Another Lost Decade? Effects of the Financial Crisis on Project Finance for Infrastructure

OpenAIRE

James Leigland; Henry Russell

2009-01-01

Rapid growth in project finance, driven by huge increases in liquidity, helped fuel the gains in private participation in infrastructure (PPI) in developing countries in the past decade. But when the financial crisis hit, the excess liquidity began to dry up as lenders backed away from practices that had helped generate it. The effects are already apparent in greater delays in financial cl...

Comparing the Nordic and South Korean Models: Labour-Market Regulation and Social Welfare in Times of Crisis

DEFF Research Database (Denmark)

Schmidt, Johannes Dragsbæk

2012-01-01

The first part of the paper briefly describes the causes and impacts of the US induced financial crisis cum “Great Depression”. The second part discusses the status of the various models of contemporary capitalism – the discredited Anglo-Saxon finance-driven model versus the export-driven product......The first part of the paper briefly describes the causes and impacts of the US induced financial crisis cum “Great Depression”. The second part discusses the status of the various models of contemporary capitalism – the discredited Anglo-Saxon finance-driven model versus the export......-driven production model of growth, with weak safety nets, adopted by East Asian countries in contrast to the export-oriented Nordic social welfare model. The third section documents the impact of the crisis on the economies, and discusses core examples of state intervention in the socio-economic sectors...... such as labor markets and social welfare in the Nordic as well as Korean contexts. The final section discusses some tentative conclusions about the resilience of the Nordic and ROK models and their potential for recovery....

PFI redux? Assessing a new model for financing hospitals.

Science.gov (United States)

Hellowell, Mark

2013-11-01

There is a growing need for investments in hospital facilities to improve the efficiency and quality of health services. In recent years, publicly financed hospital organisations in many countries have utilised private finance arrangements, variously called private finance initiatives (PFIs), public-private partnerships (PPPs) or P3s, to address their capital requirements. However, such projects have become more difficult to implement since the onset of the global financial crisis, which has led to a reduction in the supply of debt capital and an increase in its price. In December 2012, the government of the United Kingdom outlined a comprehensive set of reforms to the private finance model in order to revive this important source of capital for hospital investments. This article provides a critical assessment of the 'Private Finance 2' reforms, focusing on their likely impact on the supply and cost of capital. It concludes that constraints in supply are likely to continue, in part due to regulatory constraints facing both commercial banks and institutional investors, while the cost of capital is likely to increase, at least in the short term. Copyright © 2013 Elsevier Ireland Ltd. All rights reserved.

Sharing of risks in Islamic finance

OpenAIRE

Sekreter, Ahmet

2011-01-01

For most of the people the prohibition on interest is the well known part of Islamic finance. Indeed, the concept of Islamic finance was not being discussed enough till financial crisis, after crisis it started to be seen as an alternative financial system for conventional finance. Sharing the risks is the main concept of Islamic finance and one of the main differences between conventional and Islamic finance. Depositors/savers do not bear any risk in conventional finance however Islamic fina...

Portugal and the Global Financial Crisis – short-sighted politics, deteriorating public finances and the bailout imperative

OpenAIRE

Paulo T. Pereira,; Lara Wemans,

2012-01-01

The aim of this paper is twofold. On the one hand to explain the institutional, economic and political foundations of the Portuguese bailout in April 2011. On the other hand, to clarify the impact of the global financial crisis (GFC) in Portuguese public finances, and the interaction between domestic fiscal policy and monitoring and recommendations from the European Commission (EC) and the European Council (ECo). A long run perspective (1974-2011) on management of public finances ...

A brief history of mathematics in finance

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Erdinç Akyıldırım

2014-03-01

Full Text Available In the list of possible scapegoats for the recent financial crises, mathematics, in particular mathematical finance has been ranked, without a doubt, as the first among many and quants, as mathematicians are known in the industry, have been blamed for developing and using esoteric models which are believed to have caused the deepening of the financial crisis. However, as Lo and Mueller (2010 state “Blaming quantitative models for the crisis seems particularly perverse, and akin to blaming arithmetic and the real number system for accounting fraud.” Throughout the history, mathematics and finance have always been in a close relationship. Starting from Babylonians, through Thales, and then Fibonacci, Pascal, Fermat, Bernoulli, Bachelier, Wiener, Kolmogorov, Ito, Markowitz, Black, Scholes, Merton and many others made huge contributions to the development of mathematics while trying to solve finance problems. In this paper, we present a brief historical perspective on how the development of finance theory has influenced and in turn been influenced by the development of mathematical finance theory.

Regulating Finance After the Crisis

DEFF Research Database (Denmark)

Moschella, Manuela; Tsingou, Eleni

2013-01-01

It is now widely recognized that regulatory failures contributed to the onset of the global financial crisis. Redressing such failures has, thus, been a key policy priority in the post-crisis reform agenda at both the domestic and international levels. This special issue investigates the process ...

An examination of contemporary financing practices and the global financial crisis on nonprofit multi-hospital health systems.

Science.gov (United States)

Stewart, Louis J; Smith, Pamela C

2011-01-01

This study examines the impact of the 2008 global financial crisis on large US nonprofit health systems. We proceed from an analysis of the contemporary capital financing practices of 25 of the nation's largest nonprofit hospitals and health systems. We find that these institutions relied on operating cash flows, public issues of insured variable rate debt, and accumulated investment to meet their capital financing needs. The combined use of these three financial instruments provided these organizations with $22.4 billion of long-term capital at favorable terms and the lowest interest rates. Our analysis further indicates that the extensive utilization of bond insurance, auction rate debt, and interest rate derivatives created significant risk exposures for these health systems. These risks were realized by the broader global financial crisis of 2008. Findings indicate these health systems incurred large losses from the early retirement of their variable rate debt. In addition, many organizations were forced to post nearly $1 billion of liquid collateral due to the falling values of their interest rate derivatives. Finally, the investment portfolios of these large nonprofit health systems suffered millions of dollars of unrealized capital losses, which may minimize their ability to finance future capital investment requirements.

A dynamic factor model of the evaluation of the financial crisis in Turkey.

Science.gov (United States)

Sezgin, F; Kinay, B

2010-01-01

Factor analysis has been widely used in economics and finance in situations where a relatively large number of variables are believed to be driven by few common causes of variation. Dynamic factor analysis (DFA) which is a combination of factor and time series analysis, involves autocorrelation matrices calculated from multivariate time series. Dynamic factor models were traditionally used to construct economic indicators, macroeconomic analysis, business cycles and forecasting. In recent years, dynamic factor models have become more popular in empirical macroeconomics. They have more advantages than other methods in various respects. Factor models can for instance cope with many variables without running into scarce degrees of freedom problems often faced in regression-based analysis. In this study, a model which determines the effect of the global crisis on Turkey is proposed. The main aim of the paper is to analyze how several macroeconomic quantities show an alteration before the evolution of the crisis and to decide if a crisis can be forecasted or not.

Access to Credit of SMEs in the Czech Republic During the Financial Crisis and in the Post-crisis Period

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Petr Koráb

2015-01-01

Full Text Available We investigate the impact of the financial crisis on the access of small and medium-sized enterprises in the Czech Republic to external financing. We apply the non-parametric kernel density estimation on a firm-level measure of financing constraints and evaluate its distribution on a balanced panel of SMEs. We focus on financing constraints related to financial health of companies since they determine the commercial banks’ lending behaviour. Our results reveal that firms were more constrained during the crisis and their financing constraints did not largely improve after the end of financial crisis. We argue that enterprises were financially constrained during the crisis because of reduced cash-flow and cash holdings.

APPLIED BEHAVIORAL FINANCE IN A POST-CRISIS ENVIRONMENT: EMOTIONAL FINANCE

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ADRIAN MITROI

2014-05-01

Full Text Available In the pursuit of understanding the behavior of the market player, the basic argument relays on the supposition that the risk appetite increases exactly at the worst moment - when the capacity to assume additional risk decreases significantly. People view a sample randomly drawn from a population as highly representative and cvasi similar to the population in all its essential characteristics. They expect any two samples drawn from a particular population to be more similar to one another and to the population than is statistically justifiable. This behavior is different from the tenets of classic finance theory. The gap between from theory to the practice of Behavioral Finance (BiFi- nickname has direct application to the investment management practice. Students of Behavioral Finance can develop skills to be employed in their practices for their clients. Behavioral Finance can teach about mental, emotional, psychological and social biases that lead to mistakes and biases o market efficiency, pricing anomalies and other market dynamics and risk – return investment outcomes.

L’Italia: una crisi nella crisi.(Italy: A Crisis within the Crisis

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Carlo D'ippoliti

2011-10-01

Full Text Available The article synthesises the large and extending literature on the financial and economic crisis from a Post-Keynesian point of view. The authors take on the position that the international and internal real imbalances are serious and worrying, but yet they are not the cause of the crisis or of its tremendous dimension. The flawed and insufficient regulation of finance is the prime cause of the crisis, as well as it is one of the main hindrances to expansionary macroeconomic policies that may less painfully drive developed countries out of the crisis. It then examines the most recent developments in the euro-area, claiming that we are not facing a sovereign debt crisis but rather a speculative attack on the euro. Finally, the article considers specifically the situation of Italy, currently at the hearth of such an attack, and suggests that the country was already facing critical developments before the 2007/2008 crisis. Thus, the policy measures so far suggested to exit the current stressful situation, in so far as they ignore this fact, seriously run the risk of proving insufficient or altogether noxious.JEL: B50; E12; G01  

Interest rates and coupon bonds in quantum finance

CERN Document Server

Baaquie, Belal E

2009-01-01

The economic crisis of 2008 has shown that the capital markets need new theoretical and mathematical concepts to describe and price financial instruments. Focusing almost exclusively on interest rates and coupon bonds, this book does not employ stochastic calculus - the bedrock of the present day mathematical finance - for any of the derivations. Instead, it analyzes interest rates and coupon bonds using quantum finance. The Heath-Jarrow-Morton and the Libor Market Model are generalized by realizing the forward and Libor interest rates as an imperfectly correlated quantum field. Theoretical models have been calibrated and tested using bond and interest rates market data. Building on the principles formulated in the author's previous book (Quantum Finance, Cambridge University Press, 2004) this ground-breaking book brings together a diverse collection of theoretical and mathematical interest rate models. It will interest physicists and mathematicians researching in finance, and professionals working in the fin...

Modern Finance, Methodology and the Global Crisis

OpenAIRE

Esteban Pérez Caldentey; Matías Vernengo

2010-01-01

Modern finance has a conceptually unified theoretical core that includes the efficient market hypothesis (EMH), the relationship between risk and return based on the Capital Asset Pricing Model (CAPM), the Modigliani-Miller theorems (M&M) and the Black-Scholes-Merton approach to option pricing. The core has been instrumental to the growth of the financial services industry, financial innovation, globalization, and deregulation. The significant impact of the core is explained by their success ...

The Finance Curse

DEFF Research Database (Denmark)

Christensen, John; Shaxson, Nick; Wigan, Duncan

2016-01-01

The Global Financial Crisis placed the utility of financial services in question. The crash, great recession, wealth transfers from public to private, austerity and growing inequality cast doubt on the idea that finance is a boon to the host economy. This article systematizes these doubts......, economic instability, inequality, conflict, rent-seeking and corruption. The Finance Curse produces similar effects, often for similar reasons. Beyond a point, a growing financial sector can do more harm than good. Unlike the Resource Curse, these harms transcend borders. The concept of a Finance Curse...

Prestatiemeting ten tijde van economische crisis: de aanpak van DSM

NARCIS (Netherlands)

van Rinsum, M.; den Dekker, R.; Maas, V.

2011-01-01

Deze studie besteedt aandacht aan de gevolgen van de financiële crisis voor het prestatiemeetsysteem van een onderneming. Vanwege de financiële crisis hebben veel ondernemingen naast langetermijndoelstellingen ook een aantal kortetermijndoelstellingen geformuleerd die betrekking hebben op hun

Computational Finance

DEFF Research Database (Denmark)

Rasmussen, Lykke

One of the major challenges in todays post-crisis finance environment is calculating the sensitivities of complex products for hedging and risk management. Historically, these derivatives have been determined using bump-and-revalue, but due to the increasing magnitude of these computations does...

School Crisis Management: A Model of Dynamic Responsiveness to Crisis Life Cycle

Science.gov (United States)

Liou, Yi-Hwa

2015-01-01

Purpose: This study aims to analyze a school's crisis management and explore emerging aspects of its response to a school crisis. Traditional linear modes of analysis often fail to address complex crisis situations. The present study applied a dynamic crisis life cycle model that draws on chaos and complexity theory to a crisis management case,…

The Theory of Finance: A novel finance model being formed on the Internet

OpenAIRE

Magomet Yandiev

2015-01-01

The present paper argues that the present Internet conditions favour an entirely new finance model. Understood to soon supplement the existing ones (classical finance, corporate finance, and Islamic finance), it is argued that the new model will be defined by the destructive effect it is to have on the contemporary financial infrastructure of most countries, and the advent of the ‘future money value exceeds its present one’ principle.

L’Italia: una crisi nella crisi

Directory of Open Access Journals (Sweden)

Alessandro Roncaglia

2011-01-01

Full Text Available The article synthesises the large and extending literature on the financial and economic crisis from a Post-Keynesian point of view. The authors take on the position that the international and internal real imbalances are serious and worrying, but yet they are not the cause of the crisis or of its tremendous dimension. The flawed and insufficient regulation of finance is the prime cause of the crisis, as well as it is one of the main hindrances to expansionary macroeconomic policies that may less painfully drive developed countries out of the crisis. It then examines the most recent developments in the euro-area, claiming that we are not facing a sovereign debt crisis but rather a speculative attack on the euro. Finally, the article considers specifically the situation of Italy, currently at the hearth of such an attack, and suggests that the country was already facing critical developments before the 2007/2008 crisis. Thus, the policy measures so far suggested to exit the current stressful situation, in so far as they ignore this fact, seriously run the risk of proving insufficient or altogether noxious.

The Determinants of Investor Preferences during the Financial Crisis Periods: A Study on 2001 Crisis

Directory of Open Access Journals (Sweden)

Gülfen TUNA

2013-06-01

Full Text Available The study is targeting to examine the effects of 2001 financial crisis on the shares included in the lowest-risk portfolios of Istanbul Stock Exchange. To this end; monthly returns data of all shares traded in Istanbul Stock Exchange between 2000:11-2002:09 term, are evaluated. While portfolio selection is carried out via Markowitz Model, the effects of 2001 financal crisis are examined whereby ratio analysis. The findings display that the firms examined have benefited from the positive impact of exporting, furthermore, the amounts of short term debts are increased. Besides, both stock retention and receivable collection periods of the mentioned firms are decreased.

Modeling and assessing international climate financing

Science.gov (United States)

Wu, Jing; Tang, Lichun; Mohamed, Rayman; Zhu, Qianting; Wang, Zheng

2016-06-01

Climate financing is a key issue in current negotiations on climate protection. This study establishes a climate financing model based on a mechanism in which donor countries set up funds for climate financing and recipient countries use the funds exclusively for carbon emission reduction. The burden-sharing principles are based on GDP, historical emissions, and consumptionbased emissions. Using this model, we develop and analyze a series of scenario simulations, including a financing program negotiated at the Cancun Climate Change Conference (2010) and several subsequent programs. Results show that sustained climate financing can help to combat global climate change. However, the Cancun Agreements are projected to result in a reduction of only 0.01°C in global warming by 2100 compared to the scenario without climate financing. Longer-term climate financing programs should be established to achieve more significant benefits. Our model and simulations also show that climate financing has economic benefits for developing countries. Developed countries will suffer a slight GDP loss in the early stages of climate financing, but the longterm economic growth and the eventual benefits of climate mitigation will compensate for this slight loss. Different burden-sharing principles have very similar effects on global temperature change and economic growth of recipient countries, but they do result in differences in GDP changes for Japan and the FSU. The GDP-based principle results in a larger share of financial burden for Japan, while the historical emissions-based principle results in a larger share of financial burden for the FSU. A larger burden share leads to a greater GDP loss.

The Sustanability of Public Finance in New Members States of European Union

Directory of Open Access Journals (Sweden)

Adrian INCEU

2011-10-01

Full Text Available The issue of public finance sustainability is very important for all EU member states in the actual context after the economic crisis. This article makes an analysis of the sustainability of public finances for the new member states (which joined EU in 2004 and 2007. Firstly, we try to analyze the impact of the economic crisis on public finances sustainability. The sustainability of public finances can be reflected through the level of public debt and budget deficit for a country. For this reason the article presents the evolution of budget deficits for NMS 12 before and after the recent economic crisis. Based on the econometric regression the correlation between economic growth rate (indicator used for measuring the economic evolution and the budget deficit is revealed. Results for Romania and NMS 12 are quite similar; fact that tells us that the status of public finances is following the same trend in Romania as in the NMS 12.

Fiscal adjustment and deficit financing during the debt crisis

OpenAIRE

Easterly, William R.

1989-01-01

To study the adjustment to the debt crisis, this paper compares the experience of seven"crisis"debtor countries with those of five"noncrisis"debtor countries. In response to a sharp reduction in external capital flows, the crisis countries rescheduled their debt during 1982-87. The noncrisis group avoided debt resheduling during that period and maintained access to external capital. The paper finds that highly indebted countries are probably better off raising conventional taxes and cutting c...

Innovative finance : strategic research project.

Science.gov (United States)

2013-08-01

Its time to rethink how we fund transportation infrastructure because most transportation : experts agree: theres a transportation funding and financing crisis looming. : Projected revenues from current sources of transportation funding will am...

The other crisis: the economics and financing of maternal, newborn and child health in Asia.

Science.gov (United States)

Anderson, Ian; Axelson, Henrik; Tan, B-K

2011-07-01

The Global Financial Crisis (GFC) of 2008/2009 was the largest economic slowdown since the Great Depression. It undermined the growth and development prospects of developing countries. Several recent studies estimate the impact of economic shocks on the poor and vulnerable, especially women and children. Infant and child mortality rates are still likely to continue to decline, but at lower rates than would have been the case in the absence of the GFC. Asia faces special challenges. Despite having been the fastest growing region in the world for decades, and even before the current crisis, this region accounted for nearly 34% of global deaths of children under 5, more than 40% of maternal deaths and 60% of newborn deaths. Global development goals cannot be achieved without much faster and deeper progress in Asia. Current health financing systems in much of Asia are not well placed to respond to the needs of women and their children, or the recent global financial and economic slowdown. Public expenditure is often already too low, and high levels of out-of-pocket health expenditure are an independent cause of inequity and impoverishment for women and their children. The GFC highlights the need for reforms that will improve health outcomes for the poor, protect the vulnerable from financial distress, improve public expenditure patterns and resource allocation decisions, and so strengthen health systems. This paper aims to highlight the most recent assessments of how economic shocks, including the GFC, affect the poor in developing countries, especially vulnerable women and children in Asia. It concludes that conditional cash transfers, increasing taxation on tobacco and increasing the level, and quality, of public expenditure through well-designed investment programmes are particularly relevant in the context of an economic shock. That is because these initiatives simultaneously improve health outcomes for the poor and vulnerable, protect them from further financial

An Exploratory Study of the Effects of Project Finance on Project Risk Management : How the Distinguishing Attributes of Project Finance affects the Prevailing Risk Factor?

OpenAIRE

Chan, Ka Fai

2011-01-01

Project finance is a financing arrangement for projects, and it is characterised by the creation of a legally independent project company financed with non- or limited recourse loans. It is observed that the popularity of project finance is increasing in the recent decades, despite of the impact of Asian financial crisis. Especially in emerging markets, project finance is very common among the public-private partnership projects. It is possible that project finance yields some benefits in pro...

LA ACTUACIÓN DE LAS AUTORIDADES ESPAÑOLAS FRENTE A LA CRISIS FINANCIERA

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Antoni Garrido Torres

2013-01-01

Full Text Available The direct impact of the financial crisis on the Spanish banking system has been small, thanks mainly to the existing securitization model in Spain, far from the so-called originate and distribute that generated most of the financial turmoil. However, the indirect impact of the crisis has been considerable, due to the fact that Spanish banks highly depended on external financing. In the following pages, we analyze the main measures taken by the Spanish authorities to face the crisis in the banking system, with particular attention to the restructuring of savings banks.

An Export Promotion Policy after Financial Crisis

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Ingyo Cheong

1998-09-01

Full Text Available Although the Korean government puts in place various export support policies after the financial crisis, Korean export is still in stagnation because the foreign-oriented economic conditions, such as the continual ripple effect of the Eastern Asia financial crisis and the American economy which is slowing down, are deteriorating. After the financial crisis, Korean trading circle considered the difficulties in financing and the buying of raw material to be the most important factors which blocked the export. This thesis first analyzed the change of the actual export results, then analyzed the policy the government brought forward as the solution of the difficulties in financing and raw material buying. Meanwhile, this thesis brought forward alternative policies like taking auto-rediscount and signing Free Trade Agreement with major trade states.

Labor, Welfare and Coping with the Crisis

DEFF Research Database (Denmark)

Schmidt, Johannes Dragsbæk

of contemporary capitalism – the discredited Anglo-Saxon finance-driven model versus the export-driven production model of growth, with weak safety nets, adopted by East Asian countries in contrast to the export-oriented Nordic social welfare model. The third section documents the impact of the crisis...... are the weaknesses? What are the human costs and collateral damage in the context of new types of regulation of labor markets and social welfare in the broadest sense and what are the differences and similarities between the models in general specifically with regard to crisis management? The approach guiding...... on the economies, and discusses core examples of state intervention in the socio-economic sectors such as labor markets and social welfare in the Nordic as well as Korean contexts. The final section discusses some tentative conclusions about the resilience of the Nordic and ROK models and their potential...

Holonic Crisis Handling Model for Corporate Sustainability

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Levente Bakos

2017-12-01

Full Text Available The new approaches of risk and crisis management of organizations point to corporate responsibility and corporate sustainability. In the ‘Internet of Everything’ era, when the new media and social networks create the possibility to ruin in a few seconds the reputation of a company built in decades, it is important to afford the maximum attention to risk management and crisis communication. Long-term sustainability requires a transparent, trustful communication in due time. In our study, we propose a crisis management model that leads to sustainable corporate behaviour. We consider organizations as complex systems, and we use the holonic multiagent modelling concept to depict the emergent behaviour of these systems. This theoretical paper has as its main result a crisis communication model, based on the adaptability feature of holons. In our non-linear approach for unpredictable situations we merged some findings of sustainability theory, corporate social responsibility (CSR management, crisis communication, the holonic manufacturing concept and the latest security standards in computer communication.

THE ROLE OF INTEGRATED ISLAMIC COMMERCIAL AND SOCIAL FINANCE FOR CURBING CREDIT CYCLES AND ACHIEVING MACROPRUDENTIAL OBJECTIVE

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Arif Widodo

2018-03-01

Full Text Available It is widely believed that Islamic finance is inherently stable since the principle of risk-sharing and linking the financial to real counterpart in particular through its social finance are applied, hence the financial stability may successfully be attained. If mimicking the conventional finance, Islamic model will probably be facing instability, following the financial cycle. There has been a growing literature discussing credit cycle in mainstream perspective since 2008 global financial crash. However, it is quite rare to find study, in macro context, on credit cycles and the effectiveness of integrated Islamic commercial and social finance in achieving macroprudential objective: curtailing excessive credit. This study is designed to empirically examine the characteristics of cycles stemming from conventional and Islamic credit whether both have similar trend and also to investigate how the integrated Islamic commercial and social finance may be effective to hamper such cycles. By employing Hodrick-Presscot Filter, Markov Switching and Vector Error Correction Model, this study demonstrates that, in terms of cycle, Islamic model cycle has certain similarities with conventional counterpart since it functions under similar financial environment despite the fact that Islamic has less amplitude compared with conventional credit. Both credit and financing cycles tend to grow rapidly (excessive several months before global financial crisis happened in 2008. This means that, in a dual banking system, credit and financing boom may precede financial crisis. Moreover, it is apparent also that the integrated Islamic finance is proven to be effective in curbing credit growth due to the effectiveness of both macroprudential instrument applied in banking sector and social finance in safeguarding financial stability. Keywords:  Credit cycle, Macroprudential policy, Markov Switching, HP filter JEL Classification: E32, E51, G29

EFFECTIVE CRISIS MANAGEMENT FOR ISLAMIC FINANCIAL INDUSTRY AND THE INSTITUTION OF HISBAH: LESSONS FROM GLOBAL FINANCIAL CRISIS

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Najeeb Zada

2016-06-01

Full Text Available The recent financial crisis resulted destructive effects on finance industry. Islamic financial industry (IFI is still naïve and largely untested in the face of a major financial turmoil. Major issues and uncertainties of the insolvency of IFI include the issue of moral hazard, government bailouts, excessive risk taking and deposit insurance. This paper addresses the issue of crisis management in IFI from the perspective of al-Siyasah al-Shar’iyyah and attempts to derive public policy guidelines that are useful in developing a timely and efficient crises management framework for Islamic finance industry. By using qualitative methods, the study found that the global financial crisis resulted in great destruction of financial institution. Although Islamic finance was quite immune to the global crisis as compared to its conventional peer, concerns still exist. It is time that Islamic finance industry learns from the financial woes of the rest of the world. =========================================== Krisis keuangan baru-baru ini mengakibatkan efek destruktif pada industri keuangan. Industri keuangan Islam (IKI masih naif dan sebagian besar belum teruji dalam menghadapi gejolak keuangan besar. Isu utama dan ketidakpastian dari kebangkrutan IKI meliputi moral hazard, dana talangan pemerintah, pengambilan risiko yang berlebihan dan asuransi deposito. Makalah ini membahas isu manajemen krisis dalam IKI dari perspektif al-Siyasah al-Shar'iyyah dan berusaha mendapatkan pedoman kebijakan publik yang bermanfaat dalam mengembangkan kerangka kerja manajemen krisis yang tepat waktu dan efisien bagi IKI. Dengan menggunakan metode kualitatif, studi ini menemukan bahwa krisis keuangan global mengakibatkan kehancuran besar bagi industri keuangan. Meskipun keuangan Islam cukup kebal terhadap krisis global dibandingkan dengan keuangan konvensional, kekhawatiran masih ada. Sudah saatnya industri keuangan Islam belajar dari krisis keuangan dari seluruh dunia.

Financing Africa : Through the crisis and beyond

NARCIS (Netherlands)

Beck, T.H.L.; Munzele Maimbo, S.; Faye, I.; Triki, T.

2011-01-01

The environment in which African financial systems operate has changed dramatically over the past years. The global financial system has undergone a major transformation after the recent financial crisis, with the center of economic and financial power shifting from developed to several emerging

Financing models for HTR plants: Co-financing, counter trade, joint ventures

International Nuclear Information System (INIS)

Bogen, J.; Stoelzl, D.

1987-01-01

Structure and volume of investment cost for HTR nuclear power plants are different in comparison to other types of nuclear power plants. Even if the share of local participation is in comparable order of magnitude to other nuclear power plants, the required technical infrastructure for HTR plants is more suitable for existing and still practised technologies in countries which are in development processes. These HTR specific features offer special possibilities in HTR project financing. Various models are discussed in respect of the special HTR situation. Even if it is not possible to point out in a general manner the best solution - due to national, local and time dependant situations - this paper discusses the HTR specific impacts to buyer's credit financing, supplier's credit financing, barter trades or joint ventures and combined financing. (author). 4 refs, 9 figs

Crisis in Context Theory: An Ecological Model

Science.gov (United States)

Myer, Rick A.; Moore, Holly B.

2006-01-01

This article outlines a theory for understanding the impact of a crisis on individuals and organizations. Crisis in context theory (CCT) is grounded in an ecological model and based on literature in the field of crisis intervention and on personal experiences of the authors. A graphic representation denotes key components and premises of CCT,…

The new role of the going concern concept in corporate finance management

OpenAIRE

Gintaras Černius

2012-01-01

This paper tackles different issues related to the development of the system of the objectives of a company's financial management that also includes its sustainability. Prior to the recent financial crisis the formulation of the corporate finance management objective focused only on the company’s finances that were reported and measured using the company's profit and its worth growth ratios. The financial crisis has highlighted an additional aspect in corporate management, i.e., a need for t...

Illiquidity and financial crisis

NARCIS (Netherlands)

A.M. Pacces (Alessio)

2013-01-01

textabstractThis article analyzes the determinants of liquidity crises based on the dynamics of banking and finance under Knightian uncertainty. In this perspective, the facts of the global financial crisis seem to confirm Minsky's hypothesis of endogenous financial instability derived from Keynes's

Entangled geographies of "Irish" finance

NARCIS (Netherlands)

Hendrikse, R.P.

2013-01-01

This paper dissects the financial crisis through an analysis of financial development in Ireland. Although a single system, Irish finance is split in two. Illustrative of national financial developments, this paper details how public officials aimed to create a financial center in Cork. Exemplifying

Lithuanian Investors' Behaviour During Financial Crisis

OpenAIRE

Bikas, Egidijus; Kavaliauskas, Andrius

2010-01-01

Based on research of academic literature, this article analyses Lithuanian investors' behaviour during financial crisis. The article summarizes the newest finance science subjects, theories of behavioural finance, and works of various scientists, in order to find cognitive and emotional investors' deviations from rational behaviour, and also to better understand and explain how emotions and environment valuation mistakes influence investors and their decision-making. Emotional nature of inves...

Supply chain finance

Directory of Open Access Journals (Sweden)

Kasavica Petar

2014-01-01

Full Text Available The concept of supply chain finance is a response to global illiquidity, intensified through the global economic crisis and globalization of commercial and financial flows. The growing illiquidity undermines credit ratings of economic entities, thereby reducing the potential for achieving the projected goals (profitability and portfolio quality. In order to overcome this, banks have introduced certain products flexible to the requirements of specific transactions. The concerned products redirect the focus from a client's credit rating and risk to the credit rating and risk of a business partner (buyer, resulting in benefits for all transaction participants ('win-win-win'. Moreover, the activities are targeted at transaction analysis, i.e. the isolation and protection of the cash flow as the source of financial instrument's repayment. On the other hand, there has been an increasing number of transactions based on the risk of the commercial bank of the client's business partner, or on the risk of collateral (inventory. The focus is actually placed on the financing of adequate supply chain stages, given that counterparty relationship management has been proven to be crucial for efficient management of one's own business. The tensions existing in the relations between partners (increasingly long payment deadlines are in the basis of the supply chain finance concept. Decisions made by banks are based on the entire supply chain (wide information basis, thereby shifting the focus from the product (as was the case before the crisis to the client's needs. Thus, decisions become increasingly comprehensive, quicker, and more precise, and portfolios less risky. Through the individual portfolio of banks, the market of national economies also becomes safer and more liquid. These are rather profitable transactions, because, due to the risk transfer, financing is enabled to companies to whom classic crediting in most cases is not available.

Grading Prediction of Enterprise Financial Crisis Based on Nonlinear Programming Evaluation: A Case Study of Chinese Transportation Industry

Directory of Open Access Journals (Sweden)

Zhi-yuan Li

2014-01-01

Full Text Available As the core of the effective financial crisis prevention, enterprise finance crisis prediction has been the focal attention of both theorists and businessmen. Financial crisis predictions need to apply a variety of financial and operating indicators for its analysis. Therefore, a new evaluation model based on nonlinear programming is established, the nature of the model is proved, the detailed solution steps of the model are given, and the significance and algorithm of the model are thoroughly discussed in this study. The proposed model can deal with the case of missing data, and has the good isotonic property and profound theoretical background. In the empirical analysis to predict the financial crisis and through the comparison of the analysis of historical data and the real enterprises with financial crisis, we find that the results are in accordance with the real enterprise financial conditions and the proposed model has a good predictive ability.

Financing the Welfare State and the Politics of Taxation

OpenAIRE

Morel , Nathalie; Palme , Joakim

2012-01-01

In an era of 'permanent austerity' (Pierson, 2001) and financial crisis, the issue of financing welfare state provision is topical. Moreover, the future of welfare state funding in countries with ageing populations is no doubt raising increasing interest in scholarly as well as policy circles. Yet the financing side of welfare provision has traditionally been given little attention and remains somewhat of a black box of the welfare state. The fact that some of the financing mechanisms have re...

The Dominance of the Agency Model on Financing Decisions

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Bramantyo Djohanputro

2015-08-01

Full Text Available There are some issues about how companies consider their financing. These issues are related to the amount, source, type, and the structure of such financing. So far, there is no uniform model that is able to explain how companies deal with these issues. There are three competing, dominant theories of financing decision making, i.e. the Pecking Order Theory, the Static Trade-off Theory, and the Agency Model Theory. This study attempts to explore which theory explains the best way for companies in the consumer industry to decide their financing method. There are five hypotheses to be tested in this study. Using data from public listed companies on the Indonesian Stock Exchange from 2008 to 2011, it seems that the Agency Model Theory is more dominant than the other two theories in explaining the way companies fulfill their financing needs.

Equity financing constraints and corporate capital structure:a model

Institute of Scientific and Technical Information of China (English)

Zhengwei Wang; Wuxiang Zhu

2013-01-01

Purpose-The "supply-side effect" brought about by the imperfection of the capital market has increasingly been concerned.The purpose of this paper is to study how will the uncertainty of equity financing brought about by the equity financing regulations in emerging capital market affect company's capital structure decisions.Design/methodology/approach-This paper establishes a theoretical model and tries to introduce equity financing uncertainty into the company's capital structure decision-making.The paper uses mathematical derivation method to get some basic conclusions.Next,in order to characterize the quantitative impact of specific factor on capital structure,numerical solution methods are used.Findings-The model shows that firm's value would decrease with the uncertainty of equity financing,because of the relationship between firm's future cash and their financing policies.The numerical solution of the model suggests that the uncertainty of equity financing is one of the important factors affecting the choice of optimal capital structure,the greater the uncertainty is,the lower optimal capital structure is.Originality/value-The research of this paper has certain academic value for further understanding of the issues.

Multilateral Development Banks and Their Role in Supporting European SMEs during the Current Financial Crisis

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Sorin Gabriel Anton

2013-12-01

Full Text Available The impact of the ongoing financial crisis on the availability of finance to small and medium-sized enterprises (SMEs represents an important topic nowadays. The access to finance for SMEs is a major barrier for their growth, especially during severe conditions such as the global financial crisis. Financing the SMEs represents a priority for the most of the multilateral development banks. The aim of the paper is to analyze the activity of European multilateral development banks - European Investment Bank Group and European Bank for Reconstruction and Development - in the support of SMEs. We found that SMEs financing increased during the period 2008-2011 and the international financial institutions took several measures in order to improve the SMEs access to finance.

Behavioral finance: Finance with normal people

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Meir Statman

2014-06-01

Behavioral finance substitutes normal people for the rational people in standard finance. It substitutes behavioral portfolio theory for mean-variance portfolio theory, and behavioral asset pricing model for the CAPM and other models where expected returns are determined only by risk. Behavioral finance also distinguishes rational markets from hard-to-beat markets in the discussion of efficient markets, a distinction that is often blurred in standard finance, and it examines why so many investors believe that it is easy to beat the market. Moreover, behavioral finance expands the domain of finance beyond portfolios, asset pricing, and market efficiency and is set to continue that expansion while adhering to the scientific rigor introduced by standard finance.

A business model for managing system change through strategic financing and performance indicators: a case study.

Science.gov (United States)

Armstrong, Mary I; Milch, Heidi; Curtis, Peter; Endress, Phillip

2012-06-01

This article describes how a system of care operated by a county government agency used a fiscal crisis as the opportunity to reform its children's system. A cross-system response to the crisis is outlined that includes a system of care framework coupled with a business model, inter-departmental collaboration and leadership, the use of strategic reinvestment strategies, and a quality improvement system that focuses on key indicators. Implementation of the system change is described with a specific focus on cross-system entry points, financing strategies that re-allocate funds from deep-end programs to community-based services, and management oversight through the use of performance indicators to monitor and support effectiveness. This article examines the results of the system change, including the diversion of youth from system penetration, the reduction in residential treatment bed days, the re-allocation of these savings to community-based services, and the outcomes of children who were diverted from residential care and served in the community. The article offers a number of recommendations for other communities contemplating system change.

CERN opens finances up for review

CERN Multimedia

2001-01-01

CERN will appoint an external review board to assess future financing needs through to 2012 for both the LHC and the lab as a whole. The action has been prompted by the funding crisis resulting from the cost overruns of the LHC project (1/2 page).

SMEs, banks and the spatial differentiation of access to finance

OpenAIRE

Zhao, T.; Jones-Evans, D.

2016-01-01

By utilizing the SME Finance Monitor and a unique dataset on the geographical location of all bank branches in 11 UK economic regions, this paper examines the relevance of spatial differentiation on SMEs’ access to bank finance during the period of economic weakness following the 2007 financial crisis. We find evidence suggesting the presence of a regional-specific effect on SMEs’ access to bank finance. Our findings show that greater functional distance between bank headquarters and branches...

Risk Assessment of Engineering Project Financing Based on PPP Model

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Ma Qiuli

2017-01-01

Full Text Available At present, the project financing channel is single, and the urban facilities are in short supply, and the risk assessment and prevention mechanism of financing should be further improved to reduce the risk of project financing. In view of this, the fuzzy comprehensive evaluation model of project financing risk which combined the method of fuzzy comprehensive evaluation and analytic hierarchy process is established. The scientificalness and effectiveness of the model are verified by the example of the world port project in Luohe city, and it provides basis and reference for engineering project financing based on PPP mode.

EFFECTIVE CRISIS MANAGEMENT FOR ISLAMIC FINANCIAL INDUSTRY AND THE INSTITUTION OF HISBAH: LESSONS FROM GLOBAL FINANCIAL CRISIS

OpenAIRE

Najeeb Zada; Ahcene Lahsasna; Muhammad Yusuf Saleem

2016-01-01

The recent financial crisis resulted destructive effects on finance industry. Islamic financial industry (IFI) is still naïve and largely untested in the face of a major financial turmoil. Major issues and uncertainties of the insolvency of IFI include the issue of moral hazard, government bailouts, excessive risk taking and deposit insurance. This paper addresses the issue of crisis management in IFI from the perspective of al-Siyasah al-Shar'iyyah and attempts to derive public policy guidel...

The Integrated Crisis Management Model for the Hotel Industry: Lowering Crisis Susceptibility and Strengthening Stakeholder Relationship Management

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Nicola ZECH

2016-03-01

Full Text Available This research paper focuses on crisis management processes within the hotel industry – an industry which still seems reluctant in implementing profound and structured crisis management concepts. Responses to crisis situations are mostly intuitive and ad-hoc. In times of high competition in almost all destinations, categories and conceptions no opportunity of convincing guests as well as all other stakeholders of a trustworthy management shall be missed in order to gain competitive advantage. Each corporate crisis affects several or all stakeholder groups of the organisation – to a varying extent. Stakeholders might either affect or be affected by the hotel organisation and the respective crisis management processes. Taking the manifold opportunities for co-operation of a hotel organisation and its respective stakeholder groups into consideration, an integrated crisis management model for the hotel industry is evolved based both on theoretical foundations and empirical findings from the analysis of expert interviews as well as stakeholder surveys. The model neutralizes the deficits and discrepancies revealed between general crisis management literature and status quo respectively specific prerequisites for the hotel industry.

THE SIGNAL APPROACH TO MODELLING THE BALANCE OF PAYMENT CRISIS

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O. Chernyak

2016-12-01

Full Text Available The paper considers and presents synthesis of theoretical models of balance of payment crisis and investigates the most effective ways to model the crisis in Ukraine. For mathematical formalization of balance of payment crisis, comparative analysis of the effectiveness of different calculation methods of Exchange Market Pressure Index was performed. A set of indicators that signal the growing likelihood of balance of payments crisis was defined using signal approach. With the help of minimization function thresholds indicators were selected, the crossing of which signalize increase in the probability of balance of payment crisis.

The rates and financing of electric sector expansion

International Nuclear Information System (INIS)

Chiganer, L.; Coutinho, L.H.S.A.; Dias, L.E.N.; Silva Pegado, P.A. da; Foletto, N.S.; Guerreiro, A.G.

1993-01-01

The current economic and political crisis of Brazilian society reach the several productive sectors that compose the national economy, and among them the electric sector. An adequate rate policy, new ways of getting resources to its financing, costs reduction, and the increase of internal generation of resources, are the objective of this work, that evaluates and evidences these questions in order to their repercussion in financing of electric sector expansion. (C.M.)

Crisis and emergency risk communication as an integrative model.

Science.gov (United States)

Reynolds, Barbara; W Seeger, Matthew

2005-01-01

This article describes a model of communication known as crisis and emergency risk communication (CERC). The model is outlined as a merger of many traditional notions of health and risk communication with work in crisis and disaster communication. The specific kinds of communication activities that should be called for at various stages of disaster or crisis development are outlined. Although crises are by definition uncertain, equivocal, and often chaotic situations, the CERC model is presented as a tool health communicators can use to help manage these complex events.

Financial Policies of Turkish Industrial Companies during the Global Crisis

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Cenk Gokce Adas

2016-01-01

Full Text Available Latest global financial crisis that shrank the credit market affected the companies’ financial policies since the credit contraction led the firms to rely more on their own resources rather than external financing. The expectation during such crises is more equity issues along with less borrowing. In economic literature there are some evidence supporting this fact for developed countries. As an emerging country Turkey’s case is different than that of advanced countries. The era commenced with Lehman turmoil by passed Turkish economy in the first years due to the solid, strong and healthy banking sector due to the measurements taken after 2001 banking crisis of Turkey. Therefore, international lenders did not hesitate directing their funds to Turkish banks. As a result, Turkish companies did not suffer in financing their investments through bank loans. Moreover, the growth policy of Turkey based on current account deficit supported Turkish economy and in turn the firms due to the abundance of liquidity after the peak of the crisis. In this work we examined 164 industrial firms that are traded on Borsa Istanbul to see if there happened to be a shift in their financing preferences during the recent global crisis. We found that the importance of borrowing had not decreased and that contradicts the expectations. As of equity issues, before and after 2009 no radical change has been observed. In 2009 where the crisis hit worst Turkish economy leading a 4.7% GDP decrease, the equity issues were doubled.

