Project Analysis in Developing Countries
|
|
- Bernice Merritt
- 6 years ago
- Views:
Transcription
1 Project Analysis in Developing Countries
2
3 Project Analysis in Developing Countries Steve Curry Senior ProjectEconomist Asian Development Bank Manila, Philippines and John Weiss Professor o( Development Economics University of Bradford Second Ed ition palgrave macmillan
4 * Steve Curry and John Weiss 1993,2000 All. rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisionsof the Copyright, Designsand Patents Act 1988, or under the terms of any licehce perrnitting Ilrrrltedcopying issued by the Copyright Licensing Agency, Saffron Housel6-10 Kirby Street, LondonEC1 N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civilclaims for damages. The authors have asserted their rights to be identifiedas the authors of this work in accordance with the Copyright,Designsand Patents Act 198B. First published 1993 Reprinted several ti rnes Second edition 2000 First published 1993 by PALGRAVE MACMILLAN Palgrave Macrnillah in the UK is an lmprint of MacrniUah PublishersLimited, registered in England, company number , of Houndrnllls, Basingstoke, Hampshire RG2.1 6XS. Palgrave Macmillan in the USis a divisionof St Martin's Press LLC I 1.75 FifthAvenue, New York, NY Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave and MacmiUan are registered trademarks in the United States, the United Kingdorn, Europeand other countries. ISBN DOI-l0.1057/ ISBN (eBook) This book is printed on paper suitable for recyclingand rnade from fully rnanaged and sustained forest sources. togglrtg; pulping and rnanufacturlng processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this bookis available from the BritishLibrary.
5 For Gisella (5C) For Francis (fw)
6
7 Contents List offigures List oftables Preface to the Second Edition Introduction viii ix xiii 2 Main features of Projects, Project Resource Statements and Financial Statements 8 3 Project Criteria 41 4 National Economic Returns and the Use of Economic Prices 71 5 The World Price System of Economic Analysis The Domestic Price System of Economic Analysis Non-traded Output and Benefit Valuation financial Analysis of Projects Uncertainty Projects and Environmental Effects Income Distribution Effects of Projects National Economic Parameters Limitations and Conclusions 323 Bibliography Index vii
8 List of Figures Project benefits and costs: different types of project Project life: technical, market and economic life Economic life of a project Op erating costs Project resource profiles BCR NPV curves NPV curves: different points of view NPV curves: project alternatives Incremental resource flow Project cost alternatives Incr emental resource cost flow Output effects: competitive market Output effects: regulated market Input effects: competitive market Input effects: regulated market Traded project output Traded project input Exported output Impor table output Conflicting decision: financial and economic price calculations (case 3) Financial and economic pr ice calculations Transport and distribution elem ent in border parity pricing Equivalence of world and domestic pri ce systems Increa se in supply cau sing price fall Original producers fully displaced by a new project Willingness to pay (WTP) Identificati on of two price- consumption points without and with project Two separate demand lines for different products Demand for transport SIO table: direct coefficients vii i
9 List of Tables 2.1 Project perspectives and statements Project investment costs Working capital calculation Carton project: resource flow statement Project financial statement Applying a discount factor as a weight Discounting a net benefit stream Discounted resource statement :H 2.9 Discounting a constant annual amount Discounting and time profiles Resource statement: project criteria Resource flow with more than one JRR Textile plant: different points of view Resource statements: project alternatives Comparison of NPV and BCR criteria Inconsistent results: NPV and JRR Incremental resource statement Least cost analysis: pipeline alternatives cost statements Incremental resource cost statement 63 :3. ]() Cost effectiveness analysis: accounting skills Resource statements and investment constraint Project criteria: investment fund constraint Project criteria: adjusted discount rate Economic price of exportable output: timber Economic price of import substitute output: pumps Economic price of power input supplies Application of conversion factors Alternative numeraires for economic price values Decision combinations at financial and economic prices Conversion factor for non-traded activity: electricity Estimated returns to land at world prices Use of world prices 124 5A.1 Financial returns to Water Authority 126 5A.2 Financial analysis, costs and benefits to farmers 127 5A.3 Fanners' costs 129 5A.4 Price data 129 ix
