Developing emission reduction credit trading in Texas

International Nuclear Information System (INIS)

Dodds, J.E.

1993-01-01

The Texas Air Control Board has begun to develop a system of emission reduction credit training. The system will be developed incrementally over time. The first step, banking of VOC and NO x Emission Reduction Credits, began March 15, 1993. Additional programs under study and development include NO x RACT trading, emission credits for motor vehicle scrappage and alternative fuel conversion, and establishment of community organizations to generate and acquire emission reduction credits for economic development purposes

Trade credit, collateral liquidation, and borrowing constraints

NARCIS (Netherlands)

Fabbri, D.; Menichini, A.M.C.

2010-01-01

Assuming that firms’ suppliers are better able to extract value from the liquidation of assets in default and have an information advantage over other creditors, the paper derives six predictions on the use of trade credit. (1) Financially unconstrained firms (with unused bank credit lines) take

Trade credit as an alternative to bank credit during the financial crisis

NARCIS (Netherlands)

Kabir, Mohammed Rezaul; Zubair, Sirazul

2015-01-01

This paper examines the trade credit behavior of a sample of Dutch small and medium sized enterprises (SMEs) before and after the recent financial crisis. We analyze a relatively large dataset of 368 firms over the period of 2003-2012. Our findings suggest that trade payables decreased significantly

Determinants of Trade Credit: A Preliminary Analysis on Construction Sector

Directory of Open Access Journals (Sweden)

Nicoleta Barbuta-Misu

2016-07-01

Full Text Available This paper introduces a preliminary analysis of the correlations between trade credit and some selected measures of financial performance for a sample of 958 firms acting in the construction sector. The examined period covers 2004-2013. The sample derived from Amadeus database contains firms that have sold and bought on credit. Results showed that larger firms offered and used more credit than counterparties. Firms offered and used in same time credit, but not in same level. Firms with higher return on assets and profit margin used and offered less credit from suppliers, respectively to clients. Moreover, more liquid firms used less trade payables.

The Impact of Trade Credit on Customer Switching Behaviour: Evidence from the Tanzanian Rice Market

NARCIS (Netherlands)

Hermes, N.; Kihanga, E.; Lensink, B.W.; Lutz, C.

2012-01-01

We use primary survey data to analyse the relationship between trade credit and customer switching in the context of trade transactions between wholesalers and retailers in the Tanzanian rice market. Results reveal a negative relation of trade credit and customer switching, that is, trade credit

The impact of trade credit on customer switching behaviour : Evidence from the Tanzanian rice market

NARCIS (Netherlands)

Hermes, C.L.M.; Kihanga, E.P.; Lensink, B.W.; Lutz, C.H.M.

2012-01-01

We use primary survey data to analyse the relationship between trade credit and customer switching in the context of trade transactions between wholesalers and retailers in the Tanzanian rice market. Results reveal a negative relation of trade credit and customer switching, that is, trade credit

Evaluation of Customer’s Creditworthiness as the Instrument of Corporate Trade Credit Policy

Directory of Open Access Journals (Sweden)

Anna Wodyńska

2009-01-01

Full Text Available For many small and medium companies trade credit availability is a factor which determines their existence. Financial meaning of trade credit increases with freedom of its granting or taking. Trade credit is the most convenient way of financing activity, thats why stipulating terms and conditions of its granting to borrowers is a significant element of credit policy. The policy adopted by a company should indicate directions and sales barriers so that the firm can maintain and improve its market position. In order to evaluate customers creditworthiness, to specify repayment period, credit amount, rate of interest and repayment schedule (installments it is indispensable to establish an appropriate system. The key to success in granting a trade credit is selection of appropriate business partners. The system of customers verification should give an answer to the question whether the company with which we do business or we intend to do so in the future is creditworthy and the decision about allowing a trade credit should be a result of well thought out credit policy. The author of present article indicates basic methods and tools of contractor creditworthiness evaluation, and she also proposed a payers creditworthiness evaluation sheet, which can be applied to build such a system.

Determinants of Supply and Demand for Trade Credit by Micro, Small and Medium-Sized Enterprises

Directory of Open Access Journals (Sweden)

Claudinê Jordão de Carvalho

2015-08-01

Full Text Available This article investigates the determinant factors of supply and demand for trade credit by micro, small and medium-sized enterprises (MSMEs, using data collected in a survey of managers from 481 firms in 32 cities in the states of São Paulo and Minas Gerais (Brazil between 2008 and 2010. The multivariate relationship model proposed here is grounded in trade credit, agency and transaction costs theories. This study is based on a technique known as path analysis that uses a system of simple regressions estimated by simultaneous equations. The main results show the following: (i trade credit and short-term bank loans are supplementary (and not substitute sources of funds for MSMEs, which demonstrates that trade credit can be used by financial institutions as an indicator of the creditworthiness of the company; (ii the proportion of credit sales, the days sales outstanding measure and sales growth are positively related to the amount of trade credit demanded, which suggests that trade credit is transferred along the supply chain; and (iii the supply of trade credit is positively related to the importance that management ascribes to both internal capital and bank credit, which illustrates the strategic use of the supply of trade credit to increase sales. These results have important implications for companies' managers, financial institutions and the government agencies responsible for formulating policies that support and promote the development of small and medium-sized enterprises.

Two retailer-supplier supply chain models with default risk under trade credit policy.

Science.gov (United States)

Wu, Chengfeng; Zhao, Qiuhong

2016-01-01

The purpose of the paper is to formulate two uncooperative replenishment models with demand and default risk which are the functions of the trade credit period, i.e., a Nash equilibrium model and a supplier-Stackelberg model. Firstly, we present the optimal results of decentralized decision and centralized decision without trade credit. Secondly, we derive the existence and uniqueness conditions of the optimal solutions under the two games, respectively. Moreover, we present a set of theorems and corollary to determine the optimal solutions. Finally, we provide an example and sensitivity analysis to illustrate the proposed strategy and optimal solutions. Sensitivity analysis reveals that the total profits of supply chain under the two games both are better than the results under the centralized decision only if the optimal trade credit period isn't too short. It also reveals that the size of trade credit period, demand, retailer's profit and supplier's profit have strong relationship with the increasing demand coefficient, wholesale price, default risk coefficient and production cost. The major contribution of the paper is that we comprehensively compare between the results of decentralized decision and centralized decision without trade credit, Nash equilibrium and supplier-Stackelberg models with trade credit, and obtain some interesting managerial insights and practical implications.

Joint replenishment and credit policies under two levels of trade credit financing when demand and bad-debt loss depends upon credit period

Directory of Open Access Journals (Sweden)

Aggarawal K.K.

2016-01-01

Full Text Available In practice, a firm usually receives trade credit financing from its supplier on the purchase of inventory. Similarly, in order to meet competition and generate credit sales over and above cash sales, the firm also gives credit period to their customers. However, the decision of granting credit period may have a disintegrating effect on cash sales apart from generating new credit sales because some of the cash customers may switch to credit purchase. In addition, despite of the best credit granting policies and collection practices, the firm may incurs some amount of bad debt losses because a certain fraction of buyers will undoubtedly be unable to pay off their debt obligations and become bad debt loss to the firm. In this paper, using discounted cash flow (DCF approach, a mathematical model is developed to jointly determine optimal inventory and credit policies under two levels of trade credit financing when demand and bad-debt losses are dependent on credit period. The objective of the model is to maximize the present value of firm’s net profit per unit time by jointly optimizing the replenishment interval and date-terms credit period. Numerical examples and sensitivity analysis are presented to illustrate the effectiveness of the proposed model, and the results are discussed.

Retailer's optimal credit period and cycle time in a supply chain for deteriorating items with up-stream and down-stream trade credits

Science.gov (United States)

Mahata, Gour Chandra

2015-09-01

In practice, the supplier often offers the retailers a trade credit period and the retailer in turn provides a trade credit period to her/his customer to stimulate sales and reduce inventory. From the retailer's perspective, granting trade credit not only increases sales and revenue but also increases opportunity cost (i.e., the capital opportunity loss during credit period) and default risk (i.e., the percentage that the customer will not be able to pay off his/her debt obligations). Hence, how to determine credit period is increasingly recognized as an important strategy to increase retailer's profitability. Also, the selling items such as fruits, fresh fishes, gasoline, photographic films, pharmaceuticals and volatile liquids deteriorate continuously due to evaporation, obsolescence and spoilage. In this paper, we propose an economic order quantity model for the retailer where (1) the supplier provides an up-stream trade credit and the retailer also offers a down-stream trade credit, (2) the retailer's down-stream trade credit to the buyer not only increases sales and revenue but also opportunity cost and default risk, and (3) the selling items are perishable. Under these conditions, we model the retailer's inventory system as a profit maximization problem to determine the retailer's optimal replenishment decisions under the supply chain management. We then show that the retailer's optimal credit period and cycle time not only exist but also are unique. We deduce some previously published results of other researchers as special cases. Finally, we use some numerical examples to illustrate the theoretical results.

Supply Chain Model with Stochastic Lead Time, Trade-Credit Financing, and Transportation Discounts

Directory of Open Access Journals (Sweden)

Sung Jun Kim

2017-01-01

Full Text Available This model extends a two-echelon supply chain model by considering the trade-credit policy, transportations discount to make a coordination mechanism between transportation discounts, trade-credit financing, number of shipments, quality improvement of products, and reduced setup cost in such a way that the total cost of the whole system can be reduced, where the supplier offers trade-credit-period to the buyer. For buyer, the backorder rate is considered as variable. There are two investments to reduce setup cost and to improve quality of products. The model assumes lead time-dependent backorder rate, where the lead time is stochastic in nature. By using the trade-credit policy, the model gives how the credit-period would be determined to achieve the win-win outcome. An iterative algorithm is designed to obtain the global optimum results. Numerical example and sensitivity analysis are given to illustrate the model.

Trade credit and the supply chain

NARCIS (Netherlands)

Fabbri, D.; Klapper, L.F.

2009-01-01

This paper studies supply chain financing. We investigate why a firm extends trade credit to its customers and how this decision relates to its own financing. We use a novel firm-level database with unique information on market power in both output and input markets and on the amount, terms, and

Trade credit use and competition in the value chain : Evidence from Vietnam

NARCIS (Netherlands)

Hermes, Niels; Lensink, Robert; Lutz, Clemens; Thu, Uyen Nguyen Lam

2016-01-01

Trade credit is a major source of finance in value chains in developed and emerging economies. Despite its ubiquitous use, this is one of the first empirical studies that analyzes why the use of trade credit varies along the value chain. We argue that competition faced by firms at different stages

An inventory model with a new credit drift: Flexible trade credit policy

Directory of Open Access Journals (Sweden)

Ankit Prakash Tyagi

2016-01-01

Full Text Available In most of the published articles dealing with optimal order quantity model under permissible delay in payments, it is assumed that the supplier only put forwards fully permissible delay in payments if retailer ordered a bulky sufficient quantity otherwise permissible delay in payments would not be permitted. Practically, in competitive market environments and recession phases of business, every supplier wants to attract more retailers by the help of providing good facilities for trading. Necessity of order quantity may put a negative pressure on supplier’s demand. So, within the economic order quantity (EOQ framework the main purpose of this paper is to broaden this extreme case by introducing a new credit policy, Flexible Trade Credit Policy (FTCP, for supplier which can help him provide more free space of trading to retailers. This policy, after adopting by suppliers, not only provides attractive trading environments for retailers but also enhances the demand of supplier due to the large number of new retailers. Here in, under this policy, an inventory system is investigated as a cost minimization problem to establish the retailer’s optimal inventory cycle time and optimal order quantity. Three theorems are established to describe and to lighten optimal replenishment policies for the retailer. Finally, numerical examples are considered to illustrate all these theorems and managerial insights are given based on considered numerical examples.

Supply Chain Coordination under Trade Credit and Quantity Discount with Sales Effort Effects

Directory of Open Access Journals (Sweden)

Zhihong Wang

2018-01-01

Full Text Available The purpose of this paper is to investigate the role of trade credit and quantity discount in supply chain coordination when the sales effort effect on market demand is considered. In this paper, we consider a two-echelon supply chain consisting of a single retailer ordering a single product from a single manufacturer. Market demand is stochastic and is influenced by retailer sales effort. We formulate an analytical model based on a single trade credit and find that the single trade credit cannot achieve the perfect coordination of the supply chain. Then, we develop a hybrid quantitative analytical model for supply chain coordination by coherently integrating incentives of trade credit and quantity discount with sales effort effects. The results demonstrate that, providing that the discount rate satisfies certain conditions, the proposed hybrid model combining trade credit and quantity discount will be able to effectively coordinate the supply chain by motivating retailers to exert their sales effort and increase product order quantity. Furthermore, the hybrid quantitative analytical model can provide great flexibility in coordinating the supply chain to achieve an optimal situation through the adjustment of relevant parameters to resolve conflict of interests from different supply chain members. Numerical examples are provided to demonstrate the effectiveness of the hybrid model.

Trade credit, collateral liquidation and borrowing constraints

NARCIS (Netherlands)

Fabbri, D.; Menichini, A.M.C.

2009-01-01

The paper proposes a model of collateralized bank and trade credit. Firms use a two-input technology. Assuming that the supplier is better able to extract value from existing assets and has an information advantage over other creditors, the paper derives a series of predictions. (1) Financially

Mobile Money, Trade Credit and Economic Development : Theory and Evidence

NARCIS (Netherlands)

Beck, T.H.L.; Pamuk, H.; Uras, R.B.; Ramrattan, R.

2015-01-01

Using a novel enterprise survey from Kenya (FinAccess Business), we document a strong positive association between the use of mobile money as a method to pay suppliers and access to trade credit. We develop a dynamic general equilibrium model with heterogeneous entrepreneurs, imperfect credit

The Impact of Financial Development on the Relationship between Trade Credit, Bank Credit and Firm Characteristics. A Study on Firm-Level Data from Six MENA Countries

OpenAIRE

Jézabel Couppey-Soubeyran; Jérôme Héricourt

2013-01-01

Using a database of more than 1,300 firms from six countries in the MENA region, we study the impact of financial development on the relationship between trade credit on the one hand and bank credit access and firm-level characteristics, especially financial health, on the other hand. Trade credit use increases with the difficulty for gaining access to bank credit, and indicators of the quality of the firm's financial structure negatively influence the use of trade credit. Additional investig...

GHG trading awaits early action credit

International Nuclear Information System (INIS)

Anon.

1999-01-01

The challenges facing the Canadian government in implementing a green house gas (GHG) emissions trading program were discussed. The government of Canada is proposing to establish a program offering credit for early action on GHG reduction. However, the program is proving to be difficult to design because Canada's national implementation strategy for climate change has not yet been defined. The program is intended to reveal how emitters can invest in GHG reduction now, and use them against future regulations limiting emissions. The intention is to design the program on the principle that any company which decreases GHG emissions below its 'business-as-usual' level will receive a credit which can later be sold to another source which wants to offset its emissions. Nevertheless, the government is looking for real reductions in the sense that it is trying to bend the 'business-as-usual' forecast down towards the Kyoto targets, and is trying to ensure that the system is a rigorous one before any credits are issued

Optimal replenishment and credit policy in supply chain inventory model under two levels of trade credit with time- and credit-sensitive demand involving default risk

Science.gov (United States)

Mahata, Puspita; Mahata, Gour Chandra; Kumar De, Sujit

2018-03-01

Traditional supply chain inventory modes with trade credit usually only assumed that the up-stream suppliers offered the down-stream retailers a fixed credit period. However, in practice the retailers will also provide a credit period to customers to promote the market competition. In this paper, we formulate an optimal supply chain inventory model under two levels of trade credit policy with default risk consideration. Here, the demand is assumed to be credit-sensitive and increasing function of time. The major objective is to determine the retailer's optimal credit period and cycle time such that the total profit per unit time is maximized. The existence and uniqueness of the optimal solution to the presented model are examined, and an easy method is also shown to find the optimal inventory policies of the considered problem. Finally, numerical examples and sensitive analysis are presented to illustrate the developed model and to provide some managerial insights.

Perceptions of Trade Credit Insurance Value : Malaysian Evidence

OpenAIRE

Wong, Benny Weng Hong

2013-01-01

Trade credit insurance (“TCI”) is a subject unfamiliar to most companies in Malaysia despite being around for more than a decade. This is not surprising considering the penetration rate of only 3.84% in Malaysia. The main aim of this paper is to examine the Malaysian firm‟s perceptions of TCI value and the TCI value drivers to help credit insurance companies uncover the motivational factors according to firm size and profit margin in order to improve the penetration rate in Malaysia. Furtherm...

The impact of conditional and unconditional conservatism on trade credit: evidence of Tehran Stock Exchange

Directory of Open Access Journals (Sweden)

Samin KOHANSAL

2017-02-01

Full Text Available The aim of this research is to examine the impact of conditional and unconditional conservatism on the trade credit of companies listed at the Tehran Stock Exchange. In this respect, using a systematic deletion sampling, 74 companies were chosen and studied during the period 2009 to 2013. The method of testing the research hypotheses was a multivariate regression using estimated generalized least square. The results of the research indicated that conditional and unconditional conservatism are positively and significantly related to the trade credit of the companies; in other words, if a higher level of conservatism is used and types of conservatism grow, more trade credit will accrue to companies.

Supply chain model with price- and trade credit-sensitive demand under two-level permissible delay in payments

Science.gov (United States)

Giri, B. C.; Maiti, T.

2013-05-01

This article develops a single-manufacturer and single-retailer supply chain model under two-level permissible delay in payments when the manufacturer follows a lot-for-lot policy in response to the retailer's demand. The manufacturer offers a trade credit period to the retailer with the contract that the retailer must share a fraction of the profit earned during the trade credit period. On the other hand, the retailer provides his customer a partial trade credit which is less than that of the manufacturer. The demand at the retailer is assumed to be dependent on the selling price and the trade credit period offered to the customers. The average net profit of the supply chain is derived and an algorithm for finding the optimal solution is developed. Numerical examples are given to demonstrate the coordination policy of the supply chain and examine the sensitivity of key model-parameters.

Environmentally damaging electricity trade

International Nuclear Information System (INIS)

Billette de Villemeur, Etienne; Pineau, Pierre-Olivier

2010-01-01

Electricity trade across regions is often considered welfare enhancing. We show in this paper that this should be reconsidered if environmental externalities are taken into account. We consider two cases where trade is beneficial, before accounting for environmental damages: first, when two regions with the same technology display some demand heterogeneity; second when one region endowed with hydropower arbitrages with its 'thermal' neighbor. Our results show that under reasonable demand and supply elasticities, trade comes with an additional environmental cost. This calls for integrating environmental externalities into market reforms when redesigning the electricity sector. Two North American applications illustrate our results: trade between Pennsylvania and New York, and trade between hydro-rich Quebec and New York.

Ontario emissions trading code : emission reduction credit creation, recording and transfer rules, rules for renewable energy projects and conservation projects, and rules for the operation of the Ontario Emissions Trading Registry

International Nuclear Information System (INIS)

2001-12-01

Emissions trading has been an integral part of Ontario's air quality strategy since December 31, 2001. Ontario has adopted the 'cap, credit and trade' type of emissions trading system, a hybrid that takes the best features of pure 'cap-and-trade' and 'baseline-and-credit' type systems. It covers nitric oxide and sulphur dioxide. The Ontario Emissions Trading Code supplements Ontario Regulation 397/01 and sets out rules for renewable energy projects and conservation projects for which applications for emission allowances can be made. This Code describes the rules for the creation and transfer of emission reduction credits (ERCs). It also explains the rules for the operation of the registry that has been established to provide information to the public about the emissions trading program and records decisions about credit creation and credit and allowance retirement. 3 tabs

Integrating cobenefits produced with water quality BMPs into credits markets: Conceptualization and experimental illustration for EPRI's Ohio River Basin Trading

Science.gov (United States)

Liu, Pengfei; Swallow, Stephen K.

2016-05-01

This paper develops a method that incorporates the public value for environmental cobenefits when a conservation buyer can purchase water quality credits based on nonmarket valuation results. We demonstrate this approach through an experiment with adult students in a classroom laboratory environment. Our application contributes to the study of individual preference and willingness to pay for cobenefits associated with the production of water quality credits in relation to the Ohio River Basin Trading Project. We use three different methods to elicit individuals' willingness to pay (WTP), including (1) a hypothetical referendum, (2) a real referendum lacking incentive compatibility, and (3) a real choice with incentive compatibility. Methodologically, our WTP estimates suggest individuals are more sensitive to the cost changes and reveal the lowest value in the real choice with incentive compatibility. Practically, we find individuals value certain cobenefits and credits as public goods. Incorporating public value toward cobenefits may improve the overall efficiency of a water quality trading market. Based on our specification of a planner's welfare function, results suggest a substantial welfare improvement after identifying an optimal allocation of a buyer's budget across credits derived from agricultural management practices producing different portfolios of cobenefits.

Environmentally damaging electricity trade

Energy Technology Data Exchange (ETDEWEB)

Billette de Villemeur, Etienne [Toulouse School of Economics (IDEI and GREMAQ) (France); Pineau, Pierre-Olivier [HEC Montreal (Canada)

2010-03-15

Electricity trade across regions is often considered welfare enhancing. We show in this paper that this should be reconsidered if environmental externalities are taken into account. We consider two cases where trade is beneficial, before accounting for environmental damages: first, when two regions with the same technology display some demand heterogeneity; second when one region endowed with hydropower arbitrages with its ''thermal'' neighbor. Our results show that under reasonable demand and supply elasticities, trade comes with an additional environmental cost. This calls for integrating environmental externalities into market reforms when redesigning the electricity sector. Two North American applications illustrate our results: trade between Pennsylvania and New York, and trade between hydro-rich Quebec and New York. (author)

The determinants of trade credit use : the case of the Tanzanian rice market

NARCIS (Netherlands)

Hermes, Niels; Kihanga, Ernest; Lensink, Robert; Lutz, Clemens

2015-01-01

Most small businesses in the developing economies suffer from a lack of access to formal external finance. One important alternative source of finance for these entrepreneurs is trade credit. Applying a unique data-set containing data on specific trade relations between rice wholesalers and rice

Production inventory model for two-level trade credit financing under the effect of preservation technology and learning in supply chain

Directory of Open Access Journals (Sweden)

Sunil Kumar

2015-12-01

Full Text Available The present study investigated the inventory model for a retailer under two levels of trade credit to reflect the supply chain management. Supplier offers trade credit period of M to the retailer while in turn retailer provides a trade credit period of N to his/her customers. The supplier is willing to provide the retailer a full trade credit period for payments and the retailer offers the partial trade credit period to his/her customers. Here, selling items are considered as perishable items such as fruits, fresh fishes, gasoline, photographic films, etc. so that its potential worth decreases. It is assumed that decay in potential worth of items can be increased by using preservation technology. The demand is considered as the function of selling price and trade credit. Ordering cost can be reducing due to learning by doing phenomenon. By applying convex fractional programming results, we obtain necessary and sufficient conditions of an optimal solution. Some theorems are developed to determine retailer’s optimal ordering policies and numerical examples are given to illustrate these theorems. In addition, some managerial insights from the numerical examples are also concluded.

40 CFR 1042.715 - Banking emission credits.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 32 2010-07-01 2010-07-01 false Banking emission credits. 1042.715 Section 1042.715 Protection of Environment ENVIRONMENTAL PROTECTION AGENCY (CONTINUED) AIR POLLUTION..., Banking, and Trading for Certification § 1042.715 Banking emission credits. (a) Banking is the retention...

Canadian municipal carbon trading primer

International Nuclear Information System (INIS)

Seskus, A.

2002-01-01

The trading of greenhouse gas (GHG) emissions is being suggested as an effective economic way to meet Canada's Kyoto target. Emissions trading is a market-based instrument that can help achieve environmental improvements while using the market to absorb the economical and effective measures to achieve emissions reductions. Placing a value on emissions means that in order to minimize costs, companies will be motivated to apply the lowest-cost emission reductions possible for regulatory approval. The two main types of emissions trading that exist in Canada are the trading of emissions that lead to the formation of smog or acid rain, and the trading of greenhouse gas emissions that lead to climate change. Since carbon dioxide is the most prevalent GHG, making up approximately 75 per cent of Canadian GHG emissions, the trading of units of GHGs is often referred to as carbon trading. The impact that emissions trading will have on municipal operations was the focus of this primer. The trading of GHG involves buying and selling of allowances of GHGs between contracting parties, usually between one party that is short of GHG credits and another that has excess credits. The 3 common approaches to emissions trading include allowance trading (cap and trade), credit trading (baseline and credit), and a hybrid system which combines both credit and allowance trading systems. The issues that impact municipalities include the debate regarding who owns the credits from landfills, particularly if power is generated using landfill gas and the power is sold as green power. Other viable questions were also addressed, including who can claim emission reduction credits if a city implements energy efficiency projects, or fuel substitution programs. Also, will municipalities be allowed to trade internationally, for example, with municipalities in the United States, and how should they spend their money earned from selling credits. This report also presents highlights from 3 emissions

Nutrient Credit Trading--a Market-based Approach for Improving Water Quality

Science.gov (United States)

Farmers are getting financial rewards for implementing conservation measures on their farms. Industrial wastewater treatment plants are buying credits generated from these measures to meet their NPDES permit regulatory requirements. This is referred to as “water quality trading.” The treatment p...

Environmental Regulation and International Trade

Energy Technology Data Exchange (ETDEWEB)

Mulatu, A. [London School of Economics, London (United Kingdom); Florax, R.J.G.M.; Withagen, C.A. [Faculty of Economics and Business Administration, Vrije Universiteit, Amsterdam (Netherlands)

2004-07-01

We empirically investigate the responsiveness of international trade to the stringency of environmental regulation. Stringent environmental regulation may impair the export competitiveness of 'dirty' domestic industries, and as a result, 'pollution havens' emerge in countries where environmental regulation is 'over-lax.' We examine the impact of pollution abatement and control costs on net exports in order to grasp this phenomenon. Theoretically, our analysis is related to a general equilibrium model of trade and pollution nesting the pollution haven motive for trade with the factor endowment motive. We analyze data on two-digit ISIC manufacturing industries during the period 1977-1992 in Germany, the Netherlands and the US, and show that trade patterns in 'dirty' commodities are jointly determined by relative factor endowments and environmental stringency differentials.

Ordering policies of a deteriorating item in an EOQ model with backorder under two-level partial trade credit

Science.gov (United States)

Molamohamadi, Zohreh; Arshizadeh, Rahman; Ismail, Napsiah

2015-05-01

In the classical inventory model, it was assumed that the retailer must settle the accounts of the purchased items as soon as they are received. In practice, however, the supplier usually offers a full or partial delay period to the retailer to pay for the amount of the purchasing costs. In the partial trade credit contract, which is mostly applied to avoid non-payment risks, the retailer must pay for a portion of the purchased goods at the time of ordering and may delay settling the rest until the end of the predefined agreed upon period, so-called credit period. This paper assumes a two-level partial trade credit where both supplier and retailer offer a partial trade credit to their downstream members. The objective here is to determine the retailer's ordering policy of a deteriorating item by formulating his economic order quantity (EOQ) inventory system with backorder as a cost minimization problem. The sensitivity of the variables on different parameters has been also analyzed by applying numerical examples.

Binomial model for measuring expected credit losses from trade receivables in non-financial sector entities

Directory of Open Access Journals (Sweden)

Branka Remenarić

2018-01-01

Full Text Available In July 2014, the International Accounting Standards Board (IASB published International Financial Reporting Standard 9 Financial Instruments (IFRS 9. This standard introduces an expected credit loss (ECL impairment model that applies to financial instruments, including trade and lease receivables. IFRS 9 applies to annual periods beginning on or after 1 January 2018 in the European Union member states. While the main reason for amending the current model was to require major banks to recognize losses in advance of a credit event occurring, this new model also applies to all receivables, including trade receivables, lease receivables, related party loan receivables in non-financial sector entities. The new impairment model is intended to result in earlier recognition of credit losses. The previous model described in International Accounting Standard 39 Financial instruments (IAS 39 was based on incurred losses. One of the major questions now is what models to use to predict expected credit losses in non-financial sector entities. The purpose of this paper is to research the application of the current impairment model, the extent to which the current impairment model can be modified to satisfy new impairment model requirements and the applicability of the binomial model for measuring expected credit losses from accounts receivable.

Conditioning Factors of Late Payment of Trade Credit

Directory of Open Access Journals (Sweden)

Claudinê Jordão de Carvalho

2015-01-01

Full Text Available This article presents new evidence on the practice of financial delinquency of trade credits. The low level of punctuality in pa yments to suppliers can negatively affect the liquidity of the lender and be transmitted to all companies in the value chain, creating uncertainties in the business environment. The aim is to identify and analyse the factors responsible for delay in paymen t to suppliers. A survey with 554 brazilian companies located in the provinces of Minas Gerais and São Paulo enable application of the model of ordered logit regression analysis . T he dependent variable is the financial delinquency level of companies that d o or do not delay the payment of duties , and the independent variables are the demographic, financial , and operational inherent demand for financing and moral hazard. The results show that companies with more short - term debt s , beginner on its business acti vities , and that have a higher proportion of customers who pay their credit purchase on time are more likely to delay their obligations to suppliers.

Conflicting Perspectives in Trade and Environmental Negotiations

International Nuclear Information System (INIS)

Buchner, B.K.; Roson, R.

2002-09-01

International trade negotiations have recently tackled the issue of possible free trade restrictions, justified - among others - on the basis of environmental concerns. Also, some analyses of international environmental agreements (especially in the field of climate change) have highlighted the key role played by changes in the terms of trade in determining the cost of environmental policies. Yet, secondary effects of international trade remain disregarded in many environmental policies, whereas the introduction of environmental trade barriers has been resisted, arguing that this may hide a Trojan horse of a renewed protectionism. This paper reviews the debate on trade and the environment in the two fields of environmental and trade negotiations, highlighting the different and somewhat conflicting approach adopted in the two cases. A numerical general equilibrium model is used to illustrate how different 'perceptions' (translated in terms of alternative model closures) affect the use of instruments, the distributional impact of the various policies, and the strategic interplay between negotiators in international agreements

Conflicting Perspectives in Trade and Environmental Negotiations

Energy Technology Data Exchange (ETDEWEB)

Buchner, B.K. [Fondazione Eni Enrico Mattei FEEM, Milan (Italy); Roson, R. [Economics Department, Ca' Foscari University, Venice (Italy)

2002-09-01

International trade negotiations have recently tackled the issue of possible free trade restrictions, justified - among others - on the basis of environmental concerns. Also, some analyses of international environmental agreements (especially in the field of climate change) have highlighted the key role played by changes in the terms of trade in determining the cost of environmental policies. Yet, secondary effects of international trade remain disregarded in many environmental policies, whereas the introduction of environmental trade barriers has been resisted, arguing that this may hide a Trojan horse of a renewed protectionism. This paper reviews the debate on trade and the environment in the two fields of environmental and trade negotiations, highlighting the different and somewhat conflicting approach adopted in the two cases. A numerical general equilibrium model is used to illustrate how different 'perceptions' (translated in terms of alternative model closures) affect the use of instruments, the distributional impact of the various policies, and the strategic interplay between negotiators in international agreements.

Trade implications of environmental taxes

International Nuclear Information System (INIS)

Klepper, G.

1994-01-01

The general equilibrium impact of environmental taxes does not consist simply consist in a reduction of international trade. This rather depends on the particular circumstances in which the tax is imposed. The trade impacts of environmental regulation which have been measured empirically are almost negligable. Even simulation studies predict strong effects only for very few sectors of the economy. Since the environmental taxes are imposed in order to induce a reallocation of the economy away from the polluting towards the less polluting activities, one can not expect that the polluting industries will not need to shrink or need to introduce abatement measures. This internal reallocation will necessarily be accompanied by a restructuring of trade between economies. Hence, mitigating these trade effects is about as meaningful as mitigating the internal restructuring of the economy. (orig./UA)

The Efficacy of Credit Insurance : A Study of the Quantitative Impact on Trade Receivables and Receivables Turnover Ratio

OpenAIRE

Prasad, Siddhesh

2016-01-01

Export Trade Credit Insurance is a financial service product that intends to cater to the risk management needs of a company. Its primary purpose is protecting a policy holding company against payment defaults, insolvencies and bankruptcies that their business part- ners (buyers) can face. This helps the company keep their Accounts/Trades Receivable and bad debt under check. The goal of this thesis is to study the impact of Credit Insurance coverage on a policy holding company’s A/R level...

The Optimal Replenishment Policy under Trade Credit Financing with Ramp Type Demand and Demand Dependent Production Rate

Directory of Open Access Journals (Sweden)

Juanjuan Qin

2014-01-01

Full Text Available This paper investigates the optimal replenishment policy for the retailer with the ramp type demand and demand dependent production rate involving the trade credit financing, which is not reported in the literatures. First, the two inventory models are developed under the above situation. Second, the algorithms are given to optimize the replenishment cycle time and the order quantity for the retailer. Finally, the numerical examples are carried out to illustrate the optimal solutions and the sensitivity analysis is performed. The results show that if the value of production rate is small, the retailer will lower the frequency of putting the orders to cut down the order cost; if the production rate is high, the demand dependent production rate has no effect on the optimal decisions. When the trade credit is less than the growth stage time, the retailer will shorten the replenishment cycle; when it is larger than the breakpoint of the demand, within the maturity stage of the products, the trade credit has no effect on the optimal order cycle and the optimal order quantity.

The trade credit channel revisited : evidence from micro data of Japanese small firms

NARCIS (Netherlands)

Ogawa, Kazuo; Sterken, Elmer; Tokutsu, Ichiro

It is suggested that trade credit can be a substitute for bank loans for small- and medium-sized enterprises (SMEs) that have little access to external funding sources. Using unique cross-sectional survey data of Japanese SMEs, we conduct a deep investigation into the substitutability between bank

Trade Credit,Financial Constraints and Corporate Value%商业信用、融资约束与公司价值

Institute of Scientific and Technical Information of China (English)

苏志强; 杜云晗

2015-01-01

Taking A shares of non-financial listed companies as samples,this paper analyzes the effect of the change in trade credit on the corporate value.And it makes a comparison of that effect between the corporate facing financial constraints and the corporate not facing that,making use of efficiency losses in investment as classification criteria for the extent of financial con-straints.This paper arrives at the conclusions as follows:trade credit improves the corporate val-ue;the effect of trade credit on corporate value is different between the corporate facing financial constraints and the corporate not facing;the marginal value of trade credit is increasing as the stock of trade credit rising for financial constraints corporate while the marginal value of trade credit is decreasing as the stock of trade credit rising for no financial constraints corporate.%以我国 A 股非金融类上市公司为样本，就商业信用变动对公司价值的影响进行分析，并以投资效率损失作为融资约束程度分类标准，对融资约束程度不同公司的商业信用变动的边际价值进行对比分析。研究发现：商业信用有利于提高公司价值；融资约束公司的商业信用变动的边际价值小于非融资约束公司；对于融资约束类公司，商业信用变动的边际价值会随着商业信用存量的增加而增加；而对于非融资约束类公司，商业信用变动的边际价值会随着商业信用存量的增加而减小。

Framework for conducting environmental assessments of trade negotiations

International Nuclear Information System (INIS)

2001-02-01

This document described the complex task of assessing the environmental impacts of trade negotiations with particular emphasis on the framework of the Strategic Environmental Assessment which the Government of Canada will conduct through a systematic process which can identify and evaluate possible and significant environmental impacts of an initiative. The objective of the assessment is to integrate environmental considerations into decision-making processes at the earliest possible stage. The first part of the framework identifies the importance of recognizing environmental considerations of trade and explains how the framework will contribute to environmental policy. The second part of the framework outlines the process and analytical requirements for conducting an environmental assessment of a trade negotiation. Environmental Assessment Committees will be formed by the Department of Foreign Affairs and International Trade, and will include representatives from federal government departments and agencies. All analyses will be conducted in four stages which will include identifying the economic effect of the negotiation, identifying the likely environmental impact of such changes, assessing the significance of the likely environmental impacts, and identifying enhancement/mitigation options to inform the negotiations. The framework is designed to be flexible enough to be used at current and future trade negotiations in the World Trade Organization, the Free Trade Area of the Americas and in bilateral Free Trade Agreements. An environmental assessment of trade negotiations is considered to be an important decision-making tool for promoting sustainable development. 16 refs., 1 tab

Environmentally Responsible Trade and Its Importance for Sustainable Forestry

Directory of Open Access Journals (Sweden)

Olena Maxymets

2006-06-01

Full Text Available This article focuses on the environmental component of trade, primarily foreign trade, which concerns the interests of many countries. It examines the reciprocal influence of foreign trade and the environment. The author defines environmentally responsible trade and formulates its main principles. She examines the development of trade in forest products globally and in Ukraine and evaluates the impact of different trade restrictions on the condition of forests and the forestry industry. Indicators of the efficiency of foreign trade from the economic and environmental perspectives are proposed. Underlining the need for enterprises to switch over to environmentally responsible trade, the author proposes instruments to achieve this end.

The policy challenges of tradable credits: A critical review of eight markets

International Nuclear Information System (INIS)

Sovacool, Benjamin K.

2011-01-01

This article offers a critical review of eight tradable permit markets: water permits at Fox River, Wisconsin; the U.S. leaded gasoline phase-out; sulfur dioxide credits under the U.S. Clean Air Act Amendments of 1990; the Regional Clean Air Incentives Market (RECLAIM) for controlling ozone and acid rain in Southern California; renewable energy credit trading at the regional level in the United States; individual transferrable quotas for fisheries at the national level in New Zealand; carbon credits traded under the European Union-Emissions Trading Scheme; and carbon offsets permitted under the Clean Development Mechanism of the Kyoto Protocol. By 'critical' the article does not fully weigh the costs and benefits of each tradable credit scheme and instead identifies key challenges and problems. By 'review' the author relied exclusively on secondary data from an interdisciplinary review of the academic literature. Rather than performing as economic theory suggests, the article shows that in many cases credit markets are prone to compromises in program design, transaction costs, price volatility, leakage, and environmental degradation. The article concludes by discussing the implications of these problems for those seeking to design more equitable and effective public policies addressing environmental degradation and climate change. - Research Highlights: →This study reviews eight tradable credit markets. →It finds that markets are prone to common problems. →It concludes that tradable permit markets are political instruments as much as they are economic ones.

75 FR 18482 - Environmental Technologies Trade Advisory Committee (ETTAC)

Science.gov (United States)

2010-04-12

... DEPARTMENT OF COMMERCE Environmental Technologies Trade Advisory Committee (ETTAC) AGENCY... Environmental Technologies Trade Advisory Committee (ETTAC) will hold its quarterly meeting to discuss environmental technologies trade liberalization, industry competitiveness issues, and general Committee...

75 FR 1590 - Environmental Technologies Trade Advisory Committee (ETTAC)

Science.gov (United States)

2010-01-12

... DEPARTMENT OF COMMERCE Environmental Technologies Trade Advisory Committee (ETTAC) AGENCY... Environmental Technologies Trade Advisory Committee (ETTAC) will hold its first plenary meeting of 2010 to discuss environmental technologies trade liberalization, industry competitiveness issues, and general...

76 FR 77776 - Environmental Technologies Trade Advisory Committee Public Meeting

Science.gov (United States)

2011-12-14

... DEPARTMENT OF COMMERCE International Trade Administration Environmental Technologies Trade... meeting of the Environmental Technologies Trade Advisory Committee (ETTAC). DATES: The meeting is... Energy & Environmental Industries (OEEI), International Trade Administration, Room 4053, 1401...

76 FR 51001 - Environmental Technologies Trade Advisory Committee Public Meeting

Science.gov (United States)

2011-08-17

... DEPARTMENT OF COMMERCE International Trade Administration Environmental Technologies Trade... meeting of the Environmental Technologies Trade Advisory Committee (ETTAC). DATES: The meeting is... Energy & Environmental Industries (OEEI), International Trade Administration, Room 4053, 1401...

77 FR 58356 - Environmental Technologies Trade Advisory Committee Public Meeting

Science.gov (United States)

2012-09-20

... DEPARTMENT OF COMMERCE International Trade Administration Environmental Technologies Trade... meeting of the Environmental Technologies Trade Advisory Committee (ETTAC). DATES: The meeting is... Energy & Environmental Industries (OEEI), International Trade Administration, Room 4053, 1401...

78 FR 4834 - Environmental Technologies Trade Advisory Committee Public Meeting

Science.gov (United States)

2013-01-23

... DEPARTMENT OF COMMERCE International Trade Administration Environmental Technologies Trade... meeting of the Environmental Technologies Trade Advisory Committee (ETTAC). DATES: The meeting is... Energy & Environmental Industries (OEEI), International Trade Administration, Room 4053, 1401...

Environmental regulation and international trade

NARCIS (Netherlands)

Mulatu, A.; Florax, R.J.G.M.; Withagen, C.A.A.M.

2004-01-01

We empirically investigate the responsiveness of international trade to the stringency of environmental regulation. Stringent environmental regulation may impair the export competitiveness of ´dirty´ domestic industries, and as a result, ´pollution havens´ emerge in countries where environmental

76 FR 26247 - Environmental Technologies Trade Advisory Committee Public Meeting

Science.gov (United States)

2011-05-06

... DEPARTMENT OF COMMERCE International Trade Administration Environmental Technologies Trade... meeting of the Environmental Technologies Trade Advisory Committee (ETTAC). DATES: The meeting is... & Environmental Industries (OEEI), International Trade Administration, Room 4053, 1401 Constitution Ave, NW...

78 FR 46921 - Environmental Technologies Trade Advisory Committee Public Meeting

Science.gov (United States)

2013-08-02

... DEPARTMENT OF COMMERCE International Trade Administration Environmental Technologies Trade... meeting of the Environmental Technologies Trade Advisory Committee (ETTAC). DATES: The meeting is... Hinman, Office of Energy & Environmental Industries (OEEI), International Trade Administration, Room 4053...

The Political Economy of International Emission Trading Scheme Choice: Empirical Evidence

DEFF Research Database (Denmark)

Boom, J.T.; Svendsen, Gert Tinggaard

2000-01-01

The Kyoto Protocol allows emissions trading. It does however not specify how this is to take place and the discussion on the design of an emissions trading scheme is ongoing. In this paper, we give some empirical evidence on the preference of industry and environmental organizations for internati...... for international emissions trading scheme. Since they may have an influence on decision makers, their opinion is important. Our conclusion is that both industry and environmental organizations prefer credit trading, although for widely different reasons....

Emissions trading comes of age as a strategic tool

International Nuclear Information System (INIS)

Pospisil, R.

1996-01-01

Trading of emissions credits has quickly evolved from a curiosity to a viable compliance strategy for electric utilities and power-generating industrial firms. A sure sign that emissions trading has matured is the entry of power marketers onto the scene; in bundling pollution allowances with their electricity offerings, they are making their product more attractive - and stealing a page from the coal companies' strategy book to boot. Although most current activity involves credits for sulfur dioxide (SO 2 ), nitrogen oxide (NO x ) trading is under way in certain areas as well, although NO x markets are local and thus slower to develop. However, utilities see economic development potential in this area; some are providing NO x credits to their industrial customers to help them comply with environmental regulations - and to retain their loyalty when deregulation affords them a choice of electricity suppliers. This paper briefly discusses the issues related to emissions trading

Limited take-up of health coverage tax credits: a challenge to future tax credit design.