FINANCING RENEWABLE ENERGY SOURCES INVESTMENT IN POLAND

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Jerzy Piotr Gwizdała

2017-09-01

Full Text Available In Poland, as in other European Union countries, the project finance structure is used to finance investments in the field of energy. This method investment financing is often used in the world. The upward trend inhibition in recent periods has been due to the global financial crisis and financial instability in the euro zone. On account of the necessity to develop the energy infrastructure associated with renewable sources, the considerable strengthening in the use of project finance techniques can be expected. The particular progression may be observed in the case of public-private partnership (ppp, where public investments are carried out by private companies. Companies, in case of investment realization in the field of ppp, almost always use project finance, because it is a beneficial way to separate the risks associated with an investment from the balance sheet of the compa-ny.

On Security of Collateral in Danish Mortgage Finance

DEFF Research Database (Denmark)

Haldrup, Karin

2017-01-01

on the balance principle that assigns risks and responsibility to market players in a self-disciplinary manner and protected the mortgage banks against cash flow mismatches even during deep crisis, as history attests. It is shown how property registers and effective enforcement have created transparent property......Specialized mortgage intermediaries in Denmark have for over two hundred years provided owners and buyers of real property wide access to credit. The present paper sets out to explore the safeguards that nurtured development of a robust, market based financing system and a deep mortgage market....... Observations are made on the nature of collateral performance in respect to property rights, mortgage law and market development in search of general features of required institutional arrangements. The robustness of the Danish mortgage finance system is largely accredited to the securitization model based...

Finance-Growth-Crisis Nexus in Asian Emerging Economies: Evidence from VECM and ARDL Assessment

OpenAIRE

Takashi Fukuda; Jauhari Dahalan

2012-01-01

This paper examines the causal relationship between financial development, economic growth and financial crisis in the five Asian emerging economies (India, Indonesia, South Korea, Malaysia and Thailand) during the period 1982 to 2007. All of these countries are known as emerging economies with well known financial crisis episodes (i.e., India's 1991 crisis and the Asian 1997 crisis). The summary indicators of financial development, financial crisis and financial repression are constructed th...

FINANCING CULTURE INSTITUTIONS IN EUROPEAN CONTEXT

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Cezar Corneliu MANDA

2017-05-01

Full Text Available The paper, on the coordinates of the analysis of the problematic of financing culture institutions within the European Union member states, performs a comparative analysis focused on the financing mechanism available to the cultural sector, created both at the level of the public, and of the private sector. For the comparative analysis, the paper selected several EU member states, grouped on four geographical areas (North, South, East and Center. The analysis performed in the paper emphasized that most EU member states make significant efforts to finance the cultural sector, but the effects of the economic crisis have had a negative impact on this financing, causing, from this perspective, a gap between the states in the north and center of the EU, on the one hand, and the states in the south and east of the EU, on the other hand and outlining a cultural Europe with two peripheries.

Teaching Students about the Financial Crisis through Best-Selling Books

Science.gov (United States)

Stowe, Kristin; Schwartz, Lisa A.

2014-01-01

The 2007-2009 financial crisis was such a momentous time that entire business courses could be devoted to its study. While some schools may undertake that task, this paper discusses ways in which students may learn about the crisis as part of an established course in economics or finance departments. Popular press books are highlighted, and…

The role of financing frictions in agricultural investment decisions: an analysis pre and post financial crisis

OpenAIRE

O'Toole, Conor M.; Newman, Carol F.; Hennessy, Thia C.

2011-01-01

This paper uses a fundamental Q model of investment to consider the role played by financing frictions in agricultural investment decisions, controlling econometrically for censoring, heterogeneity and errors-in-variables. Our findings suggest that farmer's investment decisions are not driven by market fundamentals. We find some evidence that debt overhang restricts investment but investment is not dependent on liquidity or internal funds. The role of financing frictions in determining invest...

A Study of Crisis Management Based on Stakeholders Analysis Model

Science.gov (United States)

Qingchun, Yue

2017-11-01

From the view of stakeholder theory, not only the enterprises should provide services to shareholders, but also take care of the demands of stakeholders. Stakeholders for the enterprise crisis are the organizations and individuals, which cause crisis, respond to the crisis and affected by the enterprise crisis. In this paper, first of all, to comb the development of stakeholder theory systematically; secondly, with the help of the enterprise crisis stakeholder analysis model, analyze the concept of stakeholders for the enterprise crisis and membership, and with the example of Shuanghui Group for further analysis; finally, we put forward relevant proposals for the enterprise crisis from the view of stakeholders.

European economic policies, stock-flow relations and the great double crisis

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Vittorio Valli

2017-06-01

Full Text Available The 2007-2015 crisis has been the most devastating economic depression in the last seven decades. It has struck in different ways and with different amplitude the US and most European countries. In most countries it has been a double crisis (financial and real, but in Eurozone's financially vulnerable countries it has also badly worsened public finance indicators. There was therefore in those countries, a complex perverse feedback between public finance weakness, the harsh application of austerity policy and a further increase in the depth and duration of real and financial crisis. The paper focus on the importance of stock-flow relations in worsening and prolonging economic depressions triggered by structural bubbles or other chronic imbalances. It also gives a critical assessment of some aspects of EU economic policies, outlining some elements for a possible alternative economic strategy.

The Effect of Personal Financing Disruptions on Entrepreneurship

DEFF Research Database (Denmark)

Hanspal, Tobin

by entrepreneurs during operations affectthe survival of their firms. Variation in personal wealth and debt financing stem fromthe solvency of retail banking institutions following the 2007-2009 financial crisis. Ifind that retail bank disruptions reduce personal borrowing and increase the rate offirm exit...

INTRODUCTION OF TAX TOBINA AT THE FINANCIAL AND CREDIT MARKET IN THE CONDITIONS OF CRISIS OF TRUST TO BANKING SYSTEM OF EUROAREA AND GROWTH OF DEFICIT OF STATE FINANCES

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T. Kolyada

2013-07-01

Full Text Available In the article arguments are analysed in relation to determination of expedience of introduction of Tobin’s tax at the financial and credit market in the conditions of crisis of trust to the banking system of Eurozone and growth of volumes of deficit of state finances, and prognoses are done for adaptation of the Ukrainian banking system to the new operating conditions.

INVESTMENT STRUCTURE AND EVOLUTION IN THE CONTEXT OF ECONOMIC CRISIS

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CODAU CIPRIAN-CRACIUN

2011-12-01

Full Text Available The scope of this article is the evolution analysis of net investment in Romania between economic growth and international economic crisis. The analysis captures both the evolution of net investment by structure elements (buildings, outfits, other investments and the structure and evolution of investments by sources of financing. Also there is an analysis of the foreign direct investment (FDI share in the total net investment and the impact of the economic crisis on this share. The article aims to identify the main factors for the evolution of investments in Romania before the financial crisis and determine how the financial crisis influenced the structure and volume of investments in the national economy. Most previous studies have focused either on a small part of the investments made in Romania (in most cases the FDI have been analyzed or on the period of economic expansion without capturing the evolution of investment during the economic crisis. Previous research has highlighted especially the FDI influence on macroeconomic indicators of high importance for the economy (unemployment rate, GDP growth rate, etc. with less focus on the factors influencing these investments and the close connection between the economic context (economy status and the volume of these investments. For the analysis of the investment evolution during the mentioned period statistical data was used that captured both the investment evolution trend and the changes occurred by the national economy stepping into recession amid the global financial crisis established. To get an overview of the situation it was considered a time internal that captured both the economic growth and the period after the onset of the economic crisis. Thereby information was obtained on the volume of net investment during 2000-2010, on foreign direct investment in the period 2003-2010 and their share in total net investment and also on the main sources of investment financing during the

Business cycle volatility, growth and financial openness: Does Islamic finance make any difference?

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Mustapha Djennas

2016-09-01

Overall, the results showed a relatively similar performance between economies where Islamic finance prevails, and other conventional economic systems. Moreover, when considering some specific components of the financial stress index, countries that adopt the principles of Islamic finance are strongly positioned to avoid various situations of crisis and economic downturns.

Understanding financial crisis through accounting models

NARCIS (Netherlands)

Bezemer, D.J.

2010-01-01

This paper presents evidence that accounting (or flow-of-funds) macroeconomic models helped anticipate the credit crisis and economic recession Equilibrium models ubiquitous in mainstream policy and research did not This study traces the Intellectual pedigrees of the accounting approach as an

The Impact of the Global Financial Crisis on Japan's Higher Education

Science.gov (United States)

Huang, Futao

2011-01-01

This paper deals with the impact of the global financial crisis on Japan's economy, especially on its higher education. The first section provides an overview of Japan's national economy with a focus on the impact of the global financial crisis on the national economy, then the author touches on the impact on the Japanese government's finances,…

The sudden coalescene model of the boiling crisis

International Nuclear Information System (INIS)

Carrica, P.M.; Clausse, A.

1995-01-01

A local two-phase flow integral model of nucleate boiling and crisis is presented. The model is based on average balances on a control volume, yielding to a set of three nonlinear differential equations for the local void fraction, bubble number density and velocity. Boiling crisis as critical heat flux is interpreted as a dynamic transition caused by the coalescence of bubbles near the heater. The theoretical dynamic model is compared with experimental results obtained for linear power ramps in a horizontal plate heater in R-113, showing an excellent qualitative agreement

The sudden coalescene model of the boiling crisis

Energy Technology Data Exchange (ETDEWEB)

Carrica, P.M.; Clausse, A. [Centro Atomico Bariloche and Instituto Balseiro, Bariloche (Argentina)

1995-09-01

A local two-phase flow integral model of nucleate boiling and crisis is presented. The model is based on average balances on a control volume, yielding to a set of three nonlinear differential equations for the local void fraction, bubble number density and velocity. Boiling crisis as critical heat flux is interpreted as a dynamic transition caused by the coalescence of bubbles near the heater. The theoretical dynamic model is compared with experimental results obtained for linear power ramps in a horizontal plate heater in R-113, showing an excellent qualitative agreement.

Organization And Financing Models Of Health Service In Selected Countries

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Branimir Marković

2009-07-01

Full Text Available The introductory part of the work gives a short theoretical presentation regarding possible financing models of health services in the world. In the applicative part of the work we shall present the basic practical models of financing health services in the countries that are the leaders of classic methods of health services financing, e. g. the USA, Great Britain, Germany and Croatia. Working out the applicative part of the work we gave the greatest significance to analysis of some macroeconomic indicators in health services (tendency of total health consumption in relation to GDP, average consumption per insured person etc., to structure analysis of health insurance and just to the scheme of health service organization and financing. We presume that each model of health service financing contains certain limitations that can cause problem (weak organization, increase of expenses etc.. This is the reason why we, in the applicative part of the work, paid a special attention to analysis of financial difficulties in the health sector and pointed to the needs and possibilities of solving them through possible reform measures. The end part of the work aims to point out to advantages and disadvantages of individual financing sources through the comparison method (budgetary – taxes or social health insurance – contributions.

The impact of production capacity utilization on metallurgical companies financing

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J. Kutáč

2013-01-01

Full Text Available The most important and the most problematic in-house sources of financing of metallurgical companies are profit and depreciations. In the event that the aggregate value of the economic result and depreciations goes over to negative values, then this kind of in-house financing ceases to increase Cash Flow of the company but, on the contrary, it will cause its reduction. It means that this type of financing is to some extent uncertain, particularly in times of crisis, when there are noticeable fluctuations in sales volumes, leading to a significant influence of the volume of production on the amount of profit. The article discusses the impact of production capacity utilization on metallurgical companies financing.

Tertiary Education and the Crisis of Public Finance

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Milos Maryska

2012-04-01

Full Text Available Turbulent economic environment after overwhelming the last crisis period is typical for present days as well as permanent increasing dependability of all our activities on information and communication technology (ICT. Although the global economic crisis was the reason for disinvestment into ICT in 2009 there is expected that ICT will generate almost 5.8 million new jobs in Europe till year 2013 and they have to be saturated also by adequately qualified ICT specialists.This contribution presents the research in the progress focused on the tertiary education system in the Czech Republic. We are predicting trends in education and especially in ICT education in Europe and in the Czech Republic as well for next ten years. We can expect that future ten years period will be critical not only for the Czech tertiary education system, but also for the Czech Republic because number of ICT students will be decreasing and number of ICT specialist demanded by labor market will be increasing. From macroeconomic point of view we can expect that also state subventions into state governed tertiary education system will decrease in the whole Europe.Some recommendations, proposals and forecasts for further development of education system are presented at the end of this contribution.

Individual Learning Accounts and Other Models of Financing Lifelong Learning

Science.gov (United States)

Schuetze, Hans G.

2007-01-01

To answer the question "Financing what?" this article distinguishes several models of lifelong learning as well as a variety of lifelong learning activities. Several financing methods are briefly reviewed, however the principal focus is on Individual Learning Accounts (ILAs) which were seen by some analysts as a promising model for…

Money, Finance and the Real Economy: What went wrong?

OpenAIRE

Brender, Anton; Pisani, Florence; Gagna, Emile

2015-01-01

The functions of the financial system of a developed economy are often badly understood. This can largely be attributed to free-market ideology, which has spread the belief that leaving finance to its own devices would provide the best possible mechanism for allocating savings. The latest financial crisis has sparked the beginnings of a new awareness on this point, but it is far from having led to an improved understanding of the role of the financial institutions. For many people, finance re...

Impact of the economic crisis on the activity of a clinical research ethics committee

Directory of Open Access Journals (Sweden)

Paula Arcenillas

2014-11-01

Full Text Available Purpose: Analyze the impact of economic and social crisis in volume and funding of clinical trials (CT and observational studies (ES from the activity of an Research Ethics Committee (REC. Method: REC memories 2003-2012 were reviewed. Financing of evaluated projects, CT and OS were analyzed classifying them into four groups: 1 promoted by pharmaceutical industry, 2 by scientific societies with industry support, 3 by scientific societies with government support and 4 unfunding.Two periods were compared: pre-crisis (2003-2007 and crisis (2008-2012. Results: During 10 studied years, 744 protocols were evaluated: a 71% of group 1, a 9% of group 2, a 3% of group 3 and a 17% was no funding. Regarding OS, 40%, 5,4%, 8,6% and 46% were the groups 1, 2, 3 and 4 respectively. Analyzing crisis versus pre-crisis period, statistically significant differences were observed in the decreasing of number of CT phase 2 and 3 and in the rising EO. Comparing crisis related to the pre-crisis period, the Group 4 increased statistically significantly. Conclusions: Evolution of total number of studies evaluated by REC tends to be maintained and even increased over time. REC maintains its activity and even increased at the expense of financing and unfunded OS.

Post-crisis Belarus: Marxism and the lender of last resort

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Heather Bell

2015-07-01

Full Text Available Existing literature has examined the predictions and proscriptions of Karl Marx in response to the 2008 global financial crisis. However, the suggestions put forth by the Marxist-leaning literature never took hold and state-level banking and finance policies have remained largely unchanged. While many criticisms of Marxism exist, this paper examines Belarus, a ‘neo-communist’ or ‘market-socialist’ state, to provide a new perspective on the continuation of capitalism in the United States and Europe. In the case of Belarus, the International Monetary Fund and the Eurasian Economic Community's Anti-Crisis Fund provided both the critical liquidity needed to temporarily quell the effects of the financial crisis. Their demands meant that Belarus agreed to speed its move away from the Soviet-era finance and banking policies and more towards its western capitalist neighbors. Its failure to implement these policies further hurt its recovery. Examining Belarus' path to and out of its financial crisis makes apparent that the role of the international lender of last resort (LOLR. The LOLR acts as a key element in protecting states embroiled in the financial crisis from facing the possibility of making the difficult policy changes put forth by the Marxist literature. By ignoring its promises under the loan conditions from its LOLRs, Belarus moved further from the recovery promised by the Marxist suggestions.

Financing Nuclear Power Plant Projects. A New Paradigm?

International Nuclear Information System (INIS)

Pehuet Lucet, Fabienne

2015-05-01

enter nuclear projects. Securing revenues by entering into long term purchase agreements or tariff schemes and sharing the owner's risk by taking equity or debt interest contributes to reducing uncertainties and build investor's confidence. Recent financing schemes such as those proposed in the UK contribute, in this regard, to the feasibility of new nuclear power plants projects. The Build Own Operate model recently contracted for the Akkuyu project in Turkey goes beyond mere financing and long term price agreements, as most of the overall viability risk of the project is transferred to the vendor. After the 2008 financial crisis and its regulatory consequences, new constraints were imposed on banks. It is now necessary to consider new funding resources and new financing schemes to supplement traditional financing. As innovative fund raising and financing of nuclear projects is needed, financial conditions are now at the forefront of competition. Concurrently, competition to win new nuclear tenders exacerbated in recent years as markets became global and newcomer exporters of nuclear power plants' have been pursuing ambitious objectives on the international markets. The traditional competition system is organized along the OECD guidelines, ECA financing and the EU rules, whereas the challengers' competition system is free from such regulations and constraints. This provides countries such as Russia and China with possibilities to propose more advantageous financing and risk allocation schemes than the OECD countries, often through government to government agreements. The traditional vendors and nuclear projects' stakeholders are entering a new, more complex multilateral competition field requiring new strategies built on the protagonists' respective strengths. The international nuclear market is more and more intertwined. Overlapping competition systems now co-exist, bringing about major alliances and partnerships cutting across national

A New Approach to Special Education Finance: The Resource Cost Model.

Science.gov (United States)

Geske, Terry G.; Johnston, Mary Jo

1985-01-01

Describes current practices in Illinois where a personnel reimbursement formula is used to finance special education. Summarizes the basic components of the Resource Cost Model (RCM), a complex school finance formula, and compares and contrasts RCM with Illinois' current method of financing special education. (MLF)

Information,Informal finance,and SME financing

Institute of Scientific and Technical Information of China (English)

LIN Justin Yifu; SUN Xifang

2006-01-01

Informal finance exists extensively and has been playing an important role in small-and medium-sized enterprise (SME) financing in developing economies,This paper tries to rationalize the extensiveness of informal finance.SME financing suffers more serious information asymmetry to the extent that most SMEs are more opaque and can only provide less collateral.Informal lenders have an advantage over formal financial institutions in collecting "soft information" about SME borrowers.This paper establishes a model including formal and informal lenders and high-and low-risk borrowers with or without sufficient collateral and shows that the credit market in which informal finance is eliminated will allocate funds in some inefficient way,and the efficiency of allocating credit funds can be improved once informal finance is allowed to coexist with formal finance.

Causes of New Zealand finance company collapses: A brief review

Directory of Open Access Journals (Sweden)

Noel Yahanpath

2012-03-01

Full Text Available During the period 2006 - 2010, 49 finance companies, in New Zealand, collapsed or entered moratoriums, owing investors in excess of $8 billion, and the fingers of blame continue to point in circles. The blame for this tremendous financial crisis is extensive and a consolidation of arguments is essential for the wider understanding of the topic and to put responsibilities into perspective. A part of this paper is to recognize who can and is being held legally responsible for investors’ sake, and also identify parties who have failed their responsibilities. We have highlighted the major issues created by corporate governance being the most direct cause of finance company failure in NZ. We believe in some way these findings will help avoid a similar crisis in the future and resolve a still commonly blurred line in public opinion.

Informal or Formal Financing? Or Both? First Evidence on the Co-Funding of Chinese Firms

NARCIS (Netherlands)

Degryse, H.A.; Lu, L.; Ongena, S.

2013-01-01

Abstract: The recent financial crisis has reopened the debate on the impact of informal and formal finance on firm growth in developing countries. Using unique survey data, we find that informal finance is associated with higher sales growth for small firms and lower sales growth for large firms. We

Present and future of crowdfunding as source of entrepreneurial financing

OpenAIRE

Peñarroya Romero, Iván

2017-01-01

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 New financing techniques have emerged due to the recently experienced deep crisis. In a changing technological environment any individual with an innovative business idea and an achievable entrepreneurial project can easily undertake it without resorting to traditional banking. As a result of the new Fintech technology, a word stemming from a contraction of the words “finance” and “technology”, it may...

Global financial crisis

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MSc. Jusuf Qarkaxhija

2011-03-01

influences the pro-cess of attracting foreign investment, and further influencing the growth of unemployment, and in turn expanding the financial crisis, where finances are already fragile. In the following sections, we will elaborate on the financial crisis in a global aspect, the impacts of this crisis in economic development, and the role of stock exchange in finance, thereby creating a multi-dimensional horizon of the problem.

Monte Carlo methods and models in finance and insurance

CERN Document Server

Korn, Ralf; Kroisandt, Gerald

2010-01-01

Offering a unique balance between applications and calculations, Monte Carlo Methods and Models in Finance and Insurance incorporates the application background of finance and insurance with the theory and applications of Monte Carlo methods. It presents recent methods and algorithms, including the multilevel Monte Carlo method, the statistical Romberg method, and the Heath-Platen estimator, as well as recent financial and actuarial models, such as the Cheyette and dynamic mortality models. The authors separately discuss Monte Carlo techniques, stochastic process basics, and the theoretical background and intuition behind financial and actuarial mathematics, before bringing the topics together to apply the Monte Carlo methods to areas of finance and insurance. This allows for the easy identification of standard Monte Carlo tools and for a detailed focus on the main principles of financial and insurance mathematics. The book describes high-level Monte Carlo methods for standard simulation and the simulation of...

The effects of the global economic crisis in Latin America

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Arturo Guillén R.

2011-06-01

Full Text Available The aim of this article is to analyze the current phase of the global crisis and the way it has manifested itself in Latin America. The global crisis is the most important capitalist crisis since World War II. It is a new type of debt-deflation crisis, highlighting the limits of the finance-dominated regime of accumulation and characterized by securitization. Latin American countries have not been immune to the global crisis. Since it sets limits on globalization, the impossibility of maintaining export-driven accumulation sustained by restrictive monetary and fiscal policies becomes clear. This time, there will be no way out in external markets for any country. That fact will force them to restructure productive systems and search for a way out in domestic markets and in regional spaces for integration.

Improving the availability of trade finance in developing countries: An assessment of remaining gaps

OpenAIRE

Auboin, Marc

2015-01-01

While conditions in trade finance markets returned to normality in the main routes of trade, the structural difficulties of poor countries in accessing trade finance have not disappeared – and might have been worsened during and after the global financial crisis. In fact, there is a consistent flow of information indicating that trade finance markets have remained characterized by a greater selectivity in risk-taking and flight to “quality” customers. In that environment, the lower end of the...

Model of the mechanism of crisis management in the administrative-territorial entities

OpenAIRE

I. V. Yarova; Y. P. Sharov

2014-01-01

The model of the crisis-mechanism for administrative-territory unit is descript including aim-setting, projects of the risk-oriented strategy formation, the structure institutionalization of the crisis-assignment, crisis-management during strategy realization, diagnostic and identification of the crisis-threats. The approach to management for the system of the strategy realization based on the crisis-group creation, which exist on dual virtual-real status. The approach delivers such differs: ...

Designing a crisis management model in Iran’s archival centers: Pre-crisis stage

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Maryam Nakhoda

2018-03-01

Full Text Available The purpose of this research is to design a crisis management model in the archival centers of Iran during the pre-crisis phase. The present study was conducted with a qualitative approach using the Grounded theory method. The necessary data was collected using semi-structured interviews. Data saturation was a major factor in determining the sample size. The research population included 20 crisis management specialists and managers of archives in Iran and the data analysis was performed in three stages: open, axial, and selective coding. The paradigmatic model derived from the findings of the research includes the sections of the causal conditions, strategies, intervening conditions and the underlying conditions and their outcomes. The causal conditions are located in two categories of internal crises such as biological crises and lack of proper management, and external crises such as natural disasters, fires and human-made crises. Intervener conditions and backgrounds include cat-egories such as lack of specialist staff training, lack of appropriate environmental conditions and management mechanisms, archival building and human resources issues. To prevent and mitigate the effects of the crisis in archives, some strategies are required such as modern education for resil-ience, teaching how to use documents, standardizing buildings and equipment (non-use of steel skeletons in building archives, use of concrete skeletons Armed or metal, as well as the use of walls and doors and floors of anti-fire covers in the building of archives and the establishment of multi-layer protective systems for the protection of documents.

Political economy of the US financial crisis 2007-2009

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Vuk Vuković

2011-03-01

Full Text Available The emphasis of this paper is on the political economy of the subprime mortgage crisis in the United States and how the policy makers contributed to it through their legislation and regulations, made under the rising influence of interest groups and the lobbying activities of the finance industry. The “Great Recession” of 2007-2009 began as a bubble-burst in the mortgage market in the United States that spilled over to the entire financial market of the US, and afterwards to the integrated world financial market. The crisis sprang up over the US real sector and, due to the decline in US aggregate demand, spread consequently to the real economy of the rest of the World. No sound evidence has been given for the publicly proclaimed idea that the causes of the crisis lie within the self-regulating free market. The causes of the crisis lie primarily in the activities of political power, i.e. in the extensive government regulation which has, under the strong influence of interest groups and the lobbying power of financial corporations, led to favouritism in macroeconomic policies and inefficient resource allocation. Regulation was enforced by stimulating affordable housing through government sponsored enterprises, oligopoly of the rating agencies, banking regulation and an increasing connection between government and the finance industry.

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...

Corporate Governance, Competition, and Finance: Re-thinking Lessons from the Asian Crisis

OpenAIRE

Jack Glen; Ajit Singh

2005-01-01

This paper critically examines the Greenspan-Summers-IMF thesis concerning the Asian crisis, which suggested that the fundamental causes of the Asian crisis lay in the microeconomic behavior of economic agents in these societies--in the Asian way of doing business. The paper concentrates on corporate governance and competition in emerging markets and outlines the international significance of these issues in the context of the New International Financial Architecture and the Doha Development ...

Loan versus Bond Financing of Czech Companies and the influence of the Global Recession

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Mačí Jan

2017-03-01

Full Text Available European economies are traditionally considered to be bank based regarding the debt financing. However, in times of crises in the bank sector, this feature may indicate a weakness of these economies when the credit squeeze phenomenon may occur and companies’ competitiveness might be negatively affected thanks to unstable financing possibilities. In such conditions, a shift from bank loans to bonds might be expected. That is why this paper focuses on mutual development of corporate bond and business loan markets in the developing Czech economy in the years 2006–2014 with regard to the impacts of the global financial crisis of 2008/2009. The main goal of this article is to identify whether, thanks to the impacts of the global recession in 2009, there was a shift in Czech economy in business financing from the loans to bonds in a similar fashion as in the case of East Asian economies after their financial crisis in the nineties. Since Czech companies practically do not use short-term bonds, a mutual relationship is examined between amounts of long-term corporate bonds and economic development captured by the GDP per capita, and between long-term business loans and development of long-term corporate bonds. The main findings of this study are that since the global financial crisis, bond financing of businesses has been growing faster than loan financing. Czech economy thus shifts and becomes more bond market-based. The development of bond financing is positively correlated with the GDP per capita. Time series of both loans and bonds develop along the same trend. However, residual components are correlated negatively, which confirms the standing of loans and bonds as substitutes. Two main practical implications may be derived from this study. First, a growing usage of bonds increases demands on the market regulator, especially in the field of monitoring. Second, the growing bond market leads to the increased effectiveness, which makes additional

Testing a Model of Functional Impairment in Telephone Crisis Support Workers.

Science.gov (United States)

Kitchingman, Taneile A; Wilson, Coralie J; Caputi, Peter; Wilson, Ian; Woodward, Alan

2017-11-01

It is well known that helping professionals experience functional impairment related to elevated symptoms of psychological distress as a result of frequent empathic engagement with distressed others. Whether telephone crisis support workers are impacted in a similar way is not currently reported in the literature. The purpose of this study was to test a hypothesized model of factors contributing to functional impairment in telephone crisis support workers. A national sample of 210 telephone crisis support workers completed an online survey including measures of emotion regulation, symptoms of general psychological distress and suicidal ideation, intentions to seek help for symptoms, and functional impairment. Structural equation modeling was used to test the fit of the data to the hypothesized model. Goodness-of-fit indices were adequate and supported the interactive effects of emotion regulation, general psychological distress, suicidal ideation, and intentions to seek help for ideation on functional impairment. These results warrant the deliberate management of telephone crisis support workers' impairment through service selection, training, supervision, and professional development strategies. Future research replicating and extending this model will further inform the modification and/or development of strategies to optimize telephone crisis support workers' well-being and delivery of support to callers.

[Impact of the economic crisis on the activity of a clinical research ethics committee].

Science.gov (United States)

Redondo Capafons, S; Arcenillas, Paula; Giménez, Nuria; March López, Pablo; Soriano, Laura; Pla, Ramon; Quintana, Salvador

2014-11-03

Analyze the impact of economic and social crisis in volume and funding of clinical trials (CT) and observational studies (ES) from the activity of an Research Ethics Committee (REC). REC memories 2003-2012 were reviewed. Financing of evaluated projects, CT and OS were analyzed classifying them into four groups: 1) promoted by pharmaceutical industry, 2) by scientific societies with industry support, 3) by scientific societies with government support and 4) unfunding.Two periods were compared: pre-crisis (2003-2007) and crisis (2008-2012). During 10 studied years, 744 protocols were evaluated: a 71% of group 1, a 9% of group 2, a 3% of group 3 and a 17% was no funding. Regarding OS, 40%, 5,4%, 8,6% and 46% were the groups 1, 2, 3 and 4 respectively. Analyzing crisis versus pre-crisis period, statistically significant differences were observed in the decreasing of number of CT phase 2 and 3 and in the rising EO. Comparing crisis related to the pre-crisis period, the Group 4 increased statistically significantly. Evolution of total number of studies evaluated by REC tends to be maintained and even increased over time. REC maintains its activity and even increased at the expense of financing and unfunded OS. Copyright AULA MEDICA EDICIONES 2014. Published by AULA MEDICA. All rights reserved.

Multivariate Density Modeling for Retirement Finance

OpenAIRE

Rook, Christopher J.

2017-01-01

Prior to the financial crisis mortgage securitization models increased in sophistication as did products built to insure against losses. Layers of complexity formed upon a foundation that could not support it and as the foundation crumbled the housing market followed. That foundation was the Gaussian copula which failed to correctly model failure-time correlations of derivative securities in duress. In retirement, surveys suggest the greatest fear is running out of money and as retirement dec...

The Greek crisis: Causes and implications

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Vlamis Prodromos

2010-01-01

Full Text Available This paper presents and critically discusses the origins and causes of the Greek fiscal crisis and its implications for the euro currency as well as the SEE economies. In the aftermath of the 2007-2009 financial crisis the enormous increase in sovereign debt has emerged as an important negative outcome, since public debt was dramatically increased in an effort by the US and the European governments to reduce the accumulated growth of private debt in the years preceding the recent financial turmoil. Although Greece is the country member of the eurozone that has been in the middle of this ongoing debt crisis, since November 2009 when it was made clear that its budget deficit and mainly its public debt were not sustainable, Greece’s fiscal crisis is not directly linked to the 2007 US subprime mortgage loan market crisis. As a result of this negative downturn the Greek government happily accepted a rescue plan of 110 billion euros designed and financed by the European Union and the IMF. A lengthy austerity programme and a fiscal consolidation plan have been put forward and are to be implemented in the next three years.

The Study on Stage Financing Model of IT Project Investment

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Si-hua Chen

2014-01-01

Full Text Available Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model.

The Study on Stage Financing Model of IT Project Investment

Science.gov (United States)

Xu, Sheng-hua; Xiong, Neal N.

2014-01-01

Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model. PMID:25147845

The study on stage financing model of IT project investment.

Science.gov (United States)

Chen, Si-hua; Xu, Sheng-hua; Lee, Changhoon; Xiong, Neal N; He, Wei

2014-01-01

Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model.

Model of the mechanism of crisis management in the administrative-territorial entities

Directory of Open Access Journals (Sweden)

I. V. Yarova

2014-10-01

Full Text Available The model of the crisis-mechanism for administrative-territory unit is descript including aim-setting, projects of the risk-oriented strategy formation, the structure institutionalization of the crisis-assignment, crisis-management during strategy realization, diagnostic and identification of the crisis-threats. The approach to management for the system of the strategy realization based on the crisis-group creation, which exist on dual virtual-real status. The approach delivers such differs: accented proactive management; integration of the strategic and crisis functions without the special institution creation; the matrix structure integrates the functional and aimed activity; adaptively opportunities; stimulate of the project management implementation; opportunities to create the inter-organizational crisis-cell under crisis-threat.

[Dilemmas of health financing].

Science.gov (United States)

Herrera Zárate, M; González Torres, R

1989-01-01

The economic crisis had had a profound effect on the finances of health services in Mexico. The expenditure on health has decreased, both in absolute terms and in relation to the national gross product. Funding problems have been aggravated by inequities in budget distribution: social security institutions have been favored; geographical distribution of resources is concentrated in the central areas of the country and in the more developed states, and curative health care has prevailed over preventive medicine. Administrative inefficiency hinders even more the appropriate utilization of resources. Diversification of funding sources has been proposed, through external debt, local funding, and specific health taxing. But these proposals are questionable. The high cost of the debt service has reduced international credits as a source of financing. Resource concentration at the federal level, and the different compromises related to the economic solidarity pact have also diminished the potentiality of local state financing. On the other hand, a special health tax is not viable within the current fiscal framework. The alternatives are a better budget planning, a change in the institutional and regional distribution of resources, and improvement in the administrative mechanisms of funding.

Heavy Reliance on the Indirect Financing as Sources of Funds for Business Firms in Japan: As a Comparison for Indonesian Financial Crisis

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Yulius Yulius

2001-09-01

Full Text Available The purpose of this article is to study the implication of financial liberalization to the heavy reliance of firms to the indirect finance in Japanese experience. In order to analyze the goal of this article, we start to examine the causes of the main bank system in Japan before and the pre-war period. Then, this article discusses the impacts of financial liberalization to the to the heavy reliance on the indirect-financing for business firms in the light with Japan’s financial market, particularly the main bank system. Finally, this article also discusses the implication of loose relationship of big firms and major banks (main bank system to the recent financial condition in starting from the early of 1990s until now. This article discovered that financial liberalization, which started at the latter half of 1970s, has shaken the foundation of the main bank system. The major firms started to less dependent on the major banks and they issued the securities in domestic and international market. As a consequence, the SMBS still depend on the banks as their source of indirect financing. However, the competitiveness in the SMBS market turned to erode the bank profits that induced them to enter the risk activities, such as real estate. In addition, the bubble burst economy also triggered the boom in real estate. Naturally, as a nature of risk asset, loan to the real estate became the potential of bad loans that also was exacerbated the bubble burst in economy. Then, the financial crisis has revealed in 1990s.

DO YOU CAPTURE FINANCIAL CRISIS?

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Murniati Mukimni Mukhlisin

2018-03-01

Full Text Available This article summarizes the multitude of empirical studies in the area of Islamic banking and finance with purpose to analyze impact of Islamic banking and finance studies to practice by mapping research direction and the depth of the study. The studies are categorized based on research paradigm, countries being researched, methods employed, and results that lead to policy direction in the particular period. The research found that the research direction of the papers under study mostly employ positivist paradigm with countries being researched are generally Malaysia, Pakistan, Indonesia and UAE. It documents that the papers did not link directly to the future policy directions ie. to predict and prepare for financial crisis, rather they merely responded to the undergoing policies or themes of the journals. This review provides insights for understanding the importance of guiding future policy direction in the area of Islamic banking and finance by publishing more research policy papers authored by both academics and professionals.

Innovative business models and financing mechanisms for distributed solar PV (DSPV) deployment in China

International Nuclear Information System (INIS)

Zhang, Sufang

2016-01-01

The Chinese government has in recent years put in place a large number of incentive policies for distributed solar PV (DSPV). However, some of these policies have not been well performed due to many constraints, particularly the lack of innovative business models and financing mechanisms. This paper looks into this issue through the approach of combining literature review and interactive research, including interactions with managers from China's policy and commercial banks and PV projects. A comprehensive literature review on DSPV business models and financing mechanisms are firstly reviewed. Then the rapid evolving business models and financing mechanisms in the United States are examined, which provides some insights for China. Subsequent to this, the existing innovative business models and financing mechanisms for DSPV deployment in China and challenges facing them are discussed. Built on this discussion, policy recommendations are provided at the end of the paper. This study provides some insights for renewable energy policy makers in China as well as in other countries. - Highlights: •Reviewed literature on DSPV business models and financing mechanisms. •Presented the US DSPV business models and financing mechanisms. •Examined China's DSPV business models and financing mechanisms. •Made policy recommendations for DSPV deployment in China.

A Study on the Pricing Model for 3PL of Inventory Financing

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Zhilan Song

2016-01-01

Full Text Available Being a new research area, logistics finance solves the contradiction between banks and SMEs (small and medium enterprises about financing; it is beneficial to financial market and logistics market development too. As a service innovation, it unites the interests of bank, 3PL (third-party logistics providers, and SMEs and integrates material, finance, and information. Logistics finance has been developed in recent years in China, but the research is not enough on 3PL enterprises. On the background of that, the paper makes a research in the field of logistics finance with different pricing methods, based on the perspective of third-party logistics enterprises. This paper proposes a pricing model of inventory financing that can maximize the cash flow of 3PL enterprise, when the default rate of the small- and medium-sized enterprise is affected by the pledge price. And then this paper studies the model of inventory financing that can maximize the cash flow of enterprise under the condition of the existence of cash discount rate. The core factors affecting the loan-to-value ratio were established through analysis of mathematical model. We also consider the loan-to-value ratio of cash discount rate in the model. Results show that in the pledge of the known function and cash discount the price change can be calculated to meet enterprise cash flow lending rates and get biggest loan-to-value ratio.

Global financial crisis, banking crisis and first country risk in the viewpoint of domestic risk rating agencies

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Dr.Sc. Ingrid Shuli

2012-06-01

Full Text Available In a period of dire financial crisis, with which all countries seem to cope, it seemed interesting to analyse the assessment of the risk for our country, viewed from the vantage point of our domestic rating agencies, but also compared to assessments made to our country by international rating agencies, such as Moody’s rating agency, Standard & Poor rating agency, Fitch ratings agency etc. The objective of this study is to recognize indicators and factors affecting the risk assessment and rating of a country, and evaluate whether there has been an impact of the financial crisis faced by other countries in the rating given to Albanian by domestic and foreign agencies. We stopped at the history of earlier financial crisis development to understand bewtter what is happening in this financial crisis. We shall develop upon a wide existing literature, and a range of credible resources such as the IMF, the World Bank, the International Institute of Finance, Economic Intelligence Unit, and local official data sources, eg. The Bank of Albania and INSTAT.

Incentive Structure of Financing a Project: An Islamic Finance Approach

OpenAIRE

Lone, Fayaz Ahmad; Quadir, Abdul

2017-01-01

Financing is an important component in any project. Without finance, it is impossible to run any project as it is considered the lifeblood of the business. But due to the presence of predetermined rate of interest, economists have provided alternative approach for financing the project. In this paper a model using Profit and Loss Sharing (PLS) system and comparison of it with the conventional financing model is developed. Thrust in this paper is towards establishing a new theoretical reasonin...

THE IMPACT OF ECONOMIC CRISIS ON THE FISCAL REVENUES

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Inceu Adrian

2009-05-01

Full Text Available This paper tries to evaluate the situation of the fiscal revenues in Romania in the context of economic and financial crisis, because the fiscal revenues are the major source of financing the public expenditure. The evolution of the level of fiscal revenu

Contextualizing the current crisis: Post-Fordism, neoliberal restructuring, and financialization

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Aaron Tauss

2012-12-01

Full Text Available The article argues that the current financial crisis that began unfolding in late 2007 cannot be explained merely by institutional failure, false economic theories, or human misbehavior. Instead, the crisis must be analyzed against the backdrop of the internal contradictions of capitalist accumulation and the gradual disintegration of the post-war hegemonic world order under U.S. leadership. The specifics of the crisis are inherently related to the failure of Fordism in the 1970s and the emergence of a post-Fordist, neoliberal, and finance-driven regime of accumulation that was pushed to its limits in the lead-up to the current downturn.

Crisis of interspike intervals in Hodgkin-Huxley model

International Nuclear Information System (INIS)

Jin Wuyin; Xu Jianxue; Wu Ying; Hong Ling; Wei Yaobing

2006-01-01

The bifurcations of the chaotic attractor in a Hodgkin-Huxley (H-H) model under stimulation of periodic signal is presented in this work, where the frequency of signal is taken as the controlling parameter. The chaotic behavior is realized over a wide range of frequency and is visualized by using interspike intervals (ISIs). Many kinds of abrupt undergoing changes of the ISIs are observed in different frequency regions, such as boundary crisis, interior crisis and merging crisis displaying alternately along with the changes of external signal frequency. And there are logistic-like bifurcation behaviors, e.g., periodic windows and fractal structures in ISIs dynamics. The saddle-node bifurcations resulting in collapses of chaos to period-6 orbit in dynamics of ISIs are identified

Models of Financing and Available Financial Resources for Transport Infrastructure Projects

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O. Pokorná

2001-01-01

Full Text Available A typical feature of transport infrastructure projects is that they are expensive and take a long time to construct. Transport infrastructure financing has traditionally lain in the public domain. A tightening of many countries' budgets in recent times has led to an exploration of alternative resources for financing transport infrastructures. A variety of models and methods can be used in transport infrastructure project financing. The selection of the appropriate model should be done taking into account not only financial resources but also the distribution of construction and operating risks and the contractual relations between the stakeholders.

