This Fifth Edition of the Uganda Economic Update presents evidence that if the urbanization process is well managed, it has the potential to stimulate economic growth and to provide productive jobs for a greater proportion of Uganda's young and rapidly expanding population. In many countries across the world, the growth of cities has stimulated the establishment and expansion of productive businesses by reducing the distance between suppliers and customers. The growth of cities has also facilitated provision of social services and infrastructure through economies of scale. These positive effects from urbanization are already visible in Uganda since the poverty rate is seven percentage points lower in urban areas than in rural areas. Most of the recent job creation is found in cities, and social indicators are also better in urban areas, especially in education and health.
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The Government's Levelling Up & Regeneration Bill includes substantial planning reforms, setting out frameworks for the levelling up missions and introducing a range of devolution measures. The amendment of its "nutrient neutrality" rules was under fire from rebels and Tories, with the bill currently in the House of Lords, for blocking much-needed housebuilding. As housing targets are made advisory only and a reduction in housing requirements over the next few years, 100,000 more houses will be able to be built thanks to Michael Gove's agreement to the amendment (NC77). On the other hand, environmentalist groups are outraged by the amendment as they claim it would further increase water pollution, despite the fact that this new road has opened up the property market and will benefit the economy by approximately £18 billion. Over its 13 years in power, the Conservative Party has continuously been divided over the subject of housing. This recent change is undoubtedly a huge victory for rebels led by former cabinet minister Theresa Villiers. "It will enable thousands of new homes to be built which are currently blocked, while also securing real progress on cleaning up our waterways" according to Villiers. It has been obvious that a retreat was coming since the first sign of mutiny emerged a few weeks ago when Gove postponed a Commons vote out of fear of losing. Additionally, several of the leading Tories were furious. During Liz Truss' brief office, Sir Jake Berry, the former party chairman, fumed: "Conservatives need to deliver for the next generation if we ever expect them to vote for us." It was a key pledge in the Tories' 2019 manifesto and supporters claimed it was in keeping with Margaret Thatcher's crusade for a property-owning democracy and new homes for younger voters. Thus, Truss's Levelling Up Secretary Sir Simon Clarke blamed the failure to build more homes for the Tory vote in London collapsing, accusing the party of "pulling up the ladder" for younger voters. Contrastingly, Labour's shadow housing secretary Lisa Nandy further accused the government of being "weak", calling the move "unconscionable in the middle of a housing crisis". In accordance with regulatory requirements, Natural England and the Government are collaborating with local planning authorities (LPAs) to ensure that wastewater produced by new homes does not increase pollution in our rivers and coasts while also allowing for quicker decisions that enable the construction of the homes the nation needs. To establish the legal context for this matter, it is necessary to go back in time to 1974 when the Control of Pollution Act initially seized control of waste disposal. When it took effect, a lot of old landfills were discreetly shut down and, for the most part, forgotten about—perhaps by residents of the area. The Government now also plans to cooperate with the housing sector to make sure that larger developers contribute fairly and appropriately to this programme during the ensuing years. In order to put protected sites on the road to recovery in the most affected catchments with the highest housing demand, Natural England will develop new Protected Site Strategies, and the government will then accelerate work on full site restoration. London councils who support the amendment see it as a method for them to set their own planning fees to cover the cost of the service provided, improve performance, and solveresource and capacity shortages in local planning departments as well as to cover costs associated with the service. However, the proposal might result in a new infrastructure levy rather than more affordable housing, which would mean fewer new affordable houses. However, it would provide local authorities the authority to demand that a certain amount of the infrastructure charge be delivered on-site. In a time when there is widespread concern that poverty and health disparities have gotten worse, housing policy can either help to increase disparities in society or be a method to reduce them. According to a source in the housing sector, "This is undoubtedly good news for Britain's housing supply. The only question is why it has taken so long for the government to get around to doing something about this". The District Local Network, meanwhile, welcomed the news and pointed out that in some local areas, nutrient neutrality regulations have limited the supply of affordable homes and raised the price of new homes for purchasers. Local authorities in hundreds of protected regions across England have been encouraged to not approve any new construction that is anticipated to increase river nutrients like phosphates and nitrates, either through wastewater from new residences or runoff from construction sites. The EU first imposed such rules in an effort to stop the growth of harmful algae and other plants that can suffocate aquatic life. Existing regulations required builders to reduce increasing nutrient loads brought on by expanding populations in homes, either on-site or in other parts of the same catchment. By making investments in new wetlands or by establishing buffer zones along rivers and other watercourses, they can achieve this. This has been criticised by builders as being expensive and time-consuming. Former cabinet minister and ASI Patron Sir Brandon Lewis, MP for Great Yarmouth, told PoliticsHome Gove's proposals were welcome and a "really good move". As opposed to theoretical proposals for a long-term plan, Lewis said scrapping nutrient neutrality would allow the Government and developers to build more homes very quickly."It's not a solution to everything, but it releases 100,000 to 140,000 homes. That's a lot of homes, a lot of jobs, and a lot of opportunity." The neutrality announcement also included a £280 million increase in support in Natural England's nutrient reduction programme, which helps builders reduce the impact of developments on water pollution. Additionally, farmers and water businesses will receive incentives totaling £166 million for slurry infrastructure. Katie-Jo Luxton, director of conservation at the Royal Society for the Protection of Birds, said: "If nutrient neutrality rules are scrapped, pollution will accumulate unchecked and our rivers face total ecological collapse." In agreement with Luxton, Doug Parr, policy director at Greenpeace UK said "Who would look at our sickly, sewage-infested rivers and conclude that what they need is weaker pollution rules?". He acknowledged that it would necessitate requiring water companies and home builders to utilise their revenues to upgrade treatment facilities and pipes to the level that a modern, functional nation would demand. Developers contend that farming is a considerably greater source to the pollution in question while asserting that Natural England is enforcing the regulations in such a severe manner that they have been compelled to halt the construction of up to 120,000 new houses. In response to protests from developers, ministers introduced a mitigation programme in 2022 that allowed builders to purchase "credits" in order to obtain clearance for their projects. However, according to those developers, the procedure for buying such credits has occasionally resulted in unforeseen repercussions, such as the acquisition of farmland to put it out of production in an effort to lessen water run-off. In order to reduce the likelihood of slurry leaks, they will provide payments totaling around £400 million to farmers and waterbusinesses. They will also spend about an additional £300 million assisting developers in reducing the effects of their projects. According to the Dasgupta review, investing in nature leads to wealth since it serves as the foundation for all we do. Leonardo Da Vinci once remarked that "water is the driving force of all nature" and that no society can function effectively without it. Nutrient pollution does not affect the bulk of house projects nationwide, but in 74 of England's 333 Local Authorities, pollution levels in some areas with abundant natural beauty are so high that additional mitigation measures are required. However, along with the elimination of the nutrient neutrality rules, new environmental measures will be implemented, such as increasing investment in and developing Natural England's "Nutrient Mitigation Scheme" (NMS), a programme that enables developers to purchase credits to offset nutrient pollution from housing development. Therefore, while the government moves forward with its housing ambitions, the neutrality statement has in fact slowed down environmental initiatives. To improve opportunity and the nation's environment, however, a number of mechanisms have been adopted to absorb the loss when pollutants and houses are built. In conclusion, despite objections from environmental groups, the amendment that was agreed upon was generally a good decision. Mr. Gove thanked backbenchers in a statement for "their hard work and support to drive forward these much-needed changes to create a planning system that works for all". More affordable housing offers a respite from the dark clouds of rising interest rates and inflation. So, while still investing in a healthy environment, we can see how the removal of the "nutrient neutrality" laws will be good for the economy and for the people in the long term.
Doutoramento em Economia ; A política orçamental, através da gestão das receitas e despesas públicas, é usualmente utilizada pelos decisores políticos para influenciar a atividade económica, nomeadamente através do controlo do rendimento disponível, de uma reafectação eficiente dos recursos existentes, do fornecimento de bens e serviços, bem como da correção de falhas de mercado. De acordo com o disposto na teoria Keynesiana, elaborada durante a Grande Recessão (década de 1930), os efeitos da política orçamental deverão variar de acordo com a fase do ciclo económico e dos instrumentos utilizados, sendo estes mais necessários e eficazes durante recessões. Contudo, em alguns episódios históricos, a evidência empírica parece contrariar as previsões teóricas efetuadas à luz da teoria Keynesiana, originando os comumente chamados efeitos não-Keynesianos da política orçamental. Por sua vez, a última Grande Recessão trouxe, uma vez mais, o debate relativo à eficácia da política orçamental para a literatura económica. Os elevados montantes de dívida pública acumulados na generalidade das economias europeias ocidentais comprometeram a sua sustentabilidade e restringiram decisões políticas, o que gerou repercussões tanto nos custos de financiamento soberano como no bem-estar social. Assim, diversos Estados Membros da Zona Euro foram forçados a implementar medidas mais restritivas de forma a conseguirem reduzir os seus desequilíbrios orçamentais, num cenário em que a política cambial se encontrava inacessível, e em que a taxa de inflação se apresentou especialmente baixa. Neste contexto, a presente tese debruça-se sobre o impacto macroeconómico da política orçamental nos Estados Membros da UEM, averiguando como este poderá variar de acordo com os instrumentos utilizados e com fatores intrínsecos de cada país, tendo em atenção tópicos relevantes que ainda não estão suficientemente explorados na literatura. É ainda analisado se, e como, a política orçamental poderá ser manipulada de acordo com motivações eleitoralistas, nomeadamente se as evidências empíricas dão suporte às previsões do modelo de "despesa visível" de Rogoff, ou ao modelo de