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This paper first describes the Bretton Woods system: its origin, what it was meant to achieve, and why it collapsed. We then describe the emergence of the global non-system in which inflation targeting has replaced full-employment Keynesianism and floating exchange rates have replaced the Bretton Woods set-up of fixed but adjustable exchange rates. We describe how the Bretton Woods system set about achieving the three objectives laid down for a well-functioning international economic system by John Maynard Keynes: full employment without inflation, sustainable current account balances between countries, and a sustainable flow of international financial capital—on the understanding that an open trading regime is also fostered. Because the global non-system is now very different from the Bretton Woods system, Keynes's objectives now need to be achieved in a very different manner. Looking forward, this non-system faces a number of longer-term challenges. Important adjustment issues will arise in relation to the global demographic transition; the potential long-term slowdown in productivity growth; and the rise in investment in renewable sources of energy which will be necessary to help ensure that the world is able to move towards zero emissions of carbon by 2050. We also discuss important policy issues in relation to the flows of international capital to emerging market economies, and the likely need for a sovereign debt reconstruction mechanism. We then go on to consider two significant structural changes to the world—the emergence of the European Monetary Union and the rise of China. A final section of the paper considers the importance of leadership in this global non-system. [ABSTRACT FROM AUTHOR]

The impact of foreign direct investment (FDI) on environmental quality has been discussed in the environmental economics literature over the last decades. Within this scope, the pollution haven hypothesis (PHH) postulates that FDI inflows can cause environmental degradation in developing countries. Using data over the period 1993–2018 for 10 developing countries with current account deficits, this paper aims to test the validity of the PHH. Therefore, the paper examines whether or not developing countries face off a trade-off between financing current account deficits and environmental deterioration. The paper employs panel data methods that consider cross-sectional dependence. The empirical findings show that foreign direct investment inflows have no impact on environment, meaning the PHH does not dominate for these countries. Hence, the findings indicate that there is no trade-off between financing current account deficits and environmental deterioration. [ABSTRACT FROM AUTHOR]

The paper argues that Lucas (1972. 'Expectations and the Neutrality of Money.' Journal of Economic Theory 4 (2): 103–124) played a significant role in changing Friedman's theoretical propositions of the 1970s, and that his restatement of Friedman's (1968b. Dollars and Deficits. Inflation, Monetary Policy and the Balance of Payments. Englewood Cliffs: Prentice-Hall International) address on monetarism helped Friedman refine his argument, regarding both theory and policy-making, in a consistent manner. First, the adoption of the rational expectations hypothesis eventually led to a confrontation with Friedman, whose own approach to probability, based on subjective uncertainty, originated in his early joint work with Savage. Second, Lucas' modelling of the aggregate supply function undermined Friedman's earlier approach to the interrelationships between prices and quantities, but also helped remind Friedman of his Marshallian lineage. Lastly, Lucas's monetary cycle theory, based on an extraction signal problem that was quickly criticized and abandoned, compelled Friedman to give a firmer theoretical foundation to his monetary policy rule based on a constant rate of growth in money supply, thanks to his earlier approach of subjective uncertainty and personal probability. [ABSTRACT FROM AUTHOR]

This paper analyzes and describes multinational companies as a business internationalization strategy through foreign direct investments (FDIs) for business internationalization to reach business values in the frames of globalization. The analysis and results demontstrated that Multinational companies (MNCs) and foreign direct investments (FDIs) may face challenges and risks in new locations due to economic and political instability, difficulties of infrastructure, distrust in the locations, locations, difficulties of balance in payment, challenging negotiations in business agreements and quality contracts, borders and transportation challenges, challenging in the market size. Multinational companies that go for foreign direct investment have an economic impact and can affect a country's economy in various ways, for example, in the balance of payments, in growth rates and in job creation. The effect of foreign direct investment by multinational companies can be negative or positive depending on certain factors. A multinational company's pattern of internationalization represents different factors of possibilities, costs, risks and difficulties faced during its internationalization. In conclusions, Foreign direct investment (FDI) is an important step towards business internationalization and if the domestic company decides to go multinational towards FDI, it has to consider the factors of ownership, location and internalization to reach business internationalization as confirmed in Dunning's framework and this analysis. [ABSTRACT FROM AUTHOR]

In some countries, a sizable fraction of savings is derived from corporate savings. Although larger, traded corporations are often co-owned by foreign portfolio investors, current international accounting standards allocate all corporate savings to the host country. This paper suggests a framework to correct for this misleading attribution and applies this concept to Germany. For the years 2012–2020, our corrections retrospectively reduce German savings and consequently the German current account surplus by, on average, €11.5 bn annually. This amounts to lowering Germany's average official current account surplus (€226.6 bn) across these years by approximately five percent. [ABSTRACT FROM AUTHOR]

The paper examines whether certain macrofinancial indicators can be used for early detection of recessions. Analysing a sample of small open economies from Central and Eastern European Union, we first identify the most important indicators used for early detection of recessions, and then test the validity of the selection by using the signal method and multivariate probit regressions. Our results imply that the most effective predictors of upcoming recessions are the slope of the yield curve, current account balance to GDP ratio, real estate price index, self-financing ratio of commercial banks, nominal effective exchange rate, global exports and LIBOR rate. Using the Mann-Whitney U Test, we also find that foreign indicators emit earlier signals of incoming recessions in analysed countries than domestic ones. This type of research is important because of the various stakeholders that base their decisions on the signals provided by these indicators. Primarily, these are various government agencies that participate in monetary and fiscal policy making. Early warning of an impending recession allows economic policy makers to take corrective action to avoid a recession or to significantly mitigate its effects, while unreliable indicators may lead to adoption of unnecessary measures with adverse effects on the economy. [ABSTRACT FROM AUTHOR]

