WorldWideScience

Sample records for summary credit trading

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

    NARCIS (Netherlands)

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

    2006-01-01

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

  2. Permit trading and credit trading

    DEFF Research Database (Denmark)

    Boom, Jan-Tjeerd; R. Dijstra, Bouwe

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

  3. Permit trading and credit trading

    DEFF Research Database (Denmark)

    Boom, Jan-Tjeerd; R. Dijstra, Bouwe

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

  4. Development of credit derivatives trading

    OpenAIRE

    Kunovjánek, Robert

    2015-01-01

    The bachelor thesis is focused on the structure and development of credit derivatives market. The thesis provides a basic summary for insight into credit derivatives market. The first part deals with general specifications of derivatives, their structure, functions and relevant categorization. The main chapter is dedicated to the most frequently used variants of credit derivatives, namely, credit default swap, total return swap and credit-linked note. Predominantly traded credit default swap ...

  5. Trade credit: Elusive insurance of firm growth

    NARCIS (Netherlands)

    Bams, Dennis; Bos, Jaap; Pisa, Magdalena

    2016-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Rafael Felipe Schiozer

    2011-12-01

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

  7. 49 CFR 536.8 - Conditions for trading of credits.

    Science.gov (United States)

    2010-10-01

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

  8. Managing Carbon Footprints under the Trade Credit

    Directory of Open Access Journals (Sweden)

    Xiaohong Chen

    2017-07-01

    Full Text Available We investigate how the retailer adjusts optimal ordering policy in the presence of cap-and-trade system and trade credit, and the corresponding changes of the retailer’s total costs and carbon footprint. Trade credit is one of the most used short-term financing tools. Our study shows that carbon emissions trading will shorten the ordering cycle for products that emit more carbon dioxide during the storage stage, and therefore reduce the buying behavior stimulation effect of trade credit on these products. Under the cap-and-trade system, the retailer’s total cost may increase or decrease, depending on the combination of carbon cap allocated to the retailer and the carbon price. Moreover, trade credit and the corresponding cost of capital affect the retailer’s carbon emission reduction strategy by changing the retailers’ consolidated cost during the ordering and inventory holding stages.

  9. Developing emission reduction credit trading in Texas

    International Nuclear Information System (INIS)

    Dodds, J.E.

    1993-01-01

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

  10. Trade credit, collateral liquidation, and borrowing constraints

    NARCIS (Netherlands)

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

    2010-01-01

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

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

    NARCIS (Netherlands)

    Fabbri, D.; Klapper, L.F.

    2008-01-01

    This paper studies the decision of firms to extend trade credit to customers and its relation with their financing decisions. We use a novel firm-level database with unique information on market power in both output and input markets and on the amount, terms and payment history of trade credit

  12. Trade credit, collateral liquidation and borrowing constraints

    NARCIS (Netherlands)

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

    2009-01-01

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

  13. Trade credit and the supply chain

    NARCIS (Netherlands)

    Fabbri, D.; Klapper, L.F.

    2009-01-01

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

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

    International Nuclear Information System (INIS)

    Schaltegger, Stefan; Thomas, Tom

    1996-01-01

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

  15. GHG trading awaits early action credit

    International Nuclear Information System (INIS)

    Anon.

    1999-01-01

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

  16. Economic capital for credit risk in the trading book

    Directory of Open Access Journals (Sweden)

    Wynand Smit

    2011-06-01

    Full Text Available The Basel II accord sets out detailed formulations (in its Internal Ratings Based approaches for determining credit risk capital in the banking book, but until recently, credit risk in the trading book was largely ignored. The financial crisis in 2007/08 exposed this oversight: woefully inadequate trading book capital led to considerable losses which resulted in, inter alia, the imposition of severe capital requirements on credit riskprone securities in the trading book.  Using empirical loss data, this article investigates whether these requirements are appropriate for the trading book and proposes a possible alternative which banks may use to determine economic capital.

  17. The Evaluation of Trade Credit Insurance in Lithuanian Business Market as a Credit Risk Management Tool

    Directory of Open Access Journals (Sweden)

    Lezgovko Aleksandra

    2017-06-01

    Full Text Available In today’s trade, the vast majority of commercial transactions in both domestic and international trade are concluded by applying trade credit terms. The aim of this article is to analyse the trade credit insurance and, according to the methodology, to evaluate it as a credit risk management tool in the context of Lithuanian business market. The authors have proposed a methodology that combines theoretical and practical research methods. First of all, with assistance of qualitative analysis, the alternative external credit risk management tools were examined. Such analysis allows not only to identify the advantages, disadvantages and benefits of researched risk management tools but also to assess the efficiency and rationality of trade credit insurance in the context of alternative methods. In order to carry out an assessment in the practical aspect, considering the lack of statistical data, it was decided additionally to perform an expert evaluation. After performing an assessment of trade credit insurance, it was concluded that in international trade, with a large buyer portfolio and high sales volume, the trade credit insurance becomes the most effective and rational way to manage credit risk, which eliminates the losses because of the debtor’s insolvency or bankruptcy, manages countries and sector’s risks and helps to discipline the debtor, what determines the decline in overdue accounts frequencies, amounts and volumes.

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

    NARCIS (Netherlands)

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

    2015-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Juanjuan Qin

    2015-12-01

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

  20. Credit Trading and Wind Power: Issues and Opportunities

    Energy Technology Data Exchange (ETDEWEB)

    Kevin Rackstraw, John Palmisano

    2001-01-15

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

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

    NARCIS (Netherlands)

    Kabir, Mohammed Rezaul; Zubair, Sirazul

    2015-01-01

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

  2. Trading biomass or GHG emission credits?

    NARCIS (Netherlands)

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

    2009-01-01

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

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

    NARCIS (Netherlands)

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

    2012-01-01

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

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

    NARCIS (Netherlands)

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

    2012-01-01

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

  5. Determinants of Trade Credit: The Case of a Developing Economy

    Directory of Open Access Journals (Sweden)

    Jaleel Ahmed

    2014-09-01

    Full Text Available This study answers the call of understanding trade credit determinants and consequences in different cultures and economic setups in order to be able to devise policies. Trade credit is affected by two types of factors including firm specific characteristics and macroeconomic conditions. This study tries to investigate the following firm specific variables such as firm size, liquidity, product quality, price discrimination, inventory and sales growth and found them significantly related to trade credit. Gross Domestic Product (GDP is the variable which is used as macroeconomic variable and found positively related to trade credit. After collecting seven years data from 2005 to 2011 from non-financial firms of Pakistan, we have applied three models named, pooled ordinary least square method, fixed effects m ethod and random effects method for estimation to reach at the conclusion that which model is more appropriate for this study based on panel data. F-test and Hausman test are used to compare the estimated models and they give their justification in favor of fixed effects model.

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

    OpenAIRE

    Jacobsen, Tor; von Schedvin, Erik

    2012-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Ankit Prakash Tyagi

    2016-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Claudinê Jordão de Carvalho

    2015-08-01

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

  9. Conditioning Factors of Late Payment of Trade Credit

    Directory of Open Access Journals (Sweden)

    Claudinê Jordão de Carvalho

    2015-01-01

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

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

    Science.gov (United States)

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

    2018-03-01

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

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

    Directory of Open Access Journals (Sweden)

    Sung Jun Kim

    2017-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Jaggi Chandra K.

    2012-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Anna Wodyńska

    2009-01-01

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

  14. International Trade of Croatian Chemical Industry Summary

    Directory of Open Access Journals (Sweden)

    Goran Buturac

    2009-07-01

    Full Text Available In this paper Croatian chemical industry in international trade is analyzed by applying k-means cluster method. The work is oriented toward the role and contribution of individual product groups in total trade patterns of chemical industry. The RCA indicator, GL index, RUV indicator and the share of individual chemical products in the total export of chemical industry are used as variables. The products at the fourdigit level of the SITC are used as objects. The cluster of chemical products in which Croatia has comparative advantages contributes significantly in export structure. At the same time this cluster consists of a few product types thus indicating strong export concentration of Croatian chemical industry. Regarding of the value of RUV indicator, Croatian chemical industry benefits most in the international trade with antibiotics and medicines that contain antibiotics. Beside fertilizers, these two products have the greatest share in the export structure. The great majority of the chemical products have the low level of intra-industry trade specialization.

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

    Science.gov (United States)

    Wu, Chengfeng; Zhao, Qiuhong

    2016-01-01

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

  16. An Analysis of Insider Trading in the Credit Derivatives Market Using the Event Study Methodology

    Directory of Open Access Journals (Sweden)

    Ewa Wareluk

    2013-12-01

    Full Text Available Purpose: In this paper I investigate the information fl ow between the credit default swap market and the stock market as well as insider trading in the credit default swap market. Methodology: For my analysis I use the event study methodology. Using the event study methodology I calculate abnormal stock returns and abnormal credit default swap premium changes. The analysis is based on 175,874 observations collected for 92 companies between the years 2001 and 2010. Findings: The results show that the information fl ow from the credit default swap market to the stock market is the most signifi cant in terms of negative rating outlooks. The information fl ow is much less signifi cant in relations to negative surprises during announcements of annual fi nancial results and rating upgrades. Evidence of insider trading is also most evident with reference to negative rating outlooks. Additionally, a distinctive feature of the credit default swap market and the stock market is the asymmetric response to negative and positive credit information. Research limitations: The event study methodology does not consider other potentially important reasons for the information flow between markets than the ones actually investigated. The credit events and credit risk information used in this research are just a proposal and can be extended by future researchers. Originality: This paper discusses a new research area. The main research area in terms of insider trading is still the stock market, with special focus on the US market. I decided to explore the insider trading phenomenon in the credit default swap market. I only considered contracts that are quoted with reference to European underlying assets. This part of the fi nancial market is attractive in terms of economic research as credit derivatives are more commonly used not only in North America but also in Europe.

  17. Inventory Model for Deteriorating Items with Quadratic Time Dependent Demand under Trade Credits

    Directory of Open Access Journals (Sweden)

    Rakesh Tripathi

    2016-02-01

    Full Text Available In this paper, an EOQ model is developed for a deteriorating item with quadratic time dependent demand rate under trade credit. Mathematical models are also derived under two different situations i.e. Case I; the credit period is less than the cycle time for settling the account and Case II; the credit period is greater than or equal to the cycle time for settling the account. The numerical examples are also given to validate the proposed model. Sensitivity analysis is given to study the effect of various parameters on ordering policy and optimal total profit. Mathematica 7.1 software is used for finding optimal numerical solutions.

  18. Credit Reallocation and Trade Finance In the Early Modern Age: the Fair Deposit

    OpenAIRE

    Matringe, Nadia

    2015-01-01

    This paper analyses the private records of a prominent bank in 16 th century Lyons, that of the Salviati, to examine the role of the fair deposit in the financing of international trade. The fair deposit appears to be a flexible clearing instrument sustaining the auto-financing of European big business. The credit mobilized through deposit is mostly derived from international trade and banking, where it is instantly re-injected. Investments are stimulated by the numerous advantages offered by...

  19. Analyzing Cost Implications of Water Quality Trading Provisions: Lessons from the Virginia Nutrient Credit Exchange Act

    OpenAIRE

    Aultman, Stephen

    2007-01-01

    The purpose of this study was to analyze the cost implications of various provisions of the Virginia Nutrient Credit Exchange Act. The first objective was to estimate the cost implications of point source trading provisions of the Act. An integer programming cost minimization model was constructed to estimate the cost of achieving four point source trading policy scenarios. The model estimated the annual cost of meeting two different nutrient cap levels, each with and without a limits-of-te...

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

    NARCIS (Netherlands)

    Ogawa, Kazuo; Sterken, Elmer; Tokutsu, Ichiro

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

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

    Science.gov (United States)

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

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

    Science.gov (United States)

    Mahata, Gour Chandra

    2015-09-01

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

  3. 75 FR 52655 - Summary of Rights and Notices of Duties Under the Fair Credit Reporting Act

    Science.gov (United States)

    2010-08-27

    ... information about their credit score. Second, if a CRA notifies a user of consumer reports that the address... information be included in the notice? The Commission expects that the User Notice will be sent to a wide... should not include ``trade secret or any commercial or financial information which is obtained from any...

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

    Science.gov (United States)

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

    2017-03-01

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

  5. An Inventory Model with Finite Replenishment Rate, Trade Credit Policy and Price-Discount Offer

    Directory of Open Access Journals (Sweden)

    Biswajit Sarkar

    2013-01-01

    Full Text Available When some suppliers offer trade credit periods and price discounts to retailers in order to increase the demand of their products, retailers have to face different types of discount offers and credits within which they have to take a decision which is the best offer for them to make more profit. The retailers try to buy perfect-quality items at a reasonable price, and also they try to invest returns obtained by selling those items in such a manner that their business is not hampered. In this point of view, we consider an economic order quantity (EOQ model for various types of time-dependent demand when delay in payment and price discount are permitted by suppliers to retailers. The models of various demand patterns are discussed analytically. Some numerical examples and graphical representations are considered to illustrate the model.

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

    OpenAIRE

    Prasad, Siddhesh

    2016-01-01

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

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

    Science.gov (United States)

    Sundara Rajan, R.; Uthayakumar, R.

    2017-12-01

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

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

    Directory of Open Access Journals (Sweden)

    Jigao Zhu

    2009-12-01

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

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

    Science.gov (United States)

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

    2016-03-01

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

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

    Directory of Open Access Journals (Sweden)

    PALIU - POPA LUCIA

    2013-12-01

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

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

    International Nuclear Information System (INIS)

    2001-12-01

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

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

    Science.gov (United States)

    Clement, Thomas; LeMire, Steven; Silvernagel, Craig

    2015-01-01

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

  13. Impacts of seaborne trade on coal importing countries: global summary

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2012-05-15

    In recent years, there has been a convergence of international trade with traditional domestic markets, with import increasing into many coal producing regions, the influence of trade on domestic markets has been twofold. Firstly, imported coal displaces domestic production, and in doing so, secondly international price trends may drive prices of what remains of the indigenous market for coal. While international trade does not provide any additional benefits in terms of reduced CO2 at a coal-fired power stations, importing coal provides many benefits, such as cost savings, improved coal quality, enhanced supply diversity, and often fills a gap which is left where domestic supply is unable to fulfil. This report examines the various factors that have led to rise in popularity of seaborne-traded coal, and seeks to discuss the future of domestically produced coal in some of the major coal markets of the world.

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

    Science.gov (United States)

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

    2014-09-01

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

  15. Making it work: Kyoto, trade and politics : Executive summary

    International Nuclear Information System (INIS)

    Urquhar, I.

    2002-11-01

    In this document, the author examines the constraints that would be placed on policy makers in the event of the implementation of the Kyoto Protocol, and how it would affect trade agreements and federalism in Canada. A description of the Protocol and the concessions (carbon sinks and international emissions trading) gained by Canada are presented at the beginning of the document. The author offers several conclusions that could disturb both proponents and opponents of the Kyoto Protocol. It is said that the implementation of Kyoto can take a route other than that of drastic domestic emissions reductions, and this position is explored in the second section. The author indicates that corporate competitiveness could be boosted by strict environmental regulations. A range of policies that could be adopted by Canada, as proposed by numerous organizations, are highlighted in the third section of the document. The point of the World Trade Organization and the constraints imposed are not necessarily preventing all types of actions. However, the author is of the opinion that the North America Free Trade Agreement represents a real threat to the implementation of the Kyoto Protocol. Finally, it is indicated that Canada requires a national electricity policy, where big hydro utilities and public investment have major roles to play

  16. Summary report on the French burnup credit working group. Knowledge regarding PWR UOX fuel. French Burnup Credit WG

    International Nuclear Information System (INIS)

    2018-01-01

    The 'Burnup Credit' Working Group was established in 1997 to examine the various parameters, such as the irradiation conditions, the burnup profile and the nuclides (actinides and fission products), to be taken into consideration in the criticality studies that take credit from burnup. This report offers an overview of the work that has been completed or agreed under this framework. It presents the group findings on the following topics: - the axial distribution of nuclides or the axial burnup profile; - methods for validating the actual burnup and its axial distribution; - the calculation of nuclide concentrations after irradiation; - the calculation methods that will be used to determine the effective multiplication factor for systems containing used fuel assemblies. This document gathers together the work carried out by the French Burnup Credit Working Group; it is not a guide validating a particular method for taking burnup credit into account. All of the findings presented here may serve as a basis in industry for defining a method to take account of burnup credit in criticality studies; any industrial body effectively adopting such a method will also be responsible for defining it, based on its knowledge of the used fuel assemblies and the configuration to be addressed. This document forms a collection of the work completed by the Working Group up to 1 January 2007 but does not necessarily reflect ongoing work in the various institutes. (authors)

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

    Directory of Open Access Journals (Sweden)

    S. R. Singh

    2014-10-01

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

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

    Science.gov (United States)

    Thangam, A.

    2015-03-01

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

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

    Science.gov (United States)

    Thangam, A.

    2015-06-01

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

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

    Science.gov (United States)

    Thangam, A.

    2014-02-01

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

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

    Directory of Open Access Journals (Sweden)

    Sunil Kumar

    2015-12-01

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

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

    Directory of Open Access Journals (Sweden)

    Ignat Papazov

    2017-03-01

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

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

    OpenAIRE

    Colonnello, Stefano; Efing, Matthias; Zucchi, Francesca

    2016-01-01

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

  4. A Failed Experiment: Georgia's Tax Credit Scholarships for Private Schools. Special Summary

    Science.gov (United States)

    Southern Education Foundation, 2011

    2011-01-01

    Georgia is one of seven states that currently allow tax credits for scholarships to private schools. The law permits individual taxpayers in Georgia to reduce annual state taxes up to $2,500 for joint returns when they divert funds to a student scholarship organization (SSO). Georgia's law providing tax credits for private school tuition grants or…

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

    Directory of Open Access Journals (Sweden)

    Aditi Khanna

    2017-01-01

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

  6. The relationship between trade credit, bank credit and financial structure : from firm-level non-linearities to financial development heterogeneity. A study on MENA firm-level data

    OpenAIRE

    Jézabel Couppey-Soubeyran; Jérôme Héricourt

    2011-01-01

    URL des Documents de travail : http://centredeconomiesorbonne.univ-paris1.fr/bandeau-haut/documents-de-travail/; Documents de travail du Centre d'Economie de la Sorbonne 2011.08 - ISSN : 1955-611X; Using a database of more than 1,100 firms in the MENA region, this article looks at the determinants of demand for trade credit, particularly access to bank credit, size, age and the quality of the firm's financial structure. We show that the difficulty of gaining acces to bank credit positively in...

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

    Directory of Open Access Journals (Sweden)

    Nita H. Shah

    2014-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Manna S.K.

    2008-01-01

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

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

    OpenAIRE

    Colonnello, Stefano; Efing, Matthias; Zucchi, Francesca

    2017-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Lalit Mohan Pradhan

    2014-03-01

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

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

    Science.gov (United States)

    Chung, Kun-Jen

    2013-09-01

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

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

    Science.gov (United States)

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

    2017-07-01

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

  13. Trade

    OpenAIRE

    Chapman, Bert

    2014-01-01

    Provides a historical overview of analysis of U.S. foreign trade policy during the early decades of the country's history. Examines bilateral U.S. trade relations with France and Great Britain, provides import and export statistics, details on commodities and products imports and exported, trade statistics, and information on the political and economic factors shaping U.S. trade during this period.

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

    Directory of Open Access Journals (Sweden)

    Esteban Lafuente

    2017-12-01

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

  15. Large Deployable Reflector (LDR) system concept and technology definition study. Volume 1: Executive summary, analyses and trades, and system concepts

    Science.gov (United States)

    Agnew, Donald L.; Jones, Peter A.

    1989-01-01

    A study was conducted to define reasonable and representative large deployable reflector (LDR) system concepts for the purpose of defining a technology development program aimed at providing the requisite technological capability necessary to start LDR development by the end of 1991. This volume includes the executive summary for the total study, a report of thirteen system analysis and trades tasks (optical configuration, aperture size, reflector material, segmented mirror, optical subsystem, thermal, pointing and control, transportation to orbit, structures, contamination control, orbital parameters, orbital environment, and spacecraft functions), and descriptions of three selected LDR system concepts. Supporting information is contained in appendices.

  16. Public summaries of feasibility studies conducted for the trinidad LNG project. Export trade information

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1995-04-01

    The study, conducted by The M. W. Kellog Company, was funded by the U.S. Trade and Development Agency on behalf of the National Gas Company of Trinidad and Tobago. It shows the results of Project Definition Phase which was implemented as a follow-up to two previous feasibility studies which were conducted for a LNG plant in Trinidad. The objective of this report is to develop a project design basis and implementation plan plus a cost estimate. The study is divided into the following sections: (1) Introduction; (2) Project Design Basis; (3) Seismic Hazard Assessment; (4) Geotechnical; and (5) Environmental Assessment.

  17. Summary

    International Nuclear Information System (INIS)

    2004-01-01

    The fourth workshop of the OECD/NEA Forum on Stakeholder Confidence (FSC) was hosted by ONDRAF/NIRAS, the Belgian Agency for Radioactive Waste Management and enriched fissile materials. The central theme of the workshop was ''Dealing with interests, values and knowledge in managing risk''within the Belgian context of local partnerships for the long term management of low-level, short-lived radioactive waste. The four-day workshop started with a half-day session in Brussels giving a general introduction on the Belgian context and the local partnership methodology. This was followed by community visits to three local partnerships, PaLoFF in Fleurus-Farciennes, MONA in Mol, and STOLA in Dessel. After the visits, the workshop continued with two full-day sessions in Brussels. One hundred and nineteen registered participants, representing 13 countries, attended the workshop or participated in the community visits. About two thirds were Belgian stakeholders; the remainder came from FSC member organisations. The participants included representatives of municipal governments, civil society organisations, government agencies, industrial companies, the media, and international organisations as well as private citizens, consultants and academics. This Executive Summary gives an overview of the presentations and discussions that took place at the workshop and the community visits. The structure of the Executive Summary follows the structure of the workshop itself. Complementary to this Executive Summary and also provided with this document, is a NEA Secretariat's reflection aiming to place the main lessons of the workshop into an international perspective. (author)

  18. Financing the American Consumer: A Business Report on Consumer Credit. Part I--Summary Report. Report of the Sub-Council on Credit and Related Terms of Sale of the National Business Council for Consumer Affairs.

    Science.gov (United States)

    National Business Council for Consumer Affairs, Washington, DC.

    Individuals and organizations administering consumer credit services are urged to adopt the following recommendations and the Code of Billing and Collection Practices (also included): (1) Credit grantors should support continuing educational programs at national and local levels on the nature of the consumer credit system. (2) Whenever possible,…

  19. 40 CFR 91.1306 - Trading.

    Science.gov (United States)

    2010-07-01

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

  20. 78 FR 77721 - Office of Small Credit Unions (OSCUI) Grant Program Access for Credit Unions

    Science.gov (United States)

    2013-12-24

    ... From the Federal Register Online via the Government Publishing Office NATIONAL CREDIT UNION ADMINISTRATION Office of Small Credit Unions (OSCUI) Grant Program Access for Credit Unions AGENCY: National Credit Union Administration (NCUA). ACTION: Notice of Funding Opportunity. SUMMARY: The National Credit...

  1. 78 FR 2449 - Office of Small Credit Unions (OSCUI) Grant Program Access for Credit Unions

    Science.gov (United States)

    2013-01-11

    ... From the Federal Register Online via the Government Publishing Office NATIONAL CREDIT UNION ADMINISTRATION Office of Small Credit Unions (OSCUI) Grant Program Access for Credit Unions AGENCY: National Credit Union Administration (NCUA). ACTION: Notice of Funding Opportunity. SUMMARY: The National Credit...

  2. 78 FR 33445 - Office of Small Credit Unions (OSCUI) Grant Program Access For Credit Unions

    Science.gov (United States)

    2013-06-04

    ... From the Federal Register Online via the Government Publishing Office NATIONAL CREDIT UNION ADMINISTRATION Office of Small Credit Unions (OSCUI) Grant Program Access For Credit Unions AGENCY: National Credit Union Administration (NCUA). ACTION: Notice of Funding Opportunity. SUMMARY: The National Credit...

  3. 49 CFR 536.4 - Credits.

    Science.gov (United States)

    2010-10-01

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

  4. Energy from biomass. Summaries of the Biomass Projects carried out as part of the Department of Trade and Industry's New and Renewable Energy Programme. Vol. 3: converting wood fuel to energy

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-12-01

    These volumes of summaries provide easy access to the many projects carried out in the Energy from Biomass programme area as part of the Department of Trade and Industry's New and Renewable Energy Programme. The summaries in this volume cover contractor reports on the subject published up to December 1997. (author)

  5. Energy from biomass. Summaries of the Biomass Projects carried out as part of the Department of Trade and Industry`s New and Renewable Energy Programme. Vol. 4: anaerobic digestion for biogas

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-12-01

    These volumes of summaries provide easy access to the many projects carried out in the Energy from Biomass programme area as part of the Department of Trade and Industry`s New and Renewable Energy Programme. The summaries in this volume cover contractor reports on the subject published up to December 1997. (author)

  6. Energy from biomass. Summaries of the Biomass Projects carried out as part of the Department of Trade and Industry's New and Renewable Energy Programme. Vol. 5: straw, poultry litter and energy crops as energy sources

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1999-01-01

    These volumes of summaries provide easy access to the many projects carried out in the Energy from Biomass programme area as part of the Department of Trade and Industry's New and Renewable Energy Programme. The summaries in this volume cover contractor reports on the subject published up to December 1997. (author)

  7. 12 CFR 614.4720 - Letters of credit.

