Treasury Policy Research Articles

Te whai mātauranga: he taonga mō te tangata kotahi pea, mō te iwi katoa rānei? Education: A Private Commodity, or a Public Good?

It is now 30 years since the appearance of New Zealand Treasury (Government management: brief to the incoming government, vol 2, education Issues, New Zealand Government, Wellington, 1987), a key text that marked the start of a new era of education policy in Aotearoa-New Zealand. In his review of this Treasury text, Professor Grace (Br J Educ Stud 37(3):207–221, 1989) commented in some detail on what he termed ‘taha Māori’ in relation to the new policy direction. This article uses policy discourse analysis informed by a Kaupapa Māori research perspective to re-visit these two texts and review their arguments about Māori education. This research aims to contribute to a politically activist form of literature research, taking up a Kaupapa Māori research lens to go back to this Treasury policy text, critiquing its analysis and prescription for Māori education at a point in time just before Kura Kaupapa Māori took off.

The autumn statement and healthcare delivery

British Journal of Healthcare ManagementVol. 22, No. 1 CommentThe autumn statement and healthcare deliveryBryan McIntoshBryan McIntoshSearch for more papers by this authorBryan McIntoshPublished Online:13 Jan 2016https://doi.org/10.12968/bjhc.2016.22.1.6AboutSectionsView articleView Full TextPDF/EPUB ToolsAdd to favoritesDownload CitationsTrack CitationsPermissions ShareShare onFacebookTwitterLinked InEmail View article References Council of Deans of Health (2014) Nursing, Midwifery and AHP Pre-registration Education: the Funding Gap. Briefing Paper. Council of Deans of Health, London Google ScholarDepartment of Health (2015) Education and Training Tariffs: Tariff Guidance for 2015-16. Department of Health, London Google ScholarFerretti F, McIntosh B, Jones S (2015) Biomedical researchers, economic growth and the harmful effects of student loan debt. Economic Modelling 49(1): 308–13 Crossref, Google ScholarHM Treasury (2015) Policy Paper. Spending Review and Autumn Statement 2015. Available at: https://www.gov.uk/government/publications/spending-review-and-autumn-statement-2015-documents/spending-review-and-autumn-statement-2015 Google ScholarJohnson J (2015) Higher Education Student Support: Written statement—HCWS160. Available at: www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2015-07-21/HCWS160/ Google Scholar FiguresReferencesRelatedDetails 2 January 2016Volume 22Issue 1ISSN (print): 1358-0574ISSN (online): 1759-7382 Metrics History Published online 13 January 2016 Published in print 2 January 2016 Information© MA Healthcare LimitedPDF download

Consideration about global finance crisis and solution offers

Global financial crisis that started from financial markets of the United States of America, has affected many countries and refreshed the old macroeconomic ideas. At the endpoint of crisis, reorganization of national financial markets will not be enough, while at the same time, strong economic policy implementations will come into the forefront. The coordination between developed countries regarding the monetary policy for the solution of global problems is necessary. Constraints on international capital fluences and decrease of debt rates in Euro zone are also necessary. Solution for economical problems is possible with just common operations. In a lot of countries, deficiency in balance of payment occured, taxes for households was placed and saving policies came into the forefront. In spite of increase in assistance from the A±nternational monetary fund (IMF), effects of global crisis could not be eliminated. Key words: Global financial crisis, monetary policy, treasury policy, global market, finance market, debt rate, global liquidity.

Table of Contents

AbstractSupreme Court Upholds Individual Mandate on Basis of Taxation PowerCRS Updates Data on Donor‐Advised Funds, Questions Treasury PolicyRecent IRS Private Letter RulingsTIGTA Evaluates IRS Implementation of Care ActTIGTA Wants Better Management Controls Over EO ReferralsOther Developments

O Confaz e a Democracia Brasileira: Uma História Com Final Feliz?

O Estado Democratico de Direito inaugurado com a Constituicao de 1988 faz parte de um complexo sistema de principios, valores e regras de ha muito almejados pela sociedade. A democracia, objetivo perseguido na maior parte do mundo, apesar de ja ser conhecida desde a Grecia Antiga, apenas com a Modernidade ganha relevos de real participacao do povo nas decisoes fundamentais do pais. Assim, mesmo se sabendo que nao ha a possibilidade de se ofertar um conceito pronto e acabado para a democracia, certos caracteres podem ser indicados como fundamentais a atual democracia brasileira. Os principios espargidos na Constituicao Federal de 1988 dao conta de que a soberania popular ha de ser o vetor principal do ideal democratico, nele albergada uma eventual participacao direta do povo ou mesmo a comum atuacao por meio de seus representantes. O objetivo do presente trabalho e confrontar o Conselho Nacional de Politica Fazendaria com o ideal democratico. Propoe-se despertar nos estudiosos do Direito o interesse sobre os ajustes promovidos por aquele Conselho, avaliando a sua pertinencia com o modelo de sociedade que se espera estar sendo construido. A metodologia e bibliografica, descritiva e exploratoria. A importância da analise de tal tema ressurge em uma federacao tao desnivelada economica e socialmente, o que faz pensar em mecanismos para se evitar tantas desigualdades