despesa pública direcionada. Por outras palavras, se um hipotético aumento de despesa estará associado a mais despesas correntes, ou se existirão investimentos direcionados para satisfazer as pretensões de grupos ou regiões específicas. Num primeiro momento, foram calculados os valores dos multiplicadores orçamentais desde a criação da União Monetária. De acordo com os resultados obtidos, a despesa pública nos Estados Membros tem um impacto positivo sobre a atividade económica (multiplicador de 0,44), sendo o impacto maior perante menores níveis de endividamento soberano, recessões económicas e fases negativas do ciclo económico (hiato do produto negativo). Por sua vez, a receita fiscal apresenta valores negativos, compreendidos entre -0,11 e -0,55, podendo, no entanto, revelar um impacto expansionista em países com menores níveis de dívida pública. Porém, nem sempre as políticas resultam nos resultados expectáveis. Foram estimadas elasticidades do consumo privado, face aos instrumentos orçamentais, durante o período de 1960-2017, de forma a aferir como as elasticidades variam perante episódios orçamentais (claras ações políticas, como expansões ou consolidações orçamentais). As evidências indicam que as transferências sociais poderão estar na origem dos efeitos não-Keynesianos da política orçamental, uma vez o consumo privado apresenta elasticidades negativas face às suas variações, durante períodos de consolidação. Ainda, os episódios não-Keynesianos tornaram-se menos prováveis de serem observados após os países integrarem a Zona Euro, dado que os gastos em investimentos e as outras despesas deixaram de apresentar uma relação negativa com o consumo privado. Foi também observado que as transferências sociais aparentam ter um impacto mais recessivo durante consolidações, que aquele observado perante expansões ou na ausência de episódios orçamentais. Utilizando uma abordagem alternativa para identificar consolidações orçamentais (abordagem narrativa), foi constatado que o consumo privado continua a exibir uma resposta não-Keynesiana a choques fiscais. Por último, a política orçamental aparenta ainda ser sensível a fatores políticos. Durante anos eleitorais, os decisores políticos tendem a aumentar as despesas correntes e a diminuir o peso dos impostos diretos. Porém, a estratégia orçamental tem sofrido algumas alterações ao longo dos anos. Desde a Grande Recessão, os Estados Membros aparentam ter perdido a sua capacidade para manipular a despesa pública com objetivos eleitoralistas, e começaram a diminuir os impostos indiretos. Também, após os Estados Membros aderirem à UEM, os decisores políticos começaram a aumentar a carga fiscal dos seus países face a choques na taxa de juro, uma vez que perderam a capacidade de recorrer à política monetária. ; The fiscal policy, through the management of public revenue and expenditure, is usually used by policy makers to influence economic activity, namely through the control of available income, the reallocation of resources, the supply of goods and services or the correction of market failures. Following the Keynesian perspective, designed during the Great Depression (1930's), the effects of fiscal policy should vary over the stages of the business cycle and over fiscal instruments used, being more needed and effective during recessions. However, in some historical cases, the empirical evidence seems to contradict the theoretical predictions in the spirit of the Keynesian theory, giving rise to the so-called non-Keynesian effects of fiscal policy. Therefore, the last Great Recession brought the effectiveness of fiscal policy back into debate in the economic literature. The high amounts of sovereign debt accumulated in the majority of the western European economies have been jeopardizing the sustainability of public debts, restricting political decisions, with repercussions on sovereign financing costs and on people's welfare. Thus, several Eurozone's Member States were forced to implement more restrictive policies in order to reduce their budgetary imbalances, in a scenario where the exchange rate policies are unavailable, and the inflation rate has been especially low. In this context, this thesis focuses on the macroeconomic impact of fiscal policy on the Member States, assessing how it may vary according to the fiscal instruments used, and to country specific characteristics, taking into account some relevant topics not very explored yet in the literature. It is also analysed whether, and how, the fiscal policy can be manipulated according to electoral motivations, namely if evidence supports the predictions of the Rogoff's "visibility expenditure" model or the Public expenditure targeting model, i.e., if the hypothetical expenditure increase will be associated with current expenditure, or if the capital expenditure will be used as a target to specific groups and locations. Firstly, it was computed the value of fiscal multipliers since the creation of the currency union. According to the results, public expenditure in Member States has a positive impact on economic growth (multiplier of 0.44), with a bigger impact on the less indebted countries, facing economic recessions and negative output gaps. In turn, tax revenue has negative values, between -0.11 and -0.55, but it can reveal an expansionary impact in countries with lower levels of public debt. However, policies do not always result in the expected results. Elasticities of private consumption to fiscal instruments were estimated during the period 1960-2017, to access how fiscal elasticities vary during fiscal episodes (clear policy actions, such as fiscal expansions or consolidations). Evidence indicates that social benefits may be a root of the non-Keynesian effects of fiscal policy, since private consumption shows negative elasticities facing social benefits' shocks, during periods of fiscal consolidation. In addition, non-Keynesian episodes became less likely to be observed after countries joined the Eurozone, given that investment spending and other expenditures have lost their non-Keynesian role. It was also perceived that social transfers seem to be more contractionary in consolidations than in both expansions and in the absence of fiscal episodes. Using an alternative approach to identify fiscal consolidations (narrative approach), it is seen that private consumption continues to exhibit a non-Keynesian response to tax increases. Lastly, fiscal policy in the Eurozone countries appears to be sensitive to political factors. During election years, the incumbent Governments seem to increase current spending and to decrease the direct tax burden. However, the fiscal strategy has changed over the years. Since the Great Recession, Member States have lost their ability to manipulate the Government spending for electoral purposes and began to decrease the indirect tax burden. Furthermore, after countries joined the EMU, policy makers began to increase tax burden facing interest rate shocks, since they have lost the ability to use monetary policy. ; info:eu-repo/semantics/publishedVersion
Radovan Karadzic en La Haya.Responsable por uno de los genocidios mas sangrientos de la historia reciente, Radovan Karadzic, el ex jefe político de los serbobosnios comparecerá ante el Tribunal Penal Internacional para ex Yugoslavia. Karadzic fue trasladado en la noche del pasado martes a La Haya. Horas antes del traslado, tenía lugar una manifestación organizada por la oposición nacionalista serbia en el centro de Belgrado, que degeneró al final en altercados entre unos centenares de jóvenes y la policía. Varios medios informan al respecto: "El Mercurio" de Chile: "Masiva protesta antes de su traslado en las calles de Belgrado: Karadzic fue extraditado a La Haya":http://diario.elmercurio.com/2008/07/30/internacional/internacional/noticias/B46C4AF2-02E3-4C90-823E-ECC1FC5E98D2.htm?id={B46C4AF2-02E3-4C90-823E-ECC1FC5E98D2}"El País" de Madrid: "Karadzic llega al Tribunal de La Haya: Serbia envía de noche al presunto criminal de guerra a las dependencias penitenciarias internacionales.- Será juzgado por genocidio y otros crímines por el Tribunal Penal Internacional para la ex Yugoslavia": http://www.elpais.com/articulo/internacional/Karadzic/llega/Tribunal/Haya/elpepuint/20080730elpepuint_4/Tes"New York Times": "Karadzic Arrives in Hague After Protest by Loyalists":http://www.nytimes.com/2008/07/31/world/europe/31hague.html"CCN": "Karadzic set to make first court appearance":http://edition.cnn.com/2008/WORLD/europe/07/30/karadzic.deportation/index.html"Karadzic appeal not received by court"http://edition.cnn.com/2008/WORLD/europe/07/28/karadzic.deportation/index.html"Karadzic to defend himself in war crimes court":http://edition.cnn.com/2008/WORLD/europe/07/23/serb.arrest/index.html"Thousands protest Karadzic arrest":http://edition.cnn.com/2008/WORLD/europe/07/29/karadzic.deportation/index.html"Time":"Karadzic Wants No Lawyer":http://www.time.com/time/world/article/0,8599,1827424,00.html"Le Monde": "Radovan Karadzic comparaîtra jeudi devant le TPI"http://www.lemonde.fr/europe/article/2008/07/30/radovan-karadzic-est-arrive-a-la-haye_1078522_3214.html#ens_id=1075781"Los Ángeles Times": "War crimes suspect Karadzic extradited to The Hague":http://www.latimes.com/news/nationworld/world/la-fg-serbs30-2008jul30,0,2903253.story"MSNBC": "Karadzic in U.N. custody in Netherlands: Ex-fugitive flown to the Netherlands following violent protest in Belgrade":http://www.msnbc.msn.com/id/25887949/"Thousands protest in Belgrade for Karadzic: U.S. Embassy warns Americans to avoid protest amid fears of violence":http://www.msnbc.msn.com/id/25890371/"Paper: Karadzic lawyer tries to stop extradition: Appeal meant to prevent war-crime suspect from being sent to U.N. court":http://www.msnbc.msn.com/id/25859649/"Times":"Radovan Karadzic extradited to The Hague":http://www.timesonline.co.uk/tol/news/world/europe/article4427730"La Nación": "Está acusado de genocidio: Radovan Karadzic, a disposición de La Haya. El ex líder serbio llegó a Holanda para ser juzgado en el Tribunal Penal Internacional":http://www.lanacion.com.ar/nota.asp?nota_id=1034845"Avanza su extradición: Karadzic será llevado a La Haya en secreto": http://www.lanacion.com.ar/nota.asp?nota_id=1034388"El Tiempo" de Colombia: "Radovan Karadzic fue llevado a La Haya, Holanda, para ser juzgado por crímenes de guerra":http://www.eltiempo.com/mundo/europa/home/radovan-karadzic-fue-llevado-a-la-haya-holanda-para-ser-juzgado-por-crimenes-de-guerra_4416080-1"The Economist":"Arrest of a bearded man": http://www.economist.com/world/europe/displaystory.cfm?story_id=11792314"El Universal" de Méjico: "Karadzic queda en poder de la ONU en Holanda":http://www.eluniversal.com.mx/notas/526234.htmlAMERICA LATINA"El Mercurio" publica: "Reclaman la restitución del Ejército: Ex militares haitianos ocupan un antiguo cuartel":http://diario.elmercurio.com/2008/07/30/internacional/internacional/noticias/B0B07BB4-211D-4F05-9FEB-6704AF47278D.htm?id={B0B07BB4-211D-4F05-9FEB-6704AF47278D}"La Nación" publica: "Uribe pide "discreción"":http://www.lanacion.com.ar/nota.asp?nota_id=1034424"MSNBC" informa: "Woman suspected of being FARC's Europe link: Maria Remedios Garcia Albert, 57, was the alleged rebel liaison":http://www.msnbc.msn.com/id/25873981"The Economist" analiza: "Energy reform in México: Crude and oily. A controversial referendum and the future of the state oil company":http://www.economist.com/world/americas/displaystory.cfm?story_id=11791596"MSNBC" anuncia: "Mexican military losing drug war support: Border residents report abuse, violence by soldiers sent to curb narcotics": http://www.msnbc.msn.com/id/25851906/"El País" de Madrid publica: "El presidente electo de Paraguay ya no es sacerdote: El Papa ha suspendido definitivamente a Fernando Lugo porque las profesiones de obispo y gobernante de un país no son compatibles http://www.elpais.com/articulo/internacional/presidente/electo/Paraguay/sacerdote/elpepuint/20080730elpepuint_8/Tes"El País" de Madrid informa: "Chávez: "Bush quiere revivir la guerra fría". El presidente venezolano dice, en una carta enviada a Fidel Castro, que EE UU planea agredir a Cuba http://www.elpais.com/articulo/internacional/Chavez/Bush/quiere/revivir/guerra/fria/elpepuint/20080728elpepuint_14/Tes"The Economist" anuncia: "Argentina: Et tu, Julio? :The president suffers a heavy defeat at the hands of her number two":http://www.economist.com/world/americas/displaystory.cfm?story_id=11791614"La Nación" informa: "Bolivia: ratifican el referéndum. Pese a los pedidos de suspensión, la Corte Electoral dijo que se celebrará el 10 de agosto":http://www.lanacion.com.ar/nota.asp?nota_id=1034389ESTADOS UNIDOS / CANADA"New York Times" informa: " U.S. Military Says Soldiers Fired on Civilians":http://www.nytimes.com/2008/07/28/world/middleeast/28iraq.html?ref=world"El País" de Madrid anuncia: "La Casa Blanca pronostica un déficit presupuestario récord para 2009: Sería de 482.000 millones de dólares, aproximadamente el 3,5% de la economía": http://www.elpais.com/articulo/economia/Casa/Blanca/pronostica/deficit/presupuestario/record/2009/elpepueco/20080728elpepueco_8/Tes"La Nación" publica: "La economía enfrenta a Obama y McCain: El candidato demócrata advirtió que Estados Unidos está en "emergencia económica"; fuertes críticas de su rival republicano":http://www.lanacion.com.ar/nota.asp?nota_id=1034414"The Economist" analiza: "It's the economy again, stupid.John McCain and Barack Obama are offering profoundly different prescriptions, though economic and political realities will limit their ambitions": http://www.economist.com/world/unitedstates/displaystory.cfm?story_id=11792500"El País" de Madrid informa: "Republicanos y demócratas se enfocan en la economía: Barack Obama convoca a un panel de lujo para revisar sus propuestas.