This paper uses principal components analysis to describe the evolution of current account imbalances in a sample of 18 Organization for Economic Cooperation and Development countries from 1950 to 2020. The analysis shows, using only statistical methods, how two groups of countries formed in the 1980s. There is the current account surplus group including countries in Northern Europe, Japan and Switzerland and then the deficit group including the United States, the United Kingdom, Australia and several countries in Southern Europe. The divergence cannot be attributed to divergence in fiscal and monetary policy. Instead, there is some support for the thesis of Robert Aliber set out in another paper in this issue that capital flows between countries affect exchange rates, asset prices and the current account. The paper builds on two earlier papers in this journal by the same author, one showing how countries that have experienced a financial crisis tend to subsequently develop current account surpluses and the other showing how surpluses and deficits caused by capital flows affect the domestic real economy. [ABSTRACT FROM AUTHOR]

The presence of high short-circuit currents (200–300 kA) in autonomous and generator power systems of low and medium voltage classes, causing a decrease in the switching resource of switching facilities, necessitates the search for ways of limiting the current. The paper proposes a solution to this problem: a semiconductor current-limiting device based on a DC chopper, a DC-to-DC converter. This devices' features are its low dimensions and losses during typical operation. Semiconductor elements can be arranged quite compactly due to the lack of radiators for cooling, since the cooling process—taking into account the short duration of the current limitation process—is not efficient. The choice of semiconductor devices takes into account the short duration of the current load, as a result of which the temperature of the semiconductor structure does not exceed its permissible value. This paper presents a method for calculating the parameters of semiconductor devices, taking into account the current load as well as adjusting the magnitude of current limitation to a value that can be disconnected by switching devices. The short-term mode of operation of the power semiconductor device with current regulated by the frequency and duty cycle of its operation makes it possible to facilitate the required current limitation in the circuit for the subsequent fault clearance with a typical electrical device. The problem of overcurrent of one of the elements of the limiter is noted, which requires special attention to ensure that the semiconductor device is not overheated. This paper also presents the principle of current limitation, summarizes the results of experimental studies, and analyzes the presented capabilities of a semiconductor current limiter. [ABSTRACT FROM AUTHOR]

The main goal of this contribution is to assess the development of the economic condition of the Slovak Republic in the context of the impacts of the COVID-19 pandemic. The situation regarding the development of and changes in the economic condition of Slovakia is compared with that in selected EU countries, considering the effects of previous global crises, with a focus on the impacts on small and medium-sized enterprises. The economies of European countries are mentioned to illustrate the ideas of the presented paper, with an emphasis on the economic dimension of the COVID-19 pandemic and its subsequent impact on the Slovak Republic. This research is conducted through basic analytical tools and an analysis of the development of macroeconomic indicators, and by addressing the issue through data from a globally available database. The results in this paper serve as proposals and recommendations for the mitigation of negative economic impacts. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of four historical tropical storms on the Colonial Bank's operations in the British Caribbean between 1922 and 1927. By employing a high-frequency data set of bank transactions, this study reveals how these severe shocks influenced the banking activities of clients. The findings reveal a multifaceted and significant impact of tropical storm strikes on the banks' operations, particularly a surge in borrowing via overdrafts of current accounts. Moreover, the study reveals the multifaceted nature of such storms' impact on the bank's functionality, with affected branches demonstrating an uptick in deposits and savings as a strategy to mitigate funding shocks. The results of the econometric analysis indicate that the impact of such storms on banks' functionality during the early 20th century was significant and multidimensional. It highlights the critical role that the Colonial Bank plays in facilitating recovery from these devastating events and contributes to the existing literature by studying multiple shocks at different geographical locations and time frames. [ABSTRACT FROM AUTHOR]

Copyright of Ekonomske Ideje i Praksa is the property of Centar za Izdavacku Delatnost Ekonomskog Fakulteta u Beogradu and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Collective intentional actions are intentional actions of more than one individual. These actions come in many forms. Some are pursued spontaneously by strangers in face-to-face situations, others are performed by highly coordinated groups of individuals that know each other very well, others are actions in which the participating individuals, widely spread in space and time, act in organized ways. Current accounts of collective intentional action have privileged one or other kind of case, leaving out the study of other cases. This paper seeks to remedy this situation by offering a methodological framework that allows to study, both conceptually and empirically, all the variety of cases of collective intentional actions. It first presents the standard accounts of collective intentional action and argues that they fail in capturing all the cases that arguably count as cases of this kind. It then puts forward a multidimensional and paradigmatic (MAP) methodology for the study of collective intentional actions. It is shown how this methodology offers a unified, overarching, characterization of collective intentional actions. In conclusion, the paper compares the different methodologies and shows how the MAP methodology can inform the interdisciplinary study of collective intentional action. [ABSTRACT FROM AUTHOR]