‘National Antiquities’ and the Law

National museums, housing ‘national antiquities’, were a nineteenth-century cultural phenomenon throughout Europe. In the United Kingdom, they afforded the Treasury a means of preserving relics of antiquity claimed as treasure trove. While satisfying the desire of the scientific community for the preservation of archaeological finds, and national sentiment in Scotland and Ireland, Treasury practice undermined the British Museum's eponymous mission. This paper traces the development and legal consequences of the Treasury policy of national allocation of treasure trove, including the discussion in the Museums Committee of 1898–99 of the ‘nationality’ of objects and artefacts, and considers the potential wider significance of ‘national antiquity’ in the context of changing constitutional arrangements in the United Kingdom in the 1920s, and in the future.

How Do New Zealand Firms Manage Foreign Exchange Risk? Survey Evidence

ABSTRACT This paper examines the impact that the relationship between a corporation's board and treasury staff has on foreign exchange hedging policy. Using survey evidence from New Zealand non-financial firms, we find that firms with a more powerful board, more staff, and larger exposures are more likely to have a treasury policy. In addition, firms with a more powerful board are less likely to use options to hedge their exposure. Finally, the majority of firms change hedging decisions based on financial forecasts despite the evidence that these are of no value.

A Waning Force: The Treasury and British European Policy, 1955–63

This article explores the role of the Treasury in the formulation and implementation of Britain's European policy in the period between the Messina conference and the failure of the first membership bid. It points to a strong contrast between the 1955–59 period, during which the Treasury, aided and abetted by the Board of Trade, was the dominant force in British European policy, and the early 1960s when the Cabinet and Foreign Offices successfully challenged for the position as lead department in this policy area. The final section of the article seeks to explain the disappearance of Treasury pre-eminence, suggesting that factors ranging from the personality of the Chancellor to the subject and context of negotiations with Western European interlocutors help explain why the Treasury appeared a waning force in the making of Britain's policy towards the EEC.

A Waning Force: The Treasury and British European Policy, 1955-63

A Waning Force: The Treasury and British European Policy, 1955-63

Book of the Month: The Autonomous Patient: Ending Paternalism in Medical Care

Book of the Month: The Autonomous Patient: Ending Paternalism in Medical Care

The Treasury and British Public Policy, 1906–1959, G. C. Peden

The Treasury and British Public Policy, 1906–1959, G. C. Peden

A Model of the Structure of Prices of Marketable U.S. Treasury Securities

Much of the current empirical research on the term structure of interest rates incorporates various characteristics of the two principal hypotheses that have been advanced to explain it. Buse [5], Kessel [13], and Van Horne [26], for example, have introduced measures of liquidity preference as premia (discounts) that must be offered to investors to induce them to add long-term bonds to their portfolio. Their efforts have demonstrated that improvements in empirical fit can be acquired by accounting for these premia (discounts) in addition to the usual mechanism of expectations. Modigliani and Sutch [20, 21]1 and Wallace [27], in addition, argue that liquidity preference theory, or some version of it, also implies that shifts in the maturity structure of the exogenous supplies of securities affect the term structure. The eSort to include stocks of outstanding debt in the models is motivated by at least three important considerations: (1) the empirical work on the structure strongly suggests that each of the hypotheses contains some validity so that an appropriate blending of them may yield empirical results of wider acceptability and predictability; (2) an empirical justification of the Treasury's policy of operation twist requires that special attention be given to the outstandillg debt classified by maturity; (3) expectations via the route of the liquidity premia (discounts) may themselves be widely influenced by the maturity structure of the debt.