- John McCain mantiene contactos con las autoridades monetarias": http://www.elpais.com/articulo/internacional/Republicanos/democratas/enfocan/economia/elpepuint/20080728elpepuint_13/Tes"El Mercurio" de Chile anuncia: "Le queda menos de un mes antes de ser proclamado oficialmente en la Convención Demócrata: Obama entra en la recta final para decidir quién será su candidato a Vicepresidente":http://diario.elmercurio.com/2008/07/30/internacional/_portada/noticias/CAE4A8B7-3485-4112-8844-D31E89023938.htm?id={CAE4A8B7-3485-4112-8844-D31E89023938}"Time" informa: "Obama's Vice-Presidential Dilemma":http://www.time.com/time/politics/article/0,8599,1827714,00.html"Time" publica su sitio con links sobre las elecciones en los Estados Unidos: http://thepage.time.com/EUROPA"El País" de Madrid informa: "Erdogan llama a la unidad tras los atentados de ayer en Turquía: La explosión consecutiva de dos bombas sacude un barrio obrero de Estambul.- La cifra de muertes sube a 17 y hay unos 150 heridos, una decena de ellos de gravedad.- La policía sospecha de los independentistas kurdos": http://www.elpais.com/articulo/internacional/Erdogan/llama/unidad/atentados/ayer/Turquia/elpepuint/20080728elpepuint_4/Tes"New Yorrk Times2 anuncia: "Police Investigate Istanbul Bombings":http://www.nytimes.com/2008/07/29/world/europe/29turkey.html?ref=world"Time" publica: "Fatal Bombings in an Edgy Turkey":http://www.time.com/time/world/article/0,8599,1827056,00.html"El País" de Madrid informa: "Comienza el proceso para ilegalizar el partido de Erdogan": http://www.elpais.com/articulo/internacional/Comienza/proceso/ilegalizar/partido/Erdogan/elpepuint/20080728elpepiint_6/Tes"El País" de Madrid anuncia: "El Tribunal Constitucional de Turquía rechaza ilegalizar al partido de Gobierno":http://www.elpais.com/articulo/internacional/Tribunal/Constitucional/Turquia/rechaza/ilegalizar/partido/Gobierno/elpepuint/20080730elpepuint_9/Tes"Le Monde" publica: "Turquie : la justice n'interdit pas le parti au pouvoir":http://www.lemonde.fr/europe/article/2008/07/30/turquie-la-justice-n-interdit-pas-le-parti-au-pouvoir_1078861_3214.html"Time" analiza: "Who Was Behind the Turkish Blasts?":http://www.time.com/time/world/article/0,8599,1827398,00.htmlEl País" de Madrid informa: "Las peores inundaciones en Ucrania en 100 años se cobran la vida de 13 personas. Las fuertes lluvias han destruido más de 21.000 casas y 20.000 hectáreas de cultivos, y han dejado inutilizadas 2.020 kilómetros de carreteras y más de un centenar de puentes": http://www.elpais.com/articulo/internacional/peores/inundaciones/Ucrania/anos/cobran/vida/personas/elpepuint/20080728elpepuint_5/Tes"MSNBC" publica: "Ukraine floods kill 22, force 20,000 to flee: Damages estimated at $800 million, but few funds available to clean up":http://www.msnbc.msn.com/id/25887744/"Time" informa: "Thousands of British Passports Stolen": http://www.time.com/time/world/article/0,8599,1827501,00.html"La Nación" publica: "Los que huyen de la miseria. Actos desesperados de los ilegales en España para no ser deportados: Viajes riesgosos y casamientos arreglados":http://www.lanacion.com.ar/nota.asp?nota_id=1034426"MSNBC" informa: "7 jailed for genocide over Srebrenica massacre. War crimes court orders Bosnian Serbs to serve sentences of up 42 years":http://www.msnbc.msn.com/id/25908708/"The Economist" analiza: "France: The reformist president. Quietly but determinedly, Nicolas Sarkozy is pressing ahead with reforms in France-all without provoking huge strikes and street protests":http://www.economist.com/world/europe/displaystory.cfm?story_id=11792306ASIA – PACÍFICO /MEDIO ORIENTE"New York Times" informa: "Bomb Attacks in Baghdad and Kirkuk Kill Dozens": HTTP://WWW.NYTIMES.COM/2008/07/29/WORLD/MIDDLEEAST/29IRAQ.HTML?REF=WORLD"El País" anuncia: "Tres mujeres suicidas causan al menos 28 muertos en Bagdad. Miles de peregrinos llenan Bagdad con motivo de una importante festividad chií.- En Kirkuk, otro atentado suicida deja 22 muertos": HTTP://WWW.ELPAIS.COM/ARTICULO/INTERNACIONAL/MUJERES/SUICIDAS/CAUSAN/28/MUERTOS/BAGDAD/ELPEPUINT/20080728ELPEPUINT_9/TES"La Nación" publica: "Cuatro mujeres suicidas atacaron en Irak:: Hicieron detonar los explosivos que llevaban y mataron a 57 personas; hay por lo menos 300 heridos":http://www.lanacion.com.ar/nota.asp?nota_id=1034419"MSNBC" informa: "Female suicide bombers kill 57, wound dozens. Attackers target Shiite pilgrimage in Baghdad, Kurdish rally in Kirkuk": http://www.msnbc.msn.com/id/25880699/"New York Times" anuncia: "Olmert to Resign After September Vote": HTTP://WWW.NYTIMES.COM/2008/07/31/WORLD/MIDDLEEAST/31MIDEAST.HTML?_R=1&HP&OREF=SLOGIN"CNN" publica: "Ahmadinejad: The big powers are going down":HTTP://EDITION.CNN.COM/2008/WORLD/MEAST/07/29/IRAN.AIDS.AP/INDEX.HTML"Time" informa: "Ahmadinejad: 'Powers' Going Down": HTTP://WWW.TIME.COM/TIME/WORLD/ARTICLE/0,8599,1827377,00.HTML"The Economist analiza: "Iran: Who runs it?": http://www.economist.com/world/mideast-africa/displaystory.cfm?story_id=11792348"La Nación" anuncia: "Irán criticó a la ONU ante los Países No Alineados. Ahmadinejad aseguró en la cumbre de cancilleres que el organismo actúa "a favor de las grandes potencias"; pidió crear un fondo para financiar proyectos del bloque":http://www.lanacion.com.ar/nota.asp?nota_id=1034530"CNN" informa: "Pakistani militants abduct 30 police": http://edition.cnn.com/2008/WORLD/asiapcf/07/29/pakistan.abductions/index.html"Time" anuncia: "Cambodia Reelects Longtime Leader": http://www.time.com/time/world/article/0,8599,1827054,00.html"MSNBC" publica: "Typhoon slams Taiwan, triggering floods, slides: At least one killed, air traffic disrupted; Typhoon Fung Wong heads to China": http://www.msnbc.msn.com/id/25881000/"The Economist" analiza: "The Beijing Olympics:Five-ring circus": http://www.economist.com/world/asia/displaystory.cfm?story_id=11792915"El Mercurio" publica: "Denuncias a días de la inauguración de los Juegos Olímpicos: China no cumple promesas y mantiene censura a la prensa y faltas a DD.HH.": HTTP://DIARIO.ELMERCURIO.COM/2008/07/30/INTERNACIONAL/_PORTADA/NOTICIAS/CB8049AE-EDCE-4C33-AF25-F7337A8C08B6.HTM?ID={CB8049AE-EDCE-4C33-AF25-F7337A8C08B6}"El País" informa: "Ni los Juegos Olímpicos pueden con la censura en China: El COI no logra convencer al país asiático para que los periodistas tengan acceso libre a Internet": HTTP://WWW.ELPAIS.COM/ARTICULO/INTERNET/JUEGOS/OLIMPICOS/PUEDEN/CENSURA/CHINA/ELPPGL/20080730ELPEPUNET_3/TES"New York Times" anuncia: "China to Limit Web Access During Games":HTTP://WWW.NYTIMES.COM/2008/07/31/SPORTS/OLYMPICS/31CHINA.HTML?HP"China Daily" publica: "WTO talks collapse amid farm row": HTTP://WWW.CHINADAILY.COM.CN/CHINA/2008-07/30/CONTENT_6887475.HTM"CNN" informa: "China rebuffs human rights report":http://edition.cnn.com/2008/WORLD/asiapcf/07/29/china.humanrights/index.html"CNN" publica: "India: Police defuse 18 bombs at market":http://edition.cnn.com/2008/WORLD/asiapcf/07/29/india.bombs.ap/index.html+"Time" anuncia: "India: The Terrorists Within": http://www.time.com/time/world/article/0,8599,1826950,00.htmlAFRICA"New York Time" informa: "Sudan Rallies Behind Leader Reviled Abroad":http://www.nytimes.com/2008/07/28/world/africa/28sudan.html?ref=world"CNN" publica: "U.S. expands Zimbabwe sanctions":http://edition.cnn.com/2008/WORLD/africa/07/25/zimbabwe.sanctions/index.html"MSNBC" publica: "Officials say Zimbabwe talks break off: Mugabe insists he remain president":http://www.msnbc.msn.com/id/25887595/"MSNBC" informa: "Cash crisis, inflation worsen in Zimbabwe: Bank chief plans new currency reforms to tackle inflation and shortages":http://www.msnbc.msn.com/id/25869792/"CNN" anuncia: "Nigerian militants: We'll destroy oil pipelines":http://edition.cnn.com/2008/WORLD/africa/07/23/nigeria.oil/index.htmlECONOMIA"The Economist" analiza: "World trade: Dried up. Talks over the Doha round of global trade talks have collapsed":http://www.economist.com/finance/displayStory.cfm?story_id=11831960&source=features_box_main"The Economist" publica su informe semanal: "Business this week":http://www.economist.com/displaystory.cfm?story_id=11793527&CFID=15321684&CFTOKEN=24001901"New York Times" informa: "Stock Indexes Continue to Slip":http://www.nytimes.com/2008/07/29/business/29stox.html?_r=1&ref=business&oref=slogin"El País" de Madrid informa: "El FMI alerta del empeoramiento de la crisis crediticia: La institución internacional achaca este empeoramiento a la ralentización de la economía mundial.- Subraya la caída de los precios de la vivienda en España": http://www.elpais.com/articulo/economia/FMI/alerta/empeoramiento/crisis/crediticia/elpepueco/20080728elpepueco_7/Tes"CNN" publica: "Global trade deal falls apart":http://edition.cnn.com/2008/BUSINESS/07/29/wto.collapse.ap/index.html"CNN" informa: "High oil price boosts BP profit":http://edition.cnn.com/2008/BUSINESS/07/29/bp.profit.ap/index.html"La Nación" publica: "La liberalización del comercio mundial. Anunciaron el fracaso de la Ronda de Doha. El director general de la Organización Mundial del Comercio, Pascal Lamy, confirmó que las negociaciones quedaron truncas; declaró estar "profundamente consternado"":http://www.lanacion.com.ar/nota.asp?nota_id=1034531La caída del crudo impulsa a Wall Street: "La Bolsa de Nueva York muestra fuertes avances; el petróleo bajó más de tres dólares y se negocia en US$ 121 el barril en el mercado estadounidense": http://www.lanacion.com.ar/nota.asp?nota_id=1034574OTRAS NOTICIAS"Time" publica: "Beijing Cites Many Olympic Threats": http://www.time.com/time/world/article/0,8599,1827353,00.html"MSNBC" publica: "Olympic threats fuel unease about security: China says heavy defense will secure Games, but clampdown is smothering":http://www.msnbc.msn.com/id/25890371/"Time" informa: "A Video Threat to the Olympics?":http://www.time.com/time/world/article/0,8599,1826953,00.html"The Economist" analiza: "Global Islam: Unusual guests, a most unusual host. A new breeze may be blowing very softly from the Saudi sands":http://www.economist.com/world/international/displaystory.cfm?story_id=11792340
The report provides quantitative and qualitative insights into the performance of different non-permanence approaches for consideration of parties. This note summarizes the results of the analysis presented in the report. Besides the existing mechanism for temporary crediting, the study analyzed a range of alternative approaches to addressing non-permanence, including those considered in prior deliberations of the United Nations Framework Convention on Climate Change (UNFCCC). The approaches address the risk of non-permanence in several ways. Under the tonne year accounting, credits are issued for the increments of carbon sequestered corresponding to a defined permanence period, and their quantity depends on the carbon stored in biomass each year of the permanence period. However, this approach has not been implemented by any standard. These approaches are not mutually exclusive, but can be used in tandem with each other.