Science.gov (United States)

Dorn, Stan; Varon, Janet; Pervez, Fouad

2005-10-01

The Trade Act of 2002 created federal tax credits to subsidize health coverage for certain early retirees and workers displaced by international trade. Though small, this program offers the opportunity to learn how to design future tax credits for larger groups of uninsured. During September 2004, the most recent month for which there are data about all forms of Trade Act credits, roughly 22 percent of eligible individuals received credits. The authors find that health insurance tax credits are more likely to reach their target populations if such credits: 1) limit premium costs for the low-income uninsured and do not require full premium payments while applications are pending; 2) provide access to coverage that beneficiaries value, including care for preexisting conditions; 3) are combined with outreach that uses easily understandable, multilingual materials and proactive enrollment efforts; and 4) feature a simple application process involving one form filed with one agency.

40 CFR 91.1306 - Trading.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 20 2010-07-01 2010-07-01 false Trading. 91.1306 Section 91.1306... EMISSIONS FROM MARINE SPARK-IGNITION ENGINES In-Use Credit Program for New Marine Engines § 91.1306 Trading... engine manufacturers through trading. (b) In-use credits for trading can be obtained from credits banked...

Three stage trade credit policy in a three-layer supply chain-a production-inventory model

Science.gov (United States)

Pal, Brojeswar; Sankar Sana, Shib; Chaudhuri, Kripasindhu

2014-09-01

The main purpose of this paper is to investigate the optimal replenishment lot size of supplier and optimal production rate of manufacturer under three levels of trade credit policy for supplier-manufacturer-retailer supply chain. The supplier provides a fixed credit period to settle the accounts to the manufacturer, while the manufacturer gives a fixed credit period to settle the account to the retailer and the retailer, in turn, also offers a credit period to each of its customers to settle the accounts. We assume that the supplier supplies the raw material to the manufacturer and sends back the defective raw materials to the outside supplier after completion of inspection at one lot with a sales price. The system always produces good items in the model. Also, we consider the idle times of supplier and manufacturer. Finally, numerical examples are provided to illustrate the behaviour and application of the model with graphical simulation.

Environmentally Responsible Trade and Its Importance for Sustainable Forestry

OpenAIRE

Olena Maxymets

2006-01-01

This article focuses on the environmental component of trade, primarily foreign trade, which concerns the interests of many countries. It examines the reciprocal influence of foreign trade and the environment. The author defines environmentally responsible trade and formulates its main principles. She examines the development of trade in forest products globally and in Ukraine and evaluates the impact of different trade restrictions on the condition of forests and the forestry industry. Indic...

78 FR 21909 - Environmental Technologies Trade Advisory Committee; Public Meeting

Science.gov (United States)

2013-04-12

... DEPARTMENT OF COMMERCE International Trade Administration Environmental Technologies Trade... meeting of the Environmental Technologies Trade Advisory Committee (ETTAC). DATES: The teleconference....S. exports of environmental technologies, goods, services, and products. The ETTAC was originally...

76 FR 66912 - Environmental Technologies Trade Advisory Committee Public Meeting

Science.gov (United States)

2011-10-28

... DEPARTMENT OF COMMERCE International Trade Administration Environmental Technologies Trade... meeting of the Environmental Technologies Trade Advisory Committee (ETTAC). DATES: The teleconference... expand U.S. exports of environmental technologies, goods, services, and products. The ETTAC was...

77 FR 35941 - Environmental Technologies Trade Advisory Committee Public Meeting

Science.gov (United States)

2012-06-15

... DEPARTMENT OF COMMERCE International Trade Administration Environmental Technologies Trade... meeting of the Environmental Technologies Trade Advisory Committee (ETTAC). DATES: The meeting is... promotion programs; and issues related to innovation in the environmental technology sector. Background: The...

77 FR 6064 - Environmental Technologies Trade Advisory Committee Public Meeting

Science.gov (United States)

2012-02-07

... DEPARTMENT OF COMMERCE International Trade Administration Environmental Technologies Trade... meeting of the Environmental Technologies Trade Advisory Committee (ETTAC). DATES: The teleconference... administration of programs to expand U.S. exports of environmental technologies, goods, services, and products...

77 FR 50987 - Environmental Technologies Trade Advisory Committee, Request for Nominations

Science.gov (United States)

2012-08-23

... DEPARTMENT OF COMMERCE International Trade Administration Environmental Technologies Trade... Commerce. ACTION: Solicitation of Nominations for Membership on the Environmental Technologies Trade...) is requesting nominations for memberships on the Environmental Technologies Trade Advisory Committee...

78 FR 21911 - Environmental Technologies Trade Advisory Committee Public Meeting

Science.gov (United States)

2013-04-12

... DEPARTMENT OF COMMERCE International Trade Administration Environmental Technologies Trade... meeting of the Environmental Technologies Trade Advisory Committee (ETTAC). DATES: The meeting is... review the role of the U.S. government in supporting the early adoption of environmental technologies and...

77 FR 14734 - Environmental Technologies Trade Advisory Committee Public Meeting

Science.gov (United States)

2012-03-13

... DEPARTMENT OF COMMERCE International Trade Administration Environmental Technologies Trade... proposed agenda of a meeting of the Environmental Technologies Trade Advisory Committee (ETTAC). DATES: The... innovation in the environmental technology sector. Background: The ETTAC is mandated by Public Law 103-392...

75 FR 52716 - Environmental Technologies Trade Advisory Committee (ETTAC)

Science.gov (United States)

2010-08-27

... DEPARTMENT OF COMMERCE Environmental Technologies Trade Advisory Committee (ETTAC) AGENCY... Environmental Technologies Trade Advisory Committee (ETTAC) will hold its quarterly meeting to discuss environmental technologies industry competitiveness issues, the National Export Initiative, and general...

ECONOMIC GROWTH, TRADE AND ENVIRONMENTAL ISSUES: TESTING ENVIRONMENTAL KUZNETS CURVE

Directory of Open Access Journals (Sweden)

Dedi Budiman Hakim

2013-04-01

Full Text Available ASEAN experiences a dynamic economic growth due to its liberalised markets. However concerns arise related to environmental issues resulting from the economic activities. It reflects tradeoffs between economic growth driven by trade and foreign direct investment (FDI, and environment. To investigate such a relation the Environmental Kuznets Curve was applied by regressing amount of carbon emission with gross domestic product (GDP, quadratic GDP, trade openness and FDI. The result reveals that amount of carbon emission is linearly and positively correlated with GDP per capita. It is predicted that as ASEAN economies grow, carbon emission increases. Trade openness is also found to contribute to carbon emission. Keywords: Kuznets curve, carbon emission, gross domestic product, trade, foreign direct investment JEL classification number: F15, F18

Hazardous waste and environmental trade: China`s issues

Energy Technology Data Exchange (ETDEWEB)

Ma Jiang [National Research Center for Science and Technology for Development, Beijing (China)

1996-12-31

By presenting some case studies, this paper analyzes China`s situation with regard to hazardous waste: its environmental trade, treatment, and management. The paper describes China`s experiences with the environmental trade of hazardous waste in both the internal and international market. Regulations for managing the import of waste are discussed, as are China`s major approaches to the trading of hazardous waste both at home and overseas. The major reasons for setting up the Asian-Pacific Regional Training Center for Technology Transfer and Environmental Sound Management of Wastes in China and the activities involved in this effort are also described. 1 tab.

75 FR 70215 - Environmental Technologies Trade Advisory Committee (ETTAC), Request for Nominations

Science.gov (United States)

2010-11-17

... DEPARTMENT OF COMMERCE International Trade Administration Environmental Technologies Trade...: Notice of solicitation of nominations for membership on the Environmental Technologies Trade Advisory Committee (ETTAC). SUMMARY: The Environmental Technologies Trade Advisory Committee (ETTAC) was established...

Trading Water Conservation Credits: A Coordinative Approach for Enhanced Urban Water Reliability

Science.gov (United States)

Gonzales, P.; Ajami, N. K.

2016-12-01

Water utilities in arid and semi-arid regions are increasingly relying on water use efficiency and conservation to extend the availability of supplies. Despite spatial and institutional inter-dependency of many service providers, these demand-side management initiatives have traditionally been tackled by individual utilities operating in a silo. In this study, we introduce a new approach to water conservation that addresses regional synergies—a novel system of tradable water conservation credits. Under the proposed approach, utilities have the flexibility to invest in water conservation measures that are appropriate for their specific service area. When utilities have insufficient capacity for local cost-effective measures, they may opt to purchase credits, contributing to fund subsidies for utilities that do have that capacity and can provide the credits, while the region as whole benefits from more reliable water supplies. While similar programs have been used to address water quality concerns, to our knowledge this is one of the first studies proposing tradable credits for incentivizing water conservation. Through mathematical optimization, this study estimates the potential benefits of a trading program and demonstrates the institutional and economic characteristics needed for such a policy to be viable, including a proposed web platform to facilitate transparent regional planning, data-driven decision-making, and enhanced coordination of utilities. We explore the impacts of defining conservation targets tailored to local realities of utilities, setting credit prices, and different policy configurations. We apply these models to the case study of water utility members of the Bay Area Water Supply and Conservation Agency. Preliminary work shows that the diverse characteristics of these utilities present opportunities for the region to achieve conservation goals while maximizing the benefits to individual utilities through more flexible coordinative efforts.

Application of Generalized Hukuhara derivative approach in an economic production quantity model with partial trade credit policy under fuzzy environment

Directory of Open Access Journals (Sweden)

Pinki Majumder

2016-01-01

Full Text Available In this present study, a production inventory model with partial trade credit is formulated and solved in fuzzy environment via Generalized Hukuhara derivative approach. To capture the market, a supplier offers a trade credit period to its retailers. Due to this facility, retailer also offers a partial trade credit period to his/her customer to boost the demand of the item. In practical life situation, demands are generally dependent upon time. Constant demand of an item varies time to time. In this vague situation, demands are taken as time dependent, where its constant part is taken as Left Right - type fuzzy number. In this paper, Generalized Hukuhara derivative approach is used to solve the fuzzy inventory model. Four different cases are considered by using Generalized Hukuhara-(i differentiability and Generalized Hukuhara-(ii differentiability. The objective of this paper is to find out the optimal time so as the total inventory cost is minimum. Finally the model is solved by generalized reduced gradient method. The proposed model and technique are illustrated by numerical examples. Some sensitivity analyses both in tabular and graphical forms are presented and the effects of minimum cost with respect to various inventory parameters are discussed.

An Economic Order Quantity Model with Completely Backordering and Nondecreasing Demand under Two-Level Trade Credit

Directory of Open Access Journals (Sweden)

Zohreh Molamohamadi

2014-01-01

Full Text Available In the traditional inventory system, it was implicitly assumed that the buyer pays to the seller as soon as he receives the items. In today’s competitive industry, however, the seller usually offers the buyer a delay period to settle the account of the goods. Not only the seller but also the buyer may apply trade credit as a strategic tool to stimulate his customers’ demands. This paper investigates the effects of the latter policy, two-level trade credit, on a retailer’s optimal ordering decisions within the economic order quantity framework and allowable shortages. Unlike most of the previous studies, the demand function of the customers is considered to increase with time. The objective of the retailer’s inventory model is to maximize the profit. The replenishment decisions optimally are obtained using genetic algorithm. Two special cases of the proposed model are discussed and the impacts of parameters on the decision variables are finally investigated. Numerical examples demonstrate the profitability of the developed two-level supply chain with backorder.

Environmental accounts and trade - a Swedish pilot study

International Nuclear Information System (INIS)

Wadeskog, A.

2001-01-01

Environmental accounts are supposed to register environmental impacts of economic activities performed by residents on a national basis. However, the international division of labour is not explicitly addressed. A small, open, economy like Sweden use resources, and thereby cause emissions, in other countries due to what is imported for intermediate or final use. On the other hand, the things we export to other countries cause emissions in Sweden. This means that there is an environmental balance of trade that is not explicitly addressed in the accounts. There are however possibilities to estimate these effects. Through input-output analysis it is possible to analyse the value added chain of the different goods and service that make up the final demand, i.e. a form of cradle-to-grave analysis. Environmental trade can be estimated in several ways. One method is to assume that emissions follow the pattern of the trade balance and equal out over time, i.e. ignore the problem. Another method is to calculate the effect of differences in volume and composition in exports and imports. In most cases this is done using the domestic input-output tables and emission coefficients, i.e. assuming that all trading partners have identical resource use, technology and economic structure. A pilot study of the environmental trade balance for Sweden, using different aggregated emissions data for our trading partners and the Swedish input-output table, show that the results calculated with these methods will underestimate external emissions considerably for carbon dioxides and sulphur dioxides. However, for nitrogen oxides emission these methods seem to suffice

40 CFR 91.206 - Trading.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 20 2010-07-01 2010-07-01 false Trading. 91.206 Section 91.206... EMISSIONS FROM MARINE SPARK-IGNITION ENGINES Averaging, Banking, and Trading Provisions § 91.206 Trading. (a... manufacturers in trading. These credits must be used in the same averaging set as generated. (b) Credits for...

Ocean fertilization, carbon credits and the Kyoto Protocol

Science.gov (United States)

Westley, M. B.; Gnanadesikan, A.

2008-12-01

are unlikely to meet the Kyoto Protocol's verification and accounting standards for trading carbon credits on the regulated market. The marketability of ocean fertilization in the voluntary carbon marketplace will likely depend on companies' efforts to minimize environmental risks and consumers' willingness to accept remaining risks.

49 CFR 536.4 - Credits.

Science.gov (United States)

2010-10-01

... OF TRANSPORTATION TRANSFER AND TRADING OF FUEL ECONOMY CREDITS § 536.4 Credits. (a) Type and vintage... category, and model year of origin (vintage). (b) Application of credits. All credits earned and applied are calculated, per 49 U.S.C. 32903(c), in tenths of a mile per gallon by which the average fuel...

77 FR 7131 - Addendum to Environmental Technologies Trade Advisory Committee Public Meeting

Science.gov (United States)

2012-02-10

... DEPARTMENT OF COMMERCE International Trade Administration Addendum to Environmental Technologies... agenda of a meeting of the Environmental Technologies Trade Advisory Committee (ETTAC) will be changed to... & Environmental Industries, International Trade Administration, Room 4053, 1401 Constitution Avenue NW...

Retailer's inventory system in a two-level trade credit financing with selling price discount and partial order cancelations

Science.gov (United States)

Thangam, A.

2015-06-01

In today's fast marketing over the Internet or online, many retailers want to trade at the same time and change their marketing strategy to attract more customers. Some of the customers may decide to cancel their orders partially with a retailer due to various reasons such as increase in customer's waiting time, loss of customer's goodwill on retailer's business, attractive promotional schemes offered by other retailers etc. Even though there is a lag in trading and order cancelation, this paper attempts to develop the retailer's inventory model with the effect of order cancelations during advance sales period. The retailer announces a price discount program during advance sales period to promote his sales and also he offers trade credit financing during the sales periods. The retailer availing trade credit period from his supplier offers a permissible delay period to his customers. The customer who gets an item has allowed paying on or before the permissible delay period which is accounted from the buying time rather than the start period of inventory sales. This accounts for significant changes in the calculations of interest payable and interest earned by the retailer. The retailer's total cost is minimized so as to find out the optimal replenishment cycle time and price discount policies through a solution procedure. The results derived in mathematical theorems are implemented in numerical examples and sensitivity analyses on several inventory parameters are obtained.

Retailer's inventory system in a two-level trade credit financing with selling price discount and partial order cancellations

Science.gov (United States)

Thangam, A.

2014-02-01

In today's fast marketing over the Internet or online, many retailers want to trade at the same time and change their marketing strategy to attract more customers. Some of the customers may decide to cancel their orders partially with a retailer due to various reasons such as increase in customer's waiting time, loss of customer's goodwill on retailer's business, and attractive promotional schemes offered by other retailers. Even though there is a lag in trading and order cancellation, this paper attempts to develop the retailer's inventory model with the effect of order cancellations during advance sales period. The retailer announces a price discount program during advance sales period to promote his sales and also offers trade credit financing during the sales periods. The retailer availing trade credit period from his supplier offers a permissible delay period to his customers. The customer who gets an item is allowed to pay on or before the permissible delay period which is accounted from the buying time rather than from the start period of inventory sales. This accounts for significant changes in the calculations of interest payable and interest earned by the retailer. The retailer's total cost is minimized so as to find out the optimal replenishment cycle time and price discount policies through a solution procedure. The results derived in mathematical theorems are implemented in numerical examples, and sensitivity analyses on several inventory parameters are obtained.

12 CFR 614.4720 - Letters of credit.

Science.gov (United States)

2010-01-01

... Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM LOAN POLICIES AND OPERATIONS Banks for Cooperatives and Agricultural Credit Banks Financing International Trade § 614.4720 Letters of credit. Banks for cooperatives and agricultural credit banks, under policies adopted by their boards of directors...

Emission credits : what are they worth?

International Nuclear Information System (INIS)

Wilman, E.A.

2003-01-01

The current cost of making a carbon transaction was discussed with particular reference to a time-line when emissions trading will become more cost-effective and streamlined for quicker results. This paper described how companies are dealing with the risk of emissions trading in terms of pricing and the expected financial impacts of owning a new commodity. The incorporation of emissions credits and trading activities into a company's balance sheet was also described in terms of how banks will consider a company's credit when calculating their loan potential. It was noted that some credits will be valued higher than others based on their historical background. The financial impact that credits have on company assets was addressed in terms of measuring reputation management. The importance of developing a financial plan for effective management was emphasized in terms of evaluating emissions reduction projects and future options. 17 refs., 2 figs

Subtask 1.18 - A Decision Tool for Watershed-Based Effluent Trading

Energy Technology Data Exchange (ETDEWEB)

Xixi Wang; Bethany A. Kurz; Marc D. Kurz

2006-11-30

Handling produced water in an economical and environmentally sound manner is vital to coalbed methane (CBM) development, which is expected to increase up to 60% in the next 10-15 years as the demand for natural gas increases. Current produced water-handling methods (e.g., shallow reinjection and infiltration impoundments) are too costly when implemented on a well-by-well basis. A watershed-based effluent credit trading approach may be a means of managing produced water at reduced cost while meeting or surpassing water quality regulations. This market-based approach allows for improved water quality management by enabling industrial, agricultural, and municipal discharge facilities to meet water quality permit requirements by purchasing pollutant reduction credits from other entities within the same watershed. An evaluation of this concept was conducted for the Powder River Basin (PRB) of Montana and Wyoming by the Energy & Environmental Research Center (EERC). To conduct this assessment, the EERC collected and evaluated existing water quality information and developed the appropriate tools needed to assess the environmental and economic feasibility of specific trading scenarios. The accomplishments of this study include (1) an exploration of the available PRB water quantity and quality data using advanced statistical techniques, (2) development of an integrated water quality model that predicts the impacts of CBM produced water on stream salinity and sodicity, (3) development of an economic model that estimates costs and benefits from implementing potential trading options, (4) evaluation of hypothetical trading scenarios between select watersheds of the PRB, and (5) communication of the project concept and results to key state and federal agencies, industry representatives, and stakeholders of the PRB. The preliminary results of a basinwide assessment indicate that up to $684 million could be saved basinwide without compromising water quality as a result of

Environmental pollution and world trade

International Nuclear Information System (INIS)

Batra, Ravi; Beladi, Hamid; Frasca, Ralph

1998-01-01

In this paper we present a model that highlights the relationship between international trade and environmental pollution. It includes a small open economy that produces a domestic composite good and imports another composite good and energy products. The pollution is created by local production, global production and transportation. Given this model we demonstrate that free trade within the current political and economic context may produce a suboptimal level of welfare. The rationale is based upon the argument that transportation is energy-intensive and that, therefore, trade itself is a source of pollution. Consequently, under certain global conditions the introduction of an energy tariff in a small open economy raises social welfare and is superior to free trade. A consumption tariff adopted by a single nation will not have similar consequences because it has no impact upon local usage. However, when a consumption tariff is globally adopted there is the opportunity for a net benefit. Finally, we argue that a global tariff that raises both the price of energy and the price of the imported composite good may generate the greatest increase in welfare by reducing both energy-intensive production and energy-intensive trade

Environmental pollution and world trade

Energy Technology Data Exchange (ETDEWEB)

Batra, Ravi [Department of Economics, Southern Methodist University, Dallas, TX 75275-0496 (United States); Beladi, Hamid; Frasca, Ralph [Department of Economics and Finance, University of Dayton, Dayton, OH 45469-2240 (United States)

1998-11-01

In this paper we present a model that highlights the relationship between international trade and environmental pollution. It includes a small open economy that produces a domestic composite good and imports another composite good and energy products. The pollution is created by local production, global production and transportation. Given this model we demonstrate that free trade within the current political and economic context may produce a suboptimal level of welfare. The rationale is based upon the argument that transportation is energy-intensive and that, therefore, trade itself is a source of pollution. Consequently, under certain global conditions the introduction of an energy tariff in a small open economy raises social welfare and is superior to free trade. A consumption tariff adopted by a single nation will not have similar consequences because it has no impact upon local usage. However, when a consumption tariff is globally adopted there is the opportunity for a net benefit. Finally, we argue that a global tariff that raises both the price of energy and the price of the imported composite good may generate the greatest increase in welfare by reducing both energy-intensive production and energy-intensive trade

An emissions trading regime for Canada

International Nuclear Information System (INIS)

Smith, S.L.

2001-01-01

In 1998, over twelve papers were published on emissions trading regimes in Canada by the National Round Table on the Environment and the Economy (NRTEE), a federal government agency whose members represent stakeholders as varied as business, environmental groups, academics, aboriginal groups and others. One of the recommendations that emerged was for the computer modelling of the possibilities that had been identified for a domestic trading regime in Canada for greenhouse gases. It is unclear whether the modelling was ever performed as the file was taken over by the Finance Department under the umbrella of a special emission trading table that examined Canada's commitment under the Kyoto Protocol. The author examined questions pertaining to whether a domestic trading regime is essential, and what its characteristics should be in case it was deemed essential or advisable to have one. The upstream versus downstream application was looked at, as well as grand-fathering versus auction. Provincial issues were then addressed, followed by meshing with a credit system. International systems were reviewed. Early action was discussed, whereby an emitter seeks credit for action taken toward reductions since the original reference year of 1990. The case of emitters having bought or sold permits since the original reference years will also want those trades recognized under a trading regime. The author indicated that it seems probable that an emission trading system will eventually be implemented and that a debate on the issue should be initiated early

Trade in the US and Mexico helps reduce environmental costs of agriculture

Science.gov (United States)

Martinez-Melendez, Luz A.; Bennett, Elena M.

2016-05-01

Increasing international crop trade has enlarged global shares of cropland, water and fertilizers used to grow crops for export. Crop trade can reduce the environmental burden on importing countries, which benefit from embedded environmental resources in imported crops, and from avoided environmental impacts of production in their territory. International trade can also reduce the universal environmental impact of food production if crops are grown where they are produced in the most environmentally efficient way. We compared production efficiencies for the same crops in the US and Mexico to determine whether current crop trade between these two countries provides an overall benefit to the environment. Our economic and environmental accounting for the key traded crops from 2010 to 2014 shows that exports to Mexico are just 3% (∼16 thousand Gg) of the total production of these crops in the US, and exports to US represent roughly 0.13% (∼46 Gg) of Mexican total production of the same crops. Yields were higher in US than Mexico for all crops except wheat. Use of nitrogen fertilizer was higher in US than in Mexico for all crops except corn. Current trade reduces some, but not all, environmental costs of agriculture. A counterfactual trade scenario showed that an overall annual reduction in cultivated land (∼371 thousand ha), water use (∼923 million m3), fertilizer use (∼122 Gg; ∼68 Gg nitrogen) and pollution (∼681 tonnes of N2O emissions to the atmosphere and ∼511 tonnes of leached nitrogen) can be achieved by changing the composition of food products traded. In this case, corn, soybeans and rice should be grown in the US, while wheat, sorghum and barley should be grown in Mexico. Assigning greater economic weight to the environmental costs of agriculture might improve the balance of trade to be more universally beneficial, environmentally.

Inter-trading permanent emissions credits and rented temporary carbon emissions offsets. Some issues and alternatives

International Nuclear Information System (INIS)

Sedjo, Roger A.; Marland, Gregg

2003-01-01

Permit trading among polluting parties is now firmly established as a policy tool in a range of environmental policy areas. The Kyoto Protocol accepts the principle that sequestration of carbon in the terrestrial biosphere can be used to offset emissions of carbon from fossil fuel combustion and outlines mechanisms. Although the lack of guaranteed permanence of biological offsets is often viewed as a defect, this paper argues that the absence of guaranteed permanence need not be a fundamental problem. We view carbon emissions as a liability issue. One purpose of an emissions credit system is to provide the emitter with a means to satisfy the carbon liability associated with her firm's (or country's) release of carbon into the atmosphere. We have developed and here expand on a rental approach, in which sequestered carbon is explicitly treated as temporary: the emitter temporarily satisfies his liability by temporarily 'parking' his liability, for a fee, in a terrestrial carbon reservoir, or 'sink,' such as a forest or agricultural soil. Finally, the paper relates the value of permanent and temporary sequestration and argues that both instruments are tradable and have a high degree of substitutability that allows them to interact in markets

The Bias in Favor of Venture Capital Finance in U.S. Entrepreneurial Education: At the Expense of Trade Credit

Science.gov (United States)

Clement, Thomas; LeMire, Steven; Silvernagel, Craig

2015-01-01

The authors examine whether U.S. college-level entrepreneurship education demonstrates a bias favoring venture capital (VC) financing while marginalizing trade credit financing, and the resulting impact on entrepreneurship students. A sample of U.S. business textbooks and survey data from entrepreneurship students reveals a significant bias toward…

Trade Credit, Future Earnings, and Stock Returns: A Self-Dealing Perspective

Directory of Open Access Journals (Sweden)

Jigao Zhu

2009-12-01

Full Text Available Chinese listed firms are characterized by a great magnitude of long-duration accounts receivable from controlling shareholders and their affiliates, and they often do not make bad debt allowances. On many occasions, these receivables are never collected. We find that firms with a great magnitude of accounts receivable demonstrate a low level of future profitability and low stock returns. It does not appear that the low earnings persistence of these firms is responsible for their poor future performance as predicted by the accrual anomaly, because the firms also report low concurrent earnings. In the context of the Chinese stock market, we interpret the results as being consistent with self-dealing through trade credit by controlling shareholders. This study contributes to the self-dealing literature by identifying a more subtle channel of expropriation of minority shareholders in China.

77 FR 75997 - Environmental Technologies Trade Advisory Committee (ETTAC), Request for Nominations from U.S...

Science.gov (United States)

2012-12-26

... DEPARTMENT OF COMMERCE International Trade Administration Environmental Technologies Trade... Environmental Technologies Trade Advisory Committee (ETTAC). SUMMARY: This notice sets forth a request for... serve on the Environmental Technologies Trade Advisory Committee (ETTAC). One person will be appointed...

40 CFR 1033.715 - Banking emission credits.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 32 2010-07-01 2010-07-01 false Banking emission credits. 1033.715... CONTROLS CONTROL OF EMISSIONS FROM LOCOMOTIVES Averaging, Banking, and Trading for Certification § 1033.715 Banking emission credits. (a) Banking is the retention of emission credits by the manufacturer...

12 CFR 614.4700 - Financing foreign trade receivables.

Science.gov (United States)

2010-01-01

... OPERATIONS Banks for Cooperatives and Agricultural Credit Banks Financing International Trade § 614.4700 Financing foreign trade receivables. (a) Banks for cooperatives and agricultural credit banks, under policies adopted by their boards of directors, are authorized to finance foreign trade receivables on...

Firms’ trade-financing decisions during crises

NARCIS (Netherlands)

Fabbri, D.; Menichini, A.M.C.; Chauffour, J.-P.; Malouche, M.

2011-01-01

Firms procure funds not only from specialized financial intermediaries, but also from suppliers, generally by delaying payments. The empirical evidence on trade credit raises questions that are hard to reconcile with existing theories: • What justifies the widespread use of trade credit by

Trading away damage. Quantifying environmental leakage through consumption-based, life-cycle analysis

International Nuclear Information System (INIS)

Ghertner, D. Asher; Fripp, Matthias

2007-01-01

This research quantifies the extent to which the US has shifted the environmental impact associated with the goods it consumes to other countries through trade. To achieve this, we use a life-cycle, consumption-based approach to measure the environmental impacts embodied in US trade activities for global warming potential (GWP), energy, toxics, and the criteria air pollutants. We use these values to determine the amount of environmental impact 'leaked' from current, production-based approaches to analyzing national environmental trends for the years 1998-2004. We find that in 2004, with reasonable assumptions about the environmental intensity of imports and exports, this leakage exceeds 10% for all studied impacts, exceeds 20% for GWP, energy, and most criteria air pollutants, and exceeds 80% for lead emissions and toxics. By including the environmental impacts embodied in trade activities into national environmental accounts, we provide consumption-based, US per capita, environmental impacts, which we use to evaluate the relationship between income and environmental impact. We find evidence for rising per capita environmental impacts over time in the US, contra the Environmental Kuznets Curve. The paper concludes with a discussion of the implications for international environmental policy of increasing embodied emissions in trade. (author)

Trading away damage. Quantifying environmental leakage through consumption-based, life-cycle analysis

Energy Technology Data Exchange (ETDEWEB)

Ghertner, D. Asher; Fripp, Matthias [Energy and Resources Group University of California, Berkeley 310 Barrows Hall 3050 Berkeley, CA 94720-3050 (United States)

2007-08-01

This research quantifies the extent to which the US has shifted the environmental impact associated with the goods it consumes to other countries through trade. To achieve this, we use a life-cycle, consumption-based approach to measure the environmental impacts embodied in US trade activities for global warming potential (GWP), energy, toxics, and the criteria air pollutants. We use these values to determine the amount of environmental impact 'leaked' from current, production-based approaches to analyzing national environmental trends for the years 1998-2004. We find that in 2004, with reasonable assumptions about the environmental intensity of imports and exports, this leakage exceeds 10% for all studied impacts, exceeds 20% for GWP, energy, and most criteria air pollutants, and exceeds 80% for lead emissions and toxics. By including the environmental impacts embodied in trade activities into national environmental accounts, we provide consumption-based, US per capita, environmental impacts, which we use to evaluate the relationship between income and environmental impact. We find evidence for rising per capita environmental impacts over time in the US, contra the Environmental Kuznets Curve. The paper concludes with a discussion of the implications for international environmental policy of increasing embodied emissions in trade. (author)

ANALYSIS OF EXPORTS OF GOODS ON TRADE CREDIT CONSIGNMENT FROM AN ACCOUNTING PERSPECTIVE

Directory of Open Access Journals (Sweden)

PALIU - POPA LUCIA

2013-12-01

Full Text Available With the continuing diversification of international transactions, foreign trade companies (FTCs are constantly preoccupied with using those ways allowing them to obtain higher results, even if, in case of complex exports of high volume and complexity, the lack of financial resources of foreign buyers leads to crediting of supply, either by the producing entities for export on consignment, or by FTC, for the export made on its own. In this context, always taking into account the specificities of the various forms of conducting the exports of goods, which, as we found in the research conducted, influence the accounting procedures, the target of achieving a critical study on accounting and taxation of the supplies of goods outside the Community area, aiming at identifying those forms and modalities that have a positive impact on the return of a FTC and on the statement of assets and cash flows, determined us to translate the entire research into accounting and tax analysis containing relevant conclusions for the proposed objective and purpose. Thus the management decisions of FTCs may be directed to those forms to carry out foreign trade transactions that, after analysis, are deemed to be the best

Organizational Resilience and Performance: An Analysis of the Relevance of Suppliers’ Trade Credit and Bank Diversification in the Spanish Construction Industry

Directory of Open Access Journals (Sweden)

Esteban Lafuente

2017-12-01

Full Text Available The objective of this study is to determine the effect of relevant variables related to strategic sources of financial resources—in our case, suppliers’ trade credit and use of financial institutions—over performance among Spanish construction firms. To test the proposed hypotheses, we employ panel-data techniques on a large dataset that includes information for 3590 Spanish small (1723, medium-sized (1616 and large (251 construction businesses during 2004-2011. The results of the longitudinal analysis reveal that trade credit granted by suppliers constitute a relevant source of liquidity and financial resources that positively impacts economic performance. During the period of economic downturn that affected Spain after 2008, those construction firms that benefited from longer average payment periods from their suppliers reported superior performance levels. Additionally, we find that bank diversification is conducive to performance but only during the crisis period: performance is significantly higher in businesses that work with a greater number of financial institutions.

Are carbon credits effective?

International Nuclear Information System (INIS)

Anon.

2010-01-01

Is it possible to reduce greenhouse gas emissions by assigning a value to CO 2 ? That's the concept behind carbon credits. Their advantage: they set targets but let companies decide how to meet them. Of all the processes that can be used to reduce air pollution, the cap and trade system is the best way to meet global targets on a national or continental scale. The system's efficiency is based on setting a ceiling for emissions: this is the cap. The emissions quotas are negotiable goods that can be traded on a market: this is the 'trade'. No company can exceed its quotas, but it can choose how to meet them: decreasing its emissions by changing its production processes, buying carbon credits sold by companies that have exceeded their targets, or using clean development mechanisms. For a carbon credit system to function correctly on an economic level, it's essential to meet one condition: don't allocate too many emissions quotas to the companies involved. If they receive too many quotas, it's not hard for them to meet their objectives without changing their production processes. The supply of carbon credits currently exceeds demand. The price per ton of CO 2 is collapsing, and companies that have exceeded their targets are not rewarded for their efforts. Efficient though it may be, the cap and trade system cannot be the only way to fight CO 2 emissions. In Europe, it presently covers 40% of the CO 2 emissions by targeting utilities and industries that consume the most fossil fuels. But it cannot be extended to some sectors where pollution is diffuse. In transportation, for example, it's not possible to impose such a requirement. For that sector, as well as for the building sector, a suitable system of taxes might be effective and incentive

CREDIT DEFAULT SWAPS IN THE MECHANISM OF REDISTRIBUTION OF CREDIT RISK

Directory of Open Access Journals (Sweden)

O. Solodka

2015-03-01

Full Text Available In the article the economic nature and the functioning of CDS in terms of efficient redistribution of credit risk. The features of the dynamics of the nominal volume of the world market CDS, the gross market value and net market value of the CDS. Proved that more objective indicators of total credit risk shenerovanoho financial institutions are gross market value of the CDS and the net market value of CDS. We consider the variety and scope of CDS. Studied objectivity CDS valuation depending on the basis for valuation of CDS. In the mechanism of functioning CDS credit event as defined default “subject matter”, the features of conventional and technical default. Noted that a credit event for the use of CDS may also restructuring the company, bankruptcy or downgrade economic entity. In the article the types of CDS, including Basket Default Swap and First-of- Basket-to-Default Swap. We consider the application of CDS, namely hedge the credit risk of the underlying asset, which issued CDS; hedging credit risk of other assets by CDS; speculative trading in CDS. Depending on the particular basis for valuation of CDS, investigated objective valuation based on the value of CDS hedging; valuation CDS, based on the intensity of default; CDS valuation based on credit rating; valuation CDS, based on the value of the company. Proved that hedging through CDS will be effective only for the low correlation between the default of the underlying asset and counterparty default on swaps. It is proved that the accuracy and redutsyrovanyh structural models strongly depends on the “a long history of trading” underlying assets, asset must have a long history of trading, be the subject of in-depth analysis of a wide range of analysts and traders.

Environmental regulation and competitiveness. A meta-analysis of international trade studies

International Nuclear Information System (INIS)

Mulatu, A.; Florax, R.J.G.M.; Withagen, C.A.A.M.

2001-01-01

The potential relationship between domestic environmental regulation and international competitiveness has evoked various speculations. The common neoclassical train of thought is that strict environmental regulation is detrimental to the competitiveness of industry, and that it induces phenomena such as ecological dumping, ecological capital flight, and regulatory 'chill' in environmental standards. A different view is that strict environmental regulation triggers industry's innovation potential, and subsequently increases its competitiveness. The impact of environmental regulation on competitiveness has been analyzed in terms of international capital movements, new firm formation, and international trade. This paper focuses on a statistically rigorous analysis of international trade studies, using a technique that is known as meta-analysis. The paper presents a statistically supported evaluation of the literature, in order to assess what the main conclusions regarding the relationship between environmental regulation and competitiveness are when it comes to studies on international trade flows. The synthesis of the literature is subsequently used to present guidelines for future primary research in this area

Environmental impacts of a free trade agreement between China and Norway

Energy Technology Data Exchange (ETDEWEB)

Fauchald, Ole Kristian; Vennemo, Haakon

2012-11-01

The report assesses the likely impacts of the FTA for environmental policies, regulations and the physical environment. The analysis covers the main parts of the FTA: Trade in goods, trade in services and investments, and is limited to those parts of the FTA that are assumed to have the greatest effects. The analysis is based on scenarios setting out possible results of the negotiations. These scenarios build on existing obligations in the WTO seen in conjunction with the public documents that the negotiations are based upon. The report contains the following core elements: 1. The details of a baseline scenario. 2. Two scenarios based on possible outcomes of the negotiations - a free trade scenario and a green trade scenario. 3. Screening and scoping in light of input from consultations with public authorities, non-governmental organizations and the team of Chinese researchers. 4. Five case studies that focus on effects of the FTA on trade and investment between Norway and China, and the resulting environmental consequences. 5. Five regulatory studies that focus on effects of the FTA for environmental rules and policy.(auth)

Optimal trade-credit policy for perishable items deeming imperfect production and stock dependent demand

Directory of Open Access Journals (Sweden)

S. R. Singh

2014-01-01

Full Text Available Trade credit is the most succeeding economic phenomenon which is used by the supplier for encouraging the retailers to buy more quantity. In this article, a mathematical model with stock dependent demand and deterioration is developed to investigate the retailer’s optimal inventory policy under the scheme of permissible delay in payment. It is assumed that defective items are produced during the production process and delay period is progressive. The objective is to minimize the total average cost of the system. To exemplify hypothesis of the proposed model numerical examples and sensitivity analysis are provided. Finally, the convexities of the cost functions and the effects of changing parameters are represented through the graphs.

40 CFR 90.206 - Trading.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 20 2010-07-01 2010-07-01 false Trading. 90.206 Section 90.206... Trading Provisions § 90.206 Trading. (a) An engine manufacturer may exchange emission credits with other engine manufacturers in trading, subject to the trading restriction specified in § 90.207(c)(2). (b...

Trading biomass or GHG emission credits?

NARCIS (Netherlands)

Laurijssen, J; Faaij, A.P.C.

2009-01-01

Global biomass potentials are considerable but unequally distributed over the world. Countries with Kyoto targets could import biomass to substitute for fossil fuels or invest in bio-energy projects in the country of biomass origin and buy the credits (Clean Development Mechanism (CDM) and Joint

Environmental regulation and competitiveness. A meta-analysis of international trade studies

Energy Technology Data Exchange (ETDEWEB)

Mulatu, A.; Florax, R.J.G.M. [Department of Spatial Economics, Master-point and Tinbergen Institute, Vrije Universiteit, Amsterdam (Netherlands); Withagen, C.A.A.M. [Department of Economics and CentER, Tilburg University, Tilburg (Netherlands)

2001-07-01

The potential relationship between domestic environmental regulation and international competitiveness has evoked various speculations. The common neoclassical train of thought is that strict environmental regulation is detrimental to the competitiveness of industry, and that it induces phenomena such as ecological dumping, ecological capital flight, and regulatory 'chill' in environmental standards. A different view is that strict environmental regulation triggers industry's innovation potential, and subsequently increases its competitiveness. The impact of environmental regulation on competitiveness has been analyzed in terms of international capital movements, new firm formation, and international trade. This paper focuses on a statistically rigorous analysis of international trade studies, using a technique that is known as meta-analysis. The paper presents a statistically supported evaluation of the literature, in order to assess what the main conclusions regarding the relationship between environmental regulation and competitiveness are when it comes to studies on international trade flows. The synthesis of the literature is subsequently used to present guidelines for future primary research in this area.

The political economy of trade liberalization and environmental policy

International Nuclear Information System (INIS)

Fredriksson, P.G.

1999-01-01

A pressure group model where environmental and industry lobby groups offer political support in return for favorable pollution tax policies is used to explain and predict the equilibrium pollution tax in sectors protected by tariffs. The political economy effects of trade liberalization are investigated. The pollution tax is shown to decrease if the lobbying effort by the environmental lobby decreases more rapidly than by the industry lobby Ceteris paribus. The level of political conflict falls with trade liberalization. Pollution may increase because of a reduction of the pollution tax, and tax revenues may fall simultaneously as pollution increases

Environmental trade-offs of tunnels vs cut-and-cover subways

Science.gov (United States)

Walton, M.

1978-01-01

Heavy construction projects in cities entail two kinds of cost - internal cost, which can be defined in terms of payments from one set of parties to another, and external cost, which is the cost borne by the community at large as the result of disutilities entailed in construction and operation. Environmental trade-offs involve external costs, which are commonly difficult to measure. Cut-and-cover subway construction probably entails higher external and internal cost than deep tunnel construction in many urban geological environments, but uncertainty concerning the costs and environmental trade-offs of tunneling leads to limited and timid use of tunneling by American designers. Thus uncertainty becomes a major trade-off which works against tunneling. The reverse is true in Sweden after nearly 30 years of subway construction. Econometric methods for measuring external costs exist in principle, but are limited in application. Economic theory based on market pressure does not address the real problem of urban environmental trade-offs. Nevertheless, the problem of uncertainty can be addressed by comparative studies of estimated and as-built costs of cut-and-cover vs tunnel projects and a review of environmental issues associated with such construction. Such a study would benefit the underground construction industry and the design of transportation systems. It would also help solve an aspect of the urban problem. ?? 1978.

International Trade in Environmental Protection Equipment: An Assessment of Existing Data (1993)

Science.gov (United States)

Study estimates total U.S. imports, exports, and trade balances for environmental protection (EP) equipment between 1980-1991. While the United States is a major exporter of EP equipment, trade in EP equipment constitutes a small percent of total US trade.

