The Department for International Development (DFID), through its Renewable Natural Resources Knowledge Strategy (RNRKS), emphasizes demand-led research and a clear identification of uptake pathways in research design and implementation. These guidelines aim to provide RNRKS programme managers and project managers with sufficient information on rural finance to judge the extent to which project design may have to take it into account. This includes in particular the possibility that the charac...
Gloster, G A
The paper deals briefly with the basic nature of financial activity and markets and of the intermediaries, including banks, within these markets. It is argued that efforts by the authorities to affect monetary policy through controls on bank lending (quantitative and interest rates) are inefficient and only lead to circumvention. To the degree that prices (interest rates) are kept down in one area, they will be higher in another, and supply of credit reduced from one source will encourage a greater supply from another. The Campbell Committee's recommendations, if implemented, are likely to result in freer financial markets and to improve the resource development sector's access to finance. Clear examples would be the removal of foreign exchange restrictions and the setting up of a market-oriented exchange rate system. However, in one sense this access may be narrowed as the extension of bank-type prudential controls to bank subsidiaries and to all 'deposit-taking institutions' may impede the free functioning of financial markets as well as further entrenching the 'safeguarded deposit' concept over the community's savings.
The production of chemicals and minerals for the chemical industry in Saskatchewan are featured, with some discussion of resource taxation. The commodities mentioned include potash, fatty amines, uranium, heavy oil, sodium sulfate, chlorine, sodium hydroxide, sodium chlorate and bentonite. Following the successful outcome of the Cluff Lake inquiry, the uranium industry is booming. Some developments and production figures for Gulf Minerals, Amok, Cenex and Eldorado are mentioned.
Macht, Stephanie Alexandra
Purpose: The purpose of this paper is to bring attention to "entrepreneurial finance education", an aspect of entrepreneurship education that is widely taught but neglected by the educational literature. It does so by exploring how social capital, a key resource for entrepreneurs, can be incorporated into entrepreneurial finance…
Mai, Brent Alan
When called upon to aid in filtering through finance and investment information on the Internet, the business librarian is also faced with knowing what is available and how to find it. Web sites are identified that provide information about stocks and their exchanges, mutual funds, bonds, company annual reports, and taxes. (Author/AEF)
...,857B; TA-W-70,857C; TA-W-70,857D] DHL Global Forwarding, A Subsidiary of DP DHL, Finance and Accounting... Global Forwarding, A Subsidiary of DP DHL, Finance and Accounting Divisions, Including Workers Whose... Subsidiary of DP DHL Finance and Accounting Divisions, Including Workers Whose Wages Are Reported to Danzas...
Fossil fuels including coal play a key role as crucial energies in contributing to economic development in Asia. On the other hand, its limited quantity and the environmental problems causing from its usage have become a serious global issue and a countermeasure to solve such problems is very much demanded. Along with the pursuit of sustainable development, environmentally-friendly use of highly efficient fossil resources should be therefore, accompanied. Kyushu-university‧s sophisticated research through long years of accumulated experience on the fossil resources and environmental sectors together with the advanced large-scale commercial and empirical equipments will enable us to foster cooperative research and provide internship program for the future researchers. Then, this program is executed as a consignment business from the Ministry of Economy, Trade and Industry from 2007 fiscal year to 2009 fiscal year. The lecture that uses the textbooks developed by this program is scheduled to be started a course in fiscal year 2010.
Geske, Terry G.; Johnston, Mary Jo
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)
... DEPARTMENT OF LABOR Employment and Training Administration [TA-W-81,755] Thomson Reuters, Finance Operations & Technology Division, Including On-Site Leased Workers From Adecco; Eagan, MN; Amended Certification Regarding Eligibility To Apply for Worker Adjustment Assistance In accordance with Section 223 of the Trade Act of 1974, as amended (`...
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...
Ces deux ouvrages tirent les enseignements de l’impact de la crise de la finance mondiale sur l’économie réelle et se focalisent, dans ce contexte, sur le financement du Mittelstand. Le banquier JASCHINSKI, lorsqu’il passe en revue le système bancaire allemand, constate ainsi que si les moyennes entreprises trouvent les crédits nécessaires auprès de leurs solides partenaires de toujours que sont les Sparkassen, les grandes sociétés, internationales, que compte le Mittelstand n’ont pas de part...
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.
Bisher veröffentlicht unter dem Titel: "Modern Finance" Das Buch beinhaltet ebenso einige Portraits: Die didaktische Erfahrung lehrt, dass man sich wissenschaftliche Ergebnisse und Ansätze besser merken kann, wenn eine Assoziation zu jener Person bildlich konkret wird, der wir den betreffenden Denkansatz verdanken. Aus Fragen der Finanzierung und der Investitionsentscheidungen von Unternehmen ist in der Verschmelzung mit der Analyse von Kapitalmärkten ein grosses Gebiet entstanden, da...
A. S. Popkova
Full Text Available The paper analyzes revenue-yielding bonds as an efficient tool of governmental and municipal management. Conditions required for issue of security papers have considered in the paper. The paper describes main stages of the infrastructure bonded loan implementation. The global experience in financing construction and upgrading of infrastructure facilities through the bond issue has been investigated in the paper. The contains an analysis of risks while executing infrastructure projects and proposes methods for their minimization.
This paper shows that the finance and growth relationship is as important in resource-based economies as in other economies. This paper also documents less developed financial systems in resource-based economies and banks that are more liquid, better capitalized and more profitable, but give fewer
This paper shows that the finance and growth relationship is as important in resource-based economies as in other economies. This paper also documents less developed financial systems in resource-based economies and banks that are more liquid, better capitalized and more profitable, but give fewer
Régulièrement au cœur de l'actualité, les trois agences de notation (Standard & Poor's, Moody's et Fitch) règnent sur le monde de la finance internationale. Mais quelles sont-elles et à qui appartiennent-elles véritablement ? Détenues par de puissants fonds d'investissements, elles ont progressivement renforcé leurs rôles et pouvoirs. L'auteur interpelle le citoyen sur un système dans lequel les fonds d'investissements profitent des agences de notation (et de leur rôle de « gardien des marché...
Les investisseurs financiers et a fortiori les hedge fonds sont accusés de tous les maux. Ces « sauterelles » tomberaient sur les entreprises allemandes pour s’enrichir en les dépeçant. Un journaliste économique du quotidien des affaires Frankfurter Allgemeine Zeitung publie là un portrait objectif et factuel de ces « nouvelles stars » de la finance mondiale. Un portrait de branche, doublé d’une analyse de l’impact sur le « capitalisme rhénan » de la montée en puissance de ces nouveaux acteur...
Slechta, V.; Milackova, H.
It is proved that during the lifetime of a power plant, financial resources are produced from depreciation and from the profit for the delivered electrical power in an amount allowing to meet the cost of construction, interests of credits, the corporation taxes, and the means usable by the utility for simple reproduction of the power plant, additional investment, or for the ultimate decommissioning of the nuclear power plant. The considerations are simplified to 1 MW of installed capacity of a WWER-440 nuclear power plant. The breakdown is shown of the profit and the depreciation over the power plant lifetime, the resources of regular payments of credit instalments for the construction and the method of its calculation, and the income for the state budget and for the utility during the plant liofetime. (J.B.). 5 tabs., 5 refs
Some of the fiscal questions relating to resource-recovery, or trash-burning, facilities are addressed. Production and cost functions for resource-recovery facilities are estimated using regression analysis. Whether or not there are returns to scale are addressed using the production and cost-function framework. Production functions are also estimated using data envelopment analysis (DEA), and results are compared to the regression results. DEA is a linear-program-based technique that can provide information about the production process. The data used to estimate the production and cost functions were collected from the Resource Recovery Yearbook. Once the decision is made to construct a resource-recovery facility, it needs to be financed. The high cost of these facilities usually prohibits financing construction out of regular operating revenues. Therefore, the issues a government faces when debt is used to finance a resource-recovery facility are analyzed. The most important public policy finding is that increasing economies of scale do not seem to be present for resource-recovery facilities
Full Text Available In the view of optimizing regional power supply and demand, the paper makes effective planning scheduling of supply and demand side resources including energy efficiency power plant (EPP, to achieve the target of benefit, cost, and environmental constraints. In order to highlight the characteristics of different supply and demand resources in economic, environmental, and carbon constraints, three planning models with progressive constraints are constructed. Results of three models by the same example show that the best solutions to different models are different. The planning model including EPP has obvious advantages considering pollutant and carbon emission constraints, which confirms the advantages of low cost and emissions of EPP. The construction of progressive IRP models for power resources considering EPP has a certain reference value for guiding the planning and layout of EPP within other power resources and achieving cost and environmental objectives.
Oates, Grainne; Dias, Roshanthi
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,…
Springer, Matthew G.; Liu, Keke; Guthrie, James W.
While there is a wealth of research on school finance equity and adequacy, and school finance theory clearly documents differences between the two concepts, no study has examined whether the reforms engendered by each approach actually differ in terms of resource distribution. The present study examines the issues using district-level data on…
Solar resource estimation risk is one of the main solar PV project risks that influences lender’s decision in providing financing and in determining the cost of capital. More recently, a number of measures have emerged to mitigate this risk. The study focuses on solar industry’s best practice energy resource estimation and assesses its financing implications to the 27 MWp solar PV project study in Brunei Darussalam. The best practice in resource estimation uses multiple data sources through the measure-correlate-predict (MCP) technique as compared with the standard practice that rely solely on modelled data source. The best practice case generates resource data with lower uncertainty and yields superior high-confidence energy production estimate than the standard practice case. Using project financial parameters in Brunei Darussalam for project financing and adopting the international debt-service coverage ratio (DSCR) benchmark rates, the best practice case yields DSCRs that surpass the target rates while those of standard practice case stay below the reference rates. The best practice case could also accommodate higher debt share and have lower levelized cost of electricity (LCOE) while the standard practice case would require a lower debt share but having a higher LCOE. - Highlights: •Best practice solar energy resource estimation uses multiple datasets. •Multiple datasets are combined through measure-correlate-predict technique. •Correlated data have lower uncertainty and yields superior high-confidence energy production. •Best practice case yields debt-service coverage ratios (DSCRs) that surpass the benchmark rates. •Best practice case accommodates high debt share and have low levelized cost of electricity.
This paper analyzes an unsuccessful attempt to establish a financing intermediary for the development of environmentally contaminated property (commonly known as brownfields) in Pennsylvania. The proposed intermediary was entitled Financial Resources for the Environment.
Mari Jair de Jesus
Full Text Available The objective of this descriptive study was to map mental health research in Brazil, providing an overview of infrastructure, financing and policies mental health research. As part of the Atlas-Research Project, a WHO initiative to map mental health research in selected low and middle-income countries, this study was carried out between 1998 and 2002. Data collection strategies included evaluation of governmental documents and sites and questionnaires sent to key professionals for providing information about the Brazilian mental health research infrastructure. In the year 2002, the total budget for Health Research was US$101 million, of which US$3.4 million (3.4 was available for Mental Health Research. The main funding sources for mental health research were found to be the São Paulo State Funding Agency (Fapesp, 53.2% and the Ministry of Education (CAPES, 30.2%. The rate of doctors is 1.7 per 1,000 inhabitants, and the rate of psychiatrists is 2.7 per 100,000 inhabitants estimated 2000 census. In 2002, there were 53 postgraduate courses directed to mental health training in Brazil (43 in psychology, six in psychiatry, three in psychobiology and one in psychiatric nursing, with 1,775 students being trained in Brazil and 67 overseas. There were nine programs including psychiatry, neuropsychiatry, psychobiology and mental health, seven of them implemented in Southern states. During the five-year period, 186 students got a doctoral degree (37 per year and 637 articles were published in Institute for Scientic Information (ISI-indexed journals. The investment channeled towards postgraduate and human resource education programs, by means of grants and other forms of research support, has secured the country a modest but continuous insertion in the international knowledge production in the mental health area.
Pierson, Kawika; Hand, Michael L; Thompson, Fred
Quantitative public financial management research focused on local governments is limited by the absence of a common database for empirical analysis. While the U.S. Census Bureau distributes government finance data that some scholars have utilized, the arduous process of collecting, interpreting, and organizing the data has led its adoption to be prohibitive and inconsistent. In this article we offer a single, coherent resource that contains all of the government financial data from 1967-2012, uses easy to understand natural-language variable names, and will be extended when new data is available.
Describes financing-program options, key components of financing programs, and factors for states and communities to consider as they make decisions about getting started or updating their clean energy financing programs.
BT Oakley; JH Holbrook; L Scully; MR Weimar; PK Kearns; R DiPrinzio
The U.S. Department of Energy (DOE) launched the Contract Reform Initiative in 1994 in order to improve the effectiveness and effkiency of managing major projects and programs. The intent of this initiative is to help DOE harness both technical and market forces to reduce the overall cost of accomplishing DOE's program goals. The new approach transfers greater risk to private contractors in order to develop incentives that align contractor performance with DOE's objectives. In some cases, this goal can be achieved through public-private partnerships wherein the govermhent and the contractor share risks associated with a project in a way that optimizes its economics. Generally, this requires that project risks are allocated to the party best equipped to manage and/or underwrite them. While the merits of privatization are well documented, the question of how privatized services should be financed is often debated. Given the cost of private sector equity and debt, it is difficult to ignore the lure of the government's "risk free" cost of capital. However, the source of financing for a project is an integral part of its overall risk allocation, and therefore, participation by the government as a financing source could alter the allocation of risks in the project, diminishing the incentive structure. Since the government's participation in the project's financing often can be a requirement for financial feasibility, the dilemma of structuring a role for the government without undermining the success of the project is a common and difficult challenge faced by policymakers around the world. However, before reverting to a traditional procurement approach where the government enters into a cost-plus risk profile, the government should exhaust all options that keep the private entity at risk for important aspects of the project. Government participation in a project can include a broad range of options and can be applied with precision to bridge a
This paper examines the use of online information resources by Economics, Finance, and Marketing 3rd year students in a cooperative education program and explores some possible factors and issues that influence how students use these resources. The nature of Work Integrated Learning (WIL) programs, the business information environment, and the…
Sidze, E.M.; Pradhan, J.; Beekink, E.; Maina, T.M.; Maina, B.W.
Understanding the flow of resources at the country level to reproductive health is essential for effective financing of this key component of health. This paper gives a comprehensive picture of the allocation of resources for reproductive health in Kenya and the challenges faced in the
Sheriffah Noor Khamseah Al-Idid Syed Ahmad Idid
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
Laurentiu Mihai TREAPĂT
Full Text Available In this work, we present some reasons why the financial institutions and the entities active in the Romanian economy have to strengthen their institutional partnership, for the benefit of the entire community. We also analyze the economic factors that interfere into this partnership, and also the possible ways and means of optimization. The study and, particularly the proposed solutions may represent a viable option for an efficient management of the development process of the local communities in Romania. We bring scientific and practical arguments that there is a big need for this partnership, as currently, we are experiencing a big lack of mutual trust that is perceived as a gap in the cooperation between the owners of financial resources, on one hand, and the entrepreneurs and the public authorities, on the other hand. Looking from a European perspective and also from the historical evolution, in Romanian’s case, local economic development is a challenge that must be achieved by valuing any available resource at its best. Local resources are not always enough for financing the development needs of the communities. For progressing, they must be completed with borrowed sources. The banking loan, although it includes collateral costs and risks, represents a resource that must be used accordingly, for not losing the development opportunities. The capital insertion on the local market by banking loan generates an economic increase, social development, and can offer new working places to the local community members. Good knowledge of the lending needs, of the advantages, of the costs but also of the associated risks of the lending activity is essential for fully benefiting of such a resource in the local and regional economic and social development process, for the benefit of all the involved parties.
Full Text Available Climate change may create and increase world inequality and social conflicts. Moreover, regardless of the various developments in science and technology, there are still uncertainties regarding the precise extent and consequences of climate change. Additionally, financial resources to support climate change mitigation, adaptation and capacity building programmes in Africa may be considered to be far from satisfactory in terms of their size, source and distribution. Global policymakers are therefore keen to discover how climate finance resources can be mobilised from a wide variety of sources, instruments and channels to complement public sources. To address this knowledge gap, this paper undertook an analysis of project reports, policy reviews, policy briefs, and academic literature reviews on the barriers and opportunities for private investments in climate change programmes. The paper highlights that Sub-Saharan Africa has the potential to mobilise over US $100 billion annually from its diaspora population, and these funds can be channelled towards climate change investments and programmes or leveraged with other conventional climate finance modalities. This paper therefore provides insights into the measures that can be undertaken in order to enable Africa’s diaspora to become important financiers of climate change programmes.
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
Michigan radically altered its school finance system in 1994. The new plan, called Proposal A, significantly increased state aid to the lowest-spending school districts and limited future increases in spending in the highest-spending ones, abolishing local discretion over school spending. I investigate the impact of Proposal A on the distribution…
Sims, David P.
"Rose v. Council for Better Education" (1989) is often considered a transition point in education finance litigation, heralding an era of increasing concern for measurable adequacy of education across a broad spectrum of student needs. Prior research suggests that post-Rose lawsuits had less effect on the distribution of school spending…
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)
This chapter describes the typical type of financing agreements which are currently used to finance North Sea petroleum projects whether they are in the cause of development or have been developed and are producing. It deals with the agreements which are entered into to finance borrowings for petroleum projects on a non-resource or limited resource basis. (UK)
Siegel, S.M.; Siegel, B.Z.
The environmental consequences of natural processes in a volcanic-fumerolic region and of geothermal resource development are presented. These include acute ecological effects, toxic gas emissions during non-eruptive periods, the HGP-A geothermal well as a site-specific model, and the geothermal resources potential of Hawaii. (MHR)
Some of the innovative financing options being considered by developing countries and economies in transition as ways of mobilizing international energy financing are discussed. Build-Own-Operate (BOO) and Transfer (BOOT) is the most commonly adopted approach. This involves limited resource financing of a project on the basis of the associated cash flow and risks and not on the credit of the project owners. The World Bank has set up the Multilateral Investment Guarantee Agency to provide, on a fee basis, guarantees against certain non-commercial forms of risk in order to promote international capital flow to developing countries. In 1989, the World Bank introduced the Expanded Co-financing Operations (ECO) programme as an instrument to catalyze the flow of private finance into developing countries and to improve their access to international financial markets. Other financial instruments currently being established include: leasing of equipment or whole plants by foreign investors; private ownership or operation of generation and distribution facilities; exchange of specific export goods for energy imports; developing instruments to finance local costs; revenue bonds; tax-exempt bonds; sale of electricity futures to those seeking more stable, longer term electricity price contracts. (UK)
National Center for Systemic Improvement at WestEd, 2015
This document provides a list of recommended existing resources for state Part C and Part B 619 staff and technical assistance (TA) providers to utilize to support evaluation planning for program improvement efforts (including the State Systemic Improvement Plan, SSIP). There are many resources available related to evaluation and evaluation…
Heeter, Jenny; Bird, Lori
As of October 2012, 29 states, the District of Columbia, and Puerto Rico have instituted a renewable portfolio standard (RPS). Each state policy is unique, varying in percentage targets, timetables, and eligible resources. Increasingly, new RPS polices have included alternative resources. Alternative resources have included energy efficiency, thermal resources, and, to a lesser extent, non-renewables. This paper examines state experience with implementing renewable portfolio standards that include energy efficiency, thermal resources, and non-renewable energy and explores compliance experience, costs, and how states evaluate, measure, and verify energy efficiency and convert thermal energy. It aims to gain insights from the experience of states for possible federal clean energy policy as well as to share experience and lessons for state RPS implementation. - Highlights: • Increasingly, new RPS policies have included alternative resources. • Nearly all states provide a separate tier or cap on the quantity of eligible alternative resources. • Where allowed, non-renewables and energy efficiency are being heavily utilized
Yilmaz, Pelin; Hakan Hocaoglu, M.; Konukman, Alp Er S.
In recent years, economical and environmental constraints force governments and energy policy decision-makers to change the prominent characteristics of the electricity markets. Accordingly, depending on local conditions on the demand side, usage of integrated resource planning approaches in conjunction with renewable technologies has gained more importance. In this respect, an integrated resource planning option, which includes the design and optimization of grid-connected renewable energy plants, should be evaluated to facilitate a cost-effective and green solution to a sustainable future. In this paper, an integrated resource planning case is studied for an educational campus, located in Gebze, Turkey. It is found that for the considered campus, the integrated resource planning scenario that includes renewables as a supply-side option with existing time-of-use tariff may provide a cost-effective energy production, particularly for the high penetration level of the renewables
Gandhi, Gian; Lydon, Patrick; Cornejo, Santiago; Brenzel, Logan; Wrobel, Sandra; Chang, Hugh
The Decade of Vaccines Global Vaccine Action Plan has outlined a set of ambitious goals to broaden the impact and reach of immunization across the globe. A projections exercise has been undertaken to assess the costs, financing availability, and additional resource requirements to achieve these goals through the delivery of vaccines against 19 diseases across 94 low- and middle-income countries for the period 2011-2020. The exercise draws upon data from existing published and unpublished global forecasts, country immunization plans, and costing studies. A combination of an ingredients-based approach and use of approximations based on past spending has been used to generate vaccine and non-vaccine delivery costs for routine programs, as well as supplementary immunization activities (SIAs). Financing projections focused primarily on support from governments and the GAVI Alliance. Cost and financing projections are presented in constant 2010 US dollars (US$). Cumulative total costs for the decade are projected to be US$57.5 billion, with 85% for routine programs and the remaining 15% for SIAs. Delivery costs account for 54% of total cumulative costs, and vaccine costs make up the remainder. A conservative estimate of total financing for immunization programs is projected to be $34.3 billion over the decade, with country governments financing 65%. These projections imply a cumulative funding gap of $23.2 billion. About 57% of the total resources required to close the funding gap are needed just to maintain existing programs and scale up other currently available vaccines (i.e., before adding in the additional costs of vaccines still in development). Efforts to mobilize additional resources, manage program costs, and establish mutual accountability between countries and development partners will all be necessary to ensure the goals of the Decade of Vaccines are achieved. Establishing or building on existing mechanisms to more comprehensively track resources and
Park, Se-Moon; Song, Sun-Ja
Women in Nuclear-Korea (WINK) surveyed the public understanding on various energy resources in early September 2006 to offer the result for establishment of the nuclear communication policy. The reason why this survey includes other energy resources is because the previous works are only limited on nuclear energy, and also aimed to know the public's opinion on the present communication skill of nuclear energy for the public understanding. The present study is purposed of having data how public understands nuclear energy compared to other energies, such as fossil fuels, hydro power, and other sustainable energies. The data obtained from this survey have shown different results according to the responded group; age, gender, residential area, etc. Responded numbers are more than 2,000 of general public and university students. The survey result shows that nuclear understanding is more negative in women than in men, and is more negative in young than older age
Heeter, J.; Bird, L.
Currently, 29 states, the District of Columbia, and Puerto Rico have instituted a renewable portfolio standard (RPS). An RPS sets a minimum threshold for how much renewable energy must be generated in a given year. Each state policy is unique, varying in percentage targets, timetables, and eligible resources. This paper examines state experience with implementing renewable portfolio standards that include energy efficiency, thermal resources, and non-renewable energy and explores compliance experience, costs, and how states evaluate, measure, and verify energy efficiency and convert thermal energy. It aims to gain insights from the experience of states for possible federal clean energy policy as well as to share experience and lessons for state RPS implementation.
... source) when that owner's liquid assets exceed the amounts specified in paragraphs (a) (1) through (3) of... applicant must inject any personal liquid assets which are in excess of two times the total financing... the applicant must inject any personal liquid assets which are in excess of one and one-half times the...
The present CD-ROM summarizes some activities carried out by the Departments of Nuclear Energy and Nuclear Safety and Security in the area of nuclear knowledge management in the period 2003-2005. It comprises, as open resource, most of the relevant documents in full text, including policy level documents, reports, presentation material by Member States and meeting summaries. The collection starts with a reprint of the report to the IAEA General Conference 2004 on Nuclear Knowledge [GOV/2004/56-GC(48)/12] summarizing the developments in nuclear knowledge management since the 47th session of the General Conference in 2003 and covers Managing Nuclear Knowledge including safety issues and Information and Strengthening Education and Training for Capacity Building. It contains an excerpt on Nuclear Knowledge from the General Conference Resolution [GC(48)/RES/13] on Strengthening the Agency's Activities Related to Nuclear Science, Technology and Applications. On the CD-ROM itself, all documents can easily be accessed by clicking on their titles on the subject pages (also printed at the end of this Working Material). Part 1 of the CD-ROM covers the activities in the period 2003-2005 and part 2 presents a resource material full text CD-ROM on Managing Nuclear Knowledge issued in October 2003
Harris, John; Holm, Craig E; Inniger, Meredith C
As physicians embrace their roles in managing healthcare costs and quality, finance leaders should seize the opportunity to engage physicians in clinical care redesign to ensure both high-quality performance and efficient resource use. Finance leaders should strike a balance between risk and reward to achieve a portfolio of clinical initiatives that is organizationally sustainable and responsive to current external drivers of payment changes. Because these initiatives should be driven by physicians, the new skill set of finance leaders should include an emphasis on relationship building to achieve consensus and drive change across an organization.
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 ...
Soares, Joao; Morais, Hugo; Sousa, Tiago
Summary form only given. The energy resource scheduling is becoming increasingly important, as the use of distributed resources is intensified and massive gridable vehicle (V2G) use is envisaged. This paper presents a methodology for day-ahead energy resource scheduling for smart grids considering...
RADU NICOLAE BĂLUNĂ
Full Text Available Financing (funding is essentially the purchase of funds necessary for a business. This can be done from internal sources (company’s own funds or external (borrowed funds. The high value of goods traded in international trade makes revenues generated from internal resources not sufficient to settle the value of the goods. Thus, it is frequent to resort to borrowed funds. In International Business Transactions, external financing is done both by classical techniques of credit (credit supplier and buyer credit and modern techniques of financing (factoring, forfeiting, leasing all trade tailored. In terms of the length of financing, accounting funding is short-term (1-12 months and long-term financing (over a year. In principle, export and import operations prevailing short-term financing techniques, while international investment and industrial cooperation actions are specific long-term funding
Schijven, Jack; Derx, Julia; de Roda Husman, Ana Maria; Blaschke, Alfred Paul; Farnleitner, Andreas H
Given the complex hydrologic dynamics of water catchments and conflicts between nature protection and public water supply, models may help to understand catchment dynamics and evaluate contamination scenarios and may support best environmental practices and water safety management. A catchment model can be an educative tool for investigating water quality and for communication between parties with different interests in the catchment. This article introduces an interactive computational tool, QMRAcatch, that was developed to simulate concentrations in water resources of , a human-associated microbial source tracking (MST) marker, enterovirus, norovirus, , and as target microorganisms and viruses (TMVs). The model domain encompasses a main river with wastewater discharges and a floodplain with a floodplain river. Diffuse agricultural sources of TMVs that discharge into the main river are not included in this stage of development. The floodplain river is fed by the main river and may flood the plain. Discharged TMVs in the river are subject to dilution and temperature-dependent degradation. River travel times are calculated using the Manning-Gauckler-Strickler formula. Fecal deposits from wildlife, birds, and visitors in the floodplain are resuspended in flood water, runoff to the floodplain river, or infiltrate groundwater. Fecal indicator and MST marker data facilitate calibration. Infection risks from exposure to the pathogenic TMVs by swimming or drinking water consumption are calculated, and the required pathogen removal by treatment to meet a health-based quality target can be determined. Applicability of QMRAcatch is demonstrated by calibrating the tool for a study site at the River Danube near Vienna, Austria, using field TMV data, including a sensitivity analysis and evaluation of the model outcomes. Copyright © by the American Society of Agronomy, Crop Science Society of America, and Soil Science Society of America, Inc.
ANDREI STANCULESCU; DAN NICOLAE IVANESCU; PETRE BREZEANU
This paper sustains the existence of a biunivocal link between a company’s financing decision and the corporate governance. On the one hand, the financing decision has an impact on corporate performance, which has been confirmed. According to the agency theory, the financing decision will contribute to solving interest conflicts between shareholders and managers. On the other hand, the corporate governance mechanism provides the proper contractual framework for attracting financing resources....
Christensen, John; Shaxson, Nick; Wigan, Duncan
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...
Blake, J W
This article discusses financing medical office buildings. In particular, financing and ownership options from a not-for-profit health care system perspective are reviewed, including use of tax-exempt debt, taxable debt, limited partnerships, sale, and real estate investment trusts (REITs).
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
P. Quiry; Y. Le Fur; A. Salvi; M. Dallocchio; P. Vernimmen
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...
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...
Carr, Martha S.; Dutton, Carl E.
The importance of iron ore, the basic raw material of steel, as a fundamental mineral, resource is shown by the fact that about 100 million long tons of steel is used annually in the economy of the United States, as compared with a combined total of about 5 million long tons of copper, lead, zinc, and aluminum. Satisfying this annual demand for steel requires about 110 million tons of iron ore and 70 million tons of scrap iron and steel. The average annual consumption of iron ore in the United States from 1951 to 1955, inclusive, was about 110 million long tons, which is about twice the annual average from 1900 to 1930. Production of iron ore in the United States in this 5-year period averaged approximately 100 million long tons annually, divided by regions as follows (in percent): Lake Superior, 84.1; southeastern, 6.7; western, 6.7; northeastern, 1.4; and central and gulf, 1.1. Mining of iron ore began in the American Colonies about 1619, and for 225 years it was limited to eastern United States where fuel and markets were readily available. Production of iron ore from the Lake Superior region began in 1846; the region became the leading domestic source by 1890, and the Mesabi range in Minnesota has been the world's most productive area since 1896. Proximity of raw materials, water transportation, and markets has resulted in centralization of the country's iron and steel industry in the lower Great Lakes area. Increased imports of iron ore being delivered to eastern United States as well as demands for steel in nearby markets have given impetus to expansion in the steel-making capacity in this area. The four chief iron-ore minerals - hematite, liminite, magnetite, and siderite - are widely distributed but only locally form deposits of sufficient tonnage and grade to be commercially valuable at the present time. The iron content of these minerals, of which hematite is the most important, ranges from 48 percent in siderite to 72 percent in magnetite, but as these
Stenberg, Karin; Hanssen, Odd; Edejer, Tessa Tan-Torres; Bertram, Melanie; Brindley, Callum; Meshreky, Andreia; Rosen, James E; Stover, John; Verboom, Paul; Sanders, Rachel; Soucat, Agnès
domestic product spent on health would increase to a mean of 7·5% (2·1-20·5). Around 75% of costs are for health systems, with health workforce and infrastructure (including medical equipment) as the main cost drivers. Despite projected increases in health spending, a financing gap of $20-54 billion per year is projected. Should funds be made available and used as planned, the ambitious scenario would save 97 million lives and significantly increase life expectancy by 3·1-8·4 years, depending on the country profile. All countries will need to strengthen investments in health systems to expand service provision in order to reach SDG 3 health targets, but even the poorest can reach some level of universality. In view of anticipated resource constraints, each country will need to prioritise equitably, plan strategically, and cost realistically its own path towards SDG 3 and universal health coverage. WHO. Copyright © 2017 World Health Organization; licensee Elsevier. This is an Open Access article published under the CC BY 3.0 IGO license which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. In any use of this article, there should be no suggestion that WHO endorses any specific organisation, products or services. The use of the WHO logo is not permitted. This notice should be preserved along with the article's original URL.
The Water Infrastructure and Resiliency Finance Center serves as a resource to communities to improve their wastewater, drinking water and stormwater systems, particularly through innovative financing and increased resiliency to climate change.
The uranium reserves exploitable at a cost below 15 dollars/lb U 3 O 8 , are 210,000 tonnes. While present uranium production capacities amount to 26,000 tonnes uranium per year, plans have been announced which would increase this capacity to 44,000 tonnes by 1978. Given an appropriate economic climate, annual capacities of 60,000 tonnes and 87,000 tonnes could be attained by 1980 and 1985, respectively, based on presently known reserves. However, in order to maintain or increase such a capacity beyond 1985, substantial additional resources would have to be identified. Present annual demand for natural uranium amounts to 18,000 tonnes and is expected to establish itself at 50,000 tonnes by 1980 and double this figure by 1985. Influences to increase this demand in the medium term could come from shortages in other fuel cycle capacities, i.e. enrichment (higher tails assays) and reprocessing (no uranium and plutonium recycle). However, the analysis of the near term uranium supply and demand situation does not necessarily indicate a prolongation of the current tight uranium market. Concerning the longer term, the experts believe that the steep increase in uranium demand foreseen in the eighties, according to present reactor programmes, with doubling times of the order of 6 to 7 years, will pose formidable problems for the uranium industry. For example, in order to provide reserves sufficient to support the required production rates, annual additions to reserves must almost triple within the next 15 years. Efforts to expand world-wide exploration levels to meet this challenge would be facilitated if a co-ordinated approach were adopted by the nuclear industry as a whole
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.
