Fungibility and the Impact of Development Assistance: Evidence from Vietnam’s Health Sector by Adam Wagstaffa a Development Research Group, The World Bank, Washington DC, USA Corresponding author and contact details: Adam Wagstaff, World Bank, 1818 … Prior of the hypothesis that grantor govern-work on the theory of intergovernmental ments will finance grants partially from grants ignored the grantor side of … This is the so-called fungibility effect of grants. If Person A lends Person B a $50 bill, it does not matter to Person A if he is repaid with a different $50 bill, as it is mutually substitutable. Cross-listed stocks, which are identical shares of stock listed on the home country exchange and multiple global exchanges, are also considered fungible. Intergovernmental Transfers/Grants Design Intergovernmental transfers are the dominant source of revenues for subnational governments in most developing countries. The shares represent the same ownership interest in a firm, whether you purchased them on the New York Stock Exchange or the Tokyo Stock Exchange. Intergovernmental transfers or grants can be broadly classified into two categories:general-purpose ... vided by the hypothesis that bureaucrats seek to maximize the size of their ... (see chapter 8 of this volume). 5 0 obj
Section III offers an empirical test pose expenditures was examined. The Federal Reserve Bank of New York offers gold custody services to central banks and governments around the world by storing gold bars in its underground vault. The hypothesis is that in a world of interpersonal benevolence both within and across jurisdictional boundaries where intergovernmental grants are made on the basis of need, individual governmental units rationally seek to reduce their production of services in order to obtain more increased fiscal aid.

Ultimate Trading Guide: Options, Futures, and Technical Analysis. x��][�ݶ�~�_q���}YǗ�Y���J^�}�F�GK3r�_� ���$όTNծ]��qmt7�Οm��� ����/������g���?ӏ��������{�m��ᳳ���(7�V��_�}x�����>��UfP���m������xa�;���Mc����W�����4��f8�>��r�5��E�8;v�Y��^yT]3t��1�C]��91M8�.�V}�nޅ�-�3 �Fg-8*Fk��;�M���&��Ф9я׹������űo�`z�^��+~J3�8�74 �)�y~}s��k�������Lٮ�[����� ��RM��:�~���������j�o�� SZՌ�H�����=D��C�['�����tF��ո���v@�}��ó������{ݶ�������m޶� Fungible assets simplify the exchange and trade processes, as fungibility implies equal value between the assets. ZCash is a cryptocurrency with a decentralized blockchain that provides anonymity for its users and their transactions. Although fungibility is commonly associated with finance, it is also found in other disciplines, such as quantum physics.

Conversely, as an example of non-fungibility, if Person A lends Person B his car, it is not acceptable for Person B to return a different car, even if it is the same make and model as the original car lent by Person A. L0�O�8����b�Ճ��Q�H�יٷn��1���)s~u�[��{�����ho|�� ]7��0��j{������ٳ$ĸ6A����y���5����Gl���A�]�Yk�u���q~���E\喖Z����?�O������8Ӷ�I ���K�m���1?�1���Tg�~;�tʩy�Ӑ���ᕽ� �.7����~��y�d! The design of these transfers is of critical importance for efficiency and equity of local service provision and fiscal health of … Like goods and assets that are not interchangeable, such as owned cars and houses, are non-fungible. <> Cash reserves refer to the money a company or individual keeps on hand to meet short-term and emergency funding needs.

2 yellow corn is worth the same amount. the flow of intergovernmental grants from the central to municipal governments is determined. Fungibles goods refer to securities or other items that are equivalent such that, for practical purposes, they are interchangeable. The thrust of this paper is the empirical investigation of the aid fungibility hypothesis with a focus on the effectiveness of net ODA received, grants and technical cooperation grants in driving the pace of human development. Fungibility is the ability of a good or asset to be interchanged with other individual goods or assets of the same type. The offers that appear in this table are from partnerships from which Investopedia receives compensation. between fungibility and a donor agency=s lending strategy.Moreover, i n light of the empirical 1 Based on 36 years of data from 1960 to 1995 on Official Development Assistance (OECD, 1997).

Sections 4 and 5 describe the dataset and the empirical model, respectively. All of this is carefully monitored and recorded, and since the exact bars deposited to the New York Fed are the exact ones returned upon withdrawal, these types of gold deposits are not considered fungible. Section 6 presents the empirical results and, finally, Section 7 concludes the paper. Fungibility is the interchangeability of a good or asset with other specific goods/assets of the same type, simplifying trade and exchange processes. Cars are not fungible with respect to ownership, but the gasoline that powers the cars is fungible. Government decision makers have the homothetic indifference map depicted2 and the initial equilibrium between two sectors (or pro-jects) T and I is at A. All of the gold bars deposited into the vault are weighed with precision, and the refiner and purity markings on the individual bars are inspected to confirm they match the depositor instruction sheets.
stream A security is a fungible, negotiable financial instrument that represents some type of financial value, usually in the form of a stock, bond, or option. The budget line BOBO is generated by own source government revenue. The literature In this section we review the literature on intergovernmental grants. lem that fungibility poses for donors is illustrated in figure 1. A commodity pool is a private investment structure that combines investor contributions to trade futures and commodities markets. %�쏢 For example, specific grades of commodities, such as No. grants on grantor government own-pur- oped.

Although cryptocurrencies are generally considered fungible assets, some are unique and not interchangeable (e.g., non-fungible tokens [NFT]). Fungibility implies that two things are identical in specification, where individual units can be mutually substituted. 2. The research method relied on quasi-experimental approach with … Gold is generally considered fungible (one gold ounce is equivalent to another gold ounce), though in some cases, it is not.

Two aid agencies then provide grants of AT and

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