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on Project, Program and Portfolio Management |
| By: | Nobuki Mochida (Faculty of Economics, University of Tokyo) |
| Abstract: | In many countries, local borrowing is an important source for long-term development projects such as roads, bridges, and waterworks. Local borrowing for such projects is justified on the ground that benefit of these projects often last decades and the cost of these projects should be borne by future tax payers. However, there are serious concerns with issuance of local bonds by decentralized local governments. Local governments in Japan would not default on their borrowing because of such "implicit government guarantee." As a result, lenders and tax payers have lost incentive to monitor subnational government because they view their investment as protected by a central government. The purpose of this paper is to review the local borrowing in Japan. At first, the transition from administrative control to rule-based, market oriented system is described. Following this, soft budget constraint and effectiveness of market discipline is investigated. Third, bank lending and local bonds as a way of financing long-term infrastructures are compared. Finally, we shed light on the credibility of local bonds in Japan and offer some proposals. |
| Date: | 2008–01 |
| URL: | http://d.repec.org/n?u=RePEc:tky:fseres:2008cf541&r=ppm |
| By: | Javier Santiso |
| Abstract: | A large, untapped reservoir of potential partnerships between private financial institutions (banks, asset managers, private equity firms, etc.) and aid donors remains to be fully exploited. Banks, private equity and asset management firms are important parts of a broad set of private actors in the field. Private financial institutions take increasingly into account variables other than financial ones to assess their investment decisions around the world. The OECD Global Forum on Development could host a market place for ideas for improving and promoting donor-private financial institutions partnerships: an Innovation Laboratory on Development Finance. An OECD Development Finance Award hosted by the OECD Global Forum on Development should be created |
| Date: | 2008–03–11 |
| URL: | http://d.repec.org/n?u=RePEc:oec:devaab:34-en&r=ppm |
| By: | Moga, Liliana Mihaela; Virlanuta, Florina Oana; Buhociu, Florin Marian |
| Abstract: | The proposed paper intends to promote the knowledge in the field of small and medium enterprises information systems using a novel methodology based on Value Analyses principles, and particular on function analysis. Customer based software engineering could be a possible solution, as it has the capacity to connect the strategic decisions made in the process of software design with the beneficiary companies’ management objectives, which are affected by these decisions. The actual tendency in the evolution of soft approaches is the methodology elaborated by Hauser and Clausing, entitled: House of Quality. This approach is focused on the determining character of the clients' demands in the projection of information systems. In this tendency, the approach based on Value Analysis is also subscribed. Value analysis is the discipline that positions the consumer’s needs in the center of the methodology. It is known as a technical and economic design method which fundamentally differs from the classic cost reduction methods through the systematic and functional approach of the projected economic objects, taking into account the beneficiaries' concrete demands. Through this paper we intend to outline a methodology which will integrate the new discoveries made in the field of software architecture with the value analysis. |
| Keywords: | value; value analysis; information systems; function; SME |
| JEL: | C88 M13 B41 |
| Date: | 2007–11–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:7953&r=ppm |