Trade agreements, domestic environmental regulation, and transboundary pollution

Energy Technology Data Exchange (ETDEWEB)

Lai, Yu-Bong; Hu, Chia-Hsien [Department of Public Finance, National Taipei University (China)

2008-05-15

This paper investigates a second-best trade agreement between two countries that takes the distortion arising from their non-coordinated environmental policies into consideration. In a reciprocal-markets model with bidirectional transboundary pollution, we find that if the transboundary pollution is sufficiently strong, the second-best trade agreement requires that both countries subsidize the imported goods whose consumption gives rise to pollution. We also find that a bilateral tariff reduction is beneficial to the global environment. (author)

Trade agreements, domestic environmental regulation, and transboundary pollution

International Nuclear Information System (INIS)

Lai, Yu-Bong; Hu, Chia-Hsien

2008-01-01

This paper investigates a second-best trade agreement between two countries that takes the distortion arising from their non-coordinated environmental policies into consideration. In a reciprocal-markets model with bidirectional transboundary pollution, we find that if the transboundary pollution is sufficiently strong, the second-best trade agreement requires that both countries subsidize the imported goods whose consumption gives rise to pollution. We also find that a bilateral tariff reduction is beneficial to the global environment. (author)

Strategic production modeling for defective items with imperfect inspection process, rework, and sales return under two-level trade credit

Directory of Open Access Journals (Sweden)

Aditi Khanna

2017-01-01

Full Text Available Quality decisions are one of the major decisions in inventory management. It affects customer’s demand, loyalty and customer satisfaction and also inventory costs. Every manufacturing process is inherent to have some chance causes of variation which may lead to some defectives in the lot. So, in order to cater the customers with faultless products, an inspection process is inevitable, which may also be prone to errors. Thus for an operations manager, maintaining the quality of the lot and the screening process becomes a challenging task, when his objective is to determine the optimal order quantity for the inventory system. Besides these operational tasks, the goal is also to increase the customer base which eventually leads to higher profits. So, as a promotional tool, trade credit is being offered by both the retailer and supplier to their respective customers to encourage more frequent and higher volume purchases. Thus taking into account of these facts, a strategic production model is formulated here to study the combined effects of imperfect quality items, faulty inspection process, rework process, sales return under two level trade credit. The present study is a general framework for many articles and classical EPQ model. An analytical method is employed which jointly optimizes the retailer’s credit period and order quantity, so as to maximize the expected total profit per unit time. To study the behavior and application of the model, a numerical example has been cited and a comprehensive sensitivity analysis has been performed. The model can be widely applicable in manufacturing industries like textile, footwear, plastics, electronics, furniture etc.

银行贷款、商业信用融资及我国上市公司的公司治理%Bank Lending, Trade Credit and Corporate Governance in China

Institute of Scientific and Technical Information of China (English)

杨勇; 黄曼丽; 宋敏

2009-01-01

本文讨论了银行贷款以及商业信用融资对我国上市公司公司治理的影响.通过对1995到2000年间上市公司CEO更换的研究,我们得到两个结论:第一,在经营业绩为负的公司中,银行贷款与强制性CEO更换存在负向关系,而商业信用融资与强制性CEO更换存在正向关系;第二,在盈利能力一般的公司中,商业信用融资与强制性CEO更换仍为正向关系,但银行贷款与强制性CEO更换却不存在明显的关系.以上结果表明,商业信用融资在CEO强制性更换中起到了积极的作用,改善了上市公司的公司治理,而银行贷款却没有起到相应的作用,甚至有负面的作用.%Corporate finance theories suggest that creditors, including commercial banks and trade credit suppliers, have the incentive and capacity to discipline poorly performing managers. This study analyzes how bank borrowing and trade credit financing are related to forced turnover rate of the Chief Executive Officers in China listed firms. We achieve two major results: Among loss-making firms, there is a negative relationship between the amount of bank borrowing and the forced turnover rate; and a positive relation between the amount of trade credit financing and the forced turnover rate. Among firms with low profitability, we find a positive relationship between the amount of trade credit financing and the forced turnover rate; but no relationship between the amount of bank borrowing and the forced turnover rate. Our results suggest that state-owned banks perform a dysfunctional role and the trade credit suppliers perform a beneficial role in the corporate governance of China's listed firms. Our findings on the dysfunctional roles of state-owned banks in corporate governance of China's listed firms are consistent with the theoretical arguments that state-owned banks tend to have a weak incentive to exercise corporate controls owing to the political and private uses of banks by bureaucrats. Our

An EOQ Model with Stock-Dependent Demand under Two Levels of Trade Credit and Time Value of Money

OpenAIRE

H.A.O. Jia-Qin; M.O. Jiangtao

2013-01-01

Since the value of money changes with time, it is necessary to take account of the influence of time factor in making the replenishment policy. In this study, to investigate the influence of the time value of money to the inventory strategy, an inventory system for deteriorating items with stock-dependent demand is investigated under two levels of trade credit. The method to efficiently determine the optimal cycle time is presented. Numerical examples are provided to demonstrate the model and...

The trading game : emissions trading schemes offer pollution as a market commodity

Energy Technology Data Exchange (ETDEWEB)

Bradbury, D.

2005-07-01

This paper discussed the market mechanisms for emissions trading. The concept emerged in signatory countries to the Kyoto Protocol in response to their commitment to reduce greenhouse gas (GHG) emissions. Emissions trading systems allow large polluters to buy and sell pollution credits in order to meet emission reduction targets. While member states in the European Union (EU) started trading in February 2005, Canada is still developing its own proposal that will be introduced in 2008 to correspond with the first phase of the Kyoto Protocol. In contrast to the European model that places absolute limits on GHG emissions, the Canadian system is intensity-based. Heavy polluters, known as large final emitters, will have to cut emissions of the 6 GHGs covered under the Kyoto Protocol as a percentage of their total industrial output. Companies that reduce their emissions more than their defined targets can trade the surplus as credits on the open domestic market. It was argued that this allows businesses to meet their own emissions targets while failing to contribute effectively to Canada's overall Kyoto target. In addition, in order to lessen the burden to industry, Canada has imposed a $15 cap on the price of credits, which is in contrast to the European system. It was argued that businesses in Europe will be more motivated to meet their targets because of the higher value on European pollution credits. With less onus on business in Canada to reduce absolute targets, the burden of reducing GHG emissions has shifted to federal taxpayers. The paper addressed some of the factors that led to Canada's decision to use an intensity-based system. One main factor was the refusal of the United States to ratify the Kyoto Protocol and the cost disadvantage this would create for Canadian firms. However, some argue that by paying more attention to energy use, companies can reduce emissions and increase shareholder value by achieving cost savings that are greater than the

76 FR 13902 - Fair Credit Reporting Risk-Based Pricing Regulations

Science.gov (United States)

2011-03-15

... TRADE COMMISSION 16 CFR Parts 640 and 698 RIN R411009 Fair Credit Reporting Risk-Based Pricing... respective risk-based pricing rules to require disclosure of credit scores and information relating to credit scores in risk-based pricing notices if a credit score of the consumer is used in setting the material...

Environmental regulations and emissions trading in China

International Nuclear Information System (INIS)

Chang, Y.-C.; Wang Nannan

2010-01-01

This paper begins with the international context concerning climate change and how China fits into this context. Concentration is then turning into the emissions control system in China including environmental planning, legislation, policy instruments and measures as well as institutional setting in China's environmental governance system. Special attentions also being paid to emissions control in China's power sector. It should be noted that the pollution discharge permit system in China only exists superficially in many places. Insufficient resources are applied to the implementation of the said permit system, which in turn means that the system is applied according to differing standards in different parts of the country. The findings of this paper suggested that emissions trading programmes are usually introduced alongside the existing policies. The power sector usually has numerous other policy objectives and therefore the design and implementation of emissions trading programmes in the sector will have to address concern about the compatibility of existing industry policies.

Environmental and social footprints of international trade

Science.gov (United States)

Wiedmann, Thomas; Lenzen, Manfred

2018-05-01

Globalization has led to an increasing geospatial separation of production and consumption, and, as a consequence, to an unprecedented displacement of environmental and social impacts through international trade. A large proportion of total global impacts can be associated with trade, and the trend is rising. Advances in global multi-region input-output models have allowed researchers to draw detailed, international supply-chain connections between harmful production in social and environmental hotspots and affluent consumption in global centres of wealth. The general direction of impact displacement is from developed to developing countries—an increase of health impacts in China from air pollution linked to export production for the United States being one prominent example. The relocation of production across countries counteracts national mitigation policies and may negate ostensible achievements in decoupling impacts from economic growth. A comprehensive implementation of the United Nations Sustainable Development Goals therefore requires the inclusion of footprint indicators to avoid loopholes in national sustainability assessments.

Systems for carbon trading. An overview

International Nuclear Information System (INIS)

Hasselknippe, Henrik

2003-12-01

This paper focuses on the increasing number of regional, national and international systems for trading and transfer of greenhouse gas emission allowances and emission reduction credits. The paper will serve as a platform for further discussions on the development of the international carbon trading market. The analysis builds on the International Emissions Trading Association (IETA) Trading Schemes Database, which has been developed by Point Carbon, covering all known trading schemes and programs. A full overview of all existing trading schemes and proposals is presented, showing inter alia the outreach and judicial nature of the systems, the range and nature of emission reduction or credit purchase targets, allocation methods used, links to external systems, and possibilities for the use of project-based credits. A comparative assessment is performed on a number of design criteria, allowing for conclusions to be drawn on the level of harmonisation of these systems, and the identification of convergence or divergence of important operational features. The systems covered in the analysis display considerable variation when it comes to key design criteria and functionality. A rapid integration of many of the planned and active systems seems likely following the agreement on the EU emissions trading scheme, and will be further accelerated if the Kyoto Protocol is ratified

Fair Trade Flowers: Global Certification, Environmental Sustainability, and Labor Standards

Science.gov (United States)

Raynolds, Laura T.

2012-01-01

This article analyzes the organization of the fair trade flower industry, integration of Ecuadorian enterprises into these networks, and power of certification to address key environmental and social concerns on participating estates. Pursuing a social regulatory approach, I locate fair trade within the field of new institutions that establish and…

Reconciling Trade and Environmental Protection in ASEAN-China Relations: More than Political Window Dressing?

Directory of Open Access Journals (Sweden)

Joern Dosch

2011-01-01

Full Text Available Has the growing pro-environment rhetoric in ASEAN-China relations resulted in the effective mainstreaming of environmental issue into trade agreements and multilateral cooperation frameworks? The article discusses the cases of the ASEAN China Free Trade Area (ACFTA and the Greater Mekong Subregion (GMS and argues that there is no shortage of national and regional policy agendas that visibly link trade growth and environmental considerations. However, this nexus is still a weak one in terms of implementation and effectiveness. The most promising initiatives towards an effective reconciliation of trade growth and environmental sustainability are promoted and often driven by foreign donors, most prominently the European Union (EU.

Capital Requirements and Credit Rationing

OpenAIRE

Itai Agur

2010-01-01

This paper analyzes the trade-off between financial stability and credit rationing that arises when increasing capital requirements. It extends the Stiglitz-Weiss model of credit rationing to allow for bank default. Bank capital structure then matters for lending incentives. With default and rationing endogenous, optimal capital requirements can be analyzed. Introducing bank financiers, the paper also shows that uninsured funding raises the sensitivity of rationing to capital requirements. In...

Understanding the business implications of emissions trading : a practical look at EPCOR`s experience

Energy Technology Data Exchange (ETDEWEB)

Nodelman, J. [EPCOR, Edmonton, AB (Canada)

1999-05-01

An historical overview of the concept of trading carbon dioxide emissions was given, examining the evolution of environmental issues in general and of the climate change issue, and the typical corporate response to GHG emissions control in particular. Mention is made of the fact that while industry in general embraces the idea of trading as the most viable option, there are many who still dispute the scientific evidence. Although the Kyoto Protocol is recognized as a turning point, the challenge of defining the form carbon credit is to take is still largely a matter of debate, as are the processes for baseline identification, verification and registration. Value versus price and cost are still worrisome issues, as are credit ownership, the very high expectations regarding credit pricing, and the management of these expectations. EPCOR`s own expectations, and approach to the problem are described. Lessons learned from early programs such as the Voluntary Challenge Registry program are also described. 3 figs.

The relation between environmental pollution and trade: a panel data analysis

Directory of Open Access Journals (Sweden)

Selahattin Bekmez

2016-06-01

Full Text Available Human and environment relations began to change with agricultural revolution at first. This change was followed by the industrial revolution. As a result of the increase in the world's population, production, trade with the industrial revolution, environment has been effected negatively by accelerating the consumption of natural resources. Some of the factors such as industrialization, rapid population growth and excessive consumption of natural resources has been caused environmental pollution. In this context, this paper explains the dilemma between environmental pollution and trade for various countries with different income levels. This study aims to analyze the relationship between environment, economic growth and Trade Openness Rate. For this reason, CO2 emissions per capita, GDP and Trade Openness Rate have been used for the period from 1960 to 2010. The data has been obtained from the World Bank and analyzed by the Panel Data Method. To conclude, Trade Openness Rate of developed countries has a negative effect on the level of CO2 emission while Trade Openness Rate of developing and less developed countries has positive effect. The results may be evidence that the Pollution Haven Hypothesis is still valid for the developing and/or less developed countries.

Trade Liberalization and Optimal Environmental Policies in Vertical Related Markets

Directory of Open Access Journals (Sweden)

Yan-Shu Lin

2012-12-01

Full Text Available This paper establishes a symmetric two-country model with vertically related markets. In the downstream market, there is one firm in each country selling a homogeneous good, whose production generates pollution, to its home and the foreign markets a la Brander (1981. In the intermediate good market, there is also one upstream firm in each country, supplying the intermediate good only to its own country’s downstream market. The upstream firms can choose either price or quantity to maximize their profits. With this setting, the paper examines the optimal environmental policy and how it is affected by the tariff on the final good. It is found that, under free trade, the optimal final-good output with imperfect intermediate-good market will have the same output level as that with perfect intermediate-good market after imposing the optimal emission tax. The optimal environmental tax is smaller and the optimal environmental policy is less likely to be a green strategy under trade liberalization if the market structure in the intermediate good market is imperfect than perfect competition. On the other hand, the optimal environmental tax is necessarily higher if the upstream firm chooses price than quantity. Moreover, the optimal environmental policy is less likely to be a green strategy under trade liberalization if the upstream firms choose quantity than price to maximize their profits.

77 FR 74103 - Alternatives to the Use of Credit Ratings

Science.gov (United States)

2012-12-13

... replaced minimum rating requirements with a requirement that the federal credit union (FCU) or corporate credit union (corporate) conduct and document a credit analysis demonstrating that the issuer of the... from active trading); and Asset class-specific factors (e.g., in the case of structured finance...

An EOQ model for a deteriorating item with non-linear demand under inflation and a trade credit policy

Directory of Open Access Journals (Sweden)

Manna S.K.

2005-01-01

Full Text Available This paper develops an infinite time-horizon deterministic economic order quantity (EOQ inventory model with deterioration based on discounted cash flows (DCF approach where demand rate is assumed to be non-linear over time. The effects of inflation and time-value of money are also taken into account under a trade-credit policy of type "α/T1 net T". The results are illustrated with a numerical example. Sensitivity analysis of the optimal solution with respect to the parameters of the system is carried out.

Coordinating vendor-buyer decisions for imperfect quality items considering trade credit and fully backlogged shortages

Science.gov (United States)

Khanna, Aditi; Gautam, Prerna; Jaggi, Chandra K.

2016-03-01

Supply chain management has become a critical issue for modern business environments. In today's world of cooperative decision-making, individual decisions in order to reduce inventory costs may not lead to an overall optimal solution. Coordination is necessary among participants of supply chain to achieve better performance. There are legitimate and important efforts from the vendor to enhance the relation with buyer; one such effort is offering trade credit which has been a driver of growth and development of business between them. The cost of financing is a core consideration in effective financial management, in general and in context of business. Also, due to imperfect production a vendor may produce defective items which results in shortages. Motivated with these aspects, an integrated vendor-buyer inventory model is developed for imperfect quality items with allowable shortages; in which the vendor offers credit period to the buyer for payment. The objective is to minimize the total joint annual costs incurred by the vendor and the buyer by using integrated decision making approach. The expected total annual integrated cost is derived and a solution procedure is provided to find the optimal solution. Numerical analysis shows that the integrated model gives an impressive cost reduction, in comparison to independent decision policies by the vendor and the buyer.

Free Trade and Labour and Environmental Standards in MERCOSUR

Directory of Open Access Journals (Sweden)

María Belén Olmos Giupponi

2014-08-01

Full Text Available The main argument put forward in the article is that MERCOSUR accommodated the protection of human rights as non-trade issues in its institutional framework, analysing the conflict between the protection of human rights and trade issues at the sub-regional level. In order to give a complete and clear picture of these developments, the paper examines member states' constitutional provisions and the implementation of MERCOSUR labour and environmental standards before national courts.

Global trade in environmental goods and services Performance and Challenges of Mexican Industry

Directory of Open Access Journals (Sweden)

René Lara

2017-11-01

Full Text Available This article studies the environmental industries of Mexico and the United States Within the framework of the North American Free Trade NAFTA, where Mexican industry lags behind lack of funds due to recurring economic crises. Should this situation not be overcome, the benefits of foreign trade for the Mexican environmental industry will remain low.

Counterparty Credit Risk on the Blockchain

OpenAIRE

Starlander, Isak

2017-01-01

Counterparty credit risk is present in trades offinancial obligations. This master thesis investigates the up and comingtechnology blockchain and how it could be used to mitigate counterparty creditrisk. The study intends to cover essentials of the mathematical model expectedloss, along with an introduction to the blockchain technology. After modellinga simple smart contract and using historical financial data, it was evidentthat there is a possible opportunity to reduce counterparty credit r...

Documentary Letters of Credit, Legal Nature and Sources of Law

Directory of Open Access Journals (Sweden)

Alavi Hamed

2016-06-01

Full Text Available There is no doubt about risky nature of international trade. Such risk can be conceptualized as country risk, transportation risk, customer risk and etc. Documentary Letters of Credit (LC are used as a method of payment in international business for many centuries in order to reduce risk of trade specially when parties are located in different countries and do not have precise information from financial standing of each other. In such occasion LC will reduce the risk of trade by shifting payment obligation from buyer as an individual to a payment guarantee of a bank as a legal entity in return for presentation of complying documents with terms of credit by seller. Familiarity with legal nature and different legal frameworks which govern the international operation of documentary letters of credit can facilitate the process of international trade for businessmen and boost national economies. However, lack of knowledge about them can impose huge losses on international traders. Situation will be more complicated when we understand that there are many internationally recognized legal frameworks which can affect the operation of LC and they get frequently updated in order to address technological and economic developments in global market. In this paper, author tries to answer questions regarding (i what are international legal frameworks governing operation of documentary letters of credit? (ii which areas of LC operation has been covered by them and (iii how do they address the legal questions regarding international operation of documentary letters of credit?

Water quality trading opportunities in two sub-watersheds in the northern Lake Okeechobee watershed.

Science.gov (United States)

Corrales, Juliana; Naja, G Melodie; Bhat, Mahadev G; Miralles-Wilhelm, Fernando

2017-07-01

For decades, the increase of nutrient enrichment has threatened the ecological integrity and economic sustainability of many rivers, lakes, and coastal waters, including Lake Okeechobee, the second largest freshwater lake in the contiguous United States. Water quality trading programs have been an area of active development to both, reduce nutrient pollution and minimize abatement costs. The objective of this study was to apply a comprehensive modeling framework, integrating a hydrologic-water quality model with an economic model, to assess and compare the cost-effectiveness of a water quality trading program over a command-and-control approach in order to reduce phosphorus loadings to Lake Okeechobee. The Upper Kissimmee (UK) and Taylor Creek/Nubbin Slough (TCNS) sub-watersheds, identified as major sources of total phosphorus (TP) loadings to the lake, were selected for this analysis. The effect of different caps on the market potential was assessed while considering four factors: the least-cost abatement solutions, credit prices, potential cost savings, and credit supply and demand. Hypothetical trading scenarios were also developed, using the optimal caps selected for the two sub-watersheds. In both sub-watersheds, a phosphorus credit trading program was less expensive than the conventional command-and-control approach. While attaining cost-effectiveness, keeping optimal credit prices, and fostering market competition, phosphorus reduction targets of 46% and 32% were selected as the most appropriate caps in the UK and TCNS sub-watersheds, respectively. Wastewater treatment facilities and urban areas in the UK, and concentrated animal feeding operations in the TCNS sub-watershed were identified as potential credit buyers, whereas improved pastures were identified as the major credit sellers in both sub-watersheds. The estimated net cost savings resulting from implementing a phosphorus trading program in the UK and TCNS sub-watersheds were 76% ($ 34.9 million per

Gallery forest restoration by the attainment of carbon credit: a social-environmental proposal for low-income community

International Nuclear Information System (INIS)

Coelho, Maria Carolina Crisci

2007-01-01

Due to intensification in climate changes by anthropogenic causes, to the recognition of the environmental importance of the Gallery Forest and its intense degradation, this work presents an analysis of the possibilities of carbon credit attainment by low-income community, as part of an incentive program for the restoration of these areas. Two ways are demonstrated: projects of Clean Development Mechanism (CDM), in the scope of the Kyoto Protocol, that generate credits called certified emission reductions; and projects based on voluntary scheme, that generate voluntary emission reductions. Both are difficult to organize and implement. For example: the eligibility of an area, baseline study, monitoring, non-permanence risks of storage carbon, technical and operational structures, operational and business costs, regulated market in consolidation and guarantee of credit acquisition. Nevertheless, this second market presents greater flexibility and acceptance for the forest projects. The social-environmental benefits of these projects are significant and the valuation of their environmental services can revert in financial incentives for low-income community, since that adequately remunerated. The carbon credit can help in the implementation of these projects, contributing for local restoration of the areas and also for carbon capture by the atmosphere, which this is a global subject. (author)

A developing opportunity for wind : international and domestic carbon credit markets

International Nuclear Information System (INIS)

Atcheson, A.E.

2008-01-01

An emissions trading system is now being considered as a means of reducing greenhouse gas (GHG) emissions in Canada. The system is expected to allow for the most efficient use of resources in reducing carbon emissions, and has been developed as a result of international initiatives including the Kyoto Protocol. Federal initiatives will require specific and identifiable actions resulting in the net reduction of GHGs. An intensity-based cap and trade regime has been designed to allow for offset credit trading. It is expected that offset credits will have a duration of 8 years. Quantification processes will be used to measure offset effectiveness using a mandated measurement protocol. Alberta's offset requirements will include the establishment of ownership and compliance with regulations. The province will require that facilities with 100,000 tonnes of GHG emissions be required to reduce emissions intensities by 12 per cent. Offsets must also be Alberta-based. A verification process will ensure that planned projects have emission reductions that are eligible for credits in a particular credit regime. Verification must be completed by third parties registered with regulatory agencies. A certification process will be required to ensure that regulators conform to requirements and that credits can be traded within the regime. External assistance for developers may come from quantification protocol developers; verifiers; and aggregators. While aggregators may require offset providers with less than 10,000 tonnes per year of CO 2 equivalent, they may also allow for higher prices for larger quantities based on lower transaction costs. It was concluded that the implementation of a carbon credit system is unlikely to ensure the creation of more wind farms in Canada. tabs., figs

An EPQ Inventory Model with Allowable Shortages for Deteriorating Items under Trade Credit Policy

Directory of Open Access Journals (Sweden)

Zohreh Molamohamadi

2014-01-01

Full Text Available This paper attempts to obtain the replenishment policy of a manufacturer under EPQ inventory model with backorder. It is assumed here that the manufacturer delays paying for the received goods from the supplier and the items start deteriorating as soon as they are being produced. Based on these assumptions, the manufacturer’s inventory model is formulated, and cuckoo search algorithm is applied then to find the replenishment time, order quantity, and selling price with the objective of maximizing the manufacturer’s total net profit. Besides, the traditional inventory system is shown as a special case of the proposed model in this paper, and numerical examples are given to demonstrate better performance of trade credit. These examples are also used to compare the results of cuckoo search algorithm with genetic algorithm and investigate the effects of the model parameters on its variables and net profit.

The Political Economy of International Emissions Trading Scheme Choice

DEFF Research Database (Denmark)

Boom, Jan-Tjeerd; Svendsen, Jan Tinggard

2000-01-01

The Kyoto Protocol allows emission trade between the Annex B countries. We consider three schemes of emissions trading: government trading, permit trading and credit trading. The schemes are compared in a public choice setting focusing on group size and rent-seeking from interest groups. We find ...

Environmental benefits of distributed generation with and without emissions trading

International Nuclear Information System (INIS)

Tsikalakis, A.G.; Hatziargyriou, N.D.

2007-01-01

The need for improving energy efficiency and reducing CO 2 emissions and other pollutants, as well as the restructuring of energy markets has favoured the increase of distributed energy resources (DER). The co-ordinated control of these sources comprising renewable energy sources (RES) and distributed generators (DG) characterised by higher efficiencies and lower emissions compared to central thermal generation, when based on coal or oil provide several environmental benefits. These benefits can be quantified based on DER participation in the CO 2 emission trading market. This paper provides a method to calculate emissions savings achieved by the marginal operation of DER in liberalised market conditions using available emissions data. The participation of DER in emissions trading markets is also studied, with respect to profits, pollutants decrease and change in operating schedules. It is shown that the operation of DER can significantly reduce pollutants, provided sufficient remuneration from CO 2 emission trading market participation is provided. Moreover, it is shown that using average emissions values to calculate the environmental benefits of DER might provide misleading results. (author)

International jurisprudence on trade and environmental health: one step forward, two steps back?

Science.gov (United States)

Timmermans, Karin

2008-01-01

Since the creation of the World Trade Organization (WTO), there has been considerable debate regarding the impact of its rules on public health. By contrast, the role of the WTO dispute settlement mechanism has received little attention, even though the bodies responsible for settling disputes are the ultimate interpreters of WTO rules and agreements. To date, three WTO disputes that relate to occupational and/or environmental health have been fully litigated. A review of the decisions and reasoning in these cases indicates that WTO jurisprudence is evolving, as Panels and the Appellate Body try--with varying degrees of success--to balance countries' rights and obligations under international trade agreements with their right to protect occupational and environmental health. Disputes between nations can have an impact beyond the parties concerned, and raise questions about the relationship between trade agreements and other international agreements, especially multilateral environmental agreements (MEAs).

Why business credit information sharing leads to better lending decisions

NARCIS (Netherlands)

L. Norden (Lars)

2014-01-01

markdownabstract__Abstract__ Bad loans are made in boom times. Good loans are made in recessionary times. Lenders such as suppliers who provide trade credit or banks would be well advised to remember this simple dictum whenever they are approached for credit by a borrower not entirely

Emission reduction trading - a power marketer`s perspective

Energy Technology Data Exchange (ETDEWEB)

Stewart, M. [Powerex Inc., Vancouver, BC (Canada)

1999-10-01

The current situation , and the short-term and long-term outlook in emission reduction trading are reviewed from the point of view of a power marketer. The author`s view is that while the concept of emission reduction credit (ERC) is easy enough to understand, i.e. a series of measures to reduce carbon dioxide production and enhance carbon sequestration, there is no standard definition, although there are a number of models under consideration. What is being sought is clear ownership and title, a clear understanding of what qualifies as a credit, credit for early action, commodity specifications and the ability to hedge. The author predicts that in the short-tem, industry will experiment with different types of transactions to gain experience and seek partners who are willing to share risk and development cost. In the longer-term, emission reduction credits will be bought and sold as commodities and traded, swapped or exchanged as part of a portfolio in bilateral trade transactions, and used in hedging against future liabilities.

Framework Design and Influencing Factor Analysis of a Water Environmental Functional Zone-Based Effluent Trading System

Science.gov (United States)

Chen, Lei; Han, Zhaoxing; Li, Shuang; Shen, Zhenyao

2016-10-01

The efficacy of traditional effluent trading systems is questionable due to their neglect of seasonal hydrological variation and the creation of upstream hot spots within a watershed. Besides, few studies have been conducted to distinguish the impacts of each influencing factor on effluent trading systems outputs. In this study, a water environmental functional zone-based effluent trading systems framework was configured and a comprehensive analysis of its influencing factors was conducted. This proposed water environmental functional zone-based effluent trading systems was then applied for the control of chemical oxygen demand in the Beiyun River watershed, Beijing, China. Optimal trading results highlighted the integration of water quality constraints and different hydrological seasons, especially for downstream dischargers. The optimal trading of each discharger, in terms of pollutant reduction load and abatement cost, is greatly influenced by environmental and political factors such as background water quality, the location of river assessment points, and tradable discharge permits. In addition, the initial permit allowance has little influence on the market as a whole but does impact the individual discharger. These results provide information that is critical to understanding the impact of policy design on the functionality of an effluent trading systems.

Framework Design and Influencing Factor Analysis of a Water Environmental Functional Zone-Based Effluent Trading System.

Science.gov (United States)

Chen, Lei; Han, Zhaoxing; Li, Shuang; Shen, Zhenyao

2016-10-01

The efficacy of traditional effluent trading systems is questionable due to their neglect of seasonal hydrological variation and the creation of upstream hot spots within a watershed. Besides, few studies have been conducted to distinguish the impacts of each influencing factor on effluent trading systems outputs. In this study, a water environmental functional zone-based effluent trading systems framework was configured and a comprehensive analysis of its influencing factors was conducted. This proposed water environmental functional zone-based effluent trading systems was then applied for the control of chemical oxygen demand in the Beiyun River watershed, Beijing, China. Optimal trading results highlighted the integration of water quality constraints and different hydrological seasons, especially for downstream dischargers. The optimal trading of each discharger, in terms of pollutant reduction load and abatement cost, is greatly influenced by environmental and political factors such as background water quality, the location of river assessment points, and tradable discharge permits. In addition, the initial permit allowance has little influence on the market as a whole but does impact the individual discharger. These results provide information that is critical to understanding the impact of policy design on the functionality of an effluent trading systems.

76 FR 44800 - Election of Reduced Research Credit Under Section 280C(c)(3)

Science.gov (United States)

2011-07-27

... determine the amount of research credit (if any) allowable to a trade or business that at the end of its... simplified research credit method, in computing the group credit for the credit year. Explanation and Summary... small businesses engaged in research activities under section 41. The IRS has determined that the final...

27 CFR 24.279 - Tax adjustments related to wine credit.

Science.gov (United States)

2010-04-01

... wine credit. 24.279 Section 24.279 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF THE TREASURY LIQUORS WINE Removal, Return and Receipt of Wine Taxpaid Removals § 24.279 Tax adjustments related to wine credit. (a) Increasing adjustments. Persons who produce...

Insurability of export credit risks

NARCIS (Netherlands)

Alsem, K.J.; Antufjew, J.; Huizingh, K.R.E.; Koning, Ruud H.; Sterken, E.; Woltil, M.

2003-01-01

Firms exporting their goods and services abroad face risks that are different from the risks faced by firms who do not engage in international trade. It is common practice to allow the receiving party to pay in instalments. The exporting firm faces credit risk, but as in most countries, Dutch firms

Supply Chain Coordination with Carbon Trading Price and Consumers’ Environmental Awareness Dependent Demand

Directory of Open Access Journals (Sweden)

Qinghua Pang

2018-01-01

Full Text Available Carbon emissions reduction in supply chain is an effective method to reduce the greenhouse effect. The paper investigates the impacts of carbon trading price and consumers’ environmental awareness on carbon emissions in supply chain under the cap-and-trade system. Firstly, it analyzes the centralized decision structure and obtains the requirements to coordinate carbon emissions reduction and order quantity in supply chain. Secondly, it proposes the supply chain coordination mechanism with revenue-sharing contract based on quantity discount policy, and the requirements that the contract parameters need to satisfy are also given. Thirdly, assuming the market demand is affected by consumer’s environmental awareness in addition form, the paper proposes the methods to determine the optimal order quantity and the optimal level of carbon emissions through model optimization. Finally, it investigates the impacts of carbon trading price on carbon emissions in supply chain. The results show that clean manufacturer’s optimal per-unit carbon emissions increase as the carbon trading price increases, while nongreen manufacturer’s optimal per-unit carbon emissions decrease as the carbon trading price increases. For the middle emissions manufacturer, the optimal per-unit carbon emissions depend on the relationship between the carbon trading price and the carbon reduction coefficient.

Clean coal technologies and possible emission trading regimes in the Asia-Pacific region

International Nuclear Information System (INIS)

Torok, S.

1992-01-01

After reviewing clean coal technologies currently under study in the United States, Australia, and Japan, under the current climate of global warming concerns, one concludes that some of these technologies might well be commercialised soon, especially if some kind of 'emission trading' regime is encouraged after the 1992 United Nations Conference on Environmental and Development (UNCED, Rio de Janeiro, Brazil, June 1992). Some alternative financing possibilities under various emission trading regimes are studied for a 'sample' technology to illustrate the issues involved in clean-coal technology penetration. It is concluded that a financial 'carbon saving credit' alone might prove sufficient to stimulate such penetration. (author)

Emission reduction trading - a power marketer's perspective

Energy Technology Data Exchange (ETDEWEB)

Stewart, M. (Powerex Inc., Vancouver, BC (Canada))

1999-01-01

The current situation , and the short-term and long-term outlook in emission reduction trading are reviewed from the point of view of a power marketer. The author's view is that while the concept of emission reduction credit (ERC) is easy enough to understand, i.e. a series of measures to reduce carbon dioxide production and enhance carbon sequestration, there is no standard definition, although there are a number of models under consideration. What is being sought is clear ownership and title, a clear understanding of what qualifies as a credit, credit for early action, commodity specifications and the ability to hedge. The author predicts that in the short-tem, industry will experiment with different types of transactions to gain experience and seek partners who are willing to share risk and development cost. In the longer-term, emission reduction credits will be bought and sold as commodities and traded, swapped or exchanged as part of a portfolio in bilateral trade transactions, and used in hedging against future liabilities.

EnviroTRADE: An International Environmental Restoration and Waste Management Information System

International Nuclear Information System (INIS)

Johnson, S.W.; Harlan, C.P.; Harrington, M.W.; Bergeron, K.D.; Rehorn, A.S.

1993-01-01

The US Department of Energy (DOE) has collected, and will continue to collect, large amounts of information on its environmental waste sites and associated technology development efforts. This information is being gathered in a variety of formats for various purposes. Integration and delivery of this information WW benefit decision makers, waste site managers, technology developers, regulators, and the private sector. No computer system currently exists that acts as an easy-to-use computer umbrella over all of the DOE's environmental information. The EnviroTRADE Information System, currently under development for the DOE's Environmental Restoration and Waste Management's (EM's) Office of Technology Development, provides access to a wide variety of information within a single architecture. Ongoing system development is expected to result in an extensive, networked interface to EM's diverse data benefiting a variety of users. This paper discusses the present status of the EnviroTRADE Information System as well as current and future development activities

The market for tradable renewable energy credits

International Nuclear Information System (INIS)

Berry, David

2002-01-01

As states seek to foster the development of renewable energy resources, some have introduced renewable portfolio standards (RPSs) which require retailers of electricity to derive a specified amount of their energy supply from renewable energy resources. RPSs in Texas, Arizona, Wisconsin and Nevada allow for or require the use of tradable renewable energy credits. The price of such credits is expected to reflect the cost premium for generating electricity from renewable resources relative to the market price of conventionally generated electricity. Using the market to trade renewable energy credits exposes buyers and sellers to risks of imperfect information, poor performance, and opportunism. These risks can be managed through contractual arrangements and regulatory requirements pertaining to property rights in credits, pricing, term of the contract, and assurance of performance

Level of environmental threat posed by horticultural trade in Cactaceae.

Science.gov (United States)

Novoa, Ana; Le Roux, Johannes J; Richardson, David M; Wilson, John R U

2017-10-01

Ornamental horticulture has been identified as an important threat to plant biodiversity and is a major pathway for plant invasions worldwide. In this context, the family Cactaceae is particularly challenging because it is considered the fifth most threatened large taxonomic group in the world; several species are among the most widespread and damaging invasive species; and Cactaceae is one of the most popular horticultural plant groups. Based on the Convention on International Trade in Endangered Species of Wild Flora and Fauna and the 11 largest online auction sites selling cacti, we documented the international cactus trade. To provide an in-depth look at the dynamics of the industry, we surveyed the businesses involved in the cactus trade in South Africa (a hotspot of cactus trade and invasions). We purchased seeds of every available species and used DNA barcoding to identify species to the genus level. Although <20% of this trade involved threatened species and <3% involved known invasive species, many species were identified by a common name. However, only 0.02% of the globally traded cacti were collected from wild populations. Despite a large commercial network, all South African imports (of which 15% and 1.5% were of species listed as threatened and invasive, respectively) came from the same source. With DNA barcoding, we identified 24% of the species to genus level. Based on our results, we believe that if trade restrictions are placed on the small proportion of cacti that are invasive and there is no major increase in harvesting of native populations, then the commercial trade in cactus poses a negligible environmental threat. However, there are currently no effective methods for easily identifying which cacti are traded, and both the illicit harvesting of cacti from the wild and the informal trade in invasive taxa pose on-going conservation challenges. © 2017 Society for Conservation Biology.

A Global Optimizing Policy for Decaying Items with Ramp-Type Demand Rate under Two-Level Trade Credit Financing Taking Account of Preservation Technology

Directory of Open Access Journals (Sweden)

S. R. Singh

2013-01-01

Full Text Available An inventory system for deteriorating items, with ramp-type demand rate, under two-level trade credit policy taking account of preservation technology is considered. The objective of this study is to develop a deteriorating inventory policy when the supplier provides to the retailer a permissible delay in payments, and during this credit period, the retailer accumulates the revenue and earns interest on that revenue; also the retailer invests on the preservation technology to reduce the rate of product deterioration. Shortages are allowed and partially backlogged. Sufficient conditions of the existence and uniqueness of the optimal replenishment policy are provided, and an algorithm, for its determination, is proposed. Numerical examples draw attention to the obtained results, and the sensitivity analysis of the optimal solution with respect to leading parameters of the system is carried out.

Greenhouse gas emissions trading: Cogen case studies in the early trading market

International Nuclear Information System (INIS)

Buerer, Mary Jean

2001-01-01

An increasing number of companies are interested in opportunities to trade their reduction in greenhouse gas emissions from cogeneration on the emerging greenhouse gas emissions market. Only the UK and Denmark currently have emissions trading schemes, but they are under development in other European countries. Two frameworks currently exist for trading. Baseline-and-credit trading is used in Canada where companies can take part in two voluntary schemes (Greenhouse Gas Emission Reduction Trading Pilot or Clean Air Canada Inc). An example project from the CHP unit at DuPont's Maitland chemical production facility is given, with details of the baselines and calculations used. The other option is company-wide emissions trading. The example given here features the CHP units at BP's refinery and chemicals operations in Texas. The potential revenue from emission reduction projects could help to boost the economics of cogeneration projects

Oil trading manual

International Nuclear Information System (INIS)

Long, D.

1995-01-01

This manual provides basic information on all aspects of oil trading. Topics reviewed in Part 1 include physical characteristics and refining and oil pricing arrangements. Part 2 on instruments and markets contains chapters on crude oil markets, product markets, forward and futures contracts, forward paper markets, oil future exchanges, options, swaps and long term oil markets. Part 3 deals with administration and has chapters on operations and logistics, credit control, accounting, taxation of oil trading, contracts and legal and regulatory issues. (UK)

SOME FINANCIAL – LEGAL ASPECTS OF BANK CREDIT MEDIATION IN FOREIGN TRADE

Directory of Open Access Journals (Sweden)

Ignat Papazov

2017-03-01

Full Text Available Commercial banks are one of the most important and influential economic agents whose outputs produce the movement of large financial resources, as well as the increase in the magnitude of the same. This circumstance is in direct connection with the bank credit intermediation and precisely the specific operations framed within its scope reinforce the dominant position of the banks in the monetary circle. It is the banks that are at the center of a complex of financial - monetary and credit relations, where at the entrance and the exit of which are the clients - in different quality. Once, as creditors, and second time - as debtors/borrowers vis-à-vis the banking institution. The credit mechanism has as a consequence the growth of the foreign capital advanced to the banking business, transposing it into credit resources.

Trust and Credit

DEFF Research Database (Denmark)

Harste, Gorm

The present paper is an answer to the question, how did trust and credit emerge. The systems of trust and credit reduce the environmental and contextual complexities in which trust and credit are embedded. The paper analyses the forms of this reduction in a number of stages in the evolution...... of history from the present risk of modern systems back to early modernity, the Reformation and the high medieval Revolutions in law, organization and theology. It is not a history of economics, but a history of the conditions of some communication codes used in economic systems....

Mobil emission reduction credits for natural gas vehicle programs

International Nuclear Information System (INIS)

Baker, G.F.

1993-01-01

Since the passage of the Clean Air Act Amendments in 1990, there has been increasing interest among regulators and business interests alike in innovative, market-based strategies to air quality control. In particular, larger metropolitan areas have begun to examine marketable emission reduction credit (ERC) programs. These programs limit the total allowable emissions in a non-attainment area, allocate these emission open-quotes creditsclose quotes among sources in the region, and allow the sources to redistribute their allowances through trading. This approach provides for the most cost-effective distribution of control burdens among affected sources, taking advantage of the differences in marginal control costs. Some control measures applied to mobile sources may be significantly less expensive than those applied to stationary sources, making mobile sources an excellent candidate for inclusion in an ERC program. However, there are several potential problems involving quantification, enforcement, and credit trading issues that hinder the development of mobile source ERC programs. This paper will evaluate those obstacles and discuss how they are being addressed in a Natural Gas Vehicle (NGV) program currently under development for the Houston ozone non-attainment area. Specifically, the study will outline the credit validation (i.e., quantification) procedure, including baseline emission determination and emission testing for each NGV in the program. In addition, the study will describe the vehicle/fuel consumption tracking system, and discuss issues related to credit trading with stationary sources. Finally, observations are made concerning the applicability of mobile ERC programs for other emission control measures such as old vehicle scrappage and vehicle Inspection and Maintenance programs

Delivery Terms in Transport Process of Export Trade and their Effect on the Risk of Discrepancy in Documentary Letters of Credit; Evidence from Estonia

Directory of Open Access Journals (Sweden)

Hamed Alavi

2018-05-01

Full Text Available Documentary letters of credit (DLCs are method of payment developed to facilitate the process of international trade by replacing the payment risk of importer with irrevocable payment guarantee of a bank to exporter. Instead, the exporter is supposed to present fully compliant set of documents required by the credit. Documentary nature of DLCs make them vulnerable to the risk of discrepancy. This risk is will affect exporter’s business as he is the one who should absorb it. Therefore, it will be recommended to exporters to negotiate the minimum number of required documents while closing the underlying contract of sales with importer. Since different delivery terms (INCOTERMS require presentation of different documents, this paper studies the correlation between using different terms of delivery with existence of discrepancy in export DLCs in Estonia. For this purpose, author takes empirical approach to answer following research questions: what is the relation between documentary discrepancy and choice of delivery terms and third party documents? and what is the correlation between above mentioned factors and documentary discrepancy in process of DLC operation in Estonian export landscape? The paper is divided into four parts: after the introductory section, the literature review will briefly analyses process of international DLC operation and latest version of INCOTERMS plus their role as delivery terms in international trade. Next section will discuss methodology and results of empirical study done on choice of delivery terms and third party produced documents on discrepancy rate in DLC operation in Estonian export trade. Last but not the least, final section will provide conclusions of the study.

Evaluation of trade-offs in costs and environmental impacts for returnable packaging implementation

Science.gov (United States)

Jarupan, Lerpong; Kamarthi, Sagar V.; Gupta, Surendra M.

2004-02-01

The main thrust of returnable packaging these days is to provide logistical services through transportation and distribution of products and be environmentally friendly. Returnable packaging and reverse logistics concepts have converged to mitigate the adverse effect of packaging materials entering the solid waste stream. Returnable packaging must be designed by considering the trade-offs between costs and environmental impact to satisfy manufacturers and environmentalists alike. The cost of returnable packaging entails such items as materials, manufacturing, collection, storage and disposal. Environmental impacts are explicitly linked with solid waste, air pollution, and water pollution. This paper presents a multi-criteria evaluation technique to assist decision-makers for evaluating the trade-offs in costs and environmental impact during the returnable packaging design process. The proposed evaluation technique involves a combination of multiple objective integer linear programming and analytic hierarchy process. A numerical example is used to illustrate the methodology.