Purpose: This paper provides a structured literature review of blockchain in accounting. The authors identify current trends, analyse and critique the key topics of research and discuss the future of this nascent field of inquiry. Design/methodology/approach: This study's analysis combined a structured literature review with citation analysis, topic modelling using a machine learning approach and a manual review of selected articles. The corpus comprised 153 academic papers from two ranked journal lists, the Association of Business Schools (ABS) and the Australian Business Deans Council (ABDC), and from the Social Science Research Network (SSRN). From this, the authors analysed and critiqued the current and future research trends in the four most predominant topics of research in blockchain for accounting. Findings: Blockchain is not yet a mainstream accounting topic, and most of the current literature is normative. The four most commonly discussed areas of blockchain include the changing role of accountants; new challenges for auditors; opportunities and challenges of blockchain technology application; and the regulation of cryptoassets. While blockchain will likely be disruptive to accounting and auditing, there will still be a need for these roles. With the sheer volume of information that blockchain records, both professions may shift out of the back-office toward higher-profile advisory roles where accountants try to align competitive intelligence with business strategy, and auditors are called on ex ante to verify transactions and even whole ecosystems. Research limitations/implications: The authors identify several challenges that will need to be examined in future research. Challenges include skilling up for a new paradigm, the logistical issues associated with managing and monitoring multiple parties all contributing to various public and private blockchains, and the pressing need for legal frameworks to regulate cryptoassets. Practical implications: The possibilities that blockchain brings to information disclosure, fraud detection and overcoming the threat of shadow dealings in developing countries all contribute to the importance of further investigation into blockchain in accounting. Originality/value: The authors' structured literature review uniquely identifies critical research topics for developing future research directions related to blockchain in accounting. [ABSTRACT FROM AUTHOR]

Stewardship is a concept that has historically underpinned the practice of accounting, with a focus on the stewardship of financial resources. As times change, so too do the elements of organisational performance that might be subject to stewardship demands. Critically for this paper, a roadmap for organisational stewardship in the Anthropocene is developed. In brief, the Anthropocene is a term used to describe how human actions drive earth systems functioning, generating effects (for example) on the climate system as well as on the diversity of living creatures. Given these effects, an enlarged understanding of stewardship emerges that focuses on corporate purpose that takes account of wider than financial ambitions and effects as well as on governance processes that can support a broader perspective. The paper also highlights that achieving stewardship for 'wicked problems' that emerge from complex adaptive systems (with emergent elements and tipping points) might be best addressed by coalitions of organisations collaborating to achieve systems effects. Such an approach also suggests that accounting data gathering and tracing of organisational impact will require greater spatial capabilities than have previously been the case. Accounting for stewardship in the Anthropocene, therefore, represents a significant advance to current accounting practice. [ABSTRACT FROM AUTHOR]

The notion of utility gained a strong foothold in health economics over the last decades. However, the concept of health utility has not yet been decisively or irrefutably defined and the definitions that exist often do not take into account the current state of psychological literature. This perspective paper shows that the current definition of health utility emphasizes decision-making processes, deploys personal preferences, assumes psychological egoism, and attempts to objectively and cardinally measure utility. However, these foundational axioms that underly the current definition of health utility are not necessarily in concurrence with the current state of psychological literature. Due to these perceived shortcomings of the current health utility definition, it may be beneficial to redefine the concept of health utility in accordance with the current state of psychological literature. In order to develop such a revised definition of health utility the commonly deployed formula (Eidos = Genos + Diaphora) originating from Aristotle's metaphysics is applied. The revised definition of health utility proposed in this perspective paper alludes to health utility as 'the subjective value, expressed in terms of perceived pain or pleasure, that is attributed to the cognitive, affective and conative experience of one's own physical, mental and social health state, which is determined through self-reflection and interaction with significant others'. Although this revised definition does neither replace nor supersede other conceptualizations of health utility, it may serve as a refreshing avenue for further discussion and could, eventually, support policymakers and health economists in operationalizing and measuring health utility in an even more accurate and veracious manner. [ABSTRACT FROM AUTHOR]

This paper examines monetary policy spillovers from the US and the People's Republic of China (PRC) to real and financial sectors in advanced and emerging Asian economies over the period 2000 to 2020. Using a structural vector autoregression (SVAR) approach, we find that Asian economies overall are more susceptible to spillovers to GDP, inflation, and the current account emanating from monetary policy shocks in the PRC than to those from the US. This is related to high inter-regional trade integration in Asia and is in line with previous research findings. However, while the prevailing literature has highlighted the dominant role of US monetary policy as a transmitter of shocks to global and Asian financial markets, we find more persistence in the response of advanced Asian interest rates to PRC monetary policy shocks. In addition, emerging Asian economies are found to be more susceptible to shocks emanating from the PRC in respect of equity markets and exchange rates. The rising synchronization of Asian financial markets in relation to the PRC as the financial account in the PRC has gradually opened as well as indirect effects via trade and regional value chains help to rationalize our findings. [ABSTRACT FROM AUTHOR]

Every country attempts to improve its balance of payments (BOP) position to enhance macroeconomic policy. Algeria, like many developing countries, is experiencing a BOP deficit. This raises concerns about the reasons for this deficit and prioritizes the quest for potential answers. In the context of the Monetary Approach to the balance of payments (MABP), this paper investigates the long-run relationship between domestic credit, inflation, interest rate, GDP, and net foreign assets to find whether BOP is a monetary phenomenon in Algeria from 1980 to 2019. The Autoregressive Distributed Lag (ARDL) bounds test, combined with the critical approximation p-values of Kripfganz and Schneider (2020), has been applied. The findings clearly showed a long-run relationship among the variables. The long-run estimates strongly supported MABP propositions, and domestic credit had a negative and statistically significant influence on net foreign assets. This suggests that Algeria's BOP is a monetary phenomenon, and excess money supply played a crucial role in Algeria's balance of payments disequilibrium. The contribution of this paper is the use of the ARDL bounds test in combination with the novel critical approximation p-values of Kripfganz and Schneider (2020), which provided more robust results. This study could help monetary authorities to elaborate the suitable policies in dealing with BOP problems in Algeria. [ABSTRACT FROM AUTHOR]

