Financial Regulation: Budget deficit management in post-independence Uzbekistan (Published)
The paper aims to study the important macroeconomic financial regulation problems such as budget deficit management in post-independence years of Uzbekistan. The factors of budget deficit, the ways of its reduction and the financing mechanisms were studied using documenary analysis, economic and statistical methods of research. The research revealed that high level of centralized investments, negative effect of existed exchange regime, high subsidies for Pensions fund, compensation of agricultural losses due to bad wheather conditions and geopolitical situation required voluminous expenses. At the same time, change in tax rules, sharp decline of the income base of enterprises reduced budget revenies in the studied period. The results of research can be used as a basis for further fundamental researchs and to improving public policy and increase the efficiency of measures of budget deficit management in emerging markets.
Keywords: Budget, Expenditure, Regulation, Revenue, Uzbekistan, deficit
Impact of Budget Deficit Financing On Economic Stability in Nigeria (Published)
Nigeria has been financing budget deficit overtime but their implications on economic stability have not been fully ascertained. This study sought to investigate the implications of budget deficit financing on economic stability in Nigeria between 1970-2013. The study adopted regression analysis. The study revealed that External Source of Deficit Financing (EXF), Non-banking Public Source of Deficit Financing (NBPF) and Exchange Rate has significant and positive implications on Economic Stability proxy for Gross Domestic Product (GDP), while Ways and Means Source of Deficit Financing (WM), Banking System Source of Deficit Financing (BSF) and Interest Rate (INTR) has negative implications on economic stability in Nigeria. The implication is that government deficit financing through External Source of Deficit Financing (EXF) and Non-banking Public Source of Deficit Financing (NBPF) will maintain economic stability while government deficit financing through Banking System Source of Deficit Financing (BSF) and Ways and Means Source of Deficit Financing (WM) will reduce economic growth thereby causing instability in the economy. We, therefore, recommend that deficit financing in Nigeria should be focused on the productive sectors of the economy. This is because deficit financing has merely resulted in economic instability indicating that sound policies are needed to achieve economic stability in Nigeria.
Keywords: Banking System., Budget, Deficit Financing, Economic Stability., Ways and Means, economic growth
THE ROLE OF TAX REVENUE IN ADDRESSING THE BUDGET DEFICIT IN IRAQ (Published)
General Budget in Iraq relied on oil revenues to finance aspects of spending accounting for a large proportion of between (9497%) of the total public revenues estimated, posing a risk to the overall Iraqi economy to link oil prices, foreign currency and its impact by making the economy of Iraq depends resource and one to get its revenue, while the amount of the contribution of other revenue ranged between percentage (6.3%) of the estimated total public revenues, and decreased tax rate in the state budget over the past years, ranging between (25%) of the total estimated revenue. Since starting the process of economic reform requires activating the role of the sovereign and in particular tax revenues, it has been highlighted on the size of tax revenue and its role in the financing of the budget for the period 2011 until 2013 statement continued reliance on oil revenues, up to the present day.Through this study also measured the tax performance indicators for the period 2004- 2012, which are available data, to measure the effectiveness of the tax system through tax power indicator, the tax burden, tax effort, the income elasticity of taxes, has been shown that there is an untapped tax energy in the Iraqi tax system helps on the possibility of introducing new vessels within the tax structure and the imposition of new taxes
Keywords: Budget, Budget Deficit, Iraq, Taxes
A CRITIQUE ON CASH BASIS OF ACCOUNTING AND BUDGET IMPLEMENTATION IN NIGERIA (Published)
In public sector accounting, government ministries and parastatals operate a cash basis of accounting which is believed to be simple in operation and understanding by staff that may not simply have a rigorous training in accounting. A great disadvantage is that it does not recognise assets, debtors and liabilities. This principle negligence is capable of introducing negligence into proper record keeping of how much value of infrastructural assets are being developed in the pass fiscal years, their state of activity and possibly resulting to a repetition of projects, poor monitoring of budget implementation and misappropriation of fund. The authors took a frank analysis of the implications as they relate to the consistent problem of poor budget implementation in Nigeria. This study was based on empirical analysis of one hundred and thirty (130) questionnaires distributed to 130 public servants in the civil service of Bayelsa, Delta and Rivers States of Nigeria. The researchers used version 19 of SPSS to analyse the data using paired sample “t” test with the result that cash basis has a positive effect on budget implementation and fair presentation of the financial position of a government. The researchers recommended that the accrual basis of accounting should be adopted by all government ministries and extra-ministerial departments in Nigeria
Keywords: Accounting, Budget, Cash-basis, Critique, Implementation
THE U.S.’S DEBT CEILING CRISIS AND BUDGET CONSTRAINTS (Is October always Black in American History?) (Is Obama’s Administration Politically Bankrupt?) (Published)
Modern research on feds highlights the significance of hard budget constraints and a strong central government to satisfy intergovernmental economic conflicts. The sharp political crisis that shook America reached to the settlement did not come out of any team victorious, whether President Barack Obama or his opponents Republicans, where Washington avoided disaster at the last minute approval of the text is likely stalled in the payback of their payments, and reopen the federal’s department which was paralyzed for more than two weeks.This article responds to the theoretical shortcomings with reference to the evolution of political crisis at the regional level and the representation of those regions at the national level. While both houses of Congress passed after 16 days of disruption, to settle out of the crisis, where they vote on raising the debt ceiling, and provides summary agreed to give the green light for the budget short-term extends until January 15, and to increase the debt ceiling to allow for the payment of the obligations of the government until Feb. 7, the Agreement provides a minor addition to the health care program, and calls to make sure the entry of individuals who are entitled to get help US government to pay for mandatory health insurance
Keywords: Budget, Budget Constraints, Crisis, Debt Ceiling, Feds, Fiscal Year, Payments, U.S. Central Bank
Assessing the role of behavioural elements in budgeting and budgetary control process of public universities in Ghana: Case of University of Education (Review Completed - Accepted)
The study examined the role of budget behavioral element in the budget and budgetary control process of public universities in Ghana using University of Education as the study area. It therefore seeks to explore the behavioral elements of budgeting process in the study area and determine behavioral elements relationship with employees’ performance and commitment to corporate goal. The study employed the quantitative research methodology utilizing a cross sectional research design. It used purposive and simple random sampling techniques to select 110 employees of the University as respondents. Data was analyzed using SPSS 16. The findings of the study showed that there was a significant positive relationship between behavioral elements of budgeting and employees’ performance and commitment to corporate goal. The relationship between budget participation and employees’ performance was positive though not significant connoting that budget participation alone cannot significantly influence performance. Commitment to corporate goal had significant positive relationship with performance in the University. The finding implies that management should make budgeting processes more participative to enhance employee commitment to goal which can lead to improved performance
Keywords: Behavioural Elements, Budget, Commitment To Goal, Employees, Performance