Soybean Trade: Balancing Environmental and Socio-Economic Impacts of an Intercontinental Market.

Science.gov (United States)

Boerema, Annelies; Peeters, Alain; Swolfs, Sanne; Vandevenne, Floor; Jacobs, Sander; Staes, Jan; Meire, Patrick

2016-01-01

The trade in soybean, an important animal feed product, exemplifies the environmental and socio-economic impact of global markets and global agricultural policy. This paper analyses the impact of increasing production of soybean in the exporting countries (deforestation and grassland conversion) as well as in importing regions (decrease in permanent grassland by substitution of grass as feed). Ecosystem services monetary values were used to calculate the environmental and socio-economic impact of observed land use changes. This is balanced against the economic value of the global soybean trade. The results prove that consumption choices in one region have real effects on the supply of ecosystem services at a large spatial scale. Conclusively, solutions to make this global market more sustainable are discussed.

Soybean Trade: Balancing Environmental and Socio-Economic Impacts of an Intercontinental Market.

Directory of Open Access Journals (Sweden)

Annelies Boerema

Full Text Available The trade in soybean, an important animal feed product, exemplifies the environmental and socio-economic impact of global markets and global agricultural policy. This paper analyses the impact of increasing production of soybean in the exporting countries (deforestation and grassland conversion as well as in importing regions (decrease in permanent grassland by substitution of grass as feed. Ecosystem services monetary values were used to calculate the environmental and socio-economic impact of observed land use changes. This is balanced against the economic value of the global soybean trade. The results prove that consumption choices in one region have real effects on the supply of ecosystem services at a large spatial scale. Conclusively, solutions to make this global market more sustainable are discussed.

Environmental justice research shows the importance of social feedbacks in ecosystem service trade-offs

Directory of Open Access Journals (Sweden)

Neil M. Dawson

2017-09-01

Full Text Available In this article, we shine a spotlight on approaches to research ecosystem service trade-offs and critically assess their representation of relevant social dynamics. Although studies linking ecosystem services and human well-being have provided theoretical insights into social and ecological trade-offs, we argue that ecosystem services research has paid insufficient attention to "social feedbacks," people's cognitive and behavioral responses to change. We demonstrate that augmenting ecosystem services research with environmental justice approaches (exploring perceptions of the distribution of costs and benefits, decision making procedures, and recognition of different values and identities can more effectively capture important responses to ecosystem governance. Spatial analysis of land use change, mixed-method assessment of multidimensional well-being, and qualitative environmental justice research were applied in three villages adjacent to Nam Et-Phou Louey National Protected Area in northern Laos. Spatial analysis showed that, from 2006 to 2015, forest clearance for cultivation remained stable within the protected area. Well-being assessment revealed the local population benefited from rapidly increasing incomes, asset ownership, and reduced poverty during that time. In combination, spatial and well-being analyses paint a picture of limited trade-offs, despite growing incentives to exploit protected land and resources through cash crops and high-value forest products. In contrast, results from environmental justice research revealed profound trade-offs between conservation and local practices, and highlight governance deficiencies relating to procedure and recognition. Consequently, formal protected area rules were perceived to be illegitimate by many and actively undermined, for example through negotiated access with alternative authorities. We conclude that although well-being research provides an essential foundation to understand diverse

Trade Unions facing the dual challenge of globalising work division and globalising environmental degradation

OpenAIRE

Räthzel, N; Uzzell, David

2011-01-01

This paper presents results of a project aimed at investigating the ways in which trade unions in the “Global North” and the “Global South” respond to the dual challenge of a globalising work division and globalising environmental degradation, and whether and under what conditions trade unions perceive and address these issues as connected. While globalising corporations are forming new international relations of power, trade unions are lagging behind in unifying their efforts to counter glob...

International Environmental Agreements: Emissions Trade, Safety Valves and Escape Clauses

International Nuclear Information System (INIS)

Karp, Larry; Zhao, Jinhua

2010-01-01

We explain how the structure of multi-national or multi-regional environmental agreements affect their chance of success. Trade in emissions permits has ambiguous and in some cases surprising effects on both the equilibrium level of abatement, and on the ability to persuade nations or regions to participate in environmental agreements. An escape clause policy and a safety valve policy have essentially the same properties when membership in environmental agreement is pre-determined, but they create markedly different effects on the incentives to join such an agreement. The two policies lead to a qualitative difference in the leverage that a potential member of the agreement exercises on other members

Optimal pricing and replenishment policies for instantaneous deteriorating items with backlogging and trade credit under inflation

Science.gov (United States)

Sundara Rajan, R.; Uthayakumar, R.

2017-12-01

In this paper we develop an economic order quantity model to investigate the optimal replenishment policies for instantaneous deteriorating items under inflation and trade credit. Demand rate is a linear function of selling price and decreases negative exponentially with time over a finite planning horizon. Shortages are allowed and partially backlogged. Under these conditions, we model the retailer's inventory system as a profit maximization problem to determine the optimal selling price, optimal order quantity and optimal replenishment time. An easy-to-use algorithm is developed to determine the optimal replenishment policies for the retailer. We also provide optimal present value of profit when shortages are completely backlogged as a special case. Numerical examples are presented to illustrate the algorithm provided to obtain optimal profit. And we also obtain managerial implications from numerical examples to substantiate our model. The results show that there is an improvement in total profit from complete backlogging rather than the items being partially backlogged.

Environmental impacts of food trade via resource use and greenhouse gas emissions

International Nuclear Information System (INIS)

Dalin, Carole; Rodríguez-Iturbe, Ignacio

2016-01-01

Agriculture will need to significantly intensify in the next decades to continue providing essential nutritive food to a growing global population. However, it can have harmful environmental impacts, due to the use of natural and synthetic resources and the emission of greenhouse gases, which alter the water, carbon and nitrogen cycles, and threaten the fertility, health and biodiversity of landscapes. Because of the spatial heterogeneity of resource productivity, farming practices, climate, and land and water availability, the environmental impact of producing food is highly dependent on its origin. For this reason, food trade can either increase or reduce the overall environmental impacts of agriculture, depending on whether or not the impact is greater in the exporting region. Here, we review current scientific understanding of the environmental impacts of food trade, focusing on water and land use, pollution and greenhouse gas emissions. In the case of water, these impacts are mainly beneficial. However, in the cases of pollution and greenhouse gas emissions, this conclusion is not as clear. Overall, there is an urgent need for a more comprehensive, integrated approach to estimate the global impacts of food trade on the environment. Second, research is needed to improve the evaluation of some key aspects of the relative value of each resource depending on the local and regional biophysical and socio–economic context. Finally, to enhance the impact of such evaluations and their applicability in decision-making, scenario analyses and accounting of key issues like deforestation and groundwater exhaustion will be required. (letter)

Environmental impacts of food trade via resource use and greenhouse gas emissions

Science.gov (United States)

Dalin, Carole; Rodríguez-Iturbe, Ignacio

2016-03-01

Agriculture will need to significantly intensify in the next decades to continue providing essential nutritive food to a growing global population. However, it can have harmful environmental impacts, due to the use of natural and synthetic resources and the emission of greenhouse gases, which alter the water, carbon and nitrogen cycles, and threaten the fertility, health and biodiversity of landscapes. Because of the spatial heterogeneity of resource productivity, farming practices, climate, and land and water availability, the environmental impact of producing food is highly dependent on its origin. For this reason, food trade can either increase or reduce the overall environmental impacts of agriculture, depending on whether or not the impact is greater in the exporting region. Here, we review current scientific understanding of the environmental impacts of food trade, focusing on water and land use, pollution and greenhouse gas emissions. In the case of water, these impacts are mainly beneficial. However, in the cases of pollution and greenhouse gas emissions, this conclusion is not as clear. Overall, there is an urgent need for a more comprehensive, integrated approach to estimate the global impacts of food trade on the environment. Second, research is needed to improve the evaluation of some key aspects of the relative value of each resource depending on the local and regional biophysical and socio-economic context. Finally, to enhance the impact of such evaluations and their applicability in decision-making, scenario analyses and accounting of key issues like deforestation and groundwater exhaustion will be required.

Understanding Credit Risk: A Classroom Experiment

Science.gov (United States)

Servatka, Maros; Theocharides, George

2011-01-01

This classroom experiment introduces students to the notion of credit risk and expected return, by allowing them to trade on comparable corporate bond issues from two types of markets: investment-grade and high-yield markets. Investment-grade issues have a lower probability of default than high-yield issues and thus provide a lower yield.…

A Survey of the Economics of Fair Trade

OpenAIRE

Dammert, Ana C.; Mohan, Sarah

2014-01-01

Fair Trade has spread in developing countries as an initiative aimed at lifting poor smallholder farmers out of poverty by providing them with premium prices, availability of credit, and improved community development and social goods. Fair Trade is also viewed as a niche market for high value products in a context of globalization and trade liberalization policies that affect smallholder farmers in developing countries. The question of whether Fair Trade affects the welfare of rural farmers,...

Emissions credits from natural gas vehicles

International Nuclear Information System (INIS)

Anderson, J.F.; Kodjak, D.

1997-01-01

Dedicated natural gas vehicles (NGVs) often are capable of testing to lower than federally required engine certification standards. NGVs often meet inherently low emission vehicle (ILEV) and ultra low emission vehicle (ULEV) standards. Over the useful life of the vehicle, a significant amount of mobile source emission reduction credits (MSERCs) can be generated. This paper will discuss key elements of establishing a workable methodology to quantify the emissions benefits generated through the purchase and use of heavy-duty natural gas vehicles instead of heavy-duty diesel vehicles. The paper will focus on a public fleet of transit buses owned by the Massachusetts Bay Transit Agency, the Massachusetts Port Authority, and a private fleet of waste haulers. Public fleets may generate emission credits as a key compliance option to offset emission shortfalls from changes to the Employee Commute Options (ECO) program, the Inspection and Maintenance program, and facilitate annual surface transportation conformity. Private fleets may generate emission credits for open market trading to area and stationary sources seeking to buy credits from mobile sources, where allowed by EPA and state policy

Virtual land use and agricultural trade. Estimating environmental and socio-economic impacts

International Nuclear Information System (INIS)

Wuertenberger, Laura; Koellner, Thomas; Binder, Claudia R.

2006-01-01

Liberalization has caused an increase in the global trade of goods and services. In particular, the value and physical volume of agricultural goods traded have largely increased. As the environmental and social consequences of trade are complex, they are rarely included in the national and international agricultural policies. One reason is that there is a lack of concepts and methods for assessing the environmental and social impacts of trade policies. In this paper we develop a method for quantifying and assessing the land use hidden in the export and import of agricultural goods for the case of Switzerland. For our analysis we focus on arable crops. The first methodological step of our research illustrates the spatial relationship of Switzerland with countries all over the world through the import and export of land use for arable crops. The second step links this spatial dimension with a qualitative assessment of the environmental and socio-economic impacts of agricultural land use. We applied the method to the case of wheat cultivation within Switzerland and import to Switzerland. The major problem we were confronted with was the availability of data, which had both to be reliable and available for the countries wheat is imported from. The results show that the calculation of land use is credible. In spite of the problems related with data availability, the assessment results for each indicator are in agreement with the current situation in the respective countries. In addition, the aggregation seems to accurately reflect the countries' agricultural polices. The developed method is used to estimate the overall environmental and socio-economic impacts of an increase in wheat imports to Switzerland. We argue that this method could be applied for anticipating potential impacts of trade agreements. Still, further research is required for fine-tuning of the utility functions, including a weighting procedure in the aggregation procedure. For practical applications

6. Analisis Implementasi Cyber Security Di Uni Eropa: Studi Kasus Carbon Credits Hacking Dalam European Union Emission Trading Scheme (EU ETS) Tahun 2010-2013

OpenAIRE

Aisya, Naila Sukma; Putranti, Ika Riswanti; Wahyudi, Fendy Eko

2017-01-01

Since the last two decades in the 20th century, the European Union (EU) has presented itself as a leader in climate change issues. The leadership manifested in the formation of the European Union Emission Trading Scheme (EU ETS) as an effort to fulfill the commitments of the Kyoto Protocol to reduce emissions in the region. But the existence of the EU ETS has been challenged by the emergence of carbon credits hacking case in some national registration systems in the EU ETS. This study discuss...

An eoq model for weibull deteriorating item with ramp type demand and salvage value under trade credit system

Directory of Open Access Journals (Sweden)

Lalit Mohan Pradhan

2014-03-01

Full Text Available Background: In the present competitive business scenario researchers have developed various inventory models for deteriorating items considering various practical situations for better inventory control. Permissible delay in payments with various demands and deteriorations is considerably a new concept introduced in developing various inventory models. These models are very useful for both the consumers and the manufacturer. Methods: In the present work an inventory model has been developed for a three parameter Weibull deteriorating item with ramp type demand and salvage value under trade credit system. Here we have considered a single item for developing the model. Results and conclusion: Optimal order quantity, optimal cycle time and total variable cost during a cycle have been derived for the proposed inventory model. The results obtained in this paper have been illustrated with the help of numerical examples and sensitivity analysis.   

Trade finance and Latin America's lost decade: The forgotten link

OpenAIRE

Alvarez, Sebastian; Flores Zendejas, Juan

2014-01-01

The Great recession has brought back to foreground the link between trade credit international trade and economic growth. Scholars have recently found that the effects of the fall in trade finance are strong and accurately explain the recent fall in international trade. We argue that the lost decade that followed Latin America's debt crisis is a useful comparative benchmark to recognize the scope of impact on international trade stemming from a sharp decline in trade finance. The years that f...

FINANCIAL ACCOUNTING APPROACHES OF THE REVOLVING LOANS WITH THE EXAMPLE OF THE FOREIGN TRADE COMPANIES

Directory of Open Access Journals (Sweden)

ADRIANA IOŢA

2014-10-01

Full Text Available In the current economic context, with a major increase in the foreign business of the Romanian companies, there is a need to finance their activities from various sources in order to meet competition. For this reason I aimed, with this paper, to identify the way to finance current business of foreign trade companies. Considering that for the majority of foreign trade transactions settlement is performed after a maturity established by agreement between the partners, in this interval various payment obligations may occur, reason for which companies resort to short-term funding sources, usually of the revolving type. This paper presents on one hand the financial features of two forms of crediting current activity, most often contracted by companies engaged in foreign trade, as the credit line and the global working loans. In the case of the credit line we presented the accounting methodology applicable to a company that engaged in foreign trade, with the purpose of highlighting the accounting peculiarities of the records of the currency credit line, as well as the costs (interests, fees these imply.

Credit Rating and Competition

OpenAIRE

Nelson Camanho; Pragyan Deb; Zijun Liu

2010-01-01

In principle, credit rating agencies are supposed to be impartial observers that bridge the gap between private information of issuers and the information available to the wider pool of investors. However, since the 1970s, rating agencies have relied on an issuer-pay model, creating a conflict of interest the largest source of income for the rating agencies are the fees paid by the issuers the rating agencies are supposed to impartially rate. In this paper, we explore the trade-off between re...

Quantifying Third-Party Impacts and Environmental Externalities from a Cap-And-Trade System for Groundwater Management

Science.gov (United States)

Khan, H. F.; Yang, Y. C. E.; Brown, C.

2016-12-01

Economic decision models, such as the cap-and-trade system, have been shown to be useful in the context of groundwater management. A uniformly applied cap-and-trade system can however result in significant spatially and temporally varying hydrogeologic impacts that reduce public welfare. Hydrological challenges associated with the cap-and-trade system for groundwater management include establishing appropriate system boundaries, setting system-wide sustainable yield and limiting third party impacts from extractions. Given these challenges, these economic models need to be supplemented with physically based hydrogeologic models that are able to represent the spatial and temporal heterogeneity in conditions across a region. This investigation assesses third-party impacts and environmental externalities resulting from a cap-and-trade system in a sub-basin of the Republican River Basin, overlying the Ogallala aquifer in the High Plains of the United States. The economic model is coupled with a calibrated physically based groundwater model. The cap-and-trade system is developed using a multi-agent system model where individual benefits of each self-interested agent are maximized subject to bounds on irrigation requirements and water use permits. We then compare the performance of the cap-and-trade system with a smart groundwater market which, in addition to a cap on total groundwater extraction, also incorporates streamflow constraints. The results quantify third-party impacts and environmental externalities resulting from uncontrolled trading. This analysis demonstrates the value added by a well-designed cap-and-trade system able to account for basin-wide heterogeneity in hydrogeologic and ecological conditions by establishing trading limits, managing inter-area transfers and setting exchange rates for permit trading.

An EPQ Model with Increasing Demand and Demand Dependent Production Rate under Trade Credit Financing

Directory of Open Access Journals (Sweden)

Juanjuan QIN

2015-05-01

Full Text Available This paper investigates an EPQ model with the increasing demand and demand dependent production rate involving the trade credit financing policy, which is seldom reported in the literatures. The model considers the manufacturer was offered by the supplier a delayed payment time. It is assumed that the demand is a linear increasing function of the time and the production rate is proportional to the demand. That is, the production rate is also a linear function of time. This study attempts to offer a best policy for the replenishment cycle and the order quantity for the manufacturer to maximum its profit per cycle. First, the inventory model is developed under the above situation. Second, some useful theoretical results have been derived to characterize the optimal solutions for the inventory system. The Algorithm is proposed to obtain the optimal solutions of the manufacturer. Finally, the numerical examples are carried out to illustrate the theorems, and the sensitivity analysis of the optimal solutions with respect to the parameters of the inventory system is performed. Some important management insights are obtained based on the analysis.

Boosting trade finance in developing countries: What link with the WTO?

OpenAIRE

Auboin, Marc

2007-01-01

The paper discusses the efforts deployed by various players, mainly multilateral financial institutions, regional development banks, export credit agencies, to mobilize greater flows of trade finance for developing countries, with a view to help them integrate in world trade. As an institution geared towards the balanced expansion of world trade, the WTO is in the business of making trade possible. Its various functions include reducing trade barriers, negotiating and implementing global trad...

An Inventory Model for Deteriorating Item with Reliability Consideration and Trade Credit

Directory of Open Access Journals (Sweden)

S. R. Singh

2014-10-01

Full Text Available In today’s global market every body want to buy products of high level quality and to achieve a high level product quality supplier have to invest in improving reliability of production process. In present article we have studies reliable production process with stock dependent unit production and holding cost. Demand is exponential function of time and infinite production process wit non- instantaneous deterioration rate are considered in this paper. Whole study has been done under the effect of trade credit. The main objective of this paper is to optimize the total relevant cost for reliable production process. Numerical example and sensitivity analysis is given at the end of this paper.   Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;}

The optimal retailer's ordering policies with trade credit financing and limited storage capacity in the supply chain system

Science.gov (United States)

Yen, Ghi-Feng; Chung, Kun-Jen; Chen, Tzung-Ching

2012-11-01

The traditional economic order quantity model assumes that the retailer's storage capacity is unlimited. However, as we all know, the capacity of any warehouse is limited. In practice, there usually exist various factors that induce the decision-maker of the inventory system to order more items than can be held in his/her own warehouse. Therefore, for the decision-maker, it is very practical to determine whether or not to rent other warehouses. In this article, we try to incorporate two levels of trade credit and two separate warehouses (own warehouse and rented warehouse) to establish a new inventory model to help the decision-maker to make the decision. Four theorems are provided to determine the optimal cycle time to generalise some existing articles. Finally, the sensitivity analysis is executed to investigate the effects of the various parameters on ordering policies and annual costs of the inventory system.

Computable general equilibrium modelling in the context of trade and environmental policy

Energy Technology Data Exchange (ETDEWEB)

Koesler, Simon Tobias

2014-10-14

This thesis is dedicated to the evaluation of environmental policies in the context of climate change. Its objectives are twofold. Its first part is devoted to the development of potent instruments for quantitative impact analysis of environmental policy. In this context, the main contributions include the development of a new computable general equilibrium (CGE) model which makes use of the new comprehensive and coherent World Input-Output Dataset (WIOD) and which features a detailed representation of bilateral and bisectoral trade flows. Moreover it features an investigation of input substitutability to provide modellers with adequate estimates for key elasticities as well as a discussion and amelioration of the standard base year calibration procedure of most CGE models. Building on these tools, the second part applies the improved modelling framework and studies the economic implications of environmental policy. This includes an analysis of so called rebound effects, which are triggered by energy efficiency improvements and reduce their net benefit, an investigation of how firms restructure their production processes in the presence of carbon pricing mechanisms, and an analysis of a regional maritime emission trading scheme as one of the possible options to reduce emissions of international shipping in the EU context.

Computable general equilibrium modelling in the context of trade and environmental policy

International Nuclear Information System (INIS)

Koesler, Simon Tobias

2014-01-01

This thesis is dedicated to the evaluation of environmental policies in the context of climate change. Its objectives are twofold. Its first part is devoted to the development of potent instruments for quantitative impact analysis of environmental policy. In this context, the main contributions include the development of a new computable general equilibrium (CGE) model which makes use of the new comprehensive and coherent World Input-Output Dataset (WIOD) and which features a detailed representation of bilateral and bisectoral trade flows. Moreover it features an investigation of input substitutability to provide modellers with adequate estimates for key elasticities as well as a discussion and amelioration of the standard base year calibration procedure of most CGE models. Building on these tools, the second part applies the improved modelling framework and studies the economic implications of environmental policy. This includes an analysis of so called rebound effects, which are triggered by energy efficiency improvements and reduce their net benefit, an investigation of how firms restructure their production processes in the presence of carbon pricing mechanisms, and an analysis of a regional maritime emission trading scheme as one of the possible options to reduce emissions of international shipping in the EU context.

DOCUMENTARY LETTER OF CREDIT IN THE REGULATION OF 600-PARIS PUBLICATION

Directory of Open Access Journals (Sweden)

VASILE NEMES

2011-04-01

Full Text Available In the year 2007 was adopted the Publication no. 600 of Paris regarding the Rules and the Uniform Practices for documentary letters of credit which replaced the Publication no. 500. Publication no. 600 (UCP 600 is applied to all the irrevocable documentary letters of credit when the parties make express reference to these Rules. The Publication no. 600 includes uniform rules, international practices and standards of irrevocable documentary letters of credit. The new Publication has brought a number of changes on the issues regarding the performance of the letters of credit, both in the relationship with the nonbanking institutions participants and in the relationship between the credit institutions participating in the performance of the letter of credit. This study, without being exhaustive, aims to capture the main aspects of novelty brought by the publication no. 600 and their legal approach to the new perspective of the international trade relations. It has in view, in particular, the irrevocable character of the letter of credit, the elaboration method and procedure of the letter of credit, the participants to the unfolding of the specific relationship of the letter of credit and the main duties of the involved credit institutions.

Trade, development and sustainability

DEFF Research Database (Denmark)

Røpke, Inge

1994-01-01

Mainstream economic theory argues that trade, and especially free trade, is beneficial to everyone involved. This fundamental idea ? which has the character of a dogma ? still plays an important role in international discussions on trade issues, notably in relation to development and environment...... be defended in all cases. Especially, the developing countries' benefits from trade have been very dubious. Furthermore, the trading system has contributed to environmental problems in several ways, e.g. generating undervaluation of natural resources, stimulating economic growth with environmental....... The purpose of this article is to critically assess the "free trade dogma" and to investigate the validity of widely used arguments concerning the relations between trade and development and between trade and environment. It is argued that the trading system is not something inherently good, which should...

Emissions trading in the context of electricity deregulation : a case study on Ontario

International Nuclear Information System (INIS)

Johns, G.

2003-01-01

This presentation discussed the deregulation of the electric power industry in Ontario and Alberta with particular reference to emissions trading, emissions profiles for the two provinces, and current market rules. It was noted that deregulation in Ontario is the major impetus for developing an emission trading system. Alberta is also in the process of developing an emission trading system for all industry sectors. The author discussed Ontario's Bill 210 which places a 6 year cap on prices and which offers tax incentives for renewable energy sources. It was argued that Bill 210 negates new generation and inhibits participants and competition in emissions trading market. Ontario generators face competitiveness concerns with neighbouring jurisdictions. Current market rules were outlined for emission caps, allocation for nitrogen oxide and sulfur dioxide allowances, credit creation, emission trading, and credit use. 6 figs

The impact of the Kyoto Protocol on the Quebec electricity market : business opportunities, protection of reference levels, and trading of emission credits

International Nuclear Information System (INIS)

Legault, R. F.

2003-01-01

Helimax Energy is a consulting company located in Montreal, Quebec specializing in wind energy on the national and international scene. In Canada, Helimax has worked (or is currently working) in seven provinces. To date, 96 contracts in renewable energy sources have been fulfilled throughout the world, of which 66 projects deal with wind energy. Several factors explain the growth of wind energy. These include a constant reduction of cost, Kyoto Protocol (environmental conscience), energy policies, social acceptance, technological maturity, reliability, and availability of funds to name a few. Europe is the world leader in the wind energy market. Canada represents a market ripe for expansion. The Kyoto Protocol was discussed and the relative value of carbon credits was examined with the help of a graph. The value of carbon credits remains marginal in the context of clean development mechanisms, unless a very polluting technology (in terms of carbon emissions) is replaced and the credit carbon cost is relatively high. tabs., figs

An EOQ model of time quadratic and inventory dependent demand for deteriorated items with partially backlogged shortages under trade credit

Science.gov (United States)

Singh, Pushpinder; Mishra, Nitin Kumar; Singh, Vikramjeet; Saxena, Seema

2017-07-01

In this paper a single buyer, single supplier inventory model with time quadratic and stock dependent demand for a finite planning horizon has been studied. Single deteriorating item which suffers shortage, with partial backlogging and some lost sales is considered. Model is divided into two scenarios, one with non permissible delay in payment and other with permissible delay in payment. Latter is called, centralized system, where supplier offers trade credit to retailer. In the centralized system cost saving is shared amongst the two. The objective is to study the difference in minimum costs borne by retailer and supplier, under two scenarios including the above mentioned parameters. To obtain optimal solution of the problem the model is solved analytically. Numerical example and a comparative study are then discussed supported by sensitivity analysis of each parameter.

Why Europe has become environmentally cleaner: Decomposing the roles of fiscal, trade and environmental policies

OpenAIRE

López, Ramón; Palacios, Amparo

2011-01-01

This paper systematically examines the role of fiscal policy, trade and energy taxes on environmental quality in Europe using disaggregated data for 12 European countries over the 1995-2008 period. It uses a methodology that obtains estimates mostly free of time-varying omitted variable biases. Controlling for the scale effect, our estimations show that fiscal policies and energy taxes are effective in reducing the concentration of certain pollutants through different mechanisms. We also find...

CREDIT SYSTEM AND CREDIT GUARANTEE PROGRAMS

OpenAIRE

Turgay GECER

2012-01-01

Credit system is an integrated architecture consisted of financial information, credit rating, credit risk management, receivables and credit insurance systems, credit derivative markets and credit guarantee programs. The main purpose of the credit system is to provide the functioning of all credit channels and to make it easy to access of credit sources demanded by all of real and legal persons in any economic system. Credit guarantee program, the one of prominent elements of the credit syst...

15 CFR 19.14 - How will Commerce entities report Commerce debts to credit bureaus?

Science.gov (United States)

2010-01-01

... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false How will Commerce entities report Commerce debts to credit bureaus? 19.14 Section 19.14 Commerce and Foreign Trade Office of the Secretary of Commerce COMMERCE DEBT COLLECTION Procedures To Collect Commerce Debts § 19.14 How will Commerce entities...

MULTILATERAL ENVIRONMENTAL AGREEMENTS AND THE TRADE MEASURES CONTAINED IN THESE AGREEMENTS

Directory of Open Access Journals (Sweden)

Margareta Timbur

2012-06-01

Full Text Available The environmental problems which the society is facing, ozone depletion, biodiversity loss, the spread of persistent organic pollutants, are a result of human activity with a worldwide impact, requiring immediate resolution. In this context, negotiation, signing and implementation of several multilateral environmental agreements (MEAs are one of the best solutions, affordable and reliable. The aim of this study is to analyze the commercial measures, which to some extent, ensure stability, security, and expansion of MEAs. The paper discusses, also, the efficiency, necessity and the influences of trade measures in MEAs and the WTO role in signing these agreements.

Is credit for early action credible early action?

International Nuclear Information System (INIS)

Rolfe, C.; Michaelowa, A.; Dutschke, M.

1999-12-01

Credit for early action as a tool for greenhouse gas emissions reduction is compared with various market instruments as a means of narrowing the gap between projected emissions and those of the Kyoto Protocol. Market instruments work by creating a market price for emissions and use the market to encourage reductions at the lowest price, which is done by placing limits on greenhouse gas emissions and allowing the market to decide where reductions occur, or by imposing a carbon tax or emissions charge. While they can be applied within a sector, they are usually used to encourage reductions throughout the economy or across large sectors. Credit for early action also creates an incentive for emissions reductions throughout the economy or at least across many sectors. Credit for early action tools do not work by either imposing a carbon tax or emissions charge or placing limits on emissions, rather they promise that entities that take action against greenhouse gases prior to the imposition of a carbon tax or emissions limits will receive a credit against future taxes or limits. An overview is provided of the Kyoto Protocol and the rationale for taking early action, and a review is included of the theory and specific proposals for market instruments and credit for early action. A comparative analysis is provided of these approaches by examining their relative efficiency, environmental effectiveness, and impacts on the redistribution of wealth. Credit for early action is viewed as problematic on a number of counts and is seen as an interim strategy for imposition while political support for market instruments develop. The environmental effectiveness of credit for early action is very difficult to predict, and credit for early action programs do not yield the lowest cost emissions reductions. Credit for early action programs will not achieve compliance with the Kyoto Protocol at the lowest cost, and credits for early action will increase the compliance costs for those who

Implied Materiality and Material Disclosures of Credit Ratings

OpenAIRE

Eccles, Robert G; Youmans, Timothy John

2015-01-01

This first of three papers in our series on materiality in credit ratings will examine the materiality of credit ratings from an “implied materiality” and governance disclosure perspective. In the second paper, we will explore the materiality of environmental, social, and governance (ESG) factors in credit ratings’ methodologies and introduce the concept of “layered materiality.” In the third paper, we will evaluate current and potential credit rating agency (CRA) business models based on our...

An evaluation of the use of mobile source emissions trading: Locomotive case study

International Nuclear Information System (INIS)

West, W.R.; Brazell, M.M.

1993-01-01

There are many proposals for generating mobil source credits for use by stationary and other sources. This paper examines the benefits and practicality of including locomotive rail emissions in proposed emissions trading programs in california. In particular, this paper examines (1) if trading of locomotive rail emissions will result in lower compliance costs for railroads than traditional open-quotes command and controlclose quotes approaches, and (2) if emissions trading programs provide large enough incentives to entice railroads to seek to meet or exceed expected emissions reduction open-quotes command and controlclose quotes targets. The paper also examines under what circumstances stationary sources would be willing to purchase mobile source credits from railroads, in order to offset some of the stationary source's emissions reductions requirements. Stated simply, this analysis examines whether proposed trading programs offer enough benefits to both trading partners to warrant their use

Green certificates: a new currency for trading the environmental benefits of renewable energy

International Nuclear Information System (INIS)

Crookall-Fallon, C.; Crozier-Cole, T.

2000-01-01

This article examines the driving force of the Kyoto Protocol on the EU's proposed Directive to stimulate the use of renewable energy sources for generating electricity, and the forthcoming sixth conference of the Parties to the UN National Framework Convention on Climatic Change where it is hoped that the EU will ratify the 1997 Kyoto Protocol requiring the reduction in emissions of greenhouse gases. Details of the EU's Directive on the liberalisation of the internal market for electricity and targets for increasing renewable energy electricity consumption are given. Trading environmental benefits of renewable generation, the concept of trading green certificates, the challenges to creating a green certificate market, national green certificate systems such as the Dutch and Danish systems, and the progress towards Europe-wide green certificate trading are discussed

The EPQ model under conditions of two levels of trade credit and limited storage capacity in supply chain management

Science.gov (United States)

Chung, Kun-Jen

2013-09-01

An inventory problem involves a lot of factors influencing inventory decisions. To understand it, the traditional economic production quantity (EPQ) model plays rather important role for inventory analysis. Although the traditional EPQ models are still widely used in industry, practitioners frequently question validities of assumptions of these models such that their use encounters challenges and difficulties. So, this article tries to present a new inventory model by considering two levels of trade credit, finite replenishment rate and limited storage capacity together to relax the basic assumptions of the traditional EPQ model to improve the environment of the use of it. Keeping in mind cost-minimisation strategy, four easy-to-use theorems are developed to characterise the optimal solution. Finally, the sensitivity analyses are executed to investigate the effects of the various parameters on ordering policies and the annual total relevant costs of the inventory system.

Assessing environmental impacts embodied in manufacturing and labor input for the China-U.S. trade.

Science.gov (United States)

Xu, Ming; Williams, Eric; Allenby, Braden

2010-01-15

Previous studies on environmental impacts embodied in trade have paid little attention to the impacts of labor input, or environmental overhead of labor input (EOLI). EOLI occurs to support lifestyles both in the purchase of goods and services and in the consumption of fuels and electricity by workers. This research investigates both supply chain manufacturing and EOLI energy use and carbon dioxide (CO(2)) emissions embodied in the 2002 China-U.S. trade. EOLI is substantial in scale: 24% of manufacturing energy in the U.S. and 6% for China. The higher share of EOLI in the U.S. is the result of higher energy use to support worker lifestyles. Analysis shows China's EOLI is dominated by the manufacturing of products consumed by workers, while EOLI on the U.S. side is primarily from workers' direct consumption. The total manufacturing and EOLI energy and CO(2) embodied in the eastbound trade from China to the U.S. are 6.5 exajoules (EJ) of energy (6% EOLI) and 440 million tons (Mt) of CO(2) (8% EOLI). The total manufacturing and EOLI energy and CO(2) embodied in the westbound trade from the U.S. to China are 424 petajoules (PJ) of energy (19% EOLI) and 25.3 Mt of CO(2) (21% EOLI).

Investigation of the environmental Kuznets curve for carbon emissions in Malaysia: Do foreign direct investment and trade matter?

International Nuclear Information System (INIS)

Lau, Lin-Sea; Choong, Chee-Keong; Eng, Yoke-Kee

2014-01-01

Environmental degradation has become a central issue of discussion among the economists and environmentalists. In view of Malaysia's position as one of the main contributors to CO 2 emissions in Asia and its status as a fast growing economy, it is vital, therefore, to conduct a study to identify the relationship between economic growth and CO 2 emissions for Malaysia. This study attempts to examine empirically the environmental Kuznets curve hypothesis for Malaysia in the presence of foreign direct investment and trade openness both in the short- and long-run for the period 1970 to 2008.The bounds testing approach and Granger causality methodology are applied to test the interrelationships of the variables. The results of our study indicate that the inverted-U shaped relationship does exist between economic growth and CO 2 emission in both the short- and long-run for Malaysia after controlling for two additional explanatory variables, namely FDI and trade. Importantly, the results of the study also provide some crucial policy recommendations to the policy makers. - Highlights: • Examining environmental Kuznets curve hypothesis by incorporating FDI and trade. • FDI promotes higher economic growth and leads to higher environmental degradation. • Both FDI and trade directly influence CO 2 emission and economic growth. • Attraction of technology-oriented FDI is crucial for the quality of environment

CREDIT POLICIES FOR THE AGRICULTURAL SECTOR IN NICARAGUA 1990-2012

Directory of Open Access Journals (Sweden)

Clemente García Navarro

2017-03-01

Full Text Available The research objective was to analyze effects of agricultural credit policy in Nicaragua (1990-2012. Structural Adjustment Programs deteriorated production for domestic consumption, in the hands of small and medium production. The research is descriptive, comprehensive and interpretive. Small and medium producers had no ability to sustain; the sector suffered unprotected by overvaluation of Córdoba; internally imported products sold at artificially low prices. It concluded that credit constraints affecting small and medium producers, including trade, by the disappearance of long-term financing that caused capitalization.

DINAMIKA UPAYA MELAKUKAN SINERGI ANTARA HUKUM PERDAGANGAN INTERNASIONAL DAN HUKUM LINGKUNGAN / INTERNATIONAL TRADE LAW AND ENVIRONMENTAL LAW SINERGY

Directory of Open Access Journals (Sweden)

Endra Wijaya

2017-11-01

Full Text Available Dalam aktivitas perdagangan internasional, kehadiran hukum menjadi suatu hal yang penting untuk mengatur dan membuat berjalannya unsur-unsur dalam perdagangan internasional menjadi efektif, efisien, dan berkeadilan. Secara perlahan-lahan, sistem perdagangan internasional mulai memasukkan isu hukum lingkungan hidup. Masuknya isu hukum lingkungan ke dalam sistem perdagangan internasional sudah dimulai sejak adanya kesadaran perlunya lingkungan hidup dijaga kelestariannya agar dapat menunjang pembangunan secara keseluruhan. Saat ini, isu hukum lingkungan tersebut memang sudah menjadi syarat penting bagi setiap hubungan perdagangan yang akan atau sedang dilakukan oleh para subjek hukum dalam perdagangan internasional. Fokus pembahasan makalah ini tertuju kepada persoalan bagaimana masuknya dan bersinerginya isu hukum lingkungan ke dalam sistem perdagangan internasional. Metode penelitian yang digunakan dalam melakukan pembahasan ialah metode kajian normatif, dengan menggunakan data sekunder yang diperoleh melalui penelusuran kepustakaan. In international trade activity, the law exists and becomes one of the important components to ensure the trading activity runs effectively, efficiently, and fair. Gradually, international trade system has started to embed environmental law issue to become its part of the system, and this process has begun since people realized that environment should be protected in order to support the sustainable development process. Currently, environmental law issue becomes an important condition for most of the international trade relations which are being done or will be done by subjects of the international trade. This paper focuses on how environmental law is being synergized within international trade system. The library research method will be used to explore that topic.

Embodied pollution in trade: Estimating the "environmental load displacement" of the industrial countries

OpenAIRE

Muradian, Roldan; O'Connor, Martin; Martinez-Alier, Joan

2001-01-01

The present paper sets out to aid in the development of "environmental load displacement" indicators. Developing the notion of the "environmental memory" of physical flows, we estimated embodied pollution in trade of 18 industrialized countries with a) the rest of the world and b) developing countries, from 1976 to 1994. We found that in the last years of analysis, total imports of Japan, USA and Western Europe have entailed, in general, larger air pollutant emissions than local exports. The ...

Historical trade-offs of livestock’s environmental impacts

International Nuclear Information System (INIS)

Davis, Kyle Frankel; Yu, Kailiang; Carr, Joel A; D’Odorico, Paolo; Herrero, Mario; Havlik, Petr

2015-01-01

Human demand for animal products has risen markedly over the past 50 years with important environmental impacts. Dairy and cattle production have disproportionately contributed to greenhouse gas (GHG) emissions and land use, while crop demands of more intensive systems have increased fertilizer use and competition for available crop calories. At the same time, chicken and pig production has grown more rapidly than for ruminants, indicating a change in the environmental burden per animal calorie (EBC) with time. How EBCs have changed and to what extent resource use efficiency (RUE), the composition of animal production and the trade of feed have played a role in these changes have not been examined to date. We employ a calorie-based perspective, distinguishing animal calorie production between calories produced from feedcrop sources—directly competing with humans for available calories—and those from non-feed sources—plant biomass unavailable for direct human consumption. Combining this information with data on agricultural resource use, we calculate EBCs in terms of land, GHG emissions and nitrogen. We find that EBCs have changed substantially for land (−62%), GHGs (−46%) and nitrogen (+188%). Changes in RUE (e.g., selective breeding, increased grain-feeding) have been the primary contributor to these EBC trends, but shifts in the composition of livestock production were responsible for 12%–41% of the total EBC changes. In addition, the virtual trade of land for feed has more than tripled in the past 25 years with 77% of countries currently relying on virtual land imports to support domestic livestock production. Our findings indicate that important tradeoffs have occurred as a result of livestock intensification, with more efficient land use and emission rates exchanged for greater nitrogen use and increased competition between feed and food. This study provides an integrated evaluation of livestock’s impact on food security and the environment

Study of atmospheric emission trading programs in the United States

International Nuclear Information System (INIS)

1991-01-01

A detailed review and evaluation was conducted of federal and state atmospheric emission trading programs in the USA to identify the factors critical to a successful program. A preliminary assessment was also made of the feasibility of such a program for NOx and volatile organic compounds (VOC) in the lower Fraser Valley in British Columbia. To date, experience in the USA with atmospheric emissions trading has primarily involved trades of emission reduction credits pursuant to the 1977 Clean Air Act amendments. Most trades occur under netting provisions which allow expansion of an existing plant without triggering the stringent new-source review process. Six case studies of emissions trading are described from jurisdictions in California, New Jersey, and Kentucky and from the national SO 2 allowance trading program. Estimates of cost savings achieved by emissions trading are provided, and factors critical to a successful program are summarized. These factors include clearly defined goals, participation proportional to problem contribution, an emissions inventory of satisfactory quality, a comprehensive permit system, a credible enforcement threat, efficient and predictable administration, location of the program in an economic growth area, and support by those affected by the program. In the Fraser Valley, it is concluded that either an emissions reduction credit or an allowance trading system is feasible for both NOx and VOC, and recommendations are given for implementation of such a program based on the factors determined above. 1 fig., 8 tabs

The role of Latin America's land and water resources for global food security: environmental trade-offs of future food production pathways.

Science.gov (United States)

Flachsbarth, Insa; Willaarts, Bárbara; Xie, Hua; Pitois, Gauthier; Mueller, Nathaniel D; Ringler, Claudia; Garrido, Alberto

2015-01-01

One of humanity's major challenges of the 21st century will be meeting future food demands on an increasingly resource constrained-planet. Global food production will have to rise by 70 percent between 2000 and 2050 to meet effective demand which poses major challenges to food production systems. Doing so without compromising environmental integrity is an even greater challenge. This study looks at the interdependencies between land and water resources, agricultural production and environmental outcomes in Latin America and the Caribbean (LAC), an area of growing importance in international agricultural markets. Special emphasis is given to the role of LAC's agriculture for (a) global food security and (b) environmental sustainability. We use the International Model for Policy Analysis of Agricultural Commodities and Trade (IMPACT)-a global dynamic partial equilibrium model of the agricultural sector-to run different future production scenarios, and agricultural trade regimes out to 2050, and assess changes in related environmental indicators. Results indicate that further trade liberalization is crucial for improving food security globally, but that it would also lead to more environmental pressures in some regions across Latin America. Contrasting land expansion versus more intensified agriculture shows that productivity improvements are generally superior to agricultural land expansion, from an economic and environmental point of view. Finally, our analysis shows that there are trade-offs between environmental and food security goals for all agricultural development paths.

