...since the final decision to move to the third and final stage of Economic and Monetary Union (EMU), and the decision on which countries would be the first to introduce the euro. To mark this anniversary, the Commission is undertaking a strategic review of EMU. This paper constitutes part of the research that was either conducted or financed by the Commission as source material for the review. Economic Papers are written by the Staff of the Directorate-General for Economic and Financial Affairs, or by experts working in association with them. The Papers are intended to increase awareness of the technical work being done by staff and to seek comments and suggestions for further analysis. The views expressed are the author’s alone and do not necessarily correspond to those of the European Commission. Comments and enquiries should be addressed to: European Commission Directorate-General for Economic and Financial Affairs Publications B-1049 Brussels Belgium E-mail: Ecfin-Info@ec.europa.eu This paper exists in English only and can be downloaded from the website http://ec.europa.eu/economy_finance/publications A great deal of additional information is available on the Internet. It can be accessed through the Europa server (http://europa.eu) ISBN 978-92-79-08236-8 doi: 10.2765/50808 © European Communities, 2008 Economic governance in an enlarged euro area Iain Begg1 European Institute, London School of Economic and Political Science Abstract: Ten years on from its launch...
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...Industrial Policy – 1991 Introduction The Industrial Policy announced on July 24, 1991 by the Finance Minister Dr. Manmohan Singh heralded the economic reforms in India and sought to drastically alter the industrial scenario in our country. The Industrial Policy Statement of 1991 stated that “the Government will continue to pursue a sound policy framework encompassing encouragement of entrepreneurship, development of indigenous technology through investment in research and development, bringing in new technology, dismantling of the regulatory system, development of the capital markets and increased competitiveness for the benefit of common man". It further added that "the spread of industrialization to backward areas of the country will be actively promoted through appropriate incentives, institutions and infrastructure investments”. WHY THE POST-1990 REFORMS? It is well known that from 1951 to 1991, Indian policy-makers stuck to a path of centralized economic planning accompanied by extensive regulatory controls over the economy. The strategy was based on an ‘inward-looking import substitution’ model of development. This was evident from the design of the country’s Second Five-Year Plan (1956-61), which had been heavily influenced by the Soviet model of development. Several official and expert reviews undertaken by the government recommended incremental liberalization of the economy in different areas, but these did not address the fundamental issues facing the economy. ...
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...OF MISMANAGEMENT OF THE ECONOMY CAUSED BY THE GOVERNMENT. DUE: 14TH FEB 2011 Introduction Government plays a major role in the economy; government policies on the tax rates , and allowances ,levels and types of expenditure ,interest rates and credit availability ,public service provision ,pension installment and on many other issues have a major impact on the economy. So, with all this key roles its not unusual that mismanagement occurs courtesy of the government .and in a mixed economy like Kenya the government becomes the anarchist in all matters business. In Kenya the most outspoken mismanagement is seen in the embezzlement of public fund, so In this report we shall go further than just the obvious mistakes and craftiness of governments in general. How the government mismanages the economy. The government has policies in place that ensure easy control of the economy and sanity in the otherwise busy world of business. Although most of these measures are put in place to help the administrators to serve the people more effectively it end up doing the opposite. The most common of this is fiscal policy 1. Weak fiscal policy This is the name given to the government policies which seek to influence government revenue. Change in the fiscal policy influences the equilibrium level of the national income, which has great implications on output, employment and inflation. In most cases the VAT (value added tax) is the most abused of this...
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...account deficit and growing foreign debs. some commentator believe that this trend in aussie BOP circumstances is emerging as a major threat to australia economic future. in contrast, other economist see the BOP of a lesser consequence and if a problem exist, in the long term, it'll resolve itself undeniably, current account deficit need to be reined in over time and thus forms the context when aussie sets its macroeconomics n microeconomics goals & policies. it is your task to research the BOP and come to some assessment as to how critical solving the problem of ongoing deficits has become. this sets the main parameters in terms of policy activism by the government. in other words, given your understanding of the current BOP problem what government policies are in place and what macroeconomics / microeconomics policies would you recommend? you'll need to keep in mind of course that the effectiveness of government policy must be considered in the tect of increasing globalization and international economic interdependence marking criteria : 1- presentation of data n trends in australia BOP 2- analysis of consequences and prospects flowing from the BOP 3- identification of macroeconomic n microeconomic policy setting 4- evaluation as to appropriateness of current policies and recommendations for future policies 5- presentation. coherency. structure etc including referencing accuracy students note 1. for referencing, please use the correct referencing style...
