WorldWideScience

Sample records for environmental credit trading

  1. Permit trading and credit trading

    DEFF Research Database (Denmark)

    Boom, Jan-Tjeerd; R. Dijstra, Bouwe

    This paper compares emissions trading based on a cap on total emissions (permit trading) and on relative standards per unit of output (credit trading). Two types of market structure are considered: perfect competition and Cournot oligopoly. We find that output, abatement costs and the number...... of firms are higher under credit trading. Allowing trade between permit-trading and credit-trading sectors may increase in welfare. With perfect competition, permit trading always leads to higher welfare than credit trading. With imperfect competition, credit trading may outperform permit trading....... Environmental policy can lead to exit, but also to entry of firms. Entry and exit have a profound impact on the performance of the schemes, especially under imperfect competition. We find that it may be impossible to implement certain levels of total industry emissions. Under credit trading several levels...

  2. Trade Credit and Informational Asymmetry.

    OpenAIRE

    Smith, Janet Kiholm

    1987-01-01

    Commonly used trade credit terms implicitly define a high interest rate that operates as an efficient screening device where information about buyer default risk is asymmetrically held. By offering trade credit, a seller can identify prospective defaults more quickl y than if financial institutions were the sole providers of short-ter m financing. The information is valuable in cases where a seller has made nonsalvageable investments in buyers since it enables the seller to take actions to pr...

  3. Trade credit: Elusive insurance of firm growth

    NARCIS (Netherlands)

    Bams, Dennis; Bos, Jaap; Pisa, Magdalena

    2016-01-01

    Firms depend heavily on trade credit. This paper introduces a trade credit network into a structural model of the economy. In an empirical analysis of the model, we find that trade credit is an elusive insurance: as long as a firm is financially unconstrained and times are good, more trade credit

  4. Pollution added credit trading (PACT). New dimensions in emissions trading

    International Nuclear Information System (INIS)

    Schaltegger, Stefan; Thomas, Tom

    1996-01-01

    To date, sources of hazardous, toxic, or otherwise harmful emissions have been regulated on a pollutant by pollutant basis. Environmental policies, even the more advanced 'incentive-based' programs, have focused on individual substances rather than on the overall environmental problem to which the substances contribute. This has produced results that are less economically efficient and ecologically effective than is desirable. A more comprehensive approach combines the principles of emission reduction credit trading with advances made recently in the field of environmental impact assessment, to yield an advanced form of inter-pollutant trading, which we refer to as pollution added credit trading (PACT). PACT incorporates a method for estimating the total environmental harm generated (pollution added) by a facility emitting a variety of pollutants. Weightings that reflect relative harm are used to calculate total pollution added. Each facility covered by PACT would receive annual allowances for total pollution added that they could discharge to the environment. As with existing emissions trading programs, surplus allowances could be sold and shortfalls would be covered by purchasing other facilities' surplus allowances. PACT is more efficient than single-pollutant emissions trading in that it captures differences in marginal reduction costs that exist between pollutants as well as between facilities. It is more ecologically effective because it focuses on the overall environmental problem, rather than on the individual pollutants that contribute to the problem

  5. The Supply of Trade Credit by Brazilian Publicly Traded Firms

    Directory of Open Access Journals (Sweden)

    Rafael Felipe Schiozer

    2011-12-01

    Full Text Available This paper investigates the determinants of trade credit supply by Brazilian publicly traded companies between the years of 2005 and 2008. International literature (both theoretical and empirical documents that the main determinants of trade credit supply are the size of the firm and the size of its debt. Both indicate that the availability of resources to the firm is an important factor for the supply of trade credit. In addition, the literature confirms strategic uses of trade credit such as those for price discrimination purposes. The results obtained using a sample of 157 Brazilian companies do not support that size and indebtedness are relevant determinants for trade credit supply, but they confirm the supply of trade credit as a strategic tool for the firms. Additionally we observed a significant decrease in trade credit supply in 2008, the year in which a severe international financial crisis took place.

  6. 49 CFR 536.8 - Conditions for trading of credits.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 6 2010-10-01 2010-10-01 false Conditions for trading of credits. 536.8 Section... SAFETY ADMINISTRATION, DEPARTMENT OF TRANSPORTATION TRANSFER AND TRADING OF FUEL ECONOMY CREDITS § 536.8 Conditions for trading of credits. (a) Trading of credits. If a credit holder wishes to trade credits to...

  7. CO2 credit or energy credit in emission trading?

    International Nuclear Information System (INIS)

    Hu, E.

    2002-01-01

    Emission trading is a good concept and approach to tackle global warming. However, what ''currency'' or ''credit'' should be used in the trading has remained a debatable topic. This paper proposed an ''Energy Credit'' concept as an alternative to the ''CO 2 credit'' that is currently in place. From the thermodynamic point of view, the global warming problem is an ''energy balance'' problem. The energy credit concept is thought to be more thermodynamically correct and tackles the core of the global warming problem more directly. The Energy credit concept proposed can be defined as: the credit to offset the extra energy trapped/absorbed in the earth (and its atmosphere) due to the extra anthropogenic emission (or other activities) by a country or company. A couple of examples are given in the paper to demonstrate the concept of the Energy credit and its advantages over the CO 2 credit concept. (author)

  8. 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

  9. Trade Credit Insurance and Asymmetric Information Problem

    Directory of Open Access Journals (Sweden)

    Sokolovska Olena

    2017-03-01

    Full Text Available The presence of different risk factors in international trade gives evidence of the necessity of support in gaps that may affect exporters’ activity. To maximize the trade volumes and in the same time to minimize the exporters’ risks the stakeholders use trade credit insurance. The paper provides analysis of conceptual background of the trade credit insurance in the world. We analyzed briefly the problems, arising in insurance markets due to asymmetric information, such as adverse selection and moral hazard. Also we discuss the main stages of development of trade credit insurance in countries worldwide. Using comparative and graphical analysis we provide a brief evaluation of the dynamics of claims and recoveries for different forms of trade credit insurance. We found that the claims related to the commercial risk for medium and long trade credits in recent years exceed the recoveries, while with the political risk the reverse trend holds. And we originally consider these findings in terms of information asymmetry in the trade credit insurance differentiated by type of risk.

  10. Sustainable Trade Credit and Replenishment Policies under the Cap-And-Trade and Carbon Tax Regulations

    Directory of Open Access Journals (Sweden)

    Juanjuan Qin

    2015-12-01

    Full Text Available The paper considers the sustainable trade credit and inventory policies with demand related to credit period and the environmental sensitivity of consumers under the carbon cap-and-trade and carbon tax regulations. First, the decision models are constructed under three cases: without regulation, carbon cap-and-trade regulation, and carbon tax regulation. The optimal solutions of the retailer in the three cases are then discussed under the exogenous and endogenous credit periods. Finally, numerical analysis is conducted to obtain conclusions. The retailer shortens the trade credit period as the environmental sensitivity of the consumer is enhanced. The cap has no effects on the credit period decisions under the carbon cap-and-trade regulation. Carbon trade price and carbon tax have negative effects on the credit period. The retailer under carbon cap-and-trade regulation is more motivated to obey regulations than that under carbon tax regulation when carbon trade price equals carbon tax. Carbon regulations have better effects on carbon emission reduction than with exogenous credit term when the retailer has the power to decide with regards credit policies.

  11. 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

  12. The determinants of trade credit use

    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

  13. Trade credit supply, market power and the matching of trade credit terms

    NARCIS (Netherlands)

    Fabbri, D.; Klapper, L.F.

    2008-01-01

    This paper studies the decision of firms to extend trade credit to customers and its relation with their financing decisions. 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 payment history of trade credit

  14. 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

  15. 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

  16. Emissions trading and the negotiation of pollution credits

    Energy Technology Data Exchange (ETDEWEB)

    Black A.J.

    2000-07-01

    A new market is emerging based on greenhouse gas emissions and the trading of pollution credits. While the structure of the primary market is being planned, many businesses are already positioning themselves in the nascent secondary market. This trend is based on corporate 'realpolitik' a recognition that tougher environmental regulation is inevitable. But the development of an emissions trading regime is lagging behind commercial reality. This article examines the state of play in the development of a market for carbon emissions trading.

  17. Trade Credit and Access to Finance of Retailers in Ethiopia

    NARCIS (Netherlands)

    Beck, T.H.L.; Hoseini, Mohammad; Uras, Burak

    2018-01-01

    Using data on 5,500 Ethiopian retailers, we document that there is lower use of trade credit in areas with more access to bank finance. Among firms within an area, however, receiving a bank loan increases the use of trade credit by informal firms, but has no association with trade credit of formal

  18. The Impact of Financial Development on the Relationship between Trade Credit, Bank Credit and Firm Characteristics

    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...

  19. 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

  20. 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.

  1. 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)

  2. 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.

  3. Impact of trade in emission reduction credits on solar projects

    International Nuclear Information System (INIS)

    Kulkarni, P.

    1993-01-01

    Since the amendment of the Clean Air Act in 1990, the possibility of trading in Emission Reduction Credits has been looked upon as a strategy for improving the economic feasibility of solar projects. This paper discusses developments towards such a market and reviews current and proposed emission trading practices. The paper analyzes how the current characteristics of the market help or hinder the trading of credits generated by solar projects, and suggests possible solutions. Emission credits from four different solar projects and their trading potentials are presented

  4. 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

  5. Credit Trading and Wind Power: Issues and Opportunities

    Energy Technology Data Exchange (ETDEWEB)

    Kevin Rackstraw, John Palmisano

    2001-01-15

    OAK-B135 This paper focuses on credits that are derived from wind energy technology, but the same concepts apply to other renewable energy technologies as well. Credit trading can be applied to a wide variety of policies, programs and private market activities and represents a means of tapping into revenue streams that heretofore have largely excluded wind and other renewables. In addition, credit trading can help to ''create'' new revenue streams for wind and other renewables by helping to grow new markets.

  6. 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

  7. 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

  8. Greenhouse gas credits trade versus biomass trade – weighing (Workshop Summary)

    NARCIS (Netherlands)

    Junginger, H.M.; Faaij, A.P.C.; Robertson, K.; Woes-Gallasch, S.; Schlamadinger, B.

    2006-01-01

    A workshop entitled ‘Greenhouse gas credits trade versus biomass trade – weighing the benefits’, jointly organised by IEA Bioenergy Tasks 38 (GHG Balances of Biomass and Bioenergy Systems) and 40 (Sustainable International Bioenergy Trade: Securing Supply and Demand), and ENOVA, took place in

  9. 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

  10. 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

  11. 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...

  12. 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.

  13. 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

  14. 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.

  15. Trade credit and the propagation of corporate failure: An empirical analysis

    OpenAIRE

    Jacobsen, Tor; von Schedvin, Erik

    2012-01-01

    We quantify the importance of trade credit chains for the propagation of corporate bankruptcies. Our results show that trade creditors (suppliers) that issue more trade credit are more exposed to trade debtor (customer) failures, both in terms of the likelihood of experiencing a debtor failure and the loss given failure. We further document that the credit loss invoked by a debtor failure imposes a substantially enhanced bankruptcy risk on the creditors. The propagation mechanism is mitigated...

  16. 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)

  17. A smart market for nutrient credit trading to incentivize wetland construction

    Science.gov (United States)

    Raffensperger, John F.; Prabodanie, R. A. Ranga; Kostel, Jill A.

    2017-03-01

    Nutrient trading and constructed wetlands are widely discussed solutions to reduce nutrient pollution. Nutrient markets usually include agricultural nonpoint sources and municipal and industrial point sources, but these markets rarely include investors who construct wetlands to sell nutrient reduction credits. We propose a new market design for trading nutrient credits, with both point source and non-point source traders, explicitly incorporating the option of landowners to build nutrient removal wetlands. The proposed trading program is designed as a smart market with centralized clearing, done with an optimization. The market design addresses the varying impacts of runoff over space and time, and the lumpiness of wetland investments. We simulated the market for the Big Bureau Creek watershed in north-central Illinois. We found that the proposed smart market would incentivize wetland construction by assuring reasonable payments for the ecosystem services provided. The proposed market mechanism selects wetland locations strategically taking into account both the cost and nutrient removal efficiencies. The centralized market produces locational prices that would incentivize farmers to reduce nutrients, which is voluntary. As we illustrate, wetland builders' participation in nutrient trading would enable the point sources and environmental organizations to buy low cost nutrient credits.

  18. 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.

  19. 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...

  20. 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.

  1. 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.

  2. 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.

  3. 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

  4. 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

  5. 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

  6. 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.

  7. Two echelon partial trade credit financing in a supply chain derived algebraically

    Directory of Open Access Journals (Sweden)

    Jaggi Chandra K.

    2012-01-01

    Full Text Available Trade credit financing has become a powerful tool to improve sales & profit in an industry. In general, a supplier/retailer frequently offers trade credit to its credit risk downstream member in order to stimulate their respective sales. This trade credit may either be full or partial depending upon the past profile of the downstream member. Partial trade credit may be offered by the supplier/retailer to their credit risk downstream member who must pay a portion of the purchase amount at the time of placing an order and then receives a permissible delay on the rest of the outstanding amount to avoid non-payment risks. The present study investigates the retailer’s inventory problem under partial trade credit financing for two echelon supply chain where the supplier, as well as the retailer, offers partial trade credit to the subsequent downstream member. An algebraic approach has been applied for finding the retailer’s optimal ordering policy under minimizing the annual total relevant cost. Results have been validated with the help of examples followed by comprehensive sensitivity analysis.

  8. 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.

  9. 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

  10. 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.

  11. 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...

  12. 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...

  13. 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...

  14. 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...

  15. 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...

  16. 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...

  17. 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.

  18. 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

  19. 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.

  20. 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...

  1. 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...

  2. 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...

  3. 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...

  4. 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...

  5. 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...

  6. 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...

  7. 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.

  8. 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.

  9. 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...

  10. 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

  11. 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.

  12. 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.

  13. 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

  14. 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.

  15. 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...

  16. 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...

  17. 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.

  18. 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

  19. 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.

  20. 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.

  1. 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...

  2. 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.

  3. 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

  4. 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...

  5. 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...

  6. 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...

  7. 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...

  8. 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.

  9. 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.

  10. 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.

  11. 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.

  12. 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.

  13. 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

  14. 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…

  15. 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

  16. 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.

  17. 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.

  18. 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

  19. 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

  20. 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.

  1. 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...

  2. 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.

  3. 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…

  4. 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

  5. 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.

  6. 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...

  7. 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...

  8. 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.

  9. 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.

  10. 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;}

  11. 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.

  12. 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.

  13. 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.

  14. 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)

  15. 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.

  16. 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)

  17. 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.

  18. 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...

  19. 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.

  20. 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.

  1. 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

  2. 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

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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...

  9. 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

  10. 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.

  11. 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.   

  12. 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.

  13. 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.

  14. 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。

  15. 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)

  16. 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.

  17. 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

  18. 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

  19. 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...

  20. 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.

  1. 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...

  2. 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

  3. 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.

  4. 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...

  5. 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.

  6. 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

  7. 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...

  8. 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...

  9. 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.

  10. 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)

  11. 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)

  12. 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.

  13. 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.

  14. 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)

  15. 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

  16. Enforcement and Environmental Quality in a Decentralized Emission Trading System

    Energy Technology Data Exchange (ETDEWEB)

    D' Amato, Alessio (Univ. of Rome, ' Tor Vergata' , Rome (Italy)); Valentini, Edilio (Univ. G. D' Annunzio di Chieti-Pescara, DEST, Fac. di Economia, Pescara (Italy))

    2008-07-01

    This paper addresses the issue of whether the powers of monitoring compliance and allocating allowances under emissions trading within an economic union should be centralized or delegated to single states. To this end, we develop a two stage game played by two governments choosing allowances and monitoring effort to achieve full compliance, and their respective polluting industries. We show that cost advantage in favor of national states is not sufficient to justify decentralization. Nevertheless, cost differential in monitoring violations can imply lower emissions and greater welfare under a decentralized institutional setting than under a centralized one

  17. 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).

  18. 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.

  19. 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.

  20. 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....

  1. 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)

  2. 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.

  3. 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.

  4. 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…

  5. 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 ...

  6. 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...

  7. 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.

  8. 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

  9. 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

  10. 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

  11. 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

  12. 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)

  13. 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.

  14. 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).

  15. 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.

  16. 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.

  17. 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...

  18. 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...

  19. 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...

  20. 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.

  1. 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.

  2. 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

  3. 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

  4. 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)

  5. 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

  6. IMPROVING COMPETITIVE POWER PRODUCTS BY STRATEGIC ENVIRONMENTAL ANALYSIS: CASE STUDY CREDITS PRODUCTS’ EMPLOYEES OF BANK BPR

    Directory of Open Access Journals (Sweden)

    Kunto Ajibroto

    2017-09-01

    Full Text Available Strategic environment analysis is part of strategic planning component and is a process to always put the company in a strategic position, so that in its development will always be in a favorable position. By analyzing external factors and internal factors, it will be possible to find out the most appropriate strategy formulation for BPR Bhakti Daya Ekonomi in facing the increasingly fierce competition. The research method used is qualitative with data collection using interview and observation, while for data analysis using SWOT method which also use analysis of EFAS and IFAS. The results of this study indicate that the position of BPR Bhakti Daya Ekonomi for Credit Employees products is located in quadrant IV. In this quadrant the bank is in a position where its internal advantage is relatively more dominant than its weakness. However, in the face of the threat environment is relatively greater than the chances. This means that the bank has a relatively better internal capability to expand its business, especially by utilizing some of its internal strengths.

  7. 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

  8. 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

  9. 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.

  10. 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.

  11. 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

  12. 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.

  13. 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.

  14. 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.

  15. 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.

  16. 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.

  17. 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.

  18. 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...

  19. 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.

  20. 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

  1. 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.

  2. 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.

  3. 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.

  4. 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...

  5. 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

  6. 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.

  7. 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...

  8. 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....

  9. 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.

  10. 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

  11. 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.

  12. 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.

  13. 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

  14. 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...

  15. 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

  16. Adjusting export tax rebates to reduce the environmental impacts of trade: Lessons from China.

    Science.gov (United States)

    Song, Peng; Mao, Xianqiang; Corsetti, Gabriel

    2015-09-15

    Export tax rebates are an important policy instrument for stimulating exports, which many developing countries make use of. However, excessive export tax rebates and inappropriate structural arrangements can lead to over-production in highly polluting industries and cause the environment to deteriorate. This paper, taking China as the study case, tests and verifies the statistical significance of the causal relationship between export tax rebates and pollution emissions. With a computable general equilibrium modeling, the current study further analyzes the effectiveness of export tax rebate adjustments aimed at alleviating environmental pressure for different time periods. It is found that before 2003, export tax rebates primarily promoted exports and boosted foreign exchange reserves, and highly polluting sectors enjoyed above-average export tax rebates, which led to increased pollution emissions. Between 2003 and 2010, the export tax rebate system was reformed to reduce support for the highly polluting export sectors, which led to decreases in emissions. Canceling export tax rebates for highly polluting sectors is shown to be the most favorable policy choice for improving the environmental performance of China's international trade. This study can serve as reference for other developing countries which similarly rely on export tax rebates, so that they can adjust their policies so as to combine economic growth with pollution control. Copyright © 2015 Elsevier Ltd. All rights reserved.