10 x List oftables SA.S Economic analysis, costs, world price system 130 5A.6 Border parity prices 133 5A.7 Economic analysis, benefits, world price system CF for foreign exchange Numerical example in world and domestic price systems Electricity conversion factor : domestic price system 148 M.1 Financial analysis, costs and benefits to farmers 155 6A.2 Economic analysis, costs, domestic price system 1S7 6A.3 Economic analysis, benefits, domestic price system 160 6A.4 DRC irrigation: illustration Willingness to pay (WTP) in water supply Average cost savings without project traffic Education project: life time worker income without and with project Education project: benefits and costs in present values at 10 per cent Health pro ject: cost effectiveness 186 7A.1 Fin ancial analysis (case 1 tariff = O&M costs) 190 7A.2 Economic analysis (case 1 tariff = O&M costs), domestic price system 195 7A.3 Economic analysis (case 1 tariff = O&M costs), world price system 197 7A.4 Financial analysis (case 2 tariff = O&M costs + 40 per cent) 198 7A.5 Economic analysis (case 2 tariff = O&M costs + 40 per cent), domestic price system 199 7A.6 Economic analysis (case 2 tariff = O&M costs + 40 per cent), world price system FinanciallRR: railway project Comparators for financial indicators Financial cost of initial capital (FCIC) Financial IRR: railway corporation Return on equity Average incremental cost Project cash flow (current prices) Resource flow: best estimates Percentage cost breakdown and conversion factors Switching values Risk analysis: basic data Results of risk analysis Economic value of gas 250
11 List of Tables xi 10.2 Valuation of environmental effects Project A: mining project Project B: power rehabilitation Project C: national park Financial analysis: telecommunications project Economic analysis in domestic prices Distribution analysis: divergence between economic and financial values Summary distribution effect Alternative measures of poverty impact: telecommunications example Distributional analysis: divergence between economic and financial values with foreign financing Distributional analysis: divergence between economic and financial values using world prices Summary distribution effect: world price analysis Income weights Re-valuation of telecommunications project with income weights \.1 Water example distributional effects A.2 Distributional effect: case \.3 Water example: distributional effects with higher tariff A.4 Distributional effect: case l1a.5 Ranking poverty-oriented programmes SIO table: direct coefficients Total primary factors of output in productive sectors Full CF results Indonesia discount rate, Results of NEP studies 316
12
13 Preface to the Second Edition Project analysis has grown up in the last 40 years and has been widely adopted, particularly in the process of external funding of public sector projects. Project analyses are undertaken from different points of view, and the scope of the analysis varies in different applications. The focus of this book is on the economic analysis of projects in developing countries, which we see as complementary to financial, environmental, or social analyses. This emphasis on the economic impact of projects remains relevant, partly because of the major change in the portfolio of aid-funded projects, which are now predominantly from infrastructure and social sectors, for which financial appraisals will either be inappropriate or will be seriously misleading as a guide to project worth. Project analysis has been facilitated greatly by the development of microcomputing, so what were once relatively complex manual calculations can be carried out rapidly using spreadsheet packages. The ways in which microcomputing techniques can be used for the analysis of projects is a subject in its own right and the application of spreadsheets to project decisions is not discussed here. Since the first edition of this book was published in 1993 several other texts on project analysis have become available, such as Perkins (1994), Dinwiddy and Teal (1995) and AnB (1997). We would like to think that our text complements these, particularly that of Dinwiddy and Teall which is a rigorous survey of the theory of the subject. Here we have tried to combine the application of project analysis methods with their theoretical underpinnings. Multilateral financing institutions have also renewed their interest in the economic analysis of projects (ADB,1997; World Bank, 1998). The applications in this second edition are consistent with the practise of these institutions. Apart from the use of different project examples, illustrations and references the new edition contains two new chapters, Chapter 8 on the link between economic and financial analysis and Chapter 10 on the economic effects of environmental impact. These have become more important in recent years. In addition, Chapter 4 which introduces the issue of economic value, Chapter 7 on non-traded goods and Chapter 11 on income distribution have been completely rewritten. xiii
