Tài liệu PDF Forms of Government

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MIT Center for Real Estate Week 12: Real Estate and Regional Economic Growth • Exports, transfers, investments and the determinants of regional growth: demand. • Population growth and migration: supply • 3-Q model of regional response. Factor supply elasticity and the role of real estate. • Wages, productivity and real estate costs – across MSAs. MIT Center for Real Estate Income and Product Accounts in States Summary of Output and Income Accounts for Florida and Pennsylvania, 1991 Florida ($ billions) Pennsylvania ($ billions) Income Accounts* Income (Y) 262 242 Wages (w) 126 127 Other Income (y + G) 136 115 Consumption (C) 260 193 Private 214 161 Government 46 32 Federal Taxes (T) 38 41 Savings (S) -36 8 Output Accounts** Output (Q) 219 211 Wages (w) 126 127 Profits and Rents (π) 93 84 Consumption (C) 260 193 Investment (I) 44 27 Imports (M) 175 153 Exports (X) 92 144 INCOME (Y) - OUTPUT (Q) 43 31 MIT Center for Real Estate Regional Accounts: Flow of Funds • Regions do not have to have individually balanced accounts. Surpluses in goods can be balanced by deficits in capital or government flows: the following cross border flows however must sum to zero. Trade surplus: X-M [exports - imports] Gov. surplus (Federal): G-T [spending – taxes] Capital surplus: I – S [investment - savings] Profits surplus: y - π [received - earned] • Notice the in Florida, huge trade deficit is made up with huge negative savings. MIT Center for Real Estate Sources of Regional Demand . • Some variables are determined directly by the size of a state’s economy (Income or Output) : imports (M), Federal Taxes (T), consumption or savings (S) and profits earned in the state (π). • Other variables are determined by forces largely outside of the region and serve to bring money into the state, generating growth and ultimately determining state size (level of income or output): - Exports (X) - Investment (I) - Federal spending (G) - Unearned income: SS, retirement…(y) MIT Center for Real Estate Characterizing Export growth and Investment? ∑ e i n i = ∑ e i N+ ∑ e i (N i -N) + ∑ e i (n i -N i ) i i i i Share | Mix Competitive | Shift (i): industry n,e: regional growth in activity, level of activity N: national growth of activity • Share: a matter of timing • Mix: Historic industrial structure • Competitive: “our” companies versus “theirs” [innovation –vs- production costs: “product cycle] MIT Center for Real Estate Study of impact of each Demand factor on the Boston Area Economy over time (Coulson) Mix effect Share effect Competitive effect Impact on Region 0 1 2 3 4 years since start 8 9 10 11 MIT Center for Real Estate Regional Supply shifts are as important • Migration into a region that results from factors in the origin and not destination. [US history 1820-1920]. • Birth rates in the state – 20 years earlier! (Mass –vs- California Net Reproduction Rates). • Recent immigration from Mexico and Asia. MIT Center for Real Estate P Output Market Simultaneous Equilibrium in a region’s product, labor and structures markets. 1. Product Demand=production costs. 2. Costs = average of wages and rents. 3. Wages equilibrate labor supply with labor demand (proportional to output). 4. Rents do the same in structures market. Q D Q C=α K R + α L W W/P Labor Market L D =α L Q L S R Real Estate Market L K K D =α K Q W K S R MIT Center for Real Estate Changes in Regional output, prices, wages and rents in reaction to shift in product demand Qd to Qd’. 1). Prices (and costs) must rise. Ditto output. 2). Wages and employment rise. 3). Likewise for rents and stock of structures. 4). Reverse for downward demand shifts 5). Supply Elasticity and the Magnitude of price versus quantity changes? P Output Market Q Q D C=α Forms of Government Forms of Government Bởi: OpenStaxCollege Former Iraqi dictator Saddam Hussein used fear and intimidation to keep citizens in check (Photo courtesy of Brian Hillegas/flickr) Most people generally agree that anarchy, or the absence of organized government, does not facilitate a desirable living environment for society, but it is much harder for individuals to agree upon the particulars of how a population should be governed Throughout history, various forms of government have evolved to suit the needs of changing populations and mindsets, each with pros and cons Today, members of Western society hold that democracy is the most just and stable form of government, although former British Prime Minister Winston Churchill once declared to the House of Commons, “Indeed it has been said that democracy is the worst form of government except for all those other