Project baselines and boundaries for project-based GHG emission reduction trading : a report to the Greenhouse Gas Emission Trading Pilot Program

Energy Technology Data Exchange (ETDEWEB)

Lazarus, M.; Kartha, S.; Bernow, S. [Tellus Inst., Boston, MA (United States)

2001-04-01

One of the great challenges for policy makers in the twenty first century is turning out to be global climate change caused by greenhouse gas emissions. Recent setbacks in international negotiations do not preclude the imposition of national emission targets. One option being studied to increase the economic efficiency of meeting these targets is the creation of emissions trading markets. The exploration of credit trading in the field of greenhouse gas emissions is carried out under the banner of the Greenhouse Gas Emission Reduction Trading (GERT) Pilot Project. One of its objectives is the development of the institutional framework required for the Clean Development Mechanism (CDM), Joint Implementation (JI), and other international credit trading programs. To ensure credits are awarded to projects in a fair and transparent manner, technical, methodological, and administrative processes must be put in place. The determination of project baselines and project boundaries represent two of the main challenges confronting policy makers in awarding the credits. A review of baseline and boundary methods was initiated by GERT, and this report also contains a description of the main advantages and drawbacks of the various methods being considered. Lessons learned and opportunities are especially important for GERT to provide proper guidance to developers. The context and rationale for baselines and boundary setting are first explored in this report, as well as the issues of importance, and common criteria for the evaluation of alternative methods. The principal options for baseline determination, advantages and disadvantages, and applicability in various contexts were reviewed in section 2. The topic of avoided electricity use, and how to set consistent baselines for it are discussed in section 3. Project boundary is the topic of section 4, including leakage, upstream and downstream emissions, rebound and positive spillover effects, and means by which these issues can de

Mining Association Rules Between Credits in the Leadership in Energy and Environmental Design for New Construction (LEED-NC) Green Building Assessment System

National Research Council Canada - National Science Library

Thomas, Benjamin J

2008-01-01

.... Taking this vision into account, the individual credits that comprise LEED are designed to reward design teams for employing sustainable design strategies that reduce the total environmental impact...

Trade reform in Iran for accession to the World Trade Organization

NARCIS (Netherlands)

Farajzadeh, Zakariya; Zhu, Xueqin; Bakhshoodeh, Mohammad

2017-01-01

We developed a computable general equilibrium (CGE) model to study the potential welfare and environmental impacts of Iran's trade reform for accession to the World Trade Organization (WTO). Our results show that removing trade barriers not only results in higher welfare and GDP as well as lower

Emissions Trading

NARCIS (Netherlands)

Woerdman, Edwin; Backhaus, Juergen

2014-01-01

Emissions trading is a market-based instrument to achieve environmental targets in a cost-effective way by allowing legal entities to buy and sell emission rights. The current international dissemination and intended linking of emissions trading schemes underlines the growing relevance of this

OntoTrader: An Ontological Web Trading Agent Approach for Environmental Information Retrieval

Directory of Open Access Journals (Sweden)

Luis Iribarne

2014-01-01

Full Text Available Modern Web-based Information Systems (WIS are becoming increasingly necessary to provide support for users who are in different places with different types of information, by facilitating their access to the information, decision making, workgroups, and so forth. Design of these systems requires the use of standardized methods and techniques that enable a common vocabulary to be defined to represent the underlying knowledge. Thus, mediation elements such as traders enrich the interoperability of web components in open distributed systems. These traders must operate with other third-party traders and/or agents in the system, which must also use a common vocabulary for communication between them. This paper presents the OntoTrader architecture, an Ontological Web Trading agent based on the OMG ODP trading standard. It also presents the ontology needed by some system agents to communicate with the trading agent and the behavioral framework for the SOLERES OntoTrader agent, an Environmental Management Information System (EMIS. This framework implements a “Query-Searching/Recovering-Response” information retrieval model using a trading service, SPARQL notation, and the JADE platform. The paper also presents reflection, delegation and, federation mediation models and describes formalization, an experimental testing environment in three scenarios, and a tool which allows our proposal to be evaluated and validated.

Two-echelon competitive integrated supply chain model with price and credit period dependent demand

Science.gov (United States)

Pal, Brojeswar; Sankar Sana, Shib; Chaudhuri, Kripasindhu

2016-04-01

This study considers a two-echelon competitive supply chain consisting of two rivaling retailers and one common supplier with trade credit policy. The retailers hope that they can enhance their market demand by offering a credit period to the customers and the supplier also offers a credit period to the retailers. We assume that the market demand of the products of one retailer depends not only on their own market price and offering a credit period to the customers, but also on the market price and offering a credit period of the other retailer. The supplier supplies the product with a common wholesale price and offers the same credit period to the retailers. We study the model under a centralised (integrated) case and a decentralised (Vertical Nash) case and compare them numerically. Finally, we investigate the model by the collected numerical data.

Environmental challenges and opportunities of the evolving North American electricity market : Design and legal considerations for North American emissions trading

International Nuclear Information System (INIS)

Russell, D.

2002-06-01

When considering a multi-pollutant emissions trading system covering Mexico, the United States and Canada, several issues must be looked at. Such a system would result from the changing environment in the electricity sector. An understanding of the architectural elements involved in the design of an emissions trading regime was the stated goal for the preparation of this working paper. In the event of the implementation of a North American emissions trading system, some potential interface issues resulting from the North American Free Trade Agreement (NAFTA) were identified. An overview of the emissions trading systems currently in place in North America and their results was included in a background paper, as well as a description of architectural elements comprised in the design of an emissions trading system, the implications of cross-border harmonization taking into account environmental integrity and economic efficiency, and potential trade issues. This paper was circulated among a broad section of policy experts in environmental matters, and was then discussed at an informal workshop in December 2001, attended by 25 cross-sectoral experts. The author also identified several areas where further work is required. refs., 2 tabs

Risk management and oil trading contracts

International Nuclear Information System (INIS)

Sas, B.

1992-01-01

The oil market provides an excellent case study for an analysis of the commodity trading risks and the development of contractual instruments and market structures to meet these risks. The paper identifies the main risks, namely performance, credit/payment, price, regulatory, fiscal, and ''trading'' risk. A conceptual framework provides the basis to trace the evolution of the risk management instruments from relational (e.g. long-term), through ''transactional'' (e.g. spot and forwards) to ''institutional'' (e.g. futures and options) and finally ''pricing'' (e.g. swaps and trigger pricing) contracts. (author)

Trade, investment and the environment

International Nuclear Information System (INIS)

Ward, H.; Brack, D.

2000-01-01

As liberalisation of global trade and investment accelerates, what happens to the environment? As the world heads for confrontation in Seattle, the questions intensify. Does foreign direct investment mean forsaking environmental protection? Or do multinational corporations export higher standards when they invest abroad? Can a powerful trading nation ban imports of tropical timber produced unsustainably? Should the World Trade Organisation take the views of industry or environmental groups into account when deciding? Must world trade rules be changed to accommodate environmental concerns? This book analyzes key issues in this increasingly controversial arena and includes contributions from Renato Ruggiero, former Director General of the World Trade Organization; The Rt Hon Brian Wilson MP, former UK Minister of Trade; Dr Magda Shahin, Deputy Assistant Minister of Foreign Affairs at the Egyptian Ministry of Foreign Affairs; Pradeep Mehta, Secretary General, Consumer Unity and Trust Society, India; and Dr Michel Potier, Head of the Economics Division at the OECD's Environment Directorate. (Author)

A COMPUTABLE GENERAL EQUILIBRIUM APPROACH TO TRADE AND ENVIRONMENTAL MODELLING IN THE MALAYSIAN ECONOMY

OpenAIRE

Al-Amin, Abul Quasem; Jaafar, Abdul Hamid; Siwar, Chamhuri

2008-01-01

Environmental pollution is now a serious problem in many developing countries. One approach to mitigate the problem is to implement various pollution control policies. However, due to a lack of adequate quantitative models, the economic impacts and effectiveness of many pollution control policies are still unknown. Therefore, there is a greater need to know whether economic liberalization, trade, environment and social welfare can be joined in one direction under environmental taxation and po...

40 CFR 80.1290 - How are standard benzene credits generated?

Science.gov (United States)

2010-07-01

... PROGRAMS (CONTINUED) REGULATION OF FUELS AND FUEL ADDITIVES Gasoline Benzene Averaging, Banking and Trading... approved under § 80.1340. (b) [Reserved] (c)(1) The number of standard benzene credits generated shall be... the nearest gallon. Fractional values shall be rounded down if less than 0.50, and rounded up if...

Impact of Economic Crisis on Credit Insurance Market in Romania

Directory of Open Access Journals (Sweden)

Florina VÎRLANUTA

2012-11-01

Full Text Available Bank Insurance phenomenon can not be attributed primarily or banks or insurance institutions. Near the two sectors was due to mutations occurring in supply and demand for financial services. Convergence bankers and insurers are determined by common platform for each country of local influence by supervisors and reforms at the central level. Credit insurance has emerged as a necessity stemming from the fact that most trade agreements concluded in circumstances in which payment is partially or completely after delivery of the goods or services covered by the agreement, so the payment delayed or selling on credit.

International food trade reduces environmental effects of nitrogen pollution in China.

Science.gov (United States)

Shi, Yaxing; Wu, Shaohua; Zhou, Shenglu; Wang, Chunhui; Chen, Hao

2016-09-01

The globalization of agricultural trade has dramatically altered global nitrogen flows by changing the spatial pattern of nitrogen utilization and emissions at a global scale. As a major trading country, China uses a large amount of nitrogen, which has a profound impact on global nitrogen flows. Using data on food production and trade between China and 26 other countries and regions, we calculated nitrogen inputs and outputs in food production ecosystem in each country. We estimated nitrogen flows in international food trade and analyzed their impact on nitrogen pollution in China. We divided nitrogen flows into embodied and virtual nitrogen flows. Embodied nitrogen is taken up by the plant and incorporated into the final food product, whereas virtual nitrogen is lost to the environment throughout the food production process and is not contained in the final food product. Our results show that China mainly imports food products from America and Asia, accounting for 95 % of all imported food. Asia (mainly Japan) and Europe are the main exporters of food from China, with Japan and the EU accounting for 17 and 10 % of all exported food, respectively. Total nitrogen inputs and outputs in food production in China were 55,400 and 61,000 Gg respectively, which were much higher than in other countries. About 1440 and 950 Gg of embodied and virtual nitrogen respectively flow into China through the food trade, mainly from food-exporting countries such as the USA, Argentina, and Brazil. Meanwhile, 177 and 160 Gg of embodied and virtual nitrogen respectively flow out of China from the export of food products, mainly to Japan. China's net food imports have reduced 720 and 458 Gg for nitrogen utilization and outputs, respectively, which accounted for 1.3 and 0.78 % of total nitrogen inputs and outputs in China. These results suggest that food trade in China has a profound effect on nitrogen flows and has greatly reduced environmental impacts on nitrogen pollution in China.

12 CFR 704.11 - Corporate Credit Union Service Organizations (Corporate CUSOs).

Science.gov (United States)

2010-01-01

... course of business of credit unions; and (4) Is structured as a corporation, limited liability company, or limited partnership under state law. (b) Investment and loan limitations. (1) The aggregate of all... in shares, stocks, or obligations of an insurance company, trade association, liquidity facility, or...

CO2 and H2O: Understanding Different Stakeholder Perspectives on the Use of Carbon Credits to Finance Household Water Treatment Projects

Science.gov (United States)

Summers, Sarah K.; Rainey, Rochelle; Kaur, Maneet; Graham, Jay P.

2015-01-01

Background Carbon credits are an increasingly prevalent market-based mechanism used to subsidize household water treatment technologies (HWT). This involves generating credits through the reduction of carbon emissions from boiling water by providing a technology that reduces greenhouse gas emissions linked to climate change. Proponents claim this process delivers health and environmental benefits by providing clean drinking water and reducing greenhouse gases. Selling carbon credits associated with HWT projects requires rigorous monitoring to ensure households are using the HWT and achieving the desired benefits of the device. Critics have suggested that the technologies provide neither the benefits of clean water nor reduced emissions. This study explores the perspectives of carbon credit and water, sanitation and hygiene (WASH) experts on HWT carbon credit projects. Methods Thirteen semi-structured, in-depth interviews were conducted with key informants from the WASH and carbon credit development sectors. The interviews explored perceptions of the two groups with respect to the procedures applied in the Gold Standard methodology for trading Voluntary Emission Reduction (VER) credits. Results Agreement among the WASH and carbon credit experts existed for the concept of suppressed demand and parameters in the baseline water boiling test. Key differences, however, existed. WASH experts’ responses highlighted a focus on objectively verifiable data for monitoring carbon projects while carbon credit experts called for contextualizing observed data with the need for flexibility and balancing financial viability with quality assurance. Conclusions Carbon credit projects have the potential to become an important financing mechanism for clean energy in low- and middle-income countries. Based on this research we recommend that more effort be placed on building consensus on the underlying assumptions for obtaining carbon credits from HWT projects, as well as the approved

CO2 and H2O: Understanding Different Stakeholder Perspectives on the Use of Carbon Credits to Finance Household Water Treatment Projects.

Directory of Open Access Journals (Sweden)

Sarah K Summers

Full Text Available Carbon credits are an increasingly prevalent market-based mechanism used to subsidize household water treatment technologies (HWT. This involves generating credits through the reduction of carbon emissions from boiling water by providing a technology that reduces greenhouse gas emissions linked to climate change. Proponents claim this process delivers health and environmental benefits by providing clean drinking water and reducing greenhouse gases. Selling carbon credits associated with HWT projects requires rigorous monitoring to ensure households are using the HWT and achieving the desired benefits of the device. Critics have suggested that the technologies provide neither the benefits of clean water nor reduced emissions. This study explores the perspectives of carbon credit and water, sanitation and hygiene (WASH experts on HWT carbon credit projects.Thirteen semi-structured, in-depth interviews were conducted with key informants from the WASH and carbon credit development sectors. The interviews explored perceptions of the two groups with respect to the procedures applied in the Gold Standard methodology for trading Voluntary Emission Reduction (VER credits.Agreement among the WASH and carbon credit experts existed for the concept of suppressed demand and parameters in the baseline water boiling test. Key differences, however, existed. WASH experts' responses highlighted a focus on objectively verifiable data for monitoring carbon projects while carbon credit experts called for contextualizing observed data with the need for flexibility and balancing financial viability with quality assurance.Carbon credit projects have the potential to become an important financing mechanism for clean energy in low- and middle-income countries. Based on this research we recommend that more effort be placed on building consensus on the underlying assumptions for obtaining carbon credits from HWT projects, as well as the approved methods for monitoring

CO2 and H2O: Understanding Different Stakeholder Perspectives on the Use of Carbon Credits to Finance Household Water Treatment Projects.

Science.gov (United States)

Summers, Sarah K; Rainey, Rochelle; Kaur, Maneet; Graham, Jay P

2015-01-01

Carbon credits are an increasingly prevalent market-based mechanism used to subsidize household water treatment technologies (HWT). This involves generating credits through the reduction of carbon emissions from boiling water by providing a technology that reduces greenhouse gas emissions linked to climate change. Proponents claim this process delivers health and environmental benefits by providing clean drinking water and reducing greenhouse gases. Selling carbon credits associated with HWT projects requires rigorous monitoring to ensure households are using the HWT and achieving the desired benefits of the device. Critics have suggested that the technologies provide neither the benefits of clean water nor reduced emissions. This study explores the perspectives of carbon credit and water, sanitation and hygiene (WASH) experts on HWT carbon credit projects. Thirteen semi-structured, in-depth interviews were conducted with key informants from the WASH and carbon credit development sectors. The interviews explored perceptions of the two groups with respect to the procedures applied in the Gold Standard methodology for trading Voluntary Emission Reduction (VER) credits. Agreement among the WASH and carbon credit experts existed for the concept of suppressed demand and parameters in the baseline water boiling test. Key differences, however, existed. WASH experts' responses highlighted a focus on objectively verifiable data for monitoring carbon projects while carbon credit experts called for contextualizing observed data with the need for flexibility and balancing financial viability with quality assurance. Carbon credit projects have the potential to become an important financing mechanism for clean energy in low- and middle-income countries. Based on this research we recommend that more effort be placed on building consensus on the underlying assumptions for obtaining carbon credits from HWT projects, as well as the approved methods for monitoring correct and

Empty creditors and strong shareholders: The real effects of credit risk trading. Second draft

OpenAIRE

Colonnello, Stefano; Efing, Matthias; Zucchi, Francesca

2016-01-01

Credit derivatives give creditors the possibility to transfer debt cash flow rights to other market participants while retaining control rights. We use the market for credit default swaps (CDSs) as a laboratory to show that the real effects of such debt unbundling crucially hinge on shareholder bargaining power. We find that creditors buy more CDS protection when facing strong shareholders to secure themselves a valuable outside option in distressed renegotiations. After the start of CDS trad...

Linkage of Credit on BI Rate, Funds Rate, Inflation and Government Spending on Capital

Directory of Open Access Journals (Sweden)

Mangasa Augustinus Sipahutar

2017-03-01

Full Text Available Linkage of credit on BI rate, funds rate, inflation, and government spending on capital provides evidence from Indonesia.  This paper found advance explanation about banks credit as monetary transmission channel and its role on Indonesian economy.  We used credit depth as a ratio of banks credit to GDP nominal, to explain the role of credit in Indonesian economy.  We developed a VAR model to measure the response of credit to BI rate, funds rate and inflation rate, and OLS method to find out how banks credit response to government spending on capital. This paper revealed bi-direction causality between credit and BI rate, credit and funds rate, and credit and inflation.  There is trade-off between credit and BI rate, credit and funds rate, and credit and inflation, but government spending on capital promotes credit depth.  We found that Indonesian banking is bank view, allocated their credit based on their performance, not merely on the monetary policy determined by central bank.  For bank view perspectives, we analyzed the link between LDR as an indicator of credit channel mechanism to NPLs and CAR.  We found that there is no significant effect of CAR to LDR, but has a strong negatively relationship between NPLs to LDR.  This evidence indicates that commercial banks in Indonesia allocated their credit do not related to their capital but merely to the quality of their credit portfolio.

Trade Liberalization and Pollution Havens

OpenAIRE

Josh Ederington; Arik Levinson; Jenny Minier

2004-01-01

U.S. Presidential Executive Order 13141 commits the United States to a careful assessment and consideration of the environmental impacts of trade agreements.' The most direct mechanism through which trade liberalization would affect environmental quality in the U.S. is through changes in the composition of industries. Freer trade means greater specialization, increasing the concentration of polluting industries in some countries and decreasing it in others. Indeed, in this paper we predict a ...

Trade Liberalization and Pollution Havens

OpenAIRE

Josh Ederington, Arik Levinson, and Jenny Minier

2004-01-01

U.S. Presidential Executive Order 13141 commits the United States to a "careful assessment and consideration of the environmental impacts of trade agreements." The most direct mechanism through which trade liberalization would affect environmental quality in the U.S. is through changes in the composition of industries. Freer trade means greater specialization, increasing the concentration of polluting industries in some countries and decreasing it in others. Indeed, in this paper we predict a...

The Role of Latin America’s Land and Water Resources for Global Food Security: Environmental Trade-Offs of Future Food Production Pathways

Science.gov (United States)

Flachsbarth, Insa; Willaarts, Bárbara; Xie, Hua; Pitois, Gauthier; Mueller, Nathaniel D.; Ringler, Claudia; Garrido, Alberto

2015-01-01

One of humanity’s major challenges of the 21st century will be meeting future food demands on an increasingly resource constrained-planet. Global food production will have to rise by 70 percent between 2000 and 2050 to meet effective demand which poses major challenges to food production systems. Doing so without compromising environmental integrity is an even greater challenge. This study looks at the interdependencies between land and water resources, agricultural production and environmental outcomes in Latin America and the Caribbean (LAC), an area of growing importance in international agricultural markets. Special emphasis is given to the role of LAC’s agriculture for (a) global food security and (b) environmental sustainability. We use the International Model for Policy Analysis of Agricultural Commodities and Trade (IMPACT)—a global dynamic partial equilibrium model of the agricultural sector—to run different future production scenarios, and agricultural trade regimes out to 2050, and assess changes in related environmental indicators. Results indicate that further trade liberalization is crucial for improving food security globally, but that it would also lead to more environmental pressures in some regions across Latin America. Contrasting land expansion versus more intensified agriculture shows that productivity improvements are generally superior to agricultural land expansion, from an economic and environmental point of view. Finally, our analysis shows that there are trade-offs between environmental and food security goals for all agricultural development paths. PMID:25617621

A basis for greenhouse gas trading in agriculture : Final report of the emission reduction trading protocol team

International Nuclear Information System (INIS)

2002-01-01

A link has been established between increasing levels of greenhouse gases in the atmosphere and the rise in global temperatures. The burning of fossil fuels, land use changes, agricultural and industrial activities play a large part in the increase of greenhouse gases and result in in changes to temperature, precipitation and weather patterns. The two methods that can be used to reduce the buildup of greenhouse gases in the atmosphere are the reduction of the gases and the sequestration of carbon dioxide (carbon dioxide is absorbed) into terrestrial processes. Several policy options are being considered to effect this reduction in buildup, and one of those includes the implementation of a tradable system of emission permits. Such a scenario would involve the agricultural sector removing and reducing on-farm emissions of greenhouse gases, thereby earning it credits that could then be sold to those industries that face tougher greenhouse gases control costs. The study led to several findings: (1) trades in carbon dioxide in the Albertan agricultural sector and changes in agricultural practices could lead to reductions of up to 5 million tonnes per year to 2008, (2) the sector is in a good position to trade carbon removals and credits into a large final emitter cap and trade system, (3) some uncertainties in the policy area remain, (4) the early years of trading are not risk-free, and (5) the risks are being hedged through a number of mechanisms and tools that have already been identified. 18 refs., 3 tabs., 3 figs

Gains from an integrated market for tradable renewable energy credits

International Nuclear Information System (INIS)

Mozumder, Pallab; Marathe, Achla

2004-01-01

Decoupling the environmental attributes of renewable energy (RE) generation from the physical unit of energy is an innovative mechanism for marketing green or renewable power. The introduction of 'Tradable Renewable Energy Credits' (TRECs) allows the green power attributes of energy to be sold or traded separately from the physical unit of energy. Since the green power certificate system removes potential locational and physical bottlenecks, both suppliers and consumers gain flexibility in the marketplace. The TREC is also an efficient tool to meet 'Renewable Portfolio Standard' (RPS) required by different states in the US. This paper discusses the RPS requirements for different states and examines the implications of an integrated TREC market. It offers a competitive setting to the consumers to pay for renewable energy and a cost effective tool to support renewable energy generation [Grace and Wiser, 2002]. This paper also highlights some practical difficulties that should be addressed in order to establish an efficient integrated TREC market

European emission trading, renewable energy law and the law of governmental environmental allowances; Europaeischer Emissionshandel, Erneuerbare-Energien-Gesetz und das Recht der Umweltbeihilfen. Plaedoyer fuer einen ''more environmental approach'' im EU-Wettbewerbsrecht

Energy Technology Data Exchange (ETDEWEB)

Jacobs, Max

2016-07-01

The book on European emission trading, renewable energy law and the law of governmental environmental allowances covers the following issues: The European emission trading system and the European law on competition, the European emission trading system and competitive concerns; The European renewable energy law and the European law on competition, The European renewable energy law and competitive concerns; environmental protection the European competition policy.

40 CFR 73.20 - Phase II early reduction credits.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 16 2010-07-01 2010-07-01 false Phase II early reduction credits. 73.20 Section 73.20 Protection of Environment ENVIRONMENTAL PROTECTION AGENCY (CONTINUED) AIR PROGRAMS (CONTINUED) SULFUR DIOXIDE ALLOWANCE SYSTEM Allowance Allocations § 73.20 Phase II early reduction credits...

Study of atmospheric emission trading programs in the United States. Final report

International Nuclear Information System (INIS)

1991-01-01

A detailed review and evaluation was conducted of federal and state atmospheric emission trading programs in the USA to identify the factors critical to a successful program. A preliminary assessment was also made of the feasibility of such a program for NOx and volatile organic compounds (VOC) in the lower Fraser Valley in British Columbia. To date, experience in the USA with atmospheric emissions trading has primarily involved trades of emission reduction credits pursuant to the 1977 Clean Air Act amendments. Most trades occur under netting provisions which allow expansion of an existing plant without triggering the stringent new-source review process. Six case studies of emissions trading are described from jurisdictions in California, New Jersey, and Kentucky and from the national SO 2 allowance trading program. Estimates of cost savings achieved by emissions trading are provided, and factors critical to a successful program are summarized. These factors include clearly defined goals, participation proportional to problem contribution, an emissions inventory of satisfactory quality, a comprehensive permit system, a credible enforcement threat, efficient and predictable administration, location of the program in an economic growth area, and support by those affected by the program. In the Fraser Valley, it is concluded that either an emissions reduction credit or an allowance trading system is feasible for both NOx and VOC, and recommendations are given for implementation of such a program based on the factors determined above. 1 fig., 8 tabs

Intermodal Freight Transport on the Right Track? Environmental and economic performances and their trade-off

International Nuclear Information System (INIS)

Kim, Nam Seok

2010-01-01

This dissertation aims to evaluate environmental and economic performances of an intermodal freight transport system and to estimate the trade-off between CO2 emissions, which is presented as an indicator of environmental performance, and freight costs, which indicate the economic performance of the intermodal freight system. The truck-only system is always regarded as the counterpart of the intermodal freight system in this dissertation. To examine the environmental performance of the intermodal freight system, CO2 emissions generated from all the processes in the intermodal chain, such as pre-haulage and post-haulage, long distance haulage, and transshipment, are estimated considering different sources that generate electricity and transmission loss of electricity (Chapters 3 and 4). To examine the economic performance of the system, two approaches are considered: (1) finding the intermodal breakeven distance for which the intermodal system is more competitive than the truck-only system (Chapter 5); (2) examining the economies of scale in the intermodal network and finding the route/system choice that minimizes the total freight transportation costs (Chapter 6). Finally, this dissertation attempts to find the trade-off between CO2 emissions (representing the environmental performance) and freight transportation cost (representing the economic performance) (Chapter 7)

Balancing Development and Conservation? An Assessment of Livelihood and Environmental Outcomes of Nontimber Forest Product Trade in Asia, Africa, and Latin America

Directory of Open Access Journals (Sweden)

Koen Kusters

2006-12-01

Full Text Available This article addresses the question, to what extent and under which conditions nontimber forest product (NTFP trade leads to both livelihood improvement and forest conservation. We based the analysis on a standardized expert-judgment assessment of the livelihood and environmental outcomes of 55 cases of NTFP trade from Asia, Africa, and Latin America. The results show that NTFP trade benefits several components of peoples' livelihoods, but may increase inequality between households. Involvement of women in the production-to-consumption system (PCS tends to have a positive impact on intrahousehold equity. In 80% of the cases, the commercial production of NTFPs does not enable people to make financial investments to increase quality and quantity of production, limiting the potential for development. In our set of cases, commercial extraction from the wild, without further management, tends to lead to resource depletion. NTFP production systems are generally considered to have lower environmental values than natural forest, but do contribute positively to the environmental values in the landscape. We found that higher livelihood outcomes are associated with lower environmental outcomes and conclude that NTFP trade is not likely to reconcile development and conservation of natural forest.

MODELING CREDIT RISK THROUGH CREDIT SCORING

OpenAIRE

Adrian Cantemir CALIN; Oana Cristina POPOVICI

2014-01-01

Credit risk governs all financial transactions and it is defined as the risk of suffering a loss due to certain shifts in the credit quality of a counterpart. Credit risk literature gravitates around two main modeling approaches: the structural approach and the reduced form approach. In addition to these perspectives, credit risk assessment has been conducted through a series of techniques such as credit scoring models, which form the traditional approach. This paper examines the evolution of...

Transboundary Pollution, Trade Liberalization and Environmental Taxes

NARCIS (Netherlands)

Baksi, S.; Ray Chaudhuri, A.

2008-01-01

In a bilateral trade framework, we examine the impact of tariff reduction on the optimal pollution tax and social welfare when pollution is transboundary. Strategic considerations lead countries to distort their pollution tax in the non-cooperative equilibrium. Trade liberalization changes the

Are Preferential Trade Agreements with Non-trade Objectives a Stumbling Block for Multilateral Liberalization?

OpenAIRE

Nuno Limão

2007-01-01

In many preferential trade agreements (PTAs), countries exchange not only reductions in trade barriers but also cooperation in non-trade issues such as labour and environmental standards, intellectual property, etc. We provide a model of PTAs motivated by cooperation in non-trade issues and analyse its implications for global free trade and welfare. We find that such PTAs increase the cost of multilateral tariff reductions and thus cause a stumbling block to global free trade. This occurs bec...

Transboundary Pollution, Trade Liberalization, and Environmental Taxes

NARCIS (Netherlands)

Baksi, S.; Ray Chaudhuri, A.

2008-01-01

In a bilateral trade framework, we examine the impact of tari¤ reduction on the op- timal pollution tax and social welfare when pollution is transboundary. Strategic considerations lead countries to distort their pollution tax in the non-cooperative equilibrium. Trade liberalization changes the

Papers of a Canadian Institute conference on successfully managing counter party credit risk : fundamentals and essentials for the energy industry

International Nuclear Information System (INIS)

2003-01-01

The main focus of this conference is the management of credit risk for major energy trading and marketing companies. The papers deal with pertinent issues such as the development and implementation of corporate credit risk management policy, credit risk exposure reporting systems, and the quality of ratings in the utility sector. Risk management strategies include quantitative and subjective credit factors, credit scoring, risk mitigation, limit-setting methodologies, measurement of liquidity, capital markets access, portfolio management, and the development of policies, procedures and control. Three presentations were indexed separately for inclusion in the database. refs., tabs., figs

Papers of a Canadian Institute conference on successfully managing counter party credit risk : fundamentals and essentials for the energy industry

Energy Technology Data Exchange (ETDEWEB)

NONE

2003-07-01

The main focus of this conference is the management of credit risk for major energy trading and marketing companies. The papers deal with pertinent issues such as the development and implementation of corporate credit risk management policy, credit risk exposure reporting systems, and the quality of ratings in the utility sector. Risk management strategies include quantitative and subjective credit factors, credit scoring, risk mitigation, limit-setting methodologies, measurement of liquidity, capital markets access, portfolio management, and the development of policies, procedures and control. Three presentations were indexed separately for inclusion in the database. refs., tabs., figs.

Ecological Unequal Exchange: International Trade and Uneven Utilization of Environmental Space in the World System

Science.gov (United States)

Rice, James

2007-01-01

We evaluate the argument that international trade influences disproportionate cross-national utilization of global renewable natural resources. Such uneven dynamics are relevant to the consideration of inequitable appropriation of environmental space in particular and processes of ecological unequal exchange more generally. Using OLS regression…

Achieving LEED credit for ergonomics: Laying the foundation.

Science.gov (United States)

Lynch, Mallory

2014-01-01

Despite guidance from the United States Green Building Council (USGBC) on the requirements for earning a Leadership in Energy and Environmental Design (LEED) ergonomics credit in the Innovation in Design and Innovation in Operations category, few projects have received the credit. The University of California, Berkeley ergonomics program, Ergonomics@Work, has aligned the ergonomics strategy to those of the USGBC and LEED to achieve the ergonomics credit in several new buildings. This article describes the steps needed to obtain the credit and highlights the opportunities it creates to partner with the project team to promote ergonomics. As a profession it is up to ergonomists to create the road map that incorporates ergonomics into the green building design.

Transboundary Pollution, Trade Liberalization, and Environmental Taxes

International Nuclear Information System (INIS)

Baksi, S.; Ray Chaudhuri, A.

2008-01-01

In a bilateral trade framework, we examine the impact of tariff reduction on the optimal pollution tax and social welfare when pollution is transboundary. Strategic considerations lead countries to distort their pollution tax in the non-cooperative equilibrium. Trade liberalization changes the distortion, and consequently the pollution tax and welfare, in ways that depend on the extent to which pollution is transboundary. We find that when the pollution damage parameter is sufficiently small (large), bilateral tariff reduction always decreases (increases) the pollution tax, irrespective of the value of the transboundary pollution parameter. However, when the pollution damage parameter takes intermediate values, bilateral tariff reduction decreases the pollution tax if and only if the transboundary pollution parameter is sufficiently large (or even sufficiently small, in certain cases). Moreover, with pollution being transboundary, the impact of trade liberalization on welfare is non-monotonic and concave. The greater the extent to which pollution crosses borders, the more likely is trade liberalization to reduce welfare

Transboundary Pollution, Trade Liberalization, and Environmental Taxes

Energy Technology Data Exchange (ETDEWEB)

Baksi, S. [Department of Economics, University of Winnipeg, Winnipeg (Canada); Ray Chaudhuri, A. [Department of Economics, CentER, TILEC, Tilburg University, Tilburg (Netherlands)

2008-08-15

In a bilateral trade framework, we examine the impact of tariff reduction on the optimal pollution tax and social welfare when pollution is transboundary. Strategic considerations lead countries to distort their pollution tax in the non-cooperative equilibrium. Trade liberalization changes the distortion, and consequently the pollution tax and welfare, in ways that depend on the extent to which pollution is transboundary. We find that when the pollution damage parameter is sufficiently small (large), bilateral tariff reduction always decreases (increases) the pollution tax, irrespective of the value of the transboundary pollution parameter. However, when the pollution damage parameter takes intermediate values, bilateral tariff reduction decreases the pollution tax if and only if the transboundary pollution parameter is sufficiently large (or even sufficiently small, in certain cases). Moreover, with pollution being transboundary, the impact of trade liberalization on welfare is non-monotonic and concave. The greater the extent to which pollution crosses borders, the more likely is trade liberalization to reduce welfare.

DETERMINANTS OF DEMAND FOR AGRICULTURAL CREDIT IN NICARAGUA (1996-2009 AND FORECAST (2010-2012

Directory of Open Access Journals (Sweden)

Iván Salvador Romero A.

2014-11-01

Full Text Available Nicaragua has a small economy with a high degree of trade openness, structural deficit in its balance of trade and services, with a low supply of exportable value added agro-based growth model and therefore vulnerable to exogenous shocks altering its relations  of terms of trade. The time series analyzed in this study shows that despite the nature of their agro-export model are the secondary and tertiary sectors and not the primary, the ones driving the growth of the Nicaraguan economy; We will explain the observed, considering what determines the demand for agricultural credit in this economy.

Trading and risk management during the transition to competition

International Nuclear Information System (INIS)

Palmer, A.

2001-01-01

This power point presentation outlined the risks facing companies active in competitive energy markets. It reviewed and explained various types of risks including physical, market, credit, liquidity, volumetric and operational risks. The management of price risks includes trading and risk management strategies aimed at exploiting the alternatives associated with highly volatile power and fuel markets. The presentation also reviewed financial energy management in terms of the fuel markets and wholesale markets. Approaches to trading were also presented. tabs., figs

Study on influence over approaching a market in the international trade by enhancing the international environmental regulation

Energy Technology Data Exchange (ETDEWEB)

Kang, Sang In; Park, Joon Young [Korea Environment Institute, Seoul (Korea)

1999-12-01

The focal point of connecting trade and environment is what kind of influence over a national competitiveness of a national economy can be brought by enhancing environmental regulations. Traditionally it was accepted that the enhancement of environmental policy had a negative impact on competitiveness. However, recent study results show that the enhancement of environmental policy can strengthen industrial competitiveness for a long term. This study analyzes the significance of enhancing the international environmental regulation from a developing country's standpoint in association with this. 27 refs., 8 tabs.

Study on influence over approaching a market in the international trade by enhancing the international environmental regulation

Energy Technology Data Exchange (ETDEWEB)

Kang, Sang In; Park, Joon Young [Korea Environment Institute, Seoul (Korea)

1999-12-01

The focal point of connecting trade and environment is what kind of influence over a national competitiveness of a national economy can be brought by enhancing environmental regulations. Traditionally it was accepted that the enhancement of environmental policy had a negative impact on competitiveness. However, recent study results show that the enhancement of environmental policy can strengthen industrial competitiveness for a long term. This study analyzes the significance of enhancing the international environmental regulation from a developing country's standpoint in association with this. 27 refs., 8 tabs.

Evaluation of Exchange Rate Policy on Agricultural Trade in Nigeria ...

African Journals Online (AJOL)

International Journal of Agriculture and Rural Development ... this study was to evaluate the effect of exchange rate policy on agricultural trade in Nigeria. ... Government support to farmers in the form of credit and input subsidies is a veritable ...

EnviroTRADE: A technical perspective on the development of an information system providing data on environmental technologies and needs worldwide

International Nuclear Information System (INIS)

Harrington, M.W.; Harlan, C.P.

1992-01-01

In support of the US Department of Energy's commitment to the remediation of waste sites throughout its complex, the DOE has recognized that it can accelerate its technology development efforts and leverage the expenditure of available funds through an international cooperation among government entities, private industry, and educational institutions. To support the technology transfer of environmental information, the DOE has sponsored the development of EnviroTRADE - an international information system that will facilitate the exchange of environmental restoration and waste management technologies worldwide. The system will contain profiles on both environmental restoration / waste management needs and foreign / domestic technologies. Users will be able to identify matches between worldwide needs and available or emerging technologies. Where matches between needs and existing technologies are not found, the system will identify the potential for development of new and innovative technologies to address environmental problems. EnviroTRADE will also provide general information on international environmental restoration and waste management organizations, sites, activities, and contacts

Optimal Policies for Deteriorating Items with Maximum Lifetime and Two-Level Trade Credits

Directory of Open Access Journals (Sweden)

Nita H. Shah

2014-01-01

Full Text Available The retailer’s optimal policies are developed when the product has fixed lifetime and also the units in inventory are subject to deterioration at a constant rate. This study will be mainly applicable to pharmaceuticals, drugs, beverages, and dairy products, and so forth. To boost the demand, offering a credit period is considered as the promotional tool. The retailer passes credit period to the buyers which is received from the supplier. The objective is to maximize the total profit per unit time of the retailer with respect to optimal retail price of an item and purchase quantity during the optimal cycle time. The concavity of the total profit per unit time is exhibited using inventory parametric values. The sensitivity analysis is carried out to advise the decision maker to keep an eye on critical inventory parameters.

EnviroTRADE information system

International Nuclear Information System (INIS)

Harlan, C.; Harrington, M.W.

1993-01-01

Environmental Technologies for Remedial Actions Data Exchange (EnviroTRADE) is a graphical/textual information management system being developed for the cleanup program of the U.S. Department of Energy's (DOE) Weapons Complex. Its principal purpose is to provide a single, powerful, interactive database that addresses environmental restoration and waste management (ER/WM) problems and the technologies currently under development or already available to resolve them. Because the volume and complexity of the information is so large, a sophisticated Relational Database Management System (RDBMS) is employed in EnviroTRADE. EnviroTRADE will be a multi-purpose, multi-user system capable of addressing a broad range of environmental assessment and cleanup issues. An early focus for the Beta version of EnviroTRADE has been to find matches between specific environmental problems at particular sites (e.g., in terms of waste composition and form) and available and new technologies suited to solve problems. The current prototype EnviroTRADE database includes both U.S. and foreign problems and technologies. A Beta version was developed and demonstrated during FY92 and was expanded in FY93. This system was delivered to EM-523 as a stand-alone resident system for demonstration and feedback purposes. The resident system demonstrates the feasibility of this kind of multi-purpose system and also provides a test bed for refining the system architecture. As the architecture and database grow, an increasing range of possible applications is envisioned. The ability to import very large quantities of graphical, textual, and numerical information into the database is of particular importance. Since a great deal of appropriate data already exists in various electronic formats, a rapid expansion into EnviroTRADE-accessible data is possible without relying on manual entry methods

Carbon trading and carbon taxation: how to consider biotic sources and sinks

International Nuclear Information System (INIS)

Madlener, Reinhard; Schlamadinger, Bernhard

1999-01-01

The Kyoto Protocol (KP) to the UNFCCC includes land-use change and forestry in the carbon accounting process, limited to afforestation, reforestation and deforestation since 1990, and explicitly provides for the option of using a variety of flexibility mechanisms to meet the greenhouse gas (GHG) reduction targets stipulated in a more cost-efficient manner. Domestically, different countries might adopt different approaches to achieve their emission reduction objectives, such as carbon trading or carbon taxation, and it is not clear to date what the implications for bioenergy use, forestry, and land-use change can be expected to be. With respect to national GHG emissions trading, the main issues studied in this paper are: Should trading of fossil fuel emissions allowances be coupled with trading of biotic credits and debits? Should credits for carbon sequestration in forests be auctioned or grandfathered? Should there be a distinction between a carbon permit issued for an additional biotic sink and those issued for fossil fuel carbon emissions? Is there a difference for biotic carbon sinks and sources between one-time permits and permits that allow a continued release of GHG over some pre-specified time? Should permits be issued only for the carbon-stock changes that count under the KP? With respect to national carbon taxation schemes, two questions are investigated: Should a tax credit be given for afforestation/reforestation (and a tax debit for deforestation)? Should tax credits also be given for projects that sequester carbon but do not count under the KP (such as forest protection rather than forest management)? For both schemes a crucial point is that by the formulation chosen in the KP two different classes of forest are created (i.e. those counted and those not counted under the KP), so that the implications for land prices might be significant. From a conceptual point of view this paper addresses the above-mentioned questions and contrasts some of the major

A study on the causal effect of urban population growth and international trade on environmental pollution: evidence from China.

Science.gov (United States)

Boamah, Kofi Baah; Du, Jianguo; Boamah, Angela Jacinta; Appiah, Kingsley

2018-02-01

This study seeks to contribute to the recent literature by empirically investigating the causal effect of urban population growth and international trade on environmental pollution of China, for the period 1980-2014. The Johansen cointegration confirmed a long-run cointegration association among the utilised variables for the case of China. The direction of causality among the variables was, consequently, investigated using the recent bootstrapped Granger causality test. This bootstrapped Granger causality approach is preferred as it provides robust and accurate critical values for statistical inferences. The findings from the causality analysis revealed the existence of a bi-directional causality between import and urban population. The three most paramount variables that explain the environmental pollution in China, according to the impulse response function, are imports, urbanisation and energy consumption. Our study further established the presence of an N-shaped environmental Kuznets curve relationship between economic growth and environmental pollution of China. Hence, our study recommends that China should adhere to stricter environmental regulations in international trade, as well as enforce policies that promote energy efficiency in the urban residential and commercial sector, in the quest to mitigate environmental pollution issues as the economy advances.

Environmental Regulation and Competitiveness: Evidence from Trade and Production in the Manufacturing Sector

OpenAIRE

Yang, Tsung Yu

2014-01-01

Previous empirical studies of the pollution haven hypothesis (PHH) have not reached a consistent conclusion. The existing literature is primarily based on anecdotes and scattered case studies. This study analyzes the trade flows and composition change of the most polluting industries in manufacturing sectors among countries in order to offer a more general conclusion. This study finds that stricter environmental regulation stringency decreases the net export and production share of the most p...

The U.S.-Singapore Free Trade Agreement: Effects After Five Years

Science.gov (United States)

2010-03-26

U.S. service providers in Singapore under the FTA , Citibank has been able to expand its operations there (it has 50% of the credit card market...failing to comply with a collection of information if it does not display a currently valid OMB control number. 1. REPORT DATE 26 MAR 2010 2. REPORT...U.S.-Singapore Free Trade Agreement: Effects After Five Years Congressional Research Service Summary The U.S.-Singapore Free Trade Agreement ( FTA

Analysis of credit linked demand in an inventory model with varying ordering cost.