    Science.gov (United States)

    2010-01-01

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

  8. 19 CFR 103.31 - Information on vessel manifests and summary statistical reports.

    Science.gov (United States)

    2010-04-01

    ..., trade journals, and similar publications shall be permitted to examine vessel manifests and summary... mailed from the CBP Data Center, first class, on the next business day after compilation. Parties...-ROMS or non-receipt of CD-ROMS in order to receive a replacement or credit towards future tape...

  9. 75 FR 34488 - Community Development Revolving Loan Fund for Credit Unions

    Science.gov (United States)

    2010-06-17

    ... From the Federal Register Online via the Government Publishing Office ] NATIONAL CREDIT UNION ADMINISTRATION Community Development Revolving Loan Fund for Credit Unions AGENCY: National Credit Union Administration. ACTION: Notice of application period. SUMMARY: The National Credit Union Administration (NCUA...

  10. 40 CFR 91.206 - Trading.

    Science.gov (United States)

    2010-07-01

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

  11. CREDIT SYSTEM AND CREDIT GUARANTEE PROGRAMS

    OpenAIRE

    Turgay GECER

    2012-01-01

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

  12. Summary of the APEC coal trade and investment liberalization and facilitation workshop: Facilitating trade and investment in Indonesia's coal energy sector

    International Nuclear Information System (INIS)

    Johnson, C.J.

    1997-08-01

    The Workshop brought together experts from APEC economies to discuss important issues related to coal development, trade and consumption in the APEC region, with a focus on Indonesia. Papers ranged from broad regional coal-related issues to specific policy and contract terms. The host, Indonesia, was selected as the focus of the workshop because it: (a) has APEC's fastest growing electricity sector, (b) is in the process of switching from oil based electricity generation to coal and natural gas-based generation, (c) is among the fastest growing coal exporters in APEC, and (d) has a contract system for coal development that has been widely accepted by foreign investors. In addition, Indonesia is in the process of revising its coal policies, and might benefit from the timely discussions in this workshop. The papers presented in the workshop spanned the coal chain from coal resources and reserves, conversion technologies, economics and markets, legal and policy issues, to community and cultural concerns. Participants represented government, industry and academic interests, and provided perspectives of coal and technology suppliers, consumers, energy policy makers and legal experts

  13. Granting Credit for College Proficiency and Regents External Degree Examinations in New York State: A Summary of Institutional Policies, 1981-82.

    Science.gov (United States)

    New York State Education Dept., Albany. Bureau of Independent Study and Programs Development.

    A guide is presented for students on the policies and practices of public and private New York colleges and universities in regard to granting credit, course waiver, or advanced standing to those who pass the College Proficiency Examinations (CPEs) and the Regents External Degree Examinations (REDEs). A chart indicates, for each institution and…

  14. Are carbon credits effective?

    International Nuclear Information System (INIS)

    Anon.

    2010-01-01

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

  15. Ada (Trade Name) Compiler Validation Summary Report: Alsys Inc., AlsyCOMP 003, V3.1, HP Vectra.

    Science.gov (United States)

    1988-06-04

    Capability, ACVC, Validation Testing , Ada Validation Office, AVO, Ada Validation Facility, AVF, ANSI/MIL-STD- 1815A, Ada Joint Program Office, AJPO 20...CLASSIFICATION OF THIS PAGE (When Data Enrered) AVF Control Number: AVF-VSR-90502/26 Afla , COMPILER VALIDACION SUMMARY REPORT Alsys Inc AlsyCOMP .003, N73...HP Veutta Completion of On--Site Testing 4 June 1987 Prepared By The National Computing Centre Limited Oxford Road Manchester M1 7ED UK Prepared For

  16. 12 CFR 614.4810 - Standby letters of credit.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Standby letters of credit. 614.4810 Section 614.4810 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM LOAN POLICIES AND OPERATIONS Banks for Cooperatives and Agricultural Credit Banks Financing International Trade § 614.4810 Standby...

  17. 40 CFR 1054.715 - How do I bank emission credits?

    Science.gov (United States)

    2010-07-01

    ... Averaging, Banking, and Trading for Certification § 1054.715 How do I bank emission credits? (a) Banking is... future model years for averaging or trading. You may use banked emission credits only within the...

  18. 40 CFR 90.206 - Trading.

    Science.gov (United States)

    2010-07-01

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

  19. 40 CFR 1039.715 - How do I bank emission credits?

    Science.gov (United States)

    2010-07-01

    ..., Banking, and Trading for Certification § 1039.715 How do I bank emission credits? (a) Banking is the retention of emission credits by the manufacturer generating the emission credits for use in future model...

  20. 40 CFR 1045.715 - How do I bank emission credits?

    Science.gov (United States)

    2010-07-01

    ..., Banking, and Trading for Certification § 1045.715 How do I bank emission credits? (a) Banking is the retention of emission credits by the manufacturer generating the emission credits for use in future model...

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

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1995-07-28

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

  2. 76 FR 16235 - Corporate Credit Unions, Technical Corrections

    Science.gov (United States)

    2011-03-23

    ... inadvertently included particular investments that did not--when subject to the other credit risk and asset... NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Part 707 RIN 3133-AD58 Corporate Credit Unions, Technical Corrections AGENCY: National Credit Union Administration (NCUA). ACTION: Final rule. SUMMARY: In...

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

    International Nuclear Information System (INIS)

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

    2000-01-01

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

  4. Measuring the impact of trade finance on country trade flows: a South African perspective

    OpenAIRE

    Marcel Kohler; Adrian Saville

    2011-01-01

    Trade finance (or short-term credit) plays a crucial role in facilitating international trade yet is particularly vulnerable to financial crises as banks increase the pricing on all trade finance transactions to cover increased funding costs and higher credit risks. Whereas South Africa’s financial institutions largely managed to strengthen their capital positions during the global financial crisis, the country’s trade flows and access to capital (in particular trade finance & its costs) were...

  5. 78 FR 57620 - Trade Mission to Philippines and Malaysia

    Science.gov (United States)

    2013-09-19

    ... DEPARTMENT OF COMMERCE International Trade Administration Trade Mission to Philippines and Malaysia AGENCY: International Trade Administration, Department of Commerce. ACTION: Notice. SUMMARY: The... trade mission to Manila, Philippines and Kuala Lumpur, Malaysia scheduled for October 23-October 30...

  6. 76 FR 41590 - Equal Credit Opportunity

    Science.gov (United States)

    2011-07-15

    ... Rule generally requires a creditor to provide a risk-based pricing notice to a consumer when the.... SUMMARY: Section 701 of the Equal Credit Opportunity Act (ECOA) requires a creditor to notify a credit... content required by both the ECOA and the FCRA adverse action provisions, so that creditors can use the...

  7. Let's Talk Trade Books.

    Science.gov (United States)

    Gee, Thomas; Olson, Mary W.

    1992-01-01

    Describes strategies that use trade books to teach science to primary students. Strategies include (1) developing concepts and vocabulary; (2) using concrete manipulatives to reinforce learning; (3) encouraging retelling; (4) developing class summaries; and (5) developing visual imagery. (MDH)

  8. Emission credits : what are they worth?

    International Nuclear Information System (INIS)

    Wilman, E.A.

    2003-01-01

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

  9. 40 CFR 1033.715 - Banking emission credits.

    Science.gov (United States)

    2010-07-01

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

  10. Canadian municipal carbon trading primer

    International Nuclear Information System (INIS)

    Seskus, A.

    2002-01-01

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

  11. Inter-Firm Relationships and Informal Credit in Vietnam

    OpenAIRE

    McMillan, John; Woodruff, Christopher

    1998-01-01

    Trading relations in Vietnam's emerging private sector are shaped by two market frictions: the difficulty of locating trading partners and the absence of legal enforcement of contracts. Examining relational contracting, we find that a firm trusts its customer enough to offer credit when the customer faces high costs of finding an alternative supplier. A longer duration of trading relationship is associated with larger credit, as is prior information gathering. Customers identified through bus...

  12. Oil trading manual

    International Nuclear Information System (INIS)

    Long, D.

    1995-01-01

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

  13. 78 FR 7264 - Health Insurance Premium Tax Credit

    Science.gov (United States)

    2013-02-01

    ... Insurance Premium Tax Credit AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Final regulations. SUMMARY: This document contains final regulations relating to the health insurance premium tax credit... Affordable Insurance Exchanges (Exchanges) and claim the premium tax credit. DATES: Effective date: These...

  14. 75 FR 80678 - Conversions of Insured Credit Unions

    Science.gov (United States)

    2010-12-23

    ... From the Federal Register Online via the Government Publishing Office NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Parts 708a and 708b RIN 3133-AD84; 3133-AD85 Conversions of Insured Credit Unions AGENCY: National Credit Union Administration (NCUA). ACTION: Interim final rule with request for comments. SUMMARY...

  15. 76 FR 13504 - Conversions of Insured Credit Unions

    Science.gov (United States)

    2011-03-14

    ... From the Federal Register Online via the Government Publishing Office NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Parts 708a and 708b RIN 3133-AD84; 3133-AD85 Conversions of Insured Credit Unions AGENCY: National Credit Union Administration (NCUA). ACTION: Final rule. SUMMARY: NCUA is confirming as final a...

  16. MODELING CREDIT RISK THROUGH CREDIT SCORING

    OpenAIRE

    Adrian Cantemir CALIN; Oana Cristina POPOVICI

    2014-01-01

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

  17. The political economy of International Emissions Trading Scheme Choice

    DEFF Research Database (Denmark)

    Boom, J.T.; Svendsen, Gert Tinggaard

    2000-01-01

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

  18. 76 FR 13902 - Fair Credit Reporting Risk-Based Pricing Regulations

    Science.gov (United States)

    2011-03-15

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

  19. 76 FR 41602 - Fair Credit Reporting Risk-Based Pricing Regulations

    Science.gov (United States)

    2011-07-15

    ... TRADE COMMISSION 16 CFR Parts 640 and 698 RIN R411009 Fair Credit Reporting Risk-Based Pricing... rules to implement the risk-based pricing provisions in section 311 of the Fair and Accurate Credit... require disclosure of credit scores and information relating to credit scores in risk-based pricing...

  20. Credit report accuracy and access to credit

    OpenAIRE

    Robert B. Avery; Paul S. Calem; Glenn B. Canner

    2004-01-01

    Data that credit-reporting agencies maintain on consumers' credit-related experiences play a central role in U.S. credit markets. Analysts widely agree that the data enable these markets to function more efficiently and at lower cost than would otherwise be possible. Despite the great benefits of the current system, however, some analysts have raised concerns about the accuracy, timeliness, completeness, and consistency of consumer credit records and about the effects of data problems on the ...

  1. 15 CFR 785.7 - Summary decision.

    Science.gov (United States)

    2010-01-01

    ... 15 Commerce and Foreign Trade 2 2010-01-01 2010-01-01 false Summary decision. 785.7 Section 785.7 Commerce and Foreign Trade Regulations Relating to Commerce and Foreign Trade (Continued) BUREAU OF INDUSTRY AND SECURITY, DEPARTMENT OF COMMERCE ADDITIONAL PROTOCOL REGULATIONS ENFORCEMENT § 785.7 Summary...

  2. Credit Management System

    Data.gov (United States)

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

  3. 75 FR 9414 - Farm Credit Administration Board; Sunshine Act; Regular Meeting

    Science.gov (United States)

    2010-03-02

    ... FARM CREDIT ADMINISTRATION Farm Credit Administration Board; Sunshine Act; Regular Meeting AGENCY: Farm Credit Administration. SUMMARY: Notice is hereby given, pursuant to the Government in the Sunshine Act (5 U.S.C. 552b(e)(3)), of the regular meeting of the Farm Credit Administration Board (Board...

  4. 75 FR 7480 - Farm Credit Administration Board; Sunshine Act; Regular Meeting

    Science.gov (United States)

    2010-02-19

    ... FARM CREDIT ADMINISTRATION Farm Credit Administration Board; Sunshine Act; Regular Meeting AGENCY: Farm Credit Administration. SUMMARY: Notice is hereby given, pursuant to the Government in the Sunshine...) of the Farm Credit Administration Board (Board) has been rescheduled due to the recent inclement...

  5. Emissions trading in the transport sector. Feasible approach for an upstream model. Executive summary; Emissionshandel im Verkehr. Ansaetze fuer einen moeglichen Up-Stream-Handel im Verkehr. Endbericht

    Energy Technology Data Exchange (ETDEWEB)

    Bertenrath, Roman; Liebig, Lars [Koeln Univ. (Germany). Finanzwissenschaftliches Forschungsinstitut; Betz, Regina; Rogge, Karoline; Schade, Wolfgang [Fraunhofer-Institut fuer Systemtechnik und Innovationsforschung (ISI), Karlsruhe (Germany); Duennebeil, Frank; Lambrecht, Udo [ifeu-Institut fuer Energie- und Umweltforschung GmbH, Heidelberg (Germany); Bergmann, Heidi

    2005-11-15

    In July, 2003, FiFo Koeln (Cologne Centre for Public Economics) was mandated by the German Federal Environmental Agency (UBA) with the examination of the UFOPLAN scheme 'Emissions Trading System for the Transport Sector - Development of a possible Trading Approach'. The main task of this study was the development of a concrete emissions trading approach for the transport sector, which triggers off a compulsory holding of emissions certificates at the beginning of the energy supply chain (upstream approach). The main focus was rather put on the practical options of the implementation of an upstream approach in the transport sector and its specific problems. The transaction costs of a trading system in the transport sector had to be kept at a minimum level. The upsteam approach discussed in his study seems to be more adequate to include further carbon dioxide emissions of other sectors than the EU downstream model. This can mainly be attributed to the amount and nature of the respective transaction costs. In Germany allocative failure in fuel taxation between diesel and petrol can be diminished regardless of the prices for CO{sub 2}. Emissions trading therefore leads to structural changes. An upstream approach has only indirect effects on the motorcar industry and refiners. Therefore, technical CO{sub 2} reduction can primarily be realised via an increased consumer demand for ore fuel-efficient vehicles, new propulsion technology or alternative fuels based on renewable energies. In the case of an open trading system the amount of transport emissions was estimated that actually could be reduced to be relatively small. The authors of the contribution under consideration are not convinced that the full potential of existing adaptation options in the transport sector can be tapped by an open emissions trading. The transport sector will cope with additional CO{sub 2} costs without tapping the potential of relatively cheap adaptation options. Also at closed

  6. Trade-based carbon sequestration accounting.

    Science.gov (United States)

    King, Dennis M

    2004-04-01

    This article describes and illustrates an accounting method to assess and compare "early" carbon sequestration investments and trades on the basis of the number of standardized CO2 emission offset credits they will provide. The "gold standard" for such credits is assumed to be a relatively riskless credit based on a CO2 emission reduction that provides offsets against CO2 emissions on a one-for-one basis. The number of credits associated with carbon sequestration needs to account for time, risk, durability, permanence, additionality, and other factors that future trade regulators will most certainly use to assign "official" credits to sequestration projects. The method that is presented here uses established principles of natural resource accounting and conventional rules of asset valuation to "score" projects. A review of 20 "early" voluntary United States based CO2 offset trades that involve carbon sequestration reveals that the assumptions that buyers, sellers, brokers, and traders are using to characterize the economic potential of their investments and trades vary enormously. The article develops a "universal carbon sequestration credit scoring equation" and uses two of these trades to illustrate the sensitivity of trade outcomes to various assumptions about how future trade auditors are likely to "score" carbon sequestration projects in terms of their "equivalency" with CO2 emission reductions. The article emphasizes the importance of using a standard credit scoring method that accounts for time and risk to assess and compare even unofficial prototype carbon sequestration trades. The scoring method illustrated in this article is a tool that can protect the integrity of carbon sequestration credit trading and can assist buyers and sellers in evaluating the real economic potential of prospective trades.

  7. Washington state--British Columbia international mobility and trade corridor (IMTC) : ITS-CVO border crossing deployment, evaluation draft report : executive summary

    Science.gov (United States)

    2003-10-01

    The Washington state-British Columbia international mobility and trade corridor (IMTC) ITS-CVO Border Crossing Deployment is allowing for the completion of a bi-national freight border crossing ITS system at the border, and is a follow-on effort t...

  8. 77 FR 35709 - Notice of Submission of Proposed Information Collection to OMB; Personal Financial and Credit...

    Science.gov (United States)

    2012-06-14

    ... Proposed Information Collection to OMB; Personal Financial and Credit Statement AGENCY: Office of the Chief Information Officer, HUD. ACTION: Notice. SUMMARY: The proposed information collection requirement described... lists the following information: Title of Proposal: Personal Financial and Credit Statement. OMB...

  9. Refundable Tax Credits

    OpenAIRE

    Congressional Budget Office

    2013-01-01

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

  10. NCA & Credit Guarantees

    African Journals Online (AJOL)

    stooppn

    Credit Act? 2.1 What is a credit guarantee? The National Credit Act provides, subject to certain exemptions, that the Act generally applies to every credit agreement (eg, money-lending transactions irrespective of .... Lubbe 1984 THRHR 383; De Wet and Van Wyk Kontraktereg 391; Pretorius 2001 SA Merc LJ. 95; Sonnekus ...

  11. Understanding Credit Risk: A Classroom Experiment

    Science.gov (United States)

    Servatka, Maros; Theocharides, George

    2011-01-01

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

  12. 40 CFR 1042.715 - Banking emission credits.

    Science.gov (United States)

    2010-07-01

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

  13. 76 FR 71378 - Labor Advisory Committee for Trade Negotiations and Trade Policy

    Science.gov (United States)

    2011-11-17

    ... DEPARTMENT OF LABOR Office of the Secretary Labor Advisory Committee for Trade Negotiations and Trade Policy ACTION: Meeting notice. SUMMARY: Pursuant to the provisions of the Federal Advisory... Committee for Trade Negotiation and Trade Policy. Date, Time, Place: November 30, 2011; 2-4:30 p.m.; U.S...

  14. 77 FR 65581 - Labor Advisory Committee for Trade Negotiations and Trade Policy

    Science.gov (United States)

    2012-10-29

    ... DEPARTMENT OF LABOR Office of the Secretary Labor Advisory Committee for Trade Negotiations and Trade Policy ACTION: Meeting notice. SUMMARY: Pursuant to the provisions of the Federal Advisory... Committee for Trade Negotiation and Trade Policy. Date, Time, Place: November 13, 2012; 10:00 a.m.-12:00 p.m...

  15. 75 FR 78758 - Bureau of International Labor Affairs; Labor Advisory Committee for Trade Negotiations and Trade...

    Science.gov (United States)

    2010-12-16

    ... Committee for Trade Negotiations and Trade Policy ACTION: Meeting notice. SUMMARY: Pursuant to the... meeting of the Labor Advisory Committee for Trade Negotiation and Trade Policy. Date, Time, Place: January 12, 2011; 10 a.m.-11:30 a.m.; U.S. Department of Labor, Secretary's Conference Room, 200 Constitution...

  16. 77 FR 20054 - Bureau of International Labor Affairs; Labor Advisory Committee for Trade Negotiations and Trade...

    Science.gov (United States)

    2012-04-03

    ... Committee for Trade Negotiations and Trade Policy ACTION: Meeting Notice. SUMMARY: Pursuant to the... meeting of the Labor Advisory Committee for Trade Negotiation and Trade Policy. Date, Time, Place: May 14, 2012; 2 p.m.-4 p.m.; U.S. Department of Labor, Secretary's Conference Room, 200 Constitution Ave. NW...

  17. 75 FR 9615 - Bureau of International Labor Affairs: Labor Advisory Committee for Trade Negotiations and Trade...

    Science.gov (United States)

    2010-03-03

    ... Committee for Trade Negotiations and Trade Policy ACTION: Meeting Notice. SUMMARY: Pursuant to the... meeting of the Labor Advisory Committee for Trade Negotiation and Trade Policy. Date, Time, Place: March... Constitution Ave., NW., Washington, DC. Purpose: The meeting will include a review and discussion of current...

  18. International Trade of Biofuels (Brochure)

    Energy Technology Data Exchange (ETDEWEB)

    2013-05-01

    In recent years, the production and trade of biofuels has increased to meet global demand for renewable fuels. Ethanol and biodiesel contribute much of this trade because they are the most established biofuels. Their growth has been aided through a variety of policies, especially in the European Union, Brazil, and the United States, but ethanol trade and production have faced more targeted policies and tariffs than biodiesel. This fact sheet contains a summary of the trade of biofuels among nations, including historical data on production, consumption, and trade.

  19. 78 FR 59004 - Export Trade Certificate of Review

    Science.gov (United States)

    2013-09-25

    ... DEPARTMENT OF COMMERCE International Trade Administration [Application No. 13-00001] Export Trade Certificate of Review ACTION: Notice of Application for an Export Trade Certificate of Review to Emporia Trading LLC, Application No. 13-00001. SUMMARY: The Export Trading Company Affairs (``ETCA'') unit, Office...

  20. 78 FR 78818 - Export Trade Certificate of Review

    Science.gov (United States)

    2013-12-27

    ... DEPARTMENT OF COMMERCE International Trade Administration [Application No. 13-00001] Export Trade Certificate of Review ACTION: Notice of Issuance of an Export Trade Certificate of Review to Emporia Trading LLC, Application No. 13-00001. SUMMARY: The U.S. Department of Commerce issued an Export Trade...

  1. CREDIT CARD FRAUD

    Directory of Open Access Journals (Sweden)

    Lăcrămioara BALAN

    2011-06-01

    Full Text Available Credit card fraud is the misuse of a credit card to make purchases without authorization or counterfeiting acredit card. Credit cards are the most often used electronic payment instrument. Types of credit card fraud are: onlinecredit card fraud, advance payments, stolen card numbers, shave and paste, de-emboss/re-emboss etc. If current growthrates continue, credit cards and debit cards will each exceed the number of paid checks before the end of the decade. Asthe industry continues to expand and offer credit to more and more consumers, fraud will also grow.

  2. The market for tradable renewable energy credits

    International Nuclear Information System (INIS)

    Berry, David

    2002-01-01

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

  3. 40 CFR 1051.710 - How do I generate and bank emission credits?

    Science.gov (United States)

    2010-07-01

    ...) AIR POLLUTION CONTROLS CONTROL OF EMISSIONS FROM RECREATIONAL ENGINES AND VEHICLES Averaging, Banking, and Trading for Certification § 1051.710 How do I generate and bank emission credits? (a) Banking is... averaging or trading in future model years. You may use banked emission credits only within the averaging...

  4. Credit Card Quiz.

    Science.gov (United States)

    Marks, Jeff

    2000-01-01

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

  5. Credit Union Headquarters

    Data.gov (United States)

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

  6. 40 CFR 80.1295 - How are gasoline benzene credits used?

    Science.gov (United States)

    2010-07-01

    ... 40 Protection of Environment 16 2010-07-01 2010-07-01 false How are gasoline benzene credits used... PROGRAMS (CONTINUED) REGULATION OF FUELS AND FUEL ADDITIVES Gasoline Benzene Averaging, Banking and Trading (abt) Program § 80.1295 How are gasoline benzene credits used? (a) Credit use. (1) Gasoline benzene...

  7. Counting in social capital when easing agricultural credit constraints

    DEFF Research Database (Denmark)

    Chloupkova, J.; Bjørnskov, C.

    2002-01-01

    in Central Europe and East Africa, among others. A model illustrates the additional producer gains from having access to credit; the gains are composed of a price effect, an investment effect, and a social capital externality. The model and empirical findings suggest that improvements of agricultural credit......International trade liberalisation often implies increased potentials for export production. In order to invest in increasing capacity in agriculture, farmers need to have credit access. However, farmers in many countries are credit constrained, e.g. due to collateral reasons, which is the case...

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

    Directory of Open Access Journals (Sweden)

    Mangasa Augustinus Sipahutar

    2017-03-01

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

  9. 78 FR 76818 - U.S. Healthcare Education Trade Mission to New Delhi, Hyderabad, and Ahmedabad, India, January 27...

    Science.gov (United States)

    2013-12-19

    ... DEPARTMENT OF COMMERCE International Trade Administration U.S. Healthcare Education Trade Mission...: International Trade Administration, Department of Commerce. ACTION: Notice cancellation. SUMMARY: The United States Department of Commerce, International Trade Administration, U.S. and Foreign Commercial Service...

  10. 49 CFR 536.5 - Trading infrastructure.

    Science.gov (United States)

    2010-10-01

    ... ADMINISTRATION, DEPARTMENT OF TRANSPORTATION TRANSFER AND TRADING OF FUEL ECONOMY CREDITS § 536.5 Trading.... Every manufacturer subject to fuel economy standards under 49 CFR parts 531 or 533 is automatically an... social security number; (2) NHTSA does not grant a request to open a new account by any party other than...

  11. Summaries of the thirteenth annual Canadian independent power conference and trade show : From theory to action: bringing fresh investment to the sector

    International Nuclear Information System (INIS)

    Eggertson, W.; McArthur, D.; Kishewitsch, S.