Hirth, Stefan; Flor, Christian Riis
Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...
Muhammad Riza Firdaus
Full Text Available Given Alabio ducks ( Anas platyrinchos Borneo is a commodity that can be developed on wetlands , the study aims to illustrate the potential and development of duck farms that can be relied upon by the provincial government in making policies for the advancement of this duck commodities , especially in the aspect of markets , human resources , and ﬁ nancial aspects . These three aspects have been given the results of several previous studies that the three aspects mentioned this is still an issue in the development of duck and production results . Hulu Sungai Utara as duck production centers serve as a test site . Qualitative analysis of the domain and toksonomi method used as a tool in analyzing the data of this study . The results show : First , aspects of ﬁ nancing shows that the business is viable and proﬁ table , especially on a large scale . Second , the market requires a lot of innovation in creating related products. Third , explain aspects of human resource regeneration is still a problem and also the managerial constraints such as planning , standardization and quality in all phases . Keywords: Ducks Alabio, Financial Aspects, Aspects of Market and Marketing, Human Resource Aspects
Full Text Available Through their contribution to the creation of added value and new jobs, the small and medium enterprises (SMEs have a significant role in the economic and social development of a country. However, these enterprises are facing numerous obstacles that limit their performance, growth and development. Among the difficulties faced by SMEs, the access to finance is often reported as a major obstacle to the deployment and expansion of their activity. The access to finance is crucial for efficient allocation of financial resources and entrepreneurial development, which explains the major interest given to this subject both by the academic literature and the policy makers. The paper aims to highlight the difficulties faced by SMEs in securing financing resources, emphasizing the differences between countries and also between SMEs and large enterprises. Knowing the difficulties in SMEs financing is essential for policy makers in order to design and implement appropriate measures, which will help to improve the access to financing for these enterprises. Thus, another issue addressed, synthetically, in this paper aims the measures taken by public authorities in order to support the access to financing for SMEs. The research methodology used in this paper starts with a literature review in order to highlight the importance of the subject addressed in our research. The analysis conducted in this paper is based on data and statistics provided mainly by the World Bank surveys, by certain empirical studies and by the National Council of Small and Medium Sized Private Enterprises in Romania. Based on the methodology used, the paper indicates the difficulties in SMEs financing and the crucial importance of enhancing the public authorities concerns regarding their alleviation, especially by adopting measures focused on increasing financial development, which would ensure greater availability of financing for businesses and thus economic growth. The limited
William R. Kerr; Ramana Nanda
We review the recent literature on the financing of innovation, inclusive of large companies and new startups. This research strand has been very active over the past five years, generating important new findings, questioning some long-held beliefs, and creating its own puzzles. Our review outlines the growing body of work that documents a role for debt financing related to innovation. We highlight the new literature on learning and experimentation across multi-stage innovation projects and h...
provides an overview of financing strategies and highlights a community that leveraged Clean Water State Revolving Fund (CWSRF) resources for a flood mitigation project that provided multiple economic, environmental, and social benefits.
Items 1 - 16 of 16 ... The African Journal of Finance and Management is designed to carry articles, ... Operations, Human Resource, Organisational Behaviour, Marketing Services, ... AJMR aims to serve management and business academics.
This paper describes the status of the wind energy markets world-wide, in Europe and in the UK. It outlines the main methods of financing wind energy installations and discusses why different institutional structures have led to different markets in the UK and in Germany, with some concern about the state of the UK onshore industry. The paper looks ahead to the opening up of the potentially much larger offshore wind resource, concluding that in this area, existing UK development and financing structures are well suited. (Author)
LIN Justin Yifu; SUN Xifang
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.
Uzochukwu, B S C; Ughasoro, M D; Etiaba, E; Okwuosa, C; Envuladu, E; Onwujekwe, O E
The way a country finances its health care system is a critical determinant for reaching universal health coverage (UHC). This is so because it determines whether the health services that are available are affordable to those that need them. In Nigeria, the health sector is financed through different sources and mechanisms. The difference in the proportionate contribution from these stated sources determine the extent to which such health sector will go in achieving successful health care financing system. Unfortunately, in Nigeria, achieving the correct blend of these sources remains a challenge. This review draws on relevant literature to provide an overview and the state of health care financing in Nigeria, including policies in place to enhance healthcare financing. We searched PubMed, Medline, The Cochrane Library, Popline, Science Direct and WHO Library Database with search terms that included, but were not restricted to health care financing Nigeria, public health financing, financing health and financing policies. Further publications were identified from references cited in relevant articles and reports. We reviewed only papers published in English. No date restrictions were placed on searches. It notes that health care in Nigeria is financed through different sources including but not limited to tax revenue, out-of-pocket payments (OOPs), donor funding, and health insurance (social and community). In the face of achieving UHC, achieving successful health care financing system continues to be a challenge in Nigeria and concludes that to achieve universal coverage using health financing as the strategy, there is a dire need to review the system of financing health and ensure that resources are used more efficiently while at the same time removing financial barriers to access by shifting focus from OOPs to other hidden resources. There is also need to give presidential assent to the national health bill and its prompt implementation when signed into law.
Multimedia / Photos Videos Publications Bloggers DoD Websites Personal Finance Resources As part of the finance director said here recently. Story Security Expert Advises Troops to Safeguard Personal, Financial education in personal finance that commanders say goes a long way in promoting battle readiness. Story
... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Contract financing. 12.210... financing. Customary market practice for some commercial items may include buyer contract financing. The contracting officer may offer Government financing in accordance with the policies and procedures in part 32. ...
... Basic Policies § 1735.17 Facilities financed. (a) RUS makes hardship and guaranteed loans to finance the... section. (b) RUS makes concurrent RUS cost-of-money and RTB loans to finance the improvement, expansion... type of loan to finance the following items: (1) Station apparatus (including PBX and key systems) not...
The main activities of the Export Development Corporation (EDC) were described, as well as some of the changes currently being implemented. EDC is Canada's official export credit agency, providing risk management services such as insurance, loans, guarantees, equity and leasing. EDC's project finance initiative started in 1991, and focused mainly on the up-front process. It has established itself as a recognized leader in project financing. It has over 15 years experience in a variety of sectors and countries. Energy projects financed to date include hydro projects in India, Argentina and Pakistan, and thermal projects in Thailand, China, Indonesia and Egypt. Lending criteria used to select projects were outlined, along with the risks endemic to project financing
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.
Full Text Available Animals are primarily limited by their capacity to acquire food, yet digestive performance also conditions energy acquisition, and ultimately fitness. Optimal foraging theory predicts that organisms feeding on patchy resources should maximize their food loads within each patch, and should digest these loads quickly to minimize travelling costs between food patches. We tested the prediction of high digestive performance in wandering albatrosses, which can ingest prey of up to 3 kg, and feed on highly dispersed food resources across the southern ocean. GPS-tracking of 40 wandering albatrosses from the Crozet archipelago during the incubation phase confirmed foraging movements of between 475-4705 km, which give birds access to a variety of prey, including fishery wastes. Moreover, using miniaturized, autonomous data recorders placed in the stomach of three birds, we performed the first-ever measurements of gastric pH and temperature in procellariformes. These revealed surprisingly low pH levels (average 1.50±0.13, markedly lower than in other seabirds, and comparable to those of vultures feeding on carrion. Such low stomach pH gives wandering albatrosses a strategic advantage since it allows them a rapid chemical breakdown of ingested food and therefore a rapid digestion. This is useful for feeding on patchy, natural prey, but also on fishery wastes, which might be an important additional food resource for wandering albatrosses.
Gillian L. S. Hilton
Full Text Available A recent report by the National Audit Office (NAO, 2016 has criticised the Department of Education’s organisation of Initial Teacher Training programmes in England as not providing value for money. This paper explores recent reports from government agencies, Parliament and the press on this issue. Further to this, leaders of various programmes for teacher training, including those run by a university, a School Centred Teacher Training organisation and a lead school in an Academy consortium, between them providing a wide variety of programmes, were questioned on the recent actions of the Department for Education and the National College for Teaching and Leadership with regard to how their actions have affected providing programmes for prospective teachers. The paper concludes that the NAO’s claim that the DfE is not providing value for money is correct and that in order to prevent further wastage a more measured and coherent approach to teacher training in England is required.
Herrera Zárate, M; González Torres, R
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.
Parker, W. [Institute for Sustainable Power, Highlands Ranch, CO (United States); Syngellakis, K. [IT Power Ltd, The Manor house, Chineham (United Kingdom); Shanker, A. [Innovation Energie Developpement, IED, Francheville (France)
This report for the International Energy Agency (IEA) made by Task 9 of the Photovoltaic Power Systems (PVPS) programme takes a look at how PV-based rural electrification in developing countries can be financed. The objective of Task 9 is to increase the overall rate of successful deployment of PV systems in developing countries through increased co-operation and information exchange. This document provides an introduction to PV project financing, including funding sources available, strategies and planning needed to secure the necessary financial resources for the deployment of PV technologies in developing and transitional economies. Topics discussed include risk analysis and the barriers to financing, sources of financing, considerations and variables that influence financing decisions and the process for securing financing. Various forms of international and national financing are looked at, as are the factors influencing financing decisions.
Boersma-de Jong, Margreet F.
Presentation for Springschool of Strategy, University of Groningen, 10 October 2012. The role of CSR is to stimulate ethical behaviour, and as a result, mutual trust in society. Advantage of CSR for the company and the evolution of CSR. From CSR to Sustainable Finance: how does CSR influence
This article examines the innovative techniques the participants in the Vidalia, Mississippi hydropower project used to overcome the numerous obstacles to the financing of the project. The topics of the article are early obstacles, funding and permitting, hydrology questions, matching income to debt, unorthodox provisions and a tough closing
HEALTH & FINANCE. Patrick Thokwa Masobe. Patrick Thokwa Masobe completed his undergraduate studies at Grinnel/. University in the USA, and a Master. Degreefrom the University of London in. 1995. He is wrrently employed by the national Department of Health, where he led the task team charged with making.
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...
Berg, Christian Edelvold; Lund, Anker Brink
Broadcasting (PSB) financing regimes in Europe, concluding that Denmark, Finland, Iceland, Norway, and Sweden may still be considered conventional, licence fee PSB countries, but with some interesting differences in relation to competitive and market oriented alternatives of resource provision......Recently several European countries have abolished the traditional public service licence fee system, replacing it with direct public funding. But except for Iceland, the Nordic countries have not followed suit. The article discusses this development within a comparative framework of Public Service...
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.
Salmon, J. P.; Meurice, J.; Wobus, N.; Stern, F.; Duaime, M.
This guidebook is intended to facilitate further investment in conventional geothermal projects in the United States. It includes a brief primer on geothermal technology and the most relevant policies related to geothermal project development. The trends in geothermal project finance are the focus of this tool, relying heavily on interviews with leaders in the field of geothermal project finance. Using the information provided, developers and investors may innovate in new ways, developing partnerships that match investors' risk tolerance with the capital requirements of geothermal projects in this dynamic and evolving marketplace.
This article examines how environmental requirements are challenging the developers ability to secure financing for independent energy projects. The topics addressed in the article include a review of the US Environmental Protection Agency auction rules for acid rain emission allowances, short term and long term market demand, project financing issues, credit value and matching interests
Soheyli, Saman; Shafiei Mayam, Mohamad Hossein; Mehrjoo, Mehri
Highlights: • Considering renewable energy resources as the main prime movers in CCHP systems. • Simultaneous application of FEL and FTL by optimizing two probability functions. • Simultaneous optimization the equipment and penalty factors by CC-MOPSO algorithm. • Reducing fuel consumption and pollution up to 263 and 353 times, respectively. - Abstract: Due to problems, such as, heat losses of equipment, low energy efficiency, increasing pollution and the fossil fuels consumption, combined cooling, heating, and power (CCHP) systems have attracted lots of attention during the last decade. In this paper, for minimizing fossil fuel consumption and pollution, a novel CCHP system including photovoltaic (PV) modules, wind turbines, and solid oxide fuel cells (SOFC) as the prime movers is considered. Moreover, in order to minimize the excess electrical and heat energy production of the CCHP system and so reducing the need for the local power grid and any auxiliary heat production system, following electrical load (FEL) and following thermal load (FTL) operation strategies are considered, simultaneously. In order to determine the optimal number of each system component and also set the penalty factors in the used penalty function, a co-constrained multi objective particle swarm optimization (CC-MOPSO) algorithm is applied. Utilization of the renewable energy resources, the annual total cost (ATC) and the CCHP system area are considered as the objective functions. It also includes constraints such as, loss of power supply probability (LPSP), loss of heat supply probability (LHSP), state of battery charge (SOC), and the number of each CCHP component. A hypothetical hotel in Kermanshah, Iran is conducted to verify the feasibility of the proposed system. 10 wind turbines, 430 PV modules, 11 SOFCs, 106 batteries and 2 heat storage tanks (HST) are numerical results for the spring as the best season in terms of decreasing cost and fuel consumption. Comparing the results
This report examines the use of alternative local financing mechanisms for interchange and interchange area infrastructure improvements. The financing mechanisms covered include transportation impact fees, tax increment financing, value capture finan...
This report examines the use of alternative local financing mechanisms for interchange and interchange area infrastructure improvements. The financing mechanisms covered include transportation impact fees, tax increment financing, value capture finan...
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
Korpach, A. N.; Carle, M. de la
The structuring and financing of mergers and acquisitions (M and A) is one of the most critical elements of a takeover process, given that Canadian securities law requires that any takeover must be 'fully financed'. It follows therefore, that in order to comply with securities laws, the financing for a takeover must be arranged in advance of making such a bid. This paper describes the structuring of an offer, outlines the sources of M and A financing, including a review of the 'full capital solution', reviews the key forces influencing the financial structuring of takeover bids, and provides examples of recent M and A transactions in the oil and gas resources sectors. Case histories of two recent mergers and acquisitions, one involving Sun Media Corporation and Rogers Communication Inc., the other John Labatt Limited and the Onex Corporation, were reviewed in detail. The importance of proper structuring of the offer for the specific target's shareholders, as well as for future business operations was stressed
Gujba, Haruna; Thorne, Steve; Mulugetta, Yacob; Rai, Kavita; Sokona, Youba
Modern energy access in Africa is critical to meeting a wide range of developmental challenges including poverty reduction and the Millennium Development Goals (MDGs). Despite having a huge amount and variety of energy resources, modern energy access in the continent is abysmal, especially Sub-Saharan Africa. Only about 31% of the Sub-Saharan African population have access to electricity while traditional biomass energy accounts for over 80% of energy consumption in many Sub-Saharan African countries. With energy use per capita among the lowest in the world, there is no doubt that Africa will need to increase its energy consumption to drive economic growth and human development. Africa also faces a severe threat from global climate change with vulnerabilities in several key areas or sectors in the continent including agriculture, water supply, energy, etc. Low carbon development provides opportunities for African countries to improve and expand access to modern energy services while also building low-emission and climate-resilient economies. However, access to finance from different sources will be critical in achieving these objectives. This paper sets out to explore the financial instruments available for low carbon energy access in Africa including the opportunities, markets and risks in low carbon energy investments in the continent. - Highlights: ► Access to finance will be critical to achieving low carbon energy access in Africa. ► Domestic finance will be important in leveraging private finance. ► Private sector participation in modern and clean energy in Africa is still low. ► Many financing mechanisms exist for low carbon energy access in Africa. ► The right institutional frameworks are critical to achieving low carbon energy access in Africa.
Hodge, S.J.; Miskelly, N.
Construction of the Ranger uranium project located 230 km east of Darwin in the Northern Territory commenced in January 1979. Energy Resources of Australia Ltd was incorporated in February 1980 to acquire all the rights in the project. The total cost to ERA of these rights was $407 million. In October 1980 ERA'S cash requirements were estimated to be $553 million. Overseas participants (power utilities who had agreed to purchase uranium yellowcake under contract) arranged to take up 25% of the equity capital, Peko-Wallsend Ltd and EZ Industries Ltd were allotted 30.5% each and 14% was issued to Australian residents. The loan and equity financing arrangements required the successful resolution of many complex and interlocking factors, including technical and economic feasibility, agreement with aboriginal interests, compliance with Government policies and securing of sales contracts
Στην εισαγωγή της παρούσας εργασίας δίνεται ο ορισμός του project financing, τα ιστορικά στοιχεία και οι τάσεις αγοράς του. Στο πρώτο κεφάλαιο αναφέρεται γιατί οι εταιρείες προτιμούν την χρηματοδότηση με project financing. Γίνεται λόγος για τα πλεονεκτήματά του έναντι της άμεσης χρηματοδότησης, καθώς και για τα μειονεκτήματα του project financing. Στο δεύτερο κεφάλαιο παρουσιάζονται τα χρηματοοικονομικά στοιχεία και ο ρόλος του χρηματοοικονομικού συμβούλου. Στην τρίτη ενότητα γίνεται η αναγνώ...
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
The study was on cooperative societies financing of agricultural enterprises in Mbaise Area of Imo State, Nigeria. The objectives includes, identification of sources of finance for the cooperative societies and types of agricultural enterprises financed, profitability of the enterprises and the members or loan beneficiaries ...
Traditional 'business as usual' financing methods will no longer be adequate to meet the unprecedented demands for capital to finance energy sector expansion in the developing countries. In recognition, many countries are opening up their power sectors to private investment, initially through the establishment of independent power projects, but in some cases through sector privatization. Project financing has many advantages, but further sectoral reorganization, including tariff reform, will be needed to attract resources on the scale required, especially from domestic investors. In oil and gas, in contrast to power, private capital from the international oil companies has always played a major role in the developing countries. However, sharply increasing investment requirements require a growing role for external finance. There should, in principle, be no shortage of investible funds to finance energy sector expansion in developing countries so long as host countries establish conditions which are attractive to private investors. The augmented role of private finance requires a continuing, if different, role for the public sector in both host countries and official aid agencies. (author)
Saltari, Enrico; Giuseppe, Travaglini
In this paper we show that financing constraints affect the optimal level of capital stock even when the financing constraint is ineffective. This happens when the firm rationally anticipates that access to external financing resources may be rationed in the future. We will show that with these expectations, the optimal investment policy is to invest less in any given period, thereby lowering the desired optimal capital stock in the long run.
I. V. Mizina
Full Text Available The article researches the influence of the process of financial decentralization system on local finance system in Ukraine. Author determined the basic transformations of local finances system as a result of reform measures and ways to adapt to new conditions. The basic characteristics of the changing role of public authorities and local governments, their relationships and relationships in the system, strengthening public participation in decisionmaking of local importance are revealed. The main requirements of local finances taking into account the impact of fiscal decentralization processes are formulated. They include the formation of an effective and sustainable framework for the mobilization of financial resources within each territorial community; providing sufficient resources for sustainable and dynamic development at the local level; improve management of local finances with the application process and project approaches. An action plan to change the system of local finance Ukraine in the context of fiscal decentralization on a 5year period is proposed. The action plan envisages normalization of regulatory provisions in the area of local finance, training local government officials, development resources, monitoring and evaluating the effectiveness of the current system of local finance.
Specific financing techniques applicable to wind energy projects in Canada are discussed. A limited partnership is the classic Canadian approach to tax-advantaged financing. For a typical wind project, the limited partners would get an internal rate of return of around 8% over 20 years as well as income tax deductions on Class 34 investments. This rate can be improved if the investors borrow some of the money; they get tax-free cash flow while having deductible loan interest, raising their rate of return after taxes to ca 9-10%. Special situation investors can get to take all of the Class 34 deduction right away, raising their return up to the 12% range. These investors include principal business corporations (such as utilities or oil companies), or companies who have sold their business. A second type of financing structure is related to inflation-indexed debt. The loan is structured like a mortgage, with the annual payments indexed to inflation but nevertheless low enough to provide an early positive cash flow from the project. Other possible financing structures are the immigrant investor fund and the provincial incentive corporations
Nuclear power plant construction projects have many characteristics in common with other types of large infrastructure investment, both within the power generation sector and elsewhere. However, nuclear power itself has special features that can make nuclear financing particularly challenging. These features include the high capital cost, the relatively long period required to recoup investments, the often controversial nature of nuclear projects. The need for clear solutions and financing schemes for radioactive waste management and decommissioning and the need for nuclear power plants to operate at high capacity factors, preferably under base load conditions. During the previous major expansion of nuclear power in the 1970 and 1980, many nuclear projects suffered very large construction delays and cost overruns. The legacy of such problems increases the risks perceived by potential investors. A recent study undertaken jointly by the Iea and the Nea showed that the competitiveness of nuclear power strongly depends on the cost of financing due to the high share of fixed capital costs in the total lifetime costs of nuclear power. A key issue in this context is the long-term predictability of carbon pricing arrangements, which, for the time being and despite positive evolutions in this respect, most notably in Europe, does not yet exist. This paper will consider how the risks can be mitigated and examine in detail various models for corporate finance and the role of government assistance in providing a suitable financial basis. (Author)
Anzhela Zakhitovna Namitulina
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
Full Text Available A mix of public and private funding is employed worldwide to enable the construction of large public projects and even, in some cases, the work of public services. In this study, the selected methods of financing of participatory projects of water and water wastes were studied and prioritized. Questionnaires and comments of experts were used along with AHP decision-making and Expert Choice software. Different financing methods include: BOT and BOO and its types, the publication of bonds, foreign direct investment, the method of buyback, internal financing, current financing, development banks, Barter transactions, new tax resources and foreign financing. Results are shown and discussed and a final ranking is provided.
Substance Misuse and Addiction Prevention Finance & Management Services Health Care Services Juvenile health care provider about vitamin D and the risks and benefits of supplementation. Finance and Management Services The Division of Finance and Management Services (FMS) provides financial, administrative
Hogan, Michael F; Drake, Robert E; Goldman, Howard H
Medicaid is now the main payment source and financing mechanism for services for adults with serious mental illness. Services formerly paid with state mental health funds have been converted to Medicaid, lightening the burden on state budgets affected by recession and other factors. The change has allowed states to maintain community care and inpatient services (in general hospitals). Medicaid service benefits include clinic and inpatient care, case management, and some rehabilitation services. But using Medicaid to finance some high-priority services such as supported employment has proven difficult. Now critical changes in Medicaid under the Affordable Care Act allow states to amend their Medicaid State Plans to provide more flexible services to people with serious mental illness. Advocacy and support may be needed to encourage this step. A national campaign to finance supported employment would join various stakeholders in the field, including professional organizations, family and service user groups, and organizations representing service providers. The authors of this editorial pledge their energies to support this campaign. They present suggestions for a campaign, including building a coalition, goals and targets, and online resources.
California's current school finance system is a tangled web of funding programs, restrictions, inequities and confusion. Building a stronger finance system to benefit from resources is an important step in strengthening California's K-12 education system and better meeting the needs of its students. Gov. Brown has recently proposed the Local…
Canadian Teachers' Federation, Ottawa (Ontario).
This document reports the proceedings of a conference held to discuss the availability of educational resources and the financing of education in Canada. The conference focused specifically on the financial implications of redesigning educational institutions to be capable of flexible response to students' needs, making educational benefits more…
Zikusooka, C M; Kyomuhang, R; Orem, J N; Tumwine, M
Health care financing provides the resources and economic incentives for operating health systems and is a key determinant of health system performance. Equitable financing is based on: financial protection, progressive financing and cross-subsidies. This paper describes Uganda's health care financing landscape and documents the key equity issues associated with the current financing mechanisms. We extensively reviewed government documents and relevant literature and conducted key informant interviews, with the aim of assessing whether Uganda's health care financing mechanisms exhibited the key principles of fair financing. Uganda's health sector remains significantly under-funded, mainly relying on private sources of financing, especially out-of-pocket spending. At 9.6 % of total government expenditure, public spending on health is far below the Abuja target of 15% that GoU committed to. Prepayments form a small proportion of funding for Uganda's health sector. There is limited cross-subsidisation and high fragmentation within and between health financing mechanisms, mainly due to high reliance on out-of-pocket payments and limited prepayment mechanisms. Without compulsory health insurance and low coverage of private health insurance, Uganda has limited pooling of resources, and hence minimal cross-subsidisation. Although tax revenue is equitable, the remaining financing mechanisms for Uganda are inequitable due to their regressive nature, their lack of financial protection and limited cross-subsidisation. Overall, Uganda's current health financing is inequitable and fragmented. The government should take explicit action to promote equitable health care financing by establishing pre-payment schemes, enhancing cross-subsidisation mechanisms and through appropriate integration of financing mechanisms.
He has vast experience in human resources and general ... receiving attention, service or being informed. This is ... There are different groups of people playing a role in the ... and should therefore not be engaged in the business of a ... medical schemes without having gained registration under the .... (cutting-edge) practice.
The 2001 was not only a good year for Ecopetrol in its main business, but rather it also consolidated as the strongest company in the country and the company that more resources contribute to the nation. A financial balance is done
Limaye, D.R.; Zhu, X.
This guidebook has been prepared by the UNEP Risoe Centre (URC) as part of its Technology Needs Assessment (TNA) project. The TNA project assists developing countries to identify national mitigation and adaptation technology priorities and to develop Technology Action Plans (TAPs) for mitigation of greenhouse gas (GHG) emissions and climate change adaptation. This guidebook provides information to help TNA countries better identify and access financial resources for the mitigation activities included in their national TAPs. This guidebook covers both mitigation 'projects' (such as a wind farm or a solar PV generation facility) and 'programmes' (such as a credit line for financing energy efficiency projects in small and medium-sized enterprises (SMEs), or bulk procurement and distribution of compact fluorescent lamps to households). The primary emphasis is on multilateral and bilateral sources of financing but the guidebook also includes an overview of private funding sources and public-private partnerships (PPPs). This guidebook only covers international financing for mitigation actions in developing countries. For example, EU funding for EU member countries and Chinese funding for mitigation in China are not covered in this guidebook. However, the EU funding for mitigation in developing countries and Chinese funding supporting mitigation in other developing countries are included. Special funds established in some developing countries by pooling financing support from developed countries are also covered in this guidebook. Information on the financing sources was compiled in a standard format and reviewed and analysed to categorise the financing sources. For the multilateral and bilateral financing sources, the available information was used to define their major characteristics (such as geographic coverage, technology/sector focus, funding sources, financing objectives, financing mechanisms, and management and governance). In addition, the
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.
Kiguchi, M.; Shen, Y.; Kanae, S.; Oki, T.
In an argument of the reduction and the adaptation for the climate change, the evaluation of the influence by the climate change is important. When we argue in adaptation plan from a damage scale and balance with the cost, it is particularly important. Parry et al (2001) evaluated the risks in shortage of water, malaria, food, the risk of the coast flood by temperature function and clarified the level of critical climate change. According to their evaluation, the population to be affected by the shortage of water suddenly increases in the range where temperature increases from 1.5 to 2.0 degree in 2080s. They showed how much we need to reduce emissions in order to draw-down significantly the number at risk. This evaluation of critical climate change threats and targets of water shortage did not include the water withdrawal divided by water availability. Shen et al (2008a) estimated the water withdrawal of projection of future world water resources according to socio-economic driving factors predicted for scenarios A1b, A2, B1, and B2 of the Special Report on Emission Scenarios (SRES). However, these results were in function of not temperature but time. The assessment of the highly water-stressed population considered the socioeconomic development is necessary for a function of the temperature. Because of it is easy to understand to need to reduce emission. We present a multi-GCM analysis of the global and regional populations lived in highly water-stressed basin for a function of the temperature using the socioeconomic data and the outputs of GCMs. In scenario A2, the population increases gradually with warming. On the other hand, the future projection population in scenario A1b and B1 increase gradually until the temperature anomaly exceeds around from +1 to +1.5 degree. After that the population is almost constant. From Shen et al (2008b), we evaluated the HWSP and its ratio in the world with temperature function for scenarios A1B, A2, and B1 by the index of W
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...
Abstract The question of aggregate welfare over time makes business cycle studies important. Finance studies allocation of resources under uncertainty. Thus both these fields of study dwell on intertemporal resource allocation under uncertainty. This paper attempts to shed light on how finance can be integrated into business cycle theory to provide richer and deeper insights than the standard real business cycle theory. JEL Classification: E32, E44, G
... 7 Agriculture 1 2010-01-01 2010-01-01 false Financing rural development planning. 22.306 Section... Responsibilities of State Governments § 22.306 Financing rural development planning. States will be required to finance rural development planning through their own resources, revenue-sharing allocations, or the...
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
L. Randall Wray
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...
Beck, T.H.L.; Demirgüc-Kunt, A.; Maksimovic, V.
Using a firm-level survey database covering 48 countries, we investigate how financial and institutional development affects financing of large and small firms. Our database is not limited to large firms but includes small and medium-size firms and data on a broad spectrum of financing sources, including leasing, supplier, development, and informal finance. Small firms and firms in countries with poor institutions use less external finance, especially bank finance. Protection of property righ...
... financing. 32.005 Section 32.005 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 32.005 Consideration for contract financing. (a) Requirement. When a contract financing clause is included at the inception of a contract, there shall be no...
... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Source of interim financing. 120... Development Company Loan Program (504) Interim Financing § 120.890 Source of interim financing. A Project may use interim financing for all Project costs except the Borrower's contribution. Any source (including...
While conventional power stations usually have fossil fuel reserves for only a few weeks, nuclear power stations, because of the relatively long time required for uranium processing from ore extraction to the delivery of the fuel elements and their prolonged in-pile time, require fuel reserves for a period of several years. Although the specific fuel costs of nuclear power stations are much lower than those of conventional power stations, this results in consistently higher financial requirements. But the problems involved in financing the nuclear fuel do not only include the aspect of financing the requirements of reactor operators, but also of financing the facilities of the nuclear fuel cycle. As far as the fuel supply is concerned, the true financial requirements greatly exceed the mere purchasing costs because the costs of financing are rather high as a consequence of the long lead times. (orig./UA) [de
After nearly 2 years of study, the 1979 Advisory Council on Social Security submitted its findings and recommendations in December. In February the Bulletin published the Executive Summary of the Council's report. Because of the continuing wide public interest in the future of social security financing, the Council's detailed findings and recommendations on that subject are published below. The Council unanimously reports that all current and future beneficiaries can count on receiving the payments to which they are entitled. Among the recommendations it calls for are partial financing with nonpayroll-tax revenues. Suggested changes include hospital insurance (HI) financed through portins of personal and corporate income taxes and a part of the HI insurance payroll tax diverted to cash benefits with the balance of this tax repealed. The Council also recommends that the social security cash benefits program be brought into long-run actuarial balance--with a payroll-tax rate increase in the year 2005. It rejects the idea of a value-added tax as being inflationary. Parenthetical remarks represent additional views of the Council members cited.
Seydel, Rüdiger U
Computational and numerical methods are used in a number of ways across the field of finance. It is the aim of this book to explain how such methods work in financial engineering. By concentrating on the field of option pricing, a core task of financial engineering and risk analysis, this book explores a wide range of computational tools in a coherent and focused manner and will be of use to anyone working in computational finance. Starting with an introductory chapter that presents the financial and stochastic background, the book goes on to detail computational methods using both stochastic and deterministic approaches. Now in its sixth edition, Tools for Computational Finance has been significantly revised and contains: Several new parts such as a section on extended applications of tree methods, including multidimensional trees, trinomial trees, and the handling of dividends; Additional material in the field of generating normal variates with acceptance-rejection methods, and on Monte Carlo methods...
Molina Arenaza, Hércules; Del Carpio Gallegos, Javier
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...
