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Fiscal decentralization: federalism
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susilila 2014-4-20 03:57
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The classic theory of federalism suggests that local governments, when granted with more autonomy and resources, will be able to make better decision and improve social wellbeing. The arguments are rooted in two beliefs. First, as Hayek (1945) points up, local governments generally are endowed with information advantage over the national government in knowing the nature and changes of social tastes and preferences. Thus, through sorting and matching the resources with locally indigenous preferences, more social benefits can be delivered (i.e. throughhigher demand efficiency). Second, the federalism allows governance experiments in the localities and by design promotes inter-jurisdictional competition and mutual learning. Presumably, the competition and learning helps the local governments to make decisions for desirable social outcomes. The classic theory of federalism has been greeted with mixed empirical evidence in the developing countries. The parameters of fiscal governance vary significantly and the residents often fail to vote with their feet due to residence restrictions and social imperatives. Therefore, the positive outcomes presumably derived from the federalism arrangements may find hard to be substantiated or not uncommonly, go sour in the opposite direction. The second generation of federalism abandons the assumption that governments are benevolent, but focuses on their different incentives to perform. Students contend that federalism is likely to cause mixed kinds of outcomescontingent on how local incentives are structured. It is likely that local governments, when granted with more authorities and resources, may choose to maximize certain kinds of benefits over others, whichmay be linked to some unpleasant social outcomes. Empirical evidence exists in this regard. For instance, a higher level of fiscal decentralization in chinaseem conducive toslower economic development due to its unique stage of economic development. The essential question to ask is in what social dimensions, do fiscal decentralization creates what kinds of social outcomes?
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个人分类: research projects|12 次阅读|0 个评论
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JPM Eligible Gold Plummets By 66% In One Day To Just Over 1 Tonne, Total Gold At
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insight 2013-7-20 11:09
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JPM Eligible Gold Plummets By 66% In One Day To Just Over 1 Tonne, Total Gold At Fresh All Time Low Submitted by Tyler Durden on 07/19/2013 16:31 -0400 For over a month, JPMorgan managed to mysteriously avoid matching up the gold held in its (world's largest) vault with the Comex delivery notice update. However, as of today, that particular can will be kicked no more. Starting yesterday, JPM reported that just under 12,000 ounces of Eligible gold (the same Registered gold that two days earlier saw its warrants detached and convert to eligible) were withdrawn from its warehouse 100 feet below CMP 1. But it was today's move that was the kicker, as a whopping 90,311 ounces of eligible gold were withdrawn, accounting for a massive 66% of the firm's entire inventory of non-Registered gold, and leaving a token 46K ounces, or a little over 1 tonne in JPM's possession. Needless to say, today's massive move which increasingly puts JPM's gold holdings in the danger zone vis-a-vis future delivery notices which just refuse to stop, has pushed total JPM vault gold to a new all time low of just 436k ounces, or a little under 14k tonnes with just 12 tonnes, or 390k ounces, of Registered gold left and rapidly draining. And to think that two years ago around this time JPM had over 3 million ounces of gold in its possession. Finally, those who believe there is a connection between the ongoing run on JPM's vault gold, the suppressed price of the metal, the redemption of Bundesbank gold, and the fact that 3M GOFO has now been negative for 10 straight days or the longest period in history it has been below zero, and indicating an unprecedented gold collateral shortage, you are correct. Finally, putting it all in context, this is what 1 ton of gold looks like in the real world courtesy of Demonocracy : Average: 4.98 Your rating: None Average: 5 ( 50 votes) !-- -- Tweet !-- - advertisements - .AR_2 .ob_empty {display: none;} .AR_2 .rec-link {color: #565656;text-decoration: none;font-size: 12px;} .AR_2 .rec-link:hover {color: #565656;text-decoration: underline;font-size: 12px;} .AR_2 {float: left;width:50%} .AR_2 li {list-style: none outside none !important;font-size: 10px;padding-bottom: 10px;line-height: 13px;margin:0;} .AR_2 .ob_org_header {color: #000000;text-decoration:bold; margin-left: 0px; font-size:14px;line-height:35px;} .AR_3 .rec-link {color: #565656;text-decoration: none;font-size: 12px;} .AR_3 .rec-link:hover {color: #565656;text-decoration: underline;font-size: 12px;} .AR_3 .rec-src-link {font-size: 12px;} .AR_3 li {padding-bottom: 10px;list-style: none outside none !important;font-size: 10px;line-height: 13px;margin:0;} .AR_3 .ob_dual_left, .AR_3 .ob_dual_right {float: left;padding-bottom: 0;padding-left: 2%;padding-top: 0;} .AR_3 .ob_org_header {color: #000000; text-decoration:bold; margin-left: 0px; font-size:14px;line-height:35px;} .AR_3 .ob_ads_header {color: #000000; text-decoration:bold; margin-left: 0px; font-size:14px;line-height:35px;} -- - advertisemen Login or register to post comments 33729 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: JPMorgan's Eligible Gold Plummets 65% In 24 Hours To All Time Low Investors Pick Physical Gold Over ETFs In Q1; Comex Registered Silver Just Hit A Fresh All Time Low 2 Year Drops To Fresh All Time Low Yield, Prepares To Breach 0.4% As Gold Touches On Fresh Record JPM Eligible Vault Gold Drops To Fresh Record Market Levitating Just Above 200 DMA, Gold Stopped Just Fresh Of New All Time High
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个人分类: gold|6 次阅读|0 个评论
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