학위논문(석사)--서울대학교 대학원 :행정대학원 글로벌행정전공,2019. 8. 엄석진. ; 본 논문은 네팔 연방 정부에서 리더십 유형(변혁적, 거래적, 자유방임적 리더십)과 공무원의 직업 만족도 간의 관계에 대해 분석한다. 리더십 이론과 직업 만족도 이론에 대한 선행 연구를 살펴보면 네팔 연방 정부에 대한 연구는 아직 이루어지지 않았다. 본 연구는 리더십 유형(변혁적, 거래적, 자유방임적 리더십)과 공무원의 직업 만족도 사이에 상관관계가 있는지를 연구 질문으로 설정하고 성별, 연령, 직무 경험, 계급, 학력을 통제변수로 두었다. 조사대상은 네팔 연방 정부조직 중에서도 특히 내각총리실(OPMCM)에 소속된 281명의 정규직 공무원으로 선정하였다. 그리고 확률비례 층화표본추출법을 사용하여 165명의 표본을 추출하였다. 리더십 유형과 직업 만족도에 대한 인식은 각 Avolio & Bass(2004)의 다요인 리더십 조사 설문지 6S(MLQ)와 Spector(1985)의 직업 만족도 조사 설문지를 활용하여 조사하였다. 연구 가설을 검정하기 위해 기술적 분석, 상관분석, 분산분석, t-검정과 다중회귀분석을 시행하였다. 검정 결과 변혁적 리더십, 거래적 리더십, 자유방임적 리더십의 세 개의 독립 변수 중 변혁적 리더십과 자유방임적 리더십만 종속 변수인 직업 만족도와 통계적으로 유의한 수준에서 양의 상관관계를 보였다. 그리고 회귀분석 결과 결정계수는 0.2214로, 리더십이 직업 만족도를 설명하는 정도인 모형의 설명력은 약 22.14%이며 약 71.86%는 리더십 외 다른 변수에 기인하는 것으로 나타났다. 이는 선행 연구의 결과와 일부는 일치하고 일부는 상반되는 결과이다. 본 연구는 네팔 연방 정부 및 공공부문의 인적 자원 관리에 기여할 수 있을 것이라 기대된다. 네팔 정부는 공무원의 직업 만족도 향상을 위해 변혁적 리더십과 자유방임적 리더십의 두 가지 선택지를 가지고 있다. 그 중에서도 변혁적 리더십은 공무원의 직업 만족도에 더 효과적일 것으로 보이며, 장기적인 전략 계획, 사업과 정책을 추진하는 데 적합하다. 향후 연구 대상을 네팔 정부 전체로 확대하고, 행정부, 입법부, 사법부에 대한 비교 연구가 이루어져야 할 것이다. ; This study has examined the relationship between leadership styles (transformational, transactional and laissez-faire) and employee job satisfaction in Nepalese federal civil service. The gap in the literature for Nepalese federal civil service has been acknowledged by using the existing literatures in full range leadership theory and job satisfaction theories. Is there any relationship between leadership theory (transformational, transactional and laissez-faire) and employee job satisfaction with control variables: gender, age, work experience, leadership rank and education in Nepalese federal civil service? was the main research question of this study. The target population of this study was Nepalese federal civil service, particularly, Office of the Prime minister and Council of Ministers (OPMCM) which comprises currently working 281 full time civil servants. A proportionate stratified sample of 165 was selected by using stratified systematic sampling method. The perception on leadership styles and job satisfaction was collected by using Multifactor Leadership Questionnaire 6S form (Avolio & Bass, 2004) and Job Satisfaction Survey (Spector, 1985) respectively. The result of the principal component analysis with varimax rotation showed slight changes in the distribution of the factors for MLQ 6S in Nepalese federal civil service context. Out of seven factors theoretically assumed in MLQ 6S related to leadership styles, only five factors comprising 17 items with factor loadings more than 0.4 were retained after varimax rotation. The Cronbach's alpha for transformational leadership (11 items), transactional leadership (4 items), laissez-faire (2 items) and MLQ 6S (with 17 items) were 0.89, 0.80, 0.54 and 0.893 respectively. The results of internal consistency showed that the retained factors for MLQ were reliable. Further, confirmatory factor analysis with maximum likelihood estimation showed Comparative Fit Index (CFI) of 0.93 ≥ 0.9, Standardized Root Mean Square Residual (SRMR) of 0.05 < 0.08, Root Mean Square Error of Approximation (RMSEA) estimate of 0.07 < 0.08. These results from the principal component analysis, value of Cronbach's alpha and the fit indices obtained from confirmatory factor analysis confirmed the validity and reliability of five factor model of MLQ 6S in Nepalese context. The descriptive analysis, correlation analysis, ANOVA, t-test and multiple linear regression analysis were performed to test the hypotheses of this study. The female in gender category, civil servants with 30-50 years of age in age category and civil servants having 10-20 years of work experience have perceived more job satisfaction in their respective category of demographic variables. Similarly, senior executive level civil servants perceived higher level of job satisfaction among different ranks. With respective to level of education, employees with intermediate level of education showed higher level of job satisfaction in OPMCM. The civil servants perceived more laissez-faire leadership behavior than transformational leadership and transactional leadership behavior. After testing hypotheses, out of three main independent variables (transformational leadership, transactional leadership and laissez-faire leadership) and seven control variables, this study revealed a positive and statistically significantcausal relationship of job satisfaction only with transformational leadership style and laissez-faire leadership style. The regression model showed the coefficient of determination of 0.2214. So, the predictors in the regression model exhibited 22.14% percent of goodness of fit to explain the job satisfaction. The transformational leadership and laissez-faire leadership showed a positive significant relationship with job satisfaction with partial regression coefficients of 0.1429 and 0.0325 respectively at 0.05 level of significance. Whereas transactional leadership showed a positive but statistically not significant relationship with job satisfaction at 0.05 level of significance. Among three leadership styles, transformational leadership style has shown greater predictability of job satisfaction with standardized regression coefficient of 0.257 at 0.05 level of significance than other leadership styles. The results of this study showed a mixed evidence of past literatures. The major findings of current study are believed to contribute in the field of public human resource management in Nepalese federal civil service as well as in the field of public administration. This study presented two options for Government of Nepal for selection of leadership theories to enhance the level of civil servants' job satisfaction. Out of these two choices, the adoption of transformational leadership theory is highly recommended because of its superiority over laissez-faire leadership in boosting employee job satisfaction as well as to implement long term strategic plan, policy, program and policies. Further, any studies with similar theme covering whole Nepalese civil service as well as any comparative studies in three level of government in Nepal will be more interesting and are recommended for the impending study. ; Abstract i List of Tables viii List of Figures x Chapter 1: Introduction 1 1.1. Background 1 1.2. Problem Statement 2 1.3. Scope of the Study 3 1.4. Research Questions 3 1.5. Purpose of the Study 4 1.6. Methods of the Study 5 Chapter 2: Theoretical Background and Literature Review 7 2.1. Theoretical Background 7 2.1.1. Leadership Styles 7 2.1.1.1. Transformational Leadership Style 9 2.1.1.2. Transactional Leadership Style 14 2.1.1.3. Laissez-faire Leadership Style 16 2.1.2. Job Satisfaction 17 2.2. Literature Review 20 2.2.1. Relationship between Leadership Styles and Job Satisfaction 20 2.2.1.1. Leadership Styles and Job Satisfaction in Nepal 21 2.2.1.2. Leadership Styles and Job Satisfaction in Developing Countries 21 2.2.1.3. Leadership Styles and Job Satisfaction in Developed Countries 24 2.3. Critical Review 26 2.4. Research Gap 26 Chapter3: Research Design 27 3.1. Analytical Framework of the Study 27 3.2. Research Questions and Hypothesis of the Study 29 3.3. Conceptualization and Operationalization 33 3.3.1. Definition of Terms 34 3.3.1.1. Job Satisfaction 34 3.3.1.2. Laissez-faire Leadership Style 34 3.3.1.3. Transactional Leadership Style 35 3.3.1.4. Transformational Leadership Style 35 3.4. Measurement and Data Sources 36 3.5. Sampling and Data Collection Method 40 3.5.1. Definition of Population 40 3.5.2. Sampling Frame 40 3.5.3. Sample 41 3.5.4. Sampling Method 41 3.5.5. Survey Instrument 42 3.5.6. Data Collection Method 43 3.7. Data Analysis Method 44 3.6. Reliability and Validity of the Survey Instrument 45 Chapter 4: Presentation, Analysis and Discussion of Results 46 4.1. Descriptive Statistics of Survey Respondents 46 4.2. Descriptive Statistics of Variables 50 4.2.1. Descriptive Statistics of Job Satisfaction 50 4.2.1.1. Demographic Category Comparisons for Job Satisfaction 51 4.2.2. Descriptive Statistics of Independent Variables 53 4.2.2.1. Demographic Comparison of Transformational Leadership 53 4.2.2.2. Demographic Comparisons for Transactional Leadership 55 4.2.2.3. Demographic Category Comparisons for Laissez-faire Leadership 58 4.3. Reliability and Construct Validity of the Survey Instruments 61 4.4. Bivariate Correlations between Variables in the Study 64 4.4.1. Results of Pearson's Linear Correlation Coefficients Test 65 4.4.2. Tolerance and Variance Inflation Factors (VIF) Test 68 4.5. Hypotheses Testing 69 4.5.1. Multiple Linear Regression Analysis 69 4.5.2. Testing the Statistical Significance of Partial Regression Coefficients 70 4.6. Results of Personal Interview 76 4.7. Discussion on Major Findings of this Study 80 4.6.1. Transformational Leadership and Employee Job Satisfaction 82 4.6.2. Transactional Leadership and Employee Job Satisfaction 84 4.6.3. Laissez-faire Leadership and Employee Job Satisfaction 85 4.6.4. Predictability of Job Satisfaction by different Leadership Styles 87 Chapter 5: Conclusion and Recommendations 89 5.1. Conclusions 89 5.2. Policy Recommendations to Government of Nepal 91 5.3. Recommendations for the Further Research 92 5.4. Limitations of the Study 92 References 94 Appendix A: Consent Letter to Survey Participants 106 Appendix B: Multifactor Leadership Questionnaire (MLQ) Form 6S 107 Appendix C: Job Satisfaction Survey (JSS) 109 Appendix D: Demographic Questions 112 Appendix E : Qualitative Questionnaire 116 Abstract in Korean 119 ; Master
Esta Semana: Comunicado de Departamento del Tesoro de los EE.UU. El 13 de julio el titular del Departamento del Tesoro de Estados Unidos, Henry M. Paulson, Jr, emitió un comunicado sobre la caída y rescate de los gigantes inmobiliarios Fannie Mae y Freddy Mac. Les acercamos el comunicado extraído del Departamento de Prensa del Tesoro americano. El pasado 25 de julio se produjo la Cumbre Unión Europea - Sudáfrica. En la oportunidad y como resultado de la misma los participantes emitieron una declaración conjunta. Véala aquí Les acercamos este informe del Alto Comisionado de Derechos Humanos de la ONU sobre Derechos Humanos y Terrorismo que nos pareció de gran interés. Véalo aquíRadovan Karadzic en La Haya.Responsable por uno de los genocidios mas sangrientos de la historia reciente, Radovan Karadzic, el ex jefe político de los serbobosnios comparecerá ante el Tribunal Penal Internacional para ex Yugoslavia. Karadzic fue trasladado en la noche del pasado martes a La Haya. Horas antes del traslado, tenía lugar una manifestación organizada por la oposición nacionalista serbia en el centro de Belgrado, que degeneró al final en altercados entre unos centenares de jóvenes y la policía. Varios medios informan al respecto: "El Mercurio" de Chile: "Masiva protesta antes de su traslado en las calles de Belgrado: Karadzic fue extraditado a La Haya":http://diario.elmercurio.com/2008/07/30/internacional/internacional/noticias/B46C4AF2-02E3-4C90-823E-ECC1FC5E98D2.htm?id={B46C4AF2-02E3-4C90-823E-ECC1FC5E98D2}"El País" de Madrid: "Karadzic llega al Tribunal de La Haya: Serbia envía de noche al presunto criminal de guerra a las dependencias penitenciarias internacionales.