The development of solid waste treatment facilities is dependent upon the developer having sufficient resources to fund the development of a project and the ability of the project to be financed. The access to capital to develop, construct and operate a facility is the key component of the development process. The author is not diminishing the need for long-term waste agreements, the advantages of a superior technology or the benefit of experience. However, without capital, a project will never be initiated and the other components are immaterial. This paper reviews development financing with a case study of an environmental development company with a new technology and project financing with a comparison of four financings of Waste to Energy (WTE) facilities. Prior to reviewing the financings, the components of a project including the participants, agreements, and cash flows are discussed to establish a foundation for the later discussion. The analysis is not intended to be directly applicable to material recovery and composting facilities, however, many issues are common to all environmental facilities
Orris, Greta J.; Cocker, Mark D.; Dunlap, Pamela; Wynn, Jeff C.; Spanski, Gregory T.; Briggs, Deborah A.; Gass, Leila; Bliss, James D.; Bolm, Karen S.; Yang, Chao; Lipin, Bruce R.; Ludington, Stephen; Miller, Robert J.; Słowakiewicz, Mirosław
Potash is mined worldwide to provide potassium, an essential nutrient for food crops. Evaporite-hosted potash deposits are the largest source of salts that contain potassium in water-soluble form, including potassium chloride, potassium-magnesium chloride, potassium sulfate, and potassium nitrate. Thick sections of evaporitic salt that form laterally continuous strata in sedimentary evaporite basins are the most common host for stratabound and halokinetic potash-bearing salt deposits. Potash-bearing basins may host tens of millions to more than 100 billion metric tons of potassium oxide (K2O). Examples of these deposits include those in the Elk Point Basin in Canada, the Pripyat Basin in Belarus, the Solikamsk Basin in Russia, and the Zechstein Basin in Germany.
This presentation reviewed some of the partnership opportunities available from GE Energy. GE Energy's ecomagination commitment has promised to double research investment, make customers true partners and reduce greenhouse gases (GHGs). GE Energy's renewable energy team provides a broad range of financial products, and has recently funded 30 wind farms and 2 large solar projects. The company has a diverse portfolio of technology providers and wind regimes, and is increasing their investment in technology. GE Energy recognizes that the wind industry is growing rapidly and has received increased regulatory support that is backed by strong policy and public support. It is expected that Canada will have 3006 wind projects either planned or under construction by 2007. According to GE Energy, successful wind financing is dependent on the location of the site and its wind resources, as well as on the wind developer's power sales agreement. The success of a wind project is also determined by clear financing goals. Site-specific data is needed to determine the quality of wind resource, and off-site data can also be used to provide validation. Proximity to load centres will help to minimize capital costs. Power sales agreements should be based on the project's realistic net capacity factor as well as on the cost of the turbines. The economics of many wind farms is driven by the size of the turbines used. Public consultations are also needed to ensure the success of wind power projects. It was concluded that a good partner will have staying power in the wind power industry, and will understand the time-lines and needs that are peculiar to wind energy developers. refs., tabs., figs
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...
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.
Full Text Available Water shortage and water pollution are important factors restricting sustainable social and economic development. As a typical coal resource-exhausted city and a node city of the South-to-North Water Transfer East Route Project in China, Zaozhuang City’s water resources management faces multiple constraints such as transformation of economic development, restriction of groundwater exploitation, and improvement of water environment. In this paper, we develop a linear optimization model by input–output analysis to study water resources management with the introduction of three advanced sewage treatment technologies for pollutant treatment and reclaimed water production. The simulation results showed that from 2014 to 2020, Zaozhuang City will realize an annual GDP growth rate of 7.1% with an annual chemical oxygen demand (COD emissions reduction rate of 5.5%. The proportion of primary industry, secondary industry, and tertiary industry would be adjusted to 5.6%, 40.8%, and 53.6%, respectively. The amount of reclaimed water supply could be increased by 91% and groundwater supply could be decreased by 6%. Based on the simulation, this model proposes a scientific reference on water resources management policies, including water environment control, water supply plan, and financial subsidy, to realize the sustainable development of economy and water resources usage.
Household finance is a young and vibrant research field that continuously attracts public attention. There may be very few matters that people care so much about as their personal finance. Recent rise of academic interest in household finance is to a great extent due to households’ more active role
Mahapatra, Krushna; Gustavsson, Leif; Haavik, Trond
energy use behaviour of the occupants and the difficulty to predict future energy prices. The options to finance energy efficiency renovations include homeowners’ own resources, mortgage refinancing, flex loan, personal loan, financing by service providers, preferential loan, subsidies/grants, credit...... for the homeowners, and banks will have a less risky asset in their portfolio. In situations where homeowners cannot avail additional mortgage financing, e.g. those who recently purchased a house and used the limit to such loans, banks may consider an energy efficient renovation plan prepared by an entrepreneur...
Laktionova Aleksandra A.
Full Text Available The article offers a system of indicators of the level of costs of financing economic subjects, in the basis of which there is a function of formation of recommendations or identification of directions and priorities in the part of selection of one or another source of financing, its urgency and specific features of attraction of resources, on the basis of information on the level of agent’s costs, information asymmetry costs, financial instability, transaction and market indicators of cost of financial resources. The article pays a special attention to a significant structure forming factor of the ownership structure, which identifies the volume and logic of interconnection of all costs of financing and determining incentives and risks in the system of management of financial activity of an economic subject from the point of view of all participants. It exerts especially big influence upon formation of such implicit costs of financing as agent’s costs and information asymmetry costs. The system of factors of stimulants and de-stimulants of costs of financing includes factors of external environment (macro-economic and market indicators of cost and institutional provision and internal environment (ownership structure, characteristic of investment activity and financing an economic subject, organisation of business and corporate management.
A. B. Untanov
Full Text Available The article presents existing household finance capacity investigations. Comparison conducting allowed to determinate collisions and flaws of previous works. That substantiates to find a new approach in household finance capacity valuation necessity. The article contains theoretical research of household finance fundamental categories. In particular, it notes significant difference between domestic and foreign experience of household finance determination. Although emphasizing key similarities allows identifying household finance capacity composition. Moreover, the article provides a public and corporate finance sectors experience, which contains a huge knowledge of finance capacity investigations. Used research allows classify finance capacity not only as a resource valuation, but also as an economic entity’s ability to generate financial result. In terms of resource valuation, the paper suggests assessing both financial resources in classical meaning and any other property, which participating household economic activity and could be evaluated. The author’s position in terms of household finance capacity valuation is suggested. A broad definition of finance capacity causes applying conceptually different approach in this paper. Thus, comparative analysis method is suggested to substantiate household and corporate firm similarities. Used method allows forming household financial accounting, which leads to clear determination of household finance capacity composition and structure. Specificity forming household financial accounting is considered. An author’s position in regards existing contradictions with early research is suggested.
Lutfi Sarici, E.
This paper deals with four closely related subjects. These are: the positioning of nuclear energy in Turkey's energy planning by presenting supply and demand figures of electricity, giving emphasis to resource availability, pointing out the necessity of diversification of resources; the ongoing situation for realization of the Akkuyu Project with its updated milestones, alternative offers requested for the Akkuyu Nuclear Power Plant and member companies of the consortiums who already have submitted the three bids; the financing of big-scale energy investment projects in developing countries by giving special emphasis to the Akkuyu Nuclear Power Plant Project including the financing requirements in the Bid Specifications, OECD rules for financing, the requirements of financial agents, and financing means of domestic participation; public enlightenment during establishment of nuclear power in Turkey. (author)
Full Text Available The reasons for dealing with the chosen topic can be found in the fact that there is a certain number of anomalies, system errors and conduct leaving the frames of rational behaviour, not being included and presented synthetically within a concise scientific work. Instead, the analysis deals with definite, already identified postulates of behavioural economics and finance. During the research, induction, deduction, comparative and abstraction methods are used. The challenge of the research lies in the identification of those system errors, partialities and behaviours deviating from postulates of rational, typical for classical finance, not being covered by standard behavioural, economic and finance literature. However, the challenge is even bigger because of the fact that it deals with answers to demands of universality and conciseness. Its greatest importance is reflected in the extent of identified and processed anomalies decision makers face, as well as in the identification and description of factors implying absence of rationality during the decision making process.
Schofield, B J
The financing of individual coal development projects in China is discussed. External finance can be raised from various sources including international and national aid institutions together with export credit agencies and commercial banks, or by means of a compensation trade agreement whereby the value of the coal produced meets the cost of equipment, etc.
Chen, Cathy; Overbeck, Ludger
This volume provides practical solutions and introduces recent theoretical developments in risk management, pricing of credit derivatives, quantification of volatility and copula modeling. This third edition is devoted to modern risk analysis based on quantitative methods and textual analytics to meet the current challenges in banking and finance. It includes 14 new contributions and presents a comprehensive, state-of-the-art treatment of cutting-edge methods and topics, such as collateralized debt obligations, the high-frequency analysis of market liquidity, and realized volatility. The book is divided into three parts: Part 1 revisits important market risk issues, while Part 2 introduces novel concepts in credit risk and its management along with updated quantitative methods. The third part discusses the dynamics of risk management and includes risk analysis of energy markets and for cryptocurrencies. Digital assets, such as blockchain-based currencies, have become popular b ut are theoretically challenging...
Goldsmith, D.; Chew W.; Moulton, C.
Continuing growth of project financing for non-utility generators in the US and abroad has led to growing focus on their credit strength. In general, the financings remain relatively risky and would likely be rated below investment grade, because of various factors: loose power purchase arrangements, poor match between power pricing and fuel costs, aggressive leverage, troubled operating performance. But S and P believes some projects have the credit strength to support investment grade ratings. As traditional financing markets for these projects --- bank lending and private placements with highly specialized institutional investors --- have contracted, project sponsors and developers are considering broader markets. These include institutional investors without specialized focus on power project finance. In these markets, distinctions among projects may lead to greater liquidity and efficiency in developing the pricing and terms under which projects can be financed. This paper reports that ratings are most appropriate for projects seeking permanent financing as they enter commercial operations. They also may be useful for projects which have been operating for some time and for some very strong projects which are raising construction financing. To guide both project developers and investors in project financing, S and P has developed the following approach for rating these types of financings
This thesis focuses on the three major participants in pension finance, namely, pension funds, individuals, and sponsoring companies. In the light of the fragile financial market performance, prudential regulatory rules, including Value-at-Risk (VaR) constraints, are imposed widely all over the
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.
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
Richard K. Green; Susan M. Wachter
While other countries dismantled their segmented housing finance systems and linked housing finance to capital markets through deregulated depositories, the US linked housing finance to capital markets through depository deregulation and securitization. Elsewhere securitization has not developed. The US provided the underpinnings for its mortgage security infrastructure with the creation of FNMA in 1938 and in order to create liquidity in the mortgage market required the standardization of mo...
Alfieri Li Ojeda, Jaime
The natural speed of the contemporary world demands large investment projects which require specialized financial techniques such as Project Finance, defined as a fund to finance investment projects of great magnitude. Every Project Finance involves a wide range of elements such as promoters, government, contractors andsuppliers, among others, that will ensure project success. La rapidez del mundo contemporáneo exige que los grandes proyectos de inversión requieran de técnicas financieras ...
João M. Pinto
Project finance is the process of financing a specific economic unit that the sponsors create, in which creditors share much of the venture’s business risk and funding is obtained strictly for the project itself. Project finance creates value by reducing the costs of funding, maintaining the sponsors financial flexibility, increasing the leverage ratios, avoiding contamination risk, reducing corporate taxes, improving risk management, and reducing the costs associated with market ...
William R. Kerr; Ramana Nanda
Financing constraints are one of the biggest concerns impacting potential entrepreneurs around the world. Given the important role that entrepreneurship is believed to play in the process of economic growth, alleviating financing constraints for would-be entrepreneurs is also an important goal for policymakers worldwide. We review two major streams of research examining the relevance of financing constraints for entrepreneurship. We then introduce a framework that provides a unified perspecti...
Yati Md Lasa
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.
Small businesses are the cornerstone of the American economy. Over 22 million small businesses account for approximately 99% of employers, employ about half of the private sector workforce, and are responsible for about two-thirds of net new jobs. Many small businesses fared better than the Fortune 500 in 2001. Non-farm proprietors income rose 2.4% in 2001 while corporate profits declined 7.2%. Yet not all is rosy for small businesses, particularly new ones. One-third close within two years of opening. From 1989 to 1992, almost half closed within four years; only 39.5% were still open after six years. Why do some new businesses thrive and some fail? What helps a new business succeed? Industry knowledge, business and financial planning, and good management. Small geothermal businesses are no different. Low- and medium-temperature geothermal resources exist throughout the western United States, the majority not yet tapped. A recent survey of ten western states identified more than 9,000 thermal wells and springs, over 900 low- to moderate-temperature geothermal resource areas, and hundreds of direct-use sites. Many opportunities exist for geothermal entrepreneurs to develop many of these sites into thriving small businesses. The ''Geothermal Small Business Workbook'' (''Workbook'') was written to give geothermal entrepreneurs, small businesses, and developers the tools they need to understand geothermal applications--both direct use and small-scale power generation--and to write a business and financing plan. The Workbook will: Provide background, market, and regulatory data for direct use and small-scale (< 1 megawatt) power generation geothermal projects; Refer you to several sources of useful information including owners of existing geothermal businesses, trade associations, and other organizations; Break down the complicated and sometimes tedious process of writing a business plan into five easy steps; Lead you
Resources, Technology and Strategy brings together contributors from Europe, North America and Asia to consider the strategic relationship between technology and other resources, such as production capabilities, marketing prowess, finance and organisational culture. Throughout the book...
Hadley, Stanton W. [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Chinthavali, Supriya [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States)
The Energy Policy and Systems Analysis Office of DOE has requested a tool to compare the impact of various Federal policies on the financial viability of generation resources across the country. Policy options could include production tax credits, investment tax credits, solar renewable energy credits, tax abatement, accelerated depreciation, tax-free loans, and others. The tool would model the finances of projects in all fifty states, and possibly other geographic units like utility service territories and RTO/ISO territories. The tool would consider the facility s cost, financing, production, and revenues under different capital and market structures to determine things like levelized cost of energy, return on equity, and cost impacts on others (e.g., load-serving entities, society.) The tool would compare the cost and value of the facility to the local regional alternatives to determine how and where policy levers may provide sufficient incremental value to motivate investment. The results will be displayed through a purpose-built visualization that maps geographic variations and shows associated figures and tables.
Full Text Available Healthcare financing system is of crucial importance for the functioning of any healthcare system, especially because there is no country in the world that is able to provide all its residents with access to all the benefits afforded by modern medicine. Lack of resources in general and rising healthcare expenditures are considered a difficult issue to solve in Croatia as well. Since Croatia gained its independence, its healthcare system has undergone a number of reforms, the primary objective of which was to optimize healthcare services to the actual monetary capacity of the Croatian economy. The objectives of the mentioned re - forms were partially achieved. The solutions that have been offered until now, i.e. consolidation measures undertaken in the last 10 years were necessary; however, they have not improved the operating conditions. There is still the issue of the deficit from the previous years, i.e. outstanding payments, the largest in the last decade. Analysis of the performance of healthcare institutions in 2011 shows that the decision makers will have to take up a major challenge of finding a solution to the difficulties the Croatian healthcare system has been struggling with for decades, causing a debt of 7 billion kuna. At the same time, they will need to uphold the basic principles of the Healthcare Act, i.e. to provide access to healthcare and ensure its continuity, comprehensiveness and solidarity, keeping in mind that the National Budget Act and Fiscal Responsibility Act have been adopted.
The International Finance Corporation (IFC), a member of the World Bank Group, is the largest multilateral source of loan and equity financing for private sector projects in the developing world. IFC participates in an investment only when it can make a special contribution that complements the role of market operators. Since its founding 40 years ago, IFC has provided more than $18.8 billion in financing for 1,706 companies in developing countries. Its share capital is provided by its 170 member countries, which collectively determine its policies and activities. Strong shareholder support and a substantial paid-in capital base have allowed IFC to raise funds for its lending activities through its triple-A rated bond issues in international financial markets. IFC created an Infrastructure Department in 1992 in response to the growing demand for its services in this area. During fiscal 1996 IFC approved 33 projects for new investments of $715 million of which 27% were in the power sector. In recognition of the continuing demand growth for private power investments an expanded Power Department has been formed to handle IFC`s investments in electric power generation projects using renewable resources such as: run-of-the-river hydro, geothermal, biomass cogeneration, wind energy, and solar (photovoltaic, solar thermal, etc.), as well as conventional thermal generation projects, transmission and distribution projects, and energy efficiency investments.
B. Krug (Barbara)
textabstractHow is "public finance" organized in China? Is China’s public finance system different from that of other countries? Can we detect features which link today’s system to the past? Public finance refers to more than annual state budgets and constitutional procedures. It includes foreign
Various aspects of the problems of financing a multinational regional fuel cycle centre (RFCC) are briefly discussed. Some of the points covered are: financing by participants; floating long-term loans on capital markets outside the countries of the participants; and export credits for the purchase of equipment manufactured outside the countries of the participants
I.P. van Staveren (Irene)
textabstractThe 2008 financial crisis has demonstrated the failure of both utilitarian and deontological ethics in finance. Alternatives do not need to be created from nothing, because the crisis itself has stimulated the emergence of ethically sound finance practices from within the sector. This
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.
This report was prepared to help small firm search for financing for geothermal energy projects. There are various financial and economics formulas. Costs of some small overseas geothermal power projects are shown. There is much discussion of possible sources of financing, especially for overseas projects. (DJE-2005)
Fejerskov, Adam Moe; Funder, Mikkel; Engberg-Pedersen, Lars
. But what are in fact the interests and modes of operation of such actors in the context of development financing, and to what extent do they align with the aims of the SDGs? And how do national governments of developing countries themselves perceive and approach these new sources of financing?...
The problems of financing landfill gas projects in the UK in the last few years are discussed. The approach of the author in setting up a company to finance such projects in the power generation field and a separate company to design and supply turnkey packages is reported. (UK)
Bouwer, L.M.; Aerts, J.C.J.H.
This paper examines the topic of financing adaptation in future climate change policies. A major question is whether adaptation in developing countries should be financed under the 1992 United Nations Framework Convention on Climate Change (UNFCCC), or whether funding should come from other sources.
Angela Boariu; Irina Bilan
This paper tries to analyse the relations existing between the different ways of financing budget deficit and inflation, underlining the terms of these relations and the involved social and economic effects. An important source of inflation is considered to be the financing of budget deficits by direct appeal to the central bank's resources, nowadays forbidden by law in most countries for its negative impact. Nevertheless, inflation can also appear as a consequence of debt financing of the bu...
In the '80 even if there were no precise law disposition in this specific matter, Enel has created a fund for the plants decommissioning and a fund for the irradiated fuel management. A setting aside pluri-annual plan has been defined. Cumulated funds transferred to the Sogin at the date of its constitution amount to about 1500 MLD ITL (750 M Euro). This amount was adequate to complete decommissioning activities within the Safe Store strategy. Following the separation of Sogin from Enel, a funding mechanism has been defined to provide resources for additional costs deriving from the different economic conditions (new discount rate and taxes), from the management costs for the new company, and from the change in strategy (from Safe Store to DECON). A Decree of the Ministry of the Industry, issued on 26 January 2000, states that the above mentioned extra costs for Sogin shall be financed on a levy on the price of the sold kWh. Every year Sogin shall present the program of future activities, with associated costs: on this basis, the national Authority for Electric energy and Gas (the national body which defines tariff policy) shall re-evaluate the global amount to be granted to Sogin and the levy on the price of the kWh due to Sogin for next three years. The re-evaluation will take into account economic efficiency criteria. For the period 2002- 2004 the Authority has defined a global amount of about 362 M euros to be granted to Sogin, corresponding to ∼0,04 cents of Euro per kWh. The same procedure is foreseen by the Decree in order to finance Sogin for additional costs related to the dismantling of nuclear installations now property of ENEA. In this context, a Consortium between ENEA and Sogin has been established. The Authority for the period 2002-2004 has defined a global amount of about 106 M euros to be granted to the Consortium, corresponding to ∼0,015 cents of Euro per kWh. (author)
A primer on financing international operations by Canadian corporations was provided. Factors affecting the availability to project finance (location, political risk), the various forms of financing (debt, equity, and combinations), the main sources of government backed financing to corporations (the International Finance Corporation) (IFC), the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), the Overseas Property Insurance Corporation (OPIC), government or agency guarantees, political risk coverage, the use of offshore financial centres, and the where, when and how these various organizations operate, were reviewed. Examples of all of the above, taken from the experiences of Canadian Occidental Petroleum of Calgary in the U.S., in South America, in the Middle and Far East, and in Kazakhstan, were used as illustrations. figs
Full Text Available The energy sector is pivotal to our aspirations for a sustainable planet and yet two major challenges face policymakers worldwide. The first is to decide what set of technical choices provide the best solution to meet social, economic and environmental agendas; and the second is to decide how these choices can be financed. The bulk of new energy demand will come from the emerging economies where energy demand is expected to increase by 40% over the coming three decades and to have doubled by the middle of the century. However for a number of reasons the investment needs of the energy sector are likely to rise even faster than overall energy demand. This is due to a number of factors over and above the increase in demand and described in the paper, including, inter alia, subsidized prices; the substitution of traditional energy for modern energy; the growth in peak demand in the electricity sector; the rising costs of securing primary energy resources; and the urgent need to replace vintage capital stock (including the decommissioning of nuclear power plants, especially in the developed countries. Clean energy investment will also incur high upfront investment costs in order to reduce long-term recurrent costs (fuel and maintenance. High priority must be given to energy demand management (both to reduce energy use and to reduce energy capital and investment in upgrading of existing capital stock can provide strong and quick returns. However, the net result of the long-term demand on the energy sector is that investment needs will grow dramatically, from around US $1.6 trillion per annum to over US $2 trillion per annum. The financial challenge is considerable. A level playing field is required that encourages greater competition of technology choice on the basis of correct pricing signals. It will require changes in subsidy policies in order to release finance and to encourage efficient investment; adherence to least-cost planning and investment
Debt financing is an important part in capital structure. Over the fifty years, most scholars and researchers focus primarily on the balance between debt financing and equity financing. And only few research involve in types of debt financing, as well as the determinant of debt financing. This study is aim to analyse the determinate of debt financing, which examine that the influence by eight different elements. This dissertation examined by quantitative techniques with 591 UK listed comp...
... 7 Agriculture 6 2010-01-01 2010-01-01 false Financing operations and maintenance. 654.12 Section 654.12 Agriculture Regulations of the Department of Agriculture (Continued) NATURAL RESOURCES... Financially-Assisted Projects § 654.12 Financing operations and maintenance. Sources of funds needed to...
Dieleman, Joseph; Campbell, Madeline; Chapin, Abigail; Eldrenkamp, Erika; Fan, Victoria Y.; Haakenstad, Annie; Kates, Jennifer; Liu, Yingying; Matyasz, Taylor; Micah, Angela; Reynolds, Alex; Sadat, Nafis; Schneider, Matthew T.; Sorensen, Reed; Evans, Tim; Evans, David; Kurowski, Christoph; Tandon, Ajay; Abbas, Kaja M.; Abera, Semaw Ferede; Ahmad Kiadaliri, Aliasghar; Ahmed, Kedir Yimam; Ahmed, Muktar Beshir; Alam, Khurshid; Alizadeh-Navaei, Reza; Alkerwi, A.; Amini, Erfan; Ammar, Walid; Amrock, Stephen Marc; Antonio, Carl Abelardo T.; Atey, Tesfay Mehari; Avila-Burgos, Leticia; Awasthi, Ashish; Barac, Aleksandra; Bernal, Oscar Alberto; Beyene, Addisu Shunu; Beyene, Tariku Jibat; Birungi, Charles; Bizuayehu, Habtamu Mellie; Breitborde, Nicholas J.K.; Cahuana-Hurtado, Lucero; Castro, Ruben Estanislao; Catalá-López, Ferran; Dalal, Koustuv; Dandona, Lalit; Dandona, Rakhi; Jager, De Pieter; Dharmaratne, Samath D.; Dubey, Manisha; Sa Farinha, Carla Sofia E.; Faro, Andre; Feigl, Andrea B.; Fischer, Florian; Fitchett, Joseph Robert Anderson; Foigt, Nataliya; Giref, Ababi Zergaw; Gupta, Rahul; Hamidi, Samer; Harb, Hilda L.; Hay, Simon I.; Hendrie, Delia; Horino, Masako; Jürisson, Mikk; Jakovljevic, Mihajlo B.; Javanbakht, Mehdi; John, Denny; Jonas, Jost B.; Karimi, Seyed M.; Khang, Young Ho; Khubchandani, Jagdish; Kim, Yun Jin; Kinge, Jonas M.; Krohn, Kristopher J.; Kumar, G.A.; Magdy Abd El Razek, Hassan; Magdy Abd El Razek, Mohammed; Majeed, Azeem; Malekzadeh, Reza; Masiye, Felix; Meier, Toni; Meretoja, Atte; Miller, Ted R.; Mirrakhimov, Erkin M.; Mohammed, Shafiu; Nangia, Vinay; Olgiati, Stefano; Osman, Abdalla Sidahmed; Owolabi, Mayowa O.; Patel, Tejas; Paternina Caicedo, Angel J.; Pereira, David M.; Perelman, Julian; Polinder, Suzanne; Rafay, Anwar; Rahimi-Movaghar, Vafa; Rai, Rajesh Kumar; Ram, Usha; Ranabhat, Chhabi Lal; Roba, Hirbo Shore; Salama, Joseph; Savic, Miloje; Sepanlou, Sadaf G.; Shrime, Mark G.; Talongwa, Roberto Tchio; Ao, Te Braden J.; Tediosi, Fabrizio; Tesema, Azeb Gebresilassie; Thomson, Alan J.; Tobe-Gai, Ruoyan; Topor-Madry, Roman; Undurraga, Eduardo A.; Vasankari, Tommi; Violante, Francesco S.; Werdecker, Andrea; Wijeratne, Tissa; Xu, Gelin; Yonemoto, Naohiro; Younis, Mustafa Z.; Yu, Chuanhua; Zaidi, Zoubida; Sayed Zaki, El Maysaa; Murray, Christopher J.L.
Background: An adequate amount of prepaid resources for health is important to ensure access to health services and for the pursuit of universal health coverage. Previous studies on global health financing have described the relationship between economic development and health financing. In this
In addition, the newly adopted health care financing strategy was looked at from the perspective of policy analysis. Results: Health financing has been a major challenge for Ethiopia. The prospect of relying solely on public resources seems impractical and the absolute total expenditure on health is quite a small fraction of ...
In a state as large and complex as California, education financing can become as complicated as rocket science. This two-page Q&A provides a brief, easy-to-understand explanation of California's school finance system and introduces the issues of its adequacy and equity. A list of resources providing additional information is provided.
A variant of the multi-species Lotka-Volterra model is studied in which species competing for fixed finite resources are replaced by new randomly chosen species whenever they become extinct. The model exhibits chaos, punctuated equilibria, leptokurtosis, and self-organized criticality. It has application to ecology, finance, and possibly other diverse systems
This Ph.D. thesis, entitled Essays in Household Finance, analyzes the determinants and implications of investment biases, personal experiences in financial markets, and financing disruptions on households, individual investors, and entrepreneurs and small business owners. The first essay...... on risk taking is the potential bias resulting from inertia and inattention, which has been shown to be endemic in household finance. If individuals are inert or inattentive, it is difficult to establish whether changes in risk taking are caused by personal experiences or whether the change in risk taking...
Ludkovski, Michael; Sircar, Ronnie
This volume is a collection of chapters covering the latest developments in applications of financial mathematics and statistics to topics in energy, commodity financial markets and environmental economics. The research presented is based on the presentations and discussions that took place during the Fields Institute Focus Program on Commodities, Energy and Environmental Finance in August 2013. The authors include applied mathematicians, economists and industry practitioners, providing for a multi-disciplinary spectrum of perspectives on the subject. The volume consists of four sections: Electricity Markets; Real Options; Trading in Commodity Markets; and Oligopolistic Models for Energy Production. Taken together, the chapters give a comprehensive summary of the current state of the art in quantitative analysis of commodities and energy finance. The topics covered include structural models of electricity markets, financialization of commodities, valuation of commodity real options, game-theory analysis of ...
Atun, Rifat; Knaul, Felicia Marie; Akachi, Yoko; Frenk, Julio
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
In the paper, we put some foundations for studying asset pricing and finance as a stochastic and behavioral process. In such process, preferences and psychology of agents represent the most important factor in the decision-making of people. Individuals have their own ways of acquiring the information they need, how to deal with them and how to make predictions and decisions. People usually also do not behave consistent in time, but learn. Therefore, in order to understand the behavior on the ...
Jaud, Melise; Kukenova, Madina; Strieborny, Martin
The authors show that exported products exit the US market sooner if they violate the Heckscher-Ohlin notion of comparative advantage. Crucially, this pattern is stronger when exporting country has a well-developed banking system, measured by a high ratio of bank credit over the GDP. Banks thus push firms away from exports that are facing an uphill battle on a competitive foreign market du...
Dell'Osso, L. Jr.
This paper discusses the challenges of financing U.S. exploration from the perspective of an independent oil and gas producer. When Burlington Resources was split into a separate company from the Burlington Northern Railroad three years ago, the company owned extensive resources but had little production capability, and had to resolve the problem of raising development capital. According to the author of this paper, three key elements in the company's perception of the business environment drove its strategy: that the role of independent producers would be crucial in new onshore oil and gas development as the majors moved offshore; that energy prices would remain weak; and that financial market sentiment would not favor a move to leverage the company more highly than its starting-point of 19 percent debt-to-total capital ratio
Wulandari, Eliana; Meuwissen, Miranda P.M.; Karmana, Maman H.; Oude Lansink, Alfons G.J.M.
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
Full Text Available The paper highlights the problems faced by the SMEs in accessing adequate financing as one of the most significant barriers of the sector. Financial access is critical for SMEs’ growth and development. At the same time, the author emphasize that there is no unique way of financing SMEs. The need depends on the stage of maturity and size of the enterprise. In order to facilitate the SME access to finance it is necessary to adapt the best international practices and to adapt them at the local condition. Article aims to present microfinancing as a tool that could improve the SME access to finance, thus contributing to the economic development of the country by creating new jobs, new products and services
FACT is a financial analysis tool that helps identify the most cost-effective method to fund a wastewater or drinking water management project. It produces a comprehensive analysis that compares various financing options.
Hommes, C.; Durlauf, S.N.; Blume, L.E.
Interacting agents in finance represent a behavioural, agent-based approach in which financial markets are viewed as complex adaptive systems consisting of many boundedly rational agents interacting through simple heterogeneous investment strategies, constantly adapting their behaviour in response
State and local governments interested in developing a financing program can use this Excel tool to support energy efficiency and clean energy improvements for large numbers of buildings within their jurisdiction.
Regnier, Yannick; Maciel, Guillaume; Zeroual, Bouchra; Leca, Christel; Guillou, Maelle; Mossalgue, Marc; Raguet, Alex; Sabot, Guillaume; Coton, Patrice; Olesen, Gunnar Boye; Friggens, Sam; Pouyet, Regis; Blanc, Nicolas; Laurent, Pierre; Ruedinger, Andreas
A set of brief articles illustrates the emergence of innovating and operational financing tools aimed at supporting energy transition in France and in Europe. As far as France is concerned, different examples are evoked: raising local savings, crowd-funding for renewable energies, citizen investment, cooperation between industries, communities and citizens, a semi-public company with citizen participation, the case of the Nancy urban community, a joint experience by a local public company and an investment fund. As far as Europe is concerned, the following topics or examples are evoked: local policies as lever for European financing, the Danish example of citizen-based financing, crowd-funding in the UK, the European emergence of cooperatives. As far as banks and institutions are concerned, the following topics are addressed: tools implemented by the Caisse des Depots for energy transition, the roles of banks and of public institutions in the financing of energy transition
Published by Palgrave Macmillan This chapter reviews the literature on finance and economic development. It starts with a description of the roles of finance, a definition of financial efficiency, and a discussion of whether countries may have financial sectors that are ‘too large’ compared to the size of the domestic economy. Next, the author describes several indicators of financial development and reviews the literature on the relationship between financial development and economic growth....
An impediment to the process of economic diversification in OPEC and Alaska is the lack of favourable access to local and international capital markets to finance development projects, particularly mineral resource development. This paper highlights the importance of commodity-indexed bonds, including oil- and gold- indexed bonds, as a financing alternative to supplement the supply shortage of loanable funds from conventional, local and international commercial banks. The indexation concept is discussed, features of different bonds issued to date are contrasted and the benefits and risks for borrowers and investors are highlighted. An analysis is made of the experience of OPEC and Alaska in using commodity-indexed bonds and the feasibility of Alaska and some OPEC countries entering into commodity-linked-financed joint ventures is examined. Future prospects for commodity-linked bonds are explored. Not withstanding the fact that the immediate market timing is unfavourable, the long-term benefits of commodity-indexed securities are recognized. (U.K.)