Europe's crisis : unification without a unifying spirit

NARCIS (Netherlands)

Margriet Krijtenburg

2011-01-01

What is happening to the EU? Following Schuman’s line of thought we can see that the crisis is linked with the lack of a European spirit among member states, together with the lack of a moral order as the guiding principle for European policies – including in the field of finance. It is the speed of

La deuda pública y sus implicaciones. Un modelo The implications of public debt. a model

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Salas Gustavo

1997-06-01

Full Text Available La crisis de la deuda pública es generalmente un reflejo de una crisis fiscal, como lo muestra el modelo que se propone este artículo en el que el endeudamiento externo ha sido suscrito por el gobierno. Al interrumpirse el financiamiento externo, los gobiernos no pudieron reducir los déficits con tanta rapidez y tuvieron que recurrir a fuentes internas. El modelo muestra que si la economía no está creciendo, la financiación con deuda constituye un factor adicional de perturbación a la estabilidad macroeconómica.The crisis of the public debt generally is the reflect of a fiscal
crisis. As in the model, where the external debt belongs to the
government. when the external financing stops, the governments can not reduce its deficits at the same speed so they have to look out for internal financing. The model shows that if the economy is not growing, the financing with debt constítutes and additional factor of perturbation to the macroeconomic stability

Financing Small Businesses: From Venture Capital to Crowdfunding

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Herciu Mihaela

2017-08-01

Full Text Available Startups and small businesses are facing many challenges in terms of financing their activities. These types of companies do not have the possibility to access capital market or to make IPO or to borrow money from banks like big, mature or well-known companies (who were at their beginnings startups or small businesses. They have to find different sources for financing their ideas/products/services that are in many cases very risky, hazardous or to ambitious. But, fortunately, the financing alternative for these companies have evolved during the last post crisis years. They have possibility to find some investors that are willing to invest in a non-name company by accessing crowdfunding platforms, impress angel investors, or attracting venture capital. All that in order to develop their business and to become a unicorn or to have a great exit.

Public debt management before, during and after the crisis

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Ana Andabaka Badurina

2012-03-01

Full Text Available During the financial and economic crisis, the public debt ratio in the European Union increased significantly, and public debt management had to be carried out in a completely new and unfavorable environment. The authors of this paper explore the changes in public debt management during and after the crisis. They describe the way in which three members of the Union – the Netherlands, Ireland and Hungary – dealt with the challenge of government financing during the crisis. These three countries were chosen because they all had a comparatively welldeveloped public debt management system before the crisis, and also due to the fact that during the crisis those responsible for public debt management pursued a policy of active accommodation to current market circumstances. Therefore, these case studies can illustrate the capacity of public debt management to contribute to the prevention of a sovereign debt crisis. In the conclusion, the authors give an overview of public debt management in Croatia in the period of the crisis and compare it with public debt management in the three countries whose experiences are presented in the paper.

The Financial Crisis: Origins, Causes And Conclusions

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Eneida Permeti

2015-03-01

Full Text Available The crisis in recent years took start in response to a crisis of the real estate market in the United States in 2007. The year 2009 has seen an economic crisis and between 2010 and 2011 it was known the spreading of the crisis sovereign debt and public finances of many countries. The financial markets failed in their main task: the allocation of risk. The products and services traded in the financial market are characterized by the immateriality and legal complexity. It means a high uncertainty degree and a high risk. Therefore is very important to protect the investors and this means: give them the right information, right legislation, market confidence and a product that respond to their needs. The crisis causes are: weaknesses in the regulatory, malfunction of the rating agencies, political errors and conflicts of interest. This means that we need: more rules, more capital, less debt, more transparency. The financial markets and the economy have always moved in harmony and savers have undertaken a countercyclical behavior, against trend or against the cycle and for investing in financial markets with the probability in favor we need a map that comes from the statistics.

Applying Olap Model On Public Finance Management

OpenAIRE

Dorde Pavlovic; Branko Gledovic

2011-01-01

Budget control is derivate from one of the main functions of budget, that aims that the budget is control instrument of acquiring and pending of budget needs. OLAP model represents an instrument that finds its place in the budget planning process, executive phases of budget, accountancy, etc. There is a direct correlation between the OLAP model and public finance management process.

A New Regime of SME Finance in Emerging Asia: Enhancing Access to Growth Capital and Policy Implications

OpenAIRE

Shigehiro Shinozaki

2014-01-01

While finance is critical for small and medium-sized enterprises (SMEs) to survive and grow, most SMEs suffer from poor access to finance. Given the pronounced global financial uncertainty, stable access to appropriate funding sources has become even more difficult for SMEs to attain. Lessons from the global financial crisis have motivated many countries to consider SME access to finance beyond conventional bank credit and to diversify their domestic financial systems. This paper uses empiric...

A crisis recovery model for adolescents with severe mental health problems.

Science.gov (United States)

Kaplan, Tony; Racussen, Lisa

2013-04-01

A model of intervention at the interface and for the in-patient phase for adolescents with severe mental health crises was developed to reduce length of stay while maintaining quality of service consonant with the 'recovery model'. The model is described, and discussed in the context of the limited literature on both crisis intervention with adolescents and families, and 'recovery' in this age-group. The model may be suitable also for use by community teams dealing with adolescents in crisis.

Virtual and augmented reality in finance: State visibility of events and risk

OpenAIRE

Soha Maad; Samir Garbaya; James B. Mccarthy; Meurig Beynon; Saida Bouakaz; Rajagopal Nagarajan

2010-01-01

This chapter reflected on the potential of Virtual Reality and Augmented Reality (VR / AR) technologies in supporting the dynamics of global financial systems and in addressing the grand challenges posed by unexpected events and crisis. The chapter briefly overviewed traditional VR/AR uses and described three early attempts to use 3D/ VR / AR technologies in Finance. In light of the recent financial crisis, there is a potential added valued in harnessing the use of VR/AR technologies to conve...

ALTERNATIVE MODELS OF FINANCING REGIONAL DEVELOPMENT

Directory of Open Access Journals (Sweden)

Cristina, GRADEA

2013-12-01

Full Text Available Public financing of infrastructure proved under performing at uneconomic prices, and because of political interference in the management of funds, understanding the problem leading to the adoption of private funding variant, an effective way of private funding being the financing of the project. Project financing is a concept that assessed by means of financing a specific technique. In this context, those granting funds usually through loans typically are only interested in cash flows and project profit, which are a source of funds for repayment of loans; they are less interested in the creditworthiness of those employed in the project (organizations, governments, communities and so on. This approach has led to the emergence of new ways of financing projects, new types of projects, such as regional and rural development.

Hyperbolic and semi-parametric models in finance

Science.gov (United States)

Bingham, N. H.; Kiesel, Rüdiger

2001-02-01

The benchmark Black-Scholes-Merton model of mathematical finance is parametric, based on the normal/Gaussian distribution. Its principal parametric competitor, the hyperbolic model of Barndorff-Nielsen, Eberlein and others, is briefly discussed. Our main theme is the use of semi-parametric models, incorporating the mean vector and covariance matrix as in the Markowitz approach, plus a non-parametric part, a scalar function incorporating features such as tail-decay. Implementation is also briefly discussed.

THEORETICAL CONSIDERATIONS ON THE EFFECTS OF THE FINANCIAL CRISIS ON BUDGETARY REVENUES IN ROMANIA

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CIURLĂU LOREDANA

2012-12-01

Full Text Available The global economy entered into the greatest economic crisis after the great recession, which affected both developed countries and emerging countries, demonstrating the degree of interdependence of world economies. The financial crisis has put in front of the Governments of a number of challenges, the most important of which are: a new approach to budgetary fiscal policies by Governments, a global coordinated response of the authorities in the affected countries, the need to improve recognition of public services and their reform, the need to do more with fewer resources. The crisis represents an opportunity to redefine the economy and to reform public finances. The recession is proving slow because the fiscal space for stimulating the economy is small. Budgetary correction involves painful measures, austere fiscal measures to be applied, however, because internal financial equilibrium and ensure the financing of the deficit by maintaining international agreements, legislative projects difficult, and treating the root causes of the structural deficit.

Financial crisis and global imbalances: its labour market origins and the aftermath

OpenAIRE

Pasquale Tridico

2012-01-01

The objective of this paper is to articulate how the 2007--09 economic crisis is rooted in the uneven income distribution and inequality caused by the current finance-led model of growth. The process of financialisation that took place in the 1980s in the USA and then in the European Union was coupled with labour flexibility, wage moderation and soaring profits. The flexibility agenda of the labour market and the end of wage increases, along with the contraction of indirect wages (i.e. public...

The models for financial crisis detection in Indonesia based on import, export, and foreign exchange reserves

Science.gov (United States)

Sugiyanto; Wibowo, Supriyadi; Rizky Aristina Suwardi, Vivi

2017-12-01

The severity of the financial crisis that occurred in Indonesia required an early warning system of financial crisis. The financial crisis in Indonesia can be detected based on imports, exports, and foreign exchange reserves. The purpose of the research is to determine an appropriate model to detect the financial crisis in Indonesia based on imports, exports, and foreign exchange reserves. Markov switching is an alternative framework for the approach often used in financial crisis detection. Combined volatility and Markov switching model with three states assumptions can be established if an AR and volatility models have been obtained. Imports, exports, and foreign exchange reserves data from January 1990 to December 2016 have the heteroscedasticity effect so that an ARCH model is used as a volatility model. Research shows that SWARCH(3.1) model is an appropriate model for detecting financial crisis in Indonesia based on imports, exports, and foreign exchange reserves.

Debt Development in Ireland and Spain: the Same or Different? Pre- and Post-crisis Analysis

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Piotr Ptak

2016-12-01

Full Text Available The aim of this paper is to present the development of general government debt in two Eurozone countries: Ireland and Spain that suffered from serious imbalance in public finance during the last crisis. Prior to the crisis, both economies were developing well against the background of the whole Eurozone and had a relatively good situation in public finance. The genesis of the crisis was also quite similar in these two countries. The similarity of factors influencing the crisis and the pre-crisis high development of both economies were among the reasons for selection of these two countries to be compared. Thus, the article focuses on the outbreak of the crisis and the fiscal consolidation period of 2008-2015, however the pre-crisis analysis is also provided. The debt sustainability analysis carried out in the article shows the possibility of growing out of debt in both countries depending on the macroeconomic circumstances. Both Ireland and Spain have been aiming to achieve a primary surplus. Besides the similarity of pre-crisis conditions, in this respect, the progress was highly noticeable, especially in Ireland, where it resulted from a fiscal consolidation but also a high real GDP dynamics that supported the process. Due to this, Ireland has already managed to lower the debt-to- -GDP ratio and put it on a downward path. Spain, on the contrary, has recorded a high debt-to-GDP ratio which is still on the upward path and is forecasted to continue until 2016.

Financial crisis and crisis management in Sweden: Lessons for today

OpenAIRE

Jonung, Lars

2009-01-01

This paper gives an account of the Swedish financial crisis covering the period 1985-2000, dealing with financial deregulation and the boom in the late 1980s, the bust and the financial crisis in the early 1990s, the recovery from the crisis and the bank resolution policy adopted during the crisis. The paper focuses on three issues: the causes and consequences of the financial crisis, the policy response concerning bank resolution, and the applicability of the Swedish model of bank crisis man...

Finance-growth nexus: Insights from an application of threshold regression model to Malaysia's dual financial system

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Alaa Alaabed

2016-06-01

Full Text Available The purpose of this paper is to test the growing converging views regarding the destabilizing and growth-halting impact of interest-based debt financial system. The views are as advocated by the followers of Keynes and Hyman Minsky and those of Islam. Islam discourages interest rate based debt financing as it considers it not very conducive to productive activities and human solidarity. Likewise, since the onset of the crisis of 2007/2008, calls by skeptics of mainstream capitalism have been renewed. The paper applies a threshold regression model to Malaysian data and finds that the relationship between growth and financial development is non-linear. A threshold is estimated, after which credit expansion negatively impacts GDP growth. While the post-threshold negative relationship is found to be statistically significant, the estimated positive relationship at lower levels of financial development is insignificant. The findings provide support to the above views and are hoped to guide monetary authorities to better growth-promoting policy-making.

Prospects and requirements for an operational modelling unit in flood crisis situations

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Anders Katharina

2016-01-01

Full Text Available Dike failure events pose severe flood crisis situations on areas in the hinterland of dikes. In recent decades the importance of being prepared for dike breaches has been increasingly recognized. However, the pre-assessment of inundation resulting from dike breaches is possible only based on scenarios, which might not reflect the situation of a real event. This paper presents a setup and workflow that allows to model dike breachinduced inundation operationally, i.e. when an event is imminent or occurring. A comprehensive system setup of an operational modelling unit has been developed and implemented in the frame of a federal project in Saxony-Anhalt, Germany. The modelling unit setup comprises a powerful methodology of flood modelling and elaborated operational guidelines for crisis situations. Nevertheless, it is of fundamental importance that the modelling unit is instated prior to flood events as a permanent system. Moreover the unit needs to be fully integrated in flood crisis management. If these crucial requirements are met, a modelling unit is capable of fundamentally supporting flood management with operational prognoses of adequate quality even in the limited timeframe of crisis situations.

Entrepreneurship Snapshots 2010 : Measuring the Impact of the Financial Crisis on New Business Registration

OpenAIRE

World Bank

2011-01-01

New businesses are likely to have been even more severely affected by the crisis than mature businesses, even in non crisis times, new and young firms tend to be more constrained than older firms which often have established reputations and enjoy easier access to finance. Given the sudden scarcity of credit and the uncertain economic outlook, it is reasonable to assume that entrepreneurs w...

CRISIS-DIAGNOSTICS IN ANTI-CRISIS MANAGEMENT

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Gavrylenko Valentina

2018-01-01

Full Text Available Introduction. In today’s conditions of a changing market environment, uncertainty and risk, one of the main tasks of management is the timely detection of crisis symptoms and the development of measures aimed at preventing their negative impact on the activities of the enterprise. The purpose of this article is to determine the accounting and analytical information for the development of the model KRIZІS-diagnostics and ensure the effectiveness of its functioning in anti-crisis management. Results. The analysis of definition of the concept «KRIZІS-diagnostics» in the scientific literature is carried out. Multi-factor models for assessing the financial status and the diagnostics of enterprises bankruptcy for different countries are presented. The specified classification of management KRIZІS-diagnostics is specified. The stages and tasks of KRIZІS-diagnostics are determined. The sources of information, which are determinants of the early symptoms of the crisis and necessary for KRIZІS-diagnostics are indicated and the characteristic is also given. Qualitative and quantitative indicators that characterize the business processes of the enterprise and can be used to analyze the state of the enterprise in a changing environment for preventing the crisis are determined. Conclusions. This approach of identifying crisis symptoms in business processes is the basis for managing an enterprise to make strategic management decisions in order to prevent a crisis at its early stages. The development of KRIZІS-diagnostics as an information provision for anti-crisis management is the direction of further research.

Application of the cognitive therapy model to initial crisis assessment.

Science.gov (United States)

Calvert, Patricia; Palmer, Christine

2003-03-01

This article provides a background to the development of cognitive therapy and cognitive therapeutic skills with a specific focus on the treatment of a depressive episode. It discusses the utility of cognitive therapeutic strategies to the model of crisis theory and initial crisis assessment currently used by the Community Assessment & Treatment Team of Waitemata District Health Board on the North Shore of Auckland, New Zealand. A brief background to cognitive therapy is provided, followed by a comprehensive example of the use of the Socratic questioning method in guiding collaborative assessment and treatment of suicidality by nurses during the initial crisis assessment.

Innovative financing for health: what is truly innovative?

Science.gov (United States)

Atun, Rifat; Knaul, Felicia Marie; Akachi, Yoko; Frenk, Julio

2012-12-08

Development assistance for health has increased every year between 2000 and 2010, particularly for HIV/AIDS, tuberculosis, and malaria, to reach US$26·66 billion in 2010. The continued global economic crisis means that increased external financing from traditional donors is unlikely in the near term. Hence, new funding has to be sought from innovative financing sources to sustain the gains made in global health, to achieve the health Millennium Development Goals, and to address the emerging burden from non-communicable diseases. We use the value chain approach to conceptualise innovative financing. With this framework, we identify three integrated innovative financing mechanisms-GAVI, Global Fund, and UNITAID-that have reached a global scale. These three financing mechanisms have innovated along each step of the innovative finance value chain-namely resource mobilisation, pooling, channelling, resource allocation, and implementation-and integrated these steps to channel large amounts of funding rapidly to low-income and middle-income countries to address HIV/AIDS, malaria, tuberculosis, and vaccine-preventable diseases. However, resources mobilised from international innovative financing sources are relatively modest compared with donor assistance from traditional sources. Instead, the real innovation has been establishment of new organisational forms as integrated financing mechanisms that link elements of the financing value chain to more effectively and efficiently mobilise, pool, allocate, and channel financial resources to low-income and middle-income countries and to create incentives to improve implementation and performance of national programmes. These mechanisms provide platforms for health funding in the future, especially as efforts to grow innovative financing have faltered. The lessons learnt from these mechanisms can be used to develop and expand innovative financing from international sources to address health needs in low-income and middle

Nuclear fuel financing

International Nuclear Information System (INIS)

Lurf, G.

1975-01-01

Fuel financing is only at its beginning. A logical way of developing financing model is a step by step method starting with the financing of pre-payments. The second step will be financing of natural uranium and enrichment services to the point where the finished fuel elements are delivered to the reactor operator. The third step should be the financing of fuel elements during the time the elements are inserted in the reactor. (orig.) [de

THE IMPACT OF THE GLOBAL FINANCIAL CRISIS ON THE PUBLIC AND PRIVATE FINANCES IN ROMANIA

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SANDA GHEORGHE GABRIEL

2014-08-01

Full Text Available If the exit from the crisis is linked to the productivity, the technological boom, the orientation should take place by sectors with high growth potential. The idea is that the power of the Government to rely on increasing economic value and implementing effective measures to redress and not on fiscal destructive policies that can block even more the economic development. In order to exit from the economic and financial crisis it is necessary to identify the risks and vulnerabilities of the financial system as a whole. However, the emergence of malfunctions such as inaccurate assessment of risks and the inefficiency with which capitals are allocated can affect the equilibrium of the financial structure. Some solutions to overcome the negative effects of the global crisis to which has been submitted to Romania are represented by the design and implementation of strong macroeconomic frameworks, reviewing and improving the capacity of institutional, organizational level, to ensure a sustainable and environmentally sound growth of the economy in the long run, for the benefit of the society in general. The real cause of the economic crisis, whether it is called: recession, crisis, economic depression or another name, the content and the effect of the crisis are the same, however, can be solved if the policy makers choose to stabilize the financial conditions and to find solutions stimulus, achieving strong macroeconomic frameworks, improving the institutional capacity to ensure a sustainable and favorable growth of the economy, the society in general.

Relationship finance, market finance and endogenous business cycles

OpenAIRE

Deidda, Luca Gabriele; Fattouh, Bassam

2010-01-01

This paper develops an overlapping generation model with asymmetric information in the credit market such that the interplay between relationship finance supplied by investors who monitor investment decisions ex-ante and market finance supplied by investors who relay on public information can be the source of endogenous business fluctuations. Monitoring helps reducing the inefficiency caused by moral hazard. However, the incentives of entrepreneurs to demand relationship finance to induce mon...

Implications Of The Crisis Of Objectivity In Accounting Measurement On The Development Of Finance Theory

OpenAIRE

Saratiel Wedzerai Musvoto

2011-01-01

Studies in accounting measurement indicate the absence of empirical relational structures that should form the basis for accounting measurement. This suggests the lack of objectivity of accounting information. Landmarks in the development of finance theory indicate the use of accounting measurement information as a basis for their development. This indicates that subjective accounting information is incorporated in finance theory. Consequently, this questions the status of finance as a univer...

PUBLIC FINANCE SUSTAINABILITY IN ROMANIA. RECENT DEVELOPMENTS

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Mura Petru-Ovidiu

2015-07-01

Full Text Available The main objective of this paper is to evaluate the sustainability of public finance in Romania and to explore the fiscal threats Romania might face in the future. A sound fiscal policy implies avoiding excessive liabilities of the government, but at the same time delivering the proper public goods and services, including the necessary safety net in times of crisis. An unsustainable fiscal position negatively impacts on macroeconomic stability; moreover, if public finances are perceived to be unsustainable in the long run, the reaction of the international financial markets could generate a fiscal crisis, which might surprise the fiscal planners. The main findings of the paper are the following: i according to the multidimensional approach of the European Commission, in the short run, it seems that Romania is free from fiscal stress, there is a low risk in the medium term, and in the long run the risk becomes medium; ii a potential medium-term fiscal sustainability risk derives from the accumulation of losses and arrears in the business and companies sectors in which the state is a majority shareholder; iii Romania records one of the lowest budget revenues to GDP ratios in EU, while the Romanian tax system is characterized by a poor tax collection, inefficient administration and excessive bureaucracy; iv the structure of public spending in Romania is characterized by the predominance of wage spending and social assistance, while the poor state of the public pension system is an important vulnerability of the public finance position; v overall, the degree of tax compliance in Romania was only 55.8% in 2013, and according to the calculations made by the Fiscal Council, tax evasion represented 16.2% of GDP in 2013. All these aspects make up a grim picture of sustainability of public finances, which has to be considered by the public decision makers regarding future fiscal policy actions.

Workshop on Advanced Modelling in Mathematical Finance : in Honour of Ernst Eberlein

CERN Document Server

Papapantoleon, Antonis

2016-01-01

This Festschrift resulted from a workshop on “Advanced Modelling in Mathematical Finance” held in honour of Ernst Eberlein’s 70th birthday, from 20 to 22 May 2015 in Kiel, Germany. It includes contributions by several invited speakers at the workshop, including several of Ernst Eberlein’s long-standing collaborators and former students. Advanced mathematical techniques play an ever-increasing role in modern quantitative finance. Written by leading experts from academia and financial practice, this book offers state-of-the-art papers on the application of jump processes in mathematical finance, on term-structure modelling, and on statistical aspects of financial modelling. It is aimed at graduate students and researchers interested in mathematical finance, as well as practitioners wishing to learn about the latest developments.

'TeV Gamma-ray Crisis' and an Anisotropic Space Model

OpenAIRE

Cho, Gi-Chol; Kamoshita, Jun-ichi; Matsunaga, Mariko; Sugamoto, Akio; Watanabe, Isamu

2004-01-01

To solve the `TeV gamma crisis', we examine a model whose one spatial direction is discretized at a high energy scale. Assuming the standard extra-galactic IR photon distribution, we evaluate the mean free-path of a energetic photon which acquires an effective mass in the model. For a wide range of the value of the lattice energy scale between a few TeV and around $10^{10}$ GeV, the mean free-path of a TeV energy photon can be enlarged enough to solve the `crisis'. Taking into account the eff...

CRAUDFUNDING AS A PERSPECTIVE MODEL OF FINANCING BUSINESS IDEAS AND PROJECTS

OpenAIRE

Vyacheslav Riznyk; Nadiya Riznyk

2018-01-01

The subject of research is crowdfunding as an alternative model of attracting financing for the implementation business ideas and projects based on the use of crowdfunding Internet platforms. The purpose of the article is to clarify the possibilities of crowdfunding as a new financial instrument and a promising source of funding. The aim of the article is to consider crowdfunding as an alternative model for financing author's business ideas and projects, to analyze the main types and mo...

Trade Finance and Trade Collapse during the Global Financial Crisis: Evidence from the Republic of Korea

OpenAIRE

E. Young Song

2014-01-01

This study examines the role of trade finance in the trade collapse of 2008-09 from the perspective of the Korean economy. We use two approaches. Firstly, as background to a more formal analysis, we make a casual observation on the behavior of aggregate data on trade finance, on which Korea has relatively abundant data. Aggregate data do not convincingly support the view that trade finance played an active role in causing the trade collapse. The measures of trade finance and the value of trad...

Do Sound Public Finances Require Fiscal Rules or Is Market Pressure Enough?

DEFF Research Database (Denmark)

Bergman, Michael; Hutchison, Michael M.; Hougaard Jensen, Svend E.

This paper discusses the balance between market pressure and fiscal rules in order to keep public finances on a sustainable path. We provide empirical evidence on market assessments of sovereign default risk to economic news, announcements of national austerity programs, EU programs designed...... to support government finances, and banking fragility emanating from several countries in the euro area affected by the European sovereign debt crisis. We find that, in general, the quality of market signals is an insufficient indicator alone to accurately guide the conduct of fiscal policy, particularly...

Do Sound Public Finances Require Fiscal Rules Or Is Market Pressure Enough?

DEFF Research Database (Denmark)

Bergman, Ulf Michael; Hutchison, Michael; Jensen, Svend E. Hougaard

This paper discusses the balance between market pressure and fiscal rules in order to keep public finances on a sustainable path. We provide empirical evidence on market assessments of sovereign default risk to economic news, announcements of national austerity programs, EU programs designed...... to support government finances, and banking fragility emanating from several countries in the euro area affected by the European sovereign debt crisis. We find that, in general, the quality of market signals is an insufficient indicator alone to accurately guide the conduct of fiscal policy, particularly...

Crisis?: What crisis?: currency vs. banking in the financial crisis of 1931

OpenAIRE

Albrecht Ritschl; Samad Salferaz

2010-01-01

This paper examines the role of currency and banking in the German financial crisis of 1931 for both Germany and the U.S. We specify a structural dynamic factor model to identify financial and monetary factors separately for each of the two economies. We find that monetary transmission through the Gold Standard played only a minor role in causing and propagating the crisis, while financial distress was important. We also find evidence of crisis propagation from Germany to the U.S. via the ban...

The impact of financing on the investments of SMEs: evidence from the recent financial crisis

NARCIS (Netherlands)

Zubair, Sirazul

2014-01-01

This paper examines how the recent financial crisis has affected the investments of Small and Medium-sized Enterprises (SMEs). We use a novel dataset of private firms from the Netherlands covering a long time-period (2004-2012). The results show that the financial crisis has no significant impact on

Overcoming barriers to wind project finance in Australia

International Nuclear Information System (INIS)

Kann, Shayle

2009-01-01

The wind power industry in Australia is expected to grow rapidly over the next decade, primarily due to a forthcoming expanded national renewable energy target (RET) which will mandate that renewable sources provide approximately 20% of Australia's electricity production by 2020. However, development of new wind generation in Australia has stalled as a result of several barriers to project finance, the mechanism through which most wind farms have been developed historically. This paper provides an overview of wind power financing in Australia in light of recent political and financial trends. Drawing upon existing literature and a series of stakeholder interviews, it identifies three primary barriers to project finance: regulatory risk surrounding legislation of the RET, semi-privatization of electricity retailers in New South Wales, and limited capital availability resulting from the recent global credit crisis. The paper concludes that the confluence of these barriers limits the availability of long-term contracts that provide revenue certainty for pre-construction wind projects, while simultaneously making these contracts a necessity in order to obtain project finance. In an attempt to mitigate these effects, this paper identifies four alternative development strategies that can be pursued.

Model application of Murabahah financing acknowledgement statement of Sharia accounting standard No 59 Year 2002

Science.gov (United States)

Muda, Iskandar; Panjaitan, Rohdearni; Erlina; Ginting, Syafruddin; Maksum, Azhar; Abubakar

2018-03-01

The purpose of this research is to observe murabahah financing implantation model. Observations were made on one of the sharia banks going public in Indonesia. Form of implementation of such implementation in the form of financing given the exact facilities and maximum financing, then the provision of financing should be adjusted to the type, business conditions and business plans prospective mudharib. If the financing provided is too low with the mudharib requirement not reaching the target and the financing is not refundable.

Fairness through regulation? Reflections on a cosmopolitan approach to global finance

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Marta Božina Beroš

2013-11-01

Full Text Available In the aftermath of the last financial crisis a strong message prevails that ‘something’ has to be changed in the manner global finance is governed. What exactly this ‘something’ entails and what could constitute the ‘common ground’ of anticipated change is more difficult to determine. Many envisage future improvements of global financial governance by evoking deliberative democracy, political equality and cosmopolitanism. As financial regulation is the main instrument through which global finance is shaped and governed nowadays, these principles should then be transmitted to regulatory arrangements. This paper focuses on a new conceptual approach to regulatory and governance issues in global finance, by employing the philosophical idea of cosmopolitanism. It argues that although as a concept, cosmopolitanism cannot mitigate all the flaws attributed to contemporary finance, its development and extension to international financial regulation that is promulgated by institutions of the global financial system, would represent a worthwhile endeavour in making global finance more accountable and just in the eyes of many.

Crisis Management: Research Summaries

Science.gov (United States)

Brock, Stephen E., Ed.; Dorman, Sally; Anderson, Luke; McNair, Daniel

2013-01-01

This article presents summaries of three studies relevant to school crisis response. The first report, "A Framework for International Crisis Intervention" (Sally Dorman), is a review of how existing crisis intervention models (including the NASP PREPaRE model) have been adapted for international use. The second article, "Responding…

The Reconfiguration of the Transnational Power Bloc in the Crisis

DEFF Research Database (Denmark)

Ougaard, Morten

2016-01-01

The current political conjuncture is analysed as a crisis of hegemony in the transnational power bloc. The previous hegemonic crisis of the 1970s lasted about ten years before the neo-liberal hegemonic project was firmly established. This new regime evolved in two stages, the first marked......’ and ‘black’ capital, and between the old industrialised countries and the emerging economies. Using patterns of political contestation and policy development as indicators of changes in power relations it is concluded that finance is still part of the power bloc but no longer hegemonic; that green capital...

Project Finance Model for Small Contractors in USA

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Jawahar Nesan

2012-11-01

Full Text Available Construction projects do not require a large capital outlay but a large working capital to start up the project. Unfortunately, for small contractors there are very limited options available from the banks or other lending institutions to cover this large working capital requirement in the absence of sufficient collateral. The “Project Finance” method presented in this paper is recommended as the most effective method for small contractors in the United States. The problems of small and start up contractors in funding their projects have been little addressed in the literature. The current financing practices were observed through both the literature review and interviews with contractors and bankers in the western Michigan area and subsequently a system has been proposed which could help a small start-up company seeking higher growth. The growth rates that can be achieved using the project finance system in contrast to the traditional “line of credit” arrangements as illustrated in this paper show that the project finance model is beneficial.

Funding models for financing water infrastructure in South Africa ...

African Journals Online (AJOL)

Government needs to find a solution to this backlog by putting in place new institutional structures and funding models for effective strategies leading to prompt ... These models see Government planning, installing and financing infrastructure with pricing at marginal costs or on a loss-making basis, with returns recovered ...

Modelling of subcooled boiling and DNB-type boiling crisis in forced convection

International Nuclear Information System (INIS)

Bricard, Patrick

1995-01-01

This research thesis aims at being a contribution to the modelling of two phenomena occurring during a forced convection: the axial evolution of the vacuum rate, and the boiling crisis. Thus, the first part of this thesis addresses the prediction of the vacuum rate, and reports the development of a modelling of under-saturated convection in forced convection. The author reports the development and assessment of two-fluid one-dimensional model, the development of a finer analysis based on an averaging of local equations of right cross-sections in different areas. The second part of this thesis addresses the prediction of initiation of a boiling crisis. The author presents generalities and motivations for this study, reports a bibliographical study and a detailed analysis of mechanistic models present in this literature. A mechanism of boiling crisis is retained, and then further developed in a numerical modelling which is used to assess some underlying hypotheses [fr

Mathematical finance theory review and exercises from binomial model to risk measures

CERN Document Server

Gianin, Emanuela Rosazza

2013-01-01

The book collects over 120 exercises on different subjects of Mathematical Finance, including Option Pricing, Risk Theory, and Interest Rate Models. Many of the exercises are solved, while others are only proposed. Every chapter contains an introductory section illustrating the main theoretical results necessary to solve the exercises. The book is intended as an exercise textbook to accompany graduate courses in mathematical finance offered at many universities as part of degree programs in Applied and Industrial Mathematics, Mathematical Engineering, and Quantitative Finance.

The Design and Risk Management of Structured Finance Vehicles

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Sanjiv Das

2016-10-01

Full Text Available Special investment vehicles (SIVs, extremely popular financial structures for the creation of highly-rated tranched securities, experienced spectacular demise in the 2007-2008 financial crisis. These financial vehicles epitomize the shadow banking sector, characterized by high leverage, undiversified asset pools, and long-dated assets supported by short-term debt, thus bearing material rollover risk on their liabilities which led to defeasance. This paper models these vehicles, and shows that imposing leverage risk control triggers can be optimal for all capital providers, though they may not always be appropriate. The efficacy of these risk controls varies depending on anticipated asset volatility and fire-sale discounts on defeasance. Despite risk management controls, we show that a high failure rate is inherent in the design of these vehicles, and may be mitigated to some extent by including contingent capital provisions in the ex-ante covenants. Post the recent subprime financial crisis, we inform the creation of safer SIVs in structured finance, and propose avenues of mitigating risks faced by senior debt through deleveraging policies in the form of leverage risk controls and contingent capital.

Consumer experience of formal crisis-response services and preferred methods of crisis intervention.

Science.gov (United States)

Boscarato, Kara; Lee, Stuart; Kroschel, Jon; Hollander, Yitzchak; Brennan, Alice; Warren, Narelle

2014-08-01

The manner in which people with mental illness are supported in a crisis is crucial to their recovery. The current study explored mental health consumers' experiences with formal crisis services (i.e. police and crisis assessment and treatment (CAT) teams), preferred crisis supports, and opinions of four collaborative interagency response models. Eleven consumers completed one-on-one, semistructured interviews. The results revealed that the perceived quality of previous formal crisis interventions varied greatly. Most participants preferred family members or friends to intervene. However, where a formal response was required, general practitioners and mental health case managers were preferred; no participant wanted a police response, and only one indicated a preference for CAT team assistance. Most participants welcomed collaborative crisis interventions. Of four collaborative interagency response models currently being trialled internationally, participants most strongly supported the Ride-Along Model, which enables a police officer and a mental health clinician to jointly respond to distressed consumers in the community. The findings highlight the potential for an interagency response model to deliver a crisis response aligned with consumers' preferences. © 2014 Australian College of Mental Health Nurses Inc.

From Ecology to Finance (and Back?): A Review on Entropy-Based Null Models for the Analysis of Bipartite Networks

Science.gov (United States)

Straka, Mika J.; Caldarelli, Guido; Squartini, Tiziano; Saracco, Fabio

2018-04-01

Bipartite networks provide an insightful representation of many systems, ranging from mutualistic networks of species interactions to investment networks in finance. The analyses of their topological structures have revealed the ubiquitous presence of properties which seem to characterize many—apparently different—systems. Nestedness, for example, has been observed in biological plant-pollinator as well as in country-product exportation networks. Due to the interdisciplinary character of complex networks, tools developed in one field, for example ecology, can greatly enrich other areas of research, such as economy and finance, and vice versa. With this in mind, we briefly review several entropy-based bipartite null models that have been recently proposed and discuss their application to real-world systems. The focus on these models is motivated by the fact that they show three very desirable features: analytical character, general applicability, and versatility. In this respect, entropy-based methods have been proven to perform satisfactorily both in providing benchmarks for testing evidence-based null hypotheses and in reconstructing unknown network configurations from partial information. Furthermore, entropy-based models have been successfully employed to analyze ecological as well as economic systems. As an example, the application of entropy-based null models has detected early-warning signals, both in economic and financial systems, of the 2007-2008 world crisis. Moreover, they have revealed a statistically-significant export specialization phenomenon of country export baskets in international trade, a result that seems to reconcile Ricardo's hypothesis in classical economics with recent findings on the (empirical) diversification industrial production at the national level. Finally, these null models have shown that the information contained in the nestedness is already accounted for by the degree sequence of the corresponding graphs.

Package models and the information crisis of prebiotic evolution.

Science.gov (United States)

Silvestre, Daniel A M M; Fontanari, José F

2008-05-21

The coexistence between different types of templates has been the choice solution to the information crisis of prebiotic evolution, triggered by the finding that a single RNA-like template cannot carry enough information to code for any useful replicase. In principle, confining d distinct templates of length L in a package or protocell, whose survival depends on the coexistence of the templates it holds in, could resolve this crisis provided that d is made sufficiently large. Here we review the prototypical package model of Niesert et al. [1981. Origin of life between Scylla and Charybdis. J. Mol. Evol. 17, 348-353] which guarantees the greatest possible region of viability of the protocell population, and show that this model, and hence the entire package approach, does not resolve the information crisis. In particular, we show that the total information stored in a viable protocell (Ld) tends to a constant value that depends only on the spontaneous error rate per nucleotide of the template replication mechanism. As a result, an increase of d must be followed by a decrease of L, so that the net information gain is null.

MODELLING OF SCENARIOS OF THE CRISIS PHENOMENA TRANSFER AMONG FINANCIAL MARKETS

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Inna Strelchenko

2017-11-01

Full Text Available The phenomenon of crisis transference among financial markets in different countries is especially evident during the global financial crisis of 2007-2009. Abnormal imbalances emerged in the market of secondary financial instruments in the United States in the second half of 2006 and quickly spread to the financial markets of most countries of the world. However, the rate of fall of the main macroeconomic indicators, the duration of the latent period (the time between the date of the beginning of the financial crisis in the source country and date of the recorded fall in GDP of the country that is subjected to “contagion” (Strelchenko, 2016, and recovery period are substantially different. To generate an effective economic policy actually, there is a task of determining the possible scenarios of transferring crisis. The research subject is a process of transfer of the crisis phenomena among the financial markets of countries with different levels of economic development. Methodology. The paper presents the results of a study on the differentiation of the financial markets reactions to the crisis transfer. To build the corresponding classification model, self-organization Kohonen neural networks are used. The purpose of this work is to build a neural network model for clustering economies according to the response to external financial shocks. This model allows predicting the scenarios of transferring crisis among financial markets. Conclusion. As a result of the study, there is built a neural network with the architecture of the Kohonen map. The neural network has one hidden layer consisting of six neurons and has a hexagonal structure. Six clusters describe six possible scenarios of the economy dynamics under the impact of the transfer of crises. Cluster number one and two unite countries characterized by a short period of economic recovery and return of the main macroeconomic indicators to the precrisis levels. A longer recovery period and

TRENDS IN OFFICIAL DEVELOPMENT ASSISTANCE TO DEVELOPING COUNTRIES AND POSSIBILITIES OF ALTERNATIVE FINANCING MECHANISMS

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Talknice Saungweme

2013-09-01

Full Text Available The study analyses trends in Official Development Assistance (ODA to developing countries, mainly Africa, and possibilities of new financing instruments. Economies of most developing countries, especially those in Sub-Saharan Africa, are characterised by low investment flows, huge import bills and lower exports. Subsequently, development assistance is the major source of external finance and has taken the form of budget support, humanitarian and development finance. However, the noted fall in ODA in 2005, 2009 and 2012 might adversely impact directly on the attainment of millennium development goals in 2015. This negative trend in ODA is a result of a combination of factors such as economic constraints in the donor countries (for example, the debt crisis and/or a new shift in financing mechanisms to developing countries.

Quantitative Finance

Science.gov (United States)

James, Jessica

2017-01-01

Quantitative finance is a field that has risen to prominence over the last few decades. It encompasses the complex models and calculations that value financial contracts, particularly those which reference events in the future, and apply probabilities to these events. While adding greatly to the flexibility of the market available to corporations and investors, it has also been blamed for worsening the impact of financial crises. But what exactly does quantitative finance encompass, and where did these ideas and models originate? We show that the mathematics behind finance and behind games of chance have tracked each other closely over the centuries and that many well-known physicists and mathematicians have contributed to the field.

A Cash Waqf Investment Model: An Alternative Model for Financing Micro-Enterprises in Malaysia

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Jarita Duasa

2016-02-01

Full Text Available This study was designed to empirically determine: (i to look the factors causes micro enterprises opt for using internal funding instead of external funding; and (ii to observe the probability of micro enterprises opt for Cash Waqf fund as alternative source of funding their business. The primary data is collected from the administered survey questions in Klang Valley (Selangor and Kuala Lumpur and the analysis is conducted using statistical analysis and Structural Equation Modeling (SEM. The model is validated its acceptance in the field by adopting the Theory of Reasoned Action (TRA. From the findings, among the factors that lead micro enterprises to use internal funding are strict collateral requirement by commercial financial institutions, high cost of financing, strict documentation requirement and good financial and business track record. Unfortunately, most of them cannot fulfill these conditions and continue to face the problem of accessing finance. The present study has developed the Cash Waqf Investment model to support micro enterprises to improve their access to finance and enhance the skills. Based on the responses received from the field, it has been shown that the intention and readiness of micro enterprises in accepting the model as a source of financial and human capital development services is impressive.

PREMISES FOR A MODEL OF DECISION – MAKING ON THE FINANCING OF A PROJECT

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Popovici Ioana

2010-07-01

Full Text Available The classical theory of finance is based on the premises of rationality and maximizing profits that accompany economic decision-making. Complementarily, the modern theory of behavioral finance studies the effect of emotional and psychological factors of decision- maker on the choice of financing sources for economic activities. In opposition with the classical perspective, the contemporary theory of finance brings up to the stage various aspects of decision making, including elements of strategic behavior towards risk. All these contradictory elements are used as premises for modeling the decision making process of financing a project.