- Será juzgado por genocidio y otros crímines por el Tribunal Penal Internacional para la ex Yugoslavia": http://www.elpais.com/articulo/internacional/Karadzic/llega/Tribunal/Haya/elpepuint/20080730elpepuint_4/Tes"New York Times": "Karadzic Arrives in Hague After Protest by Loyalists":http://www.nytimes.com/2008/07/31/world/europe/31hague.html"CCN": "Karadzic set to make first court appearance":http://edition.cnn.com/2008/WORLD/europe/07/30/karadzic.deportation/index.html"Karadzic appeal not received by court"http://edition.cnn.com/2008/WORLD/europe/07/28/karadzic.deportation/index.html"Karadzic to defend himself in war crimes court":http://edition.cnn.com/2008/WORLD/europe/07/23/serb.arrest/index.html"Thousands protest Karadzic arrest":http://edition.cnn.com/2008/WORLD/europe/07/29/karadzic.deportation/index.html"Time":"Karadzic Wants No Lawyer":http://www.time.com/time/world/article/0,8599,1827424,00.html"Le Monde": "Radovan Karadzic comparaîtra jeudi devant le TPI"http://www.lemonde.fr/europe/article/2008/07/30/radovan-karadzic-est-arrive-a-la-haye_1078522_3214.html#ens_id=1075781"Los Ángeles Times": "War crimes suspect Karadzic extradited to The Hague":http://www.latimes.com/news/nationworld/world/la-fg-serbs30-2008jul30,0,2903253.story"MSNBC": "Karadzic in U.N. custody in Netherlands: Ex-fugitive flown to the Netherlands following violent protest in Belgrade":http://www.msnbc.msn.com/id/25887949/"Thousands protest in Belgrade for Karadzic: U.S. Embassy warns Americans to avoid protest amid fears of violence":http://www.msnbc.msn.com/id/25890371/"Paper: Karadzic lawyer tries to stop extradition: Appeal meant to prevent war-crime suspect from being sent to U.N. court":http://www.msnbc.msn.com/id/25859649/"Times":"Radovan Karadzic extradited to The Hague":http://www.timesonline.co.uk/tol/news/world/europe/article4427730"La Nación": "Está acusado de genocidio: Radovan Karadzic, a disposición de La Haya. El ex líder serbio llegó a Holanda para ser juzgado en el Tribunal Penal Internacional":http://www.lanacion.com.ar/nota.asp?nota_id=1034845"Avanza su extradición: Karadzic será llevado a La Haya en secreto": http://www.lanacion.com.ar/nota.asp?nota_id=1034388"El Tiempo" de Colombia: "Radovan Karadzic fue llevado a La Haya, Holanda, para ser juzgado por crímenes de guerra":http://www.eltiempo.com/mundo/europa/home/radovan-karadzic-fue-llevado-a-la-haya-holanda-para-ser-juzgado-por-crimenes-de-guerra_4416080-1"The Economist":"Arrest of a bearded man": http://www.economist.com/world/europe/displaystory.cfm?story_id=11792314"El Universal" de Méjico: "Karadzic queda en poder de la ONU en Holanda":http://www.eluniversal.com.mx/notas/526234.htmlAMERICA LATINA"El Mercurio" publica: "Reclaman la restitución del Ejército: Ex militares haitianos ocupan un antiguo cuartel":http://diario.elmercurio.com/2008/07/30/internacional/internacional/noticias/B0B07BB4-211D-4F05-9FEB-6704AF47278D.htm?id={B0B07BB4-211D-4F05-9FEB-6704AF47278D}"La Nación" publica: "Uribe pide "discreción"":http://www.lanacion.com.ar/nota.asp?nota_id=1034424"MSNBC" informa: "Woman suspected of being FARC's Europe link: Maria Remedios Garcia Albert, 57, was the alleged rebel liaison":http://www.msnbc.msn.com/id/25873981"The Economist" analiza: "Energy reform in México: Crude and oily. A controversial referendum and the future of the state oil company":http://www.economist.com/world/americas/displaystory.cfm?story_id=11791596"MSNBC" anuncia: "Mexican military losing drug war support: Border residents report abuse, violence by soldiers sent to curb narcotics": http://www.msnbc.msn.com/id/25851906/"El País" de Madrid publica: "El presidente electo de Paraguay ya no es sacerdote: El Papa ha suspendido definitivamente a Fernando Lugo porque las profesiones de obispo y gobernante de un país no son compatibles http://www.elpais.com/articulo/internacional/presidente/electo/Paraguay/sacerdote/elpepuint/20080730elpepuint_8/Tes"El País" de Madrid informa: "Chávez: "Bush quiere revivir la guerra fría". El presidente venezolano dice, en una carta enviada a Fidel Castro, que EE UU planea agredir a Cuba http://www.elpais.com/articulo/internacional/Chavez/Bush/quiere/revivir/guerra/fria/elpepuint/20080728elpepuint_14/Tes"The Economist" anuncia: "Argentina: Et tu, Julio? :The president suffers a heavy defeat at the hands of her number two":http://www.economist.com/world/americas/displaystory.cfm?story_id=11791614"La Nación" informa: "Bolivia: ratifican el referéndum. Pese a los pedidos de suspensión, la Corte Electoral dijo que se celebrará el 10 de agosto":http://www.lanacion.com.ar/nota.asp?nota_id=1034389ESTADOS UNIDOS / CANADA"New York Times" informa: " U.S. Military Says Soldiers Fired on Civilians":http://www.nytimes.com/2008/07/28/world/middleeast/28iraq.html?ref=world"El País" de Madrid anuncia: "La Casa Blanca pronostica un déficit presupuestario récord para 2009: Sería de 482.000 millones de dólares, aproximadamente el 3,5% de la economía": http://www.elpais.com/articulo/economia/Casa/Blanca/pronostica/deficit/presupuestario/record/2009/elpepueco/20080728elpepueco_8/Tes"La Nación" publica: "La economía enfrenta a Obama y McCain: El candidato demócrata advirtió que Estados Unidos está en "emergencia económica"; fuertes críticas de su rival republicano":http://www.lanacion.com.ar/nota.asp?nota_id=1034414"The Economist" analiza: "It's the economy again, stupid.John McCain and Barack Obama are offering profoundly different prescriptions, though economic and political realities will limit their ambitions": http://www.economist.com/world/unitedstates/displaystory.cfm?story_id=11792500"El País" de Madrid informa: "Republicanos y demócratas se enfocan en la economía: Barack Obama convoca a un panel de lujo para revisar sus propuestas.- John McCain mantiene contactos con las autoridades monetarias": http://www.elpais.com/articulo/internacional/Republicanos/democratas/enfocan/economia/elpepuint/20080728elpepuint_13/Tes"El Mercurio" de Chile anuncia: "Le queda menos de un mes antes de ser proclamado oficialmente en la Convención Demócrata: Obama entra en la recta final para decidir quién será su candidato a Vicepresidente":http://diario.elmercurio.com/2008/07/30/internacional/_portada/noticias/CAE4A8B7-3485-4112-8844-D31E89023938.htm?id={CAE4A8B7-3485-4112-8844-D31E89023938}"Time" informa: "Obama's Vice-Presidential Dilemma":http://www.time.com/time/politics/article/0,8599,1827714,00.html"Time" publica su sitio con links sobre las elecciones en los Estados Unidos: http://thepage.time.com/EUROPA"El País" de Madrid informa: "Erdogan llama a la unidad tras los atentados de ayer en Turquía: La explosión consecutiva de dos bombas sacude un barrio obrero de Estambul.- La cifra de muertes sube a 17 y hay unos 150 heridos, una decena de ellos de gravedad.- La policía sospecha de los independentistas kurdos": http://www.elpais.com/articulo/internacional/Erdogan/llama/unidad/atentados/ayer/Turquia/elpepuint/20080728elpepuint_4/Tes"New Yorrk Times2 anuncia: "Police Investigate Istanbul Bombings":http://www.nytimes.com/2008/07/29/world/europe/29turkey.html?ref=world"Time" publica: "Fatal Bombings in an Edgy Turkey":http://www.time.com/time/world/article/0,8599,1827056,00.html"El País" de Madrid informa: "Comienza el proceso para ilegalizar el partido de Erdogan": http://www.elpais.com/articulo/internacional/Comienza/proceso/ilegalizar/partido/Erdogan/elpepuint/20080728elpepiint_6/Tes"El País" de Madrid anuncia: "El Tribunal Constitucional de Turquía rechaza ilegalizar al partido de Gobierno":http://www.elpais.com/articulo/internacional/Tribunal/Constitucional/Turquia/rechaza/ilegalizar/partido/Gobierno/elpepuint/20080730elpepuint_9/Tes"Le Monde" publica: "Turquie : la justice n'interdit pas le parti au pouvoir":http://www.lemonde.fr/europe/article/2008/07/30/turquie-la-justice-n-interdit-pas-le-parti-au-pouvoir_1078861_3214.html"Time" analiza: "Who Was Behind the Turkish Blasts?":http://www.time.com/time/world/article/0,8599,1827398,00.htmlEl País" de Madrid informa: "Las peores inundaciones en Ucrania en 100 años se cobran la vida de 13 personas. Las fuertes lluvias han destruido más de 21.000 casas y 20.000 hectáreas de cultivos, y han dejado inutilizadas 2.020 kilómetros de carreteras y más de un centenar de puentes": http://www.elpais.com/articulo/internacional/peores/inundaciones/Ucrania/anos/cobran/vida/personas/elpepuint/20080728elpepuint_5/Tes"MSNBC" publica: "Ukraine floods kill 22, force 20,000 to flee: Damages estimated at $800 million, but few funds available to clean up":http://www.msnbc.msn.com/id/25887744/"Time" informa: "Thousands of British Passports Stolen": http://www.time.com/time/world/article/0,8599,1827501,00.html"La Nación" publica: "Los que huyen de la miseria. Actos desesperados de los ilegales en España para no ser deportados: Viajes riesgosos y casamientos arreglados":http://www.lanacion.com.ar/nota.asp?nota_id=1034426"MSNBC" informa: "7 jailed for genocide over Srebrenica massacre. War crimes court orders Bosnian Serbs to serve sentences of up 42 years":http://www.msnbc.msn.com/id/25908708/"The Economist" analiza: "France: The reformist president. Quietly but determinedly, Nicolas Sarkozy is pressing ahead with reforms in France-all without provoking huge strikes and street protests":http://www.economist.com/world/europe/displaystory.cfm?story_id=11792306ASIA – PACÍFICO /MEDIO ORIENTE"New York Times" informa: "Bomb Attacks in Baghdad and Kirkuk Kill Dozens": HTTP://WWW.NYTIMES.COM/2008/07/29/WORLD/MIDDLEEAST/29IRAQ.HTML?REF=WORLD"El País" anuncia: "Tres mujeres suicidas causan al menos 28 muertos en Bagdad. Miles de peregrinos llenan Bagdad con motivo de una importante festividad chií.- En Kirkuk, otro atentado suicida deja 22 muertos": HTTP://WWW.ELPAIS.COM/ARTICULO/INTERNACIONAL/MUJERES/SUICIDAS/CAUSAN/28/MUERTOS/BAGDAD/ELPEPUINT/20080728ELPEPUINT_9/TES"La Nación" publica: "Cuatro mujeres suicidas atacaron en Irak:: Hicieron detonar los explosivos que llevaban y mataron a 57 personas; hay por lo menos 300 heridos":http://www.lanacion.com.ar/nota.asp?nota_id=1034419"MSNBC" informa: "Female suicide bombers kill 57, wound dozens. Attackers target Shiite pilgrimage in Baghdad, Kurdish rally in Kirkuk": http://www.msnbc.msn.com/id/25880699/"New York Times" anuncia: "Olmert to Resign After September Vote": HTTP://WWW.NYTIMES.COM/2008/07/31/WORLD/MIDDLEEAST/31MIDEAST.HTML?_R=1&HP&OREF=SLOGIN"CNN" publica: "Ahmadinejad: The big powers are going down":HTTP://EDITION.CNN.COM/2008/WORLD/MEAST/07/29/IRAN.AIDS.AP/INDEX.HTML"Time" informa: "Ahmadinejad: 'Powers' Going Down": HTTP://WWW.TIME.COM/TIME/WORLD/ARTICLE/0,8599,1827377,00.HTML"The Economist analiza: "Iran: Who runs it?": http://www.economist.com/world/mideast-africa/displaystory.cfm?story_id=11792348"La Nación" anuncia: "Irán criticó a la ONU ante los Países No Alineados. Ahmadinejad aseguró en la cumbre de cancilleres que el organismo actúa "a favor de las grandes potencias"; pidió crear un fondo para financiar proyectos del bloque":http://www.lanacion.com.ar/nota.asp?nota_id=1034530"CNN" informa: "Pakistani militants abduct 30 police": http://edition.cnn.com/2008/WORLD/asiapcf/07/29/pakistan.abductions/index.html"Time" anuncia: "Cambodia Reelects Longtime Leader": http://www.time.com/time/world/article/0,8599,1827054,00.html"MSNBC" publica: "Typhoon slams Taiwan, triggering floods, slides: At least one killed, air traffic disrupted; Typhoon Fung Wong heads to China": http://www.msnbc.msn.com/id/25881000/"The Economist" analiza: "The Beijing Olympics:Five-ring circus": http://www.economist.com/world/asia/displaystory.cfm?story_id=11792915"El Mercurio" publica: "Denuncias a días de la inauguración de los Juegos Olímpicos: China no cumple promesas y mantiene censura a la prensa y faltas a DD.HH.": HTTP://DIARIO.ELMERCURIO.COM/2008/07/30/INTERNACIONAL/_PORTADA/NOTICIAS/CB8049AE-EDCE-4C33-AF25-F7337A8C08B6.HTM?ID={CB8049AE-EDCE-4C33-AF25-F7337A8C08B6}"El País" informa: "Ni los Juegos Olímpicos pueden con la censura en China: El COI no logra convencer al país asiático para que los periodistas tengan acceso libre a Internet": HTTP://WWW.ELPAIS.COM/ARTICULO/INTERNET/JUEGOS/OLIMPICOS/PUEDEN/CENSURA/CHINA/ELPPGL/20080730ELPEPUNET_3/TES"New York Times" anuncia: "China to Limit Web Access During Games":HTTP://WWW.NYTIMES.COM/2008/07/31/SPORTS/OLYMPICS/31CHINA.HTML?HP"China Daily" publica: "WTO talks collapse amid farm row": HTTP://WWW.CHINADAILY.COM.CN/CHINA/2008-07/30/CONTENT_6887475.HTM"CNN" informa: "China rebuffs human rights report":http://edition.cnn.com/2008/WORLD/asiapcf/07/29/china.humanrights/index.html"CNN" publica: "India: Police defuse 18 bombs at market":http://edition.cnn.com/2008/WORLD/asiapcf/07/29/india.bombs.ap/index.html+"Time" anuncia: "India: The Terrorists Within": http://www.time.com/time/world/article/0,8599,1826950,00.htmlAFRICA"New York Time" informa: "Sudan Rallies Behind Leader Reviled Abroad":http://www.nytimes.com/2008/07/28/world/africa/28sudan.html?ref=world"CNN" publica: "U.S. expands Zimbabwe sanctions":http://edition.cnn.com/2008/WORLD/africa/07/25/zimbabwe.sanctions/index.html"MSNBC" publica: "Officials say Zimbabwe talks break off: Mugabe insists he remain president":http://www.msnbc.msn.com/id/25887595/"MSNBC" informa: "Cash crisis, inflation worsen in Zimbabwe: Bank chief plans new currency reforms to tackle inflation and shortages":http://www.msnbc.msn.com/id/25869792/"CNN" anuncia: "Nigerian militants: We'll destroy oil pipelines":http://edition.cnn.com/2008/WORLD/africa/07/23/nigeria.oil/index.htmlECONOMIA"The Economist" analiza: "World trade: Dried up. Talks over the Doha round of global trade talks have collapsed":http://www.economist.com/finance/displayStory.cfm?story_id=11831960&source=features_box_main"The Economist" publica su informe semanal: "Business this week":http://www.economist.com/displaystory.cfm?story_id=11793527&CFID=15321684&CFTOKEN=24001901"New York Times" informa: "Stock Indexes Continue to Slip":http://www.nytimes.com/2008/07/29/business/29stox.html?_r=1&ref=business&oref=slogin"El País" de Madrid informa: "El FMI alerta del empeoramiento de la crisis crediticia: La institución internacional achaca este empeoramiento a la ralentización de la economía mundial.- Subraya la caída de los precios de la vivienda en España": http://www.elpais.com/articulo/economia/FMI/alerta/empeoramiento/crisis/crediticia/elpepueco/20080728elpepueco_7/Tes"CNN" publica: "Global trade deal falls apart":http://edition.cnn.com/2008/BUSINESS/07/29/wto.collapse.ap/index.html"CNN" informa: "High oil price boosts BP profit":http://edition.cnn.com/2008/BUSINESS/07/29/bp.profit.ap/index.html"La Nación" publica: "La liberalización del comercio mundial. Anunciaron el fracaso de la Ronda de Doha. El director general de la Organización Mundial del Comercio, Pascal Lamy, confirmó que las negociaciones quedaron truncas; declaró estar "profundamente consternado"":http://www.lanacion.com.ar/nota.asp?nota_id=1034531La caída del crudo impulsa a Wall Street: "La Bolsa de Nueva York muestra fuertes avances; el petróleo bajó más de tres dólares y se negocia en US$ 121 el barril en el mercado estadounidense": http://www.lanacion.com.ar/nota.asp?nota_id=1034574OTRAS NOTICIAS"Time" publica: "Beijing Cites Many Olympic Threats": http://www.time.com/time/world/article/0,8599,1827353,00.html"MSNBC" publica: "Olympic threats fuel unease about security: China says heavy defense will secure Games, but clampdown is smothering":http://www.msnbc.msn.com/id/25890371/"Time" informa: "A Video Threat to the Olympics?":http://www.time.com/time/world/article/0,8599,1826953,00.html"The Economist" analiza: "Global Islam: Unusual guests, a most unusual host. A new breeze may be blowing very softly from the Saudi sands":http://www.economist.com/world/international/displaystory.cfm?story_id=11792340
