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The article discusses the balance of payments adjustment process. The author notes that policy problems generated by unsatisfactory developments in world economic activity have increased due to a number of countries which are in considerable external disequilibrium. The account balance of Organization of Petroleum Exporting Countries (OPEC) is looked at, having stabilized at approximately $35 billion. Imbalances within the Organization for Economic Cooperation and Development (OECD), however, are considerable in spite of the progress made towards better balance achieved by Great Britain and Italy. A table is presented which demonstrates the changes in account balance, liabilities to foreign official agencies, and balances financed by transactions in reserve assets of several industrial countries from 1973 to 1977.

Global adoption of International Financial Reporting Standards (IFRS) is thought to increase financial statement reliability and comparability. Although IFRS is required or allowed in over 130 nations, some countries modify IFRS as issued by the International Accounting Standards Board (IASB). This study is designed to closely examine each country that modifies IFRS in an effort to determine whether these modifications impair financial statement comparability. First is that countries lack the resources to implement the newest version of IFRS or ensure proper translation of the standards. Second is that countries make specific changes to allow IFRS to better meet the needs of their financial reporting environment. I categorize the first set of countries as default countries and the second set as design countries. The study results in several interesting and useful contributions. First, I develop a new typology for future IFRS research that includes not only the locally adopted category, but also the default and design categories. Second, the details of how countries modify IFRS make it clear that differences can exist in financial statements prepared in different countries both using IFRS. The users must be careful to understand how comparability may be impacted by these modifications. [ABSTRACT FROM AUTHOR]

Directive 13/34/EC of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings is an instrument of the harmonisation of accounting in member states of the European Union. The Directive contains a number of various ways for recognition and measurement of financial statements, alternative forms of statements or simplifications for small and medium sized enterprises, worded as "permit or require". On the one hand, these differing ways can facilitate application of the Directive in national legislations; on the other hand, they can significantly reduce the comparability of information published in financial statements. The aim of the paper is to verify the relation between the options to be chosen and the variability of the resulting values of the financial statement items. Based on the findings, the results are evaluated in relation to the informative function of financial reporting. [ABSTRACT FROM AUTHOR]

The article comments on a paper published within the issue, "The Balance of Payments Adjustment Process Revisited," by Helen B. Junz. The author focuses on the phenomenon of balance of payments adjustment when industrial countries face higher account deficits, rates of wage-price inflation, and levels of unemployment than they are unaccustomed to. The author notes that these difficulties are unevenly distributed among industrial countries, and have created doubt and confusion over the effectiveness of traditional economic policy instruments. The author believes that the major problems of balance of payments adjustment are soluble by a return to sensible domestic economic policies in Europe and Japan, where decisive fiscal and monetary policy action appear to be called for.

After 30 years of development, photovoltaic (PV) technology has been recognised to be capable of contributing significantly to future energy supply. The global cumulative installed PV power now exceeds 180 GWp, and the annually installed power exceeds 40 GWp. The cost of electrical energy produced by PV systems is now close to that from conventional sources. This study discusses the physics, construction and manufacture of PV cells and modules, taking into account current trends in technology. All parts of PV systems that influence the cost of the electrical energy produced are considered. Three generations of PV module are described. Crystalline silicon (c-Si) is and will remain the dominant PV material at least until 2020 because of its high efficiency, long service time and relatively low cost. It represents nearly 90% of total module production. There are no material supply constraints to limit production and a decrease in c-Si PV module cost to below 0.4 €/Wp before 2017 can be expected. PV power generation will reach industrial grid parity before 2020 and a cumulative installed power of 1 TWp is expected before 2025. [ABSTRACT FROM AUTHOR]

In the evaluation of the macroeconomic performance of the countries, the current account deficit is an important criterion. Especially in developing countries, the foreign trade deficit and current account deficit caused by the increase in imports are among the major macro-economic problems. Increasing the current account deficit, cause of the growing in special consumption taxes revenues, may be due to the increase in imports. On the other hand, it is also considered as a policy tool that special consumption taxes revenues used to reduce imports and resolve the current account deficit. In this context, the purpose of the study is to analyse the existence of the relationship between the current account deficit and special consumption tax revenues in Turkey for 2005:1 -2013:9 period by using Granger Causality Test. The empirical findings reveal the presence of bi-directional causality between variables. [ABSTRACT FROM AUTHOR]