    2002-05-01

    This conference hosted by the Independent Power Producers' Society of Ontario, acquired an added impetus with the preparations under way for the opening of the Ontario electricity market to competition, scheduled for 2002. The speakers, over 30 of them, discussed the various aspects related to investment in the Ontario sector. The topics discussed were as follows: (1) what is needed to really get Ontario's market moving, (2) the regulator's role in facilitating competition and investment, (3) the regulator's role and the status of major capacity, (4) tax reforms proposed by the Canadian Electricity Association (CEA) and the Independent Power Producers' Society of Ontario to encourage investment, (5) achieving healthy competition, (6) addressing market behaviour: compliance and enforcement, (7) workshop on the new emission trading system, (8) improving environmental performance, (9) power purchasers' panel, (10) transmission within Ontario and at its borders, and (11) the shape of the future: maximizing on promise and opportunity. This conference provided an ideal forum for all independent producers to discuss issues and share ideas. refs., tabs., figs

  12. Crisis Management Research Summaries

    Science.gov (United States)

    Brock, Stephen E., Ed.; Zhe, Elizabeth; Torem, Chris; Comeaux, Natashia; Dempsey, Allison

    2010-01-01

    This article presents a summary of recent crisis management publications. The first research report summarized, "Predictors of PTSD," was a study of predictor variables for responses to the World Trade Center attack. The second paper, "Effective Mental Health Response to Catastrophic Events," looked at effective responses following Hurricane…

  13. 75 FR 33894 - Open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee

    Science.gov (United States)

    2010-06-15

    ... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS) Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Act, 5 U.S.C. App. (1988) that an open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit...

  14. 76 FR 37199 - Open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee

    Science.gov (United States)

    2011-06-24

    ... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Income Tax Credit Project Committee will be held Monday, August 22, 2011, at 3 p.m. Eastern Time via...

  15. 76 FR 45006 - Open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee

    Science.gov (United States)

    2011-07-27

    ... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Panel Earned Income Tax Credit Project Committee will be held Monday, September 26, 2011, at 3 p.m...

  16. 76 FR 63716 - Open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee

    Science.gov (United States)

    2011-10-13

    ... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS) Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Earned Income Tax Credit Project Committee will be held Monday, November 28, 2011, at 3 p.m. Eastern Time...

  17. 76 FR 10944 - Open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee

    Science.gov (United States)

    2011-02-28

    ... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee will be held Tuesday...

  18. 76 FR 6188 - Open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee

    Science.gov (United States)

    2011-02-03

    ... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. SUMMARY: An open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Panel Earned Income Tax Credit Project Committee will be held Monday, March 28, 2011, at 2 p.m., Eastern...

  19. 76 FR 2197 - Open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee.

    Science.gov (United States)

    2011-01-12

    ... Earned Income Tax Credit Project Committee. AGENCY: Internal Revenue Service (IRS) Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Act, 5 U.S.C. App. (1988) that an open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit...

  20. 76 FR 22171 - Open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee

    Science.gov (United States)

    2011-04-20

    ... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Act, 5 U.S.C. App. (1988) that an open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit...

  1. 75 FR 47349 - Open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee

    Science.gov (United States)

    2010-08-05

    ... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS), Treasury ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Income Tax Credit Project Committee will be held Wednesday, September 22, 2010, at 1 p.m. Eastern Time...

  2. 75 FR 55406 - Open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee

    Science.gov (United States)

    2010-09-10

    ... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS) Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Income Tax Credit Project Committee will be held Wednesday, October 27, 2010, at 1:00 p.m. Eastern Time...

  3. 76 FR 32024 - Open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee

    Science.gov (United States)

    2011-06-02

    ... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS) Treasury. ACTION: Notice of Meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Act, 5 U.S.C. App. (1988) that an open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit...

  4. 75 FR 25316 - Open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee

    Science.gov (United States)

    2010-05-07

    ... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Act, 5 U.S.C. App. (1988) that an open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit...

  5. 75 FR 18955 - Open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee.

    Science.gov (United States)

    2010-04-13

    ... Earned Income Tax Credit Project Committee. AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Act, 5 U.S.C. App. (1988) that an open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit...

  6. 75 FR 7540 - Open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee

    Science.gov (United States)

    2010-02-19

    ... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Act, 5 U.S.C. App. (1988) that an open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit...

  7. 76 FR 17995 - Open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee

    Science.gov (United States)

    2011-03-31

    ... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS) Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Act, 5 U.S.C. App. (1988) that an open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit...

  8. 76 FR 56879 - Open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee

    Science.gov (United States)

    2011-09-14

    ... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS) Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Earned Income Tax Credit Project Committee will be held Monday, October 24, 2011, at 3 p.m. Eastern Time...

  9. 75 FR 62632 - Open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee

    Science.gov (United States)

    2010-10-12

    ... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Income Tax Credit Project Committee will be held Wednesday, November 24, 2010, at 1 p.m. Eastern Time via...

  10. 75 FR 11998 - Open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Issue Committee

    Science.gov (United States)

    2010-03-12

    ... Earned Income Tax Credit Issue Committee AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of Meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Issue... Advocacy Panel Earned Income Tax Credit Issue Committee will be held Tuesday, April 20, 2010 from 8 a.m. to...

  11. 75 FR 39333 - Open Meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Project Committee

    Science.gov (United States)

    2010-07-08

    ... Earned Income Tax Credit Project Committee AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit... Income Tax Credit Project Committee will be held Wednesday, August 25, 2010, at 1 p.m. Eastern Time via...

  12. 75 FR 6151 - Chartering and Field of Membership for Federal Credit Unions

    Science.gov (United States)

    2010-02-08

    ... From the Federal Register Online via the Government Publishing Office ] NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Part 701 RIN 3133-AD65 Chartering and Field of Membership for Federal Credit Unions AGENCY: National Credit Union Administration (NCUA). ACTION: Notice of extension of comment period. SUMMARY: On...

  13. 78 FR 13460 - Chartering and Field of Membership Manual for Federal Credit Unions

    Science.gov (United States)

    2013-02-28

    ... From the Federal Register Online via the Government Publishing Office NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Part 701 RIN 3133-AE02 Chartering and Field of Membership Manual for Federal Credit Unions AGENCY: National Credit Union Administration (NCUA). ACTION: Final rule. SUMMARY: The NCUA Board (Board...

  14. Modern bank's credit risk

    Directory of Open Access Journals (Sweden)

    Šabović Šerif

    2015-01-01

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

  15. 12 CFR 614.4700 - Financing foreign trade receivables.

    Science.gov (United States)

    2010-01-01

    ... OPERATIONS Banks for Cooperatives and Agricultural Credit Banks Financing International Trade § 614.4700... policies adopted by their boards of directors, are authorized to finance foreign trade receivables on... plans are used. (d) The financing of foreign trade receivables shall be limited by the policies of each...

  16. 78 FR 12933 - Proceedings Before the Commodity Futures Trading Commission

    Science.gov (United States)

    2013-02-26

    ... / Tuesday, February 26, 2013 / Rules and Regulations#0;#0; ] COMMODITY FUTURES TRADING COMMISSION 17 CFR Parts 10, 12 and 171 Proceedings Before the Commodity Futures Trading Commission AGENCY: Commodity Futures Trading Commission. ACTION: Final rule. SUMMARY: The Commodity Futures Trading Commission...

  17. 75 FR 51980 - Export Trade Certificate of Review

    Science.gov (United States)

    2010-08-24

    ... International Trade Administration Export Trade Certificate of Review ACTION: Notice of Issuance of an amended Export Trade Certificate of Review to Northwest Fruit Exporters (``NFE'') (Application 84- 21A12). SUMMARY: The U.S. Department of Commerce issued an amended Export Trade Certificate of Review to Northwest...

  18. 76 FR 47148 - Export Trade Certificate of Review

    Science.gov (United States)

    2011-08-04

    ... International Trade Administration Export Trade Certificate of Review ACTION: Notice of issuance of an Export...- 13A16). SUMMARY: The U.S. Department of Commerce issued an amended Export Trade Certificate of Review to... published in the Federal Register on August 20, 2010 (75 FR 51439). The original Export Trade Certificate of...

  19. 75 FR 75963 - Export Trade Certificate of Review

    Science.gov (United States)

    2010-12-07

    ... International Trade Administration Export Trade Certificate of Review ACTION: Notice of Issuance of an amended Export Trade Certificate of Review to Aerospace Industries Association of America (``AIA'') (Application 92-9A001). SUMMARY: The U.S. Department of Commerce issued an amended Export Trade Certificate of...

  20. 75 FR 65449 - Export Trade Certificate of Review

    Science.gov (United States)

    2010-10-25

    ... International Trade Administration Export Trade Certificate of Review ACTION: Notice of issuance of an amended export trade certificate of review to Florida Citrus Exports L.C. (``FCE'') (Application 94-4A007). SUMMARY: The U.S. Department of Commerce issued an amended Export Trade Certificate of Review to Florida...

  1. 75 FR 50747 - Export Trade Certificate of Review

    Science.gov (United States)

    2010-08-17

    ... International Trade Administration Export Trade Certificate of Review ACTION: Notice of Issuance of an amended Export Trade Certificate of Review to U.S. Shippers Association (Application 85-16A18). SUMMARY: The U.S. Department of Commerce issued an amended Export Trade Certificate of Review to U.S. Shippers Association...

  2. 78 FR 10573 - Used Motor Vehicle Trade Regulation Rule

    Science.gov (United States)

    2013-02-14

    ... FEDERAL TRADE COMMISSION 16 CFR Part 455 Used Motor Vehicle Trade Regulation Rule AGENCY: Federal Trade Commission. ACTION: Extension of time period within which to submit comments. SUMMARY: On December... (``NPR'') concerning proposed changes to the Used Motor Vehicle Trade Regulation Rule (``Used Car Rule...

  3. 78 FR 1837 - Export Trade Certificate of Review

    Science.gov (United States)

    2013-01-09

    ... DEPARTMENT OF COMMERCE International Trade Administration [Application No. 84-23A12] Export Trade Certificate of Review ACTION: Notice of issuance of an Export Trade Certificate of Review to Northwest Fruit Exporters, Application No. 84-23A12. SUMMARY: The U.S. Department of Commerce issued an amended Export Trade...

  4. 78 FR 53727 - Export Trade Certificate of Review

    Science.gov (United States)

    2013-08-30

    ... DEPARTMENT OF COMMERCE International Trade Administration [Application No. 84-24A12] Export Trade Certificate of Review ACTION: Notice of Issuance of an Export Trade Certificate of Review to Northwest Fruit Exporters, Application No. 84-24A12. SUMMARY: The U.S. Department of Commerce issued an amended Export Trade...

  5. 77 FR 37871 - Export Trade Certificate of Review

    Science.gov (United States)

    2012-06-25

    ... DEPARTMENT OF COMMERCE International Trade Administration [Application 12-00005] Export Trade Certificate of Review ACTION: Notice of Application for an Export Trade Certificate of Review from Colombia Rice Export Quota, Inc. SUMMARY: The Export Trading Company Affairs (``ETCA'') unit, Office of...

  6. 75 FR 35441 - Export Trade Certificate of Review

    Science.gov (United States)

    2010-06-22

    ... DEPARTMENT OF COMMERCE International Trade Administration [Application No. 10-00002] Export Trade Certificate of Review ACTION: Notice of Issuance of an Export Trade Certificate of Review to EFS International Corporation/DBA: EFS Global Trade and Export Sales (Application 10-00002). SUMMARY: On May 27, 2010, the U.S...

  7. 77 FR 31393 - Labor Advisory Committee for Trade Negotiations and Trade Policy

    Science.gov (United States)

    2012-05-25

    ... DEPARTMENT OF LABOR Office of the Secretary Labor Advisory Committee for Trade Negotiations and Trade Policy ACTION: Notice of renewal. SUMMARY: Pursuant to the Federal Advisory Committee Act (FACA), as amended (5 U.S.C. App. 2), the Secretary of Labor and the United States Trade Representative have...

  8. 78 FR 66899 - International Trade Administration, North American Free-Trade Agreement (NAFTA), Article 1904...

    Science.gov (United States)

    2013-11-07

    ... DEPARTMENT OF COMMERCE International Trade Administration, North American Free-Trade Agreement..., International Trade Administration, Department of Commerce. ACTION: Notice of decision of panel. SUMMARY: On... results of the 2011 antidumping administrative review made by the Mexican Ministry of Economy, with...

  9. Energy trading

    International Nuclear Information System (INIS)

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

    2001-05-01

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

  10. 75 FR 24569 - Proposed Information Collection: U.S. Government Trade Event Information Request

    Science.gov (United States)

    2010-05-05

    ... International Trade Administration Proposed Information Collection: U.S. Government Trade Event Information Request AGENCY: International Trade Administration. ACTION: Notice. SUMMARY: The Department of Commerce... success in an overseas project or procurement competition. The Advocacy Center, appropriate ITA officials...

  11. 78 FR 39712 - Critical Infrastructure Protection and Cyber Security Trade Mission to Saudi Arabia and Kuwait...

    Science.gov (United States)

    2013-07-02

    ... DEPARTMENT OF COMMERCE International Trade Administration Critical Infrastructure Protection and...: International Trade Administration, Department of Commerce. ACTION: Notice. SUMMARY: The United States Department of Commerce, International Trade Administration, U.S. and Foreign Commercial Service (CS) is...

  12. Nitrogen credits after peanut

    Science.gov (United States)

    Cooperative Extension throughout the Southeast currently recommends 22-67 kg N/ha credit to subsequent crops following peanut. However, these values are not supported in the peer-reviewed literature. Most of the peer-reviewed literature has shown that N credits to subsequent crops are negligible. Da...

  13. Cracking the Credit Hour

    Science.gov (United States)

    Laitinen, Amy

    2012-01-01

    The basic currency of higher education--the credit hour--represents the root of many problems plaguing America's higher education system: the practice of measuring time rather than learning. "Cracking the Credit Hour" traces the history of this time-based unit, from the days of Andrew Carnegie to recent federal efforts to define a credit…

  14. Thinking Beyond Credit

    NARCIS (Netherlands)

    Ploeg, van der J.D.

    2010-01-01

    Credit is often seen as an indispensable vehicle for the poor to get out of poverty, or as the tool that allows farmers to get access to new technologies, to increase productivity and their incomes. But many existing credit programmes often undermine farmers’ independence, tie them into dependency

  15. Dual Credit Report

    Science.gov (United States)

    Light, Noreen

    2016-01-01

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

  16. Rural Credit in Vietnam

    DEFF Research Database (Denmark)

    Barslund, Mikkel Christoffer; Tarp, Finn

    This paper uses a survey of 932 rural households to uncover how the rural credit market operates in four provinces of Vietnam. Households obtain credit through formal and informal lenders, but formal loans are almost entirely for production and asset accumulation. Interest rates fell from 1997...

  17. Credit Constraints in Education

    Science.gov (United States)

    Lochner, Lance; Monge-Naranjo, Alexander

    2012-01-01

    We review studies of the impact of credit constraints on the accumulation of human capital. Evidence suggests that credit constraints have recently become important for schooling and other aspects of households' behavior. We highlight the importance of early childhood investments, as their response largely determines the impact of credit…

  18. Credit Risk Research

    DEFF Research Database (Denmark)

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

    2018-01-01

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

  19. Trade and climate change

    Energy Technology Data Exchange (ETDEWEB)

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

    2009-06-15

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

  20. Documentary Letters of Credit, Legal Nature and Sources of Law

    Directory of Open Access Journals (Sweden)

    Alavi Hamed

    2016-06-01

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

  1. Credit Risk Modeling

    DEFF Research Database (Denmark)

    Lando, David

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

  2. CREDIT Performance Indicator Framework

    DEFF Research Database (Denmark)

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

    2010-01-01

    was a framework of indicators relevant in building and real estate and applicable in the Nordic and Baltic countries as well as a proposal for a set of key indicators. The study resulting in CREDIT Performance Indicator Framework has been based on 28 case studies of evaluation practises in the building and real...... regulations in the countries participating in CREDIT. The Performance Indicator Framework encompassed 187 indicators grouped in 7 main groups of indicators and 42 sub-groups. Based on the CREDIT case studies it was concluded that there neither is link between certain indicators and specific building types...

  3. Trust and Credit

    DEFF Research Database (Denmark)

    Harste, Gorm

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

  4. Credit Risk Modeling

    DEFF Research Database (Denmark)

    Lando, David

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

  5. WORLD MERCHANDISE TRADE

    Directory of Open Access Journals (Sweden)

    Serghei MĂRGULESCU

    2017-05-01

    Full Text Available This article is mainly based on the most recent statistical data of the World Trade Organization and some aspects related to the evolution of world merchandise trade, in terms of volume and value, in 2015. The volume of world merchandise trade continued to grow slowly in 2015 while the dollar value of it declined sharply as exports fell 14 per cent to US$ 16 trillion, down from US$ 19 trillion in the previous year. It presents also the contribution of the volume change and of the change in unit values (which account for fluctuations in prices and exchange rates to the value trade growth (in current dollar terms. The discrepancy between trade growth in 2015 in terms of volume and value was mostly attributable to swings in commodity prices and exchange rates The course of economic globalization is also shortly looked on based on some data and considerations of Credit Suisse analysts. Three different scenarios were taken into account in this respect. First one in which globalization continues in the form we know it over the past thirty years, second one in which a multipolar world is a better representation of the state of affairs and third, a scenario in which globalization ends due to the rise of anti-globalization political movements. The second scenario seems to provide a better reflection of reality today, despite the fact that a certain slowdown is observable when taking into account the diminishing growth rate of physical trade, the slower penetration of foreign assets of the developed market companies and signs of reshoring of some business back home. Globalization remains intact in terms of consumption and marketing patterns, while companies seem more reluctant to invest abroad.

  6. Credit risk management in banks

    OpenAIRE

    Pětníková, Tereza

    2014-01-01

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

  7. Epidemic Trade

    DEFF Research Database (Denmark)

    Boerner, Lars; Severgnini, Battista

    This paper studies the spread of the Black Death as a proxy for the intensity of medieval trade flows between 1346 and 1351. The Black Death struck most areas of Europe and the wider Mediterranean. Based on a modied version of the gravity model, we estimate the speed (in kilometers per day......, and geographical position are of substantial signicance. These results are the first to enable us to identify and quantify key variables of medieval trade flows based on an empirical trade model. These results shed new light on many qualitative debates on the importance and causes of medieval trade....

  8. Trading Agents

    CERN Document Server

    Wellman, Michael

    2011-01-01

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

  9. Mergeable summaries

    DEFF Research Database (Denmark)

    Agarwal, Pankaj K.; Graham, Graham; Huang, Zengfeng

    2013-01-01

    We study the mergeability of data summaries. Informally speaking, mergeability requires that, given two summaries on two datasets, there is a way to merge the two summaries into a single summary on the two datasets combined together, while preserving the error and size guarantees. This property m...

  10. Emissions Trading

    NARCIS (Netherlands)

    Woerdman, Edwin; Backhaus, Juergen

    2014-01-01

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

  11. Credit derivatives: new financial instruments for controlling credit risk

    OpenAIRE

    Robert Neal

    1996-01-01

    One of the risks of making a bank loan or investing in a debt security is credit risk, the risk of borrower default. In response to this risk, new financial instruments called credit derivatives have been developed in the past few years. Credit derivatives can help banks, financial companies, and investors manage the credit risk of their investments by insuring against adverse movements in the credit quality of the borrower. If a borrower defaults, the investor will suffer losses on the inves...

  12. Secondary market trading infrastructure of government securities

    OpenAIRE

    Csaba Balogh; Gergely Kóczán

    2009-01-01

    The subject of our study is the trading infrastructure of government securities markets, which has undergone fundamental changes driven by the appearance of non-exchange electronic platforms and the rapid rise of their share in the trading volume of developed markets. The summary of the relevant literature indicates that improved trading transparency clearly increases the efficiency of the market (its role in price discovery). Its effect on market liquidity, however, is less clear-cut. While ...

  13. Emissions credits from natural gas vehicles

    International Nuclear Information System (INIS)

    Anderson, J.F.; Kodjak, D.

    1997-01-01

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

  14. Latinos in the Credit Economy

    OpenAIRE

    Ralph, Lisa M.

    2010-01-01

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

  15. Credit derivatives and risk management

    OpenAIRE

    Michael S. Gibson

    2007-01-01

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

  16. Models of Credit Risk Measurement

    OpenAIRE

    Hagiu Alina

    2011-01-01

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

  17. CREDIT Performance Indicator Framework

    DEFF Research Database (Denmark)

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

    2010-01-01

    was a framework of indicators relevant in building and real estate and applicable in the Nordic and Baltic countries as well as a proposal for a set of key indicators. The study resulting in CREDIT Performance Indicator Framework has been based on 28 case studies of evaluation practises in the building and real...... estate sector each addressing three interlinked levels: building/ projects level, company or enterprise level and benchmarking system level. Additionally it has been based on dialogue with researchers and professional organisation, international research and standardisation work and national building...... regulations in the countries participating in CREDIT. The Performance Indicator Framework encompassed 187 indicators grouped in 7 main groups of indicators and 42 sub-groups. Based on the CREDIT case studies it was concluded that there neither is link between certain indicators and specific building types...

  18. 75 FR 80866 - Credit Rating Standardization Study

    Science.gov (United States)

    2010-12-23

    ... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-63573; File No. 4-622] Credit Rating... desirability of: Standardizing credit ratings terminology, so that all credit rating agencies issue credit... credit [[Page 80867

  19. 27 CFR 24.279 - Tax adjustments related to wine credit.

    Science.gov (United States)

    2010-04-01

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

  20. 75 FR 64710 - Joint Public Roundtable on Issues Related to the Clearing of Credit Default Swaps

    Science.gov (United States)

    2010-10-20

    ... COMMODITY FUTURES TRADING COMMISSION SECURITIES AND EXCHANGE COMMISSION [Release No. 34-63112, File No. 4-615] Joint Public Roundtable on Issues Related to the Clearing of Credit Default Swaps... certain issues related to the clearing of Credit Default Swaps in the context of the Agencies rulemaking...

  1. 76 FR 44462 - Statement of General Policy or Interpretation; Commentary on the Fair Credit Reporting Act

    Science.gov (United States)

    2011-07-26

    ... General Policy or Interpretations Under the Fair Credit Reporting Act (``FCRA''). Recent legislation transferred authority to issue interpretive guidance under the FCRA to the Consumer Financial Protection... on the Fair Credit Reporting Act AGENCY: Federal Trade Commission. ACTION: Final rule; rescission of...

  2. Tradable credit scheme for rush hour travel choice with heterogeneous commuters

    Directory of Open Access Journals (Sweden)

    Ling-Ling Xiao

    2015-10-01

    Full Text Available This article proposes a tradable credit scheme for managing commuters’ travel choices. The scheme considers bottleneck congestion and modal split in a competitive highway–transit network with heterogeneous commuters who are distinguished by their valuation of travel time. The scheme charges all auto travelers who pass the bottleneck during a peak-time window in the form of mobility credits. Those who avoid the peak-time window, by either traveling outside the peak-time window or switching to the transit mode, may be rewarded credits. An artificial market is created so that the travelers may trade these credits with each other. We formulate the credit price and the rewarded and charged credits under tradable credit scheme. Our analyses indicate that the optimal tradable credit scheme can achieve nearly 40% efficiency gains depending on the level of commuters’ heterogeneity. In addition, this scheme distributes the benefits among all the commuters directly through the credit trading. Our results suggest that in assessing the efficiency of tradable credit scheme, it is important to take into account the commuters’ heterogeneity. Numerical experiments are conducted to examine the sensitivity of tradable credit scheme designs to various system parameters.

  3. Foreign Trade

    Data.gov (United States)

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

  4. Trade marketing

    OpenAIRE

    Khodl, Vojtěch

    2013-01-01

    The main objective of this thesis is to define the term "trade marketing" and evaluate its role within the Coca-Cola Hellenic Bottling Company. With the use of internal resources and relevant literature, I will describe the use of trade marketing from both theoretical and practical point of view. I will also introduce the Coca-Cola HBC and its position on the carbonated soft drinks market in the Czech republic.

  5. Recommendations for Alternative Credit.

    Science.gov (United States)

    Lenderman, Ed; And Others

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

  6. Earned Income Tax Credit

    NARCIS (Netherlands)

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

    1998-01-01

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

  7. Measuring Credit Spread Risk

    NARCIS (Netherlands)

    R.A.J. Campbell-Pownall (Rachel); R. Huisman (Ronald)

    2002-01-01

    textabstractIt is widely known that the small but looming possibility of default renders the expected return distribution for financial products containing credit risk to be highly skewed and fat tailed. In this paper we apply recent techniques developed for incorporating the additional risk faced

  8. Teaching Debits and Credits

    Science.gov (United States)

    Mamos, Thomas

    1973-01-01

    One of the most difficult concepts for beginning accounting students is an understanding of debits and credits. A rule has been formulated which covers most other rules: Beginning balances and increases appear on the same side of the account as the account appears in the fundamental equation (assets = liabilities + capital). (SC)

  9. Waiting for tax credits

    International Nuclear Information System (INIS)

    Sheinkopf, K.

    1992-01-01

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

  10. 75 FR 1590 - Environmental Technologies Trade Advisory Committee (ETTAC)

    Science.gov (United States)

    2010-01-12

    ...: International Trade Administration, U.S. Department of Commerce. ACTION: Notice of open meeting. SUMMARY: The... of Energy and Environmental Technologies Industries (OEEI), International Trade Administration, U.S... was created to advise the U.S. government on environmental trade policies and programs, and to help it...