After a century of political centralization in Colombia, the first public election of city mayors in 19861 began a decentralization trend, which was later reinforced by a constitutional reform in 1991. Subnational governments (departments and municipalities) were made responsible for the planning and management of social and economic development in their jurisdictions. Administrative and political reforms were accompanied by fiscal decentralization, including the transfer of central government revenues. Since 1991 the growth of fiscal transfers has accelerated. Departments and municipalities are now responsible for public health, education, water supply, and sanitation expenditures through earmarked transfers. Out of the total amount of central government expenditures (21.8 percent of GDP (Gross Domestic Product) in 2008) almost one-quarter represent regional transfers (5 percent of GDP), which finance half of all regional expenditures (10.2 percent of GDP). The purpose of this paper is to describe the budget process reform implemented in Medellin, and to analyze its actual performance and evaluate its success. The reform is changing the way public resources are allocated and executed, while gradually institutionalizing supply and demand-side practices beyond the government's political cycles. This paper describes and analyzes how the Results-oriented budgeting (RoB) was designed and implemented, and the achievements of the system to date, in terms of resource allocation and the policy-making process.
This program document presents the World Bank Group (WBG) program and results framework for the Serbia country partnership framework (CPF) for FY2016-20. For the first time since 2001, when the transition to a market economy began accelerating, Serbia has a government with a solid majority in parliament, enabling it to initiate and implement the deep reforms necessary to create a competitive economy and raise the income of the bottom forty percent (B40). Notwithstanding the new momentum on economic and structural reforms, Serbia faces serious challenges, most notably in declining living standards. Poverty has increased rapidly since the start of the global economic crisis in 2008, mainly as a result of a triple dip recession. The CPF goal is to support Serbia in creating a competitive and inclusive economy and, through this, to achieve integration into the European Union (EU).
Bhutan is situated between the Tibetan Plateau in the North and Indian plains in the south. The development philosophy in Bhutan is embedded in the concept of Gross National Happiness (GNH) that, as a public policy strategy, seeks to address a more meaningful purpose of development that goes beyond the fulfillment of material satisfaction. The concept is grounded in the four pillars of development; socio-economic, environment, culture, and good governance. Bhutan s record on growth and development has made it a top performer in the South Asian region. The average annual growth rate of GDP over 1980-2010 in country was more than 7.6 percent, one of the highest in the South Asian sub-continent (SAS). Bhutan, with a Gross Domestic Product (GDP) per capita of about US$2,000, is now classified as a lower-middle income country. However, one of the most notable features about Bhutan s macro economy is its lack of diversification, dependence on and exposure to external developments, and the high levels of year-to-year volatility in its economic growth. Public Expenditure Review (PER) begins with an overview of the macro-economic context (chapter two) and public sector management (chapter three) in Bhutan. This is followed by an analytical summary of achievements to date in the health and education sectors (chapters four and five). The PER concludes (chapter six) with policy options and recommendations which are intended to spur discussion and analysis among policy-makers in Bhutan as they look into different possibilities to increase fiscal space in domestic resources while enhancing the quality of expenditures and improving outcomes in the health and education systems.
Collected data and research material presented in the monograph are a result of financing of the Polish science budget in the years 2011−14; the research project was financed by the National Science Centre according to decision no. DEC-2011/01/B/HS4/04744. The project that resulted in this monograph was financed from public funds for education for 2011 − 2014, the National Science Center under Contract No. DEC-2011/01/B/HS4/04744. ; Value-Based Working Capital Management analyzes the causes and effects of improper cash flow management between entrepreneurial organizations with varying levels of risk. This work looks at the motives and criteria for decision-making by entrepreneurs in their efforts to protect the financial security of their businesses and manage financial liquidity. Michalski argues that businesses exposed to greater risk need a different approach to managing liquidity levels. The scientific aim of this monograph is to present the essence of financial liquidity management under specific conditions faced by enterprises with risk and uncertainty. Enterprises differ from one another in risk sensitivity. This difference affects the area of taking decisions by the managers of those enterprises. The result of interactions between levels of liquidity and sensitivity to risk affects the managers of such enterprises (Altman 1984; Tobin 1958; Back 2001; Tobin 1969). In this monograph the research hypothesis is the claim that enterprises with a higher sensitivity to risk are very different from enterprises with a lower sensitivity to risk, resulting in a different approach to managing their working capital. Enterprise managing teams react to risk, and this reaction is adjusted by an enterprise's sensitivity to risk. Because of its subject area, the book will address the issues of corporate finance. The monograph discusses the behavior of enterprises and the relationships between them and other factors in the market occurring in the management process under the conditions of limited resources. As a result of these interactions with the market and the environment in which individuals who manage enterprises operate, there is an interaction between money and real processes that in the end are the cornerstone of wealth building. This chapter discusses the objectives and nature of enterprises in the context of their risk sensitivity, as well as the relationships between the objectives of enterprises and the characteristic features of their businesses. Enterprises operate in various business environments, but generally speaking, they all have one main aim: wealth creation for their owners. The realization of that aim depends on an idea of business in which the enterprise is an instrument to collect money from clients of the enterprise's services and products. Business environment is crucial not only for future enterprise cash inflows from the market but also for risk and uncertainty (Asch, and Kaye 1997; Copeland, and Weston 1988; Fazzari, and Petersen 1993). According to the author, it is necessary to include an understanding of that risk and uncertainty of future in the rate that reduces the net size of free cash flows for the enterprise owners, beneficiaries, or more generally stakeholders. Enterprise value creation is the main financial aim of the firm in relation to working capital components (Graber 1948; Jensen, and Meckling 1976; Lazaridis, and Trifonidis 2006). Working capital management is a part of a general enterprise strategy to its value maximization (Laffer 1970; Kieschnick, Laplante, and Moussawi 2009; Lyland, and Pyle 1977). This chapter presents a definition of financial liquidity and liquidity-level measurements. This chapter contains four subchapters that address the specific role of short-term financial decisions, a classification of definitions of financial liquidity, sources of information about liquidity level, and liquidity-level measurements (Lazaridis and Tryfonidis 2006; Long, Malitz, and Ravid 1993; Kieschnick, Laplante, and Moussawi 2009). Financial liquidity definition and liquidity-level measurements Here we have an opportunity to present the author's opinion on what assets should be financed with short-term funds and what the level of liquidity is in an enterprise (Michalski 2012a). The discussion also pertains to the issue of the dividing line between long-term and short-term decisions, with greater emphasis on the durability of their effects, rather than the decision-making speed. This section also attempts to answer the question: What are the short-term effects of operations under conditions of uncertainty and risk? The reason for the considerations in this section is the need to characterize the decisions that affect the level of enterprise liquidity. The research hypothesis of this monograph assumes that differences between more risk sensitive and less risk sensitive enterprises are seen in liquidity management. Simply because the enterprises, during financial liquidity management, take into account the differences in their risk sensitivity. This chapter discusses the relationship between firm value and business risk sensitivity. The chapter starts with a presentation of intrinsic liquidity value and firm reactions to market liquidity value. This is the basis for target liquidity level in the enterprise. Liquid assets are the main part of working capital assets, so the next part of the chapter focuses on working capital investment strategies and strategies of financing such investments in working capital in the context of firm value creation. The chapter concludes that, from a firm-value-creation point of view, more risk-sensitive entities should use flexible-conservative strategies, while less risk-sensitive entities have the freedom to use restrictive-aggressive strategies. In the context of a crisis, this is the clear answer and explanation for higher levels of working capital investments observed empirically during and after a crisis. The determinants of intrinsic value of liquidity are attributed to liquidity by enterprise management. Enterprises in which financial liquidity has a high internal value will have a tendency to maintain reasonable liquid resource assets at a higher level. The levels of stocks of funds maintained by enterprises are also the result of the relationship between the liquidity market value and the intrinsic value of liquidity. It demonstrates how to approach the estimation of liquidity and presents the market value of liquidity. Having connected this information with the knowledge of manifestations of the internal liquidity, we can offer an explanation as to why the target (and also probably the optimal) level of liquidity for enterprises with higher-than-average risk sensitivity is at a higher level than the corresponding target (optimal) level for enterprises with a lower level of risk sensitivity. Working capital value-based management models In this part of