This paper revisits the crucial issue of current account imbalances and focuses on the determinants of their gaps between eurozone Member States. We conduct robust estimations of the current account balances for a panel of ten founding euro area economies and construct a measure that allows us to diagnose why some countries have started to diverge from the eurozone mean in the last two decades. Our findings show evidence of remaining differences in countries' economic development, meaning that real macroeconomic convergence has failed in the zone. Price and cost competitiveness, as well as fiscal balances, have also participated in this growing macroeconomic divergence. Overall, while the European authorities cannot influence the part of the current account gaps due to demographic factors, the role of fiscal redistribution and investment at the euro area level could help achieve macroeconomic convergence and thus reduce current accounts' divergence in the zone. [ABSTRACT FROM AUTHOR]

This study estimates the long-term impact of Chinese RMB exchange rate movements on the trade balance between China and the Eastern African Belt and Road Initiative countries. The Pedroni cointegration analysis and the fully modified and dynamic OLS techniques are applied to the dataset from UNComtrade and China Statistical Yearbook 2019. Some specification novelties are the use of imports and exports as independent variables. By so doing, the paper proposes an alternative measure of the trade balance. We find that the RMB exchange rate movements are stable during the sample period and slightly affect the trade balance between China and the Eastern African BRI countries. Additionally, the study does not find evidence supporting the J-curve effect in China-East Africa trade balance. The empirical results suggest that the Eastern African BRI countries would gain much more trading collectively with China than individually. Therefore, the study strongly recommends that the East African Community accelerate its integration process and establish Export Quotas for trade outside the bloc. [ABSTRACT FROM AUTHOR]

Copyright of Journal of International Relations / Medzinarodne Vztahy is the property of University of Economics in Bratislava, Faculty of International Relations and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

EU member states observe an elaborate process to preserve macroeconomic stability: the macroeconomic imbalance procedure (MIP). The MIP is supposed to monitor and prevent macroeconomic imbalances – and if necessary, correct them. It considers a variety of variables to determine the existence of imbalances, e.g. the current account balance or unit labour costs. However, the macroeconomic impact of climate change is ignored. In light of the growing economic risks due to climate change, this article argues that the MIP should consider climate-related risks explicitly to maintain relevance. [ABSTRACT FROM AUTHOR]

In this paper, we analyze the financial flow of funds between Chile and its trade and investment partners using balance of payments data for Chile and for a set of comparable economies. We show that the inbound and outbound financial flows have been consistently balanced by long term funding, at least up to the year 2020, Chile showing a positive position on foreign portfolio investments grossly matched by a negative position on foreign direct investments. However, we document a systematic deficit in terms of returns and yields: inbound financing is more remunerative than outbound financing. The imbalance is especially salient as per the direct investments. The last part of the paper is devoted to a somewhat open discussion on whether a better matching of funds could be effected to the overall advantage of Chile, in what is called the 'inwardization' of domestic finance. Some economic policy considerations result. [ABSTRACT FROM AUTHOR]

This paper provides a monetary perspective on capital flows and their effects on geographically uneven economic dynamics. Contributing to debates on global imbalances and the international dimension of financialisation, the paper applies heterodox theories of endogenous money creation, asset pricing, and balance sheet fragility to capital flows across regions. Three theoretical claims are made and illustrated through coherent balance-sheet accounting and empirical examples. First, trade imbalances usually are financed endogenously by net inflows that need not originate from surplus regions. Second, bank inflows are not a precondition for local credit creation, but certain types of gross financial flows can contribute to destabilising financial booms through exchange rate appreciation and asset price inflation. Third, sudden stops in capital flows can be entirely unrelated to current account deficits but may trigger financial instability, resulting in negative gross flows rather than increased outflows. For debates in economic geography and heterodox economics, the arguments imply that the focus on surplus countries as originators of destabilising flows can be misleading and that global financial centres are likely to be more important. More attention is needed to gross portfolio and FDI flows into asset markets rather than bank flows and net flows. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to discuss the consequences of trade-based money laundering (TBML) and informal remittance services on the sustainability of the position of balance of payments and net foreign assets of a small open economy. Design/methodology/approach: This paper uses a case study design using facts related to TBML and informal remittance services on the balance of payment and net foreign assets of Sri Lanka. Findings: The contextual analysis reveals that the growth of the informal economy promotes informal remittance services in Sri Lanka. The policy decision to peg local currency to US dollars as a result of a shortage of foreign exchange had forced people to use informal channels for different purposes. The unclear and vague customer due diligence process of the anti-money laundering and countering the financing of terrorism (AML/CFT) regime also has forced people to use informal remittance services. Criminals especially drug traffickers have grabbed the promoted informal remittance services to transfer proceeds from Sri Lanka to overseas drug suppliers. On the other hand, systematic deficiencies in monitoring and regulation of movement of fund transfers and merchandise across borders provide opportunities for criminals to use different TBML techniques to transfer funds. These limitations force policymakers and regulators to think of developing a comprehensive payment ecosystem to prevent money laundering and terrorist financing. Therefore, the global initiative is required to move towards a payment ecosystem from a recommendation-based AML/CFT regime to reduce global crimes. Research limitations/implications: This study was designed to discuss the implications of TBML and informal remittance services on the balance of payments and net foreign assets in a small open economy. The structure and size of the economy, the strength of the overall economy and the AML/CFT regime will play an important role in controlling criminal activities and combating money laundering of an economy; hence, the impact of TBML and informal remittance services will vary accordingly across the countries Originality/value: This paper is an original work done by the authors, which discusses the implications of TBML and informal remittance services on the balance of payments and net foreign assets of an emerging market context. [ABSTRACT FROM AUTHOR]