Risky forward interest rates and swaptions: Quantum finance model and empirical results

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Baaquie, Belal Ehsan; Yu, Miao; Bhanap, Jitendra

2018-02-01

Risk free forward interest rates (Diebold and Li, 2006 [1]; Jamshidian, 1991 [2 ]) - and their realization by US Treasury bonds as the leading exemplar - have been studied extensively. In Baaquie (2010), models of risk free bonds and their forward interest rates based on the quantum field theoretic formulation of the risk free forward interest rates have been discussed, including the empirical evidence supporting these models. The quantum finance formulation of risk free forward interest rates is extended to the case of risky forward interest rates. The examples of the Singapore and Malaysian forward interest rates are used as specific cases. The main feature of the quantum finance model is that the risky forward interest rates are modeled both a) as a stand-alone case as well as b) being driven by the US forward interest rates plus a spread - having its own term structure -above the US forward interest rates. Both the US forward interest rates and the term structure for the spread are modeled by a two dimensional Euclidean quantum field. As a precursor to the evaluation of put option of the Singapore coupon bond, the quantum finance model for swaptions is tested using empirical study of swaptions for the US Dollar -showing that the model is quite accurate. A prediction for the market price of the put option for the Singapore coupon bonds is obtained. The quantum finance model is generalized to study the Malaysian case and the Malaysian forward interest rates are shown to have anomalies absent for the US and Singapore case. The model's prediction for a Malaysian interest rate swap is obtained.

Network models in economics and finance

CERN Document Server

Pardalos, Panos; Rassias, Themistocles

2014-01-01

Using network models to investigate the interconnectivity in modern economic systems allows researchers to better understand and explain some economic phenomena. This volume presents contributions by known experts and active researchers in economic and financial network modeling. Readers are provided with an understanding of the latest advances in network analysis as applied to economics, finance, corporate governance, and investments. Moreover, recent advances in market network analysis  that focus on influential techniques for market graph analysis are also examined. Young researchers will find this volume particularly useful in facilitating their introduction to this new and fascinating field. Professionals in economics, financial management, various technologies, and network analysis, will find the network models presented in this book beneficial in analyzing the interconnectivity in modern economic systems.

A model of the demand for Islamic banks debt-based financing instrument

Science.gov (United States)

Jusoh, Mansor; Khalid, Norlin

2013-04-01

This paper presents a theoretical analysis of the demand for debt-based financing instruments of the Islamic banks. Debt-based financing, such as through baibithamanajil and al-murabahah, is by far the most prominent of the Islamic bank financing and yet it has been largely ignored in Islamic economics literature. Most studies instead have been focusing on equity-based financing of al-mudharabah and al-musyarakah. Islamic bank offers debt-based financing through various instruments derived under the principle of exchange (ukud al-mu'awadhat) or more specifically, the contract of deferred sale. Under such arrangement, Islamic debt is created when goods are purchased and the payments are deferred. Thus, unlike debt of the conventional bank which is a form of financial loan contract to facilitate demand for liquid assets, this Islamic debt is created in response to the demand to purchase goods by deferred payment. In this paper we set an analytical framework that is based on an infinitely lived representative agent model (ILRA model) to analyze the demand for goods to be purchased by deferred payment. The resulting demand will then be used to derive the demand for Islamic debt. We also investigate theoretically, factors that may have an impact on the demand for Islamic debt.

Humanizing Finance by Hedging Property Values

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Jaume Roig Hernando

2016-06-01

Full Text Available The recent financial crisis triggered the greatest recession since the 1930s and had a devastating impact on households’ wealth and on their capacity to reduce their indebtedness. In the aftermath, it became clear that there is significant room for improvement in property risk management. While there has been innovation in the management of corporate finance risk, real estate has lagged behind. Now is the time to expand the range of tools available for hedging households’ risks and, thus, to advance the democratization of finance. Property equity represents the major asset in households’ portfolios in developed and undeveloped countries. The present paper analyzes a set of potential innovations in real estate risk management, such as price level-adjusted mortgages, property derivatives, and home equity value insurance. Financial institutions, households, and governments should work together to improve the performance of the financial instruments available and, thus, to help mitigate the worst impacts of economic cycles.

The impact of the new regulatory paradigm on the role of banks in financing the economy

OpenAIRE

Barut, M.-L.; Rouillé, N.; Sanchez, M.

2015-01-01

The financial crisis exposed the weaknesses and excesses of the banking system, notably its growing reliance on short-term market financing, excessive levels of leverage, and the fact that many banks were conducting high-risk market activities alongside retail banking activities. In 2009, in reaction to the crisis, regulatory authorities embarked on an ambitious agenda of reforms to financial regulations, aimed at cleaning up and reinforcing the banking system and ensuring it can meet the cre...

The fiscal crisis in the health sector: Patterns of cutback management across Europe.

Science.gov (United States)

Ongaro, Edoardo; Ferré, Francesca; Fattore, Giovanni

2015-07-01

The article investigates trends in health sector cutback management strategies occurred during the ongoing financial and fiscal crisis across Europe. A European-wide survey to top public healthcare managers was conducted in ten different countries to understand their perception about public sector policy reactions to the financial and economic crisis; answers from 760 respondents from the healthcare sector (30.7% response rate) were analyzed. A multinomial logistic regression was used to assess the characteristics of respondents, countries' institutional healthcare models and the trend in public health resources availability during the crisis associated to the decision to introduce unselective cuts, targeted cuts or efficiency savings measures. Differentiated responses to the fiscal crisis that buffeted public finances were reported both across and within countries. Organizational position of respondents is significant in explaining the perceived cutback management approach introduced, where decentralized positions detect a higher use of linear cuts compared to their colleagues working in central level organizations. Compared to Bismark-like systems Beveridge-like ones favour the introduction of targeted cuts. Postponing the implementation of new programmes and containing expenses through instruments like pay freezes are some of the most popular responses adopted, while outright staff layoffs or reduction of frontline services have been more selectively employed. To cope with the effects of the fiscal crisis healthcare systems are undergoing important changes, possibly also affecting the scope of universal coverage. Copyright © 2015 Elsevier Ireland Ltd. All rights reserved.

The Importance of Venture Capital Financing System in Financing Entrepreneurship: Applications in Turkey

OpenAIRE

Erkan Poyraz; Yusuf Tepeli

2016-01-01

The prominent concept of venture capital is examined as a financing model to the financing of entrepreneurship according to related literature. Venture capital is used with success in developed countries for a long time. Venture capital is a modern financing model that allows entrepreneurs to perform dynamic, creative, and innovative investment ideas as well as management, marketing and business support without requesting financial strength from those entrepreneurs. However, venture capital h...

The New Community College Business and Finance Model

Science.gov (United States)

Myran, Gunder

2013-01-01

The term "community college business and finance model" is unlikely to evoke a positive response from educators who resist labeling students as "customers," do not want to call the college's offerings "products," and don't like to hear the college referred to as a "business." Faculty and staff tend…

Effect of the financial crisis on investments and alternative financing sources of SMEs in the Netherlands

NARCIS (Netherlands)

Zubair, Sirazul

2015-01-01

The recent financial crisis not only affected the financial sector but also the whole economy. The crisis caused many countries to experience a major decline in economic output and the usual consequences associated with a recession. The Dutch economy has also not been fully immune from the crisis’s

Political pragmatism and principles in times of crisis : the role of pragmatist political crisis management during the U.S. financial crisis

NARCIS (Netherlands)

Bartenberger, M.

2017-01-01

Based on philosophical pragmatism, this study builds a model of pragmatist crisis management at the political-strategic level and contrasts it with a principle-guided approach towards political crisis management. It identifies four cornerstons of pragmatist political crisis management and builds a

Using Probabilistic Models to Appraise and Decide on Sovereign Disaster Risk Financing and Insurance

OpenAIRE

Ley-Borrás, Roberto; Fox, Benjamin D.

2015-01-01

This paper presents an overview of the structure of probabilistic catastrophe risk models, discusses their importance for appraising sovereign disaster risk financing and insurance instruments and strategy, and puts forward a model and a process for improving decision making on the linked disaster risk management strategy and sovereign disaster risk financing and insurance strategy. The pa...

The Interval Market Model in Mathematical Finance : Game Theoretic Methods

NARCIS (Netherlands)

Bernhard, P.; Engwerda, J.C.; Roorda, B.; Schumacher, J.M.; Kolokoltsov, V.; Saint-Pierre, P.; Aubin, J.P.

2013-01-01

Toward the late 1990s, several research groups independently began developing new, related theories in mathematical finance. These theories did away with the standard stochastic geometric diffusion “Samuelson” market model (also known as the Black-Scholes model because it is used in that most famous

Forecasting performance of three automated modelling techniques during the economic crisis 2007-2009

DEFF Research Database (Denmark)

Kock, Anders Bredahl; Teräsvirta, Timo

In this work we consider forecasting macroeconomic variables during an economic crisis. The focus is on a speci…c class of models, the so-called single hidden-layer feedforward autoregressive neural network models. What makes these models interesting in the present context is that they form a cla...... during the economic crisis 2007–2009. Forecast accuracy is measured by the root mean square forecast error. Hypothesis testing is also used to compare the performance of the different techniques with each other....

Police Mental Health Partnership project: Police Ambulance Crisis Emergency Response (PACER) model development.

Science.gov (United States)

Huppert, David; Griffiths, Matthew

2015-10-01

To review internationally recognized models of police interactions with people experiencing mental health crises that are sometimes complex and associated with adverse experience for the person in crisis, their family and emergency service personnel. To develop, implement and review a partnership model trial between mental health and emergency services that offers alternative response pathways with improved outcomes in care. Three unique models of police and mental health partnership in the USA were reviewed and used to develop the PACER (Police Ambulance Crisis Emergency Response) model. A three month trial of the model was implemented and evaluated. Significant improvements in response times, the interactions with and the outcomes for people in crisis were some of the benefits shown when compared with usual services. The pilot showed that a partnership involving mental health and police services in Melbourne, Australia could be replicated based on international models. Initial data supported improvements compared with usual care. Further data collection regarding usual care and this new model is required to confirm observed benefits. © The Royal Australian and New Zealand College of Psychiatrists 2015.

POST BEHAVIORAL FINANCE ADOLESCENCE

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ADRIAN MITROI

2016-12-01

Full Text Available The study of behavioral finance combines the investigation and expertise from research and practice into smart portfolios of individual investors’ portfolios. Understanding cognitive errors and misleading emotions drive investors to their long-term goals of financial prosperity and capital preservation. 10 years ago, Behavioral Finance was still considered an incipient, adolescent science. First Nobel Prize in Economics awarded to the study of Behavioral Economics in 2002 established the field as a new, respected study of economics. 2013 Nobel Prize was awarded to three economists, one of them considered the one of the founders of the Behavioral Finance. As such, by now we are entering the coming of age of behavioral finance. It is now recognized as a science of understanding investors behaviors and their biased patterns. It applies quantitative finance and provides practical models grounded on robust understanding of investors behavior toward financial risk. Financial Personality influences investment decisions. Behavioral portfolio construction methods combine classic finance with rigorously quantified psychological metrics and improves models for financial advice to enhance investors chances in reaching their lifetime financial goals. Behavioral finance helps understanding psychological profile dissimilarities of individuals and how these differences manifest in investment decision process. This new science has become now a must topic in modern finance.

Financing investment in environmentally sound technologies: Foreign direct investment versus foreign debt finance

International Nuclear Information System (INIS)

Anyangah, Joshua Okeyo

2010-01-01

This paper develops a screening model to examine the relationship between alternative sources of private capital and investment in environmentally sound technologies (ESTs). In the model, a polluter (agent) must secure investment funds from the international financial markets in order to upgrade its production and abatement technology. The requisite capital can be obtained via either market loans (debt finance) or foreign direct investment (FDI). Under debt finance, the foreign financier supplies only capital and the relationship between the two parties is more 'arms-length'. By contrast, under FDI, the investor delivers both capital and managerial skills. We use the model to derive the implications of debt finance for optimal investment decisions and compare them to those obtained under FDI. Investment incentives are more pronounced under debt finance. (author)

For a post-disciplinary study of finance and society

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Amin Samman

2015-07-01

Full Text Available The financial crisis of 2007-8 sparked a variety of responses from elites and popular movements across the world. Its legacy also continues to shape capitalist societies through ongoing processes of regulatory reform, state restructuring, and financial innovation. While these processes are open-ended, they are increasingly subject to critical attention from a range of commentators. The usual suspects are out in force – academics, politicians, and pundits – but they are now joined by a wider array of theorists and activists, playwrights, novelists and artists. The financialisation of capitalism, it seems, has finally been met with a blooming of the financial imagination. Finance and Society will provide a space for the further development of this imagination, generating new insights into how money and finance organise social life.

Exploring Higher Education Financing Options

Science.gov (United States)

Nkrumah-Young, Kofi K.; Powell, Philip

2011-01-01

Higher education can be financed privately, financed by governments, or shared. Given that the benefits of education accrue to the individual and the state, many governments opt for shared financing. This article examines the underpinnings of different options for financing higher education and develops a model to compare conditions to choices and…

PHARMACEUTICAL COMPANIES BETWEEN CRISIS AND COMPETITIVENESS - SECTORAL DIAGNOSIS

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Mihaela\tBÎRSAN

2015-06-01

Full Text Available The evolution of the pharmaceutical industry was a positive constant with the indicators of industrial production even in years of crisis. Although the economic crisis in Romania decreased average growth rate of pharmaceutical companies, market value is expected to increase. The explanation comes from the fact that in order to boost productivity, pharmaceutical companies are turning to emerging countries with aging populations such as open new markets for future development. Add to this the recent health policies implemented by newly industrialized countries that are aimed at ensuring increased access to care. Analysts see the field phenomenon called "Farma-merger" a good chance for European pharmaceutical companies oriented to developing countries where drug sales should record a double-digit annual growth until 2017. In Erste Group reports stated that the impact of the crisis on the pharmaceutical industry should be limited markets for EU only their economic slowdown. This will be possible because the external indebtedness of pharmaceutical companies in the EU remains at a minimum, they are able to finance their investment plans without tapping financial markets, are not adversely affected by the current limited availability of credit resources. Therefore major pharmaceutical companies in the EU will remain a solid investment on the long term, the negative developments are limited due to high resistance to the crisis their business model segment "generic". The consequence of these developments is reflected in the recognition for the first time, the pharmaceutical sector as a strategic sector for the Romanian economy. In the context of public debate launching the National Strategy for Competitiveness 2014-2020, Generic Medicines Industry Association of Romania (APMGR local pharmaceutical industry reminds the Government proposals on correcting the current fiscal and operational regulatory framework, to allow unlocking investments in facilities

The Relationship between Housing Finance and Macroeconomics Variables in Malaysia

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Binti Mohd Shukor Nur Baizura

2016-01-01

Full Text Available Housing finance is one of the factors that contribute in the overall economy growth of the country. The purpose of this paper is to analyse the relationship of housing finance variable and the macroeconomic variables in Malaysia. By adopting time series technique of Vector Auto regression (VAR and Impulse Response to determine the dynamic relationship between the macroeconomic and housing finance variable. The cointegration result shows that there exists a long run relationship between the macroeconomic variable and housing finance variable. The finding from impulse response function indicates that Gross Domestic Product (GDP response positively to the Primary Mortgage Market (PMM, which shows that during the good economy there are more housing loan extends by the banking institution. Meanwhile, interest rate response negatively to Secondary Mortgage Market (SMM, which implies that during the financial crisis, more housing loan sold to the Secondary Mortgage Market as one of the measure by the government to increase liquidity in banking institutions. As a conclusion, there is presence of relationship between the variable which change in one variable will affect the other variable in the long run.

THE ANALYSIS OF NON PERFORMING FINANCING (NPF DETERMINANTS ON INDONESIAN ISLAMIC BANKING (PERIOD FROM JANUARY 2003 - MARCH 2013

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Mohammad Nasih

2013-07-01

Full Text Available This project presents a summary of analysis on the factors affecting Non Performing Financing (NPF of Sharia banking in Indonesia, namely Economic Performance (EK, Total Financing (FIN, Finance Rate (FR, Dummy Global Financial Crisis (D07 and Inflation Rate (INF.The method employed was Cointegration Test where the data used derived from January 2003 to March 2013 monthly data. The statistical analysis results showed that each of independent variables significantly influence the growth of NPF (non-performing financing of Sharia banking in Indonesia. Additionally, the study gave the implication that Islamic banking should apply prevention methods and prudence principles appropriately in providing finance to clients in order to avoid high NPF in Islamic banking. Afterward, the Government, as the highest authority of banking institution, was expected to support the sharia banking financing by establishing an independent agency to help the bank assessing the feasibility of the proposed candidates who would receive financing assistance from sharia banking

The boom and crisis of the Convertibility Plan in Argentina

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SEBASTÍAN PEDRO SALVIA

2015-06-01

Full Text Available This article analyses the relationship between state policies and economy in Argentina 1991-2001. In 1991 the currency board regime named 'convertibility' was implemented, within the framework of important neoliberal reforms introduced by the State. These neoliberal reforms facilitated capitalist restructuring, characterized by a leap in productivity, investment and profits. Likewise, these reforms generated imbalances which, along with the changes in the world market conditions from 1998, led to the deepest crisis in Argentina's history. The inefficiency of state neoliberal policies in managing the crisis, based on fiscal adjustment to guarantee the continuity of external financing, led to an economic depression and a financial crash, sparking a mass rebellion and the end of convertibility.

Financial Crisis and Energy Efficiency. Information paper

Energy Technology Data Exchange (ETDEWEB)

de T' Serclaes, Philippine; Gasc, Emilien; Saussay, Aurelien

2009-10-15

Governments have understood the importance of financing energy efficiency now. This realisation is exemplified through the central role occupied by energy efficiency in most stimulus packages. The purpose of this memo is to identify the impact of the financial and economic crisis on the evolution of public sector investments, energy efficiency policy development, and private sector investments. The paper will first identify trends which have emerged from the implementation of IEA government stimulus packages. Most relevant case studies are then provided along with lessons and challenges.

Financing Constraints and Firm Growth in Emerging Europe

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Leitner Sandra M.

2016-04-01

Full Text Available The paper aims to shed light on the effects of different types of financing constraints on firm sales and employment growth in Emerging Europe before and after the onset of the financial crisis. It analyzes the group of emerging NMS-10 economies (plus Turkey and the group of economically and financially lagging Western Balkan countries. The paper demonstrates that financing constraints significantly obstruct firm growth, particularly in the Western Balkan countries, which calls for policy intervention to ensure swifter job-rich growth and catching-up with the rest of Europe. It also emphasizes that particular firm characteristics are essential for growth in Emerging Europe and demonstrates that exporting only and innovating are recipes for faster firm growth, while importing only and a high foreign ownership share seriously retard firm growth. Finally, it stresses the importance of the particular institutional environment for firms to thrive.

Impact of Tax Relief on Public Finance

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Bikas Egidijus

2016-12-01

Full Text Available Tax reliefs are optional, but a very important element of the taxation system. This element is used for different purposes by a country’s government institutions. Tax reliefs are a form of tax expenditure that helps to reduce budget revenues. Tax reliefs influence individual and corporate financial behaviour and can have positive or negative effects on the economic and social factors. In the last few years, expansion of tax relief has attracted worldwide attention because of the fact that, after the global financial crisis, many countries are still suffering from fiscal deficits, and expansion of tax relief has not contributed to solving this problem. Tax reliefs are presupposed to be a fiscal policy tool of significance in various subsystems of public finances. The main aim of this article is to examine the impact of personal income tax reliefs on Lithuanian public finances. To achieve this aim, statistical information was systemized; Monte Carlo method was used to group data by horizontal rows and logical links analysed, which helped to evaluate the influence of tax reliefs on public finances. In the simulations, the Monte Carlo method helped to simulate random samples, which were then examined by adapting the conclusions of the theory of probability and mathematical statistics methods.

The impact of the financial crisis on the currency and the monetary system

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Petre DEACONU

2010-09-01

Full Text Available The present-day economic and financial crisis (depression appears unprecedented in the last half century. The international financial crisis has been extended to the Romanian economy. However, in terms of direct impact, the Romanian banking system was less affected by not being exposed to toxic assets, and because of prudential and administrative measures taken by the NBR. Indirectly, however, the international financial crisis and especially its obvious consequence – the recession in developed countries - has expanded to the Romanian economy, on several channels. The shopping channel slowed export growth and even reduced them. The financial channel has limited the access to external financing, and thus restricted the lending volume, generating private external debt service difficulties. On the exchange rate channel, the reduction in external financing reflected in national currency depreciation. On the confidence channel, there was a withdrawal of investors from Eastern Europe countries. Among the measures adopted by the central bank, the most notable were targeting inflation and currency interventions. By adopting inflation targeting, the central bank opted to make more room in establishing foreign exchange market, and after the onset of the current international financial crisis, including the 2009-2010, adopted a controlled floating exchange rate. This does not mean intervention in the forex market on a discretionary basis. NBR policy on foreign exchange intervention has been guided by the philosophy that high exchange rate volatility is harmful for both the inflation target and the financial health of the real and financial sector.

Consequences of fiscal deficit and public debt in financing the public sector

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Tešić Aleksandra

2014-01-01

Full Text Available The aim of this paper is to highlight the important issues of the budget deficit and public debt and their impact on economic growth. This paper considers the twin deficit hypothesis, which argues that there is a strong correlation between the current account deficit for an economy and government budget deficits. In the last ten years, Serbia is faced with a situation of simultaneous fiscal deficit and current account deficit. However, the growth of gross domestic product and the maturity of the debt obligation indicate that the debt burden increases, the weak development of the economy and the debt, and the power of the state and threatened to open debt crisis, the emergence of foreign insolvency. To explore the effects of budget deficits and public debt in macroeconomic relations and aggregates applied the methods of descriptive statistics, and used the official data of the relevant national and international institutions. The main results of the analysis indicate a crisis of public finances, which are accumulated for many years, with a growing budget deficit and the dominant external financing of the budget deficit.

Fintech and Entrepreneurial Finance: what´s coming next?

OpenAIRE

Mariscal Gregorio, Cristina Araume

2017-01-01

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 Fintech is a developing sector, due to the technological innovations and its importance in the economy because it is changing the way in which firms realize its business plans. Its evolution started as a result of the Global Financial Crisis in the United States and was in that country were started its advancement. Subsequently, its expansion was mainly to Europe and Asia. In addition, the...

Currency Crisis Revisited: A Literature Review

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Teuta Ismaili Muharremi

2015-12-01

Full Text Available This paper elaborates on currency crisis, focusing on the main factors causing the currency crisis. After a brief overview of the main factors driving currency crisis, the paper provides a literature review highlighting that the history of the global economy experienced a number of currency crisis whereas as relates to the triggers of the currency crisis there are three generations of models that have been used to explain currency crisis during the last four decades. Underscoring the role of the government in financial market, in particular the evolution of this role as a result of the recent global financial crisis and highlighting other factors that trigger such crisis, the paper concludes that the potential financial crisis can be addressed using early warning system, which consists of indicators proven to be beneficial in anticipation of the currency crisis, and using the advanced empirical models of currency crisis. In this context the paper reveals that currency crisis are associated with all factors impacting them such as inflation, real exchange rate, import growth, US interest rates, public debt/GDP, and current account/GDP – all with a slightly different time lag.

Financialization revisited: the rise and fall of finance-led capitalism

Directory of Open Access Journals (Sweden)

Robert Guttmann

Full Text Available Abstract Financialization, expressing the growing importance of finance in the modus operandi of our capitalist system, has emerged as a key concept in various heterodox approaches over the last dozen years - be they Post-Keynesians (E. Stockhammer, E. Hein, American Radicals (G. Epstein, G. Krippner, Marxists (J. Bellamy Foster, G. Dumenil or French Régulationists (M. Aglietta, R. Boyer. But until now those various analysts have each looked at this very complex phenomenon from one or the other specific angle. In this article, I am trying to provide a more comprehensive analysis of financialization by tracing its two primary drivers - structural changes making non-financial actors more dependent on debt-financing as well as financial-income sources (“financial centralization” while also giving increased weight to the financial sector in the economy (“financial concentration”. The complex interaction between financial centralization and financial concentration has yielded a financialized growth dynamic fueling consecutive debt-financed asset bubbles in the center, the United States, that spurs export-led growth in the periphery. Framing this financialized growth dynamic in the Régulationist context as a historically conditioned accumulation regime, finance-led capitalism, I analyze its rise (1982 - 2007 in the wake of key changes in finance and its subsequent structural crisis (2007-2012 to provide a more complete approach to the crucial phenomenon of financialization.

The role of crisis in family crisis intervention: do crisis experience and crisis change matter?

NARCIS (Netherlands)

Al, C.M.W.; Stams, G.J.J.M.; van der Laan, P.H.; Asscher, J.J.

2011-01-01

Evaluation studies of crisis intervention have focused on prevention of out-of-home placement of children or family functioning, but largely neglected the aspect of crisis. The present study examined crisis in 183 families receiving Family Crisis Intervention (FCI), addressing crisis characteristics

An economic theory of Islamic finance

Directory of Open Access Journals (Sweden)

Mabid Ali Al-Jarhi

2017-07-01

Full Text Available Purpose - This paper aims to provide an economic rationale for Islamic finance. Design/methodology/approach - Its methodology is simple. It starts with listing the contributions to economic analysis relevant to the required rationale in the theories of banking, finance, price, money and macroeconomics, to identify the main rationale for Islamic finance. A concise description of the author’s model for an Islamic economic system, within which Islamic finance can be operational, is provided. Findings - The paper finds distinct advantages of Islamic finance, when properly applied within the author’s model. Islamic finance can therefore be a candidate as a reform agenda for conventional finance. It opens the door for significant monetary reform in currently prevalent economic systems. Research limitations/implications - The first limitation of the paper is that the distinct benefits of Islamic finance are all of macroeconomic types which are external to Islamic banking and finance institutions. They are therefore not expected to motivate such institutions to apply Islamic finance to the letter, without regulators interference to ensure strict application. The second limitation is the necessity to set up enabling institutional and regulatory arrangements for Islamic finance. Originality/value - The results are unique as they challenge the received doctrine and provide non-religious rationale for Islamic finance.

Including Ethics in Banking and Finance Programs: Teaching "We Shouldn't Win at Any Cost"

Science.gov (United States)

Oates, Grainne; Dias, Roshanthi

2016-01-01

Purpose: The purpose of this paper is to identify whether ethics is incorporated into the curriculum in postgraduate banking and finance programmes. There is growing concern that moral failure preceded the global financial crisis with waves of ethical scandals overwhelming the global banking industry highlighting a lack of integrity. Consequently,…

The regulatory framework of trade finance: from BASEL I to BASEL III

Directory of Open Access Journals (Sweden)

Claudia BAICU

2011-09-01

Full Text Available The global crisis revealed several weaknesses in the international framework of banking regulation. Consequently, the Basel Committee on Banking Supervision (BCBS proposed a package of measures to strengthen the resilience of the banking sector. Besides the positive effects they have on financial stability, the new regulatory provisions affect the ability of banks to provide trade finance. Therefore, the banking industry considers that regulators have not taken into account the low-risk profile of activity. Starting from this premise, the paper consists of three parts. In the first part, the role and objectives of the BCBS are presented; the second part is designed to review the most important trade instruments and to underline the tendencies in trade finance; finally, the last part highlights the regulation of trade finance under the Basel I, Basel II and Basel III regimes, and some unintended consequences of the Basel III framework.

[The NETWASS prevention model for early identification and assessment of adolescents in psychosocial crisis].

Science.gov (United States)

Sommer, Friederike; Fiedler, Nora; Leuschner, Vincenz; Scheithauer, Herbert

2016-01-01

The research-based NETWASS prevention model aims to enable school staff to identify students experiencing a psychosocial crisis that could lead to severe targeted school violence and to initiate appropriate support measures. A detailed analysis of the adolescent psychosocial crisis is conducted at an early stage by evaluating possible warning behaviors, crisis symptoms, a student’s individual and social background, and resources. The model was implemented in 98 schools. During the project duration of seven months staff from 59 schools reported 99 cases of a student’s psychosocial crisis. Three experts conducted a content analysis of the reported qualitative data focusing on crisis symptoms of the students as well as the initiated measures. Results show a broad spectrum of risk factors, whereas aggressive behavior of students was reported most frequently. On the basis of theoretical assumptions, the reported cases were divided into three distinct risk groups. A total of eight high-risk cases were observed and reported by the school staff. The school staff mostly reacted to the student crisis by initiating resource-orientated measures, the expertise of child and youth therapists was mostly requested for the high risk cases. By describing the impact of cases and choice of measures undertaken, the study aims to give an overview of incidents schools as well as clinical psychologists and therapists are confronted with.

PUBLIC EXPENDITURE POLICY IN THE CONTEXT OF ECONOMIC CRISIS - CHALLENGES AND IMPLICATIONS

Directory of Open Access Journals (Sweden)

Petrisor Mihai - Bogdan

2011-07-01

Full Text Available Public spending is a key component for both public finances and government financial policy. In this situation, government expenditures are made in direct relation with the results of governance with economic and financial crises and global social welfare of the nation. From this perspective, our article aims to highlight the correlation between public expenditure and budgetary financial and economic crisis and, also, state government responses, anticipating their impact on medium and long term. Also, in the context of the crisis and the concomitent lack of public revenue, we identify the pillars on which to base the budget reduction in public expenditure. The implications of the economic crisis in Romania are analyzed along with proposed measures to be followed by the Government through budgetary fiscal strategy. In relation to the purpose and objectives of the research, documentation was made both in terms of bibliographic resources and the plan of legislative documents and quantitative reporting. We believe that the issue of increasing allocative efficiency of resources is vital to counter the current crisis, but also to maximize the positive effects of public interventions in general and from another state, we consider that state and, consequently, public expenditure budget which should be used to replace the market, can not be regarded as some suggest to be founded and we suggest a line for developed countries. This work was supported by the grant “Post-doctoral studies in Economics: program for continuous forming of elite researchers – SPODE”, contract POSDRU/89/1.5/S/61755, project financed by the European Social Fund, by the Operational Sectorial Program Development of Human Resources 2007-2013.

Using institutional theory to analyse hospital responses to external demands for finance and quality in five European countries

NARCIS (Netherlands)

S. Burnett (Susan); Mendel, P. (Peter); F. Nunes (Francisco); S. Wiig (Siri); van den Bovenkamp, H. (Hester); Karltun, A. (Anette); G. Robert (Glenn); J.E. Anderson (Janet); C. Vincent (Charles); N.J. Fulop (Naomi)

2016-01-01

textabstractObjectives: Given the impact of the global economic crisis, delivering better health care with limited finance grows more challenging. Through the lens of institutional theory, this paper explores pressures experienced by hospital leaders to improve quality and constrain spending,

Consequences of the crisis: New concepts

OpenAIRE

Andrei Marga

2010-01-01

The crisis that started in 2008 began with the malfunctioning of the financial mechanisms, i.e. as a financial crisis; it quickly became an economic crisis and is now threatening to become an energetic crisis and, lately, a crisis of agricultural products, announcing at the same time the crisis of a development model and an ontological crisis. It engages the questioning of certain conceptualizations and orientations. If one wonders about the new concepts employed by the foreseen “ontological ...

Financing the Electronic Library: Models and Options.

Science.gov (United States)

Waters, Richard L.; Kralisz, Victor Frank

1981-01-01

Places the cost considerations associated with public library automation in a framework of public finance comfortable to most administrators, discusses the importance of experience with use patterns in the electronic library in opening up new and innovative financing methods, and stresses the role of the library in the information industry. (JL)

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

Science.gov (United States)

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

2013-05-01

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

Project finance of hydroelectric power plants in Brazil; 'Project finance' de usinas hidroeletricas no Brasil

Energy Technology Data Exchange (ETDEWEB)

Ribeiro Filho, Valfredo de Assis; Ramos, Maria Olivia de Souza [Universidade Salvador (UNIFACS), BA (Brazil)

2008-07-01

The aim of this paper is to discuss the modality of project finance of financing of enterprises, which is the main modality of structuring of hydroelectric projects in Brazil. In the discussion will be highlighted the importance of contracts EPC (Engineering, Search and Construction) in the structuring of project finances. This financing model has particular characteristics related to risk sharing and financial flexibility that enable the financing of projects with long-term capital, however, due to participation of various actors and the nature of the structure of project finance, the negotiation and drafting of contracts are always very complex.

Development of a financing model for nuclear fuel cycle cost evaluation

International Nuclear Information System (INIS)

Takahashi, Makoto; Yajima, Masayuki

1984-01-01

It is necessary to evaluate the prices of nuclear fuel pre- and post-processing in order to analyse the costs of the nuclear power generation. Those prices are directly related to the costs of construction and operation of facilities in the nuclear fuel cycle. In this report, we propose a model which evaluates financing of an undertaking that constructs and operates one of the facilities such as uranium enrichment, reprocessing or interim storage of spent fuels. The model is divided into two phases, the construction phase and the operation phase. In the construction phase, it calculates expenses during the facility construction and corresponding financings for each term. In the operation phase, the model refers to the results of the construction phase and performs calculations on profits and losses, cash-flow, and disposition to profits term by according to a certain operation schedule. Using this model, feasibility of the undertaking and effects of various pricing strategies on the nuclear fuel costs can be evaluated by simulations. (author)

How are firms affected by the crisis and how do they react?

DEFF Research Database (Denmark)

Neamtu, Ioana; Westergård-Nielsen, Niels

The recession started in 2008 constituted a massive shock to consumers and most firms all over the Western World. Firms were hit on their sales and finances. However, little is known on how badly they were hit and how they coped with the difficulties. This paper gives a rare and fairly early...... glimpse on how private Danish firms were hit and how they adjusted in order to survive the crisis. The first phase of the recession led to the largest loss of jobs since the oil crisis, in Denmark. Four years into the recession we see that larger firms are gradually creating jobs again, although...

Financial globalisation and crisis, institutional transformation and equity

OpenAIRE

Arestis, Philip; Singh, Ajit

2010-01-01

This paper comprises the long introduction to the symposium of five papers on financial globalisation published in the Cambridge Journal of Economics, volume 34, no 2. The paper discusses the impact of financial globalisation in a variety of spheres and shows how the five papers link together to provide a coherent view of the current economic and financial crisis. In this paper we also examine the globalisation of finance more broadly both in historical terms as well as in relation to the cur...

Financing nuclear power

International Nuclear Information System (INIS)

Sheriffah Noor Khamseah Al-Idid Syed Ahmad Idid

2009-01-01

Global energy security and climate change concerns sparked by escalating oil prices, high population growth and the rapid pace of industrialization are fueling the current interest and investments in nuclear power. Globally, a significant number policy makers and energy industry leaders have identified nuclear power as a favorable alternative energy option, and are presently evaluating either a new or an expanded role for nuclear power. The International Atomic Energy Agency (IAEA) has reported that as of October 2008, 14 countries have plans to construct 38 new nuclear reactors and about 100 more nuclear power plants have been written into the development plans of governments for the next three decades. Hence as new build is expected to escalate, issues of financing will become increasingly significant. Energy supply, including nuclear power, considered as a premium by government from the socio-economic and strategic perspective has traditionally been a sector financed and owned by the government. In the case for nuclear power, the conventional methods of financing include financing by the government or energy entity (utility or oil company) providing part of the funds from its own resources with support from the government. As national financing is, as in many cases, insufficient to fully finance the nuclear power plants, additional financing is sourced from international sources of financing including, amongst others, Export Credit Agencies (ECAs) and Multilateral Development Institutions. However, arising from the changing dynamics of economics, financing and business model as well as increasing concerns regarding environmental degradation , transformations in methods of financing this energy sector has been observed. This paper aims to briefly present on financing aspects of nuclear power as well as offer some examples of the changing dynamics of financing nuclear power which is reflected by the evolution of ownership and management of nuclear power plants

Simplified Model for the Population Dynamics Involved in a Malaria Crisis

International Nuclear Information System (INIS)

Kenfack-Jiotsa, A.; Fotsa-Ngaffo, F.

2009-12-01

We adapt a simple model of predator-prey to the population involved in a crisis of malaria. The study is made only in the stream blood inside the human body except for the liver. Particularly we look at the dynamics of the malaria parasites 'merozoites' and their interaction with the blood components, more specifically the red blood cells (RBC) and the immune response grouped under the white blood cells (WBC). The stability analysis of the system reveals an important practical direction to investigate as regards the ratio WBC over RBC since it is a fundamental parameter that characterizes stable regions. The model numerically presents a wide range of possible features of the disease. Even with its simplified form, the model not only recovers well-known results but in addition predicts possible hidden phenomenon and an interesting clinical feature a malaria crisis. (author)

Business models and financing options for a rapid scale-up of rooftop solar power systems in Thailand

International Nuclear Information System (INIS)

Tongsopit, Sopitsuda; Moungchareon, Sunee; Aksornkij, Apinya; Potisat, Tanai

2016-01-01

Diverse solar PV business models and financing options exist in the international landscape, helping expand and accelerate the adoption of rooftop solar PV systems. The conditions for their emergence are context specific, depending on the policies, regulations, incentives, and market conditions of each country. After a review of the international landscape, this paper compiles and analyzes business models and financing options for rooftop solar PV investment in Thailand that have emerged during the period between 2013 and 2015. Despite policy discontinuity for the support of rooftop solar systems, diverse business models and financing options are driving market expansion and expanding solar access to more Thai consumers. Drawing on our policy and regulatory analyses and in-depth interviews with business representatives, we identify four types of business models and one financing option. The business models include Roof Rental, Solar PPA, Solar Leasing, and Community Solar, and the financing option is the solar loan. We analyze the drivers for their emergence, barriers to their success, and the risks from the business owners' and consumers' viewpoints. Our policy recommendation is focused on crafting a net-metering regulation with evidence-based studies on the potential costs and benefits to different stakeholders. - Highlights: •Advances understanding on PV business models in urban developing countries' context. •Reviews emerging rooftop solar business models in Thailand. •Thailand has a dynamic solar market despite policy uncertainties.

[Job crisis and transformations in the new model of accumulation].

Science.gov (United States)

Zerda-Sarmiento, Alvaro

2012-06-01

The general and structural crisis capitalism is going through is the token of the difficulties accumulation model has been dealing with since 70's in developed countries. This model has been trying to settle down again on the basis of neoliberal principle and a new technical-economical paradigm. The new accumulation pattern has had a effect in employment sphere which have been made evident at all the elements that constitute work relationships. In Colombia, this model implementation has been partial and segmented. However, its consequences (and the long-term current crisis) have been evident in unemployment, precarious work, segmentation, informal work and restricted and private health insurance. Besides, financial accumulation makes labour profits flow at different levels. The economic model current government has aimed to implement leads to strengthening exports, so making population life conditions more difficult. In order to overcome the current state of affairs, the work sphere needs to become more creative. This creative approach should look for new schemes for expression and mobilization of work sphere's claims. This is supposed to be done by establishing a different economic model aimed to build a more inclusive future, with social justice.

Mortgage Finance and Security of Collateral

DEFF Research Database (Denmark)

Haldrup, Karin

2011-01-01

Developing economies face a gigantic lack of financing for urbanization due to the absence of formal and transparent property markets. The paper discuss the interference between mortgage finance and collateral security by using the Danish mortgage financing model as an example, because of its 200...... years long history, and because the system is recommended as an option in emerging markets and as a possible model for remedying failures in mature housing finance markets. It is suggested that development policies in land administration need to be revised in order to support a widening of credit...

From the financial crisis to the real economy: using firm-level data to identify transmission channels

NARCIS (Netherlands)

Claessens, C.A.M.F.; Tong, H.; Wei, S-J.

2012-01-01

Using accounting data for 7722 non-financial firms in 42 countries, we examine how the 2007-2009 crisis affected firm performance and how various linkages propagated shocks across borders. We isolate and compare effects from changes in business cycle, international trade, and external financing

The International Finance Facility for Immunisation: stakeholders' perspectives.

Science.gov (United States)

Crocker-Buque, Tim; Mounier-Jack, Sandra

2016-09-01

To evaluate stakeholders' understanding and opinions of the International Finance Facility for Immunisation (IFFIm); to identify factors affecting funding levels; and to explore the future use of IFFIm. Between July and September 2015, we interviewed 33 individuals from 25 organizations identified as stakeholders in IFFIm. In total 22.5 hours of semi-structured interviews were recorded, transcribed and analysed using a framework method. Stakeholders' understanding of IFFIm's financing mechanism and its outcomes varied and many stakeholders wanted more information. Participants highlighted that the change in the macro-economic environment following the 2008 financial crisis affected national policy in donor countries and subsequently the number of new commitments IFFIm received. Since Gavi is now seen as a successful and mature organization, participants stated that donors prefer to donate directly to Gavi. The pharmaceutical industry valued IFFIm for providing funding stability and flexibility. Other stakeholders valued IFFIm's ability to access funds early and enable Gavi to increase vaccine coverage. Overall, stakeholders thought IFFIm was successful, but they had divergent views about IFFIm's on-going role. Participants listed two issues where bond financing mechanisms may be suitable: emergency preparedness and outcome-based time-limited interventions. The benefit of pledging funds through IFFIm needs to be re-evaluated. There are potential uses for bond financing to raise funds for other global health issues, but these must be carefully considered against criteria to establish effectiveness, with quantifiable pre-defined outcome indicators to evaluate performance.

Simple wealth distribution model causing inequality-induced crisis without external shocks

Science.gov (United States)

Benisty, Henri

2017-05-01

We address the issue of the dynamics of wealth accumulation and economic crisis triggered by extreme inequality, attempting to stick to most possibly intrinsic assumptions. Our general framework is that of pure or modified multiplicative processes, basically geometric Brownian motions. In contrast with the usual approach of injecting into such stochastic agent models either specific, idiosyncratic internal nonlinear interaction patterns or macroscopic disruptive features, we propose a dynamic inequality model where the attainment of a sizable fraction of the total wealth by very few agents induces a crisis regime with strong intermittency, the explicit coupling between the richest and the rest being a mere normalization mechanism, hence with minimal extrinsic assumptions. The model thus harnesses the recognized lack of ergodicity of geometric Brownian motions. It also provides a statistical intuition to the consequences of Thomas Piketty's recent "r >g " (return rate > growth rate) paradigmatic analysis of very-long-term wealth trends. We suggest that the "water-divide" of wealth flow may define effective classes, making an objective entry point to calibrate the model. Consistently, we check that a tax mechanism associated to a few percent relative bias on elementary daily transactions is able to slow or stop the build-up of large wealth. When extreme fluctuations are tamed down to a stationary regime with sizable but steadier inequalities, it should still offer opportunities to study the dynamics of crisis and the inner effective classes induced through external or internal factors.