the monograph we discuss the items contained within the cost of maintaining inventory. Using this approach, a model of managing inventories is presented. Theoretically, the value-maximizing optimal level of inventory is determined to be the modified EOQ model, presented as VBEOQ model. We also present an outline of issues associated with the risk of inventory management and its impact on the value of the enterprise for its owner. We also discuss the principle of the optimal batch production model and how the size of the production batch affects the value of the enterprise for its owner. Here also is demonstrated a modification of the POQ model: VBPOQ. The proposed modification takes into account the rate of the cost of capital financing and the measures involved in inventory when determining the optimal batch production. When managing the commitment of the inventory, it is crucial to take into account the impact of such decisions on the long-term effectiveness of the enterprise. This chapter also discusses the relationships between the management of accounts receivables and the value of a business. A modified (considering the value of a business) model of incremental analysis of receivables is presented, as is a discussion of the importance of capacity utilization by an enterprise for making management decisions pertaining to accounts receivables. Issues related to the management of working capital and enterprise liquidity are and will be an area of research. The analysis in this study focused primarily on working capital and liquidity management; understanding its specifics will facilitate the management of liquidity in any type of organization. Working capital as a specific buffer against risk has its special role during a crisis and can serve as a good forecasting indicator about future economic problems in the economy if a whole business environment notices higher levels of working capital and its components, like cash, inventories, and accounts receivables. The scientific value of the issues discussed in the book is associated with the issue of working capital and liquidity management in enterprises. It is also a result of the exploration and definition of the main financial objective of businesses and the relationship between the objective and the management of working capital and enterprise liquidity. The choice of topic and the contents of research resulted also from empirical observation. Empirical data on enterprises that operate in countries touched by the last crisis document higher-than-average levels of working capital before, during, and after the crisis in these enterprises. These conditions provided the means for a "natural experiment" of sorts. From that point, working capital management theory faced a necessity of even wider development. ; Collected data and research material presented in the monograph are a result of financing of the Polish science budget in the years 2011−14; the research project was financed by the National Science Centre according to decision no. DEC-2011/01/B/HS4/04744. The project that resulted in this monograph was financed from public funds for education for 2011 − 2014, the National Science Center under Contract No. DEC-2011/01/B/HS4/04744. ; How to Cite this Book Harvard Grzegorz Michalski . (April 2014). Value-Based Working Capital Management . [Online] Available at: http://www.palgraveconnect.com/pc/doifinder/10.1057/9781137391834. (Accessed: 28 May 2014). APA Grzegorz Michalski . (April 2014). Value-Based Working Capital Management . Retrieved from http://www.palgraveconnect.com/pc/doifinder/10.1057/9781137391834 MLA Grzegorz Michalski . Value-Based Working Capital Management . (April 2014) Palgrave Macmillan. 28 May 2014. Vancouver Grzegorz Michalski . Value-Based Working Capital Management [internet]. New York: Palgrave Macmillan; April 2014. [cited 2014 May 28]. Available from: http://www.palgraveconnect.com/pc/doifinder/10.1057/9781137391834 OSCOLA Grzegorz Michalski , Value-Based Working Capital Management , Palgrave Macmillan April 2014 ; Author Biography Grzegorz Michalski is Assistant Professor of Corporate Finance at the Wroclaw University of Economics, Poland. His main areas of research are Business Finance and Financial Liquidity Management. He is currently studying the liquidity decisions made by organizations. He is the author or co-author of over 80 papers and 10 books, and sits on the editorial board of international conferences and journals. Reviews 'Due to the recent financial crisis, interest in the topic of working capital has grown significantly to both theory and practice. The research results presented by Grzegorz Michalski contribute to the development of a comprehensive theory of liquidity management and the creation of an integrated working capital and liquidity for different types of business model. The job is processed on a high quality level." -Marek Panfil, Ph.D, Director of Business Valuation Department Warsaw School of Economics 'The book of Grzegorz Michalski is a very good publication that has found the right balance between theory and practical aspects of financial liquidity management. 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Captura de Radovan KaradzicEl ex presidente de la República Serbia de Bosnia, Radovan Karadzic, de 63 años, es acusado de genocidio y crímenes de guerra . Es uno de los hombres más buscados del mundo, ha sido detenido el pasado martes en Serbia.Apodado el "carnicero de Sarajevo", estuvo prófugo desde 1996, está inculpado por el Tribunal Penal Internacional para la antigua Yugoslavia (creado ad hoc para juzgar los delitos cometidos durante ese conflicto).Se le acusa también de haber orquestado las ejecuciones de hasta 8.000 musulmanes en Srebrenica durante la guerra en Bosnia en 1995.Se ocultaba tras una identidad falsa y un aspecto irreconocible, con barba, pelo largo y mucho más delgado. Ejercía la medicina alternativa en Belgrado, donde ha sido detenido. Varios medios informan al respecto:"CNN":"Fugitive Karadzic hid as bearded medic":http://edition.cnn.com/2008/WORLD/europe/07/22/serb.arrest/index.html"Time":"Karadzic's Arrest Comes Too Late":http://www.time.com/time/world/article/0,8599,1825366,00.html"Karadzic Hid with False Identity":http://www.time.com/time/world/article/0,8599,1825377,00.html"Judge Orders Karadzic to UN Tribunal":http://www.time.com/time/world/article/0,8599,1825268,00.html"Le Monde":"Karadzic se cachait à Belgrade sous une fausse identité":http://www.lemonde.fr/europe/article/2008/07/22/le-serbe-radovan-karadzic-inculpe-de-genocide-a-ete-arrete_1075780_3214.html#ens_id=1075781"La Serbie solde en partie les comptes de son passé":http://www.lemonde.fr/europe/article/2008/07/22/la-serbie-solde-en-partie-les-comptes-de-son-passe_1075844_3214.html#ens_id=1075781"Radovan Karadzic, fourrier d'un sanglant ultranationalisme serbe":http://www.lemonde.fr/europe/article/2008/07/22/radovan-karadzic-l-icone-de-l-ultranationalisme-serbe_1075820_3214.html"New York Times":"Serb Officials Detail Capture of Karadzic":http://www.nytimes.com/2008/07/23/world/europe/23serbia.html?_r=1&ref=world&oref=slogin"La Nación": "Satisfacción en la UE por la detención de Radovan Karadzic: Sin embargo, los líderes mostraron prudencia sobre los avances con Serbia a partir del arresto del criminal de guerra más buscado; no declaró en su primer interrogatorio":http://www.lanacion.com.ar/nota.asp?nota_id=1032472"Detienen al criminal de guerra más buscado: Es Radovan Karadzic, acusado de genocidio en los Balcanes":http://www.lanacion.com.ar/nota.asp?nota_id=1032386"The Economist":"Arrest of a strongman: Radovan Karadzic is arrested at last, in a big boost to Serbia's prospects of joining the European Union":http://www.economist.com/world/europe/displayStory.cfm?story_id=11778164&source=features_box_main"Los Angeles Times":"Bosnian Serb war crimes suspect Radovan Karadzic caught":http://www.latimes.com/news/nationworld/world/la-fg-warcrime22-2008jul22,0,7520714.story"Times":"Wanted fugitive Radovan Karadzic developed alter ego as New Age doctor":http://www.timesonline.co.uk/tol/news/world/europe/article4377240.ece"The dark life and times of Radovan Karadzic":http://www.timesonline.co.uk/tol/news/world/europe/article4377484.ece"Eyewitness: the role of Karadzic in Sarajevo's vicious civil war: As a foreign correspondent for The Times, Edward Gorman visited many theatres of war during the 1990s. Here he recalls the dark days of the siege of Sarajevo":http://www.timesonline.co.uk/tol/news/world/europe/article4377963.ece"Factfile: Bosnia's bloody history:The tangled and troubled history to the Bosnian civil war, which saw the worst massacres in Europe since WW2":http://www.timesonline.co.uk/tol/news/world/europe/article4378742.ece"El Tiempo":"Arrestado el ex jefe militar serbobosnio Radovan Karadzic, acusado de genocidio":http://www.eltiempo.com/mundo/europa/home/arrestado-el-ex-jefe-militar-serbobosnio-radovan-karadzic-acusado-de-genocidio-_4388156-1"El Universal": "Envían a La Haya a Karadzic: El fiscal Vladimir Vukcevic dijo el martes a la prensa que el juez emitió la orden para la entrega del sospechoso a la corte internacional por 11 crímenes de guerra":http://www.eluniversal.com.mx/notas/524272.html"MSNBC":"War crimes suspect quizzed after decade on run: Bosnian Serb leader Karadzic worked as doctor while hunted for massacres":http://www.msnbc.msn.com/id/25793223/"Background, quotes on The Hague, Karadzic: Tribunal facts and what key figures have to say about the fugitive's arrest":http://www.msnbc.msn.com/id/25798405/"El Mercurio":"Presunto criminal de guerra requerido en La Haya: Luego de 12 años de búsqueda detienen a Radovan Karadzic, el "carnicero de Sarajevo"":http://diario.elmercurio.com/2008/07/22/internacional/_portada/noticias/B62A3BF4-561F-42DF-B372-E6A97619E49E.htm?id={B62A3BF4-561F-42DF-B372-E6A97619E49E}"El País" de Madrid:"Celebración en Sarajevo, disturbios en Belgrado: Cientos de nacionalistas serbios se enfrentan con la Policía por la detención de Radovan Karadzic, muy celebrada en Bosnia":http://www.elpais.com/articulo/internacional/Celebracion/Sarajevo/disturbios/Belgrado/elpepuint/20080722elpepuint_13/Tes"Detenido en Serbia Karadzic, el criminal de guerra más buscado":http://www.elpais.com/articulo/internacional/Detenido/Serbia/Karadzic/criminal/guerra/buscado/elpepuint/20080722elpepuint_2/Tes"Los ministros de Exteriores de la UE esperarán al informe del TPYI para descongelar el pacto de adhesión de Serbia: La detención de Karadzic acerca al país de los Balcanes a Europa":http://www.elpais.com/articulo/internacional/ministros/Exteriores/UE/esperaran/informe/TPYI/descongelar/pacto/adhesion/Serbia/elpepuint/20080722elpepuint_9/Tes AMERICA LATINA"MSNBC" publica: "Haiti food aid lags, hunger deepens: As nation starves, aid is stuck in port or inside warehouses":http://www.msnbc.msn.com/id/25773473/"El País" de Madrid informa: "Mueren cuatro militares venezolanos y un boliviano al caer un helicóptero en el centro de Bolivia: La aeronave iba a ser utilizada hoy por el presidente Evo Morales":http://www.elpais.com/articulo/internacional/Mueren/militares/venezolanos/boliviano/caer/helicoptero/centro/Bolivia/elpepuint/20080721elpepuint_13/Tes"MSNBC" publica: "Helicopter crashes in Bolivia, killing five: Copter was often used to transport Bolivian president":http://www.msnbc.msn.com/id/25785714/"CNN" informa: "Dolly intensifies; Texas and Mexico brace for hurricane":http://edition.cnn.com/2008/US/weather/07/21/tropical.weather/index.html"La Ancion" publica: "La crisis política / La embestida kirchnerista contra el vicepresidente: El Gobierno echó a seis funcionarios de Cobos":http://www.lanacion.com.ar/nota.asp?nota_id=1032410"El Mercurio" publica: "El secretario de Agricultura sería la primera baja del gabinete argentino":http://diario.elmercurio.com/2008/07/22/internacional/internacional/noticias/217A4F30-1D6C-4B42-9354-B2E194388F5A.htm?id={217A4F30-1D6C-4B42-9354-B2E194388F5A}"CNN" publica: "Chavez set to spend big on Russian weapons":http://edition.cnn.com/2008/WORLD/americas/07/22/chavez.russia/index.html"La Nación" informa: "Chávez inició una estratégica visita a Rusia: El mandatario realizó una nueva compra de armas y selló importantes acuerdos energéticos tras reunirse con su par ruso, Dimitri Medvedev":http://www.lanacion.com.ar/nota.asp?nota_id=1032471"The Economist" analiza: "Deadly masaje: How not to tackle a soaring murder rate":http://www.economist.com/world/la/displaystory.cfm?story_id=11750858"El Mercurio" informa: "20 muertos habría dejado ataque a base de las FARC": http://diario.elmercurio.com/2008/07/22/internacional/internacional/noticias/E029D5C3-F87C-466E-81E2-32434314CDC9.htm?id={E029D5C3-F87C-466E-81E2-32434314CDC9}"The Economist" analiza: "Mending an icon: How Rio's first good governor in decades is starting to renew Brazil's most famous city": http://www.economist.com/world/la/displaystory.cfm?story_id=11750451 ESTADOS UNIDOS / CANADA "New York Times" publica: "Obama Meets Iraqi Officials in Baghdad":http://www.nytimes.com/2008/07/22/us/politics/22obama.html?