FreeBalance Weekly Update – Tuesday, June 19, 2012
What’s new at FreeBalance?
This weekly news update provides the Government Resource Planning (GRP) community with a brief overview of recent FreeBalance developments and relevant industry news.
What Canada can learn from Developing Countries on Public Financial Management sustainability [Part 2]
ICT4D is the concept of using information and communications technology to improve country development. This is applied to general economic improvement such as improving communications to foster business, sectors like education and health and to improve governance and reduce corruption. Studies suggest that there is a more significant positive impact to ICT in low and middle income countries than high income countries. Technology impact can be transformational in improving market efficiency, reducing financial transaction costs, and optimizing productivity.
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Accounting and Budget Framework
For decades the debate has raged on about the applicability for government of what is often referred to as private sector accounting methodology. Those who argue against its use in government offer up the differences in management focus between the private and public sectors to support their position. They argue that because the private sector is focused on profit generation the underlying concepts of accounting are not valid for government purposes. This argument is simplistic and fails to recognize the overarching purpose of all accounting systems.
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Imagining If Key Foreign Banks Start Reducing Their Exposure in Asia
European banks play an important role in supplying credit to several Asian economies. What happens if they start reducing their exposure to the region?
The largest borrowers from European banks are Australia, Hong Kong SAR, Korea, Malaysia, New Zealand, Singapore, and Taiwan Province of China, while China, India, and the economies of South East Asia generally have smaller liabilities. Among European banks, those from the United Kingdom have a particularly significant presence in Asia. For most regional economies, the nonbank private sector—businesses and households—is the main recipient of credit from foreign banks as a whole.
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Lessons from Recent Crises and Current Priorities for Finance Practitioners and Policy-Makers
On May 14-18 the World Bank held its annual Overview Course on Financial Sector Issues in Washington, DC. Geared towards mid-career financial sector policy-makers and practitioners, the objective of this one-week event was to discuss issues of current and long-run importance to the development of the financial sector. This year’s course focused on Lessons from Recent Crises and Current Priorities for Finance Practitioners and Policy-Makers. The timing was quite fitting—the course took place the same week that JP Morgan’s billion-dollar trading became public and the European crisis intensified as Greek banks suffered large deposit runs.
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