BASEL III IMPACT ON BANKING SECTOR AND SMEs FINANCING

Directory of Open Access Journals (Sweden)

Florin Mihai Magda

2014-07-01

Full Text Available Financial crisis devastating consequences and effects started in 2008, lead to several reactions coming from the most important international organizations and entities. This article aims to present in a logic manner, synthetic, and easily understand why these prudential reactions occurred and implemented on international level, under a new Basel III framework. Moreover, this article shall encompass also regulation environment for its implementation on the European level, known as CRD IV. This article is actual and important by identifying and underlines main measures applicable in present, their implementation schedule, as well as possible effects especially in SMEs financing. Although their effects are not yet entirely known, creates heated debates and discussions, as consequences may be major for banks and financial entities, as well as for each actor who is playing on economic environment where financing is need. I consider that all my personal conclusions and opinions on this article are important for readers, clarify and bringing into the light, simply and friendly the issues of banking environment and impact of financing under the new Basel III framework, and also presenting few measures in avoiding negative possible effects.

Diagnostics of enterprise bankruptcy occurrence probability in an anti-crisis management: modern approaches and classification of models

Directory of Open Access Journals (Sweden)

I.V. Zhalinska

2015-09-01

Full Text Available Diagnostics of enterprise bankruptcy occurrence probability is defined as an important tool ensuring the viability of an organization under conditions of unpredictable dynamic environment. The paper aims to define the basic features of diagnostics of bankruptcy occurrence probability models and their classification. The article grounds the objective increasing of crisis probability in modern enterprises where such increasing leads to the need to improve the efficiency of anti-crisis enterprise activities. The system of anti-crisis management is based on the subsystem of diagnostics of bankruptcy occurrence probability. Such a subsystem is the main one for further measures to prevent and overcome the crisis. The classification of existing models of enterprise bankruptcy occurrence probability has been suggested. The classification is based on methodical and methodological principles of models. The following main groups of models are determined: the models using financial ratios, aggregates and scores, the models of discriminated analysis, the methods of strategic analysis, informal models, artificial intelligence systems and the combination of the models. The classification made it possible to identify the analytical capabilities of each of the groups of models suggested.

Endogenous Crisis Waves: Stochastic Model with Synchronized Collective Behavior

Science.gov (United States)

Gualdi, Stanislao; Bouchaud, Jean-Philippe; Cencetti, Giulia; Tarzia, Marco; Zamponi, Francesco

2015-02-01

We propose a simple framework to understand commonly observed crisis waves in macroeconomic agent-based models, which is also relevant to a variety of other physical or biological situations where synchronization occurs. We compute exactly the phase diagram of the model and the location of the synchronization transition in parameter space. Many modifications and extensions can be studied, confirming that the synchronization transition is extremely robust against various sources of noise or imperfections.

Psychosocial crisis management: the unexplored intersection of crisis leadership and psychosocial support.

NARCIS (Netherlands)

Dückers, M.L.A.; Yzermans, C.J.; Jong, W.; Boin, A.

2017-01-01

Epidemiological research has documented the serious health issues that can affect the victims of disasters and major crises. Yet, the psychosocial dimension of crisis has received little attention in crisis management literature. This paper integrates psychosocial principles with a model of

Mudaraba as a Model of Islamic Finance

Directory of Open Access Journals (Sweden)

M Nidaussalam

2016-04-01

Full Text Available Sharia bank has mostly been determined by its absent of rate transaction which is officially decided in agreement between the bank and its customer (akad. Mudharaba, one of the akad variants, offers equity finance requiring profit and loss sharing (PLS. This paper aims to critically discuss the principles of mudharaba commitment, mainly focusing on the process of funding and financing. To argue, mudharaba is an cooperating commitment between two economic agencies for which the first agency expected to provide financial capital while the other takes a part in managerial work-progress. In this process, the more profit for mudharib the more profit for the investor.        Keywords: mudharaba, islamic finance, profit and loss sharing

Mainstreaming Low-Carbon Climate-Resilient growth pathways into Development Finance Institutions' activities. A research project on the standards, tools and metrics to support transition to the low-carbon climate-resilient development models. Paper 1 - Climate and development finance institutions: linking climate finance, development finance and the transition to low-carbon, climate-resilient economic models

International Nuclear Information System (INIS)

Eschalier, Claire; Cochran, Ian; Deheza, Mariana; Risler, Ophelie; Forestier, Pierre

2015-10-01

Development finance institutions (DFIs) are in a position to be key actors in aligning development and the 2 deg. challenge. One of the principal challenges today is to scale-up the financial flows to the trillions of dollars per year necessary to achieve the 2 deg. C long-term objectives. Achieving this transition to a low-carbon, climate resilient (LCCR) economic model requires the integration or 'mainstreaming' of climate issues as a prism through which all investment decisions should be made. This paper presents an overview of the opportunities and challenges of linking a LCCR transition with the objectives of development finance. It first presents the two-fold challenge of climate change and development for countries around the world. Second, the paper explores the role of development finance institutions and their support for the transition to a low-carbon, climate-resilient economic model. Finally, it examines a necessary paradigm shift to integrate climate and development objectives to establish a 'LCCR development model' able to simultaneously tackling development priorities and needs for resilient, low-carbon growth. This will necessitate a move from focusing on a 'siloed' vision of climate finance to a means of aligning activities across the economy with the LCCR objectives to ensure that the majority of investments are coherent with this long-term transition. (authors)

Asset Pricing Implications of Firms' Financing Constraints

OpenAIRE

Gomes, Joao F; Yaron, Amir; Zhang, Lu

2002-01-01

We incorporate costly external finance in a production based asset pricing model and investigate whether financing frictions are quantitatively important for pricing a cross-section of expected returns. We show that the common assumptions about the nature of the financing frictions are captured by a simple ‘financing cost’ function, equal to the product of the financing premium and the amount of external finance. This approach provides a tractable framework to examine the role of financing fr...

Multivariate Models to Forecast Portfolio Value at Risk: from the Dot- Com crisis to the global financial crisis

Directory of Open Access Journals (Sweden)

Manuel Sousa Gabrie

2014-09-01

Full Text Available This study analyzed market risk of an international investment portfolio by means of a new methodological proposal based on Value-at- Risk, using the covariance matrix of multivariate GARCH-type models and the extreme value theory to realize if an international diversification strategy minimizes market risk, and to determine if the VaR methodology adequately captures market risk, by applying Backtesting tests. To this end, we considered twelve international stock indexes, accounting for about 62% of the world stock market capitalization, and chose the period from the Dot-Com crisis to the current global financial crisis. Results show that the proposed methodology is a good alternative to accommodate the high market turbulence and can be considered as an adequate portfolio risk management instrument.

Modelling and simulating a crisis management system: an organisational perspective

Science.gov (United States)

Chaawa, Mohamed; Thabet, Inès; Hanachi, Chihab; Ben Said, Lamjed

2017-04-01

Crises are complex situations due to the dynamism of the environment, its unpredictability and the complexity of the interactions among several different and autonomous involved organisations. In such a context, establishing an organisational view as well as structuring organisations' communications and their functioning is a crucial requirement. In this article, we propose a multi-agent organisational model (OM) to abstract, simulate and analyse a crisis management system (CMS). The objective is to evaluate the CMS from an organisational view, to assess its strength as well as its weakness and to provide deciders with some recommendations for a more flexible and reactive CMS. The proposed OM is illustrated through a real case study: a snowstorm in a Tunisian region. More precisely, we made the following contribution: firstly, we provide an environmental model that identifies the concepts involved in the crisis. Then, we define a role model that copes with the involved actors. In addition, we specify the organisational structure and the interaction model that rule communications and structure actors' functioning. Those models, built following the GAIA methodology, abstract the CMS from an organisational perspective. Finally, we implemented a customisable multi-agent simulator based on the Janus platform to analyse, through several performed simulations, the organisational model.

An approach for evaluating utility-financed energy conservation programs. The economic welfare model

Energy Technology Data Exchange (ETDEWEB)

Costello, K W; Galen, P S

1985-09-01

The main objective of this paper is to illustrate how the economic welfare model may be used to measure the economic efficiency effects of utility-financed energy conservation programs. The economic welfare model is the theoretical structure that was used in this paper to develop a cost/benefit test. This test defines the net benefit of a conservation program as the change in the sum of consumer and producer surplus. The authors advocate the operation of the proposed cost/benefit model as a screening tool to eliminate from more detailed review those programs where the expected net benefits are less than zero. The paper presents estimates of the net benefit derived from different specified cost/benefit models for four illustrative pilot programs. These models are representative of those which have been applied or are under review by utilities and public utility commissions. From the numerical results, it is shown that net benefit is greatly affected by the assumptions made about the nature of welfare gains to program participants. The main conclusion that emerges from the numerical results is that the selection of a cost/benefit model is a crucial element in evaluating utility-financed energy conservation programs. The paper also briefly addresses some of the major unresolved issues in utility-financed energy conservation programs. 2 figs., 3 tabs., 10 refs. (A.V.)

Financing Asset Sales and Business Cycles

OpenAIRE

Arnold, Marc; Hackbarth, Dirk; Puhan, Tatjana-Xenia

2013-01-01

This paper analyzes the decision of firms to sell assets to fund investments (financing asset sales). For a sample of U.S. manufacturing firms during the 1971-2010 period, we document new stylized facts about financing asset sales that cannot be explained by traditional motives for selling assets, such as financial distress or financing constraints. Using a structural model of financing, investment, and macroeconomic risk, we show that financing asset sales attenuate the debt overhang problem...

Trust vs. Crisis

DEFF Research Database (Denmark)

Mogensen, Kirsten

2014-01-01

The three social phenomena -- norms, trust, and crisis -- are in this paper combined into one model that illustrates their function and relationship. Crisis is seen as a reaction to serious violations of expectations that leave people disoriented, insecure about situational norms, and unable...... to judge whom to trust. One logical solution to a crisis is to rebuild a shared understanding of the norms involved in any given context. Banking is used as a case. Central concepts are borrowed from Niklas Luhmann Trust (1968), Alf Ross Directives and Norms (1967), and Arthur G. Neal National Trauma...

Models for financial crisis detection in Indonesia based on M1, M2 per foreign exchange reverse, and M2 multiplier indicators

Science.gov (United States)

Sugiyanto; Zukhronah, Etik; Pratiwi, Esteti Sophia

2017-12-01

Indonesia has been hit by financial crisis in the middle of 1997. The financial crisis that has occurred gives a severe impact to the economy of Indonesia resulting the needs for a detection system of financial crisis. Crisis can be detected based on several indicators such as M1, M2 per foreign exchange reserves, and M2 multiplier. These three indicators can affect the exchange rate stability and may further affect the financial stability so that it can be one of the causes of the financial crisis. This research aims to determine the appropriate model that can detect the financial crisis in Indonesia. Markov switching is an alternative model that can be approach and used often for detecting financial crisis. We can determine the combination of volatility and Markov switching model with AR and volatility model are determined first. The results of this research are that M1 can be modelled by SWARCH (3, 1) while M2 per foreign research exchange reserves and M2 multiplier can be modelled by SWARCH(3,2).

Architecture-based Model for Preventive and Operative Crisis Management

National Research Council Canada - National Science Library

Jungert, Erland; Derefeldt, Gunilla; Hallberg, Jonas; Hallberg, Niklas; Hunstad, Amund; Thuren, Ronny

2004-01-01

.... A system that should support activities of this type must not only have a high capacity, with respect to the dataflow, but also have suitable tools for decision support. To overcome these problems, an architecture for preventive and operative crisis management is proposed. The architecture is based on models for command and control, but also for risk analysis.

Models for financial crisis detection in Indonesia based on bank deposits, real exchange rate and terms of trade indicators

Science.gov (United States)

Sugiyanto; Zukhronah, Etik; Nur Aini, Anis

2017-12-01

Several times Indonesia has experienced to face a financial crisis, but the crisis occurred in 1997 had a tremendous impact on the economy and national stability. The impact of the crisis fall the exchange rate of rupiah against the dollar so it is needed the financial crisis detection system. Some data of bank deposits, real exchange rate and terms of trade indicators are used in this paper. Data taken from January 1990 until December 2016 are used to form the models with three state. Combination of volatility and Markov switching models are used to model the data. The result suggests that the appropriate model for bank deposit and terms of trade is SWARCH (3,1), and for real exchange rates is SWARCH (3,2).

Make low-carbon and resilient investments: A leverage to renovate economy in crisis

International Nuclear Information System (INIS)

Cassen, Christophe

2015-01-01

Adequate financial flows are urgently needed in the near future to support mitigation and adaption efforts in order to meet the 2 °C stabilisation target and to prevent developing countries from locking in carbon intensive development pathways. Climate finance can play a significant role in mainstreaming climate challenges into sectoral policies and decision making at the global and local levels albeit the adverse contexts of economic crisis, common public debt (most OECD countries), environmental urgency and current climate negotiations. This includes the development of financial mechanisms supported by established institutions, public and private interests. It is therefore imperative that international negotiations should provide a framework to climate finance initiatives.

Derivative Trade Optimizing Model Utilizing GP Based on Behavioral Finance Theory

Science.gov (United States)

Matsumura, Koki; Kawamoto, Masaru

This paper proposed a new technique which makes the strategy trees for the derivative (option) trading investment decision based on the behavioral finance theory and optimizes it using evolutionary computation, in order to achieve high profitability. The strategy tree uses a technical analysis based on a statistical, experienced technique for the investment decision. The trading model is represented by various technical indexes, and the strategy tree is optimized by the genetic programming(GP) which is one of the evolutionary computations. Moreover, this paper proposed a method using the prospect theory based on the behavioral finance theory to set psychological bias for profit and deficit and attempted to select the appropriate strike price of option for the higher investment efficiency. As a result, this technique produced a good result and found the effectiveness of this trading model by the optimized dealings strategy.

The Emphasis of Negative Journalism in the Economic Communication, one of the Consequences of the Global Economic Crisis

OpenAIRE

Stefan VLADUTESCU

2012-01-01

(a) Purpose. Triggered around year 2005, the current economic and financial crisis has gained a global character. The purpose of this study is to investigate the impact of the crisis upon journalistic communication of financial and economic profile. b) The collection of basic information. As the main premise,it has been noted that in a natural way, there is a "negative journalism", a journalism based on persuasion. In addition it has been noted as a second premise, the existence of the financ...

The influence of the 2008 financial crisis on the predictiveness of risky asset pricing models in Brazil

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Adriana Bruscato Bortoluzzo

Full Text Available ABSTRACT This article examines three models for pricing risky assets, the capital asset pricing model (CAPM from Sharpe and Lintner, the three factor model from Fama and French, and the four factor model from Carhart, in the Brazilian mark et for the period from 2002 to 2013. The data is composed of shares traded on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBOVESPA on a monthly basis, excluding financial sector shares, those with negative net equity, and those without consecutive monthly quotations. The proxy for market return is the Brazil Index (IBrX and for riskless assets savings accounts are used. The 2008 crisis, an event of immense proportions and market losses, may have caused alterations in the relationship structure of risky assets, causing changes in pricing model results. Division of the total period into pre-crisis and post-crisis sub-periods is the strategy used in order to achieve the main objective: to analyze the effects of the crisis on asset pricing model results and their predictive power. It is verified that the factors considered are relevant in the Brazilian market in both periods, but between the periods, changes occur in the statistical relevance of sensitivities to the market premium and to the value factor. Moreover, the predictive ability of the pricing models is greater in the post-crisis period, especially for the multifactor models, with the four factor model able to improve predictions of portfolio returns in this period by up to 80%, when compared to the CAPM.

Increasing security of supply: The search for stable models of financing for new nuclear build in the European Union

International Nuclear Information System (INIS)

Heffron, Raphael James

2009-01-01

Full text: This research assesses models for financing of new nuclear build in European Union (EU) member states to find the most stable form. The countries examined in this study are France, the United Kingdom, Finland and Romania. The results attest that due to various historical, political, competition, and electricity market structural conditions Romania has emerged with the most secure and stable model for financing of new nuclear projects. This paper begins with an assessment of the effects on the nuclear sector from energy, environment and competition legislation in the EU. Then the political and economic climate of the afore mentioned EU member states is completed. Following this an overview of the market structure of the electricity sector in those respective countries is conducted. Then the key research on the models of financing of new nuclear build is explored, contrasted and analysed. The research concludes that there are four main models for financing new nuclear projects in Europe. Each model has transcended from different political and economic forces, and consequently each model has met with varied levels of success. Electricity market structures while operating to the same legal requirements, have been dissimilar in their evolution. The combination of the above factors has led to different models for financing new nuclear build. Upon further analysis it is concluded and demonstrated that the Romanian financing model is the most suitable and provides an example for any new nuclear build aspiring nations in the EU and beyond. (author)

The Ethical Judgment and Moral Reaction to the Product-Harm Crisis: Theoretical Model and Empirical Research

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Dong Lu

2016-07-01

Full Text Available Based on the dual-process theory of ethical judgment, a research model is proposed for examining consumers’ moral reactions to a product-harm crisis. A national-wide survey was conducted with 801 respondents in China. The results of this study indicate that consumers will react to a product-harm crisis through controlled cognitive processing and emotional intuition. The results of the study also show that consumers view a product-harm crisis as an ethical issue, and they will make an ethical judgment according to the perceived severity and perceived relevance of the crisis. The ethical judgment in the perceived crisis severity and perceived crisis relevance will affect consumers’ condemning emotions in terms of contempt and anger. Through controlled cognitive processing, a personal consumption-related reaction (purchasing intention is influenced by the perceived crisis severity. Furthermore, a social and interpersonal reaction (negative word of mouth is influenced by the perceived crisis relevance through the controlled cognitive processing. This social and interpersonal reaction is also influenced by the perceived crisis severity and perceived crisis relevance through the intuition of other-condemning emotion. Moreover, this study finds that the product knowledge negatively moderates the impact of the perceived crisis severity on the condemning emotions. Therefore, when a consumer has a high level of product knowledge, the effect of perceived crisis severity on the condemning emotions will be attenuated, and vice versa. This study provides scholars and managers with means of understanding and handling of consumers’ reactions to a product-harm crisis.

Timing crisis information release via television.

Science.gov (United States)

Wei, Jiuchang; Zhao, Dingtao; Yang, Feng; Du, Shaofu; Marinova, Dora

2010-10-01

When and how often to release information on television are important issues in crisis and emergency risk communication. There is a lot of crisis information, including warnings and news, to which people should have access, but most of it is not significantly urgent to interrupt the broadcasting of television programmes. Hence, the right timing for the release of crisis information should be selected based on the importance of the crisis and any associated communication requirements. Using recursive methods, this paper builds an audience coverage model of crisis information release. Based on 2007 Household Using TV (HUT) data for Hefei City, China, the optimal combination of broadcasting sequence (with frequencies between one and eight times) is obtained using the implicit enumeration method. The developed model is applicable to effective transmission of crisis information, with the aim of reducing interference with the normal television transmission process and decreasing the psychological effect on audiences. The same model can be employed for other purposes, such as news coverage and weather and road information. © 2010 The Author(s). Journal compilation © Overseas Development Institute, 2010.

Mukhabarah as Sharia Financing Model in Beef Cattle Farm Entrepise

Science.gov (United States)

Asnawi, A.; Amrawaty, A. A.; Nirwana

2018-02-01

Financing constraints on beef cattle farm nowadays have received attention by the government through distributed various assistance programs and program loans through implementing banks. The existing financing schemes are all still conventional yet sharia-based. The purpose of this research is to formulate financing pattern for sharia beef cattle farm. A qualitative and descriptive approach is used to formulate the pattern by considering the profit-sharing practices of the beef cattle farmers. The results of this study have formulated a financing pattern that integrates government, implementing banks, beef cattle farmers group and cooperative as well as breeders as its members. This pattern of financing is very accommodating of local culture that develops in rural communities. It is expected to be an input, especially in formulating a business financing policy Sharia-based beef cattle breeding.

The Relationship Between the Scope of Essential Health Benefits and Statutory Financing: An International Comparison Across Eight European Countries

NARCIS (Netherlands)

Wees, P.J. van der; Wammes, J.J.G.; Westert, G.P.; Jeurissen, P.P.T.

2015-01-01

BACKGROUND: Both rising healthcare costs and the global financial crisis have fueled a search for policy tools in order to avoid unsustainable future financing of essential health benefits. The scope of essential health benefits (the range of services covered) and depth of coverage (the proportion

Estimation of the Treatment Effects of Ownership on the Indirect Financing of Small- and Medium-Sized Enterprises

Directory of Open Access Journals (Sweden)

Xiuzhen Wang

2014-01-01

Full Text Available Small- and medium-sized enterprises (SMEs are the important driving forces for the growth of China’s economy. However, financing difficulty has always been the important problem besetting the development of SMEs for a long time. In particular, in recent years, US subprime crisis in 2008 caused a heavy blow to the development of some externally oriented SMEs. Thus, how to effectively overcome financing predicament for the SMEs is crucial for Chinese government. In this paper, based on microdata from China Industrial Enterprise Database, propensity score matching (PSM method is adopted to conduct empirical analysis about the treatment effects of indirect financing level of SMEs under different systems. Empirical results reveal that state-owned enterprises enjoy indirect financing advantages compared with other enterprises and there is certain ownership discrimination against foreign-funded enterprises and private enterprises. In particular, the indirect financing rate of state-owned enterprises is 1.4% higher than that of other enterprises, and the indirect financing rate of foreign-funded enterprises is 6% lower than that of other enterprises; private enterprises are advantageous in indirect financing compared with other enterprises; however, indirect financing rate of private enterprises is 1.8% lower than that of state-owned enterprises, which also reveals ownership discrimination to certain extent.

The global financial and economic crisis and the main priorities of the European Union for 2020

Directory of Open Access Journals (Sweden)

Constantinescu, A.

2013-06-01

Full Text Available This study focuses on the global financial-economic crisis and the main priorities of the European Union for 2020. The duration of a financial economic crisis depends on the macroeconomic factors taken into account, because their representation can have multiple nuances, generated by subjective and political influences. The financial and economic crisis had a significant impact on public finances, business, jobs and families. At all levels, the decision makers in public policy will have to find ways of triggering economic dynamism, while the margin of manoeuvre in what concerns the budget is limited. As the recorded deficit in the public sector will be again under control, public expenditure will be such organized that the targets for 2020 are met.

Project finance of hydroelectric power plants in Brazil; 'Project finance' de usinas hidroeletricas no Brasil

Energy Technology Data Exchange (ETDEWEB)

Ribeiro Filho, Valfredo de Assis; Ramos, Maria Olivia de Souza [Universidade Salvador (UNIFACS), BA (Brazil)

2008-07-01

The aim of this paper is to discuss the modality of project finance of financing of enterprises, which is the main modality of structuring of hydroelectric projects in Brazil. In the discussion will be highlighted the importance of contracts EPC (Engineering, Search and Construction) in the structuring of project finances. This financing model has particular characteristics related to risk sharing and financial flexibility that enable the financing of projects with long-term capital, however, due to participation of various actors and the nature of the structure of project finance, the negotiation and drafting of contracts are always very complex.

“Finance-Growth-Crisis Nexus in India: Evidence from Cointegration and Causality Assessment” - L’interazione finanza-crescita-crisi in India: evidenze da una analisi di cointegrazione e causalità

OpenAIRE

Fukuda, Takashi; Dahalan, Jauhari

2011-01-01

This paper attempts to explore a new dimension of India’s ‘financegrowth- crisis’ nexus. For this end, the summary indicators of financial development, financial crisis and financial repression are created through the principal component approach, and we perform the cointegration and Granger causality analysis employing the methods of vector error correction model (VECM) and autoregressive distributed lag (ARDL). The element of structural break is also taken into assessment while specifying t...

Trust vs. Crisis

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Kirsten Mogensen

2014-06-01

Full Text Available The three social phenomena -- norms, trust, and crisis -- are in this paper combined into one model that illustrates their function and relationship. Crisis is seen as a reaction to serious violations of expectations that leave people disoriented, insecure about situational norms, and unable to judge whom to trust. One logical solution to a crisis is to rebuild a shared understanding of the norms involved in any given context. Banking is used as a case. Central concepts are borrowed from Niklas Luhmann Trust (1968, Alf Ross Directives and Norms (1967, and Arthur G. Neal National Trauma & Collective Memory (1998.

Price and Income Elasticity of Australian Retail Finance: An Autoregressive Distributed Lag (ARDL Approach

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Helen Higgs

2014-03-01

Full Text Available This paper models the price and income elasticity of retail finance in Australia using aggregate quarterly data and an autoregressive distributed lag (ARDL approach. We particularly focus on the impact of the global financial crisis (GFC from 2007 onwards on retail finance demand and analyse four submarkets (period analysed in brackets: owneroccupied housing loans (Sep 1985–June 2010, term loans (for motor vehicles, household goods and debt consolidation, etc. (Dec 1988–Jun 2010, credit card loans (Mar 1990–Jun 2010, and margin loans (Sep 2000–Jun 2010. Other than the indicator lending rates and annual full-time earnings respectively used as proxies for the price and income effects, we specify a large number of other variables as demand factors, particularly reflecting the value of the asset for which retail finance demand is derived. These variously include the yield on indexed bonds as a proxy for inflation expectations, median housing prices, consumer sentiment indices as measures of consumer confidence, motor vehicle and retail trade sales, housing debt-to-housing assets as a measure of leverage, the proportion of protected margin lending, the available credit limit on credit cards, and the All Ordinaries Index. In the long run, we find significant price elasticities only for term loans and margin loans, and significant income elasticities of demand for housing loans, term loans and margin loans. We also find that the GFC only significantly affected the longrun demand for term loans and margin loans. In the short run, we find that the GFC has had a significant effect on the price elasticity of demand for term loans and margin loans. Expected inflation is also a key factor affecting retail finance demand. Overall, most of the submarkets in the analysis indicate that retail finance demand is certainly price inelastic but more income elastic than conventionally thought.

Navigating the financial crisis in Helvetic Waters: An analysis of the banking sector (2007-09

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Elisabeth Paulet

2011-06-01

Full Text Available As has been argued throughout this paper, the different way in which banks have been affected by the crisis is closely linked to their distinct business model. Consequently, the characteristic structure of the balance sheet in big banks and ethical banks is correlated with their divergent dynamic during the crisis. While the financial turmoil has left the business approach of ethical banks unchanged, as evidenced in the striking stability of their balance sheet from 2007 to 2009, the pattern shown by big banks has substantially changed over this same period. These developments would tend to suggest the need to reform the business model of big banks. There is no clear empirical evidence that a banking system with a large number of small institutions would be any more stable than the system as it currently stands. Besides, financing certain big projects would always require the existence of large international banks. Both types of financial institutions are in fact complementary. How to regulate the banking and financial sector is thus a complex and multifaceted issue. One cannot impose the same requirements on big international-oriented banks and small domestic banks. As this paper has tried to demonstrate, both have a distinct business model.

The Swedish Model in Employment. Post-Crisis Solutions

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Mirela Ionela ACELEANU

2012-04-01

Full Text Available The Swedish model in the field of employment is part of the Nordic countries model focused on labour market flexibility in terms of a generous welfare system. This paper presents the characteristics of this model and its application effects in Sweden before and after the current crisis. According to specialized studies and registered indicators, Sweden has very good results in terms of general well-being, quality of life, employment of labour resources, being among the top countries. Thus, since the experience of the developed countries should be a benchmark for the developing countries, the purpose of the paper is to identify some measures that can be applied in Romania to improve employment, economic and social policies.

LIAQUAT AHAMED Lords of Finance: The Bankers Who Broke the World

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Cristian UŢĂ

2014-09-01

Humanitas Publishing House, Bucharest, 2014     Former, among others, economist of the World Bank (led its investment division and director of an investment fund, Liaquat Ahamed began working at the Lords of Finance long before the crisis of 2008. However, its appearance in 2009 has increased dramatically its relevance. As a result, the Financial Times the New York Times, Time magazine and Amazon.com declared the volume Best book of the year, simultaneously, its author being awarded the Pulitzer Prize for History.

FINANCIAL INSTABILITY HYPOTHESIS (FIH OF MINSKY: CONTEXTUALIZING THE ROLES OF ISLAMIC COMMERCIAL AND SOCIAL FINANCE

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Ugi Suharto

2017-02-01

Full Text Available The main subject of this paper is to discuss some issues in Minsky’s Financial Instability Hypothesis (FIH and relate them with Islamic finance position in enhancing the stability of financial system. The methodology used in the paper is descriptive analysis. It describes a particular concept, namely the financial instability hypothesis and then analyses, applies and compares that concept with other concept, i.e. the Islamic finance concept. It is shown in the paper that Islamic finance, both in its commercial and social aspect, can play its role in stabilizing financial system. The significant contribution of the paper is by bringing together the hypothesis of Minsky with Islamic finance theory and practice. It should be stated here, however, that among the limitations of the paper is that the reference on Minsky’s point of view is mostly based on his brief article entitled “The Financial Instability Hypothesis” without referring to his vast writings on various topics directly or indirectly related to his notion of Financial Instability Hypothesis.   Keywords:  Financial stability, Islamic finance, Financial crisis, Deregulation, Riba, Gharar JEL Classification: A12, E44, E58, G18, G21

POWER STRATEGY OF THE AGRICULTURE DEVELOPMENT IN THE CONDITIONS OF CRISIS

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Burdo O.G.

2009-04-01

Full Text Available Questions of the development of energetics in the world are examined. Specifics of the energy supply in agriculture are discussed and the basics of energy policy and strategy in crisis conditions are formulated. The methodology of power monitoring and basics of economy of power management are shown. Priorities at forma-tion of stages of projects implementation are proved. Ways of energy efficiency programs creation using partial projects self–financing mechanisms are shown.

Determining the Real Causes of Financial Crisis in Islamic Economic Perspective: ANP Approach

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. Ascarya

2016-04-01

Full Text Available Objective – The purpose of this study is to determine the real causes of financial crisis from Islamic economic perspective.Methods - This study applies Analytic Network Process (ANP to determine the real causes of financial crisis from Islamic economic perspective to be able to formulate the real solutions to end financial crisis.Results - The ANP results show that the real causes of financial crisis from Islamic economic perspective are Social Instability (EXTERNAL FACTOR, Speculation (MISBEHAVIOR, Ineffective Fiscal System (UNSUSTAINABLE FISCAL SYSTEM, Hedonism (MISBEHAVIOR, Fractional Reserve Banking System (UNSTABLE MONETARY SYSTEM, Political Instability (EXTERNAL FACTOR, Corruption (POOR GOVERNANCE, Interest Rate (UNSTABLE MONETARY SYSTEM, Fiat Money (UNSTABLE MONETARY SYSTEM, and the Wrong Man in the Wrong Place (POOR GOVERNANCE. These main real causes should be removed gradually in order to systematically and gradually improve the stability of financial system so that financial crisis will not reappear again and again in the future.Conclusions - Financial crisis would not happen under Islamic economic system if all Allah’s laws in financial dealings were followed. Financial crisis in conventional economic system could be prevented or lessened by gradually adopting Islamic economic and finance laws and regulations, partly or fully, especially the main pillars of Islamic financial system, namely the prohibition of ribā (usury or interest, prohibition of maysir (gambling and game of chance or speculation and prohibition of gharar (excessive uncertainty, in their many forms.

Crisis, What Crisis? The Media: Business and Journalism in Times of Crisis

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Rosario de Mateo

2010-08-01

Full Text Available The global financial and economic crisis is often used to justify a crisis of media and journalism: lower advertising, collapses in the share price, falls in consumption, more unemployment. But is this just a business crisis, or is it also a crisis in journalism and its role in democratic societies? In this case, is the journalism crisis attributable to the economic crisis or, rather, was it forged during the years of high profitability and high salaries in the mass media? These two sides of the crisis, in media industry and in journalism, are addressed in this article, which explores the evolution of mainly Spanish media in the years before the crisis. However, in order to understand how they reached the current situation, political and economic transformations in what has been called the Information Society and neoliberal globalization must be addressed.

The impact of financing on the investments of SMEs during the recent Financial Crisis

NARCIS (Netherlands)

Zubair, Sirazul; Kabir, Mohammed Rezaul; Huang, Xiaohong

2015-01-01

This paper examines how the recent financial crisis has affected the investments of small and medium-sized enterprises (SMEs). Using a novel dataset of private firms from the Netherlands for the period of 2004–2012 and controlling for major firm-specific variables, we find that the investments of

SOURCES OF FINANCING INDUSTRIAL COMPLEX ENTERPRISES

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Anzhela Zakhitovna Namitulina

2016-01-01

conditions. Currently, only a low percentage of civilian goods produced at the enterprises of the military-industrial complex (MIC, is exported. This preserves the low investment activity in the sectors of the military-industrial complex, which is the most high-tech part of the industry. In modern conditions in the Russian Federation military-industrial complex includes industrial companies and research organizations involved in defense research and creation of weapons and military equipment, governments and federal bodies of executive power. Under these circumstances, current CMO exit from the crisis is a problem of formation of an investment to ensure its development system. Objectives. The aim of the article is to study sources of financing and investment enterprises of the military-industrial complex, study and analysis of the financing of investment sphere of defense industry enterprises; Development of the best ways of functioning of the integrated companies with a view to achieving high economic efficiency in the military and economic cooperation on the basis of military technology, defense industry places on its analysis of the global market. Methods. The methodological basis of this article are the economic and statistical analysis methods, regulatory documents in the fi eld of economic security, publications in the fi eld of economic and financial security, public analyzes in the fi eld of development of military-industrial complex. Results. To improve the financial and investment attractiveness of the enterprises of the military-industrial complex need to improve conditions for attracting investments in the defense sector and expand the powers of enterprise credit and financial sector to actively participate in their financing processes of new projects of defense enterprises. State financing of Russian investment sector is characterized by the following features: the source of the reproduction process started only natural resources, many of which are irreplaceable

The advertising-financed business model in two-sided media markets

OpenAIRE

Anderson, Simon P.; Jullien, Bruno

2016-01-01

This chapter focuses on the economic mechanisms at work in recent models of advertising finance in media markets developed around the concept of two-sided markets. The objective is to highlight new and original insights from this approach, and to clarify the conceptual aspects. The chapter first develops a canonical model of two-sided markets for advertising, where platforms deliver content to consumers and resell their "attention" to advertisers. A key distinction is drawn between free media...

Bank finance versus bond finance: what explains the differences between US and Europe?

OpenAIRE

De Fiore, Fiorella; Uhlig, Harald

2005-01-01

We present a dynamic general equilibrium model with agency costs, where heterogeneous firms choose among two alternative instruments of external finance - corporate bonds and bank loans. We characterize the financing choice of firms and the endogenous financial structure of the economy. The calibrated model is used to address questions such as: What explains differences in the financial structure of the US and the euro area? What are the implications of these differences for allocations? We f...

The risks of nation branding as crisis response

DEFF Research Database (Denmark)

Rasmussen, Rasmus Kjærgaard; Merkelsen, Henrik

2014-01-01

alternative strategies for handling crises based on 'societal models'. Through a case study of Denmark's so-called Cartoon Crisis we demonstrate how crisis communication falls short of coping aptly with the complexity of the crisis due to the branding-inspired translation from 'sudden' to 'ongoing' crisis. We......In this article, we investigate the limitations of organization-centric models for crisis communication in handling place crises. Two distinct types of place crisis are identified as what we respectively term the 'sudden' and the 'ongoing' type. We point out that place branding traditionally has...... been used to handle the latter type. We then demonstrate how the inspiration from corporate communication in place branding has led to a fixation on reputation, which becomes salient when place branding is used as crisis communication in sudden crisis. Here the corporate inspiration tends to rule out...

MONETARY POLICY SHOCKS AND ISLAMIC BANKS DEPOSITS IN INDONESIAN DUAL BANKING SYSTEM AFTER THE FINANCIAL CRISIS

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Ahmad Affandi

2017-03-01

Full Text Available Use of riba (usury in the economic system remained a key factor that led to financial crisis since theinception of modern economy in the late of 17th century. Implementation of interest based monetary policystipulated rampant speculation as common practices in the global financial sector. Although Islamic bankingwas governed by syariah (Divine Law, which was assumed to be resilient from distress, the volatility ofinterest movement would generally affect Islamic banks operations in a dual banking system. This paperwould look at this issue and would empirically explore the dynamic inter-relationships between deposits ofIslamic banks with monetary policy variables in Indonesia. In terms of market share, as of 2009, Islamicbanking asset in Indonesia was a meager 2%. The industry had been affected by few monetary policy shockson its deposits and financing. The study would employ vector auto regression model (VAR to explore thedynamics between the variables. The study would focus on data from 2004 to 2008 or performance after theAsian financial crisis. The results from these tests determined that shariah based deposits played significantrole in transmitting monetary policy effects to the economy. This study found that Islamic banking depositsin Indonesia were not sensitive to monetary policy changes. This study also concluded that IndonesianIslamic banks were resilient to financial crisis.

Evolution Model and Simulation of Profit Model of Agricultural Products Logistics Financing

Science.gov (United States)

Yang, Bo; Wu, Yan

2018-03-01

Agricultural products logistics financial warehousing business mainly involves agricultural production and processing enterprises, third-party logistics enterprises and financial institutions tripartite, to enable the three parties to achieve win-win situation, the article first gives the replication dynamics and evolutionary stability strategy between the three parties in business participation, and then use NetLogo simulation platform, using the overall modeling and simulation method of Multi-Agent, established the evolutionary game simulation model, and run the model under different revenue parameters, finally, analyzed the simulation results. To achieve the agricultural products logistics financial financing warehouse business to participate in tripartite mutually beneficial win-win situation, thus promoting the smooth flow of agricultural products logistics business.

FROM EFFICIENT MARKET HYPOTHESIS TO BEHAVIOURAL FINANCE: CAN BEHAVIOURAL FINANCE BE THE NEW DOMINANT MODEL FOR INVESTING?

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George BOROVAS

2012-12-01

Full Text Available The present paper reviews two fundamental investing paradigms, which have had a substantial impact on the manner investors tend to develop their own strategies. specifically, the study elaborates on efficient market hypothesis (emh, which, despite remaining most prominent and popular until the 1990s, is considered rather controversial and often disputed, and the theory of behavioural finance, which has increasingly been implemented in financial institutions. based on an extensive survey of behavioural finance and emh literature, the study demonstrates, despite any assertions, the inherent irrationality of the theory of efficient market, and discusses the potential reasons for its recent decline, arguing in favor of its replacement or co-existence with behavioural finance. in addition, the study highlights that the theory of behavioural finance, which endorses human behavioral and psychological attitudes, should become the theoretical framework for successful and profitable investing.

Emerging Media Crisis Value Model: A Comparison of Relevant, Timely Message Strategies for Emergency Events

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Sabrina Page

2013-01-01

Full Text Available Communication during an emergency or crisis event is essential for emergency responders, the community involved, and those watching on television as well as receiving information via social media from family members, friends or other community members. The evolution of communication during an emergency/crisis event now includes utilizing social media. To better understand this evolution the Emerging Media Crisis Value Model (EMCVM is used in comparing two emergency events; Hurricane Irene (2011, a natural disaster, and the theater shooting in Aurora, Colorado (2012, a man-made crisis. The EMCVM provides a foundation for future studies focusing on the use of social media, emergency responders at the local, state and national levels are better prepared to educate a community thus, counteracting public uncertainty, fear, while providing timely, accurate information.

Proposed Model of Information Behaviour in Crisis: The Case of Hurricane Sandy

Science.gov (United States)

Lopatovska, Irene; Smiley, Bobby

2013-01-01

Introduction: The paper proposes a model of information behaviour in crisis. No previous model has attempted to integrate information resources, information behaviour and needs of the storm-affected communities within the temporal stages of a natural disaster. Method: The study was designed as autoethnography. The data were collected through a…

EFFECTS OF THE GLOBAL FINANCIAL CRISIS IN THE BANKING SYSTEM OF KOSOVO

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Myrvete Badivuku-Pantina

2012-09-01

Full Text Available Financial crises are phenomena that happened before and continue to happen even nowadays. There were many financial crises in the last century, starting with the Great Depression of 1929 and continuing with other financial crisis, and it was believed that people would learn from their previous experiences and would not allow the crisis to happen again. But the financial crisis of 2007, created the impression that no one wanted to learn for the real causes of their occurrence and consequences, often disastrous for countries and the globe, and as such allowed the crisis to be repeated. Effects of the 2007 financial crisis, which originally started in the USA’s mortgage market and which was quickly spread all over the world, even to this date it still continues to have effect on real economies of many states, e.g. Greece. The spread of the crisis was primarily due to globalization and commercial trades among countries. Because of the dependence of economies on one another it was created the domino effect and all the countries were affected from the crisis. As a result, the crisis seems to have revealed the disadvantages of globalization. Finances of the world were shocked and rapid fluctuations were reflected in the stock prices. Kosovo, as a new and small country in the Western Balkans is not much globalized and open which was beneficial in preventing it from being affected from the global financial crisis. Its economy has slightly felt the effect of the crisis because the banking system in Kosovo is not much open to the international financial markets as they operate mostly with their clients’ deposits. The purpose of this research is to assess the implications of the global financial crisis in the banking system of Kosovo, and also to identify the measures that the Central Bank and the Government should undertake in order to protect the economy from external implications.

Reform of the global financial architecture: a new social contract between society and finance.

OpenAIRE

Banziger, H.