14 xiv Preface to the Second Edition The authors take this opportunity to acknowledge the excellent work of Jean Hill who once again helped us in producing the manuscript despite her other responsibilities. STEVE CURRY JO HN WEIS S
PROJECT ANALYSIS IN DEVELOPING COUNTRIES
PROJECT ANALYSIS IN DEVELOPING COUNTRIES This page intentionally left blank Project Analysis in Developing Countries Steve Curry Lecturer, Development and Project Planning Centre University of Bradford
More informationStructural Revolution in International Business Architecture
Structural Revolution in International Business Architecture Structural Revolution in International Business Architecture Modelling and Analysis: Volume 1 Dipak Basu Nagasaki University, Japan Victoria
More informationFiscal Sustainability and Competitiveness in Europe and Asia
Fiscal Sustainability and Competitiveness in Europe and Asia This page Intentionally left blank Fiscal Sustainability and Competitiveness in Europe and Asia Ramkishen S. Rajan Adjunct Senior Research Fellow,
More informationDark Pools. The Structure and Future of Off-Exchange Trading and Liquidity ERIK BANKS
Dark Pools Palgrave Macmillan Finance and Capital Markets Series For information about other titles in this series please visit the website http://www.palgrave.com/business/finance and capital markets.asp
More informationThis page intentionally left blank
The Future BRICS This page intentionally left blank The Future BRICS A Synergistic Economic Alliance or Business as Usual? Rich Marino Rich Marino 2014 Softcover reprint of the hardcover 1st edition 2014
More informationAlso by Steven I. Davis
Banking in Turmoil Also by Steven I. Davis AFTER THE CREDIT CRISIS: Best Practice in Banking the High Net Worth Individual BANCASSURANCE: The Lessons of Global Experience in Banking and Insurance Collaboration
More informationEstimating SMEs Cost of Equity Using a Value at Risk Approach
Estimating SMEs Cost of Equity Using a Value at Risk Approach This page intentionally left blank Estimating SMEs Cost of Equity Using a Value at Risk Approach The Capital at Risk Model Federico Beltrame
More informationInternational Papers in Political Economy
International Papers in Political Economy International Papers in Political Economy Series Series Editors: Philip Arestis and Malcolm Sawyer Titles include: Philip Arestis and Malcolm Sawyer (editors)
More informationMarketing in the Emerging Markets of Latin America
Marketing in the Emerging Markets of Latin America Also by Marin Marinov MARKETING IN THE EMERGING MARKETS OF CENTRAL AND EASTERN EUROPE: The Balkans INTERNATIONALIZATION IN CENTRAL AND EASTERN EUROPE
More informationEquity Derivatives Explained
Equity Derivatives Explained Financial Engineering Explained About the series Financial Engineering Explained is a series of concise, practical guides to modern finance, focusing on key, technical areas
More informationLeveraged Exchange-Traded Funds
Leveraged Exchange-Traded Funds Leveraged Exchange- Traded Funds A Comprehensive Guide to Structure, Pricing, and Performance Narat Charupat and Peter Miu LEVERAGED EXCHANGE-TRADED FUNDS Copyright Narat
More informationTrade, Investment and Competition in International Banking
Trade, Investment and Competition in International Banking This page intentionally left blank Trade, Investment and Competition in International Banking Aidan O Connor Aidan O Connor 2005 Softcover reprint
More informationMicrocredit Guarantee Funds in the Mediterranean
Microcredit Guarantee Funds in the Mediterranean Palgrave Studies in Impact Finance Series Editor: Mario La Torre The Palgrave Studies in Impact Finance series provides a valuable scientific hub for re-searchers,
More informationRegionalism among Developing Countries
Regionalism among Developing Countries Also by Sheila Page HOW DEVELOPING COUNTRIES TRADE TRADE, FINANCE AND DEVELOPING COUNTRIES: Strategies and Constraints in the 1990s MONETARY POLICY IN DEVELOPING
More informationMonetary Policy and the Economy in South Africa
Monetary Policy and the Economy in South Africa Monetary Policy and the Economy in South Africa Mthuli Ncube African Development Bank Group, South Africa and Eliphas Ndou Reserve Bank of South Africa,
More informationGlobal Stock Markets and Portfolio Management
Global Stock Markets and Portfolio Management Centre for the Study of Emerging Markets Series Series Editor: Dr Sima Motamen-Samadian The Centre for the Study of Emerging Markets (CSEM) Series provides
More informationSovereign Risk and Public-Private Partnership During the Euro Crisis
Sovereign Risk and Public-Private Partnership During the Euro Crisis This page intentionally left blank Sovereign Risk and Public- Private Partnership During the Euro Crisis Maura Campra University of
More informationThe Reform of Macroeconomic Policy
The Reform of Macroeconomic Policy Also by f. 0. N. Perkins A GENERAL APPROACH TO MACROECONOMIC POLICY ANTI-CYCLICAL POLICY IN AUSTRALIA AUSTRALIA IN THE WORLD ECONOMY AUSTRALIAN MACROECONOMIC POLICY,
More informationThe Cost of Capital. Eva R. Porras