Akortsu, Mercy Akosua; Abor, Patience Aseweh
The financing of healthcare services has been of a major concern to all governments in the face of increasing healthcare costs. For developing countries, where good health is considered a poverty reduction strategy, it is imperative that the hospitals used in the delivery of healthcare services are well financed to accomplish their tasks. The purpose of this paper is to examine how public hospitals in Ghana are financed, and the challenges facing the financing modes adopted. To achieve the objectives of the study, one major public healthcare institution in Ghana became the main focus. The findings of the study revealed that the main sources of financing the public healthcare institution are government subvention, internally-generated funds and donor-pooled funds. Of these sources, the internally generated fund was regarded as the most reliable, and the least reliable was the donor-pooled funds. Several challenges associated with the various financing sources were identified. These include delay in receipt of government subvention, delay in the reimbursement of services provided to subscribers of health insurance schemes, influence of government in setting user fees, and the specifications to which donor funds are put. The findings of this study have important implications for improving the financing of public healthcare institutions in Ghana. A number of recommendations are provided in this regard.
The financial requirement for nuclear power plants in the Federal Republic of Germany for the period up until 1985 was estimated to run up to some DM 100 billion already in the Nuclear Energy Study published by the Dresdner Bank in 1974. This figure is not changed in any way by the reduction the nuclear power program has suffered in the meantime, because the lower requirement for investment capital is more than offset by the price increases that have occurred meanwhile. A capital requirement in the order of DM 100 billion raises major problems for the power producing industry and the banks which, however, are not going to hamper the further expansion of nuclear power, because new financing schemes have been specially developed for the nuclear field. They include financing by leasing, the use of funds from real estate credit institutions for long term financing, borrowing of long term funds in the Euro market, and financing through subsidiaries of the utilities. The new financing schemes also apply to the large financial requirement associated with the nuclear fuel cycle, waste management in particular. In this sector the utilities agree to bear the economic risk of the companies implementing the respective projects. Accordingly, financing will not entail any major difficulties. Another area of great importance is export financing. The German-Brazilian nuclear agreement is a model of this instrument. (orig.) [de
This presentation discussed issues related to wind integration from the perspective of the California Independent System Operator (ISO). Issues related to transmission, reliability, and forecasting were reviewed. Renewable energy sources currently used by the ISO were listed, and details of a new transmission financing plan designed to address the location constraints of renewable energy sources and provide for new transmission infrastructure was presented. The financing mechanism will be financed by participating transmission owners through revenue requirements. New transmission interconnections will include network facilities and generator tie-lines. Tariff revisions have also been implemented to recover the costs of new facilities and generators. The new transmission project will permit wholesale transmission access to areas where there are significant energy resources that are not transportable. A rate impact cap of 15 per cent will be imposed on transmission owners to mitigate short-term costs to ratepayers. The presentation also outlined energy resource area designation plans, renewable energy forecasts, and new wind technologies. Ramping issues were also discussed. It was concluded that the ISO expects to ensure that 20 per cent of its energy will be derived from renewable energy sources. tabs., figs
Atteridge, A.; Pauw, W.P.; Terpstra, P.; Bedini, F.; Bosi, L; Costella, C.
An emphasis on private finance has emerged in climate finance discussions, particularly in the context of international climate change negotiations. This is partly because the overall volume of finance needed to support adaptation in developing countries is beyond what many expect public finance to
Nkrumah-Young, Kofi K.; Powell, Philip
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…
Godier, Kevin; Marks, Jon
Contains Executive Summary and Chapters on: Overview of financing trends in Africa; Multilateral support - Bedrock of Africa's first generation energy projects; ECA insurance and financing; Bilateral development finance; Offshore commercial bank lending; Local commercial bank finance; Capital markets; Legal ramifications ; Risk factors; Conclusions. (Author)
Chiganer, L.; Coutinho, L.H.S.A.; Dias, L.E.N.; Silva Pegado, P.A. da; Foletto, N.S.; Guerreiro, A.G.
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.)
Islamic lending transactions are governed by the precepts of the shariah, which bans interest and stipulates that income must be derived as return from entrepreneurial investment. Since Islamic finance is predicated on asset backing and specific credit participation in identified business risk, structuring shariah-compliant securitization seems straightforward. This paper explains the fundamental legal principles of Islamic finance, which includes the presentation of a valuation model that he...
Nuclear Research Reactors sometimes need to implement projects to upgrade, revamp or convert their reactor, acquire new fuel elements, etc. However, as their activities are mainly of noncommercial nature, they sometimes lack of financial resources to implement these projects by themselves. Several solutions exist: loans, governmental budget, subsidies from international organizations (IAEA). Offsets are another source of financing. They also are free of charge for the reactor. The objective of offsets is to Identify, implement and finance projects that: directly create or sustain a local economic activity of high-added value, would not have happened without the Obligor's intervention, and are of crucial importance given the country's political background (favor employment, technology transfers, training and education, research and development, etc.). Companies worldwide are willing to finance local projects to fulfill their Offset Obligation. Local organizations or institutions are willing to invest to increase their activities but lack of financial resources. Offset regulations are an opportunity on both sides and are free for the local organization. The monetary value of an Offset obligation is calculated as a percentage of the main contract price (or as a percentage of the imported part value). That percentage depends on the Country's legislation and on the nature of the main contract (defense or civilian). This value has to be compensated by an equivalent economic value (a Project's cost is different from its value). There is two ways of assessing a value: - Political aspects: The Project is of political importance for the country (development of an export capability, technology and/or know-how transfers) and the project in line with the country's political priorities (employment, research, international presence, etc.). - Economic benefits: the project directly sustains or creates additional activities, turnover, R and D, employment, etc. It benefits directly
Wu, Jing; Tang, Lichun; Mohamed, Rayman; Zhu, Qianting; Wang, Zheng
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.
Ivana Bestvina Bukvić
Full Text Available At a time when public funding of culture is being reduced and increasing attention is being paid to profitability, it is essential to apply an entrepreneurial mindset and management principles to the guidance and the financing of cultural institutions. This paper focuses on the theatre funding scheme and presents a survey analysing the structure of funding theatres in Croatia by weighting budgetary and commercial funding, as well as analyses possible measures to be implemented in order to improve the theatre funding model. A survey was conducted in 2015, which found that public theatres are predominantly funded by budgetary resources (62.14%, while the most important part of the revenue and income section of private theatres originates from selling their own products and services (43.99%. Theatres believe that budgetary resources still need to remain the dominant sources of funding, but in order to increase the level of operational excellence, a change of direction would be necessary towards one’s own resources, including donations and sponsorships. At the same time, better solutions in terms of increasing tax incentives and tax deductions for both donations and sponsorships would result in an increase in their importance in the financing of theatres. The impact of state action on the funding and operation of theatres is unquestionable, but in theatres there is a need for developing a working knowledge in the fields of management and entrepreneurship in order to gradually reduce dependence, particularly of public theatres, on state action.
... 24 Housing and Urban Development 3 2010-04-01 2010-04-01 false Financing the purchase of properties by eligible families. 572.105 Section 572.105 Housing and Urban Development Regulations Relating... Financing the purchase of properties by eligible families. (a) Types of financing. (1) Financing may include...
In financing for nuclear power project in developing countries, governmental support is significant in reducing the risk of the project and improving the financing environment. Issues studied and discussed include financing conditions and methods, export credit and supply. An appropriate solution of the financing problem will play an important role in developing nuclear power
Deborah M. Kazal-Thresher
Full Text Available Educational finance reforms and desegregation have both sought to address inequities in educational opportunities for minorities and low income families. The recent methods of addressing desegregation issues have tended to focus on attaining racial balance rather than educational quality, however. This paper explores how desegregation goals can be merged with educational finance reform to more systematically address educational quality in schools serving low income and minority populations. By moving toward centralized control over school financing, the inequity of school outcomes that are based on unequal school resources can be reduced. In addition, state determined expenditures when combined with desegregation monies, would meet the original intention of desegregation funds by clearly providing add-on monies for additional services for minority children, while at the same time, creating a better monitoring mechanism.
Madono, S. [The Export-Import Bank of Japan, Tokyo (Japan)
Development of conditions under which project financing (PF) functions is described. PF, a method with which funds are procured for a project on the security of the assets of and the cash flow involving the project, established its position as a popular financial means. Into the 1990, however, PF underwent a complete change, when it came to be actively employed as a means for the procurement of money for what is called `infrastructure building project for invigorating the private sector` in the developing countries. PF has now come to be utilized for the financing of projects in various fields besides the field of resources exploitation. In particular, PF is now utilized in schemes such as BOT (build, operate, transfer) in public enterprises, for instance, electric power utilities in developing countries. The gravest problem found in the private sector invigorating type PF is that the sponsor, operator, exporter, and lender on their respective levels are experiencing rising risks because of intensified competition in the presence of a great number of projects. Such risks involve the exchange rate, the completion of work, and the relations between the borrower and operator. 2 figs.
This presentation outlined the recent assignments, core competencies and scope of services provided by Alyra Renewable Energy Finance Advisors. Renewable energy developers seek Alyra's assistance in developing strategies to achieve the most competitive solutions in finance and strategy. Alyra has broad finance expertise in renewable energy projects, a deep knowledge of markets and a significant wind industry network. Alyra identifies emerging issues, completes financing solutions and helps with contract negotiations. This presentation outlined the notable features of wind financing, wind assessment, offtake arrangements, equity considerations, US wind debt markets, long term bank financing, and combined bank and private placement financing. It also included recent debt market activity for seven large wind farms in the United States. tabs., figs
This paper (a) provides a methodological taxonomy of pricing, financing, reimbursement, and cost containment methodologies for pharmaceuticals; (b) analyzes complex agency relationships and the health versus industrial policy tradeoff; (c) pinpoints financing measures to balance safety and effectiveness of medicines and their affordability by publicly funded systems in transition; and (d) highlights viable options for policy-makers for the financing of pharmaceuticals in transition. Three categories of measures and their implications for pharmaceutical policy cost containing are analyzed: supply-side measures, targeting manufacturers, proxy demand-side measures, targeting physicians and pharmacists, and demand-side measures, targeting patients. In pursuing supply side measures, we explore free pricing for pharmaceuticals, direct price controls, cost-plus and cost pricing, average pricing and international price comparisons, profit control, reference pricing, the introduction of a fourth hurdle, positive and negative lists, and other price control measures. The analysis of proxy-demand measures includes budgets for physicians, generic policies, practice guidelines, monitoring the authorizing behavior of physicians, and disease management schemes. Demand-side measures explore the effectiveness of patient co-payments, the impact of allowing products over-the-counter and health promotion programs. Global policies should operate simultaneously on the supply, the proxy demand, and the demand-side. Policy-making needs to have a continuous long-term planning. The importation of policies into transition economy may require extensive and expensive adaptation, and/or lead to sub-optimal policy outcomes.
RaLonde, Ray; Paust, Brian
This booklet provides information needed to start a mariculture business in Alaska, including agency resources and lists of publications. Everything you need to know about permits, planning, and financing is presented in an easy to follow layout. From preliminary steps to marketable product, this booklet will help the aquaculturist with all species farmed in Alaska, including oysters, mussels, scallops, clams, and seaweed. (41pp.)
Leventis, G; Kramer, C; Schwartz, LC
Ensuring that low- and moderate-income (LMI) households have access to energy efficiency is equitable, provides energy savings as a resource to meet energy needs, and can support multiple policy goals, such as affordable energy, job creation, and improved public health. Although the need is great, many LMI households may not be able to afford efficiency improvements or may be inhibited from adopting efficiency for other reasons. Decision-makers across the country are currently exploring the challenges and potential solutions to ramping up adoption of efficiency in LMI households, including the use of financing. The report’s objective is to offer state and local policymakers, state utility regulators, program administrators, financial institutions, consumer advocates and other LMI stakeholders with an understanding of: -The relationship between LMI communities and financing for energy efficiency, including important considerations for its use such as consumer protections -The larger programmatic context of grant-based assistance and other related resources supporting LMI household energy efficiency -Lessons learned from existing energy efficiency financing programs serving LMI households -Financing products used by these programs and their relative advantages and disadvantages in addressing barriers to financing or to energy efficiency uptake for LMI households
The author analyses the papers presented at the Paris Conference on the maturity of nuclear energy. It is evident that financing possibilities will be a determinant factor in the rate of development of nuclear power during the years to come. After having evaluated the capital requirements necessitated for the development of nuclear programmes, the parties intervening have examined the means at the disposal of electricity manufacturers to meet these needs (self-financing, recourse to external financing, regrouping, on an international scale of the electricity manufacturers of the setting up of high capacity plants). As concerns the insurance problems, they are becoming more and more involved as nuclear applications, are further diversified and intensified. The parties intervening have discussed new tarification techniques likely to be applied and pointed out the possibilities offered by regrouping or pooling of insurers (Market Pool) which allow for a maximum of risks to be covered without exceeding the means proper to each company concerned [fr
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
Lauretta, Eliana; Chaudhry, Sajid; Mullineux, Andy
Since the 1980s, financial crises have tended to reoccur with increasing frequency and growing intensity. They are endogenously generated by the established OTD (Originate-To-Distribute) model within the new finance-growth paradigm. Good finance fosters the correct allocation of financial resources, the fair redistribution of wealth and positive economic growth (the virtuous cycle), whereas bad finance captures part of the created wealth and, thanks to a highly technologically advanced financ...
Ali, Salman Syed
The Study starts by asking some fundamental qustions as to what role Islamic finance can play in socio-economic development, how similar or different it is from the conventional finance, and how its effectiveness can further be enhanced. The study analyzes the channels of impact of Islamic finance on real economic activities and, using Islamic finance in various sub-sectors of the economy. The study also covers aspects of resource mobilization and sound development of Islamic financial sector...
Syed Ali, Salman
The Study starts by asking some fundamental qustions as to what role Islamic finance can play in socio-economic development, how similar or different it is from the conventional finance, and how its effectiveness can further be enhanced. The study analyzes the channels of impact of Islamic finance on real economic activities and, using Islamic finance in various sub-sectors of the economy. The study also covers aspects of resource mobilization and sound development of Islamic financial sector...
Grazier, Kyle L; Metzler, Bridget
Entrepreneurship is often described as the ability to create new ventures from new or existing concepts, ideas and visions. There has been significant entrepreneurial response to the changes in the scientific and social underpinnings of health care services delivery. However, a growing portion of the economic development driving health care industry expansion is threatened further by longstanding use of financing models that are suboptimal for health care ventures. The delayed pace of entrepreneurial activity in this industry is in part a response to the general economy and markets, but also due to the lack of capital for new health care ventures. The recent dearth of entrepreneurial activities in the health services sector may also due to failure to consider new approaches to partnerships and strategic ventures, despite their mutually beneficial organizational and financing potential. As capital becomes more scarce for innovators, it is imperative that those with new and creative ideas for health and health care improvement consider techniques for capital acquisition that have been successful in other industries and at similar stages of development. The capital and added expertise can allow entrepreneurs to leverage resources, dampen business fluctuations, and strengthen long term prospects.
This paper aims at giving an overview of traditional and new financing mechanisms in support of protected areas. The web of life is breaking down: our world is facing biodiversity loss at unprecedented rates. Human impacts are causing the acceleration of species loss, at rates of several hundreds up to 1000 times the natural rate of species extinction, depending on the type of organisms. Habitat degradation and loss, introduction of invasive species, pollution, and overexploitation of resources are factors that determine the process of mass extinction. Protected areas obviously play a critical role in biodiversity conservation. Article 8 of the Convention on Biological Diversity (CBD) obliges Parties to establish a system of protected areas to-conserve biodiversity, to develop guidelines for protected areas management and to promote appropriate development adjacent to protected areas. Besides agreeing on this global mandate for protected areas, through Article 8m of the CBD Parties committed themselves to cooperate in providing financial support for protected area systems: 'Each contracting party (...) shall cooperate in providing financial and other support for in-situ conservation (...) particularly to developing countries'. Current revenues for maintaining existing protected areas and the creation of new ones are insufficient. Annually, approximately USD 7 billion is spent on the creation and maintenance of protected areas around the world (Balmford, 2003). The amount required to adequately protect biodiversity is estimated to be about five times higher. The flow of revenues from traditional and new financing mechanisms should clearly be increased to mitigate the financing deficit for protected areas. As part of the solution, innovative financing mechanisms are being developed aimed at increasing the global revenues for protected areas, thus capturing the multiple values of ecosystem goods and services provided by protected areas to mankind. This scoping paper
Alexey Yuryevich Domnikov
Full Text Available The development of modern Russian energy collides with the need for major investments in the modernization and renewal of generation and transmission capacity. In terms of attracting sufficient financial resources and find ways to increase, energy sector profitability and investment attractiveness of particular importance is the problem of investment financing optimizing aimed at minimizing the cost of financing while maintaining financial stability of the power companies and the goals and objectives of Russian energy system long-term development. The article discusses the problem of investment projects financing in power generation from the point of view of the need to achieve optimal investment budget. Presents the author’s approach to the investment financing optimization of power generation company that will achieve the minimum cost of resources involved, taking into account the impact of the funding structure for the power generating company financial sustainability. The developed model is applied to the problem of investment budget optimizing, for example, regional power generating company. The results can improve the efficiency of investment in energy, sustainable and competitive development of regional energy systems.
Azam, Genevieve; Combes, Maxime; Gadrey, Jean; Harribey, Jean-Marie
The financing of ecological transition is a key issue which conditions the nature of the transition and its ecological efficiency, the acceptability of measures with respect to requirements in terms of social justice, and the sustainability of undertaken actions. This publication is an answer to a public consultation launched by the French government with the publication of a White Paper on these issues. The authors first analyse, discuss and criticise the content of the White Paper. For them, it reduces the approach to a normative one, is based on a decoupling between economic growth and use of resources, propagates a technical-scientific illusion, often indicates selective and incomplete data, and addresses the energy issue through a supply-based approach. In the next part, the authors discuss how transition financing is addressed in the White Paper. In the third part, proposals are made according to three main principles: ecological transition is a social, political, and cultural process which must be supported, financed and implemented at all territorial levels; transition can be financed only if it comes with a strict legal framework which will define what is possible and what is not any longer; financing must be conditioned to results in terms of sobriety and of ecological and social efficiency, including the creation, qualification and sustainability of jobs. A set of programmes is also presented with associated measures on energy efficiency and sobriety, on a fair use of common good, on a re-localisation of activities, and a support of international initiatives. Some proposals are also made regarding financing tools
An issue of global importance today is the economic case fro nuclear power and the conservation of precious fossil resources. An important question is whether sufficient financial resources can be attracted to the nuclear industry in order to develop a complete fuel-cycle industry capable of meeting the requirements of a global nuclear power industry. Future growth of the nuclear power industry will depend largely on the timely development of a private competitive industry covering the total fuel cycle. The report of the Edison Electric Institute on Nuclear Fuels Supply estimates that by 1985 initial capital investmentor in the nuclear fuel cycle will total US$15x10 9 and by the year 2000, US$60x10 9 will be required. Although the amount of funding projected is manageable from a global availability standpoint, there is a hesitancy to commit financial resources to certain segments of the fuel cycle, because of the many unresolved problems in connection with the nuclear industry - uncertainty regarding local and international governmental regulations and legislation, environmental and alternative technological considerations coupled with the substantial long-term capital commitments needed in each of the several segments of the processes. Activities associated with the nuclear fuel cycle have unique investment requirements, which are needed in many diverse unrelated fields such as resource development and high technology process. This paper examines sources of capital on a national scale, such as net earnings, depreciation, capital market and public subsidies; and, in the broader context, capital investments in highly industrialized and developing countries. Possible areas of government guarantees and financing; and the situation on financing fuel-cycle projects in the USA and in other countries is also discussed. Comments are included on the money market and investment climate in developing countries, particularly regarding the development of uranium resources
Ejughemre, Ufuoma John
The health sector, a foremost service sector in Nigeria, faces a number of challenges; primarily, the persistent under-funding of the health sector by the Nigerian government as evidence reveals low allocations to the health sector and poor health system performance which are reflected in key health indices of the country.Notwithstanding, there is evidence that the private sector could be a key player in delivering health services and impacting health outcomes, including those related to healthcare financing. This underscores the need to optimize the role of private sector in complementing the government's commitment to financing healthcare delivery and strengthening the health system in Nigeria. There are also concerns about uneven quality and affordability of private-driven health systems, which necessitates reforms aimed at regulation. Accordingly, the argument is that the benefits of leveraging the private sector in complementing the national government in healthcare financing outweigh the challenges, particularly in light of lean public resources and finite donor supports. This article, therefore, highlights the potential for the Nigerian government to scale up healthcare financing by leveraging private resources, innovations and expertise, while working to achieve the universal health coverage.
Park, J. J.
Systemic changes that have affected the sale, distribution and transportation of gas near the burner tip (collectively called 'midstream' activities) are reviewed, examining the causes of change, and the types of midstream asset transactions that are occurring, whether they involve structured financing arrangements or midstream companies. Also addressed are issues involved in transactions of this type, especially as they relate to gathering and processing agreements and construction, ownership and operation (CO and O) agreements. The two principal alternative structures (1) the financing party who does not assume operational control of the facility, and the (2) midstream company who build or acquire assets and operate them, the different implications for financing of each of the structural alternatives and the changing attitudes of producers towards midstream entities are explained. Closer examination of these new business structures reveals that they conflict with the terms and conditions of midstream agreements commonly used throughout the industry. It is recommended that these standard agreements be amended to permit midstream transactions to occur without undue restrictions. The kind of amendments suggested include automatic consent to a transfer of a facility to a Financing Party that meets certain reasonable financial tests; allowing the reconveyance from the Financing Party to the producer under a repurchase option; allowing the producer to act as Operator in place of its Financing Party
MARWA Nyankomo; ZHANJE Stephen
The finance growth-nexus debates have been contentious over the past three decades both empirically and theoretically. To contribute to this debate, the current paper presents a concise review of finance-growths nexus theoretical development and the current debate around growth-finance nexus theories. Then, it extends the current theoretical debate to include development finance within the broader scheme of finance-growth discourse. The key emerging trend is that, most of the contemporary the...
One of the challenges facing Clean Development Mechanism (CDM) projects today is their limited ability to secure financing for the underlying greenhouse gas emission reduction activities, particularly in the least developed countries. Among the key reasons for this is the fact that most financial intermediaries in the CDM host countries have limited or no knowledge of the CDM Modalities and Procedures. Moreover, approaches, tools and skills for CDM project appraisal are lacking or are asymmetrical to the skills in comparable institutions in developed countries. Consequently, developing country financial institutions are unable to properly evaluate the risks and rewards associated with investing or lending to developers undertaking CDM projects, and therefore have, by-and-large, refrained from financing these projects. In addition, some potential project proponents lack experience in structuring arrangements for financing a project. This Guidebook - commissioned by the UNEP Risoe Centre as part of the activities of the Capacity Development for CDM (CD4CDM) project (http://www.cd4cdm.org) - addresses these barriers by providing information aimed at both developing country financial institutions and at CDM project proponents. It should be noted that while the Guidebook was developed particularly with the CDM in mind, most sections will also be relevant for Joint Implementation (JI) project activities. For more detailed information on JI modalities and procedures please consult: http://ji.unfccc.int The purpose of this Guidebook is two-fold: 1) To guide project developers on obtaining financing for the implementation of activities eligible under the CDM; and 2) To demonstrate to developing country financial institutions typical approaches and methods for appraising the viability of CDM projects and for optimally integrating carbon revenue into overall project financing. The target audiences for the Guidebook are therefore, primarily: 1) CDM project proponents in
Lone, Fayaz Ahmad; Quadir, Abdul
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...
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...
The Technology and Sustainable Development section of the Clean Technology and Environmental Policy Group, University of Twente, is working on a project financed by Netherlands Development Cooperation entitled “Kyoto: Think Global, Act Local” which will run from 2003 to 2009. The project is
It is argued that a Bitcoin-style money-like informational commodity may constitute an effective instrument for the further development of Islamic Finance. The argument involves the following elements: (i) an application of circulation theory to Bitcoin with the objective to establish the
The fifth Chief of Staff Division, namely Finance, is the end result of ... 1946 was able to report in 1948 that there had ... the same time however, the Secretary referred ... mended that because 'the existing dual arrange- ... tigate the division of functions in the Department. ... randum discussing the different arguments sur-.
Broeders, D.W.G.A.; Eijffinger, S.C.W.; Houben, A.
How to deliver adequate pension benefits at reasonable costs is a huge challenge confronting our ageing societies. This book delivers a comprehensive overview of the latest insights into pension finance, pension system design, pension governance and risk based supervision. It combines
This paper discusses the financing of emerging energies in Canada. Transforming energy markets will involve billions of dollars of investment from businesses and residents. Many different types of return on investment can be expected. These benefits will continue to grow over time and provide a permanent i ncome
The financial services industry presents an interesting alternative career path for nuclear physicists. Careers in finance typically offer intellectual challenge, a fast pace, high caliber colleagues, merit-based compensation with substantial upside, and an opportunity to deploy skills learned as a physicist. Physicists are employed at a wide range of financial institutions on both the ``buy side'' (hedge fund managers, private equity managers, mutual fund managers, etc.) and the ``sell side'' (investment banks and brokerages). Historically, physicists in finance were primarily ``quants'' tasked with applying stochastic calculus to determine the price of financial derivatives. With the maturation of the field of derivative pricing, physicists in finance today find work in a variety of roles ranging from quantification and management of risk to investment analysis to development of sophisticated software used to price, trade, and risk manage securities. Only a small subset of today's finance careers for physicists require the use of advanced math and practically none provide an opportunity to tinker with an apparatus, yet most nevertheless draw on important skills honed during the training of a nuclear physicist. Intellectually rigorous critical thinking, sophisticated problem solving, an attention to minute detail and an ability to create and test hypotheses based on incomplete information are key to both disciplines.
Campaign finance might seem like the exclusive province of political reporters, but there are many good reasons why authors should be paying attention--both in races for education positions and in other key races at the local, state, and federal levels with implications for education. Basic math is a necessary skill and familiarity with a…
Full Text Available Micro, small and medium business units contribute to development of agribusiness only if adequate financial resources for founding and development are given. This paper analyzes the possibilities of financing micro, small and medium legal entities in agribusiness in Serbia, compared to large enterprises. Empirical research included a survey comprising 119 agribusiness units, grouped into three categories dependent on their size. The aim was to confirm that there are substantial differences between units of different sizes, concerning possibilities of accessing bank loans and concerning the process of evaluation of conditions for credit approval. Also, aim was to determine differences between the uses of necessary key economic measures in agribusiness. Results showed significant differences between each group of business units for the majority of the observed parameters. Consequently the small and medium-sized enterprises (SMEs sector and especially entrepreneurs and farmers (micro units only have limited access to financial resources and more financing costs compared to large enterprises.
Habets, F.; Viennot, P.; Thierion, C.; Vergnes, J. P.; Ait Kaci, A.; Caballero, Y.
The Seine river, located in the temperate climate of northern France and flowing over a large sedimentary basins that hosts multilayer aquifers, is characterized by small temporal variations of its discharge. However, the presence of a megacity (Paris) and a wide area of intensive agriculture combined with climate change puts pressure on the water resources both in terms of quality and quantity. Previous research projects have estimated the impact of climate change on the water resource of the Seine basin, with the uncertainties associated to climate projections, hydrological models or downscaling methods. The water resource was projected to decrease by -14 % ± 10 % in 2050 and -28 +/-16% in 2100. This led to new studies that focus on the combined impact of climate change and adaptations. The tested adaptations are: a reduction of the groundwater abstractions, evolution of land use, development of small dams to « harvest water » or artificial recharge of aquifers. The communication of the results of these projects to stakeholders have led to the development on new indicators that better express the risk on the water resource management, especially for the groundwater. For instance maps of the evolution of piezometric head are difficult to interpret. To better express the risk evolution, a new indicator was defined: the evolution of the groundwater crisis duration, ie, the period when the charge of the aquifer is below the crisis piezometric level defined by the stakeholders. Such crisis piezometric levels are used to help defining the period when the groundwater abstraction should be reduced. Such maps are more efficient to communicate with water resources managers. This communication will focus on the results from the MEDDE Explore 2070 and ANR Oracle projects.
Cory, K.; Coughlin, J.; Jenkin, T.; Pater, J.; Swezey, B.
There is growing national interest in renewable energy development based on the economic, environmental, and security benefits that these resources provide. Historically, greater development of our domestic renewable energy resources has faced a number of hurdles, primarily related to cost, regulation, and financing. With the recent sustained increase in the costs and associated volatility of fossil fuels, the economics of renewable energy technologies have become increasingly attractive to investors, both large and small. As a result, new entrants are investing in renewable energy and new business models are emerging. This study surveys some of the current issues related to wind and solar photovoltaic (PV) energy project financing in the electric power industry, and identifies both barriers to and opportunities for increased investment.
Sebastian Ion CEPTUREANU
Full Text Available Non-governmental organizations (NGOs have become increasingly important in the last decade for the Romanian society. They raise public awareness for human rights, promote development of democracy and seek to improve the well-being of communities by being increasingly engaging in various development, educational, social or health projects. Unfortunately, many NGOs has to cope with significant financing problems since competition for resources amplified and some of the traditional donors cut or reduced support. This paper analyze financing issues in NGOs, based on a quantitative analysis, using a structured questionnaire. Since it is one of the very few studies covering Romania, the scope of the paper was to provide for those involved or interested in NGO sector new data concerning, for instance, sources of revenue or destination of resources, enabling NGOs executives to build financial sustainable organizations.
Santizo, Rodolfo; Berganza, Jose
The paper describes the role of the Banco Centroamericano de Integracion Economica in financing renewable energy projects in Central America. Also decribes the different financing modes to the goverment and private sectors
The subject is discussed under the headings: the energy situation today; energy investment and capital requirements (finding the necessary funds); further possibilities; future financing (project financing); summary. (U.K.)
This paper provides a summary of innovative transportation finance techniques and discusses their applicability to the National Park Service (NPS). The primary finding of this analysis is that while NPS is engaging in innovative finance techniques su...
Hansen, Per H.
In this article I interpret 150 years of financial history with a focus on shifts in the role of finance in society. I argue that over time the role of finance has shifted twice from that of servant to that of master of society, and that this process has been driven by sense making through...... narratives that legitimized and shaped these changes. When finance became a master rent seeking, cultural capture and out-of control financial innovation resulted in financial and social instability. Finance as a master was the characteristic of finance capitalism from around 1900......–1931 and of financialization from around 1980 to today. Finance capitalism and financialization were enabled by a dominant narrative that legitimized the power of finance. The shifts in the role of finance happened when crises undermined the meaning of the existing narrative and created for a new narrative able to make sense...
The Center hosts a series of water finance forums. These forums bring together communities with drinking water, wastewater, and stormwater project financing needs in an interactive peer-to-peer networking format.
... economic development of resources in Burma. 537.410 Section 537.410 Money and Finance: Treasury Regulations... supervision and guarantee of another person's performance of a contract that includes the economic development... royalties, earnings or profits of, the economic development of resources located in Burma. ...
Choe, Geon Ho
This book is an introduction to stochastic analysis and quantitative finance; it includes both theoretical and computational methods. Topics covered are stochastic calculus, option pricing, optimal portfolio investment, and interest rate models. Also included are simulations of stochastic phenomena, numerical solutions of the Black–Scholes–Merton equation, Monte Carlo methods, and time series. Basic measure theory is used as a tool to describe probabilistic phenomena. The level of familiarity with computer programming is kept to a minimum. To make the book accessible to a wider audience, some background mathematical facts are included in the first part of the book and also in the appendices. This work attempts to bridge the gap between mathematics and finance by using diagrams, graphs and simulations in addition to rigorous theoretical exposition. Simulations are not only used as the computational method in quantitative finance, but they can also facilitate an intuitive and deeper understanding of theoret...
Sheng, Andrew; Singh, Ajit
From its humble beginnings in the 1990s, Islamic finance has become a trillion US dollar industry. The market consensus is that Islamic finance has a bright future due to favourable demographics and rising incomes in the Muslim community. Moreover, despite voices sceptical of an accommodation between Islamic and global finance, leading global banks are buying Islamic bonds and forming subsidiaries specially to conduct Islamic finance business. Special laws have been passed in non-Muslim fi...
Financing oil and natural gas ventures was the principal theme of this conference. Individual topics included private placements, flow-through shares, strategies and tactics in structuring equity offerings, the use of income trusts as a vehicle for monetizing pipeline assets, strategies for accessing the U.S. equity market, project financing, and royalty financing. In some cases only viewgraphs and figures have been made available. Biographical notes on contributors also have been provided
This paper studies how bidders' choice of financing for cash bids affects takeover prices. Endogenizing this choice shows that takeover premia are lower than when bidders are not cash-constrained for equity-like financing, but higher for debt financing. Intuitively, unlike debt (which leads to
As a subproject of the HANDI 2000 project, the Finance and Supply Management system is intended to serve FDH and Project Hanford major subcontractor with financial processes including general ledger, project costing, budgeting, and accounts payable, and supply management process including purchasing, inventory and contracts management. Currently these functions are performed with numerous legacy information systems and suboptimized processes.