  17. 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

  18. Trading for climate without trading off on the environment. An Australian perspective on integration between emissions trading and other environmental objectives and programs

    International Nuclear Information System (INIS)

    Jones, David

    2003-12-01

    With policy and legislative developments for the mitigation of climate change advancing apace, there has been little consideration given to the interactions, both positive and negative, that such instruments are likely to have with other forms of existing environmental management. Australia in particular has a number of environmental problems such as dryland salinity, biodiversity loss and general land management that will be directly impacted by climate change, and the instruments used to try and control its impacts. This paper considers the opportunities and arguments for integration among environmental schemes, using examples from both Australian and international experiences to date

  19. 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...

  20. 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

  1. Greenhouse gas emission trading schemes: a new tool for the environmental regulator's kit

    International Nuclear Information System (INIS)

    Soleille, Sebastien

    2006-01-01

    As the European Union greenhouse gas emission trading scheme (ETS) is emerging, it seems interesting to look back on previous experiments and to bring together a few elements of reflection about the pertinence of ETS as a new policy tool to regulate industrial pollution. So far, several regulatory tools have been used to decrease pollution. This article focuses on two of them, command-and-control (CAC) and ETS. There is no simple answer to which one is more efficient. It depends strongly on the context. Given a few elements outlined in this paper, the choice of an ETS to abate industrial emissions of greenhouse gases in the European Union (EU) can be considered pertinent. But, ultimately, what makes a scheme environmentally efficient is not the tool in itself (ETS or CAC) but the ambition of the target. Hence the design of the National Allocation Plans setting the emission caps are of paramount importance. They will make the EU ETS either a useless mess or an effective climate change mitigation policy tool

  2. Life history trade-offs and relaxed selection can decrease bacterial virulence in environmental reservoirs.

    Directory of Open Access Journals (Sweden)

    Lauri Mikonranta

    Full Text Available Pathogen virulence is usually thought to evolve in reciprocal selection with the host. While this might be true for obligate pathogens, the life histories of opportunistic pathogens typically alternate between within-host and outside-host environments during the infection-transmission cycle. As a result, opportunistic pathogens are likely to experience conflicting selection pressures across different environments, and this could affect their virulence through life-history trait correlations. We studied these correlations experimentally by exposing an opportunistic bacterial pathogen Serratia marcescens to its natural protist predator Tetrahymena thermophila for 13 weeks, after which we measured changes in bacterial traits related to both anti-predator defence and virulence. We found that anti-predator adaptation (producing predator-resistant biofilm caused a correlative attenuation in virulence. Even though the direct mechanism was not found, reduction in virulence was most clearly connected to a predator-driven loss of a red bacterial pigment, prodigiosin. Moreover, life-history trait evolution was more divergent among replicate populations in the absence of predation, leading also to lowered virulence in some of the 'predator absent' selection lines. Together these findings suggest that the virulence of non-obligatory, opportunistic bacterial pathogens can decrease in environmental reservoirs through life history trade-offs, or random accumulation of mutations that impair virulence traits under relaxed selection.

  3. Spatially and Temporally Resolved Analysis of Environmental Trade-Offs in Electricity Generation.

    Science.gov (United States)

    Peer, Rebecca A M; Garrison, Jared B; Timms, Craig P; Sanders, Kelly T

    2016-04-19

    The US power sector is a leading contributor of emissions that affect air quality and climate. It also requires a lot of water for cooling thermoelectric power plants. Although these impacts affect ecosystems and human health unevenly in space and time, there has been very little quantification of these environmental trade-offs on decision-relevant scales. This work quantifies hourly water consumption, emissions (i.e., carbon dioxide, nitrogen oxides, and sulfur oxides), and marginal heat rates for 252 electricity generating units (EGUs) in the Electric Reliability Council of Texas (ERCOT) region in 2011 using a unit commitment and dispatch model (UC&D). Annual, seasonal, and daily variations, as well as spatial variability are assessed. When normalized over the grid, hourly average emissions and water consumption intensities (i.e., output per MWh) are found to be highest when electricity demand is the lowest, as baseload EGUs tend to be the most water and emissions intensive. Results suggest that a large fraction of emissions and water consumption are caused by a small number of power plants, mainly baseload coal-fired generators. Replacing 8-10 existing power plants with modern natural gas combined cycle units would result in reductions of 19-29%, 51-55%, 60-62%, and 13-27% in CO2 emissions, NOx emissions, SOx emissions, and water consumption, respectively, across the ERCOT region for two different conversion scenarios.

  4. Environmental and economic trade-offs in a watershed when using corn stover for bioenergy.

    Science.gov (United States)

    Gramig, Benjamin M; Reeling, Carson J; Cibin, Raj; Chaubey, Indrajeet

    2013-02-19

    There is an abundant supply of corn stover in the United States that remains after grain is harvested which could be used to produce cellulosic biofuels mandated by the current Renewable Fuel Standard (RFS). This research integrates the Soil Water Assessment Tool (SWAT) watershed model and the DayCent biogeochemical model to investigate water quality and soil greenhouse gas flux that results when corn stover is collected at two different rates from corn-soybean and continuous corn crop rotations with and without tillage. Multiobjective watershed-scale optimizations are performed for individual pollutant-cost minimization criteria based on the economic cost of each cropping practice and (individually) the effect on nitrate, total phosphorus, sediment, or global warming potential. We compare these results with a purely economic optimization that maximizes stover production at the lowest cost without taking environmental impacts into account. We illustrate trade-offs between cost and different environmental performance criteria, assuming that nutrients contained in any stover collected must be replaced. The key finding is that stover collection using the practices modeled results in increased contributions to atmospheric greenhouse gases while reducing nitrate and total phosphorus loading to the watershed relative to the status quo without stover collection. Stover collection increases sediment loading to waterways relative to when no stover is removed for each crop rotation-tillage practice combination considered; no-till in combination with stover collection reduced sediment loading below baseline conditions without stover collection. Our results suggest that additional information is needed about (i) the level of nutrient replacement required to maintain grain yields and (ii) cost-effective management practices capable of reducing soil erosion when crop residues are removed in order to avoid contributions to climate change and water quality impairments as a result

  5. Social-environmental trade-offs for Systems of Rice Intensification in S. India

    Science.gov (United States)

    Gathorne-Hardy, A.; Reddy, D. N.; Motkuri, V.; Harriss-White, B.

    2014-12-01

    Agricultural systems will only be sustainable if social and economic considerations are included in their design. Systems of Rice Intensification (SRI) has been proposed as more sustainable form of rice production due to reported higher yields and lower greenhouse gas (GHG) emissions. However there is a research gap concerning the wider social and economic implications of SRI. We developed a model to simultaneously analyse social, economic and environmental sustainability indicators (GHG emissions, ground water use, fossil/ non-fossil energy use, costs, profits, gender, employment quality and employment quantity) to compare SRI to conventional flooded rice production systems. Data was based on farmer-recall questionnaires in Andhra Pradesh, India. Data was collected per hectare and per kg of paddy. SRI substantially increased yields (157% of control), reduced ground-water requirements (64% ha-1, 42% kg-1, of control) and reduced GHG emissions (72% ha-1, 42% kg-1, of control). Costs were substantially lower for SRI systems, on both a hectare and a per kg basis. The high yields and lower costs resulted in a doubling of profits per hectare. However, these benefits are accrued to the farmer potentially at the expense of landless labourers. The role of agricultural employment in developing countries is a controversial issue, but in India, whose substantial economic growth has been largely jobless, agriculture retains a key role in reducing under- and un- employment. SRI labour demand was lower (70% of control ha-1). Simultaneously the ratio of male to female employment increased, from 67% female labour in control to 50% SRI. Thus trade-offs may exist between environmental, economic and social aspects of SRI. Understanding sustainability from a broad perspective facilitates better policy creation.

  6. 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.

  7. Virtual water trade patterns in relation to environmental and socioeconomic factors : A case study for Tunisia

    NARCIS (Netherlands)

    Chouchane, Hatem; Krol, Martinus S.; Hoekstra, Arjen Y.

    2018-01-01

    Growing water demands put increasing pressure on local water resources, especially in water-short countries. Virtual water trade can play a key role in filling the gap between local demand and supply of water-intensive commodities. This study aims to analyse the dynamics in virtual water trade of

  8. Trading of SO{sub 2} emissions to air credits in Norway. A proposal; Forslag til omsetningsordning i Norge for SO{sub 2}-utslipp til luft

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1995-07-28

    This report discusses a proposal submitted to the Norwegian government to define the national bounds to Norway`s total emissions of SO{sub 2} to air. Within the national bounds the companies are given or may buy an emission permit in the form of coupons. The companies must hand in coupons when they emit SO{sub 2} in Norway or sell fuel that leads to such emissions. They can sell coupons among themselves or save them for later years but not use them in advance. It is suggested that the coupons should be made compulsory from 1998 onwards, that is, two years before the SO{sub 2} agreement takes effect. A trading arrangement for the coupons places responsibility and is a strong incentive for the companies to limit their emissions. It facilitates emission reduction measures in companies of weak economy and makes it cheaper for Norway to keep the SO{sub 2} agreement. There are two important conditions for the trading arrangement to have a meaning: It must be expected that the authorities will keep the total emission within the limits set down in the SO{sub 2} agreement, and that they will inspire confidence by not changing the basic premises of the arrangement. 91 refs., 14 figs., 3 tabs.

  9. 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.

  10. 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 ...

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

    OpenAIRE

    Thaís Q. Morcatty; João Valsecchi

    2015-01-01

    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 tra...

  12. 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...

  13. 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.

  14. 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

  15. The environmental Kuznets curve, economic growth, renewable and non-renewable energy, and trade in Tunisia

    OpenAIRE

    Ben Jebli, Mehdi; Ben Youssef, Slim

    2013-01-01

    We use the autoregressive distributed lag (ARDL) bounds testing approach for cointegration with structural breaks and the vector error correction model (VECM) Granger causality approach in order to investigate relationships between per capita CO2 emissions, GDP, renewable and non-renewable energy consumption and international trade (exports or imports) for Tunisia during the period 1980-2009. We show the existence of a short-run unidirectional causality running from trade, GDP, CO2 emission a...

  16. 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...

  17. MIES-Industry working group. Implementing an emission credits trading system in France to optimize industry's contribution to reducing greenhouse gases

    International Nuclear Information System (INIS)

    Becker, Jean Jacques; Gillet, Marc; Cournede, Boris; Gastaldo, Sylviane; Liffard, Dominique; Pesson, Alain; Cros, Christine; Ewald, Christophe; Nollet, Patrick; BERTHOUD, Thierry; Boury, Michel; Boyd, Christopher; Caneill, Jean-Yves; Darras, Marc

    2000-01-01

    This report is the result of work done by a group which includes representatives of the authorities and industry (members of Entreprises pour l'Environnement (EpE) - see list in annex), which met between 14 January and 27 March. It reflects the shared opinions of the majority of the Working Group's members, and does not commit the organisations for which they work. It is one of the measures contained in the 'National programme for combating climate change' released by the government on 19 January 2000. It also fits in an international context in which experiments concerning and schemes for emission permit trading systems are being established (cf. Chapter 2). Finally, it refers in part to the 'Proposal by Entreprises pour l'Environnement (EpE) for an effective system for reducing greenhouse gas emissions in the manufacturing sector', as well as the report of the 'Industry' Working Group established by MIES (Inter-ministerial Task Force on climate change) in the first half of 1999

  18. 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.

  19. Emissions trading for business and industry. A new instrument to achieve environmental goals

    International Nuclear Information System (INIS)

    2001-05-01

    Key components of the Kyoto Protocol are the flexible instruments or mechanisms: namely trading emissions, Joint Implementation and the Clean Development Mechanism. These mechanisms make it possible to trade in CO2 emissions or emission permits, thereby enabling the Kyoto Protocol targets that have been imposed on all states, to be attained in the most cost-effective way. Although the Kyoto targets are binding only on states, it is likely that governments will pass responsibility for meeting them on to specific target groups and impose absolute or relative (energy efficiency or CO2 per unit) targets on them. Flexible instruments, especially Joint Implementation (JI) and the Clean Development Mechanism (CDM), can also be used by companies to achieve their emission targets. Until now, the VNO-NCW Confederation of Netherlands Industry has generally been positive about the use of flexible instruments. However, various developments have persuaded the VNO-NCW that it is a good idea to examine more specific questions with regard to flexible instruments. First, the CO2 trade committee (the Vogtlaender Committee) has been asked to issue recommendations concerning the possibilities inherent in a national system for emissions trading. A basic variant will be explored, in which protected sectors (households, the service industry, small industrial enterprises) will be assigned absolute ceilings and internationally operating companies will be assigned with relative targets. Second, in March 2000 the European Commission published a Green Paper on trade in greenhouse gas emissions within the European Union in order to launch an European Union (EU)-wide debate on the introduction of an EU system for trade in emissions in 2005. In common with the Netherlands, various EU member states are studying the possibilities for phasing in a system of trade in CO2 emissions; only in Denmark has such a system actually been introduced. In industry, too, many initiatives have been taken in

  20. 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...

  1. Epidemiologic methods lessons learned from environmental public health disasters: Chernobyl, the World Trade Center, Bhopal, and Graniteville, South Carolina.

    Science.gov (United States)

    Svendsen, Erik R; Runkle, Jennifer R; Dhara, Venkata Ramana; Lin, Shao; Naboka, Marina; Mousseau, Timothy A; Bennett, Charles

    2012-08-01

    Environmental public health disasters involving hazardous contaminants may have devastating effects. While much is known about their immediate devastation, far less is known about long-term impacts of these disasters. Extensive latent and chronic long-term public health effects may occur. Careful evaluation of contaminant exposures and long-term health outcomes within the constraints imposed by limited financial resources is essential. Here, we review epidemiologic methods lessons learned from conducting long-term evaluations of four environmental public health disasters involving hazardous contaminants at Chernobyl, the World Trade Center, Bhopal, and Graniteville (South Carolina, USA). We found several lessons learned which have direct implications for the on-going disaster recovery work following the Fukushima radiation disaster or for future disasters. These lessons should prove useful in understanding and mitigating latent health effects that may result from the nuclear reactor accident in Japan or future environmental public health disasters.

  2. 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

  3. Trade-offs and spatial dependency of rice production and environmental consequences at community level in Southeastern China

    Science.gov (United States)

    Xu, Hui; Liu, Zhong; Wang, Lihua; Wan, Haibo; Jing, Changwei; Jiang, Jingang; Wu, Jiaping; Qi, Jiaguo

    2018-02-01

    Over the past three decades, farmers in China have increasingly used fertilizers to increase paddy rice production. While this approach has eased the rising demand for food, it is unclear whether it pays off in the long-run when costs associated with environmental consequences are considered. Using two case studies in Zhejiang Province, China, this paper analyzed field-based rice yields, fertilizer inputs, nitrogen leaching and greenhouse emissions and their socioeconomic values of different farm practices. The objective was to assess the trade-offs among economic gains from increased yield and environmental consequences of different paddy rice management practices. The results indicated short-term economic gains to farmers outweigh the environmental cost concerns. However, considering the lasting environmental effects, there is a significant imbalance toward a conservative farming practice. The results further indicated that synergies can be achieved if precision management practices are adopted. It was also indicated that a large spatial variation exists in yields and environmental impacts, suggesting ‘one-size fits all’ policies will likely be ineffective in reducing environmental impacts. Although only two case studies were demonstrated in this study, the approach may be generalized to other geographic regions to help guide paddy farmers in similar climatic and land use environments such as those in the subtropical regions of Southeast Asia, to achieve synergic environment practices.

  4. 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...

  5. 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...

  6. 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.

  7. Limiting overselling in international emissions trading 1: Costs and environmental impacts of alternative proposals

    Energy Technology Data Exchange (ETDEWEB)

    Haites, E.; Missfeldt, F.

    2002-07-01

    Emission trading allows a country with an emission limitation commitment, an Annex B Party, to sell parts of its assigned amount (AAUs) to other Annex B Parties. If the seller subsequently does not have sufficient AAUs to cover its actual emissions it will be subject to the penalties for non-compliance. The revenue from the sale of AAUs may exceed the sanctions for non-compliance if these penalties are weak or difficult to enforce. Under these circumstances emission trading enables a country to benefit financially through non-compliance. Liability proposals seek to ensure that non-compliance is not rewarded, by limiting sales of AAUs to amounts surplus to the seller's compliance needs. This study develops and applies a model to assess the performance of different liability proposals. A simple model based on the Emissions Projection and Policy Analysis (EPPA) model of the Massachusetts Institute of Technology is used for the analysis. (BA)

  8. 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...

  9. 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.

  10. 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

  11. The Impacts of the New Zealand Emissions Trading Scheme on Economic and Environmental Factors

    OpenAIRE

    Saunders, Caroline M.; Saunders, John

    2011-01-01

    New Zealand implemented an emissions trading scheme, the NZ ETS, to regulate the production of Greenhouse Gases. This ETS is the first of its kind to include the agricultural sector, as is expected to significantly raise costs to both producers and consumers. The aim of the paper is to assess the potential impact of the New Zealand ETS on the economy and the environment. The paper reports first on the development and nature of the legislation itself, and then continues by mapping the cost of ...

  12. 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...

  13. 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

  14. 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

  15. 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)

  16. Environmental-economic benefits and trade-offs on sustainably certified coffee farms

    OpenAIRE

    Haggar, Jeremy; Soto, Gabriela; Casanoves, Fernando; de Melo Virginio, Elias

    2017-01-01

    Coffee with diverse shade trees is recognized as conserving greater biodiversity than more intensive production methods. Sustainable certification has been proposed as an incentive to conserve shade grown coffee. With 40% of global coffee production certified as sustainable, evidence is needed to demonstrate whether certification supports the environmental benefits of shade coffee. Environmen-tal and economic data were taken from 278 coffee farms in Nicaragua divided between non-certified and...

  17. The Impact of Factors Affecting Environmental Pollution with Emphasis on Trade Openness in Different Countries (Case study CO2 emission

    Directory of Open Access Journals (Sweden)

    hosein mohammadi

    2015-05-01

    Full Text Available Urbanization, population growth and moving from traditional manufacturing industry to accelerate the process of economic development and parallel, significant environmental impacts are left. The purpose of this study is to investigate the effect of different variables such as trade openness, comparative advantage, production levels and other important variables affecting the emission of carbon dioxide gas in various countries of the world. Stata11 software was used to estimate the panel data model of 77 countries over the years 2010-1980. The results indicate that propagation environment, and in particular CO2, in all four groups of countries are associated with prior emission, with a per capita income direct link but with the square of it correlates inversely and have direct link with the ratio of capital to labor and with the square of it correlates inversely and trade openness in high-income countries and moderate negative effect in low-income and middle-income countries is directly related to the bottom.

  18. 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

  19. Epidemiologic Methods Lessons Learned from Environmental Public Health Disasters: Chernobyl, the World Trade Center, Bhopal, and Graniteville, South Carolina

    Directory of Open Access Journals (Sweden)

    Timothy A. Mousseau

    2012-08-01

    Full Text Available Background: Environmental public health disasters involving hazardous contaminants may have devastating effects. While much is known about their immediate devastation, far less is known about long-term impacts of these disasters. Extensive latent and chronic long-term public health effects may occur. Careful evaluation of contaminant exposures and long-term health outcomes within the constraints imposed by limited financial resources is essential. Methods: Here, we review epidemiologic methods lessons learned from conducting long-term evaluations of four environmental public health disasters involving hazardous contaminants at Chernobyl, the World Trade Center, Bhopal, and Graniteville (South Carolina, USA. Findings: We found several lessons learned which have direct implications for the on-going disaster recovery work following the Fukushima radiation disaster or for future disasters. Interpretation: These lessons should prove useful in understanding and mitigating latent health effects that may result from the nuclear reactor accident in Japan or future environmental public health disasters.