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The purpose of this note is to discuss two complex issues. First, why might a country want to reduce its current account deficit or surplus? And second, why might the international community ask for more? We argue that, in many cases, current account balances reflect underlying domestic distortions. It is then in the interest of the country to remove those distortions and, in the process, reduce imbalances. We then discuss cases where spillover effects, either from deficits or surpluses, suggest a direct role for multilateral surveillance. This process can play two potentially useful roles: first, as a discussion of the differences in assessments; second, as a potentially useful commitment device for countries to implement some of the required but politically unpalatable fiscal or structural adjustments. [ABSTRACT FROM AUTHOR]

Economic theory suggests that a permanent rise in terms of trade should result in a permanent rise in the standard of living. The increase comes from a permanent rise in productivity following an efficient reallocation of resources in a frictionless economy. This article presents Norway as a counterexample using three-variable Structural Vector Moving Average (SVMA) with long-run restrictions. The results show that permanent shocks to terms of trade improve the current account and have almost no effect on the output per capita growth. An over-identification test that restricts the permanent shocks to terms of trade to have only temporary effects on output per capita growth cannot be rejected as well. Overall, those shocks that have permanent effects on terms of trade or output per capita growth do not have permanent effects on each other. The empirical evidence suggests that strong intersectoral rigidities to reallocation of resources are present in Norway. [ABSTRACT FROM AUTHOR]

The emergence of player account-based gambling is a result of escalating technological sophistication and the incorporation of these developments into gambling. This term refers to gambling from a centralized account that is linked to an identified individual. Player account-based gambling is increasingly being utilized for multiple forms of Internet, mobile and land-based gambling through player cards and user-names. Player accounts track and store a wealth of data on gambling behaviour and related activities. Gambling research has been justifiably criticized for its reliance on self-report rather than behavioural measures. Research analysing player account data may advance conceptual models, identify behavioural risk factors for problem gambling and evaluate and guide effective policy and responsible gambling programmes. Although research utilizing player account data has unique limitations, it offers considerable benefits for researchers, operators and regulators. Research methodology incorporating the use of player account data stands to make significant contributions to the gambling field. [ABSTRACT FROM AUTHOR]

Purpose: While extant key account management (KAM) research provide considerable insight into specific aspects of KAM, no studies have yet offered a process model that concurrently addresses the three important characteristics of KAM (i.e., temporality, dyadic interactions, and account heterogeneity). To fill this void, the present research investigates an industrial seller's KAM practice from the alignment perspective to develop a comprehensive process model that depicts the important underlying characteristics of focal firm-key accounts dyadic relationships. Methodology: Employing a case study approach, the present study adopts in-depth interviews with eleven informants involved in four dyadic relationships, respectively. Multiple dyads interviews helped us determine whether the emergent themes are resonant across dyads. On the other hand, cross-dyad analysis helped us identify idiosyncratic KAM treatment among heterogeneous key accounts. Findings: Drawing upon the literature and the field data, this study reveals four different patterns of alignment (i.e., opportunistic alignment, passive alignment, mutualistic alignment, and compensatory alignment) that may be enacted in accordance with the different relationships developed with the individual key accounts. Across the four focal firm-key account dyads, this study further uncovers how various factors (i.e., idiosyncratic investment, power structures, behavioral norms, and commitment) precipitate different alignment patterns and drive alignment transitions over time. Practical Implications: This article suggests that a focal firm should manage its key accounts by aligning its value proposition with the specific desired value of each individual account and adjust its management approach based on different phases of dyadic relationship development. Originality Value: This article extends knowledge of KAM by concurrently addressing its dyadic and heterogeneous nature in a process model. The alignment-oriented view of KAM sheds light on the underlying characteristics of focal firm-key accounts relationships and contributes to our understanding of managing key account portfolios throughout the process of relationship development. [ABSTRACT FROM AUTHOR]

We extend the literature on sharp reductions in current account deficits by taking into account not only short-term determinants, but also the deviation of net foreign assets from their long-run equilibrium level. First, we analyse the long-term relationship between net foreign assets and a set of explanatory variables and construct a measure of imbalances. Next, we model current account reversals by incorporating this new measure and compare the predictive power of this model with the baseline specification that does not account for long-term imbalances. Our new model has a superior performance in and out-of-sample, especially when we control for the sign of imbalances. We also find that low net foreign assets do not necessarily lead to sharp reductions in current account deficits; it is rather the situation when they are below their equilibrium level that triggers reversals. Finally, we document that our new measure of net foreign asset imbalances is important only for developing countries, whereas standard models perform well for industrial economies. [ABSTRACT FROM AUTHOR]

Using a Monte Carlo approach, we evaluate the small-sample properties of four different tests of the present-value model (PVM) of the current account: the nonlinear Wald, linear Wald, Lagrange multiplier and likelihood ratio tests. We find that the nonlinear Wald test is biased towards over-rejecting the cross-equation restrictions implied by the PVM, and that the test statistic is uncorrelated with the goodness of fit of the PVM. The three alternative tests are essentially equivalent and are more reliable in evaluating the PVM. [ABSTRACT FROM AUTHOR]