Traditional finance has developed based on two fundamental assumptions, including the expected utility theory and rational choice or decision. However, this hypothesis has been criticized heavily by put forward that are not realistic enough. The basis of behavioral finance theory is based on the “prospect theory”. According to this theory individuals cannot act fully rational, they install more sense to loses than at the same amount of profit and they exhibit risk and loss aversion behaviour....
Ohio State Univ., Columbus. Center on Education and Training for Employment.
This instructor guide for a unit on business financing in the PACE (Program for Acquiring Competence in Entrepreneurship) curriculum includes the full text of the student module and lesson plans, instructional suggestions, and other teacher resources. The competencies that are incorporated into this module are at Level 1 of learning--understanding…
Ohio State Univ., Columbus. Center on Education and Training for Employment.
This instructor guide for a unit on business finance in the PACE (Program for Acquiring Competence in Entrepreneurship) curriculum includes the full text of the student module and lesson plans, instructional suggestions, and other teacher resources. The competencies that are incorporated into this module are at Level 3 of learning--starting and…
Ron Balsera, Maria; Klees, Steven J.; Archer, David
This forum seeks to problematise issues related to the lack of resources to adequately finance public education systems. It explores potential solutions based on increased domestic resource mobilisation through progressive taxation in order to meet the growing financing gap needed to achieve Sustainable Development Goal (SDG) 4. While many…
Full Text Available Abstract Background The 58th World Health Assembly and 56th WHO Regional Committee for Africa adopted resolutions urging Member States to ensure that health financing systems included a method for prepayment to foster financial risk sharing among the population and avoid catastrophic health-care expenditure. The Regional Committee asked countries to strengthen or develop comprehensive health financing policies. This paper presents the findings of a survey conducted among senior staff of selected Eritrean ministries and agencies to elicit views on some of the elements likely to be part of a national health financing policy. Methods This is a descriptive study. A questionnaire was prepared and sent to 19 senior staff (Directors in the Ministry of Health, Labour Department, Civil Service Administration, Eritrean Confederation of Workers, National Insurance Corporation of Eritrea and Ministry of Local Government. The respondents were selected by the Ministry of Health as key informants. Results The key findings were as follows: the response rate was 84.2% (16/19; 37.5% (6/16 and 18.8% said that the vision of Eritrean National Health Financing Policy (NHFP should include the phrases ‘equitable and accessible quality health services’ and ‘improve efficiency or reduce waste’ respectively; over 68% indicated that NHFP should include securing adequate funding, ensuring efficiency, ensuring equitable financial access, protection from financial catastrophe, and ensuring provider payment mechanisms create positive incentives to service providers; over 80% mentioned community participation, efficiency, transparency, country ownership, equity in access, and evidence-based decision making as core values of NHFP; over 62.5% confirmed that NHFP components should consist of stewardship (oversight, revenue collection, revenue pooling and risk management, resource allocation and purchasing of health services, health economics research, and development of
Kirigia, Joses Muthuri; Zere, Eyob; Akazili, James
The 58th World Health Assembly and 56th WHO Regional Committee for Africa adopted resolutions urging Member States to ensure that health financing systems included a method for prepayment to foster financial risk sharing among the population and avoid catastrophic health-care expenditure. The Regional Committee asked countries to strengthen or develop comprehensive health financing policies. This paper presents the findings of a survey conducted among senior staff of selected Eritrean ministries and agencies to elicit views on some of the elements likely to be part of a national health financing policy. This is a descriptive study. A questionnaire was prepared and sent to 19 senior staff (Directors) in the Ministry of Health, Labour Department, Civil Service Administration, Eritrean Confederation of Workers, National Insurance Corporation of Eritrea and Ministry of Local Government. The respondents were selected by the Ministry of Health as key informants. The key findings were as follows: the response rate was 84.2% (16/19); 37.5% (6/16) and 18.8% said that the vision of Eritrean National Health Financing Policy (NHFP) should include the phrases 'equitable and accessible quality health services' and 'improve efficiency or reduce waste' respectively; over 68% indicated that NHFP should include securing adequate funding, ensuring efficiency, ensuring equitable financial access, protection from financial catastrophe, and ensuring provider payment mechanisms create positive incentives to service providers; over 80% mentioned community participation, efficiency, transparency, country ownership, equity in access, and evidence-based decision making as core values of NHFP; over 62.5% confirmed that NHFP components should consist of stewardship (oversight), revenue collection, revenue pooling and risk management, resource allocation and purchasing of health services, health economics research, and development of human resources for health; over 68.8% indicated cost
The motto for the new Finance and Purchasing Department Head, Thierry Lagrange, is "strengthening services for users". With a head-count of around sixty, the Finance and Purchasing Department is small compared to the large technical departments. But its work is crucial and supports all the Laboratory’s activities. The FP Department manages the Organization’s financial resources and commitments, checking that resources match expenses, that sufficient cash is available, that contracts are concluded on the best possible terms - in short, that monies are available and properly managed. In these lean times, this delicate balancing act requires the skills of an insider, someone who knows the Organization like the back of his hand. Thierry Lagrange, recently appointed Head of Finance and Purchasing, has spent most of his career at CERN, and the past five years as Deputy Head of the Finance Department. Nobody knows the subtleties and p...
Full Text Available Published by Palgrave MacmillanThis chapter reviews the literature on finance and economic development. It starts with a description of the roles of finance, a definition of financial efficiency, and a discussion of whether countries may have financial sectors that are ‘too large’ compared to the size of the domestic economy. Next, the author describes several indicators of financial development and reviews the literature on the relationship between financial development and economic growth. In the literature review, he discusses in detail some recent evidence indicating that the marginal contribution of financial development to gross domestic product (GDP growth becomes negative when credit to the private sector reaches 110 per cent of GDP. The chapter concludes with some policy conclusions targeted to developing countries.
In Germany the basis for the management of radioactive residues is the polluter-pays principle. All steps of treatment of radioactive waste arising from operation, decommissioning and dismantling including conditioning, interim storage and disposal of radioactive waste have to be financed by the waste producers. The waste producers are responsible for the harmless recycling of the residues or for their orderly management as radioactive waste. The Federal Government is responsible for establishing disposal facilities. Accordingly the waste producers are constructing and operating facilities in which the radioactive residues can be treated and stored until their disposal. As far as the radioactive waste cannot be stored by the producer, waste originating from research, medicine and industry can be stored in surface storage facilities of the federal states. Spent fuel from German NPPs is partly reprocessed in France and UK. The rest has to be disposed off directly in deep geologic formations. Until a repository for spent fuel is available in Germany spent fuel will be stored in interim storage facilities on the sites of the NPPs. The storage will take place in casks in a dry way. In exceptional cases, if the storage at a NPP site is not possible, there are two central storages at Ahaus and Gorleben which are in operation and can be made available as reserve. Radioactive waste returning from the reprocessing of German spent fuel in France and UK is stored in the Gorleben central storage. The Federal Government is aiming to establish a repository in deep geological formations about the year 2030 which shall be available for all types and quantities of radioactive waste. The necessary expenses for the planning and construction of radioactive waste disposal facilities are initially carried by the Federal Government. The Government recovers the costs by contributions or advance payments from the waste producers. The use of storage and disposal facilities is financed by
This paper uncovers evidence of s potentially important channel linking financial development to growth: the financing of innovations introduced by entrepreneurs. Using internationally comparable data on European countries, entry and exit in research-intensive industries are found to be disproportionately sensitive to the level of financial development. Furthermore, financial development is related to increased R&D spending. The results are robust to several different measures of financial de...
Simon Johnson; John McMillan; Christopher Woodruff
Which is the tighter constraint on private sector investment: weak property rights or limited access to external finance? From a survey of new firms in post-communist countries, we find that weak property rights discourage firms from reinvesting their profits, even when bank loans are available. Where property rights are relatively strong, firms reinvest their profits; where they are relatively weak, entrepreneurs do not want to invest from retained earnings.
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.
Omarova, Saule; Hockett, Robert
102 Cornell Law Review 1143 (2017) The dominant view of banks and other financial institutions is that they function primarily as intermediaries, managing flows of scarce funds from those who have accumulated them to those who have need of them and can pay for their use. This understanding pervades textbooks, scholarly writings, and policy discussions – yet it is fundamentally false as a description of how a modern financial system works. Finance today is no more primarily “intermediated” tha...
Delays in the completion of nuclear power plants aggravate the financing of such ventures because the contractual sums to be paid for interest and amortization are not generated. Moreover, economic feasibility analyses by the banks are rendered ineffective by changes in the underlying data, such as the structure of electricity rates and the supply monopoly held by utilities. The German nuclear power plants at present in operation or under construction were financed mainly through subsidiares of the participating utilities outside the balance sheets of the parent companies. The banks have developed a number of financing concepts to adapt funding to the specific needs of practice. Future nuclear power plants make-up one third of the present capacity of the participating utilities. However, they will require three to four times the previous volume of capital investments. Yet it is certain that the expansion of nuclear power in the Federal Republic of Germany will not be hampered by financial problems. The funding models developed for nuclear power plants have already proved their qualities. However, the problems of nuclear power have not become less. Attention must also be drawn to some weak spots in the financial sector. (orig.) [de
A. G. Komissarov
Full Text Available Minor enterprises do not have resources sufficient for investment. Present experience of venture financing and attraction of funds from finance markets is poor in Russia. Main minor entrepreneurship financing sources are state allocations in the form of subsidies, subventionsand donations. This support promotes economics diversification and increases jobs. The state becomes client of innovations and provides for business environment favorable for minor entrepreneurship and for subsequent diffusion of innovations. One of most efficient innovationactivity stimulation methods (applied to minor enterprises as well is provision for tax privileges, favorable state bank credits and preferences to innovation activity supporting commercial banks.
Bankers seeking to invest in the construction of new power stations by independent power producers, face greater risks than those lending to companies. Independent risk and insurance advisers are used to assess project risk. ''Project finance'' has become increasingly popular as it allows projects to go ahead that could not be supported from sponsors' own resources. In addition, project finance means that various equity partners can join together in a joint venture company and limit their individual risk. Project finance can be delayed by differences between the needs of sponsors, financiers and insurers. The process can be speeded up by foreknowledge of bankers' requirements. (UK)
David Shropshire; Sharon Chandler
To help meet our nation's energy needs, reprocessing of spent nuclear fuel is being considered more and more as a necessary step in a future nuclear fuel cycle, but incorporating this step into the fuel cycle will require considerable investment. This report presents an evaluation of financing scenarios for reprocessing facilities integrated into the nuclear fuel cycle. A range of options, from fully government owned to fully private owned, was evaluated using a DPL (Dynamic Programming Language) 6.0 model, which can systematically optimize outcomes based on user-defined criteria (e.g., lowest life-cycle cost, lowest unit cost). Though all business decisions follow similar logic with regard to financing, reprocessing facilities are an exception due to the range of financing options available. The evaluation concludes that lowest unit costs and lifetime costs follow a fully government-owned financing strategy, due to government forgiveness of debt as sunk costs. Other financing arrangements, however, including regulated utility ownership and a hybrid ownership scheme, led to acceptable costs, below the Nuclear Energy Agency published estimates. Overwhelmingly, uncertainty in annual capacity led to the greatest fluctuations in unit costs necessary for recovery of operating and capital expenditures; the ability to determine annual capacity will be a driving factor in setting unit costs. For private ventures, the costs of capital, especially equity interest rates, dominate the balance sheet; the annual operating costs dominate the government case. It is concluded that to finance the construction and operation of such a facility without government ownership could be feasible with measures taken to mitigate risk, and that factors besides unit costs should be considered (e.g., legal issues, social effects, proliferation concerns) before making a decision on financing strategy
Lack, Justin B; Cardeno, Charis M; Crepeau, Marc W; Taylor, William; Corbett-Detig, Russell B; Stevens, Kristian A; Langley, Charles H; Pool, John E
Hundreds of wild-derived Drosophila melanogaster genomes have been published, but rigorous comparisons across data sets are precluded by differences in alignment methodology. The most common approach to reference-based genome assembly is a single round of alignment followed by quality filtering and variant detection. We evaluated variations and extensions of this approach and settled on an assembly strategy that utilizes two alignment programs and incorporates both substitutions and short indels to construct an updated reference for a second round of mapping prior to final variant detection. Utilizing this approach, we reassembled published D. melanogaster population genomic data sets and added unpublished genomes from several sub-Saharan populations. Most notably, we present aligned data from phase 3 of the Drosophila Population Genomics Project (DPGP3), which provides 197 genomes from a single ancestral range population of D. melanogaster (from Zambia). The large sample size, high genetic diversity, and potentially simpler demographic history of the DPGP3 sample will make this a highly valuable resource for fundamental population genetic research. The complete set of assemblies described here, termed the Drosophila Genome Nexus, presently comprises 623 consistently aligned genomes and is publicly available in multiple formats with supporting documentation and bioinformatic tools. This resource will greatly facilitate population genomic analysis in this model species by reducing the methodological differences between data sets. Copyright © 2015 by the Genetics Society of America.
Buba, Johanne; Fichen, Anne; Ben-Jelloul, Mahdi; Schaff, Clement
By 2020, nearly 100 billion dollars a year that developed countries have pledged to finance action against climate change in developing countries (DCs). Given the current economic situation, they will nevertheless find it difficult to collect the money in their budgets: new sources of funding will be needed. If revenue from the auction of emission allowances within the EU will be primarily used for national or European, a party may nevertheless be redirected to developing countries. Impose on international aviation and maritime sectors to pay the price of carbon will take several years but will provide revenue of tens of billions. The tax on financial transactions, including foreign exchange transactions, could generate significant revenue. Beyond these resources, a large part of the solution will come from the complementarity between private and public funds. The Cancun agreement opens a new path by providing that promised 100 billion may come in part from the private sector - yet he will provide the latter with the right incentives. Public funds should promote private investment and seek to find the maximum leverage. Properly used, new sources of funding to the tune of 30 to 40 billion by 2020 would be enough then to keep the promise made at Cancun to developing countries. Contents: - In search of public funding; - Public funds to guide private investment to action against climate change
The viability of many Renewable Energy projects is critically dependent upon the ability of these projects to secure the necessary financing on acceptable terms. The principal objective of the study was to provide an overview to project developers of project financing techniques and the conditions under which project finance for Renewable Energy schemes could be raised, focussing on the potential sources of finance, the typical project financing structures that could be utilised for Renewable Energy schemes and the risk/return and security requirements of lenders, investors and other potential sources of financing. A second objective is to describe the appropriate strategy and tactics for developers to adopt in approaching the financing markets for such projects. (author)
Full Text Available In recent years, environmental issues are attracting widespread attention by various countries around the world. In this context, the renewable energy industry has become a stimulus point for economic development and has great potential for development. Renewable energy industry financing is difficult due to its characteristics of high risk and long-term investment returns, and relying on existing financing channels make it present a glut of excess capacity. It is key to realize resource optimal allocation, solve overcapacity phenomenon and select the valid financing mode. This paper used Bloomberg New Energy Finance (BNEF data and the data envelopment analysis (DEA method to analyze the financing efficiency different parts of the global renewable energy industry and different ways of financing. It could be found that although the financing efficiency showed a trend of increasing year by year, the financing efficiency of each industry presented generally weak DEA efficiency, the comprehensive financing efficiency of wind power industry was higher. The article also found that the financing efficiency of project financing and Research and Development (R&D were relatively high, and the equity market and venture capital and private equity were less efficient. The results of this paper play an important role in the overall financing status cognizance of the renewable energy industry and give suggestions about valid financing mode choice.
Christensen, John; Shaxson, Nick; Wigan, Duncan
to highlight the perils of an oversized financial sector. States failing to harness natural resources for development led to the concept of the Resource Curse. In many countries, resource dependence generated slower growth, crowding out, reduced economic diversity, lost entrepreneurialism, unemployment...... starkly illuminates the condition of Britain’s political economy and the character of its relations with the rest of the world....
Clapp, Christa S.
Climate change finance is currently estimated at between approximately USD 70 and 120 billion per year. However, these estimates involve a fair amount of uncertainty. There is no agreed definition of what climate finance includes; moreover, for private sector flows, the range is estimated using mismatched data sources.The significant sums of financing committed in the international climate change negotiations (USD 100 billion per year by 2020) are expected to be earmarked according to the traditional template whereby developed countries provide financing to developing countries. Not only is this an outdated view of how private investment moves in today's global world, it also provides an impractical framework for keeping track of financial flows. Furthermore, the developed/developing country negotiating viewpoints are plagued by disagreement as to which public sector and private sector financial flows should count. Managing limited financial resources effectively requires grasping how financial flows contribute to results in climate mitigation and adaptation. As yet we have little understanding of the tangible results being achieved from these flows, and how public money and instruments drive private investments. Better understanding will require consistent information on a range of indicators of successful financial interventions, including leveraging ratios. We need to consider what financial kinds of information could serve both purposes: to measure progress towards the USD 100 billion commitment, and to measure how effective financial flows are in achieving results. We need a common definition of what types of flows are to be considered 'climate change finance'. Until such a definition has been agreed, governments and organizations must be more transparent as to what account as 'climate finance'. Governments should work with private investor groups and data providers to adapt existing information so as to provide a more comprehensive
Pollard, A H
An Introduction to the Mathematics of Finance provides a simple, nonmathematical introduction to the mathematics of finance. Topics discussed in this book include simple interest; compound interest-annual compounding; annuities-certain; use of compound interest; and sinking funds. The equations of value; compounding more frequently than annually; and contracts at """"flat"""" rates of interest are also deliberated. This text likewise elaborates on the loans repayable by equal annual installments when interest is charged only on the amount of principal from time to time outstanding. Exercis
-frequency trading, such as how algorithms are designed to govern other market participants' anticipations of market dynamics. However, I also argue that, to fully understand the realm of algorithmic finance and high-frequency trading, it is important to supplement a governmentality approach with an analytical......In this essay I discuss algorithmic finance, specifically the use of fully automated trading, including high-frequency trading, in the light of Michel Foucault's notion of governmentality. I argue that a governmentality perspective offers a fruitful way of understanding particular aspects of high...... lexicon which is not primarily centred on productive forms of power. Specifically, I suggest that, according to media discourses on high-frequency trading, algorithmic finance often works in ways that are better grasped through, e.g. Elias Canetti's work on predatory power and Roger Caillois's work...
In this essay I discuss algorithmic finance, specifically the use of fully automated trading, including high-frequency trading, in the light of Michel Foucault's notion of governmentality. I argue that a governmentality perspective offers a fruitful way of understanding particular aspects of high......-frequency trading, such as how algorithms are designed to govern other market participants' anticipations of market dynamics. However, I also argue that, to fully understand the realm of algorithmic finance and high-frequency trading, it is important to supplement a governmentality approach with an analytical...... lexicon which is not primarily centred on productive forms of power. Specifically, I suggest that, according to media discourses on high-frequency trading, algorithmic finance often works in ways that are better grasped through, e.g. Elias Canetti's work on predatory power and Roger Caillois's work...
Beck, T.H.L.; Demirgüc-Kunt, A.; Maksimovic, V.
Using a firm-level survey database covering 48 countries, we investigate how financial and institutional development affects financing of large and small firms. Our database is not limited to large firms, but includes small and medium firms and data on a broad spectrum of financing sources,
In generalizing the researching conditions of researchers on private finance,the paper introduces the connoted meaning of rural private finance broadly and narrowly.The paper states the forms of rural private finance(including private loaning,private bank,rural private collecting,financing organizations,cooperatives,NGO,small loaning organizations and so on),the relations between rural private finance and rural economic relations,pointing out that it is the combination of the strong and the weak,which may generate benefits with the operation of marketing mechanisms.The paper analyzes the historical causes,supervision causes and cultural causes of rural private finance,discussing mechanisms of standardized development of rural private finance:firstly,standardize the organization management mechanisms,including scaled controlling mechanisms and bank management mechanisms;secondly,complete finance supervision mechanisms;thirdly,moderate government intervention,including affording liberal policy environment and reducing the improper intervention;fourthly,upgrading qualities mechanisms,including cultivating the rural credit culture and improving the quality of regulatory personnel.
Guarino, Cassandra M.; Galama, Titus; Constant, Louay; Gonzalez, Gabriella; Tanner, Jeffery C.; Goldman, Charles A.
Qatar's education reform, which included implementation of a new finance system, appears to be providing schools with adequate funding but is still struggling with issues of transparency and swift policy shifts that have been difficult to accommodate. [For full report, "Developing a School Finance System for K-12 Reform in Qatar", see…
To make adequate capital available to finance development projects in Africa, several important and innovative ideas became popular in the early and later post-independent years. Much of these ideas included a proposal for International Finance Facility (IFF) to increase development aid substantially for the millennium ...
... LOANS AND GUARANTEES Loan Purposes and Basic Policies § 1710.109 Reimbursement of general funds and... replace interim financing used to finance equipment and facilities that were included in an RUS-approved...
...-Johnson Sport Fish Restoration Act in two ways: (1) States may finance the entire cost of the acquisition... Program. (a) States may finance the acquisition of lands or interests in lands including water rights and...
Deidda, Luca Gabriele; Fattouh, Bassam
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...
Abstract The private sector is one of the sources of finance included in developed countries’ pledge in the UN climate negotiations to mobilise $100 billion annually by 2020 to support developing countries’ efforts to address climate change. For adaptation in particular, it remains unclear what
Mindeli, L.; Chernykh, S.
One of the most important factors that determine the state of science potential and, in the long run, the successful results of scientific and technical activity, is its financing. All developed countries conduct an incentive policy to encourage their national science, including systematic support from state budgets for scientific research and…
Jagerson, Gordon " Ty" [Village Power Finance, Palo Alto, CA (United States)
The award supported the demonstration and development of the Village Power Platform, which enables community organizations to more readily develop, finance and operate solar installations on local community organizations. The platform enables partial or complete local ownership of the solar installation. The award specifically supported key features including financial modeling tools, community communications tools, crowdfunding mechanisms, a mobile app, and other critical features.
Hill, Laura; Warren, Paul; Murphy, Patrick; Ugo, Iwunze; Pathak, Aditi
This document presents the technical appendices that accompany the full report, "Special Education Finance in California." The appendices include: (1) Problems with AB 602 and Other State Funding Programs for Special Education; (2) Additional Figures for Analysis of Distribution of Students with Disabilities; (3) Using Supplemental and…
This article examines a type of project financing where a bank and an insurance company (or other investment institution) share the senior secured debt for a longer term than the bank could alone. The topics of the article include the dual-tranche model, voting and majorities, prepayment rights and premiums, collateral sharing, and documentation and administration
... 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...
Project financing is emerging as the linchpin for the future health, direction, and momentum of the energy storage industry. Market leaders have so far relied on selffunding or captive lending arrangements to fund projects. New lenders are proceeding hesitantly as they lack a full understanding of the technology, business, and credit risks involved in this rapidly changing market. The U.S. Department of Energy is poised to play a critical role in expanding access to capital by reducing the barriers to entry for new lenders, and providing trusted analytical benchmarks to better judge and price the risk in systematic ways.
To develop your confidence in F#, this tutorial will first introduce you to simpler tasks such as curve fitting. You will then advance to more complex tasks such as implementing algorithms for trading semi-automation in a practical scenario-based format.If you are a data analyst or a practitioner in quantitative finance, economics, or mathematics and wish to learn how to use F# as a functional programming language, this book is for you. You should have a basic conceptual understanding of financial concepts and models. Elementary knowledge of the .NET framework would also be helpful.
Hsiung, Grace; Abdullah, Fizan
Congenital anomalies once considered fatal, are now surgically correctable conditions that now allow children to live a normal life. Pediatric surgery, traditionally thought of as a privilege of the rich, as being too expensive and impractical, and which has previously been overlooked and excluded in resource-poor settings, is now being reexamined as a cost-effective strategy to reduce the global burden of disease-particularly in low, and middle-income countries (LMICs). However, to date, global pediatric surgical financing suffers from an alarming paucity of data. To leverage valuable resources and prioritize pediatric surgical services, timely, accurate and detailed global health spending and financing for pediatric surgical care is needed to inform policy making, strategic health-sector budgeting and resource allocation. This discussions aims to characterize and highlight the evidence gaps that currently exist in global financing and funding flow for pediatric surgical care in LMICs. Copyright © 2016. Published by Elsevier Inc.
Full Text Available This paper presents an online two-stage Q-learning based multi-agent (MA controller for load frequency control (LFC in an interconnected multi-area multi-source power system integrated with distributed energy resources (DERs. The proposed control strategy consists of two stages. The first stage is employed a PID controller which its parameters are designed using sine cosine optimization (SCO algorithm and are fixed. The second one is a reinforcement learning (RL based supplementary controller that has a flexible structure and improves the output of the first stage adaptively based on the system dynamical behavior. Due to the use of RL paradigm integrated with PID controller in this strategy, it is called RL-PID controller. The primary motivation for the integration of RL technique with PID controller is to make the existing local controllers in the industry compatible to reduce the control efforts and system costs. This novel control strategy combines the advantages of the PID controller with adaptive behavior of MA to achieve the desired level of robust performance under different kind of uncertainties caused by stochastically power generation of DERs, plant operational condition changes, and physical nonlinearities of the system. The suggested decentralized controller is composed of the autonomous intelligent agents, who learn the optimal control policy from interaction with the system. These agents update their knowledge about the system dynamics continuously to achieve a good frequency oscillation damping under various severe disturbances without any knowledge of them. It leads to an adaptive control structure to solve LFC problem in the multi-source power system with stochastic DERs. The results of RL-PID controller in comparison to the traditional PID and fuzzy-PID controllers is verified in a multi-area power system integrated with DERs through some performance indices.
Full Text Available The paper examines the influence of Modigliani's contributions to the theory of finance. As for the term structure of interest rates, the preferred habitat theory, had a mixed fortune: it was utilized by financial managers for a rather long time, before being discarded in the 1980s and, perhaps, being somewhat resumed in our days. The Modigliani-Miller theorem is considered as a landmark in finance theory, even if the controversies over both its assumptions and conclusions had indeed been very strong. By contrast, financial managers completely disregarded the thesis of an irrational undervaluation of stocks in inflationary periods. But most economists appreciate the proof that, for rather long periods, the market can be inefficient in channelling the resources towards the most productive utilizations.
Full Text Available This article presents the financial investment approach and the investment evaluation methods, which are criteria for assessing both investment projects and their funding sources. An important role in the analysis carried out is played by the investment decision and financing decision quality. Making an investment decision implies computing the related investment efficiency indicators. They allow the comparison of several variants of the same investment project as well as their comparison with other projects in the same industry or in other industries. The financing decision concerns the selection between their own sources (share capital, depreciation fund, profits, reserve funds, additional capital, revenues from investments, attracted sources (domestic resource mobilization and borrowed sources (credits.
This project examines the structure of public infrastructure financing in Indonesia and examines whether financing based on Islamic principles is a feasible alternative to current financing mechanisms...
This book offers the opportunity to study and experience advanced empi- cal techniques in finance and in general financial economics. It is not only suitable for students with an interest in the field, it is also highly rec- mended for academic researchers as well as the researchers in the industry. The book focuses on the contemporary empirical techniques used in the analysis of financial markets and how these are implemented using actual market data. With an emphasis on Implementation, this book helps foc- ing on strategies for rigorously combing finance theory and modeling technology to extend extant considerations in the literature. The main aim of this book is to equip the readers with an array of tools and techniques that will allow them to explore financial market problems with a fresh perspective. In this sense it is not another volume in eco- metrics. Of course, the traditional econometric methods are still valid and important; the contents of this book will bring in other related modeling topics tha...
The 1990s is likely to be a decade of double growth: in energy demand and environmental protection. This leads the author of this paper to ask the pertinent questions of where the money will come from, and in what form, to finance the growth in capacity to produce this energy and the technology required to produce and burn it cleanly. With a focus on Asian energy markets, this paper first illustrates the problem by describing the rapid growth of energy demand in the region. It describes the growth in Japan as well as China and the fast-growing economies of Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, and Thailand. Energy demand growth rates of almost 5 percent in the 1980s are expected to continue to grow at that rate at least until 2005, doubling today's level of consumption and putting the energy supply system under great strain. Because of the large sums involved, this paper pints out the necessity of inventing new, innovative devices for future fund raising. This will require the participation of institutions such as insurance companies and regional banks that have little experience in the energy field. This paper suggests that these and the established players in energy finance will have recourse to two new approaches: Build-Operate-Transfer and Trustee Borrowing schemes
The basic objectives of the Spanish National Energy Plan are summarized as (1) To obtain maximum guarantees for continuity of supplies, (2) Reduce the cost of energy supplies to the maximum possible degree, (3) Reduce the difference in the balance of payments due to importation of primary energy sources, (4) Pro-mote the rational use of energy with the aim of moderating the growth rates in demand without affecting economic development (5) Reduce to an economical minimum the effect on the environment of energy-producing installations, and (6) Contribute to the technological development of the country and promote research in the energy field. To fulfil these objectives, the following forecasts are made: With the Gross National Product increasing at a rate of 5% or 6%, the demand on primary energy sources in 1985 will be 173 or 194 million e.c.t. (equivalent coal tons), i.e. annual growth rates of energy consumption of 6% and 7.2% respectively, compared with growths during the last decade of 9.2%. It is projected that generation of electrical energy from nuclear sources will grow to attain in a share of approximately 60% by 1985, i.e. an installed nuclear power level of 23.8.GW. The cost of the Spanish National Energy Plan, particularly the cost and financing of the nuclear program, is reviewed. Finally, the growing need for self-financing is stressed. (B.P.)
Triodos Bank has more than 10 years of experience with developing and financing wind projects in the Netherlands. Over 50 Megawatt has been installed with direct involvement of the bank. The experience is both as a bank and as a venture capital fund. In this contribution the perspective will be more from a venture capital point of view than as a bank. The bank's activities in the wind energy sector started in 1986 by forming a joint venture with an engineering bureau, experienced i wind energy but not yet in developing wind projects. From 1989 onwards the joint venture started to build wind farms, both as a private company and in a joint venture with utilities. The European Investment Bank became involved with a long-term debt finance facility (15 years, fixed interest loan). The main difficulties were long-term commitments from landowners (Dike authorities) and utilities with regard to power contracts. The development got really stuck when utilities refused to pay a fair price anymore. Also, site development became more and more difficult. Even the poor technical performance improved drastically and did not frighten developers and banks too much. (author)
Coal and petroleum resources in the Appalachian basin: index maps of included studies: Chapter B.1 in Coal and petroleum resources in the Appalachian basin: distribution, geologic framework, and geochemical character
Ruppert, Leslie F.; Trippi, Michael H.; Kinney, Scott A.; Ruppert, Leslie F.; Ryder, Robert T.
This chapter B.1 of U.S. Geological Survey (USGS) Professional Paper 1708 provides index maps for many of the studies described in other chapters of the report. Scientists of the USGS and State geological surveys studied coal and petroleum resources in the central and southern Appalachian structural basins. In the southern Appalachian basin, studies focused on the coal-bearing parts of the Black Warrior basin in Alabama. The scientists used new and existing geologic data sets to create a common spatial geologic framework for the fossil-fuel-bearing strata of the central Appalachian basin and the Black Warrior basin in Alabama.
Fortino, S.E. [Texaco Inc., White Plains, NY (United States)
This paper discusses financing options available for energy (power/steam) projects in East Central Europe. It is intended to be an overview and practical guide to such options in today`s environment. A survey is made of the principal multilateral and other financial institutions providing funding and/or credit support in the region. These include the European Bank for Reconstruction and Development, the World Bank, the International Finance Corporation, the export credit agencies, and the commercial banks. Specific guarantee and other support mechanisms which some of these institutions provide are covered, including the latest developments. In addition to loan financing, potential sources of equity financing are discussed. Next, a description of the credit rating process by such institutions as Standard and Poor`s, and an example of a successful rating effort in the Czech Republic, lead into a discussion of accessing foreign and domestic bond markets to finance energy projects in the region.
Gomes, Joao F; Yaron, Amir; Zhang, Lu
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...