  20. 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...

  1. 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...

  2. 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...

  3. 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)

  4. Exploring associations between international trade and environmental factors with establishment patterns of exotic Scolytinae

    Science.gov (United States)

    Lorenzo Marini; Robert A. Haack; Robert J. Rabaglia; Edoardo Petrucco Toffolo; Andrea Battisti; Massimo Faccoli

    2011-01-01

    Although invasion of exotic ambrosia beetles (fungus feeders) and bark beetles (phloem feeders) (Coleoptera: Curculionidae: Scolytinae) is considered a major threat to forest health worldwide, no studies have quantitatively investigated the anthropogenic and environmental factors shaping the biogeographical patterns of invasion by these insects across large spatial...

  5. Trade off between costs and environmental effects of weed control on pavements

    NARCIS (Netherlands)

    Kempenaar, C.; Lotz, L.A.P.; Horst, van der C.L.M.; Beltman, W.H.J.; Leemans, K.J.M.; Bannink, A.D.

    2007-01-01

    An actor-participative project on sustainable weed control on pavements was started in 2000 in the Netherlands. The aim of the project was to develop a new concept of weed management that provides cost-effective and environmentally sound weed control. Early in 2002, practical guidelines were drawn

  6. Environmental Policy Convergence in Europe : the impact of international institutions and trade

    NARCIS (Netherlands)

    Holzinger, K.; Knill, C.; Arts, B.

    2008-01-01

    Abstract Has globalisation led to a convergence in policy-making across nations and, if so, what are the causal mechanisms? This book analyses the extent to which the environmental policies of nation states have converged over the last thirty years and whether this convergence led to a strengthening

  7. The Political Economy of Alternative Trade: Social and Environmental Certification in the South African Wine Industry

    Science.gov (United States)

    McEwan, Cheryl; Bek, David

    2009-01-01

    Despite recent critical analyses of the nature and impacts of social and environmental certification, the increasingly complex landscape of voluntary, industry and third-party codes and certification processes that have emerged in specific sectors is poorly understood. In particular, little is known about the potential threats posed by an…

  8. 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 ...

  9. 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...

  10. Economic, environmental and international trade effects of the EU Directive on energy tax harmonization

    International Nuclear Information System (INIS)

    Kohlhaas, Michael; Schumacher, Katja; Diekmann, Jochen; Schumacher, Dieter; Carmes, Martin

    2005-01-01

    In October 2003, the European Union introduced a Directive, which widens the scope of the EU's minimum taxation system from mineral oils to all energy products including coal, natural gas and electricity. It aims at reducing distortions that currently exist between Member States as well as between energy products. In addition, it increases previous minimum tax rates and thus the incentive to use energy more efficiently. The Directive will lead to changes in the energy tax schemes in a number of countries, in particular some southern Member Countries (Greece, Spain, Portugal) and most of the new Member States. In this paper, we analyze the effects of the EU energy tax harmonization with GTAP-E, a computable general equilibrium model. Particular focus is placed on the Eastern European countries, which became new members of the EU in May 2004. We investigate the effects of the tax harmonization on overall economic growth and sectoral development. Special attention is paid to international trade in order to analyze if competitiveness concerns, which have been forwarded in the context of energy taxation are valid. Furthermore, the effect on energy consumption and emissions and thus the contribution to the EU's climate change targets is analyzed

  11. 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...

  12. The integrated North American electricity market : Enhancing opportunities for cross border trading and environmental performance

    International Nuclear Information System (INIS)

    Egan, T.

    2003-03-01

    The stability of the North American electricity industry has always been recognized, in both Canada and the United States. However, this sector is facing uncertainty mainly due to lack of clarity concerning market rules, environmental challenges, and the very poor investment climate. The principal thesis that was developed for this paper used those three factors as context and justification. The thesis is as follows: the evolving North American market is more and more regionally integrated, and that continued and growing regional integration will lessen uncertainty. All problems cannot be solved simply through increased regional integration, but it represents a step in the right direction in that it leads to greater efficiency, increased reliability, more predictable regulation and policy, lower costs and greater environmental benefits. The result is increased investor confidence and reduced uncertainty in the marketplace. To assist in the strengthening of this integration, the Canadian Electricity Association made seven recommendations. They were: (1) increased focus on harmonizing market rules and increased participation in the Regional Transmission Organizations, (2) development of North American strategy for the management of greenhouse gas emissions resulting from electricity generation, (3) identification of oportunites to further harmonize management of other air emissions, (4) creation of consistent methodology for the measurement of environmental performance, (5) enhancement of cross-border and interprovincial transmission transfer capability, (6) coordination of critical infrastructure protection, and (7) support of self-governing international organization for the development and enforcement of mandatory reliability standards for the evolving electricity industry. 5 figs

  13. 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.

  14. 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

  15. 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

  16. Biomass stakeholder views and concerns: Environmental groups and some trade association

    Energy Technology Data Exchange (ETDEWEB)

    Peelle, E.

    2000-01-01

    This exploratory study of the views and concerns of 25 environmental organizations found high interest and concern about which biomass feedstocks would be used and how these biomass materials would be converted to energy. While all favored renewable energy over fossil or nuclear energy, opinion diverged over whether energy crops, residues, or both should be the primary source of a biomass/bioenergy fuel cycle. About half of the discussants favored biomass ``in general'' as a renewable energy source, while the others were distributed about equally over five categories, from favor-with-conditions, uncertain, skeptical, opposed, to ``no organizational policy.''

  17. Biomass stakeholder views and concerns: Environmental groups and some trade associations

    International Nuclear Information System (INIS)

    Peelle, E.

    2000-01-01

    This exploratory study of the views and concerns of 25 environmental organizations found high interest and concern about which biomass feedstocks would be used and how these biomass materials would be converted to energy. While all favored renewable energy over fossil or nuclear energy, opinion diverged over whether energy crops, residues, or both should be the primary source of a biomass/bioenergy fuel cycle. About half of the discussants favored biomass ''in general'' as a renewable energy source, while the others were distributed about equally over five categories, from favor-with-conditions, uncertain, skeptical, opposed, to ''no organizational policy.''

  18. 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.

  19. Transborder Environmental Justice in Regional Energy Trade in Mainland South-East Asia

    Directory of Open Access Journals (Sweden)

    Carl Middleton

    2012-01-01

    Full Text Available Thailand is mainland South-East Asia’s largest energy consumer. Since the early 1990s, community and civil society opposition to new domestic large-scale power projects has strengthened within Thailand. Partly in response and facilitated by deepening regional economic integration, Thailand’s electricity utility, private sector energy, and construction companies have increasingly looked to- wards neighbouring Laos and Myanmar to supply Thailand’s energy markets. This paper assesses the political economy of Thailand’s power sector development through the lens of distributive and procedural environmental justice, including the role of social movements and civil society in Thailand in reforming the country’s power planning process. The environmental and social costs of domestic power projects and power import projects are discussed. The author concludes that Thailand’s exist- ing energy imports from hydropower projects in Laos and a gas project in Myanmar have exported environmental injustice associated with energy production across borders, exploiting the compara- tively weak rule of law, judicial systems, and civil and political freedoms in these neighbouring countries. ----- Thailand ist der größte Energieverbraucher in Festland-Südostasien. Seit den frühen 1990-er Jahren hat sich der zivilgesellschaftliche Widerstand gegen neue großflächige Energieprojekte in Thailand verstärkt. Teilweise als Antwort darauf und erleichtert durch sich vertiefende regionale Integration haben thailändische Stromversorgungsunternehmen sowie private Energie- und Bauunternehmen zunehmend in die Nachbarländer Laos und Myanmar geblickt, die den Energiebedarf Thailands decken sollen. Dieser Artikel beurteilt die politische Ökonomie der Entwicklung des thailändischen Energiesektors durch die Brille distributiver und prozeduraler Umweltgerechtigkeit sowie die Rolle von sozialen Bewegungen und Zivilgesellschaft in den Reformprozessen der

  20. The dynamics of beef trade between Brazil and Russia and their environmental implications

    DEFF Research Database (Denmark)

    Schierhorn, Florian; Meyfroidt, Patrick; Kastner, Thomas

    2016-01-01

    Changes in the production or consumption of agricultural commodities in one place can drastically affect land use and the environment elsewhere. We show how changes in beef production and consumption in Russia following the breakdown of the Soviet Union in 1991 contributed to the emergence of a b...... with major changes in global markets can couple food systems and redistribute environmental footprints across long distances. Incorporating telecouplings in assessments of sustainable food systems is therefore important.......Changes in the production or consumption of agricultural commodities in one place can drastically affect land use and the environment elsewhere. We show how changes in beef production and consumption in Russia following the breakdown of the Soviet Union in 1991 contributed to the emergence...

  1. 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…

  2. 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.

  3. 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.

  4. Production versus environmental impact trade-offs for Swiss cropping systems: a model-based approach

    Science.gov (United States)

    Necpalova, Magdalena; Lee, Juhwan; Six, Johan

    2017-04-01

    There is a growing need to improve sustainability of agricultural systems. The key focus remains on optimizing current production systems in order to deliver food security at low environmental costs. It is therefore essential to identify and evaluate agricultural management practices for their potential to maintain or increase productivity and mitigate climate change and N pollution. Previous research on Swiss cropping systems has been concentrated on increasing crop productivity and soil fertility. Thus, relatively little is known about management effects on net soil greenhouse gas (GHG) emissions and environmental N losses in the long-term. The aim of this study was to extrapolate findings from Swiss long-term field experiments and to evaluate the system-level sustainability of a wide range of cropping systems under conditions beyond field experimentation by comparing their crop productivity and impacts on soil carbon, net soil GHG emissions, NO3 leaching and soil N balance over 30 years. The DayCent model was previously parameterized for common Swiss crops and crop-specific management practices and evaluated for productivity, soil carbon dynamics and N2O emissions from Swiss cropping systems. Based on a prediction uncertainty criterion for crop productivity and soil carbon (rRMSEGM). The productivity of Swiss cropping systems was mainly driven by total N inputs to the systems. The GWP of systems ranged from -450 to 1309 kg CO2 eq ha-1 yr-1. All studied systems, except for ORG-RT-GM systems, acted as a source of net soil GHG emissions with the relative contribution of soil N2O emissions to GWP of more than 60%. The GWP of systems with CT decreased consistently with increasing use of organic manures (MIN>IN>ORG). NT relative to RT management showed to be more effective in reducing GWP from MIN systems due to reduced soil N2O emissions and positive effects on soil C sequestration. GM relative to CC management was shown to be more effective in mitigating NO3

  5. 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.…

  6. Environmental service payments: evaluating biodiversity conservation trade-offs and cost-efficiency in the Osa Conservation Area, Costa Rica.

    Science.gov (United States)

    Barton, D N; Faith, D P; Rusch, G M; Acevedo, H; Paniagua, L; Castro, M

    2009-02-01

    The cost-efficiency of payments for environmental services (PES) to private landowners in the Osa Conservation Area, Costa Rica, is evaluated in terms of the trade-off between biodiversity representation and opportunity costs of conservation to agricultural and forestry land-use. Using available GIS data and an 'off-the-shelf' software application called TARGET, we find that the PES allocation criteria applied by authorities in 2002-2003 were more than twice as cost-efficient as criteria applied during 1999-2001. Results show that a policy relevant assessment of the cost-effectiveness of PES relative to other conservation policies can be carried out at regional level using available studies and GIS data. However, there are a number of data and conceptual limitations to using heuristic optimisation algorithms in the analysis of the cost-efficiency of PES. Site specific data on probabilities of land-use change, and a detailed specification of opportunity costs of farm land, labour and capital are required to use algorithms such as TARGET for ranking individual sites based on cost-efficiency. Despite its conceptual soundness for regional conservation analysis, biodiversity complementarity presents a practical challenge as a criterion for PES eligibility at farm level because it varies depending on the set of areas under PES contracts at any one time.

  7. 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

  8. 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

  9. 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....

  10. 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

  11. 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.

  12. 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)

  13. 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...

  14. 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...

  15. Trade-Offs between Economic and Environmental Optimization of the Forest Biomass Generation Supply Chain in Inner Mongolia, China

    Directory of Open Access Journals (Sweden)

    Min Zhang

    2017-11-01

    Full Text Available The utilization of forest residue to produce forest biomass energy can mitigate CO2 emissions and generate additional revenue for related eco-enterprises and farmers. In China, however, the benefit of this utilization is still in question because of high costs and CO2 emissions in the entire supply chain. In this paper, a multi-objective linear programming model (MLP is employed to analyze the trade-offs between the economic and environmental benefits of all nodes within the forest biomass power generation supply chain. The MLP model is tested in the Mao Wu Su biomass Thermoelectric Company. The optimization results show that (1 the total cost and CO2 emissions are decreased by US$98.4 thousand and 60.6 thousand kg, respectively; 3750 thousand kg of waste-wood products is reduced and 3750 thousand kg of sandy shrub stubble residue is increased; (2 64% of chipped sandy shrub residue is transported directly from the forestland to the power plant, 36% of non-chipped sandy shrub residue is transported from the forestland to the power plant via the chipping plant; (3 transportation and chipping play a significant role in the supply chain; and (4 the results of a sensitivity analysis show that the farmer’s average transportation distance should be 84.13 km and unit chipping cost should be $0.01022 thousand for the optimization supply cost and CO2 emissions. Finally, we suggest the following: (1 develop long-term cooperation with farmers; (2 buy chain-saws for regularly used farmers; (3 build several chipping plants in areas that are rich in sandy shrub.

  16. Trade Policy

    OpenAIRE

    Murray Gibbs

    2007-01-01

    In an otherwise insightful and thoughtful article, Sebastian Pfotenhauer (Trade Policy Is Science Policy,” Issues, Fall 2013) might better have entitled his contribution “Trade Policy Needs to Be Reconciled with Science Policy.” The North American Free Trade Agreement (NAFTA) and the agreements administered by the World Trade Organization, particularly the General Agreement on Tariffs and Trade (GATT) and the Technical Barriers to Trade (TBT), were adopted to promote international trade and i...

  17. 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 ...

  18. Integration of marine transport into the European Emissions Trading System. Environmental, economic and legal analysis of different options

    Energy Technology Data Exchange (ETDEWEB)

    Baeuerle, Tim [Rechtsanwaelte Zimmermann - Gretz - Trautmann - Baeuerle, Heidelberg (Germany); Graichen, Jakob; Meyer, Kristin; Seum, Stefan [Oeko-Institut e.V., Berlin (Germany); Kulessa, Margareta [Mainz Univ. of Applied Sciences (Germany); Oschinski, Matthias

    2010-05-15

    Marine vessels globally contribute to carbon dioxide emissions with approximately 3.3% (IMO 2009). Interna-tional ocean shipping has been growing significantly over recent years. To date international marine emissions are not part of the Kyoto obligations and the member states at IMO have not implemented instruments that would have limited or reduced the amount of greenhouse gas emissions from ships. The European Union has announced that if no international agreement including reduction targets for seaborne emissions has been approved by the UNFCCC by December 31, 2011, the EC is tasked to submit a proposal for including international marine transport in Euro-pean reduction targets and policy measures. An inclusion of international marine transport in the European Emis-sions Trading Scheme (EU ETS) is a likely scenario. The study investigates three options for integrating international ocean shipping into the EU ETS based on: a last period; the last distance travelled and the distance the cargo has travelled. Basing the system on a last period is superior to basing it on last trip or cargo in terms of environmental effectiveness. However, the system would cover vessel activities in international waters, even potentially between two non-European ports, and thus the legal feasi-bility of this challenge is discussed. Another element of the study is the analysis of the economic effects of the inte-gration of international seaborne greenhouse gas emissions into the EU ETS. Overall it can be concluded that the integration of international ocean shipping into the EU ETS is a legally and technically feasible option with no significantly negative or even beneficial economic effects. The extension to vessel activity in international waters secures adequate coverage and environmental effectiveness. This extension to vessel activity in international waters is not only a prerequisite for adequate emissions coverage, but is also associated with the least legal obstacles, is

  19. Electric vehicle charging in China’s power system: Energy, economic and environmental trade-offs and policy implications

    International Nuclear Information System (INIS)

    Li, Ying; Davis, Chris; Lukszo, Zofia; Weijnen, Margot

    2016-01-01

    generation; and (3) reducing generation costs and EV charging costs. Hence, in light of this trade-off of controlled charging with the goals of energy security, economic efficiency and reducing environmental impacts, policy interventions in the Chinese power system should opt for controlled charging strategies in order to best realize the benefits of EVs. Accordingly, this paper proposes that increasing the use of cleaner forms of electricity generation, such as RES power and gas power, and establishing energy efficiency and CO_2 emission regulations in power dispatch are critical for China. Lastly, this work illustrates what the optimized charging profiles from the power system perspective look like for different regions. These results can inform Chinese policy makers in creating a better integration of the transportation and the power system.

  20. Credit Market Information Feedback

    OpenAIRE

    Balasubramanyan, Lakshmi; Craig, Ben R.; Thomson, James B.; Zaman, Saeed

    2015-01-01

    We examine how a combination of credit market and asset quality information can jointly be used in assessing bank franchise value. We find that expectations of future credit demand and future asset quality explain contemporaneous bank franchise value, indicative of the feedback in credit market information and its consequent impact on bank franchise value.

  1. 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.

  2. 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.

  3. 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

  4. 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

  5. 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

  6. 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...

  7. 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

  8. 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)

  9. 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.

  10. 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...

  11. Modern bank's credit risk

    Directory of Open Access Journals (Sweden)

    Šabović Šerif

    2015-01-01

    Full Text Available Credit risk is the most important risk banks have to face with. It occurs due to an obligation created because of debtors' capital and interest rate nonpayment. Debtors obligations non-fulfilment may lead to great losses and insolvency in bank's business. Credit risk is the crucial reason of bank's insolvency. Over 80% of bank's balance sheet is exposed to credit risk.

  12. 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

  13. Local above-ground persistence of vascular plants : Life-history trade-offs and environmental constraints

    NARCIS (Netherlands)

    Ozinga, Wim A.; Hennekens, Stephan M.; Schaminee, Joop H. J.; Smits, Nina A. C.; Bekker, Renee M.; Roemermann, Christine; Klimes, Leos; Bakker, Jan P.; van Groenendael, Jan M.

    Questions: 1. Which plant traits and habitat characteristics best explain local above-ground persistence of vascular plant species and 2. Is there a trade-off between local above-ground persistence and the ability for seed dispersal and below-ground persistence in the soil seed bank? Locations: 845

  14. 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

    The Leadership in Energy and Environmental Design (LEED) Building Assessment System is a performance-based tool for determining the environmental impact of a facility from the whole-building perspective...

  15. 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

  16. 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

  17. Dual Credit Report

    Science.gov (United States)

    Light, Noreen

    2016-01-01

    In 2015, legislation to improve access to dual-credit programs and to reduce disparities in access and completion--particularly for low income and underrepresented students--was enacted. The new law focused on expanding access to College in the High School but acknowledged issues in other dual-credit programs and reinforced the notion that cost…

  18. 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...

  19. 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.