Compared with the previous accounting information system (hereinafter referred to as AIS), the dynamic and changing environment of accounting cloud service, cloud storage away from enterprise entities, service modules selected for purchase, and seamless dynamic configuration. With the emergence of new situations such as the reconstruction of accounting information processing process, the emergence of new features increases the information risk of enterprises. Therefore, taking reasonable and effective measures can enable enterprises to intuitively understand whether AIS is credible in the accounting cloud service environment. Referring to the existing research system in the field of reliability evaluation, this paper analyzes the current situation of accounting cloud service and its characteristics compared with the previous AIS and divides it into four parts: normative inspection, index calculation, and reliability calculation to illustrate the method system for measuring the reliability of accounting cloud service. This paper analyzes the reliability requirements and reliability attributes of accounting cloud services and constructs a reliability evaluation grade model combined with fuzzy comprehensive evaluation to guide the selection of users and the quality management of cloud accounting suppliers. Considering the complexity and dynamics of AIS reliability evaluation in accounting cloud service environment, the reliability of AIS is also affected by the complex call relationship between modules; combined with the complex network theory, a reliability analysis and evaluation method of accounting cloud service based on complex network are proposed. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Metodos Cuantitativos para la Economia y la Empresa is the property of Universidad Pablo de Olavide and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The paper deals with the analysis of current Czech accounting procedures in the case of accounting for the works of art and collections, which are tangible fixed assets. The aim of paper is to assess the current accounting procedures of this issue and the proposal of new procedures. The method of process analysis examines the valid methodological procedures and characterizes their pros and cons. It has been found out that charging the works of art, which are tangible fixed assets, is in contradiction to the Accounting Act in accordance with the Czech legislation in force, as the result is not a faithful representation of the current value of entity's assets. The works of art - tangible fixed assets, are represented in acquisition price in accounting. If the works of art are a part of structure, they are depreciated simultaneously with it. If they are represented independently, their value never changes in accounting in the course of time. Current accounting fails to reflect the increase of artwork value in the course of time. Therefore, it fails to provide a true image of entity's assets and financial situation. The advantage of this way of charging is a fact that it is not demanding for an entity in terms finance and labor. New accounting procedures, which would enable the representation of the current artwork value, both its increase and its decrease, e.g. damage, are proposed in the paper. It would be possible to account for the increased market value on the basis of expert opinion in the given asset account in relation to the account in the group 58 in the 4th account class. It would be possible to account for the temporary decreased value with the help of adjustments, in the case of a permanent value decrease, in accordance with the expert opinion, the value of the given asset account would decrease in relation to the account in the group 54. The pros and cons of the proposed methodology are defined. The user would obtain current information about the value and structure of given entity's assets. However, the adoption of the new methodology would be significantly demanding for an entity in terms finance and time. [ABSTRACT FROM AUTHOR]

Current account deficit poses a serious threat for a country's macroeconomic stability despite the fast economic growth. The primary objective of this paper is to explain and critically examine the determinants of current account deficit across seven South Asian countries using yearly data for 1980–2016 period. This paper employed several econometric techniques such as cross‐sectional dependence to see if shocks that occur in one country affect another, panel unit root test to check the stationary of the data and Panel cointegration test to check long‐run relationship among the variables. This study also implemented Continuously Updated estimation procedure given to estimate long‐run coefficients. The findings suggest that an appreciation of real effective exchange rate leads to a reduction in current account deficit, contrary to popular belief. The analysis also reveals that financial development, trade openness, fiscal balance and population growth have positive and significant relationship with current account deficit in South Asia but net foreign asset negatively affects current account deficit. This study, therefore, has several policy implications for South Asian countries. [ABSTRACT FROM AUTHOR]

In this paper, score-driven time series models are used, in order to provide robust estimates of the seasonal components of Russian rouble (RUB) currency exchange rates for the period of 1999 to 2020. This paper is the first empirical application of score-driven models to the RUB to US dollar (USD) and RUB to Euro (EUR) currency exchange rates in the literature. The model includes score-driven local level, seasonality, and volatility components for a variety of probability distributions: Student's t distribution, skewed generalized t (Skew-Gen-t) distribution, exponential generalized beta distribution of the second kind (EGB2), normal-inverse Gaussian (NIG) distribution, and Meixner (MXN) distribution. The use of the MXN distribution is new in the literature of score-driven seasonality models. We show that the score-driven models of this paper are robust to changes in the currency exchange rate regimes of the Bank of Russia. We find that the annual seasonality of the RUB is significant, and it is in the range of ± 4 % . We review the determinants of the RUB seasonality using data on exports, imports, and primary income from the current account of the Russian Federation. The statistical performances of all score-driven models are superior to the statistical performance of the classical multiplicative seasonal autoregressive integrated moving average (ARIMA) model. Our results may motivate the practical use of score-driven models of the RUB exchange rate seasonality for financing, investment, or policy decisions. [ABSTRACT FROM AUTHOR]