Eddynor Manshor; Yvonne Lunsong; Norhayati Kamaruddin
Kyoto Protocol is the first global commitment to reduce greenhouse gas (GHG) emissions. Malaysia, which signed the Protocol on 12 March 1999, must also take steps to address the climate change concerns. The use of renewable energy sources is seen as a feasible way to address the issue. Despite their environment-friendliness, these sources of energy are grossly under-utilised even though Malaysia is amply endowed with renewable energies, particularly biomass and solar. As a unique domestic resource, recurring energy savings from energy efficiency could also qualify as renewable energy. At present, the contribution of renewable energy in the country's energy mix is very small compared to its large potential. The Malaysian Government recognizes the potential of this form of energy. As part of its fuel diversification policy, the government plans to expand the four-fuel strategy to include renewable energy as the fifth fuel. Due to all year constant sunshine and vast oil palm cultivation, both solar and palm oil residues are identified as the most promising green energy option. Efforts are underway to embark on programs to demonstrate and evaluate the viability of these emerging green technologies. A few organizations are given grants to undertake pre-feasibility studies of pre-commercialization demonstration projects. When approved, viable projects could also qualify for technical and financial assistance from foreign partners. However, grants are limited and under World Trade Organization rules such subsidies should not exceed 30 percent in most cases. Commercialization of green energy projects must therefore involve full participation of private developers and financial institutions. Yet, virtually no attempt is made to promote financing of such projects in Malaysia. In most cases, financial institutions are not aware of the economic potential of these unique and under exploited sources. This paper will discuss problems in financing green energy projects and then
Robinson, J C
Internet-related health care firms have accelerated through the life cycle of capital finance and organizational destiny, including venture capital funding, public stock offerings, and consolidation, in the wake of heightened competition and earnings disappointments. Venture capital flooded into the e-health sector, rising from $3 million in the first quarter of 1998 to $335 million two years later. Twenty-six e-health firms went public in eighteen months, raising $1.53 billion at initial public offering (IPO) and with post-IPO share price appreciation greater than 100 percent for eighteen firms. The technology-sector crash hit the e-health sector especially hard, driving share prices down by more than 80 percent for twenty-one firms. The industry now faces an extended period of consolidation between e-health and conventional firms.
Günther, Michael; Maten, E
This book discusses the state-of-the-art and open problems in computational finance. It presents a collection of research outcomes and reviews of the work from the STRIKE project, an FP7 Marie Curie Initial Training Network (ITN) project in which academic partners trained early-stage researchers in close cooperation with a broader range of associated partners, including from the private sector. The aim of the project was to arrive at a deeper understanding of complex (mostly nonlinear) financial models and to develop effective and robust numerical schemes for solving linear and nonlinear problems arising from the mathematical theory of pricing financial derivatives and related financial products. This was accomplished by means of financial modelling, mathematical analysis and numerical simulations, optimal control techniques and validation of models. In recent years the computational complexity of mathematical models employed in financial mathematics has witnessed tremendous growth. Advanced numerical techni...
Remme, Michelle; Siapka, Mariana; Sterck, Olivier; Ncube, Mthuli; Watts, Charlotte; Vassall, Anna
Despite optimism about the end of AIDS, the HIV response requires sustained financing into the future. Given flat-lining international aid, countries' willingness and ability to shoulder this responsibility will be central to access to HIV care. This paper examines the potential to expand public HIV financing, and the extent to which governments have been utilising these options. We develop and compare a normative and empirical approach. First, with data from the 14 most HIV-affected countries in sub-Saharan Africa, we estimate the potential increase in public HIV financing from economic growth, increased general revenue generation, greater health and HIV prioritisation, as well as from more unconventional and innovative sources, including borrowing, health-earmarked resources, efficiency gains, and complementary non-HIV investments. We then adopt a novel empirical approach to explore which options are most likely to translate into tangible public financing, based on cross-sectional econometric analyses of 92 low and middle-income country governments' most recent HIV expenditure between 2008 and 2012. If all fiscal sources were simultaneously leveraged in the next five years, public HIV spending in these 14 countries could increase from US$3.04 to US$10.84 billion per year. This could cover resource requirements in South Africa, Botswana, Namibia, Kenya, Nigeria, Ethiopia, and Swaziland, but not even half the requirements in the remaining countries. Our empirical results suggest that, in reality, even less fiscal space could be created (a reduction by over half) and only from more conventional sources. International financing may also crowd in public financing. Most HIV-affected lower-income countries in sub-Saharan Africa will not be able to generate sufficient public resources for HIV in the medium-term, even if they take very bold measures. Considerable international financing will be required for years to come. HIV funders will need to engage with broader
If regulatory and economic signals are the first determining factors for the launching of energy transition projects, financing tools are a major stake. But financing these projects is also facing two complementary challenges: the mobilisation of additional capital resources to face the needs, and the re-orientation of a part of this financing towards more efficient projects. In order to asses the consistency of financing tools, this study identifies three determining financing stakes: an inter-mediation with capital markets to mobilise capitals at low cost, a calibration of project financing mechanisms to meet the needs of the different actors and sectors and to limit transaction costs, and a better articulation between financial tools and regulatory tools. The authors thus propose an integrated approach to the stakes of transition financing
This presentation on financing of international, coalbed methane fueled Cogen projects is intended to provide the reader with some insight into the key steps and issues involved in financing an outside-the-USA project. No claim is made as to whether the strategy employed for the China projects will be suitable for other projects. The presentation is made from the perspective of an entrepreneur seeking a workable financial structure to address the concerns of risk, return, technology transfer to a third world country, and stage-wise development from prefeasibility assessment through complete resource development and gas utilization. The China projects referred to in this paper are not yet fully financed. Final project approvals for financing awaiting a request by the USA group for China to confirm that their 50% funding is available, and that initial funds have been transferred to the USA group's bank account
Donastorg, A.; Renukappa, S.; Suresh, S.
Access to clean and stable energy, meeting sustainable development goals, the fossil fuel dependency and depletion are some of the reasons that have impacted developing countries to transform the business as usual economy to a more sustainable economy. However, access and availability of finance is a major challenge for many developing countries. Financing renewable energy projects require access to significant resources, by multiple parties, at varying points in the project life cycles. This research aims to investigate sources and new trends in financing RE projects in developing countries. For this purpose, a detail and in-depth literature review have been conducted to explore the sources and trends of current RE financial investment and projects, to understand the gaps and limitations. This paper concludes that there are various internal and external sources of finance available for RE projects in developing countries.
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.
Financing is one of the key functions of health systems, which includes the processes of revenue collection, fund pooling and acquisitions in order to ensure access to healthcare for the entire population. The article analyzes the financing model of the Chilean health system in terms of the first two processes, confirming low public spending on healthcare and high out-of-pocket expenditure, in addition to an appropriation of public resources by private insurers and providers. Insofar as pooling, there is lack of solidarity and risk sharing leading to segmentation of the population that is not consistent with the concept of social security, undermines equity and reduces system-wide efficiency. There is a pressing need to jumpstart reforms that address these issues. Treatments must be considered together with public health concerns and primary care in order to ensure the right to health of the entire population.
Fitchett, Joseph Robert; Fan Li, Julia; Atun, Rifat
Innovative financing strategies for global health are urgently needed to reinvigorate investment and new tools for impact. Bottleneck areas along the research and development (R&D) pipeline require particular attention, such as the transitions from preclinical discovery to clinical study, and product development to implementation and delivery. Successful organizations mobilizing and disbursing resources through innovating financing mechanisms include UNITAID, the Global Fund, and Gavi, the Vaccine Alliance. Although precise numbers are poorly documented, estimated investment in low-income settings falls seriously short of local need. This commentary discusses the newly established Global Health Investment Fund as a case study to support late-stage global health R&D. © The Author 2015. Published by Oxford University Press on behalf of Royal Society of Tropical Medicine and Hygiene. All rights reserved. For permissions, please e-mail: email@example.com.
The Common Agenda for Cooperation in Global Perspective is a bilateral partnership established in 1993 between the US and Japan to address important global challenges of the 21st century such as global health and human development, including population and HIV/AIDS, global stability, protection of the global environment, and the advancement of science and technology. On the fifth anniversary of the agenda, representatives of the Japan and the US governments, international organizations, and private sectors discussed ways to further promote US-Japan cooperation under the agenda at a meeting held in Tokyo during March 12-13. Participants of the Common Agenda Open Forum also reviewed efforts made by Japan and the US under the agenda to address population and the environment. Forum participants focused upon developing new ideas for future cooperation between the governments, the private sector, and other nations, especially in the areas of health and the environment. The meeting was jointly organized by Japan's Ministry of Foreign Affairs and the US Department of State. Attention was also given during talks to diminishing international assistance budgets worldwide.
Expansion of electricity supply is associated with economic development. The installation and enlargement of power systems in developing countries entails a huge financial burden, however. Energy consumers in such countries must pay not only for supplies but for the cost of raising the capital for expansion on the international markets. Estimates are presented for the capital expenditure for electricity supply over the period 1990 to 2020 for the major world regions, using approximations for the cost of plant and capital and for the returns earned. These data lead to the conclusion that the five regions with the lowest per capita incomes are those which will need the major part of the capital expenditure and the highest percentage of external finance. (6 tables) (UK)
Ioan E. Nistor
Full Text Available One of the most pressing problems faced by micro, small and medium sized enterprises (henceforth SMEs in Europe is the access to sufficient funds to sustain their long term growth. Romanian SMEs make no exception. In this context the present paper focuses on analyzing the extent to which external funding sources have contributed to the value added created by the Romanian SMEs between 2007 and 2011.The investigation’s results indicate the existence of a causal link between some forms of external financing (namely bank loans, leasing, factoring, guarantee products and European funds and the value added created by the Romanian micro, small and medium sized enterprises in the aforementioned period.
Poon, Martha; Olen, Helaine
When economists ask questions about basic financial principles, most ordinary people answer incorrectly. Economic experts call this condition "financial illiteracy," which suggests that poor financial outcomes are due to a personal deficit of reading-related skills. The analogy to reading is compelling because it suggests that we can teach our way out of population-wide financial failure. In this comment, we explain why the idea of literacy appeals to policy makers in the advanced industrial nations. But we also show that the narrow skill set laid out by economists does not satisfy the politically inclusive definition of literacy that literacy studies fought for. We identify several channels through which people engage with ideas about finance and demonstrate that not all forms of literacy will lead people to the educational content prescribed by academic economists. We argue that truly financial literate people can defy the demands of financial theory and financial institutions. © The Author(s) 2015.
Nelson, E Anthony S; Sack, David; Wolfson, Lara; Walker, Damian G; Seng, Lim Fong; Steele, Duncan
A 2006 Commonwealth Association of Paediatric Gastroenterology and Nutrition workshop on financing children's vaccines highlighted the potential for vaccines to control diarrhoea and other diseases as well as spur economic development through better health. Clear communication of vaccination value to decision-makers is required, together with sustainable funding mechanisms. GAVI and partners have made great progress providing funding for vaccines for children in the poorest countries but other solutions may be required to achieve the same gains in middle- and high-income countries. World Health Organization has a wealth of freely available country-level data on immunisation that academics and advocates can use to communicate the economic and health benefits of vaccines to decision-makers.
This paper examines the role of public instruments in promoting private finance to achieve off-grid sustainable energy access. Renewable energy technologies are increasingly becoming the cheapest solutions for off-grid energy access. The dramatic uptake of mobile phones in developing countries shows how quickly decentralized services can develop on a commercial basis under the right conditions, and raises the prospect that private finance could also drive decentralized energy access for the poor. Indeed, there are already a number of instances of clean energy solutions – such as solar portable lights, household biogas units or solar home systems – that have managed to scale-up through leveraging private finance. However, the experience gained from first-generation market development projects show that, in almost all cases, significant public resources have been necessary to increase the affordability of clean energy technologies, provide access to financing for the poor, and remove non-economic barriers. Such public interventions may be funded by international public finance, domestic budgets and carbon finance. Despite mounting fiscal constraints facing governments worldwide, the emergence of new sources of climate finance and the political momentum in support of energy subsidy reforms, as well as new programming modalities, offer opportunities to leverage additional resources to achieve universal energy access by 2030. - Highlights: ► Renewable energy is increasingly the cheapest solution for off-grid energy access. ► Universal access to energy now depends less on technology and more business models. ► Substantial public finance will still be required to support universal energy access.
Existing nuclear generating capacity plays an important role in providing secure, economic and low-carbon electricity supplies in many OECD countries. At the same time, there is increasing recognition that an expansion of nuclear power could play a valuable role in reducing future carbon dioxide emissions. However, in recent years only a handful of new nuclear power plants (NPPs) have been built in just a few OECD countries. An important reason for this is the challenges associated with financing the construction of new NPPs. The just-published NEA report entitled The Financing of Nuclear Power Plants examines these challenges. In addition, recognizing that any expansion of nuclear power programmes will require strong and sustained government support, the report highlights the role of governments in facilitating and encouraging investment in new nuclear capacity. Key actions that should be considered by governments that wish to see investment in new NPPs include: - Provide clear and sustained policy support for the development of nuclear power, by setting out the case for a nuclear component in energy supply as part of a long-term national energy strategy. - Work with electricity utilities, financial companies and other potential investors, and the nuclear industry from an early stage to address concerns that may prevent nuclear investment and to avoid mistakes in establishing the parameters for new NPPs. - Establish an efficient and effective regulatory system which provides adequate opportunities for public involvement in the decision-making process, while also providing potential investors with the certainty they require to plan such a major investment. - Put arrangements in place for the management of radioactive waste and spent fuel, and show progress towards a solution for final disposal of waste. For investors in NPPs, the financial arrangements for paying their fair share of the costs must be clearly defined. - Ensure that electricity market regulation does
Energy Finance to 2010, published by the Financial Times, covers all aspects of world wide energy finance. Topics reviewed in detail include an introduction to energy finance, energy infrastructure, private sector involvement, risk and precautions, the role of multilateral agencies, company investment strategies, and future trends and issues. (UK)
Baldwin, Marisa; Bryla, Erin; Langenbucher, Anja
Warehouse receipt financing and similar types of collateralized lending provide an alternative to traditional lending requirements of banks and other financiers and could provide opportunities to expand this lending in emerging economies for agricultural trade. The main contents include: what is warehouse receipt financing; what is the value of warehouse receipt financing; other collater...
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
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.
drs. Ewoud Jansen
The book is about finance and accounting, subjects widely discussed in many other books. What sets this book apart from most others is that it discusses all the basic aspects of finance and accounting in one single textbook. Three areas of interest are discussed: Financial Management; Management
Reed, B. J.; Swain, John W.
This book is intended for the nonexpert in finance who has a public administration background. It opens with a broad introduction to public finance administration and how this job is related to public budgeting, the practice of public-sector accounting, and the economic concepts of money and value. Issues surrounding public revenue, its sources,…
This paper argues that endogenizing how acquirers finance their cash bids is just as important for understanding bidding in takeovers as endogenizing acquirers' payment method choice. The paper shows that acquirers finance their cash bids with equity only if they lack access to competitive
The 2 x 610 MW Paiton II coal-fired independent power project in Indonesia became a reality last week with the completion of a 1.36 billion dollars commercial financing for the 1.65 billion dollar undertaking. Details of the financing are given. A table lists Indonesia`s independent power projects and their current status.
Klompjan, R.; Wouters, Marc
Understanding default risk in project finance is relevant to investors. This article investigates which factors are most strongly associated with the occurrence of project finance default, using data from 210 projects, of which 37 were in default. The authors found that the use of proven technology,
Strategic finance is aligning financial decisions--regarding revenues, creating and maintaining institutional assets, and using those assets--with the institution's mission and strategic plan. The concept known as "strategic finance" increasingly is being seen as a useful perspective for helping boards and presidents develop a sustainable…
Croci, Ettore; Doukas, John A.; Gonenc, Halit
This study uses a comprehensive European dataset to investigate the role of family control in corporate financing decisions during the period 1998-2008. We find that family firms have a preference for debt financing, a non-control-diluting security, and are more reluctant than non-family firms to
Hannam, Phillip M.; Liao, Zhenliang; Davis, Steven J.; Oppenheimer, Michael
A central task for negotiators of the post-2020 global climate agreement is to construct a finance regime that supports low-carbon development in developing economies. As power sector investments between developing countries grow, the climate finance regime should incentivize the decarbonization of these major sources of finance by integrating them as a complement to the commitments of developed nations. The emergence of the Asian Infrastructure Investment Bank, South-South Cooperation Fund and other nascent institutions reveal the fissures that exist in rules and norms surrounding international finance in the power sector. Structuring the climate agreement in Paris to credit qualified finance from the developing world could have several advantages, including: (1) encouraging low-carbon cooperation between developing countries; (2) incentivizing emerging investors to prefer low-carbon investments; and (3) enabling more cost-effective attainment of national and global climate objectives. Failure to coordinate on standards now could hinder low-carbon development in the decades to come.
The field of Anti-Money Laundering and Counter-Terrorist Financing in their current form have had an important impact on the financial world for almost half a century. Today, Money Laundering and Terrorist Financing pose a threat to the integrity of the financial markets and systems worldwide. The intention behind implementing a regulatory Anti-Money Laundering and Counter-Terrorist Financing framework is to cut off the financial resources of criminals and to follow back the traces that finan...
Popovici Ioana; Tulai Constantin
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...
In this paper author presents activities of International Finance Corporation in the field of renewable energy. Author is focused on a description of one of last program called 'Commercializing Energy Efficiency Finance' (CEEF) than to cover all available related products or programs. The CEEF program represents an innovative approach leading to sustainable financing of EE projects including RE biomass projects. Financing of some EE projects in the Central and Eastern Europe is described
Minyard, R.J.; Strode, M.O.
The supply and distribution infrastructure of an LNG project requires project sponsors and LNG buyers to make large, interdependent capital investments. For a grassroots project, substantial investments may be necessary for each link in the supply chain: field development; liquefaction plant and storage; ports and utilities; ships; receiving terminal and related facilities; and end-user facilities such as power stations or a gas distribution network. The huge sums required for these projects make their finance ability critical to implementation. Lenders have become increasingly comfortable with LNG as a business and now have achieved a better understanding of the risks associated with it. Raising debt financing for many future LNG projects, however, will present new and increasingly difficult challenges. The challenge of financing these projects will be formidable: political instability, economic uncertainty, and local currency volatility will have to be recognized and mitigated. Described here is the evolution of financing LNG projects, including the Rasgas LNG project financing which broke new ground in this area. The challenges that lie ahead for sponsors seeking to finance future projects selling LNG to emerging markets are also discussed. And the views of leading experts from the field of project finance, specifically solicited for this article, address major issues that must be resolved for successful financing of these projects
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...
Oszustowicz, R J; Dreachslin, J L
In the era of prospective payment, arranging financing for hospital capital projects is expected to become even more complicated than under cost-based reimbursement systems. This article outlines the information needed for a bond issue in the prospective payment environment, defines the roles and duties of several external persons and organizations involved with planning a major capital financing, and provides an overview of the entire process. This article assumes for illustrative purposes that a tax-exempt bond issue is going to be used to finance a facility expansion. This method was chosen since over 70% of all major capital financing for hospitals use the tax-exempt bond as the principal vehicle for attracting the necessary debt to finance a major construction project. The tax-exempt bond issue also requires the most detail in documentation and legal provisions.
Methods of market entry and the financing of new technologies were discussed from the perspective of Clipper Windpower, a wind energy company based in the northeastern United States and Canada. Many new technology companies only consider private equity when seeking financing for new product development. However, financing for projects and products is only the first step to market entry. Wind projects are the financial equivalent of a high yield bond with mechanical risk. Many wind power projects with company equity can also be seen as a long term bond with upside in any given year. It is therefore important for wind developers to seek out strategic buyers for both product development and project development, in addition to finding sources of private equity. Clipper Windpower Inc. has developed a partnership with British Petroleum (BP), who hold an equity interest in the company. Both companies are now partnering on projects with Clipper turbines, and firm orders are in place for 2007 and 2008. As a result of the partnership, Clipper now has increased its financial strength in cash flows, balance sheets, and projected revenue. It was concluded that a successful partnership can increase the scale of wind power development, and bring financial sophistication to smaller companies with limited resources. refs., tabs., figs
Alonso, A.; Palacios, J.C.; Ramirez, J.R.; Longoria, L.C.; Valle, E. del
Financing plays a very important role for the deployment of new nuclear reactors units in any country. Two financing alternatives can be used to support such project: the first one is that the utility provide from its own resources the capital for the investment; and the second one through international and national credits to support the nuclear project. To be a loan candidate the viability of the nuclear project must be demonstrated, it implies among other things to have a qualified national infrastructure. Also, the utility must have an international credit record in good status by the international qualifying companies. Both things are met by the Mexican Utility 'Comision Federal de Electricidad', therefore exist the possibility to build new nuclear reactors in Mexico. Here we assess both alternatives financing and own resources projects
Tao, Jacqueline Yujia; Finenko, Anton
Small island developing states (SIDS) have some of the highest electricity tariffs globally. Renewable energy (RE) technologies could thus have reached grid parity in various SIDS. Furthermore, the abundance of resources such as solar and wind provides ample potential for SIDS to switch from high cost diesel generators to renewables. Despite favourable conditions, RE remains a largely underinvested sector in these regions. This paper aims to undercover the reasons why grid parity does not necessary translate into private sector investments in RE. With a focus on SIDS, this paper presents an evidence that achieving grid parity based on LCOE estimates is an incomplete benchmark for decision making in the power generation industry. In particular, LCOE and grid parity do not take into account financing constraints of RE projects which are often more pronounced compared to conventional forms of power generation. This paper thus presents the business perspective of RE projects, by employing a discounted cashflow model that includes various profitability metrics and effects of taxation and depreciation. The study shows that financing conditions exert strong influence on the economic feasibility of solar projects, both in LCOE terms and profitability terms. Thus, key policies should be targeted at improving financing conditions to ensure mobilization of private sector finances in solar PV. - Highlights: • LCOE estimates do not accurately represent financial viability for project developers • Access to low cost financing is critical for solar proliferation in SIDS • Fluctuations in electricity tariffs is the main source of risk for solar PV developers in SIDS, which could be mitigated by PPA arrangements • Access to grid, high corporate tax rates, and lack of information transparency are key barriers for solar PV developers
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
Kutzin, Joseph; Cashin, Cheryl; Jakab, Melitta
Since 1990, the social and economic policies of the transition countries of central and eastern Europe, the Caucasus and central Asia have diverged, including the way they have reformed the financing...
corporations, has led to consideration of project financing in the United States. The situation on financial fuel cycle projects in other countries is also discussed. Comments are included on the money market investment climate in developing countries, particularly as pertaining to the development of uranium resources
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...
Collins C Ngwakwe
Full Text Available This research examines the relationship between climate finance, growth in climate investors and growth in climate assets for low emission development. It also evaluates the effect of climate policy evolution on the growth of climate investors and climate assets. Adopting a positivist paradigm, the paper makes use of a quantitative research approach and applies the causal and correlational research design. The paper made use of secondary data from the World Bank Carbon Finance Unit and from the Carbon Disclosure Project (ADP. The major objective was to examine the combined effect of climate finance and climate policy on the growth of carbon investors and carbon assets for the companies in the Carbon Disclosure Project which includes the 100 JSE companies. Findings from the test reveal that the combined effect of growth in climate finance and climate policy evolution has a significant relationship with growth in climate investors and climate assets. Given this result the paper proceeded to examine if the growth in climate finance has any correlation with South Africa’s emission reduction trend. Results however indicate that South Africa’s GHG emission trend does not correlate with climate finance availability; GHG emissions in South Africa have continued to soar despite a seeming growth in climate finance. The paper reasoned that the global climate finance might not be effectively available to corporates in South Africa at the expected level of financing to initiate the expected level of climate investment to effect a significant reduction in greenhouse gas emissions. This confirms literature assertions that global climate finance might not easily be accessible, at least to entities in developing countries. In conclusion, the paper suggests the establishment of a Southern African Climate Finance pool where the public and private sector can contribute and that such pool should be made easily available to carbon investors at a cheap rate with
Chua, Hong Teck; Cheah, Julius Chee Ho
care, in better managing escalating healthcare costs associated with the increasing trend of non-communicable diseases. In tandem, health financing policies need to infuse the element of cost-effectiveness to better manage the purchasing of new medical supplies and equipment. Ultimately, good governance and leadership are needed to ensure adequate public spending on health and maintain the focus on the attainment of universal coverage, as well as making healthcare financing more accountable to the public, particularly in regards to inefficiencies and better utilisation of public funds and resources.
Binnendijk, Erika; Koren, Ruth; Dror, David M
This study examines health-related "hardship financing" in order to get better insights on how poor households finance their out-of-pocket healthcare costs. We define hardship financing as having to borrow money with interest or to sell assets to pay out-of-pocket healthcare costs. Using survey data of 5,383 low-income households in Orissa, one of the poorest states of India, we investigate factors influencing the risk of hardship financing with the use of a logistic regression. Overall, about 25% of the households (that had any healthcare cost) reported hardship financing during the year preceding the survey. Among households that experienced a hospitalization, this percentage was nearly 40%, but even among households with outpatient or maternity-related care around 25% experienced hardship financing.Hardship financing is explained not merely by the wealth of the household (measured by assets) or how much is spent out-of-pocket on healthcare costs, but also by when the payment occurs, its frequency and its duration (e.g. more severe in cases of chronic illnesses). The location where a household resides remains a major predictor of the likelihood to have hardship financing despite all other household features included in the model. Rural poor households are subjected to considerable and protracted financial hardship due to the indirect and longer-term deleterious effects of how they cope with out-of-pocket healthcare costs. The social network that households can access influences exposure to hardship financing. Our findings point to the need to develop a policy solution that would limit that exposure both in quantum and in time. We therefore conclude that policy interventions aiming to ensure health-related financial protection would have to demonstrate that they have reduced the frequency and the volume of hardship financing.
Full Text Available Abstract Background This study examines health-related "hardship financing" in order to get better insights on how poor households finance their out-of-pocket healthcare costs. We define hardship financing as having to borrow money with interest or to sell assets to pay out-of-pocket healthcare costs. Methods Using survey data of 5,383 low-income households in Orissa, one of the poorest states of India, we investigate factors influencing the risk of hardship financing with the use of a logistic regression. Results Overall, about 25% of the households (that had any healthcare cost reported hardship financing during the year preceding the survey. Among households that experienced a hospitalization, this percentage was nearly 40%, but even among households with outpatient or maternity-related care around 25% experienced hardship financing. Hardship financing is explained not merely by the wealth of the household (measured by assets or how much is spent out-of-pocket on healthcare costs, but also by when the payment occurs, its frequency and its duration (e.g. more severe in cases of chronic illnesses. The location where a household resides remains a major predictor of the likelihood to have hardship financing despite all other household features included in the model. Conclusions Rural poor households are subjected to considerable and protracted financial hardship due to the indirect and longer-term deleterious effects of how they cope with out-of-pocket healthcare costs. The social network that households can access influences exposure to hardship financing. Our findings point to the need to develop a policy solution that would limit that exposure both in quantum and in time. We therefore conclude that policy interventions aiming to ensure health-related financial protection would have to demonstrate that they have reduced the frequency and the volume of hardship financing.
Islamic finance is one of the fastest growing segments of global financial industry. In some countries, it has become systemically important and, in many others, it is too big to be ignored.Islamic finance is based on shariah, an Arabic term that often is translated to “Islamic law.”Shariah provides guidelines for aspects of Muslim life, including religion, politics, economics,banking, business, and law.The basic sources of Shari’ah are the Qur’an and the Sunna, which are followed by the cons...
The finance sector is one of the driving forces for the use of distributed or Grid computing for business purposes. The speakers will review the state-of-the-art of high performance computing in the financial sector, and provide insight into how different types of Grid computing – from local clusters to global networks - are being applied to financial applications. They will also describe the use of software and techniques from physics, such as Monte Carlo simulations, in the financial world. There will be four talks of 20min each. The talk abstracts and speaker bios are listed below. This will be followed by a Q&A panel session with the speakers. From 19:00 onwards there will be a networking cocktail for audience and speakers. This is an EGEE / CERN openlab event organized in collaboration with the regional business network rezonance.ch. A webcast of the event will be made available for subsequent viewing, along with powerpoint material presented by the speakers. Attendance is free and open to all. R...
Alo, Ejikeme Nonso
Fiscal federalism deals with the sharing of resources in a federated nation. Over the years problems about local government finance have become an important aspect of intergovernmental relations. Constitutionally, local government is the third tier of government which exists as an independent entity, possessing some degree of autonomy and…
government became the main funding source for RH services (44.2%), partly reflecting government enhanced commitment to increase resources for maternal and child health, and due to exemption of pregnant women from paying for health care. Nevertheless, this commitment didn't last and the financing burden was borne ...
Sun, Fengshou; Barrientos, Armando
Sustaining China's rapid economic growth in the future will come to depend in large part on the quantity and quality of the human resources it can mobilize. The paper considers the prospects for higher education financing, and highlights the importance of improving equity in access to higher education as a precondition for a sustainable expansion…
Ohio State Univ., Columbus. Center on Education and Training for Employment.
This instructor guide for a unit on business financing in the PACE (Program for Acquiring Competence in Entrepreneurship) curriculum includes the full text of the student module and lesson plans, instructional suggestions, and other teacher resources. The competencies that are incorporated into this module are at Level 2 of learning--planning for…
Full Text Available The paper analyses the importance of behavioural finance theories in household decision-making process. Behavioural finance theories investigate emotional characteristics to explain subjective factors and irrational anomalies in financial markets. In this regard, behavioural theories and behavioural anomalies in the decision-making process are examined; the application opportunities in the financial market are described. The aim of investigation is to determine the basic features and slopes of behavioural finance in concordance with financial decisions of a household. The survey method was applied to ascertain financial behaviour of literate households.
Full Text Available Healthcare in Poland is mainly financed by public sector entities, among them the National Health Fund (NFZ, state budget and local government budgets. The task of the National Health Fund, as the main payer in the system, is chiefly currently financing the services. The state budget plays a complementary role in the system, and finances selected groups of services, health insurance premiums and investments in healthcare infrastructure. The basic role of the local governments is to ensure access to the services, mostly by performing ownership functions towards healthcare institutions.
Do you have the resources, dollars, people expertise and general know-how to do all the energy conservation measures. If you have the funds, do it yourself. Historically you would save more if you hired a private concern because that is the only job the contractor does for you. You have other hats to wear and fires to put out. Using third-party financing can be a good decision based on your specific needs. Procrastination is not the answer - the cost of delay is extensive. Financing energy conservation measures is no different from financing your automobile or home. If the benefits outweigh the negatives, the answer is obvious. Remember, in any case of using private sector financing, your are joining a partnership arrangement. The only way to succeed is to be honest with each other on the front end. There need not be any surprises. Any reputable company will gladly have your attorney evaluate all agreements, amortization schedules, and attachments. Real world financing alternatives will continue to change as the market matures. It's not too good to be true. It is no more than a vehicle to make the efforts of capital improvements streamlined. The money or financing is the catalyst to the project and makes the other areas meld.
Full Text Available The paper considers the problems of financing higher education institutions and focuses on formation of estimates of higher education institutions in Ukraine. The study established that the public and municipal education institutions financed by estimate and budget, which is determined by the amount and directions of use funds for implementation of functions and achieving the goals. The estimate has 2 components: general and special fund. The paper describes the practice of using general and special funds of higher education institutions. The results present the features of financing public and private higher education institutions. Public higher education institutions acutely feel the lack of financial resources. Tuition fees at public higher education institutions are calculated according to the requirements of the budget legislation. The conclusions suggest the prospects of financing higher education institutions in Ukraine. Higher education institutions need to give special attention to financial planning, optimization of financing sources and expenditures. It is necessary to reform the models, methods and forms of financing higher education sector.
Full Text Available OBJECTIVE: The results of an evaluative longitudinal study, which identified the effects of health care decentralization on health financing in Mexico, Nicaragua and Peru are presented in this article. METHODS: The methodology had two main phases. In the first, secondary sources of data and documents were analyzed with the following variables: type of decentralization implemented, source of financing, funds for financing, providers, final use of resources, mechanisms for resource allocation. In the second phase, primary data were collected by a survey of key personnel in the health sector. RESULTS: Results of the comparative analysis are presented, showing the changes implemented in the three countries, as well as the strengths and weaknesses of each country in matters of financing and decentralization. CONCLUSIONS: The main financing changes implemented and quantitative trends with respect to the five financing indicators are presented as a methodological tool to implement corrections and adjustments in health financing.