2009-01-01

The current global crisis poses significant challenges for our fi nancial system, our economies, and our societies. Overcoming these will require a new “social contract” between society and finance. This must include improvements to corporate governance, a reform of capital requirements, a more transparent and less procyclical accounting framework, banking laws to reflect modern financial markets, better infrastructure, and stronger supervision. Given the global nature of today’s capital mark...

Modeling cascading failures with the crisis of trust in social networks

Science.gov (United States)

Yi, Chengqi; Bao, Yuanyuan; Jiang, Jingchi; Xue, Yibo

2015-10-01

In social networks, some friends often post or disseminate malicious information, such as advertising messages, informal overseas purchasing messages, illegal messages, or rumors. Too much malicious information may cause a feeling of intense annoyance. When the feeling exceeds a certain threshold, it will lead social network users to distrust these friends, which we call the crisis of trust. The crisis of trust in social networks has already become a universal concern and an urgent unsolved problem. As a result of the crisis of trust, users will cut off their relationships with some of their untrustworthy friends. Once a few of these relationships are made unavailable, it is likely that other friends will decline trust, and a large portion of the social network will be influenced. The phenomenon in which the unavailability of a few relationships will trigger the failure of successive relationships is known as cascading failure dynamics. To our best knowledge, no one has formally proposed cascading failures dynamics with the crisis of trust in social networks. In this paper, we address this potential issue, quantify the trust between two users based on user similarity, and model the minimum tolerance with a nonlinear equation. Furthermore, we construct the processes of cascading failures dynamics by considering the unique features of social networks. Based on real social network datasets (Sina Weibo, Facebook and Twitter), we adopt two attack strategies (the highest trust attack (HT) and the lowest trust attack (LT)) to evaluate the proposed dynamics and to further analyze the changes of the topology, connectivity, cascading time and cascade effect under the above attacks. We numerically find that the sparse and inhomogeneous network structure in our cascading model can better improve the robustness of social networks than the dense and homogeneous structure. However, the network structure that seems like ripples is more vulnerable than the other two network

Novel software system development for finance

OpenAIRE

Maad, Soha

2002-01-01

This paper addresses the need for novel software system development (SSD) practices in finance. It proposes Empirical Modelling as a novel approach for SSD in finance. This approach aims at finding a suitable framework for studying both the traditional and the emerging computing culture to SSD in finance. First, the paper studies the change in the financial industry and identifies key issues of the application of computer-based technology in finance. These key issues are framed in a wider age...

Financing Preference Behaviour for Private Finance Initiative (PFI Projects

Directory of Open Access Journals (Sweden)

Yati Md Lasa

2016-01-01

Full Text Available Project Financing Initiative (PFI projects require the private sector to invest an enormous amount of capital for the development of public projects. The private sector has to seek cost-effective financing sources for their survival in the long-term concession. Conventional financing uses widely; however, Islamic financing promises better financing through profit and loss sharing. This paper reviews financing preferences for PFI projects and the factors influencing the choice of funding. The results show that religious perspective, quality of services, financing facilities and reputation are the factors that are expected will influence the financing preference behaviour, either Islamic or conventional finance.

The Crisis of the Sovereign Debt - Interdependencies, Responsibilities and Risks

Directory of Open Access Journals (Sweden)

Georgeta Dragomir

2015-05-01

Full Text Available The increase of government debt continues and maintains the financial crisis as an additional risk factor at national, regional or global level. The causes which lead to the raise of the national debt can be found in the effects of a major crisis but, in turn, this phenomenon feeds imbalances generating economic and financial crisis. The importance of this topic is defined by its magnitude and dynamics, in the long-term effects on the economy, finances, policies and, ultimately, on the completeness of a state. Solutions are available to the national public authorities in the context of regional policy, but they are circumscribed also to the imperatives imposed by the international lenders. Not infrequently, their efficiency was affected by subjective factors, along with the lack of preventive actions or of proper long-term vision. There have been made references to the analysis of international bodies or financial authorities, at authors dedicated to this complex problem. As method of approach we have used the bibliographic study, processing and analysis of data, and previous researches. The results are the analysis and explanation of specific developments of sovereign debt crisis, of interactions, highlighting the effects and solutions. The research is an important basis for specialists, public authorities and academics. As value, the work is a synthesis and a comparative analysis so as to identify trends, responsibilities and solutions.

Computing and the Crisis: The Significant Role of New Information Technologies in the Current Socio-economic Meltdown

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David Hakken

2010-08-01

Full Text Available There is good reason to be concerned about the long-term implications of the current crisis for the reproduction of contemporary social formations. Thus there is an urgent need to understand it character, especially its distinctive features. This article identifies profound ambiguities in valuing assets as new and key economic features of this crisis, ambiguities traceable to the dominant, “computationalist” computing used to develop new financial instruments. After some preliminaries, the article identifies four specific ways in which computerization of finance is generative of crisis. It then demonstrates how computationalist computing is linked to other efforts to extend commodification based on the ideology of so-called “intellectual property” (IP. Several other accounts for the crisis are considered and then demonstrated to have less explanatory value. After considering how some commons-oriented (e.g., Free/Libre and/or Opening Source Software development projects forms of computing also undermine the IP project, the article concludes with a brief discussion of what research on Socially Robust and Enduring Computing might contribute to fostering alternative, non-crisis generative ways to compute.

Banking Crisis Early Warning Model based on a Bayesian Model Averaging Approach

Directory of Open Access Journals (Sweden)

Taha Zaghdoudi

2016-08-01

Full Text Available The succession of banking crises in which most have resulted in huge economic and financial losses, prompted several authors to study their determinants. These authors constructed early warning models to prevent their occurring. It is in this same vein as our study takes its inspiration. In particular, we have developed a warning model of banking crises based on a Bayesian approach. The results of this approach have allowed us to identify the involvement of the decline in bank profitability, deterioration of the competitiveness of the traditional intermediation, banking concentration and higher real interest rates in triggering bank crisis.

Multiple attractors and crisis route to chaos in a model food-chain

International Nuclear Information System (INIS)

Upadhyay, Ranjit Kumar

2003-01-01

An attempt has been made to identify the mechanism, which is responsible for the existence of chaos in narrow parameter range in a realistic ecological model food-chain. Analytical and numerical studies of a three species food-chain model similar to a situation likely to be seen in terrestrial ecosystems has been carried out. The study of the model food chain suggests that the existence of chaos in narrow parameter ranges is caused by the crisis-induced sudden death of chaotic attractors. Varying one of the critical parameters in its range while keeping all the others constant, one can monitor the changes in the dynamical behaviour of the system, thereby fixing the regimes in which the system exhibits chaotic dynamics. The computed bifurcation diagrams and basin boundary calculations indicate that crisis is the underlying factor which generates chaotic dynamics in this model food-chain. We investigate sudden qualitative changes in chaotic dynamical behaviour, which occur at a parameter value a 1 =1.7804 at which the chaotic attractor destroyed by boundary crisis with an unstable periodic orbit created by the saddle-node bifurcation. Multiple attractors with riddled basins and fractal boundaries are also observed. If ecological systems of interacting species do indeed exhibit multiple attractors etc., the long term dynamics of such systems may undergo vast qualitative changes following epidemics or environmental catastrophes due to the system being pushed into the basin of a new attractor by the perturbation. Coupled with stochasticity, such complex behaviours may render such systems practically unpredictable

Udržitelnost veřejnych financí v Řecku

OpenAIRE

Ježek, Dominik

2014-01-01

In this work, I covered the sustainability of public finances in Greece, reachability of target values of debt to GDP ratio, analysis of impacts of the debt crisis in a political and social context, structure of the state budget and an evaluation of the implemented reforms. On the basis of technical publications, examples of debt crises in Asia and Latin America and recommendations from OECD, EC, NERV and IOBE I summarized the reform directions and steps to reach a sustainable state of public...

Corporate ownership of the public debt: mapping the new aristocracy of finance

OpenAIRE

Hager, S. B.

2015-01-01

In various writings Karl Marx made references to an ‘aristocracy of finance’ in Western Europe and the United States that dominated ownership of the public debt. Drawing on original research, this article offers the first comprehensive analysis of public debt ownership within the US corporate sector. The research shows that over the past three decades, and especially in the context of the current crisis, a new aristocracy of finance has emerged, as holdings of the public debt have become rapi...

FINANCIAL INDICATORS FOR THE ROMANIAN COMPANIES BETWEEN ELIGIBILITY AND BANKABILITY OF EU FINANCED PROJECTS

Directory of Open Access Journals (Sweden)

Droj Laurentiu

2014-12-01

Full Text Available The main goal of this research is to compare the eligibility indicators for accessing EU projects with the bankability indicators at the level of Romanian companies. This study was realized in a period when the term of bankability seems to be in the focus of the beneficiaries and management authorities for European funding, of the banking system and of the mass-media as well. This happens for the first time since the launch in 2007-2008 of the main structural EU funding programs focusing on the development of competitive SMEs, which brought significant changes in the EU funding environment. The same with the public institutions, many SMEs have applied for grants in order to finance their investments using different funding programs, especially under the European Regional Development Fund. This process to obtain European funding was a long one in term of evaluation and contracting periods. Under this context, the initial success of SMEs that have successfully applied and even managed to gain access to European funding was overshadowed by another sharper problem: lack of financial resources for co-financing to support investments or expenditures in the initial stages funding the project. This was also a big problem since the start of word financial and economic crisis. Under this context the banking sector was supposed to be heavily involved in ensuring external financing. The main difficulties in co-financing European funding projects by the banks came from the fact that the companies were requested to obtain satisfactory scores in order to qualify for the banking loans. Several indicators were used by the banking sector to analyze the creditworthiness of the applicant companies. From these indicators we selected five of them to be tested by using Student distribution modelling within the ModelRISK – VoseSoftware application over a group of 50 companies located in the North-Western region of Romania. After the model was created in this paper we

LE LIEN ENTRE FINANCE ET ECONOMIE ISLAMIQUES VIA LE MODELE PRINCIPIEL "ZR"

OpenAIRE

BELABES, ABDERRAZAK

2010-01-01

A l'heure où certains évoquent l'intégration de la finance islamique à la finance globale, et d'autres rattachent la finance islamique à des thèmes en vogue telles que la finance éthique, la finance participative ou la finance socialement responsable, le présent papier explore le lien entre finance et économie islamiques à partir du modèle principiel "ZR", c’est-à-dire "Zakât" et "Ribâ". Ce modèle montre que les principes invariants de Zakât et Ribâ jouent un rôle central dans l’établissement...

Decision Model on Financing a Project Using Knowledge about Risk Areas

OpenAIRE

Ioana POPOVICI; Emil SCARLAT; Francesco RIZZO

2011-01-01

The research presents an alternative to the classical method of measuring financial risk in funding a project. The goal of the model described in the paper implies identifying "risky areas" within the financial balance of the project. The model analysis the financial risk behavior studied along four scenarios by varying only the cost of financing source used according to the specific type of funding. The model introduces the time factor into the analysis of financial risk due to the specific ...

Economic Crisis and Marital Problems in Turkey: Testing the Family Stress Model

Science.gov (United States)

Aytac, Isik A.; Rankin, Bruce H.

2009-01-01

This paper applied the family stress model to the case of Turkey in the wake of the 2001 economic crisis. Using structural equation modeling and a nationally representative urban sample of 711 married women and 490 married men, we tested whether economic hardship and the associated family economic strain on families resulted in greater marital…

The Role of the Euro During and After Economical Crisis

Directory of Open Access Journals (Sweden)

Daniela MATEI

2010-08-01

Full Text Available The impact of the single currency on international capital markets has been one of the most abiding features of the euro’s historical development. In response to the global financial and economic crisis, governments across the world are sorting to creating national deficit levels on a virtually unprecedented scale to plug gaping holes in public finances and propel economies towards recovery. As a result, borrowing conditions on global capital markets are taking on not only an economic, but also an intensely political significance.

Financing the New Adequacy: Towards New Models of State Education Finance Systems That Support Standards Based Reform.

Science.gov (United States)

Verstegen, Deborah A.

2002-01-01

Discusses need for reinventing state education finance systems to provide adequacy and equity aligned to standards-based reform. Provides initial specifications for "The New Finance." Examines in depth approaches for determining a base spending level considered adequate for the average child to reach high educational standards. (Contains…

Access to finance from different finance provider types

NARCIS (Netherlands)

Wulandari, Eliana; Meuwissen, Miranda P.M.; Karmana, Maman H.; Oude Lansink, Alfons G.J.M.

2017-01-01

Analysing farmer knowledge of the requirements of finance providers can provide valuable insights to policy makers about ways to improve farmers’ access to finance. This study compares farmer knowledge of the requirements to obtain finance with the actual requirements set by different finance

Report on Spending Trends Highlights Inequities in Model for Financing Colleges

Science.gov (United States)

Blumenstyk, Goldie

2009-01-01

An analysis of spending trends that is designed to discourage policy makers' focus on finding new revenue rather than reining in spending suggests that the model for financing colleges has reinforced educational inequities and failed to increase the rate at which students graduate. According to the analysis, "serious fault lines" in the current…

An ARIMA-Intervention Analysis Model for the Financial Crisis in China's Manufacturing Industry

Directory of Open Access Journals (Sweden)

W.H. Ip

2009-10-01

Full Text Available Triggered by the subprime mortgage crisis in the United States (U.S., a financial tsunami has spread rapidly around the globe, from the U.S. to Europe and the rest of the world, causing the world economy to enter a recession. China is no exception, and has suffered a sharp reduction in the growth of its export and manufacturing sectors. In this paper, we attempt to model and analyze the impact of financial crisis on the manufacturing industry in China using data collected from March 2005 to November 2008 by the China Statistical Databases of the National Bureau of Statistics of China. The results indicate that China's manufacturing industry may have to tolerate a significant negative effect caused by the global financial crisis over a period of time, with its gross industrial output value declining continually throughout 2008 and 2009 before reaching a state of equilibrium. The intervention effect is described in this study as temporary but immediate and abrupt. It is found that the ARIMA-Intervention model is more precise at explaining and analyzing the intervention effects of the financial tsunami.

The role of investment, fundamental Q and financing frictions in agricultural investment decisions: an analysis pre and post financial crisis

OpenAIRE

Conor M. O'Toole; Carol Newman; Thia Hennessy

2011-01-01

This paper uses a fundamental Q model of investment to consider the role played by financing frictions in agricultural investment decisions, controlling econometrically for censoring, heterogeneity and errors-in-variables. Our findings suggest that farmer's in- vestment decisions are not driven by market fundamentals. We find some evidence that debt overhang restricts investment but investment is not dependent on liquidity or internal funds. The role of nancing frictions in determining invest...

Health care financing and the sustainability of health systems.

Science.gov (United States)

Liaropoulos, Lycourgos; Goranitis, Ilias

2015-09-15

The economic crisis brought an unprecedented attention to the issue of health system sustainability in the developed world. The discussion, however, has been mainly limited to "traditional" issues of cost-effectiveness, quality of care, and, lately, patient involvement. Not enough attention has yet been paid to the issue of who pays and, more importantly, to the sustainability of financing. This fundamental concept in the economics of health policy needs to be reconsidered carefully. In a globalized economy, as the share of labor decreases relative to that of capital, wage income is increasingly insufficient to cover the rising cost of care. At the same time, as the cost of Social Health Insurance through employment contributions rises with medical costs, it imperils the competitiveness of the economy. These reasons explain why spreading health care cost to all factors of production through comprehensive National Health Insurance financed by progressive taxation of income from all sources, instead of employer-employee contributions, protects health system objectives, especially during economic recessions, and ensures health system sustainability.

City at crisis proof: an opportunity to rebuild urban making?

International Nuclear Information System (INIS)

Peiffer-Smadja, Oceane; Saujot, Mathieu

2013-01-01

This publication proposes summaries and synthesis of contributions to a conference which addressed the issues of urban sustainable development. The contributors notably discussed the consequences of public finance crisis in terms of social and economical impacts on territories and on increased inequalities between territories, the political challenge of urban growth management (objectives of housing construction in contradiction with the stoppage of farmland consumption), the current challenges of town governance (in terms of democracy, tax policy, or State commitment), the difficulties related to the existence of too many standards, to financing, to urban space organisation (gentrification, governance commitment), and to the lack of strong land policies. Other interveners comment the role and commitment of building companies, the various challenges faced by cities (resources, food supply, and land policy), the issue of policy and democracy. The issue of energy transition and its connection with urban policies are then addressed, and perspectives are discussed

Quantum Theory for the Binomial Model in Finance Thoery

OpenAIRE

Chen, Zeqian

2001-01-01

In this paper, a quantum model for the binomial market in finance is proposed. We show that its risk-neutral world exhibits an intriguing structure as a disk in the unit ball of ${\\bf R}^3,$ whose radius is a function of the risk-free interest rate with two thresholds which prevent arbitrage opportunities from this quantum market. Furthermore, from the quantum mechanical point of view we re-deduce the Cox-Ross-Rubinstein binomial option pricing formula by considering Maxwell-Boltzmann statist...

Crisis Communication and the Rhetorical Arena - A Multi-Vocal Approach

DEFF Research Database (Denmark)

Johansen, Winni; Frandsen, Finn

2005-01-01

Presentation of a new model of crisis communication called the rhetorical arena. This new model is compared to W. Benoit's theory of image restoration strategies and T. Coomb's theory of crisis communication as relationship management. The new model is based on a multi-vocal approach taking...... into account the many corporate and non corporate 'voices' which meet, compete, collaborate or negotiate during a crisis situation. The model conceives crisis communication as mediated through four parameters: context, media, genre, and text....

Improving outcomes for people in mental health crisis: a rapid synthesis of the evidence for available models of care.

Science.gov (United States)

Paton, Fiona; Wright, Kath; Ayre, Nigel; Dare, Ceri; Johnson, Sonia; Lloyd-Evans, Brynmor; Simpson, Alan; Webber, Martin; Meader, Nick

2016-01-01

Crisis Concordat was established to improve outcomes for people experiencing a mental health crisis. The Crisis Concordat sets out four stages of the crisis care pathway: (1) access to support before crisis point; (2) urgent and emergency access to crisis care; (3) quality treatment and care in crisis; and (4) promoting recovery. To evaluate the clinical effectiveness and cost-effectiveness of the models of care for improving outcomes at each stage of the care pathway. Electronic databases were searched for guidelines, reviews and, where necessary, primary studies. The searches were performed on 25 and 26 June 2014 for NHS Evidence, Cochrane Database of Systematic Reviews, Database of Abstracts of Reviews of Effects, NHS Economic Evaluation Database, and the Health Technology Assessment (HTA) and PROSPERO databases, and on 11 November 2014 for MEDLINE, PsycINFO and the Criminal Justice Abstracts databases. Relevant reports and reference lists of retrieved articles were scanned to identify additional studies. When guidelines covered a topic comprehensively, further literature was not assessed; however, where there were gaps, systematic reviews and then primary studies were assessed in order of priority. Systematic reviews were critically appraised using the Risk Of Bias In Systematic reviews assessment tool, trials were assessed using the Cochrane risk-of-bias tool, studies without a control group were assessed using the National Institute for Health and Care Excellence (NICE) prognostic studies tool and qualitative studies were assessed using the Critical Appraisal Skills Programme quality assessment tool. A narrative synthesis was conducted for each stage of the care pathway structured according to the type of care model assessed. The type and range of evidence identified precluded the use of meta-analysis. One review of reviews, six systematic reviews, nine guidelines and 15 primary studies were included. There was very limited evidence for access to support

Communicating through Crisis: A Strategy for Organizational Survival.

Science.gov (United States)

Sturges, David L.

1994-01-01

Suggests that crisis communication should be a part of the larger issues of communication policy and strategy. Builds a case for the need to consider crisis communication in a larger context. Proposes a model of crisis communication content that may serve as a framework for research into the efficacy of communication during crisis episodes. (RS)

GLOBAL ECONOMIC CRISIS: EXPERIENCE OF TURKEY AS THE MODEL OF RECOVERY

OpenAIRE

NEVZAT TETIK

2012-01-01

Between the years 1820-2008, there have been many economic crises in the World. Each of the crises had different intensity, scope and dimension. 2008 global crisis also had distinctive features. Starting with U.S. financial crisis, with a domino effect of financial instruments, the crisis deepened and shifted to global dimension without any discontinuity. Effects of the 2008 global crisis, as countries could not reach financial balance and could not implement policies that would restart econo...

FINANCING MODEL (SYSTEM REWARD SEBAGAI UPAYA PENINGKATAN PEMANFAATAN TENAGA BIDAN DALAM PEMERIKSAAN KEHAMILAN DAN PERTOLONGAN PERSALINAN (TAHAP II: PELAKSANAAN INTERVENSI MODEL

Directory of Open Access Journals (Sweden)

Sarwanto Sarwanto

2012-11-01

Full Text Available The financing models as an intervention for provinsion of pregnant and delivery services has been implemented in Lumajang and Situbondo districts, each in three sub districts. Those models were Tabulin (Delivery  Saving and referral Fund for High Risk Pregnant Women. Traditional Birth Attendance (TBA Empowerment, Dasabu (Maternal Health Services Fund and DKM (Self Health Fund. The objectives of financing intervention models were: 1 to study the impact  of model toward midwive's delivery coverage, 2 to study the impact of models toward TBA 's and midwive's partnership, and 3 to study. the enabling and obstacle factors influencing its implementation. Quasy  experimental design without control group were used in the study  during 6 montths intervention.

The Regulation of Securities and Islamic Finance in Dubai: Implications for Models of Sharīʿah Compliance

OpenAIRE

Lee, Paul

2016-01-01

The Dubai International Financial Centre (“DIFC”) has become an important component of an increasingly significant global market for Islamic finance. However, the state of academic discussion has not necessarily kept pace with its growing economic import. This paper improves the current state of literature by (1) examining the current regulatory infrastructure for securities and Islamic finance in the DIFC, (2) comparing its regulatory model with those of other important Islamic finance juris...

Small finance banks: Challenges

Directory of Open Access Journals (Sweden)

Jayadev M

2017-12-01

Full Text Available A recent innovation in the Indian banking structure has been the formation of a new banking institution—small finance banks (SFBs. These banks are expected to penetrate into financial inclusion by providing basic banking and credit services with a differentiated banking model to the larger population. In this context the new SFBs have multiple challenges in coming out with a new, differentiated business model. The challenges include building low cost liability portfolio, technology management, and balancing the regulatory compliances. This paper also presents the top of mind views of three senior executives of new small finance banks.

Health, autonomic financing and transferences

Directory of Open Access Journals (Sweden)

David Cantarero Prieto

2002-01-01

Full Text Available The present paper has as objective to study the whole relative problem to the autonomous communities and regional heath care expenditure financing in Spain. This article has a dual purpose. First, the financing of the current health care attendance is approached in the Spanish regions passing magazine to its possible variants and we observe that the balance of our system is clearly inclined towards the side of the integration in the general pattern of financing («Fiscal Room» with specific conditions («Mixed System». Secondly, we examine the new situation in the mark of health care and its corresponding financing in the new model approved in 2001, in terms of the effects of tax assignment on autonomous communities.

The Impact of the Asian Crisis on International Financial Markets

Directory of Open Access Journals (Sweden)

Sang-Uck Loh

1998-12-01

Full Text Available Among the influences of the Asian financial crisis on the international market and its monetary policy and situation, the sharp backwash of the international private capital which has been continually related to the emerging market since the early 1990s is considered as the most important one. Though this trend is partly the result of the internal causes of the emerging countries, such as the inflexible policy of the exchange rate, the accumulation of the frequent income and expenses deficit and the stagnation of the economy in the countries hit by the Asian economic crisis, the unstable internal structure of the application system of the international monetary market probably also brought a tremendous influence. This thesis takes a look at the situation and is directed towards the direction and scale of the future international capital based on the studies of the unsteady factors of the structure of the economic market, which appeared in the period of the Asian economic crisis. After the moratorium of Russia, the liquidity of the international private capital in the international monetary market became various with the implement of the policy which lowered the exchange rate under the cooperation of the developed countries. Meanwhile, the Asian countries strived to establish the structure of enterprises and financial department in a full speed and with a high intensity after the economic crisis. So it is believed that they were fully qualified to enter the emerging market, and would be again in case of need. As the international investors experienced the Asian economic crisis, they faced and estimated the risk of investing into the emerging markets again. As the case stands, the strengthened joint of finance and trade among countries lead to a higher risk of the possibility that the crisis of one country expands to a worldwide crisis. So it is predicted that the inflow of the capital to the emerging market will be in a gradual way. The selection

Statistics for Finance

DEFF Research Database (Denmark)

Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard

Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics...... that rarely connect concepts to data and books on econometrics and time series analysis that do not cover specific problems related to option valuation. The book discusses applications of financial derivatives pertaining to risk assessment and elimination. The authors cover various statistical...... and mathematical techniques, including linear and nonlinear time series analysis, stochastic calculus models, stochastic differential equations, Itō’s formula, the Black–Scholes model, the generalized method-of-moments, and the Kalman filter. They explain how these tools are used to price financial derivatives...

Feedback Models for Collaboration and Trust in Crisis Response Networks

National Research Council Canada - National Science Library

Hudgens, Bryan J; Bordetsky, Alex

2008-01-01

.... Coordination within disaster response networks is difficult for several reasons, including the chaotic nature of the crisis, a need for the various organizations to balance shared goals (crisis amelioration...

VALUE ADDED TAX IN THE ECONOMIC CRISIS CONTEXT

Directory of Open Access Journals (Sweden)

Mara Cristian

2011-07-01

Full Text Available This article tries to present the major aspects concerning the value added tax in the context of economic crisis in European Union countries and Romania. The paper realizes an analysis of the impact of economic crises on VAT in the European space underlining the current situation when the revenues from VAT represent a valuable source of financing the public expenditures. In Romania the economic crises has led to increasing o f VAT rate from 19% to 24%. This measure is an important fiscal measure for the state budget and this study tries to reflect the impact of this VAT rate increase on the public revenues and consumption.

Funding models for financing water infrastructure in South Africa: framework and critical analysis of alternatives

CSIR Research Space (South Africa)

Ruiters, C

2013-04-01

Full Text Available by putting in place new institutional structures and funding models for effective strategies leading to prompt water infrastructure provision. The research identified several funding models for financing water infrastructure development projects. The existing...

Restructuring of manufacture under global financial and economic crisis: The case of Estonia

Directory of Open Access Journals (Sweden)

Kilvits Kaarel

2014-01-01

Full Text Available It was not possible for Estonia only by raising the technological level of enterprises and increasing so-called technical productivity to catch up in terms of productivity with the developed industrial countries. The structure of Estonian manufacture was out-of-date and required cardinal and fast changes toward greater value added. Every time a crisis hits, it brings about new breakthroughs in science and technology; promotes fundamental changes that take place in a relatively short period of time; gives birth to new industries; forms new growth points in the economy. The crisis has had a far-reaching impact on the world economy and has brought challenges and opportunities to all countries and all fields. In addition to big difficulties, the crisis provided for Estonian manufacture also an exceptionally good chance for change and development. The crisis had a purifying and disciplining effect, enabled to eliminate from the manufacture wrong investments and inefficient enterprises. Assets were redistributed from passive economic agents to active ones and in favour of those who had capital for growth financing. After the crisis the structure of Estonian manufacturing is more effective than before: 1 technological level higher; 2 organization of work more perfect; 3 value added and productivity higher; 4 position of value chain better; 5 maybe also the value chain itself new and better. But there are fewer jobs in the new structure of manufacturing than before the crisis. Economic, social, regional etc. stratification has increased. The influence of crisis is not over yet and there is still a risk of some setback in future. There may also arise new problems and old problems may grow sharper.

Investment finance: off limits for women.

Science.gov (United States)

Chilangwa-n'gambi, C Y

1993-10-01

In Zambia, women's access to finance is limited because 1) women lack collateral, 2) administrative practices discriminate against women, 3) women lack knowledge and information, and 4) women fail to maintain required financial records because their incomes are so low. Women have invested in areas which would be categorized as "feminine," however, including garment-making and flower-growing. The UNIP Women's League, which was the government's official body charged with ensuring gender awareness in policy-making and planning failed to survive the transition to a multiparty democracy. Some churches and nongovernmental organizations have attempted to promote gender-aware projects to help women survive the current economic crisis, but these programs are few and far between and suffer from a lack of capital. Organizations must adopt a business-like approach to help women move from welfare to economic empowerment.

Comparison between global financial crisis and local stock disaster on top of Chinese stock network

Science.gov (United States)

Xia, Lisi; You, Daming; Jiang, Xin; Guo, Quantong

2018-01-01

The science of complex network theory can be usefully applied in many important fields, one of which is the finance. In these practical cases, a massive dataset can be represented as a very large network with certain attributes associated with its nodes and edges. As one of the most important components of financial market, stock market has been attracting more and more attention. In this paper, we propose a threshold model to build Chinese stock market networks and study the topological properties of these networks. To be specific, we compare the effects of different crises, namely the 2008 global crisis and the stock market disaster in 2015, on the threshold networks. Prices of the stocks belonging to the Shanghai and Shenzhen 300 index are considered for three periods: the global crisis, common period and the stock market disaster. We find the probability distribution of the cross-correlations of the stocks during the stock market disaster is fatter than that of others. Besides, the thresholds of cross-correlations are assigned to obtain the threshold networks and the power-law of degree distribution in these networks are observed in a certain range of threshold values. The networks during the stock market disaster also appear to have larger mean degree and modularity, which reveals the strong correlations among these stock prices. Our findings to some extent crosscheck the liquidity shortage reason which is believed to result in the outbreak of the stock market disaster. Moreover, we hope that this paper could give us a deeper understanding of the market's behavior and also lead to interesting future research about the problems of modern finance theory.

Considering Time-Dependency of Social Vulnerability in Crisis Modeling and Management

Science.gov (United States)

Aubrecht, C.; Steinnocher, K.; Freire, S.; Loibl, W.; Peters-Anders, J.; Ungar, J.

2012-04-01

Crisis and disaster management is much more than the immediate first-response actions following an incident. In many projects the main focus has been on the phase starting at the point when an unwanted event happens and lasting until the activities return to normal routines (i.e., ad hoc reaction rather than proactive mitigation). There has been less emphasis on the other phases of the disaster management cycle such as prevention, preparedness, recovery and reconstruction, even though those phases have a strong influence on the general status of a society and its citizens. Especially the potential of a crisis to escalate into a large-scale disaster is heavily dependent on the overall level of preparedness as well as on the planning of mitigation and response actions and their timely execution. There is a need for improved decision-making support that enables modeling of different crisis scenarios and their impacts according to chosen prevention and response actions. Vulnerability describing the status of a society with respect to an imposed hazard or potential impact is considered a strongly multidisciplinary concept. A central objective of vulnerability assessment is to provide indications where and how people - and more specifically, what kind of people - might be affected by a certain impact. Results should provide decision- and policy-makers with supporting information to target response and mitigation actions adequately. For assessment of the social dimension of vulnerability, population exposure mapping is usually considered the starting point. Integration of social structure and varying aspects of resilience further differentiate situation-specific vulnerability patterns on a local scale. In a disaster risk management context, assessment of human vulnerability has generally been lagging behind hazard analysis efforts. Accurately estimating population exposure is a key component of catastrophe loss modeling, one element of effective integrated risk analysis

Statistics and finance an introduction

CERN Document Server

Ruppert, David

2004-01-01

This textbook emphasizes the applications of statistics and probability to finance. Students are assumed to have had a prior course in statistics, but no background in finance or economics. The basics of probability and statistics are reviewed and more advanced topics in statistics, such as regression, ARMA and GARCH models, the bootstrap, and nonparametric regression using splines, are introduced as needed. The book covers the classical methods of finance such as portfolio theory, CAPM, and the Black-Scholes formula, and it introduces the somewhat newer area of behavioral finance. Applications and use of MATLAB and SAS software are stressed. The book will serve as a text in courses aimed at advanced undergraduates and masters students in statistics, engineering, and applied mathematics as well as quantitatively oriented MBA students. Those in the finance industry wishing to know more statistics could also use it for self-study. David Ruppert is the Andrew Schultz, Jr. Professor of Engineering, School of Oper...

Learning Crisis Unit through Post-Crisis: Characteristics and Mechanisms

Science.gov (United States)

Chebbi, Hela; Pündrich, Aline Pereira

2015-01-01

Purpose: This paper aims to identify the characteristics that a crisis unit should have to achieve effective learning after crisis. Literature has identified many relations between learning organizations and crisis; yet, there is a dearth of research on specific studies about crisis units and their post-crisis learning features. Thus, this paper…

Competitiveness of the economy and the crisis of the European Monetary Union

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Grbić Vladimir

2014-01-01

Full Text Available The crisis in the European Monetary Union revealed the internal weaknesses of its functioning. The evolution of the EMU was not accompanied by appropriate structural transformations. The prerequisite for optimal currency area on its endogenous character is not sufficiently confirmed. It was found that the competitiveness of the euro area economy worsened compared to the relevant competitors in the world. A uniform operation of the single currency has contributed to the deepening of the differences in competitiveness among members. In the longer term, the current recession has slowed the development of the EMU and raises the question of its survival. In front of the EMU's members is a long road of the structural adjustments. In order to adapt to the European crisis adequately, Serbian finance highly dependent on euro must choose an appropriate exchange rate regime.

Gypsum Formation during the Messinian Salinity Crisis: an Alternative Model

Science.gov (United States)

Grothe, A.; Krijgsman, W.; Sangiorgi, F.; Vasiliev, I.; Baak, C. V.; Wolthers, M.; Stoica, M.; Reichart, G. J.; Davies, G.

2016-12-01

During the Messinian Salinity Crisis (MSC; 5.97 - 5.33 Myr ago), thick packages of evaporites (gypsum and halite) were deposited in the Mediterranean Basin. Traditionally, the occurrence of these evaporites is explained by the so-called "desiccation-model", in which evaporites are considered to result from a (partly) desiccated basin. In the last decade, it was thought that changes in the Mediterranean-Atlantic connectivity could explain the formation of gypsum. Stable isotope studies, however, show that the gypsum formed under influence of large freshwater input. Here we present new strontium isotope data from two well-dated Messinian sections in the Black and Caspian Seas. Our Sr isotope records suggest a persistent Mediterranean-Black Sea connection throughout the salinity crisis, which implies a large additional freshwater source to the Mediterranean. We claim that low saline waters from the Black Sea region are a prerequisite for gypsum formation in the Mediterranean and speculate about the mechanisms explaining this apparent paradox.

Crisis and Crisis Scenarios

DEFF Research Database (Denmark)

Larsen, Øjvind

2016-01-01

This special issue of Nordicum-Mediterraneum contains select proceedings from the third meeting of the Nordic Summer University research circle called “Crisis and Crisis Scenarios: Normativity, Possibilities and Dilemmas”, held April 9th — 12th, 2015 at the Lysebu Conference Centre in Oslo, Norway....... The circle’s research program runs from 2014 to 2016 and is aimed at examining the concept of crisis as it is used today in academia and public discussion. In this collection of papers from the symposium we present some of the different ways in which the topic of the study group was addressed....

Economic crisis in Asia and Middle Eastern economy; Ajia keizai kiki to chuto keizai

Energy Technology Data Exchange (ETDEWEB)

Ishinoda, Toru

1999-02-01

Economic crisis in Asia and its influences on Middle Eastern economy are explained based on statistics. In Asian countries domestic energy demand has increased rapidly with recent high rate of economic growth for a background. Crisis on currency and finance originated in Thailand in the second half of 1997 has spread to neighboring countries of Malaysia, Indonesia, Philippine and Republic of Korea, then economic depression and confusion has propagated all over Asia, and decrease in oil demands has caused sudden drop of oil price, which has an important effect upon economy of oil producing countries of Middle East. Drastic decrease in oil and gas income has resulted in downward modification of budget, cut down of expenditure and reexamination of investment projects, including suspension. Statistical data were shown on trades with Asian countries, effects of sudden drop in oil price in Iran and Saudi arabia and its deficit in finance. Recovery of Asian economy being slow, sharp increase in demand for oil and turn over of oil price can't be expected, and it seems that oil producing countries, who have economic structure of depending much on export of oil products such as crude oil, petroleum products and natural gas, will stay in distress for the time being. (NEDO)

MODEL PENYALURAN DANA (FINANCING DALAM OPTIMALISASI PENGEMBANGAN UMKM DI KABUPATEN KUBU RAYA PROVINSI KALIMANTAN BARAT

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Sumiyati

2017-12-01

Full Text Available Permasalahan yang saat ini dihadapi UMKM adalah seringkali pembiayaan dana komersil dengan cost of capital yang relatif tinggi, persyaratan sangat selektif dan jumlah yang tidak mencukupi serta kadangkala salah sasaran, sehingga program permodalan tidak dapat memberikan manfaat yang optimal pada pengembangan UMKM. Tujuan penelitian ini untuk merancang model penyaluran dana (financing dalam optimalisasi pengembangan UMKM, terutama dari sudut pandang pelaku UMKM. Metode yang digunakan dalam penelitian ini ada 3 (tiga tahapan, yang pertama yaitu metode deskriptif dengan pendekatan tabulasi, yang kedua yaitu analisis medan kekuatan (Force Field Analysis, serta yang terakhir yaitu The House Model. Hasil penelitian mengindentifikasi permasalahan financing yang dihadapi pelaku UMKM, mengkaji kekuatan pendorong dan kekuatan penghambat pengembangan UMKM, dan mengembangkan rancangan The House Model yaitu model penyaluran dana dalam optimalisasi pengembangan UMKM di Kabupaten Kubu Raya Provinsi Kalimantan Barat.

Is there flexibility in the European Semester process? : Exploring interactions between the EU and member states within post-crisis socio-economic governance

NARCIS (Netherlands)

Bekker, Sonja

The consequences of the Eurozone crisis has spurred increased coordination of member state public finances at European level. This also entails the scrutiny of socio-economic issues within the framework of the European semester. However, this process also includes aspects of negotiation in which the

Crisis Communication Online

DEFF Research Database (Denmark)

Utz, Sonja; Schultz, Friederike; Glocka, Sandra

2013-01-01

Social media play in today's societies a fundamental role for the negotiation and dynamics of crises. However, classical crisis communication theories neglect the role of the medium and focus mainly on the interplay between crisis type and crisis communication strategy. Building on the recently...... developed “networked crisis communication model” we contrast effects of medium (Facebook vs. Twitter vs. online newspaper) and crisis type (intentional vs. victim) in an online experiment. Using the Fukushima Daiichi nuclear disaster as crisis scenario, we show that medium effects are stronger than...... the effects of crisis type. Crisis communication via social media resulted in a higher reputation and less secondary crisis reactions such as boycotting the company than crisis communication in the newspaper. However, secondary crisis communication, e.g. talking about the crisis communication, was higher...

Management and financing of e-Government projects in India: Does financing strategy add value?

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Shashank Ojha

2017-06-01

Full Text Available How do managers structure e-government projects and address challenges of risks, lack of technical expertise, and mitigation of strategic error for preventing loss of investments? Our aim was to compare the traditional finance approach and the strategy-driven, innovative financing approaches under the PPP model, to examine their managerial value-addition. We found that e-government projects require a carefully crafted structuring strategy and that innovative financing is more suitable in facilitating flexible decision making, building core capabilities, managing and sharing project risks, providing funds needed for growth and innovation, and customising tailor-made project governance strategy. Based on our findings, we develop five theoretical propositions.

INVESTMENT FINANCING THROUGH THE "PROJECT FINANCE"

OpenAIRE

Molina Arenaza, Hércules; Del Carpio Gallegos, Javier

2014-01-01

This article analizes and compares the various aspects related to the "Project Finance" technique using projects financing in the Capital Market, both in developed countries and in developing countries. Likewise, the application's technique is illustrated by Antamina mining enterprise. El artículo analiza y compara los diferentes aspectos relacionados con la técnica del Project finance usado en el financiamiento de proyectos en el mercado de capitales, tanto en los países desarrollados com...

Mastering R for quantitative finance

CERN Document Server

Berlinger, Edina; Badics, Milán; Banai, Ádám; Daróczi, Gergely; Dömötör, Barbara; Gabler, Gergely; Havran, Dániel; Juhász, Péter; Margitai, István; Márkus, Balázs; Medvegyev, Péter; Molnár, Julia; Szucs, Balázs Árpád; Tuza, Ágnes; Vadász, Tamás; Váradi, Kata; Vidovics-Dancs, Ágnes

2015-01-01

This book is intended for those who want to learn how to use R's capabilities to build models in quantitative finance at a more advanced level. If you wish to perfectly take up the rhythm of the chapters, you need to be at an intermediate level in quantitative finance and you also need to have a reasonable knowledge of R.

Project financing versus corporate financing under asymmetric information

OpenAIRE

Anton Miglo

2008-01-01

In recent years financing through the creation of an independent project company or financing by non-recourse debt has become an important part of corporate decisions. Shah and Thakor (JET, 1987) argue that project financing can be optimal when asymmetric information exists between firm's insiders and market participants. In contrast to that paper, we provide an asymmetric information argument for project financing without relying on corporate taxes, costly information production or an assump...

St George Acute Care Team: the local variant of crisis resolution model of care.

Science.gov (United States)

Cupina, Denise D; Wand, Anne P F; Phelan, Emma; Atkin, Rona

2016-10-01

The objective of this study was to describe functioning and clinical activities of the St George Acute Care Team and how it compares to the typical crisis resolution model of care. Descriptive data including demographics, sources of referral, type of clinical intervention, length of stay, diagnoses and outcomes were collected from records of all patients who were discharged from the team during a 10 week period. There were 677 referrals. The team's functions consisted of post-discharge follow-up (31%), triage and intake (30%), case management support (23%) and acute community based assessment and treatment (16%). The average length of stay was 5 days. The majority of patients were diagnosed with a mood (23%) or a psychotic (25%) disorder. Points of contrast to other reported crisis resolution teams include shorter length of stay, relatively less focus on direct clinical assessment and more telephone follow-up and triage. St George Acute Care Team provides a variety of clinical activities. The focus has shifted away from the original model of crisis resolution care to meet local and governmental requirements. © The Royal Australian and New Zealand College of Psychiatrists 2016.