Purpose: The International Integrated Reporting Council (IIRC) has promulgated the production of integrated reports to enhance transparency and encourage improved stakeholder relationships. The purpose of this study/paper is to explore how managers prioritize the needs of stakeholders and to what extent integrated reporting is associated with those stakeholder relationships. Design/methodology/approach: The paper uses a case study/interpretative approach to compare the underlying motivation for the preparation of an integrated report across three case study sites from three different industry groups. Face-to-face and telephone semi-structured interviews, email correspondence and a review of the integrated reports form the basis for the data collection and analysis. Findings: The case studies investigated for this project provide evidence that integrated reporting did motivate further stakeholder engagement to increase the organizations' legitimacy and transparency. Overall, the authors found that the three case study organizations used the production of an integrated report to cement their place as a "leader" in their respective industry group. Moreover, managers regarded the current statutory accounts as inadequate in communicating and engaging with a broad range of stakeholders. There were elements of enhancing, defending and repairing legitimacy and managers tended to equate legitimacy with transparency. Research limitations/implications: Three case study sites were selected on the basis of producing exemplary integrated reports, and senior executives provided their views on stakeholder engagement. For the scope of this study, the stakeholders themselves were not involved in this investigation which can be viewed as a limitation. Practical implications: The international IIRC Framework is built upon the notion that stakeholders are integral to assisting the organization in creating value. The outcomes of this investigation suggest that for preparers, the incumbent organization is reliant on the leadership of senior managers (inclusive of the chief executive officer) and directors to actually instigate the process. In Australia and New Zealand, given that integrated reporting is not mandatory, regulators have no influence over the scope, content and veracity of integrated reports. It seems likely that further stakeholder engagement will become intrinsic to the business model of organizations as a means to quell any notion that it is engaging in greenwashing. Originality/value: The value of this paper is to contrast how three quite distinct organizations are using their integrated reports to communicate their approach to stakeholder engagement. Stakeholder salience dimensions are used to explore the importance attributed by senior managers. [ABSTRACT FROM AUTHOR]

Copyright of Kastamonu University Journal of Economics & Administrative Sciences Faculty / Kastamonu Üniversitesi Iktisadi ve Idari Bilimler Fakültesi Dergisi is the property of Kastamonu University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Economy & Market Communication Review / Casopis za Ekonomiju i Trzisne Komunikacije is the property of Pan-European University Apeiron and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper reviews the empirical literature on the determinants and decision usefulness of goodwill reporting. We structure our discussion around five guiding questions that reflect longstanding policy issues: recognition, initial and subsequent measurement, disclosure, and the role of governance and monitoring. In addition to summarizing the findings, we assess the validity of the evidence. Our review indicates that goodwill amounts, on average, are associated with the underlying economics of the combining firms but are also shaped by managerial incentives and institutional context. Empirical research does not allow us to conclude whether current goodwill accounting rules provide for an optimal degree of discretion. Nonetheless, our analysis yields a number of policy implications and research suggestions. In addition to pointing out new research questions that could be addressed by further archival research, we advocate reproduction studies to test the generalizability of existing findings across contexts, and we encourage standard setters to initiate quasi-experiments to generate causal evidence and to render policymaking more accountable. We further suggest that researchers make more use of behavioral theories and non-archival methods to elucidate the motives and interactions of decision-makers in goodwill accounting. [ABSTRACT FROM AUTHOR]

The COVID-19 crisis battered the Japanese economy. The purpose of this paper is to investigate whether the pandemic has left scars. To this end, it employs out-of-sample forecasting models and detailed stock market data for 30 sectors and disaggregated current account data for the 3 years after the first case occurred. The findings indicate that stock prices in sectors such as tourism, education, and cosmetics remain far below forecasted values after three years. Office equipment and semiconductor stock prices initially fell more than predicted but have since recovered. Other sectors such as bicycle parts and home appliances gained at first but are now performing as expected. Sectors such as home delivery and electronic entertainment continue to outperform. The results also indicate that income flows from Japanese investments abroad are much larger than forecasted, keeping the Japanese current account in surplus even as imports of oil and commodities have created persistent trade deficits. Since the travails of hard-hit sectors such as tourism reflect their exposure to the COVID-19 pandemic rather than bad choices made by firms, policymakers should consider employing cost-effective ways to stimulate economic activity in these sectors. [ABSTRACT FROM AUTHOR]

The digitalisation of processes is a current topic in accounting. New technologies can change activities which in turn may require different skills from accounting graduates. This paper aims to shed light on the changes that digitalisation brings about in various areas of accounting by assessing the types of activities (non-routine and routine) and corresponding competences in the context of progressing stages of digitalisation. In addition, it is analysed how different technologies are used in these activities and where their execution is placed within the supply chain. The systematic literature review shows a lack of expertise in the field of digitalisation that enables graduates and employees to successfully manage respective processes in the workplace. While routine activities are continuously being automated or digitalised, non-routine activities and the corresponding skills have a similarly increasing importance for employees in accounting as the acquisition of general digital competences. [ABSTRACT FROM AUTHOR]

The paper aims to search for confounding factors that are instrumental in the economic growth of the selected 19 economies that are emerging as recognised by IMF. Also, consistent with these findings, to inquire the profound influence of multiple factors on the economic growth of 19 EMEs from 2000 to 2017. The purpose of the study is to identify factors responsible for the growth of selected emerging markets (EMEs), analyse their growth trajectory and suggest policy implications for EMEs. This objective is fulfilled with the help of panel data regression models, namely, pooled regression models, fixed vs. random panel models, and dynamic panel regression models. The study found a significant and positive influence of broad money, agriculture, capital, air transportation and, current account balance on the economic growth of the countries. However, health expenditure, life expectancy at birth and credit have a negative impact on the GDP of 19 selected EMEs. [ABSTRACT FROM AUTHOR]

Reconciliation of transactions between multiple parties is a time-consuming process. This paper presents a new conceptual framework that may lower costs and shorten the reconciliation time. The proposed framework recommends recording transactions on the blockchain before populating the transacting parties' respective enterprise resource planning (ERP) systems, which will be the source of a single truth. This information flow will result in all involved parties having access to the same transaction details. Further, the paper presents a technical feasibility demonstration with two examples, where all involved parties are executing transaction details on the blockchain after meeting the governing smart contract constraints using their digital wallets. The new conceptual framework has been specifically designed to create one truth for all parties involved in a transaction that in turn may eliminate what is perceived to be unnecessary redundancy in current accounting systems. [ABSTRACT FROM AUTHOR]