forms that have been tried from time to time” (Shapiro 2006) Monarchy Even though people in the United States tend to be most aware of Great Britain’s royals, many other nations also recognize kings, queens, princes, princesses, and other figures with official royal titles From one country to another, the power held by these positions varies Strictly speaking, a monarchy is a government in which a single person (a monarch) rules until that individual dies or abdicates the throne Usually, a monarch claims the rights to title by way of hereditary succession or as a result of some sort of 1/9 Forms of Government divine appointment or calling As mentioned previously, the monarchies of most modern nations are ceremonial remnants of tradition, and individuals who hold titles in such sovereignties are often aristocratic figureheads A few nations today, however, are run by governments wherein a monarch has absolute or unmitigated power Such nations are called absolute monarchies Although governments and regimes are constantly changing across the global landscape, it is generally safe to say that most modern absolute monarchies are concentrated in the Middle East and Africa The small, oil-rich nation of Oman, for instance, is an example of an absolute monarchy In this nation, Sultan Qaboos bin Said Al Said has ruled since the 1970s Recently, living conditions and opportunities for Oman’s citizens have improved, but many citizens who live under the reign of an absolute ruler must contend with oppressive or unfair policies that are installed based on the unchecked whims or political agendas of that leader In today’s global political climate, monarchies far more often take the form of constitutional monarchies, governments of nations that recognize monarchs but require these figures to abide by the laws of a greater constitution Many countries that are now constitutional monarchies evolved from governments that were once considered absolute monarchies In most cases, constitutional monarchies, such as Great Britain and Canada, feature elected prime ministers whose leadership role is far more involved and significant than that of its titled monarchs In spite of their limited authority, monarchs endure in such governments because people enjoy their ceremonial significance and the pageantry of their rites Queen Noor of Jordan is the dowager queen of this constitutional monarchy and has limited political authority She is a noted global advocate for Arab-Western relations (Photo courtesy of Skoll World Forum/flickr) Oligarchy The power in an oligarchy is held by a small, elite group Unlike in a monarchy, members of an oligarchy not necessarily achieve their status based on ties to noble 2/9 Forms of Government ancestry Rather, they may ascend to positions of power because of military might, economic power, or similar circumstances The concept of oligarchy is somewhat elusive; rarely does a society openly define itself as an oligarchy Generally, the word carries negative connotations and conjures notions of a corrupt group whose members make unfair policy decisions in order to maintain their privileged positions Many modern nations that claim to be democracies are really oligarchies In fact, some prominent journalists have labeled the United States an oligarchy, pointing to the influence of large corporations and Wall Street executives on American policy (Krugman 2011) Other political analysts assert that all democracies are really just “elected oligarchies,” or systems in which citizens must vote for an individual who is part of a pool of candidates who come from the society’s elite ruling class (Winters 2011) Oligarchies have existed throughout history, and today many consider Russia an example of oligarchic political structure After the fall of communism, groups of business owners captured control of this nation’s natural resources and have used the opportunity to expand their wealth and political influence Once an oligarchic power structure is established, it can be very difficult for middle- and lower-class citizens to advance their socioeconomic status ... BIS Working Papers No 363 The Liquidation of Government Debt by Carmen M. Reinhart and M. Belen Sbrancia, Discussion Comments by Ignazio Visco and Alan Taylor Monetary and Economic Department November 2011 JEL classification: E2, E3, E6, F3, F4, H6, N10 Keywords: public debt, deleveraging, financial repression, inflation, interest rates BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2011. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 (print) ISBN 1682-7678 (online) iii Foreword On 23–24 June 2011, the BIS held its Tenth Annual Conference, on “Fiscal policy and its implications for monetary and financial stability” in Lucerne, Switzerland. The event brought together senior representatives of central banks and academic institutions who exchanged views on this topic. The papers presented at the conference and the discussants’ comments are released as BIS Working Papers 361 to 365. A forthcoming BIS Paper will contain the opening address of Stephen Cecchetti (Economic Adviser, BIS), a keynote address from Martin Feldstein, and the contributions of the policy panel on “Fiscal policy sustainability and implications for monetary and financial stability”. The participants in the policy panel discussion, chaired by Jaime Caruana (General Manager, BIS), were José De Gregorio (Bank of Chile), Peter Diamond (Massachussets Institute of Technology) and Peter Praet (European Central Bank). v Table of contents Foreword iii Conference programme vii The Liquidation of Government Debt (by Carmen M. Reinhart and M. Belen Sbrancia) Abstract ix I. Introduction 1 II. Default, Restructuring and Conversions: Highlights from 1920s–1950s 4 1. Global debt surges and their resolution 4 2. Default, restructurings and forcible conversions in the 1930s 6 III. Financial Repression: policies and evidence from real interest rates 8 1.1 1. Selected financial regulation measures during the “era of financial repression”8 2. Real Interest Rates 13 IV. The Liquidation of Government Debt: Conceptual and Data Issues 20 1. Benchmark basic estimates of the “liquidation effect” 20 2. An alternative measure of the liquidation effect based on total returns 21 3. The role of inflation and currency depreciation 22 V. The Liquidation of Government Debt: Empirical Estimates 22 1. Incidence and magnitude of the “liquidation tax” 23 2. Estimates of the Liquidation Effect 26 VI. Inflation and Debt Reduction 28 Concluding Remarks 31 References 32 Appendix A. Appendix Tables and Literature Review 35 Appendix B. Data Appendix 40 Discussant comment by Ignazio Visco 46 Discussant comment by Alan M Taylor 49 vii Programme Thursday 23 June 2011 12:15–13:30 Informal buffet luncheon 13:45–14:00 Opening remarks by Stephen Cecchetti (BIS) 14:00–15:30 Session 1: The risks and challenges of long-term fiscal sustainability Chair: Øystein Olsen (Central Bank of Norway) Amgraf, Inc. PDF Conference 2005 Page 1 of 10 PDF Forms and Database Connectivity Solutions By Franklin J. Garner, III President and CEO Amgraf, Inc. September 26, 2005 Introduction Every company and organization uses business forms, and now most have PC’s with access to the Internet. With great software like Amgraf OneForm Designer Plus (OFDP) and Adobe Acrobat, paper forms can be converted to Internet forms (I-forms) thereby saving significant costs in printing and storage. With additional effort, I-forms can be extended into fillable, submittable containers for data capture, retrieval, presentation, and processing. The benefits of database-connected I-forms solutions include improvements in productivity, transaction accuracy, and user satisfaction. So where’s the problem? Forms layout and design, and even the steps to insert fill fields, are usually graphic designer tasks. A non-connected PDF form is a self-contained file with everything packaged within the visual image. To make an I-form submittable, the originator must go beyond the form image and interact with software for field data extraction, data communication with acknowledgement, and navigational methods to start and end the form filling session. These functions have traditionally been performed by computer programmers, and are worrisome tasks for graphic designers. Adding database connectivity also introduces another layer of complexity onto I-forms. This white paper is intended to clarify the technical issues involved in implementing an I-forms data collection and retrieval system. Basic Internet Forms Functionality Internet forms can be used for many online transaction functions. The starting point is where the image of a form is converted so that it can be displayed on a computer screen and output to a local printer. Most Acrobat Distiller users have mastered this conversion step, and many web sites now have links to PDF forms for user access. Upon clicking a link, the free Adobe Reader opens within the browser window and a PDF form is displayed. The form can then be locally saved and/or printed. Amgraf, Inc. PDF Conference 2005 Page 2 of 10 With the Amgraf OFDP and Adobe Acrobat software, the form owner or originator can add many other functions to make PDF forms: • fillable • pre-populated • submittable • dynamic database views • field flattened Fillable forms have fill-fields overlaid on the form background so that