  20. 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 ...

  1. 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...

  2. 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.

  3. 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

  4. 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?

  5. Credit Risk Modeling

    DEFF Research Database (Denmark)

    Lando, David

    Credit risk is today one of the most intensely studied topics in quantitative finance. This book provides an introduction and overview for readers who seek an up-to-date reference to the central problems of the field and to the tools currently used to analyze them. The book is aimed at researchers...... and students in finance, at quantitative analysts in banks and other financial institutions, and at regulators interested in the modeling aspects of credit risk. David Lando considers the two broad approaches to credit risk analysis: that based on classical option pricing models on the one hand...

  6. Insider trading

    International Nuclear Information System (INIS)

    Maslechko, W.S.

    1998-01-01

    The policy arguments for and against prohibiting insider trading within the petroleum industry are discussed. Legal definitions of all relevant terms (e.g. 'special relationship' 'tippees', 'material facts', material changes' 'generally disclosed' information', 'necessary course of business') are provided. Enforcement of insider trading/tipping prohibitions are also defined. The recommended practice is: do not trade; do not tell or advise; encourage timely disclosure; do not speculate; implement a corporate disclosure and trading policy

  7. 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.

  8. 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...

  9. 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...

  10. 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)

  11. Energy trading

    International Nuclear Information System (INIS)

    Glachant, J.M.; Kimman, R.; Schweickardt, H.E.

    2001-05-01

    This document brings together 18 testimonies of experts about energy trading: 1 - the energy trading experience on European deregulated markets: structure of deregulated energy markets in Europe, case study: a two years experience of a power exchange in western Europe, case study: European energy exchanges (experience of spot and future trading), case study: risk management on energy deregulated markets; 2 - the trading activity environment and realities in France: the French electrical law and the purchase for resale, experience feedback: status after 3 months of trading in France (the first experience of a French producer), the access to the power transportation network, which legal constraints for trading in France, the access of eligible clients to the French power market, conditions of implementation of a power exchange market in France, which real trading possibilities in France for producers and self-producers in the legal frame, case study: the role of trading in the company (main part or link to process), convergence of gas and electricity markets, gas-electricity trading: which pricing models; 3 - risk management and use of new technologies potentiality, the results outside the French borders: case study: what differences between the European and US markets, prices volatility and commodity risk management: towards the on-line trading, role and developments of E-business in energy trading, how to simplify trade in a liberalized market. (J.S.)

  12. Public Service? Tax Credits?

    Science.gov (United States)

    Shanker, Albert

    1982-01-01

    Acknowledges the good work of private schools but resists the provision of further direct or indirect government aid to these schools. Argues that tax credits will adversely affect public education and American society. (Author/WD)

  13. Burnup credit in Spain

    International Nuclear Information System (INIS)

    Conde, J.M.; Recio, M.

    2001-01-01

    The status of development of burnup credit for criticality safety analyses in Spain is described in this paper. Ongoing activities in the country in this field, both national and international, are resumed. Burnup credit is currently being applied to wet storage of PWR fuel, and credit to integral burnable absorbers is given for BWR fuel storage. It is envisaged to apply burnup credit techniques to the new generation of transport casks now in the design phase. The analysis methodologies submitted for the analyses of PWR and BWR fuel wet storage are outlined. Analytical activities in the country are described, as well as international collaborations in this field. Perspectives for future research and development of new applications are finally resumed. (author)

  14. Evaluating the Life Cycle Environmental Benefits and Trade-Offs of Water Reuse Systems for Net-Zero Buildings.

    Science.gov (United States)

    Hasik, Vaclav; Anderson, Naomi E; Collinge, William O; Thiel, Cassandra L; Khanna, Vikas; Wirick, Jason; Piacentini, Richard; Landis, Amy E; Bilec, Melissa M

    2017-02-07

    Aging water infrastructure and increased water scarcity have resulted in higher interest in water reuse and decentralization. Rating systems for high-performance buildings implicitly promote the use of building-scale, decentralized water supply and treatment technologies. It is important to recognize the potential benefits and trade-offs of decentralized and centralized water systems in the context of high-performance buildings. For this reason and to fill a gap in the current literature, we completed a life cycle assessment (LCA) of the decentralized water system of a high-performance, net-zero energy, net-zero water building (NZB) that received multiple green building certifications and compared the results with two modeled buildings (conventional and water efficient) using centralized water systems. We investigated the NZB's impacts over varying lifetimes, conducted a break-even analysis, and included Monte Carlo uncertainty analysis. The results show that, although the NZB performs better in most categories than the conventional building, the water efficient building generally outperforms the NZB. The lifetime of the NZB, septic tank aeration, and use of solar energy have been found to be important factors in the NZB's impacts. While these findings are specific to the case study building, location, and treatment technologies, the framework for comparison of water and wastewater impacts of various buildings can be applied during building design to aid decision making. As we design and operate high-performance buildings, the potential trade-offs of advanced decentralized water treatment systems should be considered.

  15. 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...

  16. Environmental benefits and risks of zero-valent iron nanoparticles (nZVI): risk mitigation or trade-off?

    DEFF Research Database (Denmark)

    Grieger, Khara Deanne; Fjordbøge, Annika Sidelmann; Hartmann, Nanna Isabella Bloch

    2009-01-01

    nanoparticles, in part due to extensive and fundamental uncertainties. These data may provide a starting point to more thoroughly investigate the potential risks of nZVI and ultimately help scientists, engineers, and decision makers make better informed decisions regarding the use of nZVI for environmental...... dimensions. While the use and further development of nZVI is understandably heralded as an environmentally-beneficial technology, the potentials risks of introducing these nanoparticles into the environment also needs to be considered. To date most research has focused on the potential benefits of n...... of substantial concentrations. In this study, we provide a brief synopsis of the expected environmental benefits and potential risks of nZVI, particularly focusing on its environmental fate and behavior and potential role as contaminant carrier. These are some areas of primary concern for risk assessors...

  17. User Interface Composition with COTS-UI and Trading Approaches: Application for Web-Based Environmental Information Systems

    Science.gov (United States)

    Criado, Javier; Padilla, Nicolás; Iribarne, Luis; Asensio, Jose-Andrés

    Due to the globalization of the information and knowledge society on the Internet, modern Web-based Information Systems (WIS) must be flexible and prepared to be easily accessible and manageable in real-time. In recent times it has received a special interest the globalization of information through a common vocabulary (i.e., ontologies), and the standardized way in which information is retrieved on the Web (i.e., powerful search engines, and intelligent software agents). These same principles of globalization and standardization should also be valid for the user interfaces of the WIS, but they are built on traditional development paradigms. In this paper we present an approach to reduce the gap of globalization/standardization in the generation of WIS user interfaces by using a real-time "bottom-up" composition perspective with COTS-interface components (type interface widgets) and trading services.

  18. 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)…

  19. CREDIT Performance Indicator Framework

    DEFF Research Database (Denmark)

    Frandsen, Anne Kathrine; Bertelsen, Niels Haldor; Haugbølle, Kim

    2010-01-01

    During the past two years the Nordic Baltic research project CREDIT (Construction and Real Estate – Developing Indicators for Transparency) has worked with the aim to improve transparency of value creation in building and real estate. One of the central deliverables of the CREDIT project was a fr......During the past two years the Nordic Baltic research project CREDIT (Construction and Real Estate – Developing Indicators for Transparency) has worked with the aim to improve transparency of value creation in building and real estate. One of the central deliverables of the CREDIT project...... was a framework of indicators relevant in building and real estate and applicable in the Nordic and Baltic countries as well as a proposal for a set of key indicators. The study resulting in CREDIT Performance Indicator Framework has been based on 28 case studies of evaluation practises in the building and real...... estate sector each addressing three interlinked levels: building/ projects level, company or enterprise level and benchmarking system level. Additionally it has been based on dialogue with researchers and professional organisation, international research and standardisation work and national building...

  20. 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,...

  1. 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

  2. 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...

  3. 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...

  4. Models of Credit Risk Measurement

    OpenAIRE

    Hagiu Alina

    2011-01-01

    Credit risk is defined as that risk of financial loss caused by failure by the counterparty. According to statistics, for financial institutions, credit risk is much important than market risk, reduced diversification of the credit risk is the main cause of bank failures. Just recently, the banking industry began to measure credit risk in the context of a portfolio along with the development of risk management started with models value at risk (VAR). Once measured, credit risk can be diversif...

  5. 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...

  6. Energy trading

    International Nuclear Information System (INIS)

    Beckmann, K.; Schroeter, S.

    2009-01-01

    Two brief articles and two interviews deal with the subject of energy trading. Power and gas exchanges in Europe multiply, but, experts say, we are nowhere near a mature, integrated European energy market as yet. Trading regulations need to be improved and harmonised and interconnections expanded. European Energy Review assesses the state of energy trading in Europe and interviews the ceo's of NordPool (the Nordic power exchange) and APX (Amsterdam Power Exchange)

  7. Intelligent Agent Appropriation in the Tracking Phase of an Environmental Scanning Process: A Case Study of a French Trade Union

    Science.gov (United States)

    Lafaye, Christophe

    2009-01-01

    Introduction: The rapid growth of the Internet has modified the boundaries of information acquisition (tracking) in environmental scanning. Despite the numerous advantages of this new medium, information overload is an enormous problem for Internet scanners. In order to help them, intelligent agents (i.e., autonomous, automated software agents…

  8. Strategic culture and environmental dimensions as determinants of anomie in publicly-traded and privately-held firms

    NARCIS (Netherlands)

    Johnson, J.L.; Martin, K.D.; Saini, A.

    2011-01-01

    Anomie is a condition in which normative guidelines for governing conduct are absent. Using survey data from a sample of U.S. manufacturing firms, we explore the impact of internal (cultural) and external (environmental) determinants of organizational anomie. We suggest that four internal

  9. Bird diversity and environmental heterogeneity in North America: A test of the area-heterogeneity trade-off

    Science.gov (United States)

    Rachel Chocron; Curtis H. Flather; Ronen Kadmon

    2015-01-01

    Aim: Deterministic niche theory predicts that increasing environmental heterogeneity increases species richness. In contrast, a recent stochastic model suggests that heterogeneity has a unimodal effect on species richness since high levels of heterogeneity reduce the effective area available per species, thereby increasing the likelihood of stochastic...

  10. Removing nitrogen from wastewater with side stream anammox: What are the trade-offs between environmental impacts?

    NARCIS (Netherlands)

    Hauck, M.; Maalcke-Luesken, F.A.; Jetten, M.S.M.; Huijbregts, M.A.J.

    2016-01-01

    Anaerobic ammonium oxidation (anammox) is a novel way to reduce nitrogen in ammonium rich wastewater. Although aquatic eutrophication will certainly be reduced, it is unknown how other environmental impacts may change by including anammox in the treatment of wastewater. Here, life cycle assessment

  11. Trading Agents

    CERN Document Server

    Wellman, Michael

    2011-01-01

    Automated trading in electronic markets is one of the most common and consequential applications of autonomous software agents. Design of effective trading strategies requires thorough understanding of how market mechanisms operate, and appreciation of strategic issues that commonly manifest in trading scenarios. Drawing on research in auction theory and artificial intelligence, this book presents core principles of strategic reasoning that apply to market situations. The author illustrates trading strategy choices through examples of concrete market environments, such as eBay, as well as abst

  12. 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

  13. 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

  14. 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...

  15. 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 ...

  16. Navigating environmental, economic, and technological trade-offs in the design and operation of submerged anaerobic membrane bioreactors (AnMBRs)

    KAUST Repository

    Pretel, R.

    2015-12-01

    © 2015 Elsevier Ltd. Anaerobic membrane bioreactors (AnMBRs) enable energy recovery from wastewater while simultaneously achieving high levels of treatment. The objective of this study was to elucidate how detailed design and operational decisions of submerged AnMBRs influence the technological, environmental, and economic sustainability of the system across its life cycle. Specific design and operational decisions evaluated included: solids retention time (SRT), mixed liquor suspended solids (MLSS) concentration, sludge recycling ratio (r), flux (J), and specific gas demand per membrane area (SGD). The possibility of methane recovery (both as biogas and as soluble methane in reactor effluent) and bioenergy production, nutrient recovery, and final destination of the sludge (land application, landfill, or incineration) were also evaluated. The implications of these design and operational decisions were characterized by leveraging a quantitative sustainable design (QSD) framework which integrated steady-state performance modeling across seasonal temperatures (using pilot-scale experimental data and the simulating software DESASS), life cycle cost (LCC) analysis, and life cycle assessment (LCA). Sensitivity and uncertainty analyses were used to characterize the relative importance of individual design decisions, and to navigate trade-offs across environmental, economic, and technological criteria. Based on this analysis, there are design and operational conditions under which submerged AnMBRs could be net energy positive and contribute to the pursuit of carbon negative wastewater treatment.

  17. Organ Trade

    NARCIS (Netherlands)

    J.A.E. Ambagtsheer (Frederike)

    2017-01-01

    markdownabstractOrgan trade constitutes the sale and purchase of organs for financial or material gain. Although prohibited since the 1980s, an increasing number of reports indicate its proliferation across the globe. Yet, many knowledge gaps exist on organ trade, in particular on the demand -and

  18. Recommendations for Alternative Credit.

    Science.gov (United States)

    Lenderman, Ed; And Others

    Following a review of the mathematics topics taught in accounting, electronics, auto, food and clothing, and metals courses at Linn-Benton Community College, Albany, Oregon, recommendations were made to grant one semester of mathematics credit for completing a two-year sequence of these courses. The other required semester of mathematics should be…

  19. Earned Income Tax Credit

    NARCIS (Netherlands)

    F.M. van Oers; R.A. de Mooij (Ruud)

    1998-01-01

    textabstractIn recent policy discussions in the Netherlands, the Earned Income Tax Credit (EITC) has been put forward as an effective instrument to reduce the unemployment rate among low-skilled workers. Using the MIMIC model, this article shows that a targeted EITC at low incomes indeed seems

  20. Waiting for tax credits

    International Nuclear Information System (INIS)

    Sheinkopf, K.

    1992-01-01

    This article examines the effect of tax credits and related legislation under consideration by Congress on the economics of the renewable energy industry. The topics discussed in the article include conflicting industry opinion on financial incentives, the effectiveness of current incentives, and alternative approaches. The article also includes a sidebar on tax incentives offered by state programs

  1. Progress, influence and perspectives of emergy theories in China, in support of environmentally sound economic development and equitable trade

    International Nuclear Information System (INIS)

    Dong, Xiaobin; Ulgiati, Sergio; Yan, Maochao; Gao, Wangsheng

    2008-01-01

    Emergy Accounting and Synthesis, developed by Howard Odum in the 1980s, accounts for both the work of nature and that of humans as part of it in generating products and services. Since the 1990s, when Odum's system theories and emergy approach were introduced to China, a great attention was paid to them, since they appeared to Chinese scholars very important, comprehensive, and rich with application opportunities to China's economic development and environmental management. Until now more than 150 papers related to emergy theories were published in Chinese scientific journals, more than 20 dissertations presented in all Chinese Universities, and a large number of emergy-based papers were authored by Chinese scholars in international journals. Also, several reports dealing with emergy evaluation of different provinces of China were presented to local governments for decision-making. Emergy theories were applied to valuation of ecosystems and eco-industrial parks, as well as to studies of benefits/cost analysis and feasibility of ecological engineering. Meanwhile, a series of monographs and translated books related to emergy theories were published in China, some of which are used as text books in Chinese universities and institutes. Compared with the great potential of emergy application, there are many new fields that should be addressed in China, including: assessing the environmental impact of processes based on matching of high-quality and low-quality resources, establishing new frameworks and systems for environmental accounting, evaluating natural capital and services and applying research results to the process of decision-making, and finally studying the patterns and the available development options of China regional eco-economic systems. (author)

  2. Plasticity and trade-offs in physiological traits of intertidal mussels subjected to freshwater-induced environmental variation

    KAUST Repository

    Ramajo, L

    2016-05-17

    Environmental gradients play an important role in shaping geographic variability in coastal marine populations. Thus, the ability of organisms to cope with these changes will depend on their potential to acclimatize, or adapt, to these new environmental conditions. We investigated the spatial variability in biological responses shown by Perumytilus purpuratus mussels collected from 2 intertidal areas experiencing contrasting freshwater input influences (river-influenced vs. marine conditions). To highlight the role of plasticity and adaptive potential in biological responses, we performed a reciprocal-Transplant experiment and measured relevant phenotypic traits including mortality, growth, calcification, metabolism, and chemical composition of the shell periostra-cum. We determined that mussels exposed to river-influenced conditions had increased metabolic rates and reduced growth rates, as compared to mussels experiencing marine conditions (p > 0.05). While the energy investment strategies of the 2 local populations resulted in similar net calcification rates, these rates decreased significantly when mussels were transplanted to the river-influenced site. Stressful conditions at the river-influenced site were evidenced by decreased survivorship across treatments. Freshwater inputs modify the organic composition of the shell periostracum through a significant reduction in polysaccharides. Although our field experiment did not identify specific environmental factors underlying these contrasting phenotypic changes, the results imply that plasticity plays a strong role when P. purpuratus is exposed to some combination of natural (e.g. salinity) and anthropogenic influences (e.g. pollution), and that the lack of exposure to freshwater may promote less tolerant mussels with greater potential for local adaptation. © The authors 2016.

  3. Plasticity and trade-offs in physiological traits of intertidal mussels subjected to freshwater-induced environmental variation

    KAUST Repository

    Ramajo, L; Prado, L; Rodriguez-Navarro, AB; Lardies, MA; Duarte, Carlos M.; Lagos, NA

    2016-01-01

    Environmental gradients play an important role in shaping geographic variability in coastal marine populations. Thus, the ability of organisms to cope with these changes will depend on their potential to acclimatize, or adapt, to these new environmental conditions. We investigated the spatial variability in biological responses shown by Perumytilus purpuratus mussels collected from 2 intertidal areas experiencing contrasting freshwater input influences (river-influenced vs. marine conditions). To highlight the role of plasticity and adaptive potential in biological responses, we performed a reciprocal-Transplant experiment and measured relevant phenotypic traits including mortality, growth, calcification, metabolism, and chemical composition of the shell periostra-cum. We determined that mussels exposed to river-influenced conditions had increased metabolic rates and reduced growth rates, as compared to mussels experiencing marine conditions (p > 0.05). While the energy investment strategies of the 2 local populations resulted in similar net calcification rates, these rates decreased significantly when mussels were transplanted to the river-influenced site. Stressful conditions at the river-influenced site were evidenced by decreased survivorship across treatments. Freshwater inputs modify the organic composition of the shell periostracum through a significant reduction in polysaccharides. Although our field experiment did not identify specific environmental factors underlying these contrasting phenotypic changes, the results imply that plasticity plays a strong role when P. purpuratus is exposed to some combination of natural (e.g. salinity) and anthropogenic influences (e.g. pollution), and that the lack of exposure to freshwater may promote less tolerant mussels with greater potential for local adaptation. © The authors 2016.

  4. 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...