  11. 75 FR 52716 - Environmental Technologies Trade Advisory Committee (ETTAC)

    Science.gov (United States)

    2010-08-27

    ...: International Trade Administration, U.S. Department of Commerce. ACTION: Notice of open meeting. SUMMARY: The... of Energy and Environmental Technologies Industries (OEEI), International Trade Administration, U.S....S. government on environmental trade policies and programs, and to help it to focus its resources on...

  12. 77 FR 58809 - Export Trade Certificate of Review

    Science.gov (United States)

    2012-09-24

    ... DEPARTMENT OF COMMERCE International Trade Administration [Application No. 12-00005] Export Trade Certificate of Review ACTION: Notice of issuance of an Export Trade Certificate of Review to Colombia Rice Export Quota, Inc. (``COL-RICE'') (Application 12-00005). SUMMARY: On August 28, 2012, the U.S...

  13. 77 FR 53865 - Export Trade Certificate of Review

    Science.gov (United States)

    2012-09-04

    ... DEPARTMENT OF COMMERCE International Trade Administration [Application No. 12-00004] Export Trade Certificate of Review ACTION: Notice of issuance of an Export Trade Certificate of Review to Colombia Poultry Export Quota, Inc. (``COLOM-PEQ)'') (Application 12-00004). SUMMARY: On August 14, 2012, the U.S...

  14. 78 FR 31517 - Export Trade Certificate of Review

    Science.gov (United States)

    2013-05-24

    ... DEPARTMENT OF COMMERCE International Trade Administration [Application No. 99-5A002] Export Trade Certificate of Review ACTION: Notice of Issuance of an amended Export Trade Certificate of Review to California Almond Export Association, LLC (``CAEA'') (Application 99-5A002). SUMMARY: The U.S. Department of...

  15. 77 FR 37385 - Export Trade Certificate of Review

    Science.gov (United States)

    2012-06-21

    ... DEPARTMENT OF COMMERCE International Trade Administration [Application 12-00004] Export Trade Certificate of Review ACTION: Notice of Application for an Export Trade Certificate of Review Colombia Poultry Export Quota, Inc. (COLOM-PEQ). SUMMARY: The Office of Competition and Economic Analysis, International...

  16. 77 FR 41970 - Export Trade Certificate of Review

    Science.gov (United States)

    2012-07-17

    ... DEPARTMENT OF COMMERCE International Trade Administration [Application No. 12-00001] Export Trade Certificate of Review ACTION: Notice of issuance of an Export Trade Certificate of Review to Panama Poultry Export Quota, Inc. (``PAN-PEQ'') (Application 12-00001). SUMMARY: On June 25, 2012, the U.S. Department...

  17. 78 FR 57619 - Legal Services Trade Mission to China

    Science.gov (United States)

    2013-09-19

    ... DEPARTMENT OF COMMERCE International Trade Administration Legal Services Trade Mission to China AGENCY: International Trade Administration, Department of Commerce. ACTION: Notice. SUMMARY: The United... amending the Notice published at 78 FR 20893, April 8, 2013, regarding the Executive-Led Legal Services...

  18. Introduction of Credit Derivatives and Valuation of Credit Default Swap

    OpenAIRE

    Han, Lu

    2006-01-01

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

  19. No guarantees, no trade: How banks affect export patterns

    OpenAIRE

    Niepmann, Friederike; Schmidt-Eisenlohr, Tim

    2013-01-01

    How relevant are financial instruments to manage risk in international trade for exporting? Employing a unique dataset of U.S. banks' trade finance claims by country, this paper estimates the effect of shocks to the supply of letters of credit on U.S. exports. Our identification strategy relies on two observations. First, banks vary in their importance as providers of letters of credit across countries. Second, a reduction in the supply of letters of credit by a bank should have a larger effe...

  20. Canada's Minister of International Trade meets IDRC-supported ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    2017-07-17

    Jul 17, 2017 ... Photo credit: Canadian Embassy in Colombia Fostering entrepreneurship, discussing how trade can benefit women and their families, and creating job opportunities for the most vulnerable was at the heart of the roundtable discussion with Canada's Minister of International Trade, the Honourable ...

  1. Dynamic Virtual Credit Card Numbers

    Science.gov (United States)

    Molloy, Ian; Li, Jiangtao; Li, Ninghui

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

  2. Dynamic Diversification in Corporate Credit

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Jacobs, Kris; Jin, Xisong

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

  3. An emissions trading regime for Canada

    International Nuclear Information System (INIS)

    Smith, S.L.

    2001-01-01

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

  4. The African Credit Trap

    OpenAIRE

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

    2010-01-01

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

  5. Credit scoring methods

    Czech Academy of Sciences Publication Activity Database

    Vojtek, Martin; Kočenda, Evžen

    2006-01-01

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

  6. Follow Up: Credit Card Caution

    Science.gov (United States)

    Cahill, Timothy P.

    2007-01-01

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

  7. Credit-proofing fundamentals for a solid credit policy

    International Nuclear Information System (INIS)

    Lydiatt, I.

    2003-01-01

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

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

    Indian Academy of Sciences (India)

    Dipana Jyoti Mohanty

    2018-03-23

    Mar 23, 2018 ... inventory/supply chain management. Multifariousness of deterministic demand such as uniform, linear, time dependent and ramp-type has been modeled by many authors ([2, 3]). Hill [1] first considered ramp-type demand into an inventory problem and derived an EOQ formula. After that many authors have ...

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

    Science.gov (United States)

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

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

    International Nuclear Information System (INIS)

    Buerer, Mary Jean

    2001-01-01

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

  11. Emissions trading comes of age as a strategic tool

    International Nuclear Information System (INIS)

    Pospisil, R.

    1996-01-01

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

  12. Revisiting Structural Modeling of Credit Risk—Evidence from the Credit Default Swap (CDS Market

    Directory of Open Access Journals (Sweden)

    Zhijian (James Huang

    2016-05-01

    Full Text Available The ground-breaking Black-Scholes-Merton model has brought about a generation of derivative pricing models that have been successfully applied in the financial industry. It has been a long standing puzzle that the structural models of credit risk, as an application of the same modeling paradigm, do not perform well empirically. We argue that the ability to accurately compute and dynamically update hedge ratios to facilitate a capital structure arbitrage is a distinctive strength of the Black-Scholes-Merton’s modeling paradigm which could be utilized in credit risk models as well. Our evidence is economically significant: We improve the implementation of a simple structural model so that it is more suitable for our application and then devise a simple capital structure arbitrage strategy based on the model. We show that the trading strategy persistently produced substantial risk-adjusted profit.

  13. Impact of Economic Crisis on Credit Insurance Market in Romania

    Directory of Open Access Journals (Sweden)

    Florina VÎRLANUTA

    2012-11-01

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

  14. Value of credit bureau reports

    Directory of Open Access Journals (Sweden)

    Brković Milan

    2017-01-01

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

  15. 77 FR 37948 - Free Trade Agreements; Invitation for Applications for Inclusion on Dispute Settlement Lists for...

    Science.gov (United States)

    2012-06-25

    ... OFFICE OF THE UNITED STATES TRADE REPRESENTATIVE Free Trade Agreements; Invitation for Applications for Inclusion on Dispute Settlement Lists for U.S. Free Trade Agreements (FTAs) With Australia...''). ACTION: Invitation for Applications. SUMMARY: A number of trade agreements to which the United States is...

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

    International Nuclear Information System (INIS)

    2003-01-01

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

  17. Meteorological Summaries

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — Multi-year summaries of one or more meteorological elements at a station or in a state. Primarily includes Form 1078, a United States Weather Bureau form designed...

  18. Survey Summary

    Data.gov (United States)

    U.S. Department of Health & Human Services — Nursing home summary information for the Health and Fire Safety Inspections currently listed on Nursing Home Compare, including dates of the three most recent...

  19. Credit constraints and consumer spending

    OpenAIRE

    Beaton, Kimberly

    2009-01-01

    This paper examines the relationship between aggregate consumer spending and credit availability in the United States. The author finds that consumer spending falls (rises) in response to a reduction (increase) in credit availability. Moreover, she provides a formal assessment of the possibility that credit availability is particularly important for consumer spending when it undergoes large changes. In this respect, she estimates a consumption function in which only large expansions and contr...

  20. Credit demand in Mozambican manufacturing

    DEFF Research Database (Denmark)

    Byiers, Bruce; Rand, John; Tarp, Finn

    2010-01-01

    This paper uses two industrial firm surveys to identify the key determinants of credit demand in Mozambican manufacturing. We construct five different measures of being credit constrained and estimate desired debt demand. Besides firm size and ownership structure, we find evidence that general...... manager education and business association membership are associated with whether a firm is credit constrained or not. Using our preferred measure of credit constraint suggests that around 43 per cent of the firms surveyed are constrained, and these enterprises would almost triple their debt burden...

  1. Carbon credits after Kyoto

    International Nuclear Information System (INIS)

    Anon.

    1998-01-01

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

  2. CREDIT RISK. DETERMINATION MODELS

    Directory of Open Access Journals (Sweden)

    MIHAELA GRUIESCU

    2012-01-01

    Full Text Available The internationalization of financial flows and banking and the rapid development of markets have changed the financial sector, causing him to respond with force and imagination. Under these conditions, the concerns of financial and banking institutions, rating institutions are increasingly turning to find the best solutions to hedge risks and maximize profits. This paper aims to present a number of advantages, but also limits the Merton model, the first structural model for modeling credit risk. Also, some are extensions of the model, some empirical research and performance known, others such as state-dependent models (SDM, which together with the liquidation process models (LPM, are two recent efforts in the structural models, show different phenomena in real life.

  3. Concurrent credit portfolio losses.

    Science.gov (United States)

    Sicking, Joachim; Guhr, Thomas; Schäfer, Rudi

    2018-01-01

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

  4. Anonymous electronic trading versus floor trading

    OpenAIRE

    Franke, Günter; Hess, Dieter

    1995-01-01

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

  5. Credit concession through credit scoring: Analysis and application proposal

    Directory of Open Access Journals (Sweden)

    Oriol Amat

    2017-01-01

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

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

    DEFF Research Database (Denmark)

    Boom, J.T.; Svendsen, Gert Tinggaard

    2000-01-01

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

  7. Risk management and oil trading contracts

    International Nuclear Information System (INIS)

    Sas, B.

    1992-01-01

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

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

    Science.gov (United States)

    Fox, Linda Kirk

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

  9. 12 CFR 703.6 - Credit analysis.

    Science.gov (United States)

    2010-01-01

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

  10. Ocean fertilization, carbon credits and the Kyoto Protocol

    Science.gov (United States)

    Westley, M. B.; Gnanadesikan, A.

    2008-12-01

    Commercial interest in ocean fertilization as a carbon sequestration tool was excited by the December 1997 agreement of the Kyoto Protocol to the United Nations Convention on Climate Change. The Protocol commits industrialized countries to caps on net greenhouse gas emissions and allows for various flexible mechanisms to achieve these caps in the most economically efficient manner possible, including trade in carbon credits from projects that reduce emissions or enhance sinks. The carbon market was valued at 64 billion in 2007, with the bulk of the trading (50 billion) taking place in the highly regulated European Union Emission Trading Scheme, which deals primarily in emission allowances in the energy sector. A much smaller amount, worth $265 million, was traded in the largely unregulated "voluntary" market (Capoor and Ambrosi 2008). As the voluntary market grows, so do calls for its regulation, with several efforts underway to set rules and standards for the sale of voluntary carbon credits using the Kyoto Protocol as a starting point. Four US-based companies and an Australian company currently seek to develop ocean fertilization technologies for the generation of carbon credits. We review these plans through the lens of the Kyoto Protocol and its flexible mechanisms, and examine whether and how ocean fertilization could generate tradable carbon credits. We note that at present, ocean sinks are not included in the Kyoto Protocol, and that furthermore, the Kyoto Protocol only addresses sources and sinks of greenhouse gases within national boundaries, making open-ocean fertilization projects a jurisdictional challenge. We discuss the negotiating history behind the limited inclusion of land use, land use change and forestry in the Kyoto Protocol and the controversy and eventual compromise concerning methodologies for terrestrial carbon accounting. We conclude that current technologies for measuring and monitoring carbon sequestration following ocean fertilization

  11. Fuel trading

    International Nuclear Information System (INIS)

    2015-01-01

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

  12. Trading stages

    DEFF Research Database (Denmark)

    Steiner, Uli; Tuljapurkar, Shripad; Coulson, Tim

    2012-01-01

    because they are hard to use and interpret, and tools for age and stage structured populations are missing. We present easily interpretable expressions for the sensitivities and elasticities of life expectancy to vital rates in age-stage models, and illustrate their application with two biological......Interest in stage-and age structured models has recently increased because they can describe quantitative traits such as size that are left out of age-only demography. Available methods for the analysis of effects of vital rates on lifespan in stage-structured models have not been widely applied...... examples. Much of our approach relies on trading of time and mortality risk in one stage for time and risk in others. Our approach contributes to the new framework of the study of age- and stage-structured biodemography....

  13. Summary Lecture

    Indian Academy of Sciences (India)

    2016-01-27

    Jan 27, 2016 ... This summary lecture makes no attempt to summarize what was actually said at the meeting, since this is well covered by the other contributors. Instead I have structured my presentation in three parts: First I try to demonstrate why the Sun is unique by comparing it with laboratory plasmas. This is followed ...

  14. Conference summaries

    International Nuclear Information System (INIS)

    1986-01-01

    This volume contains conference summaries of the international conference on radioactive waste management of the Canadian Nuclear Society. Topics of discussion include: storage and disposal; hydrogeology and geochemistry; transportation; buffers and backfill; public attitudes; tailings; site investigations and geomechanics; concrete; economics; licensing; matrix materials and container design; durability of fuel; biosphere modelling; radioactive waste processing; and, future options

  15. Research Summaries

    Science.gov (United States)

    Brock, Stephen E., Ed.

    2010-01-01

    This column features summaries of research articles from 3 recent crisis management publications. The first, "School Shootings and Counselor Leadership: Four Lessons from the Field" summarized by Kristi Fenning, was conducted as the result of the increased demand for trained crisis personnel on school campuses. Survey participants were…

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

    International Nuclear Information System (INIS)

    Sovacool, Benjamin K.

    2011-01-01

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

  17. Mobil emission reduction credits for natural gas vehicle programs

    International Nuclear Information System (INIS)

    Baker, G.F.

    1993-01-01

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

  18. Financing the U.S. Trade Deficit

    National Research Council Canada - National Science Library

    Jackson, James K

    2007-01-01

    The U.S. merchandise trade deficit is a part of the overall U.S. balance of payments, a summary statement of all economic transactions between the residents of the United States and the rest of the world, during a given period of time...

  19. An Anonymous Credit Card System

    Science.gov (United States)

    Androulaki, Elli; Bellovin, Steven

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

  20. Europe's New Trade Agenda

    National Research Council Canada - National Science Library

    Ahearn, Raymond J

    2006-01-01

    .... Given that the EU is a global economic superpower, its resumption of a bilateral and preferential trade strategy has implications for the global trading system, as well as for U.S. trade interests...

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

    Energy Technology Data Exchange (ETDEWEB)

    Bradbury, D.

    2005-07-01

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

  2. Armenia - Water to Market Credit

    Data.gov (United States)

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

  3. Conference summaries

    International Nuclear Information System (INIS)

    1987-01-01

    This volume contains summaries of 28 papers presented at the 27. conference of the Canadian Nuclear Association. These papers discuss the general situation of the Canadian nuclear industry and the CANDU reactor; dialogue with the public; the International Atomic Energy Agency; and economic goals and operating lessons. It also contains summaries of 70 papers presented at the 8. conference of the Canadian Nuclear Society, which discuss plant life extension; safety and the environment; reactor physics; thermalhydraulics; risk assessment; the CANDU spacer location and repositioning project; CANDU operations; safety research after Chernobyl; fuel channels; and nuclear technology developments. The individual papers are also available in INIS-mf--13673 (CNA), and INIS-mf--12909 (CNS). (L.L.)

  4. Conference Summary

    International Nuclear Information System (INIS)

    Tinkham, M.

    1991-01-01

    This summary will begin with short remarks, trying to recall some of the spirit of the presentations of each of the speakers during the first day, with no attempt at detail or completeness, given the need for a 20:1 compression relative to the original talk. The author hopes these idiosyncratic recollections do not infuriate the speakers too much. Since the speakers on the second day presented such interlocking topics, he simply tries to present some sort of consensus report, to which he adds some comments of his own. The two talks preceding this Summary on the final day dealt with the prospects for applications; since he had no chance to attempt to prepare a proper report on these, he says only a few words about those presentations

  5. Trading and risk management during the transition to competition

    International Nuclear Information System (INIS)

    Palmer, A.

    2001-01-01

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

  6. Conference summaries

    International Nuclear Information System (INIS)

    1991-01-01

    This volume contains conference summaries for the 31. annual conference of the Canadian Nuclear Association and the 12. annual conference of the Canadian Nuclear Society. Topics of discussion include: reactor physics; thermalhydraulics; industrial irradiation; computer applications; fuel channel analysis; small reactors; severe accidents; fuel behaviour under accident conditions; reactor components, safety related computer software; nuclear fuel management; fuel behaviour and performance; reactor safety; reactor engineering; nuclear waste management; and, uranium mining and processing

  7. Costly Credit and Sticky Prices

    OpenAIRE

    Lucy Qian Liu; Liang Wang; Randall Wright

    2015-01-01

    We construct a model where money and credit are alternative payment instruments, use it to analyze sluggish nominal prices, and confront the data. Equilibria entail price dispersion, where sellers set nominal terms that they may keep fixed when aggregate conditions change. Buyers use cash and credit, with the former (latter) subject to inflation (transaction costs). We provide strong analytic results and exact solutions for money demand. Calibrated versions match price-change data well, with ...

  8. Credit Stagnation in Latin America

    OpenAIRE

    Adolfo Barajas; Roberto Steiner

    2002-01-01

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

  9. Energy trading. Re-establishing sound foundations

    International Nuclear Information System (INIS)

    Cohen, F.; Wiegand, M.

    2002-01-01

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

  10. International Trade and Protectionism.

    Science.gov (United States)

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

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

  11. Trade Facilitation in Ethiopia:

    African Journals Online (AJOL)

    Tilahun_EK

    (UNCTAD), “Trade and transport facilitation … addresses a wide agenda in economic development and trade that may include improving transport infrastructure and services, reducing customs tariffs, and removing non-tariff trade barriers including administrative and regulatory barriers.”24. The definition of trade facilitation ...

  12. Summary guidelines

    Energy Technology Data Exchange (ETDEWEB)

    Halsnaes, K.; Painuly, J.P.; Turkson, J.; Meyer, H.J.; Markandya, A.

    1999-09-01

    This document is a summary version of the methodological guidelines for climate change mitigation assessment developed as part of the Global Environment Facility (GEF) project Economics of Greenhouse Gas Limitations; Methodological Guidelines. The objectives of this project have been to develop a methodology, an implementing framework and a reporting system which countries can use in the construction of national climate change mitigation policies and in meeting their future reporting obligations under the FCCC. The methodological framework developed in the Methodological Guidelines covers key economic concepts, scenario building, modelling tools and common assumptions. It was used by several country studies included in the project. (au) 13 refs.

  13. Executive summary

    International Nuclear Information System (INIS)

    1981-02-01

    This paper is an 'executive summary' of work undertaken to review proposals for transport, handling and emplacement of high level radioactive wastes in an underground repository, appropriate to the U.K. context, with particular reference to: waste block size and configuration; self-shielded or partially-shielded block; stages of disposal; transportation within the repository; emplacement in vertical holes or horizontal tunnels; repository access by adit, incline or shaft; and costs. The paper contains a section on general conclusions and recommendations. (U.K.)

  14. Conference summaries

    International Nuclear Information System (INIS)

    1988-01-01

    This volume contains conference summaries of the 28. annual conference of the Canadian Nuclear Association, and the 9. annual conference of the Canadian Nuclear Society. Topics of discussion include: power reactors; fuel cycles; nuclear power and public understanding; future trends; applications of nuclear technology; CANDU reactors; operational enhancements; design of small reactors; accident behaviour in fuel channels; fuel storage and waste management; reactor commissioning/decommissioning; nuclear safety experiments and modelling; the next generation reactors; advances in nuclear engineering education in Canada; safety of small reactors; current position and improvements of fuel channels; current issues in nuclear safety; and radiation applications - medical and industrial

  15. THE CREDIT AND CREDIT RISK MANAGEMENT DURING THE CRISIS

    Directory of Open Access Journals (Sweden)

    Chitan Gheorghe

    2012-03-01

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

  16. 75 FR 60651 - Corporate Credit Unions

    Science.gov (United States)

    2010-10-01

    ... strategies for financial and correspondent services, including the ability of the proposed corporate credit... NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Part 704 RIN 3133-AD80 Corporate Credit Unions AGENCY...) setting forth the requirements and process for chartering corporate federal credit unions. DATES: Comments...

  17. Credit Scores, Race, and Residential Sorting

    Science.gov (United States)

    Nelson, Ashlyn Aiko

    2010-01-01

    Credit scores have a profound impact on home purchasing power and mortgage pricing, yet little is known about how credit scores influence households' residential location decisions. This study estimates the effects of credit scores on residential sorting behavior using a novel mortgage industry data set combining household demographic, credit, and…

  18. 12 CFR 561.12 - Consumer credit.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Consumer credit. 561.12 Section 561.12 Banks... AFFECTING ALL SAVINGS ASSOCIATIONS § 561.12 Consumer credit. The term consumer credit means credit extended... real estate and chattel liens secured by mobile homes and leases of personal property to consumers that...

  19. 76 FR 79531 - Corporate Credit Unions

    Science.gov (United States)

    2011-12-22

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

  20. 49 CFR 260.13 - Credit reform.

    Science.gov (United States)

    2010-10-01

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

  1. How carbon credits could drive the emergence of renewable energies

    Energy Technology Data Exchange (ETDEWEB)

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

    2008-10-15

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

  2. Lending and Credit Monitoring Principles

    Directory of Open Access Journals (Sweden)

    Viorica IOAN

    2012-11-01

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

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

    Directory of Open Access Journals (Sweden)

    Iván Salvador Romero A.

    2014-11-01

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

  4. Free trade or just trade? The World Trade Organisation, human ...

    African Journals Online (AJOL)

    The author assesses these claims from a human rights perspective and explores the relationship between trade, human rights and development. The article sketches the history and functions of the WTO, discusses the linkages between trade liberalisation, human rights and development, and assesses the human rights ...

  5. Barbarians at the Gate: An Insight into the World of Credit Derivatives

    African Journals Online (AJOL)

    This paper examines the significance of developing the Nigerian capital market using credit derivatives as trading instruments to redefine the financial services and reduce inefficiencies in the loan market. It then recommends a sound regulatory system as the bedrock for its success. NESG Economic Indicators Vol.

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

    NARCIS (Netherlands)

    de Graaf, C.S.L.

    2016-01-01

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

  7. 40 CFR 80.1290 - How are standard benzene credits generated?

    Science.gov (United States)

    2010-07-01

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

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

    NARCIS (Netherlands)

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

    2011-01-01

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

  9. Trade Finance during the Great Trade Collapse

    OpenAIRE

    Chauffour, Jean-Pierre; Malouche, Mariem

    2011-01-01

    The bursting of the subprime mortgage market in the United States in 2008 and the ensuing global financial crisis were associated with a rapid decline in global trade. The extent of the trade collapse was unprecedented: trade flows fell at a faster rate than had been observed even in the early years of the great depression. G-20 leaders held their first crisis-related summit in November 20...

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

    NARCIS (Netherlands)

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

    2004-01-01

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

  11. Trade, development and sustainability

    DEFF Research Database (Denmark)

    Røpke, Inge

    1994-01-01

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

  12. COMPETITIVENESS OF MICRO AND SMALL COMPANIES IN THE PRESENCE OF FREE TRADE AGREEMENT (NAFTA)

    OpenAIRE

    Choy Zevallos, Elsa Esther; Facultad de Ciencias Contables, Universidad Nacional Mayor de San Marcos

    2014-01-01

    The participation of Micro and Small Peruvians companies (MYPES), to the recent trade liberalization, particularly the Free Trade Agreement (NAFTA), is almost nil, because it is firms that are not competitive and they face many obstacles to its development such as problems of access to markets, technological barriers and difficulties in obtaining credit facilities from the financial sector. Faced with the challenges of an Open Economy and Global, the Free Trade Agreement (NAFTA) represent a c...

  13. 1999 BUSINESS ANALYSIS SUMMARY FOR DAIRY FARMS

    OpenAIRE

    Nott, Sherrill B.

    2000-01-01

    This report is a summary of the financial and production records kept by dairy farmers enrolled in the Telfarm/MicroTel record program through Michigan State University Extension., or were accounting clients of AgriSolutions in Michigan, or of Farm Credit Services of Escanaba. This report has three purposes: 1)to provide statistical information about the financial results on dairy farms during 1999; 2)to provide production costs for comparative analysis and forward planning; and 3)to provide ...

  14. Reconfiguring trade mark law

    DEFF Research Database (Denmark)

    Elsmore, Matthew James

    2013-01-01

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

  15. Credit Policy within BRD Bank

    Directory of Open Access Journals (Sweden)

    Moraru Camelia

    2017-01-01

    It has been found that credit is indispensable to an economy, which is why the method of granting itis significant and, in this sense, the function of the bank of financial analyst plays an important rolein orienting resources towards the most efficient placements.