field information can be keyed. Fields can be coded so that input validation occurs immediately, helping to reduce errors. With a little extra effort, fields can be programmed so that standard answers are chosen from drop-down lists, numerical amounts are immediately calculated, and other input values are automatically tested for correctness. Pre-populated forms open at the client PC with many fields already filled in. Field data can be transmitted along with the PDF file as Forms Data Format (FDF) instructions, or merged with the PDF form before it is served to the client. By pre-populating fields, the client is relieved of the burden of re-keying information already on file, and assured that the central system knows who is on the other end of the transaction. Submittable forms move field data in the other direction, from the client to the server. When a form is filled out, the information can be transmitted to the server so that it can be saved and/or processed immediately, without the need to rekey or scan in keystrokes from a paper document image. The benefit is that the costs associated with handling forms can be greatly reduced. Dynamic MIT Center for Real Estate Week 12: Real Estate and Regional Economic Growth • Exports, transfers, investments and the determinants of regional growth: demand. • Population growth and migration: supply • 3-Q model of regional response. Factor supply elasticity and the role of real estate. • Wages, productivity and real estate costs – across MSAs. MIT Center for Real Estate Income and Product Accounts in States Summary of Output and Income Accounts for Florida and Pennsylvania, 1991 Florida ($ billions) Pennsylvania ($ billions) Income Accounts* Income (Y) 262 242 Wages (w) 126 127 Other Income (y + G) 136 115 Consumption (C) 260 193 Private 214 161 Government 46 32 Federal Taxes (T) 38 41 Savings (S) -36 8 Output Accounts** Output (Q) 219 211 Wages (w) 126 127 Profits and Rents (π) 93 84 Consumption (C) 260 193 Investment (I) 44 27 Imports (M) 175 153 Exports (X) 92 144 INCOME (Y) - OUTPUT (Q) 43 31 MIT Center for Real Estate Regional Accounts: Flow of Funds • Regions do not have to have individually balanced accounts. Surpluses in goods can be balanced by deficits in capital or government flows: the following cross border flows however must sum to zero. Trade surplus: X-M [exports - imports] Gov. surplus (Federal): G-T [spending – taxes] Capital surplus: I – S [investment - savings] Profits surplus: y - π [received - earned] • Notice the in Florida, huge trade deficit is made up with huge negative savings. MIT Center for Real Estate Sources of Regional Demand . • Some variables are determined directly by the size of a state’s economy (Income or Output) : imports (M), Federal Taxes (T), consumption or savings (S) and profits earned in the state (π). • Other variables are determined by forces largely outside of the region and serve to bring money into the state, generating growth and ultimately determining state size (level of income or output): - Exports (X) - Investment (I) - Federal spending (G) - Unearned income: SS, retirement…(y) MIT Center for Real Estate Characterizing Export growth and Investment? ∑ e i n i = ∑ e i N+ ∑ e i (N i -N) + ∑ e i (n i -N i ) i i i i Share | Mix Competitive | Shift (i): industry n,e: regional growth in activity, level of activity N: national growth of activity • Share: a matter of timing • Mix: Historic industrial structure • Competitive: “our” companies versus “theirs” [innovation –vs- production costs: “product cycle] MIT Center for Real Estate Study of impact of each Demand factor on the Boston Area Economy over time (Coulson) Mix effect Share effect Competitive effect Impact on Region 0 1 2 3 4 years since start 8 9 10 11 MIT Center for Real Estate Regional Supply shifts are as important • Migration into a region that results from factors in the origin and not destination. [US history 1820-1920]. • Birth rates in the state – 20 years earlier! (Mass –vs- California Net Reproduction Rates). • Recent immigration from Mexico and Asia. MIT Center for Real Estate P Output Market Simultaneous Equilibrium in a region’s product, labor and structures markets. 1. Product Demand=production costs. 2. Costs = average of wages and rents. 3. Wages equilibrate labor supply with labor demand (proportional to output). 4. Rents do the same in structures market. Q D Q C=α K R + α L W W/P Labor Market L D =α L Q L S R Real Estate Market L K K D =α K Q W K S R MIT Center for Real Estate Changes in Regional output, prices, wages and rents in reaction to shift in product demand Qd to Qd’. 1). Prices (and costs) must rise. Ditto output. 