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...for three straight years, the first time this has occurred since before World War II. Measured as a share of the economy, revenues in 2004 were at their lowest level since 1959. Given this historically low starting point, it is not surprising that revenues have recovered since then. Supporters of the tax cuts selectively cite revenue growth over just the past three years to argue that the tax cuts fueled increases in revenues. The 2001 and 2003 tax cuts were not a good idea because it added about $1.7 trillion to deficits between 2001 and 2008 and because they were financed by borrowing which increases the national debt. In an effort to bolster economic performance, President George W. Bush signed the Economic Stimulus Act of 2008 on February 13, 2008. More than two thirds of the $152 billion bill consisted of economic stimulus payments that were sent beginning in May 2008 to approximately 130 million households. As part of the ten-year tax cut bill passed by Congress in the spring of 2001, the Treasury mailed tax rebate checks of up to $300 for single individuals and up to $600 for households from late July and through late September 2001.Of those households receiving the rebate, almost 20% had reported that they would spend it and almost 32 % had reported that they would save the rebate, and 48% had reported that they would pay debt with the rebate. Concerning the impact of the rebates, the conventional wisdom is that the tax rebate signed by President Bush failed...
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...Fiscal Policy Paper Juan Mendez ECO/372 November 10, 2013 Adelaida-Torres-Dilan Fiscal Policy Paper This paper will detail how and why the U.S. deficit, surplus and debt have an impact on the U.S. Economy. The effect of deficits, surplus, and debt can impact unemployment and University of Phoenix in many different ways. A budget deficit occurs when the government spending exceeds the revenue in a given time period. A budget surplus occurs when the government spending is less than the revenue in a given time period. The national debt is a running total of all deficits minus all surpluses. The United States borrows money by having the Department of treasury issue treasury bonds and then the bonds are purchased by U.S. companies, individuals, and foreign governments, companies, and individuals. The size of the federal deficit/surplus is very sensitive to the business cycle in the United States. Larger deficits during recessions and smaller deficits during expansions are part of the normal up and down movement of the United States Debt. Automatic stabilizers of the economy are included as part of the annual budget and include payments such as unemployment benefits, food stamps, and other welfare benefits. These automatic stabilizers usually increase during a recession and decrease during an expansion. Income tax revenue is also considered an automatic stabilizer because tax revenue usually decreases during a recession and increases during an expansionary period...
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...Written Assignment Grading Form for Design a Financial Policy, Due in Week Nine Content and Development 160 Points | Points Earned 80/80 | | Additional Comments: | Part A: All key elements of the assignment are covered in a substantive way. The student has described the following components of their medical office financial policy: * Collection of co-payments, deductibles and past-due balances * Arrangements for handling of unpaid balances * Handling of payments for non-covered services * Prepayment policies * Policies for accepting cash, checks, money orders, and credit or debit cards * Arrangements for sliding scales and low income payments * Other pertinent policies deemed appropriate to include based on their research * The policy is 750 to 1,050 words in length. Part B: Following the financial policy, the student has included a separate narrative. The student * explains why the chosen policy is best suited to the selected type of medical office setting * provides support for their rationaleThe narrative is 550 to 700 words in length. | | The content is comprehensive, accurate, and persuasive. | | The paper develops a central theme or idea directed toward the appropriate audience. | | Rationale is provided by identifying the type of facility covered by the policy and explaining its effectiveness. | | * Student provides a minimum of three reliable references from the University Library or the...