The Cost of Capital The Cost of Capital Eva R. Porras Eva R. Porras 2011 Softcover reprint of the hardcover 1st edition 2011 978-0-230-20183-5 All rights reserved. No reproduction, copy or transmission
More informationRisk Management in Emerging Markets
Risk Management in Emerging Markets Centre for the Study of Emerging Markets Series Series Editor: Dr Sima Motamen-Samadian The Centre for the Study of Emerging Markets (CSEM) Series provides a forum for
More informationGovernance and Risk in Emerging and Global Markets
Governance and Risk in Emerging and Global Markets Centre for the Study of Emerging Markets Series Series Editor: Dr Sima Motamen-Samadian The Centre for the Study of Emerging Markets (CSEM) Series provides
More informationEUROPEAN MACROECONOMICS
EUROPEAN MACROECONOMICS EUROPEAN MACROECONOMICS Robert Barro and Vittorio Grilli M MACMILLAN Robert J. Barro and Vittorio Grilli 1994 All rights reserved. No reproduction, copy or transmission of this
More informationUnderstanding the Crisis in Greece
Understanding the Crisis in Greece Also by Theodore Pelagidis WELFARE STATE AND DEMOCRACY IN CRISIS (co-edited) Understanding the Crisis in Greece From Boom to Bust Michael Mitsopoulos and Theodore Pelagidis
More informationReform and Responsibility in the Remaking of the Swedish National Pension System
Reform and Responsibility in the Remaking of the Swedish National Pension System Reform and Responsibility in the Remaking of the Swedish National Pension System Opening the Orange Envelope Anette Nyqvist
More informationLENDING IN INTERNATIONAL COMMERCIAL BANKING
LENDING IN INTERNATIONAL COMMERCIAL BANKING INTERNATIONAL BANKING SERIES Published by Palgrave Macmillan General Editor: Steven I. Davis Steven I. Davis THE MANAGEMENT OF INTERNATIONAL BANKS T. H. Donaldson
More informationHybrid Securities Structuring, Pricing and Risk Assessment
Hybrid Securities Hybrid Securities Structuring, Pricing and Risk Assessment Kamil Liberadzki and Marcin Liberadzki Warsaw School of Economics, Poland Kamil Liberadzki and Marcin Liberadzki 2016 Softcover
More informationAlso by Francis A. Lees
CHINA SUPERPOWER Also by Francis A. Lees BANKING AND FINANCIAL DEEPENING IN BRAZIL (with James M. Botts and Rubens Penha Cysne) FOREIGN BANKING AND INVESTMENT IN THE UNITED STATES GLOBAL FINANCE INTERNATIONAL
More informationDO WORLD BANK AND IMF POLICIES WORK?
DO WORLD BANK AND IMF POLICIES WORK? Also by Shahrukh Rafi Khan HANDING BACK RURAL WATER SUPPLY SCHEMES TO COMMUNITIES: A Case for Collective Action JUST DEVELOPMENT: Beyond Adjustment with a Human Face
More informationAsset Markets, Portfolio Choice and Macroeconomic Activity
Asset Markets, Portfolio Choice and Macroeconomic Activity Asset Markets, Portfolio Choice and Macroeconomic Activity A Keynesian Perspective Toichiro Asada Professor of Economics, Chuo University, Tokyo,
More informationSmall Countries in a Global Economy
Small Countries in a Global Economy Also by Dominick Salvatore INTERNATIONAL ECONOMICS (seventh edition) MANAGERIAL ECONOMICS IN A GLOBAL ECONOMY (fourth edition) Also by loze P. Damijan SMALL COUNTRIES
More informationDOI: / Risk and Trading on London s Alternative Investment Market
DOI: 10.1057/9781137361301.0001 Risk and Trading on London s Alternative Investment Market Other Palgrave Pivot titles Franklin G. Mixon, Jr: Public Choice Economics and the Salem Witchcraft Hysteria Elisa
More informationTHE BANKING SYSTEM OF CYPRUS
THE BANKING SYSTEM OF CYPRUS Also by Kate Phylaktis FINANCIAL DATA OF BANKS AND OTHER FINANCIAL INSTITUTIONS INTERNATIONAL FINANCE AND THE LESS DEVELOPED COUNTRIES (editor with M. Pradhan) The Banking
More informationU r b a n L a n d. Economics. J a c k H a r v e y & E r n i e J o w s e y
U r b a n L a n d Economics J a c k H a r v e y & E r n i e J o w s e y S i x t h E d i t i o n URBAN L A N D ECONOMICS By Jack Harvey BASIC ECONOMICS BASIC ECONOMICS WORKBOOK ELEMENTARY ECONOMICS WORKBOOK
More informationBehavioral Finance and Capital Markets
Behavioral Finance and Capital Markets This page intentionally left blank Behavioral Finance and Capital Markets How Psychology Influences Investors and Corporations A d a m S z y sz ka BEHAVIORAL FINANCE
More informationJohn Wigley and Carol Lipman: The Enterprise Economy
Taxation ECONOMICS TODAY Edited by Andrew Leake The Ecanomics Today series surveys contemporary headline topics in applied economics. Each book in the series is written by an expert in the field in a style
More informationGlobal Financial Markets series
Global Financial Markets series Global Financial Markets is a series of practical guides to the latest financial market tools, techniques and strategies. Written for practitioners across a range of disciplines
More informationGreen Taxation in Question
Green Taxation in Question Also by Carsten Daugbjerg POLICY NETWORK UNDER PRESSURE: Pollution Control, Policy Reform and the Power of Farmers Also by Gert Tinggaard Svendsen PUBLIC CHOICE AND ENVIRONMENTAL