  16. Brownfields New Markets Tax Credits

    Science.gov (United States)

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

  17. Learning in a credit economy

    NARCIS (Netherlands)

    Assenza, T.; Berardi, M.

    2008-01-01

    In this work we analyze a credit economy à la Kiyotaki and Moore (JPE, 1997) enriched with learning dynamics. Both borrowers and lenders need to make expectations about the future price of the collateral, and under heterogeneous learning this can have interesting con- sequences for the economy when

  18. Credit Supply and Corporate Innovation

    DEFF Research Database (Denmark)

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

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

  19. Methodology of Credit Analysis Development

    Directory of Open Access Journals (Sweden)

    Slađana Neogradi

    2017-12-01

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

  20. Credit Supply and Corporate Innovation

    DEFF Research Database (Denmark)

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

    2013-01-01

    We present evidence that banking development plays a key role in technological progress. We focus on manufacturing firms' innovative performance, measured by patent-based metrics, and employ exogenous variations in banking development arising from the staggered deregulation of banking activities ...... that these results are strongly driven by a greater ability of deregulated banks to geographically diversify credit risk....

  1. A Mechanism for Anonymous Credit Card Systems

    Science.gov (United States)

    Tamura, Shinsuke; Yanase, Tatsuro

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

  2. Executive Summary

    International Nuclear Information System (INIS)

    2014-01-01

    Each session of the workshop consisted of a number of presentations followed by a panel discussion moderated by the session Chairs. A summary of each session and subsequent discussion that ensued are provided. Session 1: National approaches for long term interim storage facilities. Seven papers were presented during this session by representatives of research institutes in USA (EPRI) and in Norway (IFE), governmental authorities for the nuclear industry in Finland (STUK) and Slovak Republic (UJD), technical support organizations in Germany (GRS) and France (IRSN) and the public company in charge of waste management in Spain (ENRESA). The papers discussed the national policy, the regulatory framework and the current situation for storage of SF and HLW in various European countries (Germany, Spain, Finland, Norway and Slovak Republic). The main activities the EPRI is undertaking to establish the technical bases for extended (long-term) storage and the IRSN's definition of the safety principles and objectives for new storage facilities regarding long-term storage are also discussed. Session 2: Safety requirements, regulatory framework and implementation issues. Eleven papers were presented during this session by representatives from international groups (the International Atomic Energy Agency (IAEA) and the Nuclear Energy Agency (NEA)), representatives of regulatory bodies from the United States (Nuclear Regulatory Commission) and Germany (Bundesamt fuer Strahlenschutz (BfS)), German Federal Institute for Materials Research and Testing (BAM), operators from the United Kingdom (Sellafield Limited, UK) and France (EDF), vendors (AREVA), and representatives of TSOs in Germany (TUV and Oko-Institut). Session 3: Technical issues and operational experience, needs for R and D. This session was chaired by Karl Wasinger (AREVA, Germany) and Fumihisa Nagase (JAEA, Japan). Ten papers were presented during this session by representatives of research institutes of Japan (CRIEPI

  3. DEVELOPMENT OF A CREDIT POLICY FOR MARKETS SUBJECT TO CREDIT RATIONING

    Directory of Open Access Journals (Sweden)

    Lobov A. A.

    2015-09-01

    Full Text Available Effective credit policy is an essential condition for bank’s successful operation. In this article methods of developing a credit policy that accounts for information asymmetry and «reverse selection» effect in the credit market are considered. In the course of research, relationships between interest rates, “pass” credit score, total bank’s income, average profitability of a credit product and the amount of capital required to be allocated to a new product, were revealed. Noting these relationships, bank’s credit department is able to set optimal interest rates, credit score and capital, as well as to apply credit rationing, if necessary.

  4. Improving low power and shutdown PSA methods and data to permit better risk comparison and trade-off decision-making. Volume 1: summary of COOPRA and WGRISK surveys; Volume 2: responses to the WGRISK survey; Volume 3: responses to the COOPRA survey

    International Nuclear Information System (INIS)

    2005-01-01

    The COOPRA LPSD working group is charged with the responsibility to assess their Member country's plant operations at Low Power and Shutdown (LPSD) conditions. The sharing of information is expected to provide each of the Member country the means from which to render informed regulatory decisions for the benefit of public health and safety. Each organization had developed a questionnaire to gather information from Member countries on LPSD PSAs experiences. The responses cover a broad spectrum of LPSD PSA topics, and identifies work for improving risk-informed trade-off decisions, using PSA techniques, between LPSD and full power operational states. Each organization recognized potential benefit for improving the state-of-the-art by combining the wealth of experiences from the questionnaire responses into a common report. This report provides a summary of the current LPSD PSAs in Member countries, covering the elements which make up the PSAs. This report identifies the uses of the LPSD PSAs, summarizes current approaches, aspects, and good practices, identifies and defines differences between methods and data in full power and LPSD PSAs, and identifies guidance, methods, data, and basic research needs to address the differences. The responses to the questionnaires are provided in the Appendixes. The information contained in this report was gathered from two surveys, one by COOPRA and the other by WGRisk, which were performed over several years. Volume 2 of this report contains the responses from the CSNI / WGRisk Survey; Volume 3 contains the responses from the COOPRA Survey

  5. Trade in goods

    DEFF Research Database (Denmark)

    Sørensen, Karsten Engsig

    2006-01-01

    An analysis of the rules governing trade in goods under the GATT agreement and the Agreement on Safeguards......An analysis of the rules governing trade in goods under the GATT agreement and the Agreement on Safeguards...

  6. Trade Agreements PTI

    Data.gov (United States)

    Department of Homeland Security — The objective of the Trade Agreements PTI is to advance CBP’s mission by working with internal and external stakeholders to facilitate legitimate trade and address...

  7. Emissions Trading Resources

    Science.gov (United States)

    Learn about emissions trading programs, also known as cap and trade programs, which are market-based policy tools for protecting human health and the environment by controlling emissions from a group of sources.

  8. Management summary

    International Nuclear Information System (INIS)

    Anon.

    1977-01-01

    A most pressing problem in many environmental assessments is determining the extent of contamination to the biosphere resulting from a given activity. This could result from the planned or accidental release of a contaminant to the environment and its subsequent transport through air, water, or the food chain. In either case, three critical questions need to be raised in the environmental assessment of the problem: Where are the contaminants; When will they arrive at a specific location; How much of the contaminant will be at the point of uptake. The location of the contaminant is important, since a contaminant isolated from man both now and in the future may represent little hazard, even in rather large quantities. Under other conditions, small amounts of contaminants arriving at critical locations over a short period may involve severe hazard. The problem of location is simplified by concentrating on those places where the contaminants will interface with the biosphere. Applications in evaluating the consequences of ground water contamination are discussed. Environmental consequences or impacts are most effectively and efficiently communicated by: Blending extensive technical results and reducing them to simple summary relationships, i.e., the arrival distributions; focusing on the arrival distributions as the central theme of communication efforts; and determining quantitative consequences or impacts to the biosphere through use of the arrival distributions. Appropriately applied, these principles can reduce a voluminous impact statement on subsurface pollution to a few pages that are directly useful to decision-makers and the public

  9. Theory summary

    International Nuclear Information System (INIS)

    Tang, W.M.

    2001-01-01

    This is a summary of the advances in magnetic fusion energy theory research presented at the 17th International Atomic Energy Agency Fusion Energy Conference from 19 24 October, 1998 in Yokohama, Japan. Theory and simulation results from this conference provided encouraging evidence of significant progress in understanding the physics of thermonuclear plasmas. Indeed, the grand challenge for this field is to acquire the basic understanding that can readily enable the innovations which would make fusion energy practical. In this sense, research in fusion energy is increasingly able to be categorized as fitting well the 'Pasteur's Quadrant' paradigm, where the research strongly couples basic science ('Bohr's Quadrant') to technological impact ('Edison's Quadrant'). As supported by some of the work presented at this conference, this trend will be further enhanced by advanced simulations. Eventually, realistic three-dimensional modeling capabilities, when properly combined with rapid and complete data interpretation of results from both experiments and simulations, can contribute to a greatly enhanced cycle of understanding and innovation. Plasma science theory and simulation have provided reliable foundations for this improved modeling capability, and the exciting advances in high-performance computational resources have further accelerated progress. There were 68 papers presented at this conference in the area of magnetic fusion energy theory

  10. Session summaries

    International Nuclear Information System (INIS)

    Sudo, Y.

    2002-01-01

    In the summary session, possible international activities in the field of basic studies on high-temperature engineering were discussed within the framework of the OECD/NEA Nuclear Science Committee (NSC). It was recommended to include topics relevant to fission-product behaviour and safety issues of HTGR in next meeting, in addition to the topics discussed in this meeting. The chairperson of the last session summarised the recommendations to be presented to the NSC into the following five topics as possible international activities: - Basic studies on behaviour of irradiated graphite/carbon and ceramic materials including their composites under both operation and storage conditions. - Development of in-core material characterisation and instrumentation methods. - Improvement in material properties through high-temperature irradiation. - Basic studies on HTGR fuel fabrication and performance including fission-product release. - Basic studies on safety issues of HTGR. It was also recommended that a further information exchange meeting focused on the organisation of the interactive collaboration activity with regard to the above topics be planned in 2003, tentatively in Oarai, Japan. (author)

  11. 76 FR 77454 - New Markets Tax Credit Non-Real Estate Investments; Hearing Cancellation

    Science.gov (United States)

    2011-12-13

    ... DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG-128224-06] RIN 1545-BF80 New Markets Tax Credit Non-Real Estate Investments; Hearing Cancellation AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Cancellation of notice of public hearing on proposed rulemaking. SUMMARY...

  12. 75 FR 5169 - Listening Session Regarding Notice of Funding Availability for Applications for Credit Assistance...

    Science.gov (United States)

    2010-02-01

    ...] Listening Session Regarding Notice of Funding Availability for Applications for Credit Assistance Under the... Transportation (DOT). ACTION: Notice of listening session. SUMMARY: The DOT's TIFIA Joint Program Office (JPO) announces a listening session for the public to discuss the topics identified in the notice of funding...

  13. 77 FR 25499 - Notice of Proposed Information Collection: Comment Request; Personal Financial and Credit Statement

    Science.gov (United States)

    2012-04-30

    ... Information Collection: Comment Request; Personal Financial and Credit Statement AGENCY: Office of the Assistant Secretary for Housing, HUD. ACTION: Notice. SUMMARY: The proposed information collection... Street SW., Washington, DC 20410, Room 9120 or the number for the Federal Information Relay Service (1...

  14. 78 FR 18424 - Proposed Information Collection (Transfer of Scholastic Credit (Schools)) Activity: Comment Request

    Science.gov (United States)

    2013-03-26

    ... (Transfer of Scholastic Credit (Schools)) Activity: Comment Request AGENCY: Veterans Benefits Administration, Department of Veterans Affairs. ACTION: Notice. SUMMARY: The Veterans Benefits Administration (VBA... whether an eligible person who is enrolled in a program at one school is entitled to receive education...

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

    OpenAIRE

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

    1998-01-01

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

  16. Greenhouse-gas-trading markets.

    Science.gov (United States)

    Sandor, Richard; Walsh, Michael; Marques, Rafael

    2002-08-15

    This paper summarizes the extension of new market mechanisms for environmental services, explains of the importance of generating price information indicative of the cost of mitigating greenhouse gases (GHGs) and presents the rationale and objectives for pilot GHG-trading markets. It also describes the steps being taken to define and launch pilot carbon markets in North America and Europe and reviews the key issues related to incorporating carbon sequestration into an emissions-trading market. There is an emerging consensus to employ market mechanisms to help address the threat of human-induced climate changes. Carbon-trading markets are now in development around the world. A UK market is set to launch in 2002, and the European Commission has called for a 2005 launch of an European Union (EU)-wide market, and a voluntary carbon market is now in formation in North America. These markets represent an initial step in resolving a fundamental problem in defining and implementing appropriate policy actions to address climate change. Policymakers currently suffer from two major information gaps: the economic value of potential damages arising from climate changes are highly uncertain, and there is a lack of reliable information on the cost of mitigating GHGs. These twin gaps significantly reduce the quality of the climate policy debate. The Chicago Climate Exchange, for which the authors serve as lead designers, is intended to provide an organized carbon-trading market involving energy, industry and carbon sequestration in forests and farms. Trading among these diverse sectors will provide price discovery that will help clarify the cost of combating climate change when a wide range of mitigation options is employed. By closing the information gap on mitigation costs, society and policymakers will be far better prepared to identify and implement optimal policies for managing the risks associated with climate change. Establishment of practical experience in providing

  17. Reports on...Credit and Other Financial Issues.

    Science.gov (United States)

    TRW Information Systems and Services, Orange, CA.

    This document contains 29 two-page reports on credit, business credit, direct marketing, and real estate data prepared by the credit reporting company, TRW, for consumers. Topics covered are the following: consumer credit reports, how to obtain a copy of a consumer credit report, how credit bureaus compile consumer credit reports, the role of…

  18. Individual Attitudes Towards Trade

    DEFF Research Database (Denmark)

    Jäkel, Ina Charlotte; Smolka, Marcel

    2013-01-01

    Using the 2007 wave of the Pew Global Attitudes Project, this paper finds statistically significant and economically large Stolper-Samuelson effects in individuals’ preference formation towards trade policy. High-skilled individuals are substantially more pro-trade than low-skilled individuals......-Ohlin model in shaping free trade attitudes, relative to existing literature....

  19. African agricultural trade

    DEFF Research Database (Denmark)

    Jensen, Hans Grinsted; Sandrey, Ron

    2015-01-01

    This article starts with a profile of African agricultural trade. Using the pre-release version 9.2 of the GTAP database, we then show that the results for tariff elimination on intra-African trade are promising, but these tariff barriers are not as significant as the various trade-related barriers...

  20. JAPAN'S TECHNOLOGY TRADE

    OpenAIRE

    Hagiwara, Taiji

    1994-01-01

    Japan's technology balance of trade has improved over the last twenty years. The position of Japan is examined through (1) comparison with other OECD countries, (2) the historical change in Japan's technology trade at the industry level, (3) Toshiba's technology trade as a typical case. The conclusion is that Japan is still behind the frontier of innovation.

  1. Banking and Trading

    NARCIS (Netherlands)

    Boot, A.W.A.; Ratnovski, L.

    2016-01-01

    We study the interaction between relationship banking and short-term arm’s length activities of banks, called trading. We show that a bank can use the franchise value of its relationships to expand the scale of trading, but may allocate too much capital to trading ex post , compromising its ability

  2. Trade Remedies: A Primer

    National Research Council Canada - National Science Library

    Jones, Vivian C

    2006-01-01

    The United States and many of its trading partners use laws known as trade remedies to mitigate the adverse impact of various trade practices on domestic industries and workers. U.S. antidumping laws (19 U.S.C. 1673 et seq...

  3. Performance Consulting: Get CREDIT from Your Clients.

    Science.gov (United States)

    Atkinson, Vicki; Chalmers, Nancy

    1999-01-01

    Discusses client satisfaction criteria relevant to human performance consultants and explains the CREDIT model that represents what clients consider most important. Examines CREDIT: Client needs, Relationships, demonstrating Expertise and experience, creating Deliverables, Interpersonal skills, and Tracking and project managing. (LRW)

  4. Fish marketing and credit in Viet Nam

    National Research Council Canada - National Science Library

    Lem, Audun

    2004-01-01

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

  5. From subprime mortgages to subprime credit cards

    OpenAIRE

    Margo Anderson

    2008-01-01

    Since the 2005 changes to bankruptcy law made subprime products safer for credit card companies, they are promoting more cards to consumers with poor credit. High up-front fees and penalties may call for consumer caution.

  6. British and American attitudes toward credit cards.

    Science.gov (United States)

    Yang, Bijou; James, Simon; Lester, David

    2006-04-01

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

  7. Portfolio Optimization for Multiple Group Credit Unions

    National Research Council Canada - National Science Library

    Willis, John

    1999-01-01

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

  8. Scoring Models of Bank Credit Policy Management

    OpenAIRE

    Aida Hanic; Emina Zunic; Adnan Dzelihodzic

    2013-01-01

    The aim of this paper is to present how credit scoring models can be used in financial institutions, in this case in banks, in order to simplify credit lending. Unlike traditional models of credit analysis, scoring models provides valuation based on numerical score who represent clients’ possibility to fulfil their obligation. Using credit scoring models, bank can create a numerical snapshot of consumers risk profile. One of the most important characteristic of scoring models is objectivity w...

  9. STATE CREDIT RATING MARK: PRESENT DOMESTIC REALITIES

    OpenAIRE

    Kovalko, N. M.

    2017-01-01

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

  10. Summary Record

    International Nuclear Information System (INIS)

    2008-01-01

    The first workshop of the OECD/NRC Benchmark based on NUPEC BWR Full-size Fine-mesh Bundle Tests (BFBT) was held on 4 October 2004. The workshop was hosted by the Japan Nuclear Energy Safety (JNES) Organization. The BFBT Benchmark is sponsored by the US Nuclear Regulatory Commission (NRC), the OECD, and the Nuclear Engineering Program (NEP) of the Pennsylvania State University. The experimental data was produced during a measurement campaign by the NUPEC, Japan, and sponsored by the Japan Ministry of Economy, Trade and Industry (METI). This international benchmark, based on the NUPEC database, encourages advancement in this un-investigated field of two-phase flow theory with very important relevance to the nuclear reactor's safety margins evaluation. Considering the immaturity of the theoretical approach, the benchmark specification is being designed so that it systematically assesses and compares the participants' numerical models on the prediction of detailed void distributions and critical powers. Furthermore, the following points are kept in mind while the benchmark specification is being established. As concerns the numerical model of void distributions, no sound theoretical approach that can be applied to a wide range of geometrical and operating conditions has been developed. In the past decade, experimental and computational technologies have improved tremendously through the study of the two-phase flow structure. Over the next decade, it can be expected that mechanistic approaches will be more widely applied to the complicated two-phase fluid phenomena inside fuel bundles. The development of truly mechanistic models for critical power prediction is currently underway. These models must include elementary processes such as void distributions, droplet deposit, liquid film entrainment, etc. The BFBT benchmark consists of two parts (phases), each part consisting of different exercises: - Phase 1 Void Distribution Benchmark: Exercise 1: Steady-state sub

  11. KARAKTERISTIK PERUSAHAAN DAN CREDIT RISK

    Directory of Open Access Journals (Sweden)

    Erma Wahdani Permanasari

    2014-05-01

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

  12. Credit rating dynamics and competition

    DEFF Research Database (Denmark)

    Hirth, Stefan

    2014-01-01

    I analyze the market for credit ratings with competition between more than two rating agencies. How can honest rating behavior be achieved, and under which conditions can a new honest rating agency successfully invade a market with inflating incumbents? My model predicts cyclic dynamics if sophis......I analyze the market for credit ratings with competition between more than two rating agencies. How can honest rating behavior be achieved, and under which conditions can a new honest rating agency successfully invade a market with inflating incumbents? My model predicts cyclic dynamics...... if sophisticated investors have a high impact on agencies’ reputation. In contrast, if trusting investors have the main impact, then the dynamics exhibits a saddle point rather than cycles. In this case, regulatory support for honest rating agencies is only needed for a limited time, but the effect is sustainable...

  13. Credit risk & forward price models

    OpenAIRE

    Gaspar, Raquel Medeiros

    2006-01-01

    Doutoramento em Gestão This thesis consists of three distinct parts. Part I introduces the basic concepts and the notion of general quadratic term structures (GQTS) essential in some of the following chapters. Part II focuses on credit risk models and Part III studies forward price term structure models using both the classical and the geometrical approach. Part I is organized as follows. Chapter 1is divided in two main sections. The first section presents some of ...

  14. 47 CFR 97.505 - Element credit.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 5 2010-10-01 2010-10-01 false Element credit. 97.505 Section 97.505... SERVICE Qualifying Examination Systems § 97.505 Element credit. (a) The administering VEs must give credit... operator license grant: Elements 2 and 3. (2) An unexpired (or expired but within the grace period for...

  15. 48 CFR 1632.607 - Tax credit.

    Science.gov (United States)

    2010-10-01

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

  16. 27 CFR 46.223 - Tax credit.

    Science.gov (United States)

    2010-04-01

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

  17. 48 CFR 2132.607 - Tax credit.

    Science.gov (United States)

    2010-10-01

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

  18. Overcoming credit card fraud in South Africa

    African Journals Online (AJOL)

    According to the. South African Banking Risk Intelligence Centre ... A credit card is a convenient method of payment, but it does carry risks. The enormous ... does not exist in a vacuum. Often credit card fraud is. 'linked with other crimes, such as burglary, mail theft and organised crime'.13. TYPES OF CREDIT CARD FRAUD.

  19. 76 FR 54991 - Corporate Credit Unions

    Science.gov (United States)

    2011-09-06

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

  20. Credit in Acceptance Sampling on Attributes

    NARCIS (Netherlands)

    Klaassen, Chris A.J.

    2000-01-01

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

  1. 78 FR 25101 - Credit Ratings Roundtable

    Science.gov (United States)

    2013-04-29

    ... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-69433; File No. 4-661] Credit Ratings... examine issues in connection with the possibility of developing a credit rating assignment system. The... FURTHER INFORMATION CONTACT: Scott Davey at (212) 336-0075, Office of Credit Ratings, Securities and...

  2. 40 CFR 91.1307 - Credit calculation.

    Science.gov (United States)

    2010-07-01

    ... family in kW (sales weighted). The power of each configuration is the rated output in kilowatts as....1307 Credit calculation. For each participating engine family, emission credits (positive or negative... for an engine family whether generating positive or negative in-use emission credits: ER04oc96.053...

  3. 76 FR 34010 - Credit Risk Retention

    Science.gov (United States)

    2011-06-10

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

  4. Rare Disasters and Credit Market Puzzles

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Du, Du; Elkamhi, Redouane

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

  5. Credits

    Directory of Open Access Journals (Sweden)

    - -

    2010-05-01

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

  6. Credits

    Directory of Open Access Journals (Sweden)

    - -

    2010-05-01

    Full Text Available Reitora Cibele Daher Botelho Monteiro Vice-Diretor Geral Jefferson Manhães de Azevedo Coordenadora de Pós-Graduação Vera Raimunda Amério Asseff Coordenador de Pesquisa Rogério Atem de Carvalho Editora-Chefe Maria Amelia Ayd Correa Coordenação Editorial do Boletim Maria Inês Paes FerreiraConselho Editorial Dalila Silva MelloMarcos Antonio Cruz MoreiraRoberta de Sousa RamalhoVicente de Paulo Santos de Oliveira Organizadores deste número Maria Inês Paes FerreiraJosé Augusto Ferreira da SilvaJader Lugon JuniorPedro Paulo Gomes Watts RodriguesMariana Rodrigues de Carvalhaes PinheiroKarla Aguiar KuryBrunna Rocha WerneckSamara Melo RodriguesJúlio Fontoura Gonçalves de LimaGabriel Pereira CostaJáder da Mota Siqueira Apoio Técnico Amanda de Andrade SantosCarlos David PascoDenia Cristina da Silva BarretoGisele Carvalho da Silva Costa Nogueira Bolsistas de Iniciação CientíficaJáder da Mota SiqueiraJúlio Fontoura Gonçalves de LimaSamara Melo RodriguesWanessa Alves Duarte Revisão de TextoEdinalda Maria Almeida da SilvaVania Cristina Alexandrino Bernardo Projeto GráficoAndré da Silva CruzDaniel Marques Sardinha Diagramação Daniel Marques SardinhaVladimir de Abreu Braga Barbosa Capa Daniel Marques Sardinha Revisão Técnica Flávia Gomes de Abreu SiqueiraVanessa Vasconcelos  Lopes Assistente de EditoraçãoCláudia de Souza Caetano Catalogação Antonio Soares das Chagas Filho Dados de Catalogação na Publicação (CIPBoletim do Observatório Ambiental Alberto Ribeiro Lamego. - Vol. 2, n. 2 (jul. / dez. 2008. InstitutoFederal de Educação, Ciência e Tecnologia Fluminense. Observatório Ambiental Alberto Ribeiro Lamego. Campos dos Goytacazes, RJ: Essentia Editora, 2008 - v. : il. 14 cm. SemestralISSN 1981-6197Centro Federal de Educação Tecnológica de Campos até 2008. Instituto Federal de Educação,Ciência e Tecnologia Fluminense a partir de 2009. 1. Engenharia ambiental. I. Instituto Federal de Educação, Ciência e Tecnologia Fluminense. II.Observatório Ambiental Alberto Ribeiro Lamego. CDD - 628 Impressão: Gráfica e Editora GSA | Tel.: (27 3232-1266

  7. Credits

    Directory of Open Access Journals (Sweden)

    - -

    2010-05-01

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

  8. Credits

    Directory of Open Access Journals (Sweden)

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    2010-05-01

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

  9. Credits

    Directory of Open Access Journals (Sweden)

    . .

    2015-02-01

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

  10. Credits

    Directory of Open Access Journals (Sweden)

    . .

    2014-08-01

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

  11. Credits

    Directory of Open Access Journals (Sweden)

    . .