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...“Effective Financial Policies and Procedures” By: Khay Fernandez HCR 230 Jetonga Keel 11/30/2014 Financial policies and procedures are important to the running of a medical office; this means that all procedures must be done correctly to ensure that the laws are upheld. If these procedures are not followed then there are many consequences that could arise that will injure the integrity of the medical office. There are a few basic elements that are needed to ensure that the medical office is using an effective financial policy. This policy is generally the same as any other business, for example there are accounts receivable, payable, supplies that are ordered, and collections. There are accounts that need to be paid by the patients that if are not paid would than go to the collections department to ensure that the patient pays the money that they owe. If these patients have insurance than these bills or “claims” are sent to their perspective insurance companies. Payable accounts are actual bills that the medical office owes, such as electric bills and payroll. Financial policy depends on the insurance company as well as the medical offices, for example if it is financial policy for the medical office to charge a fee for a patient that is a no show than that is policy and the patient will have to pay the set amount. Each medical office has the right to make their own policies when it comes to financial obligations. Each patient is made aware of the policies before they become...
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...affected by government policy Governments create the rules and frameworks in which businesses are able to compete against each other. From time to time the government will change these rules and frameworks forcing businesses to change the way they operate. Business is thus keenly affected by government policy. Key areas of government policy that affect business are: Economic policy A key area of government economic policy is the role that the government gives to the state in the economy. Between 1945 and 1979 the government increasingly interfered in the economy by creating state run industries which usually took the form of public corporations. However, from 1979 onwards we saw an era of privatisation in which industries were sold off to private shareholders to create a more competitive business environment. Taxation policy affects business costs. For example, a rise in corporation tax (on business profits) has the same effect as an increase in costs. Businesses can pass some of this tax on to consumers in higher prices, but it will also affect the bottom line. Other business taxes are environmental taxes (e.g. landfill tax), and VAT (value added tax). VAT is actually passed down the line to the final consumer but the administration of the VAT system is a cost for business. Another area of economic policy relates to interest rates. In this country the level of interest rates is determined by a government appointed group - the Monetary Policy Committee which meets...
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...B Kaitlyn Maness HCR230 My financial policy is best suited to my medical office because it is lenient but at the same time we expect a professional relationship to be maintained. I would never want anyone to walk into a doctor’s office and feel like they have no choices. We offer maximum care for an affordable price to everyone. Those who have no insurance can still be seen and not expected to pay an arm and a leg and those who can’t afford care are given an option. Our office would see all ages and all cases and offer some time of solution for payment. The basis of a strong medical office financial policy is an understanding between the medical office, the insurance company, and the patient. The medical office is responsible for verifying the patient’s coverage, verifying if a specific service is covered, and verify the co pay amount so it can be collected at the time of the visit or service. I think this is well outlined in our policy and should be understandable for the patient. The patient is responsible for paying their co pay at the time of the visit and paying any other balances then and there or within a reasonable time after they are billed. Our medical office staff will ensure that each patient is aware of our financial policies and how they affect them individually. If a member of the medical office staff does not enforce or explain the policies there will be repercussions. I will have our policies in at least 2 separate places that the patient...
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...around the world since 2008 has led to the European sovereign debt crisis. The purpose of this essay is to analyse the effectiveness of several economic policies which can be used to solve this crisis. The essay looks at the effectiveness of fiscal austerity which has already been implemented by some European countries, then look at whether there is room for monetary policy, lastly looks at whether there is room for further policy recommendations. The European sovereign debt crisis refers to the collapse of several financial institutions in certain European countries which form part of the European Union, high government debt in these European countries as well as rapidly increasing bond yield spreads in government securities has caused a sovereign debt crisis. This on-going financial crisis, which began in 2008, has made it very difficult or even impossible for some country’s governments in Europe to pay back their debt without the assistance of third parties which then further increases their debt (Times, 2012). Economists have thought long and hard about ways in which they can improve and in essence solve the European debt crisis. One way of doing so is through fiscal policy, which refers to government spending and taxation. A fiscal consolidation, which is a term typically used to discuss government economic policy, refers to a policy which is implemented with the intention of decreasing government deficits and decreasing the accumulation of government debt (W.Lee, 2012)....