More informationMACROECONOMICS An Introductory Text
Macroeconomics MACROECONOMICS An Introductory Text John Evans-Pritchard B.Sc. Econ. M MACMILLAN John Evans-Pritchard 1985 Softcover reprint of the hardcover 1st edition 1985 978-0-333-39058-0 All rights
More informationPLANNING PUBLIC SPENDING IN THE UK
PLANNING PUBLIC SPENDING IN THE UK Other books by Grahame Walshe International Monetary Reform Mergers and Concentration in British Industry (with P. E. Hart and M.A. Utton) Recent Trends in Monopoly in
More informationQUANTITATIVE METHODS FOR ELECTRICITY TRADING AND RISK MANAGEMENT
QUANTITATIVE METHODS FOR ELECTRICITY TRADING AND RISK MANAGEMENT This page intentionally left blank Quantitative Methods for Electricity Trading and Risk Management Advanced Mathematical and Statistical
More informationInvestigating Social Issues
Investigating Social Issues ECONOMICS TODAY Edited by Andrew Leake The Economics Today series surveys contemporary headline topics in applied economics. Each book in the series is written by an expert
More informationA GUIDE TO UNEMPLOYMENT REDUCTION MEASURES
A GUIDE TO UNEMPLOYMENT REDUCTION MEASURES Also by Edwin Whiting HOW TO GET YOUR EMPLOYMENT COSTS RIGHT A GUIDE TO BUSINESS PERFORMANCE MEASUREMENTS A Guide to Unemployment Reduction Measures Edwin Whiting
More informationENERGY HEDGING IN ASIA
ENERGY HEDGING IN ASIA This page intentionally left blank Energy Hedging in Asia: Market Structure and Trading Opportunities PETER C. FUSARO AND TOM JAMES Peter C. Fusaro and Tom James 2005 Softcover reprint
More informationTHE SEPARATION OF COMMERCIAL AND INVESTMENT BANKING The Glass-Steagall Act Revisited and Reconsidered
THE SEPARATION OF COMMERCIAL AND INVESTMENT BANKING The Glass-Steagall Act Revisited and Reconsidered STUDIES IN BANKING AND INTERNATIONAL FINANCE Published by Macmillan in association with the Department
More informationPublic Credit Rating Agencies
Public Credit Rating Agencies Public Credit Rating Agencies Increasing Capital Investment and Lending Stability in Volatile Markets Susan K. Schroeder PUBLIC CREDIT RATING AGENCIES Copyright Susan K.
More informationCross-border Mergers and Acquisitions
Cross-border Mergers and Acquisitions This page intentionally left blank Cross-border Mergers and Acquisitions Theory and Empirical Evidence Ottorino Morresi and Alberto Pezzi cross-border mergers and
More informationTHE REGIONAL DISTRIBUTION OF FOREIGN MANUFACTURING INVESTMENT IN THE UK
THE REGIONAL DISTRIBUTION OF FOREIGN MANUFACTURING INVESTMENT IN THE UK Also by Stephen Hill FUNDAMENTALS OF MANAGERIAL ECONOMICS (with Julian Gough) MANAGERIAL ECONOMICS TIME, WORK AND ORGANISATION (with
More informationBANCASSURANCE IN EUROPE
BANCASSURANCE IN EUROPE Also by Tobias C. Hoschka CROSS-BORDER ENTRY IN EUROPEAN RETAIL FINANCIAL SERVICES Bancassurance in Europe Tobias C. Hoschka E. C. Research Fellow University ofoxford MSt. Martin's
More informationMacmillan Work Out Series. Accounting. A-Level
Macmillan Work Out Series Work Out Accounting A-Level The titles in this series For GCSE examinations Accounting Biology Business Studies Chemistry Computer Studies Economics English French Geography German
More informationGCSE. Accounting. D. E. Turner P. H. Turner MACMILLAN
GCSE Accounting GCSE Accounting D. E. Turner P. H. Turner M MACMILLAN D. E. Turner and P. H. Turner 1991 All rights reserved. No reproduction, copy or transmission of this publication may be made without
More informationMarket Timing and Moving Averages
Market Timing and Moving Averages Market Timing and Moving Averages An Empirical Analysis of Performance in Asset Allocation PASKALIS GLABADANIDIS MARKET TIMING AND MOVING AVERAGES Copyright Paskalis
More informationMicroeconomic Reform in Britain
Microeconomic Reform in Britain This page intentionally left blank Microeconomic Reform in Britain Delivering Opportunities for All HM TREASURY Foreword by Gordon Brown Chancellor of the Exchequer Edited
More informationMASTERING ACCOUNTING
MASTERING ACCOUNTING MACMILLAN MASTER SERIES Accounting Arabic Astronomy Australian History Background to Business Basic English Law Basic Management Biology British Politics Business Communication Business
More informationBanking and Financial Systems in the Arab World
Banking and Financial Systems in the Arab World Also by Philip Molyneux and Munawar Iqbal THIRTY YEARS OF ISLAMIC BANKING Banking and Financial Systems in the Arab World Philip Molyneux Professor of Banking
More informationMIDDLE-CLASS BLACKS IN BRITAIN
MIDDLE-CLASS BLACKS IN BRITAIN Middle -Class Blacks in Britain A Racial Fraction of a Class Group or a Class Fraction of a Racial Group? Sharon J. Daye M St. Martin's Press Sharon J. Daye 1994 Softcover
More informationQuantitative Exchange Rate Economics in Developing Countries
Quantitative Exchange Rate Economics in Developing Countries This page intentionally left blank Quantitative Exchange Rate Economics in Developing Countries A New Pragmatic Decision-Making Approach M.
