there has