    2015-05-01

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

  12. Credits

    Directory of Open Access Journals (Sweden)

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    2012-07-01

    Full Text Available Ministério da EducaçãoSecretaria de Educação Profissional e TecnológicaInstituto Federal de Educação, Ciência e Tecnologia Fluminense Reitora Cibele Daher Botelho Monteiro Pró-Reitora de Ensino Fabíola de Amério Ney Silva Pró-Reitor de Pesquisa e Inovação Hélio Gomes Filho Pró-Reitor de Extensão Eugênio Ferreira Naegele da Silva Pró-Reitor de Desenvolvimento Institucional Guiomar do Rosário Valdez Editora-chefe Inez Barcellos de AndradeCoordenação Editorial do Boletim Maria Inês Paes Ferreira Conselho Editorial Conselho Consultivo Edinalda Almeida da SilvaHelvia Pereira Pinto BastosJefferson Manhães de AzevedoLuiz de Pinedo Quinto JuniorMaria Amelia Ayd CorrêaMaria Inês Paes FerreiraPedro de Azevedo Castelo BrancoRegina Coeli Martins AquinoRogério Atem de CarvalhoRomeu e Silva NetoSaid Sérgio Martins AuattSalvador TavaresSergio VasconcelosSilvia Lúcia dos Santos BarretoSynthio Vieira de AlmeidaVania Cristina Alexandrino BernardoVicente de Paulo Santos OliveiraWander Gomes Ney Adalberto Cardoso (IESP/UERJAntonio Carlos Secchin (UFRJAntônio José da Silva Neto (IPRJ/UERJAsterio Kiyoshi Tanaka (UNIRIO e UFRJErica Maria Pellegrini Caramaschi (UFRJFernando Benedicto Mainier (UFFFernando Pruski (UFVFrancisco de Assis Esteves (UFRJGaudêncio Frigotto (UFFHamilton Jorge de Azevedo (UFRRJHelder Gomes Costa (UFFIná Elias de Castro (UFRJJader Lugon Junior (IFF/UERJ/SENAIJanete Bolite Frant (UNIBANJosé Abdallah Helayël-Neto (CBPF/MCTMiriam Fontelle (UNIFLU e UNESARodrigo Valente Serra (ANPRonaldo Pinheiro da Rocha Paranhos (UENFSérgio Arruda de Moura (UENFVera Lucia Marques da Silva (FBPNVirgínia Maria Gomes de Mattos Fontes (UFF Organizadores deste númeroMaria Inês Paes FerreiraJader Lugon JuniorLuiz de Pinedo Quinto JúniorBolsista de Iniciação CientíficaLeonardo Neves dos Santos Revisão de Língua Portuguesa e Inglesa Edson Carlos Nascimento Projeto Gráfico André da Silva CruzEric Moreira Carvalho Diagramação Diego Melo Gomes CapaAndré da Silva Cruz Revisão Técnica e Catalogação Inez Barcellos de AndradeMichele Siqueira Pessanha CopidesqueEdson Carlos Nascimento Dados de Catalogação na Publicação (CIP B688      Boletim do Observatório Ambiental Alberto Ribeiro Lamego / InstitutoFederal de Educação, Ciência e Tecnologia Fluminense.Observatório Ambiental Alberto Ribeiro Lamego. - Vol. 1, no. 1(jan./jun. 2011 - .- Campos dos Goytacazes (RJ: Essentia Editora,2011- SemestralCentro Federal de Educação Tecnológica de Campos - CEFET Camposaté 2008. Instituto Federal de Educação, Ciência e Tecnologia - IF Fluminense apartir de 2009. ISSN versão impressa 1981-6197ISSN versão eletrônica 2177-4560 1. Engenharia ambiental. I. Instituto Federal de Educação, Ciência eTecnologia Fluminense. II. Observatório Ambiental Alberto Ribeiro Lamego. CDD - 628 Tiragem: 1000 exemplaresImpressão: Clicheria Cromos Ltda. | Tel.: (41 3021-5337

  13. CREDITS

    Indian Academy of Sciences (India)

    ABASAHEB GARWARE COLLEGE, PUNE: Anagha Kale, Vaishali Shejval, Charushila Sonawane, Monali Rahalkar, Nitin Phadnis, Ameya Champhenkar, Kalyani Damle, Sulabha Karandikar, Vasudeo Kshirsagar, Maithili Jog, Amita Oka, Dhanashree Paranjape, Kavita Patil, Subhash Kulkarni, Ketaki Varkhedkar, Sunando ...

  14. Credits

    Directory of Open Access Journals (Sweden)

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    2014-02-01

    Full Text Available Ministério da EducaçãoSecretaria de Educação Profissional e TecnológicaInstituto Federal de Educação, Ciência e Tecnologia Fluminense Reitor Luiz Augusto Caldas Pereira Pró-Reitor de Ensino Carlos Márcio Lima Pró-Reitor de Pesquisa e Inovação José Augusto Ferreira da Silva Pró-Reitora de Extensão Paula Aparecida Martins Borges Bastos Coordenação Editorial do Boletim Maria Inês Paes Ferreira Conselho Editorial Conselho Consultivo Edinalda Almeida da SilvaHelvia Pereira Pinto BastosJefferson Manhães de AzevedoLuiz de Pinedo Quinto JuniorMaria Amelia Ayd CorrêaMaria Inês Paes FerreiraPedro de Azevedo Castelo BrancoRegina Coeli Martins AquinoRogério Atem de CarvalhoRomeu e Silva NetoSaid Sérgio Martins AuattSalvador TavaresSergio VasconcelosSilvia Lúcia dos Santos BarretoSynthio Vieira de AlmeidaVania Cristina Alexandrino BernardoVicente de Paulo Santos OliveiraWander Gomes Ney Adalberto Cardoso (IESP/UERJAntonio Carlos Secchin (UFRJAntônio José da Silva Neto (IPRJ/UERJAsterio Kiyoshi Tanaka (UNIRIO e UFRJErica Maria Pellegrini Caramaschi (UFRJFernando Benedicto Mainier (UFFFernando Pruski (UFVFrancisco de Assis Esteves (UFRJGaudêncio Frigotto (UFFHamilton Jorge de Azevedo (UFRRJHelder Gomes Costa (UFFIná Elias de Castro (UFRJJader Lugon Junior (IFF/UERJ/SENAIJanete Bolite Frant (UNIBANJosé Abdallah Helayël-Neto (CBPF/MCTRodrigo Valente Serra (ANPRonaldo Pinheiro da Rocha Paranhos (UENFSérgio Arruda de Moura (UENFVera Lucia Marques da Silva (FBPNVirgínia Maria Gomes de Mattos Fontes (UFF Organizadores deste número Maria Inês Paes FerreiraJader Lugon JuniorLuiz de Pinedo Quinto Júnior Bolsista de Iniciação Científica Camilla Cardoso da Costa Revisão de Língua Portuguesa e Inglesa Isabela Bastos de CarvalhoKissila Ferreira de SouzaPriscila Matos MonkenRosângela Caldas Projeto Gráfico André da Silva CruzEric Moreira Carvalho Diagramação Cláudia Marcia Alves FerreiraMariana de Almeida Reis Capa André da Silva Cruz Revisão Técnica e Catalogação Inez Barcellos de Andrade Dados de Catalogação na Publicação (CIP B688      Boletim do Observatório Ambiental Alberto Ribeiro Lamego / InstitutoFederal de Educação, Ciência e Tecnologia Fluminense.Observatório Ambiental Alberto Ribeiro Lamego. - Vol. 1, no. 1(jan./jun. 2011 - .- Campos dos Goytacazes (RJ: Essentia Editora,2011- SemestralCentro Federal de Educação Tecnológica de Campos - CEFET Camposaté 2008. Instituto Federal de Educação, Ciência e Tecnologia - IF Fluminense apartir de 2009. ISSN versão impressa 1981-6197ISSN versão eletrônica 2177-4560 1. Engenharia ambiental. I. Instituto Federal de Educação, Ciência eTecnologia Fluminense. II. Observatório Ambiental Alberto Ribeiro Lamego. CDD - 628 Tiragem: 1000 exemplaresImpressão: Impressoart Editora Gráfica Ltda. | Tel.: (41 3348-2728

  15. Credits

    Directory of Open Access Journals (Sweden)

    - -

    2013-01-01

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

  16. Credits

    Directory of Open Access Journals (Sweden)

    - -

    2013-09-01

    Full Text Available Ministério da EducaçãoSecretaria de Educação Profissional e TecnológicaInstituto Federal de Educação, Ciência e Tecnologia Fluminense Reitor Luiz Augusto Caldas Pereira Pró-Reitor de Ensino Carlos Márcio Lima Pró-Reitor de Pesquisa e Inovação José Augusto Ferreira da Silva Pró-Reitora de Extensão Paula Aparecida Martins Borges Bastos Editora-Chefe Inez Barcellos de AndradeCoordenação Editorial do Boletim Maria Inês Paes Ferreira Conselho Editorial Conselho Consultivo Edinalda Almeida da SilvaHelvia Pereira Pinto BastosJefferson Manhães de AzevedoLuiz de Pinedo Quinto JuniorMaria Amelia Ayd CorrêaMaria Inês Paes FerreiraPedro de Azevedo Castelo BrancoRegina Coeli Martins AquinoRogério Atem de CarvalhoRomeu e Silva NetoSaid Sérgio Martins AuattSalvador TavaresSergio VasconcelosSilvia Lúcia dos Santos BarretoSynthio Vieira de AlmeidaVania Cristina Alexandrino BernardoVicente de Paulo Santos OliveiraWander Gomes Ney Adalberto Cardoso (IESP/UERJAntonio Carlos Secchin (UFRJAntônio José da Silva Neto (IPRJ/UERJAsterio Kiyoshi Tanaka (UNIRIO e UFRJErica Maria Pellegrini Caramaschi (UFRJFernando Benedicto Mainier (UFFFernando Pruski (UFVFrancisco de Assis Esteves (UFRJGaudêncio Frigotto (UFFHamilton Jorge de Azevedo (UFRRJHelder Gomes Costa (UFFIná Elias de Castro (UFRJJader Lugon Junior (IFF/UERJ/SENAIJanete Bolite Frant (UNIBANJosé Abdallah Helayël-Neto (CBPF/MCTRodrigo Valente Serra (ANPRonaldo Pinheiro da Rocha Paranhos (UENFSérgio Arruda de Moura (UENFVera Lucia Marques da Silva (FBPNVirgínia Maria Gomes de Mattos Fontes (UFF Organizadores deste númeroMaria Inês Paes FerreiraJader Lugon JuniorLuiz de Pinedo Quinto JúniorBolsista de Iniciação CientíficaCamilla Cardoso da Costa Revisão de Língua Portuguesa e Inglesa Edson Carlos NascimentoIsabela Bastos de CarvalhoKissila Ferreira de SouzaPriscila Matos MonkenRosângela Caldas Projeto Gráfico André da Silva CruzEric Moreira Carvalho Diagramação Cláudia Marcia Alves FerreiraFernando de Prado Matos BettencourtMariana de Almeida Reis CapaAndré da Silva Cruz Revisão Técnica e Catalogação Inez Barcellos de Andrade Dados de Catalogação na Publicação (CIP B688      Boletim do Observatório Ambiental Alberto Ribeiro Lamego / InstitutoFederal de Educação, Ciência e Tecnologia Fluminense.Observatório Ambiental Alberto Ribeiro Lamego. - Vol. 1, no. 1(jan./jun. 1998 - .- Campos dos Goytacazes (RJ: Essentia Editora,1998- SemestralCentro Federal de Educação Tecnológica de Campos - CEFET Camposaté 2008. Instituto Federal de Educação, Ciência e Tecnologia - IF Fluminense apartir de 2009. ISSN versão impressa 1981-6197ISSN versão eletrônica 2177-4560 1. Engenharia ambiental. I. Instituto Federal de Educação, Ciência eTecnologia Fluminense. II. Observatório Ambiental Alberto Ribeiro Lamego. CDD - 628 Tiragem: 1000 exemplaresImpressão: Impressoart Editora Gráfica Ltda. | Tel.: (41 3348-2728

  17. Credits

    Directory of Open Access Journals (Sweden)

    - -

    2013-07-01

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

  18. Executive summary

    International Nuclear Information System (INIS)

    2002-01-01

    systems. The scope of the workshop comprised reactor physics, fuel performance and fuel material technology, thermal-hydraulics, core behaviour and fuel cycle of advanced reactors with different types of fuels or fuel lattices. Reactor types considered were water-cooled, high-temperature gas-cooled and fast spectrum reactors as well as hybrid reactors with fast and thermal neutron spectra. The emphasis was on innovative concepts and issues related to the reactor and fuel. The workshop concluded with a wide-ranging panel discussion which considered some difficult questions from which it is hoped that some recommendations for future priorities can be derived. A record of the discussion is included at the end of this summary. (author)

  19. 75 FR 17083 - Fiduciary Duties at Federal Credit Unions; Mergers and Conversions of Insured Credit Unions...

    Science.gov (United States)

    2010-04-05

    ... From the Federal Register Online via the Government Publishing Office NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Parts 701, 708a, and 708b Fiduciary Duties at Federal Credit Unions; Mergers and Conversions of Insured Credit Unions; Correction AGENCY: National Credit Union Administration. ACTION: Notice...

  20. Credit Hours with No Set Time: A Study of Credit Policies in Asynchronous Online Education

    Science.gov (United States)

    Prasuhn, Frederick Carl

    2014-01-01

    U.S. public university system policies were examined to learn how credit hours were determined for asynchronous online education. Findings indicated that (a) credit hour meaning and use are not consistent, (b) primary responsibility for credit hour decisions was at the local level, and (c) no policies exist to guide credit hour application for…

  1. Measuring Trade and Trade Potential : A Survey

    OpenAIRE

    Shiro Armstrong

    2007-01-01

    This paper provides a survey and a brief critical review of the literature on the widely used gravity models of trade, as a prelude to the justification of its use with the stochastic frontier methodology. The important papers on the theoretical foundations of the gravity model are reviewed and related to papers applied to explain determinants of trade flows. Then some shortcomings of the gravity model are discussed. The paper introduces the stochastic frontier gravity model as a way of estim...

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

    Science.gov (United States)

    McCall, Michael; Eckrich, Donald W

    2006-06-01

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

  3. 75 FR 41276 - Notice of Meeting of the Industry Trade Advisory Committee on Small and Minority Business (ITAC-11)

    Science.gov (United States)

    2010-07-15

    ... OFFICE OF THE UNITED STATES TRADE REPRESENTATIVE Notice of Meeting of the Industry Trade Advisory.... ACTION: Notice of an opened meeting. SUMMARY: The Industry Trade Advisory Committee on Small and Minority..., unless otherwise notified. ADDRESSES: The meeting will be held at the Big Sky Resort, located at 1 Lone...

  4. 77 FR 30329 - Dominican Republic-Central America-United States Free Trade Agreement; Notice of Determination...

    Science.gov (United States)

    2012-05-22

    ... Trade Agreement; Notice of Determination Regarding Review of Submission 2012-01 AGENCY: Bureau of International Labor Affairs, U.S. Department of Labor. ACTION: Notice. SUMMARY: The Office of Trade and Labor... labor chapter of a U.S. free trade agreement. The Procedural Guidelines specify that OTLA shall consider...

  5. A Network Model of Credit Risk Contagion

    Directory of Open Access Journals (Sweden)

    Ting-Qiang Chen

    2012-01-01

    Full Text Available A network model of credit risk contagion is presented, in which the effect of behaviors of credit risk holders and the financial market regulators and the network structure are considered. By introducing the stochastic dominance theory, we discussed, respectively, the effect mechanisms of the degree of individual relationship, individual attitude to credit risk contagion, the individual ability to resist credit risk contagion, the monitoring strength of the financial market regulators, and the network structure on credit risk contagion. Then some derived and proofed propositions were verified through numerical simulations.

  6. Dealing with Trading Thinness in Event Studies: An Improved Trade-to-Trade Model

    OpenAIRE

    Warwick Anderson

    2012-01-01

    This paper offers an improvement to the trade-to-trade model for event studies. While the trade-to-trade model of Maynes and Rumsey (1993) addresses the problem of thin trading by eliminating periods in which no trading is recorded, the proposed improvement addresses the influence of zero-value returns resulting from liquidity trading. This entails segmentation by the sign of company returns (positive, negative, zero). The approach allows for all levels of thinness in security trading. It is ...

  7. Summary Record

    International Nuclear Information System (INIS)

    2008-01-01

    (II-3) - Uncertainty analysis of the steady state benchmark. It should be recognized that the purpose of this benchmark is not only to compare currently available macroscopic approaches but above-all to encourage the development of novel next-generation approaches that focus on more microscopic processes. Thus, the benchmark problem includes both macroscopic and microscopic measurement data. In this context, the sub-channel grade void fraction data are regarded as the macroscopic data and the digitized computer graphic images are the microscopic data. The technical topics to be addressed at the workshop include: - Review of the benchmark activities after the 4. Workshop; - Presentation and discussion of summary of comparisons of final submitted results for Exercise 1 of Phase I (I-1); for Exercise 0 of Phase II (II-0); and for Exercise 1 of Phase II (II-1); - Presentation and discussion of comparison of final submitted results for Exercise 2 of Phase I (I-2); - Presentation and discussion of comparison of final submitted results for Exercise 3 of Phase I (I-3); - Presentation and discussion of comparison of final submitted results for Exercise 2 of Phase II (II-2); - Presentation and discussion of preliminary uncertainty results for Exercise 4 of Phase I (I-4); - Presentation and discussion of preliminary uncertainty results for Exercise 3 of Phase II (II-3); - Preparing a special issue in a journal with participants' BFBT papers; - Defining a work plan and schedule outlining actions to advance the two phases of the benchmark activities

  8. Risk management in Lithuanian and Irish credit unions: Trends and impacts on credit union development

    OpenAIRE

    Kaupelyte, Dalia; McCarthy, Olive

    2006-01-01

    The aim of this article is to examine the Irish and Lithuanian credit union movements in terms of risk management and risk performance, and to discuss credit union risk regulation. Risk management in credit unions often closely relates to credit union development stages so that as credit unions mature, higher standards of risk management should be implemented. In some cases these changes are accompanied by shifts in the regulatory framework. A comparison of the situations in Lithuania and Ire...

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

    OpenAIRE

    Špicas, Renatas

    2017-01-01

    While functioning in accordance with the new, business and efficiency-oriented operating model, credit unions develop and begin functioning outside the community. It is universally recognised in scientific literature that as credit unions expand their activities beyond a community, social relations with credit union members weaken and the credit unions lose their social control element, which help them to better assess and manage information asymmetry and credit risk. So far, the analysis of ...

  10. Non-conventional fuel tax credit

    International Nuclear Information System (INIS)

    Soeoet, P.M.

    1988-01-01

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

  11. Can bilateral trade agreements help induce free trade?

    OpenAIRE

    Riezman, Raymond Glenn

    1999-01-01

    There has been growing debate about whether bilateral trade agreements are damaging multilateral efforts to eliminate barriers to international trade. This paper develops a model in which trading blocks always charge optimal tariffs and make trade agreements based on strategic considerations. We ask a very simple question. Does the fact that trading blocks can form bilateral trade agreements make Free trade less likely to occur? The answer is that it depends on the size distribution of the tr...

  12. Executive summary

    International Nuclear Information System (INIS)

    2009-01-01

    . These can be grouped into the following categories: the assessment process, licensee actions, regulatory actions. Summaries from the three days of workshop discussions as well as information from the licensee and regulatory responses to two pre-workshop surveys are presented. Also included are highlights from the numerous invited presentations. The conclusions and findings from the extensive group and plenary discussions are summarised too. Supporting material, discussion group presentation slides, slides from the invited presenters, and information/responses to the licensee and regulatory surveys are included in the attached Appendices

  13. A trade balance

    DEFF Research Database (Denmark)

    Daugbjerg, Carsten; Kay, Adrian

    2014-01-01

    The establishment of the World Trade Organization (WTO) has been widely accepted as representing the legalisation of world trading rules. However, it is important to reflect on the limits of this legalisation thesis in terms of the interface between international and domestic policy processes...... disputes—the US upland cotton and European Union sugar cases—serve to suggest that the authority of international trade law is not as significant as assumed by the legalisation thesis. Rather, domestic politics and institutions have an important impact on the outcome of trade disputes........ By locating trading disputes in a political analysis of policy implementation, it is argued that it is difficult to establish conceptually how the WTO dispute settlement system could have authority separate from and above the conventional international politics of trade policy relations. Instead, the article...

  14. BP's emissions trading system

    International Nuclear Information System (INIS)

    Victor, David G.; House, Joshua C.

    2006-01-01

    Between 1998 and 2001, BP reduced its emissions of greenhouse gases by more than 10%. BP's success in cutting emissions is often equated with its use of an apparently market-based emissions trading program. However no independent study has ever examined the rules and operation of BP's system and the incentives acting on managers to reduce emissions. We use interviews with key managers and with traders in several critical business units to explore the bound of BP's success with emissions trading. No money actually changed hands when permits were traded, and the main effect of the program was to create awareness of money-saving emission controls rather than strong price incentives. We show that the trading system did not operate like a 'textbook' cap and trade scheme. Rather, the BP system operated much like a 'safety valve' trading system, where managers let the market function until the cost of doing so surpassed what the company was willing to tolerate

  15. WORLD GRAIN TRADE

    Directory of Open Access Journals (Sweden)

    Emilia Mary Bălan

    2017-04-01

    Full Text Available Grain is part of agricultural commodities and is of utmost importance for world agriculture,since it is the essential element of food and animal feed. Against this background, grain trade among countries of the world is dynamic and represents about 10% of global trade in food products.This article examines global grain trade both in terms of quantitative and qualitative developments, and highlights the most important competitor countries in this sector. It also details the patterns of grain trade for the world's main exporters and importers of such commodities.Two distinct sections of the research relate to the evolution of the primary grain quotations(wheat, corn, barley, rice and sorghum at the most representative international agricultural commodities markets (Chicago Board of Trade, based on a comprehensive statistical analysis, and the short-term forecasts for global grain trade, respectively.

  16. Credit, Money, and Aggregate Demand.

    OpenAIRE

    Bernanke, Ben S; Blinder, Alan S

    1988-01-01

    Standard models of aggregate demand treat money and credit asymmetrically; money is given a special status, while loans, bonds, and other debt instruments are lumped together in a "bond market" and suppressed by Walras' Law. This makes bank liabilities central to the monetary transmission mechanism, while giving no role to bank assets. We show how to modify a textbook IS-UI model so as to permit a more balanced treatment. As in Tobin (1969) and Brunner-Meltzer (1972), the key assumption is th...

  17. Trade and Development

    DEFF Research Database (Denmark)

    Abbott, Philip; Bentzen, Jeanet Sinding; Tarp, Finn

    2009-01-01

    History, not predictions of CGE models or cross-country growth studies, shows a strong relationship between trade and development. Vietnam’s experience with bilateral trade agreements, comparing actual outcomes with predictions from existing models, demonstrates this and the limitations of research...... methodologies. Forecasts for Vietnam greatly underestimated the impact of past agreements because tariff reform was not the main factor driving adjustments. Addressing market imperfections through institutional reform was central to bringing output and trade expansion. Key questions for future research...

  18. Potential Impact of TPP Trade Agreement on US Bilateral Agricultural Trade: Trade Creation or Trade Diversion?

    OpenAIRE

    Yeboah, Osei Agyeman; Shaik, Saleem; Agyekum, Afia Fosua

    2015-01-01

    Trans-Pacific Partnership (TPP) trade agreement is a trade agreement U.S is negotiating with 11 other countries in the Asia-Pacific region (Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam) to reduce or eliminate tariffs on U.S. products exported to the TPP countries. With TPP, U.S expects to expand its trade with members of the partnership; resulting in GDP growth. However, there exist large concerns about the potential negative ...

  19. International trade and inequality

    OpenAIRE

    Urata, Sh¯ujir¯o; Narjoko, Dionisius A.

    2017-01-01

    The impact of globalization on equality has become a serious concern for many countries. More evidence that challenges the theoretical prediction of positive impact of international trade on income distribution has increasingly become available recently. This paper addresses this subject, surveying the empirical findings on the impact of international trade on inequalities from various perspectives. The survey reveals that an increase in trade openness by developing countries appears to have ...

  20. Globalization, trade and business

    OpenAIRE

    Boskov, Tatjana; Lazaroski, Spire

    2011-01-01

    Globalization refers to the growing interdependence of countries resulting from the increasing integration of trade, finance, people, and ideas in one global marketplace. International trade and cross-border investment flows are the main elements of this global integration. Trade freedom is the best economic strategy for all of the world’s peoples. No single nation has the natural resources, infrastructure, and human capital in sufficient quantity and quality to realize the standard of liv...

  1. 76 FR 40983 - Requested Administrative Waiver of the Coastwise Trade Laws

    Science.gov (United States)

    2011-07-12

    ... administrative waiver of the Coastwise Trade Laws for the vessel TANTO AMOR. SUMMARY: As authorized by 46 U.S.C... applicant the intended service of the vessel TANTO AMOR is: Intended Commercial Use Of Vessel: ``Private...

  2. 76 FR 51467 - Requested Administrative Waiver of the Coastwise Trade Laws

    Science.gov (United States)

    2011-08-18

    ... administrative waiver of the Coastwise Trade Laws for the vessel JOINT VENTURE. SUMMARY: As authorized by 46 U.S... JOINT VENTURE is: Intended Commercial Use of Vessel: ``Sight seeing charters San Francisco Bay and...