More informationFiscal Policy without a State in EMU?
Fiscal Policy without a State in EMU? This page intentionally left blank Fiscal Policy without a State in EMU? Germany, the Stability and Growth Pact and Policy Coordination Jani Kaarlejärvi Jani Kaarlejärvi
More informationThe Multinational Subsidiary
The Multinational Subsidiary Also by Neil Hood Chrysler UK: A Corporation in Transition (with S. Young) European Development Strategies of US Multinationals Located in Scotland (with S. Young) Foreign
More informationConsumer Credit Fundamentals
Consumer Credit Fundamentals Also by Steven Finlay THE MANAGEMENT OF CONSUMER CREDIT Theory & Practice Consumer Credit Fundamentals Second Edition Steven Finlay Steven Finlay 2009 Softcover reprint of
More informationAsian Fixed. Income. Markets
E m e r ~ n g Asian Fixed Income Markets E m e r ~ n Asian Fixed Income Markets Erik Banks -- MACMILLAN Eric Banks, 1994 Softcover reprint of the hardcover 1st edition 1994 All rights reserved. No reproduction,
More informationINWARD INVESTMENT, TECHNOLOGICAL CHANGE AND GROWTH
INWARD INVESTMENT, TECHNOLOGICAL CHANGE AND GROWTH This page intentionally left blank Inward Investment, Technological Change and Growth The Impact of Multinational Corporations on the UK Economy Edited
More informationECONOMICS OF THE PUBLIC SECTOR
ECONOMICS OF THE PUBLIC SECTOR Econon1ics of the Public Sector D.I. Trotman-Dickenson, PhD, MSc. (Econ.), B. Com. Professor Emeritus, University of Glamorgan ~ MACMILLAN D.I. Trotman-Dickenson 1996 All
More informationPalgrave Macmillan Studies in Banking and Financial Institutions
Palgrave Macmillan Studies in Banking and Financial Institutions Series Editor : Professor Philip Molyneux The Palgrave Macmillan Studies in Banking and Financial Institutions are international in orientation
More informationPolitical Economy of Brazil
Political Economy of Brazil Also by Philip Arestis: FINANCIAL LIBERALIZATION (Co-editor with Malcolm Sawyer) THE POLITICAL ECONOMY OF ECONOMIC POLICIES (co-editor with Malcolm Sawyer) MONEY AND BANKING:
More informationINTRODUCTION TO ACCOUNTANCY AND FINANCE
INTRODUCTION TO ACCOUNTANCY AND FINANCE TITLES IN THIS SERIES Published R. J. Briston Introduction to Accountancy and Finance H. K. Jaeger The Structure of Consolidated Accounting Ernest Laidler Variance
More informationThe Indian Mutual Fund Industry
The Indian Mutual Fund Industry Also by G. V. Satya Sekhar BUSINESS POLICY AND STRATEGIC MANAGEMENT MANAGEMENT INFORMATION SYSTEMS PERFORMANCE APPRAISAL OF MUTUAL FUNDS IN INDIA STRATEGIC FINANCIAL MANAGEMENT
More informationINTERNATIONAL TRADE AND PAYMENTS
INTERNATIONAL TRADE AND PAYMENTS By the same author INTERNATIONAL MONETARY POLICY (1957 and 1961) THE LONDON DISCOUNT MARKET (1968) International Trade and Payments W. M. Scammell Macmillan Education W.