Science.gov (United States)

Banu, Ateka; Mondal, Shyamal Kumar

2016-01-01

In this paper, we have considered an economic order quantity model for deteriorating items with two-level trade credit policy in which a delay in payment is offered by a supplier to a retailer and also an another delay in payment is offered by the retailer to his/her all customers. Here, it is proposed that the demand function is dependent on the length of the customer's credit period and also the duration of offering the credit period. In this article, it is considered that the retailer's ordering cost per order depends on the number of replenishment cycles. The objective of this model is to establish a deterministic EOQ model of deteriorating items for the retailer to decide the position of customers credit period and the number of replenishment cycles in finite time horizon such that the retailer gets the maximum profit. Also, the model is explained with the help of some numerical examples.

Pricing a Collateralized Derivative Trade with a Funding Value Adjustment

Directory of Open Access Journals (Sweden)

Chadd B. Hunzinger

2015-01-01

Full Text Available The 2008 credit crisis changed the manner in which derivative trades are conducted. One of these changes is the posting of collateral in a trade to mitigate the counterparty credit risk. Another is the realization that banks are not risk-free and, as a result, cannot borrow at the risk-free rate any longer. The latter led banks to introduced the controversial adjustment to derivative prices, known as a funding value adjustment (FVA, which is interlinked with the posting of collateral. In this paper, we extend the Cox, Ross and Rubinstein (CRR discrete-time model to include collateral and FVA. We prove that this derived model is a discrete analogue of Piterbarg’s partial differential equation (PDE, which describes the price of a collateralized derivative. The fact that the two models coincide is also verified by numerical implementation of the results that we obtain.

The capacity credit of micro-combined heat and power

International Nuclear Information System (INIS)

Hawkes, A.D.; Leach, M.A.

2008-01-01

This article is concerned with development of a methodology to determine the capacity credit of micro-combined heat and power (micro-CHP), and application of the method for the UK. Capacity credit is an important parameter in electricity system planning because it measures the amount of conventional generation that would be displaced by an alternative technology. Firstly, a mathematical formulation is presented. Capacity credit is then calculated for three types of micro-CHP units-Stirling engine, internal combustion engine, and fuel cell systems-operating under various control strategies. It is found that low heat-to-power ratio fuel cell technologies achieve the highest capacity credit of approximately 85% for a 1.1 GW penetration when a heat-led control strategy is applied. Higher heat-to-power ratio Stirling engine technology achieves approximately 33% capacity credit for heat-led operation. Low heat-to-power ratio technologies achieve higher capacity credit because they are able to continue operating even when heat demand is relatively low. Capacity credit diminishes as penetration of the technology increases. Overall, the high capacity credit of micro-CHP contributes to the viewpoint that the technology can help meet a number of economic and environmental energy policy aims

Income tax credits and incentives available for producing energy from biomass

International Nuclear Information System (INIS)

Sanderson, G.A.

1993-01-01

In the 1970's the US became interested in the development of energy from biomass and other alternative sources. While this interest was stimulated primarily by the oil embargoes of the 1970's, the need for environmentally friendly alternative fuels was also enhanced by the Clean Water Act and the Clean Air Act, two prominent pieces of environmental legislation. As a result, Congress created several tax benefits and subsidies for the production of energy for biomass. Congress enacted biomass energy incentives in 1978 with the creation of excise tax exemptions for alcohol fuels, in 1980 with the enactment of the IRC section 29 nonconventional fuel credit provisions and the IRC section 40 alcohol fuel credits, and recently with the addition of favorable biomass energy provisions as part of the Comprehensive National energy Policy Act of 1992. This article focuses on the following specific tax credits, tax benefits and subsidies for biomass energy: (1) IRC section 29 credit for producing gas from biomass, (2) IRC section 45 credit for producing electricity from biomass, (3) Incentive payments for electricity produced from biomass, (4) Excise tax exemptions for alcohol fuels, (5) IRC section 40 alcohol fuels credits, and (6) IRC section 179A special deduction for alcohol fuels property

International trade and environment

International Nuclear Information System (INIS)

Posada L, Luis Guillermo

2000-01-01

Topics are presented as economic theory and theory of the international trade, international dimension of the environmental problems, economic prosperity, environmental quality and lineament are given for an alternative, among others

Economic growth, trade and energy. Implications for the environmental Kuznets curve

International Nuclear Information System (INIS)

Suri, Vivek; Chapman, Duane

1998-01-01

The environmental Kuznets curve (EKC) hypothesis asserts that pollution follows an inverted-U path with respect to economic growth. The EKC has been explained in terms of structural changes in the composition of economic output and increased environmental regulation at higher income levels. While some authors have incorporated the impact of trade policy orientation on the EKC, the impact of the actual movement between countries of goods that embody pollution has not been considered. This paper attempts to econometrically quantify the effect using pooled cross-country and time-series data. The EKC hypothesis is examined with respect to commercial energy consumption, the source of many serious environmental problems. It was found that while both industrializing and industrialized countries have added to their energy requirements by exporting manufactured goods, the growth has been substantially higher in the former. At the same time, industrialized countries have been able to reduce their energy requirements by importing manufactured goods. Exports of manufactured goods by industrialized countries has thus been an important factor in generating the upward sloping portion of the EKC and imports by industrialized countries have contributed to the downward slope

Leading internal and external sources of credit risk in the top South African banks

Directory of Open Access Journals (Sweden)

Tankiso Moloi

2014-09-01

Full Text Available This paper aimed at identifying the leading credit risk indicators in the South African banking context as well as the development of an integrated leading credit risk indicator model. A content analysis was used as a data extraction methodology and structural equation modelling was used as a data analysis methodology. The results obtained indicated that utilising the structural equation modelling, gross savings, and prime overdraft rates, number of judgements, business insolvencies and unemployment rates were formulated as leading economic and market (external indicators of credit risk in the South African banking context. Similarly, utilising the principal component analysis, bank asset quality, bank asset concentration as well as bank trading and hedging activities were formulated as leading bank specific (internal indicators of credit risk in the South African banking context. The Integrated Leading Credit Risk Indicator Model (ICRIM was formulated utilising the accepted leading credit risk indicators. The ICRIM parameters were benchmarked against the generally accepted fit indices such as the RMSEA, comparative fit (baseline comparison as well as the Hoelter and its results output were found to be consistent with these generally accepted fit indices

Transboundary Pollution, Trade Liberalization, and Environmental Taxes

OpenAIRE

Baksi, S.; Ray Chaudhuri, A.

2008-01-01

In a bilateral trade framework, we examine the impact of tari¤ reduction on the op- timal pollution tax and social welfare when pollution is transboundary. Strategic considerations lead countries to distort their pollution tax in the non-cooperative equilibrium. Trade liberalization changes the distortion, and consequently the pol- lution tax and welfare, in ways that depend on the extent to which pollution is transboundary. We find that when the pollution damage parameter is sufficiently sma...

Credit-proofing fundamentals for a solid credit policy

Energy Technology Data Exchange (ETDEWEB)

Lydiatt, I. [KeySpan Energy Canada, Calgary, AB (Canada)

2003-07-01

This Power Point presentation presented the basics of a credit policy with reference to corporate objectives, governance, credit definitions, subjective/objective elements, quantification of full risk, management, monitoring, reporting and gate-keeping processes. Options for a credit policy were described as being approval authority grids, confidentiality issues, credit scoring, corporate risk levels, follow-up collection calling, and procedures on unapproved exposures. Recommendations for setting risk and credit limits were also presented with a note emphasizing that in the past 6 months credit evaluation processes have had to deal with the media risk, a new risk that has not been seen before. This risk can be addressed by careful monitoring of stock prices. The paper also presented recommendations for what to look for as indicators and how to deal with risk in volatile price periods. Credit tools for volatile times were described. 1 tab.

Credit-proofing fundamentals for a solid credit policy

International Nuclear Information System (INIS)

Lydiatt, I.

2003-01-01

This Power Point presentation presented the basics of a credit policy with reference to corporate objectives, governance, credit definitions, subjective/objective elements, quantification of full risk, management, monitoring, reporting and gate-keeping processes. Options for a credit policy were described as being approval authority grids, confidentiality issues, credit scoring, corporate risk levels, follow-up collection calling, and procedures on unapproved exposures. Recommendations for setting risk and credit limits were also presented with a note emphasizing that in the past 6 months credit evaluation processes have had to deal with the media risk, a new risk that has not been seen before. This risk can be addressed by careful monitoring of stock prices. The paper also presented recommendations for what to look for as indicators and how to deal with risk in volatile price periods. Credit tools for volatile times were described. 1 tab

Empty creditors and strong shareholders: The real effects of credit risk trading

OpenAIRE

Colonnello, Stefano; Efing, Matthias; Zucchi, Francesca

2017-01-01

Credit derivatives allow creditors to transfer debt cash flow rights to other market participants while retaining control rights. Theory predicts that this transfer can create empty creditors that do not fully internalize liquidation costs and liquidate borrowers excessively often. This empty creditor problem is concentrated in firms whose creditors would face powerful shareholders in distressed debt renegotiations. Consistent with this prediction, we show that (1) creditors buy more CDS prot...

Strategies for the municipal waste management system to take advantage of carbon trading under competing policies: The role of energy from waste in Sydney

International Nuclear Information System (INIS)

El Hanandeh, Ali; El-Zein, Abbas

2009-01-01

Climate change is a driving force behind some recent environmental legislation around the world. Greenhouse gas emission reduction targets have been set in many industrialised countries. A change in current practices of almost all greenhouse-emitting industrial sectors is unavoidable, if the set targets is to be achieved. Although, waste disposal contributes around 3% of the total greenhouse gas emissions in Australia (mainly due to fugitive methane emissions from landfills), the carbon credit and trading scheme set to start in 2010 presents significant challenges and opportunities to municipal solid waste practitioners. Technological advances in waste management, if adopted properly, allow the municipal solid waste sector to act as carbon sink, hence earning tradable carbon credits. However, due to the complexity of the system and its inherent uncertainties, optimizing it for carbon credits may worsen its performance under other criteria. We use an integrated, stochastic multi-criteria decision-making tool that we developed earlier to analyse the carbon credit potential of Sydney municipal solid waste under eleven possible future strategies. We find that the changing legislative environment is likely to make current practices highly non-optimal and increase pressures for a change of waste management strategy.

Optimal pricing and lot-sizing decisions under Weibull distribution deterioration and trade credit policy

Directory of Open Access Journals (Sweden)

Manna S.K.

2008-01-01

Full Text Available In this paper, we consider the problem of simultaneous determination of retail price and lot-size (RPLS under the assumption that the supplier offers a fixed credit period to the retailer. It is assumed that the item in stock deteriorates over time at a rate that follows a two-parameter Weibull distribution and that the price-dependent demand is represented by a constant-price-elasticity function of retail price. The RPLS decision model is developed and solved analytically. Results are illustrated with the help of a base example. Computational results show that the supplier earns more profits when the credit period is greater than the replenishment cycle length. Sensitivity analysis of the solution to changes in the value of input parameters of the base example is also discussed.

How carbon credits could drive the emergence of renewable energies

Energy Technology Data Exchange (ETDEWEB)

Mathews, John A. [Macquarie Graduate School of Management, Macquarie University, Sydney, NSW 2109 (Australia)

2008-10-15

The shift to renewable energy options and low-carbon technologies, in response to the concerns over energy security and climate change, is proceeding more slowly than many would like. The usual argument against rapid deployment of new technologies is the costs imposed on the economy, commonly interpreted in terms of upfront costs to be borne or involving large cash transfers to fund, for example, efforts to preserve rainforests. In this contribution I argue that such a perspective provides a continuing barrier to taking effective action, whereas a perspective based on creation and use of carbon credits provides a means of avoiding the shock of abrupt industrial change. Carbon credits granted for bona fide carbon load reductions could be created through private initiative, for example by merchant banks, to constitute a market that will complement regulatory-based initiatives such as national emissions trading systems. This is not a novel idea; indeed it is the way that capitalism has funded every major change, including the Industrial Revolution, through the creation of credit. The emergence of a global carbon credit economy is likely to precede a global regulatory system governing climate change and will doubtless help to stimulate the emergence of such a global system. (author)

How carbon credits could drive the emergence of renewable energies

International Nuclear Information System (INIS)

Mathews, John A.

2008-01-01

The shift to renewable energy options and low-carbon technologies, in response to the concerns over energy security and climate change, is proceeding more slowly than many would like. The usual argument against rapid deployment of new technologies is the costs imposed on the economy, commonly interpreted in terms of upfront costs to be borne or involving large cash transfers to fund, for example, efforts to preserve rainforests. In this contribution I argue that such a perspective provides a continuing barrier to taking effective action, whereas a perspective based on creation and use of carbon credits provides a means of avoiding the shock of abrupt industrial change. Carbon credits granted for bona fide carbon load reductions could be created through private initiative, for example by merchant banks, to constitute a market that will complement regulatory-based initiatives such as national emissions trading systems. This is not a novel idea; indeed it is the way that capitalism has funded every major change, including the Industrial Revolution, through the creation of credit. The emergence of a global carbon credit economy is likely to precede a global regulatory system governing climate change and will doubtless help to stimulate the emergence of such a global system

Sustainability and Organizational Change by Sustainable Crediting Therapy

Directory of Open Access Journals (Sweden)

Dragoş Ilie

2012-06-01

Full Text Available The objective of this paper is to demonstrate that one of the therapies to achieve sustainability and organizational change in the context of current challenges in the national economies is sustainable crediting. The research method is based on a survey of 30 commercial companies from various fields of activity that have or have not implemented, at the leadership level, the concept of sustainable crediting. The data collecting and processing approach has resulted in the determination of the main economic-financial indicators for a period of 5 years, indicators used by banks in relation with the credited organizations. The main results show that companies that have implemented the sustainable crediting concept are more able to achieve sustainability in their developed activity, as well as organizational change with positive effects on their business and on the company as a whole. The concept of sustainable crediting implies the capitalization of the commercial companies, the increase of the loan portfolio quality, the achievement of the financial balance and environmental protection

Efficient PDE based numerical estimation of credit and liquidity risk measures for realistic derivative portfolios

NARCIS (Netherlands)

de Graaf, C.S.L.

2016-01-01

In the Basel III accords in 2013, it was stated that financial institutions should charge Credit Value Adjustment (CVA) to their counterparties for (previously under-regulated) Over-The-Counter (OTC) trades. This CVA can be used to hedge a possible default of the counterparty. One important

Cooperation in environmental protection. The economics of green trade, market-based instruments and community involvement

International Nuclear Information System (INIS)

Roettgers, Dirk

2013-01-01

The Millennium Development Goals (United Nations, 2000) and, by extension, such efforts as the Convention on Biological Diversity and the Kyoto Protocol (Kyoto Protocol, 1997), present mankind with a challenge that can only be overcome through cooperation. Cooperative policies are necessary from the highest level, i.e. international policies and treaties, to regional and national agreements, down to the local level, where policies are actually enacted. To close some gaps in the understanding of applicable policy instruments, this dissertation looks at a few key topics of environmental protection with implications for market-based instruments. The five different research areas are (1) EU bioenergy trade, (2) Clean Development Mechanism (CDM), (3) comparison of the effectiveness of product certification, ecosystem certification and offset mechanisms in wetland ecosystems, (4) international market-based instruments for African protected areas and (5) local stakeholder decision making in rural ecosystems of developing countries. Bioenergy consumption, production and trade have been increasing worldwide in the recent decade, mostly due to demand from EU countries and the USA. Taking the example of the EU, it is questionable if these trade flows are caused mainly by EU trade rules or targeted bioenergy policies. A sector-specific analysis taking industry patterns into consideration is necessary to evaluate the impact of these two policy areas on trade flows. A common way to analyze trade flows is the gravity model, which is employed here. This dissertation finds out why that is by using a gravity model to analyze flows of Certified Emission Reductions (CERs) between host and financier countries. The special roles of foreign direct investments (FDI), official development aid (ODA) and trade are scrutinized closely in this context. Findings show that FDI, ODA and trade have a positive influence on project attraction, even when holding determinants of these factors constant

Global Trade, Local Impacts: Lessons from California on Health Impacts and Environmental Justice Concerns for Residents Living near Freight Rail Yards

Science.gov (United States)

Hricko, Andrea; Rowland, Glovioell; Eckel, Sandrah; Logan, Angelo; Taher, Maryam; Wilson, John

2014-01-01

Global trade has increased nearly 100-fold since 1950, according to the World Trade Organization. Today, major changes in trade are occurring with the advent of mega-ships that can transport thousands more containers than cargo ships now in use. Because global trade is expected to increase dramatically, the railroad industry—in the U.S. alone—has invested more than $5 billion a year over the past decade to expand rail yards and enhance rail routes to transport goods from ports to retail destinations. This article describes cancer risks for residents living in close proximity to rail yards with emissions of diesel particulate matter pollution from locomotives, trucks and yard equipment. The article examines the demographics (income, race/ethnicity) of populations living in the highest estimated cancer risk zones near 18 major rail yards in California, concluding that the majority are over-represented by either lower-income or minority residents (or both). The authors also describe a review of the news media and environmental impact reports to determine if rail yards are still being constructed or expanded in close proximity to homes and schools or in working class/working poor communities of color. The paper suggests policy efforts that might provide more public health protection and result in more “environmentally just” siting of rail yards. The authors conclude that diesel pollution from rail yards, which creates significant diesel cancer risks for those living near the facilities, is an often overlooked public health, health disparities and environmental justice issue in the U.S. The conclusions are relevant to other countries where international trade is increasing and large new intermodal rail facilities are being considered. PMID:24518649

Carbon trading, climate change, environmental sustainability and saving planet Earth

Science.gov (United States)

Yim, W. W.

2009-12-01

Carbon trading namely the reduction of future carbon dioxide levels has been widely touted as a solution needed to counter the problem of climate change. However, there are enormous risks involved as the measure tackles only one of the causes of climate change and may prove to be ineffective. This presentation highlights ten points relevant to the discussion on carbon trading, climate change, environmental sustainability and saving planet Earth for increasing public awareness. They include: (1) Climate has changed throughout Earth’s history. (2) The present level of about 388 parts per million level of carbon dioxide in the atmosphere has already exceeded the maximum level of the past 800,000 years. This value is obtained from air bubbles trapped within the ice in Antarctica but the consequence of further increases remains uncertain. (3) Earth scientists do not have an overwhelming consensus on whether carbon trading alone is an effective measure in mitigating climate change. (4) The present state of the Earth’s demise is largely the result of human actions including population growth and the mismanagement of the Earth. (5) The latest evidence on sea-level changes in the South China Sea a far-field region unaffected by glacial isostatic readjustment is not in support of a ‘rapid’ rate of future sea-level rise through global warming. (6) Volcanic eruptions have an important role in driving the Earth’s climate. Examples of temperature lowering as well as abnormally wet and dry years can both be found in the instrumental record. (7) Humans have drastically modified the ‘natural’ water cycle. This is however not a well recognized cause of climate change compared to the emission of greenhouse gases through fossil fuel consumption. (8) The bulk (~75%) of the rise in mean annual temperature of about 1oC observed at the Hong Kong Observatory Station since record began in 1884 is best explained by the thermal heat island effect. (9) No evidence has been found

What are the opportunities related to the trading of emission reductions in the electricity market?

International Nuclear Information System (INIS)

Lemieux, M.

2003-01-01

Gaz Metropolitain distributes approximately 97 per cent of the natural gas used in Quebec. It operates an 8300 kilometre (km) pipeline network and has 150,000 customers. Revenues in 2002 were 1.6 billion. Since 1990, Gaz Metropolitain has reduced its greenhouse gas (GHG) emissions by 30 per cent. After a brief look at the sources of energy in Quebec and their associated GHG emissions, the author discussed the viability of a closed emission trading system with only a limited number of permits. The system could be opened up through the creation of credits in excluded sectors. Under the Kyoto Protocol, countries are allocated emitting permits in an open system since the credits are included in the Protocol. In Canada, the federal government has announced that a domestic emission trading system will be implemented for large emitters. The thermal production sector will be covered by a system consisting of an exchange of rights. Electricity produced from renewable energy sources would be excluded from the system, and it is yet to be decided whether credits could be generated. The creation of credits under the Canadian plan was reviewed. The projects accepted under the Greenhouse Gas Emission Reduction Trading Pilot (GERT) were examined and the development of the project was described. Some of the projects under GERT include a new dam in Newfoundland, a wind power project in Alberta, and a biomass cogeneration project in British Columbia to name but a few. It was noted that quantifying emissions in the case of indirect reductions is complex but feasible. 3 refs., tabs., figs

Prospects for international trade in environmental services: An analysis of international carbon emission off-sets

International Nuclear Information System (INIS)

Swisher, J.N.

1991-01-01

This dissertation presents a case study analysis in which the costs to a US electric utility of reducing its carbon dioxide (CO 2 ) emissions are compared with the costs of carbon-saving forestry projects in Costa Rica and Guatemala. The results show that a large electric utility in the south-central US would find it relatively inexpensive, even profitable given a conducive regulatory treatment, to reduce its CO 2 emissions by a few percent over the next ten years, through direct investment in energy end-use efficiency improvements. In comparison, the costs of the forestry projects studied in Central America range from $1/TC to a worst-case value of about $55/TC, with most project costs between $5 and $13/TC, depending on the type of project, the climate, and the opportunity cost of land. The total amount of CO 2 storage potential is significant, about 100 million tons per country, but not enough to suggest that forestry can offset more than a few percent of global CO 2 emissions from fossil fuel use. These case studies suggest that international trade in the environmental service of reducing global CO 2 accumulation could have significant economic and ecological benefits. A transaction in which a utility pays for forestry projects in exchange for credit against an emission reduction policy is an example of an international carbon emission offset (ICEO). ICEO's could provide a currency for funding carbon-saving services as a way to comply with national policies to reduce CO 2 emissions, as long as compliance is allowed through investments in other countries. This type of North-South transfer is necessary to reconcile economic efficiency and international equity, because of the disparity between the national allocations of responsibility for greenhouse gas emissions and opportunities for emission reductions

Trading of locomotive NO(sub x) emissions : a potential success story

International Nuclear Information System (INIS)

Gaines, L. L.; Biess, L. J.; Diedrich, G. K.

2002-01-01

New US Environmental Protection Agency regulations are forcing locomotive manufacturers and railroads to reduce pollutant emissions from locomotive operation. All new locomotives must meet strict standards when they are built, and existing locomotives must comply when they are rebuilt. Emissions can be reduced either by adjusting combustion parameters, which incurs a fuel penalty, or by turning the diesel engine off when the train is not moving and would otherwise be idling. The latter reduces fuel consumption, but requires installation of a device-such as an auxiliary power unit (APU)-to ensure that the engine can be restarted in cold weather and to supply hotel loads for the crew. Without a financial incentive, capital-short railroads will opt to achieve compliance in the least costly way. However, if they have the option of selling emissions credits from reducing emissions below regulated levels, it would be in their best interest to install additional equipment to minimize emissions. These credits could be purchased by businesses with compliance costs greater than either the cost of the credits or the fines they would have had to pay for non-compliance. The result is a financial benefit for both parties, and a net reduction in emissions, because the seller is emitting below regulated levels, and the buyer is no longer non-compliant. This paper describes a railroad as the potential seller, unable to consummate trades because of uncertainty in the regulatory environment, and estimates financial benefits and reductions in emissions and energy use that could be achieved if the barrier could be removed

Credit risk transfer activities and systemic risk : How banks became less risky individually but posed greater risks to the financial system at the same time

NARCIS (Netherlands)

Wagner, W.B.; Nijskens, R.G.M.

2011-01-01

A main cause of the crisis of 2007–2009 is the various ways through which banks have transferred credit risk in the financial system. We study the systematic risk of banks before the crisis, using two samples of banks respectively trading Credit Default Swaps (CDS) and issuing Collateralized Loan

Outline of High School Credit Courses.

Science.gov (United States)

South Carolina State Dept. of Education, Columbia.

An outline is presented of the objectives and content of courses offered for credit in high schools in South Carolina. Courses in the following subjects are described: (1) art; (2) drama; (3) driver education; (4) environmental education; (5) foreign language: French, German, Russian, Spanish; (6) health; (7) language arts; (8) mathematics; (9)…

Reduction of greenhouse gas in power industry by emission trading system

Energy Technology Data Exchange (ETDEWEB)

Lee, Eun Myung; Lee, Kee Hoon [Korea Energy Economics Institute, Euiwang (Korea)

1999-04-01

The rules governing their implementation and operation for implementing the Kyoto Protocol including emissions permit trading, project-based credit trading and the Clean Development Mechanism are to be decided at future talks. How these policies are eventually designed will determine the effectiveness of the Protocol. However, it has been passive and insufficient to deal with the Kyoto Protocol since there is no obligation on reduction of greenhouse gas emissions. Therefore, the issues on emissions permit trading are analyzed and the strategies for utilizing the Kyoto mechanism effectively are presented through reviewing the existing negotiation strategies. Moreover, how to use emissions permit trading in the power industry, the largest greenhouse gas emissions industry, is examined by dividing into two sections, domestic and abroad. (author). 62 refs., 2 figs., 42 tabs.

Energy trading. Re-establishing sound foundations

International Nuclear Information System (INIS)

Cohen, F.; Wiegand, M.

2002-01-01

The worlds of energy and financial trading have fused to deliver a radically transformed and highly unpredictable marketplace. It is a market, though, in a state of flux, fraught with uncertainty in the aftermath of the Enron collapse and the string of trading revelations in the United States. The global power and gas industry is more exposed than ever before to economic uncertainty and other problems. Enron's collapse did not stem from problems intrinsic to energy trading. Nonetheless, it has shrunk investor and market confidence through the downgrading of credit ratings for some companies to junk status. The result is a critically undermined capital market for power and gas companies. Heightened regulatory concerns mean that trading practices and rules will continue to be the subject of intense scrutiny. In spite of this turmoil, open markets will continue to develop. Energy trading is not just here to stay but will be an increasingly vital strategic value driver for energy companies around the globe. The need for trading is unchanged. Participants with the skills, capital and willingness to comply with new market rules will engage in these markets in a meaningful way. For those that get it right, the very uncertainty of the new energy landscape will create opportunities for enhanced shareholder value. For others, this new uncertain world will bring fresh failures and some existing players may cease to have a viable independent future

Information needs for problem holders/solution providers: EnviroTRADE

International Nuclear Information System (INIS)

Robson, W.M.; Harrington, M.W.; Harlan, C.P.

1994-01-01

EnviroTRADE (or Environmental Technologies for Remedial Actions Data Exchange) is a domestic and international information system that matches environmental problems with potential technologies solutions by combining state of the art information management techniques, graphical interfaces and a Geographic Information System (GIS). Its search and match algorithms locate technologies relevant to specific environmental problems and identify sites where technology may be applicable. EnviroTRADE also provides many other kinds of database searches and reports. EnviroTRADE is a graphical/textural information management system being developed for the cleanup program of US Department of energy's nuclear weapons complex. Its principal purpose is to provide a single, powerful, interactive data source on the many environmental restoration and waste management (ER/WM) problems and on the technologies currently under development and available to resolve them. Because the volume and complexity of the information is so large, a sophisticated Relational database Management System (RDBMS) is employed for EnviroTRADE which accommodates graphical images, technical data, structured textural descriptions, and a variety of advanced multi-media data types. EnviroTRADE is a multi-purpose, multi-user system capable of addressing a broad range of environmental assessment and cleanup issues

Information needs for problem holders/solution providers: EnviroTRADE

Energy Technology Data Exchange (ETDEWEB)

Robson, W.M. [Lawrence Livermore National Lab., CA (United States); Harrington, M.W.; Harlan, C.P. [Sandia National Labs., Livermore, CA (United States)

1994-12-31

EnviroTRADE (or Environmental Technologies for Remedial Actions Data Exchange) is a domestic and international information system that matches environmental problems with potential technologies solutions by combining state of the art information management techniques, graphical interfaces and a Geographic Information System (GIS). Its search and match algorithms locate technologies relevant to specific environmental problems and identify sites where technology may be applicable. EnviroTRADE also provides many other kinds of database searches and reports. EnviroTRADE is a graphical/textural information management system being developed for the cleanup program of US Department of energy`s nuclear weapons complex. Its principal purpose is to provide a single, powerful, interactive data source on the many environmental restoration and waste management (ER/WM) problems and on the technologies currently under development and available to resolve them. Because the volume and complexity of the information is so large, a sophisticated Relational database Management System (RDBMS) is employed for EnviroTRADE which accommodates graphical images, technical data, structured textural descriptions, and a variety of advanced multi-media data types. EnviroTRADE is a multi-purpose, multi-user system capable of addressing a broad range of environmental assessment and cleanup issues.

INTERNATIONAL TRADE DURING THE CRISIS. DETERMINANTS

Directory of Open Access Journals (Sweden)

Cristian Spiridon

2014-06-01

Full Text Available This article aims to analyze how the financial crisis that bursted in the mid-2008 led to a global and regional drop in trade flows. It starts from a comparison of the Great Depression shock to what happened during the Great Recession. Based on the similarities and differences found in the literature we take a simple econometric analysis to study the relationship between income, private lending and imports of goods by different countries from the financial meltdown starting point. The main findings consist of the magnitude heterogeneity of the decrease in income and credit at the regional level and on country groups according to the degree of development and the uttering of new factors influencing world trade (risk shock, increasing uncertainty, escalating non-tariff protectionist measures.

40 CFR 60.4140 - State trading budgets.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 6 2010-07-01 2010-07-01 false State trading budgets. 60.4140 Section 60.4140 Protection of Environment ENVIRONMENTAL PROTECTION AGENCY (CONTINUED) AIR PROGRAMS (CONTINUED... Electric Steam Generating Units Hg Allowance Allocations § 60.4140 State trading budgets. The State trading...

Lateral Pressure and Deforestation A Review Essay of Environmental Impacts of Globalization and Trade: A Systems Study by Corey L Lofdahl

Directory of Open Access Journals (Sweden)

Andrew K. Jorgenson

2015-08-01

Full Text Available What are the effects of increased stuctural integration of international trade on the environment of relatively poorer countries, particularly in the southern hemisphere? This is the key question addressed by Corey Lofdahl in his book Environmental Impacts of Globalization and Trade:A Systems Study. Given the theme for this special issue of the Journal of World-Systems Research, a discussion and evaluation of this book seems rather timely and relevant. An immediate fact of interest is that Lofdahl is not an environmental sociologist, let alone acquainted with relevant empirical works grounded in a world-systems perspective. Rather, he is trained as a political scientist, and works in the simulation and information technology sector.

Factors influencing buyers' willingness to offer price premiums for carbon credits sourced from urban forests

Science.gov (United States)

N.C. Poudyal; J.M. Bowker; J.P. Siry

2015-01-01

Marketing carbon offset credits generated by urban forest projects could help cities and local governments achieve their financial self-sufficiency and environmental sustainability goals. Understanding the value of carbon credits sourced from urban forests, and the factors that determine buyers’ willingness to pay a premium for such credits could benefit cities in...

Review of Research on Credit Risk Management for Rural Credit Cooperatives

Directory of Open Access Journals (Sweden)

Xin Song

2017-03-01

Full Text Available With the rapid development of rural micro-credit, whether the qagriculture, rural areas and farmersq problems have been effectively solved, whether the credit risk has been effectively controlled, these have become the focus of our attention to the rural economic environment. The main content of this paper contains four aspects: the classification and characteristics of credit risk, the problems and factors of credit risk, the model and evaluation of credit risk, the countermeasures and suggestions of credit risk. This paper reviews the research of credit risk management for rural credit cooperatives from the above four aspects, and makes a brief summary.

Structure and evolution of the global seafood trade network

Science.gov (United States)

Gephart, Jessica A.; Pace, Michael L.

2015-12-01

The food production system is increasingly global and seafood is among the most highly traded commodities. Global trade can improve food security by providing access to a greater variety of foods, increasing wealth, buffering against local supply shocks, and benefit the environment by increasing overall use efficiency for some resources. However, global trade can also expose countries to external supply shocks and degrade the environment by increasing resource demand and loosening feedbacks between consumers and the impacts of food production. As a result, changes in global food trade can have important implications for both food security and the environmental impacts of production. Measurements of globalization and the environmental impacts of food production require data on both total trade and the origin and destination of traded goods (the network structure). While the global trade network of agricultural and livestock products has previously been studied, seafood products have been excluded. This study describes the structure and evolution of the global seafood trade network, including metrics quantifying the globalization of seafood, shifts in bilateral trade flows, changes in centrality and comparisons of seafood to agricultural and industrial trade networks. From 1994 to 2012 the number of countries trading in the network remained relatively constant, while the number of trade partnerships increased by over 65%. Over this same period, the total quantity of seafood traded increased by 58% and the value increased 85% in real terms. These changes signify the increasing globalization of seafood products. Additionally, the trade patterns in the network indicate: increased influence of Thailand and China, strengthened intraregional trade, and increased exports from South America and Asia. In addition to characterizing these network changes, this study identifies data needs in order to connect seafood trade with environmental impacts and food security outcomes.

A hybrid Bayesian network approach for trade-offs between environmental flows and agricultural water using dynamic discretization

Science.gov (United States)

Xue, Jie; Gui, Dongwei; Lei, Jiaqiang; Sun, Huaiwei; Zeng, Fanjiang; Feng, Xinlong

2017-12-01

Agriculture and the eco-environment are increasingly competing for water. The extension of intensive farmland for ensuring food security has resulted in excessive water exploitation by agriculture. Consequently, this has led to a lack of water supply in natural ecosystems. This paper proposes a trade-off framework to coordinate the water-use conflict between agriculture and the eco-environment, based on economic compensation for irrigation stakeholders. A hybrid Bayesian network (HBN) is developed to implement the framework, including: (a) agricultural water shortage assessments after meeting environmental flows; (b) water-use tradeoff analysis between agricultural irrigation and environmental flows using the HBN; and (c) quantification of the agricultural economic compensation for different irrigation stakeholders. The constructed HBN is computed by dynamic discretization, which is a more robust and accurate propagation algorithm than general static discretization. A case study of the Qira oasis area in Northwest China demonstrates that the water trade-off based on economic compensation depends on the available water supply and environmental flows at different levels. Agricultural irrigation water extracted for grain crops should be preferentially guaranteed to ensure food security, in spite of higher economic compensation in other cash crops' irrigation for water coordination. Updating water-saving engineering and adopting drip irrigation technology in agricultural facilities after satisfying environmental flows would greatly relieve agricultural water shortage and save the economic compensation for different irrigation stakeholders. The approach in this study can be easily applied in water-stressed areas worldwide for dealing with water competition.

Economic and Environmental Impact Trade-Offs Related to In-Water Hull Cleanings of Merchant Vessels

DEFF Research Database (Denmark)

Pagoropoulos, Aris; Kjær, Louise Laumann; Dong, Yan

2017-01-01

they are an established practice, their associated environmental and economic trade-offs and conflicts have remained largely unexplored. The purpose of this article is to quantitatively assess both economic and environmental impacts of hull management schemes on the operation of tanker vessels. After identifying induced...... and avoided costs and environmental impacts from the hull management system, we used both temporally and spatially distributed models to capture the degradation of the antifouling system as well as the global sailing profile of the vessels. Last, we analyzed how each of the modeled impacts varied...... of the service are likely to offset the savings—especially if fuel prices are low. In regards to climate change, avoided emissions due to fuel savings are likely to outweigh the limited impacts from the service itself. Last, while ecosystem impacts from marine, terrestrial, and freshwater eco-toxicity are likely...

Credit concession through credit scoring: Analysis and application proposal

Directory of Open Access Journals (Sweden)

Oriol Amat

2017-01-01

Full Text Available Purpose: The study herein develops and tests a credit scoring model which can help financial institutions in assessing credit requests.  Design/methodology/approach: The empirical study has the objective of answering two questions: (1 Which ratios better discriminate the companies based on their being solvent or insolvent? and (2 What is the relative importance of these ratios? To do this, several statistical techniques with a multifactorial focus have been used (Multivariate Analysis of Variance, Linear Discriminant Analysis, Logit and Probit Models. Several samples of companies have been used in order to obtain and to test the model.  Findings: Through the application of several statistical techniques, the credit scoring model has been proved to be effective in discriminating between good and bad creditors.  Research limitations:  This study focuses on manufacturing, commercial and services companies of all sizes in Spain; Therefore, the conclusions may differ for other geographical locations. Practical implications:  Because credit is one of the main drivers of growth, a solid credit scoring model can help financial institutions assessing to whom to grant credit and to whom not to grant credit. Social implications: Because of the growing importance of credit for our society and the fear of granting it due to the latest financial turmoil, a solid credit scoring model can strengthen the trust toward the financial institutions assessment’s.  Originality/value: There is already a stream of literature related to credit scoring. However, this paper focuses on Spanish firms and proves the results of our model based on real data. The application of the model to detect the probability of default in loans is original.

The effect of the subprime crisis on the credit risk in global scale

Science.gov (United States)

Lee, Sangwook; Kim, Min Jae; Lee, Sun Young; Kim, Soo Yong; Ban, Joon Hwa

2013-05-01

Credit default swap (CDS) has become one of the most actively traded credit derivatives, and its importance in finance markets has increased after the subprime crisis. In this study, we analyzed the correlation structure of credit risks embedded in CDS and the influence of the subprime crisis on this topological space. We found that the correlation was stronger in the cluster constructed according to the location of the CDS reference companies than in the one constructed according to their industries. The correlation both within a given cluster and between different clusters became significantly stronger after the subprime crisis. The causality test shows that the lead lag effect between the portfolios (into which reference companies are grouped by the continent where each of them is located) is reversed in direction because the portion of non-investable and investable reference companies in each portfolio has changed since then. The effect of a single impulse has increased and the response time relaxation has become prolonged after the crisis as well.

Cooperation in environmental protection. The economics of green trade, market-based instruments and community involvement

Energy Technology Data Exchange (ETDEWEB)

Roettgers, Dirk

2013-12-18

The Millennium Development Goals (United Nations, 2000) and, by extension, such efforts as the Convention on Biological Diversity and the Kyoto Protocol (Kyoto Protocol, 1997), present mankind with a challenge that can only be overcome through cooperation. Cooperative policies are necessary from the highest level, i.e. international policies and treaties, to regional and national agreements, down to the local level, where policies are actually enacted. To close some gaps in the understanding of applicable policy instruments, this dissertation looks at a few key topics of environmental protection with implications for market-based instruments. The five different research areas are (1) EU bioenergy trade, (2) Clean Development Mechanism (CDM), (3) comparison of the effectiveness of product certification, ecosystem certification and offset mechanisms in wetland ecosystems, (4) international market-based instruments for African protected areas and (5) local stakeholder decision making in rural ecosystems of developing countries. Bioenergy consumption, production and trade have been increasing worldwide in the recent decade, mostly due to demand from EU countries and the USA. Taking the example of the EU, it is questionable if these trade flows are caused mainly by EU trade rules or targeted bioenergy policies. A sector-specific analysis taking industry patterns into consideration is necessary to evaluate the impact of these two policy areas on trade flows. A common way to analyze trade flows is the gravity model, which is employed here. This dissertation finds out why that is by using a gravity model to analyze flows of Certified Emission Reductions (CERs) between host and financier countries. The special roles of foreign direct investments (FDI), official development aid (ODA) and trade are scrutinized closely in this context. Findings show that FDI, ODA and trade have a positive influence on project attraction, even when holding determinants of these factors constant

A Study of the Determinants of Emissions Unit Allowance Price in the European Union Emissions Trading Scheme

Directory of Open Access Journals (Sweden)

Alina Maydybura

2011-12-01

Full Text Available In 2005 the European Union (EU began the first phase of the largest and most ambitious emissions trading system (EU ETS ever attempted, which then applied to all members of the EU. In its second phase whichbegan in 2008 the EU ETS now applies to all 27 members of the EU together with Norway, Iceland and Lichtenstein, the members of the European Economic Area (EEA which are not members of the Union. Inthe first phase of the EU ETS permits to emit carbon into the atmosphere known as European Union Allowances (EUA were traded in a market where the price rose to €30 and eventually fell to well below 10 Euro cents as the imperfections of the market became obvious. In the second phase which began in 2008 the price has fluctuated between €30 and €8. EUA are traded in a manner which is similar to the trading of financial instruments and a range of derivatives has developed with the total value of the market now above €120b, a growing market dominated by a few large players.This paper reports some results of an empirical investigation into the factors which appear to drive the carbon price and the key determinants of the price of an EUA. Over the last decade a number of environmental products have been developed alongside the EUA, including Certified Emissions Reductions (CERs, Renewable Energy Certificates and White Certificates (energy efficiency credits and markets have developed for a range of these environmental products. A better understanding of the determinants of these markets willhelp regulators manage these new markets and this paper aims to enhance our knowledge of the market.

Credit Monitoring – a Core of Credit Risk Management: Theory and Experience

Directory of Open Access Journals (Sweden)

Daiva Jurevičienė

2013-11-01

Full Text Available Purpose of the article: Purpose of the article is to identify credit monitoring as a keystone of credit risk management in banks. CRM is widely discussed in scientific literature and in reports of institutions undertaking credit risk or supervisory bodies. However majority of such investigations are based on implementation of numerous quantitative or qualitative methods used for credit risk assessment before granting a loan or for credit portfolio risk management. There is a lack of information or investigations made on estimation of the need of credit monitoring in credit risk management process. Scientific aim: Scientific aim is to structure the early warning signs that reflect the condition of credits. Methodology/methods: The paper is based on analysis and resumption of various scientific and professional articles related to organization of credit process in banks. It combines results of assessments of credit monitoring importance in credit risk management process made by theoretical studies as well as investigation of experts. Findings: Finding of the article is presentation of credit monitoring tools that should be applied for corporate (and individual clients via modification of original credit agreement. Conclusions: (limits, implications etc Conclusion of the article is that credit monitoring is a keystone in credit risk management process. The purpose of credit monitoring is to detect in time possible worsening of the loan and to react (make changes in loan agreement. The simplest tool for credit monitoring is to identify early warning signs in time that could be assorted into four groups: EWS of business environment; EWS with regard to management, EWS regarding collateral, EWS in financial analysis. Limitation of investigation is impossibility of evaluation of importance of monitoring process in practice except investigation of experts (employees directly responsible for credit business.

Environmental studies of the World Trade Center area after the September 11, 2001 attack

Science.gov (United States)

Clark, Roger N.; Green, Robert O.; Swayze, Gregg A.; Meeker, Greg; Sutley, Steve; Hoefen, Todd M.; Livo, K. Eric; Plumlee, Geoff; Pavri, Betina; Sarture, Chuck; Wilson, Steve; Hageman, Phil; Lamothe, Paul; Vance, J. Sam; Boardman, Joe; Brownfield, Isabelle; Gent, Carol; Morath, Laurie C.; Taggart, Joseph; Theodorakos, Peter M.; Adams, Monique

2001-01-01

This web site describes the results of an interdisciplinary environmental characterization of the World Trade Center (WTC) area after September 11, 2001.Information presented in this site was first made available to the World Trade Center emergency response teams on September 18, 2001 (Thermal hot spot information), and September 27, 2001 (maps and compositional results).The Airborne Visible / Infrared Imaging Spectrometer (AVIRIS), a hyperspectral remote sensing instrument, was flown by JPL/NASA over the World Trade Center (WTC) area on September 16, 18, 22, and 23, 2001 ( Link to the AVIRIS JPL data facility). A 2-person USGS crew collected samples of dusts and airfall debris from more than 35 localities within a 1-km radius of the World trade Center site on the evenings of September 17 and 18, 2001. Two samples were collected of indoor locations that were presumably not affected by rainfall (there was a rainstorm on September 14). Two samples of material coating a steel beam in the WTC debris were also collected. The USGS ground crew also carried out on-the-ground reflectance spectroscopy measurements during daylight hours to field calibrate AVIRIS remote sensing data. Radiance calibration and rectification of the AVIRIS data were done at JPL/NASA. Surface reflectance calibration, spectral mapping, and interpretation were done at the USGS Imaging Spectroscopy Lab in Denver. The dust/debris and beam-insulation samples were analyzed for a variety of mineralogical and chemical parameters using Reflectance Spectroscopy (RS), Scanning Electron Microscopy (SEM), X-Ray Diffraction (XRD), chemical analysis, and chemical leach test techniques in U.S. Geological Survey laboratories in Denver, Colorado.