  3. 75 FR 4449 - Requested Administrative Waiver of the Coastwise Trade Laws; Correction

    Science.gov (United States)

    2010-01-27

    ... DEPARTMENT OF TRANSPORTATION Maritime Administration [Docket No. MARAD-2010-0001] Requested Administrative Waiver of the Coastwise Trade Laws; Correction AGENCY: Maritime Administration, Department of Transportation. ACTION: Notice; correction. SUMMARY: On January 15, 2010, the Maritime Administration published...

  4. 75 FR 4449 - Requested Administrative Waiver of the Coastwise Trade Laws

    Science.gov (United States)

    2010-01-27

    ... DEPARTMENT OF TRANSPORTATION Maritime Administration [Docket No. MARAD-2010-0002] Requested Administrative Waiver of the Coastwise Trade Laws AGENCY: Maritime Administration, Department of Transportation. ACTION: Notice; correction. SUMMARY: On January 15, 2010, the Maritime Administration published notice of...

  5. 12 CFR 701.2 - Federal credit union bylaws.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Federal credit union bylaws. 701.2 Section 701.2 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS ORGANIZATION AND OPERATION OF FEDERAL CREDIT UNIONS § 701.2 Federal credit union bylaws. (a) Federal credit...

  6. 12 CFR 619.9140 - Farm Credit bank(s).

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Farm Credit bank(s). 619.9140 Section 619.9140 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM DEFINITIONS § 619.9140 Farm Credit bank(s). Except as otherwise defined, the term Farm Credit bank(s) includes Farm Credit Banks...

  7. 17 CFR 256.255 - Accumulated deferred investment tax credits.

    Science.gov (United States)

    2010-04-01

    ... investment tax credits. 256.255 Section 256.255 Commodity and Securities Exchanges SECURITIES AND EXCHANGE... investment tax credits. (a) This account shall be credited and account 411.5, Investment tax credit, debited with investment tax credits deferred by companies which do not apply such credits as a reduction of the...

  8. International emissions trading

    DEFF Research Database (Denmark)

    Boom, Jan Tjeerd

    This thesis discusses the design and political acceptability of international emissions trading. It is shown that there are several designs options for emissions trading at the national level that have a different impact on output and thereby related factors such as employment and consumer prices....... The differences in impact of the design make that governments may prefer different designs of emissions trading in different situations. The thesis furthermore establishes that international emissions trading may lead to higher overall emissions, which may make it a less attractive instrument....

  9. Trade in health services.

    Science.gov (United States)

    Chanda, Rupa

    2002-01-01

    In light of the increasing globalization of the health sector, this article examines ways in which health services can be traded, using the mode-wise characterization of trade defined in the General Agreement on Trade in Services. The trade modes include cross- border delivery of health services via physical and electronic means, and cross-border movement of consumers, professionals, and capital. An examination of the positive and negative implications of trade in health services for equity, efficiency, quality, and access to health care indicates that health services trade has brought mixed benefits and that there is a clear role for policy measures to mitigate the adverse consequences and facilitate the gains. Some policy measures and priority areas for action are outlined, including steps to address the "brain drain"; increasing investment in the health sector and prioritizing this investment better; and promoting linkages between private and public health care services to ensure equity. Data collection, measures, and studies on health services trade all need to be improved, to assess better the magnitude and potential implications of this trade. In this context, the potential costs and benefits of trade in health services are shaped by the underlying structural conditions and existing regulatory, policy, and infrastructure in the health sector. Thus, appropriate policies and safeguard measures are required to take advantage of globalization in health services. PMID:11953795

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

    Directory of Open Access Journals (Sweden)

    Tankiso Moloi

    2014-09-01

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

  11. INDONESIAN TRADE UNDER CHINA FREE TRADE AREA

    Directory of Open Access Journals (Sweden)

    Tavi Supriana

    2011-09-01

    Full Text Available This paper investigates the implementation of CAFTA (China-Asean Free Trade Area on the international trade flows across Indonesia, China and the rest of ASEAN using a gravitation model. It finds the evidence that the influence of diversion and creation effects on China are significant, while the influence of both effects on Indonesia are not significant. It also finds that the diversion effect, which leads to a decrease in society’s wealth, is greater than that of the creation effect. As a consequence, the gap across countries involved in the trade agreement is wider. Keywords: CAFTA, gravitation model, diversion effect, creation effectJEL classification numbers: F13, F14, F15

  12. Credit allocation for research institutes

    Science.gov (United States)

    Wang, J.-P.; Guo, Q.; Yang, K.; Han, J.-T.; Liu, J.-G.

    2017-05-01

    It is a challenging work to assess research performance of multiple institutes. Considering that it is unfair to average the credit to the institutes which is in the different order from a paper, in this paper, we present a credit allocation method (CAM) with a weighted order coefficient for multiple institutes. The results for the APS dataset with 18987 institutes show that top-ranked institutes obtained by the CAM method correspond to well-known universities or research labs with high reputation in physics. Moreover, we evaluate the performance of the CAM method when citation links are added or rewired randomly quantified by the Kendall's Tau and Jaccard index. The experimental results indicate that the CAM method has better performance in robustness compared with the total number of citations (TC) method and Shen's method. Finally, we give the first 20 Chinese universities in physics obtained by the CAM method. However, this method is valid for any other branch of sciences, not just for physics. The proposed method also provides universities and policy makers an effective tool to quantify and balance the academic performance of university.

  13. Depleted uranium storage and disposal trade study: Summary report

    Energy Technology Data Exchange (ETDEWEB)

    Hightower, J.R.; Trabalka, J.R.

    2000-02-01

    The objectives of this study were to: identify the most desirable forms for conversion of depleted uranium hexafluoride (DUF6) for extended storage, identify the most desirable forms for conversion of DUF6 for disposal, evaluate the comparative costs for extended storage or disposal of the various forms, review benefits of the proposed plasma conversion process, estimate simplified life-cycle costs (LCCs) for five scenarios that entail either disposal or beneficial reuse, and determine whether an overall optimal form for conversion of DUF6 can be selected given current uncertainty about the endpoints (specific disposal site/technology or reuse options).

  14. Depleted uranium storage and disposal trade study: Summary report

    International Nuclear Information System (INIS)

    Hightower, J.R.; Trabalka, J.R.

    2000-01-01

    The objectives of this study were to: identify the most desirable forms for conversion of depleted uranium hexafluoride (DUF6) for extended storage, identify the most desirable forms for conversion of DUF6 for disposal, evaluate the comparative costs for extended storage or disposal of the various forms, review benefits of the proposed plasma conversion process, estimate simplified life-cycle costs (LCCs) for five scenarios that entail either disposal or beneficial reuse, and determine whether an overall optimal form for conversion of DUF6 can be selected given current uncertainty about the endpoints (specific disposal site/technology or reuse options)

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

    Directory of Open Access Journals (Sweden)

    Daiva Jurevičienė

    2013-11-01

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

  16. Biological trade and markets.

    Science.gov (United States)

    Hammerstein, Peter; Noë, Ronald

    2016-02-05

    Cooperation between organisms can often be understood, like trade between merchants, as a mutually beneficial exchange of services, resources or other 'commodities'. Mutual benefits alone, however, are not sufficient to explain the evolution of trade-based cooperation. First, organisms may reject a particular trade if another partner offers a better deal. Second, while human trade often entails binding contracts, non-human trade requires unwritten 'terms of contract' that 'self-stabilize' trade and prevent cheating even if all traders strive to maximize fitness. Whenever trading partners can be chosen, market-like situations arise in nature that biologists studying cooperation need to account for. The mere possibility of exerting partner choice stabilizes many forms of otherwise cheatable trade, induces competition, facilitates the evolution of specialization and often leads to intricate forms of cooperation. We discuss selected examples to illustrate these general points and review basic conceptual approaches that are important in the theory of biological trade and markets. Comparing these approaches with theory in economics, it turns out that conventional models-often called 'Walrasian' markets-are of limited relevance to biology. In contrast, early approaches to trade and markets, as found in the works of Ricardo and Cournot, contain elements of thought that have inspired useful models in biology. For example, the concept of comparative advantage has biological applications in trade, signalling and ecological competition. We also see convergence between post-Walrasian economics and biological markets. For example, both economists and biologists are studying 'principal-agent' problems with principals offering jobs to agents without being sure that the agents will do a proper job. Finally, we show that mating markets have many peculiarities not shared with conventional economic markets. Ideas from economics are useful for biologists studying cooperation but need

  17. Pricing a Collateralized Derivative Trade with a Funding Value Adjustment

    Directory of Open Access Journals (Sweden)

    Chadd B. Hunzinger

    2015-01-01

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

  18. How fair is fair trade?

    NARCIS (Netherlands)

    Maseland, Robbert; Vaal, Albert de

    2001-01-01

    This paper investigates to what extent fair trade programmes, are indeed ‘fair’. This is accomplished by comparing fair trade with free trade and protectionist trade regimes on their compliance of the criteria set by the fair trade movement itself. This comparison is made using comparative cost

  19. Introduction to International Trade.

    Science.gov (United States)

    Intercom, 1986

    1986-01-01

    Focusing mainly on United States-Japan relations, this issue provides 11 lesson plans and student handouts dealing with international trade topics such as protective tariffs, currency exchange rates, unofficial trade barriers, causes of unemployment, the balance of payments and the internationalization of the automobile industry. (JDH)

  20. Expatriates and trade

    Czech Academy of Sciences Publication Activity Database

    Konečný, Tomáš

    2012-01-01

    Roč. 13, č. 1 (2012), s. 83-98 ISSN 1488-3473 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : migration * trade * informal trade barriers Subject RIV: AH - Economics

  1. Can immigrants hurt trade?

    Czech Academy of Sciences Publication Activity Database

    Konečný, Tomáš

    -, č. 329 (2007), s. 1-42 ISSN 1211-3298 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : immigrants * international trade * informal trade barriers Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp329.pdf

  2. Expatriates and trade

    Czech Academy of Sciences Publication Activity Database

    Konečný, Tomáš

    -, č. 387 (2009), s. 1-29 ISSN 1211-3298 R&D Projects: GA MŠk LC542 Grant - others:GA UK(CZ) 118909 Institutional research plan: CEZ:MSM0021620846 Keywords : international trade * migration * informal trade barriers Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp387.pdf

  3. International trade. Multinational aspects.

    Science.gov (United States)

    Ozawa, Y

    2000-01-01

    Of numerous regional economic agreements, the European Union (EU), the North American Free Trade Agreement (NAFTA), South American Common Market (MERCOSUR), the Association of Southeast Asian Nations (ASEAN), the South Asian Association for Regional Cooperation (SAARC) and the Australia-New Zealand Closer Economic Relations Agreement are examples that are actively pursuing regional integration for freer trade of animals and animal products. The World Trade Organization (WTO) believes that regional and multinational integration initiatives are complements rather than alternatives in the pursuit of more open trade. In the efforts to harmonize SPS standards among multilateral trading nations, it is recommended that national requirements meet the standards developed by the OIE and the FAO/WHO Codex Alimentarius Commission as the minimum requirements rather than adopting the standards of the lowest common denominator. Regional grouping may hinder multilateral or bilateral trade between the countries of a group and those of the other groups. How to eliminate such non-tariff barriers as traditional trade custom remains to be examined. Ongoing activities of VICH (Harmonisation of Technical Requirements for Registration of Veterinary Medical Products) may pave the way for more open trade in pharmaceutical products between multilateral regional groups.

  4. Banking and trading

    NARCIS (Netherlands)

    Boot, A.W.A.; Ratnovski, L.

    2013-01-01

    We study the interaction between relationship banking and short-term, scalable arm’s length finance which we call trading. Relationship banking is not scalable, has high franchise value, is long-term oriented and low risk. Trading is transaction-based: scalable, with lower margins (capital

  5. Online stock trading platform

    Directory of Open Access Journals (Sweden)

    Ion LUNGU

    2006-01-01

    Full Text Available The Internet is the perfect tool that can assure the market’s transparency for any user who wants to trade on the stock market. The investor can have access to the market news, financial calendar or the press releases of the issuers. A good online trading platform also provides real-time intraday quotes, trading history and technical analysis giving the investor a clearer view of the supply and demand in the market. All this information provides the investor a good image of the market and encourages him to trade. This paper wishes to draft the pieces of an online trading platform and to analyze the impact of developing and implementing one in a brokerage firm.

  6. THE COOPERATIVE CREDIT MUTUAL IN BRAZIL.

    Directory of Open Access Journals (Sweden)

    Laércio Baptista da Silva

    2013-06-01

    Full Text Available This study presents an analysis of the reality of credit unions in Brazil, in view of the singular importance of credit unions for the whole society as an alternative to private resources in favor of members of the community where they are located. It confirms that, in Brazil, the mutual credit unions, besides being presented as one of the viable options within the financial system, are also seen as an alternative by which some sectors of society promote the humanization of the financial system by offering credit and return on capital with fairer interest rates.

  7. Phenomena and parameters important to burnup credit

    International Nuclear Information System (INIS)

    Parks, C.V.; Dehart, M.D.; Wagner, J.C.

    2001-01-01

    Since the mid-1980s, a significant number of studies have been directed at understanding the phenomena and parameters important to implementation of burnup credit in out-of-reactor applications involving pressurized-water- reactor (PWR) spent fuel. The efforts directed at burnup credit involving boiling-water-reactor (BWR) spent fuel have been more limited. This paper reviews the knowledge and experience gained from work performed in the United States and other countries in the study of burnup credit. Relevant physics and analysis phenomenon are identified, and an assessment of their importance to burnup credit implementation for transport and dry cask storage is given. (author)

  8. 121 | Page WORLD TRADE ORGANISATION (WTO): TRADE ...

    African Journals Online (AJOL)

    Fr. Ikenga

    Trade Organization (WTO), it was expected that some of the concerns of the developing countries will be addressed. ... inalienable human right by virtue of which every person and all peoples are entitled to participate in, contribute ... of isolation and afflictions brought by disease and poverty, not only increasing their lifespan.

  9. Concessioni creditizie o assegnazioni di riserve? (Credit facilities or reserve allotments?

    Directory of Open Access Journals (Sweden)

    F. MACHLUP

    2014-08-01

    Full Text Available In the international discussions on a contingency plan for the creation of “international liquidity”, the most controversial question has been whether extension of credit facilities or deliberate creation and distribution of reserve units would be the better solution. While some of the experts are indifferent, others are zealous partisans of one of the proposed alternatives. However, most seem willing to accept the proposal which is likely to gain unanimous consent. What is more, changes in the official positions of the participating governments have been frequent and drastic. The present article provides a detailed analysis of the debate of credit facilities vs reserve allotments, highlighting the key related issues. It is argued that the best performance with regard to non-discrimination - the credit facilities approach - would be associated with the worst performance regarding permanence in the existence of monetary reserves, required for a steady growth in world trade and production.JEL: F33, F34

  10. 75 FR 12737 - Applications To Export Electric Energy; Noble Energy Marketing and Trade Corp.

    Science.gov (United States)

    2010-03-17

    ...; Noble Energy Marketing and Trade Corp. AGENCY: Office of Electricity Delivery and Energy Reliability, DOE. ACTION: Notice of application. SUMMARY: Under two separate applications, Noble Energy Marketing... Marketing and Trade Corp., 333 Ludlow Street, Suite 1230, Stamford, CT 06902. A final decision will be made...

  11. 75 FR 2491 - Trade Adjustment Assistance for Firms Program Fiscal Year 2009 Annual Report

    Science.gov (United States)

    2010-01-15

    ...: Notice. SUMMARY: The Secretary of Commerce is directed by Section 1866 of the Trade and Globalization... business recovery plans, which are known as Adjustment Proposals under Section 252 of the Trade Act, and... certification. (8) The number of firms that received assistance developing business recovery plans (Adjustment...

  12. 75 FR 47536 - Application Deadline Extended; Executive Green ICT & Energy Efficiency Trade Mission to Mexico...

    Science.gov (United States)

    2010-08-06

    ... Center in Mexico City. Relevant issues on energy efficiency in data centers, smart grids, and green... Trade Mission to Mexico City, Mexico AGENCY: Department of Commerce. ACTION: Notice. SUMMARY: The United... are organizing an Executive Green ICT & Energy Efficiency Trade Mission to Mexico City from September...

  13. 75 FR 31505 - Defense Trade Advisory Group; Notice of Open Meeting

    Science.gov (United States)

    2010-06-03

    ... identifying data such as driver's license number, U.S. Government ID, or U.S. Military ID, to the DTAG... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF STATE Defense Trade Advisory Group; Notice of Open Meeting SUMMARY: The Defense Trade Advisory Group (DTAG) will meet...

  14. 76 FR 66775 - Defense Trade Advisory Group; Notice of Open Meeting

    Science.gov (United States)

    2011-10-27

    ... identifying data such as driver's license number, U.S. Government ID, or U.S. Military ID, to the DTAG... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF STATE Defense Trade Advisory Group; Notice of Open Meeting Summary: The Defense Trade Advisory Group (DTAG) will meet...

  15. 76 FR 16652 - Defense Trade Advisory Group; Notice of Open Meeting

    Science.gov (United States)

    2011-03-24

    ... birth; and identifying data such as driver's license number, U.S. Government ID, or U.S. Military ID, to... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF STATE Defense Trade Advisory Group; Notice of Open Meeting Summary: The Defense Trade Advisory Group (DTAG) will meet...

  16. Information Asymmetry and Credit Risk

    Directory of Open Access Journals (Sweden)

    Lorena TUPANGIU

    2017-11-01

    Full Text Available Information asymmetry defines relationships where an agent holds information while another does not hold it. Thus, to the extent that one of the parties to the financing agreement has information more or less accurate than another, the asymmetry of information appears to be a major constraint in the financing of a project. Banks, in their capacity of financial intermediary, operate the transfer of funds to agents in need of financing, to the borrowers, being necessary in this process to have more information in order to benefit of expertise in assessing borrowers. The research of information asymmetry and credit risk consists of interrogating the following aspects: information issues between the bank and borrowers; settlement of information issues; bank’s activism towards information asymmetry. In our approach we will look at the first aspect, namely the information issues between the bank and the borrowers.

  17. Introduction to interjurisdictional energy trading

    International Nuclear Information System (INIS)

    2005-04-01

    This workbook introduces the basic concepts of Interjurisdictional Energy Trading (IJT) in the Independent Electricity System Operator's (IESO) administered markets to assist in the IESO training of market participants. The IESO controlled grid is connected to five jurisdictions with intertie transmission lines that allow Ontario to import and export energy. The workbook contains a listing of the markets in which importers and exports can participate; description of the three types of import and export transactions and how they relate to transactions within Ontario; a differentiation between Ontario prices and prices used for imports and exports; an explanation of the impact imports and exports have on Ontario prices, how prices are set for imports and exports, how imports and exports are scheduled, and how congestion management settlement credits are calculated for intertie transactions; a calculation of intertie offer guarantee (IOG) payments; an explanation of the application of the net interchange schedule limit; a discussion of the settlements process and associated charge types; and an explanation of schedule compliance requirements and potential enforcement actions. tabs., figs

  18. 75 FR 44760 - Export Trade Certificate of Review

    Science.gov (United States)

    2010-07-29

    ... Enterprise Inc., doing business as Saintilien Global Services (``SGS'') (Application 10-00003). SUMMARY: On... to Saintilien Enterprise Inc., doing business as Saintilien Global Services (``SGS''). This notice... programs; foreign trade and business protocol; consulting; market research and analysis; collection of...

  19. FACTORING- CREDIT OPPORTUNITIES IN ROMANIA

    Directory of Open Access Journals (Sweden)

    ADELA IONESCU

    2013-05-01

    Full Text Available Capital is the main factor of production, business development becomes virtually impossible without taking into account the financial market and the resources it provides to businesses. Any business, regardless of its degree of development, is involving direct contact with financial markets, namely the institutions that mediate mobilization of capital and the services they provide. Understanding the functioning of the financial system, the specific financial mechanisms through which savings are allocated to support capital investments and the costs and risks involved is essential for the development of a solid base for business. In this context, factoring operations can support economic agents, allowing a transfer of commercial receivables from their holder to a factor who commits to their recovery and guarantee such operations even if temporary or permanent insolvency of the debtor . Thus, factoring is a complex technique in at least two aspects, of the debt and the transfer of credit. . Factoring is a means of financing business, especially export-import transactions, less known in Romania. Maybe because of poor business environment popularize the term is as little known as it was a few years ago the leasing. Present in Romanian legislation since 2002, factoring appears as a contract between one party (called adherent, providing goods or service and a banking company or a financial institution specialized (called factor, which the last one shall finance debts pursuing and preservation against credit risks and adherent gives factor by way of sale, debts arising from the sale of goods or services to third parties. The article is divided into three parts. In the first part we defined the concept of factoring and international factoring, then I presented the advantages and development of factoring in Romania, and the last part conclusions.

  20. Essays on globalization : policies in trade, development, resources and climate change

    OpenAIRE

    Kerkelä, Leena

    2009-01-01

    This dissertation on globalization consists of an introduction on the methodology applied, a summary and four independent essays focussing on applied policy research in international trade. The study follows the CGE (Computable General Equilibrium) research tradition. The simulation environment is the publicly available GTAP model. The essays examine the specific topics of trade and aid policies, price liberalization of the Russian energy markets, trade preferences in the sugar sector of the ...

  1. The two-child limit for Universal Credit and Child Tax Credit

    OpenAIRE

    MACHIN, Richard

    2017-01-01

    Richard Machin explores the background to, and likely impact of, the two-child limit on the child element in Universal Credit and the Child Tax Credit, which was introduced by the Welfare Reform and Work Act 2016

  2. Time as a trade barrier

    Science.gov (United States)

    2001-07-01

    International trade occurs in physical space and moving goods requires time. This paper examines the importance of time as a trade barrier, estimates the magnitude of time costs, and relates these to patterns of trade and the international organizati...

  3. Credit where none is due? Authorized user account status and "piggybacking credit"

    OpenAIRE

    Robert B. Avery; Kenneth P. Brevoort; Glenn B. Canner

    2010-01-01

    An "authorized user" is a person who is permitted by a revolving account holder to use an account without being legally liable for any charges incurred. The Federal Reserve's Regulation B, which implements the 1974 Equal Credit Opportunity Act, requires that information on spousal authorized user accounts be reported to the credit bureaus and considered when lenders evaluate credit history. Since creditors generally furnish to the credit bureaus information on all authorized user accounts, wi...

  4. Gains from an integrated market for tradable renewable energy credits

    International Nuclear Information System (INIS)

    Mozumder, Pallab; Marathe, Achla

    2004-01-01

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

  5. Credit Cycle and Adverse Selection Effects in Consumer Credit Markets – Evidence from the HELOC Market

    NARCIS (Netherlands)

    Calem, P.; Cannon, M.; Nakamura, L.I.

    2011-01-01

    We empirically study how the underlying riskiness of the pool of home equity line of credit originations is affected over the credit cycle. Drawing from the largest existing database of U.S. home equity lines of credit, we use county-level aggregates of these loans to estimate panel regressions on

  6. Who Gets the Credit? Who Pays the Consequences? The Illinois Tuition Tax Credit. Special Report.

    Science.gov (United States)

    Pathak, Arohi; Keenan, Nancy

    In 1999, Illinois enacted a tuition tax credit program. Tax credit supporters suggest tax credits help low-income students. However, opponents argue that they disproportionately benefit higher-income families whose children are already attending private schools and may decrease already limited resources available to public schools. New data from…

  7. The "Negative" Credit Card Effect: Credit Cards as Spending-Limiting Stimuli in New Zealand

    Science.gov (United States)

    Lie, Celia; Hunt, Maree; Peters, Heather L.; Veliu, Bahrie; Harper, David

    2010-01-01

    The "credit card effect" describes a finding where greater value is given to consumer items if credit card logos are present. One explanation for the effect is that credit cards elicit spending behavior through associative learning. If this is true, social, economic and historical contexts should alter this effect. In Experiment 1, Year…

  8. Implementation of burnup credit in spent fuel management systems. Proceedings of an advisory group meeting

    International Nuclear Information System (INIS)

    1998-04-01

    The criticality safety analysis of spent fuel systems has traditionally assumed that the fuel is fresh. This results in significant conservatism in the calculated value of the system's reactivity. Improved calculational methods allows one to take credit for the reactivity reduction associated with fuel burnup, hence reducing the analysis conservatism while maintaining an adequate criticality safety margin. Motivation for using burnup credit in criticality safety applications is generally based on economic considerations. Although economics may be a primary factor in deciding to use burnup credit, other benefits may be realized. Many of the additional benefits of burnup credit that are not strictly economic, may be considered to contribute to public health and safety, and resource conservation and environmental quality. Interest in the implementation of burnup credit has been shown by many countries. A summary of the information gathered by the IAEA about ongoing activities and regulatory status of burnup credit in different countries is included. Burnup credit implementation introduces new parameters and effects that should be addressed in the criticality analysis (e.g., axial and radial burnup shapes, fuel irradiation history, and others). Analysis of these parameters introduces new variations as well as the uncertainties, that should be considered in the safety assessment of the system. Also, the need arises to validate the isotopic composition that results from a depletion calculation, as well as to extend the current validation range of criticality codes to cover spent fuel. The use of burnup credit implies a verification of the fuel burnup before loading for transport, storage, disposal, or reprocessing each assembly, to make sure that the burnup level achieved complies with the criteria established. Methods and procedures used in different countries are described in this report

  9. Trade and Development

    DEFF Research Database (Denmark)

    Abbott, Philip; Bentzen, Jeanet; Tarp, Finn

    2009-01-01

    methodologies. Forecasts for Vietnam greatly underestimated the impact of past agreements because tariff reform was not the main factor driving adjustments. Addressing market imperfections through institutional reform was central to bringing output and trade expansion. Key questions for future research......History, not predictions of CGE models or cross-country growth studies, shows a strong relationship between trade and development. Vietnam's experience with bilateral trade agreements, comparing actual outcomes with predictions from existing models, demonstrates this and the limitations of research...... are whether policy reform will result in new institutional changes, and how resulting incentives determine the evolution of investment by sector....