More informationINTERNATIONAL DEBT AND CENTRAL BANKING IN THE 1980s
INTERNATIONAL DEBT AND CENTRAL BANKING IN THE 1980s STUDIES IN BANKING AND INTERNATIONAL FINANCE Published by Macmillan in association with the Centre for Banking and International Finance, The City University,
More informationAlso by Shirley Dex BRITISH AND AMERICAN WOMEN AT WORK (with Lois B. Shaw) FRENCH AND BRITISH MOTHERS AT WORK (with Patricia Walters and David Alden)
FLEXIBLE EMPLOYMENT Also by Shirley Dex BRITISH AND AMERICAN WOMEN AT WORK (with Lois B. Shaw) FRENCH AND BRITISH MOTHERS AT WORK (with Patricia Walters and David Alden) LIFE AND WORK HISTORY ANALYSES
More informationBALANCE-OF-PA YMENTS THEORY AND THE UNITED KINGDOM EXPERIENCE
BALANCE-OF-PA YMENTS THEORY AND THE UNITED KINGDOM EXPERIENCE Also by A. P. Thirlwall * GROWTH AND DEVELOPMENT: with Special Reference to Developing Economies * INFLATION, SA VING AND GROWTH IN DEVELOPING
More informationThe Touche Ross Tax Guide for the Self-Employed
The Touche Ross Tax Guide for the Self-Employed Also available in Papermac: The Touche Ross Tax Guide to Pay and Perks by Bill Packer and Elaine Baker The Touche Ross Tax Guide for the Self-Employed BILL
More informationACCOUNTING IN AN INFLATIONARY ENVIRONMENT
ACCOUNTING IN AN INFLATIONARY ENVIRONMENT STUDIES IN FINANCE AND ACCOUNTING General Editors: M. J. Barron and D. W. Pearce Published Michael Firth: MANAGEMENT OF WORKING CAPITAL Michael Firth: THE VALUATION
More informationTAX POLICY IN THE NORDIC COUNTRIES
TAX POLICY IN THE NORDIC COUNTRIES Also by Peter Birch S rensen PUBLIC FINANCE IN A CHANGING WORLD (editor) Tax Policy in the Nordic Countries Edited by Peter Birch SfZ}rensen Professor of Economics University
More informationConsumer Credit Fundamentals
Consumer Credit Fundamentals This page intentionally left blank Consumer Credit Fundamentals Steven Finlay Steven Finlay 2005 Softcover reprint of the hardcover 1st edition 2005 978-1-4039-3978-4 All rights
More informationREGISTER. -of- DEFUNCT COMPANIES
REGISTER -of- DEFUNCT COMPANIES REGISTER OF DEFUNCT COMPANIES fl M stork MACMILLAN E\
More informationA GENERAL APPROACH TO MACROECONOMIC POLICY
A GENERAL APPROACH TO MACROECONOMIC POLICY Also by J.O.N. Perkins ANTI-CYCLICAL POLICY IN AUSTRALIA AUSTRALIA IN THE WORLD ECONOMY AUSTRALIAN MACROECONOMIC POLICY, 1974-85 THE AUSTRALIAN FINANCIAL SYSTEM
More informationProfiting [rom Monetary Policy
Profiting [rom Monetary Policy Profiting from M onetary Policy Investing through the Business Cycle Thomas Aubrey palgrave macmillan * Thomas Aubrey 2013 Softcover reprint ofthe hardcover lst edition 2013
More informationEconomic Capital. and Financial Risk Management for Financial Services Firms and Conglomerates BRUCE T. PORTEOUS AND PRADIP TAPADAR
Economic Capital and Financial Risk Management for Financial Services Firms and Conglomerates BRUCE T. PORTEOUS AND PRADIP TAPADAR Bruce T. Porteous and Pradip Tapadar 2006 Softcover reprint of the hardcover
More informationPower and Energy Systems Engineering Economics
Power and Energy Systems Engineering Economics Panos Konstantin Margarete Konstantin Power and Energy Systems Engineering Economics Best Practice Manual 123 Panos Konstantin Burgstetten, Baden-Württemberg
More informationGrowth & Development
Growth & Development With Special Reference to Developing Economies A. P. ThirlwaLl Professor of Applied Economics University of Kent Eighth Edition palgrave macmillan Brief contents PART I Development
More informationEconomics Training Series Introductory Course. Benefit Estimation
Economics Training Series Introductory Course Benefit Estimation 1 Benefit Identification: The Project Framework and Economic Analysis Define Targets (from Project Framework) Target Goal Purpose Outputs
More informationFINANCIAL INSTABILITY AND THE INTERNATIONAL DEBT PROBLEM
FINANCIAL INSTABILITY AND THE INTERNATIONAL DEBT PROBLEM Financiallnstability and the International Debt Problem George McKenzie Direetor Centre/or International Eeonomies, University 0/ Southampton and
More informationMANAGEMENT ACCOUNTING, ORGANIZATIONAL THEORY AND CAPITAL BUDGETING
MANAGEMENT ACCOUNTING, ORGANIZATIONAL THEORY AND CAPITAL BUDGETING Over the past decade the research effort devoted to accounting problems has expanded considerably and the volume of publications has increased
More informationThe Global Financial Crisis in Retrospect