This report examines the financing of the two components of France's vocational education and training (VET) system. They are initial vocational training (IVT), which includes upper secondary and short forms of higher education, and continuing vocational training (CVT), which aims to help workers adapt to changes in working techniques and…
Adrian Dumitru Tantau; Laurentiu Catalin Fratila; Daniela Liliana Hincu
Financing represents a central element of entrepreneurship. Financial resources allow developing new business projects and start up of activities of small enterprises. Unfortunately, the restrict credit politics for small enterprises and the absence of their resources represent important obstacle for implementation of new business ideas. In our research, we try to identify the main problems which oppose to the promotion of business ideas in small enterprises.
Messinger, S F; Stevenson, P B
To successfully obtain capital financing, a group practice should develop a business plan that is tailored to the needs and objectives of the targeted investors. When evaluating possible funding sources, healthcare financial managers need to consider the group practice's growth objectives, geographic scope, intended use of the funding, and cash-flow potential and/or assets. Potential capital sources include internal funding; investments by healthcare organizations, health plans, private investors, and venture capitalists; borrowing from lenders; and public offerings.
This is an interdisciplinary book for knowledge workers in business, finance, management, and socio-economic sciences. It provides a guide to and techniques for forecasting, decision making, conclusions, and evaluations in an environment involving uncertainty, vagueness, and impression. Traditional modeling techniques do not capture the nature of complex systems especially when humans are involved. Fuzzy logic provides effective tools for dealing with such systems. Emphasis is on applications presented in case studies including Time Forecasting for Project Management, New Product Pricing, Clie
Esteban Pérez Caldentey; Matías Vernengo
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 ...
In this paper, we present a quantum version of some portions of Mathematical Finance, including theory of arbitrage, asset pricing, and optional decomposition in financial markets based on finite dimensional quantum probability spaces. As examples, the quantum model of binomial markets is studied. We show that this quantum model ceases to pose the paradox which appears in the classical model of the binomial market. Furthermore, we re-deduce the Cox-Ross-Rubinstein binomial option pricing form...
Khandker, Shahidur R.; Samad, Hussain A.; Badruddoza, Syed
Simultaneity of borrowing, withdrawal of savings, and loan defaults due to the pronounced seasonality of agriculture often leads to investment failure of rural financial institutions. Lack of borrowing leads to lack of in-come- and consumption-smoothing, and in turn, causes inefficient resource allocation by rural households. Financial institutions that are active in rural areas take diffe...
This article investigates the role of carbon finance and seeks to establish a policy framework that allows reorientation of upfront investment in urban infrastructure for facilitating transition towards low-carbon development trajectory in developing cities. It draws on an in-depth exploration of different climate finance mechanisms and their applicability in the context of fast urbanization. We suggest an integrated approach should be adopted to aggregate city-based multiple individual GHG mitigation projects dealing with buildings and transport efficiency. The sectoral approach and NAMAs-based financing schemes be included in post-Kyoto regime for shifting the current trajectories in fast growing developing cities.
This article focuses on the financing of wind energy projects and examines worldwide energy markets. Questioning raised include who invests in energy project and seeks financing; where is the project to be sited and under what legal background the investment is to be made; and how much power can be generated and the effect of this on the proposal feasibility. The provision of a stable basis for financing, the probable integration of wind power into energy services, the use of wind energy to supply the carbon dioxide reductions obligations, and the opportunities for financial services are discussed
Diehl, R.; Radtke, G.; Stoessel, R.
The authors investigate the investment requirements of the energy economy, especially for the Federal Republic Germany, but also for parts of the world. Possibilities for financing are shown which can be considered as assured, under certain conditions. Included are the investments and the capital requirements for the fossil energy-carriers (coal, brown coal, oil, natural gas), for the electricity economy and for the regenerativ energy sources (e.g. tidal energy, wind, solar radiation). The last chapter deals with financing the necessary investments in the energy sector, considering the financing structure, financial problems of individual branches and the development of the credit volume. (orig.) [de
Diehl, R; Radtke, G; Stoessel, R [Dresdner Bank A.G., Duesseldorf (Germany, F.R.)
The authors investigate the investment requirements of the energy economy, especially for the Federal Republic Germany, but also for parts of the world. Possibilities for financing are shown which can be considered as assured, under certain conditions. Included are the investments and the capital requirements for the fossil energy-carriers (coal, brown coal, oil, natural gas), for the electricity economy and for the regenerativ energy sources (e.g. tidal energy, wind, solar radiation). The last chapter deals with financing the necessary investments in the energy sector, considering the financing structure, financial problems of individual branches and the development of the credit volume.
This Corporation is a provincial Crown corporation under the responsibility of the Minister of Mines and Energy. Established in 1981, the Corporation invests in and manages the Province`s participation in petroleum, energy and mineral resources development and related industrial projects. This annual report presents a description of the Cohasset project, offshore exploration, gas generating properties, natural gas, and finance. An auditor`s report and financial statements are included. A list of the Board of Directors, and principal officers is included.
Vito Tanzi; Hamid R Davoodi
The paper discusses some channels through which corruption affects growth such as the impact of corruption on enterprises, on the allocation of talent, and on investment. It also discusses the impact of corruption on some aspects of public finance.
Having first recalled the usual financing rules related to the economic activities, the author analyses the applying of those rules in the nuclear field, taking into account the specific characteristics of this industrial branch [fr
Laville, Dorine; Phantharangsi, Maryvonne; Monnoyer-Smith, Laurence; Demeulenaere, Laurence; Lequeux, Typhaine; Cuny, Alicia
As for the French Ministry of the Environment, participatory financing can be an innovating and mobilising tool to finance projects related to the energy and ecological transition, and as such a financing is promoted by the law on energy transition for a green growth, this publication presents this type of financing. It evokes its legal framework, its different forms (loan to companies, loan to individuals, gift, capital investment), its safe legal framework (definition of different types of status). It outlines how it can be a lever for energy and ecological transition even if green projects are difficult to quantify. It evokes the future introduction of a label, and the introduction of legal and regulatory measures to develop the renewable energy sector
David Cantarero Prieto
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.
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...
Blanchard, Christoper M; Prados, Alfred B
According to the U.S. State Department 2007 International Narcotics Control Strategy Report, Saudi donors and unregulated charities have been a major source of financing to extremist and terrorist groups over the past 25 years...
Rodriguez Osuna, V.; Vorosmarty, C. J.; Koehler, D.; Klop, P.; Spengler, J.; Buonocore, J.; Cak, A. D.; Tessler, Z. D.; Corsi, F.; Green, P. A.; Sánchez, R.
Sustainable investment is confronting a period of rapid growth and fundamental change. However, the methods used to evaluate corporate sustainability are failing to keep pace with this new reality. In contrast to the 1990s when corporate data on pollution or occupational health were not available in the public domain, today's investors can take advantage of rich data streams, owing to voluntary corporate disclosures of their business practices. Yet, the data companies declare are hardly standardized, difficult to verify, and thus run the risk of creating unreliable assertions, a form of "green-washing". A partnership comprising a pension fund, an asset manager and two research universities has created a science-based approach to quantify context and place it into a decision-making framework for investors. We have tested this framework on US$2.5 billion of assets held by a large European pension fund with an initial focus on four domains—water, climate change, human health and food security. Our standardized metrics enable coherent comparison of individual company and portfolios over time. To place a company's impact on water systems or climate change into context requires geographically co-locating company operations, combining these with estimates of industrial emissions or mitigation potential, baseline Earth system science data and geopolitical and demographic statistics. Recent developments regarding the Paris Accord are a warning that progress toward a sustainable future requires rethinking the roles that the public and private sectors can play in effecting meaningful change. The finance sector, if given the proper guideposts, could rapidly transform fraught public policy challenges like climate adaptation or the global loss of biodiversity into business opportunities. By utilizing a science-based yardstick to evaluate and compare companies on the basis of their impacts, attention could be drawn to companies that are verifiably contributing to sustainability.
Khokher, Zeigham Islam
As opposed to the well developed and understood equity markets, the energy markets are still in their infancy. The explosion of contracts, of both the primary and derivative types, are testament both to the existing size and the untapped growth potential of this exciting industry. However, because of its relative youth many basic issues in the energy markets remain unresolved. This thesis introduces some interesting questions and provides insights into these issues. Thematically, the chapters of this thesis are linked by an emphasis on valuation and risk management decisions. A contribution of this thesis is to show that subtle differences between the endogenous price process in our general equilibrium setting and the exogenous processes considered in earlier papers can generate significant differences in both financial and real option values. In addition to these valuation concerns there has been much debate about the corporate risk management function. Finance theory suggests that a value maximizing corporation should either be indifferent to hedging or, in the presence of certain imperfections, it should completely hedge all exposures. Both these extremes contradict empirical evidence. We show that existing corporate hedging behaviour is best explained in light of both physical market imperfections and directional predictions on future prices. While these speculative motives may arise from corporate hubris or genuine informational advantages, we argue that it would be difficult to implement private information in the absence of noise traders. Related to the risk management decision is the existence of futures risk premia. These premia have been thought to be cause by covariance with priced factors or due to the hedging demands of consumers and producers. This thesis argues that inventories serve as a signal of available quantity, which coupled with consumers fears regarding stockouts can induce a positive relationship between premia and inventories. In
Simon Johnson; John McMillan; Christopher Woodruff
Is investment constrained more by insecure property rights or by limited external finance? For five transition economies in Eastern Europe and the former Soviet Union we find that weak property rights limit the reinvestment of profits in startup ma nufacturing firms. Access to credit does not appear to explain differences in investment. At least in the early stages of post-communist reform, retained earnings appear to have been enough to finance the investments that managers wanted to make.
This paper is intended to provide general advice to sponsors of renewable energy projects who expect to raise project-based financing from commercial banks to fund the development of their projects. It will set out, for the benefit of such sponsors, how bankers typically approach the analysis of these undertakings and in particular the risk areas on which they concentrate. By doing so it should assist sponsors to maximise their prospects of raising bank finance. (author)
Aastrand, C.; Mose, O.; Sorensen, B.
The past 20 years of wind energy experience in Denmark has primarily been based upon three financing schemes, tailored to individually owned, guild owned and utility owned wind turbines. The merits of and problems with these schemes are discussed, as well as their relations to specific legislation regarding e.g. taxation. It is finally explored, whether new forms of organisation, valuation and financing may be needed. (author)
Infrastructure projects, given their long life, require long term financing. The main sources of long term financings are insurance and pension funds who seek long term investments with low credit risk. However, in India household financial savings are mainly invested in bank deposits. Insurance and pension funds account for only a small percentage of household financial savings. In addition most infrastructure projects do not qualify for investment by insurance and pension funds because of t...
Hall, Bronwyn H.
To what extent are new and/or innovative firms fundamentally different from established firms, and therefore require a different form of financing? The theoretical background for this proposition is presented, and the empirical evidence on its importance is reviewed. Owing to the intangible nature of their investment, asymmetric-information and moral-hazard, these firms are more likely to be financed by equity than debt and behave in some cases as though they are cash-constrained, especially ...
Peter Egger; Christian Keuschnigg
Since innovative firms are often financially constrained, access to external funds is important for the expansion of innovative industries. This paper reports four important results. First, comparative advantage is shaped by factor endowments as well as fundamental determinants of corporate finance. In particular, a larger equity ratio of firms and tough governance standards relax finance constraints and create a comparative advantage in innovative industries. Second, factor price equalizatio...
The distinction between development assistance and climate finance is driven by an optic of compensation largely derived from the 'polluter pays' principle. For practical as well as conceptual reasons, this principle provides a weak basis for climate finance. The distinction also cuts against the need to holistically consider developmental, adaptation, and mitigation policies and naturally focuses on government-to-government flows despite the manifest need to catalyse non-official sources of ...
Fryatt, Robert; Mills, Anne; Nordstrom, Anders
Concern that underfunded and weak health systems are impeding the achievement of the health Millennium Development Goals in low-income countries led to the creation of a High Level Taskforce on Innovative International Financing for Health Systems in September, 2008. This report summarises the key challenges faced by the Taskforce and its Working Groups. Working Group 1 examined the constraints to scaling up and costs. Challenges included: difficulty in generalisation because of scarce and context-specific health-systems knowledge; no consensus for optimum service-delivery approaches, leading to wide cost differences; no consensus for health benefits; difficulty in quantification of likely efficiency gains; and challenges in quantification of the financing gap owing to uncertainties about financial commitments for health. Working Group 2 reviewed the different innovative mechanisms for raising and channelling funds. Challenges included: variable definitions of innovative finance; small evidence base for many innovative finance mechanisms; insufficient experience in harmonisation of global health initiatives; and inadequate experience in use of international investments to improve maternal, newborn, and child health. The various mechanisms reviewed and finally recommended all had different characteristics, some focusing on specific problems and some on raising resources generally. Contentious issues included the potential role of the private sector, the rights-based approach to health, and the move to results-based aid. The challenges and disagreements that arose during the work of the Taskforce draw attention to the many issues facing decision makers in low-income countries. International donors and recipient governments should work together to improve the evidence base for strengthening health systems, increase long-term commitments, and improve accountability through transparent and inclusive national approaches. Copyright 2010 Elsevier Ltd. All rights reserved.
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.
Høst, Jeppe Engset
In just ten years the majority of fish resources around Denmark have been privatized and allocated to individual vessel owners. The radical novelty in market-based fisheries management is that the central management object ”fish quotas” can be traded and leased through a market. With the new market...... for fish quotas as the central management principle, the Danish fisheries sector has witnessed a drastic socio-economic and cultural transformation. This transformation is analyzed, discussed and documented in this thesis. In that regard, the thesis is an ethnological contribution to a research field...... dominated by economists and resource managers, and the thesis point out a significant and persistent gap between the managers and what they manage. For the fishers the new market-based system introduced a new kind of freedom. After decades of being “clients of science”, a number of vessel owners reemerged...
Full Text Available Why there are high costs to finance in Republic of Moldova? Is it a problem for business environment?These are the questions discussed in this paper. Following the well know Growth Diagnostics approach byHausmann, Rodrik and Velasco, authors assess the barriers and impediments to access to finance in Republic ofMoldova. Guided by international and national statistics we found evidence of poor intermediation, poorinstitutions, high level of inflation, and high collateral as major causes of high cost of financial resources inRepublic of Moldova. At the end of the study authors give policy recommendations identifying other related fieldsto be addressed.
The aim of the SABER-school finance initiative is to collect, analyze and disseminate comparable data about education finance systems across countries. SABER-school finance assesses education finance systems along six policy goals: (i) ensuring basic conditions for learning; (ii) monitoring learning conditions and outcomes; (iii) overseeing service delivery; (iv) budgeting with adequate an...
... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Termination financing. 32... CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.109 Termination financing. To encourage contractors to invest their own funds in performance despite the susceptibility of...
... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Financing. 882.405 Section 882.405... § 882.405 Financing. (a) Types. Any type of public or private financing may be utilized with the... Contract as security for financing. An Owner may pledge, or offer as security for any loan or obligation...
... 7 Agriculture 15 2010-01-01 2010-01-01 false Construction financing. 3560.71 Section 3560.71... Construction financing. (a) Construction financing plan. Prior to loan approval, applicants must submit to the Agency for its concurrence a plan for the construction financing and securing of the loan. (b) Interim...
... 7 Agriculture 11 2010-01-01 2010-01-01 false Interim financing. 1735.75 Section 1735.75... Involving Loan Funds § 1735.75 Interim financing. (a) A borrower may submit a written request for RUS approval of interim financing if it is necessary to close an acquisition before the loan to finance the...
... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Financing. 883.307 Section 883.307... § 883.307 Financing. (a) Types of financing. A State Agency that used the Fast Track Procedures formerly in this part must provide permanent financing for any new construction or substantial rehabilitation...
... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Prohibited financing. 120.476... Business Lending Companies (sblc) § 120.476 Prohibited financing. An SBLC may not make a loan to a small business that has received financing (or a commitment for financing) from an SBIC that is an Associate of...
The Institut of Energy Saving and Diversification (IDAE) hosted the third party on financing Renewable Energy Sources in Spain. The main aspects were : 1) Experiences in renewable energy. 2) Financing of small hydro-power projects. 3) Third party financing of biomass projects. 4) Financing of wind energy projects
Analysis of Project Finance Analysis of Project Finance NREL analysis helps potential renewable energy developers and investors gain insights into the complex world of project finance. Renewable energy project finance is complex, requiring knowledge of federal tax credits, state-level incentives, renewable
IDAE (Institute of Energy Saving and Diversification) Hosted the Third party on financing renewable energy sources. The meeting was articulated into chapters: 1.- Experiences in the renewable energy field. 2.- Third party financing of small hydro-power projects. 3.- Third party financing of biomass projects. 4.- Third party financing of wind energy projects
King, Elizabeth; Patrinos, Harry; Rogers, Halsey
The aim of the SABER-school finance initiative is to collect, analyze and disseminate comparable data about education finance systems across countries. SABER-school finance assesses education finance systems along six policy goals: (i) ensuring basic conditions for learning; (ii) monitoring learning conditions and outcomes; (iii) overseeing…
Full Text Available The purpose of the paper is to present the fundamental equation in tourism finance that connects tourism research to empirical finance and financial econometrics. The energy industry, which includes, oil, gas and bio-energy fuels, together with the tourism industry, are two of the most important industries in the world today in terms of employment and generating income. The primary purpose in attracting domestic and international tourists to a country, region or city is to maximize tourism expenditure. The paper will concentrate on daily tourism expenditure, regardless of whether such data might be readily available. If such data are not available, a practical method is presented to calculate the appropriate data.
Ogden, Lydia L
In the United States, fiscal and functional federalism strongly shape public health policy and programs. Federalism has implications for public health practice: it molds financing and disbursement options, including funding formulas, which affect allocations and program goals, and shapes how funding decisions are operationalized in a political context. This article explores how American federalism, both fiscal and functional, structures public health funding, policy, and program options, investigating the effects of intergovernmental transfers on public health finance and programs.
With the healthcare industry changing rapidly, organizations seek finance leaders who have skills that go beyond traditional expertise in revenue and expenses. These additional competencies fall under the heading of soft-leadership skills and include the ability to be strategy-oriented, agile, passionate, inspirational, influential, communicative, dependable, driven, integrative, and engaged. Networking, participation in a mentoring program, and continuing education provide avenues for finance leaders to develop these sorts of skills.
Ioana LUPASC; Adrian LUPASC
The crisis is unfortunately a negative feature specific to recent years which has affected most areas of activity in many countries, including the powerful economical ones. As a direct consequence, the crisis has had a significant and direct impact on people's personal finances. In this paper we propose different solutions which lead to a better administration of personal finances, so that the involved actors to be able to manage difficult situations made by the economic and financial crisis....
Ingram, Richard C; Bernet, Patrick M; Costich, Julia F
There is a growing recognition that the US public health system should strive for efficiency-that it should determine the optimal ways to utilize limited resources to improve and protect public health. The field of public health finance research is a critical part of efforts to understand the most efficient ways to use resources. This article discusses the current state of public health finance research through a review of public health finance literature, chronicles important lessons learned from public health finance research to date, discusses the challenges faced by those seeking to conduct financial research on the public health system, and discusses the role of public health finance research in relation to the broader endeavor of Public Health Services and Systems Research.
Bond, Gary; Carter, Laurence
This paper provides an overview of the recent trend towards private ownership and financing of power projects in the developing countries, focusing on the role played by both private and public agencies in meeting the large financing challenges. The paper draws upon the operational experience of the International Finance Corporation, which has been involved in the financing of more than 30 private power projects in the developing countries over the past three decades. Among the issues that affect implementation of private power projects is the balancing of risk and reward to equity investors and to commercial lenders. The paper discusses the principal sources of risk and the strategies used to manage them. A related issue is the competition for capital on the international markets, and the techniques that are being devised to bring more finance to the power sector. Finally, the paper considers the role of government in bringing private investors to the power sector, and the approaches being adopted to balance the needs of investors with the needs of the public. (author)
Arnold, Marc; Hackbarth, Dirk; Puhan, Tatjana-Xenia
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...
The International Finance Corporation (IFC), a member of the World Bank Group, is the largest multilateral source of loan and equity financing for private sector projects in the developing world. IFC participates in an investment only when it can make a special contribution that complements the role of market operators. Since its founding 40 years ago, IFC has provided more than $18.8 billion in financing for 1,706 companies in developing countries. Its share capital is provided by its 170 member countries, which collectively determine its policies and activities. Strong shareholder support and a substantial paid-in capital base have allowed IFC to raise funds for its lending activities through its triple-A rated bond issues in international financial markets. (orig.)
In the United Kingdom the Central Electricity Generating Board (CEGB) are responsible for bulk supplies of electricity to the 12 Area Boards responsible for retailing in England and Wales. As such, the Board are responsible for over 90% of total generation in the UK and are therefore the body principally concerned with the financing of nuclear power growth. The author first looks at the problem of financing nuclear power from the point of view of the CEGB. Thereafter the situation in the UK is dealt with more generally and in that section reference is also made to the total call on the UK's resources involved in financing energy growth in general and nuclear power in particular. (author)
Lee, Sangkeun [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Chinthavali, Supriya [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Shankar, Mallikarjun [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Zeng, Claire [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Hendrickson, Stephen [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States)
The Office of Energy Policy and Systems Analysis s finance team (EPSA-50) requires a suite of automated applications that can extract specific data from a flexible data warehouse (where datasets characterizing energy-related finance, economics and markets are maintained and integrated), perform relevant operations and creatively visualize them to provide a better understanding of what policy options affect various operators/sectors of the electricity system. In addition, the underlying data warehouse should be structured in the most effective and efficient way so that it can become increasingly valuable over time. This report describes the Energy Finance Data Warehouse (EFDW) framework that has been developed to accomplish the defined requirement above. We also specifically dive into the Sankey generator use-case scenario to explain the components of the EFDW framework and their roles. An excel-based data warehouse was used in the creation of the energy finance Sankey diagram and other detailed data finance visualizations to support energy policy analysis. The framework also captures the methodology, calculations and estimations analysts used for the calculation as well as relevant sources so newer analysts can build on work done previously.
O’Neill, Michael; Maringer, Dietmar
This book follows on from Natural Computing in Computational Finance Volumes I, II and III. As in the previous volumes of this series, the book consists of a series of chapters each of which was selected following a rigorous, peer-reviewed, selection process. The chapters illustrate the application of a range of cutting-edge natural computing and agent-based methodologies in computational finance and economics. The applications explored include option model calibration, financial trend reversal detection, enhanced indexation, algorithmic trading, corporate payout determination and agent-based modeling of liquidity costs, and trade strategy adaptation. While describing cutting edge applications, the chapters are written so that they are accessible to a wide audience. Hence, they should be of interest to academics, students and practitioners in the fields of computational finance and economics.
Chelberg, R.; Prerad, V. [POWER International, Josefov (Czechoslovakia)
POWER`s engineering and development experience in the Czech Republic creating financeable projects within the power generation industry will be presented. POWER has been involved in the Czech Republic`s privatization process, environmental legislation as well as formation of the regulatory environment. Strategic methods for accomplishing the development of financeable projects often include ownership and financial restructuring of the projects. This is done by utilizing internal cash flows, external debt and equity placement (provided by international financial institutions) by restructuring the facility`s contractual relationships and operations (providing as least cost solution to engineering) and possibly using existing governmental guarantees. In order to make any recommendations on how to come into compliance with the country`s environmental legislation, it is necessary to begin with an analysis of the existing facility. This involves preparation of technical and economic feasibility study, evaluation of technology and preliminary engineering solutions. It further involves restructuring of power sales agreements, heat sales agreements, and fuel supply agreements. The goal is to provide suitable security for the equity and debt financing participants by mitigating risk and creating a single purpose business unit with predictable life and economics.
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.
Full Text Available Published by Palgrave MacmillanThe financial and economic crisis saw developing and emerging countries experience more severe setbacks in their growth rates than industrialised countries and they did not all have sufficient funds to finance robust stimulus measures. The major emerging economies have nevertheless recovered quickly and are currently the most important growth engines in the world economy.Private capital flows collapsed, leaving the global South with an overall deficit in financing. Greater official financing flows have not yet been able to compensate for the shortfalls and the slow increase in private capital flows since the end of 2009 has not been able to do so either. Overall, according to the UN, more capital flows from the South to the North than vice versa. The South thus continues to finance the North.Discussions regarding a reform of the global financial and economic order are ongoing but to date have had little impact on developing countries. The international financing institutions do have more funds at their disposal, but developing countries are still under-represented. The IMF and the World Bank have begun to question some of their previous dogmas. Opinions are divided on whether one can already speak of a new policy.The debate on the role of taxation in the mobilisation of local resources for development financing has intensified. Insight favouring comprehensive reforms of the taxation systems in developing countries has sharpened, but technical aid provided by industrialised countries to realise these reforms is still insufficient. Taxation is acquiring growing recognition as an instrument of State-building, democratisation and governance. The campaign to deal with international tax evasion and illicit capital flows is gaining momentum and the exchange of information on tax issues has improved. However, it is difficult to establish newer and more trenchant instruments for improved transparency, given the predominant
D' Almeida, Albino Lopes [PETROBRAS, Rio de Janeiro, RJ (Brazil)
Project Finance is often used worldwide to raise the funds to develop big projects, particularly in the area of power and infra-structure. It is designed to support a singular project and a specific purpose company is created to obtain the financing. The debt payment is secured by the enterprise's cash flow, avoiding real guarantee requirements. The lenders receive the future revenues and the property of the assets to be built. The risks are mitigated by agreements exhaustively negotiated among the parties. One of the most important Project Finances performed in Brazil is the Marlim Project, structured in order to complete the development of the Marlim oil field. This is the biggest Brazilian oil field, producing more than 500,000 barrels a day, almost 35% of the national production. This paper presents the general concepts related to this type of financing and general information about the project, including its structuring, negotiation and closing. The total commitment reaches US$ 1.5 billion obtained in both domestic and international markets through equity, bridge loan, bonds and commercial papers. Its whole life is 10 years, using 2 special purpose companies in its configuration. (author)
... Company, Duncan Mfg., Including On-Site Leased Workers from Express Personnel, Clayton Personnel Service, and Manpower Planning, Duncan, OK; Halliburton Company, Technology and Engineering Division, Finance... Halliburton Company, Technology and Engineering Division, and Finance and Administration Division, Duncan...
... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false What is included in a Treasury-State agreement? 205.9 Section 205.9 Money and Finance: Treasury Regulations Relating to Money and Finance... must include, at a minimum, a clear indication of: (1) The data used; (2) The sources of the data; (3...
La Ferla, L. [La Ferla Associates, Washington, DC (United States)
The Office of National Security Policy has produced this Directory of Financing Sources for Foreign Energy Projects. The Directory reviews programs that offer financing from US government agencies, multilateral organizations, public, private, and quasi-private investment funds, and local commercial and state development banks. The main US government agencies covered are the US Agency for International Development (USAID), the Export-Import Bank of the US (EXIM Bank), Overseas Private Investment Corporation (OPIC), US Department of Energy, US Department of Defense, and the US Trade and Development Agency (TDA). Other US Government Sources includes market funds that have been in part capitalized using US government agency funds. Multilateral organizations include the World Bank, International Finance Corporation (IFC), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), and various organizations of the United Nations. The Directory lists available public, private, and quasi-private sources of financing in key emerging markets in the Newly Independent States and other developing countries of strategic interest to the US Department of Energy. The sources of financing listed in this directory should be considered indicative rather than inclusive of all potential sources of financing. Initial focus is on the Russian Federation, Ukraine, india, China, and Pakistan. Separate self-contained sections have been developed for each of the countries to enable the user to readily access market-specific information and to support country-specific Departmental initiatives. For each country, the directory is organized to follow the project life cycle--from prefeasibility, feasibility, project finance, cofinancing, and trade finance, through to technical assistance and training. Programs on investment and export insurance are excluded.
UNEP’s Adaptation Gap Report series focuses on Finance, Technology and Knowledge gaps in climate change adaptation. It compliments the Emissions Gap Report series, and explores the implications of failing to close the emissions gap. The report builds on a 2014 assessment by the United Nations...... Environment Programme (UNEP), which laid out the concept of ‘adaptation gaps’ and outlined three such gaps: technology, finance and knowledge. The 2016 Adaptation Gap Report assesses the difference between the financial costs of adapting to climate change in developing countries and the amount of money...... actually available to meet these costs – a difference known as the “adaptation finance gap”. Like the 2014 report, the 2016 report focuses on developing countries, where adaptation capacity is often the lowest and needs the highest, and concentrates on the period up to 2050. The report identifies trends...
Project finance has been used for decades in Western countries to found major resource and infrastructure projects in a manner which is satisfactory and beneficial to the sponsors and financiers alike. Central and Eastern Europe represents the next frontier for successful project finance transactions. Project finance refers to the financing of long-term infrastructure, industrial projects and public services based upon a non-recourse or limited recourse financial structure where project debt ...
Slovak police found out and documented racket in financing of third and fourth block of Mochovce NPP. Damage should be 144 millions Slovak crowns. Investigator consequently accused twenty-three Slovaks from foundation, trump up and supporting of criminal group and deception. Two persons are suggested to be taken to custody. Skoda Praha, which was general supplier of construction for 1,5 billions Slovak crowns, in 2001 allowed to create a connection to let the finances between Slovenske elektrarne, a.s., Bratislava as investor and Skoda as subcontractor to be paid through three mediator companies. Companies got authorization to balance the relationship among all interested subjects. Confused network of 118 treaties was created. They invoiced reward from money current based on these treaties. Reward represented up to 70 per cent of transferred resources in some cases. According to Minister of Domestic Affairs Vladimir Palko it will be necessary to find out where is actually the money. For the time being nobody from NPP is among accused. (Author)
Full Text Available Entrepreneurship is one of the most important categories that are now associated with small and medium-sized enterprises, employment and the creation of new jobs and new business category. Entrepreneurial behavior in finance implies a readiness to take risk and a taste for independence and self-fulfillment. It can develop in any sector of the economy and in any type of business. Through entrepreneurship strengthen personal resources - not only the material but also the motives of self-realization, freedom, independence, challenge. Large number of small and medium enterprises provide a huge range of products, and the customers or service users increased choice and lower prices. Considering that entrepreneurship represents the futurethis work is aimed to highlight the role the financial sector plays in its development. The authors suggest that the financial sector has very important role for the development of entrepreneurship, pointing to the different possibilities of cheaper funding development of guidelines for small and medium enterprises, but in other hand in some cases financial sector has negativ impact for growing through expensive sources of financing of development.
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...
As the financing emerged during the Paris COP21 and in IPCC reports as a need as well as a mean to act against climate change, the author first discusses the issue of the cost of adaptation and of its financing. She also discusses whether mitigation costs would result in destabilising financial flows. She comments the possible stronger decline of investments in fossil energies, and addresses the problem of fund raising for adaptation and mitigation. She discusses the possibility of a pricing action (notably regarding CO_2) to constrain economic actors, and the necessity of a re-assessment of the carbon risk
Mills, S.J.; Taylor, M.
This paper is intended to provide general advice to sponsors of renewable energy projects who expect to raise project-based financing from commercial banks to fund the development of their projects. It sets out, for the benefit of such sponsors, how bankers typically approach the analysis of these undertakings and in particular the risk areas on which they concentrate. By doing so it should assist sponsors to maximize their prospects of raising bank finance. The watchword for sponsors approaching banks must be ''Be Prepared'' . (author)
Full Text Available The development of the construction industry is an important sector and the special contribution to the gross domestic product and as such should be subject to study, because the performance of the fund financing the construction production is closely linked to the performance of GDP, but also the role of this sector in generating economic growth. Even in our country’s construction sector, as one of the leading sectors of the economy has affected the growth trend of the Albanian economy. Many developing economies have shown that credit markets and remittances are the main source of financing long-term investments in construction. Increased investment in the real estate market includes free financial resources and other populations, but the development and expansion of this sector has led to the reduction of unemployment in the country. In periods of economic growth, coupled with the growth of personal income, people seek to improve their living conditions and seek to take credit for use to purchase real estate. The role of the banking system in financing for investments in the real estate market is very important. The purpose of this paper is to identify what are the factors affecting the financing of investments in the construction sector, and to analyze the important relationships between them and the financing of investments in real estate. The methodology used in the paper is based on foreign literature, materials and works of local and foreign authors. The data were taken from the reports of Bank of Albania’s Institute of Statistics, World Bank and others. Linear Regression model is built referring OLS method, to determine the factors affecting the financing of investments in the real estate market. The results of this study can be used by relevant institutions and central governmental institutions for the formulation of policies and strategies for the development of this industry, as well as the stakeholders of this sector (businesses
Compton, Clark W.
Designed to assist established businesspeople with the development of a loan proposal, this workbook offers information on sources of financing and step-by-step guidance on applying for a loan. After chapter I discusses borrowers' and lenders' attitudes towards money, chapter II offers suggestions for determining financial needs. Chapter III lists…
Cooper, Richard N.