Policy responses to the European debt crisis treating the “symptoms” or the “disease”?

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Antzoulatos Angelos A.

2012-01-01

Full Text Available The conventional narrative for the European debt crisis stresses three factors, namely, bad policies and profligacy in the afflicted countries - mostly southern ones, flaws in the EMU design, and wise policies in the northern frugal countries. This paper argues that the root causes of the crisis lie in the failure of many “safety valves” of market economies, at many levels of the society, both in the crisis countries and in the more “prudent” EMU countries, in an economic environment where unfettered finance can overwhelm even the biggest and best managed economies. Hence, the policy responses based on the conventional narrative are akin to treating the “symptoms”, not the “disease”. As such, they may be setting the foundations for a bigger crisis in the future by strengthening the always-present perverse incentives of many economic players and by proposing complex and unworkable regulatory and supervisory structures. This, together with the unequal sharing of the burden of adjustment - both across and within countries, bodes ill for the long-term prospects of EMU, despite that the aforementioned failures are not intrinsically related to the euro.

Crisis and regulation of household public services in Colombia Crisis y regulación de los servicios colectivos domiciliarios en Colombia

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Cuervo Luis Mauricio

1994-06-01

Full Text Available The concepts of crisis and "social provision" are the framework for an analysis of the privatization of public services. For a number of reasons, they may encounter difficul ties in obtaining finance, and society must find a lasting solution for this. The particularsolution proposed by the author is what he terms "social provision". In developing countries, public services are precarious and necessarily
in short supply. This is not in itself a sign of crisis, but is
something which will occur when the possibilities of social provision are exhausted, that is, at the moment at which a global change in basic solutions is sought for the services to be continued. Based on a study of electricity, drinking water and sewerage, the author concludes that social provision in Colombia consists of a "public commercial model, segmented in society and in space". Recent proposals for reform encourage the entry of private capital and limit the Sta te to overall planning and regulation. If the proposals are
approved, the current model of provision will be changed: but there is no clear definition of the new model yet, but its leading feature would be to increase the commercial and private focus of services.
Los conceptos de crisis y de modo social de provisión sirven de marco para analizar la privatización de servicios públicos. Por diversas razones, estos pueden tener dificultades para captar recursos financieros y la sociedad debe entonces encontrar soluciones duraderas a esas restricciones. La solución particular constituye lo que el autor denomina “modo de previsión social” de un servicio. En los países en desarrollo, los servicios son precarios y la escasez es inherente a su prestación. Así, la simple escasez no es signo de crisis; ésta aparece cuando se agota el modo social de previsión, es decir, cuando se busca una transformación global de las “soluciones básicas” que permitían prestar el servicio. Con base en el

NGOs' Active Roles in the Process of Using Mudaraba as Financing Model in Interest-free Banking

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M. Salih KUMAŞ

2016-04-01

Full Text Available Today, it is commonly accepted fact that conventional banking fails in the fair distribution of economic wealth and in the provision of sustainable economic development. It seems almost impossible for Islamic Banking to be a strong alternative to interest-based banking with its current practice.  That is the reason why the alternative financing methods of Islamic Finance should be improved. In this context, the major obstacle for Islamic Banking to be an alternative to conventional counterpart is that it confines itself to murâbaha financing. Although the Mudaraba financing model suits better to the spirit of Islamic Banking and its historic advancement, it is observed that it is nearly not practiced or cannot be practiced. The reason behind this and major problem of Mudaraba model is having lack of enough entrepreneurs and not being able to raise them. In this sense, we believe that NGOs like MUSIAD and ASKON can contribute for the enhancement of the Islamic Banking as we have witnessed that many NGOs had considerable contributions by taking important roles in the past. This process which sort of means the integration of NGOs and Islamic Banking can be carried out in three stages.

Threshold concepts in finance: student perspectives

Science.gov (United States)

Hoadley, Susan; Kyng, Tim; Tickle, Leonie; Wood, Leigh N.

2015-10-01

Finance threshold concepts are the essential conceptual knowledge that underpin well-developed financial capabilities and are central to the mastery of finance. In this paper we investigate threshold concepts in finance from the point of view of students, by establishing the extent to which students are aware of threshold concepts identified by finance academics. In addition, we investigate the potential of a framework of different types of knowledge to differentiate the delivery of the finance curriculum and the role of modelling in finance. Our purpose is to identify ways to improve curriculum design and delivery, leading to better student outcomes. Whilst we find that there is significant overlap between what students identify as important in finance and the threshold concepts identified by academics, much of this overlap is expressed by indirect reference to the concepts. Further, whilst different types of knowledge are apparent in the student data, there is evidence that students do not necessarily distinguish conceptual from other types of knowledge. As well as investigating the finance curriculum, the research demonstrates the use of threshold concepts to compare and contrast student and academic perceptions of a discipline and, as such, is of interest to researchers in education and other disciplines.

Attribution Theory and Crisis Intervention Therapy.

Science.gov (United States)

Skilbeck, William M.

It was proposed that existing therapeutic procedures may influence attributions about emotional states. Therefore an attributional analysis of crisis intervention, a model of community-based, short-term consultation, was presented. This analysis suggested that crisis intervention provides attributionally-relevant information about both the source…

¿Crisis internacional o crisis del capitalismo?.

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Daniel Hawkins.

2010-01-01

Full Text Available The present global recession that sprung out of the US banking and Real Estate sectors in 2007 has its roots in the massive State and financial upheavals implemented in the face of the 1970s crisis of over accumulation. These transformations had as their objective the reneging of the Keynesian, tripartite model of regulation and its association with the ‘Welfare State’. As such, the post-1970 neo-liberal financial order can be best seen as a ‘class project’ to reassert the dominance of grand capital, especially financial capital, both in the political and economic fields. Examining the intricate links between the present crisis and the structural governance changes enacted over the past 30 years, principally in the United States, the fallacies of ultra-growth and the speculative model become obvious as do their class dimensions and impact. However, despite the seeming ideological death of neo-liberalism, on close inspection, the policies so far enacted by the Obama administration make no concerted move out of the past era of financial sector hegemony.

The determinant of equity financing in sharia banking and sharia business units

OpenAIRE

Effendi, Jaenal

2018-01-01

Equity financing plays an important role in mobilizing financing in the real sector. The core business of sharia banking is based on the real sector, but the financing portion in sharia banking is still dominated by debt financing. This study aims to analyze the factors that affect equity financing in General Sharia Bank (BUS) and Sharia Business Unit (SBU) in Indonesia. This study uses Error Correction Model. The results show that in the long-term model of Third Party Fund (DPK), Finance to ...

Financing tourist activity

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Vujović Slavoljub

2014-01-01

Full Text Available This paper researches which of the possible financing models (self-financing, loan, mutual fund, issuing securities and leasing is the most convenient for tourism financing on the grounds of opinions and views of student population. Taking into account that future social and economic development depends on student population, that in every society intellectual endeavor (science and art exists ever since man exists, that the overall progress of mankind is based on the great intellectual endeavor of former civilizations, as well as the fact that Western Serbia has remarkable natural and anthropogenic characteristics suitable for valorization for the purpose of tourism development, the research questions were formulated and the research was performed. The methods used were: analysis, correlation, deduction and induction. Field research has been of the primary importance and it was based on questionnaires, interviews and in-depth interview. [Projekat Ministarstva nauke Republike Srbije, br. 46001 i br. 47007

THE HUNGARIAN CRISIS: AN AUSTRIAN SCHOOL EXPLANATION

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Andras Toth

2013-07-01

Full Text Available The Hungarian model was heralded as one of the most successful post-socialist way of integration into the globalised world economy and European economic area in the nineties. Currently, Hungary is suffering from a full-blown crisis 1996 onwards. Increasingly large number of Hungarians is losing their faith in political parties, institutions, democracy and in market economy. The government, elected in 2010 by supermajority and still enjoying a broad support despite the deepening recession, condemns the development path taken after 1989 and openly rejects the wrong model of the last 20 years. The government intends to build a new economic model following a model, which one can call a model of economic nationalism as the only way out of the crisis. The paper intends to portray, through the case of Hungary, how economy and politics is interconnected, and why political elites are choosing a credit fuelled development path. The paper intends to portray how a credit fuelled growth was induced by politics and ended up in tears. Moreover, the paper describes the consequences of pro-etatist shift in the public sentiment due to the alleged “market-failure”, which was in reality a crisis, at first place, created for political purposes by political means. This article, based on the Austrian business cycle theory, argues that the tragedy of Hungary was that it went through a government inspired spending binge in the first half of the 2000s. The deficit spending of the government was accompanied by the expansion of credit by the commercial banks, mostly denominated in Swiss francs. The combined effect of deficit spending and credit expansion was the build-up of debt and loss of cost competitiveness. The 2008 crisis ended the credit fuelled development path and has started the long and painful period of deleveraging crisis. On the other hand, the Hungarian crisis is a post-Keynesian crisis. It had broken out when the state was already heavily indebted and

FRAGMENTATION OF CRISIS MANAGEMENT IN AN ENTERPRISE

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Jarema Batorski

2011-11-01

Full Text Available The communiqué presents some methodological assumptions of research into organizational crisismanagement. The subject of research, both theoretical and empirical, is crisis management in anenterprise from the point of view of organizational learning. There are some paradoxes in crises andin using common practices during a crisis. These paradoxes constitute the research field forrecomposition of various models of crisis management in enterprises.

Nuclear and finance: the power of lobbies against democracy

International Nuclear Information System (INIS)

Balvet, Jacqueline; Petitjean, Olivier; Plihon, Dominique; Knaebel, Rachel; Gouin, Simon

2017-10-01

This article proposes an analysis of relationships between the finance and nuclear sectors which are two key actors of the French capitalism, and display a deep intertwining of public and private interests within networks present within many institutions. Similarities between these two sectors are first discussed, notably their important economic and political weight, the fact that they are both in a situation of permanent crisis and supported by the State, and both display high risks. An overview of actors is then proposed: the four main French banks, EDF and Engie. Their managers build up an actual techno-structure: they are coming from the same schools, may pass from one sector to the other, know each other well. The article states that this prevailing position of this finance and nuclear elite results in a prevailing ideology to be imposed to the society. An overview of their possible strategies of influence is proposed: standardised speech, ubiquity, and so on. The authors then address and discuss possibilities to struggle against this power: to denounce and to resist, to try to introduce regulations which would give room to the general interest in the nuclear and banking sectors

The Asian financial crisis: identification, interdependence, and transmission

OpenAIRE

Lestano, M.

2006-01-01

The 1980s and 1990s witnessed several episodes of financial turmoil, including the sovereign debt crisis of Latin America in the 1980s, the near-breakdown of the European Exchange Rate Mechanism (ERM) in 1992-1993 and the severe crisis that swept through Asian economies in 1997-1998. Three generations of theoretical models have been proposed to describe and explain such financial crises. The so-called first-generation models ars focussed on the Latin America debt crisis, which is characterise...

Complications in financing new nuclear power plants

International Nuclear Information System (INIS)

Rubow, L.; Bataklieva, L.

2011-01-01

Historical Financing Approach; Recent Financing Complexities; Typical NPP Project Structure; Project Funding; Technical Developments; Financing Drivers; Conflicting Goals; Different Motivation/ Values: Public vs. Private and other financial aspects are discussed. Some suggestions for consideration are given, such as: Stronger involvement of Government. Stronger involvement of off takers as investors: – Large industrial entities – Utilities/ Distribution companies – Smaller, aggregated industrial entities. Return to corporate finance model (e.g. balance sheet based on existing operating assets), More creative BOO(T) structures, EPCM project execution structures; Better communication with outside stake holders, i.e., why nuclear is best option

Reflections from the GPE Financing Conference in Dakar: A Model of Education Diplomacy

Science.gov (United States)

Golden, April Michelle

2018-01-01

Providing inclusive and equitable quality education for all children will require sustained cooperation and investment from donor and partner nations worldwide. As a multi-stakeholder funding mechanism, the Global Partnership for Education (GPE) is an important Education Diplomacy model. The 2018 Dakar Financing Conference is a vibrant…

The pitfalls of differentiation in the financing of Russian universities

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Irina V. Abankina

2016-01-01

Full Text Available Objective to identify the causes and consequences of the increasing stratification of higher educational institutions by the volumes and sources of financing as well as by the areas of training. Methods during the research we used methods of statistical and economic analysis of the results of the universitiesrsquo activities. Using econometric models the relationships were estimated of the resource base of higher education industrial and economic potential of Russian regions an empirical analysis of factors influencing the increasing public demand for higher education was conducted. Results the trends of structural changes in the demand for higher education in Russia during the period from 2001 to 2014 were described the regional differentiation of financial provision of higher educational institutions in the transition to effective contract work was evaluated. The major risks were identified associated with the structural mismatch of the demand for higher education from families and the offer of admission quotas for the budgetfunded education with increasing regional differentiation which provokes the separation of the Russian universities by the volumes and sources of financial provision with high commitments to increase the salaries of the teaching staff leading to a shortage of funds for maintenance of the property complex and ensuring of the educational process which jeopardizes the quality of educational programsrsquo implementation. Scientific novelty basing on the empirical analysis using econometric models the tendencies are identified of structural changes in the demand for higher education in the Russian regions the impact is assessed of the economic crisis and the payable demand of families on the financial provision of universities risks are identified and justified in the differentiation of Russian universitiesrsquo financing. Practical significance the main provisions and conclusions of the article can be used by experts in the

A MODEL OF ECONOMIC GROWTH WITH PUBLIC FINANCE: DYNAMICS AND ANALYTIC SOLUTION

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Oliviero Antonio Carboni

2013-01-01

Full Text Available This paper studies the equilibrium dynamics of a growth model with public finance where two different allocations of public resources are considered. The model simultaneously determines the optimal shares of consumption, capital accumulation, taxes and composition of the two different public expenditures which maximize a representative household's lifetime utilities in a centralized economy. The analysis supplies a closed form solution. Moreover, with one restriction on the parameters ( we fully determine the solutions path for all variables of the model and determine the conditions for balanced growth.

Measuring a leader's ability to identify and avert crisis

OpenAIRE

Jamie Brownlee-Turgeon

2017-01-01

Leaders often have influence over the impact of pending crises by either preventing or minimizing the crisis (Pearson and Mitroff, 1993; Bonvillian, 2013). With crisis looming just around the corner, a leader’s ability to identify, avert, and manage a crisis has become a fundamental element in organizational sustainability. Yet, most literature on crisis is focused in the field of communication or crisis management during the actual event. Wooten and James (2008) provide a conceptual model...

PENSION FUNDS AND THE FINANCIAL CRISIS IN THE CEE COUNTRIES

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Milos Laura Raisa

2012-12-01

Full Text Available In this paper, the authors analyze the influence of the international financial crisis on the current architecture of the CEE pension systems and their further reforms. As a consequence of the financial crisis, the very fragile pension reform has been subject of debate in the new member states of European Union, given their deep recession and registered fiscal deficits. In many of the CEE countries, which have adopted/developed later the second pillar, the financial crisis has raised questions in what concerns the benefit of moving to a mixed pension system, in comparison with the former one, which relied exclusively on public pay-as-you-go schemes. The current literature analyses the situation in each of the CEE countries, but does not make an overall analysis of the situation of the CEE countries, member of the European Union. The authors show the short-term negative effects of the financial crisis on the pension reform in these countries, but also the longer run effects, on the continuing deteriorating finances of these pension systems, in the context of the aging of population and unsustainable pension schemes. Alongside reviewing and commenting the national authorities’ responses to the financial crisis, we are proposing also some measures meant to enhance the further pension system reform and to improve the performance of the private pension funds. Pensions have a long-time horizon and it would be very wrong to produce a reversal of the past reforms since the main problems of adequacy and sustainability remain vivid (demographic challenge and population aging. It is also true though that, while shifting from an exclusively public pay-as-you-go system towards a mixed pension system, especially in times of financial crisis, authorities must pay increased attention to the management and supervision of the DC pension plans, to the risk management standards and regulations of the private pension funds, alongside other measures meant to

Breaking the taboo: a history of monetary financing in Canada, 1930-1975.

Science.gov (United States)

Ryan-Collins, Josh

2017-12-01

Monetary financing - the funding of state expenditure via the creation of new money rather than through taxation or borrowing - has become a taboo policy instrument in advanced economies. It is generally associated with dangerously high inflation and/or war. Relatedly, a key institutional feature of modern independent central banks is that they are not obligated to support government expenditure via money creation. Since the financial crisis of 2007-2008, however, unorthodox monetary policies, in particular quantitative easing, coupled with stagnant growth and high levels of public and private debt have led to questions over the monetary financing taboo. Debates on the topic have so far been mainly theoretical with little attention to the social and political dynamics of historical instances of monetary financing. This paper analyses one of the most significant twentieth-century cases: Canada from the period after the Great Depression up until the monetarist revolution of the 1970s. The period was a successful one for the Canadian economy, with high growth and employment and manageable inflation. It offers some interesting insights into the relationship between states and central banks and present-day discussions around the governance of money creation. © London School of Economics and Political Science 2017.

DO WE IDENTIFY SYNERGIES IN PUBLIC MERGERS/ACQUSITIONS: BEFORE AND DURING THE ECONOMIC CRISIS

OpenAIRE

Oana Resceanu

2011-01-01

The aim of mergers and acquisitions is to create wealth for the shareholders and usually this is accomplished through synergistic expectations. However the evaluation and identification of synergies in mergers and acquisitions is one of the important issues in Corporate Finance. In this paper it is tested the markets reaction to a sample of 61 mergers/acquisitions in the European pharmaceutical sector, realized between end 2004 and beginning 2010- prior and during the economic crisis. In the ...

WHAT FIRMS ARE REWARDED AFTER GLOBAL FINANCIAL CRISIS? THE ROLE OF INNOVATION AND GLOBALIZATION STRATEGIES IN RECOVERY

Directory of Open Access Journals (Sweden)

Victoria Golikova

2016-03-01

Full Text Available The aim of the research is to conduct an empirical investigation and reveal what types of globalization and innovation strategies in turbulent and unfavorable regional institutional environment are most likely to be associated with different trajectories of Russian manufacturing firms’ performance in 2007- 2012. We employ the results of empirical survey of 1000 medium and large enterprises in manufacturing (2009 linked to financial data from Amadeus database and the data on the regional institutional environment. We test that (1 introduction of innovations before the crisis ceteris paribus helped the firms to successfully pass the crisis and recover. We expect that (2 companies that became globalized before the crisis (via importing of intermediate and capital goods; exporting; FDI; establishment of partner linkages with foreign firms ceteris paribus are more likely to successfully pass the crisis and grow. And (3 propose the positive effect of synergy of innovation efforts and globalization strategy of the firm. We expect that the abovementioned factors are complimentary and reinforce the ability of the firm to recover after crisis shock. We found strong support for the hypothesis that firms financing introduction of new products before the crisis and simultaneously managed to promote and sell them on the global market were rewarded by quick return to the growing path after global crisis. Other strategies, i.e. solely innovations without exporting play insignificant role while exporting without attempts to introduce new products contribute even negatively to post-crisis recover. Institutional environment also matters: in the regions with less level of corruption firms were more likely to grow after the crisis.

Non-Power Purchase Agreement (PPA) Options for Financing Solar Deployment at Universities

Energy Technology Data Exchange (ETDEWEB)

2016-10-01

Financing solar using power purchase agreements (PPAs) has facilitated solar deployment of more than 100 megawatts (MW) at universities--as compared to 50 MW facilitated by financing models not using PPAs. This brochure, which overviews existing financing models and funding mechanisms available for solar procurement, focuses on non-PPA financing models. For more information on solar deployment at universities using PPAs, refer to Using Power Purchase Agreements for Solar Deployment at Universities.

Project financing

International Nuclear Information System (INIS)

Cowan, A.

1998-01-01

Project financing was defined ('where a lender to a specific project has recourse only to the cash flow and assets of that project for repayment and security respectively') and its attributes were described. Project financing was said to be particularly well suited to power, pipeline, mining, telecommunications, petro-chemicals, road construction, and oil and gas projects, i.e. large infrastructure projects that are difficult to fund on-balance sheet, where the risk profile of a project does not fit the corporation's risk appetite, or where higher leverage is required. Sources of project financing were identified. The need to analyze and mitigate risks, and being aware that lenders always take a conservative view and gravitate towards the lowest common denominator, were considered the key to success in obtaining project financing funds. TransAlta Corporation's project financing experiences were used to illustrate the potential of this source of financing

Managing Reputation Risk and Situational Crisis in Higher Institutions of Learning

OpenAIRE

Effiong, Andem Ita

2014-01-01

Extant literature on crisis and corporate reputation management has presented the Situational Crisis Communication Theory (SCCT) model as a valid and reliable framework for managing crisis and predicting stakeholders’perceptions of organizations’ reputation in times of crisis. In order to verifythe applicability of the model in higher institutions of learning in adeveloping country context, a study was conducted in September, 2011 in twopublic universities in Nigeria. The findings of the stud...

Economic crisis and oil market balances

International Nuclear Information System (INIS)

Duquesnoy, S.; Rozenberg, J.; Hourcade, J.Ch.

2011-01-01

One might intuitively think that an economic crisis would at least relieve the pressure on oil supply since it slows energy demand. From the model of the oil market DYSMO, we show that an economic crisis may on the contrary increase tension, as it postpones investment in oil supply. (authors)

QUALITATIVE MARKETING RESEARCH REGARDING THE IMPACT OF THE CRISIS ON THE ACTIVITY OF THE LEASING COMPANIES

Directory of Open Access Journals (Sweden)

CRISTINA BĂLTEANU

2012-01-01

Full Text Available The financial crisis has caused the economic system both direct and indirect effects. Negative macroeconomic shocks have had a direct impact on the results of leasing companies, and effects such as panic and "nervous breakdown" also had major repercussions. The purpose of this paper based on a qualitative marketing research is knowing, on the one hand, the effects of the crisis on the consumption of leasing products/services and, on the other hand, the factors that caused these effects. The study also aimed to outline the possible evolution of the leasing services offers over the next three years, taking in consideration the measures taken by leasing companies in order to restart the financing process through this system.

Crisis on campus: Eating disorder intervention from a developmental-ecological perspective.

Science.gov (United States)

Taylor, Julia V; Gibson, Donna M

2016-01-01

The purpose of this article is to review a crisis intervention using the developmental-ecological protocol (Collins and Collins, 2005) with a college student presenting with symptomatology of an active eating disorder. Participants included University Wellness Center employees responding to the crisis. Methods include an informal review of the crisis intervention response and application of the ABCDE developmental-ecological crisis model. Results reported include insight into crisis intervention when university counseling and health center is not available as resources. ABCDE Developmental-ecological model recommendations for university faculty and staff are included.

Crisis Communication and Management: Surviving a Public Relations Crisis

Science.gov (United States)

Eramo, Eric M.

2009-01-01

Crisis management, or crisis communication, is never a good thing for a business to experience. It is, however, a public relations' professional moment to shine and put their honed skills to good use. A good crisis management plan is not only action during the crisis but preparation and reflection. Hiring a PR firm that deals with crisis…

Financing options in Mexico`s energy industry

Energy Technology Data Exchange (ETDEWEB)

McKenna, J.J. [PricewaterhouseCoopers Securities, Houston, TX (United States)

1999-10-01

A series of brief notes accompanied this presentation which was divided into seven sections entitled: (1) capital markets update, (2) Mexican financial market update, (3) financing options in the energy industry, (4) the Venezuelan experience at La Apertura, (5) private and strategic equity alternatives, (6) Pricewaterhouse Coopers Securities, and (7) Mexico energy 2005 prediction. The paper focused on how the financial crisis and merger activity in Latin America will impact electricity reform in Mexico. It was noted that under Mexico`s Policy Proposal for Electricity Reform of the Mexican Electricity Industry, the financial community will seek to back companies in power generation, transportation and distribution. The difficulty of financing government businesses undergoing privatization was also discussed with particular emphasis on the challenge of accepting political and regulatory risks. The Latin private equity market and Canadian investment in Mexico was also reviewed. Since NAFTA (North American Free Trade Agreement) went into affect in 1994, Canadian investment in Mexico has more than tripled. Canadian companies have invested more than C$1.7 billion in Mexico since NAFTA. Pricewaterhouse Coopers Securities is a global investment bank which sees large opportunities in the Mexican energy market. They predict that in five years, Mexico will experience a gradual liberalization of the oil and gas sector, and a full liberalization of the gas pipeline and distribution business and the power generation, transmission and distribution business. 3 figs.

Water institutions and governance models for the funding, financing and management of water infrastructure in South Africa

CSIR Research Space (South Africa)

Ruiters, Cornelius

2015-10-01

Full Text Available for the funding, financing and development of water infrastructure projects in South Africa, i.e. Model 1: direct fiscal (NRF) funding, Model 2: ring-fenced special purpose vehicle (SPV), Model 3: SPV housing dedicated water infrastructure cash-flows, Model 4...

Sources of Currency Crisis: An Empirical Analysis

OpenAIRE

Weber, Axel A.

1997-01-01

Two types of currency crisis models coexist in the literature: first generation models view speculative attacks as being caused by economic fundamentals which are inconsistent with a given parity. Second generation models claim self-fulfilling speculation as the main source of a currency crisis. Recent empirical research in international macroeconomics has attempted to distinguish between the sources of currency crises. This paper adds to this literature by proposing a new empirical approach ...

Growth and project finance in the least developed countries

OpenAIRE

Lisbeth F. la Cour; Jennifer Müller

2014-01-01

This article examines the effects of project finance on economic growth in the least developed countries (LDC). Inspired by the neoclassical growth model we set up an econometric model to estimate the effects of project finance for a sample consisting of 38 of the least developed countries using data from the period 1994-2007. The results of our study suggest, that project finance has a significant positive effect on economic growth and therefore constitute an important source of ...

Project financing

International Nuclear Information System (INIS)

Alvarez, M.U.

1990-01-01

This paper presents the basic concepts and components of the project financing of large industrial facilities. Diagrams of a simple partnership structure and a simple leveraged lease structure are included. Finally, a Hypothetical Project is described with basic issues identified for discussion purposes. The topics of the paper include non-recourse financing, principal advantages and objectives, disadvantages, project financing participants and agreements, feasibility studies, organization of the project company, principal agreements in a project financing, insurance, and an examination of a hypothetical project

Model documentation: Electricity market module, electricity finance and pricing submodule

Energy Technology Data Exchange (ETDEWEB)

1994-04-07

The purpose of this report is to define the objectives of the model, describe its basic approach, and provide detail on how it works. The EFP is a regulatory accounting model that projects electricity prices. The model first solves for revenue requirements by building up a rate base, calculating a return on rate base, and adding the allowed expenses. Average revenues (prices) are calculated based on assumptions regarding regulator lag and customer cost allocation methods. The model then solves for the internal cash flow and analyzes the need for external financing to meet necessary capital expenditures. Finally, the EFP builds up the financial statements. The EFP is used in conjunction with the National Energy Modeling System (NEMS). Inputs to the EFP include the forecast generating capacity expansion plans, operating costs, regulator environment, and financial data. The outputs include forecasts of income statements, balance sheets, revenue requirements, and electricity prices.

Peeling the Energy Pickle: Expert Perceptions on Overcoming Nepal’s Electricity Crisis

DEFF Research Database (Denmark)

Sovacool, Benjamin; Dhakal, Saroj; Gippner, Olivia

2013-01-01

Underinvestment, low levels of electricity access, natural disasters, topography and hydrology make Nepal’s electricity crisis akin to ‘peeling a pickle’: difficult to pin down and hard to manage. Based primarily on the perceptions of a sample of experts, this article lays out a roadmap for how......; political instability resulting from the aftermath of the Maoist insurgency; poverty and corruption; lack of financing and investment; constrained technological and human resources; and, finally, aid dependency and political manoeuvring. We conclude by calling on Nepali policymakers to invest in distributed...

Optimal Advertising When Envisioning a Product-Harm Crisis

OpenAIRE

Olivier Rubel; Prasad A. Naik; Shuba Srinivasan

2011-01-01

How should forward-looking managers plan advertising if they envision a product-harm crisis in the future? To address this question, we propose a dynamic model of brand advertising in which, at each instant, a nonzero probability exists for the occurrence of a crisis event that damages the brand's baseline sales and may enhance or erode marketing effectiveness when the crisis occurs. Because managers do not know when the crisis will occur, its random time of occurrence induces a stochastic co...

Foreword to the Special Issue on "Dynamic Models in Economics and Finance"

Science.gov (United States)

Gardini, Laura; Kubin, Ingrid; Tramontana, Fabio; Wagener, Florian

2018-05-01

International workshops on Dynamic Models in Economics and Finance (MDEF) take place every two years in Urbino (Italy); since the inception of the series in 2000, there have been nine editions. The subject has become a central topic for scholars working on economic dynamics. In 2016 the workshop was held under the auspices of University of Urbino "Carlo Bo" , DESP1

FINANCING CAPACITY, AN INDICATOR OF SELF FINANCING FOR COMPANIES

Directory of Open Access Journals (Sweden)

Teodor Hada

2013-12-01

Full Text Available In the introduction of this paper the research objectives are presented on a case study, the research method, as well as the literature in the field and the novelty of this study. Furthermore, several aspects on the source of information for determining intermediate management balances are covered. In the third part of the study the indicator of self-financing capacity of companies is determined. The correlation between the self-financing capacity and term debts are shown in the fourth part and the fifth part of this study presents some aspects regarding global self-financing, maintaining self-financing, net self-financing, and finally the results of the study are presented.

[Lessons from abroad. Current and previous crisis in other countries. SESPAS report 2014].

Science.gov (United States)

Rivadeneyra-Sicilia, Ana; Minué Lorenzo, Sergio; Artundo Purroy, Carlos; Márquez Calderón, Soledad

2014-06-01

The evidence available on the impact of previous crises on health reveals different patterns attributable to study designs, the characteristics of each crisis, and other factors related to the socioeconomic and political context. There is greater consensus on the mediating role of government policy responses to financial crises. These responses may magnify or mitigate the adverse effects of crises on population health. Some studies have shown a significant deterioration in some health indicators in the context of the current crisis, mainly in relation to mental health and communicable diseases. Alcohol and tobacco use have also declined in some European countries. In addition, this crisis is being used by some governments to push reforms aimed at privatizing health services, thereby restricting the right to health and healthcare. Specifically, action is being taken on the three axes that determine health system financing: the population covered, the scope of services, and the share of the costs covered. These measures are often arbitrarily implemented based on ideological decisions rather than on the available evidence and therefore adverse consequences are to be expected in terms of financial protection, efficiency, and equity. Copyright © 2013 SESPAS. Published by Elsevier Espana. All rights reserved.

Behavioral finance

Directory of Open Access Journals (Sweden)

Kapor Predrag

2014-01-01

Full Text Available This paper discuss some general principles of behavioral finance Behavioral finance is the dynamic and promising field of research that mergers concepts from financial economics and cognitive psychology in attempt to better understand systematic biases in decision-making process of financial agents. While the standard academic finance emphasizes theories such as modern portfolio theory and the efficient market hypothesis, the behavioral finance investigates the psychological and sociological issues that impact the decision-making process of individuals, groups and organizations. Most of the research behind behavioral finance has been empirical in nature, concentrating on what people do and why. The research has shown that people do not always act rationally, nor they fully utilise all information available to them.

Analysis of Financing Model of Public Rental Construction%公租房建设融资模式研究

Institute of Scientific and Technical Information of China (English)

吕明革

2014-01-01

The construction of public rental needs much money and usually takes a long time , thus it can not only rely on limited financial investment , so financing becomes a bottleneck restricting the construction of public rental .At present, bank loans and project financing are two main financing models of the public rental , while PPP, REITs and other ways are rarely used .This paper introduces the traditional financing methods , focusing on the PPP and REITs . The paper summarizes the pros and cons of nine financing models and concludes that bank loans , project financing , BT, BOT, PPP, TOT, bonds, public rental REITs and ABS can pave the way for opening up social capital into the field of investment and construction of public rental channel .It is suggested that China raise housing finance though multiple channels , and seek to comply with China's specific situation of public rental financing model .%公租房建设资金需求量大、占用时间长，依靠有限的财政投入难以满足，因此，公租房融资成为制约公租房建设的瓶颈。目前，公租房融资主要使用银行贷款、项目融资等方式，而其他市场化融资方式使用较少。为拓宽公租房融资渠道，应积极引入并大力发展REITs、PPP等模式。其中，REITs模式的市场化程度较高，专业性更强，要求有完善的法律体系作保障；而PPP模式强调在政府引导下引入私人资本，以分担风险和成本。总体来说，REITs、PPP都将是中国公租房融资有益尝试。

Growth and Project Finance in the Least Developed Countries

DEFF Research Database (Denmark)

la Cour, Lisbeth F.; Müller, Jennifer

2014-01-01

for economic growth in LDCs. We find that a higher regulatory quality, lower government consumption and a higher level of education helps increase growth. The significance of these variables are, however, not as consistently robust as the results for project finance.......This article examines the effects of project finance on economic growth in the least developed countries (LDC). Inspired by the neoclassical growth model we set up an econometric model to estimate the effects of project finance for a sample consisting of 38 of the least developed countries using...... data from the period 1994-2007. The results of our study suggest, that project finance has a significant positive effect on economic growth and therefore constitute an important source of financing in the selected set of countries. Additionally, the project sheds light on other factors of importance...

Report on financing the new model of family medicine.

Science.gov (United States)

Spann, Stephen J

2004-12-02

To foster redesigning the work and workplaces of family physicians, this Future of Family Medicine task force was created to formulate and recommend a financial model that sustains and promotes a thriving New Model of care by focusing on practice reimbursement and health care finances. The goals of the task force were to develop a financial model that assesses the impact of the New Model on practice finances, and to recommend health care financial policies that, if implemented, would be expected to promote the New Model and the primary medical care function in the United States for the next few decades. The members of the task force reflected a wide range of professional backgrounds and expertise. The group met in person on 2 occasions and communicated by e-mail and conference calls to achieve consensus. A marketing study was carried out using focus groups to test the concept of the New Model with consumers. External consultants with expertise in health economics, health care finance, health policy, and practice management were engaged to assist the task force with developing the microeconomic (practice level) and macroeconomic (societal level) financial models necessary to achieve its goals. Model assumptions were derived from the published medical literature, existing practice management databases, and discussions with experienced physicians and other content experts. The results of the financial modeling exercise are included in this report. The initial draft report of the findings and recommendations was shared with a reactor panel representing a broad spectrum of constituencies. Feedback from these individuals was reviewed and incorporated, as appropriate, into the final report. The practice-level financial model suggests that full implementation of the New Model of care within the current fee-for-service system of reimbursement would result in a 26% increase in compensation (from 167,457 dollars to 210,288 dollars total annual compensation) for prototypical

Report on Financing the New Model of Family Medicine

Science.gov (United States)

Spann, Stephen J.

2004-01-01

PURPOSE To foster redesigning the work and workplaces of family physicians, this Future of Family Medicine task force was created to formulate and recommend a financial model that sustains and promotes a thriving New Model of care by focusing on practice reimbursement and health care finances. The goals of the task force were to develop a financial model that assesses the impact of the New Model on practice finances, and to recommend health care financial policies that, if implemented, would be expected to promote the New Model and the primary medical care function in the United States for the next few decades. METHODS The members of the task force reflected a wide range of professional backgrounds and expertise. The group met in person on 2 occasions and communicated by e-mail and conference calls to achieve consensus. A marketing study was carried out using focus groups to test the concept of the New Model with consumers. External consultants with expertise in health economics, health care finance, health policy, and practice management were engaged to assist the task force with developing the microeconomic (practice level) and macroeconomic (societal level) financial models necessary to achieve its goals. Model assumptions were derived from the published medical literature, existing practice management databases, and discussions with experienced physicians and other content experts. The results of the financial modeling exercise are included in this report. The initial draft report of the findings and recommendations was shared with a reactor panel representing a broad spectrum of constituencies. Feedback from these individuals was reviewed and incorporated, as appropriate, into the final report. RESULTS The practice-level financial model suggests that full implementation of the New Model of care within the current fee-for-service system of reimbursement would result in a 26% increase in compensation (from $167,457 to $210,288 total annual compensation) for

Interest rate modeling post-crisis challenges and approaches

CERN Document Server

Grbac, Zorana

2015-01-01

Filling a gap in the literature caused by the recent financial crisis, this book provides a treatment of the techniques needed to model and evaluate interest rate derivatives according to the new paradigm for fixed income markets. Concerning this new development, there presently exist only research articles and two books, one of them an edited volume, both being written by researchers working mainly in practice. The aim of this book is to concentrate primarily on the methodological side, thereby providing an overview of the state-of-the-art and also clarifying the link between the new models and the classical literature. The book is intended to serve as a guide for graduate students and researchers as well as practitioners interested in the paradigm change for fixed income markets. A basic knowledge of fixed income markets and related stochastic methodology is assumed as a prerequisite.

WERE OIL PRICE MARKETS THE SOURCE OF CREDIT CRISIS IN EUROPEAN COUNTRIES? EVIDENCE USING A VAR-MGARCH-DCC MODEL

Directory of Open Access Journals (Sweden)

Nadhem Selmi

2014-04-01

Full Text Available This paper examines the role of oil prices, credit, financial and commercial linkages in the propagation of industrial market crises during the period 2004-2012. Using VAR-MGARCH-DCC model regressions on seven markets finds that credit linkage played a significant role in the subprime, financial and global crises. Our results also show that the European debt crisis has already spread like a crisis from oil prices to Ireland and Portugal, and other countries are now at risk: Spain is a probable candidate for financial crisis.

El derecho constitucional y la crisis = Constitutional law and the crisis

Directory of Open Access Journals (Sweden)

Enrique Álvarez Conde

2013-09-01

Full Text Available La actual crisis económica, originada por una serie de sujetos activos con la pretensión de ocupar determinados espacios públicos, es una de las consecuencias de la llamada «globalización de la miseria». La misma esta poniendo en tela de juicio el modelo democrático de las democracias occidentales, produciendo una crisis institucional más grave aún que la propia crisis económica. Ello conduce a la necesidad imperiosa de proporcionar respuestas normativas adecuadas, que requieren la utilización de nuevas categorías dogmáticas. A este respecto, el Derecho constitucional, como Derecho común del ordenamiento jurídico y como Derecho principial, se encuentra en una posición prevalente para llevar a cabo, en colaboración con las demás disciplinas jurídicas, todo ese proceso de reconstrucción dogmática que ha de conducir, necesariamente, a una constitucionalización de lo privado. The current economic crisis, caused by a series of active subjects with the aim of occupying certain public spaces, is one of the consequences of the «globalization of poverty». It is putting into question the democratic model of Western democracies, causing a constitutional crisis even worse than the economic crisis itself. This leads to the imperative to provide appropriate policy responses, requiring the use of new categories dogmatic. In this regard, constitutional law, and common law legal system and as principial law, is prevalent in a position to carry out, in collaboration with other legal disciplines, all that dogmatic reconstruction process that must lead necessarily, a constitution for the private.

Instruments for the Financing Investment Opportunities in Post-Crisis Europe: The Investment Plan for Europe

Directory of Open Access Journals (Sweden)

Mariana Trandafir

2016-05-01

Full Text Available The study is based on an analysis of the opportunities provided by The Investment Plan for Europe. The Plan, launched in December 2014, aims at stimulating additional investment at least EUR 315 billion in real economy in the 2015-2017 period and making the most of every public euro mobilized through both new and existing instrument, in order to achieve the high multiplier effect. The challenge for the Member States is to put the funds made available by these instruments to productive use in order to support sustainable jobs and growth in Europe. In this context, Romania is facing a major challenge: to promote projects of interest to investors, economically viable, sufficiently mature and consistent with EU policy priorities. According official sources, until the mid - March 2016, only two projects was selected for financing through The Investment Plan for Europe. The study contributes to the identification of the new innovative financial instruments that could improve the access to finance in general and to Romanian projects especially. The analysis uses the most recent official data, official documents published by the European Commission and other institutions in the field.

FINANCIAL STABILITY OF BANKS IN TIMES OF CRISIS

Directory of Open Access Journals (Sweden)

Svetlana Lanets

2015-11-01

Full Text Available This paper is aimed at drawing attention to the current situation and further development of the banking sector in Russia. In particular, it seeks to discuss ways to improve the financial stability of banks. The article looks at the banking system, describes the important role of banks in the economy of the country and establishes correlation between stability of banks and socioeconomic development of the country. It is underlined that the stability of banks is one of the key factors in economic growth. The article analyzes how the banking system has settled after the financial crisis. The focus of the article is on the characteristics of the current financial crisis, compares it to the previous ones and describes the impact of the crisis to the banks. In particular, in the frame of this publication we present the analysis of the features of crisis impact on regional banks and the possibility of losing them in near future. This paper emphasizes the impact of the banking system on the country's economy and demonstrates the importance of financial stability of the banks. Moreover the article underlines a set of financial – economic/bank – government approaches to the issue of improving financial stability in the contemporary financial crisis. The paper summarizes the government role in the time of modern financial crisis and describes the existing strategies of the state. At the same time article shows the dual role of the government activities in preventing to put the finance sector under such stress as on the one hand it helps banks to increase the capitalization of banks while on the other hand it introduces Basel 3 principles, which reduce capital. The study is based on the methods of analysis, comparison, statistical data and theoretical generalization. The scientific and theoretical part of the survey is based on the official statistics and data from the Central Bank. We believe that the issue of bank’s stability, especially in this

THE FINANCING OF HEALTH CARE IN UKRAINE

Directory of Open Access Journals (Sweden)

Liliia Savchuk

2016-03-01

Full Text Available In the article the peculiarities of financing healthcare in Ukraine. Analyzed various sources of funding for the sector. Health expenditure per capita of the population in Ukraine and around the world have been investigated. On the basis of the analysis found that the size of budget financing are inefficient and do not meet the resource needs of the industry. Clarified the problems of resource provision of health care and the shortcomings of public Finance mechanisms. Asked to review the existing allocation mechanism of the industry and the rapid transition to a model of budgetary-insurance medicine. Keywords: realm healthcare, financing sources, government budget, expenditure, insurance medicine. JEL: H 51

A family of crisis in a dissipative Fermi accelerator model

International Nuclear Information System (INIS)

Leonel, Edson D.; Egydio de Carvalho, R.