NCA & Credit Guarantees

African Journals Online (AJOL)

stooppn

purposes of the National Credit Act; what the definition of a credit guarantee set out ...... Scholtz et al National Credit Act in para 8.2.4; Scott et al Law of Commerce ..... Eitelberg E "Autonomy of Documentary Credit Undertakings in South African.

Fraud risks in emissions trading

International Nuclear Information System (INIS)

2010-09-01

The system of emission trading is a complex composed entity with on the one hand a strong environmental component and on the other hand a financial world that hooked on this instrument. In chapter 2 an introduction is provided to the emission trading system. The subsequent chapters elaborate Types of Fraud (Chapter 3), Powers (Chapter 4), and Instruments (Chapter 5). The report shows that various forms of fraud are occurring in emission trading, such as VAT fraud and identity theft. [nl

Carbon Trading. Literature Overview

International Nuclear Information System (INIS)

Kerste, M.; Weda, J.; Rosenboom, N.

2010-12-01

From Pigou and Coase to the Kyoto Protocol, carbon trading has resulted in pricing of the negative externalities emanating from pollution. This report highlights leading literature and empirical findings on carbon trading, amongst others addressing the relevant carbon and related markets, the (lack of) success of carbon trading so far and room for improvement as well as its impact on investments in emission reduction. This report is part of a set of SEO-reports on finance and sustainability. The other reports deal with: Financing the Transition to Sustainable Energy; Innovations in financing environmental and social sustainability; and Sustainable investment.

The World Trade Organization and the environment

International Nuclear Information System (INIS)

Rao, P.K.

2000-09-01

This book explains the role and limitations of liberalized international trade on the global environment and sustainable development. A distinguishing feature of this book is an integration of trade, environment and development perspectives for operationally meaningful policy purposes. The topics explored include an analysis of the global trade regimes, their interrelationships with the existing multilateral environmental agreements, institutional mechanisms governed by the World Trade Organization, and a framework for pragmatic reforms. (author)

Calculation of Credit Valuation Adjustment Based on Least Square Monte Carlo Methods

Directory of Open Access Journals (Sweden)

Qian Liu

2015-01-01

Full Text Available Counterparty credit risk has become one of the highest-profile risks facing participants in the financial markets. Despite this, relatively little is known about how counterparty credit risk is actually priced mathematically. We examine this issue using interest rate swaps. This largely traded financial product allows us to well identify the risk profiles of both institutions and their counterparties. Concretely, Hull-White model for rate and mean-reverting model for default intensity have proven to be in correspondence with the reality and to be well suited for financial institutions. Besides, we find that least square Monte Carlo method is quite efficient in the calculation of credit valuation adjustment (CVA, for short as it avoids the redundant step to generate inner scenarios. As a result, it accelerates the convergence speed of the CVA estimators. In the second part, we propose a new method to calculate bilateral CVA to avoid double counting in the existing bibliographies, where several copula functions are adopted to describe the dependence of two first to default times.

“INTERNATIONAL TRADE – ENVIRONMENT” RELATIONSHIP IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT

Directory of Open Access Journals (Sweden)

Margareta Timbur

2013-07-01

Full Text Available The overall aim of this paper lies on presenting a short pragmatic image of the main aspects concerning the impact of international trade on the environment, on the one hand, and the impact of environmental policies and regulations on the international trade, on the other hand. Also, this article examines the multilateral environmental agreements (MEAs focused on the use of environmental trade measures. In the same context, we discuss about the most important international institution with the regulatory powers in international trade – environment relationship which is considered to be GATT/WTO.Although, the international trade-environment relationship is a very debated internationally, in Romania it is not sufficiently addressed either theoretical or practical. Taking into account the transition period and the consequences of the global economic crisis which still will affect Romania a period of time; our country promotes simultaneous strengthening and optimizing of trade and environmental policies in sustainable development framework.

Formal and Informal Credit Markets and Rural Credit Demand in China

OpenAIRE

Tang, Sai; Guan, Zhengfei; Jin, Songqing

2010-01-01

Credit markets are an essential economic institution. In developing countries, particularly in countries undergoing rapid social and economic transition, it is important to identify emerging credit demand and institute credit supply in a timely manner to facilitate economic transformation. This research focuses on the evolving rural credit market in China, where borrowing from the social network has been common but the recent economic transition has made this informal credit market inadequate...

Effects of cross-border power trade between Laos and Thailand: Energy security and environmental implications

International Nuclear Information System (INIS)

Watcharejyothin, Mayurachat; Shrestha, Ram M.

2009-01-01

This paper analyzed the effects of hydropower development in Laos and power trade between Laos and Thailand on economy wide, energy resource mix, power generation capacity mix, energy system cost, environment, as well as, energy security. A MARKAL-based model for an integrated energy system of Laos and Thailand was developed to assess the effects of energy resource development and trade to meet the national energy demands of the two countries. Two national MARKAL-based energy system models of Laos and Thailand were formulated for the study. The results show that 80% exploitation of water resource in Laos would induce power trade between the countries. The integrated energy system cost is found to decrease marginally but it would mitigate the CO 2 emission by 2% when compared with the base case. Thailand is expected to gain benefit from the increased level of power imported from Laos in terms of the lower energy system cost, better environmental quality and, greater diversification of energy sources. As compared to the base case, Laos would become the net energy exporter, earn significant export revenue, and improve the increase in revenue of energy export per increase in total energy system cost from the maximum exploitation of hydropower resource.

Does international nuclear trade law have a specificity

International Nuclear Information System (INIS)

David, J.L.

1988-01-01

This study on the specificity of international nuclear trade law covers public international and private international aspects. As regards the first, international organisations and agreements (bilateral and multilateral) are reviewed. In the context of the second, the international organisations with a scientific, legal or commercial vocation are briefly listed. Commercial contracts are then studied in greater detail from the viewpoint of contractual nuclear liability and that outside the contracts. In addition, special aspects are examined, relating to the flexibility of supply contracts, swap agreements in the nuclear field, and other more particular clauses such as the ''Consensus'' framework for export credits. The authors' conclusion is that while there is no specificity properly speaking in international nuclear trade law, it nevertheless has original features (NEA) [fr

26 CFR 1.45G-0 - Table of contents for the railroad track maintenance credit rules.

Science.gov (United States)

2010-04-01

.... (1) In general. (2) Definitions. (i) Trade or business. (ii) Group and controlled group. (iii) Group.... (6) Tax accounting periods used. (i) In general. (ii) Special rule when timing of QRTME is... table of contents for § 1.45G-1. § 1.45G-1Railroad track maintenance credit. (a) In general. (b...

A tale of trade-offs: the impact of macroeconomic factors on environmental concern.

Science.gov (United States)

Conroy, Stephen J; Emerson, Tisha L N

2014-12-01

We test whether macroeconomic conditions affect individuals' willingness to pay for environmental quality improvements. Improvements in environmental quality, like everything, come at a cost. Individuals facing difficult economic times may be less willing to make trade-offs required for improvements in environmental quality. Using somewhat different methodologies and shorter time frames, prior investigations have generally found a direct relationship between willingness to pay for environmental improvements and macroeconomic conditions. We use a nearly 40-year span (27 periods) of the General Social Survey (1974-2012) to estimate attitudes toward environmental spending while controlling for U.S. macroeconomic conditions and respondent-specific factors such as age, gender, marital status, number of children, residential location, educational attainment, personal financial condition, political party affiliation and ideology. Macroeconomic conditions include one-year lagged controls for the unemployment rate, the rate of economic growth (percentage change in real GDP), and an indicator for whether the U.S. economy was experiencing a recession. We find that, in general, when economic conditions are unfavorable (i.e., during a recession, or with higher unemployment, or lower GDP growth), respondents are more likely to believe the U.S. is spending too much on "improving and protecting the environment". Interacting lagged macroeconomic controls with respondent's income, we find that these views are at least partially offset by the respondent's own economic condition (i.e., their own real income). Our findings are consistent with the notion that environmental quality is a normal, or procyclical good, i.e., that environmental spending should rise when the economy is expanding and fall during economic contractions. Copyright © 2014 Elsevier Ltd. All rights reserved.

Developing models that analyze the economic/environmental trade-offs implicit in water resource management

Science.gov (United States)

Howitt, R. E.

2016-12-01

Hydro-economic models have been used to analyze optimal supply management and groundwater use for the past 25 years. They are characterized by an objective function that usually maximizes economic measures such as consumer and producer surplus subject to hydrologic equations of motion or water distribution systems. The hydrologic and economic components are sometimes fully integrated. Alternatively they may use an iterative interactive process. Environmental considerations have been included in hydro-economic models as inequality constraints. Representing environmental requirements as constraints is a rigid approximation of the range of management alternatives that could be used to implement environmental objectives. The next generation of hydro-economic models, currently being developed, require that the environmental alternatives be represented by continuous or semi-continuous functions which relate water resource use allocated to the environment with the probabilities of achieving environmental objectives. These functions will be generated by process models of environmental and biological systems which are now advanced to the state that they can realistically represent environmental systems and flexibility to interact with economic models. Examples are crop growth models, climate modeling, and biological models of forest, fish, and fauna systems. These process models can represent environmental outcomes in a form that is similar to economic production functions. When combined with economic models the interacting process models can reproduce a range of trade-offs between economic and environmental objectives, and thus optimize social value of many water and environmental resources. Some examples of this next-generation of hydro-enviro- economic models are reviewed. In these models implicit production functions for environmental goods are combined with hydrologic equations of motion and economic response functions. We discuss models that show interaction between

Refundable Tax Credits

OpenAIRE

Congressional Budget Office

2013-01-01

In 1975, the first refundable tax credit—the earned income tax credit (EITC)—took effect. Since then, the number and cost of refundable tax credits—credits that can result in net payments from the government—have grown considerably. Those credits will cost $149 billion in 2013, CBO estimates, mostly for the EITC and the child tax credit.

Gallery forest restoration by the attainment of carbon credit: a social-environmental proposal for low-income community; Restauracao de mata ciliar pela viabilizacao de credito de carbono: uma proposta socio-ambiental para comunidade de baixa renda

Energy Technology Data Exchange (ETDEWEB)

Coelho, Maria Carolina Crisci

2007-07-01

Due to intensification in climate changes by anthropogenic causes, to the recognition of the environmental importance of the Gallery Forest and its intense degradation, this work presents an analysis of the possibilities of carbon credit attainment by low-income community, as part of an incentive program for the restoration of these areas. Two ways are demonstrated: projects of Clean Development Mechanism (CDM), in the scope of the Kyoto Protocol, that generate credits called certified emission reductions; and projects based on voluntary scheme, that generate voluntary emission reductions. Both are difficult to organize and implement. For example: the eligibility of an area, baseline study, monitoring, non-permanence risks of storage carbon, technical and operational structures, operational and business costs, regulated market in consolidation and guarantee of credit acquisition. Nevertheless, this second market presents greater flexibility and acceptance for the forest projects. The social-environmental benefits of these projects are significant and the valuation of their environmental services can revert in financial incentives for low-income community, since that adequately remunerated. The carbon credit can help in the implementation of these projects, contributing for local restoration of the areas and also for carbon capture by the atmosphere, which this is a global subject. (author)

The rising tide of green unilateralism in world trade law. Options for reconciling the emerging north-south conflict

Energy Technology Data Exchange (ETDEWEB)

Biermann, F.

2000-12-01

This paper argues that to reconcile the objectives of free trade and environmental protection, limited reforms of international trade law are required. There is a need to guarantee, first, that universally accepted international environmental agreements that mandate trade-restrictions remain compatible with international trade law, in particular with the General Agreement on Tariffs and Trade. Second, it is necessary to ensure that the interests of small and vulnerable states are protected against environmental unilateralism of the major trading nations. This reform agenda could be realized, it is argued, through an authoritative interpretation of international trade law by the Ministerial Conference of the World Trade Organization (WTO). This interpretation should stipulate that environmentally-motivated trade restrictions which are related to processes and production methods, and which are intended to protect environmental goods outside the importing country, be compatible with WTO law, but only if mandated by international environmental agreements that have been previously accepted by the Ministerial Conference. This paper outlines the rationale for such authoritative interpretation and offers a possible legal draft. This clarification of the relationship between international environmental and international trade law would protect the sovereign right of smaller trading nations, particularly developing countries, to enact their own environmental standards as may be appropriate and feasible according to their specific situation. It would also maintain the supremacy of multilateralism in both international trade and environmental policies, as opposed to unilateral action. The principle of international co-operation and the rule of law would be strengthened, and attempts to use the international trade system for the enforcement of unilaterally decided environmental standards would be precluded. (orig.)

75 FR 17976 - WNC Tax Credits 38, LLC, WNC Tax Credits 39, LLC, WNC Housing Tax Credits Manager, LLC and WNC...

Science.gov (United States)

2010-04-08

... Credits 38, LLC, WNC Tax Credits 39, LLC, WNC Housing Tax Credits Manager, LLC and WNC & Associates, Inc... collectively, the ``Funds''), WNC Housing Tax Credits Manager, LLC (the ``Manager'') and WNC & Associates, Inc... credit under the Internal Revenue Code of 1986, as amended. The Manager is a California limited liability...

Introduction of Credit Derivatives and Valuation of Credit Default Swap

OpenAIRE

Han, Lu

2006-01-01

The credit derivative market was established at the beginning of the 1990s since the emergence of credit derivatives fits the rapid development of the whole derivatives market. However, compare to other derivative market, this market is still small and incomplete. As with other derivatives, credit derivatives can be used to either take more risk or hedge it, hence various credit derivatives instruments are accepted and widely used by market participants such as banks, insurance companies, etc...

49 CFR 536.5 - Trading infrastructure.

Science.gov (United States)

2010-10-01

... the certified and reported CAFE data provided by the Environmental Protection Agency for enforcement of the CAFE program pursuant to 49 U.S.C. 32904(e). Credit values are calculated based on the CAFE...

International trade and environment

International Nuclear Information System (INIS)

Posada, Luis Guillermo

1998-01-01

The international trade conventional theory not only continues being supported upon the classic principle of comparative advantage, but also, in response to the rationality inherent to the traditional economic system, al so neglects considering the biophysical conditions under which transable goods are produced. The linkage of environment to trade is a recent concern, and it is explained on the basis that the first one has become a barrier for the second one. The environmental cause defenders, so as the free market advocates, are exposing their arguments in a context in which not necessarily to build viable solutions to the conflict is possible. The world economy behavior and tendencies do not offer the conditions needed so as that the official thesis in which the GATT - Rio - WTO thought can be summarized and the positive linkage towards the environmental quality, explicitly claimed by that thesis, becomes reality. Form these considerations, it is argument in this article in the direction of establishing a new international trade pattern and also some ideas are presented as to its characterization ecological economic view

Dynamic Interaction between Cap & Trade and Electricity Markets

Science.gov (United States)

Jeev, Kumar

Greenhouse Gases (GHG), such as Carbon-Dioxide (CO2), which is released in the atmosphere due to anthropogenic activities like power production, are now accepted as the main culprits for global warming. The Regional Greenhouse Gas Initiative (RGGI), an initiative of the North East and Mid-Atlantic States of the United States (US) for limiting the emission of GHG, has developed a regional cap-and-trade program for CO2 emissions for power plants. Existing cap-and-trade programs in US and Europe for Greenhouse Gases have recently been plagued by over-allocation. Carbon prices recently collapsed in all these markets during the global recession. Since then, there have been significant policy changes, which have resulted in the adoption of aggressive emission cap targets by most major carbon emission markets. This is expected to make carbon emissions availability more restrictive, raising the prices of these credits. These emissions markets are expected to have a major impact on the wholesale electricity markets. Two models to study the interaction of these two markets are presented. These models assess the impact of the emissions market on wholesale electricity prices. The first model characterizes the competition between two types of power plants (coal and gas) in both the electricity and emissions markets as a dynamic game using the Cournot approximation. Under this approximation, we find that in the Nash equilibrium the plants increase their permit allocation to high-demand periods and the marginal value of each credit for a plant is identical in all periods under their optimal equilibrium strategy. The second numerical model allows us to explicitly evaluate the closed loop equilibrium of the dynamic interaction of two competitors in these markets. We find that plants often try to corner the market and push prices all the way to the price cap. Power plants derive most of their profits from these extreme price regimes. In the experiments where trading is allowed

Credit securitization and credit derivatives: Financial instruments and the credit risk management of middle market commercial loan portfolios

OpenAIRE

Henke, Sabine; Burghof, Hans-Peter; Rudolph, Bernd

1998-01-01

Banks increasingly recognize the need to measure and manage the credit risk of their loans on a portfolio basis. We address the subportfolio "middle market". Due to their specific lending policy for this market segment it is an important task for banks to systematically identify regional and industrial credit concentrations and reduce the detected concentrations through diversification. In recent years, the development of markets for credit securitization and credit derivatives has provided n...

Policy recommendations for Canadian municipal greenhouse gas trading

International Nuclear Information System (INIS)

Seskus, A.

2002-01-01

The municipal policies regarding greenhouse gas (GHG) emissions trading from municipalities in developed countries outside of Canada were examined in an effort to help establish a position on municipal carbon trading in Canada. The main uncertainty regarding this new concept of GHG emissions trading is the fate of the Kyoto Protocol, when or if it will be ratified. It is premature for municipalities to have well-established polices about emissions trading because the country in which a municipality is located determines the position towards GHG emissions trading. For this study, an extensive literature search of municipal policies was conducted for both GHG trading and domestic national GHG trading. This was followed by a survey on emissions trading which was distributed to more than 350 member cities (including the United States, Europe and Australia) of the International Council for Environmental Initiatives (ICLEI) Cities for Climate Protection (CCP) Campaign. The literature search revealed that municipalities outside of Canada have not yet formulated policies to address the issue of emissions trading. Only 7 per cent of the cities felt that they were informed about emissions trading, even in Europe and Australia where domestic emissions trading is closer to becoming a reality. This paper demonstrated that it is evident that more training is needed for municipalities regarding this issue. For the very few cities that had developed a GHG trading policy, each municipal policy supported municipal participation in emissions trading under conditions that included an environmental retirement, a do-no-harm clause, or an obligation to meet voluntary commitments before excess emissions can be traded. refs., tabs., figs

Modernization of credit relations

Directory of Open Access Journals (Sweden)

S.V. Volosovich

2015-03-01

Full Text Available Nowadays it is essential to modernize credit relations in the conditions of global economy transformations. This is due to the influence of integration processes on credit relations and transformation of the risks inherent in the credit field. The purpose of this article is to develop measures that help to improve the efficiency of interaction of credit relations’ participants. Modernization of credit relations is based on the interaction of its main and indirect subjects who belong to the subsystems of loans granting, deposits attraction and provision of related services. Its goal is to pass from extensive to intensive model of interaction between the subjects of credit relations. Components of the credit relations modernization are the following: institutional modernization, which is based on the interaction of credit relations’ subjects, and ensures the development of competition in all credit market’s segments, the creation of its corresponding infrastructure, qualitative change in the approaches of regulation and supervision; technological modernization, which involves the formation of joint products on the credit market and the formation of an integrated informational and analytical system. In the result of the credit relations’ modernization it is expected to achieve synergies between the subjects of credit relations, that will lead to changes in the business architecture of the financial market.

THE IMPORTANCE OF MONEY MARKET INTEREST FORMATION AND ITS ROLE IN CREDIT COST

Directory of Open Access Journals (Sweden)

Medar Lucian-Ion

2013-04-01

Full Text Available In the contemporary period the place and role of banks in economy is very well defined, they mainly acting as main intermediary in savings-investment relationship, critical relationship to economic growth. Although the current financial crisis demonstrates that the banking system is no longer the foundation of the economic system, yet banks continue to be the most important institutions that intermediate monetary affairs. Through bank credit institutions in our country continues to attract large sums of money from the public and offer banking products and services. Banking market is dominated both by opening accounts for all the people who do acts of trade, debt collection and debt repayment, and especially the provision of services on product placement credit institutions. Each institution has its own strategy and is constantly concerned about cost sources of credit drawn and placed. This cost is calculated based on the interest rate plus any fees. This study attempts to make an analysis of how the interest rate is fixed at the products offered by bank to customers.

The future of emissions trading in light of the acid rain experience

International Nuclear Information System (INIS)

McLean, B.J.; Rico, R.

1995-01-01

The idea of emissions trading was developed more than two decades ago by environmental economists eager to provide new ideas for how to improve the efficiency of environmental protection. However, early emissions trading efforts were built on the historical open-quotes command and controlclose quotes infrastructure which has dominated U.S. environmental protection until today. The open-quotes command and controlclose quotes model initially had advantages that were of a very pragmatic character: it assured large pollution reductions in a time when large, cheap reductions were available and necessary; and it did not require a sophisticated government infrastructure. Within the last five years, large-scale emission trading programs have been successfully designed and started that are fundamentally different from the earlier efforts, creating a new paradigm for environmental control just when our understanding of environmental problems is changing as well. The purpose of this paper is to focus on the largest national-scale program--the Acid Rain Program--and from that experience, forecast when emission trading programs may be headed based on our understanding of the factors currently influencing environmental management. The first section of this paper will briefly review the history of emissions trading programs, followed by a summary of the features of the Acid Rain Program, highlighting those features that distinguish it from previous efforts. The last section addresses the opportunities for emissions trading (and its probable future directions)

Model rules and regulations for a global CO2 emissions credit market

International Nuclear Information System (INIS)

Sandor, R.L.; Cole, J.B.; Kelly, M.E.

1994-01-01

On 21 April 1993, on the occasion of Earth Day, the United States affirmed its commitment to reducing emissions of greenhouse gases to their 1990 levels by the year 2000. In doing so, the United States joined the European Union (EU), Japan, and approximately 141 other countries that had either committed themselves to this international objective or subscribed to the general principles contained in the United Nations Framework Convention on Climate Change, signed at UNCED, Rio de Janeiro, June 1992. The commitment of these three trading groups provides the basis for recommending that a market for tradeable carbon dioxide (CO 2 ) emission entitlements among these groups be implemented as soon as an initial set of rules and regulations can be drafted. The goal of a tradeable CO 2 entitlement or credit market is to lower the cost of limiting emissions. The Costs of CO 2 emission abatement are lowered because the market encourages more emission reductions to be produced by the most efficient resources. The ability easily to selI CO 2 credits created through large emission cuts allows cost recovery by, and incentives for, the most efficient sources of emission reductions. The purpose of this paper is to stimulate debate by providing model rules and regulations for a tradeable CO 2 emission credit market. The trading rules and regulations proposed here are meant to initiate a process whereby participants will iterate toward a final set of rules and regulations. Therefore, our proposal should create a point of departure for further adjustments and transformation to the initial set of recommendations. A specific proposal will be advanced at this point in order to provide a basis for the conceptualization of this global market. Moreover, this specific proposal will help focus dialogue and may provide insight into the general recommendations presented in the balance of this paper

CO2 embodied in international trade with implications for global climate policy.

Science.gov (United States)

Peters, Glen P; Hertwich, Edgar G

2008-03-01

The flow of pollution through international trade flows has the ability to undermine environmental policies, particularly for global pollutants. In this article we determine the CO2 emissions embodied in international trade among 87 countries for the year 2001. We find that globally there are over 5.3 Gt of CO2 embodied in trade and that Annex B countries are net importers of CO2 emissions. Depending on country characteristics--such as size variables and geographic location--there are considerable variations in the embodied emissions. We argue that emissions embodied in trade may have a significant impact on participation in and effectiveness of global climate policies such as the Kyoto Protocol. We discuss several policy options to reduce the impact of trade in global climate policy. If countries take binding commitments as a part of a coalition, instead of as individual countries, then the impacts of trade can be substantially reduced. Adjusting emission inventories for trade gives a more consistent description of a country's environmental pressures and circumvents many trade related issues. It also gives opportunities to exploit trade as a means of mitigating emissions. Not least, a better understanding of the role that trade plays in a country's economic and environmental development will help design more effective and participatory climate policy post-Kyoto.

The Environmental Kuznets Curve: The Role of Renewable and Non-Renewable Energy Consumption and Trade Openness

OpenAIRE

Ben Jebli, Mehdi; Ben Youssef, Slim; Ozturk, Ilhan

2013-01-01

We use panel cointegration techniques to investigate the causal relationship between CO2 emissions, renewable and non-renewable energy consumption, and trade openness in three different models for a panel of twenty five OECD countries over the period 1980-2009. Also the validity of the Environmental Kuznets Curve (EKC) hypothesis has been tested for these countries. Short-run Granger causality tests show the existence of a unidirectional causality running from the square of per capita output ...

Credit Card Security

OpenAIRE

G.C., Anup

2013-01-01

Author: Anup G.C. Year: 2013 Subject of thesis: Credit Card Security Number of pages: 36+2 Credit Card is a widely used electronic chip for easy transactions. The main purpose of the report was to show the security measures of transaction by credit cards. The purpose was to give information about credit cards and how they were introduced. The thesis reportcontained the types of card theft with examples and sited the various protocols used for online ...

Trade in the telecoupling framework: evidence from the metals industry

Directory of Open Access Journals (Sweden)

Hang Xiong

2018-03-01

Full Text Available As a conceptual framework for understanding contemporary sustainability challenges, telecoupling emphasizes the importance of socioeconomic and environmental interactions over long distances. These long-distance interactions can occur through multiple human activities. We focus on international trade, a major channel of telecoupling flows, and in particular on the international trade of metals. We use the data of physical products and embedded greenhouse gas (GHG emissions trade in the World Input-Output Database (WIOD to quantitatively examine how countries contribute to both economic and environmental flows through the trade of metals, but also how that contribution varies depending on their position in the global value chain (GVC of contemporary international trade. This analysis is built on previously developed techniques for decomposing gross exports of products, which we apply to examine embedded GHG emissions. We make comparisons between countries' contributions to flows of economic value versus embedded GHG emissions, but also examine contributions beyond total volumes of trade and bilateral trade. Specifically, we quantify the economic and environmental spillover effects that occur in contemporary international trade because of the GVC in which flows of intermediate goods form components in other subsequently traded goods. We interpret differences between countries' contributions to the flows of economic value versus embedded GHG emissions as being related to the intensity and efficiency of resource use during production. In turn, differences in contributions to direct trade flows versus spillover flows are related to their positions in the GVC. Subsequently, we discuss other elements of the telecoupling framework in trade, i.e., agents, causes, and effects. Quantitatively incorporating these telecoupling framework elements alongside spillover flows will enable investigation of dynamics and relationships that traditional trade theories

Emission trading: A discussion paper

International Nuclear Information System (INIS)

1992-05-01

Emission trading is a market-based incentive program designed to control air emissions in which a cap is placed on the total quantity of pollutants allowed to be emitted in an airshed. Appropriate shares of this amount are allocated among participating emission sources, and participants can buy or sell their shares. Advantages of emission trading include its potential to achieve air emission targets at a lower cost than the traditional command and control approach, and its ability to accommodate economic growth without compromising environmental quality. A study was conducted to evaluate the potential use of emission trading programs to achieve emission reduction goals set for nitrogen oxides, volatile organic compounds (VOC), and sulfur oxides. Emission trading programs in the USA are reviewed and a set of factors important for the success of emission trading are identified. Key policy and design issues related to an emission trading program are identified, explained, and discussed. Administrative issues are then analyzed, such as legislative authority, monitoring and enforcement requirements, and trading between jurisdictions. A preliminary assessment of emission trading for control of NOx and VOC in the Lower Fraser Valley indicates that emission trading would be feasible, but legislative authority to implement such a program would have to be introduced

The use of environmental DNA in invasive species surveillance of the Great Lakes commercial bait trade.

Science.gov (United States)

Nathan, Lucas R; Jerde, Christopher L; Budny, Michelle L; Mahon, Andrew R

2015-04-01

Over 180 non-native species have been introduced in the Laurentian Great Lakes region, many posing threats to native species and ecosystem functioning. One potential pathway for introductions is the commercial bait trade; unknowing or unconcerned anglers commonly release unused bait into aquatic systems. Previous surveillance efforts of this pathway relied on visual inspection of bait stocks in retail shops, which can be time and cost prohibitive and requires a trained individual that can rapidly and accurately identify cryptic species. Environmental DNA (eDNA) surveillance, a molecular tool that has been used for surveillance in aquatic environments, can be used to efficiently detect species at low abundances. We collected and analyzed 576 eDNA samples from 525 retail bait shops throughout the Laurentian Great Lake states. We used eDNA techniques to screen samples for multiple aquatic invasive species (AIS) that could be transported in the bait trade, including bighead (Hypophthalmichthys nobilis) and silver carp (H. molitrix), round goby (Neogobius melanostomus), tubenose goby (Proterorhinus marmoratus), Eurasian rudd (Scardinius erythrophthalmus), and goldfish (Carassius auratus). Twenty-seven samples were positive for at least one target species (4.7% of samples), and all target species were found at least once, except bighead carp. Despite current regulations, the bait trade remains a potential pathway for invasive species introductions in the Great Lakes region. Alterations to existing management strategies regarding the collection, transportation, and use of live bait are warranted, including new and updated regulations, to prevent future introductions of invasive species in the Great Lakes via the bait trade. © 2014 Society for Conservation Biology.

76 FR 40946 - WNC Tax Credits 40, LLC, WNC Tax Credits 41, LLC, WNC Housing Tax Credits Manager 2, LLC, WNC...

Science.gov (United States)

2011-07-12

... Credits 40, LLC, WNC Tax Credits 41, LLC, WNC Housing Tax Credits Manager 2, LLC, WNC National Partners... (``Fund 41'') (each a ``Fund,'' and collectively, the ``Funds''), WNC Housing Tax Credits Manager 2, LLC (the ``Manager''), WNC National Partners, LLC (``WNC National Partners'') and WNC & Associates, Inc...

40 CFR 96.186 - Withdrawal from CAIR NOX Annual Trading Program.

Science.gov (United States)

2010-07-01

... Trading Program. 96.186 Section 96.186 Protection of Environment ENVIRONMENTAL PROTECTION AGENCY (CONTINUED) AIR PROGRAMS (CONTINUED) NOX BUDGET TRADING PROGRAM AND CAIR NOX AND SO2 TRADING PROGRAMS FOR STATE IMPLEMENTATION PLANS CAIR NOX Opt-in Units § 96.186 Withdrawal from CAIR NOX Annual Trading...

Improving efficiency in bilateral emission trading

International Nuclear Information System (INIS)

Burtraw, D.; Harrison, K.W.; Turner, P.

1998-01-01

When environmental damages from emissions are spatially nonuniform, permit trading has been modeled most often as a 'pollution offset program' in which emission permits are traded between agents, subject to constraints on ambient air quality. To date the institution envisioned to implement such a program involves trading on a bilateral and sequential basis. However, simulation studies indicate that the sequence of trades may alter the outcome and undermine the cost savings from a pollution offset program. This paper identifies a design for the trading institution that tends to overcome this phenomenon and improve the efficiency of equilibria obtained in a simulation model. We model a bilateral trading process for the reduction of sulfur dioxide emissions with a stochastic description of the sequence of trades within groups of nations in Europe. When trading takes place between disaggregated, stylistic representations of economic enterprises, rather than between national governments, a significantly greater portion of potential savings is achieved. In fact, under most sets of assumptions, approximate first order stochastic dominance is achieved wherein the more decentralized the trading agents, the greater the expected savings from a trading program. 4 figs., 2 tabs., 31 refs

Municipal solid waste management planning considering greenhouse gas emission trading under fuzzy environment.

Science.gov (United States)

Zhang, Xiaodong; Huang, Gordon

2014-03-15

Waste management activities can release greenhouse gases (GHGs) to the atmosphere, intensifying global climate change. Mitigation of the associated GHG emissions is vital and should be considered within integrated municipal solid waste (MSW) management planning. In this study, a fuzzy possibilistic integer programming (FPIM) model has been developed for waste management facility expansion and waste flow allocation planning with consideration of GHG emission trading in an MSW management system. It can address the interrelationships between MSW management planning and GHG emission control. The scenario of total system GHG emission control is analyzed for reflecting the feature that GHG emission credits may be tradable. An interactive solution algorithm is used to solve the FPIM model based on the uncertainty-averse preferences of decision makers in terms of p-necessity level, which represents the certainty degree of the imprecise objective. The FPIM model has been applied to a hypothetical MSW planning problem, where optimal decision schemes for facility expansion and waste flow allocation have been achieved with consideration of GHG emission control. The results indicate that GHG emission credit trading can decrease total system cost through re-allocation of GHG emission credits within the entire MSW management system. This will be helpful for decision makers to effectively determine the allowable GHG emission permits in practices. Copyright © 2014 Elsevier Ltd. All rights reserved.

Rural Credit in Vietnam

DEFF Research Database (Denmark)

Barslund, Mikkel Christoffer; Tarp, Finn

This paper uses a survey of 932 rural households to uncover how the rural credit market operates in four provinces of Vietnam. Households obtain credit through formal and informal lenders, but formal loans are almost entirely for production and asset accumulation. Interest rates fell from 1997...... to 2002, reflecting increased market integration; but the determinants of formal and informal credit demand are distinct. Credit rationing depends on education and credit history, but we find no evidence of a bias against women. Regional differences are striking, and a ‘one size fits all’ approach...... to credit policy is clearly inappropriate....

Trading our health: Ontario Power Generation's plan to violate its air pollution reduction commitment

International Nuclear Information System (INIS)

Gibbons, J.; Bjorkquist, S.

1999-01-01

Amid growing concerns about nitrogen oxide (Nox) emissions, the Ontario Clean Air Alliance is recommending in this report that the Ontario government restrict Nox emissions from Ontario Power Generation (OPG) in the year 2000 and not let the corporation meet its emissions cap by on a net basis by retiring Pilot Emission Reduction Trading (PERT) Nox emission reduction credits. Instead the alliance believes the Ontario government should require OPG to achieve emissions compliance by curtailing coal-fired electricity exports, purchasing renewable and natural-gas electricity and promoting energy efficiency. OPG's inventory of PERT Nox reduction credits are assessed against whether they will cause an increase in the year 2000 as a result of trading. Ontario Power Generation's Nox emissions are a central chemical component of acid rain and smog and are produced from its coal-fired electricity generators. The utility would like to achieve Nox reductions by establishing demand management programs which would reduce the demand for electricity by 5200 megawatts (MW), by purchasing 3100 MW of non-utility generation and by undertaking combustion process modifications at its Lambton and Nanticoke coal-fired generating stations. It has not met its 2000 demand management and non-utility generation targets, and specifically, as of December 31, 1998, Ontario Hydro's successor companies demand management programs have only reduced electricity demand by approximately 1300 MW. Furthermore, the successor companies will have only approximately 1700 MW of non-utility generation capacity under contract by December 31, 1999. The report describes the criteria for ensuring that Nox emissions trading will not lead to a net increase in Ontario's emissions in any given year, and a description is included of why the 'Draft Rules for Emission Trading in Ontario' rules do not meet these criteria. Permitting OPG to use its PERT credits to meet its Nox cap, will allow them to increase coal

40 CFR 97.186 - Withdrawal from CAIR NOX Annual Trading Program.

Science.gov (United States)

2010-07-01

... Trading Program. 97.186 Section 97.186 Protection of Environment ENVIRONMENTAL PROTECTION AGENCY (CONTINUED) AIR PROGRAMS (CONTINUED) FEDERAL NOX BUDGET TRADING PROGRAM AND CAIR NOX AND SO2 TRADING PROGRAMS CAIR NOX Opt-In Units § 97.186 Withdrawal from CAIR NOX Annual Trading Program. Except as provided...

Assessing the environmental consequences of global climate and economic changes in Venezuela: Impacts of the greenhouse effect and of free trade agreements

International Nuclear Information System (INIS)

Acevedo, M.F.; Harwell, M.A.

1993-01-01

The ecological resources of most Latin American countries are subject to intense pressures for economic and industrial development which need to be balanced with local and global concerns about the long term sustainability of that resource base. Global issues and their potential long term effects should not be ignored when environmental policy strategies at the national level are elaborated. In this paper, the potential environmental consequences of two important global changes are examined, by taking Venezuela as a country case study: changes in climate, temperature, precipitation and radiation, generated by the greenhouse effect and changes in environmental stresses originating from shifts in local economic activity due to changing global trade, specifically free trade agreements. Both assessments are conducted using scenario-consequence approaches and expert judgment. The first analysis reported here is an example of the application of simulation models of global climate and local ecosystems, whereas the second analysis demonstrates the application of screening methodology which relies on processing of qualitative information. The approaches illustrated here are generic and can be applied to other Latin American countries

Social, biological, and environmental drivers of the hunting and trade of the endangered yellow-footed tortoise in the Amazon

Directory of Open Access Journals (Sweden)

Thaís Q. Morcatty

2015-09-01

Full Text Available Chelonians constitute an important source of food and income for the inhabitants of tropical forests. We assessed the social, biological, and environmental factors affecting the hunting and trade of the endangered yellow-footed tortoise (Chelonoidis denticulata in rural and urban areas in the Amazon and estimated the sustainability of tortoise use. We also discuss possible conservation alternatives that are compatible with the needs of local inhabitants. We monitored tortoise hunting and trade for 12 years in 10 traditional communities that exploit different habitat types in the Brazilian Amazon and collected data on the tortoise trade in two urban markets for six years. In upland forests, tortoise hunting mainly occurred during the dry season; in whitewater flooded forests, hunting mainly occurred during the flood season. The tortoise trade was carried out nearly entirely by whitewater flooded forest users and was intimately related to fishing, the main economic activity in these communities. Furthermore, the tortoise trade was encouraged in whitewater flooded forests because this environment yielded significantly heavier tortoises than upland forests, and we observed a strong relationship between trade probability and tortoise size. The tortoise trade was found to primarily supply nearby urban centers, generating high monetary gain. Female tortoises suffered greater hunting pressure and were more valued in the bushmeat market. The productivity of tortoise hunting in the monitored communities severely decreased with time. In addition, the price per kilogram of tortoise greatly increased in the urban market. Given this unsustainable scenario, policies regulating tortoise hunting in the Amazon are needed. These policies must be adapted to the different patterns of tortoise use by rural communities while maintaining the culture and food sovereignty of the local inhabitants.

Credit Participation and Credit Source Selection of Vietnam Small and Medium Enterprises

Directory of Open Access Journals (Sweden)

Nguyen Anh Hoang

2014-10-01

Full Text Available This study is an attempt to investigate the motivation behind the decision to participate in the credit market of SMEs from perspectives of behavioral finance and social capital theories. In addi- tion, the study also examines the effect of behavioral finance and social capital factors on the credit source selection among SMEs. This study’s design strategy involves conducting questionnaire sur- veys to SMEs owners and statistical techniques to analyze the determinants of credit participation and credit source selection of borrowers. The findings showed that personal traits of SMEs owners/ managers in terms of behavioral finance factors such as debt and risk attitudes, present biased and overconfidence and firms networking also have impacts on the firms’ credit participation and credit source selection. The research is one of the few studies that consider the influence of behavioral finance factors on firms financing decision. Furthermore, our result also contributes to explain the common use of informal credit market in developing countries.

Potential gains from CO2 trading in the EU

DEFF Research Database (Denmark)

Svendsen, Gert Tinggaard; Vesterdal, Morten

2003-01-01

A new Green Paper from the European Commission on emissions trading foresees the setting-up of a CO2 trading system within the EU for the energy sector. Because any such international environmental agreement is self-enforcing, the participants must have an economic net gain from joining the propo......A new Green Paper from the European Commission on emissions trading foresees the setting-up of a CO2 trading system within the EU for the energy sector. Because any such international environmental agreement is self-enforcing, the participants must have an economic net gain from joining...... the proposed system. Our contribution is therefore to follow the Green Paper proposal and investigate whether member countries and the largest industrial boilers in the electricity sector actually will get significant net gains from CO2 trade in the European Union rather than undertaking domestic actions...... solely. We show, based on PRIMES model, that a full CO2 emission trading system between Annex B countries suggest overall cost savings in the order of 40 % compared to a situation with no trading at all between Member States. A tradable CO2 permit scheme with comprehensive coverage of emissions within...

A HEALTHY DOSE OF PESSIMISM? INFLUENCE OF THE UKRAINIAN ECONOMY ON ITS BANKING SECTOR CREDIT RATINGS

Directory of Open Access Journals (Sweden)

Svitlana Pokrason

2017-09-01

Full Text Available The purpose of the research is to identify the influence of Ukraine’s economic development on the international agencies' credit rating of its banking system. The instability and ambiguous geopolitical position of Ukraine are complicating any predictions for its economic developments. In the meanwhile, massive restructuring of all sectors of the economy became the necessary minimum for the reformation of the country and the achievement of the international standards. It is interesting to see how exactly these international standards, as represented by the evaluation of the rating agencies, appraise Ukraine, and particularly its banking sector. The methodology involves the analysis of the three major Ukrainian banks – PrivatBank, Oschadbank, and Ukreximbank using Fitch’s credit quality assessment systematic as an example. The comparative analysis was performed using Tier 1 capital ratio and loan-to-deposit ratio of these banks, year-to-year quarterly GDP growth, consumer price index (CPI year-to-year change, UAH/USD exchange rate, 2-year and 5-year government bond yield, as well as 2-year and 5-year credit default swap (CDS. Results show that the most influential credit rating drivers for Ukrainian banks are: exchange rate; funding and liquidity; capital position and asset quality; sovereign risk. The research showed that the 2-year and 5-year government bond yield in USD and 2-year and 5-year CDS were influenced by similar trends. The yield on short-dated Ukrainian governmental bonds has shown a parallel increase with the corresponding CDS that indicated the market’s evaluation of the stressed condition of the country’s government and economy. Additionally, conventional yield structures displayed inversed nature with 2-year governmental bond yield in USD trading at significantly higher yields than 5-year government bond yield in USD during times of economic distress. Although longer maturity instruments should usually trade at a higher

Credit Risk Research

DEFF Research Database (Denmark)

Zamore, Stephen; Ohene Djan, Kwame; Alon, Ilan

2018-01-01

This article provides a comprehensive review of scholarly research on credit risk measurement during the last 57 years applying bibliometric citation analysis and elaborates an agenda for future research. The bibliography is compiled using the Institute for Scientific Information (ISI) Web...... of Science (WOS) database and includes all articles with citations over the period 1960–2016. Specifically, the review is carried out using 1695 articles across 72 countries published in 442 journals by 2928 authors. The findings suggest that credit risk research is multifaceted and can be classified...... into six streams: (1) defaultable security pricing, (2) default intensity modeling, (3) comparative analysis of credit models, (4) comparative analysis of credit markets, (5) credit default swap (CDS) pricing, and (6) loan loss provisions. The article contributes through synthesizing and identifying...