This paper argues that the 2009 pledge of $100 billion in 2020 by rich countries for mitigation and adaptation should not be used for mitigation by commercial firms in developing countries, since that would artificially create competitive advantage for such firms and provoke protectionist reactions in the rich countries where firms must bear the costs of mitigation, thereby undermining the world trading system. The costs of heating the earth's surface should be borne by all emitters, just as the price of copper and other scarce resources is paid by all users, rich or poor. That will still leave scope for rich country help in adaptation to climate change and in bringing to fruition new technologies to reduce emissions. - Highlights: ► Slowing climate change significantly cannot occur without the participation of the largest emitters among developing countries. ► The cost of GHG mitigation must be the same for all competing firms, wherever they are located. ► The world trading system is seriously at risk in the face of a poorly designed system for global mitigation of greenhouse gases. ► No significantly emitting firm, anywhere, public or private, should be protected from the incentive to reduce its emissions. ► Higher prices for fossil fuels need not reduce national growth rates in consuming countries.
Pakistan currently principally uses three modes of financing health--taxation, out of pocket payments and donor contributions of which the latter is the least significant in terms of size. Less than 3.6% of the employees are covered under the social security scheme and there is a limited social protection mechanism, which collectively serves the health needs of 3.4% of the population. The main issues in health financing include low spending, lack of attention to alternate sources of financing and issues with fund mobilization and utilization. With respect to the first, health reforms proposed as part of the Gateway Paper make a strong case for promoting the reallocation of tax-based revenues and developing sustainable alternatives to low levels of public spending on health. With respect to alternative sources of health financing, the Gateway Paper lays stress on exploring policy options for private health insurance, broadening the base of Employees Social Security, creating a Federal Employees Social Security Programme, developing social health insurance within the framework of a broad-based social protection strategy, which scopes beyond the formally employed sector, establishing a widely inclusive safety net for the poor; mainstreaming philanthropic grants as a major source of health financing; developing a conducive tax configuration; generating greater corporate support for social sector causes within the framework of the concept of Corporate Social Responsibility and developing cost-sharing programmes, albeit with safeguards. The Gateway Paper regards efficient fund utilization a priority and lays stress on striking a balance between minimizing costs, controlling costs and using resources more efficiently and equitably--in other words, getting the best value for the money, on the one hand, and increasing the pool of available resources, on the other. Specific interventions such as the promotion of transparent financial administration, budgeting and cost
Full Text Available This paper presents some modalities and financing forces for business, getting out in the first place the entrepreneur ingenuity for finding these sources of financing necessary for the business success. Also get some contributions and proposals regarding the criteria’s of which the entrepreneur must be take care in choosing the financial sources, for preparing the finance pack and presenting the financing demands, which good documented, not only grows up the chances of one financing but also can lead to fix some relations on long time with financing source.
Kleijnen, M.; Wetzels, M.G.M.; Ruyter, de J.C.
M-commerce has been heralded repeatedly as the new service frontier of the millennium. Present market reality, however, seems to be less optimistic. Therefore, the current study explores the factors contributing to the adoption of mobile services in a context of wireless finance. The technology
Adams, Matthew C.
Examines off-balance sheet financing, the facilities use of outsourcing for selected needs, as a means of saving operational costs and using facility assets efficiently. Examples of using outside sources for energy supply and food services, as well as partnering with business for facility expansion are provided. Concluding comments address tax…
Describes reasons for California's budget deficits and their impact on school finance. Offers five possible solutions to the school funding crises: Restructure the state's tax and revenue system, restore school district revenue-sharing abilities, initiate a top-to-bottom mandate review, provide greater fiscal and program flexibility, and revamp…
Californians are very concerned about funding for their K-12 public schools. They consistently say that K-12 education should be protected from spending cuts over and above any other area of the state budget. California's system of school finance is in trouble. Many studies have found it to be inequitable, with wide variation in per-pupil funding.…
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
Forbes-Mewett, Helen; Marginson, Simon; Nyland, Chris; Ramia, Gaby; Sawir, Erlenawati
The omission of international students from the Australian Vice-Chancellor's Committee (AVCC) 2007 national study on student finances is indicative of a pattern of exclusion. The exclusion is unacceptable from a humane perspective and feeds the belief that Australians perceive international students primarily as "cash cows". This study…
drs. Ewoud Jansen
Most Corporate Finance textbooks are 1,000 pages in length or more. And indeed, it is a multifaceted discipline that requires detailed coverage of many ideas and principles. However, the basics can be outlined in a much more condensed manner and there aren’t many books out there that cater to the
In part two of an examination of funding mechanisms for wind-generated electricity, the financing of wind projects in the major producers - Denmark, the Netherlands, Germany and the UK is examined. Part one examined the tariff and subsidy mechanisms available for wind generation in the same countries. (author)
The author proposes four guideposts for efficient low carbon finance: remove subsidies for high-carbon technologies, improve the cost-effectiveness of low-carbon subsidies, encourage private sector innovation and maintain transparent public policy tools that support cost-benefit accounting
Morley, James E., Jr.
Now more than ever, college and university leaders are obliged to conduct vigorous and ongoing analyses of their institutional missions and financial underpinnings. For some institutions, this will mean change or upheaval; for others, such intensive monitoring and examination will mean a steady rudder. Regardless, the finance committee of a board…
G. Baltussen (Guido)
textabstractThis thesis applies insights from psychology and other behavioral sciences to overcome the shortcomings of the traditional finance approach (which assumes that agents and markets are rational) and improves our understanding of financial markets and its participants. More specific, this
Full Text Available Concern for adequate funding, both at birth and consolidation of the cooperative enterprise, has been, is and will be a constant concern in the cooperative world. So, have emerged in the legal field, a number of financial instruments of various kinds: as equity securities or special interests that seek to cover traditional financing gaps.
The purpose of the Act is to enable British Nuclear Fuels Limited to make borrowings backed by Government guarantees in order to finance its ten year investment programme. More specifically, the Act raises the financial limit applicable to British Nuclear Fuels Limited from pound 500 million to pound 1,000 million. (NEA) [fr
The paper studies a takeover contests, in which cash-constrained bidders decide on the optimal way to finance their cash bid. For both bidders and the seller this decision is at least as important as deciding on whether the payment should be in cash or in securities. The main result is that the
One could argue that CDSs improve risk sharing, hence credit supply and financing terms for firms. Accordingly, one would expect risky borrowers to benefit the most from CDS insurance. This is in contrast, however, with recent empirical evidence (Ashcraft and Santos (2009) and Hirtle (2009)). This
This paper looks at what banks need to know to enable them to consider a wind energy project. The major experiences of banks in financing wind energy have been in the US where governmentally inspired long term sales contracts (PURPA Contracts) have given a security to sponsors and banks not available elsewhere. (Author)
Genet, N.; Gulácsi, L.; Boerma, W.; Hutchinson, A.; Garms-Homolova, V.; Naiditch, M.
Introduction: Financial incentives are widely used to get better value for money. Incentives can be applied to authorities responsible for home care, or to agencies that provide services or to clients who receive care. Details of the financing system of home care services very much determine the
Full Text Available Although financial resources are very important in SMEs in general, and for start-ups in particular, many entrepreneurs face numerous restrictions in finding sources for start-up financing. The present article aims to investigate the similarities or differences in start-up financing sources due to gender issues, otherwise to investigate if female entrepreneurs use (or have access different financial sources in the early stage of their business. As reported by the literature, access to finance is one of the most important issues for SMEs and nascent entrepreneurs. Moreover, among the main financial issues, the first one is the access to start-up finance (Schwartz, 1976; Carter and Cannon, 1992; Johnson and Storey, 1993; Koper, 1993; Van Auken et al, 1993; Carter and Rosa, 1998, FOBS survey 2005. In all sectors, women use for starting up businesses substantially less capital then men. Women encounter, more then men, credibility problems when dealing with bankers. This problem causes important effects concerning the performance, survival and growth of women-run businesses. The present research focuses on revealing how male and female entrepreneurs face and solve the problem of start-up financing sources. The methodology is based on using the dataset "Enterprises managed by the founder - broken down by gender of the entrepreneur", available in EUROSTAT database. The data selected refers to the start-up financing sources available for European Union and Romania, regarding activities included in NACE: Industry and services excluding public administration and management activities of holding companies and 2005 as time of reference. The data were used to make some comparison between: male versus female entrepreneurs in EU; male versus female entrepreneurs in Romania; EU entrepreneurs versus Romanian entrepreneurs. The main findings reveal that there are no significant differences between men and women concerning the start-up financing sources. The main
Abstract. Small and Medium Enterprises (SMEs) make up the bulk of the economic tissue of the economy. In developing countries, they represent the majority of employment, including female employment. Investing in SMEs is a long-term and smart strategy, with sustainable returns that multiply across regions, countries and societies. SMEs constitute the overwhelming majority of firms. Globally, SMEs make up over 95% of all firms, account for approximately 50% of GDP and 60%–70% of total employmen...
Full Text Available Despite the increasing investment in sustainable development over the past decade, a systematic review of sustainable construction project financing is lacking. The objectives of this paper are to conduct a systematic review to examine the policies, practices, and research efforts in the area of sustainable construction project financing, and to explore the potential opportunities for the future research. To achieve these goals, this paper first reviewed the sustainable construction project financing practices implemented by four representative developed economies including the United Kingdom, the United States, Singapore, and Australia. Then, this paper reviewed the efforts and initiatives launched by three international organizations including the United Nations, the Organization for Economic Co-operation and Development, and International Finance Corporation. After that, this paper reviewed the research efforts of sustainable construction project financing published in peer-review journals and books. This paper identified four major research themes within this area, which are the review of financial stakeholders and market of sustainable construction, benefits and barriers to sustainable construction project financing, financial vehicles for sustainable construction projects, innovative models and mechanisms for sustainable construction project financing. Additionally, this paper revealed five directions for the future research of sustainable construction project financing, which are the identification of financial issues in sustainable construction projects, the investigation of financial vehicles for sustainable construction projects in terms of their strengths, limitations, and performances, the examination of critical drivers for implementing sustainable construction project financing, the development of a knowledge-based decision support system for implementing sustainable construction financing, and the development of best practices for
Full Text Available In the article, the causes and existence of the state budget deficit are defined. The main source of budget deficit financing in historical retrospective are considered. The most popular government securities which issued in foreign countries are compared in the article. The dynamics of the budget deficit in Ukraine and the sources of its coverage are analyzed in the article. There are three main types of government securities in Ukraine, such as: national currency-denominated government bonds, foreign currency-denominated government bonds and target government bonds. The main market maker of the government bonds' market is National Bank of Ukraine. The volume of resources, which are mobilized from the issue of the national currency-denominated government bonds are major then the volume of resources, which are mobilized from the issue of the foreign currency-denominated government bonds The necessity of further improvement of government securities as an important source of budget deficit financing is emphasized.
Full Text Available Shariah financing has also various kinds of agreement. Its fund has be distributed to low risky sector in order to produce the optimal income in the preparation of Bank Sumut UUS for spin off in 2018. The objective of the research was to analyze the influence of Third Party Fund and CAR on Financing and the influence of Third Party Fund, CAR and ROA as well as to test the significance of Non Performing Financing as the moderating varable on ROA. The sample of the research included 5 (five Branch Offices on Bank Sumut UUS by taking the annual final statements from 2010 until 2015. The instruments used were regression method of panel data, regression method of moderating and path analysis using EViews software. The Third Party Fund did not have any significant influence on ROA with financing as the intervening variable, and neither did CAR on ROA with financing as the moderating variable, had insignificant influence on ROA statistically. Moreover, the Third Party Fund, CAR and Financing had insignificant influence statistically at significant level 5% on ROA with Non Performing Financing as the moderating variable. The implication of this research was that Bank Sumut UUS had to pay attention to the financing risk to make optimal profit s well as micro an macro economic factors for financing provided for productivity an consumer.
Items 1 - 16 of 16 ... Archives: African Journal of Finance and Management. Journal Home > Archives: African Journal of Finance and Management. Log in or Register to get access to full text downloads.
T. Wang (Teng)
markdownabstract__Abstract__ This dissertation bundles three empirical studies in the area of corporate finance and banking. These studies investigate corporates’ financing activity with a special focus on the interaction between the banking industry and corporate borrowers. By showing how
The Financing How-to-Guide is intended to help manufacturers and their communities navigate financing and investment opportunities. While this guide provides an overview, there is no one-way to pay for E3 activities or attract investment.
Luiz Henrique Herling
Full Text Available This study aims to show how they are organized studies in financial management and what is the paradigm that support the theories presented until today, contextualizing how financial management is organized within the science of Directors in historical and evolutionary terms . Based on the decisions of the financial manager of investment , financing and operations , the study seeks to show that the philosophical basis that supports the theories developed . Yet for better understanding separates financial management in personal finance , financial markets and corporate finance , the latter being the main focus of the study . In the literature we can divide and stratify studies in corporate finance for a better understanding . By analyzing under an evolutionary approach notes a growing chains in other studies in finance , such as public finance, behavioral finance and here called green finance.
drs. Ewoud Jansen
Finance and accounting behandelt in een boek de essentiele aspecten van drie disciplines: financieel management, management accounting en financial accounting. Dit maakt Finance and accounting tot een breed en waardevol engelstalig naslagwerk.
In 2009, developed countries committed to part-funding the cost of adapting to the impacts of climate change and of low carbon development in developing countries. From 2010 to 2012, fast start finance began to flow from developed country exchequers. However, the climate finance paradigm is now shifting. A transition from loans and grants provided from scarce exchequer resources to innovative instruments for leveraging private capital and mitigating investment risk is required in the coming period. But what are the implications for developed countries? This policy brief explores the policy context defining the current climate finance debate; examines the extent to which commitments have been met; and identifies nine key challenges for developed countries as they enter the new climate finance paradigm, drawing on the lessons of the fast start finance period. This is the second in a series of Environment Nexus policy briefs by leading experts in the fields of agriculture, energy, climate change and water.
Full Text Available The financing plan is a predictive financial situation that allows the study and analysis of the effects of medium and long term projects on the treasury situation. The preparation of the financing plan is preceded by a procedure for selecting a cost-effective investment project from several possible projects. Understanding the concept of a financing plan is the first issue to be addressed. Then it is analyzed its structure outlining the main categories of resources and uses that need to be highlighted for the preparation of the financing plan; the steps necessary for its development are described, the research ending with the presentation of a case study on the preparation of a financing plan for a company. The research results can be used by any investor to analyze the impact of the investments he wishes to make on the company’s treasury and to decide on the sources of their funding.
This work consists of two essays on law and finance in international trade. It addresses the means of raising funds for investment through receivables financing and project finance. The first essay discusses the role of receivables financing and in particular factoring in international trade. It examines the nature of factoring transactions and presents the efforts at regulation on an international level aimed at overcoming the difficulties in enforcement. The second essay discusses project f...
Adrian Macris; Maria Macris
This paper sets forth the issue of financing higher education in Romania according tothe fundamental principles adopted by most of the countries of the European Union. Under suchcircumstances, the two components of financing State universities are minutely exhibited, namelybasic financing and complementary financing. At the same time, the extremely important matterrequiring the foundation of an efficient and competitive educational system demanded by the newenvironment also implies the provid...
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 for power generation projects in the developing countries of the world has been provided by the United States Export-Import Bank. The loans provided by its new Project Finance Division, totalling $8.3 billion are described. The future of project financing for the power generation industry should, it is argued, rest not with government financing agencies, but with private sector financial markets. (UK)
Bobby Yulandika Putra
Full Text Available Objective – Poverty is one of the most fundamental issues that still surround the life of 29.89 million people of Indonesia (National Statistical Bureau data from January 2, 2012. During this time, the pattern of poverty alleviation programs undertaken by the government is a pattern of generosity. This pattern can directly exacerbate the poor morals and behavior. Ideally, poverty alleviation efforts are made by concrete steps, which empower poor `communities themselves.In line with the theme of this research, one of the financial institutions (non-Banks who cares and has the spirit to empower people to overcome poverty is Mitra Bisnis Keluarga (MBK. This study aimed to assess the financial risks and operational risks of implementation of Grameen Bank financing concept in MBK.Methods - The method used in this research is literature review and qualitative descriptive study using actual MBK data.Results - Results from this research showed that products with the concept of Grameen Bank financing is relatively safe in the terms of the financing risk, but requires more attention on operational risk and which can be implemented for large-scale poverty alleviation program.Conclusion - The data showed that the risk of financing given to the poor (without collateral is minimal and MBK actual data shows that the Operational self-sufficiency is relatively high at> 90% Keywords : MBK, Grameen Bank, Poverty
Brunnschweiler, Christa N.
This paper examines the determinants of credit allocation to renewable energy firms in developing and transition countries. Using a simple en- dogenous growth model, we show that the development of the renewable energy sector, i.e. the diversification of renewable energy resources used in primary energy production, depends on the quality of financial intermedia- tion, debtor information costs to banks, and financing needs of renewable energy firms. Policies should aim at increasing financial ...
The article examined the main approaches to the funding of universities and possible mechanisms for their subsequent efficient financial management. The main sources of funding for modern universities, are usually a mix of state funding other targeted grants, tuition fees and revenues from economic activity. The declining targeted budgetary resources for the financing of universities, and linking it to performance (quality, rating realization), forcing universities to seek alternative sources...
Schwabe, P.; Cory, K.; Newcomb, J.
Extraordinary financial market conditions have disrupted the flows of equity and debt investment into U.S. renewable energy (RE) projects since the fourth quarter of 2008. The pace and structure of renewable energy project finance has been reshaped by a combination of forces, including the financial crisis, global economic recession, and major changes in federal legislation affecting renewable energy finance. This report explores the impacts of these key market events on renewable energy project financing and development.
Gianin, Emanuela Rosazza
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.
Mabid Ali Al-Jarhi
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.
Nikonova Irina Aleksandrovna
Full Text Available The implementation of effective investment projects is essential to the modernization of the Russian economy and its transition to a high-tech way of development. The most complex and risky form of financing projects is project financing (Project Finance.
... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Financing. 884.114 Section 884.114... HOUSING PROJECTS Applicability, Scope and Basic Policies § 884.114 Financing. (a) Types. Eligible projects... contract as security for financing. (1) An Owner may pledge, or offer as security for any loan or...
... 7 Agriculture 11 2010-01-01 2010-01-01 false Interim financing. 1738.21 Section 1738.21... Interim financing. (a) Upon notification by RUS that an applicant's application is considered complete, the applicant may enter into an interim financing agreement with a lender other than RUS or use its...
Holman, Lance S.
Private placement financing is a debt or capital lease obligation arranged between a municipality or a 501(c) (3) not-for-profit organization and a single sophisticated institutional investor. The investor can be a bank, insurance company, finance company, hedge fund, or high-net worth individual. Private placement financing is similar to…
Finance ignores ecosystems, which has resulted in a growing list of environmental and social problems. In this article, the importance of ecology for finance is assessed. We suggest The piece also suggests that the financial intermediation perspective can align finance and ecology for the benefit of
... AGRICULTURE RURAL BROADBAND ACCESS LOANS AND LOAN GUARANTEES Loan Purposes and Basic Policies § 1738.19 Facilities financed. (a) RUS makes broadband loans to finance the construction, improvement, and acquisition... broadband loans to finance broadband facilities leased under the terms of a capital lease as defined in...
Hoadley, Susan; Kyng, Tim; Tickle, Leonie; Wood, Leigh N.
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…
Chen, Linda H.; Jiang, George J.
This paper investigates the financing behaviour of Dutch firms by testing whether a firm’s financing decisions are determined by certain factors identified in various theories. Since a firm’s financing decision is reflected in the changes of its leverage, our research focuses on the relationship
... CFR Part 1710 [0572-AC21] Project Financing Loans AGENCY: Rural Utilities Service, USDA. ACTION... also considering regulations to clarify the agency's procedures for single asset/project financing... parameters necessary to more effectively and prudently use project financing in the RUS electric loan program...
The issues exercising the US wind finance sector were discussed at two recent high-level financing and investment events in New York. The financial community still tends to be cautious about wind projects; more sophisticated forecasting of wind availability is reducing the complications posed by wind's variability but as much wind data as possible is vital. Projects involve large areas of land with multiple owners, long distances of buried cable and often difficult terrain. Some commentators believe that, as oil and gas prices rise, utilities will start to choose wind for its inherent benefits rather than to meet state Renewable Portfolio Standards (RPS) and to take advantage of generous national tax credits. However, few utilities are currently prepared to sign contracts lasting more than a year or two. Transmission and connection to the national grid remain problem areas, as are the threat posed by imbalance penalties imposed by some utilities when a project's output deviates from that scheduled. Utilities are also imposing tougher performance standards on wind projects. The periodic expiry and need for renewal by Congress of the Production Tax Credit (PTC) is seen as the biggest 'wild card' in US wind financing, as its volatility unsettles many bankers. Some wind developers would prefer a national RPS rather than the PTC to provide greater stability.
Deze publicatie van het Amsterdam Center for Corporate Finance in haar discussiereeks ‘Topics in Corporate Finance’ gaat over de financiële crisis. Dat het financiële systeem het afgelopen jaar enige schrammetjes heeft opgelopen is een understatement. Het financiële stelsel staat onder druk. Grote
Full Text Available The paper considers the ways to optimize financing public higher education institutions of Ukraine. Public higher education institutions acutely feel the lack of financial resources. The study describes that it is necessary to reform the models, methods and forms of financing higher education institutions. The paper explains the impact of autonomy of higher education institutions on their development. The autonomy level of university determines the possibilities for diversification from additional sources. The results found that more autonomy of higher education institutions will allow them effectively generate and use financial resources. The review outlines the diversification of financial resources public universities. One of the key factors of the university success is to implement the diversification strategy into the overall academic strategy and mission of the higher education institution. The analysis recommends the performance-based funding system and public higher education institutions achieve certain performance indicators. The performance-based funding system will promote higher competitiveness of education institutions and improve the quality of higher education in general. The conclusions suggest the development trends of financing public higher education institutions of Ukraine.
As a subproject of the HANDI 2000 project, the Finance and Supply Management system is intended to serve FDH and Project Hanford major subcontractor with financial processes including general ledger, project costing, budgeting, and accounts payable, and supply management process including purchasing, inventory and contracts management. Currently these functions are performed with numerous legacy information systems and suboptimized processes
O' Leary, Conlan [Sighten, Inc., San Francisco, CA (United States)
Over the project, Sighten built a comprehensive software-as-a-service (Saas) platform to automate and streamline the residential solar financing workflow. Before the project period, significant time and money was spent by companies on front-end tools related to system design and proposal creation, but comparatively few resources were available to support the many back-end calculations and data management processes that underpin third party financing. Without a tool like Sighten, the solar financing processes involved passing information from the homeowner prospect into separate tools for system design, financing, and then later to reporting tools including Microsoft Excel, CRM software, in-house software, outside software, and offline, manual processes. Passing data between tools and attempting to connect disparate systems results in inefficiency and inaccuracy for the industry. Sighten was built to consolidate all financial and solar-related calculations in a single software platform. It significantly improves upon the accuracy of these calculations and exposes sophisticated new analysis tools resulting in a rigorous, efficient and cost-effective toolset for scaling residential solar. Widely deploying a platform like Sighten’s significantly and immediately impacts the residential solar space in several important ways: 1) standardizing and improving the quality of all quantitative calculations involved in the residential financing process, most notably project finance, system production and reporting calculations; 2) representing a true step change in terms of reporting and analysis capabilities by maintaining more accurate data and exposing sophisticated tools around simulation, tranching, and financial reporting, among others, to all stakeholders in the space; 3) allowing a broader group of developers/installers/finance companies to access the capital markets by providing an out-of-the-box toolset that handles the execution of running investor capital through a
Garrido, José; Hernández-Hernández, Daniel; ICASQF
Featuring contributions from industry and academia, this volume includes chapters covering a diverse range of theoretical and empirical aspects of actuarial science and quantitative finance, including portfolio management, derivative valuation, risk theory and the economics of insurance. Developed from the First International Congress on Actuarial Science and Quantitative Finance, held at the Universidad Nacional de Colombia in Bogotá in June 2014, this volume highlights different approaches to issues arising from industries in the Andean and Carribean regions. Contributions address topics such as Reverse mortgage schemes and urban dynamics, modeling spot price dynamics in the electricity market, and optimizing calibration and pricing with SABR models.
Wulandari, Eliana; Meuwissen, Miranda P M; Karmana, Maman H; Oude Lansink, Alfons G J M
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.
... procedures financing. 32.003 Section 32.003 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 32.003 Simplified acquisition procedures financing. Unless agency regulations otherwise permit, contract financing shall not be provided for...
This chapter focuses on risk management of merchant power generation projects and describes project finance as balancing risk and reward over time. The historical background to risk management is traced, and the case for derivatives in energy project finance is put forward with the hedging of forward output, and forwards and power purchase agreements discussed. Current and prospective usage, and the implementation issues of market liquidity, margin calls, letters of credit, derivative counterparty credit risk, and accounting policy are considered. A detailed example of a gas-fired plant in the US is presented with details given of the distribution of project earnings before tax. Oil field operating cashflows are examined, with reserved flow models, leverage effects, and price hedging addressed
Since the early seventies, the Dresdner Bank AG has been intensively engaged in financing nuclear power plants, e.g., the Muelheim-Kaerlich Nuclear Power Station currently down because of legal technicaltities. The bank has also been involved in other large-scale projects in the energy sector and, in addition, has conceptually accompanied the stages of the nuclear fuel cycle, such as enrichment, fuel element fabrication, and reprocessing. However, for political reasons it has not been possible to carry out these projects and finance them in the Federal Republic. With appropriate modifications, these financial models can also be transferred to international projects; after all, the enrichment sector has always been characterized by trilateral ventures. (orig.) [de
Constenla, Dagna; Clark, Samantha
Dengue has escalated in the region of the Americas unabated despite major investments in integrated vector control and prevention strategies. An effective and affordable dengue vaccine can play a critical role in reducing the human and economic costs of the disease by preventing millions around the world from getting sick. However, there are considerable challenges on the path towards vaccine introduction. These include lack of sufficient financing tools, absence of capacity within national level decision-making bodies, and demands that new vaccines place on stressed health systems. Various financing models can be used to overcome these challenges including setting up procurement mechanisms, integrating regional and domestic taxes, and setting up low interest multilateral loans. In this paper we review these challenges and opportunities of financing dengue vaccine introduction in the Americas.
This study analyses the policies for financing higher education in six Arab countries: Egypt, Jordan, Lebanon, Morocco, Syria, and Tunisia. It assesses the adequacy of spending on higher education, the efficiency with which resources are utilized, and the equity implications of resource allocations. Based on six detailed case studies, this…
Hydroelectricity will continue to be important for meeting power requirements in developing countries. Much of the funding required for hydroelectric projects must come from non-government source; hydroelectric projects will therefore need to be attractive to private investors. This note explores the risks investors face, how this can be mitigated, and how the World Bank group can offer advice (as well as finance) to member countries to facilitate investment in hydro electric projects. 3 refs., 1 fig
Romero, Juan M; Lavana, Ulises; Miranda, Elio Martínez
The quantum finance symmetries are studied. In order to do this, the one dimensional free non-relativistic particle and its symmetries are revisited and the particle mass is identified as the inverse of square of the volatility. Furthermore, using financial variables, a Schrödinger algebra representation is constructed. In addition, it is shown that the operators of this last representation are not hermitian and not conserved.
Mathematical finance explores the consistency relationships between the prices of securities imposed by elementary economic principles. Commonplace among these are replicability and the absence of arbitrage, both essentially algebraic constraints on the valuation map from a security to its price. The discussion is framed in terms of observables, the securities, and states, the linear and positive maps from security to price. Founded on the principles of replicability and the absence of arbitr...
Wulandari, Eliana; Meuwissen, Miranda P. M.; Karmana, Maman H.; Oude Lansink, Alfons G. J. M.
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 o...
Full Text Available Following the terrorist attacks in the USA on September 11th, 2001, it was discovered that money laundering was a significant source of finance for terrorists. Although, the amount of money that involve is not as involve as in drug and gun trafficking, terrorist financing had been the most important substance to be monitor. Further, various legal measures have been taken internationally in order to combat terrorist financing. This research analyses the legal measures that have been taken internationally and at EU level to combat terrorist financing. Key words: Money Laundering, Terrorist Financing, International Legal measures, EU.
YU Hua; SHU Hua-ying
The main research objects in this paper are the causes searching and risk estimating method for telecom enterprises' financial risks. The multi-mode financing for telecom enterprises makes it flexible to induce the capital and obtain the profit by corresponding projects. But there are also potential risks going with these financing modes. After making analysis of categories and causes of telecom enterprises' financing risk, a method by Analytic Hierarchy Process (AHP) is put forward to estimating the financing risk. And the author makes her suggestion and opinion by example analysis, in order to provide some ideas and basis for telecom enterprise's financing decision-making.
A dysfunctional system of commercial, legal, and financial institutions is the primary problem facing the energy sectors in Eastern Europe. Generally, a major systemic transformation is well underway in the area and is already showing signs of success. The empty promise of export credit financing exerts a significant negative influence on this reform process. The discipline of project finance provides the best, if not the only, basis for financing the modernization of the Eastern European energy sector. An example is given of the Cracow Environmental Project, a modernization project. The power plant is a combined heat and power facility with 460 MW of electric capacity and 1450 MW of thermal energy capacity. Located near the center of Cracow, the plant burns hard coal and provides more than seventy percent of the central district heat consumed in the city. The scope of proposed improvements has changed from the addition of capacity to a combination of modernization and environmental retrofit of the existing plant. The total estimated cost of the improvements program is 150 million dollars. The project consists of three major elements. First, it has proposed and is in the process of restructuring the ownership of the power plant. Second, it is engaged in a major restructuring of the commercial arrangements that govern the operation of the plant. Finally, it is in the late stages of selecting an engineering, procurement, and construction consortium with which it will contract to design and make major improvements to the existing plant
economic effects which the location of natural resources has on host ... water bodies in an oil exploration and exploitation communities in Oguta local .... law, energy, atmosphere, sustainable tourism, biodiversity, biotechnology, finance,.
The article considers the analysis of methods of financing of transport organizations in conditions of limited investment resources. A comparative analysis of these methods is carried out, the classification of investment, methods and sources of financial support for projects being implemented to date are presented. In order to select the optimal sources of financing for the projects, various methods of financial management and financial support for the activities of the transport organization were analyzed, which were considered from the perspective of analysis of advantages and limitations. The result of the study is recommendations on the selection of optimal sources and methods of financing of transport organizations.
Dmitry Klinovoi, Peter Rogov
The principles of the permanent financing of necessities of state development, national safety and defensive due to forming of legal institute of civil property on natural resources and mechanisms of the sovereign financing by receivabless from natural rent are grounded here. The description of sovereign fund and fund of civil dividends as institutes of accumulation of state facilities and management of assets is given here.
Karen Gerard; Ken Wright
Joint finance is money allocated by the Department of Health to NHS authorities to promote policies of inter-agency collaboration which prevent people being admitted to hospital or facilitate earlier discharge from hospital or save on NHS resources generally. Worries have been expressed that joint finance has not been used as effectively or efficiency as it might have been. This paper is concerned with the practical application of cost-effectiveness analysis to policies or schemes which typic...
Arredondo, Armando; Orozco, Emanuel; De Icaza, Esteban
The main objective was to identify trends and evidence on health financing after health care decentralization. Evaluative research with a before-after design integrating qualitative and quantitative analysis. Taking into account feasibility, political and technical criteria, three Latin American countries were selected as study populations: Mexico, Nicaragua and Peru. The methodology had two main phases. In the first phase, the study referred to secondary sources of data and documents to obtain information about the following variables: type of decentralization implemented, source of finance, funds of financing, providers, final use of resources and mechanisms for resource allocation. In the second phase, the study referred to primary data collected in a survey of key personnel from the health sectors of each country. The trends and evidence reported in all five financing indicators may identify major weaknesses and strengths in health financing. Weaknesses: a lack of human resources trained in health economics who can implement changes, a lack of financial resource independence between the local and central levels, the negative behavior of the main macro-economic variables, and the difficulty in developing new financing alternatives. Strengths: the sharing between the central level and local levels of responsibility for financing health services, the implementation of new organizational structures for the follow-up of financial changes at the local level, the development and implementation of new financial allocation mechanisms taking as a basis the efficiency and equity principles, new technique of a per-capita adjustment factor corrected at the local health needs, and the increase of financing contributions from households and local levels of government.