Abstract: Different accounts of nucleus accumbens (NAcc) function have emphasized its role in representing either valence or salience during incentive anticipation. In an event-related FMRI experiment, we independently manipulated valence and salience by cuing participants to anticipate certain and uncertain monetary gains and losses. NAcc activation correlated with both valence and salience. On trials with certain outcomes, NAcc activation increased for anticipated gains and decreased for anticipated losses. On trials with uncertain outcomes, NAcc activation increased for both anticipated gains and losses but did not differ between them. These findings suggest that NAcc activation separately represents both valence and salience, consistent with its hypothesized role in appetitive motivation. [Copyright &y& Elsevier]

Several tables are presented that highlight the economic performance of Canada, U.S. and Great Britain in 2007 including their account balances, industrial production and unemployment rates.

Several tables are presented that highlight the economic performance of Canada, U.S. and Great Britain in 2007 including their account balances, industrial production and unemployment rates.

In an endogenous growth framework, a two-country economy is modeled with an integrated product and asset markets. The countries differ with respect to the share of their GDP that is redistributed through the fiscal system, and the country where this share is smaller tends to grow faster. This high-growth country finances a portion of its investment expenditures by attracting funds from the low-growth country, whose growth rate is depressed by this outflow. The high-growth country runs ever-increasing current account deficits and its negative net international investment position rises without bounds. This notwithstanding, sustainability is guaranteed. [ABSTRACT FROM AUTHOR]

This article presents a basic version of the inter temporal model and examines its ability to explain fluctuations in Australia's current account. The empirical results presented in this article suggest that the present value model is able to explain annual fluctuations in Australia's current account deficit since the beginning of the 1980s. This provides some support for the position that the current account deficit is appropriately viewed as the outcome of forward looking inter temporal saving and investment choices by Australians. The year-to-year fluctuations in the current account are the outcome of actions by Australians to smooth their consumption paths. The present value model in equation implies a simple relationship between the means of the current account and the change in national cash flow. Present value model tested in this article is derived from a quite restrictive inter temporal model. Although the ability of the current account to forecast changes in national cash flows is consistent with the present value model, it does not provide a full test of all of the restrictions imposed on the data by the model.

Comments on authors Aart Kraay and Jaume Ventura's article about determination of the current account in developed countries. Correlation between saving and investment; Share of foreign assets in the portfolio; Portfolio rebalancing component of the current account.

Comments on authors Aart Kraay and Jaume Ventura's article about determination of the current account in developed countries. Portfolio theory; Two assets that domestic residents can save; Optimal share of wealth in foreign bonds; Deviations from the long-run share of foreign assets portfolio rebalancing.

Presents a model in which current account shifts are intimately linked to portfolio shifts in developed countries. Effects of fluctuations in savings on domestic investment and the current account; Interaction between savings and the share of foreign assets; Importance of adjustment costs to investment; Process of current account adjustment; Portfolio rebalancing.

The article looks at the efforts of the government to initiate reforms on the laws governing the campaign spending of political parties for the 2011 election leading to the enactment of the Political Parties, Elections and Referendums Act in Great Britain. It notes that this law entails key provisions relevant to election campaign finance. The law also covers and regulates donations in any forms given to political parties in both local and national levels. These parties are required to submit their reports containing audited accounts of the gifts and donations they received which exceed 5,000 pound sterling nationally and 1,000 pound sterling locally.

Presents information on a study which examined the causes and consequences of the large current account deficits in the United States since 1991. Reasons for the deficits in the 1990s; Sustainability of the deficits; Conclusions. INSET: WHAT IS THE CURRENT ACCOUNT?.

This paper investigates trade balance and current account behavior in response to various shocks when the economy produces and consumes both traded and nontraded goods. Previous analyses of these problems have interpreted current account behavior in terms of tension between parameters that measure intratemporal and intertemporal elasticity, respectively. This paper provides a simple general criterion for whether trade and current account behavior is "perverse" vis-à-vis the standard one-good model results: behavior is perverse if and only if traded and nontraded goods are Edgeworth complements; that is, if the cross-partial of the instantaneous utility function is positive. [ABSTRACT FROM AUTHOR]

What is the current account response to transitory income shocks such as temporary changes in the terms of trade, transfers from abroad, or fluctuations in production? We propose this new rule: the current account response equals the saving generated by the shock multiplied by the country's share of foreign assets in total assets. This rule implies that favorable shocks lead to deficits (surpluses) in debtor (creditor) countries. This rule is a natural implication of the intertemporal approach to the current account if investment risk is high and diminishing returns are weak. Evidence from industrial countries broadly supports this rule. [ABSTRACT FROM AUTHOR]

The article discusses the account inquiries by government authorities is increasing steadily including, an instrument for combating terrorism is now also used by the tax authorities (taxes / customs) to identify tax evaders, Federal Central Tax Office received 391,442 account queries from tax authorities, social welfare offices and bailiffs, help find debtors who pretend to be poor.