2). Wages and employment rise. 3). Likewise for rents and stock of structures. 4). Reverse for downward demand shifts 5). Supply Elasticity and the Magnitude of price versus quantity changes? P Output Market Q Q D C=α Ecology of Fungi Ecology of Fungi Bởi: OpenStaxCollege Fungi play a crucial role in the MIT Center for Real Estate Week 12: Real Estate and Regional Economic Growth • Exports, transfers, investments and the determinants of regional growth: demand. • Population growth and migration: supply • 3-Q model of regional response. Factor supply elasticity and the role of real estate. • Wages, productivity and real estate costs – across MSAs. MIT Center for Real Estate Income and Product Accounts in States Summary of Output and Income Accounts for Florida and Pennsylvania, 1991 Florida ($ billions) Pennsylvania ($ billions) Income Accounts* Income (Y) 262 242 Wages (w) 126 127 Other Income (y + G) 136 115 Consumption (C) 260 193 Private 214 161 Government 46 32 Federal Taxes (T) 38 41 Savings (S) -36 8 Output Accounts** Output (Q) 219 211 Wages (w) 126 127 Profits and Rents (π) 93 84 Consumption (C) 260 193 Investment (I) 44 27 Imports (M) 175 153 Exports (X) 92 144 INCOME (Y) - OUTPUT (Q) 43 31 MIT Center for Real Estate Regional Accounts: Flow of Funds • Regions do not have to have individually balanced accounts. Surpluses in goods can be balanced by deficits in capital or government flows: the following cross border flows however must sum to zero. Trade surplus: X-M [exports - imports] Gov. surplus (Federal): G-T [spending – taxes] Capital surplus: I – S [investment - savings] Profits surplus: y - π [received - earned] • Notice the in Florida, huge trade deficit is made up with huge negative savings. MIT Center for Real Estate Sources of Regional Demand . • Some variables are determined directly by the size of a state’s economy (Income or Output) : imports (M), Federal Taxes (T), consumption or savings (S) and profits earned in the state (π). • Other variables are determined by forces largely outside of the region and serve to bring money into the state, generating growth and ultimately determining state size (level of income or output): - Exports (X) - Investment (I) - Federal spending (G) - Unearned income: SS, retirement…(y) MIT Center for Real Estate Characterizing Export growth and Investment? ∑ e i n i = ∑ e i N+ ∑ e i (N i -N) + ∑ e i (n i -N i ) i i i i Share | Mix Competitive | Shift (i): industry n,e: regional growth in activity, level of activity N: national growth of activity • Share: a matter of timing • Mix: Historic industrial structure • Competitive: “our” companies versus “theirs” [innovation –vs- production costs: “product cycle] MIT Center for Real Estate Study of impact of each Demand factor on the Boston Area Economy over time (Coulson) Mix effect Share effect Competitive effect Impact on Region 0 1 2 3 4 years since start 8 9 10 11 MIT Center for Real Estate Regional Supply shifts are as important • Migration into a region that results from factors in the origin and not destination. [US history 1820-1920]. • Birth rates in the state – 20 years earlier! (Mass –vs- California Net Reproduction Rates). • Recent immigration from Mexico and Asia. MIT Center for Real Estate P Output Market Simultaneous Equilibrium in a region’s product, labor and structures markets. 1. Product Demand=production costs. 2. Costs = average of wages and rents. 3. Wages equilibrate labor supply with labor demand (proportional to output). 4. Rents do the same in structures market. Q D Q C=α K R + α L W W/P Labor Market L D =α L Q L S R Real Estate Market L K K D =α K Q W K S R MIT Center for Real Estate Changes in Regional output, prices, wages and rents in reaction to shift in product demand Qd to Qd’. 1). Prices (and costs) must rise. Ditto output. 2). Wages and employment rise. 3). Likewise for rents and stock of structures. 4). Reverse for downward demand shifts 5). Supply Elasticity and the Magnitude of price versus quantity changes? P Output Market Q Q D C=α Types of Societies Types of Societies Bởi: OpenStaxCollege Maasai men are hunting with shepherd’s ... genocide of millions of Jews and other groups, while Mugabe has been accused of ruthless land acquisition 5/9 Forms of Government Dictator Kim Jong-Il of North Korea was a charismatic leader of an... Which is not a characteristic of a democracy? People vote to elect officials A king or queen holds the majority of governmental control One goal of this type of government is to protect citizens’... monarchy, members of an oligarchy not necessarily achieve their status based on ties to noble 2/9 Forms of Government ancestry Rather, they may ascend to positions of power because of military might,