16 CFR 260.8 - Environmental assessment.

Science.gov (United States)

2010-01-01

....8 Commercial Practices FEDERAL TRADE COMMISSION GUIDES AND TRADE PRACTICE RULES GUIDES FOR THE USE OF ENVIRONMENTAL MARKETING CLAIMS § 260.8 Environmental assessment. (a) National Environmental Policy... and analysis to determine whether issuing the Guides for the Use of Environmental Marketing Claims...

77 FR 58203 - Freedom Environmental Services, Inc.; Order of Suspension of Trading

Science.gov (United States)

2012-09-19

... Suspension of Trading September 17, 2012. It appears to the Securities and Exchange Commission that there is... require a suspension of trading in the securities of the above-listed company. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the...

Is trade liberalization, economic growth, energy consumption good for the environment?

OpenAIRE

Jabeen, Asma

2015-01-01

The study attempts to identify the dynamic relationship between trade, income growth, energy consumption and CO2 emissions for Pakistan. Johansen's Cointegration procedure has been employed to estimate the coefficients of the Cointegrated Vector Autoregressive model. The results reveal that trade has a favorable effect on environmental quality for Pakistan economy, while income growth, energy consumption tends to worsen the environmental quality thus supporting the existence of Environmental ...

Importing food damages domestic environment: Evidence from global soybean trade.

Science.gov (United States)

Sun, Jing; Mooney, Harold; Wu, Wenbin; Tang, Huajun; Tong, Yuxin; Xu, Zhenci; Huang, Baorong; Cheng, Yeqing; Yang, Xinjun; Wei, Dan; Zhang, Fusuo; Liu, Jianguo

2018-05-22

Protecting the environment and enhancing food security are among the world's Sustainable Development Goals and greatest challenges. International food trade is an important mechanism to enhance food security worldwide. Nonetheless, it is widely concluded that in international food trade importing countries gain environmental benefits, while exporting countries suffer environmental problems by using land and other resources to produce food for exports. Our study shows that international food trade can also lead to environmental pollution in importing countries. At the global level, our metaanalysis indicates that there was increased nitrogen (N) pollution after much farmland for domestically cultivated N-fixing soybeans in importing countries was converted to grow high N-demanding crops (wheat, corn, rice, and vegetables). The findings were further verified by an intensive study at the regional level in China, the largest soybean-importing country, where the conversion of soybean lands to corn fields and rice paddies has also led to N pollution. Our study provides a sharp contrast to the conventional wisdom that only exports contribute substantially to environmental woes. Our results suggest the need to evaluate environmental consequences of international trade of all other major goods and products in all importing countries, which have significant implications for fundamental rethinking in global policy-making and debates on environmental responsibilities among consumers, producers, and traders across the world.

Willingness to Overpay for Insurance and for Consumer Credit: Search and Risk Behavior Under Price Dispersion

Directory of Open Access Journals (Sweden)

Sergey MALAKHOV

2014-11-01

Full Text Available When income growth under price dispersion reduces the time of search and raises prices of purchases, the increase in purchase price can be presented as the increase in the willingness to pay for insurance or the willingness to pay for consumer credit. The optimal consumer decision represents the trade-off between the propensity to search for beneficial insurance or consumer credit, and marginal savings on insurance policy or consumer credit. Under price dispersion the indirect utility function takes the form of cubic parabola, where the risk aversion behavior ends at the saddle point of the comprehensive insurance or the complete consumer credit. The comparative static analysis of the saddle point of the utility function discovers the ambiguity of the departure from risk-neutrality. This ambiguity can produce the ordinary risk seeking behavior as well as mathematical catastrophes of Veblen-effect’s imprudence and over prudence of family altruism. The comeback to risk aversion is also ambiguous and it results either in increasing or in decreasing relative risk aversion. The paper argues that the decreasing relative risk aversion comes to the optimum quantity of money.

Credit: A Teaching Unit.

Science.gov (United States)

Clanton, Brandolyn; And Others

Intended for teachers of secondary school students, five lessons on consumer credit are presented. In the first lesson students identify and evaluate sources of credit, compare some of the costs and benefits of credit, and learn to apply criteria used in evaluating applications for credit. In the second lesson, students learn about two basic types…

Contingent feasibility for forest carbon credit: evidence from South Korean firms.

Science.gov (United States)

Roh, TaeWoo; Koo, Ja-Choon; Cho, Dong-Sung; Youn, Yeo-Chang

2014-11-01

Under the Kyoto Protocol, a global governmental response to climate change, protocol signatories make an effort to cut their greenhouse gas emissions. South Korea is not included in the list of Annex I countries; yet, South Korea is the seventh highest emitter of CO2. The South Korean government has enacted various institutional policies to encourage greenhouse gas reductions. While previous studies have focused on the guidance that reflects the stance of suppliers in the carbon market, this study focuses on South Korean firms' actual demand for forest carbon credits. By applying the contingent valuation method, we estimated domestic firms' willingness to pay for forest carbon credits. We then applied a rank-ordered logistic regression to confirm whether the rank of forest carbon credits, as compared to any other carbon credit, is influenced by a firm's characteristics. The results showed that Korean firms are willing to pay 5.45 USD/tCO2 and 7.77 USD/tCO2 for forest carbon credits in domestic and overseas forest carbon projects, respectively. Therefore, the introduction of forest carbon credits in the Korean carbon market seems reasonable. Analysis of the priority rankings of forest carbon credits, however, demonstrated that forestry projects were least likely to be ranked by firms as their first priority. Although relative preferences for forest carbon credits were influenced by individual firms' characteristics such as prior experience of environmental CSR related activities and whether the firm established an emissions reduction plan, the impact of perceived behavior control, whether the firm was included in the emissions target management scheme on forest carbon credits was negligible. Therefore, forest carbon credits are not a feasible solution without strong government support or institutional instruments. The results of this study are expected to provide policy makers with realistic approaches to formulate climatic change-related policies. Copyright © 2014

RELATIONSHIP BETWEEN MACROECONOMIC FUNDAMENTALS, BANK’S CREDIT SCHEME, FIRM’S PERFORMANCE, AND FIRM’S VALUE DIMENSIONS

Directory of Open Access Journals (Sweden)

Harmono Harmono

2017-05-01

Full Text Available This study investigated the relationship among macroeconomic fundamentals, bank’s credit scheme, firm’s performance and firm’s value dimentions. The research design was explanatory research, using a structural equation model. The sample is PT. Bank Persero industry in Indonesia from 1999-2014 monthly. Empirically, based on confirmatory test it could be described that the variables represented for each dimension were that the dominant variable in macroeconomic was currency exchange rate IDR to USD, and working capital interest rate represented the bank credit interest scheme dimension, ROA was dominant for firm’s performance, and the frequency of stock trading was representing the firm’s value dimension. For the next, based on structural equation model with regression coefficient, path analysis could be discussed as follows. First, working capital credit interest rate was as weak mediation variable between exchange rate IDR to USD and ROA. Second, working capital credit interest rate influenced the frequency of stock trading through ROA. In this case ROA was as strong mediation variable. The last path analyzed the influence of exchange rate IDR against USD to the frequency of stock trading through ROA. Here ROA was the strong mediation variable. Penelitian ini meneliti pola hubungan antar dimensi fundamental makroekonomi, skema bunga kredit, kinerja perusahaan, dan nilai perusahaan. Rancangan penelitian berupa penelitian eksplanatori, dengan menggunakan analisis Model Persamaan Terstruktur (SEM. Sampel penelitian adalah industri PT. Bank Persero di Indonesia periode 1999-2014 secara bulanan. Hasil penelitian menunjukkan, berdasarkan hasil pengujian model konfirmatori dapat dijelaskan bahwa variabel-variabel yang mewakili masing-masing dimensi yaitu: variable perubahan nilai kurs mewakili dimensi fundamental makro, tarif bunga kredit modal kerja mewakili dimensi skema bunga kredit bank, ROA dominan mewakili kinerja perusahaan dan

Sustaining the emerging carbon trading industry development: A business ecosystem approach of carbon traders

International Nuclear Information System (INIS)

Hu, Guangyu; Rong, Ke; Shi, Yongjiang; Yu, Jing

2014-01-01

This paper explores how carbon traders nurture the business ecosystem to sustain the emerging carbon trading industry development. We collected primary data from a multinational carbon trader and its ecosystem partners in China, through the construction of interviews and documentary. The research findings show the carbon trading industry has experienced four-stage evolution with different driving forces; the carbon trader attracted and organized ecosystem partners to facilitate the CDM project owners to create carbon credits and trade them; a systematic business ecosystems approach through the lens of Context, Cooperation and Configuration, initiated by carbon traders, has facilitated the industry development. Our findings also implicate to industrial practitioners and policymakers for sustaining the emerging industry development at both the current- and the post-Kyoto protocol periods. - Highlights: • The carbon trader is a catalyst to link CDM project owner and trading market in China • The evolution of carbon trading industry has four stages with various driving forces. • Nurturing business ecosystems facilitates the carbon trading industry development. • The ecosystem approach works via the lens of Context, Configuration and Cooperation. • The ecosystem approach implicates to carbon trading industry at the post-Kyoto era

40 CFR 96.386 - Withdrawal from CAIR NOX Ozone Season Trading Program.

Science.gov (United States)

2010-07-01

... Trading Program. 96.386 Section 96.386 Protection of Environment ENVIRONMENTAL PROTECTION AGENCY (CONTINUED) AIR PROGRAMS (CONTINUED) NOX BUDGET TRADING PROGRAM AND CAIR NOX AND SO2 TRADING PROGRAMS FOR... Season Trading Program. Except as provided under paragraph (g) of this section, a CAIR NOX Ozone Season...

Balancing development and conservation? An assessment of livelihood and environmental outcomes of nontimber forest product trade in Asia, Africa, and Latin America

NARCIS (Netherlands)

Kusters, K.; Achdiawan, R.; Belcher, B.; Ruiz Pérez, M.; Hussain, A.

2008-01-01

This chapter addresses the question, to what extent and under which conditions nontimber forest product (NTFP) trade leads to both livelihood improvement and forest conservation. We based the analysis on a standardized expert-judgment assessment of the livelihood and environmental outcomes of 55

Water Quality Trading when Nonpoint Pollution Loads are Stochastic

OpenAIRE

Ghosh, Gaurav; Shortle, James

2009-01-01

We compare two tradable permit markets in their ability to meet a stated environmental target at least cost when some polluters have stochastic and non-measurable emissions. The environmental target is of the safety-first type, which requires probabilistic emissions control. One market is built around the trading ratio, which defines the substitution rate between stochastic and deterministic pollution, and is modeled on existing markets for water quality trading. The other market is built aro...

The impact of credit risk assessment on credit activity of commercial banks

Directory of Open Access Journals (Sweden)

Ljubić Marijana

2015-01-01

Full Text Available As banks have great social responsibility and are a subject to a specific and extensive regulations, one of the being Basel, the authors of this paper focus on the impact of credit risk assessment on credit activity of commercial banks. The authors of this paper provide a standard for risk management and an insight into directions on how to manage credit risk in the most efficient way and how to assess credit rating of a borrower.

Entangling Credit and Funding Shocks in Interbank Markets.

Directory of Open Access Journals (Sweden)

Giulio Cimini

Full Text Available Credit and liquidity shocks represent main channels of financial contagion for interbank lending markets. On one hand, banks face potential losses whenever their counterparties are under distress and thus unable to fulfill their obligations. On the other hand, solvency constraints may force banks to recover lost fundings by selling their illiquid assets, resulting in effective losses in the presence of fire sales-that is, when funding shortcomings are widespread over the market. Because of the complex structure of the network of interbank exposures, these losses reverberate among banks and eventually get amplified, with potentially catastrophic consequences for the whole financial system. Inspired by the recently proposed Debt Rank, in this work we define a systemic risk metric that estimates the potential amplification of losses in interbank markets accounting for both credit and liquidity contagion channels: the Debt-Solvency Rank. We implement this framework on a dataset of 183 European banks that were publicly traded between 2004 and 2013, showing indeed that liquidity spillovers substantially increase systemic risk, and thus cannot be neglected in stress-test scenarios. We also provide additional evidence that the interbank market was extremely fragile up to the global financial crisis, becoming slightly more robust only afterwards.

Entangling Credit and Funding Shocks in Interbank Markets.

Science.gov (United States)

Cimini, Giulio; Serri, Matteo

2016-01-01

Credit and liquidity shocks represent main channels of financial contagion for interbank lending markets. On one hand, banks face potential losses whenever their counterparties are under distress and thus unable to fulfill their obligations. On the other hand, solvency constraints may force banks to recover lost fundings by selling their illiquid assets, resulting in effective losses in the presence of fire sales-that is, when funding shortcomings are widespread over the market. Because of the complex structure of the network of interbank exposures, these losses reverberate among banks and eventually get amplified, with potentially catastrophic consequences for the whole financial system. Inspired by the recently proposed Debt Rank, in this work we define a systemic risk metric that estimates the potential amplification of losses in interbank markets accounting for both credit and liquidity contagion channels: the Debt-Solvency Rank. We implement this framework on a dataset of 183 European banks that were publicly traded between 2004 and 2013, showing indeed that liquidity spillovers substantially increase systemic risk, and thus cannot be neglected in stress-test scenarios. We also provide additional evidence that the interbank market was extremely fragile up to the global financial crisis, becoming slightly more robust only afterwards.

Entangling Credit and Funding Shocks in Interbank Markets

Science.gov (United States)

Serri, Matteo

2016-01-01

Credit and liquidity shocks represent main channels of financial contagion for interbank lending markets. On one hand, banks face potential losses whenever their counterparties are under distress and thus unable to fulfill their obligations. On the other hand, solvency constraints may force banks to recover lost fundings by selling their illiquid assets, resulting in effective losses in the presence of fire sales—that is, when funding shortcomings are widespread over the market. Because of the complex structure of the network of interbank exposures, these losses reverberate among banks and eventually get amplified, with potentially catastrophic consequences for the whole financial system. Inspired by the recently proposed Debt Rank, in this work we define a systemic risk metric that estimates the potential amplification of losses in interbank markets accounting for both credit and liquidity contagion channels: the Debt-Solvency Rank. We implement this framework on a dataset of 183 European banks that were publicly traded between 2004 and 2013, showing indeed that liquidity spillovers substantially increase systemic risk, and thus cannot be neglected in stress-test scenarios. We also provide additional evidence that the interbank market was extremely fragile up to the global financial crisis, becoming slightly more robust only afterwards. PMID:27560513

Credit derivatives in emerging markets

OpenAIRE

Romain Rancière

2002-01-01

Credit Derivatives are securities that offer protection against credit or default risk of bonds or loans. The credit derivatives emerging market has grown rapidly and credit derivatives are widely used. This paper describes the emerging credit derivatives market structure. The current market activity is analyzed through elementary pricing dynamics and the study of the term structure of default risk. Focusing on the performance of credit derivatives in stress situation, including legal and mar...

40 CFR 97.386 - Withdrawal from CAIR NOX Ozone Season Trading Program.

Science.gov (United States)

2010-07-01

... Trading Program. 97.386 Section 97.386 Protection of Environment ENVIRONMENTAL PROTECTION AGENCY (CONTINUED) AIR PROGRAMS (CONTINUED) FEDERAL NOX BUDGET TRADING PROGRAM AND CAIR NOX AND SO2 TRADING PROGRAMS CAIR NOX Ozone Season Opt-in Units § 97.386 Withdrawal from CAIR NOX Ozone Season Trading Program...

Emission allowances stall in marketplace

International Nuclear Information System (INIS)

Malec, W.F.

1993-01-01

Misinformation and public misunderstanding have given emissions trading a bad reputation in the public marketplace, says William F. Malec, executive vice president of the Tennessee Valley Authority (TVA), in Knoxville, Tennessee. Media coverage of a May 1992 emissions-allowance trade between TVA and Wisconsin Power and Light open-quotes focused on the agreement's pollution-trading aspects, not its overall potential economic and environmental benefits,close quotes Malec says. Such negative portrayal of TVA's transaction sparked severe public criticism and charges that emissions trading gives utilities the right to pollute. open-quotes The fact is that TVA sought the emissions-trading agreement as a means to reduce overall emissions in the most cost-effective way,close quotes Malec explains. Emissions trading allows a company with emission levels lower than clean-air standards to earn open-quotes credits.close quotes These credits then may be purchased by a company with emission levels that exceed federal standards. Under this arrangement, the environment is protected and companies that buy credits save money because they do not have to purchase expensive emissions-control devices or reduce their production levels. Malec says TVA decided to enter into the emissions-allowance market, not only to cut costs, but also to publicize the existence and benefits of emissions trading. However, TVA's experience proves that open-quotes people will not accept what they do not understand,close quotes concludes Malec, open-quotes especially when complex environmental issues are involved.close quotes

The influence of sovereign credit ratings on corporate credit ratings.

OpenAIRE

Umutoni, Liliane

2017-01-01

Credit ratings have a key role in modern financial markets as they communicate crucial information on the creditworthiness of a debt issuer to investors and regulators. These credit ratings are mostly determined by three rating agencies, namely Standard & Poor’s, Moody’s and Fitch, even though, the credit rating industry counts a dozen of recognized rating agencies. Indeed, the three agencies have become the market leaders with a market share of 94.3% on the U.S market (Bloomberg, 2015) and 9...

Credit risk management in banks

OpenAIRE

Pětníková, Tereza

2014-01-01

The subject of this diploma thesis is managing credit risk in banks, as the most significant risk faced by banks. The aim of this work is to define the basic techniques, tools and methods that are used by banks to manage credit risk. The first part of this work focuses on defining these procedures and describes the entire process of credit risk management, from the definition of credit risk, describing credit strategy and policy, organizational structure, defining the most used credit risk mi...

Sex of respondent and credit attitudes as predictors of credit card use and debt payment.

Science.gov (United States)

McCall, Michael; Eckrich, Donald W

2006-06-01

Researchers have suggested there may be sex differences in attitudes towards credit card possession and use. Undergraduates, 41 men and 41 women, completed a survey regarding their attitudes towards credit, credit card use, and repayment. Analysis indicated sex played a significant moderating role between number of credit cards used and the importance of paying off monthly balances. Women possessed more credit cards than men and engaged in more frequent shopping. Number of credit cards increased with paying off of monthly balances. Data are discussed in terms of the importance of managing credit card debt in an increasingly cashless society.

Consumer Handbook to Credit Protection Laws.

Science.gov (United States)

Board of Governors of the Federal Reserve System, Washington, DC.

The five sections of this consumer handbook are The Cost of Credit, Applying for Credit, Credit Histories and Records, Correcting Credit Mistakes, and Complaining about Credit. Each section discusses relevant legislation: Truth in Lending, the Equal Credit Opportunity Act, and the Fair Credit Reporting Act. Topics discussed in section I include…

A credit policy approach in a two-warehouse inventory model for deteriorating items with price- and stock-dependent demand under partial backlogging

Science.gov (United States)

Panda, Gobinda Chandra; Khan, Md. Al-Amin; Shaikh, Ali Akbar

2018-04-01

Advertisement of the product is an important factor in inventory analysis. Also, price and stock have an important role to attract more customers in the competitive business situations. Trade credit policy is another important role in inventory analysis. We have combined these three factors together in a two-warehouse inventory model and represented it mathematically. In addition, we have added deteriorating factor of our proposed problem with price- and stock-dependent demand under partial backlogged shortage and solved. The frequency of advertisement is considered constant for a year in this paper. The proposed model is highly nonlinear in nature. Due to highly nonlinearity, we could not find the closed form solution. In this paper, trade credit facility is taken in the perspective of retailer, and all the possible cases and subcases of the model are discussed and solved using lingo 10.0 software. The results of sensitivity analysis prove the effectiveness of the proposed model.

MANAGEMENT OF CREDIT LOSSES

Directory of Open Access Journals (Sweden)

Natalya P. Anoshkina

2018-06-01

Full Text Available The paper is devoted to the problem of credit loss management topical for modern Russian science and banking practice. The bank’s lending activity is an integral and the most profitable sphere of banking activity. Banks need to take credit risks inherent in their core business and minimize their impact through the establishment of advanced risk management systems. The study, reflected in the present paper, has been conducted in order to determine approaches to the organization of credit loss management in banking. Analysis of the system of management of credit risks and credit losses has shown that they have different scope, object and purpose. In this connection, there is an objective necessity to create a special subsystem for the management of credit losses in banks. On the basis of common bank approaches to credit risk management, the paper develops models of credit loss management: a multi-level management model in the area of ‘operational-tactical-strategic management’ and a functional management model in the area of ‘technology-execution-control’. These models are important for the modern theory and practice of banking, as they allow the bank to manage credit losses on the entire time horizon of the management process, thus opening a wide range of opportunities for the creation and implementation of large-scale programs, as well as specific techniques. This study allows drawing a conclusion about the need to consider control credit losses as a strictly regulated multi-level process, in which each division is assigned with specific objectives, tasks, functions, formally enshrined in the relevant lists, job descriptions and other legal documents.

Non-conventional fuel tax credit

International Nuclear Information System (INIS)

Soeoet, P.M.

1988-01-01

Coal-seam methane, along with certain other non-conventional fuels, is eligible for a tax credit. This production tax credit allowed coal-seam methane producers to receive $0.7526 per million Btu of gas sold during 1986. In 1987, this credit rose to $0.78 per million Btu. The tax credit is a very significant element of the economic analysis of current coal-seam methane projects. In today's spot market, gas prices are around $1.50 per million Btu. Allowing for costs of production, the gas producer will net more income from the tax credit than from the sale of the gas. The Crude Oil Windfall Profit Tax Act of 1980 is the source of this tax credit. There were some minor changes made by subsequent legislation, but most of the tax credit has remained intact. Wells must be drilled by 1990 to qualify for the tax credit but the production from such wells is eligible for the tax credit until 2001. Projections have been made, showing that the tax credit should increase to $0.91 per million Btu for production in 1990 and $1.34 per million Btu in 2000. Variables which may decrease the tax credit from these projections are dramatically lower oil prices or general economic price deflation

Credit Management System

Data.gov (United States)

US Agency for International Development — Credit Management System. Outsourced Internet-based application. CMS stores and processes data related to USAID credit programs. The system provides information...

17 CFR 32.13 - Exemption from prohibition of commodity option transactions for trade options on certain...

Science.gov (United States)

2010-04-01

... trade option merchant's internal controls with respect to market risk, credit risk, and other risks... disclosure statement: This brief statement does not disclose all of the risks and other significant aspects... futures exchange. You may be able to obtain a similar contract or execute a similar risk management...

Does trade matter for carbon emissions in OECD countries? Evidence from a new trade openness measure.

Science.gov (United States)

Gozgor, Giray

2017-12-01

This paper analyzes the impacts of the per capita income, the per capita energy consumption, and the trade openness on the level of per capita carbon emissions in the panel dataset of 35 Organization for Economic Cooperation and Development (OECD) countries over the period 1960-2013. Along with the nominal trade openness, the paper uses a different trade openness measure, so called as the "trade potential index" (TPI). To the best of our knowledge, this is the first paper that uses the TPI in the empirical environmental Kuznets curve (EKC) hypothesis literature. The paper finds that the EKC hypothesis is valid and there is an "inverted-U" relationship between the income and the carbon emissions. In addition, the paper observes that there is a positive effect of the energy consumption on the carbon emissions. Furthermore, the results indicate that both trade openness measures are negatively associated with the carbon emissions in the OECD countries in the long run.

Valuation of environmental and societal trade-offs of renewable energy sources

International Nuclear Information System (INIS)

Kosenius, Anna-Kaisa; Ollikainen, Markku

2013-01-01

Use of renewable energy sources is one solution to decrease green house gas emissions and the use of polluting fossil fuels. Renewables differ in their environmental and societal impacts, and to design sound renewable energy policy, societies need to assess the trade-offs between alternative sources. To enable the evaluation and comparison of renewable energy production alternatives in Finland, this paper applies the choice experiment to elicit the monetary information on people's preferences for four renewable energy sources: wind power, hydro power and energy from crops and wood, and considers four impacts of energy production: effects on biodiversity, local jobs, carbon emissions and household's electricity bill. The nested logit analysis reveals that higher income, male gender, young age, and pro-environmental attitude increase the probability to choose renewable energy instead of the current energy mix. Wind power is, on average, the most popular renewable energy technology, but regional differences exist. Biodiversity deterioration should be avoided. The national aggregate willingness to pay, based on stated preferences rather than preferences revealed by actual market behavior, for a combination of renewable energy technologies that corresponds to Finland's climate change and energy policy is over 500 million Euros. - Highlights: • Preferences for renewable energy sources are elicited with choice experiment. • Wind power is the most popular source in general. • Regional differences exist: energy from wood is favored in rural areas. • Biodiversity deterioration should be avoided

Credit Union Headquarters

Data.gov (United States)

Department of Homeland Security — The National Credit Union Administration (NCUA) is the independent federal agency that charters and supervises federal credit unions. NCUA, backed of the full faith...

Carbon Countdown. Emissions trading to combat climate change

International Nuclear Information System (INIS)

2006-06-01

The European Emission Trading Scheme (EU ETS) is a crucial cornerstone of climate change policy in Europe and the first international trading system for carbon dioxide (CO2) emissions in the world. The ETS is a major part of the solution to one of the biggest challenges humanity is facing: global warming. A WWF review of Phase 1 of the European Emission Trading Scheme and recommendations to improve its environmental effectiveness and economic efficiency for Phase 2

Does EU ETS lead to emission reductions through trade? The case of the Swedish emissions trading sector participants

International Nuclear Information System (INIS)

Sandoff, Anders; Schaad, Gabriela

2009-01-01

The first trading period of the European Emissions Trading Scheme (EU ETS) has recently come to an end. The experiences of the actors in the trading sector will be of great importance in evaluating the aim and direction of this 'Grand Policy Experiment'. This paper gives an account of the attitudes and actions of the companies included in the Swedish emissions trading sector after about 15 months of experience with the system. The data are based on a study commissioned by the Swedish Environmental Protection Agency, and is a comprehensive survey that encompasses all companies operating installations included in the Swedish Emission Trading Registry. However, the results point in a somewhat disquieting direction. Although the Swedish companies have shown significant interest in reducing emissions, this survey indicates that this is done without close attention to the pricing mechanism of the market-based instruments. If this praxis is widespread within the European trading sector, it can have a serious negative effect on the efficiency of the system.

[Emissions trading potential : achieving emission reductions in a cost-effective manner

International Nuclear Information System (INIS)

Fay, K.

1998-01-01

The issue of emissions trading as a viable tool to reduce greenhouse gas emissions by developed countries was discussed. The essence of this author's argument was that emissions trading alone will not solve the climate change problem and that the details of the program are hazy at best. In order to have any hope of meeting the emission reductions, it is essential to begin working out the details now, and to coordinate them with the Clean Development Mechanism (CDM) and Joint Implementation (JI) plan since all three of these flexibility mechanisms will be working in and among themselves, therefore they need to be consistent. Work on a general set of draft principles by the International Climate Change Partnership (ICCP), a coalition headquartered in Washington, DC, was summarized. Essentially, ICCP favors voluntary programs, incentives for participation, no quantitative limits on trading, no limits on sources and sinks. ICCP believes that trading should be allowed at the company level, and liability should not devolve on the buyer alone, rather, it should be negotiated between buyers and sellers. Credits for early action should also be tradable and most of all, the trading program should be simple to allow active participation by industry, and be free of bureaucratic impediments

Societies of the Mutual Credit of Siberia at the Beginning of the XX Century: Number, Structure of Management and Composition

Directory of Open Access Journals (Sweden)

Tatiana A. Kattsina

2015-12-01

Full Text Available The article based on the Siberian materials explores the number, the system of organization, number and social composition of mutual loan societies. These societies were usually small banks that served the small and middle bourgeoisie, urban and rural entrepreneurs; different from other credit institutions by two main features: 1 the owners of the enterprise are not lenders and borrowers themselves, and 2 the members of societies were linked by mutual responsibility. The article was written with the assistance of new archival materials that allow conclusions on the later of the beginning of mutual credit societies in the Siberian province, a relatively democratic system of governance based on personal acquaintance and mutual trust among participants; the predominance in their composition representatives of trade and industrial estates, and slight differences from the social structure of mutual credit societies in European Russia.

The FTAA and hemispheric integration: building a triple-win strategy for trade and sustainability in the hemisphere

International Nuclear Information System (INIS)

2001-04-01

The concept of a trade and sustainability agenda for the Americas is explained and a historical account of the process of making this concept a reality is discussed in a background paper for the Hemispheric Trade and Sustainability Symposium held on April 18, 2001 in Quebec City. The Symposium was held in conjunction with the Third Summit of the Americas, where heads of 34 American nations discussed ways and means to encourage hemispheric cooperation. The object of the Symposium was to provide a constructive, policy-oriented, and knowledge-based open forum for dialogue on trade and sustainability issues; to identify policy options that can be mutually beneficial to trade, environment and development, and to increase public support for trade liberalisation in the Americas. The strategy aims to build a sustainable FTAA through the identification of a series of environmental provisions to be incorporated in the Agreement; strengthen environmental cooperation in the Americas, especially in trade-sensitive, or trade-related sectors, and create a high level hemispheric expert group on trade and sustainability for continuous and constructive dialogue with civil society and industry on these issues. The backgrounder provides a precis of the fundamental aspect of building a sustainable FTAA, explains the origin of the prevailing fear of unilateral environment-related trade sanctions by the United States, the fear of protectionist measures by Canada and the United States based on environmental provisions in the FTAA, and the fear that higher environmental standards and regulations would undermine the competitiveness of Latin American and Caribbean businesses. The paper attempts to dispel these fears by explaining the mechanism envisaged to be predominant in creating the triple-win strategy, namely impact assessment, transparency, participation and dispute resolution processes. The eventual agreement should also mention sustainable development as an overarching objective of

Trade-offs between economic and environmental impacts of introducing legumes into cropping systems

Directory of Open Access Journals (Sweden)

Moritz eReckling

2016-05-01

Full Text Available Europe’s agriculture is highly specialized, dependent on external inputs and responsible for negative environmental impacts. Legume crops are grown on less than 2 % of the arable land and more than 70 % of the demand for protein feed supplement is imported from overseas. The integration of legumes into cropping systems has the potential to contribute to the transition to a more resource-efficient agriculture and reduce the current protein deficit. Legume crops influence the production of other crops in the rotation making it difficult to evaluate the overall agronomic effects of legumes in cropping systems. A novel assessment framework was developed and applied in five case study regions across Europe with the objective of evaluating trade-offs between economic and environmental effects of integrating legumes into cropping systems. Legumes resulted in positive and negative impacts when integrated into various cropping systems across the case studies. On average, cropping systems with legumes reduced nitrous oxide emissions by 18 % and 33 % and N fertilizer use by 24 % and 38 % in arable and forage systems, respectively, compared to systems without legumes. Nitrate leaching was similar with and without legumes in arable systems and reduced by 22 % in forage systems. However, grain legumes reduced gross margins in 3 of 5 regions. Forage legumes increased gross margins in 3 of 3 regions. Among the cropping systems with legumes, systems could be identified that had both relatively high economic returns and positive environmental impacts. Thus, increasing the cultivation of legumes could lead to economic competitive cropping systems and positive environmental impacts, but achieving this aim requires the development of novel management strategies informed by the involvement of advisors and farmers.

Energy and Carbon Embodied in the International Trade of Brazil

International Nuclear Information System (INIS)

Tolmasquim, M.T.; Machado, G.

2003-01-01

Shifting the economic structure of a country towards energy-intensive industries may lead to significant effect on the environment. One of the major environmental impacts associated to such changes is the increase of the Carbon Dioxide emissions - the main factor behind the greenhouse effect. In the last decades, structural changes in the Brazilian economy were close related to changes in the country's trade specialization. This paper analyzes to what extent energy use and its associated CO2 emissions of Brazil in the 90's may be overloaded by changes in the country's trade specialization towards a more energy-intensive mix. This study finds that Brazil exported, in net terms, significant amounts of energy and carbon (C) embodied in goods traded with the rest of the world in the 90's. In fact, some 6.6% of the final energy used by the industrial sector and around 7.1% of its C emissions are prompted by international trade. By overloading the country's energy use and its associated environmental damage (both local and global), this situation seems to contribute to increase not only local but also global environmental damage, since C leakage from non-Annex I countries due to international trade may lead to higher C concentration in the atmosphere

Credit risk transfer

OpenAIRE

Bank for International Settlements

2003-01-01

Executive summary Techniques for transferring credit risk, such as financial guarantees and credit insurance, have been a long-standing feature of financial markets. In the past few years, however, the range of credit risk transfer (CRT) instruments and the circumstances in which they are used have widened considerably. A number of factors have contributed to this growth, including: greater focus by banks and other financial institutions on risk management; a more rigorous approach to risk/re...

Dynamic Virtual Credit Card Numbers

Science.gov (United States)

Molloy, Ian; Li, Jiangtao; Li, Ninghui

Theft of stored credit card information is an increasing threat to e-commerce. We propose a dynamic virtual credit card number scheme that reduces the damage caused by stolen credit card numbers. A user can use an existing credit card account to generate multiple virtual credit card numbers that are either usable for a single transaction or are tied with a particular merchant. We call the scheme dynamic because the virtual credit card numbers can be generated without online contact with the credit card issuers. These numbers can be processed without changing any of the infrastructure currently in place; the only changes will be at the end points, namely, the card users and the card issuers. We analyze the security requirements for dynamic virtual credit card numbers, discuss the design space, propose a scheme using HMAC, and prove its security under the assumption the underlying function is a PRF.

Does Trade Help to Explain Tourism Demand? The Case of Portugal

OpenAIRE

Nuno Carlos LEITÃO

2010-01-01

The tourism industry has expanded in recent years due to internal and external environmental forces. These forces, income, trade, consumer price, and geographical distance are interconnected. Accounting for imperfect competition and increasing returns to scale, the new trade theory offers the explanation of dynamic gains from international trade. A large number of studies attempt to test the hypothesis that there is a link between trade and tourism. Most of the studies show that trade and tou...

Trade-off-theory vs. pecking order theory and the determinants of corporate leverage: Evidence from a panel data analysis upon French SMEs (2002–2010

Directory of Open Access Journals (Sweden)

Philippe Adair

2015-12-01

Full Text Available We test the assumptions of trade-off theory (TOT and pecking order theory (POT regarding corporate leverage. The dependent variable being the debt ratio, we apply a linear model upon a balanced panel data-set of 2,370 French SMEs over the period 2002–2010. In accordance to TOT, trade credit acts as a signal to creditors who have no private information about the firm and access to credit relies on guarantees. The relationship between corporate leverage and the profitability of SMEs as well as growth opportunities support POT. However, the relationship between corporate leverage and the age of SMEs, as well as their size, remains inconclusive with respect to both theories.

TRADE EFFECTS: REGULATORY, ACCOUNTING PRACTICES AND REPORTING OF INFORMATION RELATED

Directory of Open Access Journals (Sweden)

ARISTIŢA ROTILĂ

2014-05-01

Full Text Available It is known that within trade relations providers often credit customers for the value of goods or services which are the subject of conducted commercial transactions, this aspect being materialized in the issuance and acceptance of a trade effect. From the time of acceptance until maturity / settlement, trade effects should be reflected separately in the accounts and, to the extent that were not settled until the end of exercise, their value must be presented in the financial statements. Based on analysis of the Romanian accounting regulations, also taking into consideration the opinions expressed in specific literature concerning accounting reflection of trade effects, in this article we try to point out some aspects which, in our opinion, require clarification. We also want to point out some contradictions / inconsistencies regarding the reporting of information on the trade effects, specifically between the text of accounting regulations concerning the definition of accounting structures „cash and bank accounts” and “short term investments” and their contents when presented as positions in the balance sheet structure. In relation to the issues raised we try to prove the effects on the indicators concerning financial position and to make some suggestions that would have effects on Romanian accounting regulations, namely the improvement of financial reporting performed by the economic operators.

12 CFR 561.12 - Consumer credit.

Science.gov (United States)

2010-01-01

...; loans in the nature of overdraft protection; and credit extended in connection with credit cards. ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Consumer credit. 561.12 Section 561.12 Banks... AFFECTING ALL SAVINGS ASSOCIATIONS § 561.12 Consumer credit. The term consumer credit means credit extended...

THE CREDIT AND CREDIT RISK MANAGEMENT DURING THE CRISIS

Directory of Open Access Journals (Sweden)

Chitan Gheorghe

2012-03-01

Full Text Available Considering the importance of credit risk management to ensure the financial system stability,the paper presents financial and real sector interaction highlighting that credit growth based on increase of creditdemand, of income, of assets prices, of currency availability, the interest rate differential between countries andrelaxation of regulatory framework, leaves banks more vulnerable to subsequent downturn in economic activity andasset prices. It also outlines the steps taken or those I think that should be implemented in terms of improving creditrisk management, implementation of regulatory measures to limit credit expansion, enforcing the regulatoryrequirements for covering the expected and unexpected losses, introduction of new surveillance tools aimed to leadto a more resilient financial system.

78 FR 49963 - Heavy-Duty Engine and Vehicle and Nonroad Technical Amendments

Science.gov (United States)

2013-08-16

... future model year in which your average CO 2 level exceeds the standard. You may trade credits to another..., Confidential business information, Environmental protection, Incorporation by reference, Labeling, Motor... Environmental protection, Administrative practice and procedure, Air pollution control, Confidential business...

Determinants of SME credit worthiness under Basel rules: the value of credit history information

Directory of Open Access Journals (Sweden)

Francesco Dainelli

2013-03-01

Full Text Available The Basel III Accord has reportedly had an impact on SME financing. In this paper, we aim to highlight the determinants of SME credit worthiness. We use credit history in addition to financial ratios and “hybrid” indicators that have been built by mixing credit history with financial statement data. We develop a failure prediction logit model on 187 Italian SMEs. The use of short-term credit lines is the most important variable. Contrary to common understanding, capitalization levels do not affect ratings. Lastly, credit worthiness is sensitive to sale profitability.

Refining models for quantifying the water quality benefits of improved animal management for use in water quality trading

Science.gov (United States)

Water quality trading (WQT) is a market-based approach that allows point sources of water pollution to meet their water quality obligations by purchasing credits from the reduced discharges from other point or nonpoint sources. Non-permitted animal operations and fields of permitted animal operatio...

Identified best environmental management practices to improve the energy performance of the retail trade sector in Europe

International Nuclear Information System (INIS)

Galvez-Martos, Jose-Luis; Styles, David; Schoenberger, Harald

2013-01-01

The retail trade sector has been identified as a target sector for the development of sectoral reference documents on best environmental management practices under the Eco-Management and Audit Scheme. This paper focuses on the important energy-related needs in retailers' stores such as for food refrigeration and lighting, as well as heating, ventilation and air conditioning of the building. For the definition of best environmental management practices in the European framework, frontrunner retailers have been identified as those retailers integrating energy minimization and saving measures as standard practice systematically across stores. These best performers also integrate a comprehensive monitoring system in the energy management of every store or building belonging to the company, enabling the rapid identification of energy saving opportunities. An integrative approach is needed to define how best practices should be implemented in combination to optimize energy management within stores: building aspects such as insulation of the building envelope or the heating, ventilation and air conditioning system, should be optimized in combination with best options for refrigeration in food retailers. Refrigeration systems are responsible for half of the final energy use in stores and of their carbon footprint. Natural refrigerants, heat recovery from the condensation stage and covering of display cases are measures with high environmental benefits to reduce the impact of refrigeration. Finally, practices for lighting, as optimal lighting strategies, and the integration of renewable energy sources in overall zero energy building concepts can save considerable amounts of fossil energy, reduce the carbon footprint and produce significant cost-savings in the long term. - highlights: • There is a high energy performance improvement potential of the retail trade sector. • We propose techniques with a high performance level and applied by frontrunners. • We identified

Environmental efficiency and labour productivity. Trade-off or joint dynamics? A theoretical investigation and empirical evidence from Italy using NAMEA

International Nuclear Information System (INIS)

Mazzanti, Massimiliano; Zoboli, Roberto

2009-01-01

In this paper we test an adapted EKC hypothesis to verify the relationship between 'environmental efficiency' (namely emissions per unit of value added) and labour productivity (value added per employee). We exploit NAMEA data on Italy for 29 sector branches and 6 categories of air emissions for the period 1991-2001. We employ data on capital stock and trade openness to test the robustness of our results. On the basis of the theoretical and empirical analyses focusing on innovation, firm performances and environmental externalities, we would expect a positive correlation between environmental efficiency and labour productivity - a negative correlation between the emissions intensity of value added and labour productivity - which departs from the conventional mainstream view. The hypothesis tested is a critical one within the longstanding debate on the potential trade-off or complementarity between environmental preservation and economic performance, which is strictly associated with the role of technological innovation. We find that for most air emission categories there is a positive relationship between labour productivity and environmental efficiency. Labour productivity dynamics, then, seem to be complementary to a decreasing emissions intensity in the production process. Taking a disaggregate sector perspective, we show that the macro-aggregate evidence is driven by sector dynamics in a non-homogenous way across pollutants. Services tend always to show a 'complementary' relationship, while industry seems to be associated with inverted U-shape dynamics for greenhouse gases and nitrogen oxides. This is in line with our expectations. In any case, EKC shapes appear to drive such productivity links towards complementarity. The extent to which this evidence derives from endogenous market forces, industrial and structural change, and policy effects is discussed by taking an evolutionary perspective to innovation and by referring to impure public goods arguments

Credit Card Quiz.

Science.gov (United States)

Marks, Jeff

2000-01-01

Describes an activity in which students design credit cards and discover for themselves the mathematical realities of buying on credit. Employs multiple-intelligence theory to increase the chance that all students will be reached. (YDS)

Credit derivatives and risk management

OpenAIRE

Michael S. Gibson

2007-01-01

The striking growth of credit derivatives suggests that market participants find them to be useful tools for risk management. I illustrate the value of credit derivatives with three examples. A commercial bank can use credit derivatives to manage the risk of its loan portfolio. An investment bank can use credit derivatives to manage the risks it incurs when underwriting securities. An investor, such as an insurance company, asset manager, or hedge fund, can use credit derivatives to align its...

Latinos in the Credit Economy

OpenAIRE

Ralph, Lisa M.

2010-01-01

Access to consumer credit as a means of building wealth is one of the least examined forms of social inequality. The recent economic crisis in the United States has brought attention to the significance of consumer credit in our nation's economy; however, less understood are the specific obstacles and barriers that prevent low-income individuals from reaching the "American Dream." In an exploratory manner, this study compared credit access, credit literacy, and credit experience of low-income...

Quality of urban forest carbon credits

Science.gov (United States)

Neelam C. Poudyala; Jacek P. Siry; J.M. Bowker

2011-01-01

While the urban forest is considered an eligible source of carbon offset credits, little is known about its market potential and the quality aspects of the credits. As credit suppliers increase in number and credit buyers become more interested in purchasing carbon credits, it is unclear whether and how urban forest carbon credits can perform relative to the other...

Boundedly rational credit cycles

OpenAIRE

Sáez, María

1996-01-01

We propose an evolutionary model of a credit market. We show that the economy exhibits credit cycles. The model predicts dynamics which are consistent with some evidence about the Great Depression. Real shocks trigger episodes of credit--crunch which are observed in the process of adjustment towards the post shock equilibrium.

Statistical credit risk assessment model of small and very small enterprises for Lithuanian credit unions