Abstract. This paper investigates whether the sequence of current account deficits experienced in Greece over the 1950-1995 period have been excessive. The degree of excessiveness is gauged by comparing the actual current account series to an optimal current account measure derived from an intertemporal model of current account determination. The findings indicate that optimal consumption smoothing did not take place over the sample period suggesting that the existing restrictions to the free flow of capital were binding. More importantly the stock of net foreign liabilities was found to have been set on an unsustainable path following the 1989/90 balance of payments crisis yet there is clear evidence that this tendency has been gradually reversed during the last couple of years. [ABSTRACT FROM AUTHOR]

Analyzes the developments of current account balances of Bangladesh since the 1950s. Lasting impacts of the loss of the Indian raw jute market in the 1950s and the arrival of jute substitutes; Effects of external factors on the current account balances of Bangladesh; Twin-deficit hypothesis.

This article discusses the proposition of Jeffrey Sachs that current account imbalances should be allocated among countries according to their national investment opportunities relative to availability of national savings. Sachs' analysis and empirical results put heavy weight on swings in national investment as the principal determinant of current account positions because he finds that savings rates in practice are relatively stable. According to Stanley Fischer, the paper accomplishes two main objectives. First, it provides a useful framework for analysis of the longer-term balance of payments and the exchange rate. Second, it makes the empirical judgment that the prime force determining movements in non-Organization of Petroleum-Exporting Countries current accounts and the exchange rate in the 1970s was a shift in the pattern of international investment. Meanwhile, Rudiger Dornbusch agreed with the emphasis Sachs had placed on the relation between saving and investment in understanding the current account and real exchange rate. However, he felt that Sachs had exaggerated the importance of investment. On the other hand, Robert Lawrence questioned the significance of investment for the U.S. He noted that the time-series regression for the U.S. shows little evidence of a consistent relation between the rate of investment and the current account.

In this paper we develop a disaggregated econometric (sub) model of Australia's balance on current account. This endeavour was undertaken due to the lack of satisfactory alternatives in the Australian case. In view of the open nature of the Australian economy, we feel that the econometric modelling of the foreign sector is important in its own right. The model is set up, however, in such a way that it could easily become part of a full-scale econometric model at some later stage. [ABSTRACT FROM AUTHOR]

Reports on the economic developments in Australia, compiled as of March 1994. National account; Labor market; Unemployment; Price and earnings; National debt and productivity.

Analyzes the use of a standard model of a small open economy involving optimizing households and firms to derive the dynamics of private saving and investment. Inefficiency of a common test of capital mobility; Ability of domestic saving and investment to correlate despite the assumption of perfect capital mobility; Analysis of time path for current account deficit; Overshooting in current accounts.

This paper uses provisional monthly data to predict the one-month-ahead and one-year-ahead current account balance Single-equation methods are compared to an eight-equation VAR model that utilizes the Box-Tiao (1977) modifications. It is found that the single-equation model of the current account out-performs the system method for the short-term but the positions are reversed for the annual forecast. The purpose of this paper is to evaluate and compare certain forecasting methods using only that current account data which would have been available in a real-time forecasting situation. Data from January 1986, when provisional data on the current account components first became available, to April 1989 are used in a series of one-month ahead and 12-month ahead forecasts. [ABSTRACT FROM AUTHOR]

A dynamic specific-factors model with adjustment costs of investment is used to study the impact of tariffs on the current account. A permanent increase in tariffs generates a current account deficit, as the import-competing sector spreads the increase of the capital stock over time. A temporary increase in tariffs has ambiguous effects. If the size and duration of the tariff are large enough, a strong response in investment could outweigh the increased savings, and the current account deteriorates. For small and short-lived tariffs, the postponement of investment reinforces that of consumption, leading to a current account surplus. [ABSTRACT FROM AUTHOR]

Examines the relationship between terms of trade and current account deficit (CAD) in Australia using cointegration approach. Exchange rate systems considered from 1965 to 1992; Long-term relationship between the current account deficit with domestic income and foreign income in a fixed exchange rate.