Cell biologists have long aimed at quantitatively modeling cell function. Recently, the outstanding progress of high-throughput measurement methods and data processing tools has made this a realistic goal. The aim of this paper is twofold: First, to suggest that, while much progress has been done in modeling cell states and transitions, current accounts of environmental cues driving these transitions remain insufficient. There is a need to provide an integrated view of the biochemical, topographical and mechanical information processed by cells to take decisions. It might be rewarding in the near future to try to connect cell environmental cues to physiologically relevant outcomes rather than modeling relationships between these cues and internal signaling networks. The second aim of this paper is to review exogenous signals that are sensed by living cells and significantly influence fate decisions. Indeed, in addition to the composition of the surrounding medium, cells are highly sensitive to the properties of neighboring surfaces, including the spatial organization of anchored molecules and substrate mechanical and topographical properties. These properties should thus be included in models of cell behavior. It is also suggested that attempts at cell modeling could strongly benefit from two research lines: (i) trying to decipher the way cells encode the information they retrieve from environment analysis, and (ii) developing more standardized means of assessing the quality of proposed models, as was done in other research domains such as protein structure prediction. [ABSTRACT FROM AUTHOR]

Purpose: This study explored the impact of COVID-19 on the petroleum sector in Egypt, both economically and socially. Of all sectors of the economy, the oil industry has been one of the most negatively impacted by the pandemic, with oil prices plummeting at the start of the pandemic. Use to decrease demand. This paper aimed to analyse the main economic and social effects of the pandemic on the Egypt oil industry through an examination of the macroeconomic data reflected in the Egyptian balance of payments, the country's general budget and the oil industry's performance data. The study also conducted a survey of a set of workers from the Egyptian petroleum sector. The study thus concluded two levels of analysis; a macrolevel and a micro level analysis of the effect of COVID-19 on the Egyptian oil industry. Design/methodology/approach: The paper builds upon the experience gained from evaluating market change caused by COVID-19 (Agosta et al., 2020), to analyse the socioeconomic implications of COVID-19 on the Egyptian oil industry. This study employed a survey analysis of questionnaires filled by on a sample of workers in the petroleum sector in Egypt. Data were analysed using the SPSS software, version 18.0. Descriptive analysis was reported as frequencies and percentages. The macroeconomic impact analysis was done by analysing macro-economic data pertaining the oil industry's levels of production as well as the data pertaining to Egypt's external balance of payment and public finance. Findings: The paper concludes that although the COVID-19 pandemic had negatively impacted the socioeconomics of oil sector workers, reducing their incomes and costing them jobs, these effects appeared to be short term effects that could be minimised with the end of the pandemic and be mitigated through the adequate social and economic policies. No permanent socioeconomic losses were thus deemed to be a serious concern with respect to these workers. The study also concluded that, macroeconomically, lower global oil prices has had a net positive effect on the Egyptian economy as the causing an expected shrinkage of the overall trade deficit. It also has reduced the national budget deficit and has helped mobilise money into the economy, financing both investments and social expenses. Research limitations/implications: The survey was very hard to reach, where lot of workers in the petroleum sector (governmental) refused to answer the questions. Practical implications: Some African countries may not have all the necessary most recent data of economic indicators needed to ascertain with certainty the economic impact of the COVID-19 pandemic. And, at the event that data are completely available, analysts must consider that any worsening of the economy may not stem directly from the pandemic itself. Causality has to be clearly established. The survey therefore focused on the attitudes and perceptions of oil sector workers, irrespective of whether a given indicator had been affected by the pandemic or is seen likely to be affected by it in the future. All those responding have reported the belief that economic indicators, such as GDP growth, inflation and trade had been impacted negatively by the spread of COVID-19. They also believed the effects of the pandemic on transport to have had direct effects on the oil industry. Social implications: The social impact of the pandemic was less apparent, particularly among governmental sector workers compared with those in the private sector. However, freelancers have reported some issues that may be become more apparent through aggregated data. Originality/value: This study has presented some preliminary estimates of the impact of the COVID-19 outbreak on petroleum sector in Egypt. The goal was not to be definitive about the virus outbreak, but rather to provide information about a range of possible economic costs of the disease. While, a detailed quantification of the socioeconomic impact of the coronavirus pandemic may not be feasible, it is still useful to identify possible transmission channels through which the pandemic may affect the Egypt economy and society. It is also useful to identify key issues that are likely shape short- and medium-term socioeconomic prospects in Egypt as a result of the COVID-19 pandemic outbreak in Egypt. [ABSTRACT FROM AUTHOR]

This paper's finding's will be usef ul for both practitioners and academics grappling with the difficulty of defining 'equity' and 'liabilities'. In addition, the research makes a valuable contribution by addressing the need for interpretive‐inspired financial reporting research. This paper explores the distinction between 'equity' and 'liabilities' in financial reporting to assess the merits of the current system of accounting for share‐based payment transactions. It applies an interpretive methodology. Data were collected from a series of interviews with purposefully selected experts. Criticisms of, and support for, the current accounting regime are interpretively analysed and used to identify key themes or principles for evaluating the merits of three models proposed in the academic literature: the strict liability, narrow equity, and ownership‐settlement models. The study finds that the strict liability approach remains supported on the grounds that it provides decision‐useful information with which users are familiar. The other models are rejected as they are perceived as diminishing the usefulness of financial reporting. The study also identifies support for an obligation‐centric approach, not fully developed in the literature, which may require detailed consideration by standard‐setters. This paper explores the equity vs liabilities debate in the context of share based payment transactions. The paper finds that decision usefulness is more critical than strict adherence with conceptual requirements. [ABSTRACT FROM AUTHOR]

