Current Issue : October - December Volume : 2013 Issue Number : 4 Articles : 5 Articles
The subordinate�s involvement in the budgetary process may generate amazing benefits for\r\nthe economic entity. International studies suggest that participatory budgeting may\r\nmotivate employees, increase their performance, their satisfaction and may help the entity\r\nto obtain more realistic budgets. These are the primary reasons for which participatory\r\nbudgets still are a present topic. This paper aims to offer an overall analysis of the\r\nparticipatory budgeting process, from the advantages that it generates, to the essential\r\nelements that should be taken into account for designing an effective participatory\r\nbudgeting system in economic entities, by providing a synthesis of studies written on this\r\nsubject. It underlines the benefits, while identifying the necessary conditions for a successful\r\nand effective application of participatory budgeting....
The purpose of this paper is to investigate the impact of institutional quality on economic\r\ngrowth. Indeed, in recent years economics literature and debates have increasingly referred\r\nto the link between governance and economic performances as the appropriate answers to\r\nthe longstanding questions concerning how economic growth arises. Given this main\r\nobjective of this study, we first discuss how political institutions contribute to determining\r\neconomic performance. Then, we present the empirical analysis which identifies the\r\ninteraction between political institutions and economic growth in developing countries. The\r\nmain finding of this paper is that improving the quality of political institutions is associated\r\nwith a decrease in the level of corruption and with a sustainable economic growth in\r\ndeveloping countries. Consequently, the institutional failures that characterize developing\r\ncountries lead inevitably to destabilize their long-term economic growth and a higher\r\ndegree of democratization would be a better improvement in their economic growth....
This study analyzed both the long and short run relationship between insurance development and\r\neconomic growth in Nigeria over the period 1986 to 2010. Using error correction model (ECM), the study\r\nfinds that insurance development cointegrated with economic growth in Nigeria. That is there is long\r\nrun relationship between insurance development and economic growth in Nigeria. The results also\r\nshows that physical capital and interest rate both at contemporary and one lagged value has significant\r\npositive effect on economic growth in Nigeria while physical capital and inflation has negative long run\r\nrelationship with economic growth. The results of this study generally indicate statistically significance\r\ncontribution of insurance to economic growth in Nigeria....
The subject of central bank independence has been the focus of debates during the 1990s\r\nand 2000s. It seems that consensus has been reached over the need to support high legal\r\ncentral bank independence in order to achieve price stability, and lower inflation rates.\r\nHowever, many doubt this institutional arrangement has the desired outcome in all cases\r\nand fear that cultural elements such as inflation aversion among citizens, tradition of rule of\r\nlaw and other factors may be more important. Romania, as member of the European Union,\r\nhas to comply with the high legal central bank independence requirements. Despite the\r\nalleged progress of the National Bank of Romania, concerns regarding its real independence\r\nfrom the government still remain. The article explores the development of central bank\r\nindependence in relation to monetary policy, in the case of Romania...
In most developing and emerging economies competition and not regulation is used to\r\ndetermine prices at the wholesale electricity markets. But prices are not as low as it was\r\noriginally expected. Additionally, there are shortages of supply and a lack of investment in\r\ninfrastructure. It seems that the competitive process does not provide adequate incentives to\r\nresolve these problems. To get a better understanding of the real functioning of these markets,\r\nan in-class simulation is developed using fictitious but close-to-reality data. After having\r\nexplained thoroughly the experience with the restructuring of the electricity industry and the\r\ntheoretical underpinnings that justify the reforms of the sector, students take the role of\r\ngenerators and are asked to participate in a simulation. They develop winning strategies during\r\nthe bidding process and they easily grasp the gist of competitive industries by developing\r\nintuition in the preparation of bids under uniform auction markets....
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