  5. 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…

  6. Trade and climate change

    Energy Technology Data Exchange (ETDEWEB)

    Tamiotti, L.; Teh, R.; Kulacoglu, V. (World Trade Organization (WTO), Geneva (Switzerland)); Olhoff, A.; Simmons, B.; Abaza, H. (United Nations Environment Programme (UNEP) (Denmark))

    2009-06-15

    The Report aims to improve understanding about the linkages between trade and climate change. It shows that trade intersects with climate change in a multitude of ways. For example, governments may introduce a variety of policies, such as regulatory measures and economic incentives, to address climate change. This complex web of measures may have an impact on international trade and the multilateral trading system. The Report begins with a summary of the current state of scientific knowledge on climate change and on the options available for responding to the challenge of climate change. The scientific review is followed by a part on the economic aspects of the link between trade and climate change, and these two parts set the context for the subsequent parts of the Report, which looks at the policies introduced at both the international and national level to address climate change. The part on international policy responses to climate change describes multilateral efforts to reduce greenhouse gas emissions and to adapt to the effects of climate change, and also discusses the role of the current trade and environment negotiations in promoting trade in technologies that aim to mitigate climate change. The final part of the Report gives an overview of a range of national policies and measures that have been used in a number of countries to reduce greenhouse gas emissions and to increase energy efficiency. It presents key features in the design and implementation of these policies, in order to draw a clearer picture of their overall effect and potential impact on environmental protection, sustainable development and trade. It also gives, where appropriate, an overview of the WTO rules that may be relevant to such measures. (author)

  7. 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.

  8. 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...

  9. Dynamic Diversification in Corporate Credit

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Jacobs, Kris; Jin, Xisong

    We characterize diversification in corporate credit using a new class of dynamic copula models which can capture dynamic dependence and asymmetry in large samples of firms. We also document important differences between credit spread and equity return dependence dynamics. Modeling a decade...... the crisis and remain high as well. The most important shocks to credit dependence occur in August of 2007 and in August of 2011, but interestingly these dates are not associated with significant changes to median credit spreads....

  10. The African Credit Trap

    OpenAIRE

    Svetlana Andrianova; Badi H. Baltagi; Panicos O. Demetriades; David Fielding

    2010-01-01

    We put forward a plausible explanation of African financial underdevelopment in the form of a bad credit market equilibrium. Utilising an appropriately modified IO model of banking, we show that the root of the problem could be unchecked moral hazard (strategic loan defaults) or adverse selection (a lack of good projects). We provide empirical evidence from a large panel of African banks which suggests that loan defaults are a major factor inhibiting bank lending when the quality of regulatio...

  11. Credit scoring methods

    Czech Academy of Sciences Publication Activity Database

    Vojtek, Martin; Kočenda, Evžen

    2006-01-01

    Roč. 56, 3-4 (2006), s. 152-167 ISSN 0015-1920 R&D Projects: GA ČR GA402/05/0931 Institutional research plan: CEZ:AV0Z70850503 Keywords : banking sector * credit scoring * discrimination analysis Subject RIV: AH - Economics Impact factor: 0.190, year: 2006 http://journal.fsv.cuni.cz/storage/1050_s_152_167.pdf

  12. Follow Up: Credit Card Caution

    Science.gov (United States)

    Cahill, Timothy P.

    2007-01-01

    In "Pushing Plastic," ("The New England Journal of Higher Education", Summer 2007), John Humphrey notes that many college administrators justify their credit card solicitations by suggesting that credit card access will help students learn to manage their own finances. Instead, credit card debt will teach thousands of students…

  13. Intertemporal consumption and credit constraints

    DEFF Research Database (Denmark)

    Leth-Petersen, Søren

    2010-01-01

    There is continuing controversy over the importance of credit constraints. This paper investigates whether total household expenditure and debt is affected by an exogenous increase in access to credit provided by a credit market reform that enabled Danish house owners to use housing equity...

  14. Foreign Trade

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — The Foreign Trade database has monthly volume and value information for US imports, exports, and re-exports of fishery or fishery derived products. Data is...

  15. 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...

  16. 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.

  17. 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

  18. Substituting HCFC-22 for HFC-410A: an environmental impact trade-off between the ozone depletion and climate change regimes

    Science.gov (United States)

    Wang, Z.; Fang, X.; Zhang, J.

    2015-12-01

    After the phase-out of hydrochlorofluorocarbons (HCFCs) as ozone-depleting substances pursuant to the requirements of the Montreal Protocol, hydrofluorocarbons (HFCs) are worldwide used as substitutes although the bulk of them are potent greenhouse gases (GHGs). Therefore, the alternation may bring side effect on global climate change. The trade-off of its environmental impacts between the ozone depletion and climate change regimes necessitates a quantification of the past and future consumption and emissions of both the original HCFCs and their alternative HFCs. Now a dilemma arise in China's RAC industry that HCFC-22, which has an ozone-depleting potential (ODP) of 0.055, has been replaced by HFC-410A, which is a blended potent GHG from respective 50% HFC-32 and HFC-125 with a global warming potential (GWP) of 1923.5. Here, we present our results of estimates of consumption and emissions of HCFC-22 and HFC-410A from 1994 to 2050. Historic emissions of HCFC-22 contributed to global total HCFCs by 4.0% (3.0%-5.6%) ODP-weighted. Projection under a baseline scenario shows future accumulative emissions of HFC-410A make up 5.9%-11.0% of global GWP-weighted HFCs emissions, and its annual contribution to national overall CO2 emissions can be 5.5% in 2050. This makes HCFC-22 and HFC-410A emissions of significant importance in ozone depletion and climate change regimes. Two mitigation scenarios were set to assess the mitigation performance under the North America Proposal and an accelerated schedule. In practice of international environmental agreement, "alternative to alternative" should be developed to avoid regrettable alternations.

  19. Enduring mental health morbidity and social function impairment in world trade center rescue, recovery, and cleanup workers: the psychological dimension of an environmental health disaster.

    Science.gov (United States)

    Stellman, Jeanne Mager; Smith, Rebecca P; Katz, Craig L; Sharma, Vansh; Charney, Dennis S; Herbert, Robin; Moline, Jacqueline; Luft, Benjamin J; Markowitz, Steven; Udasin, Iris; Harrison, Denise; Baron, Sherry; Landrigan, Philip J; Levin, Stephen M; Southwick, Steven

    2008-09-01

    The World Trade Center (WTC) attacks exposed thousands of workers to hazardous environmental conditions and psychological trauma. In 2002, to assess the health of these workers, Congress directed the National Institute for Occupational Safety and Health to establish the WTC Medical Monitoring and Treatment Program. This program has established a large cohort of WTC rescue, recovery, and cleanup workers. We previously documented extensive pulmonary dysfunction in this cohort related to toxic environmental exposures. Our objective in this study was to describe mental health outcomes, social function impairment, and psychiatric comorbidity in the WTC worker cohort, as well as perceived symptomatology in workers' children. Ten to 61 months after the WTC attack, 10,132 WTC workers completed a self-administered mental health questionnaire. Of the workers who completd the questionnaire, 11.1% met criteria for probable post-traumatic stress disorder (PTSD), 8.8% met criteria for probable depression, 5.0% met criteria for probable panic disorder, and 62% met criteria for substantial stress reaction. PTSD prevalence was comparable to that seen in returning Afghanistan war veterans and was much higher than in the U.S. general population. Point prevalence declined from 13.5% to 9.7% over the 5 years of observation. Comorbidity was extensive and included extremely high risks for impairment of social function. PTSD was significantly associated with loss of family members and friends, disruption of family, work, and social life, and higher rates of behavioral symptoms in children of workers. Working in 9/11 recovery operations is associated with chronic impairment of mental health and social functioning. Psychological distress and psychopathology in WTC workers greatly exceed population norms. Surveillance and treatment programs continue to be needed.

  20. Value of credit bureau reports

    Directory of Open Access Journals (Sweden)

    Brković Milan

    2017-01-01

    Full Text Available An efficient system of credit information sharing contributes to solving the problem of information asymmetry on the credit and financial markets in general. The consequences of the global economic and financial crisis revealed an increasing demand for reliable information and data which could close the existing gap in their insufficiency, misuse or inadequate analytical value for the economic and financial policy makers. In that sense, more attention is directed to the usefulness of credit information sharing and the practical value of information and data contained in credit bureau reports for the purposes of achieving the overall economic policy goals. The fulfillment of that role depends mostly on the credit information sharing system and its characteristics, participants, and procedures. A credit bureau report in the best possible manner reflects all advantages and disadvantages of the established credit information exchange system in terms of its analytical value for the purposes of efficient macroeconomic and macrofinancial policies.

  1. 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)

  2. Trade-credit modeling for deteriorating item inventory system with ...

    Indian Academy of Sciences (India)

    Dipana Jyoti Mohanty

    2018-03-23

    Mar 23, 2018 ... inventory/supply chain management. Multifariousness of deterministic .... time within which ramp-type demand increases b percentage of partially back ... imply the diminishing marginal productivity of capital. 6. Repairing or ...

  3. TRADING STORMWATER ABATEMENT CREDITS IN CINCINNATI'S SHEPHERD CREEK

    Science.gov (United States)

    The problem of stormwater runoff management grows apace with continued urbanization, yet the management tools for this growning non-profit source problem have not fully kept pace. The rapid growth of stormwater utilities around the nation is an important step toward providing an...

  4. The economic and environmental impact of trade in forest reserve obligations: a simulation analysis of options for dealing with habitat heterogeneity

    Directory of Open Access Journals (Sweden)

    Kenneth M. Chomitz

    2005-12-01

    Full Text Available A tradeable development rights (TDR program focusing on biodiversity conservation faces a crucial problem: defining which areas of habitat should be considered equivalent. Restricting the trading scope to a narrow area could boost the range of biodiversity conserved but could increase the opportunity cost of conservation. The issue is relevant to Brazil, where TDR-like policies are emerging. Long-standing laws require each rural property to maintain a legal forest reserve (reserva legal of at least 20%, but emerging policies allow some tradeability of this obligation. This paper uses a simple, spatially explicit model to simulate a hypothetical state-level program. We find that wider trading scopes drastically reduce landholder costs of complying with this regulation and result in environmentally preferable landscapes.Programas que tenham por objetivo desenvolver um mercado de Direitos Especiais de Propriedade (DEP enfrentam um problema fundamental, qual seja a definição de áreas de preservação equivalentes. Caso a definição seja por um conceito muito restritivo, poderá ocorrer uma maior conservação da biodiversidade, porém com um aumento do custo de oportunidade da preservação ambiental. O assunto é relevante para o Brasil onde programas semelhantes aos DEP estão surgindo. A legislação exige que cada propriedade rural mantenha pelo menos 20% de sua área na forma de florestas (reserva legal, porém algumas políticas nascentes já permitem tipo de negociação de Direitos. Este trabalho usa um modelo espacial simples para simular o efeito de um programa hipotético implantado em um estado. O principal resultado é que uma política menos restritiva para a comercialização dos DEP reduz de forma expressiva, para os produtores rurais, os custos de cumprir a legislação e leva a soluções preferíveis sob o ponto de vista ambiental.

  5. 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...

  6. 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.

  7. 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

  8. Investigating the Trade-Off Between Power Generation and Environmental Impact of Tidal-Turbine Arrays Using Array Layout Optimisation and Habitat Sustainability Modelling.

    Science.gov (United States)

    du Feu, R. J.; Funke, S. W.; Kramer, S. C.; Hill, J.; Piggott, M. D.

    2016-12-01

    The installation of tidal turbines into the ocean will inevitably affect the environment around them. However, due to the relative infancy of this sector the extent and severity of such effects is unknown. The layout of an array of turbines is an important factor in determining not only the array's final yield but also how it will influence regional hydrodynamics. This in turn could affect, for example, sediment transportation or habitat suitability. The two potentially competing objectives of extracting energy from the tidal current, and of limiting any environmental impact consequent to influencing that current, are investigated here. This relationship is posed as a multi-objective optimisation problem. OpenTidalFarm, an array layout optimisation tool, and MaxEnt, habitat sustainability modelling software, are used to evaluate scenarios off the coast of the UK. MaxEnt is used to estimate the likelihood of finding a species in a given location based upon environmental input data and presence data of the species. Environmental features which are known to impact habitat, specifically those affected by the presence of an array, such as bed shear stress, are chosen as inputs. MaxEnt then uses a maximum-entropy modelling approach to estimate population distribution across the modelled area. OpenTidalFarm is used to maximise the power generated by an array, or multiple arrays, through adjusting the position and number of turbines within them. It uses a 2D shallow water model with turbine arrays represented as adjustable friction fields. It has the capability to also optimise for user created functionals that can be expressed mathematically. This work uses two functionals; power extracted by the array, and the suitability of habitat as predicted by MaxEnt. A gradient-based local optimisation is used to adjust the array layout at each iteration. This work presents arrays that are optimised for both yield and the viability of habitat for chosen species. In each scenario

  9. 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

  10. 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...

  11. 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...

  12. Credit scoring for individuals

    Directory of Open Access Journals (Sweden)

    Maria DIMITRIU

    2010-12-01

    Full Text Available Lending money to different borrowers is profitable, but risky. The profits come from the interest rate and the fees earned on the loans. Banks do not want to make loans to borrowers who cannot repay them. Even if the banks do not intend to make bad loans, over time, some of them can become bad. For instance, as a result of the recent financial crisis, the capability of many borrowers to repay their loans were affected, many of them being on default. That’s why is important for the bank to monitor the loans. The purpose of this paper is to focus on credit scoring main issues. As a consequence of this, we presented in this paper the scoring model of an important Romanian Bank. Based on this credit scoring model and taking into account the last lending requirements of the National Bank of Romania, we developed an assessment tool, in Excel, for retail loans which is presented in the case study.

  13. 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

  14. 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.

  15. 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...

  16. 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

  17. Trading sulfur dioxide allowances

    International Nuclear Information System (INIS)

    Goldburg, C.B.; Lave, L.B.

    1992-01-01

    The 1990 Clean Air Act is aimed at generators larger than 25 MW, as these are the largest polluters. Market incentives give each source an emissions allocation but also flexibility. If a plant has lower emissions than the target, it can sell the 'surplus' emissions as allowances to plants that fail to meet the target. Only a few trades have occurred to date. Market-based incentives should lower the costs of improving environmental quality significantly. However, currently institutional dificulties hamper implementation

  18. 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

  19. 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.

  20. 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

  1. Selected performance indicators of the German environmental industry and environmental climate in an international comparison. Production, external trade, environmental research and patents; Ausgewaehlte Indikatoren zur Leistungsfaehigkeit der deutschen Umwelt- und Klimaschutzwirtschaft im internationalen Vergleich. Produktion, Aussenhandel, Umweltforschung und Patente

    Energy Technology Data Exchange (ETDEWEB)

    Schasse, Ulrich; Gehrke, Birgit [Niedersaechsisches Inst. fuer Wirtschaftsforschung e.V., Hannover (Germany); Ostertag, Katrin [Fraunhofer-Institut fuer System- und Innovationsforschung (ISI), Karlsruhe (Germany)

    2011-10-15

    The environmental technology is one of the most important growth markets worldwide. In the light of the unique environmental political challenges predictions refer to an expansionary trend towards market development - especially in the international context, with particular emphasis on the climate protection. The companies of the German environmental industry increasingly operate in global markets. A major share of that growth has been developed there. Temporarily, only the foreign market offered expansion opportunities. Even if the companies are not active on the export markets, the companies in the domestic market compete with their international export markets. Insofar, the question of the international competitiveness of the environmental industry is a key issue.

  2. Concurrent credit portfolio losses.

    Science.gov (United States)

    Sicking, Joachim; Guhr, Thomas; Schäfer, Rudi

    2018-01-01

    We consider the problem of concurrent portfolio losses in two non-overlapping credit portfolios. In order to explore the full statistical dependence structure of such portfolio losses, we estimate their empirical pairwise copulas. Instead of a Gaussian dependence, we typically find a strong asymmetry in the copulas. Concurrent large portfolio losses are much more likely than small ones. Studying the dependences of these losses as a function of portfolio size, we moreover reveal that not only large portfolios of thousands of contracts, but also medium-sized and small ones with only a few dozens of contracts exhibit notable portfolio loss correlations. Anticipated idiosyncratic effects turn out to be negligible. These are troublesome insights not only for investors in structured fixed-income products, but particularly for the stability of the financial sector. JEL codes: C32, F34, G21, G32, H81.

  3. Carbon credits after Kyoto

    International Nuclear Information System (INIS)

    Anon.

    1998-01-01

    In the Kyoto Protocol to the FCCC three different forms of GHG emission reduction titles through market-based international cooperation are defined: emission reduction units under Article 6; certified emission reductions in the framework of the Clean Development Mechanism (CDM) under Article 12; and emissions trading under Article 17. Although defined under different Articles in the Protocol, it seems reasonable to assume that the three mechanisms will not operate separately. After CoP3 the author registered several comments, opinions and concerns related to the flexibility provisions under the Kyoto Protocol

  4. A Unifying Mathematical Framework for Genetic Robustness, Environmental Robustness, Network Robustness and their Trade-offs on Phenotype Robustness in Biological Networks. Part III: Synthetic Gene Networks in Synthetic Biology

    Science.gov (United States)

    Chen, Bor-Sen; Lin, Ying-Po

    2013-01-01

    Robust stabilization and environmental disturbance attenuation are ubiquitous systematic properties that are observed in biological systems at many different levels. The underlying principles for robust stabilization and environmental disturbance attenuation are universal to both complex biological systems and sophisticated engineering systems. In many biological networks, network robustness should be large enough to confer: intrinsic robustness for tolerating intrinsic parameter fluctuations; genetic robustness for buffering genetic variations; and environmental robustness for resisting environmental disturbances. Network robustness is needed so phenotype stability of biological network can be maintained, guaranteeing phenotype robustness. Synthetic biology is foreseen to have important applications in biotechnology and medicine; it is expected to contribute significantly to a better understanding of functioning of complex biological systems. This paper presents a unifying mathematical framework for investigating the principles of both robust stabilization and environmental disturbance attenuation for synthetic gene networks in synthetic biology. Further, from the unifying mathematical framework, we found that the phenotype robustness criterion for synthetic gene networks is the following: if intrinsic robustness + genetic robustness + environmental robustness ≦ network robustness, then the phenotype robustness can be maintained in spite of intrinsic parameter fluctuations, genetic variations, and environmental disturbances. Therefore, the trade-offs between intrinsic robustness, genetic robustness, environmental robustness, and network robustness in synthetic biology can also be investigated through corresponding phenotype robustness criteria from the systematic point of view. Finally, a robust synthetic design that involves network evolution algorithms with desired behavior under intrinsic parameter fluctuations, genetic variations, and environmental

  5. 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.

  6. Credit demand in Mozambican manufacturing

    DEFF Research Database (Denmark)

    Byiers, Bruce; Rand, John; Tarp, Finn

    2010-01-01

    This paper uses two industrial firm surveys to identify the key determinants of credit demand in Mozambican manufacturing. We construct five different measures of being credit constrained and estimate desired debt demand. Besides firm size and ownership structure, we find evidence that general...

  7. Store Security. Credit Card Fraud.

    Science.gov (United States)

    Brockway, Jerry

    The manual, intended for use by adults and not in the high school classroom situation, presents material directed toward assisting in the reduction of credit card crime. This teaching guide is organized in three sections which deal with the nature of and major reasons for credit card fraud, the types of hot card runners, and methods of reducing…

  8. Tuition Tax Credits. Issuegram 19.

    Science.gov (United States)

    Augenblick, John; McGuire, Kent

    Approaches for using the federal income tax system to aid families of pupils attending private schools include: tax credits, tax deductions, tax deferrals, and education savings incentives. Tax credit structures can be made refundable and made sensitive to taxpayers' income levels, the level of education expenditures, and designated costs.…

  9. 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.