Ideological Factors in Specie Resumption and Treasury Policy

The general sentiment of Congress toward resumption of specie payments had become more and more desultory, not to say negative, during the early part of the 1870's. Nevertheless, the Resumption Act was passed in 1875, and resumption of specie payments at the pre-Civil War parity occurred on schedule in 1879. Observers have slighted this incongruity. Passage of the Resumption Act has come to be regarded as a true reflection of Victorian sentiment; ultimate resumption in 1879 was the proof of the pudding.2 What seems to have been lost in this rationalization of cause and effect is the generally unfavorable light in which resumption was being viewed in the middle 1870's, the alternatives that were available in lieu of resumption, and some of the forces of “immorality” that made these alternatives attractive.

John Pownall and British Colonial Policy

IN the past five decades, studies of eighteenth-century English history have given increasingly greater attention to the role of the civil servants, or subministers, in politics and administration. As early as I912 Mary P. Clarke pointed out the influence of the secretary to the Board of Trade. She suggested his importance to nearly all phases of the Board's activities. In I9I7 William T. Laprade published the Parliamentary papers of John Robinson, revealing his vital labors as Treasury secretary in the general election of 1784. Since Laprade's publication, several works have touched upon Robinson's performance as Lord North's Treasury secretary. Dora Mae Clark demonstrated the importance, in formulating Treasury policy, not only of Robinson but of the Treasury secretaries in general. Lewis Namier cited some of the occasions when Admiralty secretary John Cleveland influenced administrative and political decisions. Recently, Jack Sosin demonstrated the considerable role that Undersecretary of State William Knox played in the Quebec Act.' Historians have thus found the subministers a useful part in the machinery of eighteenth-century government. As experienced men of business or administrators, or both, they earned the confidence of their superiors. Called upon for advice in the formulation 'of policy, they were entrusted with the execution of policy as well. John Pownall was one such subminister. As secretary to the Board of Trade and later undersecretary of state for the American Department, he

Federal Debt Management, 1953-58

T HIS paper examines the effects of debt management on aggregate expenditure during I9 53-58. The Treasury in this period lengthened the debt in recession and allowed it to shorten somewhat in prosperity (Table i), the opposite of the anti-cyclical policy advocated by some economists. Treasury policy was defended on the grounds that it did not unduly intensify recessions and that offerings of longterm securities in prosperity provided undesirable competition with new issues of private, state, and local government securities and increased interest costs.1 Debt management for purposes of this paper

The Independent Treasury and Monetary Policy before the Civil War

You propose to enable ... the Secretary of the Treasury ... to purchase said stocks at their 'market value'....Why to purchase it [sic] at the market value, you make your Treasury Department a broker! And I shall move that 'market value' be stricken out, and 'par value' be substituted.... There is no reason why this engine of corruption should be placed in the hands of any party, or any officer in any department of the Government.2

The Outlook for Federal Reserve and Treasury Policy

The Outlook for Federal Reserve and Treasury Policy

The Outlook for Federal Reserve and Treasury Policy

The Outlook for Federal Reserve and Treasury Policy

Forecasting Interest Rates

_HfE forecaster of interest rates is one of the minor economic prophets. He lives in the shadow of the major prophets of production, income, and employment. For a while he was a victim of economic obsolescence: interest rates became the vassal of central banking and treasury policy. The interest-rate forecaster was reduced to being a mind reader of the policy-forming officials. This cloud has lifted, but his role is still circumscribed by the larger areas of general economic developments, public policy, and international politics. In narrowly technical terms, interestrate forecasting is a subcategory of price forecasting. It uses the paraphernalia of supply-and-demand analysis; it leans on analysis of the market process and market characteristics. But it differs from other kinds of price forecasting, indeed from all other varieties of forecasting, in that the nature of the object being priced has been obscured by a variety of conflicting theoretical formulations. Interest has been most commonly and simply defined as the price for borrowed money. Economic analysis shows that the institution of borrowing and lending through the means of money is in reality a process of transferring the command of real economic wealth from those who own it to those who can use it more profitably or pleasurably. Had money been nothing but a passive and neutral agent in this process of transfer, interest as a price would be relatively simple conceptually. Money, however, has been neither passive nor neutral. The system of money generation (and extinction) and the habits of liquidity and money-holding have intervened to give interest rates an added dimension of complexity. When it is hard to determine what economic factors cause interest rates to be what they are, it is doubly difficult to frame a logical system for estimating what they will be in the future. The obstacles to systematic forecasting of interest rates are such that no welldeveloped and recognized methodology prevails.' The interest-rate theory underlying most forecasting is intuitive, the methods sketchy, and the product often subjective. Furthermore, the published and identifiable forecasts of interest-rate changes reveal a sobering proportion of errors and misjudgments.2

The Treasury and Monetary Policy, 1933-1938.

The Treasury and Monetary Policy, 1933-1938.