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...There are many reasons for studying economics. Economics is essential to understanding the world in which you live and work. What determines the prices of the goods and services on which you spend your income, and the prices of the stocks and bonds in which you invest your savings? How does education affect the lifetime earnings of people? Why do some people earn so much and others so little? Why do some jobs pay high wages while other jobs pay low wages? How do firms operating in different market environments decide what quantities to produce of their product outputs, what prices to charge for these outputs, and what quantities of labor and capital inputs to employ? How can economic analysis help us understand and solve the problems of environmental pollution and resource depletion? What determines the level of national income and aggregate employment, the rate of price inflation, the rate of unemployment, the rate of growth of aggregate output and productivity, and the international value of some country dollar? Why do average standards of living vary so widely among and within countries? Another reason to study economics is that it can equip you to participate more successfully in the increasingly knowledge-based and interdependent global economy of the twenty-first century. Economics is fundamentally about choice behavior - about how individuals, families, firms and governments deploy their scarce resources so as to maximize the economic well-being of their stakeholders....
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...P2 identify how government policies impact on a selected business. Government policy The government produces a set of policies that are used to develop and influence the UK economy. These policies are: Economic Policy This policy is mainly focused to deal with economic growth, unemployment and inflation. Cadbury may have an effect through inflation as inflation means a general sustained increase in price. This could affect them most out of this policy because it may lead to higher costs to bear. Industrial Policy This is somewhat as the economic policy but tends to focus more jobs and skills. It is designed to enhance and increase industry in the UK. Cadbury, being a strong multinational and respected firm, is not only based in the UK but has outlets all over the world. If anything this policy does not affect Cadbury because it is already a productive industry based in the UK. Competition Policy Competition as a policy has a big influence on the economy. This is not alone the biggest effect to Cadbury but also to any other business. Governments encourage competition to stabilize prices but this is bad for Cadbury as it may manage to just cover its costs but as prices remain low it would not have profited greatly. Fiscal Policy This policy covers the spending and taxation decisions of a government. The government changes the tax rates, the types of taxes that they impose and what they decide to tax. For manufacturing companies like Cadbury raw materials like cocoa...
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...Introduction to Business Environment Business environment is composed of two words ‘Business’ and ‘Environment’. In economic sense ‘Business’ means human activities like production, purchase or extraction or sales of products or services that are performed to earn money. Meanwhile ‘Environment’ means the aspect of surroundings. Business environment is the set of conditions institutional, political, economical, legal or social that is uncontrollable and affects the functions of the organization. Business environment consists of two components: external environment and internal environment. Internal environment includes of 5 M’s like management, money, machinery, material and man. On the other hand, External environment consists of demo-graphical factors, socio-cultural factors, political factors, geo-physical factors, government and legal factors. Executive Summary The assignment is organized with four parts: Introduction, executive summary, assignment and conclusion. Introduction is the brief of this assignment. Executive summary is to explain the detail of the contents. In this assignment, business environment is what we have learned by doing this assignment. Now, we can discuss the environment of business what kinds of things and what are the importance. Assignment Task1 Understand the organizational purpose of business 1.1 Identify the purpose of different types of organization An organization is an arrangement of people, pursing common goals, achieving...
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...Global Economic Environment In: Business and Management Global Economic Environment Global Economic Environment Generally, global economic environment is influenced by various factors such as technological, environment, political, socio-cultural, and demographic that directly affects businesses. Economic environment refers to the nature of economic systems and policies, distribution of income and wealth, and level of income. Indeed, economic environment has a complex and very dynamic nature; it is continually changing along with the changes in political situations and government policies. Global Economic Environment Mainly, global economic environment is comprised of several components including the economic systems, conditions, policies, legislations, and environment. Indeed, the economic policies being imposed in every business unit are significantly influences by the overall condition of economy. This includes the improvements that occurred in economic conditions such as the purchasing power of the public, standard of living, distribution of income, and supply and demand. Mainly, these factors reflect the size of the market. Another factor reflecting the economic condition is the business cycle, which is critical to every business unit. It refers to the different stages such as prosperity, boom, decline, depression, and recovery. The economic condition of a country can be understood through its national income, per capita income, and distribution of income, demand and...
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