  10. 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

  11. 12 CFR 703.6 - Credit analysis.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Credit analysis. 703.6 Section 703.6 Banks and... ACTIVITIES § 703.6 Credit analysis. A Federal credit union must conduct and document a credit analysis on an... Federal Deposit Insurance Corporation. A Federal credit union must update this analysis at least annually...

  12. Credit Cards. Bulletin No. 721. (Revised.)

    Science.gov (United States)

    Fox, Linda Kirk

    This cooperative extension bulletin provides basic information about credit cards and their use. It covers the following topics: types of credit cards (revolving credit, travel and entertainment, and debit); factors to consider when evaluating a credit card (interest rates, grace period, and annual membership fee); other credit card costs (late…

  13. 7 CFR 4280.139 - Credit quality.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Credit quality. 4280.139 Section 4280.139 Agriculture... Improvements Program Section B. Guaranteed Loans § 4280.139 Credit quality. The lender must determine credit quality and must address all of the elements of credit quality in a written credit analysis, including...

  14. 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...

  15. Trading stages

    DEFF Research Database (Denmark)

    Steiner, Uli; Tuljapurkar, Shripad; Coulson, Tim

    2012-01-01

    Interest in stage-and age structured models has recently increased because they can describe quantitative traits such as size that are left out of age-only demography. Available methods for the analysis of effects of vital rates on lifespan in stage-structured models have not been widely applied ...... examples. Much of our approach relies on trading of time and mortality risk in one stage for time and risk in others. Our approach contributes to the new framework of the study of age- and stage-structured biodemography....

  16. 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.

  17. An Anonymous Credit Card System

    Science.gov (United States)

    Androulaki, Elli; Bellovin, Steven

    Credit cards have many important benefits; however, these same benefits often carry with them many privacy concerns. In particular, the need for users to be able to monitor their own transactions, as well as bank’s need to justify its payment requests from cardholders, entitle the latter to maintain a detailed log of all transactions its credit card customers were involved in. A bank can thus build a profile of each cardholder even without the latter’s consent. In this paper, we present a practical and accountable anonymous credit system based on ecash, with a privacy preserving mechanism for error correction and expense-reporting.

  18. Anonymous electronic trading versus floor trading

    OpenAIRE

    Franke, Günter; Hess, Dieter

    1995-01-01

    This paper compares the attractiveness of floor trading and anonymous electronic trading systems. It is argued that in times of low information intensity the insight into the order book of the electronic trading system provides more valuable information than floor trading, but in times of high information intensity the reverse is true. Thus, the electronic system's market share in trading activity should decline in times of high information intensity. This hypothesis is tested by data on BUND...

  19. Trading volume and the number of trades

    OpenAIRE

    Marwan Izzeldin

    2007-01-01

    Trading volume and the number of trades are both used as proxies for market activity, with disagreement as to which is the better proxy for market activity. This paper investigates this issue using high frequency data for Cisco and Intel in 1997. A number of econometric methods are used, including GARCH augmented with lagged trading volume and number of trades, tests based on moment restrictions, regression analysis of volatility on volume and trades, normality of returns when standardized by...

  20. 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

  1. 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)

  2. War of the Credit Cards.

    Science.gov (United States)

    Nicklin, Julie L.

    1993-01-01

    Increasingly, colleges are offering affinity credit cards with attractive incentives as a marketing tool. Some in academe feel the trend may compromise educational objectives. Institutions may also face taxation on unrelated-business income generated through the cards. (MSE)

  3. Armenia - Water to Market Credit

    Data.gov (United States)

    Millennium Challenge Corporation — The analysis of WtM credit used baseline and final follow-up Farming Practices Survey (FPS) data to summarize beneficiary and loan characteristics, as well as to...

  4. Credit Stagnation in Latin America

    OpenAIRE

    Adolfo Barajas; Roberto Steiner

    2002-01-01

    This study examines the recent marked slowdown in bank credit to the private sector in Latin America. Based on the study of eight countries (Argentina, Bolivia, Brazil, Chile, Colombia, Peru, Mexico, and Venezuela), the magnitude of the slowdown is documented, comparing it to historical behavior and to slowdown episodes in other regions of the world. Second, changes in bank balance sheets are examined to determine whether the credit slowdown is merely a reflection of a slowdown in bank deposi...

  5. Fuel trading

    International Nuclear Information System (INIS)

    2015-01-01

    A first part of this report proposes an overview of trends and predictions. After a synthesis on the sector changes and trends, it indicates and comments the most recent predictions for the consumption of refined oil products and for the turnover of the fuel wholesale market, reports the main highlights concerning the sector's life, and gives a dashboard of the sector activity. The second part proposes the annual report on trends and competition. It presents the main operator profiles and fuel categories, the main determining factors of the activity, the evolution of the sector context between 2005 and 2015 (consumptions, prices, temperature evolution). It analyses the evolution of the sector activity and indicators (sales, turnovers, prices, imports). Financial performances of enterprises are presented. The economic structure of the sector is described (evolution of the economic fabric, structural characteristics, French foreign trade). Actors are then presented and ranked in terms of turnover, of added value, and of result

  6. 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

  7. The game of trading jobs for emissions

    International Nuclear Information System (INIS)

    Arto, I.; Rueda-Cantuche, J.M.; Andreoni, V.; Mongelli, I.; Genty, A.

    2014-01-01

    Following the debate on the implications of international trade for global climate policy, this paper introduces the topic of the economic benefits from trade obtained by exporting countries in relation to the emissions generated in the production of exports. In 2008, 24% of global greenhouse gas (GHG) emissions and 20% of the employment around the world were linked to international trade. China “exported” 30% of emissions and hosted 37.5% of the jobs generated by trade worldwide. The European Union and the United States of America were the destination of 25% and 18.4% of the GHG emissions embodied in trade. The imports of these two regions contributed to the creation of 45% of the employment generated by international trade. This paper proposes the idea of including trade issues in international climate negotiations, taking into account not only the environmental burden generated by developed countries when displacing emissions to developing countries through their imports, but also the economic benefits of developing countries producing the goods exported to developed countries. - Highlights: • Employment and trade issues should be considered in GHG emission reduction policies. • In 2008 24% of global GHG emissions and 20% of the employment are linked to trade. • 43% of GHG and 45% of employment embedded in trade are due to EU and US imports. • China exports 30% of the GHG and hosts 38% of the jobs generated by trade worldwide

  8. 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.

  9. 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

  10. 49 CFR 260.13 - Credit reform.

    Science.gov (United States)

    2010-10-01

    ... appropriations, direct payment of a Credit Risk Premium by the Applicant or a non-Federal infrastructure partner... 49 Transportation 4 2010-10-01 2010-10-01 false Credit reform. 260.13 Section 260.13... REHABILITATION AND IMPROVEMENT FINANCING PROGRAM Overview § 260.13 Credit reform. The Federal Credit Reform Act...

  11. 76 FR 79531 - Corporate Credit Unions

    Science.gov (United States)

    2011-12-22

    ... exclude CLF stock subscriptions, based on the asset's negligible credit risk and to facilitate corporate... removing paragraphs (c)(3) and (f)(4) and adding paragraph (h) to read as follows: Sec. 704.6 Credit risk... NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Part 704 RIN 3133-AD95 Corporate Credit Unions AGENCY...

  12. 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

  13. Lending and Credit Monitoring Principles

    Directory of Open Access Journals (Sweden)

    Viorica IOAN

    2012-11-01

    Full Text Available The results of a bank’s activities depend to a significant extent on the quality of the credit portfolio that it holds, as well as on the credit tracking and control system. The purpose and functioning of such inter-banking systems differs from one bank to another. Loans require an increasingly efficient type of internal surveillance of activity. Following the clients’ behavior and performances, as well as their entire activity is a particularly important phase and absolutely necessary in the course of a loan. The purpose of this activity is, generally, that of identifying, as early as possible, of clues about any problems that may appear during the course of the loan, so as to make possible, as early as can be, the taking of remedial measures with a view to anticipate the deterioration of the loan’s debt. An open communication between the bank and the loan’s beneficiary is an essential condition for an efficient tracking program. Another basic element is the rigorous and complete filling out of the credit papers. The credit files are the backbone of the of the loan monitoring process because these contain all of the documents which may offer to the credit officer, accounting expert, as well as other interested parties a permanent, chronological record of the loan relation.

  14. 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)

  15. 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

  16. Focal points 2010. Mobility with future - correct investment today. Environmental protection - investment restraint for agriculture? Engine for the climate policy: emission trading; Schwerpunkte 2010. Mobilitaet mit Zukunft - heute richtig investieren. Umweltschutz - Investitionshemmnis fuer die Landwirtschaft? Motor fuer die Klimapolitik: Der Emissionshandel

    Energy Technology Data Exchange (ETDEWEB)

    Ittershagen, Martin; Mavromati, Fotini (comps.)

    2010-04-14

    The publication of the German Federal environmental agency on the focal points 2010 covers the following topics: impetus for an ecological-economic policy; mobility with future -best investment for today: more environmentally compatible investments in traffic infrastructure, better technology - more efficiency, missing charging of environmental cost induces wrong stimuli; environmental protection - investment restraints for agriculture? Engine for climate policy: emission trading; the Federal environmental agency: bridge between science and politics, the Federal environmental agency for mankind and environment; data and facts; publications of the employees.

  17. 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

  18. Entropy of international trades

    Science.gov (United States)

    Oh, Chang-Young; Lee, D.-S.

    2017-05-01

    The organization of international trades is highly complex under the collective efforts towards economic profits of participating countries given inhomogeneous resources for production. Considering the trade flux as the probability of exporting a product from a country to another, we evaluate the entropy of the world trades in the period 1950-2000. The trade entropy has increased with time, and we show that it is mainly due to the extension of trade partnership. For a given number of trade partners, the mean trade entropy is about 60% of the maximum possible entropy, independent of time, which can be regarded as a characteristic of the trade fluxes' heterogeneity and is shown to be derived from the scaling and functional behaviors of the universal trade-flux distribution. The correlation and time evolution of the individual countries' gross-domestic products and the number of trade partners show that most countries achieved their economic growth partly by extending their trade relationship.

  19. 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...

  20. 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

  1. 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...

  2. Credit Rationing Effects of Credit Value-at-Risk

    NARCIS (Netherlands)

    J.F. Slijkerman; D.J.C. Smant (David); C.G. de Vries (Casper)

    2004-01-01

    textabstractBanks provide risky loans to firms which have superior information regarding the quality of their projects. Due to asymmetric information the banks face the risk of adverse selection. Credit Value-at-Risk (CVaR) regulation counters the problem of low quality, i.e. high risk, loans and

  3. Who needs credit and who gets credit in Eastern Europe

    NARCIS (Netherlands)

    Brown, M.; Ongena, S.; Popov, A.; Yesin, P.

    2011-01-01

    Based on survey data covering 8,387 firms in 20 countries we compare the access to bank credit for firms in Eastern Europe to that in selected Western European countries. Our analysis reveals five main results. First, the firm-level determinants of the propensity to apply are similar in Eastern and

  4. 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.

  5. International red meat trade.

    Science.gov (United States)

    Brester, Gary W; Marsh, John M; Plain, Ronald L

    2003-07-01

    trade restriction, which could ultimately impact future US red meat exports. Conversely, some countries may view such labeling requirements as an opportunity to brand high-quality products. The US lamb meat industry has experienced declining real prices, domestic production, and demand. The cessation of wool incentive payments, increased environmental regulations, and competition by imports have significantly affected the industry. Import suppliers have capitalized on product quality in this niche market. Trade restrictions initially imposed in 1999 by the US Government were ruled illegal by the WTO. The US Government responded by providing financial assistance to lamb producers. Product quality improvements and promotion aimed at the domestic market, however, will be critical factors in shaping the economic viability of the US lamb meat industry.

  6. 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...

  7. 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

  8. 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

  9. Environmental and economic benefits resulting from citizens' participation in CO2 emissions trading: An efficient alternative solution to the voluntary compensation of CO2 emissions

    International Nuclear Information System (INIS)

    Rousse, Olivier

    2008-01-01

    Over the last few months in the emerging and lucrative carbon project market, a growing number of organizations have proposed to offset citizens' greenhouse gas emissions. The target of these carbon-offset initiatives is to satisfy the increasing demand of individuals wishing to take part in the fight against climate change. In this paper, we review and criticize these carbon-offsetting programs in general terms. We then propose an alternative that, in our opinion, should prove to be a better solution for citizens who are willing to pay for protecting the environment. This alternative is to organize citizens' participation in carbon emissions trading on a large scale in order to purchase and retire (destroy) CO 2 permits. To do so, a benevolent Regulator or non-governmental organization must correct certain CO 2 emissions market failures; this particularly concerns the high transaction costs, which represent an entry barrier and prevent citizens from purchasing and withholding permits. Based on theoretical findings, we demonstrate that implementing citizens' participation in emissions trading is an economically efficient and a morally preferable option. (author)

  10. 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

  11. International Trade and Protectionism.

    Science.gov (United States)

    Stanford Univ., CA. Stanford Program on International and Cross Cultural Education.

    This unit is designed to investigate the reasons for international trade and the issue of trade protectionism by focusing on the case study of the U.S. trade relationship with Taiwan. The unit begins with a simulation that highlights the concepts of global interdependence, the need for international trade, and the distribution of the world's…

  12. Credit Supply and Corporate Innovation

    DEFF Research Database (Denmark)

    Amore, Mario Daniele; Schneider, Cédric; Zaldokas, Alminas

    We present evidence that banking development plays a key role in technological progress. We focus on firms’ innovative performance, measured by patent-based metrics, and employ exogenous variations in banking development arising from the staggered deregulation of banking activities across U.S. st...... by a greater ability of deregulated banks to geographically diversify credit risk....

  13. Methodology of Credit Analysis Development

    Directory of Open Access Journals (Sweden)

    Slađana Neogradi

    2017-12-01

    Full Text Available The subject of research presented in this paper refers to the definition of methodology for the development of credit analysis in companies and its application in lending operations in the Republic of Serbia. With the developing credit market, there is a growing need for a well-developed risk and loss prevention system. In the introduction the process of bank analysis of the loan applicant is presented in order to minimize and manage the credit risk. By examining the subject matter, the process of processing the credit application is described, the procedure of analyzing the financial statements in order to get an insight into the borrower's creditworthiness. In the second part of the paper, the theoretical and methodological framework is presented applied in the concrete company. In the third part, models are presented which banks should use to protect against exposure to risks, i.e. their goal is to reduce losses on loan operations in our country, as well as to adjust to market conditions in an optimal way.

  14. Credit rating dynamics and competition

    DEFF Research Database (Denmark)

    Hirth, Stefan

    2014-01-01

    I analyze the market for credit ratings with competition between more than two rating agencies. How can honest rating behavior be achieved, and under which conditions can a new honest rating agency successfully invade a market with inflating incumbents? My model predicts cyclic dynamics...

  15. Credit Derivatives and Loan Pricing

    NARCIS (Netherlands)

    Norden, L.; Wagner, W.B.

    2007-01-01

    This paper examines the relationship between the new markets for credit default swaps (CDS) and the pricing of syndicated loans to U.S. corporates. We find that changes in CDS spreads have a significantly positive coefficient and explain about 25% of subsequent monthly changes in aggregate loan

  16. Brownfields New Markets Tax Credits

    Science.gov (United States)

    This Brownfi elds Solutions factsheet is intended for brownfields stakeholders interested in how the U.S. Department of the Treasury’s New Markets Tax Credit (NMTC) Program can be used as a financing mechanism in brownfields cleanup and redevelopment.

  17. 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

  18. Navigating environmental, economic, and technological trade-offs in the design and operation of submerged anaerobic membrane bioreactors (AnMBRs)

    KAUST Repository

    Pretel, R.; Shoener, B.D.; Ferrer, J.; Guest, J.S.

    2015-01-01

    of submerged AnMBRs influence the technological, environmental, and economic sustainability of the system across its life cycle. Specific design and operational decisions evaluated included: solids retention time (SRT), mixed liquor suspended solids (MLSS

  19. Trade restrictions as a means of enforcing compliance with international environmental law. Montreal Protocol on Substances that Deplete the Ozone Layer

    International Nuclear Information System (INIS)

    Lang, W.

    1996-01-01

    The contribution reviews primarily Art. 4 of the Montreal Protocol and its efficiency for enforcing compliance with obligations under international environmental law and discusses aspects of possible conflicts with GATT law. (CB)

  20. A Mechanism for Anonymous Credit Card Systems

    Science.gov (United States)

    Tamura, Shinsuke; Yanase, Tatsuro

    This paper proposes a mechanism for anonymous credit card systems, in which each credit card holder can conceal individual transactions from the credit card company, while enabling the credit card company to calculate the total expenditures of transactions of individual card holders during specified periods, and to identify card holders who executed dishonest transactions. Based on three existing mechanisms, i.e. anonymous authentication, blind signature and secure statistical data gathering, together with implicit transaction links proposed here, the proposed mechanism enables development of anonymous credit card systems without assuming any absolutely trustworthy entity like tamper resistant devices or organizations faithful both to the credit card company and card holders.

  1. Credit Card Debt Hardship Letter Samples

    OpenAIRE

    lissa coffey

    2016-01-01

    Having trouble with your credit card debt? Below you will find examples of hardship letters. There are several things to consider when writing a credit card hardship letter. A hardship letter is the first step to letting the credit card company know that things are bad. This free credit card hardship letter sample is only a guide in order to start the negotiation. Credit card debt hardship letter example, hardship letter to credit card. If you are having trouble paying off your debt and need ...

  2. 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.

  3. 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.

  4. 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...

  5. 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

  6. Regional Trade Agreement and Agricultural Trade in East African ...

    African Journals Online (AJOL)

    Intra-EAC trade is very low, that is, at 9 per cent of the total regional trade, but it is on upward trend. Agricultural trade accounts for over 40 per cent of the intra-EAC trade. This study investigated the effect of EAC regional trade agreement on the regions agricultural trade by analyzing the degree of trade creation and ...

  7. British and American attitudes toward credit cards.

    Science.gov (United States)

    Yang, Bijou; James, Simon; Lester, David

    2006-04-01

    American university students owned more than twice as many credit cards as British university students. However, scores on a credit card attitude scale predicted the number of cards owned by respondents in both countries.

  8. Portfolio Optimization for Multiple Group Credit Unions

    National Research Council Canada - National Science Library

    Willis, John

    1999-01-01

    ...) to diversify, credit unions now have the opportunity to market their services to specific employee groups or industries which can reduce the overall risk to the credit unions' health or solvency...

  9. Fish marketing and credit in Viet Nam

    National Research Council Canada - National Science Library

    Lem, Audun

    2004-01-01

    .... State-owned financial institutions play a major role in financing capital expenditure while working capital requirements are mainly met by informal sources of credit. However, future investment requirements and credit needs are greater than currently available.

  10. Credit Risk Transfer and Crunches

    DEFF Research Database (Denmark)

    Wigan, Duncan

    2010-01-01

    Rather than in terms of the inevitable demise of a destabilising process of speculation, this article explores the ‘credit crunch’ as a window on the fabrication, and measure of the proportions of a political shift driven by market actors and financial innovation. The Basel process reconceptualised...... banks as risk navigators and generated a competitive hierarchy within the global banking industry determined on a gauge of this capacity. This private regulatory regime promoted market inflation and rendered institutional liquidity and risk transfer definitive of market power. In turn, a ballooning...... credit derivatives market broke the limits of financial production and defined state actions in the face of crisis. A shift from a central concern with solvency to that of liquidity thinly masks a profound redistribution of power from the public to the private. By swapping private assets of uncertain...