_r=1&ref=world&oref=slogin"CNN" informa: "Obama finds 'consensus' in Iraq for U.S. troop withdrawal":http://edition.cnn.com/2008/WORLD/meast/07/22/obama.mideast/index.html"El Mercurio" de Chile publica: "Campaña electoral por la Casa Blanca: Gira de Obama desata frenesí periodístico en Estados Unidos":http://diario.elmercurio.com/2008/07/22/internacional/internacional/noticias/F0B3A5F6-8B0C-4F9B-B389-83E111BEDDB1.htm?id={F0B3A5F6-8B0C-4F9B-B389-83E111BEDDB1}"The Economist" analiza: "The Hispanic vote: ¡Voten por mi!. Latino voters are turning away from John McCain. That's a symptom of a bigger problem for Republicans":http://www.economist.com/world/na/displaystory.cfm?story_id=11750600"Time" informa: "Never Underestimate McCain, But.":http://www.time.com/time/politics/article/0,8599,1825337,00.html"Time" publica sitio web sobre elecciones en los Estados Unidos: "The Page":http://thepage.time.com/"La Nación" informa: "Guantánamo: comenzó el primer juicio: El acusado es el ex chofer de Osama ben Laden, que ayer se declaró inocente ante un tribunal militar":http://www.lanacion.com.ar/nota.asp?nota_id=1032343"Time" publica: "Bin Laden Driver Pleads Not Guilty":http://www.time.com/time/world/article/0,8599,1825089,00.html"El País" de Madrid informa: "El chófer de Bin Laden niega las acusaciones en el primer juicio en Guantánamo: Salim Ahmed Hamdan se enfrenta a una pena de cadena perpetua por conspiración y apoyo a actividades terroristas": http://www.elpais.com/articulo/internacional/chofer/Bin/Laden/niega/acusaciones/primer/juicio/Guantanamo/elpepuint/20080721elpepuint_6/Tes EUROPA "The Economist" analiza: "Bosnia's future: Balkan end-games. The long and winding road towards the European Union":http://www.economist.com/world/europe/displaystory.cfm?story_id=11751332"El País" de Madrid publica: " Sarkozy transmite a Irlanda su respeto al resultado del referéndum: El mandatario francés, que ejerce la presidencia rotatoria de la UE, se ha reunido con el primer ministro de Irlanda Brian Cowen en busca de una explicación al 'no'": http://www.elpais.com/articulo/internacional/Sarkozy/transmite/Irlanda/respeto/resultado/referendum/elpepuint/20080721elpepuint_16/Tes"El Mercurio"de Chile informa: "Sarkozy logra estrecha victoria con aprobación a reforma constitucional":http://diario.elmercurio.com/2008/07/22/internacional/_portada/noticias/11AF2738-5487-43B6-9D0F-71C578D6BE24.htm?id={11AF2738-5487-43B6-9D0F-71C578D6BE24}"MSNBC" publica: "Spanish police smash 'most wanted' ETA cell: 9 held as raids target Basque separatist group following series of attacks":http://www.msnbc.msn.com/id/25799230/"CNN" indorma: "Nine ETA bombing suspects arrested":http://edition.cnn.com/2008/WORLD/europe/07/22/spain.arrests/index.html"La Nación" informa: "La lucha contra el terrorismo en España: Desarticulan el comando más activo de ETA. Detuvieron a nueve personas, entre ellos el jefe; serían los responsables de la mayoría de los atentados cometidos tras el fin de la tregua":http://www.lanacion.com.ar/nota.asp?nota_id=1032470"El País" de Madrid informa: "España confirma que el Rey sí verá a Chávez: Un comunicado del Gobierno español dice que se reunirán el viernes en Mallorca, a pesar de que el presidente venezolano desmintió ayer que haya confirmado el encuentro": http://www.elpais.com/articulo/internacional/Espana/confirma/Rey/vera/Chavez/elpepuint/20080721elpepuint_2/Tes"La Nación" publica: "Cerraron el caso Maddie por falta de evidencias: Los padres harán otra investigación":http://www.lanacion.com.ar/nota.asp?nota_id=1032387"The Economist" analiza: "Berlusconi fiddles, Italy burns: Silvio Berlusconi's government is turning out to be depressingly similar to his previous one":http://www.economist.com/world/europe/displaystory.cfm?story_id=11751325Asia – Pacífico /Medio OrieNTE"MSNBC" informa: "Myanmar cyclone caused $4 billion in damage: Country needs at least $1 billion in aid over three years, U.N. says":http://www.msnbc.msn.com/id/25785731/"The Economist" informa: "Business in China: Busting trust. The land of the mega-monopoly is about to adopt an antitrust law":http://www.economist.com/business/displaystory.cfm?story_id=11751042"Time" publica: "China Pulls Troops From Quake Zone":http://www.time.com/time/world/article/0,8599,1825310,00.html"MSNBC" analiza: "Olympic city halves traffic to aid polluted skies: Car ban forces Beijing residents to take public transport in clean air bid":http://www.msnbc.msn.com/id/25778988/"CNN" infroma: "Indian government's future on a knife edge":http://edition.cnn.com/2008/WORLD/asiapcf/07/22/india.vote/index.html"Time" publica: "India MPs to Hold Confidence Vote":http://www.time.com/time/world/article/0,8599,1825382,00.html"El País" de Madrid informa: "El tifón Kalmaegi causa 18 muertos en Taiwán: El tifón ha causado graves inundaciones, corrimientos de tierra y pérdidas agrícolas de alrededor de diez millones de euros":http://www.elpais.com/articulo/internacional/tifon/Kalmaegi/causa/muertos/Taiwan/elpepuint/20080721elpepuint_1/Tes"Time" informa: "ASEAN Turns Blind Eye to Burma Rights":http://www.time.com/time/world/article/0,8599,1825357,00.html"El País" de Madrid informa: "Brown: "La paz entre palestinos e israelíes está al alcance de la mano": El líder laborista, primer 'premier' británico que habla ante la 'Knesset' (parlamento israelí).- Exige de nuevo a Irán que suspenda su programa nuclear":http://www.elpais.com/articulo/internacional/Brown/paz/palestinos/israelies/alcance/mano/elppgl/20080721elpepuint_11/Tes"La Nación": "Brown pidió a Irán que cese su plan nuclear":http://www.lanacion.com.ar/nota.asp?nota_id=1032345"Times" publica: "Bulldozer driver shot dead in Jerusalem after ramming cars":http://www.timesonline.co.uk/tol/news/world/article4378076.ece AFRICA"El País" de Madrid publica: "Gobierno y oposición de Zimbabue acuerdan iniciar un proceso de diálogo para salir de la crisis: El líder del MDC, vencedor de las elecciones que nunca reconoció el régimen de Mugabe, firmará en persona el acuerdo":http://www.elpais.com/articulo/internacional/Gobierno/oposicion/Zimbabue/acuerdan/iniciar/proceso/dialogo/salir/crisis/elpepuint/20080721elpepuint_12/Tes"CNN" informa: "Zimbabwe rivals sign deal on talks":http://edition.cnn.com/2008/WORLD/africa/07/21/zimbabwe.deal/index.html"Time" informa: "Breakthrough in Zimbabwe: Let's Talk":http://www.time.com/time/world/article/0,8599,1825151,00.html"CNN" publica: "Zimbabwe: Inflation 'highest in the world'":http://edition.cnn.com/2008/WORLD/africa/07/17/zimbabwe.inflation.ap/index.html"The Economist" analiza: "Sudan's leader is accused, but others can expect to follow: Will the indictment of Sudan's president for alleged war crimes help or hinder the prospects for peace in Darfur?":http://www.economist.com/world/africa/displaystory.cfm?story_id=11751353ECONOMIA"CNN" informa: "Oil jumps $2 on Iran, storm: Crude prices bounce back from $16 slide as Iran nuclear talks end without agreement and traders fear tropical storm in Gulf of Mexico.":http://money.cnn.com/2008/07/21/markets/oil/index.htm?postversion=2008072115"The Economist" publica su informe semanal: "Business this week":http://www.economist.com/displaystory.cfm?story_id=11751734&CFID=13935362&CFTOKEN=69812019"El País" de Madrid publica: "El rescate de Fannie Mae y Freddie Mac le costará al contribuyente 25.000 millones de dólares: Según la Oficina de Presupuesto del Congreso.- Los dos bancos hipotecarios siguen su desplome en la bolsa":http://www.elpais.com/articulo/economia/rescate/Fannie/Mae/Freddie/Mac/le/costara/contribuyente/25000/millones/dolares/elpepueco/20080722elpepueco_8/TesOTRAS NOTICIAS"El País" de Madrid publica: "Movilización mundial contra las FARC: Ingrid Betancourt pide en París la liberación de todos los secuestrados. Miles de asistentes a un concierto reclaman el fin de la guerrilla en Colombia":http://www.elpais.com/articulo/internacional/Ingrid/Betancourt/pide/Paris/liberacion/todos/secuestrados/elpepuint/20080721elpepiint_3/Tes"CNN" informa: "World rallies for FARC hostages' freedom":http://edition.cnn.com/2008/WORLD/americas/07/20/colombia.hostages.ap/index.html"The Economist" publica: "Iran and America: A surprising move. Why America is sending a top man to talk directly to the Iranians":http://www.economist.com/world/africa/displaystory.cfm?story_id=11751318
FYR Macedonia is a small, open economy with solid economic growth. It reached independence in 1991. Though it was the first among the six countries in South East Europe (SEE6) 7 to gain EU candidate status in 2005, it has not been able to start negotiations for EU accession, partly because of its name dispute with Greece. Yet, EU accession is the main anchor of its reform agenda and all major political parties and over 80 percent of the people support EU membership. Landlocked, with a population of 2.1 million, the country GDP per capita is USD 5371. FYR Macedonia has enjoyed macroeconomic and financial stability during the last decade. Growth has been solid with an annual real GDP per capita growth in PPP terms of 3.7 percent between 2006 and 2014. This was the second highest growth rate among the countries of South East Europe and far above the EU28 average of 1.4 percent during this period, enabling FYR Macedonia to increase its per capita income relative to the EU28 from 30.7 percent in 2006 to 36.6 percent in 2014. Contrary to other SEE6 countries, unemployment in FYR Macedonia has declined since the 2009, yet gains in poverty reduction seem to have been moderate. Fiscal stimulus was largely driven by revenue-reducing measures and public investment. Between 2006 and 2013, general government spending averaged about 34.5 percent of GDP, which is significantly below the SEE6 and the Europe and Central Asia (ECA) average. At the same time, general government revenues declined steeply from 33.8 percent of GDP in 2007 to 27.8 percent in 2014, one of the lowest in the ECA region as the government reduced its rates on the corporate income tax and personal income tax as well as social security contributions. Also, debt financed investments of SOEs increased. As a consequence, public debt increased, undoing the gains of previous fiscal consolidation but enabling FYR Macedonia to sustain growth in times of a difficult external environment.
Between 2000 and 2005 infrastructure made a contribution of 1 percentage point to Senegal's improved per capita growth performance, placing it in the middle of the distribution among West African countries during the period. Raising the country's infrastructure endowment to that of the region's middle-income countries (MICs) could boost annual growth by about 2.7 percentage points. Senegal has made significant progress in some areas of its infrastructure. In the transport sector, road standards are adequate and their quality average. Senegal has also strengthened the road institutional framework with the creation of the Second Generation Road Fund (FERA) and the Road Maintenance Executing Agency. It has also managed to have a toll road concession granted for the Dakar-Diamniadio Toll Highway. The tariffs in the railway sector are internationally competitive, and there has been improvement in the financial viability of ports. After Nigeria, the country stands as an emerging hub and a major player in air transport. Also, Senegal has managed to introduce private participation in electricity generation, and the unbundling of the electricity sector is under way even as the country actively participates in the regional power market. The country is on track to meet the Millennium Development Goals (MDGs) in improved water. In the information and communication technology (ICT) sector there has been an impressive expansion of the mobile and Internet markets. Senegal already spends around $911 million per year on infrastructure, equivalent to about 11 percent of its gross domestic product (GDP). Almost $312 million a year is lost to inefficiencies of various kinds, associated mainly with under-pricing in the power and water sectors, poor financial management of utilities, and inefficient allocation of resources across sectors. If Senegal could raise tariffs to cost-recovery levels and reduce operational inefficiencies in line with reasonable developing-country benchmarks, it could substantially boost its infrastructure sector.
