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on Project, Program and Portfolio Management |
| By: | Stephan Luck (Max Planck Institute for Research on Collective Goods, Bonn); Paul Schempp (Max Planck Institute for Research on Collective Goods, Bonn) |
| Abstract: | This paper discusses whether financial intermediaries can optimally provide liquidity, or whether the government has a role in creating liquidity by supplying government securities. We discuss a model in which intermediaries optimally manage liquidity with outside rather than inside liquidity: instead of holding liquid real assets that can be used at will, banks sell claims on long-term projects to investors. While increasing efficiency, liquidity management with private outside liquidity is associated with a rollover risk. This rollover risk either keeps intermediaries from providing liquidity optimally, or it makes the economy inherently fragile. In contrast to privately produced claims, government bonds are not associated with coordination problems unless there is the prospect that the government may default. Therefore, efficiency and stability can be enhanced if liquidity management relies on public outside liquidity. |
| Keywords: | liquidity provision, liquidity mismatch, bank run, roll-over freeze, outside liquidity, government bonds, liquidity regulation |
| JEL: | G21 G28 H81 H63 |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:mpg:wpaper:2014_14&r=ppm |
| By: | Anissa Chaibi; Adel Ben Youssef; Leila Peltier- Ben Aoun |
| Abstract: | This paper provides original empirical evidence on the causal links between e-skills, usage of Information and Communication Technologies (ICT) and firm’s performance using a sample of Luxembourgian manufacturing and services firms. Firm performance is measured in terms of innovation (success of new projects settled). Our main findings are: (i) there’s no relationship between the absorptive technology capacity of the firm (measured by ICT staff and Training) and the probability of the implementation of successful ICT projects, (ii) there is a positive effect of e-applications usage (ICT usage) on the probability of the implementation of successful new projects, and (iii) there is an asymmetric effect of usage of e-commerce and eadministration confirming findings of the recent literature. |
| Keywords: | Innovation; Usage of ICT; Depth of ICT adoption; Ordered models; Innovative projects. |
| JEL: | L21 O31 O33 |
| Date: | 2014–09–25 |
| URL: | http://d.repec.org/n?u=RePEc:ipg:wpaper:2014-587&r=ppm |
| By: | Luukkonen, Terttu |
| Abstract: | An important prerequisite for the renewal of Finland’s industrial and economic base is the ability of the universities to promote the renewal of the knowledge base. The UNI project studied ways in which changes in external funding mechanisms and recent governance changes in Finnish universities have changed the framework conditions influencing innovativeness and innovation in university research. Innovation here refers to novel approaches and potentially, breakthrough research, requiring risk-taking. The UK provided a comparative perspective for the study. This report reprints four separate policy briefs and reports that the UNI project has produced and provides an overall concluding chapter for them. A major conclusion of the study is that, so far, there has not been much impact from the recent policy changes on intellectual innovation in research in Finland. University governance influences research content very indirectly and is mediated by multiple other factors, meaning that policy changes are not, at least in the short run, translated into changed research content. As far as research funding organisations are concerned, Finland has not had a funding organisation that encourages risk-taking and intellectual innovation in research. Recent policy changes have not fundamentally altered this situation. In the UK, the established practice of performance measurement of universities seems to narrow notions of appropriate research content and standards of performance and is becoming an ominous factor in reducing variety and risk-taking in university research. This phenomenon is further developed in the UK, but Finland seems now to be ‘catching up’. In industry-university collaboration short-term commissions and most of Tekes’ industrial collaboration support draw on existing knowledge and know-how and are not intended to promote highly innovative and high-risk activities. More flexible and longer-term contracts can in principle promote such research activities provided that the knowledge they produce will be in the public arena since scientific breakthroughs, to bear fruit, require a great deal of further development and wide adoption of the novel concepts, methods etc. by the scientific community. |
| Keywords: | university research, research funding, intellectual innovation in research, university governance |
| JEL: | O38 O39 |
| Date: | 2014–09–25 |
| URL: | http://d.repec.org/n?u=RePEc:rif:report:33&r=ppm |
| By: | Andrea Bonilla Bolanos (Université de Lyon, Lyon, F-69007, France ; CNRS, GATE Lyon St Etienne,F-69130 Ecully, France) |
| Abstract: | Since 2000, South American economies have undertaken several regional projects to eliminate socioeconomic inequalities and improve citizens’ living standards. This study evaluates the convergence in real GDP per-capita, as a suitable proxy measure, of 10 Unasur members, namely Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Peru, Uruguay, Paraguay, and Venezuela, for the period 1951-2011. By relying on cointegration techniques and applying Bernard and Durlauf’s (1995) stochastic definitions of convergence and common trends, the presented evidence supports the existence of common long-run trends driving output in South America, meaning that the region is involved in a dynamic process of convergence in living standards. |
| Keywords: | Cointegration, Convergence, Economic integration, South America, Unasur |
| JEL: | C32 O40 O54 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:gat:wpaper:1424&r=ppm |
| By: | Ahmet Altiok; Murat Yilmaz |
| Date: | 2014–08 |
| URL: | http://d.repec.org/n?u=RePEc:bou:wpaper:2014/08&r=ppm |
| By: | Asian Development Bank (ADB); (Office of Anticorruption and Integrity, ADB); ; |
| Abstract: | The Office of Anticorruption and Integrity (OAI) helps the Asian Development Bank (ADB) ensure that development funds entrusted to it are not misused through fraud or corruption. This publication highlights OAI’s activities in 2013 such as investigating allegations of integrity violations; proactively reviewing projects; providing integrity due diligence support; and informing and empowering staff, civil society, and the private sector with tools to fight fraud and corruption in ADB projects. |
| Keywords: | Anticorruption and integrity, Due Diligence, project procurement–related review, fraud |
| Date: | 2014–03 |
| URL: | http://d.repec.org/n?u=RePEc:asd:wpaper:rpt146344&r=ppm |
| By: | Asian Development Bank (ADB); (East Asia Department, ADB); ; |
| Abstract: | Carbon emissions trading markets are one of the main policy mechanisms of the People’s Republic of China (PRC) to encourage the reduction of greenhouse gas emissions. Grasslands cover 40% of the PRC’s land area, and these contain large amounts of carbon. Restoration and sustainable management of these rasslands have large greenhouse gas mitigation potential. This publication assesses the potential of carbon market mechanisms to support the achievement of grassland policy objectives. It also reviews the state of national policy regarding climate change mitigation, particularly carbon markets, and outlines opportunities and challenges in producing carbon offsets from grasslands. |
| Keywords: | China, People’s Republic of China, PRC, mitigation, climate policy, grassland management, livestock management grassland carbon sequestration, carbon offset, carbon market carbon trade, carbon dioxide , greenhouse gas, clean development mechanism; CDM, certified emission reduction; CER, GHG intensity, carbon credit, emissions trading verified carbon standard; VCS, voluntary emission reduction, VER |
| Date: | 2014–01 |
| URL: | http://d.repec.org/n?u=RePEc:asd:wpaper:rpt136135&r=ppm |