  11. KARAKTERISTIK PERUSAHAAN DAN CREDIT RISK

    Directory of Open Access Journals (Sweden)

    Erma Wahdani Permanasari

    2014-05-01

    Full Text Available The purpose of this study is to determine the effect of characteristic of firm to the level of creditrisk. Characteristics of the firm is proxied by size, leverage, spread ownership, net profit margin,return on equity, industry type and scope of the company’s operations. Measurement of level creditrisk uses PT Pefindo bond rating. Annual reports of listed companies in PT Pefindo and IndonesiaStock Exchange (IDX 2010-2011 are collected based on purposive sampling techniques. Thepopulation is 238 companies. Sample used amounted to 84 companies. The analysis model usedin this study is multiple linear regression. Results of this study indicate that the level of corporatecredit risk in Indonesia is high because it is below the 50.00%. The test result of multiple regressionshowed that firm of characteristic affect the level of credit risk. Firm characteristics that affectthe level of credit risk are size, leverage, dispersion of ownership, net profit margin and returnon equity.

  12. STATE CREDIT RATING MARK: PRESENT DOMESTIC REALITIES

    OpenAIRE

    Kovalko, N. M.

    2017-01-01

    The article discusses the problematic aspects of credit ratings and ranking. The economic and legal aspects of ranking relations are addressed. It is concluded that a low credit standing of Ukraine is a sign of our country’s low debt sustainability.It is proved that both for Ukraine and for economically developed countries, the issue of credit ratings is quite important, and at times problematic. The issue is related to the development of the national and international financial credit resour...

  13. Did Globalization Influence Credit Market Deregulation

    OpenAIRE

    Eppinger, Peter; Potrafke, Niklas

    2015-01-01

    We investigate whether globalization influenced credit market deregulation over the period 1970-2010. Globalization is measured by the KOF indices of globalization. Credit market deregulation is measured by the credit market freedom indicators of the Fraser Institute. The results from both cross-sectional and panel regressions using ordinary least squares indicate a positive correlation between globalization and credit market deregulation. We account for reverse causality by using predicted t...

  14. Service quality in consumer's credit branch

    OpenAIRE

    Blechová, Věra

    2008-01-01

    The diploma thesis deals with consumer's credit grants of banking and non-banking corporations and comparison of their service quality. The first part of research is dedicated to consumer's knowledge of credit issues. Second describes main difficulties of consumer's credit grants of banking and non-banking corporations and proves their use of unfair manners. The final part of thesis propose improvements, which will boost consumer's protection on field of consumer's credits.

  15. 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.

  16. Reconfiguring trade mark law

    DEFF Research Database (Denmark)

    Elsmore, Matthew James

    2013-01-01

    -border setting, with a particular focus on small business and consumers. The article's overall message is to call for a rethink of received wisdom suggesting that trade marks are effective trade-enabling devices. The case is made for reassessing how we think about European trade mark law.......First, this article argues that trade mark law should be approached in a supplementary way, called reconfiguration. Second, the article investigates such a reconfiguration of trade mark law by exploring the interplay of trade marks and service transactions in the Single Market, in the cross...

  17. Redirecting International Trade

    DEFF Research Database (Denmark)

    Kokko, Ari; Söderlund, Bengt; Tingvall, Patrik Gustavsson

    2014-01-01

    The global financial crisis has contributed to the redirection of trade towards new markets outside the OECD area, where both demand patterns and the institutional environment differ from those in the OECD. This study provides an empirical examination of the consequences of this shift, based......-specific investments are particularly difficult to redirect towards markets with weak institutions....... on Swedish firm-level trade data. Results suggest that weak institutions hamper trade and reduce the length of trade relations, especially for small firms. Trade in industries that are characterized by a high frequency of trade conflicts and where transactions require extensive relationship...

  18. Redirecting International Trade

    DEFF Research Database (Denmark)

    Kokko, Ari; Söderlund, Bengt; Tingvall, Patrik Gustavsson

    The global financial crisis has accelerated the redirection of trade towards new markets, outside the OECD area, where both demand patterns and the institutional environment differ from those in the OECD. This study provides an empirical examination of the consequences of this shift. Results...... difficult to redirect towards markets with weak institutions....... suggest that weak institutions hamper trade and reduces the length of trade relations, especially for small firms. Furthermore, trade in industries that are characterized by a high degree of trade conflicts and that requires extensive relationship specific investments for trade to occur are comparatively...

  19. Requirements for, and benefits of, environmentally sound and economically viable management of battery recycling in the Philippines in the wake of Basel Convention trade restrictions

    Science.gov (United States)

    Hoffmann, U.; Wilson, B.

    The ban on the export of used lead-acid batteries (ULAB) from Annex VII to non-Annex VII countries pursuant to decision III/1 of the Basel Convention reduced the availability of imported scrap feedstock for battery recycling in the Philippines. As ULAB supply from other developing countries becomes scarcer, the ban is likely to encourage and enhance collection and recuperation for domestically generated scrap. From a short-term perspective, this study explores the technological and managerial opportunities for improving the environmental and occupational health performance of the formal battery recycling sector and unregulated reconditioning. From a medium- and long-term point of view, the study investigates restructuring the informal ULAB's collection and recycling sector. The objective has been to make the smaller battery recyclers and reconditioners in the informal sector part of an effective and efficient collection infrastructure that supports an environmentally sound secondary lead sector. This approach gradually phases out uncontrolled, inefficient and environmentally unacceptable methods of secondary lead recovery. Due attention has also been paid to the logistical peculiarities of an archipelago, in particular the regional spread of collection infrastructure, collection and shipment costs as well as the assurance of environmentally safe transport.

  20. Credits

    Directory of Open Access Journals (Sweden)

    - -

    2013-07-01

    Full Text Available Ministério da EducaçãoSecretaria de Educação Profissional e TecnológicaInstituto Federal de Educação, Ciência e Tecnologia Fluminense Reitor Luiz Augusto Caldas Pereira Pró-Reitor de Ensino Carlos Márcio Lima Pró-Reitor de Pesquisa e Inovação José Augusto Ferreira da Silva Pró-Reitora de Extensão Paula Aparecida Martins Borges BastosEditora-Chefe Inez Barcellos de Andrade Coordenação Editorial do Boletim Maria Inês Paes Ferreira Conselho Editorial Conselho Consultivo Edinalda Almeida da SilvaHelvia Pereira Pinto BastosJefferson Manhães de AzevedoLuiz de Pinedo Quinto JuniorMaria Amelia Ayd CorrêaMaria Inês Paes FerreiraPedro de Azevedo Castelo BrancoRegina Coeli Martins AquinoRogério Atem de CarvalhoRomeu e Silva NetoSaid Sérgio Martins AuattSalvador TavaresSergio VasconcelosSilvia Lúcia dos Santos BarretoSynthio Vieira de AlmeidaVania Cristina Alexandrino BernardoVicente de Paulo Santos OliveiraWander Gomes Ney Adalberto Cardoso (IESP/UERJAntonio Carlos Secchin (UFRJAntônio José da Silva Neto (IPRJ/UERJAsterio Kiyoshi Tanaka (UNIRIO e UFRJErica Maria Pellegrini Caramaschi (UFRJFernando Benedicto Mainier (UFFFernando Pruski (UFVFrancisco de Assis Esteves (UFRJGaudêncio Frigotto (UFFHamilton Jorge de Azevedo (UFRRJHelder Gomes Costa (UFFIná Elias de Castro (UFRJJader Lugon Junior (IFF/UERJ/SENAIJanete Bolite Frant (UNIBANJosé Abdallah Helayël-Neto (CBPF/MCTMiriam Fontelle (UNIFLU e UNESARodrigo Valente Serra (ANPRonaldo Pinheiro da Rocha Paranhos (UENFSérgio Arruda de Moura (UENFVera Lucia Marques da Silva (FBPNVirgínia Maria Gomes de Mattos Fontes (UFF Organizadores deste númeroMaria Inês Paes FerreiraJader Lugon JuniorLuiz de Pinedo Quinto JúniorBolsista de Iniciação CientíficaCamilla Cardoso da Costa Revisão de Língua Portuguesa e Inglesa Edson Carlos NascimentoIsabela Bastos de CarvalhoKissila Ferreira de SouzaPriscila Matos MonkenRosângela Caldas Projeto Gráfico André da Silva CruzEric Moreira Carvalho Diagramação Cláudia Marcia Alves FerreiraFernando Prado de Matos BettencourtMariana de Almeida Reis CapaAndré da Silva Cruz Revisão Técnica e Catalogação Inez Barcellos de Andrade Dados de Catalogação na Publicação (CIP B688      Boletim do Observatório Ambiental Alberto Ribeiro Lamego / InstitutoFederal de Educação, Ciência e Tecnologia Fluminense.Observatório Ambiental Alberto Ribeiro Lamego. - Vol. 1, no. 1(jan./jun. 2011 - .- Campos dos Goytacazes (RJ: Essentia Editora,2011- SemestralCentro Federal de Educação Tecnológica de Campos - CEFET Camposaté 2008. Instituto Federal de Educação, Ciência e Tecnologia - IF Fluminense apartir de 2009. ISSN versão impressa 1981-6197ISSN versão eletrônica 2177-4560 1. Engenharia ambiental. I. Instituto Federal de Educação, Ciência eTecnologia Fluminense. II. Observatório Ambiental Alberto Ribeiro Lamego. CDD - 628 Tiragem: 1000 exemplares Impressão: Meneghitti's Gráfica e Editora Ltda. | Tel.: (21 2136-6999

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    2015-02-01

    Full Text Available Ministério da EducaçãoSecretaria de Educação Profissional e TecnológicaInstituto Federal de Educação, Ciência e Tecnologia FluminenseReitorLuiz Augusto Caldas PereiraPró-Reitor de EnsinoCarlos Márcio LimaPró-Reitor de Pesquisa e InovaçãoJosé Augusto Ferreira da SilvaPró-Reitora de ExtensãoPaula Aparecida Martins Borges BastosPró-Reitora de Desenvolvimento InstitucionalAna Lúcia CampinhoCoordenadora da Essentia EditoraKíssila da Conceição RibeiroConselho EditorialConselho ConsultivoDesiely Silva GusmãoEdinalda Almeida da SilvaHelvia Pereira Pinto BastosInez Barcellos de AndradeJefferson Manhães de AzevedoKíssila da Conceição RibeiroLuiz de Pinedo Quinto JuniorMaria Amelia Ayd CorrêaMaria Inês Paes FerreiraPedro de Azevedo Castelo BrancoRegina Coeli Martins AquinoRogério Atem de CarvalhoRomeu e Silva NetoSaid Sérgio Martins AuattSalvador TavaresSergio VasconcelosSilvia Lúcia dos Santos BarretoSynthio Vieira de AlmeidaVania Cristina Alexandrino BernardoVicente de Paulo Santos OliveiraWander Gomes NeyAdalberto Cardoso (IESP/UERJAntonio Carlos Secchin (UFRJAntônio José da Silva Neto (IPRJ/UERJAsterio Kiyoshi Tanaka (UNIRIO e UFRJErica Maria Pellegrini Caramaschi (UFRJFernando Benedicto Mainier (UFFFernando Pruski (UFVFrancisco de Assis Esteves (UFRJGaudêncio Frigotto (UFFHamilton Jorge de Azevedo (UFRRJHelder Gomes Costa (UFFIná Elias de Castro (UFRJJader Lugon Junior (IFF/UERJ/SENAIJanete Bolite Frant (UNIBANJosé Abdallah Helayël-Neto (CBPF/MCTRodrigo Valente Serra (ANPRonaldo Pinheiro da Rocha Paranhos (UENFSérgio Arruda de Moura (UENFVera Lucia Marques da Silva (FBPNVirgínia Maria Gomes de Mattos Fontes (UFFEquipe EditorialRevisão de Língua PortuguesaEdson Carlos NascimentoDenise Rena HaddadRevisão de Língua InglesaHélvia Pereira Pinto BastosCapa, Projeto GráficoAndré da Silva CruzDiagramaçãoCláudia Marcia Alves FerreiraCatalogação e Revisão TécnicaHenrique Barreiros AlvesLogotipoMarcos Antonio Esquef MacielDados de Catalogação na Publicação (CIPV567 Vértices / Instituto Federal de Educação, Ciência e Tecnologia Fluminense. -Vol.1, n. 1 (dez. 1997 - . - Campos dos Goytacazes (RJ: EssentiaEditora, 1997-QuadrimestralCentro Federal de Educação Tecnológica de Campos - CEFET Camposaté 2008. Instituto Federal de Educação, Ciência e Tecnologia -IF Fluminense a partir de jan.2009.ISSN 1415-2843 (versão impressaISSN 1809-2667 (versão eletrônica1. Educação - Periódicos. I. Instituto Federal de Educação, Ciênciae Tecnologia Fluminense.CDD - 370.5Revista Indexada em:Instituto Brasileiro em Ciência e Tecnologia/Sistema de Editoração Eletrônico de Revistas (IBICT/SEERSistema Regional de Información en Línea para Revistas Científicasde América Latina, el Caribe, Espanã y Portugal (LATINDEXDirectory Open Access Journals (DOAJRevista filiada à:Associação Brasileira de Editores CientíficosTiragem: 1000 exemplaresImpressão: Globalprint Editora Gráfica LTDA-ME. | Tel.: (31 3198-1100A revista Vértices é uma publicação científica do Instituto Federal de Educação, Ciência e Tecnologia Fluminense.Os artigos assinados são de responsabilidade exclusiva dos autores e não expressam, necessariamente, a opinião do Conselho Editorial.É permitida a reprodução total ou parcial dos artigos desta revista, desde que citada a fonte.

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    2015-05-01

    Full Text Available Ministério da EducaçãoSecretaria de Educação Profissional e TecnológicaInstituto Federal de Educação, Ciência e Tecnologia FluminenseReitorLuiz Augusto Caldas PereiraPró-Reitor de EnsinoCarlos Márcio LimaPró-Reitor de Pesquisa e InovaçãoJosé Augusto Ferreira da SilvaPró-Reitora de ExtensãoPaula Aparecida Martins Borges BastosPró-Reitora de Desenvolvimento InstitucionalAna Lúcia CampinhoEditora-chefeKíssila da Conceição RibeiroConselho EditorialConselho ConsultivoDesiely Silva GusmãoEdinalda Maria Almeida da SilvaHelvia Pereira Pinto BastosInez Barcellos de AndradeJefferson Manhães de AzevedoKíssila da Conceição RibeiroLuiz de Pinedo Quinto JuniorMaria Amelia Ayd CorrêaMaria Inês Paes FerreiraPedro de Azevedo Castelo BrancoRegina Coeli Martins AquinoRogério Atem de CarvalhoRomeu e Silva NetoSaid Sérgio Martins AuattSalvador TavaresSergio VasconcelosSilvia Lúcia dos Santos BarretoSynthio Vieira de AlmeidaVania Cristina Alexandrino BernardoVicente de Paulo Santos OliveiraWander Gomes NeyAdalberto Cardoso (IESP/UERJAntonio Carlos Secchin (UFRJAntônio José da Silva Neto (IPRJ/UERJAsterio Kiyoshi Tanaka (UNIRIO e UFRJErica Maria Pellegrini Caramaschi (UFRJFernando Benedicto Mainier (UFFFernando Pruski (UFVFrancisco de Assis Esteves (UFRJGaudêncio Frigotto (UFFHamilton Jorge de Azevedo (UFRRJHelder Gomes Costa (UFFIná Elias de Castro (UFRJJader Lugon Junior (IFF/UERJ/SENAIJanete Bolite Frant (UNIBANJosé Abdallah Helayël-Neto (CBPF/MCTRodrigo Valente Serra (ANPRonaldo Pinheiro da Rocha Paranhos (UENFSérgio Arruda de Moura (UENFVera Lucia Marques da Silva (FBPNVirgínia Maria Gomes de Mattos Fontes (UFFEquipe EditorialRevisão de Língua PortuguesaEdson Carlos NascimentoDenise Rena HaddadRevisão de Língua InglesaHélvia Pereira Pinto BastosCapa, Projeto GráficoAndré da Silva CruzDiagramaçãoCláudia Marcia Alves FerreiraCatalogação e Revisão TécnicaHenrique Barreiros AlvesLogotipoMarcos Antonio Esquef MacielDados de Catalogação na Publicação (CIPV567 Vértices / Instituto Federal de Educação, Ciência e Tecnologia Fluminense. -Vol.1, n. 1 (dez. 1997 - . - Campos dos Goytacazes (RJ: EssentiaEditora, 1997-QuadrimestralCentro Federal de Educação Tecnológica de Campos - CEFET Camposaté 2008. Instituto Federal de Educação, Ciência e Tecnologia -IF Fluminense a partir de jan.2009.ISSN 1415-2843 (versão impressaISSN 1809-2667 (versão eletrônica1. Educação - Periódicos. I. Instituto Federal de Educação, Ciênciae Tecnologia Fluminense.CDD - 370.5Revista Indexada em:Instituto Brasileiro em Ciência e Tecnologia/Sistema de Editoração Eletrônico de Revistas (IBICT/SEERSistema Regional de Información en Línea para Revistas Científicasde América Latina, el Caribe, Espanã y Portugal (LATINDEXDirectory Open Access Journals (DOAJRevista filiada à:Associação Brasileira de Editores CientíficosTiragem: 1000 exemplaresImpressão: Globalprint Editora Gráfica LTDA-ME. | Tel.: (31 3198-1100A revista Vértices é uma publicação científica do Instituto Federal de Educação, Ciência e Tecnologia Fluminense.Os artigos assinados são de responsabilidade exclusiva dos autores e não expressam, necessariamente, a opinião do Conselho Editorial.É permitida a reprodução total ou parcial dos artigos desta revista, desde que citada a fonte.