2007-01-01

The Fermi accelerator model is studied in the framework of inelastic collisions. The dynamics of this problem is obtained by use of a two-dimensional nonlinear area-contracting map. We consider that the collisions of the particle with both periodically time varying and fixed walls are inelastic. We have shown that the dissipation destroys the mixed phase space structure of the nondissipative case and in special, we have obtained and characterized in this problem a family of two damping coefficients for which a boundary crisis occurs

Crisis? What crisis? How European professionals handle crises and crisis communication

NARCIS (Netherlands)

Verhoeven, P.; Tench, R.; Zerfass, A.; Moreno, A.; Verčič, D.

2014-01-01

A broad study in 43 European countries shows that 70% of communication professionals encounter at least one crisis a year, mostly institutional, related to the performance of the organization or a crisis in management or leadership. Organizational response and image restoration approaches are mainly

"Money in Finance"

OpenAIRE

L. Randall Wray

2011-01-01

This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The role of government as both regulator of private institutions and provider of finance is also discussed, and related topics such as liquidity and saving are explored. We conclude with a look at some of the new innovations in finance, and at the global financial...

Ordering the Preference Hierarchies for Internal Finance, Bank Loans, Bond and Share Issues

OpenAIRE

Leo de Haan; Jeroen Hinloopen

2002-01-01

We estimate the incremental financing decision for a sample of some 150Dutch companies for the years 1984 through 1997, thereby distinguishinginternal finance and three types of external finance: bank borrowing, bondissues and share issues. First, we estimate a multinomial logit model whichconfirms several predictions of both the static trade-off theory and thepecking-order theory as to the determinants of financing choices. Next, weuse ordered probit models to determine which financing hiera...

Changes in accountability mechanism in times of crisis

DEFF Research Database (Denmark)

Hansen, Hanne Foss; Kristiansen, Mads Bøge

been adjusted downwards. As a result the pressure on the public finances has increased and public sector reforms are launched. This paper analyses how public sector accountability mechanisms are changed as part of crisis responses. The analysis shows that accountability dynamics are changing in favour...... of strengthening political, administrative and professional accountability mechanisms focused on the aspect of financial conduct. This is done by introducing a budgetary law increasing the surveillance of financial conduct by establishing new hierarchical and diagonal accountability relations. The role...... as a move towards classical economic public sector accountability thinking stressing the importance of fiscal discipline. In addition several important accountability institutions seems to further develop their accountability policies stressing another economic value namely effectiveness. Finally...

COLLATERAL'S IMPORTANCE IN SMES FINANCING: WHAT IS THE BANKS RESPONSE? SOME EVIDENCE FOR ROMANIA

Directory of Open Access Journals (Sweden)

Petria Nicolae

2011-07-01

Full Text Available Searching for funding, SMEs managers face various obstacles arising from information asymmetry, lack of experience, severe market conditions, and insufficient or unsatisfactory collaterals for banks (OECD 2006; Badulescu and Badulescu 2010; OECD 2000 and 2004; Lin and Sun 2006; Toivanen and Cresy, 2000. The collateral issue is extensively discussed in literature preventing moral hazard, the alignment the interests (Stiglitz and Weiss 1981:393-410; Chan and Thakor 1987:345-363; Jimenez and Saurina 2004, a means to discipline the borrowers behaviour (ex post given the existence of a credible threat (Aghion and Bolton 1992:473-494, or even banking behaviour on the market (Manove et al. 2001:726-744, Argentiero 2009. In the same time we find that the perception of firms, revealed by National Bank of Romania (NBR 2010 survey data, show that banks still use the collateral as a measure of pressure, in special in crisis times. For an important part of managers, the bank increased the level of required collateral for existing, renewing or new credits, asking for new covenants, revealing a paradox of crisis time: while the bank loans remained the favourite method of external financing needs of business, the banks often reduce their availability. Although the bank loan remains the favorite mean to support the growth ambitions, the higher level of collateral or lending costs are seen as principal obstacles by the majority of manager in EU. According to NBR survey, the influence of risk factors related to collateral had a climax at the end of 2008 and 2009, when the banks have tightened the requirement for loan guarantee. Using National Bank of Romania (NBR 2010 survey data, we show that the banks still use the collateral as a measure of pressure, in special in crisis times. For an important part of managers, the bank increased the level of required collateral for existing, renewing or new credits, asking for new covenants, revealing a paradox of crisis time

Control during corporate crisis: asbestos and the Manville bankruptcy.

Science.gov (United States)

Delaney, K J

1991-01-01

Chapter 11 bankruptcy provides an opportunity for addressing issues of power and control during corporate crisis. A broad notion of power is essential in understanding the complex events that led to the Chapter 11 filing of the Manville Corporation, formerly the nation's leading asbestos manufacturer. The theory of finance hegemony places this case in an entirely new light by taking into account the power of the financial community. The Manville bankruptcy illuminates several mechanisms by which this hegemony operates. From this perspective, Chapter 11 bankruptcy is viewed as a choice made from a set of options severely constrained by other powerful institutions, rather than a result of managerial incompetence or market failure.

On the energy crisis in noncommutative CP(1) model

International Nuclear Information System (INIS)

Sourrouille, Lucas

2010-01-01

We study the CP(1) system in (2+1)-dimensional noncommutative space with and without Chern-Simons term. Using the Seiberg-Witten map we convert the noncommutative CP(1) system to an action written in terms of the commutative fields. We find that this system presents the same infinite size instanton solution as the commutative Chern-Simons-CP(1) model without a potential term. Based on this result we argue that the BPS equations are compatible with the full variational equations of motion, rejecting the hypothesis of an 'energy crisis'. In addition we examine the noncommutative CP(1) system with a Chern-Simons interaction. In this case we find that when the theory is transformed by the Seiberg-Witten map it also presents the same instanton solution as the commutative Chern-Simons-CP(1) model.

An Alternative Model to Determine the Financing Structure of PPP-Based Young Graduate Apartments in China: A Case Study of Hangzhou

Directory of Open Access Journals (Sweden)

Yelin Xu

2015-05-01

Full Text Available Public-private partnerships (PPP can be employed to provide public rental housing for young graduates, which has been urgent to achieve social sustainability in China. However, few studies have been conducted to investigate the financing structure of PPPs, particularly the ratio of private investment, which is important in initiating a PPP project. This study develops a robust model to determine the financing structure through considering the uncertainties in operation. A case study in Hangzhou demonstrates the process of the model. The relevant findings provide private investors and the local government with effective references for negotiating the financing structure of a PPP project.

Public ethics and local government in a context of economic crisis / Ética pública y gobierno local en un contexto de crisis económica

Directory of Open Access Journals (Sweden)

Bernabé Aldeguer Cerdá

2013-10-01

Full Text Available The fall in public revenue by local governments, as a consequence of the finance dependence on the real estate sector, is combined with a process of fiscal adjustment and a growing demand for social services, which is result of rising socioeconomic exclusion rates (less consumption, business closures, and unemployment. The economic crisis, accompanied by a crisis of ethics and values, refers to the emergence of the Public Ethics as a tool for social policy-making and institutional strengthening. The incessant search for legitimacy and consensus, not so much in relation to the output of public social policies, but also about the dialog and deliberative process itself, puts local entities facing the challenges in the strengthening of the political body as a prerequisite for commissioning and developing successful participatory and deliberative processes. The promotion of socio-economic conditions to ensure social cohesion, freedom and equal opportunities, become a challenge that transcends the literalness and urgency of financial statements and budget processes in a fiscal adjustment context. The article reviews the main trends and challenges related to the role of Public Ethics in making public policy budget, citizen participation and social inclusion by local governments. All this, in a context of economic crisis, progressive social weakening, fiscal adjustment of the local public sector, public distrust for the institutions and growing axiological pluralism that is taken into account.

Alitalia Response Strategies to its Organizational Crisis - A situational analysis

DEFF Research Database (Denmark)

Romenti, Stefania; Valentini, Chiara

2009-01-01

This study intends to explore Alitalia's crisis response strategies implemented in 2008 to understand Alitalia's approach in communicating with stakeholders as a way to preserve the company's image and reputation. Our intent is to explain Alitalia's crisis response strategies by using an integrated...... model of crisis response strategies based on categories as identified by Benoit's, Sturges's, Coombs's, Bradford and Garret's and Huang's studies. This integrated model was used to perform qualitative content analyses of 77 press releases published by Alitalia's Media Department and by the Italian...... government. The findings show that Alitalia and the Italian government adopted a crisis communication strategy not completely suitable for Alitalia's crisis scenario. They, in fact, focused more on providing information and corrective action strategies rather than applying an authentic adaptive strategy...

Crisis Thought

OpenAIRE

Morris, Edwin Kent

2016-01-01

Crisis thought is an idea that gives a name to and accounts for some of the problematics of the sign crisis in political, social, cultural, and economic discourse. Specifically, crisis thought is a discursive formation, a concept used loosely here to refer to an assemblage of signs such as anxiety or fear that evoke or invoke similar, but inaccurate connotations as crisis in political and everyday usage. The general question this study grapples with is why political, social, cultural, and eco...

Access to finance from different finance provider types: Farmer knowledge of the requirements.

Science.gov (United States)

Wulandari, Eliana; Meuwissen, Miranda P M; Karmana, Maman H; Oude Lansink, Alfons G J M

2017-01-01

Analysing farmer knowledge of the requirements of finance providers can provide valuable insights to policy makers about ways to improve farmers' access to finance. This study compares farmer knowledge of the requirements to obtain finance with the actual requirements set by different finance provider types, and investigates the relation between demographic and socioeconomic factors and farmer knowledge of finance requirements. We use a structured questionnaire to collect data from a sample of finance providers and farmers in Java Island, Indonesia. We find that the most important requirements to acquire finance vary among different finance provider types. We also find that farmers generally have little knowledge of the requirements, which are important to each type of finance provider. Awareness campaigns are needed to increase farmer knowledge of the diversity of requirements among the finance provider types.

Financing private power in Eastern Europe

International Nuclear Information System (INIS)

Sen, A.

1993-01-01

Finance is needed for upgrading Eastern Europe's electric power industries. Capacity is not a problem, as all countries have more than adequate capacity in the light of the deep industrial recession. However, much of the capacity is elderly and poorly maintained, so availability is low. Coal fired plant may have electrostatic precipitators, but no desulfurization or de-NO x equipment is present. Price rises in oil and gas imported from Russia have however increased interest in energy efficiency measures. Power generation is mainly coal or lignite based. Commercial banks will be little involved in financing. The best viable sources of large scale financing will be the IBRD, EIB, EBRD, and IFC, among the multilateral investment banks. Loans so far have mainly gone to Poland. The multilateral institutions have great experience in lending to developing countries, but long procurement processes are often involved. Raising finance is inevitably a difficult process. The financing of the Cracow Environmental Project, a model private power venture in Poland is described and discussed, with particular reference to contract, legal and economic problems

Crisis of Transient Chaos

Institute of Scientific and Technical Information of China (English)

王文秀; 陆云清; 陈贺胜; 马明全; 竹有章; 何大韧

2002-01-01

A new kind of crisis, which is marked by a sudden change of a strange repeller, is observed in an electronicrelaxation oscillator. Firstly, by its simplified piecewise linear model, we show analytically that a strange repellerappears after a hole-induced crisis, and that the fractal dimension of the strange repeller and the average lifetimeof the iterations in the region occupied by the original attractor suddenly change at the critical parameter valuewhen the repeller disappears. Our numerical investigation convinces us that the corresponding phenomenon canbe found in the original electronic relaxation oscillator.

LEADERSHIP MODELS AND EFFICIENCY IN DECISION CRISIS SITUATIONS, DURING DISASTERS

Directory of Open Access Journals (Sweden)

JAIME RIQUELME CASTAÑEDA

2017-09-01

Full Text Available This article explains how an effective leadership is made on a team during an emergency, during a decision crisis in the context of a disaster. From the approach of the process, we analyze some variables such as flexibility, value congruence, rationality, politicization, and quality of design. To achieve that, we made a fi eld work with the information obtained from the three Emergency headquarters deployed by the Chilean Armed Forces, due to the effects of the 8.8 earthquake on February 27th 2010. The data is analyzed through econometric technics. The results suggested that the original ideas and the rigorous analysis are the keys to secure the quality of the decision. It also, made possible to unveil the fact, that to have efficiency in operations in a disaster, it requires a big presence of a vision, mission, and inspiration about a solid and pre-existing base of goals and motivations. Finally, we can fi nd the support to the relationship between kinds of leadership and efficiency on crisis decision-making process of the disaster and opens a space to build a decision making theoretic model.

Research on the influencing factors of financing efficiency of big data industry based on panel data model--Empirical evidence from Guizhou province

Science.gov (United States)

Li, Chenggang; Feng, Yujia

2018-03-01

This paper mainly studies the influence factors of financing efficiency of Guizhou big data industry, and selects the financial and macro data of 20 Guizhou big data enterprises from 2010 to 2016. Using the DEA model to obtain the financing efficiency of Guizhou big data enterprises. A panel data model is constructed to select the six macro and micro influencing factors for panel data analysis. The results show that the external economic environment, the turnover rate of the total assets of the enterprises, the increase of operating income, the increase of the revenue per share of each share of the business income have positive impact on the financing efficiency of of the big data industry in Guizhou. The key to improve the financing efficiency of Guizhou big data enterprises is to improve.

The nuclear agreement with Germany in the context of Brazilian 'model' and the crisis

International Nuclear Information System (INIS)

Rosa, L.P.; Pires, R.L.N.F.

1984-01-01

The Brazilian Nuclear Program is discussed in the context of the so-called Brazilian 'model' which conditions the industrial and technological structure of Brazil. The relations between the Brazilian private industry, the Brazilian state industry and the foreign multinational industry in the nuclear agreement Brazil - Germany are indicated. The economic crisis, the 'energy crisis', the mistakes of the nuclear program, the political fight for the revision of the agreement, the present situation and the problems of technological transfer are also discussed. Some alternatives are suggested for NUCLEBRAS. In an annex, comments are made on the question of Brazilian reactors safety. The so-called system of Protection to the Nucleare Program is also mentioned. (I. de C.R.) [pt

Division of Finance Homepage

Science.gov (United States)

Top Department of Administration logo Alaska Department of Administration Division of Finance Search Search the Division of Finance site DOF State of Alaska Finance Home Content Area Accounting Charge Cards You are here Administration / Finance Division of Finance Updates IRIS Expenditure Object Codes

From public to private climate change adaptation finance : Adapting finance or financing adaptation?

NARCIS (Netherlands)

Pauw, W.P.

2017-01-01

Private financing is the latest mark of the privatisation of global governance. The implementation of international agreements in the fields of environment, climate change and development has always been supported by public finance from developed countries. This tradition is broken by a

The Business Model is an Effective Tool of Crisis Management at Industrial Enterprise

Directory of Open Access Journals (Sweden)

Artur D. Bobryshev

2017-01-01

Full Text Available Purpose: justification of expediency of application of the concept of business simulation for effective prevention and mitigation of consequences of crisis of the industrial enterprise and for ensuring his sustainable development in the conditions of stagnation of branch. Methods: during the research methods of the analysis of a financial condition of the enterprises, the structural analysis and business simulation are used. Actual data about work of the industrial enterprises are attracted from official statistical sources and from materials of long-term consulting practice of authors. Results: stagnation of the domestic industry and lack of effective industrial policy force the enterprises having growth potential to conduct independent search of ways of recovery from the crisis and increase in the stability. The modern economic thought suggests to use the "theory of firm" which has confirmed the solvency for the solution of these tasks. The research has shown that and subsequently to eliminate with one of tools of this theory capable to weaken considerably the factors causing crisis, to provide effective development of the enterprise, the concept of business simulation is. Conclusions and Relevance: results of a research prove that for prevention of crisis of the industrial enterprise, overcoming his consequences and creation of conditions of his sustainable development, not only the package of measures for financial improvement or restructuring, but in general modification of a business model of the enterprise as the decision directed to elimination of all range of factors of insolvency of business is necessary. 

25 CFR 170.300 - May tribes use flexible financing to finance IRR transportation projects?

Science.gov (United States)

2010-04-01

... Financing § 170.300 May tribes use flexible financing to finance IRR transportation projects? Yes. Tribes may use flexible financing in the same manner as States to finance IRR transportation projects, unless... 25 Indians 1 2010-04-01 2010-04-01 false May tribes use flexible financing to finance IRR...

The Role of Perception in Crisis Management: A Tale of Two Hurricanes

Science.gov (United States)

Olaniran, Bolanle A.

2007-01-01

The "anticipatory" model of crisis management draws the attention of crisis practitioners and researchers to the precrisis phase of crisis management. The model views institutions' position as a condition that has implications for peoples' perceptions regarding the lack of control over factors such as policies, human resources,…

Finance

OpenAIRE

2013-01-01

Voici la 17e édition du Rapport moral sur l’argent dans le monde, publié chaque année depuis 1994 par l’Association d’économie financière avec le soutien de la Caisse des Dépôts. Abordant une nouvelle fois les grands débats qui traversent actuellement le monde de la finance, il se consacre dans un premier temps à la lutte contre la criminalité et les délits financiers, et plus particulièrement à la lutte contre la corruption, la délinquance dans la finance et la fraude fiscale. Dans un second...

Financial Leverage and Corporate Performance: Does Financial Crisis Owe an Explanation?

Directory of Open Access Journals (Sweden)

Syed Jawad Hussain Shahzad

2015-04-01

Full Text Available The objective of this study is to investigate the impact of financial leverage on corporate financial performance of Pakistan’s textile sector from 1999-2012 using panel data. The leverage-performance relationship is examined with a special focus on the Global Financial Crisis of 2007-2008. Both accounting-based (Return on Assets - ROA and market-based (Tobin’s Q measures of corporate financial performance are used. Regression analysis is performed with and without inclusion of financial crisis dummy. Total Debt to Total Assets (TDTA, Long Term Debt to Total Assets (LDTA, Short Term Debt to Total Assets (SDTA and Debt to Equity (DE ratios are used as proxies for financial leverage whereas firm’s size and firm’s efficiency are used as control variables. The results indicate that financial leverage has a negative impact on corporate performance when measured with ROA. Whereas in case of Tobin’s Q, SDTA coefficient is positive. It can be concluded that since cost of borrowing is high in Pakistan and debt capital markets are less developed, firms are forced to resort to banks as their source of debt finance and thus have to repay huge amount of principal and interest which has a heavy toll on their financial health. In addition to this, financial crisis was found to have a negative impact on corporate performance and also affect the leverage-performance relationship.

3D modelling of the Carnian Crisis in a new FWF Project (P22109-B17) - Ammonite mass mortality (200 000 000 !!! specimens) as proxy for the Carnian Crisis (Taurus, Turkey)

Science.gov (United States)

Mayrhofer, Susanne; Lukeneder, Alexander

2010-05-01

The Upper Triassic in general, and the Carnian stage in detail was devastated by one of the most severe ecological crisis of the Mesozoic Era, the Carnian Crisis (= Carnian Pluvial Event), when the carbonate platforms demised and with them most of the reef-builders disappeared. The Orthoceltites assemblage (ammonoids, cephalopods) was formed in the Carnian Crisis, now located at the boundary from Kartoz and Kasimlar Formation (Anatolia, Turkey), can act as proxy for the environmental activities and biotic crisis in the Carnian time. It has to be noted that the ultimate cause of this drastic Mesozoic crisis is still under comprehensive discussion. The main investigation topics of the project are the palaeoecologic, palaeobiogeographic, litho-, cyclo- and magnetostratigraphic development of the Upper Triassic (Carnian) ammonoid mass-occurrence at the Asagiyaylabel section in Anatolia (Turkey), formed during the Carnian Crisis. This area is a key section within the Taurids and has a connecting and intermediate position. Situated on the western end of the Cimmerian System at that time it shows connection to both, the Neo-Tethys and the Palaeo-Tethys Oceans. New insights into the taxonomy and the palaeoecology of the investigated ammonoids and associated macro- and microfossils are expected. The abundant ammonoid Orthoceltites, at least 200 000 000 !!! specimens, is assumed to be a new species. Further topics of investigation are the original position and environmental conditions of the sedimentation area at the Asagiyaylabel section, located in the Taurids. The formation of the ammonoid beds is either autochthonous or allochthonous (transported). Expected 3D modelling results will be essential to reach geodynamic, palaeooceanographic and palaeobiological conclusions. This further leads to the question of the original water depths during the formation of ammonoid mass occurrences. As a multitasking project, one aim is to underline a crucial fact in working within

The U.S. Money Market and the Term Auction Facility in the Financial Crisis of 2007-–2009

OpenAIRE

Tao Wu

2011-01-01

The interbank money market in the United States and Europe became turbulent during the financial crisis of 2007-–2009, with the counterparty default risk premiums and liquidity premiums of short-term financing among major financial institutions rising sharply to unprecedented levels. Using various measures of macroeconomic and financial risks, I find that the surges in counterparty risk premiums were predominantly driven by heightened uncertainties about the macroeconomy and financial market,...

Was the 2007 crisis really a global banking crisis?

NARCIS (Netherlands)

Shehzad, Choudhry Tanveer; De Haan, Jakob

We argue that the 2007 crisis was not a global banking crisis. Stock prices of banks in emerging countries faced a temporary shock but quickly recovered, while stock prices of banks located in industrial countries remained much lower than before the 2007 crisis. Our results also suggest that stock

Project finance and photovoltaic power plants : a theoretical and practical perspective

OpenAIRE

Aasgaard, Anne Kristine

2010-01-01

Project finance is a defined structure for developing new activity which involves establishing the project as a separate unit. The review of literature exhibits the distinctive characteristics of project finance and provides a rationale of this form of financing. Project finance entails financial modelling, risk management, legal aspects and the creation of a financial structure. The thesis explores practical use of project finance in a case study of a photovoltaic power plant and presents a ...

CRISIS2012: An Updated Tool to Compute Seismic Hazard

Science.gov (United States)

Ordaz, M.; Martinelli, F.; Meletti, C.; D'Amico, V.

2013-05-01

CRISIS is a computer tool for probabilistic seismic hazard analysis (PSHA), whose development started in the late 1980's at the Instituto de Ingeniería, UNAM, Mexico. It started circulating outside the Mexican borders at the beginning of the 1990's, when it was first distributed as part of SEISAN tools. Throughout the years, CRISIS has been used for seismic hazard studies in several countries in Latin America (Mexico, Guatemala, Belize, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, Colombia, Venezuela, Ecuador, Peru, Argentina and Chile), and in many other countries of the World. CRISIS has always circulated free of charge for non-commercial applications. It is worth noting that CRISIS has been mainly written by people that are, at the same time, PSHA practitioners. Therefore, the development loop has been relatively short, and most of the modifications and improvements have been made to satisfy the needs of the developers themselves. CRISIS has evolved from a rather simple FORTRAN code to a relatively complex program with a friendly graphical interface, able to handle a variety of modeling possibilities for source geometries, seismicity descriptions and ground motion prediction models (GMPM). We will describe some of the improvements made for the newest version of the code: CRISIS 2012.These improvements, some of which were made in the frame of the Italian research project INGV-DPC S2 (http://nuovoprogettoesse2.stru.polimi.it/), funded by the Dipartimento della Protezione Civile (DPC; National Civil Protection Department), include: A wider variety of source geometries A wider variety of seismicity models, including the ability to handle non-Poissonian occurrence models and Poissonian smoothed-seismicity descriptions. Enhanced capabilities for using different kinds of GMPM: attenuation tables, built-in models and generalized attenuation models. In the case of built-in models, there is, by default, a set ready to use in CRISIS, but additional custom GMPMs

The Marginal Source of Finance

OpenAIRE

Lindhe, Tobias

2002-01-01

This paper addresses the ongoingdebate on which view of equity, traditional or new, that best describes firm behavior. According to the traditional view, the marginal source of finance is new equity, whereas under to the new view, marginal financing comes from retained earnings. In the theoretical part, we set up a model where the firm faces a cost of adjusting the dividend level because of an aggravated free cash flow problem. The existence of such a cost - which has been used in arguing the...

Currency Crisis in Sudan in 2012: An Econometric Analysis

Directory of Open Access Journals (Sweden)

Alamedin Bannaga, Dr.

2015-06-01

Full Text Available The Sudan currency crisis in 2012 occurred when the Sudanese pound lost 66 percent of its value against the US dollar. In this article we adopt statistical methods such as the signal approach and econometric methods such as the Probit Model for identifying and evaluating the currency crisis. We utilize some economic indicators that have the ability to predict the crisis. We examined the capability of these indicators in generating an early warning system for Sudan currency crisis. The study confirms that the incidence of currency crisis in Sudan increases by increase in inflation rate, increase in import percentage of GDP, rise in claims against the central government, reduction in external reserves and existence of political crisis. Moreover, the study finds that the most important predictor of currency crisis in Sudan is decline in external reserves.

Creative Bus Financing.

Science.gov (United States)

Malone, Wade

1982-01-01

Alternative ways of financing school bus purchases include financing privately through contractors or commercial banks, financing through sources such as insurance companies and pension funds, leasing the buses, or contracting for transportation services. (Author/MLF)

Volumen 6 Número 10: The Efficiency in Thai Financial Sector after the Financial Crisis

Directory of Open Access Journals (Sweden)

Supachet Chansarn

2006-09-01

Full Text Available This study aims to investigate the efficiency in Thai financial sector after the financial crisis (1998 – 2004 by looking at the total factor productivity (TFP growth. Furthermore, the study also investigate the efficiency in commercial bank sector, finance and securities company sector and insurance company sector, and the efficiency in domestic and foreign financial companies. Based on the sample of 12 commercial banks, 13 finance and securities companies and 20 insurance companies listed on the Stock Exchange of Thailand (SET over the period of 1998 – 2204, our finding reveals that the efficiency in Thai financial sector, commercial bank sector and finance and securities company sector was diminishing over the period of 1998 – 2004, while the efficiency in insurance company sector remained unchanged over the same period. However, the sharp decrease in efficiency in these three sectors occurred only over the period of 1998 – 1999, while the efficiency was decreasing very slightly over the period of 1999 – 2004. The study also suggests that, in overall, domestic financial companies are more efficient than foreign ones. Domestic finance and securities companies are also more efficient than foreign ones, whereas domestic and foreign commercial banks are not different in efficiency. Moreover, domestic and foreign insurance companies are not different in efficiency as well.

Finance/security/life.

OpenAIRE

Langley, P.

2017-01-01

What is the contemporary relation between finance and security? This essay encourages further research into the securitization of finance by developing the notion of ‘finance/security/life’. A focus on the intersections of finance/security/life will be shown to prompt a broadened range of critical, cross-disciplinary concerns with the various ways in which financial markets are positioned as vital to securing wealth, welfare and wellbeing.

The Complex Economic System of Supply Chain Financing

Science.gov (United States)

Zhang, Lili; Yan, Guangle

Supply Chain Financing (SCF) refers to a series of innovative and complicated financial services based on supply chain. The SCF set-up is a complex system, where the supply chain management and Small and Medium Enterprises (SMEs) financing services interpenetrate systematically. This paper establishes the organization structure of SCF System, and presents two financing models respectively, with or without the participation of the third-party logistic provider (3PL). Using Information Economics and Game Theory, the interrelationship among diverse economic sectors is analyzed, and the economic mechanism of development and existent for SCF system is demonstrated. New thoughts and approaches to solve SMEs financing problem are given.

[The crisis of medicine or the antimedicine crisis].

Science.gov (United States)

Foucault, M

1976-01-01

In this lecture, Professor Michel Foucault makes an in-depth study of the problems currently afflicting medical institutions and the medical practice. He deals with the thesis set forth by Ivan Illich in his book Medical Nemesis--The expropriation of Health, as well as the 1942 Beveridge Plan, but goes even further back in history to discover the origin of the medical crisis common throughout the world--back to the XVIII century roots of the social practice of medicine. He also describes the phases through which medical activity has passed from then until now and deals with what he calls the political economy of medicine. Finally, he reaches the conclusion that what matters is not so much the present crisis of medicine, which he considers to be a false concept, but the discipline's historical model dating from the XVIII century and serving to determine to what extent it can be modified.

Financing of the site search by a public corporation (organization model)

International Nuclear Information System (INIS)

Waldhoff, C.

2005-01-01

The topics of the paper are the modifcation of the radioactive waste final deposit concept and the financing form, corporations with compulsory membership, existing examples and their justification, special features of the final deposit corporation including limitations of the functional self-administration within the nuclear management and constitutional aspects of the financing

Attractor merging crisis in chaotic business cycles

International Nuclear Information System (INIS)

Chian, Abraham C.-L.; Borotto, Felix A.; Rempel, Erico L.; Rogers, Colin

2005-01-01

A numerical study is performed on a forced-oscillator model of nonlinear business cycles. An attractor merging crisis due to a global bifurcation is analyzed using the unstable periodic orbits and their associated stable and unstable manifolds. Characterization of crisis can improve our ability to forecast sudden major changes in economic systems

The role of negotiated developer obligations in financing large public infrastructure after the economic crisis in the Netherlands

NARCIS (Netherlands)

Gielen, Demetrio Munoz; Lenferink, Sander

2018-01-01

The economic crisis that started in 2009 has negatively impacted in the Netherlands the available financial resources for urban development. Dutch municipalities struggle since then with falling local financial sources, especially since active public land policy, traditionally an important

Financing Distributed Generation

International Nuclear Information System (INIS)

Walker, A.

2001-01-01

This paper introduces the engineer who is undertaking distributed generation projects to a wide range of financing options. Distributed generation systems (such as internal combustion engines, small gas turbines, fuel cells and photovoltaics) all require an initial investment, which is recovered over time through revenues or savings. An understanding of the cost of capital and financing structures helps the engineer develop realistic expectations and not be offended by the common requirements of financing organizations. This paper discusses several mechanisms for financing distributed generation projects: appropriations; debt (commercial bank loan); mortgage; home equity loan; limited partnership; vendor financing; general obligation bond; revenue bond; lease; Energy Savings Performance Contract; utility programs; chauffage (end-use purchase); and grants. The paper also discusses financial strategies for businesses focusing on distributed generation: venture capital; informal investors (''business angels''); bank and debt financing; and the stock market

Consumer Finance

OpenAIRE

Peter Tufano

2009-01-01

Although consumer finance is a substantial element of the economy, it has had a smaller footprint within financial economics. In this review, I suggest a functional definition of the subfield of consumer finance, focusing on four key functions: payments, risk management, moving funds from today to tomorrow (saving/investing), and from tomorrow to today (borrowing). I provide data showing the economic importance of consumer finance in the American economy. I propose a historical explanation fo...

THE ENTERPRISE SELF-FINANCING – THE TAXATION IMPACT UPON SELF-FINANCING DECISION

OpenAIRE

Nicoleta BARBUTA-MISU

2009-01-01

This work study the self-financing problematic, with particular emphasis on their benefits for the enterprise, but also for shareholders, on domestic or external factors that influence the self-financing decision and its level, on the relationship between self-financing and depreciation, degree of debt and profitability and not in the last line on the self-financing cost. In the factors that acting on the self-financing decision was granted a special attention to taxation, whose impact has be...

Advances in automated valuation modeling AVM after the non-agency mortgage crisis

CERN Document Server

Kauko, Tom

2017-01-01

This book addresses several problems related to automated valuation methodologies (AVM). Following the non-agency mortgage crisis, it offers a variety of approaches to improve the efficiency and quality of an automated valuation methodology (AVM) dealing with emerging problems and different contexts. Spatial issue, evolution of AVM standards, multilevel models, fuzzy and rough set applications and quantitative methods to define comparables are just some of the topics discussed.

"Nuclear Deterrence" as an Adaptive Game Frame for Crisis Decision-Making.

Science.gov (United States)

Sorenson, David S.

1981-01-01

Describes the simulation game "Nuclear Deterrence," which was developed to model an international relations crisis situation involving a bargaining framework potentially applicable to crisis modeling in other disciplines. Eight references are listed. (Author/LLS)

Household Finance

OpenAIRE

Campbell, John

2006-01-01

The welfare benefits of financial markets depend in large part on how effectively households use these markets. The study of household finance is challenging because household behavior is difficult to measure accurately, and because households face constraints that are not captured by textbook models, including fixed costs, uninsurable income risk, borrowing constraints, and contracts that are non-neutral with respect to inflation. Evidence on participation, diversification, and the exercise ...

NGO management and health care financing approaches in the Eastern Democratic Republic of the Congo.

Science.gov (United States)

Dijkzeul, D; Lynch, C A

2006-01-01

The role of cost-sharing in health care is a crucial, yet contentious issue. In conflict situations, cost-sharing becomes even more controversial as health and other institutions are failing. In such situations, NGOs manage health programmes which aim to aid populations in crisis and improve or at least sustain a deteriorating health system. This study looks at the issue of cost-sharing in the wider context of utilization rates and management approaches of three NGOs in the chronic, high-mortality crisis of the eastern DRC. Approaches to increase access to health care were found to exist, yet cost-recovery, even on the basis of maximum utilization rates, would only partially sustain the health system in the eastern DRC. Factors external to the direct management of NGO health programs, such as the wider economic and security situation, local management structures, and international donor policies, need to be taken into account for establishing more integrated management and financing approaches.

Presentation of the CEA's crisis national organization: coordination centre in case of crisis, crisis technical teams, intervention means, and so on

International Nuclear Information System (INIS)

Pectorin, X.

2010-01-01

After having briefly recalled the existence of a legal framework for crisis management organisation, this report briefly describes how the CEA plans the crisis management. This management is based on the definition of critical scenarios, on the building up of a crisis management team, and on the elaboration of crisis management operational documents. It evokes the alert organisation and the triggering of crisis management. Then, it describes the CEA's national crisis organisation with its main crisis management structures, the role and the operation of the Crisis Coordination Centre (CCC, the decision body), the role and operation of the Central Crisis Technical Teams (ETC-C, Equipes Techniques de Crise Centrales), the role of field interveners (various rescue, protection, health care and technical teams) and of other additional intervention actors. It evokes the objectives of the various exercises which are organised every year at the internal, national or international level

Privatization: The Use of Risk, Economic and Finance Models to Ensure Its Success

International Nuclear Information System (INIS)

Jaksch, John A.; Weimar, Mark R.; Young, Joan K.; Taylor, William J.; Furlong, Peter T.; Feldman, Roger D.; Diprinzio, Ray

2001-01-01

The article describes the use of risk, economic and financial models as they were used to help DOE in their decision-making processes on TWRS Privatization. The article describes how the models were used to allocate risk between the contractor and DOE, evaluate whether DOE should accept certain risk allocations, how the economic and financial models were used to evaluate whether the government was receiving the best bid price and whether any money was being saved by using privatization, and evaluated alternative financing schemes. The paper also describes how the financial model was used to evaluate and negotiate the pricing structure which became a part of the contract.

PREMISES FOR A MODEL OF DECISION – MAKING ON THE FINANCING OF A PROJECT

OpenAIRE

Popovici Ioana; Tulai Constantin

2010-01-01

The classical theory of finance is based on the premises of rationality and maximizing profits that accompany economic decision-making. Complementarily, the modern theory of behavioral finance studies the effect of emotional and psychological factors of decision- maker on the choice of financing sources for economic activities. In opposition with the classical perspective, the contemporary theory of finance brings up to the stage various aspects of decision making, including elements of strat...

Macro-Finance Determinants of the Long-Run Stock-Bond Correlation

DEFF Research Database (Denmark)

Asgharian, Hossein; Christiansen, Charlotte; Hou, Ai Jun

itself. Macro-finance variables and the lagged realized correlation are simultaneously significant in forecasting the long-run stock-bond correlation. The behavior of the long-run stock-bond correlation is very different when estimated taking the macro-finance variables into account. Supporting......We investigate the long-run stock-bond correlation using a novel model that combines the dynamic conditional correlation model with the mixed-data sampling approach. The long-run correlation is affected by both macro-finance variables (historical and forecasts) and the lagged realized correlation...

Financing Distributed Generation

Energy Technology Data Exchange (ETDEWEB)

Walker, A.

2001-06-29

This paper introduces the engineer who is undertaking distributed generation projects to a wide range of financing options. Distributed generation systems (such as internal combustion engines, small gas turbines, fuel cells and photovoltaics) all require an initial investment, which is recovered over time through revenues or savings. An understanding of the cost of capital and financing structures helps the engineer develop realistic expectations and not be offended by the common requirements of financing organizations. This paper discusses several mechanisms for financing distributed generation projects: appropriations; debt (commercial bank loan); mortgage; home equity loan; limited partnership; vendor financing; general obligation bond; revenue bond; lease; Energy Savings Performance Contract; utility programs; chauffage (end-use purchase); and grants. The paper also discusses financial strategies for businesses focusing on distributed generation: venture capital; informal investors (''business angels''); bank and debt financing; and the stock market.

Corporate finance

OpenAIRE

P. Quiry; Y. Le Fur; A. Salvi; M. Dallocchio; P. Vernimmen

2011-01-01

Corporate Finance: Theory and Practice, 3rd Edition, the website www.vernimmen.com and the Vernimmen.com newsletter are all written and created by an author team who are both investment bankers/corporate financiers and academics. This book covers the theory and practice of Corporate Finance from a truly European perspective. It shows how to use financial theory to solve practical problems and is written for students of corporate finance and financial analysis and practising corporate financie...

The Crisis Management Practices of Australian Construction Companies

Directory of Open Access Journals (Sweden)

M Loosemore

2012-11-01

Full Text Available Recent world events in the international relations arena and the subsequent knock-on affect on the insurance industry, have sent shock-waves through Australia’s business community,elevating crisis management to the top of the managerial agenda. This paperpresents the findings of exploratory research, which investigated the crisis managementpractices of construction companies. Using a diagnostic model of crisis preparednesswhich has been developed and tested across a broad range of industries, it concludes thatif the sample surveyed is typical, then crisis planning is rudimentary and undertaken in aninsular, informal, fragmented fashion, supported by few resources and little strategicguidance. Consequently, many construction companies will have an inadequate understandingof their crisis exposure, of how to cope with crises when they happen and of howto learn and recover from their aftermath.

Essays on globalization, monetary policy and financial crisis'

NARCIS (Netherlands)

Qian, Z.

2012-01-01

This thesis focuses on three interlinked topics. Chapter 2 studies the determinants of sovereign CDS spreads in Greece, Ireland, Italy, Portugal and Spain during the recent global financial crisis and European debt crisis. Chapter 3 introduces a model on the interactions between monetary policy

Conference on 'How to finance wind energy?'

International Nuclear Information System (INIS)

Metzler, Vincent; Weiler, Sibylle; Mous, Dirk; Hodges, Charlie; Talagrand, Romain; Soerensen, Hans Chr.; Feddersen, Hans; Dosdall, Bjoern; Jourdain, Pierre; Duval, Jocelyn

2010-01-01

The French-German office for Renewable energies (OFAEnR) organised a conference on wind energy financing. In the framework of this French-German exchange of experience, more than 150 participants exchanged views on the existing financing solutions for wind energy projects in France, Germany, UK and Denmark. This document brings together the available presentations (slides) made during this event: 1 - How to go on with wind energy projects financing? What evolution of the senior wind energy debt? (Vincent Metzler); 2 - Financing of wind energy projects - Legal aspects (Sibylle Weiler); 3 - Current and future trends in offshore wind financing in Germany (Dirk Mous); 4 - Financing offshore wind: a UK perspective (Charlie Hodges); 5 - Financing the UK Offshore Wind Sector - Transverse analysis of French and European Offshore Wind energy financing (Romain Talagrand); 6 - Cooperative ownership of Danish Wind Turbines (Hans Chr. Soerensen); 7 - Development and financing of a citizen's wind farm - Buergerwindpark (Hans Feddersen); 8 - Citizens' wind farms in Germany - as seen by a project developer (Bjoern Dosdall); 9 - Wind turbines in Vilaine region - A cooperative and pedagogical wind farm: a unique experience in France (Pierre Jourdain); 10 - Status of French participative models (Jocelyn Duval)

Conference on energy transition financing in France and Germany

International Nuclear Information System (INIS)

Faucheux, Ivan; Rid, Urban; Sickenberger, Peter; Ricordeau, Damien; Schmidt, Gerrit

2014-01-01

The French-German office for Renewable energies (OFAEnR) organised a conference on the energy transition financing in France and in Germany. In the framework of this French-German exchange of experience, participants exchanged views on the legal framework, the instruments and the role of financing institutions in the development of a low-carbon society and economy. Questions regarding the successful financing of renewable energy projects and the expectations of financiers were addressed. This document brings together the available presentations (slides) made during this event: 1 - Regulatory framework for investment in the 'green sector' in France (Ivan Faucheux); 2 - Overview of the financing framework for the German 'Energiewende' (Rid, Urban); 3 - Financing Renewables - KfW's Instruments and Track Record (Peter Sickenberger); 4 - French Overview on Renewable energy Financing (Damien Ricordeau); 5 - Profitability analysis of renewable energies in Germany: Which stakeholders and financing models have proven successful? (Gerrit Schmidt)