The impact of demand-side factors and rapid structural changes have largely been ignored in explaining the economic growth of Vietnam. This paper employs the multisectoral balance-of-payments constrained economic growth model to capture the influence of structural changes on the exports and economic growth of Vietnam over the period 1997–2016. Based on the estimates for the sectoral income elasticities of demand for exports and imports obtained from autoregressive distributed lag models, this paper argues that it is not relative prices but income that has played a significant role in Vietnam's economic growth, the income elasticities of demand for exports have grown faster than those of demand for imports, and the weight of exports has significantly moved from primary to high-technology products. JEL Classification : E12, F43, O53 [ABSTRACT FROM AUTHOR]

This paper provides an analytical overview of the most widely used capital flow datasets. The paper is written as a guide for academics who embark on empirical research projects and for policymakers who need timely information on capital flow developments to inform their decisions. We address common misconceptions about capital flow data and discuss differences between high‐frequency proxies for portfolio flows. In a nowcasting "horse race" we show that high‐frequency proxies have significant predictive content for portfolio flows from the balance of payments (BoP). We also construct a new dataset for academic use, consisting of monthly portfolio flows broadly consistent with BoP data. [ABSTRACT FROM AUTHOR]

Copyright of Economic Researcher Review is the property of Association of Arab Universities and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This research examines the applications of the Prophetic tradition (Sunnah) in financial transactions and aims to analyze and evaluate the implementation of the Prophetic tradition in financial transactions by studying the Prophetic evidence and its legal interpretations, elucidating how Muslims should conduct themselves responsibly and correctly in the field of financial and economic matters in accordance with the Prophetic tradition. The significance of this research lies in providing a legal guideline for Islamic financial institutions and individuals to execute their transactions in a manner that aligns with the Prophetic tradition. Utilizing a descriptive and analytical approach grounded in Prophetic Hadiths, recognized Islamic texts, and jurisprudential sources, a diverse range of financial transactions were studied. The results indicate that financial exchange between banks can be permissible if conducted without interest and adhering to Shariah regulations. The Mudarabah contract is also considered permissible and feasible in financial transactions, provided it complies with Shariah regulations. However, trading in commercial papers involving interest is considered impermissible. In addition, bank deposits and current accounts are considered Shariah-compliant when adhering to Shariah regulations. Covered documentary credits are considered permissible, contingent on adherence to appropriate Shariah conditions. Furthermore, the Salam contract is emphasized as a legitimate means of financing seasonal agricultural production. Lastly, it is stressed that penalty clauses in non-debt financial contracts are permissible for compensating damages, provided they are not tied to usurious interest. These findings provide valuable insights into how financial and banking transactions can be organized in accordance with the Prophetic tradition and Islamic values, contributing to enhancing compliance with Shariah regulations in the financial and banking sector and promoting trust and transparency in this context. [ABSTRACT FROM AUTHOR]

Portugal is one of the most externally indebted economies in the eurozone. The deeply negative net international investment position (NIIP) suggests that large current account surpluses will be needed in the future to restore external sustainability. Despite significant interest in the scope for external adjustment within a monetary union, little is known about the magnitude or likelihood of the relative price change required to facilitate this adjustment. Drawing on a new probabilistic framework of external sustainability, this paper estimates the likelihood that a real effective depreciation is needed to lower Portugal's net external liabilities to more prudent levels. Contrary to conventional thinking, we find that the NIIP is sustainable without real depreciation with fairly high probability, estimated between 32 and 43 percent. We highlight the predominance of financial account shocks over current account shocks in this assessment. To provide context to the assessment, we also apply the framework to Ireland. Despite a weaker NIIP than in Portugal, the probability that the external position is sustainable in Ireland is higher, estimated between 54 and 60 percent, predominantly reflecting forecasts of large and sustained trade surpluses. [ABSTRACT FROM AUTHOR]

The paper tries to find an answer to how to perceive the term balance of payments (dis)equilibrium. The text follows the individual editions of the IMF Balance of Payments Manual and concurrent opinions on balance of payments (dis)equilibrium from the point of view of both the IMF and economists outside the IMF. Despite the difficulty and complexity of balance of payments analysis, there was a considerable demand among the economic and lay communities for a "single figure" covering balance of payments (dis)equilibrium. Eventually, the current account balance was selected as the "single figure." The simplest way to perceive the current account balance equilibrium is as a tendency to return to its zero value. However, some more complex approaches allow considering a longterm non-zero balance of the current account as a state of equilibrium. [ABSTRACT FROM AUTHOR]

In this paper we analyze whether the long-term economic growth of Kazakhstan is subject to macroeconomic constraints. The balance-of-payments-constrained growth (BPCG) models predict that a country's growth rate can be approximated through the ratio of growth rates of exports to the income elasticity of demand for imports. We apply the BPCG model to Kazakhstan's quarterly data—a typical emerging economy with a low trade to GDP ratio. To estimate the trade parameters we use Johansen's cointegration technique. Vector error correction model is employed to analyze the short-run adjustments of income elasticities. The results demonstrate that the average growth rate estimated by the BPCG hypothesis projects around 2% long-run economic growth for Kazakhstan and current economic growth is aggregate demand constrained. [ABSTRACT FROM AUTHOR]

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