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    2010-05-01

    Full Text Available Ministério da EducaçãoSecretaria de Educação Profissional e TecnológicaInstituto Federal de Educação, Ciência e Tecnologia Fluminense Reitora Cibele Daher Botelho Monteiro Pró-Reitora de Ensino Fabíola de Amério Ney Silva Pró-Reitor de Pesquisa e Inovação Hélio Gomes Filho Pró-Reitor de Extensão Eugênio Ferreira Naegele da Silva Pró-Reitor de Desenvolvimento Institucional Roberto Moraes Pessanha Editora-chefe Inez Barcellos de AndradeCoordenação Editorial do Boletim Maria Inês Paes Ferreira Conselho Editorial Conselho Consultivo Desiely Silva GusmãoEdinalda Almeida da SilvaHelvia Pereira Pinto BastosInez Barcellos de AndradeJefferson Manhães de AzevedoLuiz de Pinedo Quinto JuniorMaria Amelia Ayd CorrêaMaria Inês Paes FerreiraPedro de Azevedo Castelo BrancoRegina Coeli Martins AquinoRogério Atem de CarvalhoRomeu e Silva NetoSaid Sérgio Martins AuattSalvador TavaresSergio VasconcelosSilvia Lúcia dos Santos BarretoSynthio Vieira de AlmeidaVania Cristina Alexandrino BernardoVicente de Paulo Santos OliveiraWander Gomes Ney Adalberto Cardoso (IESP/UERJAntonio Carlos Secchin (UFRJAntônio José da Silva Neto (IPRJ/UERJAsterio Kiyoshi Tanaka (UNIRIO e UFRJErica Maria Pellegrini Caramaschi (UFRJFernando Benedicto Mainier (UFFFernando Pruski (UFVFrancisco de Assis Esteves (UFRJGaudêncio Frigotto (UFFHamilton Jorge de Azevedo (UFRRJHelder Gomes Costa (UFFIná Elias de Castro (UFRJJader Lugon Junior (IFF/UERJ/SENAIJanete Bolite Frant (UNIBANJosé Abdallah Helayël-Neto (CBPF/MCTMiriam Fontelle (UNIFLU e UNESARodrigo Valente Serra (ANPRonaldo Pinheiro da Rocha Paranhos (UENFSérgio Arruda de Moura (UENFVera Lucia Marques da Silva (FBPNVirgínia Maria Gomes de Mattos Fontes (UFF Apoio TécnicoCarlos David PascoDenia Cristina da Silva BarretoGisele Carvalho da Silva Costa Nogueira Bolsista de Iniciação CientíficaJáder da Mota SiqueiraJúlio Fontoura Gonçalves de LimaSamara Melo RodriguesWanessa Alves Duarte Revisão de Texto Edinalda Maria Almeida da SilvaVania Cristina Alexandrino Bernardo Projeto Gráfico André da Silva CruzEric Moreira Carvalho Diagramação Diego Melo Gomes CapaAndré da Silva Cruz Revisão Técnica Inez Barcellos de Andrade CopidesqueCláudia de Souza CaetanoCatalogação Inez Barcellos de Andrade Dados de Catalogação na Publicação (CIPB688 Boletim do Observatório Ambiental Alberto Ribeiro Lamego / InstitutoFederal de Educação, Ciência e Tecnologia Fluminense.Observatório Ambiental Alberto Ribeiro Lamego. - Vol. 1, no. 1(jan./jun. 2007 - .- Campos dos Goytacazes (RJ: Essentia Editora,2007- SemestralCentro Federal de Educação Tecnológica de Campos - CEFET Camposaté 2008. Instituto Federal de Educação, Ciência e Tecnologia - IF Fluminense apartir de 2009. ISSN versão impressa 1981-6197ISSN versão eletrônica 2177-4560 1. Engenharia ambiental. I. Instituto Federal de Educação, Ciência eTecnologia Fluminense. II. Observatório Ambiental Alberto Ribeiro Lamego. CDD - 628 Tiragem: 1000 exemplaresImpressão: Borzan Indústria Gráfica | Tel.: (22 3211-9274

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    Directory of Open Access Journals (Sweden)

    . .

    2014-08-01

    Full Text Available Ministério da EducaçãoSecretaria de Educação Profissional e TecnológicaInstituto Federal de Educação, Ciência e Tecnologia Fluminense Reitor Luiz Augusto Caldas Pereira Pró-Reitor de Ensino Carlos Márcio Lima Pró-Reitor de Pesquisa e Inovação José Augusto Ferreira da Silva Pró-Reitora de Extensão Paula Aparecida Martins Borges Bastos Pró-Reitora de Desenvolvimento Institucional Ana Lúcia Campinho Coordenadora da Essentia Editora Kíssila da Conceição Ribeiro Conselho Editorial Conselho Consultivo Desiely Silva GusmãoEdinalda Almeida da SilvaHelvia Pereira Pinto BastosInez Barcellos de AndradeJefferson Manhães de AzevedoLuiz de Pinedo Quinto JuniorMaria Amelia Ayd CorrêaMaria Inês Paes FerreiraPedro de Azevedo Castelo BrancoRegina Coeli Martins AquinoRogério Atem de CarvalhoRomeu e Silva NetoSaid Sérgio Martins AuattSalvador TavaresSergio VasconcelosSilvia Lúcia dos Santos BarretoSynthio Vieira de AlmeidaVania Cristina Alexandrino BernardoVicente de Paulo Santos OliveiraWander Gomes Ney Adalberto Cardoso (IESP/UERJAntonio Carlos Secchin (UFRJAntônio José da Silva Neto (IPRJ/UERJAsterio Kiyoshi Tanaka (UNIRIO e UFRJErica Maria Pellegrini Caramaschi (UFRJFernando Benedicto Mainier (UFFFernando Pruski (UFVFrancisco de Assis Esteves (UFRJGaudêncio Frigotto (UFFHamilton Jorge de Azevedo (UFRRJHelder Gomes Costa (UFFIná Elias de Castro (UFRJJader Lugon Junior (IFF/UERJ/SENAIJanete Bolite Frant (UNIBANJosé Abdallah Helayël-Neto (CBPF/MCTRodrigo Valente Serra (ANPRonaldo Pinheiro da Rocha Paranhos (UENFSérgio Arruda de Moura (UENFVera Lucia Marques da Silva (FBPNVirgínia Maria Gomes de Mattos Fontes (UFF Equipe Editorial Revisão de Língua Portuguesa Edson Carlos NascimentoIsabela Bastos de CarvalhoKíssila Ferreira de SouzaPriscila Matos MonkenRosângela Caldas Revisão de Língua Inglesa Hélvia Pereira Pinto Bastos Capa, Projeto Gráfico André da Silva Cruz Diagramação Cláudia Marcia Alves FerreiraMariana de Almeida Reis Revisão Técnica e Catalogação Inez Barcellos de Andrade Logotipo Marcos Antonio Esquef Maciel Dados de Catalogação na Publicação (CIP V567 Vértices / Instituto Federal de Educação, Ciência e Tecnologia Fluminense. -Vol.1, n. 1 (dez. 1997 - . - Campos dos Goytacazes (RJ: EssentiaEditora, 1997- QuadrimestralCentro Federal de Educação Tecnológica de Campos - CEFET Camposaté 2008. Instituto Federal de Educação, Ciência e Tecnologia -IF Fluminense a partir de jan.2009. ISSN 1415-2843 (versão impressaISSN 1809-2667 (versão eletrônica 1. Educação - Periódicos. I. Instituto Federal de Educação, Ciênciae Tecnologia Fluminense. CDD - 370.5 Revista Indexada em: Instituto Brasileiro em Ciência e Tecnologia/Sistema de Editoração Eletrônico de Revistas (IBICT/SEER Sistema Regional de Información en Línea para Revistas Científicasde América Latina, el Caribe, Espanã y Portugal (LATINDEX Directory Open Access Journals (DOAJ Revista filiada à: Associação Brasileira de Editores Científicos Tiragem: 1000 exemplaresImpressão: Impressoart Editora Gráfica Ltda. | Tel.: (41 3348-2728 A revista Vértices é uma publicação científica do Instituto Federal de Educação, Ciência e Tecnologia Fluminense. Os artigos assinados são de responsabilidade exclusiva dos autores e não expressam, necessariamente, a opinião do Conselho Editorial. É permitida a reprodução total ou parcial dos artigos desta revista, desde que citada a fonte.

  5. Credits

    Directory of Open Access Journals (Sweden)

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    2010-05-01

    Full Text Available Diretora Geral Cibele Daher Botelho Monteiro Vice-Diretora Geral Jefferson Manhães de Azevedo Coordenadora de Pós-Graduação Vera Raimunda Amério Asseff Coordenador de Pesquisa Rogério Atem de Carvalho Editora-Chefe Maria Amelia Ayd Correa Coordenação Editorial do Boletim Maria Inês Paes Ferreira Conselho Editorial Dalila Silva MelloMarcos Antonio Cruz MoreiraRoberta de Sousa RamalhoVicente de Paulo Santos de Oliveira Organizadores deste número Maria Inês Paes FerreiraMariana Rodrigues de Carvalhaes PinheiroTathiana Chaves de Souza Apoio Técnico Gisele Carvalho da Silva Costa NogueiraCarlos David Pasco Bolsistas de Iniciação Científica Felipe Eliakim SilvaSamara Melo Rodrigues Revisão de Texto Edinalda Maria Almeida da Silva Projeto Gráfico André da Silva CruzDaniel Marques Sardinha Diagramação Daniel Marques Sardinha Capa Daniel Marques Sardinha Revisão Técnica Flávia Gomes de Abreu SiqueiraVanessa Vasconcelos Lopes Assistente de Editoração Cláudia de Souza Caetano Catalogação Antonio Soares das Chagas Filho Dados de Catalogação na Publicação (CIP Boletim do Observatório Ambiental Alberto Ribeiro Lamego. - Vol. 2, n. 1 (jan./jun. 2008. Centro Federal de Educação Tecnológicade Campos. Observatório Ambiental Alberto Ribeiro Lamego.Campos dos Goytacazes, RJ: Essentia Editora, 2008 - v. : il. 14 cm. SemestralISSN 1981-6197 1. Engenharia ambiental. I. Centro Federal de Educação Tecnológicade Campos. II. Observatório Ambiental Alberto Ribeiro Lamego. CDD - 628 Tiragem: 1000 exemplaresImpressão: Gráfica e Editora GSA | Tel.: (27 3232-1266

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    2013-01-01

    Full Text Available Ministério da EducaçãoSecretaria de Educação Profissional e TecnológicaInstituto Federal de Educação, Ciência e Tecnologia Fluminense Reitor Luiz Augusto Caldas Pereira Pró-Reitor de Ensino Carlos Márcio Lima Pró-Reitor de Pesquisa e Inovação José Augusto Ferreira da Silva Pró-Reitora de Extensão Paula Aparecida Martins Borges BastosEditora-Chefe Inez Barcellos de Andrade Coordenação Editorial do Boletim Maria Inês Paes Ferreira Conselho Editorial Conselho Consultivo Edinalda Almeida da SilvaHelvia Pereira Pinto BastosJefferson Manhães de AzevedoLuiz de Pinedo Quinto JuniorMaria Amelia Ayd CorrêaMaria Inês Paes FerreiraPedro de Azevedo Castelo BrancoRegina Coeli Martins AquinoRogério Atem de CarvalhoRomeu e Silva NetoSaid Sérgio Martins AuattSalvador TavaresSergio VasconcelosSilvia Lúcia dos Santos BarretoSynthio Vieira de AlmeidaVania Cristina Alexandrino BernardoVicente de Paulo Santos OliveiraWander Gomes Ney Adalberto Cardoso (IESP/UERJAntonio Carlos Secchin (UFRJAntônio José da Silva Neto (IPRJ/UERJAsterio Kiyoshi Tanaka (UNIRIO e UFRJErica Maria Pellegrini Caramaschi (UFRJFernando Benedicto Mainier (UFFFernando Pruski (UFVFrancisco de Assis Esteves (UFRJGaudêncio Frigotto (UFFHamilton Jorge de Azevedo (UFRRJHelder Gomes Costa (UFFIná Elias de Castro (UFRJJader Lugon Junior (IFF/UERJ/SENAIJanete Bolite Frant (UNIBANJosé Abdallah Helayël-Neto (CBPF/MCTMiriam Fontelle (UNIFLU e UNESARodrigo Valente Serra (ANPRonaldo Pinheiro da Rocha Paranhos (UENFSérgio Arruda de Moura (UENFVera Lucia Marques da Silva (FBPNVirgínia Maria Gomes de Mattos Fontes (UFF Organizadores deste númeroMaria Inês Paes FerreiraJader Lugon JuniorLuiz de Pinedo Quinto JúniorLuiz Felipe Umbelino dos SantosBolsista de Iniciação CientíficaCamilla Cardoso da Costa Revisão de Língua Portuguesa e Inglesa Edson Carlos Nascimento Projeto Gráfico André da Silva CruzEric Moreira Carvalho Diagramação Cláudia Marcia Alves FerreiraDiego Melo Gomes CapaAndré da Silva Cruz Revisão Técnica e Catalogação Inez Barcellos de Andrade CopidesqueEdson Carlos NascimentoDados de Catalogação na Publicação (CIP B688      Boletim do Observatório Ambiental Alberto Ribeiro Lamego / InstitutoFederal de Educação, Ciência e Tecnologia Fluminense.Observatório Ambiental Alberto Ribeiro Lamego. - Vol. 1, no. 1(jan./jun. 2011 - .- Campos dos Goytacazes (RJ: Essentia Editora,2011- SemestralCentro Federal de Educação Tecnológica de Campos - CEFET Camposaté 2008. Instituto Federal de Educação, Ciência e Tecnologia - IF Fluminense apartir de 2009. ISSN versão impressa 1981-6197ISSN versão eletrônica 2177-4560 1. Engenharia ambiental. I. Instituto Federal de Educação, Ciência eTecnologia Fluminense. II. Observatório Ambiental Alberto Ribeiro Lamego. CDD - 628 Tiragem: 1000 exemplaresImpressão: Meneghitti's Gráfica e Editora Ltda. | Tel.: (21 2136-6999

  7. Credits

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    2010-05-01

    Full Text Available Diretora Geral Cibele Daher Botelho Monteiro Vice-Diretora Geral Jefferson Manhães de Azevedo Coordenadora de Pós-Graduação Vera Raimunda Amério Asseff Coordenador de Pesquisa Rogério Atem de Carvalho Editora-Chefe Maria Amelia Ayd Correa Coordenação Editorial do Boletim Maria Inês Paes Ferreira Conselho Editorial Dalila Silva MelloMarcos Antonio Cruz MoreiraRoberta de Sousa RamalhoVicente de Paulo Santos de Oliveira Organizadores deste número Maria Inês Paes FerreiraMariana Rodrigues de Carvalhaes PinheiroTathiana Chaves de Souza Apoio Técnico Gisele Carvalho da Silva Costa NogueiraCarlos David Pasco Bolsistas de Iniciação Científica Felipe Eliakim SilvaSamara Melo Rodrigues Revisão de Texto Edinalda Maria Almeida da Silva Projeto Gráfico André da Silva CruzDaniel Marques Sardinha Diagramação Daniel Marques Sardinha Capa Daniel Marques SardinhaDiego Tavares Ventapane Lopes Revisão Técnica Flávia Gomes de Abreu SiqueiraVanessa Vasconcelos Lopes Assistente de Editoração Cláudia de Souza Caetano Catalogação Antonio Soares das Chagas Filho Dados de Catalogação na Publicação (CIP Boletim do Observatório Ambiental Alberto Ribeiro Lamego. - Vol. 1, n. 2 (jul./dez. 2007. Centro Federal de Educação Tecnológicade Campos. Observatório Ambiental Alberto Ribeiro Lamego.Campos dos Goytacazes, RJ: Essentia Editora, 2007 - v. : il. 14 cm. SemestralISSN 1981-6197 1. Engenharia ambiental. I. Centro Federal de Educação Tecnológicade Campos. II. Observatório Ambiental Alberto Ribeiro Lamego. CDD - 628 Tiragem: 1000 exemplaresImpressão: GSA Gráfica e Editora | Tel.: (27 3232-1266

  8. 75 FR 64785 - Corporate Credit Unions

    Science.gov (United States)

    2010-10-20

    ... management (ALM) and credit risk, and whether to make modifications in the area of corporate governance. NCUA... the revisions, an analysis of how the final investment, credit risk, and asset liability provisions..., credit risk, ALM, liquidity, and capital measures that together should greatly reduce the systemic risk...

  9. 76 FR 24089 - Credit Risk Retention

    Science.gov (United States)

    2011-04-29

    ... 17 CFR Part 246 Department of Housing and Urban Development 24 CFR Part 267 Credit Risk Retention... 2501-AD53 Credit Risk Retention AGENCIES: Office of the Comptroller of the Currency, Treasury (OCC..., Commission, FHFA, and HUD (the Agencies) are proposing rules to implement the credit risk retention...

  10. 76 FR 34010 - Credit Risk Retention

    Science.gov (United States)

    2011-06-10

    ... 2501-AD53 Credit Risk Retention AGENCIES: Office of the Comptroller of the Currency, Treasury (OCC... credit risk retention requirements of section 15G of the Securities Exchange Act of 1934, as added by the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Credit Risk NPR'' or ``proposed rule...

  11. Rare disasters, credit, and option market puzzles

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Du, Du; Elkamhi, Redouane

    2017-01-01

    calibrated to the real economy can simultaneously explain several key empirical regularities in equity, credit, and options markets. Our model captures the empirical level and volatility of credit spreads, generates a flexible credit risk term structure, and provides a good fit to a century of observed...

  12. Rare Disasters and Credit Market Puzzles

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Du, Du; Elkamhi, Redouane

    to the real economy and not to bond prices can simultaneously explain several key empirical regularities in credit markets. Our model captures the empirical level and volatility of credit spreads, generates a flexible credit risk term structure, and provides a good fit to a century of observed spreads...

  13. 76 FR 54991 - Corporate Credit Unions

    Science.gov (United States)

    2011-09-06

    ... believes the credit risk of carrying this asset is negligible and warrants such treatment, as CLF stock is... credit union excludes the consolidated assets of such programs from risk-weighted assets pursuant to... paragraphs (c)(3) and (f)(4) and adding new p(h) to read as follows: Sec. 704.6 Credit risk management...

  14. Consumer Credit: Evidence from Italian Micro Data

    NARCIS (Netherlands)

    Hochguertel, S.; Alessie, R.; Weber, G.

    2005-01-01

    In this paper we analyse unique data on credit applications received by the leading provider of consumer credit in Italy (Findomestic). The data set covers a five-year period (1995-1999) during which the consumer credit market rapidly expanded in Italy and a new law (the usury law) came into force

  15. CREDIT RATIONING AND SME DEVELOPMENT IN BOTSWANA ...

    African Journals Online (AJOL)

    None

    have the negative effect of stifling the growth of potential firms, thereby .... credit market may explain the credit rationing behaviour of banks to ... derive policy implications to enhance access to bank credit by SMEs. 4. ..... The main challenges to SMEs identified by the study were non-payment of outstanding ... This decision is.

  16. 24 CFR 206.37 - Credit standing.

    Science.gov (United States)

    2010-04-01

    ... CONVERSION MORTGAGE INSURANCE Eligibility; Endorsement Eligible Mortgagors § 206.37 Credit standing. Each mortgagor must have a general credit standing satisfactory to the Secretary. ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Credit standing. 206.37 Section 206...

  17. Credit in Acceptance Sampling on Attributes

    NARCIS (Netherlands)

    Klaassen, Chris A.J.

    2000-01-01

    Credit is introduced in acceptance sampling on attributes and a Credit Based Acceptance sampling system is developed that is very easy to apply in practice.The credit of a producer is defined as the total number of items accepted since the last rejection.In our sampling system the sample size for a

  18. 27 CFR 46.223 - Tax credit.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 2 2010-04-01 2010-04-01 false Tax credit. 46.223 Section... for Sale on April 1, 2009 Tax Liability Calculation § 46.223 Tax credit. The dealer is allowed a credit of up to $500 against the total floor stocks tax. However, controlled groups are eligible for only...

  19. 48 CFR 2132.607 - Tax credit.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Tax credit. 2132.607... Contract Debts 2132.607 Tax credit. FAR 32.607 has no practical application to FEGLI Program contracts. The... Government, contractors may not offset debts to the Fund by a tax credit that is solely a Government...

  20. 48 CFR 1632.607 - Tax credit.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Tax credit. 1632.607... 1632.607 Tax credit. FAR 32.607 has no practical application to FEHBP contracts. The statutory... may not offset debts to the Fund by a tax credit which is solely a Government obligation. ...