The Global Financial Crisis in Retrospect Anthony Elson The Global Financial Crisis in Retrospect Evolution, Resolution, and Lessons for Prevention Anthony Elson Chevy Chase, Maryland, USA ISBN 978-1-137-59749-6
More informationWhole Life Appraisal for Construction
Whole Life Appraisal for Construction Roger Flanagan Carol Jewell with George Norman Blackwell Science ß 2005 by Blackwell Publishing Ltd Editorial offices: Blackwell Science Ltd, 9600 Garsington Road,
More informationKEY QUESTIONS FOR CONSULTANTS ECONOMIC ANALYSIS OF PROJECTS. Project Economic Evaluation Division Economics and Development Resource Center
KEY QUESTIONS FOR CONSULTANTS ECONOMIC ANALYSIS OF PROJECTS Project Economic Evaluation Division Economics and Development Resource Center Copies of the Guidelines for the Economic Analysis of Projects
More informationGlobal Financial Markets
Global Financial Markets Global Financial Markets is a series of practical guides to the latest financial market tools, techniques and strategies. Written for practitioners across a range of disciplines
More informationOptimization Methods for Gas and Power Markets
Optimization Methods for Gas and Power Markets Applied Quantitative Finance series Applied Quantitative Finance is a new series developed to bring readers the very latest market tested tools, techniques
More informationThe Financialization of Commodity Markets
The Financialization of Commodity Markets This page intentionally left blank The Financialization of Commodity Markets Investing during Times of Transition Adam Zaremba THE FINANCIALIZATION OF COMMODITY
More informationASIAN DEVELOPMENT BANK
. ASIAN DEVELOPMENT BANK TAR: BAN 35242 TECHNICAL ASSISTANCE TO THE PEOPLE S REPUBLIC OF BANGLADESH FOR PREPARING THE GAS SECTOR DEVELOPMENT PROJECT April 2004 CURRENCY EQUIVALENTS (as of 21 April 2004)
More informationExchange Rate Forecasting: Techniques and Applications
Exchange Rate Forecasting: Techniques and Applications Exchange Rate Forecasting: Techniques and Applications Imad A. Moosa Reader in Economics and Finance La Trobe University MACMILLAN Business Imad
More informationTHE ECONOMICS OF NORTH SEA OIL TAXATION
THE ECONOMICS OF NORTH SEA OIL TAXATION Also by Danny Hann GOVERNMENT AND NORTH SEA OIL Also by Chris Rowland THE ECONOMICS OF CHOICE BETWEEN ENERGY SOURCES (co-editor) The Economics of North Sea Oil Taxation
More informationThe Successes and Failures of Economic Transition
The Successes and Failures of Economic Transition Also by Hubert Gabrisch EU ENLARGEMENT AND ITS MACROECONOMIC EFFECTS IN EASTERN EUROPE (with Rüdiger Pohl) Also by Jens Hölscher THE GERMANY CURRENCY UNION
More informationPROJECT CRITERIA: ECONOMIC VIABILITY AND PROJECT ALTERNATIVES
SESSION 1.2 PROJECT CRITERIA: ECONOMIC VIABILITY AND PROJECT ALTERNATIVES Introductory Course on Economic Analysis of Investment Projects Economics and Research Department (ERD) Discounted Cash Flow: Measures
More informationBancassurance. palgrave. Nadege Genetay and Philip Molyneux. macmillan
BANCASSURANCE Bancassurance Nadege Genetay and Philip Molyneux palgrave macmillan Nadege Genetay and Philip Molyneux 1998 Softcover reprint of the hardcover 1 st edition 1998 All rights reserved. No reproduction,
More informationSwedish Taxation. Developments since Edited by MAGNUS HENREKSON AND MIKAEL STENKULA
Swedish Taxation This page intentionally left blank Swedish Taxation Developments since 1862 Edited by MAGNUS HENREKSON AND MIKAEL STENKULA SWEDISH TAXATION Copyright Magnus Henrekson and Mikael Stenkula,
More informationTHE NEW WEALTH MANAGEMENT
THE NEW WEALTH MANAGEMENT CFA Institute is the premier association for investment professionals around the world, with over 101,000 members in 134 countries. Since 1963 the organization has developed and
More informationDOI: / The Double Crisis of the Welfare State and What We Can Do About It
The Double Crisis of the Welfare State and What We Can Do About It Also by Peter Taylor-Gooby NEW PARADIGMS IN PUBLIC POLICY A LEFT TRILEMMA: Progressive Public Policy in an Age of Austerity SQUARING THE
More informationYOUTH UNEMPLOYMENT. Mark Casson
YOUTH UNEMPLOYMENT By the same author Introduction to Mathematical Economics The Future of the Multinational Enterprise (with Peter J. Buckley) Alternatives to the Multinational Enterprise YOUTH UNEMPLOYMENT
More informationTHE ECONOMIC IMPACT OF LEASING
THE ECONOMIC IMPACT OF LEASING Also by David G. Mayes THE EXCHANGE RATE ENVIRONMENT (with S. Brooks and K. Cuthbertson) 'MODERN PORTFOLIO THEORY AND FINANCIAL INSTITUTIONS (editor with Desmond C. Corner)
More information