  10. Carbon Trading. Literature Overview

    International Nuclear Information System (INIS)

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

    2010-12-01

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

  11. The Case Against Tuition Tax Credits.

    Science.gov (United States)

    Shannon, Thomas A.

    Tuition tax credits for private elementary and secondary schools would be bad law, bad economics, and bad public policy. These points are made in this twenty-first chapter of a book on school law. Legal arguments against tax credits are based on a number of court decisions concerning church-state separation, particularly the Supreme Court decision…

  12. 78 FR 72537 - Credit Union Service Organizations

    Science.gov (United States)

    2013-12-03

    ... there is an inherent risk that a subsidiary CUSO could adversely affect the investing credit union and... supervisory authority (SSA). CUSOs engaging in certain complex or high-risk activities are required to... credit union industry by acting as a collaborative means to share risk, manage costs, and deliver...

  13. 76 FR 13896 - Equal Credit Opportunity

    Science.gov (United States)

    2011-03-15

    ... creditors disclose additional information on FCRA adverse action notices. Specifically, a person must... that a creditor obtained information from a consumer reporting agency. Consistent with section 1100F of... action would need to provide a credit score and information relating to that credit score to those...

  14. Dynamic Dependence and Diversification in Corporate Credit

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Jacobs, Kris; Jin, Xisong

    We characterize dependence and tail dependence in corporate credit using a new class of dynamic copula models which can capture dynamic dependence and asymmetry in large samples of firms. We also document important differences between the dependence dynamics for credit spreads and equity returns....

  15. Effectief credit management door betere control

    NARCIS (Netherlands)

    Michiel van der Veb; Bram Bikker; Rien Braakman

    2008-01-01

    Credit management neemt toe in belang. Oorzaken hiervan zijn onder meer de toenemende concurrentiedruk, nieuwe regelgeving zoals Basel II en de grotere focus op werkkapitaal in het kader van sturen op aandeelhouderswaarde. Publicaties over credit management richten zich overwegend op proces- en

  16. ED Strengthens Credit Management and Debt Collection.

    Science.gov (United States)

    Olmo, Ralph J.

    1982-01-01

    This interview with the comptroller for the U.S. Department of Education focuses on efforts to improve credit management and debt collection. Topics discussed are the credit management initiative, the extent of the problem, improvements, the Housing and Facilities Loan Program, and the significance of the Debt Collection Act of 1982. (JOW)

  17. Do capital flows change domestic credit allocation?

    NARCIS (Netherlands)

    Samarina, Anna; Bezemer, Dirk

    Since the 1990s, domestic bank credit has been reallocated away from lending to non-financial business and toward households. An expanding literature discusses negative effects on growth and stability of this change in credit allocation. We research its drivers. We hypothesize that if foreign

  18. Credit Risk Evaluation : Modeling - Analysis - Management

    OpenAIRE

    Wehrspohn, Uwe

    2002-01-01

    An analysis and further development of the building blocks of modern credit risk management: -Definitions of default -Estimation of default probabilities -Exposures -Recovery Rates -Pricing -Concepts of portfolio dependence -Time horizons for risk calculations -Quantification of portfolio risk -Estimation of risk measures -Portfolio analysis and portfolio improvement -Evaluation and comparison of credit risk models -Analytic portfolio loss distributions The thesis contributes to the evaluatio...

  19. Business and Default Cycles for Credit Risk

    NARCIS (Netherlands)

    Koopman, S.J.; Lucas, A.

    2005-01-01

    Various economic theories are available to explain the existence of credit and default cycles. There remains empirical ambiguity, however, as to whether these cycles coincide. Recent papers suggest by their empirical research set-up that they do, or at least that defaults and credit spreads tend to

  20. Credit Ratings and Bank Monitoring Ability

    NARCIS (Netherlands)

    Nakamura, L.I.; Roszbach, K.

    2010-01-01

    In this paper we use credit rating data from two Swedish banks to elicit evidence on these banks’ loan monitoring ability. We do so by comparing the ability of bank ratings to predict loan defaults relative to that of public ratings from the Swedish credit bureau. We test the banks’ abilility to

  1. Adam Smith, Religion, and Tuition Tax Credits.

    Science.gov (United States)

    Alexander, Kern

    1983-01-01

    Examines tuition tax credit programs in framework of Adam Smith's ideas on the economic impact of established churches. Finds that tuition tax credits would amount to state expenditures to relieve the financial burden of parochial school parents and would allow churches to invest commercially to maintain their charitable functions. (JW)

  2. College Student Performance and Credit Card Usage.

    Science.gov (United States)

    Pinto, Mary Beth; Parente, Diane H.; Palmer, Todd Starr

    2001-01-01

    Examines the relationship between credit card usage, employment, and academic performance among a group of college students with credit cards. Results reveal that the students differed significantly in the level of anxiety felt from carrying debt, perceived need to work, and perceived impact of employment on academic performance. (Contains 57…

  3. Dynamic Dependence and Diversification in Corporate Credit

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Jacobs, Kris; Jin, Xisong

    We characterize dependence and tail dependence in corporate credit using a new class of dynamic copula models which can capture dynamic dependence and asymmetry in large samples of firms. We also document important differences between the dependence dynamics for credit spreads and equity returns...

  4. MBS Ratings and the Mortgage Credit Boom

    NARCIS (Netherlands)

    Ashcraft, A.; Goldsmith-Pinkham, P.; Vickery, J.

    2010-01-01

    We study credit ratings on subprime and Alt-A mortgage-backed securities (MBS) deals issued between 2001 and 2007, the period leading up to the subprime crisis. The fraction of highly-rated securities in each deal is decreasing in mortgage credit risk (measured either ex-ante or ex-post), suggesting

  5. Tuition Tax Credits: Issues of Equity.

    Science.gov (United States)

    Catterall, James S.

    To examine equity issues involving proposed Federal income tax credits for private school tuition, the author uses data from the Bureau of the Census and other governmental sources to estimate the effects of tuition tax credit (TTC) plans. After discussing equity and educational policy, he compares would-be TTC recipients--private school families…

  6. Forecasting the value of credit scoring

    Science.gov (United States)

    Saad, Shakila; Ahmad, Noryati; Jaffar, Maheran Mohd

    2017-08-01

    Nowadays, credit scoring system plays an important role in banking sector. This process is important in assessing the creditworthiness of customers requesting credit from banks or other financial institutions. Usually, the credit scoring is used when customers send the application for credit facilities. Based on the score from credit scoring, bank will be able to segregate the "good" clients from "bad" clients. However, in most cases the score is useful at that specific time only and cannot be used to forecast the credit worthiness of the same applicant after that. Hence, bank will not know if "good" clients will always be good all the time or "bad" clients may become "good" clients after certain time. To fill up the gap, this study proposes an equation to forecast the credit scoring of the potential borrowers at a certain time by using the historical score related to the assumption. The Mean Absolute Percentage Error (MAPE) is used to measure the accuracy of the forecast scoring. Result shows the forecast scoring is highly accurate as compared to actual credit scoring.

  7. CONTINGENCIES FOR MEASUREMENT OF THE CREDIT RISK

    Directory of Open Access Journals (Sweden)

    Marinela BARBULESCU

    2015-12-01

    Full Text Available The Global Financial Crisis, which affected various banks, some of them very important banks, highlighted the importance of an accurate credit risk measurement in order to be able to overcome it. There are a variety of such credit risk measurement models, so we can say that banks face a real dilemma when having to choose the most appropriate one. The aim of this paper is to examine the most popular methods used to measure the credit risk and to identify the strengths and the weaknesses of each one of it. The research was accomplished from a double perspective, in which the conceptual methodological approach is correlated to a variety of references to practical actions aiming the measurement and the prevention of credit risk. The study includes the presentation of the objectives of credit risk analysis, the most appropriate moments for doing such an analysis, the steps that have to be done in order to measure the credit risk, the errors that can overcome in the credit risk measurement system, generated by the misclassifications of the studied company, and the presentation of the specific information of financial creditors. The findings expressed in this paper were mainly the result of a qualitative analysis which showed that there is no best model for credit risk measurement, each one having both strengths and weaknesses, some providing a comprehensive analysis of the individual customer’s financial strength others allowing banks permanently monitor fluctuating default risk and identify the possibly problems at an early stage.

  8. 75 FR 64785 - Corporate Credit Unions

    Science.gov (United States)

    2010-10-20

    ... scheme, including risk-based capital requirements; impose new prompt corrective action requirements... Investigations; and Involuntary Liquidation of Federal Credit Unions and Adjudication of Creditor Claims... management (ALM) and credit risk, and whether to make modifications in the area of corporate governance. NCUA...

  9. Facilitating SME Financing through Improved Credit Reporting

    OpenAIRE

    International Committee on Credit Reporting

    2014-01-01

    The general principles for credit reporting were issued by the World Bank in September 2011. Since then, the World Bank and the international committee on credit reporting (ICCR) have been leading efforts towards the implementation of the general principles worldwide. This report is one of the concrete outputs of the work following the general principles. It addresses one of the most signi...

  10. 40 CFR 86.1861-04 - How do the Tier 2 and interim non-Tier 2 NOX averaging, banking and trading programs work?

    Science.gov (United States)

    2010-07-01

    ... average NOX emissions exceeds the 0.07 g/mile standard must complete the calculation at paragraph (b) of... NOX emissions is less than or equal to the 0.07 g/mile standard must complete the calculation in.... Credits are earned on the last day of the model year. Before trading or carrying over credits to the next...

  11. Sovereign Credit Risk, Liquidity and ECB Intervention

    DEFF Research Database (Denmark)

    Pelizzon, Loriana; Subrahmanyam, Marti G.; Tomio, Davide

    This paper explores the interaction between credit risk and liquidity, in the context of the intervention by the European Central Bank (ECB), during the Euro-zone crisis. The laboratory for our investigation is the Italian sovereign bond market, the largest in the Euro-zone. We use a unique data...... between changes in Italian sovereign credit risk and liquidity in the secondary bond market, conditional on the level of credit risk, measured by the Italian sovereign credit default swap (CDS) spread. We demonstrate the existence of a threshold of 500 basis points (bp) in the CDS spread, above which...... there is a structural change in this relationship. Other global systemic factors also a ffect market liquidity, but the speci c credit risk of primary dealers plays only a modest role in a ffecting market liquidity, especially under conditions of stress. Moreover, the data indicate that there is a clear structural...

  12. Issues for effective implementation of burnup credit

    International Nuclear Information System (INIS)

    Parks, C.V.; Wagner, J.C.

    2001-01-01

    In the United States, burnup credit has been used in the criticality safety evaluation for storage pools at pressurized water reactors (PWRs) and considerable work has been performed to lay the foundation for use of burnup credit in dry storage and transport cask applications and permanent disposal applications. Many of the technical issues related to the basic physics phenomena and parameters of importance are similar in each of these applications. However, the nuclear fuel cycle in the United States has never been fully integrated and the implementation of burnup credit to each of these applications is dependent somewhat on the specific safety bases developed over the history of each operational area. This paper will briefly review the implementation status of burnup credit for each application area and explore some of the remaining issues associated with effective implementation of burnup credit. (author)

  13. Models for assessing and managing credit risk

    Directory of Open Access Journals (Sweden)

    Neogradi Slađana

    2014-01-01

    Full Text Available This essay deals with the definition of a model for assessing and managing credit risk. Risk is an inseparable component of any average and normal credit transaction. Looking at the different aspects of the identification and classification of risk in the banking industry as well as representation of the key components of modern risk management. In the first part of the essay will analyze how the impact of credit risk on bank and empirical models for determining the financial difficulties in which the company can be found. Bank on the basis of these models can reduce number of approved risk assets. In the second part, we consider models for improving credit risk with emphasis on Basel I, II and III, and the third part, we conclude that the most appropriate model and gives the best effect for measuring credit risk in domestic banks.

  14. Tight gas sand tax credit yields opportunities

    International Nuclear Information System (INIS)

    Lewis, F.W.; Osburn, A.S.

    1991-01-01

    The U.S. Internal Revenue Service on Apr. 1, 1991, released the inflation adjustments used in the calculations of Non-Conventional Fuel Tax Credits for 1990. The inflation adjustment, 1.6730, when applied to the base price of $3/bbl of oil equivalent, adjusts the tax credit to $5.019/bbl for oil and 86.53 cents/MMBTU for gas. The conversion factor for equivalent fuels is 5.8 MMBTU/bbl. Unfortunately, the tax credit for tight formation gas continues to be unadjusted for inflation and remains 52 cents/MMBTU. As many producers are aware, the Omnibus Budget Reconciliation Act of 1990 expanded the dates of eligibility and the usage for-Non-Conventional Fuel Tax Credits. Among other provisions, eligible wells may be placed in service until Jan. 1, 1992, and once in place may utilize the credit for production through Dec. 31, 2002. Both dates are 2 year extensions from previous regulations

  15. CREDIT INSURANCE DURING THE FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    Emilia CLIPICI

    2013-06-01

    Full Text Available In international economic relations, credit is an indispensable element, being viewed by most specialists as the engine of a national economy, due to the role of the driving investments and based on them, the employment, the increase in the production, etc., the use and typology according to the duration and nature of the operations performed. Export credits are, along with the other types of loans, part of the specialized loan category held in the portfolio of most commercial banks. Export credits or export pre-financing credits are loans granted by banks to business entities with production made for export in order to support or promote it, or to cope with exceptional needs occurred in the period of making the export production. This paper describes recent trends noticed in export credit insurance, especially from 2008 to 2011.

  16. Entangling Credit and Funding Shocks in Interbank Markets.

    Directory of Open Access Journals (Sweden)

    Giulio Cimini

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

  17. 15 CFR Appendix C to Part 30 - Summary of Exemptions and Exclusions From EEI Filing

    Science.gov (United States)

    2010-01-01

    ... routes passing through Canada or Mexico (§ 30.37(c)). 5. Shipments from one point in Canada or Mexico to... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false Summary of Exemptions and Exclusions From EEI Filing C Appendix C to Part 30 Commerce and Foreign Trade Regulations Relating to Commerce and...

  18. Summary the race to reinvent energy and stop global warming

    CERN Document Server

    2013-01-01

    Complete summary of Fred Krupp and Miriam Horn's book: ""Earth: The Sequel: The Race to Reinvent Energy and Stop Global Warming"". This summary of the ideas from Fred Krupp and Miriam Horn's book ""Earth: The Sequel"" explains how capitalism, as the most powerful economic force in the world, is the only engine of change that has the strength to stop global warming. In their book, the authors demonstrate how this can be achieved by installing a cap-and-trade initiative, providing genuine economic incentives for companies and reducing their carbon footprint. This summary explains their theory in

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

    Directory of Open Access Journals (Sweden)

    Francesco Dainelli

    2013-03-01

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

  20. Environment, Trade, and Investment

    Science.gov (United States)

    Environment, trade, and investment are fundamentally linked as the environment provides many basic inputs of economic activity – forests, fisheries, metals, minerals – as well as the energy used to process those materials.

  1. International trade and environment

    International Nuclear Information System (INIS)

    Posada L, Luis Guillermo

    2000-01-01

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

  2. Towards emissions trading

    International Nuclear Information System (INIS)

    Hodgson, S.

    2001-01-01

    A one-day conference organised by the Institute of Energy was held recently to discuss the way forward for emissions trading of carbon dioxide and other greenhouse gases in the UK. In the absence of the Government's draft rules for the scheme, the meeting examined the background to the proposed scheme and its implications for participants. Henry Derwent of the Department of the Environment, Transport and the Regions (DETR) confirmed that emissions trading would happen despite the US rejection of the Kyoto Protocol. Margaret Mogford of the UK Emissions Trading Group explained the special features of the UK scheme, including its voluntary nature, financial incentives from the Government and the use of targets based on units of output. The scheme would be administered by an emissions trading authority and there would be three possible routes to participation (core participants, emissions savings projects and 'unit' participants). Margaret Mogford also outlined the steps for companies interested in participating

  3. World Trade Center

    Index Scriptorium Estoniae

    2006-01-01

    Esilinastus katastroofifilm "World Trade Center" : stsenarist Andrea Berloff : režissöör Oliver Stone : kunstnik Jan Roelfs : osades Nicholas Cage, Michael Pena, Stephen Dorff jpt : Ameerika Ühendriigid 2006. Ka filmi prototüüpidest

  4. What Is Emissions Trading?

    Science.gov (United States)

    Learn the basics about how emissions trading uses a market-based policy tool used to control large amounts of pollution emissions from a group of sources in order to protect human health and the environment.

  5. Trading forest carbon - OSU

    Science.gov (United States)

    Issues associate with trading carbon sequestered in forests are discussed. Scientific uncertainties associated with carbon measurement are discussed with respect to proposed accounting procedures. Major issues include: (1) Establishing baselines. (2) Determining additivity from f...

  6. 12 CFR 619.9145 - Farm Credit Bank.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Farm Credit Bank. 619.9145 Section 619.9145 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM DEFINITIONS § 619.9145 Farm Credit Bank. The term Farm Credit Bank refers to a bank resulting from the mandatory merger of the Federal land...

  7. 12 CFR 705.8 - State-chartered credit unions.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false State-chartered credit unions. 705.8 Section 705.8 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS COMMUNITY DEVELOPMENT REVOLVING LOAN PROGRAM FOR CREDIT UNIONS § 705.8 State-chartered credit unions. State...

  8. 12 CFR 705.7 - Loans to participating credit unions.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Loans to participating credit unions. 705.7 Section 705.7 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS COMMUNITY DEVELOPMENT REVOLVING LOAN PROGRAM FOR CREDIT UNIONS § 705.7 Loans to participating credit unions...

  9. 12 CFR 710.9 - Federally insured state credit unions.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Federally insured state credit unions. 710.9 Section 710.9 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS VOLUNTARY LIQUIDATION § 710.9 Federally insured state credit unions. A federal insured state credit union...

  10. 12 CFR 741.206 - Corporate credit unions.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Corporate credit unions. 741.206 Section 741.206 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS... Unions That Also Apply to Federally Insured State-Chartered Credit Unions § 741.206 Corporate credit...

  11. 77 FR 74103 - Alternatives to the Use of Credit Ratings

    Science.gov (United States)

    2012-12-13

    ... list would effectively transfer credit union risk management to NCUA. Credit union boards and... transactions based on their credit unions' unique risk preferences, portfolio objectives, and balance sheet... to, credit risk. Market credit spreads for various asset classes experience variability depending on...

  12. 12 CFR 704.6 - Credit risk management.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Credit risk management. 704.6 Section 704.6... CREDIT UNIONS § 704.6 Credit risk management. (a) Policies. A corporate credit union must operate according to a credit risk management policy that is commensurate with the investment risks and activities...

  13. Additive versus multiplicative trade costs and the gains from trade

    DEFF Research Database (Denmark)

    Sørensen, Allan

    This paper addresses welfare effects from trade liberalization in a heterogeneous-fi…rms trade model including the empirically important per-unit (i.e. additive) trade costs in addition to the conventional iceberg (i.e. multiplicative) and fi…xed trade costs. The novel contribution of the paper...... is the result that the welfare gain for a given increase in trade openness is higher for reductions in per-unit (additive) trade costs than for reductions in iceberg (multiplicative) trade costs. The ranking derives from differences in intra-industry reallocations and in particular from dissimilar impacts...

  14. Comparative Study of Unconscionability Exception to the Principle of Autonomy in Law of Letter of Credits

    Directory of Open Access Journals (Sweden)

    Hamed Alavi

    2016-08-01

    Full Text Available This paper touches upon legal nature and scope of unconscionability as an exception to autonomy principle of documentary letters of credit (LC and bank guarantees. Complicated process of international trade is known as the main reason behind development of new exceptions to globally appreciated principle of autonomy in process of LC transaction. Apart from fraud which has been recognized in international business society and various jurisdictions, other exceptions including unconscionability, nullity, illegality and recklessness have received different treatments in different national laws. Unconscionability is applied to situations where beneficiary’s demand to draw under the LC is not fraudulent but affected with bad faith in a way that court prevents bank from honouring the credit. While UCP leaves the problem of fraud and other exceptions to autonomy principle to be solved by national laws, among common law countries, unconscionability defence has been recognized in Australia and Singapore but others do not show welcoming attitude towards it. Current paper tries to find reasons behind different attitudes of common law jurisdictions to unconscionability defence in letter of credit process by answering following questions: What is the nature of unconscionability? How different common law jurisdictions have received it as an exception to principle of autonomy in documentary letters of credit and bank guarantees? And last but not the least, what are arguments in favour and against its universal recognition as a defence for payment under letter of credit and bank guarantee system?

  15. Global Credit Crunch and Accounting

    Directory of Open Access Journals (Sweden)

    Haluk BENGÜ

    2015-12-01

    Full Text Available The concept of economic crisis is accepted to have entered management literature following the 1929 economic crisis. Can accounting be blamed for economic or financial crises? Is it fair to say that a defect or negligence in accounting and auditing played a role in the occurrence and rapid dissemination of the current global credit crunch? In other words, is it possible to find a link between the reasons for or results of the global financial crisis and the basic principles of accounting, the generally accepted accounting principles, the prevalent accounting approaches, methods and practices, the regulations on accounting, accounting audit and any relevant professional or legal regulation and accounting culture and values? The objective of this communiqué is to open the above-mentioned questions up for discussion. The answers to these questions are quite important, in that they will provide clues that can be used to shape the future of accounting and auditing. This study is expected to be inspirational for further empirical studies to be carried out in this domain.

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

    Directory of Open Access Journals (Sweden)

    Nguyen Anh Hoang

    2014-10-01

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

  17. Trade, TRIPS, and pharmaceuticals.

    Science.gov (United States)

    Smith, Richard D; Correa, Carlos; Oh, Cecilia

    2009-02-21

    The World Trade Organization's Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) set global minimum standards for the protection of intellectual property, substantially increasing and expanding intellectual-property rights, and generated clear gains for the pharmaceutical industry and the developed world. The question of whether TRIPS generates gains for developing countries, in the form of increased exports, is addressed in this paper through consideration of the importance of pharmaceuticals in health-care trade, outlining the essential requirements, implications, and issues related to TRIPS, and TRIPS-plus, in which increased restrictions are imposed as part of bilateral free-trade agreements. TRIPS has not generated substantial gains for developing countries, but has further increased pharmaceutical trade in developed countries. The unequal trade between developed and developing countries (ie, exporting and importing high-value patented drugs, respectively) raises the issue of access to medicines, which is exacerbated by TRIPS-plus provisions, although many countries have not even enacted provision for TRIPS flexibilities. Therefore this paper focuses on options that are available to the health community for negotiation to their advantage under TRIPS, and within the presence of TRIPS-plus.

  18. Physicians and Insider Trading.

    Science.gov (United States)

    Kesselheim, Aaron S; Sinha, Michael S; Joffe, Steven

    2015-12-01

    Although insider trading is illegal, recent high-profile cases have involved physicians and scientists who are part of corporate governance or who have access to information about clinical trials of investigational products. Insider trading occurs when a person in possession of information that might affect the share price of a company's stock uses that information to buy or sell securities--or supplies that information to others who buy or sell--when the person is expected to keep such information confidential. The input that physicians and scientists provide to business leaders can serve legitimate social functions, but insider trading threatens to undermine any positive outcomes of these relationships. We review insider-trading rules and consider approaches to securities fraud in the health care field. Given the magnitude of the potential financial rewards, the ease of concealing illegal conduct, and the absence of identifiable victims, the temptation for physicians and scientists to engage in insider trading will always be present. Minimizing the occurrence of insider trading will require robust education, strictly enforced contractual provisions, and selective prohibitions against high-risk conduct, such as participation in expert consulting networks and online physician forums, by those individuals with access to valuable inside information.

  19. Conference Summary Report from ENS`95. Sustainable Resource Management

    Energy Technology Data Exchange (ETDEWEB)

    Holdgate, M. [ed.

    1995-12-31

    This publication gives a survey of the ENS`95 conference held in Stavanger (Norway). The publication presents a conference summary and lists of papers for each of the main themes covering sustainable energy production and consumption (challenges and opportunities), international trade and sustainable development, sustainable resource management and economic development in the northern circumpolar region together with sustainable forestry and food production

  20. 78 FR 57174 - Digital Trade in the U.S. and Global Economies, Part 2; Submission of Questionnaire for OMB Review

    Science.gov (United States)

    2013-09-17

    ... COMMISSION Digital Trade in the U.S. and Global Economies, Part 2; Submission of Questionnaire for OMB Review.... 332-540, Digital Trade in the U.S. and Global Economies, Part 2. The investigation was instituted.... Summary of Proposal (1) Number of forms submitted: 1. (2) Title of form: Digital Trade Questionnaire. (3...